Document:

EXHIBIT 10.1

    

    
      

      

      AMENDED AND RESTATED MANAGEMENT AND ADVISORY AGREEMENT

       

      dated as of July 31, 2022

       

      between

       

      FTAI INFRASTRUCTURE INC.

       

      and

       

      FIG LLC

       

      
        
          

      

      
      TABLE OF CONTENTS

       

        

       Page

       

      	
              SECTION 1.

            	
              DEFINITIONS.

            	
              1

            
	 	 	 
	
              SECTION 2.

            	
              APPOINTMENT AND DUTIES OF THE MANAGER.

            	
              3

            
	 	 	 
	
              SECTION 3.

            	
              DEVOTION OF TIME; ADDITIONAL ACTIVITIES.

            	
              7

            
	 	 	 
	
              SECTION 4.

            	
              AGENCY.

            	
              7

            
	 	 	 
	
              SECTION 5.

            	
              BANK ACCOUNTS.

            	
              8

              

            
	 	 	 
	
              SECTION 6.

            	
              RECORDS; CONFIDENTIALITY.

            	
              8

              

            
	 	 	 
	
              SECTION 7.

            	
              OBLIGATIONS OF MANAGER; RESTRICTIONS.

            	
              8

            
	 	 	 
	
              SECTION 8.

            	
              COMPENSATION.

            	
              9

              

            
	 	 	 
	
              SECTION 9.

            	
              EXPENSES OF THE COMPANY.

            	
              11

            
	 	 	 
	
              SECTION 10.

            	
              CALCULATIONS OF EXPENSES.

            	
              12

            
	 	 	 
	
              SECTION 11.

            	
              LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION.

            	
              12

            
	 	 	 
	
              SECTION 12.

            	
              NO JOINT VENTURE.

            	
              13

            
	 	 	 
	
              SECTION 13.

            	
              TERM; TERMINATION.

            	
              13

            
	 	 	 
	
              SECTION 14.

            	
              ASSIGNMENT.

            	
              14

            
	 	 	 
	
              SECTION 15.

            	
              TERMINATION FOR CAUSE.

            	
              15

            
	 	 	 
	
              SECTION 16.

            	
              ACTION UPON TERMINATION.

            	
              15

            
	 	 	 
	
              SECTION 17.

            	
              RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST.

            	
              16

            
	 	 	 
	
              SECTION 18.

            	
              NOTICES.

            	
              16

            
	 	 	 
	
              SECTION 19.

            	
              BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS.

            	
              17

            
	 	 	 
	
              SECTION 20.

            	
              ENTIRE AGREEMENT.

            	
              17

            
	 	 	 
	
              SECTION 21.

            	
              CONTROLLING LAW.

            	
              17

            
	 	 	 
	
              SECTION 22.

            	
              INDULGENCES, NOT WAIVERS.

            	
              17

            
	 	 	 
	
              SECTION 23.

            	
              TITLES NOT TO AFFECT INTERPRETATION.

            	
              18

            
	 	 	 
	
              SECTION 24.

            	
              EXECUTION IN COUNTERPARTS.

            	
              18

            
	 	 	 
	
              SECTION 25.

            	
              PROVISIONS SEPARABLE.

            	
              18

            
	 	 	 
	
              SECTION 26.

            	
              GENDER.

            	
              18

            

      

      

      
        i

        
          

      

      
      AMENDED AND RESTATED MANAGEMENT AND ADVISORY AGREEMENT

       

      THIS AMENDED AND RESTATED MANAGEMENT AND ADVISORY AGREEMENT, is made as of July 31, 2022 (the “Agreement”) by and among FTAI INFRASTRUCTURE INC., a Delaware corporation (the “Company”),

        and FIG LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”).

       

      W I T N E S S E T H:

       

      WHEREAS, the Management and Advisory Agreement, dated as of May 20, 2015 (the “Original Management and Advisory Agreement”) between Fortress Transportation and Infrastructure Investors LLC
        (“FTAI LLC”) and the Manager was assigned by FTAI LLC to the Company on July 31, 2022;

       

      WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities of or available to the Manager and to have the Manager undertake
        the duties and responsibilities hereinafter set forth, on behalf of the Company, as provided in this Agreement;

       

      WHEREAS, the Manager is willing to render such services on the terms and conditions hereinafter set forth; and

       

      WHEREAS, the Company and the Manager desire to enter into this Agreement to amend and restate the Original Management and Advisory Agreement and make the modifications set out in this Agreement.

       

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

       

      	

            	SECTION 1.	
              DEFINITIONS.

            

       

      The following terms have the meanings assigned to them:

       

      (a)          “Acquisitions” means asset acquisitions by the Company and its Subsidiaries.

       

      (b)          “Agreement” means this Amended and Restated Management and Advisory Agreement, as amended from time
          to time.

       

      (c)          “Board of Directors” means the Board of Directors of the Company.

       

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

       

      (e)        “Common Stock” means the common stock of the Company now or hereafter authorized and designated as
          common stock of the Company.

       

      
        1

        
          

      

      
      (f)          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

       

      (g)          “FTAI Infrastructure Assets” shall have the meaning given to such term in the Separation Agreement.

       

      (h)          “FTAI Infrastructure Assets and Liabilities” means FTAI Infrastructure Assets and FTAI
          Infrastructure Liabilities.

       

      (i)          “FTAI Infrastructure Liabilities” shall have the meaning given to such term in the Separation
          Agreement.

       

      (j)          “GAAP” means generally accepted accounting principles in the United States, as in effect on the date
          of this Agreement.

       

      (k)          “Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws
          in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating agreement in the case of a limited
          liability company, or, in each case, comparable governing documents.

       

      (l)          “Independent Directors” means the members of the Board of Directors who are not officers or
          employees of the Manager.

       

      (m)         “Investment Company Act” means the Investment Company Act of 1940, as amended.

       

      (n)          “IPO Date”:  means May 15, 2015.

       

      (o)          “Operating Agreement” shall mean the Fourth Amended and Restated Partnership Agreement of Fortress
          Worldwide Transportation and Infrastructure General Partnership dated as of May 20, 2015.

       

      (p)          “Pre-Incentive Fee Net Income” means, with respect to a calendar quarter, the Company’s net income
          attributable to shareholders during such quarter calculated in accordance with GAAP, but excluding the following (without duplication):  (i) gains and losses, realized or unrealized, (ii) the non-cash portion of any equity-based compensation
          expense, (iii) the one-time impact of any non-capitalized acquisition-related expenses, including transaction and integration expenses, provided that such amounts are capitalized and amortized in respect of such acquisition and such amortization
          is included in the calculation of Pre-Incentive Fee Net Income, (iv) any non-cash portion of the provision for income taxes, net of cash payments for income taxes and (v) any other amounts approved by the independent directors of the Company upon
          reasonable request by the Manager.  For the avoidance of doubt, amounts paid to the Manager as an Income Incentive Fee or a Capital Gains Incentive Fee during such quarter shall be excluded in computing Pre-Incentive Fee Net Income. With respect
          to the first determination of Pre-Incentive Fee Net Income following the Spin Date, Pre-Incentive Fee Net Income for any portion of the quarter occurring prior to the Spin Date shall be determined considering only the FTAI Infrastructure Assets
          and Liabilities.

       

      (q)          “Separation Agreement” means that certain Separation and Distribution Agreement, dated as of August
          1, 2022, by and between FTAI LLC and the Company.

       

      
        2

        
          

      

      
      (r)          “Spin Date”:  means August 1, 2022.

       

      (s)          “Subsidiary” means any subsidiary of the Company and any partnership, the general or operating
          partner of which is the Company or any subsidiary of the Company and any limited liability company, the managing member of which is the Company or any subsidiary of the Company.

       

      	

            	SECTION 2.	
              APPOINTMENT AND DUTIES OF THE MANAGER.

            

       

      (a)          The Company hereby appoints the Manager to manage the assets and day-to-day operations of the Company and
          its Subsidiaries subject to the further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein.  The appointment of the Manager
          shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the
          Manager hereunder to be provided by third parties.

       

      (b)          The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and its
          Subsidiaries, at all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority
          identified herein and delegated to the Manager hereby.  The Manager will be responsible for the day-to-day operations of the Company and its Subsidiaries and will perform (or cause to be performed) such services and activities relating to the
          assets and operations of the Company as may be appropriate, including, without limitation:

       

      (i)          serving as the Company’s consultant with respect to the periodic review of the acquisition criteria and
          parameters for Acquisitions, borrowings, financing transactions, and operations;

       

      (ii)          investigation, analysis, valuation and selection of Acquisition opportunities;

       

      (iii)        with respect to prospective Acquisitions by the Company and dispositions of assets, conducting
          negotiations with brokers, sellers and purchasers and their respective agents and representatives, investment bankers and owners of privately and publicly held companies;

       

      (iv)        engaging and supervising independent contractors that provide services relating to the Company or any of
          its Subsidiaries or the Company’s assets, including, but not limited to, investment banking, legal or regulatory advisory, tax advisory, due diligence, accounting advisory, securities brokerage, brokerage, and other financial, brokerage and
          consulting services as the Manager determines from time to time is advisable;

       

      (v)          negotiating the sale, exchange or other disposition of any asset;

       

      (vi)      coordinating and managing operations of any joint venture or co-investment interests held by the Company or
          any of its Subsidiaries and conducting all matters with the joint venture or co-investment partners;

       

      
        3

        
          

      

      
      (vii)       coordinating and supervising, all matters related to the Company’s or any of its Subsidiaries’ assets,
          including the leasing and/or sale and management of such assets and retaining agents, managers or other advisors in connection with such coordination and supervision;

       

      (viii)      providing executive and administrative personnel, office space and office services required in rendering
          services to the Company;

       

      (ix)        administering the day-to-day operations of the Company and its Subsidiaries and performing and supervising
          the performance of such other administrative functions necessary in the management of the Company and its Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and
          the payment of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative functions;

       

      (x)          communicating with the past, current and prospective holders of any equity or debt securities of the
          Company and its Subsidiaries as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;

       

      (xi)         counseling the Company in connection with policy decisions to be made by the Board of Directors;

       

      (xii)      evaluating and recommending to the Board of Directors modifications to any hedging strategies in effect on
          the date hereof and engaging in hedging activities, consistent with such strategies, as in effect from time to time;

       

      (xiii)    counseling the Company regarding the maintenance of its exemption from the Investment Company Act and
          monitoring compliance with the requirements for maintaining an exemption from that Act;

       

      (xiv)      assisting the Company in developing criteria that are specifically tailored to the Company’s investment
          objectives and making available to the Company its knowledge and experience with respect to its target assets;

       

      (xv)       representing and making recommendations to the Company in connection with the purchase and finance, and
          commitment to purchase and finance, of its target assets, and in connection with the sale and commitment to sell such assets;

       

      (xvi)          monitoring the operating performance of the Company’s and its Subsidiaries’ assets and providing periodic
          reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance, valuation and budgeted or projected operating results;

       

      
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      (xvii)          investing and re-investing any moneys and securities of the Company and its Subsidiaries (including
          investing in short-term investments, pending investment in Acquisitions, payment of fees, costs and expenses, or payments of dividends or distributions to shareholders and partners of the Company) and advising the Company as to its capital
          structure and capital raising;

       

       

      (xviii)  causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing
          appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and to conduct quarterly compliance reviews with respect thereto;

       

      (xix)     causing the Company and its Subsidiaries to qualify to do business in all applicable jurisdictions and to
          obtain and maintain all appropriate licenses;

       

      (xx)      taking all necessary actions to enable the Company and its Subsidiaries to make required tax filings and
          reports, including soliciting shareholders for required information to the extent provided by the provisions of the Code;

       

      (xxi)    assisting the Company and its Subsidiaries in complying with all regulatory requirements applicable thereto in
          respect of its business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents required under the Exchange Act;

       

      (xxii)      handling and resolving all claims, disputes or controversies (including all litigation, arbitration,
          settlement or other proceedings or negotiations) in which the Company or any of its Subsidiaries may be involved or to which the Company or any of its Subsidiaries may be subject arising out of the Company’s or any of its Subsidiaries’ day-to-day
          operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Directors;

       

      (xxiii)   using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company and its
          Subsidiaries to be within any expense guidelines set by the Board of Directors from time to time;

       

      (xxiv)    performing such other services as may be required from time to time for management and other activities
          relating to the assets of the Company and its Subsidiaries as the Board of Directors and Manager shall agree from time to time or as the Manager shall deem appropriate under the particular circumstances;

       

      (xxv)      using commercially reasonable efforts to cause the Company to comply with all applicable laws; and

       

      (xxvi)    traveling in connection with the performance of any services or activities relating to the Company’s and its
          Subsidiaries’ assets, operations, Acquisitions or investment analysis.

