Document:

Exhibit 10.1

 

 

 

AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT

OF

FIFTH STREET HOLDINGS L.P.

 

Dated as of October 29, 2014

 

 

 

THE PARTNERSHIP UNITS OF FIFTH STREET HOLDINGS L.P. HAVE NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE
SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR
TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE,
AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT;
AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE GENERAL PARTNER AND THE APPLICABLE LIMITED PARTNER.
THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION
FOR AN INDEFINITE PERIOD OF TIME.

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I   DEFINITIONS	1
	SECTION 1.01   Definitions	1
	ARTICLE II   FORMATION, TERM, PURPOSE AND POWERS	9
	SECTION 2.01   Formation	9
	SECTION 2.02   Name	9
	SECTION 2.03   Term	10
	SECTION 2.04   Offices	10
	SECTION 2.05   Agent for Service of Process; Existence and Good Standing; Foreign Qualification	10
	SECTION 2.06   Business Purpose	10
	SECTION 2.07   Powers of the Partnership	10
	SECTION 2.08   Partners; Admission of New Partners	10
	SECTION 2.09   Withdrawal	11
	SECTION 2.10   Investment Representations of Partners	11
	ARTICLE III   MANAGEMENT	11
	SECTION 3.01   General Partner	11
	SECTION 3.02   Compensation	12
	SECTION 3.03   Expenses	12
	SECTION 3.04   Officers	12
	SECTION 3.05   Authority of Partners	13
	SECTION 3.06   Action by Written Consent or Ratification	13
	ARTICLE IV   DISTRIBUTIONS	13
	SECTION 4.01   Distributions	13
	SECTION 4.02   Liquidation Distribution	14
	SECTION 4.03   Limitations on Distribution	15
	ARTICLE V   CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS	15
	SECTION 5.01   Initial Capital Contributions	15
	SECTION 5.02   No Additional Capital Contributions	15
	SECTION 5.03   Capital Accounts	15
	SECTION 5.04   Allocations of Profits and Losses	15
	SECTION 5.05   Special Allocations	15
	SECTION 5.06   Tax Allocations	17
	SECTION 5.07   Tax Advances	17
	SECTION 5.08   Tax Matters	18

 

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	SECTION 5.09   Other Allocation Provisions	18
	SECTION 5.10   Section 754 Election	18
	ARTICLE VI   BOOKS AND RECORDS; REPORTS	18
	SECTION 6.01   Books and Records	18
	ARTICLE VII   PARTNERSHIP UNITS	19
	SECTION 7.01   Units	19
	SECTION 7.02   Register	20
	SECTION 7.03   Registered Partners	20
	SECTION 7.04   Preemptive Rights	20
	ARTICLE VIII   VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS	21
	SECTION 8.01   Vesting of Unvested Units	21
	SECTION 8.02   Limited Partner Transfers	21
	SECTION 8.03   Mandatory Exchanges	22
	SECTION 8.04   Encumbrances	22
	SECTION 8.05   Further Restrictions	23
	SECTION 8.06   Rights of Assignees	24
	SECTION 8.07   Admissions, Withdrawals and Removals	24
	SECTION 8.08   Admission of Assignees as Substitute Limited Partners	24
	SECTION 8.09   Withdrawal and Removal of Limited Partners	25
	ARTICLE IX   DISSOLUTION, LIQUIDATION AND TERMINATION	25
	SECTION 9.01   No Dissolution	25
	SECTION 9.02   Events Causing Dissolution	25
	SECTION 9.03   Distribution upon Dissolution	26
	SECTION 9.04   Time for Liquidation	26
	SECTION 9.05   Termination	26
	SECTION 9.06   Claims of the Partners	27
	SECTION 9.07   Survival of Certain Provisions	27
	ARTICLE X   LIABILITY AND INDEMNIFICATION	27
	SECTION 10.01   Liability of Partners	27
	SECTION 10.02   Indemnification	28
	ARTICLE XI   MISCELLANEOUS	30
	SECTION 11.01   Severability	30
	SECTION 11.02   Notices	31
	SECTION 11.03   Cumulative Remedies	31
	SECTION 11.04   Binding Effect	31

 

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	SECTION 11.05   Interpretation	31
	SECTION 11.06   Counterparts	32
	SECTION 11.07   Further Assurances	32
	SECTION 11.08   Entire Agreement	32
	SECTION 11.09   Governing Law	32
	SECTION 11.10   Dispute Resolution	32
	SECTION 11.11   Expenses	34
	SECTION 11.12   Amendments and Waivers	35
	SECTION 11.13   No Third Party Beneficiaries	36
	SECTION 11.14   Headings	36
	SECTION 11.15   Power of Attorney	36
	SECTION 11.16   Separate Agreements; Schedules	37
	SECTION 11.17   Partnership Status	37
	SECTION 11.18   Delivery by Facsimile or Email	37

 

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AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT

OF

FIFTH STREET HOLDINGS L.P.

 

This AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT (this “Agreement”) of Fifth Street Holdings L.P. (the “Partnership”) is made as
of the 29th day of October, 2014, by and among Fifth Street Asset Management Inc., a corporation formed under
the laws of the State of Delaware (“FSAM”), as general partner, and the Limited Partners (as defined herein)
of the Partnership.

 

WHEREAS, the Partnership was formed as a
limited partnership pursuant to the Act, by the filing of a Certificate of Limited Partnership (the “Certificate”)
with the Office of the Secretary of State of the State of Delaware and the execution of the Limited Partnership Agreement of the
Partnership dated as of June 27, 2014 (the “Original Agreement”); and

 

WHEREAS, on the date of this Agreement,
each of the Limited Partners contributed to the Partnership all of the membership interests of Fifth Street Asset Management LLC
owned by such Limited Partners and, in exchange therefore, received limited partnership interests of the Partnership; and

 

WHEREAS, on the date of this Agreement,
certain of the Limited Partners contributed to the Partnership all of the equity interests of Fifth Street Capital LLC, FSC LLC,
FSC Midwest LLC, FSC CT LLC and FSCO GP LLC

 

WHEREAS, the parties hereto desire to enter
into this Amended and Restated Limited Partnership Agreement of the Partnership and to permit the admission of the Limited Partners
to the Partnership.

 

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

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01      
Definitions. Capitalized terms used herein without definition have the following meanings (such meanings being equally
applicable to both the singular and plural form of the terms defined):

 

“Act” means, the Delaware
Revised Uniform Limited Partnership Act, 6 Del. C. Section 17-101, et seq., as it may be amended from time to time.

 

“Additional Credit Amount”
has the meaning set forth in Section 4.01(b)(ii).

 

    	 

    	 

    

 

 

“Adjusted Capital Account Balance”
means, with respect to each Partner, the balance in such Partner’s Capital Account adjusted (a) by taking into account the
adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and
(b) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain,
determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Partner is obligated to restore
pursuant to any provision of this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance
is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

 

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

 

“Agreement” has the meaning
set forth in the preamble of this Agreement.

 

“Amended Tax Amount”
has the meaning set forth in Section 4.01(b)(ii).

 

“Assignee” has the meaning
set forth in Section 8.07.

 

“Assumed Tax Rate” means
the highest effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual
or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation
described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt
income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal
income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners.

 

“Available Cash” means,
with respect to any fiscal period, the amount of cash on hand which the General Partner, in its reasonable discretion, deems available
for distribution to the Partners, taking into account all debts, liabilities and obligations of the Partnership and amounts which
the General Partner, in its reasonable discretion, deems necessary to expend or retain for working capital or to place into reserves
for customary and usual claims with respect to the Partnership’s operations.

 

“Capital Account” means
the separate capital account maintained for each Partner in accordance with Section 5.03 hereof.

 

“Capital Contribution”
means, with respect to any Partner, the aggregate amount of money contributed to the Partnership and the Carrying Value of any
property (other than money), net of any liabilities assumed by the Partnership upon contribution or to which such property is subject,
contributed to the Partnership pursuant to Article V.

 

“Carrying Value” means,
with respect to any Partnership asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial
carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the date of contribution
as determined by the General Partner, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective
fair market values, in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise
provided herein, as of: (a) the date of the acquisition of any additional Partnership interest by any new or existing Partner
in exchange for more than a de minimis Capital Contribution; (b) the date of the distribution of more than a de minimis
amount of Partnership assets to a Partner; (c) the date a Partnership interest is relinquished to the Partnership; or (d) any other
date specified in the Treasury Regulations; provided, however, that adjustments pursuant to clauses (a), (b) (c) and (d) above
shall be made only if such adjustments are deemed necessary or appropriate by the General Partner to reflect the relative economic
interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately
before such distribution to equal its fair market value. In the case of any asset that has a Carrying Value that differs from its
adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of
“Profits (Losses)” rather than the amount of depreciation determined for U.S. federal income tax purposes, and depreciation
shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis.

 

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“Cause” means, with respect
to any Service Provider, the definition set forth in their respective employment agreement with FSM LLC or an Affiliate or, if
no such agreement exists or if not defined in such agreement, (a) the failure of such Service Provider to substantially perform
his duties to FSM LLC or any Affiliate of FSM LLC that employs the Service Provider, including, without limitation, a material
reduction in working hours or work product, or a material decline in quality of work (other than any such failure caused by such
Service Provider’s incapacity due to physical or mental impairment); (b) the conviction or admission of a felony or a crime
involving moral turpitude; (c) conduct reasonably tending to bring the Partnership, FSM LLC, FSAM, FSC or FSFR into public disgrace
or disrepute; (d) an act of fraud, misappropriation or embezzlement of any material assets or property of the Partnership or any
of its customers or Affiliates; (e) gross negligence or willful misconduct with respect to the Partnership or any of its customers
or Affiliates; (f) breach, in any material respect, of any of the representations or warranties of the Service Provider set forth
in a written employment agreement, non-solicitation agreement or non-disclosure agreement between FSM LLC (or an Affiliate of the
Partnership) and the Service Provider; or (g) willful breach of any covenant set forth in a written employment agreement, non-solicitation
agreement or non-disclosure agreement between FSM LLC (or an Affiliate of the Partnership) and the Service Provider.

 

“Certificate” has the
meaning set forth in the preamble of this Agreement.

 

“Class” means the classes
of Units into which the limited partnership interests in the Partnership may be classified or divided from time to time by the
General Partner in its sole discretion pursuant to the provisions of this Agreement. As of the date of this Agreement the only
Class is the Class A Units. Subclasses within a Class shall not be separate Classes for purposes of this Agreement. For all purposes
hereunder and under the Act, only such Classes expressly established under this Agreement, including by the General Partner in
accordance with this Agreement, shall be deemed to be a class of limited partner interests in the Partnership. For the avoidance
of doubt, to the extent that the General Partner holds limited partner interests of any Class, the General Partner shall not be
deemed to hold a separate Class of such interests from any other Limited Partner because it is the General Partner.

 

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“Class A Units” means
the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights
pertaining thereto as are set forth in this Agreement.

 

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

 

“Class A Common Shares”
means shares of Class A Common Stock, par value $0.01, of FSAM.

 

“Consenting Party” has
the meaning set forth in Section 11.10(a).

 

“Contingencies” has the
meaning set forth in Section 9.03(a).

 

“Contribution Agreement”,
with respect to any Limited Partner, means the Contribution Agreement entered into by and between the Partnership and such Limited
Partner, pursuant to which, inter alia, such Limited Partner party thereto agreed to contribute his, her or its membership
interests of Fifth Street Management LLC to the Partnership in exchange for Class A Units.

 

“Control” (including
the terms “Controlled by” and “under common Control with”) means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly
or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs
of such Person.

 

“Credit Amount” has the
meaning set forth in Section 4.01(b)(ii).

 

“Creditable Non-U.S. Tax”
means a non-U.S. tax paid or accrued for United States federal income tax purposes by the Partnership, in either case to the extent
that such tax is eligible for credit under Section 901(a) of the Code. A non-U.S. tax is a Creditable Non-U.S. Tax for these
purposes without regard to whether a partner receiving an allocation of such non-U.S. tax elects to claim a credit for such amount.
This definition is intended to be consistent with the term “creditable foreign tax” in Treasury Regulations Section 1.704-1(b)(4)(viii),
and shall be interpreted consistently therewith.

 

“Disabling Event” means
the General Partner ceasing to be the general partner of the Partnership pursuant to Section 17-402 of the Act.

 

“Dispute” has the meaning
set forth in Section 11.10(a).

 

“Dissolution Event” has
the meaning set forth in Section 9.02.

 

“Encumbrance” means any
mortgage, hypothecation, claim, lien, encumbrance, conditional sales or other title retention agreement, right of first refusal,
preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title
of any nature whatsoever.

 

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“ERISA” means The Employee
Retirement Income Security Act of 1974, as amended.

 

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

 

“Exchange Agreement”
means the exchange agreement dated as of or about the date hereof among FSAM, the Partnership, the Limited Partners from time to
time party thereto, and the other parties thereto, as amended from time to time.

 

“Exchange Transaction”
means an exchange of Units for Class A Common Shares pursuant to, and in accordance with, the Exchange Agreement or, if FSAM and
the exchanging Limited Partner shall mutually agree, a Transfer of Units to FSAM, the Partnership or any of their subsidiaries
for other consideration.

 

“Final Tax Amount” has
the meaning set forth in Section 4.01(b)(ii).

 

“Fiscal Year” means,
unless otherwise determined by the General Partner in its sole discretion in accordance with Section 11.12, (a) the period commencing
upon the formation of the Partnership and ending on December 31, 2014 or (b) any subsequent twelve-month period commencing on January
1 and ending on December 31.

 

“FSAM” has the meaning
set forth in the preamble of this Agreement.

 

“FSAM Controlling Shareholders”
means the owners of the Class B Common Shares of FSAM.

 

“FSAM Governing Documents”
means, collectively, the Amended and Restated Certificate of Incorporation and Bylaws of FSAM, as such documents may be amended,
supplemented or restated from time to time.

 

“FSC” means Fifth Street
Finance Corp., a Delaware corporation.

 

“FSFR” means Fifth Street
Senior Floating Rate Corp., a Delaware corporation.

 

“FSM LLC” means Fifth
Street Management LLC, a Delaware limited liability company.

 

“Fund” means any fund,
investment vehicle or account whose investments are managed or advised by FSAM, FSM LLC (if any) or their respective Affiliates.

