Document:

exv4w4

Exhibit 4.4

 

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM PURSUANT TO APPLICABLE LAW. ANY OFFER, SALE, ASSIGNMENT, TRANSFER OR
OTHER DISPOSITION OF THIS SECURITY IN A TRANSACTION THAT IS NOT REGISTERED
UNDER THE SECURITIES ACT IS SUBJECT TO THE COMPANY’S RIGHT TO REQUIRE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO THE COMPANY.

THE CERTIFICATE OF DESIGNATION OF THE CORPORATION ADOPTED ON MAY 4, 2011 AS
AMENDED, FROM TIME TO TIME (THE “CERTIFICATE OF
DESIGNATION”), AUTHORIZING THE
ISSUANCE OF THIS SECURITY INCLUDES, AMONG OTHER THINGS, TRANSFER RESTRICTIONS
ON THE SERIES A VOTING PREFERRED STOCK OF THE COMPANY. THE COMPANY
WILL FURNISH
WITHOUT CHARGE TO THE HOLDER OF RECORD OF THIS CERTIFICATE A COPY OF THE
CERTIFICATE OF DESIGNATION CONTAINING THE ABOVE REFERENCED TRANSFER
RESTRICTIONS UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF
BUSINESS.

     The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full according to applicable
laws or regulations. Additional abbreviations may also be used though not in the list.

	 	 	 	 	 

	TEN COM

	 	— as tenants in common
	 	UNIF GIFT MIN ACT  — ______Custodian _________(Minor)
	TEN ENT

	 	— as tenants by the entireties
	 	under Uniform Gifts to Minors Act _______________(State)
	JT TEN

	 	— as joint tenants with right of survivorship
	 	UNIF TRF MIN ACT — ______Custodian __________(Minor)
	 

	 	     and not as tenants in common
	 	under ____________(State) Uniform Transfer to Minors Act

	 	 	 

	 

	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE
	For value received, the undersigned hereby sells, assigns and transfers unto

 

	 	 
	 
	 	 
	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE
	 	 

 

	 	 	 

	 

	 	Shares
	 
	 	 

	 	 	 

	represented by the within Certificate, and hereby irrevocably constitutes and appoints

	 	 
	 

	 	 

______________________________________________________________
Attorney to transfer the said
shares on the books of the within-named Corporation with full power of substitution in the premises.

	 	 	 	 	 

	Dated, 

	 	 	 	 
	 

	 	 	 	 
	 

	 	In presence of
	 	 
	 

	 	 	 	 

NOTICE: The signature to this assignment must correspond with the name as written
upon the face of the certificate in every particular without alteration or enlargement, or any change whatever.exv10w1

Exhibit 10.1

CRUMBS HOLDINGS LLC

A Delaware Limited Liability Company

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

Dated as of May 5, 2011

THE LIMITED LIABILITY COMPANY INTERESTS IN CRUMBS HOLDINGS LLC HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE 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 INTERESTS 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 AND ANY OTHER
APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS THIRD AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING
BETWEEN THE COMPANY AND THE APPLICABLE MEMBER. THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE
TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS THIRD AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE COMPANY
AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY
COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN
INDEFINITE PERIOD OF TIME.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 