       

      
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      Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio Management Services”) on behalf of the Company with respect to Acquisitions.  Such
        services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other investment opportunities in connection with, the Company’s portfolio of assets; the collection of information and the submission of
        reports pertaining to the Company’s assets, general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets; acting as liaison between the Company and banking, investment banking and other parties
        with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management.  Additionally, the Manager will perform monitoring services (the “Monitoring Services”) on behalf of the
        Company with respect to any services provided by third parties, which the Manager determines are material to the performance of the business.

       

      (c)          The Manager may enter into agreements with other parties, including its affiliates, including to provide
          the services above, provided, that any such agreements entered into with affiliates of the Manager shall be (A) on terms no more favorable to such affiliate than could be obtained from a third party on an arm’s length basis and (B) to the extent
          the same do not fall within policies approved by the Board of Directors, approved by a majority of the Independent Directors to the extent required by any Board policy; provided, however, without the prior approval of a majority of the
          Independent Directors, the Manager may not enter into agreements with any party, other than an affiliate, to provide the investment management, investment advisory or similar services.  Notwithstanding the foregoing, the Manager shall be
          permitted to enter into agreements with unaffiliated parties pursuant to Section 2(b)(ii), or otherwise, to perform valuation services with respect to any assets as may be deemed necessary or advisable by the Manager.

       

      (d)          The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services
          of accountants, legal counsel, tax counsel, appraisers, insurers, brokers or business developers, transfer agents, registrars, developers, investment banks, financial advisors, underwriters, asset managers, banks and other lenders and others as
          the Manager deems necessary or advisable in connection with the management and operations of the Company.  Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by
          its employees or affiliates (which, for the avoidance of doubt, includes any employees, consultants or agents or any affiliate of the Manager).  The Company shall pay or reimburse the Manager or its affiliates performing such services for the
          cost thereof; provided, that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s‐length
          basis.

       

      (e)          As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of
          Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, with respect to any investment, (i) reports and information on the Company’s operations and asset performance and (ii) other information
          reasonably requested by the Company.

       

      (f)          The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all
          reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any governmental body or
          agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a nationally recognized
          independent accounting firm.

       

      
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      (g)          The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to
          review the Company’s Acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with policies approved by the Board of Directors.

       

      (h)          Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment
          of additional monies is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this Agreement, the Manager
          shall not be required to expend money (“Excess Funds”) in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder.  Failure of the
          Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance.

       

      (i)          In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on
          qualified experts hired by the Manager.

       

      	

            	SECTION 3.	
               DEVOTION OF TIME; ADDITIONAL ACTIVITIES.

            

       

      (a)          The Manager will provide a management team, including a Chief Executive Officer and a Chief Financial
          Officer of the Company, to provide the management services to be provided by the Manager to the Company hereunder.  The members of such team shall devote such of their time to the management of the Company as the Board of Directors reasonably
          deems necessary and appropriate, commensurate with the level of activity of the Company from time to time.

       

      (b)          Except to the extent set forth in clause (a) above, nothing herein shall prevent the Manager or any of its
          affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other person or entity, including investment in, or advisory service to others investing in,
          any type of infrastructure or equipment asset, including investments which meet the principal investment objectives of the Company.

       

      (c)          Managers, members, partners, officers, employees and agents of the Manager or affiliates of the Manager may
          serve as directors, officers, employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as from time to time amended, or by any resolutions duly adopted by the Board of
          Directors pursuant to the Company’s Governing Instruments.  When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company.

       

      	

            	SECTION 4.	
              AGENCY.

            

       

      The Manager shall act as agent of the Company in making, acquiring, financing and disposing of Acquisitions, disbursing and collecting the Company’s funds, paying the debts and fulfilling the
        obligations of the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Directors, holders of the Company’s securities
        or the Company’s representatives or properties.

       

      
        7

        
          

      

      
      	

            	SECTION 5.	
              BANK ACCOUNTS.

            

       

      The Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into
        any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors
        and, upon request, to the auditors of the Company or any Subsidiary.

       

      	

            	SECTION 6.	
              RECORDS; CONFIDENTIALITY.

            

       

      The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by
        representatives of the Company at any time during normal business hours upon ten (10) business days advance written notice.  The Manager shall keep confidential any and all non‐public information obtained in connection with the services rendered
        under this Agreement and shall not disclose any such information to any person, except to (i) its affiliates, members, officers, directors, employees, agents, representatives or advisors who have a need to know such information in order to carry
        out their duties to the Company and who have a duty to the Manager or to the Company to keep such information confidential, (ii) to appraisers, financing sources and others in the ordinary course of the Manager’s business for the purpose of
        rendering services hereunder, provided that such persons agree to keep such information confidential, (iii) in connection with any governmental or regulatory requests of the Manager and any of its affiliates, members, officers, directors,
        employees, agents, representatives or advisors, (v) as required by applicable law or regulation or (vi) with the prior written consent of the Board of Directors.

       

      	

            	SECTION 7.	
              OBLIGATIONS OF MANAGER; RESTRICTIONS.

            

       

      (a)          The Manager shall use commercially reasonable efforts to require each seller or transferor of assets to the
          Company to make such representations and warranties regarding such assets as may, in the sole judgment made in good faith of the Manager, be necessary and appropriate.  In addition, the Manager shall take such other action as it deems necessary
          or appropriate with regard to the protection of the Company’s assets and investments.

       

      (b)          The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in
          compliance with policies approved by the Board of Directors or (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or that would otherwise not be permitted by
          such entity’s Governing Instruments.  If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would adversely affect such
          status or violate any such law, rule or regulation or the Governing Instruments.  Notwithstanding the foregoing, the Manager, its directors, officers, shareholders and employees shall not be liable to the Company or any Subsidiary, the Board of
          Directors, or the Company’s or any Subsidiary’s shareholders or partners for any act or omission by the Manager, its directors, officers, shareholders or employees except as provided in Section 11 of this Agreement.

       

      (c)          The Manager shall at all times during the term of this Agreement (including the Original Term and any
          renewal term) maintain a tangible net worth equal to or greater than $1,000,000.  Additionally, during such period the Manager shall maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by
          asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily maintained by other managers
          or servicers of similar assets.

       

      
        8

        
          

      

      
      	

            	SECTION 8.	
              COMPENSATION.

            

       

      (a)          Management Fee.  During the term of this Agreement (as the same may be extended from time to time),
          the Manager will receive an annual management fee (the “Management Fee”) equal to 1.50% of the Company’s “Total Equity.” The Management Fee shall be calculated and paid monthly in arrears based upon the average of the Total Equity of the
          Company for the two most recently completed months.  The term “Total Equity” for any month means the equity value of the Company, determined on a consolidated basis in accordance with GAAP (including any preferred equity), but reduced
          proportionately in the case of a Subsidiary to the extent that the Company owns, directly or indirectly, less than 100% of the equity interests in such Subsidiary.  The Management Fee for any partial month shall be appropriately pro-rated.  With
          respect to the first and second payment of the Management Fee following the Spin Date, Total Equity of the Company for any portion of the measurement period occurring prior to the Spin Date shall be determined by considering only the FTAI
          Infrastructure Assets and Liabilities.

       

      (b)          The Manager shall compute each installment of the Management Fee within 15 days after the end of the month
          with respect to which such installment is payable, and such installment shall be due and payable no later than the date which is 20 days after the end of the month with respect to which such installment is payable.  A copy of the computations
          made by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors within 90 days after the end of each
          calendar year.

       

      (c)          The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section
          13(a) of this Agreement.

       

        

      (d)          Upon the successful completion of an offering of Common Stock or other equity securities by the Company
          (including the issuance of Common Stock as consideration in connection with an Acquisition), the Company shall pay and issue to the Manager options to purchase Common Stock in an amount equal to 10% of the number of shares of Common Stock sold in
          the offering or issued in connection with such Acquisition (or, if the issuance relates to equity securities other than Common Stock, options to purchase a number of Common Stock equal to 10% of the gross capital raised in the equity issuance,
          divided by the fair market value of a share of Common Stock as of the date of issuance), with an exercise price equal to the price per share of Common Stock paid by the public or other ultimate purchaser in the offering or attributed to such
          Common Stock in connection with an Acquisition (or, in the case of equity securities other than Common Stock, the fair market value of a share of Common Stock as of the date of equity issuance).  For the avoidance of doubt, the initial public
          offering of Common Stock shall not constitute an “offering” for purposes of this Section 8(d).

       

      
        9

        
          

      

      
      (e)          Income Incentive Fee.  The Manager will be paid an income incentive fee (an “Income Incentive Fee”)

          with respect to Pre-Incentive Fee Net Income in each calendar quarter as follows, provided, however, for any period of less than three months the amount paid as an Income Incentive Fee shall be prorated to reflect such shorter period.

       

      (i)          No Income Incentive Fee in any calendar quarter in which  Pre-Incentive Fee Net Income, expressed as a rate
          of return on the average value of the Company’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such amount is being calculated ), does
          not exceed 2.0% for such quarter (8.0% annualized);

       

      (ii)          100% of Pre-Incentive Fee Net Income with respect to that portion of such Pre-Incentive Fee Net Income, if
          any, that expressed as a rate of return on the average value of the Company’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such amount
          is being calculated ), equals or exceeds 2.00% but does not exceed 2.2223% for such quarter; and

       

      (iii)          10% of Pre-Incentive Fee Net Income with respect to that portion of such Pre-Incentive Fee Net Income, if
          any, that, expressed as a rate of return on the average value of the Company’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such
          amount is being calculated ), exceeds 2.2223%.