 

“GAAP” means accounting
principles generally accepted in the United States of America as in effect from time to time.

 

“General Partner” means
FSAM, or any successor general partner to whom FSAM may transfer its General Partnership Interests and is admitted to the Partnership
in accordance with the terms of this Agreement.

 

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“General Partnership Interests”
means the general partnership interests held by the General Partner which, for the avoidance of doubt, will not be entitled to
any distributions under this Agreement.

 

“Good Reason” means,
with respect to any Limited Partner, the definition set forth in their respective employment agreement with FSM LLC or an Affiliate
of FSM LLC, or, if such Limited Partner does not have such an agreement, (a) a material diminution by FSM LLC or any Affiliate
of FSM LLC of such Limited Partner’s title, base salary or benefits without the consent of such Limited Partner; (b) the
failure of FSM LLC or any Affiliate of FSM LLC to pay to such Limited Partner any undisputed amounts on a timely basis, after notice
and a reasonable opportunity to cure; or (c) the change of such Limited Partner’s primary work location without the consent
of such Limited Partner to a location that is more than a 50 mile radius from the primary work location of such Limited Partner
at the time of the change.

 

“Incapacity” means, with
respect to any Person, the bankruptcy, dissolution, termination, entry of an order of incompetence, or the insanity, permanent
disability or death of such Person.

 

“Indemnitee” (a) the
General Partner, (b) any additional or substitute General Partner, (c) any Person who is or was a Tax Matters Partner, officer
or director of the General Partner or any additional or substitute General Partner, (d) any officer or director of the Partnership
or the General Partner or any additional or substitute General Partner who is or was serving at the request of the General Partner
or any additional or substitute General Partner as an officer, director, employee, member, partner, Tax Matters Partner, agent,
fiduciary or trustee of another Person; provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services
basis, trustee, fiduciary or custodial services, (e) any Person the General Partner in its sole discretion designates as an “Indemnitee”
for purposes of this Agreement and (f) any heir, executor or administrator with respect to Persons named in clauses (a) through
(e).

 

“Law” means any statute,
law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order issued or promulgated by any
national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with
authority therefrom with jurisdiction over the Partnership or any Partner, as the case may be.

 

“Limited Partner” means
each of the Persons from time to time listed as a limited partner in the books and records of the Partnership, and, for purposes
of Sections 8.01, 8.02, 8.03, 8.04, 8.05 and 8.06, and 8.12 any Personal Planning Vehicle of such Limited Partner.

 

“Liquidation Agent” has
the meaning set forth in Section 9.03.

 

“Net Taxable Income”
has the meaning set forth in Section 4.01(b)(i).

 

“Nonrecourse Deductions”
has the meaning set forth in Treasury Regulations Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership
for a fiscal year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that fiscal
year, determined according to the provisions of Treasury Regulations Section 1.704-2(c).

 

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“Officer” means each
Person designated as an officer of the Partnership by the General Partner pursuant to and in accordance with the provisions of
Section 3.04, subject to any resolutions of the General Partner appointing such Person as an officer of the Partnership or relating
to such appointment.

 

“Original Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Partners” means, at
any time, each person listed as a Partner (including the General Partner) on the books and records of the Partnership, in each
case for so long as he, she or it remains a partner of the Partnership as provided hereunder.

 

“Partnership” has the
meaning set forth in the preamble of this Agreement.

 

“Partnership Minimum Gain”
has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

 

“Partner Nonrecourse Debt Minimum
Gain” means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4))
equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability
(as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3).

 

“Partner Nonrecourse Deductions”
has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2).

 

“Person” means any individual,
estate, corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated
or governmental organization or any agency or political subdivision thereof.

 

“Personal Planning Vehicle”
means, in respect of any Person that is a natural person, any other Person that is not a natural person designated as a “Personal
Planning Vehicle” of such natural person in the books and records of the Partnership.

 

“Primary Indemnification”
has the meaning set forth in Section 10.02(a).

 

“Profits” and “Losses”
means, for each Fiscal Year or other period, the taxable income or loss of the Partnership, or particular items thereof, determined
in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments:
(a) all items of income, gain, loss or deduction allocated pursuant to Section 5.05 shall not be taken into account in computing
such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise
taken into account in computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of
any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition
of such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than
an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of the adjustment
shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset differs from
its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions
with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio
to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such
adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction
is zero, the General Partner may use any reasonable method for purposes of determining depreciation, amortization or other cost
recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership
not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing
Profits and Losses pursuant to this definition shall be treated as deductible items.

 

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“Service Provider” means
any Limited Partner (in his, her or its individual capacity) or other Person, who at the time in question, is employed by or providing
services to FSAM, the Partnership or any of its subsidiaries.

 

“Securities Act” means
the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Similar Law” means any
law or regulation that could cause the underlying assets of the Partnership to be treated as assets of a Limited Partner by virtue
of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other persons
responsible for the investment and operation of the Partnership’s assets) to laws or regulations that are similar to the
fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

 

“Tax Advances” has the
meaning set forth in Section 5.07.

 

“Tax Amount” has the
meaning set forth in Section 4.01(b)(i).

 

“Tax Distributions” has
the meaning set forth in Section 4.01(b)(i).

 

“Tax Matters Partner”
has the meaning set forth in Section 5.08.

 

“Total Percentage Interest”
means, with respect to any Partner, the quotient obtained by dividing the number of Units (vested and unvested) then owned by such
Partner by the number of Units (vested and unvested) then owned by all Partners.

 

“Transfer” means, in
respect of any Unit, property or other asset, any sale, assignment, transfer, distribution, exchange, mortgage, pledge, hypothecation
or other disposition thereof, whether voluntarily or by operation of Law, directly or indirectly, in whole or in part, including,
without limitation, the exchange of any Unit for any other security.

 

“Transferee” means any
Person that is a permitted transferee of a Partner’s interest in the Partnership, or part thereof.

 

“Treasury Regulations”
means the income tax regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended
from time to time (including corresponding provisions of succeeding regulations).

 

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“Units” means the Class
A Units and any other Class of limited partnership interests that is established in accordance with this Agreement, which shall
constitute limited partnership interests in the Partnership as provided in this Agreement and under the Act, entitling the holders
thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Partnership at any particular
time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided
in this Agreement, together with the obligations of such Partner to comply with all terms and provisions of this Agreement.

 

“Unvested Units” means
those Units from time to time listed as unvested Units in the books and records of the Partnership, as the same may be amended
from time to time in accordance with this Agreement.

 

“Vested Percentage Interest”
means, with respect to any Partner, the quotient obtained by dividing the number of Vested Units then owned by such Partner by
the number of Vested Units then owned by all Partners.

 

“Vested Units” means
those Units listed as vested Units in the books and records of the Partnership, as the same may be amended from time to time in
accordance with this Agreement.

 

ARTICLE II

FORMATION, TERM, PURPOSE AND POWERS

 

SECTION 2.01      
Formation. The Partnership was formed as a limited partnership under the provisions of the Act by the filing on June
27, 2014 of the Certificate as provided in the preamble of this Agreement and execution of the Original Agreement. If requested
by the General Partner, the Limited Partners shall promptly execute all certificates and other documents consistent with the terms
of this Agreement necessary for the General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate
to comply with all requirements for (a) the formation and operation of a limited partnership under the laws of the State of Delaware,
(b) if the General Partner deems it advisable, the operation of the Partnership as a limited partnership, or partnership in which
the Limited Partners have limited liability, in all jurisdictions where the Partnership proposes to operate and (c) all other filings
required to be made by the Partnership. The rights, powers, duties, obligations and liabilities of the Partners shall be determined
pursuant to the Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Partner
are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement
shall, to the extent permitted by the Act, control. The execution and filing of the Certificate and each amendment thereto is hereby
ratified, approved and confirmed by the Partners.

 

SECTION 2.02      
Name. The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name
of “Fifth Street Holdings L.P.,” and all Partnership business shall be conducted in that name or in such other names
that comply with applicable law as the General Partner in its sole discretion may select from time to time. Subject to the Act,
the General Partner may change the name of the Partnership (and amend this Agreement to reflect such change) at any time and from
time to time without the consent of any other Person. Prompt notification of any such change shall be given to all Partners.

 

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SECTION 2.03      
Term. The term of the Partnership commenced on the date of the filing of the Certificate, and the term shall continue
until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation
of the Certificate in the manner required by the Act.

 

SECTION 2.04      
Offices. The Partnership may have offices at such places either within or outside the State of Delaware as the General
Partner from time to time may select. As of the date hereof, the principal place of business and office of the Partnership is located
at 777 West Putnam Avenue, Greenwich, Connecticut.

 

SECTION 2.05      
Agent for Service of Process; Existence and Good Standing; Foreign Qualification. (a) The Partnership’s registered
agent and registered office for service of process in the State of Delaware shall be as set forth in the Certificate, as the same
may be amended by the General Partner from time to time.

 

(b)              
The General Partner may take all action which may be necessary or appropriate (i) for the continuation of the Partnership’s
valid existence as a limited partnership under the laws of the State of Delaware (and of each other jurisdiction in which such
existence is necessary to enable the Partnership to conduct the business in which it is engaged) and (ii) for the maintenance,
preservation and operation of the business of the Partnership in accordance with the provisions of this Agreement and applicable
laws and regulations. The General Partner may file or cause to be filed for recordation in the proper office or offices in each
other jurisdiction in which the Partnership is formed or qualified, such certificates (including certificates of limited partnership
and fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations of any such
jurisdiction or as are required to reflect the identity of the Partners. The General Partner may cause the Partnership to comply,
to the extent procedures are available and those matters are reasonably within the control of the Officers, with all requirements
necessary to qualify the Partnership to do business in any jurisdiction other than the State of Delaware.

 

SECTION 2.06      
Business Purpose. The Partnership was formed for the object and purpose of, and the nature and character of the business
to be conducted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under
the Act.

 

SECTION 2.07      
Powers of the Partnership. Subject to the limitations set forth in this Agreement, the Partnership will possess and
may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation
of the assets and other property contributed to the Partnership by the Partners, by any other Law or this Agreement, together with
all powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the
purpose of the Partnership set forth in Section 2.06.

 

SECTION 2.08      
Partners; Admission of New Partners. Each of the Persons listed in the books and records of the Partnership, as the
same may be amended from time to time in accordance with this Agreement, by virtue of the execution of this Agreement, are admitted
as Partners of the Partnership. The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is
otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided
herein. Subject to Section 8.09 with respect to substitute Limited Partners, a Person may be admitted from time to time as a new
Limited Partner with the written consent of the General Partner in its sole discretion. Each new Limited Partner shall execute
and deliver to the General Partner an appropriate supplement to this Agreement pursuant to which the new Limited Partner agrees
to be bound by the terms and conditions of the Agreement, as it may be amended from time to time. A new General Partner or substitute
General Partner may be admitted to the Partnership solely in accordance with Section 8.07 or Section 9.02(e) hereof.

 

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SECTION 2.09      
Withdrawal. No Partner shall have the right to withdraw as a Partner of the Partnership other than following the
Transfer of all Units owned by such Partner in accordance with Article VIII.

 

SECTION 2.10      
Investment Representations of Partners. Each Partner hereby represents, warrants and acknowledges to the Partnership
that: (a) such Partner has such knowledge and experience in financial and business matters and is capable of evaluating the merits
and risks of an investment in the Partnership and is making an informed investment decision with respect thereto; (b) such Partner
is acquiring interests in the Partnership for investment only and not with a view to, or for resale in connection with, any distribution
to the public or public offering thereof; and (c) the execution, delivery and performance of this Agreement have been duly authorized
by such Partner.

 

ARTICLE III

MANAGEMENT

 

SECTION 3.01      
General Partner. (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute
and exclusive direction of the General Partner, which may from time to time delegate authority to Officers or to others to act
on behalf of the Partnership.

 

(b)              
Without limiting the foregoing provisions of this Section 3.01, the General Partner shall have the general power to manage
or cause the management of the Partnership (which may be delegated to Officers of the Partnership), including, without limitation,
the following powers:

 

(i)                
to execute and deliver or to authorize the execution and delivery of contracts, deeds, leases, licenses, instruments of
transfer and other documents on behalf of the Partnership;

 

(ii)              
the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting
for, indebtedness and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations;

 

(iii)            
to establish and enforce limits of authority and internal controls with respect to all personnel and functions;

 

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(iv)            
to engage attorneys, consultants and accountants for the Partnership;

 

(v)              
to develop or cause to be developed accounting procedures for the maintenance of the Partnership’s books of account;
and

 

(vi)            
to do all such other acts as shall be authorized in this Agreement or by the Partners in writing from time to time.

 

SECTION 3.02      
Compensation. The General Partner shall not be entitled to any compensation for services rendered to the Partnership
in its capacity as General Partner.

 

SECTION 3.03      
Expenses. The Partnership shall pay, or cause to be paid, all costs, fees, operating expenses and other expenses
of the Partnership (including the costs, fees and expenses of attorneys, accountants or other professionals) incurred in pursuing
and conducting, or otherwise related to, the activities of the Partnership. The Partnership shall also, in the sole discretion
of the General Partner, bear and/or reimburse the General Partner for (a) any costs, fees or expenses incurred by the General Partner
in connection with serving as the General Partner, (b) all other expenses allocable to the Partnership or otherwise incurred by
the General Partner in connection with operating the Partnership’s business (including expenses allocated to the General
Partner by its Affiliates) and (c) all costs, fees or expenses owed directly or indirectly by the Partnership or the General Partner
to the FSAM Controlling Shareholders pursuant to their reimbursement obligations under, or which are otherwise allocated to the
General Partner pursuant to, the FSAM Governing Documents. To the extent that the General Partner determines in its sole discretion
that such expenses are related to the business and affairs of the General Partner that are conducted through the Partnership and/or
its subsidiaries (including expenses that relate to the business and affairs of the Partnership and/or its subsidiaries and that
also relate to other activities of the General Partner), the General Partner may cause the Partnership to pay or bear all expenses
of the General Partner, including, without limitation, compensation and meeting costs of any board of directors or similar body
of the General Partner, any salary, bonus, incentive compensation and other amounts paid to any Person including Affiliates of
the General Partner to perform services for the Partnership, litigation costs and damages arising from litigation, accounting and
legal costs and franchise taxes, provided that the Partnership shall not pay or bear any income tax obligations of the General
Partner. Reimbursements pursuant to this Section 3.03 shall be in addition to any reimbursement to the General Partner as a result
of indemnification pursuant to Section 10.02.

