Document:

Exhibit 10.1

 

Execution Version

 

FORM OF INCOME TAX RECEIVABLE
AGREEMENT

 

among

 

PROPTECH
INVESTMENT CORPORATION II,

 

APPRECIATE INTERMEDIATE HOLDINGS, LLC,

 

RW NATIONAL HOLDINGS, LLC,

 

LAKE STREET LANDLORDS, LLC,

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of November 29, 2022

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	 	Article
                                            I
	 
		Definitions	 
	 	 	 
	Section
    1.1	Definitions	2
	 	 	 
		Article
    II	 
		Determination
    of Certain Realized Tax Benefit	 
	 	 	 
	Section
    2.1	Basis
    Schedule	11
	Section
    2.2	Tax Benefit Schedule	11
	Section
    2.3 	Procedures,
    Amendments	12
	Section
    2.4	Section
    754 Election	12
	 	 	 
		Article III	 
		Tax
                                            Benefit Payments
	 
	 	 	 
	Section
    3.1	Payments	13
	Section
    3.2	No
    Duplicative Payments	14
	Section
    3.3	Pro
    Rata Payments	14
	Section
    3.4	Payment
    Ordering	14
	Section
    3.5	Overpayments	15
	 	 	 
		Article
    IV	 
	 	Termination	 
	 	 	 
	Section
    4.1 	Early
    Termination of Agreement; Breach of Agreement	15
	Section
    4.2	Early
    Termination Notice	16
	Section
    4.3	Payment upon Early Termination	17
	 	 	 
		Article
    V	 
	 	Subordination and
    Late Payments	 
	 	 	 
	Section
    5.1	Subordination	17
	Section
    5.2	Late
    Payments by Corporate Taxpayer	18
	 	 	 
		Article
    VI	 
		No
                                            Disputes; Consistency; Cooperation
	 
	 	 	 
	Section
    6.1	Participation
    in the Corporate Taxpayer’s and NewCo LLC’s Tax Matters	18
	Section
    6.2	Consistency	18
	Section
    6.3	Cooperation	18

 

    	 	 i	 

     

    

 

	 	Article
VII	 
	 	Miscellaneous
	 
	 	 	 
	Section
    7.1	Notices	19
	Section
    7.2	Counterparts	19
	Section
    7.3	Entire
    Agreement; No Third Party Beneficiaries	20
	Section
    7.4	Governing
    Law	20
	Section
    7.5	Severability	20
	Section
    7.6	Successors;
    Assignment; Amendments; Waivers	20
	Section
    7.7	Interpretation	22
	Section
    7.8	Waiver
    of Jury Trial; Jurisdiction	23
	Section
    7.9	Reconciliation	24
	Section
    7.10	Withholding	25
	Section
    7.11	Admission
    of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	25
	Section
    7.12	Confidentiality	26
	Section
    7.13	TRA
    Party Representative	26

 

Exhibits
and Schedules

 

Exhibit
A - Form of Joinder

 

Schedule
1

 

    	 	 ii	 

     

    

 

INCOME TAX RECEIVABLE
AGREEMENT

 

This INCOME
TAX RECEIVABLE AGREEMENT (this “TRA Agreement”), is dated as of November 29, 2022, by and among PropTech Investment
Corporation II, a Delaware corporation (the “Corporate Taxpayer”), Appreciate Intermediate Holdings, LLC, a Delaware
limited liability company (“NewCo LLC”), RW National Holdings, LLC, a Delaware limited liability company (the “Company”),
Lake Street Landlords, LLC, a Delaware limited liability company (“Lake Street”), and each of the members of NewCo
LLC that are Rolling Company Unitholders (as defined in the Business Combination Agreement (as defined below)) listed on Schedule 1
hereto (each such member, a “TRA Party” and such members collectively, the “TRA Parties”), and each
of the other Persons from time to time that become a party to this TRA Agreement. Capitalized terms used but not defined herein shall
have their respective meanings set forth in the Business Combination Agreement (as defined below).

 

RECITALS

 

WHEREAS, the
TRA Parties directly or indirectly hold Class B Units (as defined below) in NewCo LLC, which is classified as a partnership for U.S. federal
income tax purposes;

 

WHEREAS, it is anticipated that NewCo LLC will wholly own
the Company;

 

WHEREAS, the
Corporate Taxpayer, the Company, and Lake Street in its capacity as the representative of applicable Company Unitholders entered into
a Business Combination Agreement on May 17, 2022 (as amended, restated, amended and restated, modified or supplemented from time to time
in accordance with such agreement, the “Business Combination Agreement”), pursuant to which the Rolling Company Unitholders
will contribute all of their Existing Company LLC Interests (as defined in the Business Combination Agreement) to NewCo LLC in exchange
for Class B Units (as defined below) and the Corporate Taxpayer will contribute to NewCo LLC the Closing Date Contribution Amount in exchange
for Class A Units (as defined below);

 

WHEREAS, the
Corporate Taxpayer may receive cash proceeds from the sale, if any, by the Corporate Taxpayer of shares of common stock of the Corporate
Taxpayer pursuant to that certain Common Stock Purchase Agreement, made and entered into as of May 17, 2022, by and between CF Principal
Investments LLC, a Delaware limited liability company, and the Corporate Taxpayer (any such cash proceeds, the “Stock Sale Proceeds”),
and the Corporate Taxpayer may contribute such Stock Sale Proceeds to NewCo LLC in exchange for Class A Units;

 

WHEREAS, if all or a
portion of either or both of the Closing Date Contribution Amount and the Stock Sale Proceeds or any other cash amounts of the
Corporate Taxpayer contributed by the Corporate Taxpayer to NewCo LLC in exchange for Class A Units is paid or distributed to a
Company Unitholder that is a holder of Class B Units that were, prior to the Closing (as defined in the Business Combination
Agreement), Company Class A-1 Units or Company Class A Units (each as defined in the Business Combination Agreement), in redemption
of such Class B Units pursuant to Section 2.2(b)(v) and Section 2.2(c) of the Business Combination Agreement, it is intended that
any such Company Unitholder will be treated for U.S. federal and applicable state and local income tax purposes as selling all or a
portion of such Company Unitholder’s partnership interests in NewCo to the Corporate Taxpayer (to the extent any such sale
transaction occurs and is so properly treated, individually and collectively, the “Initial Sale”);

 

     

     

    

 

WHEREAS, each
Class B Unit and/or Earn Out Unit held by a TRA Party or St. Cloud Capital Partners III SBIC, L.P. (“St. Cloud”) may
be Exchanged (as defined below), together with the surrender and delivery by such holder of one (1) share of Class B Common Stock (as
defined below), for one (1) share of Class A Common Stock (as defined below) or for cash in accordance with and subject to the conditions
and limitations in the Limited Liability Company Agreement;

 

WHEREAS, NewCo
LLC and each direct or indirect Subsidiary treated as a partnership for U.S. federal income tax purposes has and will have in effect a
valid election under Section 754 of the Code for each Taxable Year in which an Exchange occurs and any Taxable Year in which the Initial
Sale, if any, occurs;

 

WHEREAS, as
a result of the Initial Sale, if any, and future Exchanges, the income, gain, loss, deduction, expense and other Tax items of the Corporate
Taxpayer may be affected by Basis Adjustments (if any, as defined below) and Imputed Interest (if any, as defined below) (collectively,
the “Tax Attributes”); and

 

WHEREAS, the
parties to this TRA Agreement desire to provide for certain payments and make certain arrangements with respect to the effect of the Tax
Attributes on the liability for Covered Taxes (as defined below) of or with respect to the Corporate Taxpayer and its Subsidiaries.

 

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

 

ARTICLE
I 

DEFINITIONS

 

Section 1.1 Definitions.

 

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

 

“Actual Tax
Liability” means, with respect to any Taxable Year, the sum of (i) the actual liability (which, for the avoidance of
doubt, shall not be less than zero and which shall take into account any detriments arising from the Basis Adjustments and Tax
Attributes, such as any restriction on deducting interest otherwise deductible but for a decrease in “adjusted taxable
income” for purposes of Section 163(j) of the Code arising from depreciation, amortization, or other similar deductions in
respect of the Basis Adjustments) for Covered Taxes of the Corporate Taxpayer appearing on Tax Returns for Covered Taxes of the
Corporate Taxpayer for such Taxable Year and (ii) without duplication, the portion of any actual liability for Covered Taxes imposed
directly on NewCo LLC (or any direct or indirect Subsidiary of NewCo LLC) under Section 6225 of the Code or any similar provision of
applicable law that is allocable to the Corporate Taxpayer for such Taxable Year; provided, that, if applicable, such amounts
shall be determined in accordance with a Determination (including interest imposed in respect thereof under applicable law); provided, further,
that the actual liability for Covered Taxes described in clause (i) shall be calculated (a) using the Assumed State and Local Tax
Rate, solely for purposes of calculating the U.S. state and local Actual Tax Liability of the Corporate Taxpayer, and (b) assuming,
solely for purposes of calculating the liability for U.S. federal income Taxes that U.S. state and local Taxes are not deductible by
the Corporate Taxpayer for U.S. federal income Tax purposes.

 

    	 	2	 

     

    

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such
Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled”
and “controlling” have meaning correlative thereto. For purposes of this TRA Agreement, no TRA Party shall be considered to
be an Affiliate of the Corporate Taxpayer or NewCo LLC or their respective Subsidiaries.

 

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

 

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

 

“Appraiser FMV” has the meaning set forth
in the Limited Liability Company Agreement.

 

“Assumed State
and Local Tax Rate” means, for any Taxable Year with respect to Covered Taxes imposed on the Corporate Taxpayer by U.S.
state and local jurisdictions, the tax rate equal to the sum of the product of (x) NewCo LLC’s Tax apportionment percentage(s)
for each U.S. state and local jurisdiction in which the Corporate Taxpayer files Tax Returns for the relevant Taxable Year and (y)
the highest corporate Tax rate(s) for each such U.S. state and local jurisdiction in which the Corporate Taxpayer files Tax Returns
for each relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing shall be
reduced by the assumed U.S. federal income Tax benefit received by the Corporate Taxpayer with respect to U.S. state and local Taxes
(with such benefit calculated as the product of (a) the Corporate Taxpayer’s marginal U.S. federal income Tax rate for such
Taxable Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)); provided, further, that if there is a
change in applicable Tax law that impacts the U.S. federal income Tax benefit received by the Corporate Taxpayer with respect to
U.S. state and local Taxes, then the Corporate Taxpayer may modify the calculation of the assumed federal income Tax benefit using
reasonable estimation methodologies for calculating the portion of the Actual Tax Liability attributable to U.S. state or local
Taxes.

 

“Attributable”
means the portion of any Tax Attribute of the Corporate Taxpayer that is attributable to a TRA Party and shall be determined by
reference to the Tax Attributes, under the following principles: (i) any Basis Adjustments shall be determined separately with
respect to each TRA Party and are Attributable to each TRA Party in an amount equal to the total Basis Adjustments relating to
(A)(I) the Class B Units Exchanged by such TRA Party or, without duplication, any payment made under this TRA Agreement in respect
of such Class B Units Exchanged, or (II) the Class B Units that were purchased from such TRA Party pursuant to the Initial Sale, if
any, and (B)(I) the Class B Units Exchanged by St. Cloud or, without duplication, any payment made under this TRA Agreement in
respect of such Class B Units Exchanged, or (II) the Class B Units that were purchased from St. Cloud pursuant to the Initial Sale,
if any; provided, that, any such Basis Adjustments referred to in this clause (B) shall be Attributable to the TRA Parties, pro
rata, in proportion to their respective ownership of NewCo LLC Class B Units on the Closing Date immediately after the contribution
by the Rolling Company Unitholders of the Rolling Company Unitholders’ Existing Company LLC Interests to NewCo LLC in exchange
for NewCo LLC Class B Units, and (ii) any deduction to the Corporate Taxpayer with respect to a Taxable Year in respect of any
payment (including amounts Attributable to Imputed Interest) made under this TRA Agreement is Attributable to the applicable TRA
Party that is required to include the Imputed Interest or other payment in income (without regard to whether such TRA Party is
actually subject to Tax thereon).

 

    	 	3	 

     

    

 

“Basis
Adjustment” means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b) and 1012 of the Code (in
situations where, as a result of one or more Exchanges, NewCo LLC becomes an entity that is disregarded as separate from its owner
for U.S. federal income tax purposes) or under Sections 734(b), 743(b), 754 and/or 755 of the Code (including in situations where,
following the Initial Sale, if any, or any Exchange, NewCo LLC remains in existence as an entity treated as a partnership for U.S.
federal income Tax purposes) and, in each case, analogous sections of state and local tax laws, as a result of the Initial Sale, if
any, or any Exchange and the payments made pursuant to this TRA Agreement in respect of the Initial Sale, if any, or such Exchange
(determined on an iterative basis continuing until any incremental Basis Adjustment resulting from payments made pursuant to this
TRA Agreement is immaterial as reasonably determined by the Corporate Taxpayer). The amount of any Basis Adjustment resulting from
the Initial Sale, if any, or any Exchange shall be determined using the Market Value with respect to the Initial Sale, if any, or
such Exchange, except, for the avoidance of doubt, as otherwise required by a Determination. For the avoidance of doubt, payments
made under this TRA Agreement shall not be treated as resulting in an Basis Adjustment to the extent such payments are treated as
Imputed Interest.

 

“Basis Schedule” has the meaning set
forth in Section 2.1.

 

“Board” means the Board of Directors of the Corporate Taxpayer.

 

“Business Combination Agreement” has the
meaning set forth in the Recitals.

 

“Business
Day” means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized to close
in the State of New York.

 

“Cash
Exchange Payment” has the meaning set forth in the Limited Liability Company Agreement.

 

“Class
A Common Stock” has the meaning set forth in the Limited Liability Company Agreement.

 

“Class
B Common Stock” has the meaning set forth in the Limited Liability Company Agreement.

 

“Class A Unit”
has the meaning set forth in the Limited Liability Company Agreement.

 

“Class B Unit” has the meaning set forth in the
Limited Liability Company Agreement.

 

“Closing Date” has the meaning set forth in the Business Combination Agreement.

 

“Closing
Date Contribution Amount” has the meaning set forth in the Business Combination Agreement.

 

    	 	4	 

     

    

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

 

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

 

“Contribution
Amount” has the meaning set forth in the Business Combination Agreement.

 

“Corporate Taxpayer” has the meaning set
forth in the Preamble.

 

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

 

“Covered
Taxes” means any and all U.S. federal, state, local, and non-U.S. taxes, assessments, or similar charges that are based on or
measured with respect to net income or profits, whether on an exclusive or on an alternative basis, including any interest related to
such Tax.

 

“Cumulative Net
Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the
Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same such
Taxable Years of the Corporate Taxpayer. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be
determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such
determination; provided, that the computation of the Cumulative Net Realized Tax Benefit shall be adjusted to reflect any
applicable Determination with respect to any Realized Tax Benefits and/or Realized Tax Detriments.

 

“Default Rate”
means a per annum rate of Term SOFR plus 450 basis points.

 

“Determination” shall have the meaning ascribed to
such term in Section 1313(a) of the Code or similar provision of state or local tax law, as applicable, or any other event
(including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax.

 

“DGCL” means the General Corporation Law
of the State of Delaware.

 

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

 

“Early
Termination Effective Date” means the date on which an Early Termination Schedule becomes binding pursuant to Section 4.2.

 

“Early Termination Notice” has the meaning
set forth in Section 4.2.

 

    	 	5	 

     

    

 

“Early Termination Payment” has the meaning
set forth in Section 4.3(b).

 

“Early
Termination Rate” means the lesser of (i) 6.5% per annum, compounded annually, and (ii) Term SOFR plus 200 basis points.

 

“Early Termination Schedule” has the meaning
set forth in Section 4.2.

 

“Earn Out
Unit” has the meaning set forth in the Limited Liability Company Agreement.

 

“Exchange”
has the meaning set forth in the Limited Liability Company Agreement, and “Exchanged” has a correlative
meaning.

 

“Exchange Act” has the meaning set
forth in the Limited Liability Company Agreement.

 

“Exchange Date” means the date of any Exchange.

 

“Expert” has the meaning set forth in Section
7.9.

 

“Final
Payment Date” means, with respect to any payment required to be made pursuant to this TRA Agreement, the last date on which
such payment may be made within the applicable time period prescribed for such payment under this TRA Agreement (i.e., the date on which
such payment is due under this TRA Agreement). For example, the Final Payment Date in respect of a Tax Benefit Payment is determined pursuant
to Section 3.1(a) of this TRA Agreement.

 

“Future TRA” has the meaning set forth
in Section 7.6(b).

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of (i) the hypothetical
liability for Covered Taxes of the Corporate Taxpayer and (ii) without duplication, the portion of any hypothetical liability for Covered
Taxes imposed directly on NewCo LLC (or any direct or indirect Subsidiary of NewCo LLC) under Section 6225 of the Code or any similar
provision of applicable law that is allocable to the Corporate Taxpayer for such Taxable Year, in each case determined using the same
methods, elections, conventions and similar practices used in computing the Actual Tax Liability; provided that, if applicable,
such amounts shall be determined in accordance with a Determination), but, in each case, (i) calculating depreciation, amortization or
similar deductions and income, gain or loss using the Non-Adjusted Tax Basis of the Reference Assets as reflected on the Schedules for
such Taxable Year and (ii) excluding any deduction or other Tax benefit attributable to Imputed Interest. For the avoidance of doubt,
Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item (or portions thereof)
that is attributable to a Tax Attribute, as applicable.

 

“Imputed
Interest” in respect of a TRA Party shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the
Code and any similar provision of state or local tax law with respect to the Corporate Taxpayer’s payment obligations in respect
of such TRA Party under this TRA Agreement.

 

“Initial Sale”
is defined in the recitals of this TRA Agreement.

 

“Interest Amount” has the meaning set forth in Section 3.1(b).

 

    	 	6	 

     

    

 

“Intervening TRAs” has the meaning
set forth in Section 7.6(b).

 

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

 

“Lake Street” has the meaning set forth
in the Preamble.

 

“Limited
Liability Company Agreement” means, with respect to NewCo LLC, that certain Amended and Restated Limited Liability Company Agreement
of NewCo, dated the date hereof, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time
to time in accordance with the terms of such agreement.

 

“Market
Value” shall mean, with respect to a Unit (a) sold in the Initial Sale, if any, amount paid in respect of such Unit, (b) Exchanged
for a Stock Exchange Payment or that is subject to a deemed Exchange under this TRA Agreement, the Stock Value on the Exchange Date or
the date of the applicable deemed Exchange, as applicable, or (c) Exchanged for a Cash Exchange Payment, the amount of the Cash Exchange
Payment paid in respect of such Unit.

 

“Material Objection Notice” has the
meaning set forth in Section 4.2.

 

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

 

“NewCo
LLC” has the meaning set forth in the Preamble.

 

“Non-Adjusted Tax Basis”
means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustments
had been made.

 

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

 

“Permitted Transferee”
has the meaning set forth in the Limited Liability Company Agreement.

 

“Person” means any
natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability company, entity or
governmental entity.

 

“Realized
Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability.
If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing
Authority of any Taxable Year, such liability or such portion (as applicable) shall not be included in determining the Realized Tax Benefit
unless and until there has been a Determination (and then only to the extent of the amount set forth in the Determination).

 

“Realized
Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability.
If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing
Authority of any Taxable Year, such liability or such portion (as applicable) shall not be included in determining the Realized Tax Detriment
unless and until there has been a Determination (and then only to the extent of the amount set forth in the Determination).