       

      (f)          Capital Gains Incentive Fee.  The Manager shall be paid a capital gains incentive allocation (a “Capital

            Gains Incentive Fee”) in arrears as of the end of each calendar year equal to 10.0% of the Company’s pro rata share of cumulative realized gains from the Spin Date through the end of such calendar year, net of the following, without
          duplication, (i) cumulative realized or unrealized losses and the cumulative non-cash portion of equity-based compensation expenses, in each case, for such period (the “Loss Carryforward”) and (ii) all realized gains upon which prior
          performance-based Capital Gains Incentive Fees were previously paid to the Manager since the Spin Date. As of the Spin Date, the Loss Carryforward shall be an amount equal to the portion of the cumulative realized or unrealized losses and
          cumulative non-cash portion of equity based compensation expenses of FTAI attributable to the FTAI Infrastructure Assets and Liabilities from the IPO Date through the Spin Date, measured as of the open of business on the Spin Date.  Further, as
          of the Spin Date, the Company’s pro rata share of cumulative realized gains from the Spin Date shall be an amount equal to FTAI’s pro rata share of cumulative realized gains attributable to the FTAI Infrastructure Assets and Liabilities from the
          IPO Date through the Spin Date minus all realized gains attributable to the FTAI Infrastructure Assets and Liabilities upon which prior performance-based capital gains incentive allocations we previously paid to the Manager or an affiliate
          thereof pursuant to the Operating Agreement.

       

        

      
        10

        
          

      

      
      	

            	SECTION 9.	
              EXPENSES OF THE COMPANY.

            

       

      The Company shall pay all of its expenses and shall reimburse the Manager or (for the avoidance of doubt) its affiliates for documented expenses of the Manager or its affiliates incurred on its
        behalf (collectively, the “Expenses”).  Expenses include all costs and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the following:

       

      (a)          expenses in connection with the issuance and transaction costs incident to the acquisition, disposition and
          financing of Acquisitions;

       

      (b)        travel and other out-of-pocket expenses incurred by managers, officers, employees and agents of the Manager
          or its affiliates in connection with the sourcing, underwriting, purchase, financing, refinancing, sale or other disposition, or asset management of an Acquisition;

       

      (c)        costs of legal, accounting, tax, auditing, underwriting, asset management, sourcing, administrative and
          other services rendered for the Company by providers retained by the Manager or its affiliates or, if provided by the Manager’s or any affiliate’s employees, consultants or agents in amounts which are no greater than those which would be payable
          to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis;

       

      (d)          the compensation and expenses of the Independent Directors and the cost of liability insurance to indemnify
          the Company’s directors and officers;

       

      (e)          compensation and expenses of the Company’s custodian and transfer agent, if any;

       

      (f)        costs associated with the establishment and maintenance of any credit facilities and other indebtedness of
          the Company (including commitment fees, legal fees, closing and other costs) or any securities offerings of the Company;

       

      (g)          costs associated with any computer software or hardware that is used for the Company;

       

      (h)          costs and expenses incurred in contracting with third parties, including affiliates of the Manager, in
          accordance with the terms of this Agreement;

       

      (i)          all other costs and expenses relating to the Company’s business and investment operations, including,
          without limitation, the costs and expenses of sourcing, underwriting, acquiring, financing, refinancing, owning, protecting, maintaining, developing, operating and disposing of Acquisitions, including appraisal, reporting, audit and legal fees;

       

      (j)          all insurance costs incurred in connection with the operation of the Company’s business except for the
          costs attributable to the insurance that the Manager elects to carry for itself and its employees;

       

      (k)          expenses relating to any office or office facilities maintained for the Company or Acquisitions separate
          from the office or offices of the Manager;

      
        11

        
          

      

      
      (l)          expenses connected with the payments of interest, dividends or distributions in cash or any other form made
          or caused to be made by the Board of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including, without limitation, in connection with any dividend reinvestment plan;

       

      (m)          expenses connected with communications to holders of securities of the Company or its Subsidiaries and
          other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all
          costs of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange,
          the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its shareholders and proxy materials with respect to any meeting of the shareholders of
          the Company; and

       

      (n)          all other expenses actually incurred by the Manager which are reasonably necessary for the performance by
          the Manager of its duties and functions under this Agreement.

       

      Without regard to the amount of compensation received under this Agreement by the Manager, the Manager shall bear the following expenses, except as expressly set forth herein:  (i) wages and salaries of the Manager’s
        officers and employees; (ii) rent attributable to the space occupied by the Manager; and (iii) all other “overhead” expenses of the Manager.

       

      	

            	SECTION 10.	
              CALCULATIONS OF EXPENSES.

            

       

      The Manager shall prepare a statement documenting the Expenses of the Company and the Expenses incurred by the Manager on behalf of the Company during each calendar month, and shall deliver such
        statement to the Company in the ordinary course of periodic accounting.  Expenses incurred by the Manager on behalf of the Company shall be reimbursed monthly to the Manager on the later of (i) the first business day of the month immediately
        following the date of delivery of such statement and (ii) 10 business days after the date of delivery of such statement.

       

      	

            	SECTION 11.	
              LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION.

            

       

      (a)          The Manager assumes no responsibility under this Agreement other than to render the services called for
          under this Agreement in good faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. 
          The Manager, its members, managers, officers and employees, sub‐advisers and each other Person, if any, controlling the Manager, will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s or any Subsidiary’s
          shareholders or partners for any acts or omissions by the Manager, its members, managers, officers or employees, sub‐advisers or each other Person, if any, controlling the Manager, pursuant to or in accordance with this Agreement, except by
          reason of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement.  The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its members,
          managers, officers and employees, sub‐advisers and each other Person, if any, controlling the Manager (each, an “Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of
          any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts or omissions of such Indemnified Party made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such
          Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement.

       

      (b)          The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its members,
          shareholders, directors, officers and employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and
          claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement.

       

      
        12

        
          

      

      
      	

            	SECTION 12.	
              NO JOINT VENTURE.

            

       

      Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them.

       

      	

            	SECTION 13.	
              TERM; TERMINATION.

            

       

      (a)          Unless terminated in accordance with Section 14 or Section 15, this Agreement shall be in effect until the
          date that is six (6) years after the date hereof (the “Original Term”).  At the expiration of the Original Term and each Renewal Term (as defined below), this Agreement shall be deemed renewed automatically each year for an additional
          one-year period (each, a “Renewal Term”) unless (i) a majority consisting of at least two-thirds of the Independent Directors or a simple majority of the holders of outstanding Common Stock, agree that there has been unsatisfactory
          performance that is materially detrimental to the Company or (ii) a simple majority of the Independent Directors agree that the Management Fee payable to the Manager is unfair; provided, that the Company shall not have the right to terminate this
          Agreement under clause (ii) if the Manager agrees to continue to provide the services under this Agreement at a fee that a simple majority of the Independent Directors have reasonably determined to be fair.  If the Company elects not to renew
          this Agreement at the expiration of the Original Term or any Renewal Term, the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms
          set forth in this Section 13(a) of this Agreement not less than 60 days prior to the expiration of the then existing term.  If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination
            Date”), not less than 60 days from the date of the notice, on which the Manager shall cease to provide services under this Agreement and this Agreement shall terminate on such date; provided, however, that in the event that such Termination
          Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate the Management Fee by delivering to the Company, no fewer than forty-five (45) days prior
          to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement.  Thereupon, the Company and the Manager shall
          endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement.  Provided that the Manager and the Company agree to a revised Management Fee (or other compensation structure) within 45 days following the
          receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the Management Fee shall
          be the revised Management Fee (or other compensation structure) then agreed upon by the parties to this Agreement.  The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised Management Fee
          promptly upon reaching an agreement regarding same.  In the event that the Company and the Manager are unable to agree to a revised Management Fee during such 45 day period, this Agreement shall terminate, such termination to be effective on the
          date which is the later of (A) ten (10) days following the end of such 45 day period and (B) the Effective Termination Date originally set forth in the Termination Notice.

       

      
        13

        
          

      

      
      (b)          In the event that this Agreement is terminated in accordance with the provisions of Section 13(a) of this
          Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to (i) the amount of the Management Fee earned by the Manager during the period consisting
          of the twelve (12) full, consecutive calendar months immediately preceding such termination and (ii) the amount of the Income Incentive Fee and the Capital Gains Incentive Fee as if the Company’s assets were sold for cash at their then current
          fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments).  The obligation of the Company to pay the Termination Fee shall survive the termination of this
          Agreement.

       

      (c)          No later than sixty (60) days prior to the expiration of the Original Term or any Renewal Term, the Manager
          may deliver written notice to the Company informing it of the Manager’s intention not to renew the term, whereupon the Term of this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the expiration date of
          this Agreement next following the delivery of such notice.

       

      (d)          If this Agreement is terminated pursuant to this Section 13, such termination shall be without any further
          liability or obligation of either party to the other, except as provided in Section 13(b) and Section 16 of this Agreement.  In addition, Section 11 of this Agreement shall survive termination of this Agreement.

       

      	

            	SECTION 14.	
              ASSIGNMENT.

            

       

      (a)          Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the
          event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors; provided, however, that no such consent shall be required
          in the case of an assignment by the Manager to an entity whose business and operations are managed or supervised by Mr. Wesley R. Edens (the “Principal”).  Any such permitted assignment shall bind the assignee under this Agreement in the
          same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment.  In addition, the assignee shall execute and deliver to the Company a counterpart of this
          Agreement naming such assignee as Manager.  This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to a successor to the Company (by merger,
          consolidation or purchase of assets), in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement.

       

      
        14

        
          

      

      
      (b)          Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its
          responsibilities under Section 2 of this Agreement to any of its affiliates in accordance with the terms of this Agreement or as otherwise approved by the Board, and the
          Company hereby consents to any such assignment and subcontracting; provided that no such assignment shall relieve the assigning party of any liability under this Agreement.  In addition, provided that the Manager provides prior written notice to
          the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement.

       

      	

            	SECTION 15.	
              TERMINATION FOR CAUSE.

            

       

      (a)          The Company may terminate this Agreement effective upon sixty (60) days prior written notice of termination
          from the Company to the Manager, without payment of any Termination Fee, if any act of fraud, misappropriation of funds, or embezzlement against the Company or other willful violation of this Agreement by the Manager in its corporate capacity (as
          distinguished from the acts of any employees of the Manager which are taken without the complicity of the Principal) under this Agreement or in the event of any gross negligence on the part of the Manager in the performance of its duties under
          this Agreement.

       

      (b)          The Manager may terminate this Agreement effective upon sixty (60) days prior written notice of termination
          to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice
          thereof specifying such default and requesting that the same be remedied in such 30 day period.

       

      	

            	SECTION 16.	
              ACTION UPON TERMINATION.

            

       

      (a)          From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of
          this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the
          applicable Termination Fee.  Upon such termination, the Manager shall forthwith:

       

      (i)          after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled,
          pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement;

       

      (ii)          deliver to the Board of Directors a full accounting, including a statement showing all payments collected
          by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and

       

      (iii)       deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the
          custody of the Manager.

       

      
        15

        
          

      

      
      	

            	SECTION 17.	
              RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST.