 

SECTION 3.04      
Officers. Subject to the direction and oversight of the General Partner, the day-to-day administration of the business
of the Partnership may be carried out by persons who may be designated as officers by the General Partner, with titles including
but not limited to “assistant secretary,” “assistant treasurer,” “chairman,” “chief executive
officer,” “chief financial officer,” “chief operating officer,” “chief risk officer,”
“director,” “general counsel,” “general manager,” “managing director,” “president,”
“principal accounting officer,” “secretary,” “senior chairman,” “senior managing director,”
“treasurer,” “vice chairman” or “vice president,” and as and to the extent authorized by the
General Partner. The officers of the Partnership shall have such titles and powers and perform such duties as shall be determined
from time to time by the General Partner and otherwise as shall customarily pertain to such offices. Any number of offices may
be held by the same person. In its sole discretion, the General Partner may choose not to fill any office for any period as it
may deem advisable. All officers and other persons providing services to or for the benefit of the Partnership shall be subject
to the supervision and direction of the General Partner and may be removed, with or without cause, from such office by the General
Partner and the authority, duties or responsibilities of any employee, agent or officer of the Partnership may be suspended by
the General Partner from time to time, in each case in the sole discretion of the General Partner. The General Partner shall not
cease to be a general partner of the Partnership as a result of the delegation of any duties hereunder. No officer of the Partnership,
in its capacity as such, shall be considered a general partner of the Partnership by agreement, as a result of the performance
of its duties hereunder or otherwise.

 

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SECTION 3.05      
Authority of Partners. No Limited Partner, in its capacity as such, shall participate in or have any control over
the business of the Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners
to participate in the affairs of the Partnership described in this Agreement. Except as expressly provided herein, no Limited Partner
shall have any right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination
or conversion of the Partnership, or any other matter that a limited partner might otherwise have the ability to vote on or consent
with respect to under the Act, at law, in equity or otherwise. The conduct, control and management of the Partnership shall be
vested exclusively in the General Partner. In all matters relating to or arising out of the conduct of the operation of the Partnership,
the decision of the General Partner shall be the decision of the Partnership. Except as required or permitted by Law, or expressly
provided in the ultimate sentence of this Section 3.05 or by separate agreement with the Partnership, no Partner who is not also
a General Partner (and acting in such capacity) shall take any part in the management or control of the operation or business of
the Partnership in its capacity as a Partner, nor shall any Partner who is not also a General Partner (and acting in such capacity)
have any right, authority or power to act for or on behalf of or bind the Partnership in his or its capacity as a Partner in any
respect or assume any obligation or responsibility of the Partnership or of any other Partner. Notwithstanding the foregoing, the
Partnership may from time to time appoint one or more Partners as officers or employ one or more Partners as employees, and such
Partners, in their capacity as Officers or employees of the Partnership (and not, for clarity, in their capacity as Limited Partners
of the Partnership), may take part in the control and management of the business of the Partnership to the extent such authority
and power to act for or on behalf of the Partnership has been delegated to them by the General Partner.

 

SECTION 3.06      
Action by Written Consent or Ratification. Any action required or permitted to be taken by the Partners pursuant
to this Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a consent
or ratification in writing.

 

ARTICLE IV

DISTRIBUTIONS

 

SECTION 4.01      
Distributions. (a) The General Partner, in its sole discretion, may authorize distributions by the Partnership to
the Partners, which distributions shall be made pro rata in accordance with the Partners’ respective Total Percentage
Interests. For the avoidance of doubt, no Partner who does not hold Units shall be entitled to receive distributions under this
Agreement.

 

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(b)              
(i) In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the Partnership
for a Fiscal Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General Partner
shall cause the Partnership to distribute Available Cash in respect of income tax liabilities (the “Tax Distributions”)
to the extent that other distributions made by the Partnership for such year were otherwise insufficient to cover such tax liabilities.
The Tax Distributions payable with respect to any Fiscal Year shall be computed based upon the General Partner’s estimate
of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”).
For purposes of computing the Tax Amount, the effect of any benefit under Section 743(b) of the Code will be ignored.

 

(ii)              
Tax Distributions shall be calculated and paid no later than ten days prior to each quarterly due date for the payment by
corporations on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25%
of the Tax Amount, (B) for the second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the Fiscal
Year, (C) for the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for
the fourth quarterly period, 100% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year. Following each Fiscal
Year, and no later than ten days prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the
General Partner shall make an amended calculation of the Tax Amount for such Fiscal Year (the “Amended Tax Amount”),
and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Amended Tax Amount
so calculated exceeds the cumulative Tax Distributions previously made by the Partnership in respect of such Fiscal Year. If the
Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership in respect of the relevant
Fiscal Year, then the difference (the “Credit Amount”) shall be applied against, and shall reduce, the amount
of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on which the Partnership files a
tax return on Form 1065, the General Partner shall make a final calculation of the Tax Amount of such Fiscal Year (the “Final
Tax Amount”) and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that
the Final Tax Amount so calculated exceeds the Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount
in respect of the relevant Fiscal Year, then the difference (“Additional Credit Amount”) shall be applied against,
and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount
applied against future Tax Distributions shall be treated as an amount actually distributed pursuant to this Section 4.01(b) for
purposes of the computations herein.

 

SECTION 4.02      
Liquidation Distribution. Distributions made upon dissolution of the Partnership shall be made as provided in Section
9.03.

 

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SECTION 4.03      
Limitations on Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the General
Partner shall not make a Partnership distribution to any Partner if such distribution would violate Section 17-607 of the Act or
other applicable Law.

 

ARTICLE V

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

TAX ALLOCATIONS; TAX MATTERS

 

SECTION 5.01      
Initial Capital Contributions. The Partners have made, on or prior to the date hereof, Capital Contributions and,
in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the
Partnership.

 

SECTION 5.02      
No Additional Capital Contributions. Except as otherwise provided in this Article V, no Partner shall be required
to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional
capital contributions to the Partnership without the consent of the General Partner.

 

SECTION 5.03      
Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained
for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each
Partner shall be credited with such Partner’s Capital Contributions, if any, all Profits allocated to such Partner pursuant
to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with
all Losses allocated to such Partner pursuant to Section 5.04, any items of loss or deduction of the Partnership specially
allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed
by such Partner and the liabilities to which such property is subject) distributed by the Partnership to such Partner. Any references
in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same
may be credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership
in accordance with the terms of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to the extent
it relates to the transferred interest.

 

SECTION 5.04      
Allocations of Profits and Losses. Except as otherwise provided in this Agreement, Profits and Losses (and, to the
extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated pro rata
to each of the holders of Units in accordance with their Total Percentage Interests. For purposes of this Article V, each Unvested
Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital
Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s
interest in the Partnership.

 

SECTION 5.05      
Special Allocations. Notwithstanding any other provision in this Article V:

 

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(a)               
Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum
Gain (determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership
taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary,
subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury
Regulations Sections 1.704-2(g) and 1.704-2(i) (5). The items to be so allocated shall be determined in accordance with Treasury
Regulations Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such
Treasury Regulations Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to
the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i) (4).

 

(b)              
Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or distributions described
in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially
allocated to such Partner in an amount and manner sufficient to eliminate the deficit balance in such Partner’s Adjusted
Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that
an allocation pursuant to this Section 5.05(b) shall be made only to the extent that a Partner would have a deficit Adjusted Capital
Account Balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made as
if this Section 5.05(b) were not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income
offset” requirement of the Code and shall be interpreted consistently therewith.

 

(c)               
Gross Income Allocation. If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess
of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii)
the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section
1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount
of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if
and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided
for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement.

 

(d)              
Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective
Total Percentage Interests.

 

(e)               
Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner
who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable
in accordance with Treasury Regulations Section 1.704-2(j).

 

(f)               
Creditable Non-U.S. Taxes. Creditable Non-U.S. Taxes for any taxable period attributable to the Partnership, or an
entity owned directly or indirectly by the Partnership, shall be allocated to the Partners in proportion to the partners’
distributive shares of income (including income allocated pursuant to Section 704(c) of the Code) to which the Creditable Non-U.S.
Tax relates (under principles of Treasury Regulations Section 1.904-6). The provisions of this Section 5.05(f) are intended to
comply with the provisions of Treasury Regulations Section 1.704-1(b)(4) (viii), and shall be interpreted consistently therewith.

 

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(g)              
Ameliorative Allocations. Any special allocations of income or gain pursuant to Sections 5.05(b) or 5.05(c) hereof
shall be taken into account in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(g), so that the
net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the
net amount that would have been allocated to each Partner if such allocations pursuant to Sections 5.05(b) or 5.05(c) had not occurred.

 

SECTION 5.06      
Tax Allocations. For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall
be allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items
are allocated for Capital Account purposes; provided that in the case of any asset the Carrying Value of which differs from
its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall
be allocated solely for income tax purposes in accordance with the principles of Sections 704(b) and (c) of the Code (in any manner
determined by the General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between
Carrying Value and adjusted basis of such asset; provided further that the Partnership shall use the traditional method
with curative allocations (as provided in Treasury Regulations Section 1.704-3(c)) for all Section 704(c) allocations, limited
to allocations of income or gain from the disposition of Partnership property where allocations of depreciation deductions have
been limited by the ceiling rule throughout the term of the Partnership). Notwithstanding the foregoing, the General Partner shall
make such allocations for tax purposes as it determines in its sole discretion to be appropriate to ensure allocations are made
in accordance with a partner’s interest in the Partnership.

 

SECTION 5.07      
Tax Advances. To the extent the General Partner reasonably believes that the Partnership is required by law to withhold
or to make tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of
the status of any Partner (“Tax Advances”), the General Partner may withhold such amounts and make such tax
payments as so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or
next succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are
not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all purposes
of this Agreement such Partner shall be treated as having received the amount of the distribution that is equal to the Tax Advance.
Each Partner hereby agrees to furnish to the Partnership such information and forms as required in order to comply with any laws
and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to which
the Partner is legally entitled. Each Partner hereby agrees to indemnify and hold harmless the
Partnership and the other Partners from and against any liability including, without limitation, any liability for taxes, penalties,
additions to tax or interest (other than any penalties, additions to tax or interest (i) imposed as a result of the Partnership’s
failure to withhold or make a tax payment on behalf of such Partner which withholding or payment is required pursuant to applicable
Law, and (ii) to the extent amounts sufficient to pay such taxes were not timely distributed to the Partner pursuant to Section
4.01(b)) with respect to income attributable to or distributions or other payments to such Partner.

 

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SECTION 5.08      
Tax Matters. The General Partner shall be the initial “tax matters partner” within the meaning of Section
6231(a)(7) of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal,
state, provincial and local income tax purposes, except where otherwise required by Law. All elections required or permitted to
be made by the Partnership, and all other tax decisions and determinations relating to federal, state, provincial or local tax
matters of the Partnership, shall be made by the Tax Matters Partner, in consultation with the Partnership’s attorneys and/or
accountants. Tax audits, controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax
Matters Partner shall keep the other Partners reasonably informed as to any tax actions, examinations or proceedings relating to
the Partnership and shall submit to the other Partners, for their review and comment, any settlement or compromise offer with respect
to any disputed item of income, gain, loss, deduction or credit of the Partnership. As soon as reasonably practicable after the
end of each Fiscal Year, the Partnership shall send to each Partner a copy of U.S. Internal Revenue Service Schedule K-1, and any
comparable statements required by applicable U.S. state or local income tax Law as a result of the Partnership’s activities
or investments, with respect to such Fiscal Year. The Partnership also shall provide the Partners with such other information as
may be reasonably requested for purposes of allowing the Partners to prepare and file their own tax returns.

 

SECTION 5.09      
Other Allocation Provisions. Certain of the foregoing provisions and the other provisions of this Agreement relating
to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted
and applied in a manner consistent with such regulations. In addition to amendments effected in accordance with Section 11.12 or
otherwise in accordance with this Agreement, Sections 5.03, 5.04 and 5.05 may also, so long as any such amendment does not materially
change the relative economic interests of the Partners, be amended at any time by the General Partner if necessary, in the opinion
of tax counsel to the Partnership, to comply with such regulations or any applicable Law.

 

SECTION 5.10      
Section 754 Election. The Tax Matters Partner shall cause the Partnership to make an election under Section 754 of
the Code and for such election to be in effect for the first taxable year of the existence of the Partnership and each taxable
year in which a Limited Partner Transfers Units.

 

ARTICLE VI

BOOKS AND RECORDS; REPORTS

 

SECTION 6.01      
Books and Records. (a) At all times during the continuance of the Partnership, the Partnership shall prepare and
maintain separate books of account for the Partnership in accordance with GAAP.

 

(b)              
Except as limited by Section 6.01(c), each Limited Partner shall have the right to receive, for a purpose reasonably related
to such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose
of such demand and at such Limited Partner’s own expense:

 

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(i)                
a copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of
all powers of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and

 

(ii)              
promptly after their becoming available, copies of the Partnership’s federal income tax returns for the three most
recent years.

 

(c)               
The General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines
in its sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or
(ii) other information the disclosure of which the General Partner believes is not in the best interests of the Partnership, could
damage the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep
confidential.