	ARTICLE I. DEFINITIONS	 	 	2	 
	Section 1.1.
	 	Definitions	 	 	2	 
	Section 1.2.
	 	Terms Generally	 	 	14	 
	ARTICLE II. GENERAL PROVISIONS	 	 	15	 
	Section 2.1.
	 	Formation	 	 	15	 
	Section 2.2.
	 	Name	 	 	15	 
	Section 2.3.
	 	Term	 	 	15	 
	Section 2.4.
	 	Purpose; Powers	 	 	15	 
	Section 2.5.
	 	Existence and Good Standing; Authorized Person; Foreign Qualification	 	 	15	 
	Section 2.6.
	 	Registered Office; Registered Agent; Principal Office; Other Offices	 	 	16	 
	Section 2.7.
	 	Partnership Status	 	 	16	 
	Section 2.8.
	 	Admission	 	 	17	 
	Section 2.9.
	 	Title to Company Property	 	 	17	 
	Section 2.10.
	 	Specific Authorization	 	 	17	 
	ARTICLE III. CAPITALIZATION	 	 	17	 
	Section 3.1.
	 	Units; Initial Capitalization; Schedules	 	 	17	 
	Section 3.2.
	 	Authorization and Issuance of Additional Units	 	 	18	 
	Section 3.3.
	 	Existing Capital Contributions	 	 	19	 
	Section 3.4.
	 	Funding Requirements	 	 	19	 
	Section 3.5.
	 	Capital Accounts	 	 	20	 
	Section 3.6.
	 	No Withdrawal	 	 	22	 
	Section 3.7.
	 	Loans From Members	 	 	22	 
	Section 3.8.
	 	No Right of Partition	 	 	22	 
	Section 3.9.
	 	Certification of Units; Legend; Units are Securities	 	 	22	 
	ARTICLE IV. DISTRIBUTIONS	 	 	24	 
	Section 4.1.
	 	Distributions	 	 	24	 
	Section 4.2.
	 	[Omitted]	 	 	25	 
	Section 4.3.
	 	Successors	 	 	25	 
	Section 4.4.
	 	Tax Distributions	 	 	25	 
	Section 4.5.
	 	Withholding; Security Interest and Right of Set Off; Indemnification	 	 	25	 
	Section 4.6.
	 	Limitation	 	 	26	 
	ARTICLE V. ALLOCATIONS	 	 	26	 
	Section 5.1.
	 	Allocations for Capital Account Purposes	 	 	26	 

ii

 

	 	 	 	 	 	 	 

	Section 5.2.
	 	Allocations for Tax Purposes	 	 	29	 
	Section 5.3.
	 	Other Allocation Rules	 	 	30	 
	Section 5.4.
	 	Members’ Tax Reporting	 	 	31	 
	ARTICLE VI. MANAGEMENT	 	 	31	 
	Section 6.1.
	 	Power and Authority	 	 	31	 
	Section 6.2.
	 	Board of Managers	 	 	31	 
	Section 6.3.
	 	Officers	 	 	33	 
	Section 6.4.
	 	Liability of Members; Board Members; Officers and Other Covered Persons	 	 	36	 
	Section 6.5.
	 	Investment Representations of Members	 	 	39	 
	ARTICLE VII. MEETINGS OF MEMBERS; REQUIRED VOTES.	 	 	40	 
	Section 7.1.
	 	Place of Meetings	 	 	40	 
	Section 7.2.
	 	Purpose of Meetings	 	 	40	 
	Section 7.3.
	 	Quorum; Adjourned Meetings and Notice Thereof	 	 	40	 
	Section 7.4.
	 	Voting; Required Votes	 	 	41	 
	Section 7.5.
	 	Proxies	 	 	43	 
	Section 7.6.
	 	Notice of Members’ Meetings	 	 	43	 
	Section 7.7.
	 	Conduct of Member Meetings	 	 	43	 
	Section 7.8.
	 	Member Action by Written Consent without a Meeting	 	 	43	 
	ARTICLE VIII. WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS; ADMISSION OF NEW MEMBERS	 	 	43	 
	Section 8.1.
	 	Member Withdrawal	 	 	43	 
	Section 8.2.
	 	Removal	 	 	44	 
	Section 8.3.
	 	Dissolution	 	 	44	 
	Section 8.4.
	 	Transfer by Members	 	 	45	 
	Section 8.5.
	 	Admission or Substitution of New Members	 	 	45	 
	Section 8.6.
	 	Additional Requirements	 	 	47	 
	Section 8.7.
	 	Bankruptcy	 	 	47	 
	ARTICLE IX. BOOKS AND RECORDS; FINANCIAL STATEMENTS AND OTHER INFORMATION; TAX MATTERS	 	 	47	 
	Section 9.1.
	 	Books and Records	 	 	47	 
	Section 9.2.
	 	Information	 	 	48	 
	Section 9.3.
	 	Fiscal Year	 	 	48	 
	Section 9.4.
	 	Certain Tax Matters	 	 	48	 
	ARTICLE X. DISPUTE RESOLUTION; ARBITRATION	 	 	50	 
	Section 10.1.
	 	Resolution of Disputes	 	 	50	 

iii

 