            

       

      The Manager agrees that any money or other property of the Company or Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary,
        and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary.  Upon the receipt by the Manager of a written request signed by a duly authorized officer of
        the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other
        property to the Company or any Subsidiary within a reasonable period of time, but in no event later than sixty (60) days following such request.  The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the
        Company’s or a Subsidiary’s shareholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the first
        sentence of this Section 17.  The Company and any Subsidiary shall indemnify the Manager and its members, managers, officers and employees against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature
        whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this Section 17.  Indemnification pursuant to this provision shall be in addition to
        any right of the Manager to indemnification under Section 11 of this Agreement.

       

      	

            	SECTION 18.	
              NOTICES.

            

       

      Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to
        have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission or email against answerback, (iv)
        delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below:

       

      (a)          If to the Company:

       

      FTAI Infrastructure Inc.

        c/o FIG LLC

        1345 Avenue of the Americas

        45th Floor

        New York, New York 10105

        Attention:  Mr. Ken Nicholson

        Attention:  Mr. Kevin Krieger

       

      
        16

        
          

      

      
      (b)          If to the Manager:

       

      FIG LLC

        1345 Avenue of the Americas

        46th Floor

        New York, New York 10105

        Attention:  Mr. Randal A. Nardone

        Attention:  Mr. David Brooks

       

      Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 18 for the giving of notice.

       

      	

            	SECTION 19.	
              BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS.

            

       

      This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this
        Agreement.

       

      	

            	SECTION 20.	
              ENTIRE AGREEMENT.

            

       

      This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous
        agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement.  The express terms of this Agreement control and supersede any course of
        performance and/or usage of the trade inconsistent with any of the terms of this Agreement.  This Agreement may not be modified or amended other than by an agreement in writing.

       

      	

            	SECTION 21.	
              CONTROLLING LAW.

            

       

      This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of
        the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary.

       

      	

            	SECTION 22.	
              INDULGENCES, NOT WAIVERS.

            

       

      Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial
        exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be
        construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

       

      
        17

        
          

      

      
      	

            	SECTION 23.	
              TITLES NOT TO AFFECT INTERPRETATION.

            

       

      The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or
        interpretation of this Agreement.

       

      	

            	SECTION 24.	
              EXECUTION IN COUNTERPARTS.

            

       

      This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
        constitute one and the same instrument.  This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

       

      	

            	SECTION 25.	
              PROVISIONS SEPARABLE.

            

       

      The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason
        any other or others of them may be invalid or unenforceable in whole or in part.

       

      	

            	SECTION 26.	
              GENDER.

            

       

      Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or
        neuter, as the context requires.

       

      
        18

        
          

      

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

       

        
        	 	
                 

              	
                COMPANY:

                

              
	 	
                 

              	
                 

              
	 	
                 

              	
                FTAI INFRASTRUCTURE INC.,

              
	 	
                 

              	
                a Delaware corporation

                

              
	 	 	 
	 	
                 By: 

                

              	
                
                  /s/ Kenneth Nicholson

                

              
	 	
                 

              	Name:  Kenneth Nicholson 
	 	
                 

              	
                Title:  Chief Executive Officer

              
	 	
                 

              	
                 

              
	 	
                 

              	
                MANAGER:

                

              
	 	
                 

              	
                 

              
	 	
                 

              	
                FIG LLC,

                

              
	 	
                 

              	
                a Delaware limited liability company

                

              
	 	
                 

              	
                 

              
	 	 By:

              	
                /s/ Daniel Bass

              
	 	 	Name:  Daniel Bass 
	 	 	
                Title:  Chief Financial Officer

              

      

      

         

      

      
        19Exhibit 10.2

      

      

      REGISTRATION RIGHTS AGREEMENT

      

      

      dated as of

      

      

      August 1, 2022

      

      

      among

      

      

      FTAI INFRASTRUCTURE INC.

      

      

      and

      

      

      THE STOCKHOLDERS SET FORTH

      ON THE SIGNATURE PAGES

      HERETO

      

      

      
        

        
          

        

      

      
      TABLE OF CONTENTS

      

      

      	
              Article I

               

              DEFINITIONS

            
	 	 	 
	
              Section 1.1

            	
              DEFINITIONS

            	
              1

            
	
              Section 1.2

            	
              RULES OF CONSTRUCTION

            	
              5

            
	 	 	 
	
              Article II

               

              TERMINATION

            
	 	 	 
	
              Section 2.1

            	
              TERM

            	
              6

            
	
              Section 2.2

            	
              SURVIVAL

            	
              6

            
	 	 	 
	
              Article III

               

              REGISTRATION RIGHTS

            
	 	 	 
	
              Section 3.1

            	
              DEMAND REGISTRATION

            	
              6

            
	
              Section 3.2

            	
              PIGGYBACK REGISTRATION

            	
              8

            
	
              Section 3.3

            	
              SHELF REGISTRATION

            	
              9

            
	
              Section 3.4

            	
              WITHDRAWAL RIGHTS

            	
              11

            
	
              Section 3.5

            	
              HOLDBACK AGREEMENTS

            	
              11

            
	
              Section 3.6

            	
              REGISTRATION PROCEDURES

            	
              12

            
	
              Section 3.7

            	
              REGISTRATION EXPENSES

            	
              16

            
	
              Section 3.8

            	
              REGISTRATION INDEMNIFICATION

            	
              17

            
	 	 	 
	
              Article IV

               

              MISCELLANEOUS

            
	 	 	 
	
              Section 4.1

            	
              NOTICES

            	
              19

            
	
              Section 4.2

            	
              HEADINGS

            	
              19

            
	
              Section 4.3

            	
              SEVERABILITY

            	
              19

            
	
              Section 4.4

            	
              COUNTERPARTS

            	
              20

            
	
              Section 4.5

            	
              ADJUSTMENTS UPON CHANGE OF CAPITALIZATION

            	
              20

            
	
              Section 4.6

            	
              ENTIRE AGREEMENT

            	
              20

            
	
              Section 4.7

            	
              FURTHER ASSURANCES

            	
              20

            
	
              Section 4.8

            	
              GOVERNING LAW; EQUITABLE REMEDIES

            	
              20

            
	
              Section 4.9

            	
              CONSENT TO JURISDICTION

            	
              20

            
	
              Section 4.10

            	
              AMENDMENTS; WAIVERS

            	
              21

            
	
              Section 4.11

            	
              ASSIGNMENT

            	
              21

            
	
              Section 4.12

            	
              THIRD PARTY BENEFICIARY

            	
              21

            

      

      

      
        

        i

        
          

        

      

      REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 1, 2022, is made by and among the Initial Stockholders (as defined herein) and FTAI Infrastructure Inc., a Delaware corporation (including its
        successors and assigns, the “Company”).

      

      

      WHEREAS, the board of directors of the Company authorized and approved the Company to enter into that certain Separation and Distribution Agreement, dated August 1, 2022 (the “Separation Agreement”), with
        Fortress Transportation and Infrastructure Investors LLC (“FTAI”), a Delaware limited liability company and the majority stockholder of the Company, whereby FTAI will distribute 100% of the issued and outstanding shares of common stock, par
        value $0.01 per share, of the Company (the “Shares”) that FTAI holds to the holders of FTAI’s outstanding Class A common shares, par value $0.01 per share, on a pro rata basis (the “Distribution”), to effectuate FTAI’s previously
        announced separation of the Company from the remainder of FTAI’s business; and

      

      

      WHEREAS, in connection with the Distribution, the Company has agreed to grant the Stockholders rights to the registration under the Securities Act (as defined herein) of the Registrable Securities (as defined herein)
        acquired by the Stockholders in connection with and following the Distribution in accordance with the terms and conditions set forth herein.

      

      

      NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
        hereby agree as follows:

      

      

      ARTICLE I

      

      

      DEFINITIONS

      

      

      
        SECTION 1.1  DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings:

      

      

      

      An “AFFILIATE” of any Person means any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. “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 ownership of voting securities, by contract or otherwise. “CONTROLLED” and “CONTROLLING” have correlative
        meanings.

      

      

      An “AFFILIATE STOCKHOLDER” means (A) any director of the Company who may be deemed an Affiliate of FIG or the Manager, (B) any director or officer of FIG or any of its Affiliates or the Manager or any of its Affiliates
        and (C) any investment funds (including any managed accounts) managed directly or indirectly by FIG, the Manager or any of their respective Affiliates.

      

      

      “AGREEMENT” has the meaning set forth in the recitals to this Agreement.

      

      

      “AMENDED AND RESTATED MANAGEMENT AGREEMENT” means the Amended and Restated Management and Advisory Agreement, dated as of July 31, 2022, between the Company and FIG LLC, as amended from time to time.

      

      

      A “BENEFICIAL OWNER” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote,
        or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, such security. The terms “BENEFICIALLY OWN” and “BENEFICIAL OWNERSHIP” shall have correlative meanings.

      

      

      
        

        
          

        

      

      
      “BLOCK TRADE OFFERING” means an underwritten offering demanded by one or more Demanding Stockholders that is a no-roadshow “block trade” take-down off of a Shelf Registration Statement where pricing is expected to
        occur no later than the fifth business day after such demand is made.

      

      

      “BOARD” means the board of directors of the Company or a duly authorized committee thereof.

      

      

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

      

      

      “COMMON STOCK” means the Shares and any equity securities issued or issuable in exchange for or with respect to such shares of Common Stock by way of a dividend, split or combination of shares or in connection with a
        reclassification, recapitalization, merger, consolidation or other reorganization.

      

      

      “COMPANY” has the meaning set forth in the recitals to this Agreement.

      

      

      “DEMAND” has the meaning set forth in Section 3.1(a).

      

      

      “DEMAND REGISTRATION” has the meaning set forth in Section 3.1(a).

      

      

      “DEMAND STOCKHOLDER” means any Stockholder or Stockholders that collectively hold at least a Registrable Amount (based on the number of outstanding Registrable Securities held by such Stockholder or Stockholders on the
        date a Demand is made); provided that for purposes of Section 3.3, a Stockholder shall be deemed to hold at least a Registrable Amount if the Registrable Securities proposed to be registered by such Stockholder constitute
        “restricted securities” within the meaning of Rule 144 (or any successor provision) promulgated under the Securities Act.

      

      

      “DISTRIBUTION” has the meaning set forth in the recitals to this Agreement.

      

      

      “DISTRIBUTION DATE” means the date on which the Distribution occurs, as defined in the Separation Agreement.

      

      

      “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder.

      

      

      “FIG” means Fortress Investment Group LLC, a Delaware limited liability company, or any successors and assigns.

      

      

      “FINRA” means the Financial Industry Regulatory Authority, Inc. and any successor thereto.

      

      

      “FREE WRITING PROSPECTUS” has the meaning set forth in Section 3.6(a)(iii).

      

      

      “FTAI” has the meaning set forth in the recitals to this Agreement.

      

      

      “GOVERNMENTAL ENTITY” means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

      

      

      
        

        2

        
          

        

      

      “INITIAL STOCKHOLDERS” means Fortress Worldwide Transportation and Infrastructure Master GP LLC and FIG LLC.

      

      

      “INSPECTORS” has the meaning set forth in Section 3.6(a)(viii).

      

      

      “ISSUER FREE WRITING PROSPECTUS” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act.

      

      

      “LOSSES” has the meaning set forth in Section 3.8(a).

      

      

      “MANAGER” means FIG LLC, a Delaware limited liability company, together with its permitted assignees under the Amended and Restated Management Agreement.