 

ARTICLE VII

PARTNERSHIP UNITS

 

SECTION 7.01      
Units. Limited partnership interests in the Partnership shall be represented by Units. General partnership interests
in the Partnership shall be represented by General Partnership Interests. The Units initially are comprised of one Class: “Class
A Units”. Subject to Section 7.04, the General Partner in its sole discretion may establish and issue, from time to time
in accordance with such procedures as the General Partner shall determine from time to time, additional Units, in one or more Classes
or series of Units, or other Partnership securities, at such price, and with such designations, preferences and relative, participating,
optional or other special rights, powers and duties (which may be senior to existing Units, Classes and series of Units or other
Partnership securities), as shall be determined by the General Partner without the approval of any Partner or any other Person
who may acquire an interest in any of the Units, including (a) the right of such Units to share in Profits and Losses or items
thereof; (b) the right of such Units to share in Partnership distributions; (c) the rights of such Units upon dissolution and liquidation
of the Partnership; (d) whether, and the terms and conditions upon which, the Partnership may or shall be required to redeem such
Units (including sinking fund provisions); (e) whether such Units are issued with the privilege of conversion or exchange and,
if so, the terms and conditions of such conversion or exchange; (f) the terms and conditions upon which such Units will be issued,
evidenced by certificates and assigned or transferred; (g) the method for determining the Total Percentage Interest as to such
Units; (h) the terms and conditions of the issuance of such Units (including, without limitation, the amount and form of consideration,
if any, to be received by the Partnership in respect thereof, the General Partner being expressly authorized, in its sole discretion,
to cause the Partnership to issue such Units for less than fair market value); and (i) the right, if any, of the holder of
such Units to vote on Partnership matters, including matters relating to the relative designations, preferences, rights, powers
and duties of such Units. Subject to Section 7.04, the General Partner in its sole discretion, without the approval of any Partner
or any other Person, is authorized (i) to issue Units or other Partnership securities of any newly established Class or any existing
Class to Partners or other Persons who may acquire an interest in the Partnership and (ii) to amend this Agreement to reflect
the creation of any such new Class, the issuance of Units or other Partnership securities of such Class, and the admission of any
Person as a Partner which has received Units or other Partnership securities. All Units of a particular Class shall have identical
rights in all respects as all other Units of such Class, except in each case as otherwise specified in this Agreement.

 

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SECTION 7.02      
Register. The register of the Partnership shall be the definitive record of ownership of each Unit and all relevant
information with respect to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated and
recorded in the books and records of the Partnership.

 

SECTION 7.03      
Registered Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered on
its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest
in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided
by the Act or other applicable Law.

 

SECTION 7.04                     
Preemptive Rights.

 

(a)               
In the event the General Partner intends to issue any Units or equity securities (including debt that is by its terms convertible
into Units or equity securities) (the “New Securities”), the Partnership shall not issue or sell, agree to issue
or sell, or reserve or set aside for issuance or sale, any such New Securities unless and until it first offers to sell such New
Securities to each Limited Partner (for purposes of this Section 7.04, the “Offerees”) on the terms set forth
in this Section 7.04 (the “Preemptive Offer”). Each Offeree will have a preemptive right to purchase up to such
Offeree’s proportionate number of such New Securities in accordance with the provisions of this Section 7.04. For purposes
of this Section 7.04, “proportionate number” means the product of (i) the number of New Securities of a particular
Class (or Series of a Class) proposed to be issued, and (ii) a percentage determined by dividing (x) the number of Units held by
such Limited Partner, by (y) the total number of Units held by all Offerees exercising their rights hereunder. The General Partner
will determine the value of the New Securities in good faith by considering all appropriate factors.

 

(b)              
The Partnership will deliver to each Offeree written notice of each Preemptive Offer, specifying the price and terms and
conditions of such Preemptive Offer, the number of New Securities proposed to be sold by the Partnership pursuant to such Preemptive
Offer, and each Offeree’s proportionate number of New Securities offered by such Preemptive Offer. Each Preemptive Offer
by its terms will remain open and irrevocable for a period of thirty (30) days from the date such notice is given (the “Offer
Period”).

 

(c)               
If an Offeree desires to purchase New Securities pursuant to a Preemptive Offer, such Offeree will evidence his, her or
its intention to accept such Preemptive Offer by delivering a written notice to the Partnership, no later than the end of the Offer
Period, setting forth the number of the New Securities (not exceeding such Offeree’s proportionate number of New Securities
for such Preemptive Offer) that such Offeree elects to purchase (the “Notice of Acceptance”). If the Partnership
does not receive a timely Notice of Acceptance from an Offeree, such Offeree will be deemed to have irrevocably determined not
to exercise its right to acquire any of the New Securities subject to such Preemptive Offer. If an Offeree does provide a timely
Notice of Acceptance, then the Partnership will be obligated to sell to such Offeree, and such Offeree will be obligated to purchase
from the Partnership, the number of New Securities set forth in its Notice of Acceptance. If any Member Offeree fails to deliver
a timely Notice of Acceptance to the Partnership, the Partnership shall have one hundred twenty (120) days thereafter to sell the
New Securities as to which the Offerees’ rights hereunder were not exercised, at a price and upon terms no more favorable
to the purchasers thereof than those specified in the notice of such Preemptive Offer. In the event the Partnership has not sold
such New Securities within said one hundred twenty (120)-day period, the Partnership shall not thereafter issue or sell any New
Securities without first offering such New Securities to the Offerees in the manner provided above.

 

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(d)              
The provisions of this Section 7.04 shall apply, mutatis mutandis, to an issuance by a subsidiary of the Partnership
to any Person other than the Partnership or another subsidiary of the Partnership that would constitute New Securities if issued
by the Partnership.

 

ARTICLE VIII

VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS

 

SECTION 8.01      
Vesting of Unvested Units. (a) Unvested Units shall vest and shall thereafter be Vested Units for all purposes of
this Agreement as provided in the Contribution Agreement or otherwise as agreed to in writing between the General Partner and the
applicable Limited Partner and reflected in the books and records of the Partnership.

 

(b)              
The General Partner in its sole discretion may authorize the earlier vesting of all or a portion of Unvested Units owned
by any one or more Limited Partners at any time and from time to time, and in such event, such Unvested Units shall vest and thereafter
be Vested Units for all purposes of this Agreement. Any such determination in the General Partner’s discretion in respect
of Unvested Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited
Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder
or otherwise existing at law, in equity or otherwise.

 

(c)               
Upon the vesting of any Unvested Units in accordance with this Section 8.01, the General Partner shall modify the books
and records of the Partnership to reflect such vesting.

 

SECTION 8.02      
Limited Partner Transfers. (a) Except (i) as otherwise agreed to in writing between the General Partner and the applicable
Limited Partner and reflected in the books and records of the Partnership and (ii) with respect to Exchange Transactions and other
Transfers to FSAM pursuant to the Exchange Agreement or Contribution Agreement, no Limited Partner or Assignee thereof may Transfer
(including pursuant to an Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial
interest therein) without the prior consent of the General Partner, which consent may be given or withheld, or made subject to
such conditions (including, without limitation, the receipt of such legal opinions and other documents that the General Partner
may require) as are determined by the General Partner, in each case in the General Partner’s sole discretion, and which consent
may be in the form of a plan or program entered into or approved by the General Partner, in its sole discretion. Any such determination
in the General Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform
and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not
constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units
that is not in accordance with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by law, null
and void.

 

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(b)              
Notwithstanding anything otherwise to the contrary in this Section 8.02, each Limited Partner may Transfer Units in Exchange
Transactions pursuant to, and in accordance with, the Exchange Agreement; provided that such Exchange Transactions shall be effected
in compliance with policies that the General Partner may adopt or promulgate from time to time (including policies requiring the
use of designated administrators or brokers).

 

(c)               
Notwithstanding anything otherwise to the contrary in this Section 8.02, a Limited Partner or a Personal Planning Vehicle
of a Limited Partner may Transfer Units: (i) to the donor thereof; (ii) if the Personal Planning Vehicle is a grantor retained
annuity trust and the trustee(s) of such grantor retained annuity trust is obligated to make one or more distributions to the donor
of the grantor retained annuity trust, the estate of the donor of the grantor retained annuity trust, the spouse of the donor of
the grantor retained annuity trust or the estate of the spouse of the donor of the grantor retained annuity trust, to any such
Persons; or (iii) upon the death of such Limited Partner, to the spouse of such Limited Partner or a trust for which a deduction
under Section 2056 or 2056A (or any successor provisions) of the Code may be sought.

 

SECTION 8.03      
Mandatory Exchanges. The General Partner may in its sole discretion at any time and from time to time, without the
consent of any Limited Partner or other Person, cause to be Transferred in an Exchange Transaction any and all Units, except for
Units held by any Person that is a Service Provider at the time in question and/or in which a Person that is a Service Provider
at the time in question has an indirect interest as set forth in the books and records of the Partnership. Any such determinations
by the General Partner need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners
are similarly situated. In addition, the General Partner may, with the consent of Partners whose Vested Percentage Interests exceed
75% of the Vested Percentage Interests of all Partners in the aggregate, require all Limited Partners to Transfer in an Exchange
Transaction all Units held by them.

 

SECTION 8.04      
Encumbrances. No Limited Partner or Assignee may create an Encumbrance with respect to all or any portion of its
Units (or any beneficial interest therein) other than Encumbrances that run in favor of the Limited Partner unless the General
Partner consents in writing thereto, which consent may be given or withheld, or made subject to such conditions as are determined
by the General Partner, in the General Partner’s sole discretion. Consent of the General Partner shall be withheld until
the holder of the Encumbrance acknowledges the terms and conditions of this Agreement. Any purported Encumbrance that is not in
accordance with this Agreement shall be, to the fullest extent permitted by law, null and void.

 

    	22

    	 

    

 

SECTION 8.05      
Further Restrictions. (a) Notwithstanding any contrary provision in this Agreement, the General Partner may impose
such vesting requirements, forfeiture provisions, Transfer restrictions, minimum retained ownership requirements or other similar
provisions with respect to any Units that are outstanding as of the date of this Agreement or are created thereafter, with the
written consent of the holder of such Units. Such requirements, provisions and restrictions need not be uniform and may be waived
or released by the General Partner in its sole discretion with respect to all or a portion of the Units owned by any one or more
Limited Partners at any time and from time to time, and shall not constitute the breach of any duty hereunder or otherwise existing
at law, in equity or otherwise.

 

(b)              
Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Limited
Partner or Assignee if:

 

(i)                
such Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit;

 

(ii)              
such Transfer would require the registration of such transferred Unit or of any Class of Unit pursuant to any applicable
United States federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other
non-U.S. securities laws (including Canadian provincial or territorial securities laws) or would constitute a non-exempt distribution
pursuant to applicable provincial or state securities laws;

 

(iii)            
such Transfer would cause (i) all or any portion of the assets of the Partnership to (A) constitute “plan assets”
(under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to the
provisions of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the General Partner to become a fiduciary
with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law, or otherwise;

 

(iv)            
to the extent requested by the General Partner, the Partnership does not receive such legal and/or tax opinions and written
instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound
by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General Partner’s
sole discretion; or

 

(v)              
the General Partner shall determine in its sole discretion that such Transfer would pose a material risk that the Partnership
would be a “publicly traded partnership” as defined in Section 7704 of the Code.

 

In addition, notwithstanding any contrary
provision in this Agreement, to the extent the General Partner shall determine that interests in the Partnership do not meet the
requirements of Treasury Regulation section 1.7704-1(h), the General Partner may impose such restrictions on the Transfer of Units
or other interests in the Partnership as the General Partner may determine in its sole discretion to be necessary or advisable
so that the Partnership is not treated as a publicly traded partnership taxable as a corporation under Section 7704 of the Code.

 

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(c)               
Any Transfer in violation of this Article VIII shall be deemed null and void ab initio and of no effect.

 

SECTION 8.06      
Rights of Assignees. The Transferee of any permitted Transfer pursuant to this Article VIII will be an assignee only
(“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income,
gain, loss, deduction, credit or similar item to which the Partner which transferred its Units would be entitled, and such Assignee
will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations relating
to, or in connection with, such interest remaining with the transferring Partner. The transferring Partner will remain a Partner
even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Partnership
as a Partner pursuant to Section 8.08.

 

SECTION 8.07      
Admissions, Withdrawals and Removals. (a) No Person may be admitted to the Partnership as an additional General Partner
or substitute General Partner without the prior written consent of each incumbent General Partner, which consent may be given or
withheld, or made subject to such conditions as are determined by each incumbent General Partner, in each case in the sole discretion
of each incumbent General Partner. A General Partner will not be entitled to withdraw from being a General Partner of the Partnership
unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn).

 

(b)              
No Limited Partner will be removed or entitled to withdraw from being a Partner of the Partnership except in accordance
with Section 8.09 hereof. Any additional General Partner or substitute General Partner admitted as a general partner of the Partnership
pursuant to this Section 8.08 is hereby authorized to, and shall, continue the Partnership without dissolution.

 

(c)               
Except as otherwise provided in Article IX or the Act, no admission, substitution, withdrawal or removal of a Partner will
cause the dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal
that is not in accordance with this Agreement shall be null and void.

 

SECTION 8.08      
Admission of Assignees as Substitute Limited Partners. An Assignee will become a substitute Limited Partner only
if and when each of the following conditions is satisfied:

 

(a)               
if required under Section 8.02, the General Partner consents in writing to such admission, which consent may be given or
withheld, or made subject to such conditions as are determined by the General Partner, in each case in the General Partner’s
sole discretion;

 

(b)              
if required by the General Partner, the General Partner receives written instruments (including, without limitation, copies
of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner)
that are in a form satisfactory to the General Partner (as determined in its sole discretion);

 

    	24

    	 

    

 

(c)               
if required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General Partner
to the effect that such Transfer is in compliance with this Agreement and all applicable Law; and

 

(d)              
if required by the General Partner, the parties to the Transfer, or any one of them, pays all of the Partnership’s
reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the
Partnership).

 

SECTION 8.09      
Withdrawal and Removal of Limited Partners. Subject to Section 8.06, if a Limited Partner ceases to hold any Units,
including as a result of a forfeiture of Units, then such Limited Partner shall cease to be a Limited Partner and to have the power
to exercise any rights or powers of a Limited Partner, and shall be deemed to have withdrawn from the Partnership.

 

ARTICLE IX

DISSOLUTION, LIQUIDATION AND TERMINATION

 

SECTION 9.01      
No Dissolution. Except as required by the Act, the Partnership shall not be dissolved by the admission of additional
Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated,
wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any and all
other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets.

