Document:

EX-10.7

 Exhibit 10.7 
  

					
		 		 	 

		 		 	  
 Pine Valley Commercial Banking Center

4499 Highway #7, 2nd Floor

Woodbridge, Ontario
 L4L 9A9

Tel # 905 264 6723
 Fax #905 851 8209

 May 12, 2017 
 RENIN CANADA
CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Joe Ruffo, Chief Operating Officer 
 Dear Sir, 

We are pleased to offer the Borrower the following credit facilities (the “Facilities”), subject to the following terms and conditions. 

BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	(the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley branch, in Vaughan, ON. 
 CREDIT LIMIT 

1 (A) (B)       The lesser of: 
  

	 	i)	 USD$15,000,000 «or its CAD$ Equivalent», AND 

The Total of 
 A) 90% of the
insured portion of Receivable Value (net of discounts, rebates, over 90 day accounts), insured with COFACE, AND 
 B) 85% of the non-insured
Receivable Value, (net of discounts, rebates, over 90 day accounts) for companies with a satisfactory investment credit rating to the Bank, AND 

C) 75% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

D) 50% of the Inventory Value except that the amount calculated under (D) will not exceed 50% of the outstanding balance on the facility.
Inventory value to include raw materials and finished goods with inventory in transit limited to USD $1,500,000; inventory value to be net of returned inventory, defective inventory, damaged goods, and obsolete inventory and / or appropriate
provision to be provided for same. Inventory aged over 12 months is ineligible for margining. 

  
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 LESS: 

E) Three months’ rental payments on warehouses located at Brampton, Ontario and Tupelo, Mississippi if Landlord Waivers for these
warehouses are not on hand. 
 For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign accounts
receivables and any insured trade account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable policy. 

Available Credit Limit to be forward margined 
  

	2 (A) (B)	 USD$1,800,000 «or its CAD$ Equivalent», as reduced pursuant to the section headed “Repayment
and Reduction of Amount of Credit Facility”. 

 TYPE OF CREDIT AND BORROWING OPTIONS 

 

	1 (A) (B)	 Operating Loan available at the Borrower’s option by way of: 

 

	 	•	 	 Prime Rate Based Loans in CAD$ (“Prime Based Loans”) 

 

	 	•	 	 Bankers Acceptances in CAD$ (“B/As”) 

 

	 	•	 	 United States Base Rate Loans in USD$ (“USBR Loans”) 

 

	 	•	 	 London Interbank Offered Rate Loans in USD$ (“LIBOR Loans”) 

 

	 	•	 	 Letters of Credit in CAD$ or USD$ (“L/Cs”) 

 

	 	•	 	 Stand-by Letters of Guarantee in CAD$ or USD$ (“L/Gs”) 

 

	2 (A) (B)	 Committed Reducing Term Facility (Multiple Draw) available at the Borrower’s option by way of:

  

	 	•	 	 Fixed Rate Term Loan in CAD$ 

 

	 	•	 	 Floating Rate Term Loan available by way of: 

 

	 	•	 	 Prime Rate Based Loans in CAD$ (“Prime Based Loans”) 

 

	 	•	 	 Bankers Acceptances in CAD$ (“B/As”) 

 

	 	•	 	 United States Base Rate Loans in USD$ (“USBR Loans”) 

 

	 	•	 	 London Interbank Offered Rate Loans in USD$ (“LIBOR Loans”) 

PURPOSE 
  

	1 (A) (B)	 To finance working capital 

 

	2 (A) (B)	 To payout existing term credit facility and finance capital asset needs at 100% Loan to Value.

 TENOR 
  

	1 (A) (B)	 Uncommitted 

  

	2 (A) (B)	 Committed 

  
 2 

 CONTRACTUAL 

TERM 
  

	1 (A) (B)	 No term 

  

	2 (A) (B)	 60 months from the date of drawdown. 

RATE TERM (FIXED RATE TERM LOAN) 
  

	2(A), 2(B)	 Fixed rate: 6 month, 12-60 months but never to exceed the Contractual Term Maturity Date Floating rate: No term

 AMORTIZATION 
  

	2(A), 2(B)	 60 months. 

INTEREST RATES AND FEES 
 Advances shall bear
interest and fees as follows: 
  

	1 (A) (B)	 Operating Loan: 

 

	 	•	 	 Prime Based Loans: Prime Rate + 0.500% per annum 

 

	 	•	 	 USBR Loans: USBR + 0.500% per annum 

 

	 	•	 	 LIBOR Loans: LIBOR + 2.250% per annum 

 

	 	•	 	 B/As: Stamping Fee at 2.250% per annum 

 

	 	•	 	 L/Cs: As advised by the Bank at the time of issuance of the L/C 

 

	 	•	 	 L/Gs: 2.000% per annum 

 

	2 (A) (B)	 Committed Reducing Term Facility: 

 

	 	•	 	 Fixed Rate Term Loans: as determined by the Bank, in its sole discretion, for the Rate Term selected by the
Borrower, and as set out in the Rate and Payment Terms Notice applicable to that Fixed Rate Term Loan. 

  

	 	•	 	 Floating Rate Term Loans available by way of: 

 

	 	•	 	 Prime Based Loans: Prime Rate + 1.000% per annum 

 

	 	•	 	 USBR Loans: USBR + 1.000% per annum 

 

	 	•	 	 LIBOR Loans: LIBOR + 2.750% per annum 

 

	 	•	 	 B/As: Stamping Fee at 2.750% per annum 

For all Facilities, interest payments will be made in accordance with Schedule “A” attached hereto unless otherwise stated in this Letter or in the
Rate and Payment Terms Notice applicable for a particular drawdown. Information on interest rate and fee definitions, interest rate calculations and payment is set out in the Schedule “A” attached hereto. 

Interest on Fixed Rate Term Loans under Facility 2 is compounded monthly and payable monthly in arrears. 

ARRANGEMENT 
 FEE 

The Borrower has paid or will pay prior to any drawdown hereunder a non-refundable arrangement fee of CAD$45,000 (50% has been received as of this loan
agreement date). 

  
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 ADMINISTRATION FEE 

CAD$250 per month. 
 RENEWAL FEE 

CAD$22,500 per annum. 
 DRAWDOWN 

 

	1 (A) (B)	 L/C and L/G on a revolving basis, limited to USD $1,500,000 + 1 year term Upon satisfaction of Disbursement
Conditions, on a revolving basis. 

  

	 	 LIBOR availability to a maximum of 90 days with minimum drawdown of USD $1,000,000 and multiples of US$100,000
thereafter 

  

	 	 BA availability to a maximum of 90 days with minimum drawdown of CAD $1,000,000 and multiples of CAD $100,000
thereafter. 

  

	2 (A) (B)	 All Bank covenants to be in compliance at time of drawdown on a post funding pro forma basis.

  

	 	 Bank to provide financing to a maximum of 100% of the value of new and used capital assets net of all
refundable taxes. 

  

	 	 Minimum drawdown USD $500,000 or its CAD equivalent. 

 

	 	 Provide invoice and/or evidence of payment for capital assets to be financed for new purchases (not including
existing loans to be paid out). 

  

	 	 Subject to Disbursement conditions being met. The term loan will be available by way of multiple drawdowns
(“the drawdown”) prior to April 30/2018 after which any amount not drawn is cancelled. Amounts repaid may not be redrawn. 

Each drawdown under 2 will be a “tranche” and each tranche will bear its own interest rate and repayment terms as set out in the Rate and Payment
Terms Notice delivered by the Bank to the Borrower in respect of that drawdown. 
 Notice periods, minimum amounts of draws, interest periods and contract
maturity for LIBOR Loans, terms for Banker’s Acceptances and other similar details are set out in the Schedule “A” attached hereto. 

BUSINESS CREDIT 
 SERVICE 

The Borrower will have access to the Operating Loan (Facility 1) via Loan Account Number 1890-9529209 (the “Loan Account”) up to the Credit Limit of
the Operating Loan by withdrawing funds from the Borrower’s Current Account Number 1890-5292117 (the “Current Account”). The Borrower agrees that each advance from the Loan Account will be in an amount equal to CAD $10,000 (the
“Transfer Amount”) or a multiple thereof. If the Transfer Amount is NIL, the Borrower agrees that an advance from the Borrower’s Loan Account may be in an amount sufficient to cover the debits made to the Current Account. 

The Borrower agrees that: 
  

	 	a)	 all other overdraft privileges which have governed the Borrower’s Current Account are hereby cancelled.

  
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	 	b)	 all outstanding overdraft amounts under any such other agreements are now included in indebtedness under this
Agreement. 

 The Bank may, but is not required to, automatically advance the Transfer Amount or a multiple thereof or any other amount
from the Loan Account to the Current Account in order to cover the debits made to the Current Account if the amount in the Current Account is insufficient to cover the debits. The Bank may, but is not required to, automatically and without notice
apply the funds in the Current Account in amounts equal to the Transfer Amount or any multiple thereof or any other amount to repay the outstanding amount in the Loan Account. 

OVERDRAFTS 
 The Borrower will have access to USBR
Loans under the Operating Loan via overdraft from Current Account Number 7323688 at Branch 1890 and Current Account Number 7321995 1890 (the “Current Account”) up to a maximum of USD$15,000,000 in the aggregate. The total of USD$ loans and
CAD equivalent of USBR Loans under the Operating Loan via overdrafts cannot exceed the limits defined under “Credit Limit” above. 

REPAYMENT AND REDUCTION OF AMOUNT OF CREDIT FACILITY 
  

	1 (A) (B)	 L/C and L/G upon payout or cancellation by the beneficiary. 

 

	 	 The borrower agrees to repay the bank on demand. 

 

	2 (A) (B)	 Payout of existing Term Loan: 

 

	 	 Fixed rate : Up to 3 years from date of drawdown 

 

	 	 Floating Rate: One year from date of drawdown 

 

	 	 Additional Drawdowns: 

 

	 	 Fixed rate : Up to 5 years from date of drawdown 

 

	 	 Floating Rate: One year from date of drawdown 

PREPAYMENT 
  

	2 (A) (B)	 The Borrower has selected the 10% Prepayment Option and accordingly, Fixed Rate Term Loans under this Facility
may be prepaid in accordance with Section 4a) and 4b) of Schedule A. 

  

	 	 Floating Rate Term Loan: No prepayment penalty. 

SECURITY 
 The following security shall be
provided, shall, unless otherwise indicated, support all present and future indebtedness and liability of the Borrower and the grantor of the security to the Bank including without limitation indebtedness and liability under guarantees, foreign
exchange contracts, cash management products, and derivative contracts, shall be registered in first position, and shall be on the Bank’s standard form, supported by resolutions and solicitor’s opinion, all acceptable to the Bank. 

 

	a)	 General Security Agreement (“GSA”) issued by RENIN HOLDINGS LLC representing a First charge on all
the Borrower’s present and after acquired personal property. - To Be Obtained 

  
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	b)	 General Security Agreement (“GSA”) issued by RENIN CANADA CORP. representing a First charge on all
the Borrower’s present and after acquired personal property. - To Be Obtained 

  

	c)	 General Security Agreement (“GSA”) issued by RENIN US LLC representing a First charge on all the
Borrower’s present and after acquired personal property. - To Be Obtained 

  

	d)	 Unlimited Guarantee of Advances in support of RENIN CANADA CORP.—Executed by RENIN HOLDINGS LLC (the
‘‘Guarantor”) - To Be Obtained 

  

	e)	 Unlimited Guarantee of Advances in support of RENIN US LLC 

 

	 	•	 	 Executed by RENIN CANADA CORP. (the “Guarantor”) - To Be Obtained 

 

	f)	 Unlimited Guarantee of Advances in support of RENIN US LLC 

 

	 	•	 	 Executed by RENIN HOLDINGS LLC (the “Guarantor”) - To Be Obtained 

 

	g)	 Unlimited Guarantee of Advances in support of RENIN CANADA CORP 

 

	 	•	 	 Executed by RENIN US LLC (the “Guarantor”) -To Be Obtained 

 

	h)	 Account Receivable Insurance (Non-EDC) from RENIN CANADA CORP. - To Be Obtained 

 

	i)	 Assignment of Fire Insurance with Business Interruption Insurance, TD Loss Payee from RENIN CANADA CORP. -
To Be Obtained 

  

	j)	 Assignment of Fire Insurance with Business Interruption Insurance, TD Loss Payee from RENIN US LLC. -To Be
Obtained 

  

	k)	 Section 427 Bank Act Security/Notice of Intention issued by RENIN CANADA CORP. registered in First
position, regarding Brampton, Ontario. - To Be Obtained 

  

	I)	 Landlord’s Letter of Non-Disturbance / Landlord’s Waiver from RENIN CANADA CORP. regarding Brampton,
Ontario - To Be Obtained 

  

	m)	 Landlord’s Letter of Non-Disturbance / Landlord’s Waiver from RENIN US LLC Tupelo, Mississippi -
To Be Obtained 

  

	n)	 US Security Agreement issued by RENIN US LLC representing First charge on all present and after acquired
personal property. UCC filing/registered in Florida, Mississippi. To be guided by lawyer acting for the Bank. - To Be Obtained 

  

	o)	 US Security Agreement issued by RENIN HOLDINGS LLC representing First charge on all present and after acquired
personal property. UCC filing/registered in Florida, Mississippi. To be guided by lawyer acting for the Bank. - To Be Obtained 

  

	p)	 Assignment of Marine Insurance in the amount of USD $1,500,000 issued by RENIN CANADA CORP., RENIN US LLC,
RENIN HOLDINGS LLC - To Be Obtained 

 All persons and entities required to provide a guarantee shall be referred to in this
Agreement individually as a “Surety” and/or “Guarantor” and collectively as the “Guarantors”; 
 All of the above security and
guarantees shall be referred to collectively in this Agreement as “Bank Security”. 
 DISBURSEMENT 

CONDITIONS 
 The obligation of the Bank to permit
any drawdown hereunder is subject to the Standard Disbursement Conditions contained in Schedule “A” and the following additional drawdown conditions: 

Delivery to the Bank of the following, all of which must be satisfactory to the Bank: 

 

	1)	 Bank’s solicitor to review and advise on security, including, but not limited to, marine insurance,
appropriate security and registration of US companies (Renin Holdings LLC and Renin US LLC) and that TD has been named as beneficiary/loss payee on the COFACE Accounts Receivable Insurance Policy. 

  
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	2)	 Borrower to provide management prepared financial statements for Renin US LLC and for Renin Canada Corp for the
fiscal year ending December 31, 2016. Financial statements to be satisfactory to the Bank. 

  

	3)	 All conditions of credit to be in compliance prior to drawdown. 

 

	4)	 Bank to complete a Property Site visit of Brampton warehouse located at 110 Walker Dr, Brampton, ON L6T 4H6

  

	5)	 Completed Borrowers Environmental Questionnaire on the Bank’s standard forms on both locations (Brampton
and Tupelo). 

  

	6)	 Confirmation that TD has been named as beneficiary/loss payee on the Account Receivable Insurance policy.

  

	7)	 Copy of the Borrower’s finalized audited financial statements for Renin Holdings LLC for Fiscal 2016.

  

	8)	 Executed loan agreement, security, and related account documentation. 

To be satisfactory to the Bank. 
  

	9)	 Most recent monthly reporting package and quarterly financial statements confirming all covenants in
compliance. 

  

	10)	 Solicitor to obtain COFACE Accounts Receivable Insurance Policy Collateral Benefit “A” Rider document
signed/executed. 

 REPRESENTATIONS AND WARRANTIES 

All representations and warranties shall be deemed to be continually repeated so long as any amounts remain outstanding and unpaid under this Agreement or so
long as any commitment under this Agreement remains in effect. The Borrower makes the Standard Representations and Warranties set out in Schedule “A”. 

POSITIVE COVENANTS 
 So long as any amounts remain
outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower will and will ensure that its subsidiaries and each of the Guarantors will observe the Standard Positive Covenants set out
in Schedule “A” plus: 
 Borrower to maintain compliance with all terms and conditions of the Account Receivable Insurance Policy. 

REPORTING COVENANTS 
  

	1)	 Annual management prepared financial statements for Renin Canada Corp to be provided within 120 calendar days
of fiscal year end. 

  

	2)	 Annual audited consolidated financial statements for Renin Holdings LLC to be provided within 120 calendar days
of fiscal year end 

  
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	3)	 Annual management prepared financial statements for Renin US LLC to be provided within 120 calendar days of
fiscal year end. 

  

	4)	 Quarterly rolling four quarter management prepared consolidated financial statements for Renin Holdings LLC to
be provided within 45 days of each quarter end. Quarterly financial statements to be accompanied by a compliance certificate. 

  

	5)	 An aged Accounts Receivable, Accounts Payable and Inventory listing to be provided monthly with details on
insured and non-insured receivables, holdbacks, raw materials, work in progress, inventory in transit and finished goods. Monthly reporting to be accompanied by compliance certificate provided within 20 days of each month end. 

 

	6)	 Borrower to provide a monthly Compliance Certificate outlining each insured buyer and their respective Buyer
Credit Limits. 

  

	7)	 Provide a copy of current COFACE Accounts Receivable Insurance Policy within 120 calendar days of fiscal year
end along with confirmation annually that the insurance premium is paid and remitted by the borrower. 

 NEGATIVE COVENANTS

 So long as any amounts remain outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the
Borrower will and will ensure that its subsidiaries and each of the Guarantors will observe the Standard Negative Covenants set out in Schedule “A”. In addition the Borrower will not and will ensure that its subsidiaries and each of the
Guarantors will not: 
  

	1)	 Make any shareholder or related party distributions without the Bank’s prior written consent, excluding
USD tax sharing payments’ 

  

	2)	 Create, incur, assume, or suffer to exist, any additional debt, pledge, lien, security interest, assignment,
charge, or encumbrance without the Bank’s prior written consent. 

  

	3)	 Merge or amalgamate with or acquire any other entity, permit any change of ownership, or change its capital
structure without the Bank’s prior written consent. 

 PERMITTED LIENS 

Permitted Liens as referred to in Schedule “A” are: 

Purchase Money Security Interests in equipment which Purchase Money Security Interests exist on the date of this Agreement (“Existing
PMSIs”) which are known to the Bank and all future Purchase Money Security Interests on equipment acquired to replace the equipment under Existing PMSIs, provided that the cost of such replacement equipment may not exceed the cost of the
equipment subject to the Existing PMSI by more than 10% 
 FINANCIAL COVENANTS 

The Borrower agrees at all times to: 
  

	1)	 1. USD $15,000,000 <or its CAD$ Equivalent>, AND 

2. The Total of 
 A) 90% of the
insured portion of Receivable Value (net of discounts, rebates, over 90 day accounts), insured with COFACE, AND 

  
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 B) 85% of the non-insured Receivable Value, (net of discounts, rebates, over 90 day
accounts) for companies with a satisfactory investment credit rating to the Bank, AND 
 C) 75% of the non-insured Receivable Value (net of
discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 
 D) 50% of the Inventory Value except that the amount
calculated under (D) will not exceed 50% of the outstanding balance on the facility. Inventory value to include raw materials and finished goods with inventory in transit limited to USD $1,500,000; inventory value to be net of returned
inventory, defective inventory, damaged goods, and obsolete inventory and / or appropriate provision to be provided for same. Inventory aged over 12 months ineligible for margining. 

LESS: 
 E) Three months’
rental payments on warehouses located at Brampton, Ontario and Tupelo, Mississippi if Landlord Waivers for these warehouses are not on hand. 

For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign 

accounts receivables and any insured trade account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable
policy. 
 Available Credit Limit to be forward margined 
  

	2)	 Debt Service Coverage ratio (DSCR) of not less than 110% to be maintained at all times based on consolidated
financial results of Renin Holdings LLC tested Quarterly on a rolling four quarter basis. 

 DSCR is calculated as follows:

 (EBITDA -Cash Taxes—Unfinanced capital expenditures—Distributions*)/(Principal + Interest) 

EBITDA is defined as : Earnings before Interest, Taxes, Depreciation, and Amortization “Distributions include dividends, share
redemptions, repayments of shareholder loans / notes, and advances to shareholders or related parties, etc. 
  

	3)	 Total Debt to Tangible Net Worth ratio for Renin Holdings LLC of not greater than 2.75:1, to be tested based on
consolidated financial results of Renin Holdings LLC Quarterly. 

 Debt is defined as the Borrower’s total
indebtedness less loans made by the shareholders to the Borrower and postponed in favour of the Bank. 
 Tangible Net Worth is defined as
shareholder’s equity plus loans made by the shareholders to the Borrower and postponed in favour of the Bank, less loans to its shareholders, employees and other related parties and less intangible assets including without limitation, goodwill,
research and development, franchises, patents and trademarks. 
 EVENTS OF 

DEFAULT 
 The Bank may accelerate the payment of
principal and interest under any committed credit facility hereunder and cancel any undrawn portion of any committed credit facility hereunder, at any time after the occurrence of any one of the Standard Events of Default contained in Schedule
“A” attached hereto. 

  
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 ANCILLARY 

FACILITIES 
 As at the date of this Agreement, the
following uncommitted ancillary products are made available. These products may be subject to other agreements. 
  

			
	3 (A) (B)	  	TD Visa Business card (or cards) for an aggregate amount of CAD $100,000.
		
	4 (A)	  	Spot Foreign Exchange Facility which allows the Borrower to enter into USD $2,000,000 for settlement on a spot basis.
		
	4 (B)	  	Spot Foreign Exchange Facility which allows the Borrower to enter into USD $2,000,000 for settlement on a spot basis.
		
	5 (A) (B)	  	Certain treasury products, such as forward foreign exchange transactions, and/or interest rate and currency and/or commodity swaps.
		
		  	The Borrower agrees that treasury products will be used to hedge its risk and will not be used for speculative purposes.
		
		  	The paragraph headed “FX CLOSE OUT” as set out in Schedule “A” shall apply to FX Transactions.
		
		  	For the Borrower’s information only, the Bank advises the Borrower that, as at the day of this Agreement only, the Bank would, if requested by the Borrower, make available to the Borrower forward foreign exchange contracts in
an aggregate amount of up to USD $1,000,000 for periods of up to 12 months. This limit and term is subject to change at any time at the discretion of the Bank
		
		  	and without prior notice to the Borrower. The Borrower must contact the Bank from time to time, to obtain information about the Borrower’s then current forward foreign exchange limit.

 AVAILABILITY OF OPERATING LOAN 

The Operating Loan is uncommitted, made available at the Bank’s discretion, and is not automatically available upon satisfaction of the terms and
conditions, conditions precedent, or financial tests set out herein. 
 The occurrence of an Event of Default is not a precondition to the Bank’s right
to accelerate repayment and cancel the availability of the Operating Loan. 

  
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 SCHEDULE “A” - 

STANDARD TERMS 
 AND CONDITIONS 

Schedule “A” sets out the Standard Terms and Conditions (“Standard Terms and Conditions”) which apply to these credit facilities. The
Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 

We trust you will find these facilities helpful in meeting your ongoing financing requirements. We ask that if you wish to accept this offer of financing
(which includes the Standard Terms and Conditions), please do so by signing and returning the attached duplicate copy of this letter to the undersigned. This offer will expire if not accepted in writing and received by the Bank on or before
May 30, 2017. 
 Yours truly, 
 THE TORONTO-DOMINION
BANK 
  

					
	 /s/ Vito Cramarossa
	  		  	 /s/ Jack Borges

	Vito Cramarossa	  		  	Jack Borges
	District Vice-President Commercial Banking	  		  	Account Manager

  
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 THE TORONTO-DOMINION BANK 

RENIN CANADA CORP hereby accepts the foregoing offer this 18 day of May, 2017. The Borrower confirms that, except as may be set out above, the credit
facility(ies) detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joe Ruffo
	  		  	 /s/ Shawn Pearson

	Signature	  		  	Signature
			
	 Joe Ruffo, COO
	  		  	 Shawn Pearson, Chairman

	Print Name & Position	  		  	Print Name & Position

 THE TORONTO-DOMINION BANK 

RENIN US LLC hereby accepts the foregoing offer this 18 day of May, 2017. The Borrower confirms that, except as may be set out above, the credit facility(ies)
detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joe Ruffo
	  		  	 /s/ Shawn Pearson

	Signature	  		  	Signature
			
	 Joe Ruffo, COO
	  		  	 Shawn Pearson, Chairman

	Print Name & Position	  		  	Print Name & Position

  
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 cc. Guarantor(s) 

The Bank is providing the guarantor(s) with a copy of this letter as a courtesy only. The delivery of a copy of this letter does not create any obligation of
the Bank to provide the guarantor(s) with notice of any changes to the credit facilities, including without limitation, changes to the terms and conditions, increases or decreases in the amount of the credit facilities, the establishment of new
credit facilities or otherwise. The Bank may, or may not, at its option, provide the guarantor(s) with such information, provided that the Bank will provide such information upon the written request of the guarantor. 

  
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 SCHEDULE A 

STANDARD TERMS AND CONDITIONS 

1. INTEREST RATE DEFINITIONS 
 Prime Rate means the
rate of interest per annum (based on a 365 day year) established and reported by the Bank to the Bank of Canada from time to time as the reference rate of interest for determination of interest rates that the Bank charges to customers of varying
degrees of creditworthiness in Canada for Canadian dollar loans made by it in Canada. 
 The Stamping Fee rate per annum for CAD B/As is based on a 365 day
year and the Stamping Fee is calculated on the Face Amount of each B/A presented to the Bank for acceptance. The Stamping Fee rate per annum for USD B/As is based on a 360 day year and the Stamping Fee is calculated on the Face Amount of each B/A
presented to the Bank for acceptance. 
 CDOR means, for any day, the annual rate for B/As denominated in Canadian Dollars for a specified term that appears
on the Reuters Screen CDOR Page as of 10:00 a.m. (Toronto time) on such day (or, if such day is not a Business Day, then on the immediately preceding Business Day). 

LIBOR means the rate of interest per annum (based on a 360 day year) as determined by the Bank (rounded upwards, if necessary to the nearest whole multiple of
1/16th of 1%) at which the Bank may make available United States dollars which are obtained by the Bank in the Interbank Euro Currency Market, London, England at approximately 11:00 a.m. (Toronto time) on the second Business Day before the first day
of, and in an amount similar to, and for the period similar to the interest period of, such advance. 
 USBR means the rate of interest per annum (based on
a 365 day year) established by the Bank from time to time as the reference rate of interest for the determination of interest rates that the Bank charges to customers of varying degrees of creditworthiness for US dollar loans made by it in Canada.

 If Prime Rate, CDOR, LIBOR, USBR or any other applicable base rate is less than zero, such base rate shall be deemed to be zero for purposes of this
Agreement. 
 Any interest rate based on a period less than a year expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent
to such determined rate multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by the number of days in the period upon which it was based. 

2. INTEREST CALCULATION AND PAYMENT 
 Interest on
Prime Based Loans and USBR Loans is calculated daily (including February 29 in a leap year) and payable monthly in arrears based on the number of days the subject loan is outstanding unless otherwise provided in the Rate and Payment Terms
Notice. Interest is charged on February 29 in a leap year. 
 The Stamping Fee is calculated based on the amount and the term of the B/A and is payable
upon acceptance by the Bank of the B/A. The net proceeds received by the Borrower on a B/A advance will be equal to the Face Amount of the B/A discounted at the Bank’s then prevailing B/A discount rate for CAD B/As or USD B/As as the case may
be, for the specified term of the B/A less the B/A Stamping Fee. If the B/A discount rate (or the rate used to determine the B/A discount rate) is less than zero, it shall instead be deemed to be zero for purposes of this Agreement. 

Interest on LIBOR Loans and CDOR Loans is calculated and payable on the earlier of contract maturity or quarterly in arrears, for the number of days in the
LIBOR or CDOR interest period, as applicable. 
 L/C and L/G fees are payable at the time set out in the Letter of Credit Indemnity Agreement applicable to
the issued L/C or L/G. 
 Interest on Fixed Rate Term Loans is compounded monthly and payable monthly in arrears unless otherwise provided in the Rate and
Payment Terms Notice. 

  
 14 

 Interest is payable both before and after maturity or demand, default and judgment. 

Each payment under this Agreement shall be applied first in payment of costs and expenses, then interest and fees and the balance, if any, shall be applied in
reduction of principal. 
 For loans not secured by real property, all overdue amounts of principal and interest and all amounts outstanding in excess of
the Credit Limit shall bear interest from the date on which the same became due or from when the excess was incurred, as the case may be, until the date of payment or until the date the excess is repaid at the Bank’s standard rate charged from
time to time for overdrafts, or such lower interest rate if the Bank agrees to a lower interest rate in writing. Nothing in this clause shall be deemed to authorize the Borrower to incur loans in excess of the Credit Limit. 

If any provision of this Agreement would oblige the Borrower to make any payment of interest or other amount payable to the Bank in an amount or calculated at
a rate which would be prohibited by law or would result in a receipt by the Bank of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount
or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by the Bank of “interest” at a
“criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: first, by reducing the amount or rate of interest, and, thereafter, by reducing any fees, commissions, costs,
expenses, premiums and other amounts required to be paid to the Bank which would constitute interest for purposes of section 347 of the Criminal Code (Canada). 

3. DRAWDOWN PROVISIONS 
 Prime Based and USBR
Loans 
 There is no minimum amount of drawdown by way of Prime Based Loans and USBR Loans, except as stated in this Agreement. The Borrower shall
provide the Bank with 3 Business Days’ notice of a requested Prime Based Loan or USBR Loan over $1,000,000. 
 B/As 

The Borrower shall advise the Bank of the requested term or maturity date for B/As issued hereunder. The Bank shall have the discretion to restrict the term or
maturity dates of B/As. In no event shall the term of the B/A exceed the Contractual Term Maturity Date or Maturity Date, as applicable. Except as otherwise stated in this Agreement, the minimum amount of a drawdown by way of B/As is $1,000,000 and
in multiples of $100,000 thereafter. The Borrower shall provide the Bank with 3 Business Days’ notice of a requested B/A drawdown. 
 The Borrower
shall pay to the Bank the full amount of the B/A at the maturity date of the B/A. 
 The Borrower appoints the Bank as its attorney to and authorizes the
Bank to (i) complete, sign, endorse, negotiate and deliver B/As on behalf of the Borrower in handwritten form, or by facsimile or mechanical signature or otherwise, (ii) accept such B/As, and (iii) purchase, discount, and/or negotiate
B/As. 
 LIBOR and CDOR 
 The Borrower shall
advise the Bank of the requested LIBOR or CDOR contract maturity period. The Bank shall have the discretion to restrict the LIBOR or CDOR contract maturity. In no event shall the term of the LIBOR or CDOR contract exceed the Contractual Term
Maturity Date. Except as otherwise stated in this Agreement, the minimum amount of a drawdown by way of a LIBOR Loan or a CDOR Loan is $1,000,000, and shall be in multiples of $100,000 thereafter. The Borrower will provide the Bank with 3 Business
Days’ notice of a requested LIBOR Loan or CDOR Loan. 
 L/C and/or L/G 

The Bank shall have the discretion to restrict the maturity date of L/Gs or L/Cs. 

  
 15 

 B/A, LIBOR and CDOR - Conversion 

Any portion of any B/A, LIBOR or CDOR Loan that is not repaid, rolled over or converted in accordance with the applicable notice requirements hereunder shall
be converted by the Bank to a Prime Based Loan effective as of the maturity date of the B/A or the last day in the interest period of the LIBOR or CDOR contract, as applicable. The Bank may charge interest on the amount of the Prime Based Loan at
the rate of 115% of the rate applicable to Prime Based Loans for the 3 Business Day period immediately following such maturity. Thereafter, the rate shall revert to the rate applicable to Prime Based Loans. 

B/A, LIBOR and CDOR - Market Disruption 
 If the
Bank determines, in its sole discretion, that a normal market in Canada for the purchase and sale of B/As or the making of CDOR or LIBOR Loans does not exist, any right of the Borrower to request a drawdown under the applicable borrowing option
shall be suspended until the Bank advises otherwise. Any drawdown request for B/As, LIBOR or CDOR Loans, as applicable, during the suspension period shall be deemed to be a drawdown notice requesting a Prime Based Loan in an equivalent amount. 

Cash Management 
 The Bank may, and the Borrower
hereby authorizes the Bank to, drawdown under the Operating Loan, Agriculture Operating Line or Farm Property Line of Credit to satisfy any obligations of the Borrower to the Bank in connection with any cash management service provided by the Bank
to the Borrower. The Bank may drawdown under the Operating Loan, Agriculture Operating Line or Farm Property Line of Credit even if the drawdown results in amounts outstanding in excess of the Credit Limit. 

Notice 
 Prior to each drawdown under a Fixed Rate
Term Loan, other than a Long Term Farm Loan, an Agriculture Term Loan, a Canadian Agricultural Loans Act Loan, a Dairy Term Loan or a Poultry Term Loan and at least 10 days prior to the maturity of each Rate Term, the Borrower will advise the Bank
of its selection of drawdown options from those made available by the Bank. The Bank will, after each drawdown, other than drawdowns by way of BA, CDOR, or LIBOR Loan or under the operating loan, send a Rate and Payment Terms Notice to the Borrower.

 4. PREPAYMENT 
 Fixed Rate Term Loans

 10% Prepayment Option Chosen. 
  

	(a)	 Once, each calendar year, (“Year”), the Borrower may, provided that an Event of Default has not
occurred, prepay in one lump sum, an amount of principal outstanding under a Fixed Rate Term Loan not exceeding 10% of the original amount of the Fixed Rate Term Loan, upon payment of all interest accrued to the date of prepayment without paying any
prepayment charge. If the prepayment privilege is not used in one Year, it cannot be carried forward and used in a later Year. 

  

	(b)	 Provided that an Event of Default has not occurred, the Borrower may prepay more than 10% of the original
amount of a Fixed Rate Term Loan in any Year, upon payment of all interest accrued to the date of prepayment and an amount equal to the greater of: 

  

	 	i)	 three months’ interest on the amount of the prepayment (the amount of prepayment is the amount of
prepayment exceeding the 10% limit described in Section 4(a)) using the interest rate applicable to the Fixed Rate Term Loan being prepaid; and 

  

	 	ii)	 the Yield Maintenance, being the difference between: 

 

	 	a.	 the current outstanding principal balance of the Fixed Rate Term Loan; and 

  
 16 

	 	b.	 the sum of the present values as of the date of the prepayment of the future payments to be made on the Fixed
Rate Term Loan until the last day of the Rate Term, plus the present value of the principal amount of the Fixed Rate Term Loan that would have been due on the maturity of the Rate Term, when discounted at the Government of Canada bond yield rate
with a term which has the closest maturity to the unexpired term of the Fixed Rate Term Loan. 

 10% Prepayment Option Not Chosen.

  

	(c)	 The Borrower may, provided that an Event of Default has not occurred, prepay all or any part of the principal
then outstanding under a Fixed Rate Term Loan upon payment of all interest accrued to the date of prepayment and an amount equal to the greater of: 

  

	 	i)	 three months’ interest on the amount of the prepayment using the interest rate applicable to the Fixed
Rate Term Loan being prepaid; and 

  

	 	ii)	 the Yield Maintenance, being the difference between: 

 

	 	a.	 the current outstanding principal balance of the Fixed Rate Term Loan; and 

 

	 	b.	 the sum of the present values as of the date of the prepayment of the future payments to be made on the Fixed
Rate Term Loan until the last day of the Rate Term, plus the present value of the principal amount of the Fixed Rate Term Loan that would have been due on the maturity of the Rate Term, when discounted at the Government of Canada bond yield rate
with a term which has the closest maturity to the unexpired term of the Fixed Rate Term Loan. 

 Floating Rate Term Loans 

The Borrower may prepay the whole or any part of the principal outstanding under a Floating Rate Term Loan, at any time without the payment of prepayment
charges. 
 5. STANDARD DISBURSEMENT CONDITIONS 

The obligation of the Bank to permit any drawdowns hereunder at any time is subject to the following conditions precedent: 

 

	a)	 The Bank shall have received the following documents which shall be in form and substance satisfactory to the
Bank: 

  

	 	i)	 A copy of a duly executed resolution of the Board of Directors of the Borrower empowering the Borrower to enter
into this Agreement; 

  

	 	ii)	 A copy of any necessary government approvals authorizing the Borrower to enter into this Agreement;

  

	 	iii)	 All of the Bank Security and supporting resolutions and solicitors’ letter of opinion required hereunder;

  

	 	iv)	 The Borrower’s compliance certificate certifying compliance with all terms and conditions hereunder;

  

	 	v)	 All operation of account documentation; and 

 

	 	vi)	 For drawdowns under the Facility by way of L/C or L/G, the Bank’s standard form Letter of Credit Indemnity
Agreement 

  

	b)	 The representations and warranties contained in this Agreement are correct. 

 

	c)	 No event has occurred and is continuing which constitutes an Event of Default or would constitute an Event of
Default, but for the requirement that notice be given or time elapse or both. 

  

	d)	 The Bank has received the arrangement fee payable hereunder (if any) and the Borrower has paid all legal and
other expenses incurred by the Bank in connection with the Agreement or the Bank Security. 

  
 17 

 6. STANDARD REPRESENTATIONS AND WARRANTIES 

The Borrower hereby represents and warrants, which representations and warranties shall be deemed to be continually repeated so long as any amounts remain
outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, that: 
  

	a)	 The Borrower is a duly incorporated corporation, a limited partnership, partnership, or sole proprietorship,
duly organized, validly existing and in good standing under the laws of the jurisdiction where the Branch/Centre is located and each other jurisdiction where the Borrower has property or assets or carries on business and the Borrower has adequate
corporate power and authority to carry on its business, own property, borrow monies and enter into agreements therefore, execute and deliver the Agreement, the Bank Security, and documents required hereunder, and observe and perform the terms and
provisions of this Agreement. 

  

	b)	 There are no laws, statutes or regulations applicable to or binding upon the Borrower and no provisions in its
charter documents or in any by-laws, resolutions, contracts, agreements, or arrangements which would be contravened, breached, violated as a result of the execution, delivery, performance, observance, of any terms of this Agreement.

  

	c)	 No Event of Default has occurred nor has any event occurred which, with the passage of time or the giving of
notice, would constitute an Event of Default under this Agreement or which would constitute a default under any other agreement. 

  

	d)	 There are no actions, suits or proceedings, including appeals or applications for review, or any knowledge of
pending actions, suits, or proceedings against the Borrower and its subsidiaries, before any court or administrative agency which would result in any material adverse change in the property, assets, financial condition, business or operations of the
Borrower. 