      

      

      “OTHER DEMANDING SELLERS” has the meaning set forth in Section 3.2(b).

      

      

      “OTHER PROPOSED SELLERS” has the meaning set forth in Section 3.2(b).

      

      

      “PERMITTED TRANSFEREE” means, with respect to each Stockholder, (i) any other Stockholder, (ii) such Stockholder’s Affiliates, (iii) in the case of any Stockholder, (A) any member or general or limited partner of such
        Stockholder (including any member of the Initial Stockholders), (B) any corporation, partnership, limited liability company or other entity that is an Affiliate of such Stockholder or any member, general or limited partner of such Stockholder
        (collectively, “Stockholder Affiliates”), (C) any investment funds managed directly or indirectly by such Stockholder or any Stockholder Affiliate (a “Stockholder Fund”), (D) any general or limited partner of any Stockholder Fund, (E)
        any managing director, general partner, director, limited partner, officer or employee of any Stockholder Affiliate, or any spouse, lineal descendant, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of
        any of the foregoing persons described in this clause (E) (collectively, “Stockholder Associates”) or (F) any trust, the beneficiaries of which, or any corporation, limited liability company or partnership, the stockholders, members or
        general or limited partners of which, consist solely of any one or more of such Stockholder, any general or limited partner of such Stockholder, any Stockholder Affiliates, any Stockholder Fund, any Stockholder Associates, their spouses or their
        lineal descendants and (iv) any other Person that acquires shares of Common Stock from such Stockholder other than pursuant to a Public Offering and that agrees to become party to or be bound by this Agreement.

      

      

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

      

      

      “PIGGYBACK NOTICE” has the meaning set forth in Section 3.2(a).

      

      

      “PIGGYBACK REGISTRATION” has the meaning set forth in Section 3.2(a).

      

      

      “PIGGYBACK SELLER” has the meaning set forth in Section 3.2(a).

      

      

      “PIGGYBACK STOCKHOLDER” has the meaning set forth in Section 3.2(a).

      

      

      “PUBLIC OFFERING” means an offering of equity securities of the Company pursuant to an effective registration statement under the Securities Act, including an offering in which Stockholders are entitled to sell shares
        of Common Stock pursuant to the terms of this Agreement.

      

      

      “PROCEEDING” has the meaning set forth in Section 4.9.

      

      

      
        

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      “RECORDS” has the meaning set forth in Section 3.6(a)(viii).

      

      

      “REGISTRABLE AMOUNT” means an amount of Registrable Securities representing at least 1.0% of the Total Voting Power of the Company based on the aggregate amount of shares of Common Stock issued and outstanding
        immediately after the consummation of the Distribution.

      

      

      “REGISTRABLE SECURITIES” means any shares of Common Stock currently owned or hereafter acquired by any Stockholder. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities
        when (x) a registration statement registering such securities under the Securities Act has been declared effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration statement,
        (y) such securities are sold in accordance with Rule 144 (or any successor provision) promulgated under the Securities Act and the restrictive legend and any stop transfer restrictions have been removed or (z) such securities shall have ceased to
        be outstanding. For purposes of this Agreement, Registrable Securities shall be deemed to be in existence, whenever a Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection
        with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a
        Stockholder hereunder; provided that a Stockholder may only request that Registrable Securities in the form of Common Stock registered or to be registered as a class under Section 12 of the Exchange Act be registered under this Agreement.

      

      

      “REGISTRATION EXPENSES” has the meaning set forth in Section 3.7.

      

      

      “REQUESTED INFORMATION” has the meaning set forth in Section 3.8(g).

      

      

      “REQUESTING STOCKHOLDER” has the meaning set forth in Section 3.1(a).

      

      

      “RULE 144” means Rule 144 (or any successor provision) promulgated under the Securities Act.

      

      

      “SEC” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act.

      

      

      “SECURITIES ACT” means the Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder.

      

      

      “SELECTED COURTS” has the meaning set forth in Section 4.9.

      

      

      “SEPARATION AGREEMENT” has the meaning set forth in the recitals to this Agreement.

      

      

      “SELLING STOCKHOLDER” has the meaning set forth in Section 3.6(a)(i).

      

      

      “SHARES” has the meaning set forth in the recitals to this Agreement.

      

      

      “SHELF NOTICE” has the meaning set forth in Section 3.3(a).

      

      

      “SHELF REGISTRATION EFFECTIVENESS PERIOD” has the meaning set forth in Section 3.3(c).

      

      

      “SHELF REGISTRATION STATEMENT” has the meaning set forth in Section 3.3(a).

      

      

      “SHELF UNDERWRITTEN OFFERING” has the meaning set forth in Section 3.3(d).

      

      

      
        

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      “STOCKHOLDER” means (i) the Initial Stockholders, (ii) each Affiliate Stockholder and (iii) each Permitted Transferee who becomes a party to or bound by the provisions of this Agreement in accordance with the terms
        hereof or a Permitted Transferee thereof who is entitled to enforce the provisions of this Agreement in accordance with the terms hereof, in each case of clauses (i), (ii) and (iii) to the extent that the Initial Stockholders, Affiliate
        Stockholders and Permitted Transferees, together, hold of record or Beneficially Own at least a Registrable Amount.

      

      

      “SUBSIDIARY” or “SUBSIDIARIES” means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns, directly or indirectly, or otherwise controls, more than 50% of the
        voting shares or other similar interests or the sole general partner interest or managing member or similar interest of such Person.

      

      

      “SUSPENSION PERIOD” has the meaning set forth in Section 3.3(d).

      

      

      “TOTAL VOTING POWER OF THE COMPANY” means the total number of votes that may be cast in the election of directors of the Company if all Voting Securities outstanding or treated as outstanding pursuant to the final two
        sentences of this definition were present and voted at a meeting held for such purpose. The percentage of the Total Voting Power of the Company Beneficially Owned by any Person is the percentage of the Total Voting Power of the Company that is
        represented by the total number of votes that may be cast in the election of directors of the Company by Voting Securities Beneficially Owned by such Person. In calculating such percentage, the Voting Securities Beneficially Owned by any Person
        that are not outstanding but are subject to issuance upon exercise or exchange of rights of conversion or any options, warrants or other rights Beneficially Owned by such Person shall be deemed to be outstanding for the purpose of computing the
        percentage of the Total Voting Power of the Company represented by Voting Securities Beneficially Owned by such Person, but shall not be deemed to be outstanding for the purpose of computing the percentage of the Total Voting Power of the Company
        represented by Voting Securities Beneficially Owned by any other Person.

      

      

      “UNDERWRITTEN OFFERING” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public, including any bought deal, Block Trade Offering or other block sale to a financial
        institution conducted as an underwritten offering to the public.

      

      

      “VOTING SECURITIES” means shares of Common Stock or any other securities of the Company entitled to vote generally in the election of directors of the Company.

      

      

      
        SECTION 1.2  RULES OF CONSTRUCTION . For the purposes of this Agreement, unless the context otherwise requires:

      

      

      

      (a)          the words “he,” “his” or “himself” shall be interpreted to include the masculine, feminine and corporate,
          other entity or trust form;

      

      

      (b)          “or” is not exclusive;

      

      

      (c)          words in the singular include the plural, and in the plural include the singular;

      

      

      (d)          “will” shall be interpreted to express a command;

      

      

      (e)          the term “including” is not limiting;

      

      

      
        

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      (f)          references to sections of or rules under the Securities Act and the Exchange Act shall be deemed to include substitute, replacement or
          successor sections or rules adopted by the SEC from time to time; and

      

      

      (g)          references to Articles, Sections or subdivisions refer to Articles, Sections or subdivisions of this Agreement
          unless otherwise indicated.

      

      

      ARTICLE II

      

      

      TERMINATION

      

      

      
        SECTION 2.1  TERM. This Agreement shall become effective on the date hereof and shall automatically terminate on the later of (i) one year from
          the date of this Agreement, (ii) the date that the Stockholders, in the aggregate, no longer hold Registrable Securities representing at least the Registrable Amount, or otherwise on the date as mutually agreed to by each of the parties hereto
          and (iii) the termination of the Amended and Restated Management Agreement in accordance with its terms.

      

      

      

      
        SECTION 2.2  SURVIVAL. If this Agreement is terminated pursuant to Section 2.1, this Agreement shall become void and of no further force
          and effect, except for this Section 2.2 and the provisions set forth in Section 3.7, Section 3.8 and Article IV.

      

      

      

      ARTICLE III

      

      

      REGISTRATION RIGHTS

      

      

      
        SECTION 3.1  DEMAND REGISTRATION.

      

      

      

      (a)          At any time following the Distribution Date, Demand Stockholders (each, a “Requesting Stockholder”)
          shall be entitled to make a written request of the Company (a “Demand”) for registration under the Securities Act of an amount of Registrable Securities that, when taken together with the amounts of Registrable Securities requested to be
          registered under the Securities Act by all such Requesting Stockholders, equals or is greater than the Registrable Amount (a “Demand Registration”) and thereupon the Company will, subject to the terms of this Agreement, use its reasonable
          best efforts to effect the registration as promptly as practicable under the Securities Act of:

      

      

      (i)          the Registrable Securities which the Company has been so requested to register by the
          Requesting Stockholders for disposition in accordance with the intended method of disposition stated in such Demand, which may be an Underwritten Offering;

      

      

      (ii)          all other Registrable Securities which the Company has been requested to register pursuant
          to Section 3.1(b); and

      

      

      (iii)          all shares of Common Stock which the Company may elect to register in connection with any
          offering of Registrable Securities pursuant to this Section 3.1, but subject to Section 3.1(f);

      

      

      all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the Registrable Securities and the additional Shares, if any, to be so registered.

      

      

      
        

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      (b)          A Demand shall specify: (i) the aggregate number of Registrable Securities requested to be registered in such Demand Registration, (ii)
          the intended method of disposition in connection with such Demand Registration, to the extent then known, and (iii) the identity of the Requesting Stockholder (or Requesting Stockholders). Within five days after receipt of a Demand, the Company
          shall give written notice of such Demand to all other Stockholders. Subject to Section 3.1(f), the Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company has
          received a written request for inclusion therein within ten days after the Company’s notice required by this paragraph has been given. Such written request shall comply with the requirements of a Demand as set forth in this Section 3.1(b).

      

      

      (c)          Each Stockholder shall be entitled to an unlimited number of Demand Registrations.

      

      

      (d)          Demand Registrations shall be on such appropriate registration form of the SEC for which the Company is
          eligible, including, to the extent permissible, an automatically effective registration statement or an existing effective registration statement filed by the Company with the SEC, as shall be selected by the Requesting Stockholders and shall be
          reasonably acceptable to the Company.