	 	 	 	 	 	 	 

	Section 10.2.
	 	Arbitrators	 	 	51	 
	Section 10.3.
	 	Delaware Arbitration Act	 	 	51	 
	ARTICLE XI. MISCELLANEOUS	 	 	52	 
	Section 11.1.
	 	Schedules	 	 	52	 
	Section 11.2.
	 	Governing Law	 	 	52	 
	Section 11.3.
	 	Successors and Assigns	 	 	52	 
	Section 11.4.
	 	Amendments and Waivers	 	 	52	 
	Section 11.5.
	 	Notices	 	 	53	 
	Section 11.6.
	 	Counterparts	 	 	54	 
	Section 11.7.
	 	Power of Attorney	 	 	54	 
	Section 11.8.
	 	Entire Agreement	 	 	54	 
	Section 11.9.
	 	Remedies; Specific Performance	 	 	55	 
	Section 11.10.
	 	Severability	 	 	55	 
	Section 11.11.
	 	Creditors	 	 	55	 
	Section 11.12.
	 	Waiver	 	 	55	 
	Section 11.13.
	 	Further Action	 	 	55	 
	Section 11.14.
	 	Delivery by Facsimile or Email	 	 	55	 

EXHIBIT A — Board of Managers

EXHIBIT B — Officers

EXHIBIT C — Form of Accession Agreement

EXHIBIT D — Members Notices

iv

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

CRUMBS HOLDINGS LLC

A Delaware Limited Liability Company

          This THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Crumbs Holdings LLC
(the “Company”), dated and effective as of May 5, 2011 (this “Agreement”), is
adopted, executed and agreed to, for good and valuable consideration, by and among the Members (as
defined below).

          WHEREAS, the Company has been formed as a limited liability company pursuant to the Delaware
Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq., as amended from time to time (the
“Act”), by filing a Certificate of Formation (the “Certificate”) with the office of
the Secretary of State of Delaware on February 27, 2008;

          WHEREAS, the Company’s initial Limited Liability Company Agreement dated March 5, 2008, was
amended and restated pursuant to that certain Amended and Restated Limited Liability Company
Agreement, dated as of March 7, 2008 (the “First Amended Agreement”);

          WHEREAS, in connection with that certain Subscription and Employment Agreement, dated as of
September 30, 2008, by and between the Company and John D. Ireland (the “Subscription
Agreement”), the Company issued 15,385 former class B units to John D. Ireland representing,
at the time of such issuance, 21/2% of the Company on a fully-diluted basis;

          WHEREAS, in connection with transactions contemplated by the Subscription Agreement, the
Company adopted the Second Amended and Restated Limited Liability Company Agreement of Crumbs
Holdings LLC, dated as of September 30, 2008, by and among the Company and the Members as set forth
in the Schedule of Members attached thereto (the “Second Amended Agreement”);

          WHEREAS, the Company, 57th Street General Acquisition Corp., a Delaware corporation
(“Parent”), 57th Street Merger Sub LLC, a Delaware limited liability company (“Merger
Sub”), the Legacy Members (as defined herein) and the representatives of the Legacy Members
entered into that certain Business Combination Agreement made and entered into as of January 9,
2011, and subsequently amended by that certain Amendment to Business Combination Agreement, dated
February 18, 2011, that certain Amendment No. 2 to Business Combination Agreement, dated March 17,
2011, and that certain Amendment No. 3 to Business Combination Agreement, dated April 7, 2011 (as
such agreement is amended from time in accordance with its terms, the “Business Combination
Agreement”), pursuant to which Merger Sub is being merged with and into the Company with the
Company surviving the merger (the “Merger”);

          WHEREAS, in connection with the consummation of the Merger and in accordance with the terms of
the Business Combination Agreement, the Members wish to amend