  

	e)	 All material authorizations, approvals, consents, licenses, exemptions, filings, registrations and other
requirements of governmental, judicial and public bodies and authorities required to carry on its business have been or will be obtained or effected and are or will be in full force and effect. 

 

	f)	 The financial statements and forecasts delivered to the Bank fairly present the present financial position of
the Borrower, and have been prepared by the Borrower and its auditors in accordance with the International Financial Reporting Standards or GAAP for Private Enterprises. 

 

	g)	 All of the remittances required to be made by the Borrower to the federal government and all provincial and
municipal governments have been made, are currently up to date and there are no outstanding arrears. Without limiting the foregoing, all employee source deductions (including income taxes, Employment Insurance and Canada Pension Plan), sales taxes
(both provincial and federal), corporate income taxes, corporate capital taxes, payroll taxes and workers’ compensation dues are currently paid and up to date. 

 

	h)	 If the Bank Security includes a charge on real property, the Borrower or Guarantor, as applicable, is the legal
and beneficial owner of the real property with good and marketable title in fee simple thereto, free from all easements, rights-of-way, agreements, restrictions, mortgages, liens, executions and other encumbrances, save and except for those approved
by the Bank in writing. 

  

	i)	 All information that the Borrower has provided to the Bank is accurate and complete respecting, where
applicable: 

  

	 	i)	 the names of the Borrower’s directors and the names and addresses of the Borrower’s beneficial
owners; 

  

	 	ii)	 the names and addresses of the Borrower’s trustees, known beneficiaries and/or settlors; and

  

	 	iii)	 the Borrower’s ownership, control and structure. 

7. STANDARD POSITIVE COVENANTS 
 So long as any
amounts remain outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower will, and will ensure that its subsidiaries and each of the Guarantors will: 

 

	a)	 Pay all amounts of principal, interest and fees on the dates, times and place specified herein, under the Rate
and Payment Terms Notice, and under any other agreement between the Bank and the Borrower. 

  
 18 

	b)	 Advise the Bank of any change in the amount and the terms of any credit arrangement made with other lenders or
any action taken by another lender to recover amounts outstanding with such other lender. 

  

	c)	 Advise promptly after the happening of any event which will result in a material adverse change in the
financial condition, business, operations, or prospects of the Borrower or the occurrence of any Event of Default or default under this Agreement or under any other agreement for borrowed money. 

 

	d)	 Do all things necessary to maintain in good standing its corporate existence and preserve and keep all material
agreements, rights, franchises, licenses, operations, contracts or other arrangements in full force and effect. 

  

	e)	 Take all necessary actions to ensure that the Bank Security and its obligations hereunder will rank ahead of
all other indebtedness of and all other security granted by the Borrower. 

  

	f)	 Pay all taxes, assessments and government charges unless such taxes, assessments, or charges are being
contested in good faith and appropriate reserves shall be made with funds set aside in a separate trust fund. 

  

	g)	 Provide the Bank with information and financial data as it may request from time to time, including, without
limitation, such updated information and/or additional supporting information as the Bank may require with respect to any or all the matters in the Borrower’s representation and warranty in Section 6(i). 

 

	h)	 Maintain property, plant and equipment in good repair and working condition. 

 

	i)	 Inform the Bank of any actual or probable litigation and furnish the Bank with copies of details of any
litigation or other proceedings, which might affect the financial condition, business, operations, or prospects of the Borrower. 

  

	j)	 Provide such additional security and documentation as may be required from time to time by the Bank or its
solicitors. 

  

	k)	 Continue to carry on the business currently being carried on by the Borrower its subsidiaries and each of the
Guarantors at the date hereof. 

  

	I)	 Maintain adequate insurance on all of its assets, undertakings, and business risks. 

 

	m)	 Permit the Bank or its authorized representatives full and reasonable access to its premises, business,
financial and computer records and allow the duplication or extraction of pertinent information therefrom. 

  

	n)	 Comply with all applicable laws. 

8. STANDARD NEGATIVE COVENANTS 
 So long as any
amounts remain outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower will not and will ensure that its subsidiaries and each of the Guarantors will not: 

 

	a)	 Create, incur, assume, or suffer to exist, any mortgage, deed of trust, pledge, lien, security interest,
assignment, charge, or encumbrance (including without limitation, any conditional sale, or other title retention agreement, or finance lease) of any nature, upon or with respect to any of its assets or undertakings, now owned or hereafter acquired,
except for those Permitted Liens, if any, set out in the Letter. 

  

	b)	 Create, incur, assume or suffer to exist any other indebtedness for borrowed money (except for indebtedness
resulting from Permitted Liens, if any) or guarantee or act as surety or agree to indemnify the debts of any other Person. 

  

	c)	 Merge or consolidate with any other Person, or acquire all or substantially all of the shares, assets or
business of any other Person. 

  

	d)	 Sell, lease, assign, transfer, convey or otherwise dispose of any of its now owned or hereafter acquired assets
(including, without limitation, shares of stock and indebtedness of subsidiaries, receivables and leasehold interests), except for inventory disposed of in the ordinary course of business. 

 

	e)	 Terminate or enter into a surrender of any lease of any property mortgaged under the Bank Security.

  

	f)	 Cease to carry on the business currently being carried on by each of the Borrower, its subsidiaries, and the
Guarantors at the date hereof. 

  

	g)	 Permit any change of ownership or change in the capital structure of the Borrower. 

  
 19 

 9. ENVIRONMENTAL 

The Borrower represents and warrants (which representation and warranty shall continue throughout the term of this Agreement) that the business of the
Borrower, its subsidiaries and each of the Guarantors is being operated in compliance with applicable laws and regulations respecting the discharge, omission, spill or disposal of any hazardous materials and that any and all enforcement actions in
respect thereto have been clearly conveyed to the Bank. 
 The Borrower shall, at the request of the Bank from time to time, and at the Borrower’s
expense, obtain and provide to the Bank an environmental audit or inspection report of the property from auditors or inspectors acceptable to the Bank. 

The Borrower hereby indemnifies the Bank, its officers, directors, employees, agents and shareholders, and agrees to hold each of them harmless from all loss,
claims, damages and expenses (including legal and audit expenses) which may be suffered or incurred in connection with the indebtedness under this Agreement or in connection with the Bank Security. 

10. STANDARD EVENTS OF DEFAULT 
 The Bank may
accelerate the payment of principal and interest under any committed credit facility hereunder and cancel any undrawn portion of any committed credit facility hereunder, at any time after the occurrence of any one of the following Events of Default:

  

	a)	 Non-payment of principal outstanding under this Agreement when due or non-payment of interest or fees
outstanding under this Agreement within 3 Business Days of when due. 

  

	b)	 If any representation, warranty or statement made hereunder or made in connection with the execution and
delivery of this Agreement or the Bank Security is false or misleading at any time. 

  

	c)	 If any representation or warranty made or information provided by the Guarantor to the Bank from time to time,
including without limitation, under or in connection with the Personal Financial Statement and Privacy Agreement provided by the Guarantor, is false or misleading at any time. 

 

	d)	 If there is a breach or non-performance or non-observance of any term or condition of this Agreement or the
Bank Security and, if such default is capable to being remedied, the default continues unremedied for 5 Business Days after the occurrence. 

  

	e)	 If the Borrower, any one of its subsidiaries, or, if any of the Guarantors makes a general assignment for the
benefit of creditors, files or presents a petition, makes a proposal or commits any act of bankruptcy, or if any action is taken for the winding up, liquidation or the appointment of a liquidator, trustee in bankruptcy, custodian, curator,
sequestrator, receiver or any other officer with similar powers or if a judgment or order shall be entered by any court approving a petition for reorganization, arrangement or composition of or in respect of the Borrower, any of its subsidiaries, or
any of the Guarantors or if the Borrower, any of its subsidiaries, or any of the Guarantors is insolvent or declared bankrupt. 

  

	f)	 If there exists a voluntary or involuntary suspension of business of the Borrower, any of its subsidiaries, or
any of the Guarantors. 

  

	g)	 If action is taken by an encumbrancer against the Borrower, any of its subsidiaries, or any of the Guarantors
to take possession of property or enforce proceedings against any assets. 

  

	h)	 If any final judgment for the payment of monies is made against the Borrower, any of its subsidiaries, or any
of the Guarantors and it is not discharged within 30 days from the imposition of such judgment. 

  

	i)	 If there exists an event, the effect of which with lapse of time or the giving of notice, will constitute an
event of default or a default under any other agreement for borrowed money in excess of the Cross Default Threshold entered into by the Borrower, any of its subsidiaries, or any of the Guarantors. 

 

	j)	 If the Borrower, any one of its subsidiaries, or any of the Guarantors default under any other present or
future agreement with the Bank or any of the Bank’s subsidiaries, including without limitation, any other loan agreement, forward foreign exchange transactions, interest rate and currency and/or commodity swaps. 

 

	k)	 If the Bank Security is not enforceable or if any party to the Bank Security shall dispute or deny any
liability or any of its obligations under the Bank Security, or if any Guarantor terminates a guarantee in respect of future advances. 

  
 20 

	l)	 If, in the Bank’s determination, a material adverse change occurs in the financial condition, business
operations or prospects of the Borrower, any of the Borrower’s subsidiaries, or any of the Guarantors. 

  

	m)	 If the Borrower or a Guarantor is an individual, the Borrower or such Guarantor dies or is found by a court to
be incapable of managing his or her affairs. 

 11. ACCELERATION 

If the Bank accelerates the payment of principal and interest hereunder, the Borrower shall immediately pay to the Bank all amounts outstanding hereunder,
including without limitation, the amount of unmatured B/As, CDOR and LIBOR Loans and the amount of all drawn and undrawn L/Gs and L/Cs. All cost to the Bank of unwinding CDOR and LIBOR Loans and all loss suffered by the Bank in re-employing amounts
repaid will be paid by the Borrower. 
 The Bank may demand the payment of principal and interest under the Operating Loan, Agriculture Operating Line or
Farm Property Line of Credit (and any other uncommitted facility) hereunder and cancel any undrawn portion of the Operating Loan, Agriculture Operating Line or Farm Property Line of Credit (and any other uncommitted facility) hereunder, at any time
whether or not an Event of Default has occurred. 
 12. INDEMNITY 

The Borrower agrees to indemnify the Bank from and against any and all claims, losses and liabilities arising or resulting from this Agreement. USD loans must
be repaid with USD and CAD loans must be repaid with CAD and the Borrower shall indemnify the Bank for any loss suffered by the Bank if USD loans are repaid with CAD or vice versa, whether such payment is made pursuant to an order of a court or
otherwise. In no event will the Bank be liable to the Borrower for any direct, indirect or consequential damages arising in connection with this Agreement. 

13. TAXATION ON PAYMENTS 
 All payments made by the
Borrower to the Bank will be made free and clear of all present and future taxes (excluding the Bank’s income taxes), withholdings or deductions of whatever nature. If these taxes, withholdings or deductions are required by applicable law and
are made, the Borrower, shall, as a separate and independent obligation, pay to the Bank all additional amounts as shall fully indemnify the Bank from any such taxes, withholdings or deductions. 

14. REPRESENTATION 
 No representation or warranty
or other statement made by the Bank concerning any of the Facilities shall be binding on the Bank unless made by it in writing as a specific amendment to this Agreement. 

15. CHANGING THE AGREEMENT 
  

	a)	 The Bank may, from time to time, unilaterally change the provisions of this Agreement where (i) the
provisions of the Agreement relate to the Operating Loan, Agriculture Operating Line or Farm Property Line of Credit (and any other uncommitted facility) or (ii) such change is for the benefit of the Borrower, or made at the Borrower’s
request, including without limitation, decreases to fees or interest payable hereunder or (iii) where such change makes compliance with this Agreement less onerous to the Borrower, including without limitation, release of security. These
changes can be made by the Bank providing written notice to the Borrower of such changes in the form of a specific waiver or a document constituting an amending agreement. The Borrower is not required to execute such waiver or amending agreement,
unless the Bank requests the Borrower to sign such waiver or amending agreement. A change in the Prime Rate and USBR is not an amendment to the terms of this Agreement that requires notification to be provided to the Borrower. 

 

	b)	 Changes to the Agreement, other than as described in a) above, including changes to covenants and fees payable
by the Borrower, are required to be agreed to by the Bank and the Borrower in writing, by the Bank and the Borrower each signing an amending agreement. 

  

	c)	 The Bank is not required to notify a Guarantor of any change in the Agreement, including any increase in the
Credit Limit. 

  
 21 

 16. ADDED COST 

If the introduction of or any change in any present or future law, regulation, treaty, official or unofficial directive, or regulatory requirement, (whether or
not having the force of law) or in the interpretation or application thereof, relates to: 
  

	i)	 the imposition or exemption of taxation of payments due to the Bank or on reserves or deemed reserves in
respect of the undrawn portion of any Facility or loan made available hereunder; or, 

  

	ii)	 any reserve, special deposit, regulatory or similar requirement against assets, deposits, or loans or other
acquisition of funds for loans by the Bank; or, 

  

	iii)	 the amount of capital required or expected to be maintained by the Bank as a result of the existence of the
advances or the commitment made hereunder; 

 and the result of such occurrence is, in the sole determination of the Bank,
to increase the cost of the Bank or to reduce the income received or receivable by the Bank hereunder, the Borrower shall, on demand by the Bank, pay to the Bank that amount which the Bank estimates will compensate it for such additional cost or
reduction in income and the Bank’s estimate shall be conclusive, absent manifest error. 
 17. EXPENSES 

The Borrower shall pay, within 5 Business Days following notification, all fees and expenses (including but not limited to all legal fees) incurred by the Bank
in connection with the preparation, registration and ongoing administration of this Agreement and the Bank Security and with the enforcement of the Bank’s rights and remedies under this Agreement and the Bank Security whether or not any amounts
are advanced under the Agreement. These fees and expenses shall include, but not be limited, to all outside counsel fees and expenses and all in-house legal fees and expenses, if in-house counsel are used, and all outside professional advisory fees
and expenses. The Borrower shall pay interest on unpaid amounts due pursuant to this paragraph at the All-In Rate plus 2% per annum. 
 Without
limiting the generality of Section 25, the Bank or the Bank’s agent, is authorized to debit any of the Borrower’s accounts with the amount of the fees and expenses owed by the Borrower hereunder, including the registration fee in
connection with the Bank Security, even if that debiting creates an overdraft in any such account. If there are insufficient funds in the Borrower’s accounts to reimburse the Bank or it’s agent for payment of the fees and expenses owed by
the Borrower hereunder, the amount debited to the Borrower’s accounts shall be deemed to be a Prime Based Loan under the Operating Loan, the Agriculture Operating Line or Farm Property Line of Credit. 

The Borrower will, if requested by the Bank, sign a Pre-Authorized Payment Authorization in a format acceptable to the Bank to permit the Bank’s agent to
debit the Borrower’s accounts as contemplated in this Section. 
 18. NON WAIVER 

Any failure by the Bank to object to or take action with respect to a breach of this Agreement or any Bank Security or upon the occurrence of an Event of
Default shall not constitute a waiver of the Bank’s right to take action at a later date on that breach. No course of conduct by the Bank will give rise to any reasonable expectation which is in any way inconsistent with the terms and
conditions of this Agreement and the Bank Security or the Bank’s rights thereunder. 
 19. EVIDENCE OF INDEBTEDNESS 

The Bank shall record on its records the amount of all loans made hereunder, payments made in respect thereto, and all other amounts becoming due to the Bank
under this Agreement. The Bank’s records constitute, in the absence of manifest error, conclusive evidence of the indebtedness of the Borrower to the Bank pursuant to this Agreement. 

The Borrower will sign the Bank’s standard form Letter of Credit Indemnity Agreement for all L/Cs and UGs issued by the Bank. 

With respect to chattel mortgages taken as Bank Security, this Agreement is the Promissory Note referred to in same chattel mortgage, and the indebtedness
incurred hereunder is the true indebtedness secured by the chattel mortgage. 

  
 22 

 20. ENTIRE AGREEMENTS 

This Agreement replaces any previous letter agreements dealing specifically with terms and conditions of the credit facilities described in the Letter.
Agreements relating to other credit facilities made available by the Bank continue to apply for those other credit facilities. This Agreement, and if applicable, the Letter of Credit Indemnity Agreement, are the entire agreements relating to the
Facilities described in this Agreement. 
 21. NON-MERGER 

Notwithstanding the execution, delivery or registration of the Bank Security and notwithstanding any advances made pursuant thereto, this Agreement shall
continue to be valid, binding and enforceable and shall not merge as a result thereof. Any default under this Agreement shall constitute concurrent default under the Bank Security. Any default under the Bank Security shall constitute concurrent
default under this Agreement. In the event of an inconsistency between the terms of this Agreement and the terms of the Bank Security, the terms of this Agreement shall prevail and the inclusion of any term in the Bank Security that is not dealt
with in this Agreement shall not be an inconsistency. 
 22. ASSIGNMENT 

The Bank may assign or grant participation in all or part of this Agreement or in any loan made hereunder without notice to and without the Borrower’s
consent. 
 The Borrower may not assign or transfer all or any part of its rights or obligations under this Agreement. 

23. RELEASE OF INFORMATION 
 The Borrower hereby
irrevocably authorizes and directs the Borrower’s accountant, (the “Accountant”) to deliver all financial statements and other financial information concerning the Borrower to the Bank and agrees that the Bank and the Accountant may
communicate directly with each other. 
 24. FX CLOSE OUT 

The Borrower hereby acknowledges and agrees that in the event any of the following occur: (i) Default by the Borrower under any forward foreign exchange
contract (“FX Contract”); (ii) Default by the Borrower in payment of monies owing by it to anyone, including the Bank; (iii) Default in the performance of any other obligation of the Borrower under any agreement to which it is
subject; or (iv) the Borrower is adjudged to be or voluntarily becomes bankrupt or insolvent or admits in writing to its inability to pay its debts as they come due or has a receiver appointed over its assets, the Bank shall be entitled without
advance notice to the Borrower to close out and terminate all of the outstanding FX Contracts entered into hereunder, using normal commercial practices employed by the Bank, to determine the gain or loss for each terminated FX contract. The Bank
shall then be entitled to calculate a net termination value for all of the terminated FX Contracts which shall be the net sum of all the losses and gains arising from the termination of the FX Contracts which net sum shall be the “Close Out
Value” of the terminated FX Contracts. The Borrower acknowledges that it shall be required to forthwith pay any positive Close Out Value owing to the Bank and the Bank shall be required to pay any negative Close Out Value owing to the Borrower,
subject to any rights of set-off to which the Bank is entitled or subject. 
 25. SET-OFF 

In addition to and not in limitation of any rights now or hereafter granted under applicable law, the Bank may at any time and from time to time without notice
to the Borrower or any other Person, any notice being expressly waived by the Borrower, set-off and compensate and apply any and all deposits, general or special, time or demand, provisional or final, matured or unmatured, in any currency, and any
other indebtedness or amount payable by the Bank (irrespective of the place of payment or booking office of the obligation), to or for the credit of or for the Borrower’s account, including without limitation, any amount owed by the Bank to the
Borrower under any FX Contract or other treasury or derivative product, against and on account of the indebtedness and liability under this Agreement notwithstanding that any of them are contingent or unmatured or in a different currency than the
indebtedness and liability under this Agreement. When applying a deposit or other obligation in a different currency than the indebtedness and liability under this Agreement to the indebtedness and liability under this Agreement, the Bank will
convert the deposit or 
 other obligation to the currency of the indebtedness and liability under this Agreement using the exchange rate determined by the
Bank at the time of the conversion. 

  
 23 

 26. SEVERABILITY 

In the event any one or more of the provisions of this Agreement shall for any reason, including under any applicable statute or rule of law, be held to be
invalid, illegal or unenforceable, that part will be severed from this Agreement and will not affect the enforceability of the remaining provisions of this Agreement, which shall remain in full force and effect. 

27. MISCELLANEOUS 
  

	i)	 The Borrower has received a signed copy of this Agreement; 

 

	ii)	 If more than one Person, firm or corporation signs this Agreement as the Borrower, each party is jointly and
severally liable hereunder, and the Bank may require payment of all amounts payable under this Agreement from any one of them, or a portion from each, but the Bank is released from any of its obligations by performing that obligation to any one of
them; 

  

	iii)	 Accounting terms will (to the extent not defined in this Agreement) be interpreted in accordance with
accounting principles established from time to time by the Canadian Institute of Chartered Accountants (or any successor) consistently applied, and all financial statements and information provided to the Bank will be prepared in accordance with
those principles; 

  

	iv)	 This Agreement is governed by the law of the Province or Territory where the Branch/Centre is located;

  

	v)	 Unless stated otherwise, all amounts referred to herein are in Canadian dollars 

28. DEFINITIONS 
 Capitalized Terms used in this
Agreement shall have the following meanings: 
 “All-In Rate” means the greater of the interest rate that the Borrower pays for Floating
Rate Loans or the highest fixed rate paid for Fixed Rate Term Loans. 
 “Agreement” means the agreement between the Bank and the Borrower
set out in the Letter and this Schedule “A”—Standard Terms and Conditions. 
 “Business Day” means any day (other than a
Saturday or Sunday) that the Branch/Centre is open for business. 
 “Branch/Centre” means The Toronto-Dominion Bank branch or banking
centre noted on the first page of the Letter, or such other branch or centre as may from time to time be designated by the Bank. 
 “Contractual
Term Maturity Date” means the last day of the Contractual Term period. If the Letter does not set out a specific Contractual Term period but rather refers to a period of time up to which the Contractual Term Maturity Date can occur, the
Bank and the Borrower must agree on a Contractual Term Maturity Date before first drawdown, which Contractual Term Maturity Date will be set out in the Rate and Payments Terms Notice. 

“Cross Default Threshold” means the cross default threshold set out in the Letter. If no such cross default threshold is set out in the
Letter it will be deemed to be zero. 
 “Face Amount” means, in respect of: 

 

	(i)	 a B/A, the amount payable to the holder thereof on its maturity; 

 

	(ii)	 A L/C or L/G, the maximum amount payable to the beneficiary specified therein or any other Person to whom
payments may be required to be made pursuant to such L/C or L/G. 

 “Fixed Rate Term Loan” means any drawdown in Canadian
dollars under a Facility at an interest rate which is fixed for a Rate Term at such rate as is determined by the Bank at its sole discretion. 

“Floating Rate Loan” means any loan drawn down, converted or extended under a Facility at an interest rate which is referenced to a variable
rate of interest, such as the Prime Rate. 

  
 24 

 “Inventory Value” means, at any time of determination, the total value (based on the lower
of cost or market) of the Borrower’s inventories that are subject to the Bank Security (other than (i) those inventories supplied by trade creditors who at that time have not been fully paid and would have a right to repossess all or part
of such inventories if the Borrower were then either bankrupt or in receivership, (ii) those inventories comprising work in process and (iii) those inventories that the Bank may from time to time designate in its sole discretion) minus the
total amount of any claims, liens or encumbrances on those inventories having or purporting to have priority over the Bank. 
 “Letter”
means the letter from the Bank to the Borrower to which this Schedule “A”—Standard Terms and Conditions is attached. 
 “Letter of
Credit” or “L/C” means a documentary letter of credit or similar instrument in form and substance satisfactory to the Bank. 

“Letter of Guarantee” or “L/G” means a stand-by letter of guarantee or similar instrument in form and substance satisfactory
to the Bank. 
 “Maturity Date” for a Facility, means the date on which all amounts outstanding under such Facility are due and payable to
the Bank. 
 “Person” includes any individual, sole proprietorship, corporation, partnership, joint venture, trust, unincorporated
association, association, institution, entity, party, or government (whether national, federal, provincial, state, municipal, city, county, or otherwise and including any instrumentality, division, agency, body, or department thereof). 

“Purchase Money Security Interest” means a security interest on an asset which is granted to a lender or to the seller of such asset in order
to secure the purchase price of such asset or a loan incurred to acquire such asset, provided that the amount secured by the security interest does not exceed the cost of the asset and provided that the Borrower provides written notice to the Bank
prior to the creation of the security interest, and the creditor under the security interest has, if requested by the Bank, entered into an inter-creditor agreement with the Bank, in a format acceptable to the Bank. 

“Rate Term” means that period of time as selected by the Borrower from the options offered to it by the Bank, during which a Fixed Rate Term
Loan will bear a particular interest rate. If no Rate Term is selected, the Borrower will be deemed to have selected a Rate Term of 1 year. 
 “Rate
and Payment Terms Notice” means the written notice sent by the Bank to the Borrower setting out the interest rate and payment terms for a particular drawdown. 

“Receivable Value” means, at any time of determination, the total value of those of the Borrower’s trade accounts receivable that are
subject to the Bank Security other than (i) those accounts then outstanding for 90 days, (ii) those accounts owing by Persons, firms or corporations affiliated with the Borrower, (iii) those accounts that the Bank may from time to
time designate in its sole discretion, (iv) those accounts subject to any claim, liens, or encumbrance having or purporting to have priority over the Bank, (v) those accounts which are subject to a claim of set-off by the obligor under
such account, MINUS the total amount of all claims, liens, or encumbrances on those receivables having or purporting to have priority over the Bank. 

“Receivables/Inventory Summary” means a summary of the Borrower’s trade account receivables and inventories, in form as the Bank may
require and certified by a senior officer/representative of the Borrower. 
 “US$” or “USD Equivalent” means, on any date,
the equivalent amount in United States Dollars after giving effect to a conversion of a specified amount of Canadian Dollars to United States Dollars at the exchange rate determined by the Bank at the time of the conversion. 

  
 25 

  

			
		 	

		
		 	Pine Valley Commercial Banking Center
		 	4499 Highway #7, 2nd Floor
		 	Woodbridge, Ontario
		 	L4L 9A9
		 	Tel # 905 264 6723
		 	Fax #905 851 8209

 September 22, 2017 
 RENIN
CANADA CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Joe Ruffo, Chief Operating Officer 
 Dear Sir, 

The following amending agreement (the “Amending Agreement”) amends the terms and conditions of the credit facilities (the “Facilities”)
provided to the Borrower pursuant to the Agreement dated April 21, 2017 and the subsequent Amending Agreement dated May 12, 2017. 

BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	(the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley branch, in Vaughan, ON. 
 CREDIT LIMIT 

 

	1 (A) (B)	 The lesser of: 

  

	      i)	 USD$18,000,000 «or its CAD Equivalent», AND 

The Total of 
 A) 90% of the
insured portion of Receivable Value (net of discounts, rebates, over 90 day accounts), insured with COFACE, AND 
 B) 85% of the non-insured
Receivable Value, (net of discounts, rebates, over 90 day accounts) for companies with a satisfactory investment credit rating to the Bank, AND 

C) 75% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

D) 50% of the Inventory Value except that the amount calculated under (D) will not exceed 50% of the outstanding balance on the facility.
Inventory value to include raw materials and finished goods with inventory in transit limited to USD $1,500,000; inventory value to be net of returned inventory, defective inventory, damaged goods, and obsolete inventory and / or appropriate
provision to be provided for same. Inventory aged over 12 months ineligible for margining. 

  
 1 

 LESS: 

E) Three months’ rental payments on warehouses located at Brampton, Ontario and Tupelo, Mississippi if Landlord Waivers for these
warehouses are not on hand. 
 For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign accounts
receivables and any insured trade account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable policy. 

Available credit limit to be forward margined. 
  

	2 (A) (B)	 USD$1,745,829 as reduced pursuant to the section headed “Repayment and Reduction of Amount of Credit
Facility”. 

 TYPE OF CREDIT AND BORROWING OPTIONS 

 

	1 (A) (B)	 Committed Revolving Operating Line available at the Borrower’s option by way of:

  

	 	•	 	 Prime Rate Based Loans in CAD$ (“Prime Based Loans”) 

 

	 	•	 	 Bankers Acceptances in CAD$ (“B/As”) 

 

	 	•	 	 United States Base Rate Loans in USD$ (“USBR Loans”) 

 

	 	•	 	 London Interbank Offered Rate Loans in USD$ (“LIBOR Loans”) 

 

	 	•	 	 Letters of Credit in CAD$ or USD$ (“L/Cs”) 

 

	 	•	 	 Stand-by Letters of Guarantee in CAD$ or USD$ (“L/Gs”) 

 

	2 (A) (B)	 Committed Reducing Term Facility (Multiple Draw) available at the Borrower’s option by way of:

  

	 	•	 	 Fixed Rate Term Loan in CAD$ 

 

	 	•	 	 Floating Rate Term Loan available by way of: 

 

	 	•	 	 Prime Rate Based Loans in CAD$ (“Prime Based Loans”) 

 

	 	•	 	 Bankers Acceptances in CAD$ (“B/As”) 

 

	 	•	 	 United States Base Rate Loans in USD$ (“USBR Loans”) 

 

	 	•	 	 London Interbank Offered Rate Loans in USD$ (“LIBOR Loans”) 

TENOR 
  

	1 (A) (B)	 Committed, 1 year from date that Disbursement Conditions have been satisfied. 

 

	2 (A) (B)	 Committed 

CONTRACTUAL TERM 
  

	1 (A) (B)	 1 year from date that Disbursement Conditions have been satisfied. 

 

	2 (A) (B)	 60 months from the date of drawdown. 

INTEREST RATES AND FEES 
 Advances shall bear
interest and fees as follows 
  

	1 (A) (B)	 Committed Revolving Operating Line: 

 

	 	•	 	 Prime Based Loans: Prime Rate + 1.000% per annum 

 

	 	•	 	 USBR Loans: USBR + 1.000% per annum 

 

	 	•	 	 LIBOR Loans: LIBOR + 2.750% per annum 

 

	 	•	 	 B/As: Stamping Fee at 2.750% per annum 

  
 2 

	 	•	 	 L/Cs: As advised by the Bank at the time of issuance of the L/C 

 

	 	•	 	 L/Gs: 2.000% per annum 

 

	2 (A) (B)	 Committed Reducing Term Facility: 

Fixed Rate Term Loans: as determined by the Bank, in its sole discretion, for the Rate Term selected by the Borrower, and as set out in the
Rate and Payment Terms Notice applicable to that Fixed Rate Term Loan. 
 Floating Rate Term Loans available by way of: 

 

	 	•	 	 Prime Based Loans: Prime Rate + 1.000% per annum 

 

	 	•	 	 USBR Loans: USBR + 1.000% per annum 

 

	 	•	 	 LIBOR Loans: LIBOR + 2.750% per annum 

 

	 	•	 	 B/As: Stamping Fee at 2.750%.per annum 

For all Facilities, interest payments will be made in accordance with Schedule “A” unless otherwise stated in this Letter or in the Rate and Payment
Terms Notice applicable for a particular drawdown. Information on interest rate and fee definitions, interest rate calculations and payment is set out in the Schedule “A”. 

Interest on Fixed Rate Term Loans under Facility 2 is compounded monthly and payable monthly in arrears. 

ARRANGEMENT FEE 
 The Borrower has paid or will pay
prior to any drawdown hereunder a non-refundable arrangement fee of CAD$9,000. 
 ADMINISTRATION FEE 

CAD$250 per month 
 COMMITMENT FEE 

On the third Business Day following the last Business Day of March, June, September, and December, in each year, the Borrower shall pay to the Bank a
Commitment Fee for the Committed Revolving Operating Line in an amount equal to 0.7000 % per annum calculated on the daily average amount of the undrawn portion of the Committed Revolving Operating Line during the quarter just ended. 

DRAWDOWN 
  

	(A) (B)	 Upon satisfaction of Disbursement Conditions, on a revolving basis, as required. L/C and L/G on a revolving
basis, limited to USD $1,500,000 + 1 year term BA & LIBOR based borrowings available to a maximum of 90 days with minimum drawdown of USD $1,000,000 or its Canadian equivalent and in multiples of USD $100,000 or its Canadian equivalent
thereafter. 

 Any L/C’s and L/G’s scheduled to be outstanding beyond the maturity of the Committed Revolving
Operating Line, at time of issuance, must, on issuance, be cash collateralized. 
  

	2 (A) (B)	 Fully Drawn. 

Each drawdown under 2 will be a “tranche” and each tranche will bear its own interest rate and repayment terms as set out in the Rate and Payment
Terms Notice delivered by the Bank to the Borrower in respect of that drawdown. 

  
 3 

 Notice periods, minimum amounts of draws, interest periods and contract maturity for LIBOR Loans, terms for
Banker’s Acceptances and other similar details are set out in the Schedule “A” attached hereto. 
 REPAYMENT AND REDUCTION OF AMOUNT OF
CREDIT FACILITY 
  

	1 (A) (B)	 In full at maturity. 

L/C and L/G upon payout or cancellation by the beneficiary. 
  

	2 (A) (B)	 Loan 1: USD $495,000 

Amortization: 3 years, from June 1, 2017 to June 1, 2020 

Fixed Rate: Equal monthly blended payments of USD $ 14,580.73 until June 1, 2018. 

(Blended payments to change thereafter as per the new rate) 

Loan 2: USD $180,000 

Amortization: 3 years, from June 1, 2017 to June 1, 2020 

Fixed Rate: Equal monthly blended payments of USD $ 5,302.09 until June 1, 2018. 

(Blended payments to change thereafter as per the new rate) 

Loan 3: USD $1,125,000 

Amortization: 5 years, from July 12, 2017 to July 12, 2022 

Fixed Rate: Equal monthly blended payments of USD $ 20,861.78 until August 1, 2018. 

(Blended payments to change thereafter as per the new rate) 

PREPAYMENT 
  

	1 (A) (B)	 Permitted in whole or in part at any time; B/A’s may not be prepaid. 

 

	2 (A) (B)	 The Borrower has selected the 10% Prepayment Option and accordingly, Fixed Rate Term Loans under this Facility
may be prepaid in accordance with Section 4a) and 4b) of Schedule A. 

 Floating Rate Term Loan: No prepayment
penalty. 
 SECURITY 
 The following security
shall be provided, shall, unless otherwise indicated, support all present and future indebtedness and liability of the Borrower and the grantor of the security to the Bank including without limitation indebtedness and liability under guarantees,
foreign exchange contracts, cash management products, and derivative contracts, shall be registered, in first position, and shall be on the Bank’s standard form, supported by resolutions and solicitor’s opinion, all acceptable to the Bank.

 a) General Security Agreement (“GSA”) issued by RENIN CANADA COPR. representing a First charge on all the Borrower’s
present and after acquired personal property. — On hand 
 b) General Security Agreement (“GSA”) issued by RENIN US LLC
representing a First charge on all the Borrower’s present and after acquired personal property. — On hand 
 c) Unlimited
Guarantee of Advances in support of RENIN CANADA CORP. 
  

	 	•	 	 Executed by RENIN HOLDINGS LLC (the “Guarantor”) — On hand 

d) Unlimited Guarantee of Advances in support of RENIN US LLC 
  

	 	•	 	 Executed by RENIN CANADA CORP. (the “Guarantor”) — On hand 

e) Unlimited Guarantee of Advances in support of RENIN US LLC 
  

	 	•	 	 Executed by RENIN HOLDING LLC (the “Guarantor) “) — On hand 

  
 4 

 f) Unlimited Guarantee of Advances in support of RENIN CANADA CORP. 

 

	 	•	 	 Executed by RENIN US LLC (the “Guarantor”) “) — On hand 

g) Account Receivable Insurance (Non-EDC) from RENIN CANADA CORP.”) — On hand 

h) Assignment of Fire Insurance WITH Business Interruption Insurance, TD Loss Payee from RENIN CANADA CORP. — On hand 

i) Assignment of Fire Insurance WITH Business Interruption Insurance, TD Loss Payee from RENIN US LLC. — On hand 

j) Landlord’s Letter of Non-Disturbance / Landlord’s Waiver from RENIN CANADA CORP. regarding Brampton, Ontario — On hand

 k) Landlord’s Letter of Non-Disturbance / Landlord’s Waiver from RENIN US LLC Tupelo, Mississippi — On hand 

l) US Security Agreement issued by RENIN US LLC representing First charge on all present and after acquired personal property. UCC
filing/registered in Florida. To be guided by lawyer acting for the Bank. — Amended 
 m) US Security Agreement issued by RENIN
HOLDINGS LLC representing First charge on all present and after acquired personal property. UCC filing/registered in Florida. To be guided by lawyer acting for the Bank. — Amended 

n) Section 427 Bank Act Security/Notice of Intention issued by RENIN CANADA CORP. registered in First position, regarding Brampton,
Ontario — On hand 
 o) Business Insurance — Assignment of “Marine Insurance in the amount of USD $1,500,000 from RENIN
CANADA CORP. — To be Obtained 
 p) Business Insurance — Assignment of “Marine Insurance in the amount of USD
$1,500,000 from RENIN HOLDINGS LLC — To be Obtained 
 q) Business Insurance — Assignment of “Marine Insurance in the
amount of USD $1,500,000 from RENIN US LLC — To be Obtained 
 All persons and entities required to provide a guarantee shall be referred to in
this Agreement individually as a “Surety” and/or “Guarantor” and collectively as the “Guarantors”; 
 All of the above
security and guarantees shall be referred to collectively in this Agreement as “Bank Security”. 
 DISBURSEMENT CONDITIONS 

The obligation of the Bank to permit any drawdown hereunder is subject to the Standard Disbursement Conditions contained in Schedule “A” and the
following additional drawdown conditions: 
  

	1 (A) (B)	 Delivery to the Bank of the following, all of which must be satisfactory to the Bank: 

Executed loan agreement, security, and related account documentation, to be satisfactory to the Bank. 

Most recent monthly reporting package and quarterly financial statements confirming all covenants in compliance, to be satisfactory to the
Bank. 

  
 5 

 FINANCIAL COVENANTS 

The Borrower agrees at all times to: 
  

	1)	 1. USD $18,000,000 <or its CAD$ Equivalent>, AND 

2. The Total of 
 A) 90% of the
insured portion of Receivable Value (net of discounts, rebates, over 90 day accounts), insured with COFACE, AND 
 B) 85% of the non-insured
Receivable Value, (net of discounts, rebates, over 90 day accounts) for companies with a satisfactory investment credit rating to the Bank, AND 

C) 75% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

D) 50% of the Inventory Value except that the amount calculated under (D) will not exceed 50% of the outstanding balance on the facility.
Inventory value to include raw materials and finished goods with inventory in transit limited to USD $1,500,000; inventory value to be net of returned inventory, defective inventory, damaged goods, and obsolete inventory and / or appropriate
provision to be provided for same. Inventory aged over 12 months ineligible for margining. 
 LESS: 

E) Three months’ rental payments on warehouses located at Brampton, Ontario and Tupelo, Mississippi if Landlord Waivers for these
warehouses are not on hand. 
 For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign accounts
receivables and any insured trade account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable policy. 