      

      

      (e)          The Company shall not be obligated to (i) maintain the effectiveness of a registration statement under the
          Securities Act, filed pursuant to a Demand Registration, for a period longer than 90 days or (ii) effect any Demand Registration (A) within three months of a “firm commitment” Underwritten Offering (other than a Block Trade Offering that is not
          marketed) in which all Piggyback Stockholders (as hereinafter defined) were given “piggyback” rights pursuant to Section 3.2 (subject to Section 3.1(f)) and at least 50% of the number of Registrable Securities requested by such
          Piggyback Stockholders to be included in such Underwritten Offering were included, (B) within three months of any other Demand Registration or (C) if, in the Company’s reasonable judgment, it is not feasible for the Company to proceed with the
          Demand Registration because of the unavailability of audited or other required financial statements, provided that the Company shall use its reasonable best efforts to obtain such financial statements as promptly as practicable. In
          addition, the Company shall be entitled to postpone (upon written notice to all Demand Stockholders) the filing or the effectiveness of a registration statement for any Demand Registration (but no more than twice, or for more than 90 days in the
          aggregate, in any period of 12 consecutive months) if the Board determines in good faith and in its reasonable judgment that the filing or effectiveness of the registration statement relating to such Demand Registration would cause the disclosure
          of material, non-public information that the Company has a bona fide business purpose for preserving as confidential. In the event of a postponement by the Company of the filing or effectiveness of a registration statement for a Demand
          Registration, (i) the holders of a majority of Registrable Securities held by the Requesting Stockholder(s) shall have the right to withdraw such Demand in accordance with Section 3.4 and (ii) the Company shall not file or cause the
          effectiveness of any other registration statement for its own account or on behalf of other Stockholders.

      

      

      (f)          The Company shall not include any securities other than Registrable Securities in a Demand Registration,
          except with the written consent of Stockholders participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration. If, in connection with a Demand Registration, any managing
          underwriter (or, if such Demand Registration is not an Underwritten Offering, a nationally recognized independent investment bank selected by Stockholders holding a majority of the Registrable Securities included in such Demand Registration,
          reasonably acceptable to the Company, and whose fees and expenses shall be borne solely by the Company), advises the Company, in writing, that, in its opinion, the inclusion of all of the securities, including securities of the Company that are
          not Registrable Securities, sought to be registered in connection with such Demand Registration would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in such
          registration statement only such securities as the Company is advised by such underwriter or investment bank can be sold without such adverse effect as follows and in the following order of priority: (i) first, up to the number of Registrable
          Securities requested to be included in such Demand Registration by the Stockholders, which, in the opinion of the underwriter or investment bank can be sold without adversely affecting the marketability of the offering, pro rata among such
          Stockholders requesting such Demand Registration on the basis of the number of such securities requested to be included by such Stockholders and such Stockholders that are Piggyback Sellers; (ii) second, securities the Company proposes to sell;
          and (iii) third, all other securities of the Company duly requested to be included in such registration statement, pro rata on the basis of the amount of such other securities requested to be included or such other method determined by the
          Company.

      

      

      
        

        7

        
          

        

      

      (g)          Any time that a Demand Registration involves an Underwritten Offering, the Requesting Stockholders that hold a majority of the Registrable
          Securities included in such Underwritten Offering shall select the investment banker or investment bankers and managers (which shall be reasonably acceptable to the Company) that will serve as lead and co-managing underwriters with respect to the
          offering of such Registrable Securities.

      

      

      
        SECTION 3.2  PIGGYBACK REGISTRATION.

      

      

      

      (a)          Subject to the terms and conditions hereof, whenever the Company (i) proposes to register any of its equity
          securities under the Securities Act (other than (x) a registration relating solely to an employee stock plan, a dividend reinvestment plan, or a merger or a consolidation or (y) a registration by the Company on a registration statement on Form
          S-4 or a registration statement on Form S-8 or any successor forms thereto), (ii) proposes to effect an Underwritten Offering of its own securities pursuant to an effective Shelf Registration Statement or (iii) receives a request for a Shelf
          Underwritten Offering pursuant to Section 3.3(d) (a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give each Stockholder (each, a “Piggyback Stockholder”) prompt
          written notice thereof (but not less than ten business days prior to the filing by the Company with the SEC of any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number of
          equity securities proposed to be registered, the proposed date of filing of such registration statement with the SEC, the proposed means of distribution, the proposed managing underwriter or underwriters (if any and if known) and a good faith
          estimate by the Company of the proposed minimum offering price of such equity securities. Upon the written request of any Person that on the date of the Piggyback Notice constitutes a Stockholder (a “Piggyback Seller”) (which written
          request shall specify the number of Registrable Securities then presently intended to be disposed of by such Piggyback Seller) given within ten days after such Piggyback Notice is received by such Piggyback Seller, the Company, subject to the
          terms and conditions of this Agreement, shall use its reasonable best efforts to cause all such Registrable Securities held by Piggyback Sellers with respect to which the Company has received such written requests for inclusion to be included in
          such Piggyback Registration on the same terms and conditions as the Company’s equity securities being sold in such Piggyback Registration.

      

      

      (b)          If, in connection with a Piggyback Registration, any managing underwriter (or, if such Piggyback Registration
          is not an Underwritten Offering, a nationally recognized independent investment bank selected by Stockholders holding a majority of the Registrable Securities included in such Piggyback Registration, reasonably acceptable to the Company, and
          whose fees and expenses shall be borne solely by the Company), advises the Company in writing that, in its opinion, the inclusion of all the equity securities sought to be included in such Piggyback Registration by (i) the Company, (ii) others
          who have sought to have equity securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called “piggyback” or other incidental or participation registration rights) such
          registration (such Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers and (iv) any other proposed sellers of equity securities of the Company (such Persons being “Other Proposed Sellers”), as the case may be,
          would adversely affect the marketability of the equity securities sought to be sold pursuant thereto, then the Company shall include in the registration statement applicable to such Piggyback Registration only such equity securities as the
          Company is so advised by such underwriter can be sold without such an effect, as follows and in the following order of priority:

      

      

      
        

        8

        
          

        

      

      (i)          if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such number of
          equity securities to be sold by the Company as the Company, in its reasonable judgment and acting in good faith and in accordance with sound financial practice, shall have determined, (B) second, Registrable Securities of Piggyback Sellers and
          securities sought to be registered by Other Demanding Sellers, pro rata on the basis of the number of shares of Common Stock proposed to be sold by such Piggyback Sellers and Other Demanding Sellers, and (C) third, other equity securities
          proposed to be sold by any Other Proposed Sellers; or

      

      

      (ii)          if the Piggyback Registration relates to an offering other than for the Company’s own
          account, then (A) first, such number of equity securities sought to be registered by each Other Demanding Seller and the Piggyback Sellers, pro rata in proportion to the number of securities sought to be registered by all such Other Demanding
          Sellers and Piggyback Sellers, and (B) second, other equity securities proposed to be sold by any Other Proposed Sellers or to be sold by the Company as determined by the Company.

      

      

      (c)          In connection with any Underwritten Offering under this Section 3.2 for the Company’s account, the
          Company shall not be required to include the Registrable Securities of a Stockholder in the Underwritten Offering unless such Stockholder accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected by
          the Company.

      

      

      (d)          If, at any time after giving written notice of its intention to register any of its equity securities as set
          forth in this Section 3.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine for any reason not to register such equity securities, the
          Company may, at its election, give written notice of such determination to each Piggyback Stockholder within five days thereof and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such
          particular withdrawn or abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that Demand Stockholders may continue the registration as a
          Demand Registration pursuant to the terms of Section 3.1.

      

      

      
        SECTION 3.3  SHELF REGISTRATION.

      

      

      

      (a)          Subject to Section 3.3(d), any of the Demand Stockholders may by written notice delivered to the
          Company (the “Shelf Notice”) require the Company to (i) file as soon as practicable (but no later than 60 days after the date the Shelf Notice is delivered), and to use reasonable best efforts to cause to be declared effective by the SEC
          within 90 days after such filing date, a registration statement on Form S-1, Form S-3 or any other appropriate form (a “Shelf Registration Statement”) or (ii) use an existing Shelf Registration Statement on Form S-3 filed with the SEC, in
          each case, providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time to time, of the Registrable Securities owned by such Demand Stockholders, as the case
          may be, and any other Stockholders that at the time of the Shelf Notice meet the definition of a Demand Stockholder who elect to participate therein as provided in Section 3.3(b) in accordance with the plan and method of distribution set
          forth in the prospectus included in such Shelf Registration Statement.

      

      

      
        

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      (b)          Within five business days after receipt of a Shelf Notice pursuant to Section 3.3(a), the Company will deliver written notice
          thereof to each Piggyback Stockholder. Each Piggyback Stockholder may elect to participate in the Shelf Registration Statement by delivering to the Company a written request to so participate within ten days after the Shelf Notice is received by
          any such Piggyback Stockholder.

      

      

      (c)          Subject to Section 3.3(d), the Company will use reasonable best efforts to keep the Shelf Registration
          Statement continuously effective until the earlier of (i) three years after the Shelf Registration Statement has been declared effective; and (ii) the date on which all Registrable Securities covered by the Shelf Registration Statement have been
          sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise (the “Shelf Registration Effectiveness Period”).

      

      

      (d)          Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time
          to time, by providing written notice to the Demand Stockholders who elected to participate in the Shelf Registration Statement, to require such Demand Stockholders to suspend the use of the prospectus for sales of Registrable Securities under the
          Shelf Registration Statement for a reasonable period of time not to exceed 60 days in succession or 90 days in the aggregate in any 12-month period (a “Suspension Period”) if the Board shall determine in good faith and in its reasonable
          judgment that it is required to disclose in the Shelf Registration Statement a financing, acquisition, corporate reorganization or other similar transaction or other material event or circumstance affecting the Company or its securities, and that
          the disclosure of such information at such time would be detrimental to the Company or the holders of its equity interests. Immediately upon receipt of such notice, the Demand Stockholders covered by the Shelf Registration Statement shall suspend
          the use of the prospectus until the requisite changes to the prospectus have been made as required below or until advised in writing by the Company that the use of the prospectus may be resumed. Any Suspension Period shall terminate at such time
          as the public disclosure of such information is made or the Company advises the Demand Stockholders in writing that the use of the prospectus may be resumed. After the expiration of any Suspension Period and without any further request from a
          Stockholder, if necessary, the Company shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document incorporated therein by reference, or file
          any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make
          the statements therein, in the light of the circumstances under which they were made, not misleading.

      

      

      (e)          At any time and from time-to-time during the Shelf Registration Effectiveness
          Period (except during a Suspension Period), any of the Demand Stockholders may notify the Company of their intent to sell Registrable Securities covered by the Shelf Registration Statement (in whole or in part) in an Underwritten Offering (a “Shelf

            Underwritten Offering”). Such notice shall specify (i) the aggregate amount of Registrable Securities requested to be registered in such Shelf Underwritten Offering and (ii) the identity of such Demand Stockholder(s).

      

      

      (f)          Upon receipt by the Company of such notice, the Company shall promptly comply with the applicable provisions of this Agreement, including
          those provisions of Section 3.6 relating to the Company’s obligation to make filings with the SEC, assist in the preparation and filing with the SEC of prospectus supplements and amendments to the Shelf Registration Statement, participate
          in “road shows,” agree to customary “lock-up” agreements with respect to the Company’s securities and obtain “comfort” letters, and the Company shall take such other actions as necessary or appropriate to permit the consummation of such Shelf
          Underwritten Offering as promptly as practicable. Each Shelf Underwritten Offering shall be for the sale of a number of Registrable Securities equal to or greater than the Registrable Amount in the aggregate for all Demand Stockholders. In any
          Shelf Underwritten Offering, the Demand Stockholders that hold a majority of the Registrable Securities included in such Shelf Underwritten Offering shall select the investment banker or investment bankers and managers (which shall be reasonably
          acceptable to the Company) that will serve as lead and co-managing underwriters with respect to the offering of such Registrable Securities.