 

“Reconciliation Dispute” has the meaning
set forth in Section 7.9.

 

    	 	7	 

     

    

 

“Reconciliation Procedures” has the meaning
set forth in Section 2.3(a).

 

“Reference
Asset” means an asset that is held by NewCo LLC, or by any of its direct or indirect Subsidiaries treated as a partnership or
a disregarded entity (but only if such indirect Subsidiaries are held only through one or more Subsidiaries each of which is treated as
a partnership or a disregarded entity) for purposes of the applicable Tax, at the time of an Exchange or the Initial Sale, if any. A Reference
Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a
Reference Asset.

 

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

 

“Securities Act” has the meaning
set forth in the Limited Liability Company Agreement.

 

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

 

“SOFR” means a
rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“Stock Exchange Payment”
has the meaning set forth in the Limited Liability Company Agreement.

 

“Stock Sale Proceeds” is defined in the
recitals of this TRA Agreement.

 

“Stock
Value” means, on any date, (a) if the Class A Common Stock trades on a national securities exchange or automated or electronic
quotation system, the arithmetic average of the high trading and the low trading price on such date (or if such date is not a trading
day, the immediately preceding trading day) or (b) if the Class A Common Stock is not then-traded on a national securities exchange or
automated or electronic quotation system, as applicable, the Appraiser FMV on such date of one (1) share of Class A Common Stock that
would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller, neither of whom
is under any compulsion to buy or sell, respectively, and without regard to the particular circumstances of the buyer or seller.

 

“Subsidiaries”
means, of any Person, any corporation, association, partnership, limited liability company or other business entity of which more than
fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person, or one (1) or more of
the Subsidiaries of such Person, or a combination thereof.

 

“Tax Attributes” has the meaning set forth
in the Recitals.

 

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

 

“Tax Benefit Schedule” has the meaning set forth in Section 2.2.

 

    	 	8	 

     

    

 

“Tax
Return” means any return, declaration, report, information returns, claims for refund, disclosures or similar statement filed
or required to be filed with respect to or in connection with Covered Taxes (including any related or supporting schedules, attachments,
statements or information filed or required to be filed with respect thereto).

 

“Taxable
Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section of state
or local tax law, as applicable (and which may include a period of more or less than twelve (12) months for which a Tax Return is made),
ending on or after the Closing Date.

 

“Taxing
Authority” means any domestic, federal, national, state or local government, any subdivision, agency, commission or authority
thereof, or any quasi-governmental body, in each case, exercising any taxing authority or any other authority or jurisdiction of any kind
in relation to tax matters.

 

“Term
SOFR” means, during any period, the Term SOFR Reference Rate for a tenor of one year on the day (such day, the
“Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as
such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any
Term SOFR Determination Day the Term SOFR Reference Rate for a tenor of one year has not been published by the Term SOFR
Administrator, then Term SOFR will be the Term SOFR Reference Rate for a tenor of one year as published by the Term SOFR
Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor
was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more
than three (3) U.S. Government Securities Business Days prior to such SOFR Determination Day;

 

provided, further, that if Term SOFR determined as
provided above shall ever be less than 0%, then Term SOFR shall be deemed to be 0%;

 

provided, further, that if the Corporate
Taxpayer and the TRA Party Representative have unanimously made the determination that Term SOFR is no longer a widely recognized
benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars, then the Corporate Taxpayer and the TRA Party
Representative shall establish a replacement interest rate (the “Replacement Rate”), after giving due
consideration to any evolving or then prevailing conventions in the U.S. loan market for loans in U.S. dollars for such alternative
benchmark, and including any mathematical or other adjustments to such benchmark, including spread adjustments, giving due
consideration to any evolving or then prevailing convention for similar loans in the U.S. loan market in U.S. dollars for such
benchmark, which adjustment, method for calculating such adjustment and benchmark shall be published on an information service as
unanimously selected from time-to-time by the Corporate Taxpayer and the TRA Party Representative. The Replacement Rate shall,
subject to the next two sentences, replace Term SOFR for all purposes under this TRA Agreement. In connection with the establishment
and application of the Replacement Rate, this TRA Agreement shall be amended, with the consent of the Corporate Taxpayer and the TRA
Party Representative (which consent of the Corporate Taxpayer and the TRA Party Representative shall not be unreasonably withheld or
delayed), as necessary or appropriate, in the reasonable judgment of the Corporate Taxpayer and the TRA Party Representative, to
replace the definition of Term SOFR and otherwise to effect the provisions of this definition. The Replacement Rate shall be applied
in a manner consistent with market practice, as unanimously determined by the Corporate Taxpayer and the TRA Party
Representative.

 

    	 	9	 

     

    

 

“Term SOFR Reference Rate”
means the forward-looking term rate based on SOFR.

 

“TRA Agreement” has the meaning set forth in the Preamble.

 

“TRA
Disinterested Majority” means a majority of the directors of the Board who are disinterested as determined by the Board in accordance
with the DGCL with respect to the matter being considered by the Board; provided that to the extent a matter being considered by the Board
is required to be considered by disinterested directors under the rules of the national securities exchange on which the Class A Common
Stock is then-listed, the Securities Act or the Exchange Act, such rules with respect to the definition of disinterested director shall
apply solely with respect to such matter.

 

“TRA Party” has the
meaning set forth in the Preamble.

 

“TRA
Party Representative” means, initially, Lake Street, and thereafter, if Lake Street voluntarily resigns in accordance with Section
7.13, such other Person that the TRA Parties determine from time to time by a plurality vote of the TRA Parties

 

“Transfer”
has the meaning set forth in the Limited Liability Company Agreement and the terms “Transferee,” “Transferor,”
“Transferred,” and other forms of the word “Transfer” shall have the correlative meanings.

 

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

 

“Unit” has the meaning
set forth in the Limited Liability Company Agreement.

 

“U.S. Government
Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day
for purposes of trading in United States government securities.

 

“Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after
such Early Termination Date, (1) the Corporate Taxpayer will have taxable income sufficient to fully utilize for purposes of Covered
Taxes the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year, (2) the federal, state
and local income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by
the Code and other law as in effect on the Early Termination Date and the Assumed State and Local Tax Rate for each such Taxable
Year will be calculated (taking into account any tax rate changes that have become law with a prospective effective date) based on
(i) such income tax rates and (ii) the apportionment factors applicable in the most recently ended Taxable Year, and (3) if, on the
Early Termination Date, there are Class B Units that have not been Exchanged, then each such Class B Unit shall be deemed Exchanged
in a fully taxable transaction for the Market Value (as determined in accordance with clause (b) of the definition thereof) that
would be applicable if the Exchange occurred on the Early Termination Date.

 

    	 	10	 

     

    

 

ARTICLE II

DETERMINATION OF CERTAIN REALIZED
TAX BENEFIT

 

Section 2.1 Basis
Schedule. Within one hundred twenty (120) calendar days after the due date (including extensions) of IRS Form 1120 (or any
successor form) of the Corporate Taxpayer for each Taxable Year, the Corporate Taxpayer shall deliver to each TRA Party a schedule
(a “Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this TRA
Agreement, (i) the actual Tax basis and the Non-Adjusted Tax Basis of the Reference Assets as of the Closing Date, the date of each
Exchange and the date of the Initial Sale, if any, (ii) the Basis Adjustments Attributable to such TRA Party with respect to the
Reference Assets as a result of the Initial Sale, if any, or any Exchange effected by such TRA Party or St. Cloud, as applicable, in
such Taxable Year and prior Taxable Years, and (iii) the period (or periods) over which such Basis Adjustments are amortizable
and/or depreciable, in each case, calculated in the aggregate for all TRA Parties and solely with respect to the Initial Sale, if
any, or any Exchange with respect to the TRA Party or St. Cloud, as applicable, to which such Basis Schedule is delivered. All costs
and expenses incurred in connection with the provision and preparation of the Basis Schedules and Tax Benefit Schedules for each TRA
Party in compliance with this TRA Agreement shall be borne 50% by the Corporate Taxpayer on the one hand and 50% by the TRA Parties
on the other hand. Each Basis Schedule shall become final as provided in Section 2.3(a) and may be amended as provided in Section
2.3(b) (subject to the procedures set forth in Section 2.3(b)).

 

Section 2.2 Tax Benefit
Schedule.

 

(a)
Tax Benefit Schedule. Within one hundred twenty (120) calendar days after the due date (including extensions) of IRS Form 1120
(or any successor form) of the Corporate Taxpayer for each Taxable Year, the Corporate Taxpayer shall provide to each TRA Party a schedule
showing, in reasonable detail, the calculation of the Tax Benefit Payment (and any Realized Tax Benefit) or the lack of a Tax Benefit
Payment (and any Realized Tax Detriment), as applicable, Attributable to such TRA Party for such Taxable Year (including, for the avoidance
of doubt, any amount thereof with respect to any Initial Sale or Exchange effected by St. Cloud) (a “Tax Benefit Schedule”).
Each Tax Benefit Schedule shall become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b)
(subject to the procedures set forth in Section 2.3(b)).

 

(b)
Applicable Principles. Subject to Section 3.3, the Realized Tax Benefit (or the Realized Tax Detriment) for each Taxable
Year is intended to measure the decrease (or increase) in the actual liability for Covered Taxes of the Corporate Taxpayer for such Taxable
Year attributable to the Tax Attributes, determined using a “with and without” methodology. Carryovers or carrybacks of any
Tax item attributable to any of the Tax Attributes shall be considered to be subject to the rules of the Code and the Treasury Regulations
or the appropriate provisions of U.S. state income tax law, as applicable, governing the use, limitation, and expiration of carryovers
or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to any Tax Attribute
(“TRA Portion”) and another portion that is not (“Non-TRA Portion”), such portions shall be considered
to be used in accordance with the “with and without” methodology so that the amount of any Non-TRA Portion is deemed utilized,
to the extent available, prior to the amount of any TRA Portion, to the extent available (with the TRA Portion being applied on a proportionate
basis consistent with the provisions of Section 3.3). The parties agree that (A) the payments made pursuant to this TRA Agreement
(including payments of any Interest Amount to the extent that such payments are not treated as the payment of Imputed Interest) in respect
of the Initial Sale, if any, or any Exchange are intended to be treated and shall be reported for all purposes, including Tax purposes,
as additional contingent consideration to the applicable TRA Party or St. Cloud, as applicable, for the Initial Sale or such Exchange,
as applicable, that has the effect of creating additional Basis Adjustments (if any) to the Reference Assets in the Taxable Year of payment
(excluding any portion of such payment treated as Imputed Interest) and (B) such additional Basis Adjustments shall be incorporated into
the calculation for the Taxable Year of the applicable payment and into the calculations for subsequent Taxable Years.

 

    	 	11	 

     

    

 

Section 2.3 Procedures,
Amendments.

 

(a)
Procedure. Every time the Corporate Taxpayer delivers to a TRA Party an applicable Schedule under this TRA Agreement, including
any Amended Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule,
the Corporate Taxpayer shall also use commercially reasonable efforts to (x) deliver to such TRA Party and the TRA Party Representative
supporting schedules and work papers, as determined by the Corporate Taxpayer or as reasonably requested by such TRA Party (or the TRA
Party Representative on behalf of one or more TRA Parties, including such TRA Party), providing reasonable detail regarding data and
calculations that were relevant for purposes of preparing the Schedule and (y) allow the TRA Party Representative and its advisors reasonable
access to the appropriate representatives of the Corporate Taxpayer (at no cost and expense of the TRA Parties, the TRA Party Representative,
or any of its advisors). Without limiting the generality of the preceding sentence, the Corporate Taxpayer shall ensure that any Tax
Benefit Schedule or Early Termination Schedule that is delivered to a TRA Party, along with any supporting schedules and work papers,
provides a reasonably detailed presentation of the calculation of the Actual Tax Liability (the “with” calculation) and the
Hypothetical Tax Liability (the “without” calculation) and identifies any material assumptions or operating procedures or
principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final and binding
on all parties thirty (30) calendar days from the date on which all relevant TRA Parties and the TRA Party Representative have received
the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) prior to such date, gives
the Corporate Taxpayer written notice of a material objection to such Schedule or amendment thereto made in good faith (“Objection
Notice”), or (ii) provides a written waiver of its right to give an Objection Notice within the period described in clause
(i) above, in which case such Schedule or amendment thereto becomes binding on the date such waiver is given by the TRA Party Representative.
If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues raised in any
Objection Notice within thirty (30) calendar days after the TRA Party Representative gives the Corporate Taxpayer such Objection Notice,
the Corporate Taxpayer and the TRA Party Representative shall employ the reconciliation procedures described in Section 7.9 (the
“Reconciliation Procedures”), in which case such Schedule or Amended Schedule shall become binding in accordance with
Section 7.9.

 

(b)
Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i)
in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule, including those identified
as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to a
TRA Party, (iii) to comply with an Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the
Realized Tax Benefit or the Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other
Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or the Realized Tax Detriment for such Taxable Year
attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Basis Schedule to take into account payments
made pursuant to this TRA Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide
an Amended Schedule to each TRA Party and the TRA Party Representative when the Corporate Taxpayer delivers the Basis Schedule for the
following Taxable Year or within thirty (30) calendar days after the occurrence of an event referred to in clauses (i) through (vi) of
the preceding sentence, whichever is later. In the event a Schedule is amended after such Schedule becomes final pursuant to Section
2.3(a) or, if applicable, Section 7.9, (A) the Amended Schedule shall not be taken into account in calculating any Tax Benefit
Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net
Realized Tax Benefit for the Taxable Year in which the amendment actually occurs, and (B) as a result of the foregoing, any increase
of the Net Tax Benefit attributable to an Amended Schedule shall accrue the Interest Amount (or any other interest hereunder) from the
due date (without extensions) for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to Covered Taxes
for the Taxable Year in which the amendment actually occurs until the payment date applicable to such Taxable Year under Section 3.1(a).

 

Section 2.4
Section 754 Election. The Corporate Taxpayer and NewCo LLC shall ensure that, for each Taxable Year in which an Exchange occurs
and each Taxable Year in which the Initial Sale, if any, occurs, and with respect to which the Corporate Taxpayer and/or NewCo LLC have
obligations under this TRA Agreement, NewCo LLC and each of its direct and indirect Subsidiaries that is treated as a partnership for
U.S. federal income Tax purposes will have in effect a valid election under Section 754 of the Code (and under any similar provisions
of applicable U.S. state or local law) for each such Taxable Year.

 

    	 	12	 

     

    

 

ARTICLE III

TAX BENEFIT PAYMENTS

 

Section 3.1 Payments.

 

(a)
Payments. Within five (5) Business Days after a Tax Benefit Schedule delivered to a TRA Party becomes final in accordance with
Section 2.3(a) or, if applicable, Section 7.9, the Corporate Taxpayer shall pay such TRA Party for such Taxable Year the
Tax Benefit Payment, if any, determined pursuant to Section 3.1(b) that is Attributable to such TRA Party. Each such Tax Benefit
Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to
the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such TRA Party. The payments provided for pursuant to the
above sentence shall be computed separately for each TRA Party. Without limiting the Corporate Taxpayer’s ability to make offsets
against Tax Benefit Payments to the extent permitted by Section 3.5, no TRA Party shall be required under any circumstances to
make a payment or return a payment to the Corporate Taxpayer in respect of any portion of any Tax Benefit Payment previously paid by
the Corporate Taxpayer to such TRA Party (including any portion of any Early Termination Payment).

 

(b)
For purposes of this TRA Agreement:

 

(i)
A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to the sum
of (i) the Net Tax Benefit that is Attributable to such TRA Party and (ii) the Interest Amount with respect thereto.

 

(ii)
Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of
eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year, over the total amount of payments
previously made under the first sentence of Section 3.1(a) (excluding payments attributable to Interest Amounts); provided,
that if there is no such excess (or if a deficit exists), no TRA Party shall be required to make a payment (or return a payment) to the
Corporate Taxpayer in respect of any portion of any Tax Benefit Payment previously paid by the Corporate Taxpayer to such TRA Party or
with respect to such Taxable Year. Notwithstanding anything to the contrary in this TRA Agreement, the parties acknowledge and agree
that the determination of the portion of the Tax Benefit Payment to be paid to a TRA Party under this TRA Agreement with respect to U.S.
state and local Taxes shall not require separate “with and without” calculations in respect of each applicable U.S. state
and local Tax jurisdiction but rather will be the product of the U.S. federal taxable income or gain for such taxable year reported on
the Corporate Taxpayer’s IRS Form 1120 (or any successor form) and the Assumed State and Local Tax Rate.

 

(iii)
The “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate from the due date (without
extensions) for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to Covered Taxes for the applicable
Taxable Year until the payment date under Section 3.1(a); provided that such interest shall not accrue on the amount of
any Net Tax Benefit after the date on which such amount is actually paid to the applicable TRA Party, regardless of whether such payment
is made prior to the due date for such payment under Section 3.1(a) and regardless of whether the amount of any unpaid Net Tax
Benefit has yet become final in accordance with Section 2.3(a) or, if applicable, Section 7.9.

 

    	 	13	 

     

    

 

(c)
The TRA Parties acknowledge and agree that, as of the date of this TRA Agreement and as of the date of any Initial Sale or Exchange that
may be subject to this TRA Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. federal
income or other applicable Tax purposes. Notwithstanding anything to the contrary in this TRA Agreement, the stated maximum selling price
(within the meaning of Treasury Regulations Section 15A.453-1(c)(2)) with respect to any transfer of Units by a TRA Party or St. Cloud,
as applicable, pursuant to an Initial Sale or an Exchange, as applicable, shall not exceed the sum of (I) the value of the Class A Common
Stock or the amount of cash delivered to such TRA Party or St. Cloud, as applicable, in each case, in the Initial Sale or the Exchange,
as applicable, plus (II) the amount, if any, set forth in the Exchange Notice (as defined in the LLC Agreement) or other notice delivered
by such TRA Party or St. Cloud, as applicable, to the Corporate Taxpayer with respect to the relevant Initial Sale or Exchange, as applicable,
or, if no such amount is specified, 80% of the amount described in clause (I). Aggregate payments under this TRA Agreement to such TRA
Party in respect of such Units (other than amounts accounted for as interest under the Code) shall not exceed the amount described in
the preceding clause (II).

 

Section
3.2 No Duplicative Payments. It is intended that the provisions of this TRA Agreement will not result in duplicative payment
of any amount (including of any Tax Benefit Payment, Realized Tax Benefit, or interest) required under this TRA Agreement and no determination
of any Net Tax Benefit or Tax Benefit Payment with respect to a Taxable Year shall reflect a benefit from a Tax Attribute previously taken
into account in a prior Taxable Year. It is also intended that the provisions of this TRA Agreement will result in 85% of the Corporate
Taxpayer’s Cumulative Net Realized Tax Benefits and the Interest Amount thereon being paid to the TRA Parties pursuant to this TRA
Agreement. The provisions of this TRA Agreement shall be construed in the appropriate manner so that these fundamental results are achieved.
For purposes of this TRA Agreement, and also for the avoidance of doubt, no Tax Benefit Payment shall be required to be calculated or
made in respect of any estimated tax payments, including, without limitation, any estimated U.S. federal, state or local income tax payments.

 

Section
3.3 Pro Rata Payments. Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate Realized
Tax Benefit of the Corporate Taxpayer with respect to the Tax Attributes is limited in a particular Taxable Year because the Corporate
Taxpayer does not have sufficient taxable income, the Net Tax Benefit of the Corporate Taxpayer shall be allocated among all parties eligible
for Tax Benefit Payments under this TRA Agreement with respect to such Taxable Year in proportion to the amounts of Net Tax Benefit, respectively,
that would have been Attributable to each TRA Party if the Corporate Taxpayer had sufficient taxable income so that there were no such
limitation.