Available credit limit to be forward margined 

Amended 
  

	2)	 Total Debt to Tangible Net Worth ratio for Renin Holdings LLC of not greater than 2.75:1, to be tested based on
consolidated financial results of Renin Holdings LLC Quarterly. 

 Debt is defined as the Borrower’s total
indebtedness less loans made by the shareholders to the Borrower and postponed in favor of the Bank. 
 Tangible Net Worth is defined as
shareholder’s equity plus loans made by the shareholders to the Borrower and postponed in favor of the Bank, less loans to its shareholders, employees and other related parties and less intangible assets including without limitation, goodwill,
research and development, franchises, patents and trademarks. 
  

	3)	 Debt Service Coverage ratio (DSC) of not less than 110% to be maintained at all times based on consolidated
financial results of Renin Holdings LLC tested Quarterly on a rolling four quarter basis. 

  
 6 

 DSC is calculated as follows: 

(EBITDA* -Cash Taxes—Unfinanced capital expenditures—Distributions**)/(Principal Interest) 

EBITDA is defined as: Earnings before Interest, Taxes, Depreciation, and Amortization 

Note: 
 *The following amounts for
non-recurring expenses may be added back: 
 Fiscal 2016: USD$1,770,000 

Q1 2017: USD $200,000 
 Q2 2017:
USD $300,000 
 Q3 2017: USD $250,000 

Q4 2017: USD $250,000 
 Q1 2018:
USD $125,000 
 Q2 2018: USD $125,000 

**Distributions include dividends, share redemptions, repayments of shareholder loans / notes, and advances to shareholders or related parties,
etc. 
 AVAILABILITY OF OPERATING LOAN 
 The
Operating Loan is uncommitted, made available at the Bank’s discretion, and is not automatically available upon satisfaction of the terms and conditions, conditions precedent, or financial tests set out herein. 

The occurrence of an Event of Default is not a precondition to the Bank’s right to accelerate repayment and cancel the availability of the Operating
Loan. 
 SCHEDULE “A” - 

STANDARD TERMS 
 AND CONDITIONS 

Schedule “A” sets out the Standard Terms and Conditions (“Standard Terms and Conditions”) which apply to these credit facilities. The
Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 

We ask that the Borrower acknowledges agreement to these amendments by signing and returning the attached duplicate copy of this Amending Agreement to the
undersigned on or before October 15, 2017. 
 ACCURACY OF 

INFORMATION 
 The Borrower hereby represents and
warrants that all information that it has provided to the Bank is accurate and complete respecting, where applicable: 
  

	 	(i)	 the names of the Borrower’s directors and the names and addresses of the Borrower’s beneficial
owners; 

  

	 	(ii)	 the names and addresses of the Borrower’s trustees, known beneficiaries and/or settlors; and

  

	 	(iii)	 the Borrower’s ownership, control and structure. 

  
 7 

 The Borrower will provide, or cause to be provided, such updated information and/or additional supporting
information as the Bank may require from time to time with respect to any or all the matters in the Borrower’s foregoing representation and warranty. 

Yours truly, 
 THE TORONTO-DOMINION BANK 

 

					
	 /s/ Vito Cramarossa
	 		  	 /s/ Jack Borges

	Vito Cramarossa	 	        	  	Jack Borges
	District Vice-President Commercial Banking	 		  	Relationship Manager

  
 8 

 THE TORONTO-DOMINION BANK: 

RENIN CANADA CORP hereby accepts the foregoing offer this 29 day of September, 2017. The Borrower confirms that, except as may be set out above, the credit
facilities detailed herein shall not be used by or on behalf of any third party. 
  

							
	 /s/ Joe Ruffo
	 		 		  	 /s/ Shawn Pearson

	Signature	 	        	 		  	Signature
				
	 Joe Ruffo, COO
	 		 		  	 Shawn Pearson, Chairman

	Print Name & Position	 		 		  	Print Name & Position

 THE TORONTO-DOMINION BANK: 

RENIN US LLC hereby accepts the foregoing offer this 29 day of September, 2017. The Borrower confirms that, except as may be set out above, the credit
facilities detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joe Ruffo
	 		  	 /s/ Shawn Pearson

	Signature	 	        	  	Signature
			
	 Joe Ruffo, COO
	 		  	 Shawn Pearson, Chairman

	Print Name & Position	 		  	Print Name & Position

  
 9 

			
		 	

		
		 	Pine Valley
		 	4499 Highway 7 At Pine Valley Drive 2nd Floor
		 	Vaughan, Ontario
		 	L4L 9A9
		 	Telephone No: (905) 264 6723
		 	Fax No: (905) 851 8209

 March 29, 2018 
 RENIN
CANADA CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Mr. Joe Ruffo, Chief Operating Officer 
 The
following amending agreement (the “Amending Agreement”) amends the terms and conditions of the credit facilities (the “Facilities”) provided to the Borrower pursuant to the Agreement dated May 12, 2017 and the subsequent
Amending Agreement(s) September 22, 2017. 
 BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	 (the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley Branch, in Vaughan, Ontario. 
 CREDIT LIMIT 

 

	A1)	 The lesser of: 

  

	 	i)	 USD $18,000,000 or its CAD $ Equivalent, AND 

2. The Total of 
 A) 90% of the
insured portion of Receivable Value (net of discounts, rebates, over 90 day accounts), insured with COFACE, AND 
 B) 85% of the non-insured
Receivable Value, (net of discounts, rebates, over 90 day accounts) for companies with a satisfactory investment credit rating to the Bank, AND 

C) 75% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

D) 50% of the Inventory Value except that the amount calculated under (D) will not exceed 50% of the outstanding balance on the facility.
Inventory value to include raw materials and finished goods with inventory in transit limited to USD $1,500,000; inventory value to be net of returned inventory, defective inventory, damaged goods, and obsolete inventory and / or appropriate
provision to be provided for same. Inventory aged over 12 months ineligible for margining. 

  
 1 

 LESS: 

E) Three months’ rental payments on warehouses located at Brampton, Ontario and Tupelo, Mississippi if Landlord Waivers for these
warehouses are not on hand. 
  

	 	ii)	 For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign accounts
receivables and any insured trade account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable policy. 

Borrowing Base Covenant to be forward margined. 
  

	A2)	 USD $1,498,410 as reduced pursuant to the section headed “Repayment and Reduction of Amount of Credit
Facility”. 

 For all Facilities, interest payments will be made in accordance with Schedule “A” unless otherwise stated in
this Letter or in the Rate and Payment Terms Notice applicable for a particular drawdown. Information on interest rate and fee definitions, interest rate calculations and payment is set out in the Schedule “A”. 

NEGATIVE COVENANTS 
 So long as any amounts remain
outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower will and will ensure that its subsidiaries and each of the Guarantors will observe the Standard Negative Covenants set out
in Schedule “A”. In addition the Borrower will not and will ensure that its subsidiaries and each of the Guarantors will not: 
  

	 	a)	 Make any shareholder or related party distributions without the Bank’s prior written consent, excluding
USD tax sharing payments’ 

 Borrower can issue the following dividends as long as all financial covenants are in
compliance on a pre and post basis: 
 Q1 2018: Up to USD $250,000 

Q2 2018: Up to USD $250,000 
 Q3
2018: Up to USD $250,000 
 Q4 2018: Up to USD $250,000 
  

	 	b)	 Create, incur, assume, or suffer to exist, any additional debt, pledge, lien, security interest, assignment,
charge, or encumbrance without the Bank’s prior written consent. 

  

	 	c)	 Merge or amalgamate with or acquire any other entity, permit any change of ownership, or change its capital
structure without the Bank’s prior written consent. 

 ANCILLARY FACILITIES 

As at the date of this Agreement, the following uncommitted ancillary products are made available. These products may be subject to other agreements. 

 

	3 (A) (B)	 TD Visa Business card (or cards) for an aggregate amount of CAD $200,000. 

 

	4 (A)	 Spot Foreign Exchange Facility which allows the Borrower to enter into USD $2,000,000 for settlement on a spot
basis. 

  

	4 (B)	 Spot Foreign Exchange Facility which allows the Borrower to enter into USD $2,000,000 for settlement on a spot
basis. 

  
 2 

	5 (A) (B)	 Certain treasury projects, such as forward foreign exchange transactions, and/or interest rate and currency
and/or commodity swaps. 

 The Borrower agrees that treasury products will be used to hedge its risk and will not be used
for speculative purposes. 
 The paragraph headed “FX CLOSE OUT” as set out in Schedule “A” shall apply to FX
Transactions. 
 For the Borrower’s information only, the Bank advises the Borrower that, as at the day of this Agreement only, the Bank
would, if requested by the Borrower, make available to the Borrower forward foreign exchange contracts in an aggregate amount of up to USD $6,500,000 for periods of up to 12 months. This limit and term is subject to change at any time at the
discretion of the Bank and without prior notice to the Borrower. The Borrower must contact the Bank from time to time, to obtain information about the Borrower’s then current forward foreign exchange limit. 

AVAILABILITY OF OPERATING LOAN 
 The Operating Loan
is uncommitted, made available at the Bank’s discretion, and is not automatically available upon satisfaction of the terms and conditions, conditions precedent, or financial tests set out herein. 

The occurrence of an Event of Default is not a precondition to the Bank’s right to accelerate repayment and cancel the availability of the Operating
Loan. 
 LANGUAGE PREFERENCE 
 This Agreement has
been drawn up in the English language at the request of all parties. 
 SCHEDULE “A”- 

STANDARD TERMS 
 AND CONDITIONS 

Schedule “A” sets out the Standard Terms and Conditions (“Standard Terms and Conditions”) which apply to these credit facilities. The
Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 

ACCURACY OF INFORMATION 
 The Borrower hereby
represents and warrants that all information that it has provided to the Bank is accurate and complete respecting where applicable: 
  

	 	i)	 the names of the Borrower’s directors and the names and addresses of the Borrower’s beneficial
owners; 

  

	 	ii)	 the names and addresses of the Borrower’s trustees, known beneficiaries and/or settlors; and

  

	 	iii)	 the Borrower’s ownership, control and structure. 

The Borrower will provide, or cause to be provided, such updated information and/or additional supporting information as the Bank may require from time to
time with respect to any or all the matters in the Borrower’s foregoing representation and warranty. 

  
 3 

 Yours truly, 

THE TORONTO-DOMINION BANK 
  

					
	 /s/ Jack Borges

Jack Borges
 Relationship Manager
	 		 	 /s/ Vito Cramarossa

Vito Cramarossa
 District Vice President

  
 4 

 TO THE TORONTO-DOMINION BANK: 

RENIN CANADA CORP. hereby accepts the forgoing offer this              day of
            , 2018. The Borrower confirms that, except as may be set out above, the credit facilities detailed herein shall not be used by or on behalf of any third party. 

 

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President
 Print
Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

 RENIN US LLC hereby accepts the forgoing offer this
             day of             , 2018. The Borrower confirms that, except as may be set out above, the credit
facilities detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President
 Print
Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

  
 5 

			
		 	

		
		 	Pine Valley Commercial Banking Center
		 	4499 Highway 7 At Pine Valley Drive, 2nd Floor
		 	Vaughan, ON
		 	L4L 9A9
		 	Telephone No.: (905) 264 6723
		 	Fax No.: (905) 851 8209

 October 1, 2018 
 RENIN
CANADA CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Joe Ruffo, President Chief Executive Officer 
 Dear
Sir, 
 The following amending agreement (the “Amending Agreement”) amends the terms and conditions of the credit facilities (the
“Facilities”) provided to the Borrower pursuant to the Agreement dated April 21, 2017 and the subsequent Amending Agreements dated September 22, 2017 and March 29, 2018. 

BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	(the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley branch, in Vaughan, ON. 
 CREDIT LIMIT 

 

	1 (A) (B)	 The lesser of: 

USD$18,000,000 or its CAD$ Equivalent, AND 

The Total of 
 A) 85% of the
Receivable Value, (net of discounts, rebates, over 90 day accounts) for companies with a satisfactory investment credit rating to the Bank, AND 

C) 80% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

D) 50% of the Inventory Value except that the amount calculated under (D) will not exceed 50% of the outstanding balance on the facility.
Inventory value to include raw materials and finished goods with inventory in transit limited to USD $1,500,000; inventory value to be net of returned inventory, defective inventory, damaged goods, and obsolete inventory and / or appropriate
provision to be provided for same. Inventory aged over 12 months ineligible for margining. 

  
 1 

 
LESS: 
 E) Three months’ rental payments on warehouses located at Brampton,
Ontario and Tupelo, Mississippi if Landlord Waivers for these warehouses are not on hand. 
 Available credit limited to be forward
margined. 
 2 (A) (B) USD$1,283,021.36 as reduced pursuant to the section headed “Repayment and Reduction of Amount of Credit Facility”:

 TENOR 
  

	1 (A) (B)	 Committed, 1 year to September 29, 2019. 

 

	2 (A) (B)	 Committed 

CONTRACTURAL TERM 
  

	1 (A) (B)	 1 year to September 29, 2019. 

 

	2 (A) (B)	 60 months from date of drawdowns. 

SECURITY 
 The following security shall be
provided, shall, unless otherwise indicated, support all present and future indebtedness and liability of the Borrower and the grantor of the security to the Bank including without limitation indebtedness and liability under guarantees, foreign
exchange contracts, cash management products, and derivative contracts, shall be registered in first position, and shall be on the Bank’s standard form, supported by resolutions and solicitor’s opinion, all acceptable to the Bank. 

h) Account Receivable Insurance from RENIN CANADA CORP. This Security Item has been Deleted. 

All persons and entities required to provide a guarantee shall be referred to in this Agreement individually as a “Surety” and/or
“Guarantor” and collectively as the “Guarantors”; 
 All of the above security and guarantees shall be referred to collectively in this
Agreement as “Bank Security”. 
 POSITIVE COVENANTS 

So long as any amounts remain outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower
will and will ensure that its subsidiaries and each of the Guarantors will observe the Standard Positive Covenants set out in Schedule “A” and in addition will: 

1) Annual audited consolidated financial statements for Renin Holdings LLC to be provided within 120 calendar days of fiscal year end. 

2) An aged Accounts Receivable, Accounts Payable and Inventory listing to be provided monthly with details of holdbacks, raw materials, work in
progress, inventory in transit and finished goods. Monthly reporting to be accompanied by compliance certificate provided within 20 days of each month end. 

  
 2 

 3) Annual management prepared financial statements for Renin US LLC to be provided within
120 calendar days of fiscal year end. 
 4) Annual management prepared financial statements for Renin Canada Corp to be provided within 120
calendar days of fiscal year end. 
 5) Quarterly rolling four quarter management prepared consolidated financial statements for Renin
Holdings LLC to be provided within 45 days of each quarter end. Quarterly financial statements to be accompanied by a compliance certificate. 

SCHEDULE “A” - 
 STANDARD TERMS

 AND CONDITIONS 
 Schedule “A”
sets out the Standard Terms and Conditions (“Standard Terms and Conditions”) which apply to these credit facilities. The Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this
letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 
 We ask that the Borrower acknowledges
agreement to these amendments by signing and returning the attached duplicate copy of this Amending Agreement to the undersigned on or before September 30, 2018. 

ACCURACY OF INFORMATION 
 The Borrower hereby
represents and warrants that all information that it has provided to the Bank is accurate and complete respecting, where applicable: 
 (i)
the names of the Borrowers directors and the names and addresses of the Borrower s beneficial owners; 
 (ii) the names and addresses of the
Borrowers trustees, known beneficiaries and/or settlors; and 
 (iii) the Borrower’s ownership, control and structure. 

The Borrower will provide, or cause to be provided, such updated information and/or additional supporting information as the Bank may require from time to
time with respect to any or all the matters in the Borrower’s foregoing representation and warranty. 
 Yours truly, 

THE TORONTO-DOMINION BANK 
  

					
	 /s/ Vito Cramarossa
	 		 	 /s/ Jack Borges

	Vito Cramarossa	 		 	Jack Borges
	District Vice-President Commercial Banking	 		 	Relationship Manager

  
 3 

 THE TORONTO-DOMINION BANK: 

RENIN CANADA CORP hereby accepts the foregoing offer this 1 day of October, 2018. The Borrower confirms that, except as may be set out above, the credit
facilities detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President and Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

 THE TORONTO-DOMINION BANK: 

RENIN US LLC hereby accepts the foregoing offer this 1 day of October, 2018. The Borrower confirms that, except as may be set out above, the credit facilities
detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President and Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

  
 4 

			
		 	

		 	Pine Valley Commercial Banking Center
		 	4499 Highway 7 At Pine Valley Drive, 2nd Floor
		 	Vaughan, ON
		 	L4L 9A9
		 	Telephone No.: (905) 264 6723
		 	Fax No.: (905) 851 8209

 September 23, 2019 
 RENIN
CANADA CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Joe Ruffo, President / CEO 
 Dear Sir, 

The following amending agreement (the “Amending Agreement”) amends the terms and conditions of the credit facilities (the “Facilities”)
provided to the Borrower pursuant to the Agreement dated May 12, 2017 and the subsequent Amending Agreements dated September 22, 2017, March 29, 2018 and October 1, 2018. 

BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	(the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley branch, in Vaughan, ON. 
 CREDIT LIMIT 

 

	1 (A) (B)	 The lesser of: 

USD$18,000,000 or its CAD$ Equivalent, AND 

The Total of 
 A) 85% of the
Receivable Value, (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks) for companies with a satisfactory investment credit rating to the Bank, AND 

C) 80% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

  
 1 

 C) 50% of the Inventory Value except that the amount calculated under (C) will not
exceed 50% of the outstanding balance on the facility. Inventory value to include raw materials and finished goods and to be net of goods in transit, returned inventory, defective inventory, damaged goods, inventory held outside Canada &
USA, obsolete inventory , unsaleable inventory and slow-moving inventory. For clarity, Inventory Value to be held in a warehouse where the bank holds a landlord waiver, otherwise a deduction of three months rent will be taken. 

* Slow -moving inventory is defined as inventory where part number has not been sold for greater than 12 months 

For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign accounts receivables and any insured trade
account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable policy. 
 Note: 

Available credit limited to be forward margined. (This covenant has been amended) 

2 (A) (B) USD$847,274 as reduced pursuant to the section headed “Repayment and Reduction of Amount of Credit Facility”. 

TENOR 
  

	1 (A) (B)	 Committed, 1 year to September 29, 2020. 

 

	2 (A) (B)	 Committed 

CONTRACTURAL TERM 
  

	1 (A) (B)	 1 year to September 29, 2020. 

 

	2 (A) (B)	 60 months from date of drawdowns. 

NEGATIVE COVENANTS 
 So long as any amounts remain
outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower will and will ensure that its subsidiaries and each of the Guarantors will observe the Standard Negative Covenants set out
in Schedule “A”. In addition the Borrower will not and will ensure that its subsidiaries and each of the Guarantors will not: 
 1)
Make any shareholder or related party distributions without the Bank’s prior written consent, excluding USD tax sharing payments. 

Borrower can issue the following dividends up to USD $2,000,000 during Fiscal Year 2019 as long as all financial covenants are in compliance on
a pre and post basis: 
 Q1 2019: Up to $500,000 USD 

Q2 2019: Up to $500,000 USD 

  
 2 

 Q3 2019: Up to $500,000 USD 

Q4 2019: Up to $500,000 USD 

(This Covenant has been amended) 

2) Create, incur, assume, or suffer to exist, any additional debt, pledge, lien, security interest, assignment, charge, or encumbrance without
the Bank’s prior written consent, 
 3) Merge or amalgamate with or acquire any other entity, permit any change of ownership, or change
its capital structure without the Bank’s prior written consent. 
 FINANCIAL COVENANTS 

The borrower agrees at all times to: 
 1) Total
Debt to Tangible Net Worth ratio for Renin Holdings LLC of not greater than 2.75:1, to be tested based on consolidated financial results of Renin Holdings LLC Quarterly. 

Debt is defined as the Borrower’s total indebtedness less loans made by the shareholders to the Borrower and postponed in favor of the
Bank. 
 Tangible Net Worth is defined as shareholder’s equity plus loans made by the shareholders to the Borrower and postponed in
favor of the Bank, less loans to its shareholders, employees and other related parties and less intangible assets including without limitation, goodwill, research and development, franchises, patents and trademarks. 

2) Debt Service Coverage ratio (DSC) of not less than 110% to be maintained at all times based on consolidated financial results of Renin
Holdings LLC tested quarterly on a rolling four quarter basis. 
 DSC is calculated as follows: 

(EBITDA*—Unfinanced capital expenditure- Cash taxes-Distributions**) / (Principal + Interest) 

* EBITDA defined as Earnings before Interest, Taxes, Depreciation, and Amortization 

** Distributions include dividends, share redemptions, repayments of shareholder loans/notes, and advances to shareholders or related parties
etc. (This covenant has been amended) 
 SCHEDULE “A” - 

STANDARD TERMS 
 AND CONDITIONS 

Schedule “A” sets out the Standard Terms and Conditions (“Standard Terms and Conditions”) which apply to these credit facilities. The
Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 

We ask that the Borrower acknowledges agreement to these amendments by signing and returning the attached duplicate copy of this Amending Agreement to the
undersigned on or before September 30, 2018. 

  
 3 

 ACCURACY OF INFORMATION 

The Borrower hereby represents and warrants that all information that it has provided to the Bank is accurate and complete respecting, where applicable: 

 

	 	(i)	 the names of the Borrower’s directors and the names and addresses of the Borrower’s beneficial
owners; 

  

	 	(ii)	 the names and addresses of the Borrower’s trustees, known beneficiaries and/or settlors; and

  

	 	(iii)	 the Borrower’s ownership, control and structure. 

The Borrower will provide, or cause to be provided, such updated information and/or additional supporting information as the Bank may require from time to
time with respect to any or all the matters in the Borrower’s foregoing representation and warranty. 
 Yours truly, 

THE TORONTO-DOMINION BANK 
  

					
	 /s/ Thomas Gouliaras
	 		 	 /s/ Krystal Reabel

	Thomas Gouliaras	 		 	Krystal Reabel
	Relationship Manager	 		 	Manager of Commercial Services

  
 4 

 THE TORONTO-DOMINION BANK: 

RENIN CANADA CORP hereby accepts the foregoing offer this 30 day of September, 2019. The Borrower confirms that, except as may be set out above, the credit
facilities detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President and Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

 THE TORONTO-DOMINION BANK: 

RENIN US LLC hereby accepts the foregoing offer this              day of September, 2019.
The Borrower confirms that, except as may be set out above, the credit facilities detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President and Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

  
 5 

			
		 	

		 	Pine Valley Commercial Banking Center
		 	4499 Highway 7 At Pine Valley Drive, 2nd Floor
		 	Vaughan, ON
		 	L4L 9A9
		 	Telephone No.: (905) 264 6723
		 	Fax No.: (905) 851 8209

 February 26, 2020 
 RENIN
CANADA CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Joe Ruffo, President / CEO 
 Dear Sir, 

The following amending agreement (the “Amending Agreement”) amends the terms and conditions of the credit facilities (the “Facilities”)
provided to the Borrower pursuant to the Agreement dated May 12, 2017 and the subsequent Amending Agreements September 22, 2017, March 29, 2018, October 1, 2018 and September 23, 2019. 

BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	(the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley branch, in Vaughan, ON. 
 FINANCIAL COVENANTS 

The Borrower agrees at all times to: 
  

	2)	 Debt Service Coverage ratio (DSC) of not less than 110% to be maintained at all times based on
consolidated financial results of Renin Holdings LLC tested quarterly on a rolling four quarter basis. 

  
 1 

 DSC is calculated as follows: 

(EBITDA*—Unfinanced capital expenditure Cash taxes Distributions**) / (Principal + Interest) 

*EBITDA defined as Earnings before Interest, Taxes, Depreciation, and Amortization 

**Distributions include dividends , share redemptions, repayrnents of shareholder loans/notes, and advances to shareholders or related
parties etc. This Covenant has been removed. 
  

	4)	 Amend the Minimum Interest Coverage Ratio Description to as follows: ‘Maintain an Interest Coverage Ratio
of not less than 3.00:1. To be tested quarterly based on rolling four quarter consolidated financial results of Renin Holdings LLC. 

Interest Coverage ratio is defined as follows: 

EBITDA*/ Interest paid 
 *EBITDA
is defined as Earnings before Interest, Taxes, Depreciation and Amortization . This Covenant has been added. 
 SCHEDULE “A” –

 STANDARD TERMS 
 AND CONDITIONS

 Schedule “A” sets out the Standard Terms and Conditions (“Standard Terms and Conditions”) which apply to these credit
facilities. The Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 

AMENDMENTS TO SCHEDULE “A” TERMS AND CONDITIONS 

Unless otherwise stated, the amendments outlined above are in addition to the Terms and Conditions of the existing Agreement. All other terms and conditions
remain unchanged. 
 We ask that the Borrower acknowledges agreement to these amendments by signing and returning the attached duplicate copy of this
Amending Agreement to the undersigned on or before March 20,2020. 
 ACCURACY OF INFORMATION 

The Borrower hereby represents and warrants that all information that it has provided to the Bank is accurate and complete respecting, where applicable: 

 

	 	(i)	 the names of the Borrower’s directors and the names and addresses of the Borrower’s beneficial
owners; 

  

	 	(ii)	 the names and addresses of the Borrower’s trustees, known beneficiaries and/or settlors; and

  

	 	(iii)	 the Borrower’s ownership, control and structure. 

  
 2 

 The Borrower will provide, or cause to be provided, such updated information and/or additional supporting
information as the Bank may require from time to time with respect to any or all the matters in the Borrower’s foregoing representation and warranty. 

Yours truly, 
 THE TORONTO-DOMINION BANK 

 

					
	 /s/ Thomas Gouliaras
	 		 	 /s/ Krystal Reabel

	Thomas Gouliaras	 		 	Krystal Reabel
	Relationship Manager	 		 	Manager of Commercial Services

  
 3 

 THE TORONTO-DOMINION BANK: 

RENIN CANADA CORP hereby accepts the foregoing offer this 5th day of March, 2020. The Borrower confirms that, except as may be set out above, the credit
facilities detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President and Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

 THE TORONTO-DOMINION BANK: 

RENIN US LLC hereby accepts the foregoing offer this 5th day of March, 2020. The Borrower confirms that, except as may be set out above, the credit facilities
detailed herein shall not be used by or on behalf of any third party. 
  

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, President and Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

  
 4 

			
		 	

		 	Pine Valley Commercial Banking Center
		 	4499 Highway 7 At Pine Valley Drive, 2nd Floor
		 	Vaughan, ON
		 	L4L 9A9
		 	Telephone No.: (905) 264 6723
		 	Fax No.: (905) 851 8209

 June 05, 2020 
 RENIN
CANADA CORP. 
 RENIN US LLC 
 110 Walker Drive 

Brampton, Ontario 
 L6T 4H6 

Attention: Joe Ruffo 
 Dear Sir, 

The following amending agreement (the “Amending Agreement’) amends the terms and conditions of the credit facilities (the “Facilities”)
provided to the Borrower pursuant to the Agreement dated May 12, 2017 and the subsequent Amending Agreements September 22, 2017, March 29, 2017, October 1, 2018, September 23, 2019 and February 26, 2020.

 BORROWER 
  

			
	RENIN CANADA CORP.	  	(the “Borrower A”)
	RENIN US LLC	  	(the “Borrower B”)

 LENDER 
 The
Toronto-Dominion Bank (the “Bank”), through its Pine Valley branch, in Vaughan, ON. 
 CREDIT LIMIT 

 

	1(A) (B)	 To be calculated on monthly basis as the lesser of: 

USD $18,000,000 <or its CAD$ Equivalent>, AND 

The Total of 

  
 1 

 A) 85% of the Receivable Value, (net of discounts, rebates, over 90 day accounts, related
party accounts and holdbacks) for companies with a satisfactory investment credit rating to the Bank, AND C) 80% of the non-insured Receivable Value (net of discounts, rebates, over 90 day accounts, related party accounts and holdbacks), AND 

C) 50% of the Inventory Value except that the amount calculated under (C) will not exceed $9,000,000. Inventory value to include raw
materials and finished goods and to be net of goods in transit, returned inventory, defective inventory, damaged goods, inventory held outside Canada & USA, obsolete inventory, unsaleable inventory and slow-moving inventory. For clarity,
Inventory Value to be held in a warehouse where the bank holds a landlord waiver, otherwise a deduction of three months rent will be taken. 

* Slow -moving inventory is defined as inventory where part number has not been sold for greater than 12 months 

For purposes of calculating the Credit Limit, no value will be given to any uninsured foreign accounts receivables and any insured trade
account receivable exceeding any individual receivable/buyer/credit limit set out in the applicable policy. 
 Note: 

Available credit limited to be forward margined. (This covenant has been amended) 

TENOR 
  

	1 (A) (B)	 Committed, 2 years to September 29, 2022 

CONTRACTUAL TERM 
  

	1(A) (B)	 2 years to September 29, 2022 

INTEREST RATES AND FEES 
  

	1(A) (B)	 Advances shall bear interest as follows with “Leverages” based on Total Debt to Tangible Net Worth
and reset with quarterly results. 

  

													
	 Leverages
	  	Prime	 	 	BA/LIBOR	 	 	USBR	 
	 <2.0x
	  	 	1.00	% 	 	 	2.75	% 	 	 	1.00	% 
	 2.0x<x<2.50x
	  	 	1.25	% 	 	 	3.00	% 	 	 	1.25	% 
	 2.50x<
	  	 	1.50	% 	 	 	3.25	% 	 	 	1.50	% 

 COMMITMENT FEE 
 On
the third Business Day following the last Business Day of March, June, September, and December, in each year, the Borrower shall pay to the Bank a Commitment Fee for the Committed Revolving/Reducing Multiple Draw Facility in an amount equal to
0.7000 % per annum calculated on the daily average amount of the undrawr portion of the Committed Revolving/Reducing Multiple Draw Facility during the quarter just ended. 

  
 2 

 ADMINISTRATION FEE 

CAD$250 per month. 
 NEGATIVE COVENANTS 

So long as any amounts remain outstanding and unpaid under this Agreement or so long as any commitment under this Agreement remains in effect, the Borrower
will and will ensure that its subsidiaries and each of the Guarantors will observe the Standard Negative Covenants set out in Schedule “A”. In addition the Borrower will not and will ensure that its subsidiaries and each of the Guarantors
will not: 
  

	1)	 Make any shareholder or related party distributions without the Bank’s prior written consent, excluding
USD tax sharing payments 

  

	2)	 Borrower can issue the dividends up to USD $2,000,000 during any fiscal year as long as all financial covenants
are in compliance on a pre and post basis. (This covenant has been amended) 

 FINANCIAL COVENANTS 

The Borrower agrees at all times to: 
  

	2)	 Debt Service Coverage ratio (DSC) of not less than 110% to be maintained at all times based on
consolidated financial results of Renin Holdings LLC tested quarterly on a rolling four quarter basis. 

  

	3	 DSC is calculated as follows: 

 

	4	 (EBITDA – Unfinanced capital expenditure – Cash taxes Distributions**) / (Principal +
Interest) 

  

	5	 (EBITDA – defined as Earnings before Interest, Taxes, Depreciation, and Amortization.

 Note: 

**Distributions include dividends, share redemptions, repayments of shareholder loans / notes, and advances to shareholders or related
parties, etc. (This Covenant has been removed). 
 EVENTS OF 

DEFAULT 
 The Bank may accelerate the payment of
principal and interest under any committed credit facility hereunder and cancel any undrawn portion of any committed credit facility hereunder, at any time after the occurrence of any one of the Standard Events of Default contained in Schedule
“A”. 

  
 3 

 SCHEDULE “A” - 

STANDARD TERMS 
 AND CONDITIONS 

Schedule “A” sets out the Standard Terms and Conditions (‘‘Standard Terms and Conditions”) which apply to these credit facilities. The
Standard Terms and Conditions, including the defined terms set out therein, form part of this Agreement, unless this letter states specifically that one or more of the Standard Terms and Conditions do not apply or are modified. 

ACCURACY OF INFORMATION 
 The Borrower hereby
represents and warrants that all information that it has provided to the Bank is accurate and complete respecting, where applicable: 
  

	 	(i)	 the names of the Borrower’s directors and the names and addresses of the Borrower’s beneficial
owners; 

  

	 	(ii)	 the names and addresses of the Borrower’s trustees, known beneficiaries and/or settlors; and

  

	 	(iii)	 the Borrower’s ownership, control and structure. 

The Borrower will provide, or cause to be provided, such updated information and/or additional supporting information as the Bank may require from time to
time with respect to any or all the matters in the Borrower’s foregoing representation and warranty. 
 Yours truly, 

THE TORONTO-DOMINION BANK 
  

					
	 /s/ Thomas Gouliaras
	 		 	 /s/ Krystal Reabel

	Thomas Gouliaras	 		 	Krystal Reabel
	Relationship Manager	 		 	Manager of Commercial Services

  
 4 

 THE TORONTO-DOMINION BANK: 

RENIN CANADA CORP hereby accepts the foregoing offer this              day of
            , 2020. The Borrower confirms that, except as may be set out above, the credit facilities detailed herein shall not be used by or on behalf of any third party. 

 

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

 THE TORONTO-DOMINION BANK: 

RENIN US LLC hereby accepts the foregoing offer this              day of
            , 2020. The Borrower confirms that, except as may be set out above, the credit facilities detailed herein shall not be used by or on behalf of any third party. 

 

					
	 /s/ Joseph Ruffo

Signature
  

Joseph Ruffo, Chief Executive Officer

Print Name & Position
	 		 	 /s/ Elizabeth Skinner

Signature
  

Elizabeth Skinner, VP Finance

Print Name & Position

  
 5EX-10.8

 Exhibit 10.8 

OPERATING AGREEMENT 

among 
 THE ALTMAN
COMPANIES, LLC 
 and 

JOEL L. ALTMAN, 
 AMC
HOLDINGS FLORIDA, INC., 
 ALTMAN DEVELOPMENT CORPORATION, 

THE ALTMAN COMPANIES, INC., 

and 
 BBX ALTMAN
OPERATING ENTITIES, LLC 
 EFFECTIVE NOVEMBER 30, 2018 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 SECTION 1 DEFINITIONS
	  	 	4	 
			
	 1.01.
	 	Definitions	  	 	4	 
	 1.02.
	 	Interpretation	  	 	21	 
		
	 SECTION 2 ORGANIZATION
	  	 	21	 
			
	 2.01.
	 	Formation	  	 	21	 
	 2.02.
	 	Name	  	 	22	 
	 2.03.
	 	Principal Office	  	 	22	 
	 2.04.
	 	Registered Office; Registered Agent	  	 	22	 
	 2.05.
	 	Purpose; Powers	  	 	22	 
	 2.06.
	 	Term	  	 	23	 
		
	 SECTION 3 UNITS; CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS
	  	 	23	 
			
	 3.01.
	 	Units; Initial Capital Contributions	  	 	23	 
	 3.02.
	 	Additional Capital Contributions and Special Capital Contributions	  	 	23	 
	 3.03.
	 	Maintenance of Capital Accounts	  	 	27	 
	 3.04.
	 	Succession Upon Transfer	  	 	28	 
	 3.05.
	 	Negative Capital Accounts	  	 	28	 
	 3.06.
	 	No Withdrawals From Capital Accounts	  	 	28	 
	 3.07.
	 	Loans From Members	  	 	28	 
	 3.08.
	 	Modifications	  	 	29	 
		
	 SECTION 4 MEMBERS
	  	 	29	 
			
	 4.01.
	 	Admission of New Members	  	 	29	 
	 4.02.
	 	No Personal Liability	  	 	29	 
	 4.03.
	 	No Withdrawal	  	 	29	 
	 4.04.
	 	Meetings of Members	  	 	29	 
	 4.05.
	 	Quorum	  	 	30	 
	 4.06.
	 	Action without a Meeting	  	 	30	 
	 4.07.
	 	Power of Members	  	 	30	 
	 4.08.
	 	No Interest in Company Property	  	 	30	 
	 4.09.
	 	Certification of Units	  	 	31	 
	 4.10.
	 	Other Activities; Business Opportunities	  	 	32	 
	 4.11.
	 	Actions with Respect to Related Party Agreements	  	 	33	 
	 4.12.
	 	Actions Requiring Unanimous Consent of Members	  	 	33	 
		
	 SECTION 5 ALLOCATIONS
	  	 	33	 
			
	 5.01.
	 	Allocation of Net Income and Net Loss	  	 	33	 
	 5.02.
	 	Regulatory and Special Allocations	  	 	33	 
	 5.03.
	 	Tax Allocations	  	 	34	 
	 5.04.
	 	Allocations in Respect of Transferred Units	  	 	35	 

  
 -i- 

							
	 SECTION 6 DISTRIBUTIONS
	  	 	35	 
			
	 6.01.
	 	General	  	 	35	 
	 6.02.
	 	Tax Advances	  	 	36	 
	 6.03.
	 	Tax Withholding; Withholding Advances	  	 	36	 
	 6.04.
	 	Distributions in Kind	  	 	37	 
		
	 SECTION 7 MANAGEMENT
	  	 	37	 
			
	 7.01.
	 	Management of the Company	  	 	37	 
	 7.02.
	 	Number, Election and Term of the Members of the Executive Committee	  	 	38	 
	 7.03.
	 	Number, Election and Term of the Managers	  	 	40	 
	 7.04.
	 	Action by the Executive Committee	  	 	43	 
	 7.05.
	 	Action by the Board of Managers	  	 	44	 
	 7.06.
	 	Actions Requiring Unanimous Approval of EC Members	  	 	45	 
	 7.07.
	 	Business Plan and Budgets	  	 	45	 
	 7.08.
	 	Officers	  	 	46	 
	 7.09.
	 	Other Activities of the EC Members and Managers	  	 	46	 
	 7.10.
	 	Compensation and Reimbursement of EC Members and Managers; No Employment	  	 	46	 
	 7.11.
	 	No Personal Liability	  	 	47	 
	 7.12.
	 	Sponsored Projects	  	 	47	 
		
	 SECTION 8 PHASE 2 AND PHASE 3 PURCHASES
	  	 	49	 
			
	 8.01.
	 	Phase 2 Class A Units Purchase	  	 	49	 
	 8.02.
	 	Phase 3 Class A Units Purchase	  	 	52	 
	 8.03.
	 	Class B Member Option to Accelerate Phase 2 Class A Units Purchase and Phase 3 Class A Units Purchase	  	 	56	 
	 8.04.
	 	Timing	  	 	57	 
	 8.05.
	 	AGC Ownership Changes	  	 	57	 
		
	 SECTION 9 TRANSFER
	  	 	58	 
			
	 9.01.
	 	General Restrictions on Transfer	  	 	58	 
	 9.02.
	 	Transfers by Class B Member; Class A Member Option to Accelerate	  	 	59	 
		
	 SECTION 10 EXCULPATION AND INDEMNIFICATION
	  	 	60	 
			
	 10.01.
	 	Exculpation of Covered Persons	  	 	60	 
	 10.02.
	 	Intentionally omitted	  	 	61	 
	 10.03.
	 	Indemnification	  	 	61	 
		
	 SECTION 11 ACCOUNTING; TAX MATTERS
	  	 	63	 
			
	 11.01.
	 	Financial Statements	  	 	63	 
	 11.02.
	 	Inspection Rights	  	 	64	 
	 11.03.
	 	Income Tax Status	  	 	64	 
	 11.04.
	 	Partnership Representative	  	 	64	 
	 11.05.
	 	Tax Returns	  	 	65	 
	 11.06.
	 	Company Funds	  	 	65	 

  
 -ii- 

							
	 SECTION 12 DISSOLUTION AND LIQUIDATION
	  	 	66	 
			
	 12.01.
	 	Events of Dissolution	  	 	66	 
	 12.02.
	 	Effectiveness of Dissolution	  	 	66	 
	 12.04.
	 	Filing of Articles of Dissolution	  	 	67	 
	 12.05.
	 	Survival of Rights, Duties and Obligations	  	 	67	 
	 12.06.
	 	Recourse for Claims	  	 	67	 
		
	 SECTION 13 MISCELLANEOUS
	  	 	68	 
			
	 13.01.
	 	Expenses	  	 	68	 
	 13.02.
	 	Further Assurances	  	 	68	 
	 13.03.
	 	Confidentiality	  	 	68	 
	 13.04.
	 	Notices	  	 	69	 
	 13.05.
	 	Headings	  	 	70	 
	 13.07.
	 	Entire Agreement	  	 	70	 
	 13.08.
	 	Successors and Assigns	  	 	71	 
	 13.09.
	 	No Third-Party Beneficiaries	  	 	71	 
	 13.10.
	 	Amendment	  	 	71	 
	 13.11.
	 	Waiver	  	 	71	 
	 13.12.
	 	Governing Law; Arbitration	  	 	72	 
	 13.13.
	 	Equitable Remedies	  	 	72	 
	 13.14.
	 	Remedies Cumulative	  	 	73	 
	 13.15.
	 	Conflict of Interest	  	 	73	 

  
 -iii- 

 OPERATING AGREEMENT 

This Operating Agreement is entered into and effective as of November 30, 2018 (the “Effective Date”) by and among The
Altman Companies, LLC, a Florida limited liability company (the “Company”), Joel L. Altman (“JLA”), AMC Holdings Florida, Inc., a Florida corporation (“AMC Holdings”), Altman Development
Corporation, a Michigan corporation (“Old ADC”), The Altman Companies, Inc., a Michigan corporation (“Old TAC”), and BBX Altman Operating Entities, LLC, a Florida limited liability company
(“BBXAOE”). JLA, AMC Holdings, Old ADC and Old TAC are collectively called the “Class A Members” and BBXAOE is called the “Class B Member” and together the
Class A Members and the Class B Member are called the “Members.” 
 Background Statement 

1. The Company was formed under the laws of the State of Florida by the filing of Articles of Organization with the Florida Department of
State (the “Department of State”) on October 26, 2018 (the “Articles of Organization”). 
 2. Prior to
the execution and delivery of this Agreement, BBXAOE purchased Fifty Percent (50%) of JLA’s Sixty Percent (60%) membership interests in Altman Glenewinkel Construction, LLC, a Florida limited liability company (“AGC”), for a
purchase price of $3,424,320.00 (the “BBXAOE/AGC Purchase”) pursuant to a Membership Interest Purchase Agreement between JLA and BBXAOE dated the Effective Date (the “BBXAOE/AGC Purchase Agreement”). 