      

      

      
        

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      (g)          Each Initial Stockholder shall be entitled to demand such number of Shelf Registrations as shall be necessary to sell all of his
          Registrable Securities pursuant to this Section 3.3.

      

      

      
        SECTION 3.4  WITHDRAWAL RIGHTS. Any Stockholder having notified or directed the Company to include any or all of its Registrable Securities in a
          registration statement under the Securities Act shall, except in connection with a Block Trade Offering, have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for
          registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable
          registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so
          withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then the
          Company shall as promptly as practicable give each Stockholder seeking to register Registrable Securities notice to such effect and, within ten days following the mailing of such notice, such Stockholders still seeking registration shall, by
          written notice to the Company, elect to register additional Registrable Securities, when taken together with elections to register Registrable Securities by each such other Stockholder seeking to register Registrable Securities, to satisfy the
          Registrable Amount or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such ten-day period, the Company shall not file such registration statement if not theretofore filed or, if such registration
          statement has been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness thereof. Any registration statement withdrawn or not filed (a) in accordance with an election by the
          Company, (b) in accordance with an election by the Requesting Stockholders in the case of a Demand Registration or by the requesting Demand Stockholders with respect to a Shelf Registration Statement or (c) in accordance with an election by the
          Company subsequent to the effectiveness of the applicable Demand Registration statement because any post-effective amendment or supplement to the applicable Demand Registration statement contains information regarding the Company which the
          Company deems adverse to the Company, shall not be counted as a Demand. If a Stockholder withdraws its notification or direction to the Company to include Registrable Securities in a registration statement in accordance with this Section 3.4,
          such Stockholder shall be required to promptly reimburse the Company for all expenses incurred by the Company in connection with preparing for the registration of such Registrable Securities.

      

      

      

      
        SECTION 3.5  HOLDBACK AGREEMENTS. Each Piggyback Stockholder agrees not to effect any public sale or distribution (including sales pursuant to
          Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such equity securities, during any time period reasonably requested by the Company (which shall not exceed 90 days) with respect
          to any Demand Registration, Piggyback Registration or Underwritten Offering (in each case, except as part of such registration), or, in each case, during any time period (which shall not exceed 180 days) required by any underwriting agreement
          with respect thereto.

      

      

      

      
        

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        SECTION 3.6  REGISTRATION PROCEDURES.

      

      

       

        

      (a)          If and whenever the Company is required to use reasonable best efforts to effect the registration of any Registrable Securities under the
          Securities Act as provided in Sections 3.1, 3.2 and 3.3, the Company shall as expeditiously as reasonably possible:

      

      

      (i)          prepare and file with the SEC a registration statement to effect such registration and
          thereafter use reasonable best efforts to cause such registration statement to become and remain effective pursuant to the terms of this Agreement; provided, however, that the Company may discontinue any registration of its
          securities which are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; provided, further, that before filing such registration statement or any amendments thereto,
          the Company will furnish upon request to the counsel selected by the Stockholders which are including Registrable Securities in such registration (“Selling Stockholders”) copies of all such documents proposed to be filed, which documents
          will be subject to the review of such counsel, and such review to be conducted with reasonable promptness;

      

      

      (ii)          prepare and file with the SEC such amendments (including post effective amendments),
          supplements (including prospectus supplements on a quarterly basis to update financial statements) and “stickers” to such registration statement and the prospectus used in connection therewith and any Exchange Act reports incorporated by
          reference therein as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier
          of such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or (i) in the case of a Demand Registration pursuant to
          Section 3.1, the expiration of 90 days after such registration statement becomes effective or (ii) in the case of a Piggyback Registration pursuant to Section 3.2, the expiration of 90 days after such registration statement becomes
          effective or (iii) in the case of a shelf registration pursuant to Section 3.3, the Shelf Registration Effectiveness Period;

      

      

      (iii)          furnish to each Selling Stockholder and each underwriter, if any, of the securities being
          sold by such Selling Stockholder such number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits or documents incorporated by reference therein), such number of
          copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”)

          utilized in connection therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Stockholder and underwriter, if any, may
          reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Stockholder;

      

      

      (iv)          use reasonable best efforts to register or qualify such Registrable Securities covered by
          such registration statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Stockholder and any underwriter of the securities being sold by such Selling Stockholder shall reasonably request, and take any
          other action which may be reasonably necessary or advisable to enable such Selling Stockholder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Stockholder, except that the
          Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv) be obligated to be so qualified, (B) subject
          itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction;

      

      

      
        

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      (v)          use reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which
          similar securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on the New York Stock Exchange, the NASDAQ Stock Market or
          any other nationally recognized securities exchange;

      

      

      (vi)          use reasonable best efforts to cause such Registrable Securities covered by such
          registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Selling Stockholder(s) thereof to consummate the disposition of such Registrable Securities;

      

      

      (vii)          in connection with an Underwritten Offering, obtain for each Selling Stockholder and
          underwriter:

      

      

      (A)          an opinion of counsel for the Company, covering the matters customarily covered in
          opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Selling Stockholder and underwriters, and

      

      

      (B)          a “comfort” letter (or, in the case of any such Person which does not satisfy the
          conditions for receipt of a “comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures” letter) signed by the independent public accountants who have certified the
          Company’s financial statements included in such registration statement (and, if necessary, any other independent public accountants of any Subsidiary of or business acquired by the Company for which financial statements and financial data are, or
          are required to be, included in the registration statement);

      

      

      (viii)          promptly make available for inspection by any Selling Stockholder, any underwriter
          participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Stockholder or underwriter (collectively, the “Inspectors”), all financial
          and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
          directors and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a
          misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this
          subparagraph (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (A) the
          Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such
          Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such Selling Stockholder requesting such information agrees, and causes each of its Inspectors, to
          enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that each Selling Stockholder agrees that it will, upon learning that disclosure of such Records is sought in a court of
          competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential;

      

      

      
        

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      (ix)          promptly notify in writing each Selling Stockholder and the underwriters, if any, of the following events:

      

      

      (A)          the filing of the registration statement, the prospectus or any prospectus supplement
          related thereto or post-effective amendment to the registration statement or any Issuer Free Writing Prospectus utilized in connection therewith, and, with respect to the registration statement or any post-effective amendment thereto, when the
          same has become effective;

      

      

      (B)          any request by the SEC or any other Governmental Entity for amendments or supplements to
          the registration statement or the prospectus or for additional information;

      

      

      (C)          the issuance by the SEC or any other Governmental Entity of any stop order suspending the
          effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose;

      

      

      (D)          the receipt by the Company of any notification with respect to the suspension of the
          qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; and

      

      

      (E)          when any Issuer Free Writing Prospectus includes information that may conflict with the
          information contained in the registration statement;

      

      

      (x)          notify each Selling Stockholder, at any time when a prospectus relating thereto is required
          to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
          omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, at the request of any Selling Stockholder, promptly prepare and furnish to such seller a reasonable number of copies
          of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state
          a material fact required to be stated therein or necessary to make the statements therein not misleading;

      

      

      (xi)          use reasonable best efforts to obtain the withdrawal of any order suspending the
          effectiveness of such registration statement;

      

      

      (xii)          otherwise use reasonable best efforts to comply with all applicable rules and regulations
          of the SEC, and make available to Selling Stockholders, as soon as reasonably practicable, an earnings statement of the Company covering the period of at least 12 months, but not more than 18 months, beginning with the first day of the Company’s
          first full quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

      

      

      (xiii)          use its reasonable best efforts to assist Selling Stockholders who made a request to the
          Company to provide for a third party “market maker” for the shares of Common Stock; provided, however, that the Company shall not be required to serve as such “market maker”;

      

      

      
        

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      (xiv)          cooperate with the Selling Stockholders and the managing underwriter to facilitate the timely preparation and
          delivery of certificates (which shall not bear any restrictive legends unless required under applicable law), if necessary or appropriate, representing securities sold under any registration statement, and enable such securities to be in such
          denominations and registered in such names as the managing underwriter or such Selling Stockholders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a
          supply of such certificates as necessary or appropriate;

      

      

      (xv)          have appropriate officers of the Company prepare and make presentations at any “road
          shows” and before analysts and rating agencies, as the case may be, and other information meetings organized by the underwriters, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise
          use its reasonable best efforts to cooperate as reasonably requested by the Selling Stockholders and the underwriters in the offering, marketing or selling of the Registrable Securities;

      

      

      (xvi)          have appropriate officers of the Company, and cause representatives of the Company’s
          independent public accountants, to participate in any due diligence discussions reasonably requested by any Selling Stockholder or any underwriter;

      

      

      (xvii)          if requested by any underwriter, agree, and cause the Company and any directors or
          officers of the Company to agree, to be bound by customary “lock-up” agreements restricting the ability to dispose of the Company’s securities;

      

      

      (xviii)          if requested by any Selling Stockholders or any underwriter, promptly incorporate in
          the registration statement or any prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Stockholders may reasonably request to have included therein, including information relating to the
          “Plan of Distribution” of the Registrable Securities;

      

      

      (xix)          cooperate and assist in any filings required to be made with FINRA and in the performance
          of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of FINRA;

      

      

      (xx)          otherwise use reasonable best efforts to cooperate as reasonably requested by the Selling
          Stockholders and the underwriters in the offering, marketing or selling of the Registrable Securities;

      

      

      (xxi)          otherwise use commercially reasonable efforts to comply with all applicable rules and
          regulations of the SEC and all reporting requirements under the rules and regulations of the Exchange Act; and

      

      

      (xxii)          use reasonable best efforts to take any action requested by the Selling Stockholders,
          including any action described in clauses (i) through (xxi) above to prepare for and facilitate any “over-night deal” or other proposed sale of Registrable Securities over a limited timeframe.

      

      

      
        

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      The Company may require each Selling Stockholder and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Stockholder or underwriter and the distribution of such Registrable Securities as the
        Company may from time to time reasonably request to complete or amend the information required by such registration statement.

      

      

      (b)          Underwriting. Without limiting any of the foregoing, in the event that the offering of Registrable
          Securities is to be made by or through an underwriter, the Company, if requested by the underwriter, shall enter into an underwriting agreement with a managing underwriter or underwriters in connection with such offering containing
          representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to
          offerings of common stock for the account of, or on behalf of, such issuers.

      

      

      (c)          Each Selling Stockholder agrees that upon receipt of any notice from the Company of the happening of any event
          of the kind described in Section 3.6(a)(ix), such Selling Stockholder shall forthwith discontinue such Selling Stockholder’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating
          thereto until such Selling Stockholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3.6(a)(ix) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies,
          other than permanent file copies, then in such Selling Stockholder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities. In the event the Company shall give such notice, any
          applicable period during which such registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of the
          kind described in Section 3.6(a)(ix) to the date when all such Selling Stockholders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the SEC.