 

Section 3.4 Payment
Ordering. If for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit
Payments due under this TRA Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the TRA Parties agree
that (i) Tax Benefit Payments for such Taxable Year shall be allocated to all parties eligible for Tax Benefit Payments with respect
to such Taxable Year under this TRA Agreement in proportion to the amounts of Net Tax Benefit, respectively, that would have been
Attributable to each TRA Party if the Corporate Taxpayer had sufficient cash available to make such Tax Benefit Payments and (ii) no
Tax Benefit Payments shall be made in respect of any Taxable Year until all Tax Benefit Payments to all TRA Parties in respect of
all prior Taxable Years have been made in full.

 

    	 	14	 

     

    

 

Section 3.5 Overpayments.
To the extent the Corporate Taxpayer makes a payment to a TRA Party in respect of a particular Taxable Year under Section
3.1(a) in an amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such
Taxable Year (taking into account Section 3.3 and Section 3.4) under the terms of this TRA Agreement, then (i) such
TRA Party shall not receive further payments under Section 3.1(a) until such TRA Party has foregone an amount of payments
equal to such excess and (ii) to the extent such excess amount is due and payable to, and should have been paid to, any other TRA
Party pursuant to the terms of this TRA Agreement, the Corporate Taxpayer will pay the amount of such TRA Party’s foregone
payments to such other TRA Parties to whom a payment is due and payable, and should have been paid, under this TRA Agreement in a
manner such that each such other TRA Party, to the extent possible, receives aggregate payments under Section 3.1(a) (taking
into account Section 3.3 and Section 3.4) in the amount such other TRA Party would have received if there had been no
excess payment to such TRA Party.

 

ARTICLE
IV

TERMINATION

 

Section 4.1 Early Termination
of Agreement; Breach of Agreement.

 

(a)
Corporate Taxpayer’s Early Termination Right. The Corporate Taxpayer may terminate this TRA Agreement (including with respect
to all amounts payable to the TRA Parties and with respect to all of the Units held by the TRA Parties, subject to the immediately succeeding
sentence) at any time by causing the Corporate Taxpayer to pay to each TRA Party the Early Termination Payment in respect of such TRA
Party; provided, that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.1(b)
prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by the Corporate
Taxpayer, neither the Corporate Taxpayer nor the TRA Parties shall have any further payment obligations under this TRA Agreement, other
than with respect to (i) any Tax Benefit Payments agreed by the Corporate Taxpayer and the TRA Parties Representative as due and payable
and that remain unpaid as of the Early Termination Date (which Tax Benefit Payments must be paid out and shall not be included in the
Early Termination Payments) and as of the date of payment of the Early Termination Payment and (ii) any Tax Benefit Payments due for
the Taxable Year ending immediately prior to or including the Early Termination Date (except to the extent that the amounts described
in this clause (ii) are included in the calculation of the Early Termination Payments (at the option of the Corporate Taxpayer)
or are included in clause (i)); provided that upon payment of all amounts, to the extent applicable and without duplication,
described in this sentence, this TRA Agreement shall terminate. For the avoidance of doubt, if an Exchange occurs after the Corporate
Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer shall have no obligations under this TRA Agreement
with respect to such Exchange.

 

    	 	15	 

     

    

 

(b)
In the event that the Corporate Taxpayer breaches any of its material obligations under this TRA Agreement, whether as a result of failure
to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of
the rejection of this TRA Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall
be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach
and shall include, but not be limited to, without duplication, (1) the Early Termination Payment calculated as if an Early Termination
Notice had been delivered on the date of a breach, (2) any Tax Benefit Payments that are due and payable under this TRA Agreement but
that remain unpaid as of the date of a breach, and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the
date of a breach. Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this TRA Agreement and this Section
4.1(b) applies, the TRA Parties shall be entitled to elect to receive the amounts set forth in clauses (1), (2), and (3), above or
to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this TRA Agreement
within three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this TRA Agreement
for all purposes of this TRA Agreement, and that it will not be considered to be a breach of a material obligation under this TRA Agreement
to make a payment due pursuant to this TRA Agreement within three (3) months of the date such payment is due. Notwithstanding anything
in this TRA Agreement to the contrary, it shall not be a breach of a material obligation under this TRA Agreement if the Corporate Taxpayer
fails to make any Tax Benefit Payment or other payment due pursuant to this TRA Agreement when due to the extent that the Corporate Taxpayer
has insufficient funds or cannot make such payment as a result of obligations imposed in connection with the Senior Obligations, and
cannot take commercially reasonable actions to obtain sufficient funds, to make such payment; provided, that the interest provisions
of Section 5.2 shall apply to such late payment unless the Corporate Taxpayer does not have sufficient funds to make such payment
as a result of a limitation imposed by any Senior Obligations, in which case, Section 5.2 shall apply, but the Default Rate shall
be replaced by the Agreed Rate; provided, further, that such payment obligation shall nonetheless accrue for the benefit
of the TRA Parties, and the Corporate Taxpayer shall make such payment at the first opportunity that it has sufficient funds and is otherwise
able to make such payment.

 

Section 4.2 Early
Termination Notice. If the Corporate Taxpayer choose to exercise its right of early termination in accordance with Section
4.1 above, the Corporate Taxpayer shall deliver to each TRA Party and the TRA Party Representative written notice of such
decision to exercise such right (an “Early Termination Notice”) and a schedule (an “Early Termination
Schedule”) specifying the Corporate Taxpayer’s decision to exercise such right and showing in reasonable detail the
calculation of the Early Termination Payment(s) due for each TRA Party. Each Early Termination Schedule shall become final and
binding on all parties thirty (30) calendar days from the first date on which all TRA Parties have been given such Schedule under Section
7.1 unless the TRA Party Representative (i) within thirty (30) calendar days after such date gives the Corporate Taxpayer
written notice of a material objection to such Schedule made in good faith (a “Material Objection Notice”) or
(ii) provides a written waiver of its right to give a Material Objection Notice within the period described in clause (i) above, in
which case such Schedule becomes binding on the date such waiver is given by the TRA Party Representative to the Corporate Taxpayer.
If the Corporate Taxpayer and the TRA Party Representative, after negotiating in good faith, are unable to successfully resolve the
issues raised in such Material Objection Notice within thirty (30) calendar days after the TRA Party Representative gives the
Corporate Taxpayer the Material Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the
Reconciliation Procedures in which case such Schedule shall become binding in accordance with Section 7.9. The TRA Party
Representative will represent the interests of each of the TRA Parties and shall raise and pursue, in accordance with this Section
4.2, any objection to an Early Termination Schedule timely given in writing to the TRA Party Representative by a TRA Party.

 

    	 	16	 

     

    

 

Section 4.3 Payment upon
Early Termination.

 

(a)
Within five (5) Business Days after an Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an amount
equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available
funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by the Corporate Taxpayer and such TRA Party.

 

(b)
“Early Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early Termination
Rate as of and starting from the applicable Early Termination Date, of all Tax Benefit Payments (excluding any Interest Amount) in respect
of such TRA Party that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date (but which have
not been previously paid as of such date), and assuming that the Valuation Assumptions in respect of such TRA Party and St. Cloud, as
applicable, are applied and that each such Tax Benefit Payment for each relevant Taxable Year would be paid on the due date (including
extensions) under applicable law as of the Early Termination Date for filing of IRS Form 1120 (or any successor form) of the Corporate
Taxpayer for each such Taxable Year.

 

ARTICLE
V

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1 Subordination.
Notwithstanding any other provision of this TRA Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any
other payment required to be made by the Corporate Taxpayer to any TRA Party under this TRA Agreement shall rank subordinate and
junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of
indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (the “Senior Obligations”) and
shall rank pari passu in right of payment with all current or future unsecured obligations of the Corporate Taxpayer that are
not Senior Obligations. To the extent that any payment under this TRA Agreement is not permitted to be made at the time payment is
due as a result of this Section 5.1 and the terms of the agreements governing the Senior Obligations, such payment obligation
nevertheless shall accrue for the benefit of the TRA Parties and the Corporate Taxpayer shall make such payments at the first
opportunity that such payments are permitted to be made in accordance with the terms of the Senior Obligations and Section
5.2 shall apply to such payment.

 

    	 	17	 

     

    

 

Section
5.2 Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early Termination
Payment not made to the TRA Parties when due under the terms of this TRA Agreement, whether as a result of Section 5.1 or otherwise,
shall be payable together with any interest thereon, computed at the Default Rate commencing from the Final Payment Date therefor accruing
to the date of actual payment.

 

ARTICLE VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section
6.1 Participation in the Corporate Taxpayer’s and NewCo LLC’s Tax Matters. Except as otherwise provided in this
TRA Agreement, the Business Combination Agreement or the Limited Liability Company Agreement, the Corporate Taxpayer shall have full responsibility
for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer, its Subsidiaries and NewCo LLC, including the preparation,
filing, or amending of any Tax Return and defending, contesting or settling any issue pertaining to Covered Taxes.

 

Section 6.2
Consistency. The Corporate Taxpayer and the TRA Parties agree to report and cause their respective Affiliates to report for
all purposes, including U.S. federal, state and local purposes and financial reporting purposes, all Tax-related items (including the
Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that set forth in this TRA Agreement or specified by the Corporate
Taxpayer in any Schedule (or Amended Schedule, as applicable) provided by or on behalf of the Corporate Taxpayer under this TRA Agreement
that is final and binding on the parties unless otherwise required by applicable law.

 

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

 

    	 	18	 

     

    

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.1 Notices.
All notices, demands and other communications to be given or delivered under this TRA Agreement shall be in writing and shall be
deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with
confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next Business Day, (b) one
(1) Business Day following delivery by reputable overnight express courier (charges prepaid) or (c) three (3) calendar days
following mailing by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified
in writing pursuant to the provisions of this Section 7.1, notices, demands and other communications shall be sent to the
addresses indicated below:

 

If to the Corporate Taxpayer or NewCo LLC, to:

 

Appreciate Intermediate Holdings, LLC

6101 Baker Road,
Suite 200

Minnetonka, Minnesota 55345

 

Attention: Chris Laurence

Email: claurence@renterswarehouse.com

 

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

 

Winthrop & Weinstine, P.A.

Capella Tower, Suite
3500

225 South Sixth Street

Minneapolis, Minnesota 55402

 

Attention: Dean D. Willer; Philip T. Colton

Email: dwiller@winthrop.com; pcolton@winthrop.com

 

If to the TRA Party Representative, to:

 

Lake Street Landlords, LLC

315 Lake Street East

Wayzata,
Minnesota 55391

 

Attention: Scott Honour

Email: shonour@northernpacificgroup.com

 

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

 

Faegre Drinker Biddle & Reath LLP

2200 Wells Fargo
Center

90 South Seventh Street

Minneapolis, MN 55402

 

Attention:
Steven C. Kennedy

Email: steve.kennedy@faegredrinker.com

 

If to a TRA
Party, to such TRA Party’s address(es) listed below such TRA Party’s signature on such TRA Party’s signature page to
this TRA Agreement or joinder signature page to this TRA Agreement.

 

Section 7.2 Counterparts.
This TRA Agreement may be executed and delivered in one or more counterparts and by fax, email or other electronic transmission,
each of which shall be deemed an original and all of which shall be considered one and the same agreement. No party shall raise the
use of a fax machine, email, or other electronic transmission device or method to deliver a signature or the fact that any signature
or agreement or instrument was transmitted or communicated through the use of a fax machine, email, or other electronic transmission
device or method as a defense to the formation or enforceability of a contract and each party forever waives any such defense.

 

    	 	19	 

     

    

 

Section 7.3
Entire Agreement; No Third-Party Beneficiaries. This TRA Agreement (together with all Exhibits and Schedules to this TRA Agreement),
the Business Combination Agreement (together with the Disclosure Letters and Exhibits thereto), the Limited Liability Company Agreement,
and the Confidentiality Agreement, contain the entire agreement and understanding among the parties with respect to the subject matter
hereof and thereof and supersede all prior agreements and understandings, whether written or oral, relating to such subject matter in
any way. Nothing in this TRA Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or
remedy of any nature whatsoever under or by reason of this TRA Agreement.

 

Section
7.4 Governing Law. The law of the State of Delaware shall govern (a) all claims or matters related to or arising from this
TRA Agreement (including any tort or noncontractual claims) and (b) any questions concerning the construction, interpretation, validity
and enforceability of this TRA Agreement, and the performance of the obligations imposed by this TRA Agreement, in each case without giving
effect to any choice-of-law or conflict-of-law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the law of any jurisdiction other than the State of Delaware.

 

Section
7.5 Severability. If any provision of this TRA Agreement is determined to be invalid, illegal or unenforceable by any governmental
entity, all other provisions of this TRA Agreement shall nevertheless remain in full force and effect. Upon such determination that any
provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this TRA Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the greatest extent possible.

 

Section 7.6 Successors;
Assignment; Amendments; Waivers.

 

 (a) No TRA Party may assign all or any portion of its rights or obligations under this TRA Agreement to any Person without the prior written approval of the TRA Disinterested Majority, except that, to the extent that a TRA Party Transfers Units to any of such TRA Party’s Permitted Transferees in accordance with the terms of the Limited Liability Company Agreement, the Transferring TRA Party shall have the option to assign, without the approval of the TRA Disinterested Majority, to the Transferee of such Units the Transferring TRA Party’s rights and obligations under this TRA Agreement with respect to such Transferred Units. As a condition to any such assignment, each Transferee which is a Permitted Transferee or approved by the TRA Disinterested Majority and the Corporate Taxpayer shall execute and deliver a joinder to this TRA Agreement, in the form attached hereto as Exhibit A, agreeing to become a TRA Party for all purposes of this TRA Agreement, except as otherwise provided in such joinder. If a TRA Party Transfers Units in accordance with the terms of the Limited Liability Company Agreement but does not assign to the Transferee of such Units its rights and obligations under this TRA Agreement with respect to such Transferred Units, (i) such TRA Party shall remain a TRA Party under this TRA Agreement for all purposes, including with respect to the receipt of Tax Benefit Payments to the extent payable hereunder (including any Tax Benefit Payments in respect of the Initial Sale, if any, or of the Exchanges of such Transferred Units by such Transferee), and (ii) the Transferee of such Units shall not be a TRA Party. The Corporate Taxpayer may not assign any of its rights or obligations under this TRA Agreement to any Person (other than in connection with a Mandatory Assignment) without the prior written consent of the TRA Party Representative (not to be unreasonably withheld, conditioned or delayed). Any purported assignment in violation of the terms of this Section 7.6 shall be null and void. Notwithstanding the foregoing, once the Initial Sale, if any, or any Exchange has occurred, any and all payments that may become payable to a TRA Party pursuant to this TRA Agreement with respect to such Initial Sale, if any, or such Exchange may be assigned to any Person or Persons, as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this TRA Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to be bound by Section 7.12.

 

    	 	20	 

     

    

 

 (b) Except as provided herein, no provision of this TRA Agreement may be amended unless such amendment is approved in writing by, (i) on the one hand, the Corporate Taxpayer, and (ii) on the other hand, the TRA Parties who would be entitled to receive at least two-thirds of the total amount of the Early Termination Payments payable to all TRA Parties under this TRA Agreement if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange (or if no Exchange has occurred, the date of the Initial Sale, if any,) prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this TRA Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments one or more TRA Parties will be entitled to receive under this TRA Agreement unless such amendment is consented to in writing by each such TRA Party disproportionately affected. Notwithstanding any other provision of this TRA Agreement to the contrary, the parties hereto acknowledge that to the extent that after the date hereof the Corporate Taxpayer enters into any income Tax receivable or other similar agreement (each, a “Future TRA”), the Corporate Taxpayer, in its sole and absolute discretion and without the consent of any other party hereto, may amend any provision of this TRA Agreement to provide that the rights of the TRA Parties under this TRA Agreement and the rights of any parties to any Future TRA under such Future TRA are pari passu, including for the avoidance of doubt, amending (A) Section 3.3 to allocate the Net Tax Benefit of the Corporate Taxpayer and the “net tax benefit” (or similar corresponding term as used in any Future TRA, as applicable) of the Corporate Taxpayer under each Future TRA collectively among all parties eligible for Tax Benefit Payments under this TRA Agreement and all parties eligible for “tax benefit payments” (or similar corresponding term as used in any Future TRA, as applicable) under any such Future TRA, and, if applicable, all parties eligible for “tax benefit payments” (or similar corresponding term as used in any Future TRA, as applicable) under any Future TRA that has been executed prior to such Future TRA (individually and collectively, “Intervening TRAs”) in proportion to the amounts of Net Tax Benefit (as such term is defined in this TRA Agreement or as such term or similar corresponding term is defined in any such Future TRA or Intervening TRA, as applicable), respectively, that would have been Attributable (as such term is defined in this TRA Agreement or as such term or similar corresponding term is defined in any such Future TRA or Intervening TRA, as applicable) to each such party if the Corporate Taxpayer had sufficient taxable income and (B) Section 3.4 to allocate Tax Benefit Payments due under this TRA Agreement and “tax benefit payments” (or similar corresponding term as used in any Future TRA or any Intervening TRA, as applicable) due under any Future TRA or any Intervening TRA, as applicable, collectively among all parties eligible for Tax Benefit Payments under this TRA Agreement and all parties eligible for “tax benefit payments” (or similar corresponding term as used in any Future TRA or any Intervening TRA, as applicable) under any such Future TRAs or any such Intervening TRAs, as applicable, in proportion to the amounts of Net Tax Benefit (as such term is defined in this TRA Agreement and as such term or similar corresponding term is defined in any such Future TRA or any such Intervening TRA, as applicable)), respectively, that would have been Attributable to each such party if the Corporate Taxpayer had sufficient cash available to make such Tax Benefit Payments and “tax benefit payments” (or similar corresponding term as used in any Future TRA or any Intervening TRA, as applicable), as applicable. No provision of this TRA Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective.

 

    	 	21	 

     

    

 

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

 

Section 7.7 Interpretation.
The headings and captions used in this TRA Agreement and the table of contents to this TRA Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this TRA Agreement. Any capitalized terms used in any Schedule or
Exhibit attached hereto and not otherwise defined therein shall have the meanings set forth in this TRA Agreement. The use of the
word “including” herein shall mean “including without limitation.” The words “hereof,”
“herein,” and “hereunder” and words of similar import, when used in this TRA Agreement, shall refer to this
TRA Agreement as a whole and not to any particular provision of this TRA Agreement. References herein to the Preamble or to a
specific Section, Subsection, Recital, Clause, Schedule or Exhibit shall refer, respectively, to the Preamble, Sections,
Subsections, Recitals, Clauses, Schedules or Exhibits of this TRA Agreement. Terms defined in the singular shall have a comparable
meaning when used in the plural, and vice versa. References herein to any gender shall include each other gender. The word
“or” shall not be exclusive unless the context clearly requires the selection of one (1) (but not more than one (1)) of
a number of items. References to “written” or “in writing” include in electronic form. References herein to
any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors and permitted
assigns; provided, however, that nothing contained in this Section 7.7 is intended to authorize any assignment or transfer
not otherwise permitted by this TRA Agreement. References herein to a Person in a particular capacity or capacities shall exclude
such Person in any other capacity. Any reference to “days” shall mean calendar days unless Business Days are expressly
specified; provided that if any action is required to be done or taken on a day that is not a Business Day, then such action shall
be required to be done or taken not on such day but on the first succeeding Business Day thereafter. References herein to any
contract or agreement (including this TRA Agreement) mean such contract or agreement as amended, restated, supplemented or modified
from time to time in accordance with the terms thereof. With respect to the determination of any period of time, the word
“from” means “from and including” and the words “to” and “until” each means
“to but excluding.” References herein to any law shall be deemed also to refer to such law, as amended (and any
successor laws), and all rules and regulations promulgated thereunder. The word “extent” in the phrase “to the
extent” (or similar phrases) shall mean the degree to which a subject or other thing extends, and such phrase shall not mean
simply “if.” Except where otherwise expressly provided, all amounts in this TRA Agreement are stated and shall be paid
in United States dollars. The parties to this TRA Agreement and their respective counsel have reviewed and negotiated this TRA
Agreement as the joint agreement and understanding of such parties, and the language used in this TRA Agreement shall be deemed to
be the language chosen by such parties to express their mutual intent, and no rule of strict construction shall be applied against
any Person.