3. Immediately following the BBXAOE/AGC Purchase, (a) JLA contributed his remaining Thirty Percent (30%) membership interests in AGC to
AGC Member, LLC, a Florida limited liability company (“AGC Member”), in exchange for membership interests representing Fifty Percent (50%) of the membership interests in AGC Member, and (b) BBXAOE contributed its Thirty Percent
(30%) membership interests in AGC to AGC Member in exchange for membership interests representing Fifty Percent (50%) of the membership interests in AGC Member. The membership interests in AOC Member held by JLA and BBXAOE are called the
“AGC Member Interests”). 
 4. Simultaneously with the execution and delivery of this Agreement, (a) JLA contributed
his AOC Member Interests to the Company in exchange for 14.572 of the Company’s Class A Units (as defined in Section 1.01), valued at $3,424,320.00, and (b) BBXAOE contributed its AOC Member Interests to the
Company in exchange for 14.572 of the Company’s Class B Units (as defined in Section 1.01), valued at $3,424,320.00 (collectively, the “AGC Contribution”). 

5. Prior to the execution and delivery of this Agreement, JLA transferred all of his ownership interests in Altman Management Company, a
Florida corporation (“AMC”), to AMC Holdings, in exchange for One Hundred Percent of AMC Holdings’ capital stock, and AMC Holdings elected for AMC to be treated as a “Qualified Subchapter S Subsidiary” as
defined in the Code (as defined in Section 1.01). AMC then converted into Altman Management, LLC, a Florida limited liability company (“Altman Management”). 

 6. Following the conversion of AMC into Altman Management and prior to the execution and
delivery of this Agreement, BBXAOE purchased Fifty Percent (50%) of AMC Holdings’ membership interests in Altman Management for a purchase price of $1,035,000, pursuant to a purchase agreement between AMC Holdings and BBXAOE (the “AMC
Purchase Agreement”) and, simultaneously with such purchase, Altman Management elected to be taxed as a “Partnership” as defined in the Code. 

7. Simultaneously with the execution and delivery of this Agreement, (a) AMC Holdings contributed its membership interests in Altman
Management to the Company in exchange for 4.404 Class A Units, valued at $1,035,000, and (b) BBXAOE contributed its membership interests in Altman Management to the Company in exchange for 4.404 Class B Units, valued at $1,035,000
(collectively, the “Management Contribution”). 
 8. Prior to the execution and delivery of this Agreement, Old TAC
contributed certain of its assets to New TAC, LLC, a Florida limited liability company (“New TAC”), in exchange for all of the membership interests in New TAC (the “Old TAC/New TAC Contribution”). In connection with
the Old TAC/New TAC Contribution, Old TAC retained all of its liabilities except as specifically provided for in the related contribution agreement. 

9. Prior to the execution and delivery of this Agreement, BBXAOE purchased Fifty Percent (50%) of Old TAC’s membership interests in New
TAC for a purchase price of $1,000 pursuant to a purchase agreement between BBXAOE and Old TAC (the “New TAC Purchase Agreement”). 

10. Simultaneously with the execution and delivery of this Agreement, (a) Old TAC contributed its New TAC membership interests to the
Company in exchange for 0.004 Class A Units, valued at $1,000 and (b) BBXAOE contributed its New TAC membership interests to the Company in exchange for 0.004 Class B Units, valued at $1,000 (collectively, the “TAC
Contribution”). 
 11. Prior to the execution and delivery of this Agreement, Old ADC contributed certain of its assets to New ADC,
LLC, a Florida limited liability company (“New ADC”), in exchange for all of the membership interests in New ADC (the “Old ADC/New ADC Contribution”). In connection with the Old ADC/New ADC Contribution, Old ADC
retained all of its liabilities except as specified in the related contribution agreement pursuant to which New ADC assumed a portion of Old ADC’s debt to JLA. The portion of the debt of Old ADC to JLA assumed by New ADC was represented by a
promissory note in the amount of $7,289,680 to JLA (the “JLA Note”). 
 12. Prior to the execution and delivery of this
Agreement, BBXAOE purchased from New ADC a membership interest in New ADC equal to Fifty Percent (50%) of the total outstanding membership interests in New ADC (after giving effect to the purchase) for a purchase price of $7,289,680, pursuant to a
purchase agreement among BBXAOE, Old ADC and New ADC (the “New ADC Purchase Agreement”). New ADC used the purchase price to pay the JLA Note in full. 

  
 -2- 

 13. Simultaneously with the execution and delivery of this Agreement, (a) Old ADC
contributed its New ADC membership interests to the Company in exchange for 31.020 Class A Units, valued at $7,289,680, and (b) BBXAOE contributed its New ADC membership interests to the Company in exchange for 31.020 Class B Units,
valued at $7,289,680 (collectively, the “ADC Contribution”). 
 14. Simultaneously or prior to the execution and delivery of
this Agreement, Code Section 754 elections have or will be made by the appropriate parties as described in the contribution agreements relating to the AGC Contribution, the Management Contribution, the TAC Contribution and the ADC Contribution
(collectively the “Company Contributions”). 
 15. As a result of the Company Contributions: 

(a) Each of JLA, AMC Holdings, Old TAC and Old ADC own that number of Class A Units, and the Class B Member owns that number of
Class B Units, set forth on Exhibit A attached to this Agreement, and the respective capital accounts of the Members have been credited with the values ascribed to the
interests contributed to the Company as set forth in this Background Statement and on Exhibit A; and 
 (b) The
Company’s ownership interest in each of AGC Member, Altman Management, New TAC and New ADC is as set forth on Exhibit B attached to this Agreement. 

16. Simultaneously with the execution and delivery of this Agreement, JLA, AMC Holdings, Old TAC, Old ADC, the Company, Joel L. Altman, as
Trustee of the Joel L. Altman Revocable Trust U/T/I dated February 6, 1998, as amended and restated as of October 3, 2016, as amended, each of the Specified Project Participants (as identified in the Allocation Agreement), BBX Altis
Projects, LLC, a Florida limited liability company (“BBXAP”), and BBXAOE entered into an Offset, Assignment of Rights to Distributions and Payments and Allocation Agreement (the “Allocation Agreement”). 

17. Simultaneously with the execution and delivery of this Agreement, (a) JLA and the Company entered into an Employment Agreement (the
“JLA Employment Agreement”). Prior to the execution of this Agreement, (x) Jeff Roberts (“JR”), Old ADC and Old TAC (whose assets and contract rights are transferred to the Company) entered into an Employment
Agreement (the “JR Employment Agreement”), and (y) Tim Peterson (“TP”), Old ADC and Old TAC (whose assets and contract rights are transferred to the Company) entered into an Employment Agreement (the
“TP Employment Agreement”). 
 18. Promptly after the execution and delivery of this Agreement, the Company intends to cause
New TAC to be merged into New ADC, in accordance with applicable Florida law. 
 NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are conclusively acknowledged, the parties to this Agreement, intending to be legally bound, agree as follows: 

  
 -3- 

 SECTION 1 

DEFINITIONS 
 1.01.
Definitions. Capitalized terms used in this Agreement and not otherwise defined shall have the meanings set forth in this Section 1.01: 

“Accelerated Closing” has the meaning set forth in Section 8.03(c). 

“Act” means the Florida Revised Limited Liability Company Act, Chapter 605 of Florida Statutes, as it may be amended from
time to time. 
 “ADC Contribution” has the meaning set forth in the Background Statement. “Additional Capital
Contribution” has the meaning set forth in Section 3.02. 
 “Adjusted Capital Account
Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

(a) crediting to such Capital Account any amount that such Member is obligated to restore or is deemed to be obligated to
restore pursuant to Treasury Regulations Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i); and 

(b) debiting to such Capital Account the items described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 “Adjusted Taxable Income” of
a Member for a Fiscal Year (or portion thereof) with respect to the Units held by such Member means the federal taxable income allocated by the Company to the Member with respect to its Units (as adjusted by any final determination in connection
with any tax audit or other proceeding) for such Fiscal Year (or portion thereof); provided, that such taxable income shall be computed (a) minus any excess taxable loss or excess taxable credits of the Company for any prior period allocable to
such Member with respect to its Units that were not previously taken into account for purposes of determining such Member’s Adjusted Taxable Income in a prior Fiscal Year to the extent such Joss or credit would be available under the Code to
offset income of the Member (or, as appropriate, the direct or indirect owners of the Member) determined as if the income, loss, and credits from the Company were the only income, loss, and credits of the Member (or, as appropriate, the direct or
indirect members of the Member) in such Fiscal Year and all prior Fiscal Years, and (b) taking into account any special basis adjustment with respect to such Member resulting from an election by the Company under Code Section 754. 

“Affiliate” means, with respect to any Person, any other Person who, directly or indirectly (including through one or more
intermediaries), Controls, is Controlled by, or is under common Control with, such Person. 
 “AGC” has the meaning set
forth in the Background Statement. 
 “AGC Contribution” has the meaning set forth in the Background Statement. 

  
 -4- 

 “AGC Fifth Manager” has the meaning set forth in
Section 7.03(b). 
 “AGC Member” has the meaning set forth in the Background Statement. 

“AGC Member Interests” has the meaning set forth in the Background Statement. 

“Agreement” means this Operating Agreement, as executed and as it may be amended, modified, supplemented or restated from
time to time, as provided herein. 
 “Allocation Agreement” has the meaning set forth in the Background Statement. 

“Altis Manager” has the meaning set forth in Section 7.12(e). 

“Altman Management” has the meaning set forth in the Background Statement. 

“AMC” has the meaning set forth in the Background Statement. 

“AMC Holdings” has the meaning set forth in the Preamble. 

“AMC Purchase Agreement” has the meaning set forth in the Background Statement. “Amendment to the Future
Participation Note” means the amendment to the Future Participation Note dated the Effective Date. 
 “Amendment to the
Other NMV Note” means the amendment to the Other NMV Note dated the Effective Date. 
 “Applicable Law” means all
applicable provisions of (a) constitutions, treaties, statutes, laws (including the common law), rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority; (b) any consents or
approvals of any Governmental Authority; and (c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments, awards, decrees of, or agreements with, any Governmental Authority. 

“Arbitrator” has the meaning set forth in Section 13.12(b). 

“Articles of Organization” has the meaning set forth in the Background Statement. 

“BBA” has the meaning set forth in Section 11.04(a). 

“BBA Procedures” has the meaning set forth in Section 11.04(c). 

“BBXAOE” has the meaning set forth in the Preamble. 

“BBXAOE/AGC Purchase” has the meaning set forth in the Background Statement. 

“BBXAOE/AGC Purchase Agreement” has the meaning set forth in the Background Statement. 

“BBXAP” has the meaning set forth in the Background Statement. 

  
 -5- 

 “BBXCAM” means BBX Capital Asset Management, LLC, a Florida limited
liability company. 
 “BBXCC” means BBX Capital Corporation, a Florida corporation. 

“BBXCRE” means BBX Capital Real Estate, LLC, a Florida limited liability company. 

“BBXCC Change in Control” means a transaction (or series of transactions) which results in the Controlling stock of BBXCC (or
a successor entity in which the Controlling stock or equivalent equity is owned and Controlled by one or more of the Controlling Shareholders) no longer being owned and Controlled by one or more of the Controlling Shareholders. 

“BBX Indemnitees” has the meaning set forth in each of the Company Purchase Agreements. 

“BBX Permitted Transfer” means a Transfer by BBX to (i) any Controlled Affiliate or (ii) any other OFAC compliant
Transferee if the Person(s) having Control of the Class B Member prior to the Transfer of the Membership Interests and/or any other Controlled Affiliate(s) continues to Control the Class B Member following the Transfer. 

“Board of Managers” has the meaning set forth in Section 7.01. 

“Book Depreciation” means, with respect to any Company asset for each Fiscal Year, the Company’s depreciation,
amortization, or other cost recovery deductions determined for federal income tax purposes, except that if the Book Value of an asset differs from its adjusted tax basis at the beginning of such Fiscal Year, Book Depreciation shall be an amount
which bears the same ratio to such beginning Book Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax basis; provided, that if the adjusted basis for
federal income tax purposes of an asset at the beginning of such Fiscal Year is zero and the Book Value of the asset is positive, Book Depreciation shall be determined with reference to such beginning Book Value using any permitted method selected
by the Board of Managers in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3). 

“Book Value” means, with respect to any Company asset, the adjusted basis of such asset for federal income tax purposes,
except as follows: 
 (a) the initial Book Value of any Company asset contributed by a Member to the Company shall be the
gross Fair Market Value of such Company asset as of the date of such contribution ; 
 (b) immediately prior to the
distribution by the Company of any Company asset to a Member, the Book Value of such asset shall be adjusted to its gross Fair Market Value as of the date of such distribution; 

  
 -6- 

 (c) the Book Value of all Company assets may, in the sole discretion of the
Board of Managers, be adjusted to equal their respective gross Fair Market Values, as determined by the Board of Managers, as of the following times: 

(i) the acquisition of an additional Units in the Company by a new or existing Member in consideration 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 property (other than cash) as consideration for all or a part of such Member’s Units; and 
 (iii) the
liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); 

(d) the Book Value of each Company asset shall be increased or decreased, as the case may be, to reflect any adjustments to the
adjusted tax basis of such Company asset pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Account balances pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided, that Book Values shall not be adjusted pursuant to this paragraph (d) to the extent that an adjustment pursuant to paragraph (c) above is made in
conjunction with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d); and 
 (e) if the
Book Value of a Company asset has been determined pursuant to paragraph (a) or adjusted pursuant to paragraphs (c) or (d) above, such Book Value shall thereafter be adjusted to reflect the Book Depreciation taken into account with respect
to such Company asset for purposes of computing Net Income and Net Losses. 
 “Business” means the business of the Company
as described in the Business Plans and Operating Budgets or otherwise approved budgets pursuant to Section 7.07(c), or reasonably contemplated by the Company as likely investment opportunities. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in Broward County, Florida
are authorized or required to close. 
 “Business Plan and Operating Budgets” has the meaning set forth in
Section 7.07(a). 
 “Capital Account” has the meaning set forth in
Section 3.03. 
 “Capital Contribution” means, for any Member, the total amount of cash and cash
equivalents and the Book Value of any property contributed to the Company by such Member. 
 “Cause” means the Fifth
Manager’s or the AGC Fifth Manager’s (a) death; (b) disability resulting in the Fifth Manager’s or the AGC Fifth Manager’s inability to make decisions contemplated in Section 7.05; (c) commission of
fraud against the Company or theft of material Company assets; (d) material breach of any of the terms and conditions of this Agreement, or any other agreement entered into between the Fifth Manager or the AGC Fifth Manager, on the one hand,
and the Company, on the other hand; (e) violation of the general policies of the Company applicable to its employees and independent contractors; or (f) conviction of a crime of moral turpitude. 

  
 -7- 

 “Certificates” shall have the meaning set forth in
Section 4.09(a). 
 “Change in Control Notice” has the meaning set forth in
Section 9.02(a). 
 “Class A Managers” has the meaning set forth in
Section 7.03(b). 
 “Class A Member Permitted Transfers” means, with respect
to any Class A Member, any Transfer for estate planning purposes to one or more Family Members of such Class A Member or to one or more trusts, limited liability companies, partnerships or other vehicles for the benefit of Family Members
of such Class A Member, and which otherwise complies with the provisions of Section 4.01(b) and in connection with which the Transferee joins in and assumes the obligations of the Altman Indemnitors as described and
provided for in the Allocation Agreement. 
 “Class A Members” has the meaning set forth in the Preamble
and their successors and permitted assigns. 
 “Class A EC Members” has the meaning set forth in
Section 7.02(b). 
 “Class A Units” has the meaning set forth in
Section 3.01(b). 
 “Class B Managers” has the meaning set forth in
Section 7.03(b). 
 “Class B Member” has the meaning set forth in the Preamble
and its successors and permitted assigns. 
 “Class B EC Members” has the meaning set forth in
Section 7.02(b). 
 “Class B Units” has the meaning set forth in
Section 3.01(b). 
 “Closing Agent” has the meaning set forth in
Section 8.01(b). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” has the meaning set forth in the Preamble. 

“Company Contributions” has the meaning set forth in the Background Statement. 

“Company Purchase Agreements” mean the BBXAOE/AGC Purchase Agreement, the AMC Purchase Agreement, the New TAC Purchase
Agreement, the New ADC Purchase Agreement and the Specified Entity Purchase Agreement. 
 “Company Interest Rate” has the
meaning set forth in Section 6.03(b). 
 “Company Minimum Gain” means “partnership minimum
gain” as defined in Treasury Regulations Section 1.704-2(b)(2), substituting the term “Company” for the term “partnership” as the context requires. 

“Confidential Information” has the meaning set forth in Section 13.03(a). 

  
 -8- 

 “Contributing Member” has the meaning set forth in
Section 3.02(b). 
 “Contribution Ratio” has the meaning set forth in
Section 3.02(a). 
 “Control” with respect to any specified Person shall mean the power, directly
or indirectly, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and the terms
“Controlling” and “Controlled” shall have the correlative meanings. 
 “Controlled Affiliate” means any
OFAC compliant Person Controlled by or under common Control with BBXCC, as long as the Controlling stock (presently Class B stock, but including any equivalent equity) of BBXCC is owned and Controlled by one or more of the Controlling
Shareholders. 
 “Controlled Entity” means AGC Member, Altman Management, New TAC and New ADC and any other Person in which
the Company directly or indirectly owns a Controlling beneficial interest or may otherwise exercise Control under its Governing Documents. For the sake of clarity, each Specified Project Participant and each Person that holds an ownership interest
in a Sponsored Project shall not be a Controlled Entity. 
 “Controlling Shareholder” means Alan B. Levan, Jarett S. Levan,
John E. Abdo, and Seth M. Wise (each, a “Specified Person”) and any Person to whom an interest in BBXCC is transferred for estate planning purposes to one or more Family Members of any Specified Person or one or more trusts, limited
liability companies, partnerships or other vehicles for the benefit of any Specified Person or any Family Members of any such Specified Person. 

“Corporate Opportunity” has the meaning set forth in Section 4.10(b). 

“Corporate Opportunity Approval” has the meaning set forth in Section 4.10(b). 

“Corporate Opportunity Notice” has the meaning set forth in Section 4.10(b). 

“Corporate Opportunity Presenter” has the meaning set forth in Section 4.10(b). 

“Covered Losses” has the meaning set forth in Section 10.03(a). 

“Covered Person” has the meaning set forth in Section 10.01(a). 

“Deadlocked Issue” has the meaning set forth in Section 7.04(g). 

“Default Loan” has the meaning set forth in Section 3.02(b). 

“Default Loan Conversion Option” has the meaning set forth in Section 3.02(d). 

“Default Loan Conversion Units” has the meaning set forth in Section 3.02(e). 

“Default Loan Phase 2 Purchase Price” has the meaning set forth in Section 8.01(a). 

“Default Loan Phase 3 Purchase Price” has the meaning set forth in Section 8.02(a). 

  
 -9- 

 “Deficit Amount” has the meaning set forth in
Section 3.02(b). 
 “Definitive Agreements” mean agreements entered between or among the Company,
any Controlled Entity on the one hand and any other Person on the other, approved in accordance with Section 7.04, Section 7.05 or Section 7.06. 

“Department of State” has the meaning set forth in the Background Statement. 

“Designated HUD Person” has the meaning set forth in Section 7.01. 

“EC Members” means each Person identified as of the Effective Date as an EC Member in
Section 7.02(a) or Section 7.02(b). EC Members need not be Members of the Company or residents of the State of Florida. 

“EC Members’ Schedule” has the meaning set forth in Section 7.02(j). 

“Effective Date” has the meaning set forth in the Preamble. 

“Electronic Transmission” means any form of communication not directly involving the physical transmission of paper that
creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. 

“Emergency Situation” means a situation in which a Majority in Interest of the Class A Members or the Class B
Member, in their respective reasonable business judgement, concludes that the expenditure of funds (whether to make an emergency repair or replacement or otherwise, either directly or with respect to any Controlled Entity or the obligations of such
Controlled Entity) are immediately necessary (a) to avoid imminent material damage to all or any portion of an asset owned or controlled by the Company or the Controlled Entity, (b) to protect the safety of any person from imminent harm,
or (c) to avoid the imminent unforeseen and unforeseeable suspension of any necessary material service in or to the Company or the Controlled Entity, if the suspension of such service would have a material adverse effect on the Company or the
Controlled Entity. 
 “Employee Entity” has the meaning set forth on Exhibit D. 

“Estimated Tax Amount” means an amount equal to the estimated income tax liabilities of a Member arising from the lesser of:
(1) the allocation of taxable income to such Member pursuant to this Agreement and (2) the cumulative net taxable income allocated to such Member over the period of time in which such Member has been a Member of the Company. The estimated
income tax liabilities for each Member shall be computed: (i) on the assumption that such Member is an individual resident of the State of Florida and subject to the maximum federal and state income tax rates, and (ii) by taking into
account the ordinary income or capital gains character of items of income, gain, loss, deduction and credit at the Company level. 

  
 -10- 

 “Excess Distributable Cash” means the lesser of the amount by which
(a) aggregate Tangible Net Worth of New ADC, New TAC, Altman Management and AOC (with respect to AOC, calculated based upon AGC Member’s pro-rata share of AOC’s Tangible Net Worth based on AGC
Member’s ownership of AOC), as of the date the calculation is to be made, exceeds $300,000, or (b) aggregate Working Capital of New ADC, New TAC, Altman Management and AOC (with respect to AGC, calculated based upon AOC Member’s pro-rata share of AOC’s Working Capital based on AOC Member’s ownership of AOC) exceeds zero, or if an Excess Distributable Cash Adjustment is applicable, both the Tangible Net Worth and Working Capital
requirements of $300,000 and $0, respectively, shall be increased by the aggregate amount of such Excess Distributable Cash Adjustment, provided that the amount of such increase shall be reduced (but not below zero) by the amount of any Working
Capital in excess of zero that cannot be included as Excess Distributable Cash in the Phase 2 Purchase Price or Phase 3 Purchase Price, as applicable, if such excess is required to meet the above $300,000 minimum Tangible Net Worth (prior to the
applicable Excess Distributable Cash Adjustment). For the sake of clarity, to the extent that the aggregate Tangible Net Worth is less than $300,000 or the aggregate Working Capital is less than $0 (or both), Excess Distributable Cash shall be a
negative amount equal to the greater of the absolute value of the applicable deficits (or in the case where only one of Tangible Net Worth or Working Capital is lower than the applicable test, Excess Distributable Cash shall be a negative amount
equal to the applicable deficit) and shall be a reduction of the Phase 2 Purchase Price or Phase 3 Purchase Price, as applicable. The aggregate Tangible Net Worth provided for in clause (a) of the immediately preceding sentence is based on the
AOC Member owning 60% of the issued and outstanding membership interests of AOC at the time of the relevant calculation of aggregate Tangible Net Worth, and, to the extent the membership interests of the AOC Member in AGC is other than 60% of the
issued and outstanding membership interests of AOC at the time of the relevant calculation of aggregate Tangible Net Worth, such aggregate Tangible Net Worth shall be increased or decreased accordingly. The calculations of Tangible Net Worth and
Working Capital mean those amounts calculated in accordance with Exhibit F attached to this Agreement from the books and records of the relevant operating companies in accordance with OAAP.
Exhibit F presents the calculation of Tangible Net Worth and Working Capital, pro forma as of June 30, 2018, subject to certain deviations from OAAP, and all subsequent
calculations of Excess Distributable Cash shall be made in a manner consistent with the calculations presented on such Exhibit, calculated in accordance with OAAP without exceptions, and shall be subject to review by the Company’s regular
auditors and their concurrence with such calculations based on specified procedures as outlined in such Exhibit. Excess Distributable Cash initially shall be calculated as of the last day of the prior calendar month on which the Company closes its
books (on a basis consistent with prior practices). 
 “Excess Distributable Cash Adjustment” means, as of the date of the
relevant calculation, the aggregate amount of projected negative operating cash flow of New ADC, New TAC, Altman Management and AOC (with respect to AGC, calculated based upon AOC Member’s pro-rata share
of AGC’s operating cash flows based on AOC Member’s ownership of AOC) for the succeeding three (3) calendar month period, provided that such Excess Distributable Cash Adjustment shall apply only if, as of the date of the relevant
calculation, the aggregate operating cash flow of New ADC, New TAC, Altman Management and AOC for the prior twelve (12) calendar month period and any interim period is positive. For the avoidance of doubt, operating cash flow shall not include
capital investments or predevelopment funding. 

  
 -11- 

 “Excess Distributable Cash Recalculation” means the amount of the Excess
Distributable Cash which revises the calculation of Excess Distributable Cash (calculated in accordance with GAAP and without exceptions) to be as of the last day of the calendar month in which the Phase 2 Class A Units Purchase and Phase 3
Class A Units Purchase occurs, as applicable, and which revises the Excess Distributable Cash Adjustment to be calculated no later than the 30 days after the last day of the last calendar month included in the initial calculation of the Excess
Distributable Cash Adjustment based on the actual operations of New ADC, New TAC, Altman Management and AGC, provided that the Excess Distributable Cash Recalculation shall be subject to review by the Company’s regular auditors and their
concurrence with such calculations based on specified procedures as outlined on Exhibit F. 
 “Executive
Committee” or “EC Committee” has the meaning set forth in Section 7.01. “Executive Officer” means an Officer of the Company designated by the Executive Committee as an Executive
Officer. 
 “Extraordinary Expense” shall have the meaning in Section 7.12(i). 

“Fair Market Value” of any asset as of any date means the purchase price that a willing buyer having all relevant knowledge
would pay a willing seller for such asset in an arms length transaction, as determined in good faith by the Board of Managers based on such factors as the Board of Managers, in the exercise of their reasonable business judgment, consider relevant.

 “Family Member” means a spouse, parent, child (including a step child), brother, sister, grandparent, grandchild
(including a step grandchild), uncle, aunt, niece, nephew, mother-in-law, father-in-law, sister-in-law, brother-in-law,
son-in-law or daughter-in-law, in each case natural or adopted, of the person in
question. 
 “Fifth Manager” has the meaning set forth in Section 7.03(b). 

“Fiscal Year” means the calendar year, unless the Company is required to have a taxable year other than the calendar year, in
which case Fiscal Year shall be the period that conforms to its taxable year. 
 “FARG” means Florida Asset Resolution
Group, LLC, a Delaware limited liability company. 
 “FPA” means the Future Participation Agreement among Northside, Old
ADC, BBXCAM, and FARG dated as of July 15, 2014, as amended by an amendment dated the Effective Date. 
 “Future Participation
Note” means the Restated and Bifurcated Renewal Promissory Note (Future Participation Note) by and between Northside, as maker, and FARG as payee, issued pursuant to the FPA, and subsequently restated and then amended by an amendment dated
the Effective Date. 
 “GAAP” means United States generally accepted accounting principles in effect from time to time.

 “Glenewinkel” has the meaning set forth in the New AOC Operating Agreement. 

“Glenewinkel AGC Capital Call Deficiency” has the meaning set forth in Section 3.02(h)(i). 

  
 -12- 

 “Governing Documents” means with respect to any Controlled Entity, the
documents establishing such entity in the jurisdiction of its organization and the documents adopted by such Controlled Entity providing for its governance and management or any other agreements entered into between the Company and the Controlled
Entity if and to the extent if provides for its Control by the Company. 
 “Governmental Authority” means any federal,
state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental
regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 

“HUD” has the meaning set forth in Section 7.01. 

“HUD Matters” has the meaning set forth in Section 7.01. 

“HUD Period” has the meaning set forth in Section 7.01. 

“HUD Properties” has the meaning set forth in Section 7.01. 

“Indebtedness” means, without duplication, all (a) indebtedness for borrowed money; (b) obligations for the
deferred purchase price of property or services; (c) long or short-term obligations evidenced by notes, bonds, debentures or other similar instruments; (d) obligations under any interest rate, currency swap or other hedging agreement or
arrangement; (e) capital lease obligations; (f) reimbursement obligations with respect to any amount outstanding under any letter of credit, banker’s acceptance or similar credit transactions (for the sake of clarity, the amount of
Indebtedness attributed to an undrawn letter of credit shall be zero); and (g) accrued liabilities with respect to guarantees made by AOC on behalf of any third party in respect of obligations of the kind referred to in the foregoing clauses
(a) through (f). 
 “Indemnitee” has the meaning set forth in Section 10.03(a). 

“Identified PC Asset” has the meaning set forth in the New AOC Operating Agreement. 

“JLA” has the meaning set forth in the Preamble. 

“JLA Employment Agreement” has the meaning set forth in the Background Statement. 

“JLA Note” has the meaning set forth in the Background Statement. 

“JLA Put Option” means the option of JLA (or his estate, as applicable), exercisable at any time after January 17, 2023,
by JLA’s delivery of written notice to BBXAOE, to require BBXAOE, directly or indirectly through the Company, to purchase the Phase 3 Class A Units. 

  
 -13- 

 “JLA’s Attorneys’ Fees” means, with regard to any arbitration or
litigation brought to enforce this Agreement, the reasonable attorneys’ fees incurred by JLA, AMC Holdings, Old ADC, Old TAC or their respective Affiliates in connection with such arbitration or litigation, which attorneys’ fees shall be
based on standard hourly rates charged to JLA, AMC Holdings, Old ADC, Old TAC or their respective Affiliates. 
 “JR” has
the meaning set forth in the Background Statement. 
 “JR Employment Agreement” has the meaning set forth in the Background
Statement. 
 “Lien” means any mortgage, pledge, security interest, option, right of first offer, encumbrance or other
restriction or limitation of any nature whatsoever. “Liquidator “ has the meaning set forth in Section 12.03(a). 

“Losses” means losses, damages, liabilities, deficiencies, interest, awards, penalties, fines, costs or expenses of whatever
kind, including the costs of pursuing any insurance providers; provided, however, that (a) “Losses” shall not include (i) punitive or consequential damages, except to the extent actually awarded to a
Governmental Authority or other third party, or (ii) any reduction in stock price or other diminution of value with respect to any BBX Indemnitee or any JLA Indemnitee, and (b) if any arbitration or litigation is brought to enforce any
rights under this Agreement, the prevailing party shall be entitled to an attorneys’ fee award not to exceed JLA’s Attorneys’ Fees, which amount shall be included in “Losses.” For the sake of clarity, if BBXAOE is the party
seeking indemnification and is the prevailing party in an arbitration, the award of attorneys’ fees to BBXAOE shall be the lesser of the award given for attorneys’ fees in such arbitration and JLA’s Attorneys’ Fees in such
arbitration. 
 “Majority in Interest” means with respect to any class of Units, the holders of a majority of the issued
and outstanding Units in such class. 
 “Management Contribution” has the meaning set forth in the Background Statement.

 “Manager” means (a) each Person identified as of the Effective Date as a Manager in
Section 7.03, and (b) each Person who is subsequently appointed or elected as a Manager in accordance with Section 7.03. A Manager need not be a Member of the Company or a resident of the
State of Florida. 
 “Managers’ Schedule” has the meaning set forth in Section 7.03(i). 

“Meeting Originator” has the meaning set forth in Section 4.04(a). 

“Member” means (a) each Person identified on the Members’ Schedule as of the Effective Date as a Member who has
executed this Agreement or a counterpart thereof (each, an “Initial Member”); and (b) each Person who is hereafter admitted as a Member in accordance with the terms of this Agreement and the Act, in each case so long as such
Person is shown on the Company’s books and records as the owner of Units. The Members shall constitute “members” (as that term is defined in the Act) of the Company. 

“Member Nonrecourse Debt” means “partner nonrecourse debt” as defined in Treasury Regulations Section 1.704-2(b)(4), substituting the term “Company” for the term “partnership” and the term “Member” for the term “partner” as the context requires. 

  
 -14- 

 “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 the Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations
Section 1.704-2(i)(3). 
 “Member Nonrecourse Deduction” means “partner
nonrecourse deduction” as defined in Treasury Regulations Section 1.704-2(i), substituting the term “Member” for the term “partner” as the context requires. 

“Members’ Schedule” has the meaning set forth in Section 3.01. 

“Membership Interest” means an interest in the Company owned by a Member, including such Member’s right (a) to its
distributive share of Net Income, Net Losses and other items of income, gain, loss and deduction of the Company; (b) to its distributive share of the assets of the Company; (c) to vote on, consent to or otherwise participate in any
decision of the Members as provided in this Agreement; and (d) to any and all other benefits to which such Member may be entitled as provided in this Agreement or the Act. 

“Necessary Expenditure” means with respect to the Company and any Controlled Entity (a) all debt service payments and
all other nondiscretionary monetary obligations owing to any third party, (b) all ad valorem and other taxes payable, (c) all insurance premiums (d) all costs and expenses incurred in connection with an Emergency Situation, and
(e) any other payment obligations or expenses which, if not paid, would put the Company or the Controlled Entity in default under any agreement or judgment, or if such failure to pay such obligations or expenses (or resulting default) could
reasonably be expected to have a material adverse effect on the Company or such Controlled Entity. 
 “Net Cash Flow from Identified
PC Assets” has the meaning set forth in the New AGC Operating Agreement. 
 “Net Income” and “Net
Loss” mean, for each Fiscal Year or other period specified in this Agreement, an amount equal to the Company’s taxable income or taxable loss, or particular items thereof, determined in accordance with Code Section 703(a) (where,
for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or taxable loss), but with the following adjustments: 

(a) any income realized by the Company that is exempt from federal income taxation, as described in Code
Section 705(a)(l)(B), shall he added to such taxable income or taxable loss, notwithstanding that such income is not includable in gross income; 

(b) any expenditures of the Company described in Code Section 705(a)(2)(B), including any items treated under Treasury
Regulations Section 1.704-1(b)(2)(iv)(I) as items described in Code Section 705(a)(2)(B), shall be subtracted from such taxable income or taxable loss, notwithstanding that such expenditures are not
deductible for federal income tax purposes; 

  
 -15- 

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

(d) any items of depreciation, amortization and other cost recovery deductions with respect to Company property having a Book
Value that differs from its adjusted tax basis shall be computed by reference to the property’s Book Value (as adjusted for Book Depreciation) in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(g); 
 (e) if the Book Value of any Company property
is adjusted as provided in the definition of Book Value, then the amount of such adjustment shall be treated as an item of gain or loss and included in the computation of such taxable income or taxable loss; and 

(f) to the extent an adjustment to the adjusted tax basis of any Company property pursuant to Code Sections 732(d), 734(b) or
743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts 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). 