1

 

and restate the Second Amended Agreement in accordance with its terms and, in connection
therewith, to (1) convert all outstanding membership interests in the Company, including the
outstanding Legacy Units (as defined herein), into, inter alia, 4,494,491 New Crumbs Class A
Voting Units and 4,541,394 New Crumbs Class B Exchangeable Units (in each case as defined below)
and (2) issue and/or Transfer 4,494,491 New Crumbs Class A Voting Units to Parent in exchange for,
inter alia, the Capital Contribution made by Parent in connection with the Merger and admit Parent
as the sole member of the Company holding New Crumbs Class A Voting Units; and

          WHEREAS, the parties hereto desire to enter into this Third Amended and Restated Limited
Liability Company Agreement of the Company.

          NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and in
the Business Combination Agreement, the parties hereto, each intending to be legally bound, agree
that the Second Amended Agreement is hereby amended and restated in its entirety as follows:

ARTICLE I.

DEFINITIONS

               Section 1.1. Definitions.

          Unless the context otherwise requires, the following terms shall have the following meanings
for purposes of this Agreement:

          “AAA” has the meaning set forth in ARTICLE X.

          “AAA Rules” has the meaning set forth in Section 10.2.

          “Accession Agreement” has the meaning set forth in Section 8.5.

          “Act” has the meaning set forth in the recitals.

          “Actual Tax Amount” has the meaning set forth in Section 4.4.

          “Additional Member” means any Person that has been admitted to the Company as a Member
pursuant to Section 8.5 by virtue of having received its Membership Interest from the
Company and not from any other Member or Assignee.

          “Additional Restrictions” has the meaning set forth in Section 8.6.

          “Adjusted Capital Account” means the Capital Account maintained for each Member as of
the end of each Fiscal Year of the Company, (a) increased by any amounts that such Member is
obligated to restore under the standards set by Treasury Regulations Section 1.704-1(b)(2)(ii)(c)
(or is deemed obligated to restore under Treasury Regulations Sections 1.704-2(g) and
1.704-2(i)(5)) and (b) decreased by (i) the amount of all losses and deductions that, as of the end
of such Fiscal Year, are reasonably expected to be allocated to such Member in subsequent years
under Sections 704(e)(2) and 706(d) of the Code and Treasury

2

 

Regulations Section 1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end of
such Fiscal Year, are reasonably expected to be made to such Member in subsequent years in
accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting
increases to such Member’s Capital Account that are reasonably expected to occur during (or prior
to) the year in which such distributions are reasonably expected to be made (other than increases
as a result of a minimum gain chargeback pursuant to Section 5.1(b)(i) or Section
5.1(b)(ii)). The foregoing definition of Adjusted Capital Account is intended to comply with
the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. The “Adjusted Capital Account” of a Member in respect of a Unit
shall be the amount that such Adjusted Capital Account would be if such Unit were the only interest
in the Company held by such Member from and after the date on which such Unit was first issued.

          “Adjusted Property” means any property the Carrying Value of which has been adjusted
pursuant to Section 3.5(c)(i) or Section 3.5(c)(ii).

          “Affiliate” when used with reference to another Person means any Person (other than
the Company), directly or indirectly, through one or more intermediaries, controlling, controlled
by, or under common control with, such other Person. In addition, Affiliates of a Member shall
include all its directors, managers, officers and employees in their capacities as such.

          “Agreed Value” of any Contributed Property means the Fair Market Value of such
property or other consideration at the time of contribution as determined by the Board of Managers
acting in Good Faith, without taking into account any liabilities to which such Contributed
Property was subject at such time. The Board of Managers acting in Good Faith shall use such
method as it determines to be appropriate to allocate the aggregate Agreed Value of Contributed
Properties contributed to the Company in a single or integrated transaction among each separate
property on a basis proportional to the Fair Market Value of each Contributed Property.

          “Applicable Federal Rate” means a rate per annum equal to the applicable federal rate
for semi-annual compounding under Section 1274(d) of the Code.