 

    	 	22	 

     

    

 

Section 7.8 Waiver
of Jury Trial; Jurisdiction.

 

 (a) THE PARTIES EACH HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS TRA AGREEMENT OR (II) IN ANY WAY CONNECTION WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS TRA AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS TRA AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

 (b) Subject to Section 7.9, each of the parties hereto submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court within the State of New York, New York County) in any action, suit or proceeding arising out of or relating to this TRA Agreement, agrees that all claims in respect of such action, suit or proceeding shall be heard and determined in any such court and agrees not to bring any action, suit or proceeding arising out of or relating to this TRA Agreement in any other courts. Nothing in this Section 7.8, however, shall affect the right of any party to serve legal process in any other manner permitted by law or at equity. Each party hereto agrees that a final judgment in any action, suit or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity.

 

    	 	23	 

     

    

 

Section 7.9 Reconciliation.
In the event that the Corporate Taxpayer and the TRA Party Representative are unable to resolve a disagreement with respect to the
calculation of amounts owed pursuant to this TRA Agreement within the relevant period designated in this TRA Agreement
(“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally
recognized expert in the particular area of disagreement, acting as an expert and not as an arbitrator (the
“Expert”), mutually acceptable to the Corporate Taxpayer and the TRA Party Representative; provided that
solely with respect to any disagreements regarding the computation of an Early Termination Payment that relates to the taxable
income projections described in clause (i) of the definition of “Valuation Assumptions,” the Corporate Taxpayer and the
TRA Party Representative shall each submit the Reconciliation Dispute for determination to an Expert in the area of valuation
services mutually acceptable to the Corporate Taxpayer and the TRA Party Representative. The Expert shall be a partner or principal
in a nationally recognized accounting or law firm and, unless the Corporate Taxpayer, and the TRA Party Representative agree in
writing otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with any
party to this TRA Agreement or any Affiliate of any such parties or any other actual or potential conflict of interest. If the
Corporate Taxpayer and the TRA Party Representative are unable to agree on an Expert within fifteen (15) calendar days of receipt by
the respondent(s) of written notice of a Reconciliation Dispute, then the Corporate Taxpayer and the TRA Party Representative shall
cause the Expert to be selected by the International Chamber of Commerce Centre for Expertise in accordance with the criteria set
forth above in this Section 7.9 and the Expert shall be subject to replacement by mutual agreement of the Corporate Taxpayer
and the TRA Party Representative. The Expert shall resolve any matter relating to the Basis Schedule or an amendment thereto, the
Early Termination Schedule or an amendment thereto, or a Tax Benefit Schedule or any amendment thereto within thirty (30) calendar
days or, in each case, as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the
Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject
of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is
due, the undisputed amount shall be paid on the date prescribed by this TRA Agreement and such Tax Return may be filed as prepared
by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The sum of (a) the costs and expenses relating to (i)
the engagement (and, if applicable, selection by the International Chamber of Commerce Centre for Expertise) of such Expert and (ii)
if applicable, amending any Tax Return in connection with the decision of such Expert and (b) the reasonable out-of-pocket costs and
expenses of the Corporate Taxpayer and the TRA Party Representative incurred in the conduct of such proceeding shall be allocated
between the Corporate Taxpayer, on the one hand, and the TRA Parties whose Tax Benefit Payments were the subject of the Resolution
Dispute, on the other hand (and, in turn, among such TRA Parties in proportion to their respective unsuccessfully disputed items),
in the same proportion that the aggregate amount of the disputed items so submitted to the Expert that is unsuccessfully disputed by
each such party (as finally determined by the Expert) bears to the total amount of such disputed items so submitted, and each such
party shall promptly reimburse the other party for the excess that such other party has paid in respect of such costs and expenses
over the amount it has been so allocated. The Corporate Taxpayer may withhold payments under this TRA Agreement to collect amounts
due under the preceding sentence on a TRA Party-by-TRA Party basis. Any dispute as to whether a dispute is a Reconciliation Dispute
within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation
Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on the Corporate Taxpayer and each
of the TRA Parties whose Tax Benefit Payments were the subject of the Resolution Dispute and may be entered and enforced in any
court having jurisdiction.

 

    	 	24	 

     

    

 

Section
7.10 Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold, or cause there to be deducted and withheld
from, any payment payable pursuant to this TRA Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with
respect to the making of such payment under the Code or any provision of state, local, foreign or other tax law. To the extent that amounts
are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for
all purposes of this TRA Agreement as having been paid to the Person in respect of whom such withholding was made or such payment was
due and payable. Each TRA Party shall promptly provide the Corporate Taxpayer, NewCo LLC, or other applicable withholding agent with any
applicable Tax forms and certifications (including IRS Form W-9 or the applicable version of IRS Form W-8) and any other related information
necessary to enable the Corporate Taxpayer (or its applicable withholding agent) to determine whether any deduction or withholding is
required under applicable law and to comply with any applicable reporting requirements or that are reasonably requested and shall promptly
provide an update of any such Tax form or certificate previously delivered if the same has become incorrect or has expired and shall indemnify
and hold harmless the Corporate Taxpayer (or its applicable withholding agent) for the entire amount of any such amounts as the Corporate
Taxpayer (or its applicable withholding agent) is required to deduct and withhold.

 

Section
7.11 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

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

 

 (b) If any entity that is obligated to make any Tax Benefit Payment or any Early Termination Payment hereunder transfers one or more assets to a corporation with which such entity does not file a consolidated, combined, or unitary tax return pursuant to Section 1501 of the Code, or any corresponding provisions of state, local or non-U.S. Tax law, such entity, for purposes of calculating the amount of any such payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset (as reasonably determined by the governing body, or the Person responsible for management, of such entity acting in good faith), plus, without duplication, (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a partnership interest.

 

    	 	25	 

     

    

 

Section 7.12 Confidentiality.

 

 (a) Subject to Section 6.3, each TRA Party acknowledges and agrees that the information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this TRA Agreement in good faith, such person shall keep and retain in confidence and not disclose to any Person any confidential matters of the Corporate Taxpayer and its Affiliates and successors or concerning NewCo and its Affiliates and successors learned by the TRA Party pursuant to this TRA Agreement. This Section 7.12 shall not apply to (i) any information that has been made public by the Corporate Taxpayer or any of its Affiliates or becomes public knowledge (except as a result of an act of the TRA Party in violation of this TRA Agreement) and (ii) the disclosure of information to the extent reasonably necessary for the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any material action, proceeding or audit by any Taxing Authority with respect to such returns. Notwithstanding anything to the contrary in this TRA Agreement, to the extent required by applicable law or to the extent reasonably necessary for the TRA Party to comply with any applicable reportable transaction requirements under applicable law, each TRA Party (and each employee, representative or other agent of the TRA Party, as applicable) may disclose the Tax treatment and Tax structure of the Corporate Taxpayer, NewCo and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the TRA Party relating to such Tax treatment and Tax structure.

 

 (b) If a TRA Party breaches any of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right to seek to have the provisions of this Section 7.12 specifically enforced by injunctive relief by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach shall cause irreparable injury to the Corporate Taxpayer or any of its Affiliates and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

 

 (c) In no event shall this Section 7.12 limit any obligation of any party under the Limited Liability Company Agreement or the Business Combination Agreement.

 

Section 7.13 TRA
Party Representative. By executing this TRA Agreement, each of the TRA Parties shall be deemed to have irrevocably appointed
the TRA Party Representative as each TRA Party’s agent and attorney in fact with full power of substitution to act from and
after the date hereof and to do any and all things and execute any and all documents on behalf of such TRA Parties which may be
necessary, convenient or appropriate to facilitate any matters under this TRA Agreement, including: (i) execution of the documents
and certificates required pursuant to this TRA Agreement; (ii) except to the extent provided in this TRA Agreement, receipt and
forwarding of notices and communications pursuant to this TRA Agreement; (iii) administration of the provisions of this TRA
Agreement; (iv) any and all consents, waivers, amendments or modifications deemed by the TRA Party Representative to be necessary or
appropriate under this TRA Agreement and the execution or delivery of any documents that may be necessary or appropriate in
connection therewith; (v) taking actions the TRA Party Representative is authorized to take pursuant to the other provisions of this
TRA Agreement; (vi) negotiating and compromising, on behalf of such TRA Parties, any dispute that may arise under, and exercising or
refraining from exercising any remedies available under, this TRA Agreement and executing, on behalf of such TRA Parties, any
settlement agreement, release or other document with respect to such dispute or remedy; and (vii) engaging attorneys, accountants,
agents or consultants on behalf of such TRA Parties in connection with this TRA Agreement and paying any fees related thereto on
behalf of such TRA Parties, subject to reimbursement by such TRA Parties. The TRA Parties shall promptly reimburse the TRA Party
Representative for all reasonable costs and expenses incurred in connection with the TRA Party Representative performing its duties
hereunder. The TRA Party Representative may resign upon thirty (30) days’ written notice to the Corporate Taxpayer.

 

[Signature
Page Follows]

 

    	 	26	 

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this TRA Agreement to be duly executed as of the date first above written.

 

	 	CORPORATE
    TAXPAYER:
	 	 
	 	PROPTECH
    INVESTMENT CORPORATION II
	 	 
	 	By:	/s/ Thomas
    D. Hennessy
	 	Name: 	Thomas D. Hennessy
	 	Title: 	Chairman, Co-Chief Executive Officer and President
	 	 
	 	By:	/s/ Joseph
    Beck
	 	Name: 	Joseph Beck
	 	Title:	Co-Chief Executive Officer and Chief Financial Officer
	 	 
	 	NEWCO
    LLC:
	 	 
	 	APPRECIATE
    INTERMEDIATE HOLDINGS, LLC
	 	 
	 	By:	/s/ Thomas
    D. Hennessy
	 	Name: 	Thomas D. Hennessy
	 	Its: 	Authorized Person

 

[Signature Page to Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ James
    Gregg
	 	Name: 	James Gregg

 

[Signature Page to Income Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Jerry Adler
	 	Name: 	 Jerry Adler

 

[Signature Page to Income Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	By:	/s/ Adam Clabaugh
	 	Name: 	Adam Clabaugh

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Andrew
    Nast
	 	Name: 	Andrew Nast

 

[Signature Page to Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Raymond Davis
	 	Name: 	Raymond Davis

 

[Signature Page to Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Trevor Brace
	 	Name: 	Trevor Brace

 

[Signature Page to Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Pamela Kosanke
	 	Name: 	Pamela Kosanke

 

[Signature Page to Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA
    PARTY:
	 	 
	 	Ankhor
    Properties, LLC
	 	 
	 	By:	/s/ Michael
    Ankoviak
	 	Name: 	Michael Ankoviak
	 	Title:	Manager

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	Palo Duro Ventures, LLC
	 	 
	 	By:	/s/ Michael Park
	 	Name: 	Michael Park
	 	Title:	Manager

 

	 	Address for Notices:
	 	 
	 	1402 S. Custer Road 

Suite 704
	 	McKinney, TX 75072

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Trent Zachman
	 	Name: 	Trent Zachman

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ David Sommer
	 	Name: 	David Sommer

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Mitch Bowling
	 	Name: 	Mitch Bowling

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ David Thompson
	 	Name: 	David Thompson

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 	 
	 	By:	/s/ Anthony Charles Wyatt
	 	Name: 	Anthony Charles Wyatt

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	Lake Street Landlords, LLC
	 	 
	 	By: Northern Pacific Growth Investment Partners, L.P.
	 	Its: Managing Member
	 	 
	 	By: Northern Pacific Group GP I, LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Scott Honour                          
	 	Name: 	Scott Honour
	 	Title:	President
	 	 
	 	LSS Sustainable SPAC, LLC
	 	 
	 	By: Northern Pacific Growth Investment Partners, L.P.
	 	Its: Managing Member
	 	 
	 	By: Northern Pacific Group GP I, LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Scott Honour
	 	Name:	Scott Honour
	 	Title:	President
	 	 
	 	Address for Notices:
	 	 
	 	Northern Pacific Group 

315 Lake Street East 

Wayzata, MN 55391 

Attention: Scott Honour
	 	Email: shonour@northernpacificgroup.com
	 	 
	 	with a copy (which shall not constitute notice) to:

 Faegre Drinker Biddle & Reath LLP
	 	220 Wells Fargo Center 

90 South Seventh Street 

Minneapolis, MN 55402
	 	Attention: Steven C. Kennedy
	 	Email: steve.kennedy@faegredrinker.com

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	INDIVIDUAL HOLDER:
	 	 
	 	By:	/s/ Christopher Laurence
	 	Name: 	Christopher Laurence
	 	 
	 	Address for Notices:
	 	 
	 	1233 Snow Berry St.
	 	Park City, UT 84098

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	OA Holdings USA LL
	 	 
	 	By:	/s/ Greg Rand
	 	Name: 	Greg Rand
	 	Title:	Chief Executive Officer
	 	 
	 	Address for Notices:
	 	 
	 	121 Pointe Harbour Lane
	 	Mooresville, North Carolina 28117

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	RWRE HOLDINGS, LLC
	 	 
	 	By:	/s/ Brenton Hayden
	 	Name: 	Brenton Hayden
	 	Title:	Manager
	 	 
	 	RW USA HOLDINGS, LLC
	 	 
	 	By:	/s/ Brenton Hayden
	 	Name: 	Brenton Hayden
	 	Title: 	Manager
	 	 
	 	H&C HOLDINGS, LLC
	 	 
	 	By:	/s/ Brenton Hayden
	 	Name: 	Brenton Hayden
	 	Title: 	Manager

 

	 	 	16850 Collins Ave
	 	 	Ste #112 PMB 299
	 	Address for Notices:	Sunny Isles Beach, FL 33160
	 	 	 
	 	Attention: Brenton Hayden
	 	16850 Collins Ave
	 	Ste #112 PMB 299
	 	Sunny Isles Beach, FL 33160

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	Oculus Capital, LLC
	 	 
	 	By:	/s/ Jonathan Ortner
	 	Name: 	Jonathan Ortner
	 	Title:	Chief Executive Officer

 

	 	Address for Notices:
	 	 
	 	PO Box 12
	 	Long Lake, MN 55356

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	Tatanka, LLC
	 	 
	 	By:	/s/ Kevin Ortner
	 	Name: 	Kevin Ortner
	 	Title:	Chief Executive Officer
	 	 
	 	Address for Notices:
	 	 
	 	PO Box 12
	 	Long Lake, MN 55356

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	RWA Holdings, LLC
	 	 
	 	By:	/s/ Kevin Ortner
	 	Name: 	Kevin Ortner
	 	Title:	Chief Executive Officer
	 	 
	 	Address for Notices:
	 	 
	 	PO Box 12
	 	Long Lake, MN 55356

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	By:	/s/ Kevin Ortner
	 	Name: 	Kevin Ortner
	 	 
	 	Address for Notices:
	 	 
	 	PO Box 12
	 	Long Lake, MN 55356

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	St. Cloud Capital Partners III SBIC, L.P.
	 	 
	 	By: SCGP III SBIC, LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Kacy Rozelle
	 	Name: 	Kacy Rozelle
	 	Title:	Managing Member
	 	 	 
	 	Address for Notices:
	 	 
	 	10866 Wilshire Blvd., Suite 1450 

Los Angeles, CA 90024

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	Broader Media Holdings, LLC
	 	 
	 	By:	/s/ Joseph Robinson
	 	Name: 	Joseph Robinson
	 	Title:	President
	 	 
	 	Address for Notices:
	 	 
	 	125 West 55th Street 

    New York, NY 10019

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTY:
	 	 
	 	By:	/s/ Nolan Jacobson
	 	Name: 	Nolan Jacobson
	 	 
	 	Address for Notices:
	 	 
	 	19880 Andover Pl
	 	Excelsior, MN 55331

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

	 	TRA
    PARTY:
	 	 
	 	By:	/s/ Todd Jable   
	 	Name: 	Todd
Jable
	 	 
	 	Address
    for Notices:
	 	 
	 	996
    North Arm Dr
	 	Orono,
    MN 55364

 

[Signature Page to
Income Tax Receivable Agreement]

 

     

     

    

 

Exhibit A

 

Form of
Joinder

 

This Joinder
Agreement (“Joinder Agreement”) is a joinder to the Income Tax Receivable Agreement, dated as of [●], 2022 (the
“Agreement”), by and among PropTech Investment Corporation II, a Delaware corporation (the “Corporate Taxpayer”),
Appreciate Intermediate Holdings, LLC, a Delaware limited liability company (“NewCo LLC”), RW National Holdings, LLC,
a Delaware limited liability company, each of the TRA Parties (as defined therein), and each of the other Persons from time to time that
become a party thereto, as amended from time to time. Capitalized terms used but not defined in this Joinder Agreement shall have the
meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, without regard to its conflict-of-law principles that would cause the application of the laws of another jurisdiction.
If there is a conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control.

 

By signing and
returning this Joinder Agreement to the Corporate Taxpayer and NewCo LLC, the undersigned accepts and agrees to be bound by and subject
to all of the terms and conditions of and a TRA Party contained in the Agreement, with all attendant rights, duties and obligations of
a TRA Party thereunder. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution
and delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Corporate Taxpayer and NewCo LLC,
the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement.

 

[Remainder of Page Intentionally Left Blank.]

 

    	 	A-1	 

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Joinder Agreement to be executed and delivered as of the date first set forth above.

 

	 	[●]
	 	 
	 	 
	 	Name:	    
	 	[Title:]	 
	 	 
	 	Address for Notices:
	 	 
	 	Attention:
	 	Email:

 

    	 	A-2	 

     

    

 

SCHEDULE 1

 

	Lake Street Landlords, LLC	 
	LSS Sustainable SPAC LLC	 
	Christopher Laurence	 
	OA Holdings USA LLC	 
	H&C Holdings, LLC	 
	RWRE Holdings, LLC	 
	RW USA Holdings, LLC	 
	Palo Duro Ventures	 
	Tahoe Services	 
	Oculus Capital, LLC	 
	Tatanka LLC	 
	RWA Holdings, LLC	 
	Ankhor Properties	 
	James Gregg (RWKC, LLC)	 
	Lofty, LLC	 
	St. Cloud Capital Partners III SBIC, L.P.	 
	Broader Media Holdings LLC	 
	Kevin Ortner	 
	Charles Wyatt	 
	Pam Kosanke	 
	David Thompson	 
	Trevor Brace	 
	Trent Zachmann	 
	Nolan Jacobson	 
	Todd Jable	 
	Mitch Bowling	 
	David Sommer	 

 

 

S-1Exhibit 10.2

 

Execution Version

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT
(as it may be amended, supplemented or restated from time to time in accordance with the terms of this Investor Rights Agreement, the
“Investor Rights Agreement”), dated as of November 29, 2022 (the “Effective Date”), is made by and
among (i) Appreciate Holdings, Inc. (formerly known as PropTech Investment Corporation II), a Delaware corporation (“PubCo”);
(ii) each of the parties listed as a “Seller” on the signature pages attached hereto (each, a “Seller”
and, collectively, the “Sellers”); (iii) HC PropTech Partners II LLC, a Delaware limited liability company (the “Sponsor”);
and (iv) (A) Jack Leeney, (B) Courtney Robinson, (C) Gloria Fu, (D) Margaret Whelan and (E) Adam Blake (each, a “Sponsor Principal”
and, collectively, the “Sponsor Principals” and, together with the Sponsor, the “Founder Holders”
and, each, a “Founder Holder”). Each of PubCo, the Sellers and each Founder Holder may be referred to herein as a “Party”
and collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the BCA (as defined below).