“New ADC” has the meaning set forth in the Background Statement. 

“New ADC Purchase Agreement” has the meaning set forth in the Background Statement. 

“New AGC Operating Agreement” means the Amended and Restated AGC Operating Agreement attached to and defined in the
BBXAOE/AGC Purchase Agreement. 
 “New TAC” has the meaning set forth in the Background Statement. 

“New TAC Purchase Agreement” has the meaning set forth in the Background Statement. 

“Noncontributing Member” has the meaning set forth in Section 3.02(b). 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations
Section 1.704-2(b). 
 “Nonrecourse Liability” has the meaning set forth in
Treasury Regulations Section 1.704-2(b)(3). 
 “Northside” means Northside
Marina Venture, LLC, a Florida limited liability company. 
 “Notes” means the Future Participation Note and the Other NMV
Note. 
 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

  
 -16- 

 “Officers” has the meaning set forth in
Section 7.08. 
 “Old ADC” has the meaning set forth in the Preamble. 

“Old ADC/New ADC Contribution” has the meaning set forth in the Background Statement. 

“Old TAC” has the meaning set forth in the Preamble. 

“Old TAC/New TAC Contribution” has the meaning set forth m the Background Statement. 

“Other NMV Note” means the Restated and Bifurcated Renewal Promissory Note (Other NMV Note) by and between Northside, as
maker, and FARG as payee, issued pursuant to the FPA, and subsequently restated and then amended by an amendment dated the Effective Date. 

“Outline of Participation” means the outline and description (attached to this Agreement as Exhibit D)
of the terms upon which JLA and BBXAOE, certain employees of the Company or their respective Affiliates may participate in Sponsored Projects. 

“Partnership Representative” has the meaning set forth in Section 11.04. 

“PC Loss Indemnity Claim” has the meaning set forth in Section 3.02(h). 

“PC Losses” has the meaning set forth in the New AGC Operating Agreement. 

“Permitted Transfer” means a Transfer of Units carried out pursuant to Section 9. 

“Permitted Transferee” means a recipient of a Permitted Transfer. 

“Person” means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority,
unincorporated organization, trust, association or other entity. 
 “Phase 1 Project(s)” shall mean any Sponsored Projects
entered into (and the members of such Altis Manager have funded their initial capital contributions in such Sponsored Project and Sponsored Projects where there is Extraordinary Expense where such Extraordinary Expense was contributed to such Altis
Manager) prior to the Phase 2 Closing Date. 
 “Phase 2 Class A Units” has the meaning set forth in
Section 8.01(a). 
 “Phase 2 Class A Units Purchase” has the meaning set forth
in Section 8.01(a). 
 “Phase 2 Class B Units” has the meaning set forth in
Section 8.01(c)(i). 
 “Phase 2 Closing” has the meaning set forth in
Section 8.01(b). 
 “Phase 2 Closing Date” has the meaning set forth in
Section 8.01(b). 

  
 -17- 

 “Phase 2 Project(s)” shall mean any Sponsored Projects entered into (and to
the members of such Altis Manager have funded their initial capital contributions in such Sponsored Project and Sponsored Projects where there is Extraordinary Expense where such Extraordinary Expense was contributed to such Altis Manager) between
the Phase 2 Closing Date until up to the Phase 3 Closing Date. 
 “Phase 2 Purchase Price” has the meaning set forth in
Section 8.01(a). 
 “Phase 2 Selling Members” has the meaning set forth in
Section 8.01(a). 
 “Phase 3 Class A Units” has the meaning set forth in
Section 8.02(a). 
 “Phase 3 Class A Units Purchase” has the meaning set forth
in Section 8.02(a). 
 “Phase 3 Class B Units” has the meaning set forth in
Section 8.02(c)(i). 
 “Phase 3 Closing” has the meaning set forth in
Section 8.02(b). 
 “Phase 3 Closing Date” has the meaning set forth in
Section 8.02(b). 
 “Phase 3 Project(s)” shall mean any Sponsored Projects entered into from and
after the Phase 3 Closing Date. 
 “Phase 3 Purchase Price” has the meaning set forth in
Section 8.02(a). 
 “Phase 3 Selling Members” has the meaning set forth in
Section 8.02(a). 
 “Proceeding” has the meaning set forth in
Section 10.03(a). 
 “Priority Amount” has the meaning set forth in
Section 7.12(i). 
 “Pursuit Costs” means costs, deposits and other amounts advanced by the
Company or any Controlled Entity with respect to a Sponsored Project or project that may become a Sponsored Project. 
 “Quarterly
Estimated Tax Amount” of a Member as of any calendar quarter of a Fiscal Year means the excess, if any of (a) the product of (i) one quarter (1/4) in the case of the first calendar quarter of the Fiscal Year, one-half (1/2) in the case of the second calendar quarter of the Fiscal Year, three-quarters (3/4) in the case of the third calendar quarter of the Fiscal Year, and one (1) in the case of the fourth calendar
quarter of the Fiscal Year and (ii) the Member’s Estimated Tax Amount for such Fiscal Year over (b) all distributions previously made during such Fiscal Year to such Member. 

“Regulatory Allocations” has the meaning set forth in Section 5.02(e). 

“REIA” shall mean the (i) Real Estate Investment Agreement entered into by JR, Old ADC and Old TAC (whose assets and
contract rights were transferred to the Company or its Subsidiary), and (ii) Real Estate Investment Agreement entered into by TP, Old ADC and Old TAC (whose assets and contract rights were transferred to the Company or its Subsidiary). 

  
 -18- 

 “Related Party Agreement” means any agreement, arrangement or understanding
between the Company or any Controlled Entity, on the one hand, and any Member or any Affiliate of a Member or any EC Member, Manager, Officer or employee of the Company or any Controlled Entity, on the other, as such agreement may be amended,
modified , supplemented or restated in accordance with the terms of this Agreement. 
 “Representative” means, with respect
to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other agents of such Person. 

“Schedule B-1 Candidates” has the meaning set forth in
Section 7.03(g)(ii). 
 “Schedule B-2 Candidates” has the
meaning set forth in Section 7.03(g)(iii). 
 “Securities Act” means the Securities Act of 1933.

 “Sellers’ Phase 2 Certificates” has the meaning set forth in Section 8.01(c)(i). 

“Sellers’ Phase 3 Certificates” has the meaning set forth in Section 8.02(c)(i). 

“Special Capital Account” means a separate and specific capital account established by the Company for the benefit of JLA,
BBXAOE or any of the other Members in order to provide for the funding by JLA, BBXAOE or the other Members through capital contributions to the Company, of the Unfunded PC Liability Capital Account and related matters as provided for and defined in
the New AGC Operating Agreement, or otherwise provided for in such agreement or in Section 3.02(h), or in the case of BBXAOE, the exercise by BBXAOE, through the AGC Member, of the rights provided to the AGC Member under
Section 9.7 of the New AGC Operating Agreement. The Special Capital Account shall be treated separately from the Capital Accounts defined in this Agreement but, except as provided for in the New AGC Operating Agreement,
shall be otherwise independently subject to the provisions of this Agreement, including without limitation the provisions of Section 8. 

“Special Capital Contribution” means any capital contributions on account of the Special Capital Account. 

“Special Distribution” shall have the meaning set forth in Section 7.12(i). 

“Special Equity Purchase Agreement” means the Purchase and Sale Agreement between JLA and BBXAP, with the joinder of the JLA
Indemnitors (as defined in the Allocation Agreement) with respect to the purchase of Fifty Percent (50%) of the direct and indirect interest of JLA in the Specified Projects. 

“Specified Projects” has the meaning set forth in the Allocation Agreement. 

“Sponsored Project” means the Specified Projects and any real estate investment (a) in which JLA and BBXAP, certain
employees of the Company, or any of their respective Affiliates participate as provided for in the Outline of Participation, and (b) the syndication of which has been approved by the Executive Committee or the Board of Managers. 

  
 -19- 

 “Subsidiary “ means, with respect to any Person, any other Person of which
a majority of the outstanding shares or other equity interests having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person. 

“TAC Contribution “ has the meaning set forth in the Background Statement. 

“Tangible Net Worth” means tangible net worth as calculated in accordance with GAAP, but, in the case of AOC, shall exclude
all Identified PC Assets, Unfunded PC Liability Capital Accounts and PC Losses (all of which shall be excluded from the calculation of Tangible Net Worth). For purposes of applying the $300,000 test described in the definition of Excess
Distributable Cash and calculating any adjustment to the Phase 2 Purchase Price or the Phase 3 Purchase Price based on Excess Distributable Cash, assets included in Tangible Net Worth need not include assets included in the calculation of Working
Capital, but, for purposes of calculating any applicable adjustment, assets included in the calculation of Tangible Net Worth and not included in Working Capital shall not exceed the $300,000 test amount. 

“Tax Advances” has the meaning set forth in Section 6.02. 

“Taxing Authority” has the meaning set forth in Section 6.03(b). 

“TP” has the meaning set forth in the Background Statement. 

“TP Employment Agreement” has the meaning set forth in the Background Statement. 

“Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of,
either voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar
disposition of, any Units owned by a Person or any interest (including any beneficial interest, regardless of whether such interest constitutes all of a portion of the Units ) in any Units owned by a Person. “Transfer” when used as
a noun shall have a correlative meaning. “Transferor” and “Transferee” mean a Person who makes or receives a Transfer, respectively. 

“Treasury Regulations” means the final or temporary regulations issued by the United States Department of Treasury pursuant
to its authority under the Code, and any successor regulations. 
 “Unacceptability Notice” has the meaning set forth in
Section 9.02(a). 
 “Unanimous Decisions” has the meaning set forth in
Section 7.06. 
 “Unfunded PC Liability Capital Account” has the meaning set forth in the New AOC
Operating Agreement. 
 “Unfunded PC Liability Capital Contributions” has the meaning set forth in the New AOC Operating
Agreement. 

  
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 “Unit” means a unit representing a fractional part of the Membership
Interests of the Members and shall include all types and classes of Units; provided, that any type or class of Unit shall have the privileges, preference, duties, liabilities, obligations and rights set forth in this Agreement and the Membership
Interests represented by such type or class or series of Unit shall be determined in accordance with such privileges, preference , duties, liabilities, obligations and rights. 

“Withholding Advances” has the meaning set forth in Section 6.03(b). 

“Working Capital” means (a) in the case of New ADC, New TAC and Altman Management, the sum of all current assets, MINUS
the sum of all current liabilities, and all Indebtedness (unless such Indebtedness is nonrecourse indebtedness that is secured by assets which are excluded from the calculation of Working Capital), and (b) in the case of AOC, the sum of
(i) all cash, (ii) contract receivables (including draw receivables and retainage receivables), and (iii) costs in excess of billing (to the extent billable and reasonably determined to be collectable) MINUS the sum of
(A) accounts payable, including retainage, (B) accrued expenses, (C) billings in excess of costs and estimated earnings on uncompleted contracts, and (D) all Indebtedness (unless such Indebtedness is nonrecourse indebtedness that
is secured by assets which are excluded from the current liabilities included in the calculation of Working Capital). 
 1.02.
Interpretation. For purposes of this Agreement: (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or”
is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. The definitions given for any defined terms in this Agreement shall
apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. Unless the context otherwise requires, references herein:
(i) to Sections, and Exhibits mean the Sections of, and Exhibits attached to, this Agreement; (ii) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented or modified from
time to time to the extent permitted by the provisions thereof; and (iii) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits and Schedules referred to herein shall be construed
with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein. 
 SECTION 2 

ORGANIZATION 
 2.01.
Formation. 
 The Company was formed on October 26, 2018, pursuant to the provisions of the Act, upon the filing of the
Articles of Organization with the Department of State. 

  
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 This Agreement constitutes the “operating agreement” (as that term is used in the
Act) of the Company. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Member are
different by reason of any provision of this Agreement than they would be under the Act in the absence of such provision, this Agreement, to the extent permitted by the Act, controls. 

2.02. Name. The name of the Company is The Altman Companies, LLC or such other name or names as may be designated by the
Executive Committee; provided, that the name shall always contain the words “Limited Liability Company” or the abbreviation “L.L.C.” or the designation “LLC”. The Managers shall give prompt notice to each of the Members
of any change to the name of the Company. The Company shall retain the right to use the name of the Company (including the name “Altman”) following any sale or other disposition of the Membership Interests of any of the Class A
Members (and regardless of whether any Member’s name contains the word “Altman”). 
 2.03. Principal
Office. The principal office of the Company is located at 1515 S. Federal Highway, Suite 300, Boca Raton, FL 33431, or such other place as may from time to time be determined by the Board of Managers. The Board of Managers shall give prompt
notice of any such change to each of the Members. 
 2.04. Registered Office; Registered Agent. 

The registered office of the Company shall be the office of the initial registered agent named in the Articles of Organization or such other
office (which need not be a place of business of the Company) as the Executive Committee may designate from time to time in the manner provided by the Act and Applicable Law. 

The registered agent for service of process on the Company in the State of Florida shall be the initial registered agent named in the Articles
of Organization or such other Person or Persons as the Board of Managers may designate from time to time in the manner provided by the Act and Applicable Law. Each Member shall have the right to be a notice party with the registered agent, and to
receive copies of any service of process received by the registered agent on behalf of the Company. Each Member shall promptly provide the other Member with a copy of any other material notices or correspondence that it receives regarding the
Company or any Controlled Entity. 
 2.05. Purpose; Powers. 

(a) The purposes of the Company are to engage in any lawful act or activity for which limited liability companies may be formed under the Act
and to engage in any and all activities necessary or incidental thereto, including, without limitation, entering into and concluding the transactions in which it participated as described in the Background Statement resulting in the ownership of the
equity interests and related voting rights in each of AOC Member, Altman Management, New TAC and New ADC. 
 (b) The Company shall have all
the powers necessary or convenient to carry out the purposes for which it is formed, including the powers granted by the Act. 

  
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 2.06. Term. The term of the Company commenced on the date the Articles of
Organization was filed with the Department of State and shall continue in existence perpetually until the Company is dissolved in accordance with the provisions of this Agreement. 

SECTION 3 
 UNITS;
CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 
 3.01. Units; Initial Capital Contributions. 

(a) The Membership Interests of the Members shall be represented by issued and outstanding Units, which may be divided into one or more types,
classes or series. Each type, class or series of Units shall have the privileges, preference, duties, liabilities, obligations and rights, including voting rights, if any, set forth in this Agreement with respect to such type, class or series. The
Executive Committee shall maintain a schedule of all Members, their respective mailing addresses and the amount and series of Units held by them (the “Members’ Schedule”), and shall update the Members’ Schedule upon the
issuance or Transfer of any Units to any new or existing Member in compliance with the requirements of this Agreement. A copy of the Members’ Schedule as of the Effective Date of this Agreement, after giving effect to the consummation of the
transactions set forth in the Background Statement above, is attached to this Agreement as Exhibit A. 
 (b) The Company
is authorized to issue Fifty (50) Units denominated Class A Units (“Class A Units”) and Fifty (50) Units denominated Class B Units (“Class B Units”). Each
Member shall be entitled to One (1) vote per Unit on all matters upon which the Member has the right to vote under this Agreement, except with respect to (i) the provisions of Section 4.10 regarding Corporate
Opportunity, (ii) the voting provisions contained in Section 7 and elsewhere in this Agreement, and (iii) the provisions of Section 9 regarding Transfers. In all other respects, the
Class A Units and the Class B Units are identical. As of the Effective Date and after giving effect to the transactions contemplated in the Background Statement, Fifty (50) Class A Units and Fifty (50) Class B Units are
issued and outstanding in the amounts set forth on the Members’ Schedule opposite each Member’s name. 
 (c) As of the Effective
Date, after giving effect to the consummation of the transactions set forth in the Background Statement, each Member’s initial Capital Account balance is set forth opposite such Member’s name on the Members’ Schedule. The Company
shall also establish a Special Capital Account in connection with the BBXAOE/AOC Purchase. 
 3.02. Additional Capital
Contributions and Special Capital Contributions. Except as provided for in this Section 3.02, including the provisions of Section 3.02(h) relating to the funding of a Glenewinkel AGC Capital
Call Deficiency, no Member shall be required to make any additional Capital Contributions to the Company and any future Capital Contributions made by any Member shall only be made with the consent of the Executive Committee, subject to the
provisions of Section 7.04(g). If at any time either a Majority in Interest of the Class A Members or the Class B Member determines that the Company requires additional funds to pay costs and expenses related to
Necessary Expenditures, the Member or Members making such determination shall request in writing an additional Capital Contribution from each Member (an “Additional Capital Contribution”) no later than Five (5) days after
determination is made that such 

  
 -23- 

 
Additional Capital Contribution is required, specifying in reasonable detail the basis for such determination, the aggregate amount of the Additional Capital Contributions, and each Member’s
obligation to fund the Additional Capital Contribution based on the Contribution Ratio as defined in Section 3.02(a). The Additional Capital Contributions shall be made in accordance with the following procedure: 

(a) Each Member shall be required to contribute to the capital of the Company in cash that percentage of the aggregate Additional Capital
Contribution obtained by dividing the number of Units owned by such Member by the aggregate number of Units outstanding (the “Contribution Ratio”). 

(b) If any Member fails to make its share of the Additional Capital Contribution (in whole or in part) within Thirty (30) days (Five
(5) days in the case of an Emergency Situation) after being notified of the need for any required Additional Capital Contribution (any such Member is referred to as a “Noncontributing Member” and the unfunded amounts are
referred to as the “Deficit Amount”), then as the sole remedy for such breach, the provisions of this Section 3.02 shall be applicable, and the other Members, on a pro rata basis based on their Contribution
Ratio or as otherwise agreed to by the Members that have made their respective Additional Capital Contributions (any such Member is referred to as a “Contributing Member”), may make a loan to the Noncontributing Member equal to the
Deficit Amount (a “Default Loan”) on the terms and conditions set forth below, the proceeds of which shall be advanced to the Company on behalf of the Noncontributing Member. 

(c) A Default Loan shall be a non-recourse obligation of the Noncontributing Member, and the Default
Loan shall bear interest at an annual rate equal to the lesser of Eighteen Percent (18%) per annum or the maximum interest rate permitted by applicable law. The Contributing Member(s) shall be entitled to receive all distributions due the
Noncontributing Member under this Agreement until all interest and principal due under the Default Loan is paid; however, such distributions shall be treated as being received by the Noncontributing Member for all purposes. 

(d) If the entire amount of Default Loan, with applicable interest, is not repaid on or before Three (3) months following the making of
such Default Loan by a Contributing Member, then at any time after such Three (3) month period so long as any portion of the Default Loan remains outstanding, the Contributing Member may cause the outstanding balance of the Default Loan
(including any accrued but unpaid interest and costs and expenses) to be deemed an Additional Capital Contribution, in lieu of any other remedy which such Contributing Member may have under this Agreement or otherwise, either at law or at equity
(the “Default Loan Conversion Option”). A Contributing Member may exercise the Default Loan Conversion Option by delivering written notice to the other Members of its election to exercise such option. 

(e) Upon the exercise of a Default Loan Conversion Option, the number of Units of each Noncontributing Member shall be reduced by the number of
Units which result from multiplying (x) the product of (A) 2.00 and (B) the quotient (expressed as a percentage) of: (i) the outstanding balance of the Default Loan (including any accrued but unpaid interest and costs and expenses)
divided by (ii) the sum of the aggregate Capital Contributions made to the Company by all Members from the Effective Date through the applicable date of determination (but not 

  
 -24- 

 
including the Default Loan or any Capital Contribution made by any Member at the time that the Noncontributing Member failed to contribute the Deficit Amount) times (y) the total number of
Units outstanding. The number of Units of each Contributing Member making such Default Loan and electing the Default Loan Conversion Option shall be increased by its share, calculated based on its proportionate contribution of the Deficit Amount, of
the amount that the number of Units of the Noncontributing Member is reduced (the “Default Loan Conversion Units”). For illustration purposes only, assume that: (i) an Additional Capital Contribution was
requested; (ii) the Noncontributing Member’s number of Units is Fifty (50); (iii) the Contributing Members’ number of Units is Fifty (50); (iv) the total Additional Capital Contribution requested from all Members was
$1,000,000 and the Deficit Amount is $500,000; and (v) prior to the request for the Additional Capital Contribution from which the Deficit Amount resulted, the sum of the aggregate Capital Contributions made to the Company by the
Members was $10,000,000. Under these circumstances, the Noncontributing Member’s number of Units would decrease from 50 to 40 (the result obtained by subtracting from the original 50 Units held by the Noncontributing Member that number of Units
obtained by multiplying (x) the total number of Units outstanding (100) by (y) 2.00 times the quotient (expressed as a percentage) of $500,000 divided by $10,000,000, and (z) subtracting the
resulting number of Units from the original 50 Units owned by the Noncontributing Member; i.e., 
 50 Units minus ((2 x ($500,000/$10,000,000)) x 100
Units) = 40 Units 
 and the Contributing Members’ number of Units would increase collectively (but would be allocated among such Contributing
Members pursuant to the above), from 50 to 60. The Units received by the Contributing Members shall be Class A Units, in the case of a Class A Member that is a Contributing Member, or Class B Units, in the case of the Class B
Member that is a Contributing Member. Upon any adjustment made pursuant to this Section 3.02 of the number of Units owned by a Member, the Member shall surrender any Certificate issued to it pursuant to
Section 4.09(a) and a new Certificate shall be issued to such Member reflecting such adjustment. 
 (f) THE
MEMBERS ACKNOWLEDGE AND AGREE THAT THE MEMBERSHIP INTEREST OF A NONCONTRIBUTING MEMBER MAY BE SUBSTANTIALLY DILUTED FOR FAILING (OR ELECTING NOT) TO MAKE CAPITAL CONTRIBUTIONS UNDER THIS SECTION 3.02. 

(g) Intentionally omitted. 
 (h)
Promptly upon receipt of notice from any BBX Indemnitee asserting a claim for indemnity for a PC Loss (as defined in the New AOC Operating Agreement) pursuant to the provisions of Section 6.05 or
Section 6.08 of the BBXAOE/AOC Purchase Agreement (a “PC Loss Indemnity Claim”), JLA shall promptly either fund the AOC Member’s uncontested portion of such claim into the Special Capital Account or
give BBXAOE and the BBX Indemnitee written notice of its intention to contest such claim. 

  
 -25- 

 (i) If JLA funds the AOC Member’s portion of the PC Loss Indemnity Claim, the AOC
Member shall deliver to Glenewinkel a Capital Notice, as defined and provided for in Section 4.3 of the New AOC Operating Agreement requesting Glenewinkel to make an Unfunded PC Liability Capital Contribution with respect
to the PC Loss Indemnity Claim. Unless Glenewinkel fails to make the Unfunded PC Liability Capital Contribution (such failure, a “Glenewinkel AGC Capital Call Deficiency”), the AGC Member and Glenewinkel shall then make their
respective Unfunded PC Liability Capital Contributions to AOC. 
 (ii) If Glenewinkel fails to make the Unfunded PC Liability Capital
Contribution provided for in Section 3.02(h)(i), and JLA has funded the AOC Member’s portion of the PC Loss Indemnity Claim as provided for in Section 3.2(h)(i), the Executive Committee shall
determine whether and on what terms to fund the Glenewinkel AOC Capital Call Deficiency. If the Executive Committee determines to fund the Glenewinkel AOC Capital Call Deficiency, at the direction of the Executive Committee, the AOC Member shall
deliver a Funding Notice (as defined in Section 4.3 of the New AOC Operating Agreement) to Glenewinkel and request the Members of the Company to fund the amount provided for in the Funding Notice pursuant to the provisions
of Section 3.02(a) through and including Section 3.02(g) of this Agreement as a Special Capital Contribution. The Funding Notice shall set forth those terms and conditions, as determined by the
Executive Committee, in its sole discretion, or the Management Committee, if it is a Deadlocked Issued, under which the AOC Member will fund the Glenewinkel AOC Capital Call Deficiency. The Special Capital Contribution of each Member on account of
the Glenewinkel AOC Capital Call Deficiency will be paid into the Special Capital Accounts of the Members participating in such funding at the time the Funding Notice is delivered to Glenewinkel. Any increase in the AOC Member’s interest in AOC
resulting from the transactions provided for in the Funding Notice shall be allocated pro rata to the participating Members’ Special Capital Account. 

(iii) If JLA contests whether any PC Loss Indemnity Claim is a PC Loss subject to Section 6.08(c) and
Section 6.09(c) of the BBXAOE/AGC Purchase Agreement, then JLA shall give prompt notice of such contest to the Members. If and to the extent that the payment of such claim is a Necessary Expense, the provisions of
Section 3.02(a) through and including Section 3.02(f) relating to Additional Capital Contributions shall apply. The determination that the payment of such claim is a Necessary Expense and the
payment of any related Capital Contribution shall not be an admission or waiver of any right of any BBX Indemnitee for indemnification pursuant to the BBXAOE/AOC Purchase Agreement. 

(iv) PC Loss Indemnity Claims which are Third Party Claims, as defined in Section 6.05(a) of the BBXAOE/AGC Purchase
Agreement, shall be subject to the provisions of Section 6.05(a) and the related provisions of the BBXAOE/AGC Purchase Agreement, including Section 6.08(c) and
Section 6.08(d). Provided such PC Loss Indemnity Claims are funded in accordance with the provisions of Section 3.02(h)(i) and Section 3.02(h)(ii) and contributed to AGC
as an Unfunded PC Liability Capital Contribution, JLA shall have the right to direct and defend such litigation in the name of AGC, as provided for in Section 6.05 of the BBXAOE/AGC Purchase Agreement, including, without
limitation, making claims pursuant to any relevant insurance policy or warranty, so long as the pursuit of such claims is currently funded pursuant to Section 3.01(h)(i) and 3.02(h)(ii). Any recoveries by AGC with
respect to such matters shall be Identified PC Assets and allocated to the relevant portion of the Special Capital Account of JLA or the other Members as provided for in this Agreement, including Section 6.01(b). 

  
 -26- 

 (v) If a request for an Additional Capital Contribution is made by any Member on account of
Necessary Expenditures with respect to the payment of liabilities of AGC which arise after the Effective Date and which are not asserted to be PC Loss Indemnity Claims, then, subject to the payment of the Additional Capital Contribution of the
Members of the Company pursuant to this Section 3.02, AGC shall deliver a Capital Notice to Glenewinkel with respect to such payment and, if Glenewinkel fails to make the related Capital Contribution pursuant to
Section 4.3 of the New AGC Operating Agreement, the provisions of Section 3.2(h)(ii) shall apply. 

(vi) Notwithstanding anything in this Agreement to the contrary, JLA shall have the sole right on behalf of AGC to make the determination to
dissolve AGC as provided for in the last sentence of Section 4.3 of the New AOC Operating Agreement, subject to the provisions of Section 6.08(e) of the BBXAOE/AOC Purchase Agreement. Unless JLA gives notice of his
intention to contest such claim, any election by JLA to dissolve AGC made pursuant to this Section 3.02(h)(vi) shall be made by delivering written notice of such election to each of the EC Members, the Managers and the
other Members no later than twenty-five (25) days following the receipt by JLA from any BBX Indemnitee of the notice regarding a PC Loss provided for in the first sentence of Section 3.02(h). 

(i) BBXAOE, in its sole and absolute discretion, may at any time cause AGC Member to exercise any of the rights provided to it under
Section 9.7 of the New AOC Operating Agreement, provided that (i) BBXAOE shall be solely responsible to advance all costs and expenses involved in the exercise of such rights through the Special Capital Account established for BBXAOE and
(ii) BBXAOE shall retain all rights with respect to Membership Interests (as defined in the New AOC Operating Agreement) purchased by the Company from Glenewinkel on account of the exercise of such rights. After the acquisition of
Glenewinkel’s Membership Interests in AGC, (A) the provisions of Section 3.02(h)(i) though 3.02(h)(iii) inclusive, and Section 3.02(h)(v) shall no longer be applicable,
(B) prior to the Phase 2 Closing, the governance provisions of Section 7.01 through 7.06 shall continue to apply to actions taken by AOC Member regarding AOC, and (C) Article VII of the New AOC Operating
Agreement will be amended to reflect AGC Member as the sole manager of AGC. 
 3.03. Maintenance of Capital Accounts. The
Company shall establish and maintain for each Member a separate capital account (a “Capital Account”), and for BBXAOE and JLA, the Special Capital Account, on its books and records in accordance with this
Section 3.03. Each Capital Account shall be established and maintained in accordance with the following provisions: 

(a) Each Member’s Capital Account or Special Capital Account, if applicable, shall be increased by the amount of: 

(i) such Member’s Capital Contributions, or contributions on account of the Special Capital Account, including such Member’s initial
Capital Contribution and any Additional Capital Contributions or any like contributions to the Special Capital Account, if applicable; 

  
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 (ii) any Net Income or other item of income or gain allocated to such Member pursuant to
Section 5.01 or Net Cash Flow from Identified PC Assets (as defined in the New AOC Operating Agreement) allocated to such Member; and 

(iii) any liabilities of the Company that are assumed by such Member or secured by any property distributed to such Member. 

(b) Each Member’s Capital Account or Special Capital Account, if applicable, shall be decreased by: 

(i) the cash amount or Book Value of any property distributed to such Member pursuant to Section 6.01 and
Section 12.03(c) with respect to such account. 
 (ii) the amount of any Net Loss or PC Loss allocated to such
Member or other item of loss or deduction allocated to such Member pursuant to Section 5.01; and 
 (iii) the
amount of any liabilities of such Member assumed by the Company or that is secured by any property contributed by such Member to the Company. 

3.04. Succession Upon Transfer. In the event that any Units are Transferred in accordance with the terms of this Agreement, the
Transferee shall succeed to the Capital Account and, if and to the extent specifically provided for in connection with the Transfer, the Special Capital Account of the Transferor to the extent it relates to the Transferred Units, and, subject to
Section 5.04, shall receive allocations and distributions pursuant to Section 5, Section 6 and Section 12 in respect of such Units. 

3.05. Negative Capital Accounts. In the event that any Member shall have a deficit balance in its Capital Account or Special
Capital Account, such Member shall have no obligation, during the term of the Company or upon dissolution or liquidation of the Company, to restore such negative balance or make any Capital Contributions or contribution with respect to the Special
Capital Account to the Company by reason thereof, except as may be required by Applicable Law or in respect of any negative balance resulting from a withdrawal of capital or dissolution in contravention of this Agreement. 

3.06. No Withdrawals From Capital Accounts. No Member shall be entitled to withdraw any part of its Capital Account or Special
Capital Account or to receive any distribution from the Company, except as otherwise provided in this Agreement. No Member shall receive any interest, salary, management or service fees or draw with respect to its Capital Contributions or its
Capital Account or on account of the Special Capital Account, except as otherwise provided in this Agreement. The Capital Accounts are maintained for the sole purpose of allocating items of income, gain, loss and deduction among the Members and
shall have no effect on the amount of any distributions to any Members, in liquidation or otherwise. 
 3.07. Loans From
Members. Loans by any Member to the Company shall not be considered Capital Contributions and shall not affect the maintenance of such Member’s Capital Account, other than to the extent provided in Sections 5.01, 5.02 and
5.03 if and to the extent applicable. 

  
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 3.08. Modifications. The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts and Special Capital Account are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
consistent with such Treasury Regulations. If the Managers determine that it is prudent to modify the manner in which the Capital Accounts or the Special Capital Account, or any increases or decreases to the Capital Accounts or Special Capital
Account, are computed in order to comply with such Treasury Regulations, the Managers may authorize such modifications without the consent any Member. 

SECTION 4 
 MEMBERS

 4.01. Admission of New Members. 

(a) New Members may be admitted from time to time (i) in connection with the issuance of Units by the Company, and (ii) in connection
with a Transfer of Units, subject to compliance with the provisions of Section 9.01, and in either case, following compliance with the provisions of Section 4.01(b). 

(b) In order for any Person not already a Member of the Company to be admitted as a Member, whether pursuant to an issuance or Transfer of
Units in accordance with the terms of this Agreement, such Person shall have executed and delivered to the Company a written undertaking, in form and substance reasonably acceptable to the Executive Committee, to be bound by the terms of this
Agreement. Upon the amendment of the Members’ Schedule by the Executive Committee and the satisfaction of any other applicable conditions, including the receipt by the Company of payment for the issuance of Units, if applicable, such Person
shall be admitted as a Member and listed (or deemed listed) as such on the books and records of the Company. The Executive Committee shall also adjust the Capital Accounts and Special Capital Accounts of the Members as necessary. 

4.02. No Personal Liability. Except as otherwise provided in the Act, by Applicable Law or expressly in this Agreement or in a
separate agreement executed and delivered by such Member, no Member will be obligated personally for any debt, obligation or liability of the Company or other Members, whether arising in contract, tort or otherwise, solely by reason of being a
Member. 
 4.03. No Withdrawal. So long as a Member continues to hold any Units, such Member shall not have the ability to
withdraw or resign as a Member, other than in accordance with this Agreement, prior to the dissolution and winding up of the Company and any such withdrawal or resignation or attempted withdrawal or resignation by a Member prior to the dissolution
or winding up of the Company shall be null and void. As soon as any Person who is a Member ceases to hold any Units, such Person shall no longer be a Member. 

4.04. Meetings of Members. 

(a) Meetings of the Members may be called by (i) the Executive Committee, (ii) the Board of Managers, or (iii) any Member (the
“Meeting Originator”). 

  
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 (b) Written notice stating the place, date and time of the meeting and, the purposes for
which the meeting is called, shall be delivered not fewer than Ten (10) days and not more than Thirty (30) days before the date of the meeting to each Member, by or at the direction of the Meeting Originator. The Members may hold meetings
at the Company’s principal office or at such other place in Broward County or Palm Beach County, Florida that the Meeting Originator calling the meeting may designate in the notice for such meeting or as may be agreed upon by or as otherwise
agreed to by all Members. 
 (c) Any Member may participate in a meeting of the Members by means of conference telephone or other
communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting. 

(d) On any matter that is to be voted on by Members, a Member may vote in person or by proxy, and such proxy may be granted in writing, by
means of Electronic Transmission or as otherwise permitted by Applicable Law. Every proxy shall be revocable in the discretion of the Member executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not
invalidate or otherwise affect actions taken under such proxy prior to such revocation; and provided further that no Class A Member shall designate TP or JR as its proxy to vote in respect of matters relating to the employment of TP or JR,
respectively. 
 (e) The business to be conducted at such meeting shall be limited to the purpose(s) described in the notice. Attendance of a
Member at any meeting shall constitute a waiver of notice of such meeting, except where a Member attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or
convened: 
 4.05. Quorum. A quorum of any meeting of the Members shall require the presence of all of the Members. No action
at any meeting may be taken by the Members unless the appropriate quorum is present. Subject to Section 4.06, no action may be taken by the Members at any meeting at which a quorum is present without the affirmative vote of
Members holding all of the outstanding Units. 
 4.06. Action without a Meeting. Notwithstanding the provisions of
Section 4.05, any matter that is to be voted on, consented to or approved by Members may be taken without a meeting, without prior notice and without a vote if consented to, in writing or by Electronic Transmission, by all
of the Members. A record shall be maintained by the Managers of each such action taken by written consent of a Member or Members. 
 4.07.
Power of Members. The Members shall have the power to exercise any and all rights or powers granted to Members pursuant to the express terms of this Agreement and the Act. Except as otherwise specifically provided by this Agreement or
required by the Act, no Member, in its capacity as a Member, shall have the power to act for or on behalf of, or to bind, the Company. 

4.08. No Interest in Company Property. No real or personal property of the Company shall be deemed to be owned by any Member
individually, but shall be owned by, and title shall be vested solely in, the Company. Without limiting the foregoing, each Member hereby irrevocably waives during the term of the Company any right that such Member may have to maintain any action
for partition with respect to the property of the Company. 

  
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 4.09. Certification of Units. 

(a) The Executive Committee shall issue certificates (the “Certificates”) to the Members representing the Units held by such
Member, as such Units may be adjusted from time to time in accordance with this Agreement. 
 (b) In addition to any other legend required by
Applicable Law, all Certificates shall bear a legend substantially in the following form: 
 THE UNITS REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO, AND THE NUMBER OF UNITS REFLECTED ON IT MAY BE ADJUSTED AS PROVIDED FOR IN, THE OPERATING AGREEMENT AMONG THE COMPANY AND ITS MEMBERS, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY. NO TRANSFER, SALE,
ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE UNITS REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH OPERATING AGREEMENT. 

NEITHER THE OFFER NOR SALE OF UNITS REPRESENTED BY THIS CERTIFICATE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
ANY OTHER APPLICABLE SECURITIES LAWS. THE UNITS MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT PURSUANT TO (A) A REGISTRATION STATEMENT EFFECTIVE UNDER SUCH ACT AND LAWS, OR (B) AN EXEMPTION FROM
SUCH REGISTRATION. 
 (c) The Certificates representing the Class A Units shall bear an additional legend substantially in the following
form: 
 THE CLASS A UNITS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO PURCHASE RIGHTS CONTAINED IN THE OPERATING AGREEMENT REFERRED TO IN
THE LEGEND ABOVE. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE UNITS REPRESENTED BY THIS CERTIFICATE MAY BE MADE WHICH WOULD IN ANY WAY AFFECT THE APPLICABLE PROVISIONS OF THE OPERATING AGREEMENT RELATING TO SUCH
PURCHASE RIGHTS. 

  
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 4.10. Other Activities; Business Opportunities. 