          “Assignee” means any Transferee to which a Member or another Assignee has Transferred
all or a portion of its interest in the Company in accordance with the terms of this Agreement, but
that is not admitted to the Company as a Member.

          “Assumed Tax Liability” means, for any Quarterly Estimated Tax Period in a calendar
year, an amount, as determined by the Board of Managers acting in Good Faith, equal to the U.S.
federal, state and local income taxes that would be due from the Company based on the taxable
income of the Company for such Quarterly Estimated Tax Period and all prior Quarterly Estimated Tax
Periods in such calendar year (based upon (i) the information returns filed by the Company, as
amended or adjusted to date, and (ii) estimated amounts, in the case of periods for which the
Company has not yet filed information returns) assuming the Company were an individual resident in
New York, New York (or, if higher, a corporation doing business in New York, New York), taking into
account the non-deductibility of expenses subject to the limitation described in Section 67(a) of
the Code and the deductibility of state and local income taxes. The

3

 

calculation of Assumed Tax Liability shall take into account the carry forward of prior losses
and the character of the items allocated (e.g., capital or ordinary). The state and local income
tax liability used in determining Assumed Tax Liability shall be determined by the Board of
Managers acting in Good Faith taking into account the various locations of the Company’s
operations. For the avoidance of doubt, Assumed Tax Liability shall be determined only with
respect to taxable income earned by the Company and shall be calculated by disregarding any
adjustment to the taxable income of the Company that may arise under Section 743(b) of the Code as
a result of an acquisition of an interest in the Company by any Member in a transaction described
in Section 743(a) of the Code.

          “Bankruptcy” means, with respect to any Person, (A) if such Person (i) makes an
assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is
adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation or similar relief under any statute, law or
regulation, (v) files an answer or other pleading admitting or failing to contest the material
allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents
to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or
any substantial part of its properties, or (B) if 120 days after the commencement of any proceeding
against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or
similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or
if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee,
receiver or liquidator of such Person or of all or any substantial part of its properties, the
appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the
appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and
shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and
18-304 of the Act.

          “Board of Managers” has the meaning set forth in Section 6.2.

          “Board Member” has the meaning set forth in Section 6.2.

          “Book-Tax Disparity” means, with respect to any item of Contributed Property or
Adjusted Property, as of the date of any determination, the difference between the Carrying Value
of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income
tax purposes as of such date.

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

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

          “Cash Management Loans” has the meaning set forth in Section 3.4(c).

          “Capital Account” means the capital account maintained for a Member pursuant to
Section 3.5.

4

 

          “Capital Contribution” means, with respect to any Member, the aggregate amount of any
cash, cash equivalents or the Fair Market Value of other property that a Member contributes to the
Company with respect to any Unit or other Equity Securities issued by the Company (net of
liabilities assumed by the Company or to which such property is subject) from time to time.

          “Carrying Value” means (a) with respect to a Contributed Property, subject to the
following sentence, the Agreed Value of such property reduced (but not below zero) by all
depreciation, amortization and cost recovery deductions charged to the Members’ Capital Accounts in
respect of such Contributed Property, and (b) with respect to any other Company property, subject
to the following sentence, the adjusted basis of such property for federal income tax purposes, all
as of the time of determination. The Carrying Value of any property shall be adjusted from time to
time in accordance with Section 3.5(c)(i) and Section 3.5(c)(ii) and to reflect
changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of
Company properties, as deemed appropriate by the Board of Managers acting in Good Faith.

          “Certificate” has the meaning set forth in the recitals.

          “CFO and Treasurer” has the meaning set forth in Section 6.3.

          “Chair” has the meaning set forth in Section 6.2.

          “Chief Executive Officer” has the meaning set forth in Section 6.3.

          “Class” means the classes into which the limited liability company Membership
Interests in the Company created in accordance with Section 3.1 , Section 3.2
and Section 3.4 may be classified or divided from time to time by the Board of Managers,
subject to the approval of each Class of Members in accordance with Section 7.4(b) and
Section 7.4(c), and otherwise pursuant to the terms and conditions of this Agreement. As
of the date of this Agreement the only classes of units are the New Crumbs Class A Voting Units and
the New Crumbs Class B Exchangeable 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 in accordance with its terms by the Board of Managers
shall be deemed to be a class or group of limited liability company interests in the Company.