 

SECTION 9.02      
Events Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the occurrence
of any of the following events (each, a “Dissolution Event”):

 

(a)               
the entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act upon the finding by a court
of competent jurisdiction that it is not reasonably practicable to carry on the business of the Partnership in conformity with
this Agreement;

 

(b)              
any event which makes it unlawful for the business of the Partnership to be carried on by the Partners;

 

(c)               
the written consent of all Partners;

 

(d)              
at any time there are no limited partners, unless the Partnership is continued in accordance with the Act;

 

(e)               
the Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the General Partner;
provided that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified
in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at least one other general partner of the
Partnership who is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) all remaining Limited
Partners consent to or ratify the continuation of the business of the Partnership and the appointment of another general partner
of the Partnership, effective as of the event that caused the General Partner to cease to be a general partner of the Partnership,
within 120 days following the occurrence of any such event, which consent shall be deemed (and if requested each Limited Partner
shall provide a written consent or ratification) to have been given for all Limited Partners if the holders of more than 50% of
the Vested Units then outstanding agree in writing to so continue the business of the Partnership; or

 

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(f)               
the determination of the General Partner in its sole discretion; provided that in the event of a dissolution pursuant
to this clause (f), the relative economic rights of each Class of Units immediately prior to such dissolution shall be preserved
to the greatest extent practicable with respect to distributions made to Partners pursuant to Section 9.03 below in connection
with the winding up of the Partnership, taking into consideration tax and other legal constraints that may adversely affect one
or more parties hereto and subject to compliance with applicable laws and regulations, unless, and to the extent that, with respect
to any Class of Units, holders of not less than 90% of the Units of such Class consent in writing to a treatment other than as
described above.

 

SECTION 9.03      
Distribution upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall continue until
the winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or
any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of the
assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the
Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any liquidation shall be applied
and distributed in the following order:

 

(a)               
First, to the satisfaction of debts and liabilities of the Partnership (including satisfaction of all indebtedness to Partners
and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment
of any reserve which the Liquidation Agent shall deem reasonably necessary for any contingent, conditional or unmatured contractual
liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be paid over by the Liquidation
Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies
and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in
the manner hereinafter provided in this Section 9.03; and

 

(b)              
The balance, if any, to the holders of Units, pro rata to each of the holders of Units in accordance with their Total
Percentage Interests.

 

SECTION 9.04      
Time for Liquidation. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the
Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant
upon such liquidation.

 

SECTION 9.05      
Termination. The Partnership shall terminate when all of the assets of the Partnership, after payment of or due provision
for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner
provided for in this Article IX, and the Certificate shall have been cancelled in the manner required by the Act.

 

    	26

    	 

    

 

SECTION 9.06      
Claims of the Partners. The Partners shall look solely to the Partnership’s assets for the return of their
Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities
and obligations of the Partnership are insufficient to return such Capital Contributions, the Partners shall have no recourse against
the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account
shall have any obligation to the Partnership or to the other Partners or to any creditor or other Person to restore such negative
balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the
extent required by the Act.

 

SECTION 9.07      
Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of Sections
10.02, 11.09 and 11.10 shall survive the termination of the Partnership.

 

ARTICLE X

LIABILITY AND INDEMNIFICATION

 

SECTION 10.01  
Liability of Partners.

 

(a)               
No Limited Partner and no Affiliate, manager, member, employee or agent of a Limited Partner shall be liable for any debt,
obligation or liability of the Partnership or of any other Partner or have any obligation to restore any deficit balance in its
Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act.

 

(b)              
This Agreement is not intended to, and does not, create or impose any duty (including any fiduciary duty) on any of the
Partners (including without limitation, the General Partner) hereto or on their respective Affiliates. Further, the Partners hereby
waive any and all duties (including fiduciary duties) that, absent such waiver, may exist at or be implied by Law or in equity,
and in doing so, recognize, acknowledge and agree that their duties and obligations to one another and to the Partnership are only
as expressly set forth in this Agreement and those required by the Act.

 

(c)               
To the extent that, at law or in equity, any Partner (including without limitation, the General Partner) has duties (including
fiduciary duties) and liabilities relating thereto to the Partnership, to another Partner or to another Person who is a party to
or is otherwise bound by this Agreement, the Partners (including without limitation, the General Partner) acting under this Agreement
will not be liable to the Partnership, to any such other Partner or to any such other Person who is a party to or is otherwise
bound by this Agreement, for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to
the extent that they restrict or eliminate the duties and liabilities relating thereto of any Partner (including without limitation,
the General Partner) otherwise existing at law or in equity, are agreed by the Partners to replace to that extent such other duties
and liabilities of the Partners relating thereto (including without limitation, the General Partner).

 

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(d)              
The General Partner may consult with legal counsel, accountants and financial or other advisors and any act or omission
suffered or taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in
good faith in reliance upon and in accordance with the advice of such counsel, accountants or financial or other advisors will
be full justification for any such act or omission, and the General Partner will be fully protected in so acting or omitting to
act so long as such counsel or accountants or financial or other advisors were selected with reasonable care.

 

(e)               
Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this
Agreement the General Partner is permitted or required to make a decision (i) in its “sole discretion” or “discretion”
or under a grant of similar authority or latitude, such General Partner shall be entitled to consider only such interests and factors
as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation
to give any consideration to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good
faith” or under another expressed standard, such General Partner shall act under such express standard and shall not be subject
to any other or different standards.

 

SECTION 10.02  
Indemnification.

 

(a)               
Indemnification. To the fullest extent permitted by law, as the same exists or hereafter be amended (but in the case
of any such amendment, only to the extent that such amendment permits the Partnership to provide broader indemnification rights
than such law permitted the Partnership to provide prior to such amendment), the Partnership shall indemnify any Indemnitee who
was or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action,
suit or proceeding (brought in the right of the Partnership or otherwise), whether civil, criminal, administrative, arbitrative
or investigative, and whether formal or informal, including appeals, by reason of his or her or its status as an Indemnitee or
by reason of any action alleged to have been taken or omitted to be taken by Indemnitee in such capacity, for and against all loss
and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably
incurred by such Indemnitee in connection with such action, suit or proceeding, including appeals; provided that such Indemnitee
shall not be entitled to indemnification hereunder if, but only to the extent that, such Indemnitee’s conduct constituted
fraud, bad faith or willful misconduct. Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c),
the Partnership shall be required to indemnify an Indemnitee in connection with any action, suit or proceeding (or part thereof)
(i) commenced by such Indemnitee only if the commencement of such action, suit or proceeding (or part thereof) by such Indemnitee
was authorized by the General Partner and (ii) by or in the right of the Partnership only if the General Partner has provided its
prior written consent. The indemnification of an Indemnitee of the type identified in clause (d) of the definition of Indemnitee
shall be secondary to any and all indemnification to which such Indemnitee is entitled from (x) the relevant other Person (including
any payment made to such Indemnitee under any insurance policy issued to or for the benefit of such Person or Indemnitee), and
(y) the relevant Fund (if applicable) (including any payment made to such Indemnitee under any insurance policy issued to or for
the benefit of such Fund or the Indemnitee) (clauses (x) and (y) together, the “Primary Indemnification”), and
will only be paid to the extent the Primary Indemnification is not paid and/or does not provide coverage (e.g., a self-insured
retention amount under an insurance policy). No such Person or Fund shall be entitled to contribution or indemnification from or
subrogation against the Partnership. The indemnification of any other Indemnitiee shall, to the extent not in conflict with such
policy, be secondary to any and all payment to which such Indemnitee is entitled from any relevant insurance policy issued to or
for the benefit of the Partnership or any Indemnitee.

 

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(b)              
Advancement of Expenses. To the fullest extent permitted by law, the Partnership shall promptly pay expenses (including
attorneys’ fees) incurred by any Indemnitee in appearing at, participating in or defending any action, suit or proceeding
in advance of the final disposition of such action, suit or proceeding, including appeals, upon presentation of an undertaking
on behalf of such Indemnitee to repay such amount if it shall ultimately be determined that such Indemnitee is not entitled to
be indemnified under this Section 10.02 or otherwise. Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c),
the Partnership shall be required to pay expenses of an Indemnitee in connection with any action, suit or proceeding (or part thereof)
(i) commenced by such Indemnitee only if the commencement of such action, suit or proceeding (or part thereof) by such Indemnitee
was authorized by the General Partner and (ii) by or in the right of the Partnership only if the General Partner has provided its
prior written consent.

 

(c)               
Unpaid Claims. If a claim for indemnification (following the final disposition of such action, suit or proceeding)
or advancement of expenses under this Section 10.02 is not paid in full within 30 days after a written claim therefor by any
Indemnitee has been received by the Partnership, such Indemnitee may file proceedings to recover the unpaid amount of such claim
and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action
the Partnership shall have the burden of proving that such Indemnitee is not entitled to the requested indemnification or advancement
of expenses under applicable Law.

 

(d)              
Insurance. (i) To the fullest extent permitted by law, the Partnership may purchase and maintain insurance on behalf
of any person described in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership
would have the power to indemnify such person against such liability under the provisions of this Section 10.02 or otherwise.

 

(ii)              
In the event of any payment by the Partnership under this Section 10.02, the Partnership shall be subrogated to the
extent of such payment to all of the rights of recovery of the Indemnitee from any relevant other Person or under any insurance
policy issued to or for the benefit of the Partnership, such relevant other Person, or any Indemnitee. Each Indemnitee agrees to
execute all papers required and take all action necessary to secure such rights, including the execution of such documents as are
necessary to enable the Partnership to bring suit to enforce any such rights in accordance with the terms of such insurance policy
or other relevant document. The Partnership shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee
in connection with such subrogation.

 

(iii)            
The Partnership shall not be liable under this Section 10.02 to make any payment of amounts otherwise indemnifiable hereunder
(including, but not limited to, judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit
plan or penalties) if and to the extent that the applicable Indemnitee has otherwise actually received such payment under this
Section 10.02 or any insurance policy, contract, agreement or otherwise.

 

    	29

    	 

    

 

(e)               
Non-Exclusivity of Rights. The provisions of this Section 10.02 shall be applicable to all actions, claims, suits
or proceedings made or commenced after the date of this Agreement, whether arising from acts or omissions to act occurring before
or after its adoption. The provisions of this Section 10.02 shall be deemed to be a contract between the Partnership and each person
entitled to indemnification under this Section 10.02 (or legal representative thereof) who serves in such capacity at any time
while this Section 10.02 and the relevant provisions of applicable Law, if any, are in effect, and any amendment, modification
or repeal hereof shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit
or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or
in part on any such state of facts. If any provision of this Section 10.02 shall be found to be invalid or limited in application
by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification
provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person may
otherwise be or become entitled or permitted by contract, this Agreement or as a matter of law, both as to actions in such person’s
official capacity and actions in any other capacity, it being the policy of the Partnership that indemnification of any person
whom the Partnership is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by law.

 

For purposes of this Section 10.02, references
to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise
taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Partnership”
shall include any service as a director, officer, employee or agent of the Partnership which imposes duties on, or involves services
by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries.

 

This Section 10.02 shall not limit the right
of the Partnership, to the extent and in the manner permitted by law, to indemnify and to advance expenses to, and purchase and
maintain insurance on behalf of, persons other than persons described in Section 10.02(a).

 

ARTICLE XI

MISCELLANEOUS

 

SECTION 11.01  
Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially
adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

    	30

    	 

    

 

SECTION 11.02  
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall
be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service (delivery receipt
requested), by fax, by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective
parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance
with this Section 11.02):

 

	(a)	If to the Partnership or the General Partner, to it at:
	 	 
	 	777 West Putnam Avenue, 3rd Floor
	 	Greenwich, CT 06830
	 	Attention: Leonard M. Tannenbaum and Bernard D. Berman
	 	Electronic Mail: 
	 	 
	(b)	If to any Partner, to the contact information on file with the Partnership.

 

FSAM shall use commercially reasonable efforts to forward any
such communication to the applicable Partner’s address, email address or facsimile number as shown in the Partnership’s
books and records.

 

SECTION 11.03  
Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right
or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given
in addition to any other rights the parties may have by Law.

 

SECTION 11.04  
Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent
permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns.

 

SECTION 11.05  
Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter,
singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles,”
“Sections” and paragraphs shall refer to corresponding provisions of this Agreement.

 

Each party hereto acknowledges and agrees
that the parties hereto have participated collectively in the negotiation and drafting of this Agreement and that he or she or
it has had the opportunity to draft, review and edit the language of this Agreement; accordingly, it is the intention of the parties
that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any dispute
relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted
by law the benefit of any rule of law or any legal decision that would require that in cases of uncertainty, the language of a
contract should be interpreted most strongly against the party who drafted such language.

 

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SECTION 11.06  
Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted
by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section
11.06.

 

SECTION 11.07  
Further Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other documents
as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

SECTION 11.08  
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining thereto.

 

SECTION 11.09  
Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware.

 

SECTION 11.10  
Dispute Resolution.