(a) Except with respect to a Corporate Opportunity as provided in Section 4.10(b), and except as otherwise provided
in an employment agreement between the Company and/or its Affiliate(s), on the one hand, and any Member, EC Member or Manager, on the other hand, nothing contained in this Agreement shall prevent any Member, EC Member or Manager from engaging in any
other activities or businesses, regard less of whether those activities or businesses are similar to or competitive with those of the Company, and none of the Members, EC Members or Managers shall be obligated to account to the Company or to the
other Members for any profits or income earned or derived from such other activities or businesses. 
 (b) Except as otherwise provided for
in the JLA Employment Agreement, or Section 4.10(c), no Member shall directly or indirectly pursue on behalf of itself or on behalf of any of its Affiliates any material business opportunity that a reasonable individual
with knowledge of the business of the Company, and the Company’ s or any Controlled Entity’s reasonably identified business plans would conclude could be pursued in a commercially reasonable manner to the benefit of the Company or any
Controlled Entity or would be competitive with the business of the Company or any Controlled Entity (a “Corporate Opportunity”) without (i) providing written notice to the Company of such Corporate Opportunity with such
reasonable specificity that the EC Members (other than the EC Members nominated by the Member presenting the Corporate Opportunity (the “Corporate Opportunity Presenter”), who shall not be eligible to vote with respect to such
matter) can determine if it is in the Company’s commercially reasonable best interest to pursue such Corporate Opportunity (the “Corporate Opportunity Notice”) and, (ii) to the extent commercially reasonable, making such
Corporate Opportunity available to the Company. Within Twenty (20) Business Days following the date on which the Corporate Opportunity Notice is received by the Company, the Executive Committee shall give written notice to the Corporate
Opportunity Presenter of its decision (which shall be made solely by the EC Members appointed by the Members other than the Corporate Opportunity Presenter) whether to pursue the Corporate Opportunity. If the Executive Committee determines not to
pursue the Corporate Opportunity or does not respond within such Twenty (20) Business Day period, the Corporate Opportunity Presenter shall be free to pursue the Corporate Opportunity (a “Corporate Opportunity Approval”),
unless otherwise provided in any employment agreement between the Company and/or its Affiliate(s), on the one hand, and such Corporate Opportunity Presenter on the other hand. If the Executive Committee determines to pursue the Corporate
Opportunity, it must promptly initiate commercially reasonable action to implement the Corporate Opportunity. Following the consummation of the investment provided for in such Corporate Opportunity, the provisions of
Section 7.06 shall apply to such investment, and each aspect of an investment in a Corporate Opportunity must be approved pursuant to the provisions of Section 7.06, to the extent applicable. 

(c) Notwithstanding anything to the contrary set forth in Section 4.10(b), the provisions of
Section 4.10(b) shall apply to the Class B Member only if the location of the proposed Corporate Opportunity is (i) within five (5) miles of either any Sponsored Project, or any proposed Sponsored Project as
to which the Company or any Controlled Entity has expended Pursuit Costs within the prior one hundred eighty (180) days, (ii) not covered by clause (i) of this Section 4.10(c), but is nevertheless in Florida and
the Class B Member or its Affiliate is the procuring source of a proposed multifamily apartment development site (for the sake of clarity, not including the acquisition of an existing multifamily apartment project to be operated substantially
as purchased) that would be the subject of a Corporate Opportunity, or (iii) in any of the following four (4) Core Based Standard Metropolitan Areas: (A) Austin-Round Rock, Texas, (B) Raleigh, North Carolina,
(C) Charlotte-Concord, North Carolina, or (D) Dallas-Fort Worth, Texas. 

  
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 4.11. Actions with Respect to Related Party Agreements. The Company shall not
enter into, amend, waive or terminate any Related Party Agreement, or take any action taken to enforce the provisions of any Related Party Agreement without the approval and direction of the Class A EC Members or Class B EC Members
appointed by the Member which itself or through an Affiliate is a not party to the Related Party Agreement in question, which approval or direction, notwithstanding the provisions of Section 7.04(a), shall be at the sole
and absolute discretion of the Class A EC Members or the Class B EC Members, as the case may be. 
 4.12. Actions
Requiring Unanimous Consent of Members. Prior to the Phase 2 Closing, the Company shall not, without the unanimous consent of the Members, issue additional Membership Interests, issue additional Units, admit additional Members to the Company,
or, with respect to any Controlled Entity, issue any additional equity security (including stock, general and limited partnership interests, membership interest, profits interests or promotes, and warrants, options or convertible debt). Subsequent
to the Phase 2 Closing any such action shall be subject to the approval of the holders of a majority of the outstanding Class B Units, voting as a single class. 

SECTION 5 
 ALLOCATIONS

 5.01. Allocation of Net Income and Net Loss. For each Fiscal Year (or portion of such Fiscal Year), after giving effect
to the special allocations set forth in Section 5.02, Net Income and Net Loss of the Company shall be allocated among the Members pro rata in accordance with their Units and in accordance with their Special Capital
Accounts, if applicable. 
 5.02. Regulatory and Special Allocations. Notwithstanding the provisions of
Section 5.01: 
 (a) If there is a net decrease in Company Minimum Gain (determined according to Treasury
Regulations Section 1.704-2(d)(1)) during any Fiscal Year, each Member shall be specially allocated Net Income for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such
Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g). The items to be so allocated shall be determined in accordance with
Treasury Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 5.02 is intended to comply with the “minimum gain
chargeback” requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently with such regulation. 

(b) Member Nonrecourse Deductions shall be allocated in the manner required by Treasury Regulations
Section 1.704-2(i). Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum
Gain during any Fiscal Year, each Member that has a share of such Member Nonrecourse Debt Minimum Gain shall be specially allocated Net Income for such Fiscal Year (and, if necessary, 

  
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subsequent Fiscal Years) in an amount equal to that Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain. Items to be allocated pursuant to this paragraph shall be
determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.02(b) is intended to comply with
the “minimum gain chargeback” requirements in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently with such regulation. 

(c) Nonrecourse Deductions shall be allocated to the Members in accordance with their Units or as may be provided for in the Special Capital
Accounts. 
 (d) In the event any Member unexpectedly receives any adjustments, allocations or distributions described in Treasury
Regulations Section 1.704-l(b)(2)(ii)(d)(4), (5) or (6), Net Income shall be specially allocated to such Member in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit created
by such adjustments, allocations or distributions as quickly as possible. This Section 5.02(d) is intended to comply with the “qualified income offset” requirement in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently with such regulation. 
 (e) The
allocations set forth in paragraphs 5.02(a), (b), (c) and (d) above (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations under Code
Section 704. Notwithstanding any other provisions of this Section 5 (other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account in allocating Net Income and Net Losses among Members
so that, to the extent possible, the net amount of such allocations of Net Income and Net Losses and other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated to such Member if the
Regulatory Allocations had not occurred. 
 5.03. Tax Allocations. 

(a) Subject to Section 5.03(b), Section 5.03(c) and
Section 5.03(d), all income, gains, losses and deductions of the Company shall be allocated, for federal, state and local income tax purposes, among the Members in accordance with the allocation of such income, gains,
losses and deductions pursuant to Section 5.01 and Section 5.02, except that if any such allocation for tax purposes is not permitted by the Code or other Applicable Law, the Company’s
subsequent income, gains, losses and deductions shall be allocated among the Members for tax purposes, to the extent permitted by the Code and other Applicable Law, so as to reflect as nearly as possible the allocation set forth in
Section 5.01 and Section 5.02. 
 (b) Items of Company taxable income, gain, loss and
deduction with respect to any property contributed to the capital of the Company shall be allocated among the Members in accordance with Code Section 704(c) and the traditional method with curative allocations of Treasury Regulations Section 1.704-3(c), so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value. 

  
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 (c) If the Book Value of any Company asset is adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as provided in clause (c) of the definition of Book Value in Section 1.01, subsequent allocations of items of taxable income, gain, loss and deduction
with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in the same manner as under Code Section 704(c). 

(d) Allocations of tax credit, tax credit recapture and any items related thereto shall be allocated to the Members according to their
interests in such items as determined by the General Manager taking into account the principles of Treasury Regulations Section 1.704-l(b)(4)(ii). 

(e) Allocations pursuant to this Section 5.03 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 Income, Net Losses, distributions or other items pursuant to any provisions of this Agreement. 

5.04. Allocations in Respect of Transferred Units. In the event of a Transfer of Units, including the related Special Capital
Account, during any Fiscal Year made in compliance with the provisions of Section 9 and Section 4.01(b), Net Income, Net Losses and other items of income, gain, loss and deduction of the Company
attributable to such Units for such Fiscal Year shall be determined using the interim closing of the books method. 
 SECTION 6 

DISTRIBUTIONS 
 6.01.
General. 
 (a) Distributions of available cash (other than with respect to the Special Capital Account) shall be made to the
Members when and in such amounts as determined by the Executive Committee in its sole discretion. Distributions determined to be made by the Executive Committee pursuant to this Section 6.01(a) shall be paid to the Members
pro rata in accordance with their respective Units as adjusted pursuant to Section 3.02 of this Agreement or as provided for in the Allocation Agreement. 

(b) Distributions of available cash attributed to the Special Capital Account shall, to the extent reasonably feasible, be allocated to the
Member or Members (pro rata) to which the related Identified PC Assets and Net Cash Flow from Identified PC Assets (as defined in the BBXAOE/AGC Purchase Agreement) have been allocated, either initially as described on
Exhibit G attached to this Agreement, or in connection with the funding of Unfunded PC Liability Capital Contributions. Exhibit G establishes the original Identified PC Assets as of
the Effective Date. As new claims and expenses for PC Losses are funded through the Special Capital Account, any related assets will also be identified, as provided for in the New AGC Operating Agreement. 

(c) Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make any distribution to Members if such
distribution would violate the Act or other Applicable Law. 

  
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 6.02. Tax Advances. Notwithstanding the foregoing, to the extent that the
Executive Committee determines that the Company has available cash, the Executive Committee shall distribute to each Member, within thirty (30) days after the end of each calendar quarter, such Member’s Quarterly Estimated Tax Amount (the
“Tax Advances”). In the event that the entire amount of the Tax Advances required by this Section 6.02 is not distributed with respect to a calendar quarter, the shortfall shall be distributed at the
earliest opportunity in the next succeeding calendar quarter, before any other distributions are made under any of the other provisions of this Agreement. All Tax Advances received by any Member shall be treated as advances of distribution amounts
otherwise distributable to such Member relating to such calendar quarter pursuant to the other provisions of this Agreement. The Executive Committee shall endeavor to operate the business of the Company in a manner that will permit the Company to
have adequate available cash to make timely Tax Advances in each calendar quarter. 
 6.03. Tax Withholding; Withholding
Advances. 
 (a) Each Member agrees to furnish the Company with any representations and forms as shall be reasonably requested by the
Executive Committee to assist it in determining the extent of, and in fulfilling, any withholding obligations it may have. 
 (b) The Company
is hereby authorized at all times to make payments (“Withholding Advances”) with respect to each Member in amounts required to discharge any obligation of the Company (as determined by the Partnership Representative based on the
advice of legal or tax counsel to the Company) to withhold or make payments to any federal, state, local or foreign taxing authority (a “Taxing Authority”) with respect to any distribution or allocation by the Company of income or
gain to such Member and to withhold the same from distributions to such Member. Any funds withheld from a distribution by reason of this Section 6.03(b) shall nonetheless be deemed distributed to the Member in question for
all purposes under this Agreement. If the Company makes any Withholding Advance in respect of a Member hereunder that is not immediately withheld from actual distributions to the Member, then the Member shall promptly reimburse the Company for the
amount of such payment, plus interest at a rate equal to the prime rate published in the Wall Street Journal on the date of payment plus Two Percent (2.0%) per annum (the “Company Interest Rate”), compounded annually, on such amount
from the date of such payment until such amount is repaid (or deducted from a distribution) by the Member (any such payment shall not constitute a Capital Contribution). Each Member’s reimbursement obligation under this
Section 6.03(b) shall continue after such Member Transfers its Units. 
 (c) Each Member hereby agrees to indemnify
and hold harmless the Company and the other Members from and against any liability with respect to taxes, interest or penalties that may be asserted by reason of the Company’s failure to deduct and withhold tax on amounts distributable or
allocable to such Member. The provisions of this Section 6.03(c) and the obligations of a Member pursuant to Section 6.03(b) shall survive the termination, dissolution, liquidation and winding up
of the Company and the withdrawal of such Member from the Company or Transfer of its Units. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 6.03, including
bringing a lawsuit to collect repayment with interest of any Withholding Advances. 

  
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 (d) In the event of an over withholding that is actually paid by the Company to a Taxing
Authority, a Member’s sole recourse with respect to such over withholding shall be to apply for a refund from the appropriate Taxing Authority. 

6.04. Distributions in Kind. 

(a) With the unanimous approval of the Members, in each instance, the Executive Committee may make distributions to the Members in the form of
securities or other property held by the Company; provided, that (a) Tax Advances shall only be made in cash, and (b) a distribution of any interest in AOC acquired by the AOC Member on behalf of BBXAOE pursuant to
Section 3.02(i) shall be made solely at the direction and in the discretion of BBXAOE. In any non-cash distribution, the securities or property so distributed will be distributed
among the Members on a pro rata basis or in accordance with their Special Capital Accounts. In addition, at JLA’s request, the Executive Committee shall make distributions in kind to the Class A Members having an interest in Identified PC
Assets, pro-rata in accordance with such interests, solely in respect of such Identified PC Assets, provided that such Class A Members confirm their responsibility for and assume the PC Losses relating to
such Identified PC Assets. 
 (b) Any distribution of securities shall be subject to such conditions and restrictions as the Members
unanimously determine are required or advisable to ensure compliance with Applicable Law. In furtherance of the foregoing, the Members may unanimously require that the Members execute and deliver such documents as the Members may unanimously deem
necessary or appropriate to ensure compliance with all federal and state securities laws that apply to such distribution and any further Transfer of the distributed securities, and may appropriately legend the certificates that represent such
securities to reflect any restriction on Transfer with respect to such laws. 
 SECTION 7 

MANAGEMENT 
 7.01.
Management of the Company. Except as otherwise provided in this Agreement with respect to HUD Matters, the business and affairs of the Company shall be managed, operated and controlled by or under the direction of an executive committee
(the “Executive Committee” or the “EC Committee”) and a board of managers (the “Board of Managers”). Except as otherwise provided in this Agreement, including with respect to HUD Matters, and
subject to the provisions of Section 3.02(h) and Section 7.04, Section 7.05 and Section 7.06, the Executive Committee and the Board of Managers
shall have, and are granted, full and complete power, authority and discretion for, on behalf of and in the name of the Company, to take such actions as they may deem necessary or advisable to carry out any and all of the objectives and purposes of
the Company. Except as otherwise provided in this Agreement, including with respect to HUD Matters, all actions taken by the Company in its capacity as the manager of a Controlled Entity shall be governed by, and taken in accordance with, the
provisions of Sections 7.02 through 7.06. Until another Person or Persons designated by the EC Committee (each a “Designated HUD Person”) is/are approved by the United States Department of Housing and Urban Development
(“HUD”) to have control and decision-making authority with respect to the HUD Matters on behalf of Altman Management for the properties (the “HUD Properties”) for which Altman Management provides property management
services and which are subject to the rules and regulations of HUD 

  
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as a result of the existence of a HUD insured loan or otherwise (the period ending upon issuance of such approval, the “HUD Period”), JLA or his designee (from time to time), in
his capacity as CEO of Altman Management, CEO of the Company, an EC Member, a Manager, or other applicable capacity, shall have (a) financial and operational control, (b) control over day-to-day operations, (c) significant involvement, and (d) control over HUD regulatory and contract compliance, in each case solely with respect to the HUD Properties (collectively, the
“HUD Matters”). Further, until the expiration of the HUD Period, no other officer of Altman Management or the Company, no other EC Member, no other Manager or other Person shall have any control or decision-making authority with
respect to any of the HUD Matters. Promptly following the Effective Date, the Company shall initiate the process, and JLA shall cooperate with management of the Company, to cause the Designated HUD Person(s) to be approved by HUD to act on behalf of
Altman Management in respect of the HUD Matters. If, prior to the expiration of the HUD Period, JLA is no longer serving as CEO of the Company or Altman Management, the EC Committee shall have the right to designate a Person approved by HUD to have
control and decision-making authority with respect to the HUD Matters. 
 7.02. Number, Election and Term of the Members of the
Executive Committee. 
 (a) Prior to the Phase 2 Closing, there shall be Four (4) members of the Executive Committee all of whom
shall be natural persons (such members, and the members appointed pursuant to Sections 7.02(d) and 7.02(e) are individually called an “EC Member” and collectively called the “EC Members”). 

(b) Prior to the Phase 2 Closing, Two (2) of the EC Members shall be appointed by the holders of a Majority in Interest of the
Class A Units (the “Class A EC Members”), and Two (2) of the EC Members shall be appointed by the Class B Member (together with the EC Members appointed by the Class B Member pursuant to
Sections 7.02(d) and 7.02(e), the “Class B EC Members”). 
 (c) The holders of the
Class A Units, by the execution and delivery of this Agreement, unanimously appoint Joel L. Altman and Timothy A. Peterson as initial Class A EC Members. The Class B Member, by its execution and delivery of this Agreement, appoints
Alan B. Levan and Seth M. Wise as initial Class B EC Members. 
 (d) Concurrently with the Phase 2 Closing, and until the Phase 3
Closing, the Executive Committee, automatically and without further amendment to this Agreement, shall be increased to Five (5) EC Members, all of whom shall be natural persons. During such period, Two (2) of the EC Members shall be
Class A EC Members and appointed by the holders of a Majority in Interest of the Class A Units, and Three (3) of the EC Members shall be Class B EC Members and appointed by the Class B Member. 

(e) Concurrently with the Phase 3 Closing, the term of the Class A EC Members shall automatically terminate and thereafter all Five
(5) of the EC Members shall be Class B EC Members appointed solely by the Class B Member. 

  
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 (f) Subject to the provisions of Sections 7.02(d) and 7.02(e) with respect to
the Class A EC Members, EC Members shall serve until their death, resignation, removal or replacement by the Class A Members or the Class B Member, as applicable. 

(i) A Class A EC Member may only be removed and/or replaced by the holders of a Majority in Interest of the Class A Units, with or
without cause upon, and by the delivery of written notice of such removal or replacement signed by the holders of a Majority in Interest of the Class A Units to the Company and each EC Member, provided that the appointment of any new
Class A EC Member shall be subject to the approval of the Class B Member, which approval shall not be unduly delayed or unreasonably withheld. If any Class A EC Member who is not a Class A Member and who is an employee of a
Class A Member or its Affiliate at the time of appointment as a Class A EC Member subsequently ceases to be employed by the Class A Member or its Affiliate for any reason, the Class B Member may, in its sole discretion and
without the consent of any Class A Member, remove such Class A EC Member as an EC Member. The Class B Member hereby pre-approves the appointment of any of the following individuals as a
Class A EC Member: Louis Beck and Eric Zeitlin. 
 (ii) A Class B EC Member may only be removed and/or replaced by the
Class B Member, with or without cause upon, and by the delivery of written notice of such removal or replacement signed by the Class B Member to the Company and each EC Member, provided that the appointment of any new Class B EC
Member shall be subject to the approval of the holders of a Majority in Interest of the Class A Units, which approval shall not be unduly delayed or unreasonably withheld. The Class A Members hereby
pre-approve the appointment of any of the following individuals as a Class B EC Member: Andrew Meran, John Abdo, Jarett Levan, Bruce Parker and Ray Lopez. If any Class B EC Member ceases to be
employed by the Class B Member or its Affiliates for any reason, such Class B EC Member shall immediately and with no further action cease to be a Class B EC Member. 

(g) An EC Member may resign at any time by delivering written notice of such resignation to the Company and to each of the other EC Members.
Any such resignation shall be effective upon its receipt unless it is specified to be effective at some other time or upon the occurrence of some other event. The acceptance of a resignation by the other EC Members shall not be necessary to make it
effective. If an EC Member dies, resigns or is removed, the holders of a Majority in Interest of the Class A Units, or the Class B Member, as the case may be, shall appoint a successor EC Member in accordance with the provisions of this
Section 7 as promptly as reasonably possible. 
 (h) Upon the death of JLA, or his Disability (as defined in the
JLA Employment Agreement) or his termination for Cause (as defined in the JLA Employment Agreement) pursuant to the terms of the JLA Employment Agreement, the Class A Members shall continue to have the right to designate the Class A EC
Members as provided in this Section 7.02, provided that (i) JLA shall not serve as a Class A EC Member until he is no longer suffering from a Disability, if applicable, and (ii) any Class A EC Member
appointed by the holders of a Majority in Interest of the Class A Units shall be subject to the approval of the Class B Member, which approval shall not be unduly delayed or unreasonably withheld. 

  
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 (i) If at any time there is a vacancy of a Class A EC Member on the Executive
Committee, the remaining Class A EC Member shall be afforded an additional vote on all matters brought before the Executive Committee until such vacancy is filled. If at any time there is a vacancy of a Class B EC Member on the Executive
Committee, the remaining Class B EC Member(s) shall be afforded an additional vote per vacancy on all matters brought before the Executive Committee until such vacancy(ies) is(are) filled. 

(j) The Executive Committee shall maintain a schedule of all EC Members with their respective mailing addresses (the “EC Members’
Schedule”), and shall update the EC Members’ Schedule upon the removal or replacement of any EC Member in accordance with this Section 7.02. A copy of the EC Members’ Schedule as of the execution of this
Agreement is attached to this Agreement as Schedule A. 
 7.03. Number, Election and Term of the Managers. 

(a) There shall be Five (5) members of the Board of Managers, all of whom shall be natural persons (each of such members are individually
called a “Manager” and collectively called the “Managers”). 
 (b) Prior to the Phase 2 Closing, Two
(2) of the Managers shall be appointed by the holders of a Majority in Interest of the Class A Units (the “Class A Managers”), Two (2) of the Managers shall be appointed by the Class B Member
(together with the Managers appointed by the Class B Member pursuant to Sections 7.03(d) and 7.03(e), the “Class B Managers”), and One (1) of the Managers shall be appointed by the holders
of a Majority in Interest of the Class A Units and the Class B Member (the “Fifth Manager” or, solely for purposes of taking any action by the AGC Member as a manager or as a member of AGC, the “AGC Fifth
Manager”) in accordance with the provisions of this Section 7.03. 
 (c) The holders of the Class A
Units, by the execution and delivery of this Agreement, unanimously appoint Joel L. Altman and Timothy A. Peterson as the Class A Managers. The Class B Member, by the execution and delivery of this Agreement, appoints Alan B. Levan and
Seth M. Wise as the Class B Managers. The holders of all of the Class A Units and the Class B Member, by the execution and delivery of this Agreement, unanimously appoint Harry Posin as the Fifth Manager, provided,
however, that, solely for purposes of taking any action by the AGC Member as a manager or as a member of AOC, the AGC Fifth Manager shall be Harry Posin. 

(d) Concurrently with the Phase 2 Closing, the office of the Fifth Manager and the AGC Fifth Manager shall be eliminated and the term of the
Fifth Manager and the AGC Fifth Manager shall automatically terminate. Thereafter until the Phase 3 Closing, Two (2) of the Managers shall be appointed by the holders of a Majority in Interest of the Class A Units, and Three (3) of
the Managers shall be appointed solely by the Class B Member. 
 (e) Concurrently with the Phase 3 Closing, the term of the Class A
Managers shall automatically terminate and all Five (5) of the Managers shall be appointed by the Class B Member. 

  
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 (f) Subject to the provisions of Sections 7.03(d) and 7.03(e) with respect to
the Class A Managers and the Fifth Manager, Managers shall serve until their death, resignation, removal or replacement (with respect to the Class A Managers, by the holders of a Majority in Interest of the Class A Units, and with
respect to the Class B Managers, by the Class B Member). 
 (i) A Class A Manager may only be removed and/or replaced by the
holders of a Majority in Interest of the Class A Units, with or without cause, upon, and by the delivery of written notice of such removal or replacement signed by the holders of a Majority in Interest of the Class A Units to the Company
and each Manager; provided that the appointment of any new Class A Manager shall be subject to the approval of the Class B Member, which approval shall not be unduly delayed or unreasonably withheld. If any Class A Manager ceases to
be employed by a Class A Member or its Affiliates for any reason, such Class A Manager shall immediately and with no further action cease to be a Class A Manager. 

(ii) A Class B Manager may only be removed and/or replaced by the Class B Member, with or without cause upon, and by the delivery of
written notice of such removal or replacement signed by the Class B Member to the Company and each Manager; provided that the appointment of any new Class B Manager shall be subject to the approval of the holders of a Majority in Interest
of the Class A Units, which approval shall not be unduly delayed or unreasonably withheld. The Class A Members hereby pre-approve the appointment of any of the following individuals as a Class B Manager: Andrew Meran, John Abdo,
Jarett Levan, Bruce Parker and Ray Lopez. If any Class B Manager ceases to be employed by the Class B Member or. its Affiliates for any reason, such Class B Manager shall immediately and with no further action cease to be a
Class B Manager. 
 (iii) Prior to the Phase 2 Closing, the Fifth Manager or the AGC Fifth Manager may be removed by the holders of a
Majority in Interest of the Class A Units and the Class B Member (acting together but voting as separate classes), with or without cause upon, and by the delivery of written notice of such removal or replacement signed by the holders of a
Majority in Interest of the Class A Units and the Class B Member to the Company and each Manager. Prior to the Phase 2 Closing, a Fifth Manager or AGC Fifth Manager may be removed by the holders of a Majority in Interest of the
Class A Units or the Class B Member for Cause by the delivery of written notice of such removal signed by the removing Class A Members or the Class B Member to the Company and each Manager. 

(g) Any Manager may resign at any time by delivering his/her written resignation to the Company and to each of the other Managers. Any such
resignation shall be effective upon its receipt unless it is specified to be effective at some other time or upon the occurrence of some other event. The acceptance of a resignation by the other Managers shall not be necessary to make it effective.
If a Manager dies, resigns or is removed, then: 
 (i) Subject to the provisions of Section 7.03(f)(i) or
(ii), as applicable, in the case of a Class A Manager or a Class B Manager, the holders of a Majority in Interest of the Class A Units or the Class B Member, respectively (in each case being the Member(s) who appointed the
resigning Manager), shall appoint a successor Manager as promptly as reasonably possible; and 

  
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 (ii) In the case of a Fifth Manager, a successor Fifth Manager shall be automatically
appointed without any further action by the Members from the list of potential Fifth Managers attached to this Agreement as Schedule B-1 (the “Schedule B-1 Candidates”). The Schedule B Candidates shall be appointed in the order appearing on Schedule B-1. If for any reason none of the Schedule B-1 Candidates accepts appointment, or is not eligible or is unavailable for appointment, the holders of a Majority in Interest of the Class A Units and the Class B Member (acting together but voting as
separate classes) shall agree on a new Schedule B-1 and the Fifth Manager shall be appointed from such new Schedule B in the manner provided for in this
Section 7.03(g)(ii). If the Members are unable to agree on a new list of Schedule B-1 Candidates, as provided for in the prior sentence, the proposed list of Schedule B-1 Candidates shall be submitted to the Arbitrator pursuant to Section 13.12 and the Arbitrator shall select such Schedule B-1 Candidates from among
them, and list them in such order as the Arbitrator may deem appropriate in his/her sole discretion. Schedule B-1 may be amended at any time upon the approval of both (A) the holders of a Majority in
Interest of the Class A Units and (B) the Class B Member. 
 (iii) in the case of an AGC Fifth Manager, a successor AOC Fifth
Manager shall be automatically appointed without any further action by the Members from the list of potential AOC Fifth Managers attached to this Agreement as Schedule B-2. (the “Schedule B-2
Candidates”). The Schedule B-2 Candidates shall be appointed in the order appearing on Schedule B-2. If for any reason none of the Schedule B-2 Candidates accepts appointment, or is not eligible or is unavailable for appointment, the holders of a Majority in Interest of the Class A Units and the Class B Member (acting together but voting as
separate classes) shall agree on a new Schedule B-2 and the AOC Fifth Manager shall be appointed from such new Schedule 8-2 in the manner provided for in this
Section 7.03(g)(ii). If the Members are unable to agree on a new list of Schedule B-2 Candidates, as provided for in the prior sentence, the proposed list of Schedule B-2 Candidates shall be submitted to the Arbitrator pursuant to Section 13.12 and the Arbitrator shall select such Schedule B-2 Candidates from among
them, and list them in such order as the Arbitrator may deem appropriate in his/her sole discretion. Schedule B-2 may be amended at any time upon the approval of both (A) the holders of a Majority in
Interest of the Class A Units and (B) the Class B Member. 
 (h) Upon the death of JLA, or his Disability (as defined in the
JLA Employment Agreement) or his termination for Cause (as defined in the JLA Employment Agreement) pursuant to the terms of the JLA Employment Agreement, the Class A Members shall continue to have the right to designate the Class A
Managers as provided in this Section 7.03, provided that (i) JLA shall not serve as a Class A Manager until he is no longer suffering from a Disability , if applicable, and (ii) any Class A Manager
subsequently appointed by the holders of a Majority in Interest of the Class A Units shall be subject to the approval of the Class B Member, which approval shall not be unduly delayed or unreasonably withheld. 

(i) The Board of Managers shall maintain a schedule of all Managers with their respective mailing addresses (the “Managers’
Schedule”), and shall update the Managers’ Schedule upon the removal or replacement of any Manager in accordance with this Section 7.03. A copy of the Managers’ Schedule as of the execution of this
Agreement is attached to this Agreement as Schedule C. 

  
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 7.04. Action by the Executive Committee. 

(a) Subject to Sections 4.10, 4.11, 7.05, 7.06, and 7.12(b), (c) and (d), and as otherwise set
forth in this Agreement, all decisions requiring action of the Executive Committee or otherwise relating to the business or affairs of the Company shall be decided by the affirmative vote or consent of a majority of the EC Members. On any matter
that is to be voted on by the EC Members, an EC Member may vote in person or by proxy, and such proxy may be granted in writing, by means of Electronic Transmission or as otherwise permitted by Applicable Law. Every proxy shall be revocable in the
discretion of the EC Member executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not invalidate or otherwise affect actions taken under such proxy prior to such revocation, and provided further that no
EC Member appointed by a Class A Member shall designate TP or JR as his or her proxy to vote in respect of matters relating to the employment of TP or JR, respectively. 

(b) Meetings of the Executive Committee may be called by any EC Member by delivering to each other EC Member written notice stating the place,
date and time of the meeting and, the purposes for which the meeting is called. The notice shall be delivered not less than Three (3) Business Days and not more than Ten (10) Business Days before the date of the meeting to each of the EC
Members by or at the direction of the EC Member calling the meeting. The Executive Committee may hold meetings at the Company’s principal office or at such other reasonable location in Broward County or Palm Beach County, Florida as may be
designated in the notice for such meeting or as may be agreed upon by or as otherwise agreed to by all EC Members. 
 (c) The business to be
conducted at each meeting of the EC Committee shall be limited to the purpose described in the notice unless all EC Members are present for such meeting. 

(d) Attendance of an EC Member at any meeting shall constitute a waiver of notice of such meeting, except where an EC Member attends a meeting
for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 

(e) Any EC Member may participate in a meeting of the Executive Committee by means of conference telephone or other communications equipment by
means of which all Persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting. 

(f) Any action of the EC Members may be taken without a meeting if a written consent constituting all of the EC Members shall approve such
action. Such consent shall have the same force and effect as a vote at a meeting and may be stated as such in any document or instrument filed with the Department of State. 

(g) Except as provided for in Section 4.10 or Section 4.11, or for matters that are
Unanimous Decisions, if any matter comes before the Executive Committee for approval by the Executive Committee, including, without limitation, the approval of any Definitive Agreement or the taking of any action with respect to any Definitive
Agreement, the matter shall be determined by majority vote of the EC Members, and if, prior to the Phase 2 Closing, the EC Members are 

  
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deadlocked in respect of such matter (i.e., two EC Members vote in favor of and two EC Members vote against such matter) and remain deadlocked after a period of not less than Ten
(10) Business Days during which the EC Members shall meet and discuss such matter in good faith and reasonably (a “Deadlocked Issue”), the EC Members in favor of approval thereof may submit the Deadlocked Issue to the Board of
Managers in writing for consideration. Following such submission, any related approvals by the Board of Managers (which approvals may specify such modifications to the proposal or conditions to its approval as the Board of Managers, in its
discretion, determines are reasonably appropriate) and the determination of the Board of Managers with respect to such approvals shall be conclusive in all respects. The Class A EC Members and the Class B EC Members shall each be afforded
a reasonable opportunity to present their views on the Deadlocked Issue to the Board of Managers prior to the Board of Managers making a determination thereon and none of the Class A EC Members or the Class B EC Members, or their
respective Affiliates, representatives or agents, may discuss the Deadlocked Issue with the Fifth Manager on an individual basis prior to resolution thereof by the Board of Managers. The Class A EC Members and the Class B EC Members shall
agree upon specific procedures for presentation of the Deadlocked Issue to the Board of Managers. Unanimous Decisions may not serve as the basis for a Deadlocked Issue and may not be presented to the Board of Managers for determination. 

7.05. Action by the Board of Managers. 

(a) The Board of Managers shall consider all Deadlocked Issues as provided for in Section 7.04(g). All decisions
requiring action of the Board of Managers pursuant to this Section 7.05 shall be decided by the affirmative vote or consent of a majority of the Managers. On any matter that is to be voted on by Managers, a Manager may vote
in person or by proxy, and such proxy may be granted in writing, by means of Electronic Transmission or as otherwise permitted by Applicable Law. Every proxy shall be revocable in the discretion of the Manager executing it unless otherwise provided
in such proxy; provided, that such right to revocation shall not invalidate or otherwise affect actions taken under such proxy prior to such revocation, and provided further that no Manager appointed by a Class A Member shall designate TP or JR
as its proxy to vote in respect of matters relating to the employment of TP or JR, respectively. 
 (b) Meetings of the Board of Managers may
be called by any Manager by delivering to each other Manager written notice stating the place, date and time of the meeting and, the purposes for which the meeting is called. The notice shall be delivered not less than Three (3) Business Day
and not more than Ten (10) Business Days before the date of the meeting to each of the Managers by or at the direction of the Manager calling the meeting. The Board of Managers may hold meetings at the Company’s principal office or at
reasonable location in Broward County or Palm Beach County, Florida as may be designated in the notice for such meeting or as may be agreed upon by or as otherwise agreed to by all Managers. The business to be conducted at such meeting shall be
limited to the purpose described in the notice unless all Managers are present for such meeting. 
 (c) Attendance of a Manager at any
meeting of the Board of Managers shall constitute a waiver of notice of such meeting, except when a Manager attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully
called or convened. 

  
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 (d) Any Manager may participate in a meeting of the Board of Managers by means of conference
telephone or other communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting. 

(e) Any action of the Managers may be taken without a meeting if a written consent is executed by all of the Managers. Such consent shall have
the same force and effect as a vote at a meeting and may be stated as such in any document or instrument filed with the Department of State. 

7.06. Actions Requiring Unanimous Approval of EC Members. Subject to the provisions of Section 4.10 and
Section 4.11, and notwithstanding anything to the contrary contained in this Agreement, until (and only until) the Phase 2 Closing, without the unanimous written approval of all EC Members, or pursuant to (and to the extent
approved in) any Definitive Agreements, the Company (which, for purposes of this Section 7.06, includes any Controlled Entity) shall not, and shall not enter into any commitment to: 

(a) Amend, modify or waive any provision of the Certificate of Formation, or any of the Governing Documents of any Controlled Entity; provided
the Company may, without the consent of the EC Members, amend the Members’ Schedule following any new issuance, redemption, repurchase or Transfer of Units in accordance with this Agreement; 

(b) Except with respect to Sponsored Projects, establish a Subsidiary or enter into any joint venture or similar business arrangement, or enter
into any material agreement relating to investments in new or existing projects, other than with respect to the Sponsored Projects and/or as required pursuant to Definitive Agreements; 

(c) Except as provided in any Definitive Agreement or in connection with a Sponsored Project, make any investment or capital contribution in
any other Person; 
 (d) Merge, consolidate, dissolve, wind-up or liquidate the Company or initiate a
bankruptcy proceeding involving the Company; or 
 (e) Require or accept any Capital Contributions other than those provided for in
Exhibit A to this Agreement or as provided for in Section 3.02. 
 The approvals provided for in Sections
(a) through (f), inclusive, are called “Unanimous Decisions.” 
 7.07. Business Plan and Budgets. 

(a) Not later than Thirty (30) days prior to the commencement of each Fiscal Year, the Executive Committee, acting by majority vote of the
EC Members, shall adopt a business plan and monthly and annual operating budgets for the Company, on both a consolidated end consolidating basis, in detail for the upcoming Fiscal Year, including capital and operating expense budgets, cash flow
projections, covenant compliance calculations to the extent applicable of all outstanding and projected indebtedness, and profit and loss projections, all itemized in reasonable detail (the “Business Plan and Operating Budgets”).
Acting by majority vote of the EC 

  
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Members, the Executive Committee may amend the Business Plan and Operating Budgets when material changes occur and otherwise as it determines appropriate or necessary. If a majority of the
Executive Committee is unable to agree on any of the matters provided for in this Section 7.07, such matter will be deemed a Deadlocked Issue and be determined by the Board of Managers pursuant to
Section 7.05; 
 (b) The Business Plan and Operating Budgets for the period ended December 31, 2019 will be
approved and adopted by the Executive Committee, acting by majority vote of the EC Members, within thirty (30) days after the Effective Date but in any event prior to January 1, 20 l 9. If a majority of the members of the Executive
Committee are unable to agree on the 2019 Business Plan and Operating Budget prior to January 1, 2019, it will be deemed a Deadlocked Issue and determined by the Board of Managers pursuant to Section 7.05. 

(c) From time to time, and in its discretion, the Executive Committee may adopt budgets to supplement the Business Plan and Operating Budgets.
Such budgets may include the authorization to pursue new investment opportunities and incur costs with respect to them and provide for the appropriate officers of the Company to enter into contracts for the acquisition of related property, provided
that such contracts provide that any good faith deposits are fully refundable. 
 7.08. Officers. The Executive Committee,
acting by majority vote as provided for in Section 7.04(a), may appoint individuals as officers of the Company (the “Officers”) as it deems necessary or desirable to carry on the business of the Company and
the Executive Committee may delegate to such Officers such power and authority as the Executive Committee deems advisable. Any individual may hold Two (2) or more offices of the Company. Each Officer shall hold office until such officer’s
successor is designated by the Executive Committee or such officer’s earlier death, resignation or removal. Any Officer may resign at any time on written notice to the EC Members. Except as provided in any related employment or other applicable
agreement, any Officer may be removed by the Executive Committee with or without cause at any time. A vacancy in any office occurring because of death, resignation, removal or otherwise, may, but need not, be filled by the Executive Committee. On
the later of one year after the Effective Date or the conclusion of Seth Wise’s term as Chief Operating Officer of the Company, the Company shall appoint a Chief Operating Officer who shall be identified, on a collaborative basis, by JLA and
the Board of Managers (and who may be a new hire or promoted from within the Company). 
 7.09. Other Activities of the EC Members
and Managers. Subject to applicable employment agreements, EC Members and Managers shall devote so much time and attention to the business of the Company as they deem appropriate in their sole discretion. 