      

      

      
        SECTION 3.7  REGISTRATION EXPENSES. All expenses incident to the Company’s performance of, or compliance with, its obligations under this
          Agreement including all registration and filing fees, all fees and expenses of compliance with securities and “blue sky” laws, all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and
          expenses of any “qualified independent underwriter” as such term is defined in FINRA Rule 5121(f)(12)), all fees and expenses of compliance with securities and “blue sky” laws, all printing (including, without limitation, expenses of printing
          certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses and Issuer Free Writing Prospectuses if the printing of such prospectuses is requested by a holder of
          Registrable Securities) and copying expenses, all messenger and delivery expenses, all fees and expenses of the Company’s independent certified public accountants (including, without limitation, with respect to “comfort” letters) and counsel
          (including, without limitation, with respect to opinions) and fees and expenses of one firm of counsel to the Stockholders selling in such registration (which firm shall be selected by the Stockholders selling in such registration that hold a
          majority of the Registrable Securities included in such registration) (collectively, the “Registration Expenses”) shall be borne by the Company, regardless of whether a registration is effected. The Company will pay its internal expenses
          (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the expenses and fees for listing the
          securities to be registered on each securities exchange and included in each established over-the-counter market on which similar securities issued by the Company are then listed or traded. Each Selling Stockholder shall pay its portion of all
          underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Stockholder’s Registrable Securities pursuant to any registration.

      

      

      

      
        

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        SECTION 3.8  REGISTRATION INDEMNIFICATION.

      

      

      

      (a)          By the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by
          law, each Selling Stockholder and its Affiliates and their respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the
          Exchange Act) such Selling Stockholder or such other indemnified Person from and against all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses)
          (collectively, “Losses”) caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus or preliminary prospectus or any Issuer Free
          Writing Prospectus or any amendment 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 light of the circumstances under which they were
          made, not misleading, except insofar as the same are caused by any information furnished in writing to the Company by such Selling Stockholder expressly for use therein. In connection with an Underwritten Offering and without limiting any of the
          Company’s other obligations under this Agreement, the Company shall also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section
          20 of the Exchange Act) such underwriters or such other indemnified Person to the same extent as provided above with respect to the indemnification (and exceptions thereto) of Selling Stockholders. Reimbursements payable pursuant to the
          indemnification contemplated by this Section 3.8(a) will be made by periodic payments during the course of any investigation or defense, as and when bills are received or expenses incurred.

      

      

      (b)          By the Selling Stockholders. In connection with any registration statement in which a Stockholder is
          participating, each such Selling Stockholder will furnish to the Company in writing information regarding such Selling Stockholder’s ownership of Registrable Securities and its intended method of distribution thereof and, to the extent permitted
          by law, shall, severally and not jointly, indemnify the Company, its Affiliates and their respective directors, officers, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of
          the Exchange Act) the Company or such other indemnified Person against all Losses caused by any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any Issuer Free Writing Prospectus
          or any amendment or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but only to the extent
          that such untrue statement or omission is caused by and contained in such information so furnished in writing by such Selling Stockholder expressly for use therein; provided, however, that each Selling Stockholder’s obligation to
          indemnify the Company hereunder shall, to the extent more than one Selling Stockholder is subject to the same indemnification obligation, be apportioned between each Selling Stockholder based upon the net amount received by each Selling
          Stockholder from the sale of Registrable Securities, as compared to the total net amount received by all of the Selling Stockholders of Registrable Securities sold pursuant to such registration statement. Notwithstanding the foregoing, no Selling
          Stockholder shall be liable to the Company for amounts in excess of the lesser of (i) such apportionment and (ii) the amount received by such holder in the offering giving rise to such liability.

      

      

      (c)          Notice. Any Person entitled to indemnification hereunder shall give prompt written notice to the
          indemnifying party of any claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the
          indemnifying party has been materially prejudiced by such failure to provide such notice on a timely basis.

      

      

      
        

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      (d)          Defense of Actions. In any case in which any such action is brought against any indemnified party, and it notifies an indemnifying
          party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel
          reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not (so long as it shall continue to have the
          right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred by such indemnified party in connection
          with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it which are
          different from or in addition to the defenses available to such indemnifying party or (ii) the indemnifying party shall have failed within a reasonable period of time to assume such defense and the indemnified party is or is reasonably likely to
          be prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining separate legal counsel). An indemnifying party shall not be liable
          for any settlement of an action or claim effected without its consent (such consent not to be unreasonably withheld). The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall fail to diligently
          contest such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the indemnified party (which consent shall not be unreasonably withheld,
          it being understood that the indemnified party shall not be deemed to be unreasonable in withholding its consent if the proposed settlement imposes any obligation on the indemnified party).

      

      

      (e)          Survival. 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 Person and will survive the transfer of the Registrable Securities and the termination of this Agreement.

      

      

      (f)          Contribution. If recovery is not available under the foregoing indemnification provisions for any
          reason or reasons other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person
          would be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative knowledge and access to information
          concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not
          necessarily be equitable if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
          contribution from any Person who was not found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Stockholder or transferee thereof shall be required to make a contribution in excess of the net amount received
          by such holder from its sale of Registrable Securities in connection with the offering that gave rise to the contribution obligation.

      

      

      (g)          Request for Information. Not less than ten days before the expected filing date of each registration
          statement pursuant to this Agreement, the Company shall notify each Stockholder who has timely provided the requisite notice hereunder entitling the Stockholder to register Registrable Securities in such registration statement of the information,
          documents and instruments from such Stockholder that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to, a questionnaire, custody agreement, power of attorney, lock-up
          letter and underwriting agreement (the “Requested Information”). If the Company has not received, on or before the second day before the expected filing date, the Requested Information from such Stockholder, the Company may file the
          registration statement without including Registrable Securities of such Stockholder. The failure to so include in any registration statement the Registrable Securities of a Stockholder (with regard to that registration statement) shall not in and
          of itself result in any liability on the part of the Company to such Stockholder.

      

      

      
        

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      (h)          No Grant of Future Registration Rights. The Company shall not grant any shelf, demand, piggyback or incidental registration rights
          that are senior to the rights granted to the Stockholders hereunder to any other Person without the prior written consent of Piggyback Stockholders holding a majority of the Registrable Securities held by all Piggyback Stockholders.

      

      

      ARTICLE IV

      

      

      MISCELLANEOUS

      

      

      
        SECTION 4.1  NOTICES.All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if
          contained in a written instrument delivered in person or sent by facsimile or other electronic transmission (provided a copy is thereafter promptly delivered as provided in this Section 4.1) or nationally recognized overnight
          courier, addressed to such party at the address or facsimile number set forth below or such other address, email address or facsimile number as may hereafter be designated in writing by such party to the other parties:

      

      

      

      (a)          if to the Company, to:

      

      

      FTAI Infrastructure Inc.

      1345 Avenue of the Americas, 45th Floor

      New York, NY 10105

      (T) (212) 798-6100

      Attention: Kevin Krieger, Secretary

      

      

      with a copy to:

      

      

      Skadden, Arps, Slate, Meagher & Flom LLP

      One Manhattan West

      New York, New York 10001

      (T) (212) 735-3000

      (F) (212) 735-2000

      Attention: Joseph A. Coco, Esq., Michael J. Schwartz, Esq., Blair T. Thetford, Esq.

      

      

      (b)          if to any of the Stockholders, to:

      

      

      (c)          the address and facsimile number set forth in the records of the Company

      

      

      Any requirement to provide notice to Stockholders under this Agreement shall exclude any Stockholders that have not executed a joinder to this Agreement.

      

      

      
        SECTION 4.2  HEADINGS. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
          interpretation of this Agreement.

      

      

      

      
        SECTION 4.3  SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision
          shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any
          jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this
          Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision,
          or the application thereof, in any other jurisdiction.

      

      

      

      
        

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        SECTION 4.4  COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which
          shall, taken together, be considered one and the same agreement, it being understood that all parties need not sign the same counterpart.

      

      

      

      
        SECTION 4.5  ADJUSTMENTS UPON CHANGE OF CAPITALIZATION. In the event of any change in the outstanding shares of Common Stock by reason of
          dividends, splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the term “Common Stock” shall refer to and include the securities received or resulting therefrom, but only to the extent
          such securities are received in exchange for or in respect of shares of Common Stock.

      

      

      

      
        SECTION 4.6  ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and supersedes all other prior agreements, both written and oral,
          among the parties with respect to the subject matter hereof.

      

      

      

      
        SECTION 4.7  FURTHER ASSURANCES. Each party shall execute, deliver, acknowledge and file such other documents and take such further actions as
          may be reasonably requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated herein.

      

      

      

      
        SECTION 4.8  GOVERNING LAW; EQUITABLE REMEDIES. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
            ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement
          were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this
          Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements for the securing
          or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of
          specific performance, it will not assert the defense that a remedy at law would be adequate.

      

      

      

      
        SECTION 4.9  CONSENT TO JURISDICTION. With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this
          Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (i) submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York or the Court of Chancery located in
          the State of Delaware, County of Newcastle (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any
          such Proceeding other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the
          Selected Courts; (ii) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company or the
          Initial Stockholders at their respective addresses referred to in Section 4.1 hereof; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law;
          and (iii) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
            ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE
            A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING
            WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

      

      

      

      
        

        20

        
          

        

      

      
        SECTION 4.10  AMENDMENTS; WAIVERS.

      

      

      

      (a)          No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and
          signed, in the case of an amendment, by the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective.

      

      

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

      

      

      
        SECTION 4.11  ASSIGNMENT. Neither this Agreement nor any of the rights or obligations hereunder shall be assigned or transferred by any of the
          parties hereto without the prior written consent of the other parties hereto, except that each of the Initial Stockholders may assign or transfer without such consent to its Permitted Transferees (provided, that any such Permitted
          Transferee is a Stockholder hereunder or, in connection with any such assignment or transfer, such Permitted Transferee executes a joinder to this Agreement, in form and substance reasonably acceptable to the Company, pursuant to which such
          Permitted Transferee agrees to be a “Stockholder” for all purposes of this Agreement) or to any other Stockholder (including any Affiliate Stockholder). Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit
          of and be enforceable by the parties and their respective executors, estates, heirs, successors and assigns. For the avoidance of doubt, the Affiliate Stockholders shall be deemed to be Stockholders without any further action.

      

      

      

      
        SECTION 4.12  THIRD-PARTY BENEFICIARY. Each of the Affiliate Stockholders shall be a third-party beneficiary to the agreements made hereunder
          between the Company and the Initial Stockholders and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder.

      

      

      

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        21

        
          

        

      

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

      

      

      	 	
              COMPANY:

            
	 	 	 
	 	
              FTAI INFRASTRUCTURE INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Kenneth Nicholson

            
	 	 	
              Name: Kenneth Nicholson

            
	 	 	
              Title: Chief Executive Officer

            
	 	 	 
	 	
              INITIAL STOCKHOLDERS:

            
	 	 	 
	 	
              FIG LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Daniel Bass

            
	 	 	
              Name: Daniel Bass

            
	 	 	
              Title: Chief Financial Officer

            
	 	 	 
	 	
              FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE MASTER GP LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Demetrios Tserpelis

            
	 	 	
              Name: Demetrios Tserpelis

            
	 	 	
              Title: Authorized Signatory

            

      

      

      

      

      
        [Signature Page to Registration Rights Agreement]

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