 

(a)               
The Partnership and each Partner, each other Person who acquires a Unit or other interest in the Partnership and each other
Person who is bound by this Agreement (collectively, the “Consenting Parties” and each a “Consenting
Party”) (i) irrevocably agrees that, unless the General Partner shall otherwise agree in writing, any claims, suits,
actions or proceedings arising out of or relating in any way to this Agreement or any interest in the Partnership (including, without
limitation, any claims, suits or actions under or to interpret, apply or enforce (A) the provisions of this Agreement, including
without limitation the validity, scope or enforceability of this Section 11.10(a) or the arbitrability of any Dispute (as
defined below), (B) the duties, obligations or liabilities of the Partnership to the Partners, or of the Partners to the Partnership,
or among Partners, (C) the rights or powers of, or restrictions on, the Partnership, or any Partner, (D) any provision of the Act
or other similar applicable statutes, (E) any other instrument, document, agreement or certificate contemplated either by any provision
of the Act relating to the Partnership or by this Agreement or (F) the federal securities laws of the United States or the securities
or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority,
including, in each case, the applicable rules and regulations promulgated thereunder (regardless of whether such Disputes (x) sound
in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative
or direct claims)) (a “Dispute”) shall be finally settled by arbitration conducted by three arbitrators (or,
in the event the amount of quantified claims and/or estimated monetary value of other claims contained in the applicable request
for arbitration is less than $3.0 million, by a sole arbitrator) in the Borough of Manhattan, New York City in accordance with
the Rules of Arbitration of the International Chamber of Commerce (including the rules relating to costs and fees) existing on
the date of this Agreement except to the extent those rules are inconsistent with the terms of this Section 11.10, and that such
arbitration shall be the exclusive manner pursuant to which any Dispute shall be resolved; (ii) agrees that this Agreement involves
commerce and is governed by the Federal Arbitration Act, 9 U.S.C. Section 1, et seq. and any applicable treaties governing the
recognition and enforcement of international arbitration agreements and awards; (iii) agrees to take all steps necessary or advisable,
including the execution of documents to be filed with the International Court of Arbitration or the International Centre for ADR
in order to properly submit any Dispute for arbitration pursuant to this Section 11.10; (iv) irrevocably waives, to the fullest
extent permitted by law, any objection it may have or hereafter have to the submission of any Dispute for arbitration pursuant
to this Section 11.10 and any right to lay claim to jurisdiction in any venue; (v) agrees that (A) the arbitrator(s) shall be U.S.
lawyers, U.S. law professors and/or retired U.S. judges and all arbitrators, including the president of the arbitral tribunal,
may be U.S. nationals and (B) the arbitrator(s) shall conduct the proceedings in the English language; (vi) agrees that except
as required by law (including any disclosure requirement to which the Partnership may be subject under any securities law, rule
or regulation or applicable securities exchange rule or requirement) or as may be reasonably required in connection with ancillary
judicial proceedings to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm
or challenge an arbitration award, the arbitration proceedings, including any hearings, shall be confidential, and the parties
shall not disclose any awards, any materials in the proceedings created for the purpose of the arbitration, or any documents produced
by another party in the proceedings not otherwise in the public domain; (vii) irrevocably agrees that, unless the General Partner
and the relevant named party or parties shall otherwise mutually agree in writing, (A) the arbitrator(s) may award declaratory
or injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted
by that party’s individual claim, (B) SUCH CONSENTING PARTY MAY BRING CLAIMS ONLY IN ITS INDIVIDUAL CAPACITY, AND NOT AS
A PLAINTIFF, CLASS REPRESENTATIVE OR CLASS MEMBER, OR AS A PRIVATE ATTORNEY GENERAL, IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING,
and (C) the arbitrators) may not consolidate more than one person’s claims, and shall not have authority otherwise to preside
over any form of a representative or class or consolidated proceeding or entertain any claim on behalf of a person who is not a
named party, nor shall any arbitrator have authority to make any award for the benefit of, or against, any person who is not a
named party; and (viii) agrees that if a Dispute that would be arbitrable under this Agreement if brought against a Consenting
Party is brought against an employee, officer, director, agent or indemnitee of such Consenting Party or its Affiliates (other
than Disputes brought by the employer or principal of any such employee, officer, director, agent or indemnitee) for alleged actions
or omissions of such employee, officer, director, agent or indemnitee undertaken as an employee, officer, director, agent or indemnitee
of such Consenting Party or its Affiliates, such employee, officer, director, agent or indemnitee shall be entitled to invoke this
arbitration agreement. Notwithstanding Section 11.01, each provision of this Section 11.10(a) shall be deemed material, and shall
not be severable and this Section 11.10(a) shall be enforced only in its entirety. Performance under this Agreement shall continue
if reasonably possible during any arbitration proceedings.

 

    	32

    	 

    

 

(b)              
Notwithstanding the provisions of paragraph (a), any Consenting Party may bring an action or special proceeding for the
purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, or enforcing
an arbitration award and, for the purposes of this paragraph (b), each Consenting Party (i) irrevocably agrees that, unless
the General Partner consents in writing to the selection of an alternative forum, any such action or special proceeding shall be
exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction
thereof, any other court located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the
exclusive jurisdiction of such courts in connection with any such action or special proceeding; (iii) irrevocably agrees not to,
and waives any right to, assert in any such action or special proceeding that (A) it is not personally subject to the jurisdiction
of such courts or any other court to which proceedings in such courts may be appealed, (B) such action or special proceeding is
brought in an inconvenient forum, or (C) the venue of such action or special proceeding is improper; (iv) expressly waives any
requirement for the posting of a bond by a party bringing such action or special proceeding; (v) consents to process being served
in any such action or special proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at
the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process
and notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner
permitted by law; (VI) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUCH CLAIM, SUIT, ACTION OR PROCEEDING; and
(vii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult
to calculate and that remedies at law would be inadequate.

 

    	33

    	 

    

 

(c)               
If the arbitrator(s) shall determine that any Dispute is not subject to arbitration, or the arbitrator(s) or any court or
tribunal of competent jurisdiction shall refuse to enforce any provision of Section 11.10(a) or shall determine that any Dispute
is not subject to arbitration as contemplated thereby, then, and only then, shall the alternative provisions of this Section 11.10(c)
be applicable. Each Consenting Party, to the fullest extent permitted by law, (i) irrevocably agrees that unless the General
Partner consents in writing to the selection of an alternative forum, any Dispute shall be exclusively brought in the Court of
Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located
in the State of Delaware with subject matter jurisdiction over such Dispute; (ii) irrevocably submits to the exclusive jurisdiction
of such courts in connection with any such claim, suit, action or proceeding; (iii) irrevocably agrees not to, and waives any right
to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts
or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in
an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper; (iv) expressly waives any requirement
for the posting of a bond by a party bringing such claim, suit, action or proceeding; (v) consents to process being served in any
such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the
address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and
notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner
permitted by law; and (VI) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUCH CLAIM, SUIT, ACTION OR PROCEEDING;
AND (vii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be
difficult to calculate and that remedies at law would be inadequate. The parties acknowledge that the fora designated by this paragraph
(c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

 

SECTION 11.11  
Expenses. Except as otherwise specified in this Agreement, the Partnership shall be responsible for all costs and
expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection
with its operation.

 

    	34

    	 

    

 

SECTION 11.12  
Amendments and Waivers. (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or
modified in writing by the General Partner and Limited Partners holding a majority of the Units; provided that no amendment
may materially and adversely affect the rights of a holder of Units, as such, other than on a pro rata basis with other holders
of Units of the same Class without the consent of such holder (or, if there is more than one such holder that is so affected, without
the consent of a majority in interest of such affected holders in accordance with their holdings of such Class of Units); provided
further, however, that notwithstanding the foregoing, the General Partner may, without the written consent of any Limited
Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge,
deliver, file and record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement,
waiver or modification that the General Partner determines to be necessary or appropriate in connection with the creation, authorization
or issuance of Units or any Class or series of equity interest in the Partnership pursuant to Section 7.01 hereof; (ii) the admission,
substitution, withdrawal or removal of Partners in accordance with this Agreement, including pursuant to Section 7.01 hereof; (iii)
a change in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent
of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that the
General Partner determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax
regulations, legislation or interpretation; and/or (v) a change in the Fiscal Year or taxable year of the Partnership and any other
changes that the General Partner determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable
year of the Partnership including a change in the dates on which distributions are to be made by the Partnership. If an amendment
has been approved in accordance with this agreement, such amendment shall be adopted and effective with respect to all Partners.
Upon obtaining such approvals as may be required by this Agreement, and without further action or execution on the part of any
other Partner or other Person, any amendment to this Agreement may be implemented and reflected in a writing executed solely by
the General Partner and the Limited Partners shall be deemed a party to and bound by such amendment.

 

(b)              
No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond
a period of time specified herein) shall operate as a 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.

 

(c)               
The General Partner may, in its sole discretion, unilaterally amend this Agreement on or before the effective date of the
final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any
similar provision) under which the fair market value of a partnership interest (or interest in an entity treated as a partnership
for U.S. federal income tax purposes) that is transferred is treated as being equal to the liquidation value of that interest,
(ii) an agreement by the Partnership and each of its Partners to comply with all of the requirements set forth in such regulations
and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with respect to such election) with respect
to all partnership interests (or interest in an entity treated as a partnership for U.S. federal income tax purposes) transferred
in connection with the performance of services while the election remains effective, (iii) the allocation of items of income, gains,
deductions and losses required by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b)
and (c), and (iv) any other related amendments.

 

    	35

    	 

    

 

(d)              
Except as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Partnership,
each Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for
partition of any of the Partnership’s property.

 

SECTION 11.13  
No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any
other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement
(other than pursuant to Section 10.02 hereof); provided, however that each employee, officer, director, agent or indemnitee of
any Consenting Party or its Affiliates is an intended third party beneficiary of Section 11.10(a) and shall be entitled to enforce
its rights thereunder.

 

SECTION 11.14  
Headings. The headings and subheadings in this Agreement are included for convenience and identification only and
are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

 

SECTION 11.15  
Power of Attorney. Each Limited Partner, by its execution hereof, hereby makes, constitutes and appoints the General
Partner as its true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its
name, place and stead, to make, execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this
Agreement that has been adopted as herein provided; (b) the original certificate of limited partnership of the Partnership and
all amendments thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments
(including consents and ratifications which the Limited Partners have agreed to provide upon a matter receiving the agreed support
of Limited Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions
of Section 8.05) and Law or to permit the Partnership to become or to continue as a limited partnership or partnership wherein
the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments
that the General Partner deems appropriate to reflect a change or modification of this Agreement or the Partnership in accordance
with this Agreement, including, without limitation, the admission of additional Limited Partners or substituted Limited Partners
pursuant to the provisions of this Agreement; (e) all conveyances and other instruments or papers deemed advisable by the General
Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required
or permitted (in light of the Partnership’s activities) to be filed on behalf of the Partnership.

 

    	36

    	 

    

 

SECTION 11.16  
Separate Agreements; Schedules. Notwithstanding any other provision of this Agreement, including Section 11.12, the
General Partner may, or may cause the Partnership to, without the approval of any Limited Partner or other Person, enter into separate
subscription, letter or other agreements with individual Limited Partners with respect to any matter, which have the effect of
establishing rights under, or altering, supplementing or amending the terms of, this Agreement. The parties hereto agree that any
terms contained in any such separate agreement shall govern with respect to such Limited Partner(s) party thereto notwithstanding
the provisions of this Agreement. The General Partner may from time to time execute and deliver to the Limited Partners schedules
which set forth information contained in the books and records of the Partnership and any other matters deemed appropriate by the
General Partner. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for
any purpose whatsoever.

 

SECTION 11.17  
Partnership Status. The parties intend to treat the Partnership as a partnership for U.S. federal income tax purposes.

 

SECTION 11.18  
Delivery by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument
entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the
extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all
manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise
the use of a facsimile machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract,
and each such party forever waives any such defense.

 

[Remainder of Page Intentionally Left Blank]

 

    	37

    	 

    

  

IN WITNESS WHEREOF, the parties hereto have
entered into this Agreement or have caused this Agreement to be duly executed by their respective authorized officers, in each
case as of the date first above stated.

 

	 	GENERAL PARTNER:
	 	 	 
	 	FIFTH STREET ASSET MANAGEMENT INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/
    Leonard M. Tannenbaum                  
	 	 	Name: Leonard M. Tannenbaum
	 	 	Title: Chief Executive Officer

 

 

 

 

 

 

 

[Amended and Restated Limited Partnership
Agreement of Fifth Street Holdings L.P.]

    	 

    	 

    

 

LIMITED PARTNERS

 

 

/s/ Leonard M. Tannenbaum            

Name: Leonard M. Tannenbaum

 

 

 

/s/ Bernard D. Berman                         

Name: Bernard D. Berman

 

 

 

/s/ Ivelin M. Dimitrov                            

Name: Ivelin M. Dimitrov

 

 

 

/s/ Charles J. Zmijeski                            

Name: Charles J. Zmijeski

 

 

 

/s/ Sandeep K. Khorana                        

Name: Sandeep K. Khorana

 

 

 

/s/ Alexander C. Frank                            

Name: Alexander C. Frank

 

 

 

/s/ Brian D. Finkelstein                             

Name: Brian D. Finkelstein

 

 

 

/s/ Kyse S. Sharp                                       

Name: Kyde S. Sharp

 

 

 

/s/ James F. Velgot                                    

Name: James F. Velgot

 

    	 

    	 

    

 

/s/ Stacey L. Tannenbaum                         

Name: Stacey L. Tannenbaum

 

 

 

/s/ Steven M. Noreika                                  

Name: Steven M. Noreika

 

 

 

/s/ Matthew Bandini                                    

Name: Matthew Bandini

 

 

 

/s/ Greg Browne                                           

Name: Greg Browne

 

    	 

    	 

    

 

Tannenbaum Family 2012 Trust

 

 

/s/ Bernard D. Berman                                   

Name: Bernard D. Berman

Title: Trustee

 

 

FSC CT II, Inc.

 

 

/s/ Leonard M. Tannenbaum                            

Name: Leonard M. Tannenbaum

Title: President

 

    	 

    	 

    

 

Bernard D.
Berman 2012 Trust

 

By _/s/ William F. Meehan________________

Name: William F. Meehan

Title    Trustee

 

By __/s/ Nicole H. Berman______________

Name: Nicole H. Berman

Title:   TrusteeExhibit 10.2

 

EXCHANGE AGREEMENT

 

EXCHANGE AGREEMENT (the “Agreement”),
dated as of November 4, 2014, among Fifth Street Asset Management Inc. (the “Issuer”), Fifth Street Holdings
L.P. (“Holdings”), and the limited partners of Holdings from time to time party hereto (the “Limited
Partners”).

 

WHEREAS, the parties hereto desire to provide
the Limited Partners the right to exchange Class A Units of Holdings for Class A common stock of the Issuer, on the terms and subject
to the 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.

 

The following definitions shall be for all
purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

 

“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person.
For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means either or both
of (a) ownership, directly or indirectly, of a majority of the voting or economic equity interest of such Person and/or (b) the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise.

 

“Agreement” has the meaning
set forth in the preamble of this Agreement.

 

“Business Day” means
each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are authorized or required
by law to close.

 

“Change of Control Exchange”
has the meaning set forth in Section 2.1(a)(iv) of this Agreement.

 

“Change of Control Exchange Notice”
has the meaning set forth in Section 2.1(a)(iv) of this Agreement.

 

“Change of Control Transaction”
means (a) any sale, transfer or issuance or series of related sales, transfers and/or issuances of equity securities of Holdings
to a party other than the Issuer or a Person who is an Affiliate of Holdings or the Issuer as of the date hereof which results
in any Person or group of Persons (as the term “group” is used under the Securities Exchange Act of 1934) owning a
majority of the limited partnership or general partnership interests of Holdings, (b) any sale, transfer or issuance or series
of related sales, transfers and/or issuances of equity securities of the Issuer to a party other than a Person who is an Affiliate
of Holdings or the Issuer as of the date hereof which results in any Person or group of Persons (as the term “group”
is used under the Securities Exchange Act of 1934) possessing the voting power (under ordinary circumstances) to elect a majority
of the Board of Directors of the Issuer, and (c) any direct or indirect sale or transfer of all or substantially all of the assets
of Holdings or the Issuer in any transaction or series of related transactions.