7.10. Compensation and Reimbursement of EC Members and Managers; No Employment. Except as unanimously approved by the Members, EC
Members and Managers shall not be compensated for their services as EC Members and Managers, but the Company shall reimburse the EC Members and Managers for all ordinary, necessary and direct expenses incurred by the EC Members and the Managers in
performance of their duties as EC Members and Managers. All reimbursements for expenses shall be reasonable in amount. Nothing contained in this Section shall be construed to preclude any EC Member or Manager from serving the Company in any other
capacity and receiving reasonable compensation for such services as unanimously approved by the Members. This Agreement does not, and is not intended to, confer upon any EC Member or Manager any rights with respect to continued employment by the
Company, and nothing contained in it should be construed to have created any employment agreement with any EC Member or Manager. 

  
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 7.11. No Personal Liability. Except as otherwise provided in the Act, by
Applicable Law or expressly in this Agreement, no EC Member or Manager will be obligated personally for any debt, obligation or liability of the Company, whether arising in contract , tort or otherwise, solely by reason of being a EC Member or
Manager. 
 7.12. Sponsored Projects. In connection with the pursuit of potential Sponsored Projects, the following shall
apply: 
 (a) Subject to the approval of the Chief Executive Officer of the Company, the officers of the Company shall be authorized to
expend Pursuit Costs of up to Fifty Thousand Dollars ($50,000) (including the amount of any deposits which are not subject to refund) without the consent of the Executive Committee. 

(b) Subject to the provisions of subsections (c) and (d) below, the officers of the Company shall be authorized to expend Pursuit Costs
(excluding refundable deposits) in excess of Fifty Thousand Dollars ($50,000) only with the approval of a majority of the EC Members, provided that the failure of a majority of the EC Members to approve such expenditure shall not be subject to the
Deadlocked Issue procedures described in Section 7.04(g) or Section 7.05. 
 (c) If and
to the extent that a majority of the EC Members have authorized the expenditure of Pursuit Costs in excess of Fifty Thousand Dollars ($50,000) in respect of a Sponsored Project, and all deposits made with respect to such Sponsored Project are, and
at the time of the additional expenditure described below in this subsection (c) will remain fully refundable or at the time of the additional expenditure described below in this subsection (c) will cause the deposit to become non-refundable, then the expenditure of additional Pursuit Costs in excess of the amount previously approved in respect of such Sponsored Project shall require the approval of a majority of the EC Members, provided
that the failure of a majority of the EC Members to approve such additional expenditures shall not be subject to the Deadlocked Issue procedures described in Section 7.04(g) or Section 7.05. 

(d) If and to the extent that a majority of the EC Members have authorized the expenditure of Pursuit Costs in excess of Fifty Thousand Dollars
($50,000) in respect of a Sponsored Project, and the deposits made with respect to such Sponsored Project are not fully refundable, then the expenditure of additional Pursuit Costs in excess of the amount previously approved in respect of such
Sponsored Project shall require the approval of a majority of the EC Members, provided that the failure of a majority of the EC Members to approve such additional expenditures shall be subject to the Deadlocked Issue procedures described in
Section 7.04(g) and Section 7.05. 

  
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 (e) The Company shall have the right, from and after the time that it commences to pursue a
proposed Sponsored Project, to create a limited liability company which would act as the entity pursuing such proposed Sponsored Project, and any purchase and sale agreement relating to such Sponsored Project will be assigned to such limited
liability company which will be managed by another limited liability company (the “Altis Manager”) governed by an operating agreement substantially in the form attached to this Agreement as Exhibit E. The
members of the Altis Manager will be determined based on the Outline of Participation and the general partners of the Employee Entity in such Altis Manager shall be designated by the Company. Pursuit Costs, to the extent funded by the Company, would
be advanced to the related Altis Manager of the proposed Sponsored Project on terms determined by the Executive Committee. 
 (f) The
Executive Committee shall approve all decisions prior to closing of the relevant construction loan in connection with a proposed Sponsored Project, including but not limited to approval of the relevant plans and specifications, the terms of the
related construction loan or other loans, the terms of the relevant development loan, the formation of the relevant Controlled Entity and the decision to proceed to the closing on the relevant property following due diligence, the terms and
selection of any institutional investor participation in the proposed Sponsored Project. 
 (g) After the initial capital contributions are
funded by the relevant institutional investors and the related construction loan closed with respect to the Sponsored Project, all loans relating to Pursuit Costs made by the Company to the Altis Manager shall be repaid in full. 

(h) If the Executive Committee determines to pursue one of the abandoned projects listed on Exhibit H to this Agreement,
as provided for in Section 7.12(e), then within ten (10) Business Days following the date of such determination, the Company shall reimburse the Class A Member(s), in the aggregate, for 100% of the costs
previously advanced by such Class A Member(s) on account of such project, in the amount listed on Exhibit H. 
 (i)
Notwithstanding any of the provisions of this Agreement to the contrary including Section 3 hereof to the contrary, if there is a Sponsored Project which has been approved by the Executive Committee of the Company to incur
extraordinary expenses to purchase property for such Sponsored Project prior to the satisfaction of the conditions set forth in Section 3 of the REIA (“Extraordinary Expense”), then an Altis Manager shall
be formed to invest in such Sponsored Project. The Parties recognize and agree that the Executive Committee has ratified and approved an investment in Altis Ludlum-Miami Investors, LLC (“ALM”), and in Altis Suncoast Manager, LLC
(“ASM”). In connection with ASM, ALM and any other Sponsored Project that has been approved by the Executive Committee as to making such investment in the other Sponsored Project that contemplates an Extraordinary Expense, then
BBXAP and JLA (in proportion to their percentage interest in the Special Project) shall advance capital for such Extraordinary Expense and such capital shall have a preferred return of 10% (such capital and preferred return related thereto being
collectively “Priority Amount”) which Priority Amount shall be repaid first prior to any other distributions to members of such Sponsored Project (“Special Distribution”). 

  
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 SECTION 8 

PHASE 2 AND PHASE 3 PURCHASES 

8.01. Phase 2 Class A Units Purchase. 

(a) On the Phase 2 Closing Date, the Class B Member shall purchase (the “Phase 2 Class A Units
Purchase”) 40 Class A Units (the “Phase 2 Class A Units”) from the Class A Members, pro rata (the “Phase 2 Selling Members”), for an aggregate purchase price (the “Phase
2 Purchase Price”) equal to the sum of (i) $9,400,000 plus (ii) (A) the sum of (x) the amount of the Excess Distributable Cash as of the Phase 2 Closing Date (for the avoidance of doubt, this adjustment may be a reduction of the
Phase 2 Purchase Price to the extent that defined Excess Distributable Cash is negative), plus (y) the amount of Pursuit Costs outstanding as of the Phase 2 Closing Date which are determined by the EC Committee to relate to Sponsored Projects
or potential Sponsored Projects reasonably likely to be funded and commenced, (B) multiplied by a fraction the numerator of which is the number of Phase 2 Class A Units and the denominator of which is the number of all of the issued and
outstanding Units of all classes, provided that the Phase 2 Class A Purchase Price shall not include any interest in the Unfunded PC Liability Capital Account in which the Class A Members will retain an economic interest only through their
Special Capital Accounts. The Phase 2 Purchase Price shall be increased or decreased, as applicable, promptly upon receipt by the Phase 2 Selling Members and the Class B Member of the Excess Distributable Cash Recalculation, and if the Excess
Distributable Cash Recalculation shows a deficiency in the amount of the Phase 2 Purchase Price paid by the Class B Member, the Class B Member shall promptly make an additional payment to the Phase 2 Selling Members in the amount of such
deficiency, and if the Excess Distributable Cash Recalculation shows an overage in the amount of the Phase 2 Purchase Price paid by the Class B Member, the Phase 2 Selling Members shall promptly refund the amount of such overage to the
Class B Member. The Phase 2 Purchase Price shall be subject to the provisions of the FPA and the Notes, and subject to offset as provided for in the Allocation Agreement. Any adjustment downward in the number of Class A Units owned by the
Class A Members pursuant to Section 3.02(e) prior to the Phase 2 Closing shall first be applied to reduce the number of Phase 2 Class A Units and then to the Phase 3 Class A Units, and the amount of the Phase
2 Purchase Price shall be adjusted downward proportionately. For example, if the number of Class A Units owned by the Phase 2 Selling Members at the time of the Phase 2 Closing has been reduced by I 0 Class A Units, then the Phase 2
Class A Units will be reduced by 10 Class A Units with the result that the Class A Member would hold 30 Phase 2 Class A Units and 10 Phase 3 Class A Units. The Phase 2 Purchase Price would be proportionately reduced by
multiplying the Phase 2 Purchase Price by a fraction, the numerator of which is the reduced number of Phase 2 Class A Units and the denominator of which is the number of Phase 2 Class A Units. If any Phase 2 Selling Member owns any Default
Loan Conversion Units at the time of the Phase 2 Closing, the following shall occur: (1) all of such Default Loan Conversion Units shall be purchased by the Class B Member as a part of the Phase 2 Closing, (2) there shall be no change
in the Phase 2 Purchase Price to be paid by the Class B Member to the Phase 2 Selling Members with respect to the aggregate original 40 Phase 2 Class A Units being purchased, (3) the purchase price to be paid by the Class B
Member to the applicable Phase 2 Selling Members with respect to the Default Loan Conversion Units held by them shall be an amount equal to two (2) times the outstanding balance of the Default Loan (including any accrued but unpaid interest and
cost and expenses) at the time of the exercise of the Default Loan Conversion Option (the “Default Loan Phase 2 Purchase Price”), and (4) in the event that the issuance of Default Loan

  
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Conversion Units is due to a failure by a Phase 2 Selling Member(s) to make an Additional Capital Contribution, the portion of the Phase 2 Purchase Price payable by the Class B Member to the
Phase 2 Selling Member(s) whose failure to make an Additional Capital Contribution resulted in the issuance of Default Loan Conversion Units shall be reduced pro rata among such Phase 2 Selling Member(s) by the amount of the Default Loan Phase 2
Purchase Price. For purposes of the Phase 2 Closing, the Default Loan Conversion Units shall be included in the defined term Phase 2 Class A Units and the Default Loan Phase 2 Purchase Price shall be included in the Phase 2 Purchase Price. If
at the time of the Phase 2 Closing, a Default Loan made by a Phase 2 Selling Member (as the Contributing Member) to the Class B Member (as a Noncontributing Member) remains outstanding, then the Class B Member shall pay to such Phase 2
Selling Member at the Phase 2 Closing (in addition to the portion of the Phase 2 Purchase Price payable to such Phase 2 Selling Member) the outstanding principal balance plus all accrued interest and costs and expenses owed under the Default Loan to
the Phase 2 Closing Date. If at the time of the Phase 2 Closing, a Default Loan made by the Class B Member (as the Contributing Member) to a Class A Member (as a Noncontributing Member) remains outstanding, then the portion of the Phase 2
Purchase Price payable by the Class B Member to such Phase 2 Selling Member shall be reduced by the outstanding principal balance plus all accrued interest and costs and expenses owed under the Default Loan to the Phase 2 Closing Date, and any
amount payable with respect to the Default Loan in excess of such reduction shall be promptly paid to the Class B Member by such Phase 2 Selling Member. 

(b) The closing of the Phase 2 Class A Units Purchase (the “Phase 2 Closing”) shall take place at 10:00 AM, Eastern Time,
on January 17, 2023 at the offices of Berger Singerman LLP (“Closing Agent”) located at 350 East Las Olas Blvd., Suite 1000, Fort Lauderdale, Florida, 33301, or such other date and location upon which the Members may agree (the
“Phase 2 Closing Date”). 
 (c) At the Phase 2 Closing: 

(i) The Class A Members shall deliver to the Class B Member Certificates representing the Phase 2 Class A Units, pro rata from
each Class A Member based on their respective ownership of the Class A Units, duly endorsed to the Class B Member or accompanied by unit transfer powers sufficient to enable the Company to transfer the Phase 2 Class A Units and
the Capital Accounts related to the Phase 2 Class A Units from the Phase 2 Selling Members to the Class B Member (collectively the “Sellers’ Phase 2 Certificates”), and upon such transfer the Class A Units shall
be converted automatically into Class B Units (the “Phase 2 Class B Units”); 
 (ii) The
Class B Member shall deliver to the Closing Agent the Phase 2 Purchase Price (which will be subject to credits for amounts received by the Closing Agent pursuant to Section 3 of the Amendment to the Future Participation Note and
Section 3 of the Amendment to the Other NMV Note, and be subject to offset as provided in the Allocation Agreement) by wire transfer pursuant to wiring instructions given to the Class B Member in writing by the Closing Agent no later than
3:00 p.m., Eastern Time, three (3) Business Days preceding the Phase 2 Closing Date. Further, the Class A Members, or their Affiliates, shall deliver to the Closing Agent the amount required to repay the Future Participation Note and the
Other NMV Note, by wire transfer no later than 3:00 p.m., Eastern Time on or before January 5, 2023 

  
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pursuant to wiring instructions given to the Class A Members in writing by Closing Agent no later than 3:00 p.m., Eastern Time, on January 2, 2023. The Closing Agent shall deliver the
Phase 2 Purchase Price (subject to the provisions of Section 3 of the Amendment to the Future Participation Note and Section 3 of the Amendment to the Other NMV Note and the offset provisions in the Allocation Agreement) to the Phase 2
Selling Members on the Phase 2 Closing Date, by wire transfer pursuant to wiring instructions given to the Closing Agent in writing by each of the Phase 2 Selling Members no later than 3:00 p.m., Eastern Time, one (1) Business Day preceding the
Phase 2 Closing Date. 
 (iii) The Class B Member shall deliver the Sellers’ Phase 2 Certificates to the Company and the Company
shall issue Certificates to the Class B Member representing the Phase 2 Class B Units; 
 (iv) As a condition to the obligation of
the Class B Member to deliver to the Phase 2 Selling Members the Phase 2 Purchase Price in accordance with this Section 8.01 and conclude the Phase 2 Closing, each of the Phase 2 Selling Members shall be deemed in all
respects to represent to the Class B Member, jointly and severally, that as of the Phase 2 Closing: 
 (A) Each
Class A Member is an individual or an entity du]y organized, validly existing and in good standing under the laws of its jurisdiction of organization, and has the power and authority to own the Phase 2 Class A Units and execute, deliver,
and perform its obligations pursuant to this Section 8. 
 (B) The performance by each Class A
Member of its obligations pursuant to this Section 8.01, if applicable, has been duly authorized by all necessary corporate or company actions and does not and will not: (i) contravene the terms of their respective
organizational documents, (ii) conflict with or result in any breach or contravention of a contractual obligation, if applicable, to which such Class A Member is a party, (iii) conflict with any order, injunction, writ or decree or
any Governmental Authority to which such Member is subject, or (iv) require approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority. 

(C) The agreements of each Class A Member contained in this Section 8.01 constitute the legal,
valid and binding obligations of each of them, enforceable against each of them in accordance with their respective terms, except as enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. 

(D) The Phase 2 Class A Units are free and clear of all liens, claims, restrictions or limitations, except for the
limitations set forth in this Agreement. No Person has any option, warrant, or other right to acquire any ownership interest in the Phase 2 Class A Units, 

  
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 (E) At the Phase 2 Closing, each of the Phase 2 Selling Members shall
deliver a certificate to the Class B Member confirming the representations and warranties provided for in this Section 8.01(c)(iv), which representations and warranties shall survive the Phase 2 Closing. 

(v) As a condition to the obligation of each of the Phase 2 Selling Members to conclude the Phase 2 Closing, the Class B Member shall be
deemed in all respects to represent to each of the Phase 2 Selling Members that as of the Phase 2 Closing: 
 (A) The
Class B Member is an entity duly organized, validly existing and in good standing under the laws of the state of its organization and has the power and authority to execute upon, deliver, and perform its obligations pursuant to this
Section 8. 
 (B) The performance of its obligations pursuant to this
Section 8.1 has been duly authorized by all necessary corporate or company actions and does not and will not: (i) contravene the terms of its organizational documents, (ii) conflict with or result in any breach or
contravention of a contractual obligation to which the Class B Member is a party, (iii) conflict with any order, injunction, writ or decree or any Governmental Authority to which the Class B Member is subject, or (iv) require
approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority. 

(C) The agreements of the Class B Member contained in this Section 8 constitute the legal, valid
and binding obligations of it, enforceable against it in accordance with their respective terms, except as enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. 

(D) At the Phase 2 Closing, the Class B Member shall deliver a certificate to each of the Phase 2 Selling Members
confirming the representations and warranties provided for in this Section 8.0l(c)(v), which shall survive the Phase 2 Closing. 

(vi) At the Phase 2 Closing, the outstanding balance of all Default Loans (including any accrued but unpaid interest and costs and expenses)
shall be repaid in full by the Noncontributing Member(s) to the Contributing Member(s). 
 8.02. Phase 3 Class A
Units Purchase. 
 (a) Upon the first to occur of: 

(i) JLA’s exercise of the JLA Put Option; 

(ii) JLA’s Retirement (as defined in the JLA Employment Agreement); 

  
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 (iii) JLA’s death or Disability (as defined in the JLA Employment Agreement); or 

(iv) The Accelerated Closing date, the Class B Member shall purchase (the “Phase 3 Class A Units
Purchase”) from the Class A Members, pro rata (the “Phase 3 Selling Members”) the remaining 10 Class A Units (“Phase 3 Class A Units”) for an aggregate purchase price (the
“Phase 3 Purchase Price”) equal to the sum of (1) $2,350,000 plus (2) (A) the sum of (x) the amount of the then current Excess Distributable Cash (for the avoidance of doubt, this adjustment may be a reduction of the Phase 3
Purchase Price to the extent that defined Excess Distributable Cash is negative), plus (y) the amount of Pursuit Costs outstanding as of the Phase 3 Closing Date which are determined by the EC Committee to relate to Sponsored Projects or
potential Sponsored Projects reasonably likely to be funded and commenced, (R) multiplied by a fraction the numerator of which is the number of Phase 3 Class A Units and the denominator of which is the number of all of the issued and
outstanding Units of all classes, provided the Phase 3 Class A Purchase shall not include any interest in the Unfunded PC Liability Capital Account or related items in which AGC Member will retain an economic interest only through its Special
Capital Accounts. The Phase 3 Purchase Price shall be increased or decreased, as applicable, promptly upon receipt by the Phase 3 Selling Members and the Class B Member of the Excess Distributable Cash Recalculation, and if the Excess
Distributable Cash Recalculation shows a deficiency in the amount of the Phase 3 Purchase Price paid by the Class B Member, the Class B Member shall promptly make an additional payment to the Phase 3 Selling Members in the amount of such
deficiency, and if the Excess Distributable Cash Recalculation shows an overage in the amount of the Phase 3 Purchase Price paid by the Class B Member, the Phase 3 Selling Members shall promptly refund the amount of such overage to the
Class B Member. The Phase 3 Purchase Price shall be subject to the provisions of the FPA and the Notes, and subject to offset as provided for in the Allocation Agreement. Any adjustment downward in the number of Class A Units owned by the
Class A Members pursuant to Section 3.02(e) prior to the Phase 3 Closing that were not accounted for in the Phase 2 Class A Units will be applied to reduce the number of Phase 3 Class A Units, and the amount
of the Phase 3 Purchase Price shall be adjusted downward proportionately. For example, if the number of Class A Units owned by the Class A Members at the time of the Phase 3 Closing has been reduced by 2 Class A Units, the Phase 3
Class A Units will be reduced by 2 Class A Units with the result that the Class A Member would hold 8 Phase 3 Class A Units. The Phase 3 Purchase Price would be proportionately reduced by multiplying the Phase 3 Purchase Price by
a fraction, the numerator of which is the reduced number of Phase 3 Class A Units and the denominator of which is the number of Phase 3 Class A Units. If any Phase 3 Selling Member own any Default Loan Conversion Units at the time of the
Phase 3 Closing, the following shall occur: (A) all of such Default Loan Conversion Units shall be purchased by the Class B Member as a part of the Phase 3 Closing, (B) there shall be no change in the Phase 3 Purchase Price to be paid
by the Class B Member to the Phase 3 Selling Members with respect to the original 10 Phase 3 Class A Units being purchased, (C) the purchase price to be paid by the Class B Member to the applicable Phase 3 Selling Members with
respect to the Default Loan Conversion Units held by them shall be an amount equal to two (2) times the outstanding balance of the Default Loan (including any accrued but unpaid interest and cost and expenses) at the time of the exercise of the
Default Loan Conversion Option of the Default Loan (the “Default Loan Phase 3 Purchase Price”) and (D) in the event that the issuance of Default Loan Conversion Units is due to a failure by a Phase 3 Selling Member(s) to make
an Additional Capital Contribution, the portion of the Phase 3 Purchase Price payable by the Class B Member to the Phase 3 Selling Member(s) whose 

  
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failure to make an Additional Capital Contribution resulted in the issuance of Default Loan Conversion Units shall be reduced pro rata among such Phase 3 Selling Member(s) by the amount of the
Default Loan Phase 3 Purchase Price. For purposes of the Phase 3 Closing, the Default Loan Conversion Units shall be included in the defined term Phase 3 Class A Units and the Default Loan Phase 3 Purchase Price shall be included in the Phase 3
Purchase Price. If at the time of the Phase 3 Closing, a Default Loan made by a Phase 3 Selling Member (as the Contributing Member) to the Class B Member (as a Noncontributing Member) remains outstanding, then the Class B Member shall pay
to such Phase 3 Selling Member at the Phase 3 Closing (in addition to the portion of the Phase 3 Purchase Price payable to such Phase 3 Selling Member) the outstanding principal balance plus all accrued interest and costs and expenses owed under the
Default Loan to the Phase 3 Closing Date. If at the time of the Phase 3 Closing, a Default Loan made by the Class B Member (as the Contributing Member) to a Class A Member (as a Noncontributing Member) remains outstanding, then the portion
of the Phase 3 Purchase Price payable by the Class B Member to such Phase 3 Selling Member shall be reduced by the outstanding principal balance plus all accrued interest and costs and expenses owed under the Default Loan to the Phase 3 Closing
Date and any amount payable with respect to the Default Loan in excess of such reduction shall be promptly paid to the Class B Member by such Phase 3 Selling Member. 

(b) The closing of the Phase 3 Class A Units Purchase (the “Phase 3 Closing”) shall take place no later than the
Fifteenth (15th Business Day following the occurrence of the events specified in Section 8.02(a) at 10:00 AM, Eastern Time, at the offices of Berger Singerman LLP located
at 350 East Las Olas Blvd., Suite 1000, Fort Lauderdale, Florida, 33301, or such other time and location upon which the Members may agree (the “Phase 3 Closing Date”). 

(c) At the Phase 3 Closing: 
 (i)
The Class A Members shall deliver to the Class B Member, Certificates representing the Phase 3 Class A Units, pro rata from each Class A Member based on their respective ownership of the Class A Units, duly endorsed to the
Class B Member or accompanied by unit transfer powers sufficient to enable the Company to transfer the Phase 3 Class A Units and the Capital Accounts related to the Phase 3 Class A Units from the Phase 3 Selling Members to the
Class B Member (collectively the “Sellers’ Phase 3 Certificates”) and upon such transfer the Class A Units shall be converted automatically into Class B Units (the “Phase 3 Class B
Units”); 
 (ii) The Class B Member shall deliver to the Closing Agent the Phase 3 Purchase Price (which if the Phase 3
Closing occurs simultaneously with the Phase 2 Closing will include such amounts received by the Closing Agent pursuant to Section 3 of the Amendment to the Future Participation Note and Section 3 of the Amendment to the Other NMV Note,
and be subject to offset as provided in the Allocation Agreement) by wire transfer pursuant to wiring instructions given to the Class B Member in writing by the Closing Agent no later than 3:00 p.m., Eastern Time, three (3) Business Days
preceding the Phase 3 Closing Date. Further, if applicable, the Class A Members, or their Affiliates, shall deliver to the Closing Agent the amount required to repay the Future Participation Note and the Other NMV Note, by wire transfer no
later than 3:00 p.m., Eastern Time, on or before January 5, 2023 pursuant to wiring instructions given to the Class A Members in writing by Closing Agent no later than 3:00 p.m., Eastern Time, on January 2, 2023. The Closing Agent
shall deliver the Phase 3 Purchase Price (subject to the provisions of 

  
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Section 3 of the Amendment to the Future Participation Note and Section 3 of the Amendment to the Other NMV Note and the offset provisions in the Allocation Agreement, if applicable) to
the Phase 3 Selling Members on the Phase 3 Closing Date, by wire transfer pursuant to wiring instructions given to the Closing Agent in writing by each of the Phase 3 Selling Members no later than 3:00 p.m., Eastern Time, one (1) Business Day
preceding the Phase 3 Closing Date. 
 (iii) The Class B Member shall deliver the Sellers’ Phase 3 Certificates to the Company and
the Company shall issue Certificates to the Class B Member representing the Phase 3 Class B Units; 
 (iv) All Class A EC
Members and all Class A Managers shall be deemed automatically to have resigned; and 
 (v) As a condition to the obligation of the
Class B Member to deliver to the Phase 3 Selling Members the Phase 3 Purchase Price in accordance with this Section 8.02 and conclude the Phase 3 Closing, each of the Phase 3 Selling Members shall be deemed in all
respects to represent to the Class B Member, jointly and severally, that as of the Phase 3 Closing: 
 (A) Each
Class A Member is an individual or entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and has the power and authority to own the Phase 3 Class A Units and execute, deliver, and
perform its obligations pursuant to this Section 8. 
 (B) The performance by each Class A
Member of its obligations pursuant to this Section 8.02, if applicable, has been duly authorized by all necessary corporate or company actions and does not and will not: (i) contravene the terms of their respective
organizational documents, (ii) conflict with or result in any breach or contravention of a contractual obligation, if applicable, to which such Class A Member is a party, (iii) conflict with any order, injunction, writ or decree or
any governmental authority to which such Member is subject, or violate any requirement of law, or (iv) require approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other third party. 
 (C) The agreements of each Class A Member contained in this Section 8.02
constitute the legal, valid and binding obligations of each of them, enforceable against each of them in accordance with their respective terms, except as enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. 

(D) The Phase 3 Class A Units are free and clear of all liens, claims, restrictions or limitations, except for the
limitations set forth in this Agreement. No Person has any option, warrant, or other right to acquire any ownership interest in the Phase 3 Class A Units. 

  
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 (E) At the Phase 3 Closing, each of the Phase 3 Selling Members shall
deliver a certificate to the Class B Member confirming the representations and warranties provided for in this Section 8.02(c)(v), which shall survive the Phase 3 Closing. 

(vi) As a condition to the obligation of each of the Phase 3 Selling Members to conclude the Phase 3 Closing, the Class B Member shall be
deemed in all respects to represent to each of the Phase 3 Selling Members that as of the Phase 3 Closing: 
 (A) The
Class B Member is an entity duly organized, validly existing and in good standing under the laws of the State of its organization and has the power and authority to execute upon, deliver, and perform its obligations pursuant to this
Section 8.02. 
 (B) The performance of its obligations pursuant to this
Section 8.2 has been duly authorized by all necessary corporate or company actions and does not and will not: (i) contravene the terms of its organizational documents; (ii) conflict with or result in any breach or
contravention of a contractual obligation to which the Class B Member is a party; (iii) conflict with any order, injunction, writ or decree or any governmental authority to which the Class B Member is subject, or violate any
requirement of law; or (iv) require approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other third party. 

(C) The agreements of the Class B Member contained in this Section 8.02 constitute the legal,
valid and binding obligations of it, enforceable against it in accordance with their respective terms, except as enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. 

(D) At the Phase 3 Closing, the Class B Member shall deliver a certificate to each of the Phase 3 Selling Members
confirming the representations and warranties provided for in this Section 8.02(c)(vi) which shall survive the Phase 3 Closing. 

(vii) At the Phase 3 Closing, the outstanding balance of all Default Loans (including any accrued but unpaid interest and costs and expenses)
shall be repaid in full by the Noncontributing Member(s) to the Contributing Member(s). 
 8.03. Class B Member
Option to Accelerate Phase 2 Class A Units Purchase and Phase 3 Class A Units Purchase. 
 (a)
Prior to the Phase 2 Closing, and upon the first to occur of: 
 (i) JLA’s death, Retirement or Disability; 

  
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 (ii) Termination of the term of the JLA Employment Agreement by JLA prior to its stated
termination date other than for Good Reason (as defined in the JLA Employment Agreement); or 
 (iii) Termination of the JLA Employment
Agreement for Cause (as defined in the JLA Employment Agreement), the Class B Member shall have the option to accelerate the Phase 2 Class A Units Purchase, and/or the further option to accelerate the Phase 3 Class A Units Purchase by
giving each of the Class A Members written notice of the accelerated Phase 2 Closing, and if applicable the accelerated Phase 3 Closing. For avoidance of doubt, the Class B Member may accelerate the Phase 2 Class A Units Purchase
without simultaneously accelerating the Phase 3 Class A Units Purchase, and, in such event, the Class B Member may thereafter accelerate the Phase 3 Class A Units Purchase. 

(b) Prior to the Phase 2 Closing, and upon the termination of the JLA Employment Agreement by JLA for Good Reason (as defined in the JLA
Employment Agreement as of the Effective Date), the Class A Members, acting unanimously, shall have the option to accelerate the Phase 2 Class A Units Purchase and the further option to accelerate the Phase 3 Class A Units Purchase by
giving the Class B Member written notice, within ten (10) Business Days following the termination of the JLA Employment Agreement by JLA for Good Reason, of the accelerated Phase 2 Closing, and, if applicable, the accelerated Phase 3
Closing. For avoidance of doubt, the Class A Members may accelerate the Phase 2 Class A Units Purchase without simultaneously accelerating the Phase 3 Class A Units Purchase or may accelerate both the Phase 2 Class A Units
Purchase and the Phase 3 Class A Units Purchase. 
 (c) The closing of the accelerated Phase 2 Class A Units Purchase and the
accelerated Phase 3 Class A Units Purchase, if applicable, as provided for in Section 8.03(a) (each an “Accelerated Closing”) shall take place as provided for in
Section 8.01(b) or Section 8.02(b), as applicable (other than with respect to the date of the Accelerated Closing which shall occur prior to 5:00 PM Miami-Dade County, Florida time on the Tenth (10th) Business day following the delivery to the Class A Members of the notice exercising the right to accelerate as provided for in Section 8.03(a). 

(d) The provisions of Sections 8.01(c) and 8.02(c), as the case may be, shall apply to the Accelerated Closings as if set forth
fully in this Section 8.03. 
 8.04. Timing. If the Phase 3 Class A Units Purchase is
accelerated under the applicable provisions of Section 8.03 or Section 9.02, the Phase 2 Closing and the Phase 3 Closing shall occur simultaneously on the earlier of the Phase 2 Closing Date or the
Phase 3 Closing Date. 
 8.05. AGC Ownership Changes. The Company, through AGC Member, currently owns 60% of AGC. 

(a) If prior to the Phase 2 Closing, the Company’s direct or indirect interest in AGC increases as a result of a transaction pursuant to
Section 4.3 of the New AOC Operating Agreement, other than in respect of Unfunded PC Liabilities (as defined in the New AOC Operating Agreement) , the Phase 2 Purchase Price shall be increased, pro rata among the
Class A Members participating in such transaction in proportion to their participation, by an amount equal 

  
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to $45,658 for each additional 1%, or fraction thereof, of AOC owned directly or indirectly by the Company, such increase being in addition to any other increase or adjustment to the Phase 2
Purchase Price set forth in this Agreement. If after the Phase 2 Closing but prior to the Phase 3 Closing, the Company’s direct or indirect interest in AGC increases, the Phase 3 Purchase Price shall be increased by an amount equal to $11,414
for each additional 1%, or fraction thereof, of AGC owned directly or indirectly by the Company, such increase being in additional to any other increase or adjustment to the Phase 3 Purchase Price set forth in this Agreement. 

(b) If prior to the Phase 2 Closing, the Company’s direct or indirect interest in AGC increases as a result of a transaction pursuant to
Section 4.3 of the New AGC Operating Agreement that is in respect of Unfunded PC Liabilities and that is funded in whole or in part through contributions to the Special Capital Account by JLA, the Phase 2 Purchase Price
payable to JLA shall be increased by the then outstanding amount of the unreturned portion of the related contribution by JLA to the Special Capital Account, such increase being in addition to any other increase or adjustment to the Phase 2 Purchase
Price set forth in this Agreement. If after the Phase 2 Closing but prior to the Phase 3 Closing, the Company’s direct or indirect interest in AGC increases, as provided for in this Section 8.05(b), the Phase 3
Purchase Price shall be increased in accordance with the preceding sentence, such increase being in addition to any other increase or adjustment to the Phase 3 Purchase Price set forth in this Agreement. 

SECTION 9 
 TRANSFER

 9.01. General Restrictions on Transfer. 

(a) Except for Class A Member Permitted Transfers or Transfers to an entity or entities that are directly or indirectly Controlled by JLA,
no Class A Member shall Transfer, directly or indirectly, voluntarily or involuntarily, all or any portion of its Class A Units without the unanimous written consent of the Executive Committee. If the Executive Committee does not approve
of a Transfer of such Class A Units, any unapproved Transferee of the relevant Class A Units shall have no right to participate in the management or conduct of the Company’s activities and affairs or to become or continue to be a
Member of the Company (or exercise any rights or powers of a Member including, any voting rights), except as otherwise provided in the Act, and the Transferee shall only be a “transferee” within the meaning of the Act and shall be entitled
to receive only the distributions to which the Transferor Member otherwise would be entitled. 
 (b) Except for BBX Permitted Transfers and
as provided in Section 9.02, until the Phase 2 Closing, no Class B Member shall Transfer, directly or indirectly, voluntarily or involuntarily, all or any portion of its Class B Units without the unanimous written
consent of the Executive Committee. If the Executive Committee does not approve of a Transfer of such Class B Units, any unapproved Transferee of the relevant Class B Units shall have no right to participate in the management or conduct of
the Company’s activities and affairs or to become or continue to be a Member of the Company (or exercise any rights or powers of a Member including, any voting rights), except as otherwise provided in the Act, and the Transferee shall only be a
“transferee” within the meaning of the Act and shall be entitled to receive only the distributions to which the Transferor Member otherwise would be entitled. For the avoidance of doubt, after the Phase 2 Closing, no Class B Member
shall Transfer, directly or indirectly, voluntarily or involuntarily, all or any portion of its Class B Units without the majority written consent of the Executive Committee. 

  
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 (c) No Transfer of Units to a Person not already a Member of the Company shall be deemed
completed until the prospective Transferee is admitted as a Member of the Company in accordance with Section 4.01(b). No Member shall have the power or right to voluntarily withdraw or dissociate from the Company prior to
the dissolution and winding up of the Company and any such withdrawal or dissociation or attempted withdrawal or dissociation by a Member prior to the dissolution and winding up of the Company shall be null and void. 

9.02. Transfers by Class B Member; Class A Member Option to Accelerate. 

(a) If a BBXCC Change in Control is expected to occur, the Class B Member shall give at least Thirty (30) Business Days’ prior
written notice to the Class A Members stating the intention of BBXCC to effect a BBXCC Change in Control (a “Change in Control Notice”). Within Fifteen ( 15) Business Days following receipt of such notice, the Class A
Members, acting unanimously and in their sole discretion, may deliver to the Class B Member a written notice (an “Unacceptability Notice”) accelerating both the Phase 2 Class A Units Purchase and the Phase 3 Class A
Units Purchase (it being understood that the Class A Members have the right to accelerate both but not less than both, except if the Phase 2 Class A Units Purchase has already occurred), with the relevant closing thereof to occur
simultaneously with the proposed Transfer only if a BBXCC Change in Control actually occurs. If the Class A Members fail to timely give to the Class B Member an Unacceptability Notice accelerating the Phase 2 Class A Units Purchase
and the Phase 3 Class A Units Purchase as provided for in this Section 9.02, then (i) the Class A Members shall not have the right to accelerate the Phase 2 Class A Units Purchase and the Phase 3
Class A Units Purchase in respect of the Change in Control Notice, and (ii) BBXCC shall have the absolute right, for a period of time expiring on the first anniversary of the date on which the Class B Member delivered to the
Class A Members the Change in Control Notice, to effect the BBXCC Change in Control; provided that if such BBXCC Change in Control does not occur not within such time period, the provisions of this Section 9.02(a)
shall again be effective with respect to any such proposed BBXCC Change in Control. 
 (b) If the Class A Members timely give to the
Class B Member an Unacceptability Notice exercising their option to accelerate the Phase 2 Class A Units Purchase and the Phase 3 Class A Units Purchase, the provisions of Sections 8.01(b) and 8.02(b) (other than with
respect to the date of closing, which shall occur simultaneously with the sale of the Class B Units), and the provisions of Section 8.01(c) and 8.02(c), Section 8.04 and 8.05
shall apply with respect to the accelerated closings of the Phase 2 Class A Units Purchase and the Phase 3 Class A Units Purchase pursuant to this Section 9.02. 

(c) Notwithstanding the foregoing, the Class B Member may, at any time following its receipt of an Unacceptability Notice and prior to the
closing of the BBXCC Change in Control subject to such Unacceptability Notice, by written notice given to the Class A Members, rescind its Change in Control Notice to the Class A Members stating its intent to cause a BBXCC Change in
Control, in which case the exercise by the Class A Members of their option to accelerate the Phase 2 Class A Units Purchase and the Phase 3 Class A Units Purchase pursuant to this Section 9.02 shall be null
and void. 