 

RECITALS

 

WHEREAS, PubCo has entered
into that certain Business Combination Agreement, dated as of May 17, 2022, by and among PubCo, RW National Holdings, LLC, a Delaware
limited liability company (the “Company”), and Lake Street Landlords, LLC, a Delaware limited liability company (“Lake
Street”), in its capacity as the representative of the Rolling Company Unitholders (as may be amended, restated, amended and
restated, modified or supplemented from time to time in accordance with the terms of such agreement, the “BCA”), in
connection with the business combination (the “Business Combination”) set forth in the BCA;

 

WHEREAS, pursuant to the BCA,
immediately prior to the Closing, PubCo formed Appreciate Intermediate Holdings, LLC, a Delaware limited liability company (“NewCo
LLC”);

 

WHEREAS, pursuant to the BCA,
at the Closing, (i) all of the Rolling Company Unitholders have contributed all of their Company Units to NewCo LLC in exchange for NewCo
LLC Class B Units equal, in the aggregate, to the Company Contribution, (ii) the NewCo LLC Agreement has been amended and restated to
be in substantially the form of the Amended and Restated Limited Liability Company Agreement of NewCo LLC (the “Amended and Restated
NewCo LLC Agreement”), (iii) PubCo has contributed the Closing Date Contribution Amount to NewCo LLC in exchange for NewCo LLC
Class A Units equal to the Net Outstanding PTIC II Class A Shares, and (iv) NewCo LLC Unitholders (other than PubCo) have received from
PubCo a number of Class B Common Stock equal, in the aggregate, to the Transaction Equity Security Amount, in the amounts set forth pursuant
to the BCA;

 

WHEREAS, each of the Sellers
has the right to exchange its respective NewCo LLC Class B Units (as defined below), and cancel an equal number of its respective shares
of Class B Common Stock (as defined below) for shares of Class A Common Stock (as defined below) in the manner set forth in, and pursuant
to the terms and conditions of, the Amended and Restated NewCo LLC Agreement;

 

WHEREAS, each of the Sellers
has the right to exchange its respective NewCo LLC Class B Units that will be earned by such Seller pursuant to the BCA upon satisfaction
of the conditions set forth in the BCA, and cancel an equal number of shares of Class B Common Stock for shares of Class A Common Stock
(collectively, the “Exchanged Earnout Shares”) in the manner set forth in, and pursuant to the terms and conditions
of, the Amended and Restated NewCo LLC Agreement;

 

WHEREAS, PubCo and the Sponsor
entered into that certain Registration Rights Agreement, dated as of December 3, 2020 (the “Original RRA”);

 

WHEREAS, in connection with
the execution of this Investor Rights Agreement, PubCo and the Sponsor desire to terminate the Original RRA and replace it with this Investor
Rights Agreement; and

 

WHEREAS, on the Effective
Date, the Parties desire to set forth their agreement with respect to registration rights and certain other matters, in each case, in
accordance with the terms and conditions of this Investor Rights Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Investor Rights Agreement, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1 Definitions.
As used in this Investor Rights Agreement, the following terms shall have the following meanings:

 

“Adverse Disclosure”
means any public disclosure of material non-public information, which disclosure, in the good faith determination of the Board, after
consultation with counsel to PubCo, (a) would be required to be made in any Registration Statement or Prospectus in order for the applicable
Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances
under which they were made) not misleading, (b) would not be required to be made at such time if the Registration Statement were not being
filed, and (c) PubCo has a bona fide business purpose for not making such information public.

 

“Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership
of voting securities, its capacity as a sole or managing member or otherwise; provided that no Party or an affiliate thereof shall
be deemed an Affiliate of PubCo or any of its Subsidiaries for purposes of this Investor Rights Agreement.

 

“Amended and Restated
NewCo LLC Agreement” has the meaning set forth in the Recitals.

 

“Automatic Shelf
Registration Statement” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

“BCA” has
the meaning set forth in the Recitals.

 

“Beneficially Own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board” means the board of directors of
PubCo.

 

“Business Combination”
has the meaning set forth in the Recitals.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which commercial banks in New York, New York are open for the general transaction of
business.

 

“Bylaws”
means the “PTIC II Post-Closing Bylaws” as defined in the BCA, as the same may be amended or amended and restated from time
to time.

 

“Cantor Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of [the date hereof], by and between PubCo and
CF Principal Investments LLC, a Delaware limited liability company.

 

“Cantor Common Stock
Purchase Agreement” means that certain Common Stock Purchase Agreement, dated as of May 17, 2022, by and between PubCo and CF
Principal Investments LLC, a Delaware limited liability company, Company, as may be amended from time to time; provided that any such
amendment or replacement is not materially disadvantageous, taken as a whole, to the Holders.

 

“Certificate of Incorporation”
means the “PTIC II Post-Closing Certificate of Incorporation” as defined in the BCA, as the same may be amended or amended
and restated from time to time.

 

“Class A Common Stock”
means the shares of Class A common stock, par value $0.0001 per share, of PubCo, including (a) any shares of such Class A common stock
issuable upon the exercise of any warrant or other right to acquire shares of such Class A common stock and (b) any Equity Securities
of PubCo that are issued or distributed or may be issuable with respect to such Class A common stock by way of conversion, dividend, stock
split or other distribution, consolidation, merger, exchange, reclassification, recapitalization or other similar transaction.

 

    2

     

    

 

“Class B Common Stock”
means the shares of Class B common stock, par value $0.0001 per share, of PubCo, including (a) any shares of such Class B common stock
issuable upon the exercise of any warrant or other right to acquire shares of such Class B common stock and (b) any Equity Securities
of PubCo that are issued or distributed or may be issuable with respect to such Class B common stock by way of conversion, dividend, stock
split or other distribution, consolidation, merger, exchange, reclassification, recapitalization or other similar transaction.

 

“Common Stock”
means shares of the Class A Common Stock and the Class B Common Stock, including any shares of the Class A Common Stock and the Class
B Common Stock issuable upon the exercise of any warrant or other right to acquire shares of the Class A Common Stock and the Class B
Common Stock.

 

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

 

“Confidential Information”
means confidential, non-public information about PubCo and its Subsidiaries.

 

“Controlled Entity” means, as to any Person,
(a) any corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Person or such Person’s
Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Person or such Person’s Family Members or Affiliates
are the sole beneficiaries, (c) any partnership of which such Person or an Affiliate of such Person is the managing partner or in which
such Person or such Person’s Family Members or Affiliates hold partnership interests representing at least fifty percent (50%) of
such partnership’s capital and profits, (d) any limited liability company of which such Person or an Affiliate of such Person is
the manager or managing member or in which such Person or such Person’s Family Members or Affiliates hold membership interests representing
at least fifty percent (50%) of such limited liability company’s capital and profits and (e) and other entity which such Person
or such Person’s Family Members or Affiliates are the legal and beneficial owner of all of the outstanding equity securities or
similar interests.

 

“Demanding Holders” has the meaning set
forth in Section 2.1(c).

 

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

 

“Equity Securities”
means any share, share capital, capital stock, partnership, membership, joint venture or similar interest in any Person (including any
stock appreciation, phantom stock, restricted stock, restricted stock unit, performance share, profit participation, ownership or similar
rights), and any option, warrant, right or security (including debt securities) convertible, exchangeable or exercisable therefor whether
voting or nonvoting, including partnership or member interests in any Person.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, as the same shall be in effect from time to time.

 

“Exchanged Earnout
Shares” has the meaning set forth in the Recitals.

 

“Family Member”
means, with respect to any Person, such Person’s spouse, ancestors, descendants (whether by blood, marriage or adoption) or spouse
of a descendant of such Person, brothers and sisters (whether by blood, marriage or adoption) and inter vivos or testamentary trusts of
which only such Person and his or her spouse, ancestors, descendants (whether by blood, marriage or adoption), brothers and sisters (whether
by blood, marriage or adoption) are beneficiaries.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Form S-1 Shelf” has the meaning set forth in Section 2.1(a).

 

“Form S-3 Shelf” has the meaning set forth in Section 2.1(a).

 

“Founder Holder” has the meaning
set forth in the Preamble.

 

    3

     

    

 

“Holder”
means any holder of Registrable Securities who is a Party to, or who succeeds to rights under, this Investor Rights Agreement pursuant
to Section 4.1.

 

“Holder Information”
has the meaning set forth in Section 2.10(b).

 

“Investor Rights Agreement” has the meaning set forth in the Preamble.

 

“Lake Street” has the meaning set forth in the Recitals.

 

“Lock-Up Period”
has the meaning set forth in Section 3.1(a).

 

“Lock-Up Shares” has the meaning set forth in Section 3.1(a).

 

“Maximum Number of
Securities” has the meaning set forth in Section 2.1(d).

 

“Minimum Takedown
Threshold” has the meaning set forth in Section 2.1(c).

 

“Misstatement”
means an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances under
which they were made, not misleading.

 

“NewCo LLC”
has the meaning set forth in the Recitals.

 

“NewCo LLC Class
A Units” means the “Class A Units” of NewCo LLC (as defined in the Amended and Restated NewCo LLC Agreement).

 

    4

     

    

 

“NewCo LLC Class B Units”
means the “Class B Units” of NewCo LLC (as defined in the Amended and Restated NewCo LLC Agreement).

 

“Organizational Documents”
means the Certificate of Incorporation and the Bylaws.

 

“Original RRA” has the meaning set forth in the Recitals.

 

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

 

“Permitted Transferee”
means with respect to any Person, (a) any Family Member of such Person, (b) any Affiliate of such Person, (c) any Affiliate of any Family
Member of such Person (excluding any Affiliate under this clause (c) who operates or engages in a business which competes with
the business of PubCo or the Company or any of their respective Subsidiaries), (d) with respect to any Founder Holder, any officer, director,
employee, partner, shareholder, member or other equity holder of such Founder Holder or its Affiliates and (e) any Controlled Entity of
such Person.

 

“Piggyback Registration” has the meaning
set forth in Section 2.2(a).

 

“Prospectus” means
the prospectus included in any Registration Statement, all amendments (including post-effective amendments) and supplements to such prospectus,
and all material incorporated by reference in such prospectus.

 

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

 

“Registrable
Securities” means at any time (a) any shares of Class A Common Stock (including, without limitation, Class A Common Stock
(i) issued or issuable pursuant to the Certificate of Incorporation and the Amended and Restated NewCo LLC Agreement upon an
exchange of NewCo LLC Class B Units and the corresponding cancellation of an equal number of shares of Class B Common Stock in
exchange for shares of Class A Common Stock, (ii) that comprise Exchanged Earnout Shares (whether or not earned as of such date),
(iii) issuable upon exercise of the Warrants or other rights to acquire shares of Class A Common Stock or any shares of Class A
Common Stock issued or issuable upon the exercise thereof, (iv) any shares of Class A Common Stock issued pursuant to the BCA or (v)
held by the Founder Holders), and (b) any Equity Securities of PubCo or any Subsidiary of PubCo that may be issued or distributed or
be issuable with respect to the securities referred to in clause (a) by way of conversion, dividend, stock split or other
distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction, in each case held by a
Holder, other than any security received pursuant to an incentive plan adopted by PubCo on or after the Closing Date; provided, however,
that any such Registrable Securities shall cease to be Registrable Securities to the extent (A) a Registration Statement with
respect to the sale of such Registrable Securities has become effective under the Securities Act and such Registrable Securities
have been sold, transferred, disposed of or exchanged in accordance with the plan of distribution set forth in such Registration
Statement, (B) such Registrable Securities shall have ceased to be outstanding, (C) such Registrable Securities have been sold to,
or through, a broker, dealer or underwriter in a public distribution or other public securities transaction, (D) such Registrable
Security is disposed of under SEC Rule 144 under the Securities Act or any other public sale pursuant to an exemption from the
registration requirements of the Securities Act as a result of which the legend on any certificate or book-entry notation
representing such Registrable Security restricting transfer of such Registrable Security has been removed or (E) for purposes of Article
II, the Holder thereof, together with its, his or her Permitted Transferees, Beneficially Owns less than one percent (1%) of the
shares of Class A Common Stock that are outstanding at such time. For purposes of this Agreement, a Person shall be deemed to be a
holder of shares of Class A Common Stock and such shares of Class A Common Stock shall be deemed to be in existence whenever such
Person holds such shares of Class A Common Stock or has the right to acquire such shares of Class A Common Stock (upon conversion,
exchange or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon
the exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be
entitled to exercise the rights of a holder of shares of Class A Common Stock.

 

“Registration”
means a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus or similar
document in compliance with the requirements of the Securities Act, and such registration statement becoming effective.

 

    5

     

    

 

“Registration Expenses”
means the expenses of a Registration or other Transfer pursuant to the terms of this Investor Rights Agreement, including the following:

 

(a) all SEC or securities exchange registration and
filing fees (including fees with respect to filings required to be made with FINRA);

 

(b) all fees and expenses of compliance with securities
or blue sky Laws (including reasonable and documented fees and disbursements of counsel for the Underwriters in connection with blue sky
qualifications of Registrable Securities);

 

(c)
all printing, messenger, telephone and delivery expenses;

 

(d) all fees and expenses incurred in connection
with the listing of the Registrable Securities as required hereunder;

 

(e)
all fees and disbursements of counsel for PubCo;

 

(f) all fees and disbursements of all independent
registered public accountants of PubCo incurred in connection with such Registration or Transfer, including the expenses of any special
audits and/or comfort letters required or incident to such performance and compliance;

 

(g) reasonable and documented out-of-pocket fees
and expenses not to exceed $50,000 per Registration or Transfer of one (1) legal counsel selected by the majority-in-interest of the Holders
participating in such Registration or Transfer;

 

(h) the costs and expenses of PubCo relating to analyst
and investor presentations or any “road show” undertaken in connection with the Registration and/or marketing of the Registrable
Securities (including the expenses of the Holders); and

 

(i)
any other fees and disbursements customarily paid by the issuers of securities.

 

“Registration Statement”
means any registration statement that covers the Registrable Securities pursuant to the provisions of this Investor Rights Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, managers, members, equityholders, employees, agents,
attorneys, accountants, actuaries, consultants, financial advisors or other Person acting on behalf of such Person.

 

“Requesting
Holder” means any Holder requesting piggyback rights pursuant to Section 2.2 with respect to an Underwritten Shelf Takedown.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“SEC Rule 144” means Rule 144 promulgated
by the SEC under the Securities Act.

 

“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

 

“Securities Act”
means the Securities Act of 1933, as amended, and any successor thereto, as the same shall be in effect from time to time.

 

“Sellers” has the meaning set forth in
the Preamble. “Shelf” has the meaning set forth in Section 2.1(a).

 

“Shelf Registration”
means a registration of securities pursuant to a Registration Statement filed with the SEC in accordance with and pursuant to Rule 415
promulgated under the Securities Act.

 

“Shelf Takedown”
means an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.

 

    6

     

    

 

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

 

“Sponsor Members” has the meaning set forth
in Section 2.16(a). “Sponsor Principal” has the meaning set forth in the Preamble.

 

“Subsequent Shelf Registration” has the
meaning set forth in Section 2.1(b).

 

“Transfer” means,
when used as a noun, any voluntary or involuntary, direct or indirect, transfer, sale, pledge or hypothecation, distribution or other
disposition by the Transferor (whether by operation of law or otherwise) and, when used as a verb, the Transferor voluntarily or involuntarily,
directly or indirectly, transfers, sells, pledges or hypothecates, distributes or otherwise disposes of (whether by operation of law or
otherwise), including, in each case, (a) the establishment or increase of a put equivalent position or liquidation with respect to, or
decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security or (b) entry
into any swap or other arrangement that transfers to another Person, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise; provided that,
the sale, assignment and transfer of Company Units by Founder Holders to PubCo pursuant to and in accordance with the BCA shall not be
considered a Transfer. The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the
word “Transfer” shall have the correlative meanings.

 

“Underwriter”
means any investment banker(s) and manager(s) appointed to administer the offering of any Registrable Securities as principal in an Underwritten
Offering.

 

“Underwritten Offering”
means a Registration in which securities of PubCo are sold to an Underwriter for distribution to the public.

 

“Underwritten Shelf Takedown” has the meaning
set forth in Section 2.1(c).

 

“Warrants” means
the outstanding warrants, each exercisable into one (1) share of Class A Common Stock, to purchase an aggregate of 4,833,333 shares of
Class A Common Stock, which were issued to the Sponsor pursuant to that certain Private Placement Warrant Purchase Agreement, dated December
3, 2020, by and between the Sponsor and PubCo.

 

“Well-Known Seasoned Issuer”
has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

“Withdrawal Notice” has the meaning set
forth in Section 2.1(e).

 

Section 1.2 Interpretive Provisions.
For all purposes of this Investor Rights Agreement, except as otherwise provided in this Investor Rights Agreement or unless the context
otherwise requires:

 

(a) the singular shall include
the plural, and the plural shall include the singular, unless the context clearly prohibits that construction;

 

(b) the words “hereof,”
“herein,” “hereunder” and words of similar import, when used in this Investor Rights Agreement, refer to this
Investor Rights Agreement as a whole and not to any particular provision of this Investor Rights Agreement;

 

(c) references in this Investor
Rights Agreement to any Law shall be deemed also to refer to such Law, and all rules and regulations promulgated thereunder;

 

(d) whenever the words “include,”
“includes” or “including” are used in this Investor Rights Agreement, they shall mean “without limitation;”

 

(e) the captions and headings
of this Investor Rights Agreement are for convenience of reference only and shall not affect the interpretation of this Investor Rights
Agreement;

 

(f)
pronouns of any gender or neuter shall include, as appropriate, the other pronoun forms;

 

(g) the word “or”
shall be construed to mean “and/or” and the words “neither,” “nor,” “any,” “either”
and “or” shall not be exclusive, unless the context clearly prohibits that construction; and

 

(h)
the phrase “to the extent” shall be construed to mean “the degree by which.”

 

    7

     

    

 

ARTICLE II

 REGISTRATION RIGHTS

 

Section 2.1 Shelf Registration.

 

(a) Filing. PubCo shall
file, within forty-five (45) days of the Closing Date, a Registration Statement for a Shelf Registration on Form S-3 (the “Form
S-3 Shelf”), or if PubCo is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on Form S-1
(the “Form S-1 Shelf” and, together with the Form S-3 Shelf (and any Subsequent Shelf Registration), the “Shelf”),
in each case, covering the resale of all Registrable Securities (determined as of two (2) Business Days prior to such filing) on a delayed
or continuous basis. PubCo shall use its commercially reasonable efforts to cause the Shelf to become effective as soon as practicable
after such filing. The Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination
of methods legally available to, and requested by, any Holder. PubCo shall maintain the Shelf in accordance with the terms of this Investor
Rights Agreement, and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may
be necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of the Securities Act
until such time as there are no longer any Registrable Securities. In the event PubCo files a Form S-1 Shelf, PubCo shall use its commercially
reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after
PubCo is eligible to use Form S-3.