 

    	 

    	 

    

  

“Class A Common Share”
means a share of Class A Common Stock, par value $0.01, of the Issuer.

 

“Class B Common Share”
means a share of Class B Common Stock, par value $0.01, of the Issuer.

 

“Class B Partner” means
any limited partner of Holdings that owns, or the direct or indirect owner of which owns, Class B Common Shares at the time of
an Exchange by such limited partner.

 

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

 

“Contribution Agreements”
means those certain Contribution Agreements dated as of September 17, 2014 by and between Holdings and the Limited Partners pursuant
to which, inter alia, such Limited Partners contributed their membership interests of Fifth Street Management LLC to Holdings
in exchange for Partnership Units.

 

“Dispute” has the meaning
set forth in Section 3.9(a) of this Agreement.

 

“Exchange” has the meaning
set forth in Section 2.1(a)(i) of this Agreement.

 

“Exchange Rate” means
the number of Class A Common Shares for which a Partnership Unit is entitled to be exchanged. On the date of this Agreement, the
Exchange Rate shall be 1-for-1, which Exchange Rate shall be subject to modification only as provided in Section 2.4.

 

“Fifth Street Parties”
means, collectively, the Issuer and Holdings.

 

“First Quarterly Exchange Date”
means the first Quarterly Exchange Date following the second anniversary of the closing of the IPO.

 

“IPO” means the initial
public offering and sale of Class A Common Shares, as contemplated by the Issuer’s Registration Statement on Form S-1 (File
No. 333-198613).

 

“Issuer Governing Documents”
means, collectively, the Amended and Restated Certificate of Incorporation and Bylaws of the Issuer, as such documents may be amended,
supplemented or restated from time to time.

 

“Liens” means any and
all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations,
understandings or arrangements or other restrictions on title or transfer of any nature whatsoever.

 

“Partnership Agreement”
means, the Amended and Restated Limited Partnership Agreement of Holdings, as it may be amended, supplemented or restated from
time to time.

 

“Partnership Units” means
the Class A Units of Holdings, as issued pursuant to and described in the Partnership Agreement.

 

“Person” means an individual
or a corporation, limited liability company, partnership, joint venture, trust, estate, unincorporated organization, association
(including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county,
or any other governmental or political subdivision, agency or instrumentality thereof) or other entity (or series thereof).

 

    	2

    	 

    

  

“Permitted Transferee”
has the meaning set forth in Section 3.1 of this Agreement.

 

“Principals” means Leonard
M. Tannenbaum, Bernard D. Berman, FSC CT II, Inc., Tannenbaum Family 2012 Trust and Bernard D. Berman 2012 Trust.

 

“Quarter” means, unless
the context requires otherwise, a fiscal quarter of the Issuer.

 

“Quarterly Exchange Date”
means, unless the Issuer cancels such Quarterly Exchange Date pursuant to Section 2.7 hereof, the date that is the later to occur
of either: (a) the second Business Day after the date on which the Issuer makes a public news release of its quarterly earnings
for the prior Quarter, (b) the first day of each Quarter on which directors and executive officers of the Issuer are permitted
to trade under the applicable policies of the Issuer related to trading by directors and executive officers or (c) such other date
as the Issuer shall determine in its sole discretion. At least seventy-five (75) days prior to each Quarterly Exchange Date, the
Issuer will provide notice thereof to each Limited Partner eligible to Exchange Partnership Units for Class A Common Shares on
such Quarterly Exchange Date. There shall not be a Quarterly Exchange Date prior to the First Quarterly Exchange Date.

 

“Sale Transaction” has
the meaning set forth in Section 2.7 of this Agreement.

 

“Securities Act” has
the meaning set forth in Section 2.3 of this Agreement.

 

“Transfer Agent” means
such bank, trust company or other Person as shall be appointed from time to time by the Issuer pursuant to the Issuer Governing
Documents to act as registrar and transfer agent for the Class A Common Shares.

 

“Vested Partnership Units”
means those Partnership Units listed as “Vested Units” in the books and records of Holdings.

 

Article
II

EXCHANGE OF PARTNERSHIP UNITS

 

Section
2.1.       Exchange of Partnership Units.

 

(a)       (i)  Subject
to adjustment as provided in Section 2.4 hereof and to the provisions of the Partnership Agreement, the Contribution Agreements
and the Issuer Governing Documents, each Limited Partner shall be entitled, on any Quarterly Exchange Date commencing with the
First Quarterly Exchange Date, to sell, exchange and transfer Vested Partnership Units to the Issuer in exchange for the issuance
and delivery by the Issuer of a number of Class A Common Shares equal to the product of such number of Vested Partnership Units
surrendered multiplied by the Exchange Rate (an “Exchange”); provided that any such Exchange is for a
minimum of the lesser of 100 Vested Partnership Units or all of the Vested Partnership Units held by such Limited Partner that
are then permitted under the Partnership Agreement to be exchanged by such Limited Partner.

 

             (ii)      Notwithstanding
anything to the contrary herein, upon the occurrence of a Dissolution Event (as defined in the Partnership Agreement) of Holdings,
each Limited Partner shall be entitled, upon the terms and subject to the conditions hereof, to elect to Exchange Vested Partnership
Units for Class A Common Shares; provided, that any such Exchange pursuant to this sentence shall be effective immediately
prior to the effectiveness of the dissolution of Holdings (and, for the avoidance of doubt, shall not be effective if such dissolution
is not effective).

 

 

    	3

    	 

    

  

(iii)      Notwithstanding
anything to the contrary herein, other than in connection with a Change of Control Transaction, no Limited Partner shall Exchange
in any twelve month period commencing on the second anniversary of the closing of the IPO and measured from the date of each following
anniversary of the closing of the IPO a number of Vested Partnership Units that is greater than (A) 20% of the Partnership Units
owned by such Limited Partner immediately following the IPO (excluding any Partnership Units sold to the Issuer in connection with
the IPO) plus (B) (x) the aggregate number of Vested Partnership Units such Limited Partner was entitled to Exchange prior
to the measurement thereof minus (y) the aggregate number of Vested Partnership Units such Limited Partner Exchanged prior
to the measurement thereof. 

 

(iv)      Notwithstanding
anything to the contrary herein, in connection with a Change of Control Transaction, the Issuer and the Partnership may (in their
sole discretion) cause all Vested Partnership Interests to be Exchanged (a “Change of Control Exchange”). The
Issuer and the Partnership may cause a Change of Control Exchange by providing written notice to each of the Limited Partners (the
“Change of Control Exchange Notice”). The Change of Control Exchange shall be effective on the date of the Change
of Control Exchange Notice, and upon such Change of Control Exchange each of the Limited Partners’ Vested Partnership Interests
shall be automatically, and without any further action on the part of the Limited Partners, exchanged for a number of Class A Common
Shares equal to the number of Vested Partnership Interests held by such Limited Partner multiplied by the Exchange Rate.

 

(b)      On the date
Vested Partnership Units are Exchanged, all rights of the exchanging Limited Partner as holder of such Partnership Units shall
cease, and such exchanging Limited Partner shall be treated for all purposes as having been issued Class A Common Shares subject
to such Exchange.

 

(c)      For the
avoidance of doubt, any Exchange of Vested Partnership Units shall be subject to the applicable provisions of the Partnership Agreement
and Contribution Agreements.

 

Section
2.2.      Exchange Procedures. 

 

(a)      A Limited Partner may exercise the right
to Exchange Vested Partnership Units set forth in Section 2.1(a) above by providing a written notice of exchange at least sixty
(60) days prior to the applicable Quarterly Exchange Date to each of Holdings and the Issuer substantially in the form of Exhibit
A hereto, duly executed by such Limited Partner or such Limited Partner’s duly authorized attorney in respect of the
Vested Partnership Units to be exchanged, in each case delivered during normal business hours at the principal executive offices
of Holdings and the Issuer.

 

(b)      As promptly
as practicable following the election to Exchange Vested Partnership Units in the manner provided in this Article II, the Issuer
shall issue and deliver or cause to be delivered at the offices of the then-acting Transfer Agent or, if there is no then-acting
Transfer Agent, at the principal executive offices of the Issuer, the number of Class A Common Shares issuable upon such Exchange,
registered in the name of such exchanging Limited Partner, or its nominee. To the extent the Class A Common Shares are settled
through the facilities of The Depository Trust Company, the Issuer will, subject to Section 2.2(c) below, upon the written instruction
of the exchanging Limited Partner deliver the Class A Common Shares deliverable to such exchanging Limited Partner, through the
facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such
exchanging Limited Partner. 

 

 

    	4

    	 

    

  

(c)      The Issuer
and Holdings on the one hand, and each exchanging Limited Partner, on the other hand, shall bear their own expenses in connection
with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that Holdings shall bear
any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any such Exchange;
provided, however, that if any Class A Common Shares are to be delivered in a name other than that of the exchanging Limited
Partner that requested such Exchange (other than in the name of The Depository Trust Company or its nominee), then such Limited
Partner and/or the person in whose name such Class A Common Shares are to be delivered shall pay to Holdings the amount of any
transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall
establish to the reasonable satisfaction of Holdings that such tax has been paid or is not payable.

 

(d)      The Issuer
may adopt reasonable procedures for the implementation of the Exchange provisions set forth in this Article II, including, without
limitation, procedures for the giving of notice of an election for Exchange. A Limited Partner may not revoke a notice of Exchange
delivered pursuant to Section 2.2(a) above, without the consent of Issuer, which consent may be provided or withheld, or made subject
to such conditions, limitations or restrictions, as determined by Issuer in its sole discretion. Such determinations need not be
uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated.

 

Section
2.3.      Limitations on Exchanges. Notwithstanding anything to the contrary, a Limited
Partner shall not be entitled to Exchange Vested Partnership Units, and the Issuer and Holdings shall have the right to refuse
to honor any request for Exchange of Partnership Units, at any time or during any period if the Issuer or Holdings shall determine,
that such exchange (i) would be prohibited by law or regulation (including, without limitation, the unavailability of any requisite
registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”) or any exemption
from the registration requirements thereunder), or (ii) would not be permitted under any other agreements with Holdings, the Issuer
or any of their subsidiaries to which such exchanging Limited Partner may be party (including, without limitation, the Partnership
Agreement) or any written policies of the Issuer related to unlawful or inappropriate trading applicable to its directors, officers
or other personnel. No Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination
of Holdings, such Exchange would pose a material risk that Holdings would be a “publicly traded partnership” as defined
in Section 7704 of the Code. No Limited Partner may Exchange Unvested Units (as defined in the Partnership Agreement).

 

Section
2.4.      Splits, Distributions and Reclassifications. The Exchange Rate shall be adjusted
accordingly if there is: (i) any subdivision (by any unit split, unit distribution, reclassification, reorganization, recapitalization
or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the Partnership
Units that is not accompanied by an identical subdivision or combination of the Class A Common Shares; or (ii) any subdivision
(by any stock split, stock distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination
(by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common Shares that is
not accompanied by an identical subdivision or combination of the Partnership Units. If there is any reclassification, reorganization,
recapitalization or other similar transaction in which the Class A Common Shares are converted or changed into another security,
securities or other property, then upon any Exchange, an exchanging Limited Partner shall be entitled to receive the amount of
such security, securities or other property that such exchanging Limited Partner would have received if such Exchange had occurred
immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction,
taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or
other similar transaction. Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions
shall be made upon the Exchange of any Vested Partnership Unit.

 

    	5

    	 

    

  

Section
2.5.      Class A Common Shares to be Issued.

 

(a)      The Issuer
covenants that all Class A Common Shares issued upon an Exchange will be validly issued. Nothing contained herein shall be construed
to preclude the Issuer or Holdings from satisfying their obligations in respect of the exchange of the Partnership Units by delivery
of Class A Common Shares which are held in the treasury of the Issuer, Holdings or any of their subsidiaries. The Issuer covenants
to keep authorized and unissued a sufficient number of Class A Common Shares to effect the Exchange of all of the Partnership Units
issued and outstanding.

 

(b)      The Issuer
and Holdings covenant and agree that, to the extent that a registration statement under the Securities Act is effective and available
for Class A Common Shares to be delivered with respect to any Exchange, Class A Common Shares that have been registered under the
Securities Act shall be delivered in respect of such Exchange. In the event that any Exchange in accordance with this Agreement
is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request
and with the reasonable cooperation of the exchanging Limited Partners requesting such Exchange, the Issuer and Holdings shall
promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration requirements. The Issuer
shall list the Class A Common Shares required to be delivered upon exchange prior to such delivery upon each national securities
exchange or inter-dealer quotation system upon which the outstanding Class A Common Shares may be listed or traded at the time
of such delivery.

 

Section
2.6.      Restrictions. The provisions of Sections 8.03 of the Partnership Agreement shall
apply in the aggregate to Partnership Units and Class A Common Shares received in exchange for Partnership Units held by each Limited
Partner.

 

Section
2.7.      Subsequent Offerings. Issuer may from time to time provide the opportunity for
Limited Partners to sell for cash their Vested Partnership Units to Issuer, Holdings or any of their subsidiaries (a “Sale
Transaction”) on terms no more beneficial than an Exchange; provided that no Sale Transaction shall occur unless
Issuer cancels the nearest Quarterly Exchange Date scheduled to occur in the same fiscal year of Issuer as such Sale Transaction.
A Limited Partner selling Partnership Units in connection with a Sale Transaction must provide notice to Issuer at least sixty
(60) days prior to the cash settlement of such Sale Transaction in respect of the Partnership Units to be sold, in each case delivered
during normal business hours at the principal executive offices of Issuer. For the avoidance of doubt, the total aggregate number
of Quarterly Exchange Dates and Sale Transactions occurring during any fiscal year of Issuer shall not exceed four (4).