  
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 SECTION 10 

EXCULPATION AND INDEMNIFICATION 

10.01. Exculpation of Covered Persons. 

(a) Covered Persons. As used herein, the term “Covered Person” shall mean (i) each Member; (ii) each officer,
director, stockholder, partner, member, Affiliate, employee, agent or representative of each Member, and each of their Affiliates; and (iii) each EC Member, Manager, Officer, employee, agent or representative of the Company. For the avoidance
of doubt, any firm, business, contractor or other Person providing products or services to the Company, or to any client or customer of the Company on behalf or at the request of the Managers or a Member shall not be deemed a duly authorized agent
of the Company by reason of such actions alone. 
 (b) Exculpation. No Covered Person shall be liable to the Company or any Member for
any loss or other damages relating to or arising from such Covered Person’s duties, services or responsibilities for the Company, including any statement, vote, decisions, or failure to act regarding any management or policy decisions by such
Covered Person, unless caused by an act or omission constituting gross negligence, fraud, bad faith, willful misconduct, or a knowing violation of law, in each case as determined in a final, non-appealable
judgement of a U.S. Federal or state court of competent jurisdiction. Any repeal or modification of this Section 10.01(b) shall not adversely affect any right of a Covered Person to claim exculpation hereunder with regard
to matters that occurred prior to such repeal or modification. 
 (c) No Duties of Loyalty or Care. The Members have agreed that the Managers
and EC Members shall have no fiduciary duties of loyalty or care, other than as expressly set forth in this Agreement, and further for the avoidance of doubt, no other sources of law or principles related to the duties of care or loyalty, whether
arising under the Act or common law or equitable principles, shall be deemed to apply to the performance of the duties and responsibilities of the Managers and EC Members, notwithstanding any provision of the Act to the contrary. Without limiting
the foregoing exoneration of a Covered Person, to the fullest extent provided for under the Act, for purposes of construing and applying Section 605.04091 of the Act and Section 605.0111 of the Act, or any successor provision or
provisions, no Manager, EC Member or Member (whether directly, or indirectly through its Affiliates or other Persons acting on its behalf of the Company) shall be deemed to have breached any duty or obligation described therein, unless the conduct
of the Manager, EC Member or Member (or such other Person) in question constituted gross negligence, fraud, bad faith, willful misconduct, or a knowing violation of law, in each case as determined in a final,
non-appealable judgement of a U.S. Federal or state court of competent jurisdiction or by the Arbitrator. For this purpose “conduct” includes refraining from acting as well as overt acts. 

  
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 10.02. Intentionally omitted. 

10.03. Indemnification. 

(a) Indemnification. Subject to the limitations and conditions as provided in this Section 10, each Covered
Person (“Indemnitee”) who is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or arbitrative (a
“Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that the Covered Person was, at the time of the incident giving rise to the Proceeding, a
Manager, EC Member, or a duly appointed officer of the Company, or another Person (including a Member and its managers, directors, officers, or other agents) who was duly authorized by the Managers or EC Members to act as an agent of the Company
and/or to carry out any specified duties and responsibilities of the Managers or EC Members or otherwise perform services for the benefit of the Company at the express request of the Managers or EC Members, shall be indemnified by the Company
against judgments , penalties (including without limitation excise and similar taxes and punitive damages), fines, settlements and reasonable expenses (including, without limitation, attorneys’ fees) incurred by the Indemnitee in connection
with such Proceeding (collectively, “Covered Losses”); provided that the Covered Person’s actions or omissions which are the subject of or otherwise related to the reasons for the Proceeding did not constitute any of the
following, in each case as determined in a final, non-appealable judgment of the U.S. federal or state court of competent jurisdiction or in arbitration: 

(i) gross negligence, fraud, bad faith, willful misconduct, or a knowing violation of law, (ii) a transaction from which the Covered
Person derived an improper personal benefit (which shall not be deemed to include any benefit or other consideration arising from a transaction with a Person with whom the Covered Person was affiliated if such transaction was approved by Members
holding a majority of the Membership Interests, or was not determined to be unfair to the Company, or was disclosed in or contemplated by this Agreement), (iii) a circumstance under which the liability provisions of Section 605.0406 of the Act
were applicable; or (iv) breach of the Covered Person’s duties or obligations under Section 605.04093 of the Act, as the same have been permissibly modified by this Agreement. The Company’s indemnification obligations under this
Section 10.03 shall continue as to a Covered Person who has ceased to serve in the capacity which initially entitled such Covered Person to indemnification hereunder. No amendment, modification or repeal of this
Section 10 shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings arising prior to any amendment, modification or repeal. 

(b) Control of Defense. Upon a Covered Person’s discovery of any claim, lawsuit or other proceeding relating to any Covered Losses
for which such Covered Person may be indemnified pursuant to this Section 10.03, the Covered Person shall give prompt written notice to the Company of such claim, lawsuit or proceeding; provided, that the failure of the
Covered Person to provide such notice shall not relieve the Company of any indemnification obligation under this Section 10.03, unless the Company shall have forfeited any rights or defenses or have been materially
prejudiced thereby. Subject to the approval of the disinterested Members, the Company shall be entitled to participate in or assume the defense of any such claim, lawsuit or proceeding at its own expense. After notice from the Company to the Covered
Person of its election to assume the defense of any such claim, lawsuit or proceeding, the Company shall not be liable to the Covered Person under this Agreement or otherwise for any legal or other expenses subsequently incurred by the Covered
Person in connection with investigating, preparing to defend or defending any such claim, lawsuit or other proceeding. If the Company does not elect (or fails to elect) to assume the defense of any such claim, lawsuit or proceeding, the Covered
Person shall have the right to assume the defense of such claim, lawsuit or proceeding as it deems appropriate, but it shall not settle any such claim, lawsuit or proceeding without the consent of the Company (which consent shall not be unreasonably
withheld, conditioned or delayed). 

  
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 (c) Reimbursement. The Company shall promptly reimburse (and/or advance to the extent
reasonably requested by a Covered Person) each Covered Person for reasonable legal or other expenses (as incurred) of such Covered Person in connection with investigating, preparing to defend or defending any claim, lawsuit or other proceeding
relating to any Covered Losses for which such Covered Person may be indemnified pursuant to this Section 10.03; provided, that if it is finally determined judicially or by arbitration that such Covered Person
is not entitled to the indemnification provided by this Section 10.03, then such Covered Person shall promptly reimburse the Company for any reimbursed or advanced expenses. 

(d) Entitlement to Indemnity. The indemnification provided by this Section 10.03 shall not be deemed exclusive
of any other rights to indemnification to which those seeking indemnification may be entitled under any agreement or otherwise. The provisions of this Section 10.03 shall continue to afford protection to each Covered Person
regard less of whether such Covered Person remains in the position or capacity pursuant to which such Covered Person became entitled to indemnification under this Section 10.03 and shall inure to the benefit of the
executors, administrators, legatees and distributees of such Covered Person. 
 (e) Insurance. To the extent available on commercially
reasonable terms, the Company shall purchase and maintain, at the Company’s expense, insurance, including directors’ and officers’ insurance, in such amounts as determined by the Executive Committee, to cover Covered Losses covered by
the foregoing indemnification provisions and to otherwise cover Covered Losses for any breach or alleged breach by any Covered Person of such Covered Person’s duties in such amount and with such deductibles as the Managers may reasonably
determine; provided, that the failure to obtain such insurance shall not affect the right to indemnification of any Covered Person under the indemnification provisions contained herein, including the right to be reimbursed or advanced
expenses or otherwise indemnified for Covered Losses hereunder. If any Covered Person recovers any amounts in respect of any Covered Losses from any insurance coverage, then such Covered Person shall, to the extent that such recovery is duplicative,
reimburse the Company for any amounts previously paid to such Covered Person by the Company in respect of such Covered Losses. 
 (f)
Funding of Indemnification Obligation. Notwithstanding anything contained herein to the contrary, any indemnity by the Company relating to the matters covered in this Section 10.03 shall be provided out of and to the
extent of Company assets only, and no Member (unless such Member otherwise agrees in writing) shall have personal liability on account thereof or shall be required to make Additional Capital Contributions to help satisfy such indemnity by the
Company. 
 (g) Savings Clause. If this Section 10.03 or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Covered Person pursuant to this Section 10.03 to the fullest extent permitted by any applicable portion of
this Section 10.03 that shall not have been invalidated and to the fullest extent permitted by Applicable Law. 

  
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 (h) Amendment. The provisions of this Section 10.03 shall
be a contract between the Company, on the one hand, and each Covered Person who served in such capacity at any time while this Section 10.03 is in effect, on the other hand, pursuant to which the Company and each such
Covered Person intend to be legally bound. No amendment, modification or repeal of this Section 10.03 that adversely affects the rights of a Covered Person to indemnification for Covered Losses incurred or relating to a
state of facts existing prior to such amendment, modification or repeal shall apply in such a way as to eliminate or reduce such Covered Person’s entitlement to indemnification for such Covered Losses without the Covered Person’s prior
written consent. 
 (i) Survival. The provisions of this Section 10 shall survive the dissolution,
liquidation, winding up and termination of the Company. 
 SECTION 11 

ACCOUNTING; TAX MATTERS 

11.01. Financial Statements. The Company shall furnish to each Member the following reports: 

(a) Annual Financial Statements. As soon as available, and in any event within Forty-Five (45) days (or such later date as approved
in writing by the Class B Member) after the end of each Fiscal Year, audited consolidated balance sheets of the Company as at the end of each such Fiscal Year and audited consolidated statements of income, cash flows and Members’ equity
for such Fiscal Year, in each case setting forth in comparative form the figures for the previous Fiscal Year, accompanied by the certification of independent certified public accountants of recognized national standing selected by the Class B
Member (who shall initially be Berkowitz Pollack Brant Advisors and Accountants), certifying to the effect that, except as set forth therein, such financial statements have been prepared in accordance with GAAP, applied on a basis consistent with
prior years, and fairly present in all material respects the financial condition of the Company as of the dates thereof and the results of their operations and changes in their cash flows and Members’ equity for the periods covered thereby.

 (b) Quarterly Financial Statements. As soon as available, and in any event on or prior to the earlier of Eight (8) Business
Days or Ten (10) calendar days after the end of each quarterly accounting period in each Fiscal Year, unaudited consolidated balance sheets of the Company as at the end of each such fiscal quarter and for the current Fiscal Year to date and
unaudited consolidated statements of income, cash flows and Members’ equity for such fiscal quarter and for the current Fiscal Year to date, in each case setting forth in comparative form the figures for the corresponding periods of the
previous fiscal quarter, all in reasonable detail and all prepared in accordance with GAAP, consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto), and certified
by the principal financial or accounting officer of the Company. 
 (c) Monthly Financial Statements. As soon as available, and in any
event on or prior to the earlier of Eight (8) Business Days or Ten (10) calendar days after the end of each monthly accounting period in each fiscal quarter unaudited consolidated balance sheets of the Company as at the end of each such
monthly period and for the current Fiscal Year to date and unaudited consolidated statements of income, cash flows and Members’ equity for each such monthly period and for the current Fiscal Year to date, all in reasonable detail and all
prepared in accordance with GAAP, consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto). 

  
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 11.02. Inspection Rights. Upon reasonable notice from a Member, the Company
shall afford such Member and its Representatives access during normal business hours to (a) the Company’s properties, offices, and other facilities; (b) the corporate, financial and similar records, reports and documents of the
Company, including all books and records, minutes of proceedings, internal management documents, reports of operations, reports of adverse developments, copies of any management letters and communications with Members, EC Members, or Managers, and
to permit each Member and its Representatives to examine such documents and make copies thereof or extracts therefrom; and (c) any Officers, senior employees and accountants of the Company, and to afford each Member and its Representatives the
opportunity to discuss and advise on the affairs, finances and accounts of the Company with such Officers, senior employees and accountants (and the Company hereby authorizes such employees and accountants to discuss with such Member and its
Representatives such affairs, finances and accounts); provided that (i) the requesting Member shall bear its own expenses and all reasonable expenses incurred by the Company in connection with any inspection or examination requested by such
Member pursuant to this Section 11.02 and (ii) if the Company provides or makes available any report or written analysis for any Member pursuant to this Section 11.02, it shall promptly
provide or make available such report or analysis to or for the other Members. 
 11.03. Income Tax Status. It is the intent of
this Company and the Members that this Company shall be treated as a partnership for U.S., federal, state and local income tax purposes. Neither the Company nor any Member shall make an election for the Company to be classified as other than a
partnership pursuant to Treasury Regulations Section 301.7701-3. 
 11.04. Partnership
Representative. 
 (a) Until the Phase 2 Closing, the Members appoint JLA as the “partnership representative” (the
“Partnership Representative”), as provided in Code Section 6223(a) (as amended by the Bipartisan Budget Act of 2015) (the “BBA”). The Partnership Representative may resign at any time if there is another Member
to act as the Partnership Representative. The Partnership Representative shall resign if it is no longer a Member. In the event of the resignation of the Partnership Representative, a majority of the other Members shall select a replacement
Partnership Representative. If the resignation of the Partnership Representative occurs prior to the effectiveness of the resignation under applicable Treasury Regulations or other administrative guidance, the resignation shall be effective upon the
earliest date provided for in such Treasury Regulations or administrative guidance. Subsequent to the Phase 2 Closing, BBXAOE shall automatically become the Partnership Representative. 

(b) The Partnership Representative is authorized and required to represent the Company (at the Company’s expense) in connection with all
examinations of the Company’s affairs by Taxing Authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated therewith. The Partnership Representative shall
have sole authority to act on behalf of the Company in any such examinations and any resulting administrative or judicial proceedings, and shall have sole discretion to determine whether the Company (either on its own behalf or on behalf of the
Members) will contest or continue to contest any tax deficiencies assessed or proposed to be assessed by any Taxing Authority. 

  
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 (c) The Company will annually elect out of Section 1101 of the BBA (the “BBA
Procedures”) pursuant to Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, then within forty-five (45) days of any
notice of final partnership adjustment, the Company will elect the alternative procedure under Code Section 6226, as amended by Section 1 101 of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years
to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment. 

(d) Each Member agrees that such Member shall not treat any Company item inconsistently on such Member’s federal, state, foreign or other
income tax return with the treatment of the item on the Company’s return. Any deficiency for taxes imposed on any Member (including penalties, additions to tax or interest imposed with respect to such taxes and taxes imposed pursuant to Code
Section 6226 as amended by the BBA) will be paid by such Member and if required to be paid (and actually paid) by the Company, such Member shall indemnify and hold the Company harmless from any and all amounts so paid. The provisions of this
Section 11.04(d) shall survive the termination, dissolution, liquidation and winding up of the Company and the withdrawal of such Member from the Company or Transfer of its Units. 

(e) Except as otherwise provided in this Agreement, or to the extent the Partnership Representative is otherwise notified in writing by the
Class B Member, the Partnership Representative shall have sole discretion to make any determination regarding income tax elections it deems advisable on behalf of the Company; provided, that the Partnership Representative will
make an election under Code Section 754, if requested in writing by another Member. 
 11.05. Tax Returns. At the expense
of the Company, and no later than Ninety (90) calendar days after the close of the Company’s Fiscal Year, the Executive Committee (or any Officer that the Executive Committee may designate pursuant to this
Section 11.05) shall endeavor to cause the preparation and filing of all tax returns required to be filed by the Company pursuant to the Code as well as all other required tax returns in each jurisdiction in which the
Company owns property or does business. As soon as reasonably possible after the end of each Fiscal Year, the Executive Committee or designated Officer will cause to be delivered to each Person who was a Member at any time during such Fiscal Year,
IRS Schedule K-1 to Form 1065 and such other information with respect to the Company as may be necessary for the preparation of such Person’s federal, state and local income tax returns for such Fiscal
Year. 
 11.06. Company Funds. All funds of the Company shall be deposited in its name, or in such name as may be designated by
the Executive Committee, in such checking, savings or other accounts, or held in its name in the form of such other investments as shall be designated by the Executive Committee. The funds of the Company shall not be commingled with the funds of any
other Person. All withdrawals of such deposits or liquidations of such investments by the Company shall be made exclusively upon the signature or signatures of such Officer or Officers as the Board of Managers may designate. 

  
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 11.07. Internal Controls. The Company shall design and maintain internal controls
providing for (a) reasonable assurance regarding the reliability of the Company’s financial reporting, including the presentation of the Company’s financial statements in accordance with GAAP, and (b) the safeguarding of the
Company’s assets. To the extent that the Class B Member’s obligations to maintain effective internal control over financial reporting pursuant to applicable laws and regulations (including those promulgated by the Securities and
Exchange Commission) require the Company to comply with such laws and regulations (which requirements may occur periodically or from time to time), including, but not limited to, the determination that the Class B Member must consolidate the
Company under GAAP, the Company shall ensure that its internal controls comply with the laws, regulations, and control framework applicable to the Class B Member. 

SECTION 12 

DISSOLUTION AND LIQUIDATION 

12.01. Events of Dissolution. The Company shall be dissolved and its affairs wound up only upon the occurrence of any of the
following events: 
 (a) Prior to the Phase 2 Closing, an election to dissolve the Company made by all of the Members and subsequent to the
Phase 2 Closing, an election to dissolve made by the Class B Member; 
 (b) The sale, exchange, involuntary conversion, or other
disposition or Transfer of all or substantially all the assets of the Company; or 
 (c) The entry of a decree of judicial dissolution under
the Act. 
 12.02. Effectiveness of Dissolution. Dissolution of the Company shall be effective on the day on which the event
described in Section 12.01 occurs, but the Company shall not terminate until the winding up of the Company has been completed, the assets of the Company have been distributed as provided in
Section 12.03 and the Articles of Dissolution shall have been filed with the Department of State as provided in Section 12.04. 

12.03. Liquidation. If the Company is dissolved pursuant to Section 12.01, the Company shall be liquidated and
its business and affairs wound up in accordance with the Act, Applicable Law, and the following provisions: 
 (a) Liquidator. JLA or,
subsequent to the Phase 2 Closing, BBXAOE, or another Person selected by the Executive Committee, shall act as liquidator to wind up the Company (the “Liquidator”). The Liquidator shall have full power and authority to sell, assign,
and encumber any or all of the Company’s assets and to wind up and liquidate the affairs of the Company in an orderly and business-like manner. 

  
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 (b) Accounting. As promptly as possible after dissolution and again after final
liquidation, the Liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution
occurs or the final liquidation is completed, as applicable. 
 (c) Distribution of Proceeds. The Liquidator shall liquidate the
assets of the Company and distribute the proceeds of such liquidation in the following order of priority, unless otherwise required by mandatory provisions of Applicable Law: 

(i) first, to the payment of all of the Company’s debts and liabilities to its creditors (including Members, if applicable) and the
expenses of liquidation (including sales commissions incident to any sales of assets of the Company); 
 (ii) second, to the establishment
of and additions to reserves that are determined by the Liquidator to be reasonably necessary for any contingent unforeseen liabilities or obligations of the Company; and 

(iii) third, to the Members in accordance with the positive balances in their respective Capital Accounts and Special Capital Accounts, as
determined after taking into account all Capital Account and Special Capital Account adjustments for the taxable year of the Company during which the liquidation of the Company occurs. 

12.04. Filing of Articles of Dissolution. Upon completion of the distribution of the assets of the Company as provided in
Section 12.03(c), the Company shall be terminated and the Liquidator shall cause the filing of the Articles of Dissolution with the Department of State and of all qualifications and registrations of the Company as a foreign
limited liability company in jurisdictions other than the State of Florida and shall take such other actions as may be necessary to terminate the Company. 

12.05. Survival of Rights, Duties and Obligations. Dissolution, liquidation, winding up or termination of the Company for any
reason shall not release any party from any Loss that at the time of such dissolution, liquidation, winding up or termination already had accrued to any other party or thereafter may accrue in respect of any act or omission prior to such
dissolution, liquidation, winding up or termination . For the avoidance of doubt, none of the foregoing shall replace, diminish or otherwise adversely affect any Member’s right to indemnification pursuant to
Section 10.03. 
 12.06. Recourse for Claims. Each Member shall look solely to the assets of the
Company for all distributions with respect to the Company, such Member’s Capital Account and Special Capital Account, and such Member’s share of Net Income, Net Loss and other items of income, gain, loss and deduction, and shall have no
recourse therefor (upon dissolution or otherwise) against the Liquidator or any other Member. 

  
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 SECTION 13 

MISCELLANEOUS 

13.01. Expenses. Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of
counsel, financial advisors and accountants, incurred in connection with the preparation and execution of this Agreement, or any amendment or waiver hereof, and the transactions contemplated hereby shall be paid by the party incurring such costs and
expenses. 
 13.02. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, the Company
and each Member agrees, at the request of the Company or any other Member, to execute and deliver such additional documents, instruments, conveyances and assurances and to take such further actions as may be required to carry out the provisions of
and give effect to the transactions contemplated by this Agreement, provided such actions do not increase or diminish the rights of any Member as provided for in this Agreement. 

13.03. 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) at any time, including, without limitation, use for personal, commercial or proprietary advantage or profit, either during its
association with the Company or subsequently, 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 13.03(a) shall
prevent any Member from disclosing Confidential Information: (i) upon the order of any court or administrative agency; (ii) upon the request or demand of any Governmental Authority having jurisdiction over such Member or in order to comply
with any Applicable Law; (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
provided for in this Agreement; (v) to another Member; (vi) to such Member’s Representatives who, in the reasonable judgment of such Member, need to know such Confidential Information and agree to be bound by the

  
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provisions of this Section 13.03 as if a Member; or (vii) to any actual or proposed Transferee permitted under this Agreement in connection with an actual or
proposed Transfer of Units from such Member, as long as such actual or proposed Transferee agrees to be bound by the provisions of this Section 13.03 as if a Member; provided, that in the case of clause (i), (ii) or (iii),
such Member shall 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 Member) and use reasonable efforts
to ensure that any Confidential Information so disclosed is accorded confidential treatment satisfactory to the Company, when and if available. 

(c) The restrictions of Section 13.03(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 Representatives on a non-confidential basis from a source other than the Company, the other Members or any of their respective Representatives;
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 13.03 shall survive for so long as such Member remains a
Member, and for two (2) years following the earlier of (i) termination, dissolution, liquidation and winding up of the Company, (ii) the withdrawal of such Member from the Company, or (iii) such Member’s Transfer of its
Units. 
 13.04. Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be
in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date
sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the
recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 13.04): 
  

			
	To the Company or any Class A Member:	  	c/o Joel L. Altman
		  	248 West Key Palm Road
		  	Boca Raton, FL 3343
		
	With a copy to:	  	Nelson Mullins Broad and Cassel
		  	1905 NW Corporate Boulevard,
		  	Suite 310
		  	Boca Raton, FL 33431
		  	Attn: Jeffrey A. Deutch
		
		  	And

  
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		  	Timothy A. Peterson
		  	1515 S. Federal Highway,
		  	Suite 300
		  	Boca Raton, FL 33432
		
	To the Class B Member:	  	c/o BBX Capital Corporation
		  	401 East Las Olas Blvd.,
		  	Suite 800
		  	Fort Lauderdale, FL 33301
		  	Attn: Seth M. Wise
		
	With a copy to:	  	Berger Singerman LLP
		  	350 East Las Olas Boulevard,
		  	Suite 1000
		  	Fort Lauderdale, FL 33301
		  	Attn: David Black
		
	And a copy to:	  	Greenspoon Marder LLP
		  	200 East Broward Boulevard,
		  	Suite 1800
		  	Fort Lauderdale, FL 33301
		  	Attn: Barry E. Somerstein

 If to a Member, an EC Member or a Manager, to their respective mailing address as set forth on the applicable Schedule. 

13.05. Headings. The headings in this Agreement are inserted for convenience or reference only and are in no way intended to
describe, interpret, define, or limit the scope, extent or intent of this Agreement or any provision of this Agreement 
 13.06.
Severability. If any term or provision of this Agreement is held to be invalid, illegal or unenforceable under Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of
this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Except as provided in Section 10.03(g), upon such determination that any term or other provision is invalid, illegal or
unenforceable, the parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
by this Agreement be consummated as originally contemplated to the greatest extent possible, and, if the matter is not resolved or is apparently incapable of resolution, such matter may be submitted to arbitration pursuant to
Section 13.12. 
 13.07. Entire Agreement. This Agreement, together with the Articles of Organization
and all related Exhibits and Schedules and the Transaction Documents (as defined in the BBXAOE/AOC Purchase Agreement), constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and
therein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, whether 

  
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written, oral, implied or in a record, with respect to such subject matter. The Members stipulate and agree that this Agreement is the sole and exclusive “operating agreement” of the
Company for all purposes of the Act. For the avoidance of any doubt, no other communications or conduct by the parties, whether oral, implied, in a record, or any combination thereof, shall be deemed part of the Company’s “operating
agreement.” The Background Statement set forth above is incorporated into and made a part of this Agreement. 
 13.08.
Successors and Assigns. Subject to the restrictions on Transfers set forth herein, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors
and permitted assigns. This Agreement may not be assigned by any Member except as permitted by this Agreement and any assignment in violation of this Agreement shall be null and void. 

13.09. No Third-Party Beneficiaries. Except as provided in Section 10, which shall be for the benefit
of and enforceable by Covered Persons as described therein, this Agreement is for the sole benefit of the parties hereto (and their respective heirs, executors, administrators, successors and assigns) and nothing herein, express or implied, is
intended to or shall confer upon any other Person, including any creditor of the Company, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

13.10. Amendment. No provision of this Agreement may be amended or modified except by an instrument in writing executed by the
Company and all of the Members. Any such written amendment or modification will be binding upon the Company and each Member. Notwithstanding the foregoing, amendments to the Members’ Schedule, the issuance of new Certificates and amendments to
the Members’ Schedule and the Managers’ Schedule may be made by the Executive Committee or as otherwise provided for in this Agreement. Each Member expressly waives any claim that this Agreement may be modified now or at any time in the
future by any of the following means (and any right or power to modify this Agreement by any such means which may arise under the Act is hereby waived and rendered null and void for all purposes): (i) orally, (ii) by implication, (iii) in
a record (as defined in the Act) which is not signed by all of the Members to this Agreement or (iv) in any combination thereof. 

13.11. Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and
whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. For the avoidance of doubt, nothing contained in this
Section 13.11 shall diminish any of the explicit and implicit waivers described in this Agreement. To the extent the appraisal rights provisions of Section 605.1006 of the Act may apply to any merger, conversion,
interest exchange, sale of assets, amendment of this Agreement, or to any other action or event described thereunder, the Members hereby evidence their acknowledgment of such appraisal rights provisions and hereby irrevocably and unconditionally
waive all such rights. 

  
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 13.12. Governing Law; Arbitration. 

(a) All issues and questions concerning the application, construction, validity, interpretation and enforcement of this Agreement shall be
governed by and construed in accordance with the internal laws of the State of Florida, without giving effect to any choice or conflict of law provision or rule (whether of the State of Florida or any other jurisdiction) that would cause the
application of laws of any jurisdiction other than those of the State of Florida. 
 (b) Subject to the provisions of this Agreement
providing for specific performance, injunction or other equitable relief, all disputes between or among any Members, the EC Member or the Managers, arising out of or in any way connected with the Company or with the execution, interpretation and
performance of this Agreement (including the validity, scope and enforceability of the dispute resolution provisions contained in this Section 13.12) shall be solely and finally settled by a single arbitrator (the
“Arbitrator”). Decisions of the Members, the Executive Committee, the Board of Managers, or any of their respective members made in accordance with the operative provisions of this Agreement, including without limitation,
Sections 3.02, Section 7.04, Section 7.05 and Section 7.06, shall not be subject to arbitration pursuant to this Section 13.12. 

(c) The arbitration proceedings shall be held in Palm Beach County, Florida, and except as otherwise may be provided in this Agreement, the
arbitration proceedings, including the appointment of the Arbitrator, shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Prior to commencing arbitration, a party seeking such arbitration
shall furnish the other proposed parties to the arbitration no less than Three (3) Business Days before such commencement a dated, written statement indicating (i) such party’s intent to commence arbitration proceedings, (ii) the
nature, with reasonable detail, of the dispute and (iii) the remedy or remedies such party will seek. Hearings must commence no later than Ninety (90) days following the date of the arbitration notice described in this
Section 13.12 and such hearings shall be conducted for no more than Four (4) Business Days. If any arbitration is brought by any party with respect to this Agreement, or the interpretation, enforcement or breach
hereof, the prevailing party in such arbitration shall be entitled to an award of all reasonable costs and expenses, including without limitation, fees and expenses of the arbitration and reasonable attorneys’ fees and expenses, to be paid by
the losing party in such amount as may be determined by the Arbitrator in its sole discretion; provided that if BBXAOE is the prevailing party, the attorneys’ fees of the arbitration awarded to BBXAOE shall not exceed the JLA’s
Attorneys’ Fees in the arbitration. To the extent permissible under Applicable Law, the parties to this Agreement agree that the award of the Arbitrator shall be final and shall not be subject to judicial review. Judgment on the arbitration
award may be entered and enforced in any court having jurisdiction over the parties or their assets. Nothing contained in this Section 13.12 shall prevent a Member, an EC Member or a Manager from seeking injunctive relief
or require arbitration of any issue for which injunctive relief is sought by any such party. 
 13.13. Equitable Remedies. Each
party hereto acknowledges that a breach or threatened breach by such party of any of its obligations under this Agreement, including without limitation, the obligations set forth in Section 8.01, would give rise to
irreparable harm to the other parties, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, each of the other parties hereto shall,
in addition to any and all other rights and remedies that may be available to them in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may
be available from a court of competent jurisdiction (without any requirement to post bond). 

  
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 13.14. Remedies Cumulative. The rights and remedies under this Agreement are
cumulative and are in addition to and not in substitution for any other rights and remedies available at law or in equity or otherwise, except to the extent expressly provided in Section 10. 

13.15. Conflict of Interest. Each Member and the Company has been advised that a conflict of interest may exist between its
interests and those of the other parties to this Agreement, and has been advised to seek the advice of independent legal counsel in the course of preparing and executing this Agreement. Each of the parties to this Agreement has had the opportunity
to obtain the advice of independent legal counsel and, in executing this Agreement, explicitly acknowledges that (a) each of Berger Singerman LLP and Greenspoon Marder, LLP has represented only the interests BBXAOE in the course of preparing
this Agreement and has not represented any other Member or the Company, and (ii) Nelson Mullins Broad and Cassel LLP has represented only the interests of the Class A Members in the course of preparing this Agreement and has not
represented any other Member or the Company. 
 13.16. Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of Electronic Transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 
 [SIGNATURE PAGE FOLLOWS]

  
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 IN WITNESS WHEREOF the parties to this Agreement have caused it to be executed and
delivered as of the date first written above by their respective duly authorized officers. 
  

			
	The Altman Companies, LLC
		
	By:	 	 /s/ Joel L. Altman

	Name:	 	Joel L. Altman
	Title:	 	Chairman
	
	 /s/ Joel L. Altman

Joel L. Altman

	
	AMC Holdings Florida, Inc.,
	a Florida corporation
		
	By:	 	 /s/ Joel L. Altman

	Name:	 	Joel L. Altman
	Title:	 	Director
	
	Altman Development Corporation,
	a Michigan corporation
		
	By:	 	 /s/ Joel L. Altman

	Name:	 	Joel L. Altman
	Title:	 	Director
	
	The Altman Companies. Inc.,
	a Michigan corporation
		
	By:	 	 /s/ Joel L. Altman

	Name:	 	Joel L. Altman
	Title:	 	President
	
	BBX Altman Operating Entities, LLC,
	a Florida limited liability company
		
	By:	 	 /s/ Seth M. Wise

	Name:	 	Seth M. Wise
	Title:	 	Authorized Signatory

 GUARANTY 

FOR VALUE RECEIVED, and in consideration for, and as an inducement to the Class A Member to enter into and accept this Agreement,
the undersigned guarantor, including its successors and assigns (“Guarantor”), hereby guarantees to the Class A Member, and their respective successors and assigns, the full and complete performance and observance of all of the
obligations, covenants, conditions, and agreements of the Class B Member as set forth in Section 8.01 and 8.02 of the Agreement, including, without limitation , all payments to be made by the Class B Member
to the Class A Member. 
 This Guaranty shall be absolute and unconditional. Guarantor further acknowledges and agrees that this
Guaranty shall remain and continue in full force and effect as to any amendment, restatement, supplement, alteration, or other modification of the Agreement, whether or not entered into or made without the further consent of or notice to the
undersigned. Guarantor further acknowledges and agrees that in any right of action which shall accrue to the Class A Member under Section 8.01 and 8.02 of the Agreement, the Class A Member may, at its
option, proceed against Guarantor without pursuing or exhausting any right or remedy which it may have against Class B Member or any other person or entity, and without having commenced any action against or having obtained any judgment against
Class B Member or any other person or entity. This Guaranty constitutes a guaranty of payment and not of collection. 
 This Guaranty
shall be deemed to be a part of the Agreement and is incorporated into the Agreement by this reference. 
 This Guaranty shall inure to the
benefit of the Class A Member and their respective successors and assigns, and shall be binding upon Guarantor and its successors and assigns. 

Further, Guarantor represents and wan-ants to the Class A Member that it: (a) is solvent;
(b) will not be rendered insolvent by providing this Guaranty; and (c) is not subject to any event or occurrence (whether existing, pending or threatened) that would have a material adverse effect upon its financial condition since the
date of the most recent financial statements submitted to the Class A Member, which financial statements are complete, true and correct in all material respects, when taken as a whole, on the basis prepared. 

Until the obligations subject to this Guaranty are satisfied in full, Guarantor (or the Substitute Guarantor (as defined below)), as
applicable, shall maintain a Net Worth (as defined below) of not less than $100,000,600 until the Phase 2 Closing and $20,000,000 from the Phase 2 Closing until the Phase 3 Closing (the “Net Worth Test”) and Liquid Assets (as
defined below) of at least $20,000,000 until the Phase 2 Closing and $4,000,000 from the Phase 2 Closing until the Phase 3 Closing i n the aggregate (the “Liquidity Test”) During such time, if any, that Guarantor or Substitute
Guarantor, as applicable, fails to meet the Net Worth Test or the Liquidity Test (other than, with respect to the Net Worth Test, due to a market decline in the value of any asset included in the calculation of Guarantor’s or Substitute
Guarantor’s Net Worth), Guarantor or the Substitute Guarantor, as applicable, and/or the Class B Member shall segregate and hold in a separate account, or in an investment in Liquid Assets, distributions received by the Class B Member
pursuant to this Agreement until such time as Guarantor or the Substitute Guarantor, as 

 
applicable, is in compliance with the Liquidity Test and the Net Worth Test; provided that Guarantor or Substitute Guarantor, as applicable, may at any time make expenditures from such
distributions for (a) the cost of maintaining the value of the assets included in the Net Worth calculation, (b) payments required to be made by the terms of agreements relating to the assets included in the Net Worth calculation, and
(c) regularly scheduled debt payments with respect to any liabilities included in the Net Worth calculation. As used herein, “Net Worth” means the consolidated net worth of Guarantor or Substitute Guarantor, as applicable,
calculated in accordance with GAAP and “Liquid Assets” means (i) cash on deposit in accounts maintained with financial institutions or in money market accounts, (ii) direct obligations of the United States of America or
any agency thereof, (iii) marketable securities held in an account, (iv) secured repurchase agreements against any of the foregoing, executed by a bank or trust company, (v) euro-dollar deposits and certificates of deposit issued by
any other institutional lender, and (vi) commercial paper rated A-1 or better by Standard and Poor’s, or P-1 or better by Moody’s Investors Services,
Inc., in each case included in Guarantor’s or the Substitute Guarantor’s, as applicable, assets and presented on its consolidated balance sheet in accordance with GAAP. 

Guarantor may assign all of its rights and obligations under this Agreement to a third party who assumes all of Guarantor’s obligations
hereunder (a “Substitute Guarantor”), provided that, at the time of such assignment, such Substitute Guarantor meets the Net Worth Test and the Liquidity Test; whereupon the Guarantor shall thereafter be released of its obligations
under this Guaranty and such obligations shall be solely the obligation of the Substitute Guarantor, provided that Guarantor shall not assign its rights and obligations under this Agreement to a Person that is not Controlled by Guarantor or is a
Controlled Affiliate of Guarantor unless such Substitute Guarantor or its Affiliate simultaneously purchases the Class B Units. If the Substitute Guarantor at any time thereafter fails to meet the Net Worth Test or the Liquidity Test, then,
until the Substitute Guarantor meets the Net Worth Test and the Liquidity Test, the Substitute Guarantor or the then-current holder of the Class B Units will set aside distributions from the Company pursuant to this Agreement as provided for in
the preceding paragraph. 
 Each of BBX, the Guarantor, and any Subsequent Guarantor will provide annual financial statements to the
Class A Member no later than ninety (90) days following the end of their respective fiscal years. 
 [SIGNATURE PAGE FOLLOWS]

  
 -2- 

 [SIGNATURE PAGE TO GUARANTY] 

 

			
	 BBX Capital Corporation,
 a Florida
corporation

		
	By:	 	
        

			
	Name:	 	  

 
			
	Title:	 	  

 EXHIBIT A 

Members’ Schedule 
  

													
	 	  	Initial Capital
Contribution	 	  	Number and
Class of Units	 	  	Ownership
Percentages	 
	 Joel L. Altman

248 West Key Palm Road

Boca Raton, FL 33431
	  	$	3,424,320	 	  	 
 
	14.572
 Class A Units
	 
  
	  	 	14.572	% 
	 AMC Holdings Florida, Inc.

248 West Key Palm Road

Boca Raton, FL 33431
	  	$	1,035,000	 	  	 
 
	4.404
 Class A Units
	 
  
	  	 	4.404	% 
	 Altman Development Corporation

248 West Key Palm Road

Boca Raton, FL 33431
	  	$	7,289,680	 	  	 
 
	31.020
 Class A Units
	 
  
	  	 	31.020	% 
	 The Altman Companies, Inc.

248 West Key Palm Road

Boca Raton, FL 33431
	  	$	1,000	 	  	 
 
	0.004
 Class A Units
	 
  
	  	 	0.004	% 
	 BBX Altman Operating Entities, LLC

c/o BBX Capital Corporation

401 East Las Olas Blvd., Suite 800

Fort Lauderdale, FL 33301
	  	$	11,750,000	 	  	 
 
	50.000
 Class B Units
	 
  
	  	 	50.000	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	23,500,000	 	  	 	100.000	 	  	 	100.000	%

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