 

(b) Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while there are any
Registrable Securities outstanding, PubCo shall use its commercially reasonable efforts to as promptly as is reasonably practicable
cause such Shelf to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order
suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably
practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness
of such Shelf or file an additional Registration Statement as a Shelf Registration (a “Subsequent Shelf
Registration”) registering the resale of all outstanding Registrable Securities from time to time, and pursuant to any
method or combination of methods legally available to, and requested by, any Holder. If a Subsequent Shelf Registration is filed,
PubCo shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the
Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf
Registration shall be an Automatic Shelf Registration Statement if PubCo is a Well-Known Seasoned Issuer) and (ii) keep such
Subsequent Shelf Registration continuously effective, available for use and in compliance with the provisions of the Securities Act
until such time as there are no longer any Registrable Securities outstanding. Any such Subsequent Shelf Registration shall be on
Form S-3 to the extent that PubCo is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another
appropriate form. In the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or
continuous basis, PubCo, upon request of a Holder, shall promptly use its commercially reasonable efforts to cause the resale of
such Registrable Securities to be covered by either, at PubCo’s option, the Shelf (including by means of a post-effective
amendment) or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable after such filing and
such Shelf or Subsequent Shelf Registration shall be subject to the terms of this Investor Rights Agreement.

 

(c) Requests for Underwritten
Shelf Takedowns. At any time and from time to time after the Shelf has been declared effective by the SEC, the Holders, may request
to sell all or any portion of their Registrable Securities in an Underwritten Offering that is registered pursuant to the Shelf (each,
an “Underwritten Shelf Takedown”); provided that PubCo shall only be obligated to effect an Underwritten Shelf
Takedown if such offering (i) shall include securities with a total offering price (including piggyback securities and before deduction
of underwriting discounts) reasonably expected to exceed, in the aggregate, $20,000,000 (the “Minimum Takedown Threshold”)
or (ii) shall be made with respect to all of the Registrable Securities of the Demanding Holder and provided further that, PubCo
shall not be obligated to effect more than three (3) Underwritten Shelf Takedowns in any twelve (12) month period. All requests for Underwritten
Shelf Takedowns shall be made by giving written notice to PubCo, which shall specify the approximate number of Registrable Securities
proposed to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of
such Underwritten Shelf Takedown; provided that each Holder agrees that the fact that such a notice has been delivered shall constitute
Confidential Information subject to Section 4.14. PubCo shall give written notice of such request to all Holders of Registrable
Securities promptly (but in any event within five (5) Business Days after receipt of such request for an Underwritten Shelf Takedown)
and shall include in any Underwritten Shelf Takedown the securities request to be included by any holder at least 48 hours prior to public
announcement of such Underwritten Shelf Takedown pursuant to written contractual piggyback registration rights of such Holder included
herein. The Holders that requested such Underwritten Shelf Takedown (the “Demanding Holders”) holding a majority in
interest of the Registrable Securities to be registered pursuant to such Underwritten Shelf Takedown shall have the right to select the
Underwriters for such offering (which shall consist of one (1) or more reputable nationally or regionally recognized investment banks),
and to agree to the pricing and other terms of such offering; provided that such selection shall be subject to the consent of PubCo,
which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary contained in this Investor
Rights Agreement, in no event shall any Holder or any Transferee thereof request an Underwritten Shelf Takedown during the Lock-Up Period
applicable to such Person. There shall be no limit to the number of Underwritten Shelf Takedowns that may be requested by any Holder,
subject to the proviso in the first sentence of this Section 2.1(c).

 

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(d) Reduction
of Underwritten Shelf Takedowns. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith,
advise PubCo, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of
Common Stock or other Equity Securities that PubCo desires to sell and all other shares of Common Stock or other Equity Securities,
if any, that have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggyback
registration rights held by any other stockholders of PubCo, exceeds the maximum dollar amount or maximum number of Equity
Securities that can be sold in such Underwritten Offering without adversely affecting the proposed offering price, the timing, the
distribution method or the probability of success of such offering (such maximum dollar amount or maximum number of such securities,
as applicable, the “Maximum Number of Securities”), then PubCo shall include in such Underwritten Offering, as
follows: at all times (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata
based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be
included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the shares of Common
Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities;
(iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii),
the shares of Common Stock or other Equity Securities of other Persons that PubCo is obligated to include in such Underwritten
Offering pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding the Maximum
Number of Securities.

 

(e) Withdrawal. Any
of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw from such Underwritten Shelf Takedown
for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to PubCo and the Underwriter or Underwriters
(if any) of such Demanding Holder’s intention to withdraw from such Underwritten Shelf Takedown, prior to the public announcement
of the Underwritten Shelf Takedown by PubCo; provided that a Holder not so withdrawing may elect to have PubCo continue such Underwritten
Shelf Takedown if the Minimum Takedown Threshold would still be satisfied or if such Underwritten Shelf Takedown would be made with respect
to all of the Registrable Securities of such Holder. Following the receipt of any Withdrawal Notice, PubCo shall promptly forward such
Withdrawal Notice to any other Holders that had elected to participate in such Underwritten Shelf Takedown. Notwithstanding anything to
the contrary contained in this Investor Rights Agreement, PubCo shall be responsible for the Registration Expenses incurred in connection
with an Underwritten Shelf Takedown prior to delivery of a Withdrawal Notice under this Section 2.1(e).

 

(f) Long-Form Demands.
Upon the expiration of the Lock-Up Period applicable to such Person, and during such times as no Shelf is effective, each Holder may demand
that PubCo file a Registration Statement on Form S-1 for the purpose of conducting an Underwritten Offering of any or all of such Holder’s
or Holders’ Registrable Securities. PubCo shall file such Registration Statement within thirty (30) days of receipt of such demand
and use its commercially reasonable efforts to cause the same to be declared effective within seventy-five (75) days of filing. The provisions
of Section 2.1(c), Section 2.1(d) and Section 2.1(e) shall apply to this Section 2.1(f) as if a demand under
this Section 2.1(f) were an Underwritten Shelf Takedown; provided that in order to withdraw a demand under this Section
2.1(f), such withdrawal must be received by PubCo prior to PubCo having publicly filed a Registration Statement pursuant to this Section
2.1(f).

 

Section 2.2 Piggyback Registration.

 

(a) Piggyback
Rights. If PubCo or any Holder proposes to conduct a registered offering of, or if PubCo proposes to file a Registration
Statement under the Securities Act with respect to an offering of, Equity Securities of PubCo or securities or other obligations
exercisable or exchangeable for or convertible into Equity Securities of PubCo, for its own account or for the account of
stockholders of PubCo (or by PubCo and by the stockholders of PubCo, including an Underwritten Shelf Takedown pursuant to Section
2.1), other than a Registration Statement (or any registered offering with respect thereto) (i) filed in connection with any
employee stock option or other benefit plan or SEC Rule 145 transaction, (ii) for an exchange offer or offering of securities solely
to PubCo’s existing stockholders, (iii) for an offering of debt that is convertible into Equity Securities of PubCo, (iv) for
the committed equity line pursuant to the Cantor Common Stock Purchase Agreement, or (v) for a dividend reinvestment plan, then
PubCo shall give written notice of such proposed offering to all Holders as soon as practicable but not less than four (4) calendar
days before the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering pursuant to a
Shelf Registration, the launch date of such offering, which notice shall (A) describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or
Underwriters, if any and if known, in such offering, and (B) offer to all of the Holders the opportunity to include in such
registered offering such number of Registrable Securities as such Holders may request in writing within three (3) calendar days
after receipt of such written notice (such registered offering, a “Piggyback Registration”); provided that
each Holder hereby agrees that the fact that such a notice has been delivered shall constitute Confidential Information subject to Section
4.14. PubCo shall cause such Registrable Securities to be included in such Piggyback Registration and shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Holders pursuant to this Section 2.2(a) to be included in a Piggyback Registration on the same
terms and conditions as any similar securities of PubCo included in such registered offering and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The inclusion of any
Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Holder’s agreement to abide by the
terms of Section 2.6.

 

    9

     

    

 

(b) Reduction of Piggyback
Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration (other
than an Underwritten Shelf Takedown), in good faith, advises PubCo and the Holders participating in the Piggyback Registration in writing
that the dollar amount or number of shares of Common Stock or other Equity Securities that PubCo desires to sell, taken together with
(i) the shares of Common Stock or other Equity Securities, if any, as to which Registration or a registered offering has been demanded
pursuant to separate written contractual arrangements with Persons other than the Holders hereunder and (ii) the shares of Common Stock
or other Equity Securities, if any, as to which registration has been requested pursuant to Section 2.2, exceeds the Maximum Number
of Securities, then:

 

(i) if the Registration is initiated
and undertaken for PubCo’s account, PubCo shall include in any such Registration (A) first, the shares of Common Stock or other
Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities, (B) second, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of
Holders exercising their rights to register their Registrable Securities pursuant to Section 2.2(a) (pro rata based on the respective
number of Registrable Securities that each Holder has requested be included in such Registration), which can be sold without exceeding
the Maximum Number of Securities and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock or other Equity Securities, if any, as to which Registration has been requested
pursuant to written contractual piggyback registration rights of other stockholders of PubCo, which can be sold without exceeding the
Maximum Number of Securities; or

 

(ii) if the Registration is pursuant
to a request by Persons other than the Holders, then PubCo shall include in any such Registration (A) first, the shares of Common Stock
or other Equity Securities, if any, of such requesting Persons, other than the Holders, which can be sold without exceeding the Maximum
Number of Securities, (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to Section
2.2(a) (pro rata based on the respective number of Registrable Securities that each Holder has requested be included in such Registration),
which can be sold without exceeding the Maximum Number of Securities, (C) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other Equity Securities that PubCo
desires to sell, which can be sold without exceeding the Maximum Number of Securities and (D) fourth, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other
Equity Securities, if any, for the account of other Persons that PubCo is obligated to register pursuant to separate written contractual
piggyback registration rights of such Persons, which can be sold without exceeding the Maximum Number of Securities.

 

Notwithstanding anything to the contrary
in this Section 2.2(b), in the event a Demanding Holder has submitted notice for a bona fide Underwritten Shelf Takedown and all
sales pursuant to such Underwritten Shelf Takedown pursuant to Section 2.1 have not been effected in accordance with the applicable
plan of distribution or submitted a Withdrawal Notice prior to such time that PubCo has given written notice of a Piggyback Registration
to all Holders pursuant to Section 2.2, then any reduction in the number of Registrable Securities to be offered in such offering
shall be determined in accordance with Section 2.1(d), instead of this Section 2.2(b).

 

(c) Piggyback
Registration Withdrawal. Any Holder shall have the right to withdraw from a Piggyback Registration for any or no reason
whatsoever upon written notification to PubCo and the Underwriter or Underwriters (if any) of such Holder’s intention to
withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the SEC with respect
to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration, the filing of the
applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration used for
marketing such transaction. PubCo (whether on its own good faith determination or as the result of a request for withdrawal by
Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the SEC in connection
with a Piggyback Registration (which, in no circumstance, shall include the Shelf) at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary set forth in this Investor Rights Agreement, PubCo shall be
responsible for the Registration Expenses incurred in connection with a Piggyback Registration prior to its withdrawal under this Section
2.2(c).

 

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(d) Lock-Up Restriction.
Notwithstanding anything herein to the contrary, this Section 2.2 shall not apply for any Holder or Party, prior to the expiration
of the Lock-Up Period in respect of such Holder or Party.

 

Section 2.3 Restriction on Transfer.
In connection with any Underwritten Offering of Equity Securities of PubCo, each Holder that participates in such Underwritten Offering
agrees that it shall not Transfer any shares of Common Stock (other than those included in such offering pursuant to this Investor Rights
Agreement), without the prior written consent of PubCo, during the period commencing five (5) calendar days prior (to the extent notice
of such Underwritten Offering has been provided) to such Underwritten Offering and ending upon the shorter of (a) the shortest number
of days that a director of PubCo, “executive officer” (as defined under Section 16 of the Exchange Act) of PubCo or any stockholder
of PubCo (other than a Holder or director or employee of, or consultant to, PubCo) who owns 10% or more of the outstanding shares of Common
Stock contractually agrees with the Underwriters of such Underwritten Offering to not to sell any securities of PubCo following such Underwritten
Offering and (b) the 90-day period beginning on the date of pricing of such offering, except in the event the Underwriter managing the
offering otherwise agrees by written consent, and further agrees to execute a customary lock-up agreement in favor of the Underwriters
to such effect (in each case, on substantially the same terms and conditions as all such Holders).

 

Section 2.4 General Procedures.
In connection with effecting any Registration and/or Shelf Takedown, subject to applicable Law and any regulations promulgated by any
securities exchange on which PubCo’s Equity Securities are then listed, each as interpreted by PubCo with the advice of its counsel,
PubCo shall use its commercially reasonable efforts (except as set forth in Section 2.4(d)) to effect such Registration and/or
Shelf Takedown to permit the sale of the Registrable Securities included in such Registration and/or Shelf Takedown in accordance with
the intended plan of distribution thereof, and pursuant thereto PubCo shall, as expeditiously as possible:

 

(a) prepare and file with the
SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its commercially reasonable efforts
to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration
Statement have been sold;

 

(b) prepare and file with the
SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably
requested by any Holder or as may be required by the rules, regulations or instructions applicable to the registration form used by PubCo
or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities
covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or supplement to the Prospectus;

 

(c) prior to filing a Registration
Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of
Registrable Securities included in such Registration, and such Holders’ legal counsel, if any, copies of such Registration Statement
as proposed to be filed, each amendment and supplement to such Registration Statement (in each case, including all exhibits thereto and
documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and such other documents as the Underwriters or the Holders of Registrable Securities included in such Registration or the legal counsel
for any such Holders, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such
Holders;

 

(d) prior to any
public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the
United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of
distribution) may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such
registration or qualification) and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other Governmental Entities as may be necessary by virtue of the business and
operations of PubCo and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such
jurisdictions; provided, however, that PubCo shall not be required to qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service
of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

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(e) cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by PubCo are then
listed;

 

(f) provide a transfer agent
or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

(g) advise each Holder of Registrable
Securities covered by a Registration Statement, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

(h) at least three (3) calendar
days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or
Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus furnish a draft thereof
to each Holder of Registrable Securities included in such Registration Statement, or its counsel, if any (excluding any exhibits thereto
and any filing made under the Exchange Act that is to be incorporated by reference therein);

 

(i) notify the Holders at any
time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening
of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement,
and then to correct such Misstatement as set forth in Section 2.7;

 

(j) permit Representatives
of the Holders, the Underwriters, if any, and any attorney, consultant or accountant retained by such Holders or Underwriter to participate,
at each such Person’s own expense, except to the extent such expenses constitute Registration Expenses, in the preparation of the
Registration Statement, and cause PubCo’s officers, directors and employees to supply all information reasonably requested by any
such Representative, Underwriter, attorney, consultant or accountant in connection with such Registration; provided, however,
that such Persons agree to confidentiality arrangements reasonably satisfactory to PubCo, prior to the release or disclosure of any such
information;

 

(k) obtain a “cold comfort”
letter, and a bring-down thereof, from PubCo’s independent registered public accountants in the event of an Underwritten Offering
which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the
participating Holders;

 

(l) on the date the Registrable
Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurances letter, dated as of such date,
of counsel representing PubCo for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if
any, and the Underwriters, if any, covering such legal matters with respect to such Registration in respect of which such opinion is being
given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to the participating Holders;

 

(m) in the event of any Underwritten
Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter
of such Underwritten Offering;

 

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(n) make available to its security
holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months beginning within three months
after the effective date of such Registration Statement, which satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder (or any successor rule promulgated thereafter by the SEC);

 

(o) if an Underwritten Offering
involves Registrable Securities with a total offering price (including piggyback securities and before deduction of underwriting discounts)
reasonably expected to exceed, in the aggregate, $20,000,000, use its commercially reasonable efforts to make available senior executives
of PubCo to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in such
Underwritten Offering; and

 

(p) otherwise, in good faith,
cooperate reasonably with, and take such customary actions as may reasonably be requested by, the Holders in connection with such Registration.

 

Section 2.5 Registration Expenses.
The Registration Expenses of all Registrations shall be borne by PubCo. It is acknowledged by the Holders that the Holders selling any
Registrable Securities in an offering shall bear all incremental selling expenses relating to the sale of Registrable Securities (including
all reasonable fees and expenses of any legal counsel representing such Holders (to the extent such counsel is not also representing PubCo,
as determined in accordance with clause (f) of the definition of “Registration Expenses”)), such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs, in each case, pro rata based on the number of Registrable Securities that
such Holders have sold in such Registration.

 

Section 2.6 Requirements for Participating
in Underwritten Offerings. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, if any Holder does
not provide PubCo with its requested Holder Information, PubCo may exclude such Holder’s Registrable Securities from the applicable
Registration Statement or Prospectus if PubCo determines, based on the advice of counsel, that such information is necessary to effect
the Registration and such Holder continues thereafter to withhold such information. No Person may participate in any Underwritten Offering
of Equity Securities of PubCo pursuant to a Registration under this Investor Rights Agreement unless such Person (a) agrees to sell such
Person’s Registrable Securities on the basis provided in any underwriting and other arrangements approved by PubCo in the case of
an Underwritten Offering initiated by PubCo, and approved by the Demanding Holders in the case of an Underwritten Offering initiated by
the Demanding Holders and (b) completes and executes all customary questionnaires, powers of attorney, custody agreements, indemnities,
lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting
arrangements. Subject to the minimum thresholds set forth in Section 2.1(c) and 2.4(o), the exclusion of a Holder’s
Registrable Securities as a result of this Section 2.6 shall not affect the registration of the other Registrable Securities to
be included in such Registration.

 

Section 2.7 Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from PubCo that a Registration Statement or Prospectus contains a
Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of
a supplemented or amended Prospectus correcting the Misstatement (and PubCo hereby covenants to prepare and file such supplement or
amendment as soon as practicable after giving such notice), or until it is advised in writing by PubCo that the use of the
Prospectus may be resumed. If (1) the filing, initial effectiveness or continued use of a Registration Statement in respect of any
Registration at any time would require PubCo to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to PubCo for reasons beyond PubCo’s reasonable control or (2) PubCo
determines that the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any
time would reasonably be expected to have a material adverse effect on any proposal or plan by PubCo or any of its subsidiaries to
engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger,
consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving PubCo, PubCo may, upon
giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than 90 days in any 12-month period, determined in good
faith by PubCo to be necessary for such purpose. In the event PubCo exercises its rights under the preceding sentence, the Holders
agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to such
Registration in connection with any sale or offer to sell Registrable Securities. PubCo shall immediately notify the Holders of the
expiration of any period during which it exercised its rights under this Section 2.7.

 

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Section 2.8 Reporting Obligations.
As long as any Holder shall own Registrable Securities, PubCo, at all times while it shall be a reporting company under the Exchange Act,
covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to
be filed by PubCo after the Effective Date pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders
with true and complete copies of all such filings; provided that any documents publicly filed or furnished with the SEC pursuant
to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished to the Holders pursuant to this
Section 2.8.