          “Class A Holder” means Parent and any Transferee to which the existing Class A Holder
Transfers all Units and other Equity Securities held by it and that is admitted to the Company as
the Class A Holder in each case in accordance with the terms and conditions of this Agreement and
the Act.

          “Class A Percentage Interest” means, with respect to any Member as of any date of
determination, a percentage obtained by dividing the number of New Crumbs Class A Voting Units held
by such Member by the total number of all outstanding New Crumbs Class A Voting Units.

          “Class B Percentage Interest” means, with respect to any Member as of any date of
determination, a percentage obtained by dividing the number of New Crumbs Class B

5

 

Exchangeable
Units held by such Member by the total number of all outstanding New Crumbs Class B Exchangeable
Units.

          “Code” means the United States Internal Revenue Code of 1986, as amended from time to
time, or any successor statute.

          “Combined Meeting” has the meaning set forth in Section 7.2.

          “Common Stock” means the common stock of the Class A Holder, par value $.0001 per
share, and any Equity Securities issued or issuable in exchange for, or with respect to, such
Common Stock (i) by way of a dividend, split or combination of equity interest or (ii) in
connection with a reclassification, recapitalization, merger, consolidation or other
reorganization.

          “Company” has the meaning set forth in the preamble hereto.

          “Company Minimum Gain” has the meaning set forth for the term “partnership minimum
gain” in Treasury Regulations Section 1.704-2(d).

          “control” means, when used with reference to any Person, the power to direct the
management or policies of such Person, directly or indirectly, by or through stock or other equity
ownership, agency or otherwise, or pursuant to or in connection with an agreement, arrangement or
other understanding (written or oral); and the terms “controlling” and “controlled” shall have
meanings correlative to the foregoing.

          “Contributed Property” means any property contributed to the Company by a Member with
respect to any Unit or other Equity Securities issued by the Company.

          “Covered Person” means (i) the Class A Holder and any of its officers or directors,
(ii) any Member other than the Class A Holder, any Affiliate of such Member and any officer,
director, shareholder, partner, member, employee, or agent of such Member or any Affiliate (other
than the Class A Holder) thereof, or (iii) any Board Member or Officer of the Company or its
Subsidiaries.

          “Curative Allocation” means any allocation of an item of income, gain, deduction, loss
or credit pursuant to the provisions of Section 5.1(b)(x).

          “Delaware Arbitration Act” has the meaning set forth in Section 10.3.

          “Dispute” has the meaning set forth in ARTICLE X.

          “Dispute Notice” has the meaning set forth in ARTICLE X.

          “Distributable Assets” means, with respect to any fiscal period, all cash receipts
(including from any operating, investing and financing activities) and (if distribution thereof is
determined to be necessary or desirable by the Board of Managers acting in Good Faith) other assets
of the Company from any and all sources, reduced by operating cash expenses,
contributions of capital to Subsidiaries of the Company and payments (if any) required to be

6

 

made in connection with any loan to the Company and any reserve for contingencies or escrow
required, in each case, as is determined by the Board of Managers acting in Good Faith.

          “Economic Risk of Loss” has the meaning set forth in Section 5.1(b)(vi).

          “Excess Cash” means any cash or cash equivalents of the Class A Holder resulting from
Tax Distributions by the Company to the Class A Holder and/or the repayment of Cash Management
Loans in excess of reasonable reserves established for the operating expenses of the Class A
Holder.

          “Employment Agreements” means, collectively, (i) the Employment Agreement, dated as of
the date hereof, by and among Parent, the Company and Jason Bauer, (ii) the Employment Agreement,
dated as of the date hereof, by and among Parent, the Company and Mia Bauer and (iii) the
Employment Agreement, dated as of the date hereof, by and among Parent, the Company and John D.
Ireland.