 

Section
2.8.      Cancellation of Class B Common Shares. An Exchanging Class B Partner shall submit
or cause to be submitted to the Issuer for cancellation one Class B Common Share for each Vested Partnership Unit Exchanged by
such Class B Partner pursuant to this Agreement. Such Class B Common Shares shall be cancelled and terminated by the Issuer effective
upon issuance of Class A Common Shares in the applicable Exchange. 

 

    	6

    	 

    

 

Article
III

GENERAL PROVISIONS

 

Section
3.1.      Additional Limited Partners. To the extent a Limited Partner validly transfers
any or all of such holder’s Partnership Units to another person in a transaction in accordance with, and not in contravention
of, the Partnership Agreement or any other agreement or agreements with the Issuer, Holdings or any of their subsidiaries to which
a transferring Limited Partner may be party, then such transferee (each, a “Permitted Transferee”) shall have
the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted
Transferee shall become a Limited Partner hereunder. To the extent Holdings issues Partnership Units in the future, Holdings shall
be entitled, in its sole discretion, to make any holder of such Partnership Units a Limited Partner hereunder through such holder’s
execution and delivery of a joinder to this Agreement, substantially in the form of Exhibit B hereto.

 

Section
3.2.      Amendment. (a) The provisions of this Agreement may be amended, modified or waived
at any time in writing by agreement of Holdings, the Issuer and Limited Partners holding a majority of the Partnership Units held
by the Limited Partners at such time without the approval or consent of any other party; provided, that if any such amendment,
modification or waiver would adversely affect in any material respect any Limited Partner relative to all Limited Partners as a
group, such amendment, modification or waiver shall also require the written consent of the Limited Partners holding a majority
of the Partnership Units held by the Limited Partners so adversely affected.

 

(b)      Each Limited
Partner hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon
the affirmative vote or written consent of less than all of the Limited Partners, such action may be so taken upon the concurrence
of less than all of the Limited Partners and each Limited Partner shall be bound by the results of such action.

 

Section
3.3.      Addresses and Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person,
by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be
as specified in a notice given in accordance with this Section 3.3):

 

If to either Fifth Street Party,
to it at:

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum

                    Bernard
D. Berman

Electronic Mail:

 

Holdings shall forward any such communication to a Limited Partner
to the applicable Limited Partner’s address, email address or facsimile number as shown in the books and records of Holdings.

 

    	7

    	 

    

 

 

Section
3.4.      Further Action. The parties shall execute and deliver all documents, provide all
information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

 

Section
3.5.      Binding Effect. This Agreement shall be binding upon and inure to the benefit
of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal
representatives and assigns.

 

Section
3.6.      Severability. If any term or other provision of this Agreement is held to be invalid,
illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected
in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

 

Section
3.7.     Integration. This Agreement constitutes the entire agreement among the parties
hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

 

Section
3.8.      Waiver. No failure by any party to insist upon
the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent
upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

 

Section
3.9.     Dispute Resolution.

 

(a)        Each party
hereto (i) irrevocably agrees that any and all disputes which cannot be settled amicably, including any ancillary claims of any
party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance
of this Agreement (including the validity, scope and enforceability of this arbitration provision) (a “Dispute”)
shall be finally settled by arbitration conducted by three arbitrators (or, in the event the amount of quantified claims and/or
estimated monetary value of other claims contained in the applicable request for arbitration is less than $3.0 million, by a sole
arbitrator) in the Borough of Manhattan, New York City in accordance with the Rules of Arbitration of the International Chamber
of Commerce (including the rules relating to costs and fees) existing on the date of this Agreement except to the extent those
rules are inconsistent with the terms of this Section 3.9, and that such arbitration shall be the exclusive manner pursuant to
which any Dispute shall be resolved; (ii) agrees that this Agreement involves commerce and is governed by the Federal Arbitration
Act, 9 U.S.C. Section 1, et seq., and any applicable treaties governing the recognition and enforcement of international arbitration
agreements and awards; (iii) agrees to take all steps necessary or advisable, including the execution of documents to be filed
with the International Court of Arbitration or the International Centre for ADR in order to properly submit any Dispute for arbitration
pursuant to this Section 3.9; (iv) irrevocably waives, to the fullest extent permitted by law, any objection it may have or hereafter
have to the submission of any Dispute for arbitration pursuant to this Section 3.9 and any right to lay claim to jurisdiction in
any venue; (v) agrees that (A) the arbitrator(s) shall be U.S. lawyers, U.S. law professors and/or retired U.S. judges and all
arbitrators, including the president of the arbitral tribunal, may be U.S. nationals and (B) the arbitrator(s) shall conduct the
proceedings in the English language; (vi) agrees that except as required by law or as may be reasonably required in connection
with ancillary judicial proceedings to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration,
or to confirm or challenge an arbitration award, the arbitration proceedings, including any hearings, shall be confidential, and
the parties shall not disclose any awards, any materials in the proceedings created for the purpose of the arbitration, or any
documents produced by another party in the proceedings not otherwise in the public domain; and (vii) agrees that performance under
this Agreement shall continue if reasonably possible during any arbitration proceedings.

 

    	8

    	 

    

  

(b)        Notwithstanding
the provisions of paragraph (a), each party hereto may bring an action or special proceeding for the purpose of compelling a party
to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, or enforcing an arbitration award and,
for the purposes of this paragraph (b), each party hereto (i) irrevocably agrees that any such action or special proceeding shall
be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction
thereof, any other court located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the exclusive
jurisdiction of such courts in connection with any such action or special proceeding; (iii) irrevocably agrees not to, and waives
any right to, assert in any such action or special proceeding that (A) it is not personally subject to the jurisdiction of such
courts or any other court to which proceedings in such courts may be appealed, (B) such action or special proceeding is brought
in an inconvenient forum, or (C) the venue of such action or special proceeding is improper; (iv) expressly waives any requirement
for the posting of a bond by a party bringing such action or special proceeding; (v) consents to process being served in any such
action or special proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address
in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice
thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted
by law; (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding; and (vii) agrees
that proof shall not be required that monetary damages for breach of
the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate.

 

(c)         If the arbitrator(s)
shall determine that any Dispute is not subject to arbitration, or the arbitrator(s) or any court or tribunal of competent jurisdiction
shall refuse to enforce Section 3.9(a) or shall determine that any Dispute is not subject to arbitration as contemplated thereby,
then, and only then, shall the alternative provisions of this Section 3.9(c) be applicable. Each party hereto, to the fullest extent
permitted by law, (i) irrevocably agrees that any Dispute shall be exclusively brought in the Court of Chancery of the State of
Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located in the State of Delaware
with subject matter jurisdiction; (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any
such claim, suit, action or proceeding; (iii) irrevocably agrees not to, and waives any right to, assert in any such claim,
suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which
proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or
(C) the venue of such claim, suit, action or proceeding is improper; (iv) expressly waives any requirement for the posting of a
bond by a party bringing such claim, suit, action or proceeding; (v) consents to process being served in any such claim, suit,
action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect
for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof;
provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law;
and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding; and (vii) agrees
that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate
and that remedies at law would be inadequate. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable
relation to this Agreement, and to the parties’ relationship with one another.

 

    	9

    	 

    

  

Section
3.10.         Counterparts. This Agreement may be executed and delivered (including by facsimile
transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed
and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies
of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed
counterparts for purposes of this Section 3.10.

 

Section
3.11.         Tax Treatment. To the extent this Agreement imposes obligations upon Holdings
or Issuer (in its capacity as general partner of Holdings), this Agreement shall be treated as part of the Partnership Agreement
as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. The parties
shall report any Exchange or Sale Transaction consummated hereunder, as a taxable sale of Partnership Units by a Limited Partner
to Issuer, and no party shall take a contrary position on any tax return, amendment thereof or communication with a taxing authority.

 

Section
3.12.         Independent Nature of Holdings Unitholders’ Rights and Obligations. The
obligations of each Limited Partner hereunder are several and not joint with the obligations of any other Limited Partner, and
no Limited Partner shall be responsible in any way for the performance of the obligations of any other Limited Partner hereunder.
The decision of each Limited Partner to enter into to this Agreement has been made by such Limited Partner independently of any
other Limited Partner. Nothing contained herein, and no action taken by any Limited Partner pursuant hereto, shall be deemed to
constitute the Limited Partners as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Limited Partners are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
hereby and Issuer acknowledges that the Limited Partners are not acting in concert or as a group, and Issuer will not assert any
such claim, with respect to such obligations or the transactions contemplated hereby.

 

Section
3.13.         Applicable Law. This Agreement shall be governed by, and construed in accordance
with, the law of the State of Delaware without regard to conflict of laws principles that would result in the application of the
laws of any other jurisdiction.

 

[Remainder of Page Intentionally Left Blank]

 

    	10

    	 

    

  

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

 

	 	FIFTH STREET ASSET MANAGEMENT INC.
	 	 	 
	 	By:	/s/ Leonard M. Tannenbaum
	 	 	Name: Leonard M. Tannenbaum
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	FIFTH STREET HOLDINGS L.P.
	 	 	 
	 	By:	/s/ Leonard M. Tannenbaum
	 	 	Name: Leonard M. Tannenbaum
	 	 	Title:  General Partner

 

[Exchange Agreement]

 

    	 

    	 

    

 

 

	 	LIMITED PARTNERS:
	 	 
	 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	 
	 	/s/ Bernard D. Berman
	 	Name: Bernard D. Berman
	 	 
	 	/s/ Ivelin M. Dimitrov
	 	Name: Ivelin M. Dimitrov
	 	 
	 	/s/ Charles J. Zmijeski
	 	Name: Charles J. Zmijeski
	 	 
	 	/s/ Sandeep K. Khorana
	 	Name: Sandeep K. Khorana
	 	 
	 	/s/ Alexander C. Frank
	 	Name: Alexander C. Frank 
	 	 
	 	/s/ Brian D. Finkelstein
	 	Name: Brian D. Finkelstein
	 	 
	 	/s/ Kyde S. Sharp
	 	Name: Kyde S. Sharp
	 	 
	 	/s/ James F. Velgot
	 	Name: James F. Velgot
	 	 
	 	/s/ Stavey L. Tannenbaum
	 	Name: Stacey L. Tannenbaum

 

[Exchange Agreement]

 

    	 

    	 

    

  

	 	/s/ Steven M. Noreika
	 	Name: Steven M. Noreika
	 	 
	 	/s/ Matthew Bandini
	 	Name: Matthew Bandini
	 	 
	 	/s/ Greg Browne
	 	Name: Greg Browne

 

[Exchange Agreement]

 

    	 

    	 

    

 

 

	 	FSC CT II, INC.
	 	 
	 	By:	/s/ Leonard M. Tannenbaum
	 	Name:	Leonard M. Tannenbaum
	 	Title:	President
	 	 	 
	 	TANNENBAUM FAMILY 2012 TRUST
	 	 	 
	 	By:	/s/ Bernard D. Berman
	 	Name:	Bernard D. Berman
	 	Title:	Trustee

 

[Exchange Agreement]

 

    	 

    	 

    

  

	 	BERNARD D. BERMAN 2012 TRUST
	 	 	 
	 	By	/s/ William F. Meehan
	 	Name:	William F. Meehan
	 	Title	Trustee
	 	 	 
	 	By	/s/ Nicole H. Berman
	 	Name:	Nicole H. Berman
	 	Title:	Trustee

 

[Exchange Agreement]

 

    	 

    	 

    

  

EXHIBIT
A

[FORM OF] 

NOTICE OF EXCHANGE

 

Fifth Street Holdings L.P.

[Address]

Attention: [Name]

Fax: [Fax Number]

Electronic Mail: [Email Address]

 

Reference is hereby made to the Exchange
Agreement, dated as of , 2014 (the “Exchange Agreement”), among Fifth Street Asset Management Inc., Fifth Street
Holdings L.P. and the Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but
not defined herein shall have the meanings given to them in the Exchange Agreement.

 

The undersigned Limited Partner desires
to exchange the number of Partnership Units set forth below in the form of exchange selected below to be issued in its name as
set forth below.

 

	Legal Name of Limited Partner:	 
	 
	Address:	 
	 
	Number of Partnership Units to be exchanged:	 
	 	 	 	 

 

The undersigned hereby represents and warrants
that (i) the undersigned has full legal capacity to execute and deliver this Notice of Exchange and to perform the undersigned’s
obligations hereunder; (ii) this Notice of Exchange has been duly executed and delivered by the undersigned; (iii) the Partnership
Units subject to this Notice of Exchange will be transferred to the Issuer free and clear of any Lien; and (iv) no consent, approval,
authorization, order, registration or qualification of any third party or with any court or governmental agency or body having
jurisdiction over the undersigned or the Partnership Units subject to this Notice of Exchange is required to be obtained by the
undersigned for the transfer of such Partnership Units to Holdings.

 

The undersigned hereby irrevocably constitutes
and appoints each officer of each Fifth Street Party as the attorney of the undersigned, with full power of substitution and resubstitution
in the premises, to do any and all things and to take any and all actions that may be necessary to exchange the Partnership Units
subject to this Notice of Exchange on the books of Holdings for Class A Common Shares on the books of Issuer.

 

IN WITNESS WHEREOF the undersigned, by authority
duly given, has caused this Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	 	 	 	 
	 	 	 	Name:
	 	 	 	 
	Dated:	 	 	 

 

    	A-1

    	 

    

  

EXHIBIT
B

[FORM OF] 

JOINDER AGREEMENT

 

This Joinder Agreement (“Joinder
Agreement”) is a joinder to the Exchange Agreement, dated as of ___________, 2014 (the “Agreement”),
among Fifth Street Asset management Inc., Fifth Street Holdings L.P. and the Limited Partners from time to time party thereto,
as amended from time to time. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given
to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. In the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall
control.

 

The undersigned hereby joins and enters
into the Agreement having acquired Partnership Units in Holdings. By signing and returning this Joinder Agreement to Issuer and
Holdings, the undersigned accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of
a Limited Partner contained in the Agreement, with all attendant rights, duties and obligations of a Limited Partner thereunder.
The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of
the Agreement by the undersigned and, upon receipt of this Joinder Agreement by Issuer and by Holdings, the signature of the undersigned
set forth below shall constitute a counterpart signature to the signature page of the Agreement.

 

	Name:	 	 

 

	Address for Notices:	 	With copies to:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Attention:	 	 	 

 

 

    	B-1

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