 

Section 2.9 Other Obligations.
In connection with a Transfer of Registrable Securities exempt from Section 5 of the Securities Act, pursuant to SEC Rule 144 or through
any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant to the Registration
Statement of which such Prospectus forms a part, PubCo shall, subject to applicable Law, as interpreted by PubCo with the advice of counsel,
and the receipt of any customary documentation required from the applicable Holders in connection therewith, (a) promptly instruct its
transfer agent to remove any restrictive legends applicable to the Registrable Securities being Transferred and (b) cause its legal counsel
to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under clause (a). In
addition, PubCo shall cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders in connection
with, the aforementioned Transfers; provided, however, that PubCo shall have no obligation to participate in any “road
shows” or assist with the preparation of any offering memoranda or related documentation with respect to any Transfer of Registrable
Securities in any transaction that does not constitute an Underwritten Offering.

 

Section 2.10 Indemnification and Contribution.

 

(a) PubCo agrees to indemnify
and hold harmless each Holder, its officers, managers, directors, employees, trustees, equityholders, beneficiaries, affiliates, agents
and Representatives and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses (including reasonable and documented attorneys’ fees) (or actions in respect thereto) caused by, resulting
from, arising out of or based upon (i) any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or similar document incident to any Registration, qualification, compliance or sale effected pursuant
to this Article II or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading or (ii) any violation or alleged violation by PubCo of
the Securities Act or any other similar federal or state securities Laws, and will reimburse, as incurred, each such Holder, its officers,
managers, directors, trustees, equityholders, beneficiaries, affiliates, agents and Representatives and each Person who controls such
Holder (within the meaning of the Securities Act) for any legal and any other expenses reasonably incurred and documented in connection
with investigating or defending any such loss, claim, damage, liability or expense; provided that PubCo will not be liable in any
such case to the extent that any such loss, claim, damage, liability or expense are caused by, arises out of or is based on any untrue
statement or omission made in reliance and in conformity with written information furnished to PubCo by or on behalf of such Holder expressly
for use therein. PubCo shall indemnify each Underwriter, its respective officers and directors and each Person who controls such Underwriter
(within the meaning of the Securities Act) to the same extent as provided in the foregoing sentence with respect to the indemnification
of each Holder.

 

(b) In
connection with any Registration Statement or Prospectus in which a Holder of Registrable Securities is participating, such Holder
shall furnish to PubCo in writing such information and affidavits as PubCo reasonably requests for use in connection with any such
Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by Law, such Holder
shall indemnify and hold harmless PubCo, its officers, managers, directors, employees, trustees, equityholders, beneficiaries,
affiliates, agents and Representatives and each Person who controls PubCo (within the meaning of the Securities Act) against any
losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees) (or actions in respect thereof)
arising out of, resulting from or based on any untrue statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or similar document or any amendment thereof or supplement thereto, or any omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by or on behalf of such Holder expressly
for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among
such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to
and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration
Statement. The Holders of Registrable Securities shall indemnify each Underwriter, its officers, directors and each Person who
controls such Underwriter (within the meaning of the Securities Act) to the same extent as provided in the foregoing sentence with
respect to indemnification of PubCo.

 

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(c) Any Person entitled to
indemnification under this Section 2.10 shall (i) give prompt written notice, after such Person has actual knowledge thereof, to
the indemnifying party of any claim, proceeding or litigation with respect to which such Person seeks indemnification (provided that the
failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not
materially prejudiced the indemnifying party in the defense of any such claim, proceeding or litigation) and (ii) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party (not to be unreasonably withheld,
conditioned or delayed) and the indemnified party may participate in such defense at the indemnifying party’s expense if representation
of such indemnified party would be inappropriate due to actual or potential differing interests between such indemnified party and any
other party represented by such counsel in such proceeding. An indemnifying party, in the defense of any such claim, proceeding or litigation,
without the consent of each indemnified party, may only consent to the entry of any judgment or enter into any settlement that (i) includes
as a term thereof the giving by the claimant or plaintiff therein to such indemnified party of an unconditional release from all liability
with respect to such claim or litigation and (ii) does not include any recovery (including any statement as to or an admission of fault,
culpability or a failure to act by or on behalf of such indemnified party) other than monetary damages; provided that any sums
payable in connection with such settlement are paid in full by the indemnifying party.

 

(d) The indemnification provided
under this Investor Rights Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the
indemnified party or any officer, manager, director, Representative or controlling Person of such indemnified party and shall survive
the Transfer of securities.

 

(e) If the indemnification
provided in this Section 2.10 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party
in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying
the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages,
liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified
party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall
be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying
party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section
2.10(e) shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability.
The amount paid or payable by a Party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in Sections 2.10(a), 2.10(b) and 2.10(c), any legal or other fees, charges or expenses
reasonably incurred and documented by such Party in connection with any investigation or proceeding. The Parties agree that it would not
be just and equitable if contribution pursuant to this Section 2.10(e) were determined by pro rata allocation or by any other method
of allocation, which does not take account of the equitable considerations referred to in this Section 2.10(e). No Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant
to this Section 2.10(e) from any Person who was not guilty of such fraudulent misrepresentation.

 

Section 2.11 Other
Registration Rights. Other than the registration rights set forth in the Original RRA and Cantor Registration Rights Agreement,
PubCo represents and warrants that no Person, other than a Holder of Registrable Securities pursuant to this Investor Rights
Agreement, has any right to require PubCo to register any securities of PubCo for sale or to include such securities of PubCo in any
Registration Statement filed by PubCo for the sale of securities for its own account or for the account of any other Person.
Further, each of PubCo, the Sponsor and the Sponsor Principals represents and warrants that this Investor Rights Agreement
supersedes any other registration rights agreement (including the Original RRA), other than the Cantor Registration Rights
Agreement.

 

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Section 2.12 SEC Rule 144.
With a view to making available to the Holders the benefits of SEC Rule 144, PubCo covenants that it will (a) make available at all times
information necessary to comply with SEC Rule 144, if SEC Rule 144 is available with respect to resales of the Registrable Securities
under the Securities Act and (b) take such further action as the Holders may reasonably request, all to the extent required from time
to time to enable them to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by SEC Rule 144 promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as
such rule may be amended from time to time, or otherwise. Upon the request of any Holder, PubCo will deliver to such Holder a written
statement as to whether PubCo has complied with such information requirements, and, if not, the specific reasons for non-compliance.

 

Section 2.13 Term. This Article
II shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities. The provisions
of Section 2.10 shall survive any such termination with respect to such Holder.

 

Section 2.14 Holder Information.
Each Holder agrees, if requested in writing by PubCo, to represent to PubCo the total number of Registrable Securities held by such Holder
in order for PubCo to make determinations under this Investor Rights Agreement, including for purposes of Section 2.12. Other than
the Sellers and the Founder Holders, a Party who does not hold Registrable Securities as of the Closing Date and who acquires Registrable
Securities after the Closing Date will not be a “Holder” until such Party gives PubCo a representation in writing of the number
of Registrable Securities it holds.

 

Section 2.15
Termination of Original RRA. Upon the Closing, PubCo, the Sponsor and the Sponsor Principals hereby agree that the Original RRA
and all of the respective rights and obligations of the parties thereunder are hereby terminated in their entirety and shall be of no
further force or effect.

 

Section 2.16 Distributions; Direct Ownership.

 

(a) In the event that, pursuant
to and in accordance with Section 3.2, the Sponsor distributes all of its Registrable Securities to its equityholders, limited
partners and members of its general partner (the “Sponsor Members”), the Sponsor Members shall be treated as the Sponsor
under this Investor Rights Agreement; provided that the Sponsor Members, taken as a whole, shall not be entitled to rights in excess
of those conferred on the Sponsor, as if the Sponsor remained a single entity party to this Investor Rights Agreement.

 

(b) In the event that a Seller
distributes all of its Registrable Securities to its equityholders, such equityholders shall be treated as a Seller under this Investor
Rights Agreement; provided that such equityholders, taken as a whole, shall not be entitled to rights in excess of those conferred
on a Seller, as if such Seller remained a single party to this Investor Rights Agreement.

 

(c) Except as set forth in
(a) and (b) immediately above, no distribution for purposes of this Section 2.16 may occur prior to the conclusion of any Lock-Up Period
applicable to the Sponsors, such Other Holder or such Seller, as applicable.

 

Section 2.17 Adjustments.
If there are any changes in the shares of Common Stock as a result of stock split, stock dividend, combination or reclassification, or
through merger, consolidation, recapitalization or other similar event, equitable adjustment shall be made in the provisions of this Investor
Rights Agreement, as may be required, so that the rights, privileges, duties and obligations under this Investor Rights Agreement shall
continue with respect to the shares of Common Stock as so changed.

 

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ARTICLE III

 LOCK-UP

 

Section 3.1 Lock-Up.

 

(a) Each
Holder severally, and not jointly, agrees with PubCo not to effect any Transfer, or make a public announcement of any intention to
effect such Transfer, of any Lock-Up Shares Beneficially Owned or otherwise held by such Holder during the Lock-Up Period; provided
that such prohibition shall not apply to Transfers (i) permitted pursuant to Section 3.2 or (ii) permitted pursuant to Article
II (other than Section 2.9). The “Lock-Up Period” with respect to the Lock-Up Shares of each Holder
shall be the period commencing on the Closing Date and continuing until the date that is one hundred eighty (180) days after the
Closing Date. “Lock-Up Shares” means the Equity Securities of PubCo and NewCo LLC held by the Holders, directly
or indirectly, as of the Closing Date; provided that in no event shall the securities held by St. Cloud Capital Partners III SBIC,
L.P. or the Warrants (or any shares of Class A Common Stock issued upon exercise of any Warrant) be considered “Lock-Up
Shares.”

 

(b) During the Lock-Up Period,
any purported Transfer of Lock-Up Shares other than in accordance with this Investor Rights Agreement shall be null and void, and PubCo
shall refuse to recognize any such Transfer for any purpose; provided that the Sellers shall be permitted to exchange any Class
B Company Units and shares of Class B Common Stock for shares of Class A Common Stock, which shall be considered “Lock-Up Shares.”

 

(c) The Holders acknowledge
and agree that, notwithstanding anything to the contrary contained in this Investor Rights Agreement, the Equity Securities of PubCo and
NewCo LLC, in each case, Beneficially Owned by such Holder shall remain subject to any restrictions on Transfer under applicable securities
Laws of any Governmental Entity, including all applicable holding periods under the Securities Act and other rules of the SEC.

 

Section 3.2 Permitted
Transfers. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, during the Lock-Up Period
applicable to any Lock-Up Shares of a Holder, such Holder may Transfer, without the consent of PubCo, any of such Lock-Up Shares to
(a) any of such Holder’s Permitted Transferees, upon prior written notice to PubCo or (b) (i) a charitable organization, upon
prior written notice to PubCo, (ii) in the case of an individual, by virtue of Laws of descent and distribution upon death of the
individual, (iii) in the case of an individual, pursuant to a qualified domestic relations order (iv) as a distribution to limited
partners, members or stockholders of such Holder; (v) to a nominee or custodian of a Person to whom a disposition or transfer would
be permissible under clause (ii); (vi) pursuant to any liquidation, merger, stock exchange or other similar transaction which
results in all of PubCo’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property subsequent to the Business Combination; (vii) pledges of Lock-Up Shares as security or collateral in connection with a
borrowing or the incurrence of any indebtedness by the Holder, provided, however, that such borrowing or incurrence of indebtedness
is secured by either a portfolio of assets or equity interests issued by multiple issuers; (viii) pursuant to an order or decree of
a governmental authority; (ix) from an employee to PubCo or its Subsidiary upon death, disability or termination of employment, in
each case, of such employee; (x) transfers pursuant to a bona fide third-party tender offer, merger, stock sale, recapitalization,
consolidation or other transaction involving a change of control of PubCo (including negotiating and entering into an agreement
providing for any such transaction) that have been approved by the Board; provided, however, that in the event that such tender
offer, merger, recapitalization, consolidation or other such transaction is not completed, the Lock-Up Shares subject to this
Agreement shall remain subject to this Agreement; (xi) the establishment of a trading plan pursuant to Rule 10b5-1 promulgated under
the Exchange Act; provided, however, that such plan does not provide for the transfer of Lock-Up Shares during the Lock-Up Period;
or (xii) to PubCo (a) pursuant to the exercise of any option to purchase Common Stock granted by PubCo pursuant to any employee
benefit plans or arrangements (including any employee benefit plans or arrangements assumed in connection with the Merger), or (b)
for the purpose of satisfying any withholding taxes (including estimated taxes) due as a result of the exercise of any option to
purchase Common Stock or the vesting of any stock-based awards granted by PubCo pursuant to employee benefit plans or arrangements
(including any employee benefit plans or arrangements assumed in connection with the Merger); provided that in connection
with any Transfer of such Lock-Up Shares pursuant to clause (b)(ii) or clause (b)(iii), (A) the restrictions and
obligations contained in Section 3.1 and this Section 3.2 will continue to apply to such Lock-Up Shares after any
Transfer of such Lock- Up Shares and (B) the Transferee of such Lock-Up Shares shall have no rights under this Investor Rights
Agreement, unless, for the avoidance of doubt, such Transferee is a Permitted Transferee in accordance with this Investor Rights
Agreement. Any Transferee of Lock-Up Shares that is a Permitted Transferee of the Transferor shall be required, at the time of and
as a condition to such Transfer, to become a party to this Investor Rights Agreement, by executing and delivering a joinder,
substantially in the form attached to this Investor Rights Agreement as Exhibit A, whereupon such Transferee will be treated
as a Party (with the same rights and obligations as the Transferor) for all purposes of this Investor Rights Agreement.

 

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ARTICLE IV

 GENERAL PROVISIONS

 

Section 4.1 Assignment; Successors and Assigns; No Third
Party Beneficiaries.

 

(a) Except as otherwise permitted
pursuant to this Investor Rights Agreement, and other than assignments in connection with a distribution pursuant to Section 2.16,
this Investor Rights Agreement may not be assigned in whole or in part by any party (whether by operation of Law or otherwise), without
the prior written consent of Lake Street, in the case of an assignment by a Founder Holder, or the Sponsor, in the case of an assignment
by a Seller. Any such assignee may not again assign those rights, other than in accordance with this Article IV. Any attempted
assignment not in accordance with the terms of this Article IV shall be void, ab initio.

 

(b) Notwithstanding anything
to the contrary contained in this Investor Rights Agreement (other than the succeeding sentence of this Section 4.1(b)), (i) prior
to the expiration of the Lock-Up Period with respect to any Lock-Up Shares of a Holder, such Holder may not Transfer such Holder’s
rights or obligations under this Investor Rights Agreement in connection with a Transfer of such Holder’s Registrable Securities,
in whole or in part, except in connection with a Transfer pursuant to Section 3.2, and (ii) after the expiration of the Lock-Up
Period with respect to such Lock-Up Shares, such Holder may Transfer such Holder’s rights or obligations under this Investor Rights
Agreement in connection with a Transfer of such Holder’s Registrable Securities, in whole or in part, to (A) any of such Holder’s
Permitted Transferees or (B) any Person with the prior written consent of PubCo. Any Transferee of Registrable Securities (other than
pursuant to an effective Registration Statement or a SEC Rule 144 transaction) pursuant to this Section 4.1(b) shall be required,
at the time of and as a condition to such Transfer, to become a party to this Investor Rights Agreement by executing and delivering a
joinder, substantially in the form attached to this Investor Rights Agreement as Exhibit A, whereupon such Transferee will be treated
as a Party (with the same rights and obligations as the Transferor) for all purposes of this Investor Rights Agreement. No Transfer of
Registrable Securities by a Holder shall be registered on PubCo’s books and records, and such Transfer of Registrable Securities
shall be null and void and not otherwise effective, unless any such Transfer is made in accordance with the terms and conditions of this
Investor Rights Agreement, and PubCo is hereby authorized by all of the Holders to enter appropriate stop transfer notations on its transfer
records to give effect to this Investor Rights Agreement.

 

(c) All of the terms and provisions
of this Investor Rights Agreement shall be binding upon the Parties and their respective successors, assigns, heirs and representatives,
but shall inure to the benefit of and be enforceable by the successors, assigns, heirs and representatives of any Party only to the extent
that they are permitted successors, assigns, heirs and representatives pursuant to the terms of this Investor Rights Agreement.

 

(d) Nothing in this Investor
Rights Agreement, express or implied, is intended to confer upon any Party, other than the Parties and their respective permitted successors,
assigns, heirs and representatives, any rights or remedies under this Investor Rights Agreement or otherwise create any third party beneficiary
hereto.

 

Section 4.2 Termination. Article
II of this Investor Rights Agreement shall terminate as set forth in Section 2.13. The remainder of this Investor Rights Agreement
shall terminate automatically (without any action by any Party) as to each Holder when such Holder ceases to Beneficially Own any Registrable
Securities; provided that the provisions of Section 2.10 shall survive any such termination with respect to such Holder.

 

Section 4.3 Severability.
If any provision of this Investor Rights Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the
remaining provisions of this Investor Rights Agreement, to the extent permitted by Law shall remain in full force and effect.

 

Section 4.4 Entire Agreement; Amendments; No Waiver.

 

(a) This
Investor Rights Agreement, together with Exhibits to this Investor Rights Agreement, the BCA, the Amended and Restated NewCo LLC
Agreement, the Company LLC Agreement, and all other Ancillary Documents, constitute the entire agreement among the Parties with
respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, among
the Parties with respect to the subject matter set forth in this Investor Rights Agreement and therein.

 

(b) No provision of this Investor
Rights Agreement may be amended or modified in whole or in part at any time without the express written consent of (i) PubCo, (ii) for
so long as the Sellers and their Permitted Transferees collectively Beneficially Own ten percent (10%) or more of the voting power of
the stock of PubCo held by the Sellers immediately after the Closing, Lake Street, (iii) for so long as the Sponsor and its Permitted
Transferees collectively Beneficially Own Class A Common Stock representing fifty percent (50%) or more of the Class A Common Stock held
by the Sponsor immediately after the Closing, the Sponsor, and (iv) in any event at least the Holders holding in the aggregate more than
fifty percent (50%) of the Registrable Securities Beneficially Owned by the Holders; provided that any such amendment or modification
that would be materially adverse in any respect to any Holder shall require the prior written consent of such Holder; provided,
further that a provision that has terminated with respect to a Party shall not require any consent of such Party (and such Party’s
Class A Common Stock shall not be considered in computing any percentages) with respect to amending or modifying such provision.

 

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(c) No waiver of any provision
or default under, nor consent to any exception to, the terms of this Investor Rights Agreement shall be effective unless in writing and
signed by the Party to be bound and then only to the specific purpose, extent and instance so provided; provided that, notwithstanding
the foregoing, no waiver of any provision or default under, nor consent to any exception to, the terms and provisions of Article III
shall be effective unless in writing and signed by each of (i) PubCo, (ii) for so long as the Sellers and their Permitted Transferees
collectively Beneficially Own ten percent (10%) or more of the voting power of the stock of PubCo held by the Sellers immediately after
the Closing, Lake Street, (iii) for so long as the Sponsor and its Permitted Transferees collectively Beneficially Own Class A Common
Stock representing fifty percent (50%) or more of the Class A Common Stock held by the Sponsor immediately after the Closing, the Sponsor
and (iv) at least the Holders holding, in the aggregate, more than fifty percent (50%) of the Registrable Securities Beneficially Owned
by the Holders.

 

(d) Notwithstanding the foregoing
provisions of this Section 4.4, other than with respect to amendments, modifications, waivers or consents relating to Article
III, no amendment, modification, waiver or consent shall be required by (i) the Sponsor or its Permitted Transferees, with respect
to any provision that has, in accordance with Section 4.2, terminated as to the Founder Holders or (ii) any Seller or its Permitted
Transferees, with respect to any provision that has, in accordance with Section 4.2, terminated as to such Seller or all of the
Sellers.

 

Section 4.5 Counterparts; Electronic
Delivery. This Investor Rights Agreement and any other agreements, certificates, instruments and documents delivered pursuant to this
Investor Rights Agreement may be executed and delivered in one or more counterparts and by email or other electronic transmission, each
of which shall be deemed an original and all of which shall be considered one and the same agreement. No Party shall raise the use of
email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use
of email as a defense to the formation or enforceability of a contract and each Party forever waives any such defense.

 

Section 4.6 Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been
duly given) by delivery in person, by email (having obtained electronic delivery confirmation thereof (i.e., an electronic record
of the sender that the email was sent to the intended recipient thereof without an “error” or similar message that such email
was not received by such intended recipient)), or by registered or certified mail (postage prepaid, return receipt requested) (upon receipt
thereof) to the other Parties as follows:

 

(a)
if to PubCo, to:

 

RW National Holdings, LLC (t/b/k/a Appreciate, Inc.)

6101
Baker Road, Suite 200

Minnetonka, Minnesota 55345

Attention: Chris Laurence

Email: claurence@renterswarehouse.com

 

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

 

Winthrop & Weinstine

Capella Tower, Suite 3500

225 South
Sixth Street

Minneapolis, MN 55402

Attention: Philip T. Colton

E-mail: pcolton@winthrop.com

 

(b)
if to any Founder Holder, to:

 

PropTech Investment Corporation II

3415 North Pines Way

Suite 204

Wilson, WY 83014

Attention: Joseph Beck

E-mail: jbeck@hennessycapitalgroup.com

 

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY
10022

Attention: Douglas Ryder, P.C.; Patrick Salvo; Julian Seiguer,
P.C.

E-mail: douglas.ryder@kirkland.com; patrick.salvo@kirkland.com;

julian.seiguer@kirkland.com

 

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(c)
if to any Seller or Lake Street, to:

 

Northern Pacific Group

c/o Lake Street Landlords, LLC

315 Lake Street East

Wayzata, MN 55391

Attention: Scott Honour

Email: shonour@northernpacificgroup.com

 

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

 

Faegre Drinker Biddle & Reath LLP

2200 Wells Fargo Center

90 South Seventh Street

Minneapolis, MN 55402

Attention:
Steven C. Kennedy

E-mail: steve.kennedy@faegredrinker.com

 

or to such other address as the Party to whom notice is
given may have furnished following the date of this Investor Rights Agreement and prior to such notice to the others in writing in the
manner set forth above.

 

Section 4.7 Governing Law.
This Investor Rights Agreement and the consummation of the transactions contemplated by this Investor Rights Agreement, and any action,
suit, dispute, controversy or claim arising out of this Investor Rights Agreement and the consummation of the transactions contemplated
by this Investor Rights Agreement, or the validity, interpretation, breach or termination of this Investor Rights Agreement and the consummation
of the transactions contemplated by this Investor Rights Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware.

 

Section 4.8 WAIVER OF JURY TRIAL.
THE PARTIES EACH HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE
OF ACTION (A) ARISING UNDER THIS INVESTOR RIGHTS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF
THE PARTIES IN RESPECT OF THIS INVESTOR RIGHTS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO OR ANY FINANCING IN CONNECTION WITH
THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING IN RESPECT OF ANY ACTION AGAINST ANY FINANCING SOURCE (IF ANY), IN EACH CASE, WHETHER
NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREE AND CONSENT THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS INVESTOR RIGHTS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO. EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV) EACH SUCH PARTY HAS BEEN
INDUCED TO ENTER INTO THIS INVESTOR RIGHTS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
4.8.

 

Section 4.9 Submission to Jurisdiction.
Each of the Parties irrevocably and unconditionally submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware
(or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court within the State of New
York, New York County), for the purposes of any Proceeding, claim, demand, action or cause of action (a) arising under this Investor Rights
Agreement or (b) in any way connected with or related or incidental to the dealings of the Parties in respect of this Agreement or any
of the transactions contemplated hereby, and irrevocably and unconditionally waives any objection to the laying of venue of any such Proceeding
in any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such
Proceeding has been brought in an inconvenient forum. Each Party hereby irrevocably and unconditionally waives, and agrees not to assert,
by way of motion or as a defense, counterclaim or otherwise, in any Proceeding claim, demand, action or cause of action against such Party
(i) arising under this Investor Rights Agreement or (ii) in any way connected with or related or incidental to the dealings of the Parties
in respect of this Investor Rights Agreement or any of the transactions contemplated hereby, (A) any claim that such Party is not personally
subject to the jurisdiction of the courts as described in this Section 4.9 for any reason, (B) that such Party or such Party’s
property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through
service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (C)
that (1) the Proceeding, claim, demand, action or cause of action in any such court is brought against such Party in an inconvenient forum,
(2) the venue of such Proceeding, claim, demand, action or cause of action against such Party is improper or (3) this Investor Rights
Agreement, or the subject matter hereof, may not be enforced against such Party in or by such courts. Each Party agrees that service of
any process, summons, notice or document by registered mail to such Party’s respective address set forth in Section 4.6 shall
be effective service of process for any such Proceeding, claim, demand, action or cause of action.

 

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Section 4.10 Specific
Performance. Each Party hereby agrees and acknowledges that the rights of each Party to consummate the transactions contemplated
hereby are unique and recognize and affirm that, in the event any of the provisions hereof are not performed in accordance with
their specific terms or otherwise are breached that it will be impossible to measure in money the damages that would be suffered if
the Parties fail to comply with any of the obligations imposed on them by this Investor Rights Agreement and that, in the event of
any such failure, an aggrieved Party will be irreparably damaged and will not have an adequate remedy at Law. Any such Party shall,
therefore, be entitled (in addition to any other remedy to which such Party may be entitled at Law or in equity) to injunctive
relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any Proceeding should
be brought in equity to enforce any of the provisions of this Investor Rights Agreement, none of the Parties shall raise the defense
that there is an adequate remedy at Law.

 

Section 4.11 Subsequent Acquisition
of Shares. Any Equity Securities of PubCo or NewCo LLC acquired subsequent to the Effective Date by a Holder (including any Earn Out
Shares) shall be subject to the terms and conditions of this Investor Rights Agreement and such Equity Securities shall be considered
to be “Registrable Securities” and “Lock-Up Shares.”

 

Section 4.12 Legends. Each
of the Holders acknowledges that (a) no Transfer, hypothecation or assignment of any Registrable Securities Beneficially Owned by such
Holder may be made except in compliance with applicable federal and state securities Laws and (b) PubCo shall (i) place customary restrictive
legends on the certificates or book entries representing the Registrable Securities subject to this Investor Rights Agreement and (ii)
remove such restrictive legends at the time the applicable Transfer and other restrictions contemplated thereby are no longer applicable
to the Registrable Securities represented by such certificates or book entries.

 

Section 4.13 No Third Party Liabilities.
This Investor Rights Agreement may only be enforced against the named Parties hereto. All claims or causes of action (whether in contract,
tort, equity or otherwise) that may be based upon, arise out of or relate to any of this Investor Rights Agreement, or the negotiation,
execution or performance of this Investor Rights Agreement (including any representation or warranty made in or in connection with this
Investor Rights Agreement or as an inducement to enter into this Investor Rights Agreement), may be made only against the Persons that
are expressly identified as Parties hereto, as applicable, and no past, present or future direct or indirect director, officer, employee,
incorporator, member, partner, stockholder, Affiliate, portfolio company in which any such Party or any of its investment fund Affiliates
have made a debt or equity investment (and vice versa), agent, attorney or representative of any Party (including any Person negotiating
or executing this Investor Rights Agreement on behalf of a Party), unless a Party to this Investor Rights Agreement, shall have any liability
or obligation with respect to this Investor Rights Agreement or with respect any claim or cause of action (whether in contract, tort,
equity or otherwise) that may arise out of or relate to this Investor Rights Agreement, or the negotiation, execution or performance of
this Investor Rights Agreement (including a representation or warranty made in or in connection with this Investor Rights Agreement or
as an inducement to enter into this Investor Rights Agreement).

 

Section 4.14 Confidential
Information. Each of the Parties recognizes that it, or its Affiliates and Representatives, has acquired or will acquire
Confidential Information the use or disclosure of which could cause PubCo substantial loss and damages that could not be readily
calculated and for which no remedy at Law would be adequate. Accordingly, each of the Parties covenants and agrees with PubCo that
it will not (and will cause its respective controlled Affiliates and Representatives not to) at any time, except with the prior
written consent of PubCo, directly or indirectly, disclose any Confidential Information known to it to any third party, unless (a)
such information becomes known to the public through no fault of such Party, (b) disclosure is required by applicable Law or court
of competent jurisdiction or requested by a Governmental Entity; provided that such Party promptly notifies PubCo of such
requirement or request and takes commercially reasonable steps, at the sole cost and expense of PubCo, to minimize the extent of any
such required disclosure, (c) such information was available or becomes available to such Party before, on or after the Effective
Date, without restriction, from a source (other than PubCo) without any breach of duty to PubCo or (d) such information was
independently developed by such Party or its Representatives without the use of Confidential Information. Notwithstanding the
foregoing, nothing in this Investor Rights Agreement shall prohibit any Party from disclosing Confidential Information to any
Affiliate, Representative, limited partner, member or shareholder of such Party; provided that such Person shall be bound by
an obligation of confidentiality with respect to such Confidential Information and such Party shall be responsible for any breach of
this Section 4.14 by any such Person. No Confidential Information shall be deemed to be provided to any Person, including any
Affiliate of any Party, unless such Confidential Information is actually provided to such Person.

 

Section 4.15 Indemnification.

 

(a) In connection with any
Registration Statement in which a Holder of Registrable Securities is participating, PubCo agrees to indemnify, to the extent
permitted by law, each such Holder of Registrable Securities, its officers, directors, employees, advisors, agents, Representatives,
members and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses (including reasonable and documented attorneys’ fees and inclusive of all reasonable and documented
attorneys’ fees arising out of the enforcement of each such Persons’ rights under this Section 4.15) resulting
from any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary
Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not
misleading, except insofar as the same are caused by or contained in any information furnished in writing to PubCo by such Holder
expressly for use therein. PubCo shall indemnify the Underwriters, their officers and directors and each Person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the
indemnification of the Holder. Notwithstanding the foregoing, the indemnity agreement contained in this Section 4.15(a) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of PubCo,
which consent shall not be unreasonably withheld, conditioned or delayed.

 

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(b) In connection with any
Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to PubCo in writing such
information and affidavits as PubCo reasonably requests for use in connection with any such Registration Statement or Prospectus and,
to the extent permitted by law, shall, indemnify PubCo, its directors and officers and agents and each Person who controls PubCo (within
the meaning of the Securities Act) and any other Holders of Registrable Securities participating in the Registration, against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement
of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such
Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several,
among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to
and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.
The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of PubCo.

 

(c) Any Person entitled to
indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the
extent such failure has not materially prejudiced the indemnifying party’s ability to defend such action) and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to
those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed).
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties
with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment
or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying
party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

(d) The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the
transfer of securities. PubCo and each Holder of Registrable Securities participating in an offering also agrees to make such
provisions as are reasonably requested by any indemnified party for contribution to such party in the event PubCo’s or such
Holder’s indemnification is unavailable for any reason.

 

(e) If the indemnification
provided under this Section 4.15 from the indemnifying party is held by a court of competent jurisdiction to be unavailable or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall to the extent permitted by law contribute to the amount
paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and indemnified party shall be determined by a court of law by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified
party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity
to correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.15(e)
shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability except in the
case of fraud or willful misconduct by such Holder. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in Section 4.15(a), Section 4.15(b) and
Section 4.15(c), any legal or other fees, charges or expenses reasonably incurred and documented by such party in connection with
any investigation or proceeding. The Parties agree that it would not be just and equitable if contribution pursuant to this Section
4.15(e) were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable
considerations referred to in this Section 4.15(e). No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 4.15(e) from any Person who was not guilty
of such fraudulent misrepresentation.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, each of the Parties
has duly executed this Investor Rights Agreement as of the Effective Date.

 

	 	PUBCO:
	 	 
	 	APPRECIATE HOLDINGS, INC.
	 	 
	 	By:	/s/
    Thomas D. Hennessy
	 	Name: 	Thomas D. Hennessy
	 	Title:	Chairman, Co-Chief Executive
    Officer
	 	 	and President
	 	 	 
	 	By:	/s/
    Joseph Beck
	 	Name:	Joseph Beck
	 	Title:	Co-Chief Executive Officer
    and Chief
	 	 	Financial Officer
	 	 	 
	 	SPONSOR:
	 	 
	 	HC PROPTECH PARTNERS II LLC
	 	 
	 	By:	/s/
    Thomas D. Hennessy
	 	Name:	Thomas D. Hennessy
	 	Title:	Managing Member
	 	 	 
	 	By:	/s/
    Joseph Beck
	 	Name:	Joseph Beck
	 	Title:	Managing Member
	 	 	 
	 	By:	/s/
    Daniel J. Hennessy
	 	Name:	Daniel J. Hennessy
	 	Title:	Managing Member

 

[Signature Page to Investor Rights
Agreement]

 

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	 	SPONSOR PRINCIPALS:
	 	 
	 	/s/ Jack Leeney
	 	Jack Leeney
	 	 
	 	/s/ Courtney Robinson
	 	Courtney Robinson
	 	 
	 	/s/ Gloria
    Fu
	 	Gloria Fu
	 	 
	 	/s/ Margaret Whelan
	 	Margaret Whelan
	 	 
	 	/s/ Adam Blake
	 	Adam Blake

 

[Signature Page to Investor Rights
Agreement]

 

    24

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ James Gregg
	 	 	Name: 	James Gregg

 

[Signature Page to Investor Rights
Agreement]

 

    25

     

    

 

	 	SELLERS:
	 	 
	 	By:	/s/ Jerry Adler
	 	Name: 	Jerry Adler

 

[Signature Page to Investor Rights
Agreement]

 

    26

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Adam Clabaugh
	 	 	Name: 	Adam Clabaugh

 

[Signature Page to Investor Rights
Agreement]

 

    27

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Andrew Nast
	 	 	Name: 	Andrew Nast

 

[Signature Page to Investor Rights
Agreement]

 

    28

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Raymond Davis
	 	 	Name: 	Raymond Davis

 

[Signature Page to Investor Rights
Agreement]

 

    29

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Trevor Brace
	 	 	Name: 	Trevor Brace

 

[Signature Page to Investor Rights
Agreement]

 

    30

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Pamela Kosanke
	 	 	Name: 	Pamela Kosanke

 

[Signature Page to Investor Rights
Agreement]

 

    31

     

    

 

	 	SELLERS:
	 	 	 
	 	Ankhor Properties, LLC
	 	 	 
	 	By:	/s/
    Michael Ankoviak
	 		Name: 	Michael Ankoviak
	 		Title:	Manager

 

[Signature Page to Investor Rights
Agreement]

 

    32

     

    

 

	 	SELLERS:
	 	 	 
	 	Palo
    Duro Ventures, LLC
	 	 	 
	 	By:	/s/
    Michael Park
	 		Name: 	Michael Park
	 		Title:	Manager

 

[Signature Page to Investor Rights
Agreement]

 

    33

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Trent Zachman
	 	 	Name: 	Trent Zachman

 

[Signature Page to Investor Rights
Agreement]

 

    34

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ David Sommer
	 	 	Name: 	David Sommer

 

[Signature Page to Investor Rights
Agreement]

 

    35

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ David Thompson
	 	 	Name: 	David Thompson

 

[Signature Page to Investor Rights
Agreement]

 

    36

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Mitch Bowling
	 	 	Name: 	Mitch Bowling

 

[Signature Page to Investor Rights
Agreement]

 

    37

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Anthony Charles Wyatt
	 	 	Name: 	Anthony Charles Wyatt

 

[Signature Page to Investor Rights
Agreement]

 

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	 	SELLERS:
	 	 
	 	Lake Street Landlords, LLC
	 	 
	 	By:	Northern Pacific Growth
	 	 	Investment Partners, L.P.
	 	Its:	Managing Member
	 	 
	 	By:	Northern Pacific Group GP I, LLC
	 	Its:	General Partner
	 	 
	 	By:	/s/ Scott Honour
	 	Name: 	Scott Honour
	 	Title:	President
	 	 
	 	LSS Sustainable SPAC, LLC
	 	 
	 	By:	Northern Pacific Growth
	 	 	Investment Partners, L.P.
	 	Its:	 Managing Member
	 	 
	 	By:	Northern Pacific Group GP I, LLC
	 	Its:	General Partner
	 	 
	 	By:	/s/ Scott Honour
	 	Name:	Scott Honour
	 	Title:	President

 

[Signature Page to Investor Rights
Agreement]

 

    39

     

    

 

	 	SELLERS:
	 	 	 
	 	By:	/s/ Christopher Laurence
	 	 	Name: 	Christopher Laurence

 

[Signature Page to Investor Rights
Agreement]

 

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	 	SELLERS:
	 	 	 
	 	OA Holdings USA LLC
	 	 	 
	 	By:	/s/
    Greg Rand
	 		Name: 	Greg Rand
	 		Title:	Chief Executive Officer

 

[Signature Page to Investor Rights
Agreement]

 

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 	 	SELLERS:
	 	 
	 	RWRE HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Brenton Hayden
	 	 	Name: 	Brenton Hayden
	 	 	Title:
	Manager

 

	 	RW USA HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Brenton Hayden
	 	 	Name: 	Brenton Hayden
	 	 	Title:
	Manager

 

	 	H&C HOLDINGS, LLC
	 	 
	 	By:	/s/ Brenton Hayden
	 	 	Name: 	Brenton Hayden
	 	 	Title:
	Manager

 

[Signature Page to Investor Rights Agreement]

 

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	 	SELLERS:
	 	 
	 	Oculus Capital, LLC
	 	 	 
	 	By:	/s/
    Jonathan Ortner
	 	 	Name: 	Jonathan Ortner
	 	 	Title:
	Chief Executive officer

 

[Signature Page to Investor Rights Agreement]

 

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	 	SELLERS:
	 	 
	 	/s/ Kevin Ortner

 

[Signature Page to Investor Rights Agreement]

 

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	 	SELLERS:
	 	 
	 	St. Cloud Capital Partners III
	 	SBIC, L.P.
	 	 
	 	SCGP III SBIC, LLC
	 	 
	 	By:	Its: General Partner
	 	 
	 	By:	/s/ Kacy Rozelle 
	 	 	Name: 	Kacy Rozelle 
	 	 	Title:
	Managing Member 

 

[Signature Page to Investor Rights Agreement]

 

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	 	SELLERS:
	 	 
	 	Broader Media Holdings, LLC
	 	 	 
	 	By:	/s/
    Joseph Robinson
	 	 	Name: 	Joseph Robinson
	 	 	Title:
	President 

 

[Signature Page to Investor Rights Agreement]

 

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	 	SELLERS:
	 	 	 
	 	By:	/s/ Nolan Jacobson
	 	 	Name:	Nolan Jacobson

 

[Signature Page to Investor Rights Agreement]

 

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	 	SELLERS:
	 	 	 
	 	By:	/s/ Todd Jable
	 	 	Name: 	Todd Jable

 

[Signature Page to Investor Rights
Agreement]

 

 

48

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