          “Equity Securities” means, as applicable, (i) any capital stock, limited liability
company or membership interests, partnership interests, or other equity interest, (ii) any
securities directly or indirectly convertible into or exchangeable for any capital stock, limited
liability company or membership interests, partnership interests, or other equity interest or
containing any profit participation features, (iii) any rights, warrants, or options directly or
indirectly to subscribe for or to purchase any capital stock, limited liability company or
membership interests, partnership interest, other equity interest or securities containing any
profit participation features or to subscribe for or to purchase any securities directly or
indirectly convertible into or exchangeable for any capital stock, limited liability company or
membership interests, partnership interest, other equity interests or securities containing any
profit participation features, (iv) any equity appreciation rights, phantom equity rights or other
similar rights, or (v) any Equity Securities issued or issuable with respect to the securities
referred to in clauses (i) through (iv) above in connection with a combination, recapitalization,
merger, consolidation or other reorganization.

          “Exchange” means an exchange of New Crumbs Class B Exchangeable Units for Common Stock
pursuant to the Exchange Agreement.

          “Exchange Agreement” means the Exchange and Support Agreement, dated as of May 5, 2011
among Parent, the Company, and the Exchanging Members (as defined therein) from time to time party
thereto, as it may be amended, modified or supplemented from time to time in accordance with its
terms.

          “Fair Market Value” means (i) in reference to a particular Unit or other Equity
Security issued by the Company or, as the case may be, all of the outstanding Units or other Equity
Securities issued by the Company, the fair market value for such Unit(s) or Equity Security(ies) as
between a willing buyer and a willing seller in an arm’s length transaction occurring on the date
of valuation, taking into account all relevant factors determinative of value, including, to the
extent applicable, the fair market value of the Common Stock or other Equity Securities of Parent,
as determined by the Board of Managers acting in Good Faith and (ii) in
reference to assets or securities other than Units or other Equity Securities issued by the

7

 

Company, the fair market value for such assets or securities as between a willing buyer and a
willing seller in an arm’s length transaction occurring on the date of valuation, taking into
account all relevant factors determinative of value, as is determined by the Board of Managers
acting in Good Faith.

          “First Amended Agreement” has the meaning set forth in the recitals hereto.

          “Formation Date” has the meaning set forth in Section 2.1.

          “GAAP” means accounting principles generally accepted in the United States of America,
consistently applied and maintained throughout the applicable periods.

          “Good Faith” shall mean a Person having acted in good faith and in a manner such
Person reasonably believed to be in or not opposed to the best interests of the Company and its
Members and otherwise consistent with the fiduciary duties set forth in Section 6.2(b),
and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s
conduct was unlawful.

          “Governmental Entity” means the United States of America or any other nation, any
state or other political subdivision thereof, or any entity, authority or body exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government, including any governmental authority or regulatory authority, agency, department,
board, commission, administration, or instrumentality, any court, tribunal, arbitrator or any
self-regulatory organization, in each case, having jurisdiction over the Company or any of its
Subsidiaries or any of the property or other assets of the Company or any of its Subsidiaries.

          “HSR Act” has the meaning set forth in Section 8.3(f).

          “Income” means individual items of Company income and gain determined in accordance
with the definitions of Net Income and Net Loss.

          “Indemnified Person” has the meaning set forth in Section 6.4.

          “Insider Warrant Exchange Agreement” means that certain Insider Warrant Exchange
Agreement dated as of May 5, 2011, among Parent, Parent Sponsor, the Underwriter and the
Underwriting Group pursuant to which the Parent will exchange shares of Common Stock for (i)
3,500,000 of the Insider Warrants held by the Parent Sponsor and (ii) 200,000 Insider Warrants held
by the Underwriter and the Underwriter Group.

          “Insider Warrants” means the warrants to purchase 3,700,000 shares of common stock of
Parent.

          “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 Company or the Members, as the case may be.

8

 

          “Lease Assignment and Assumption Agreements” means, collectively the Lease Assignment
and Assumption Agreements, dated as of the date hereof, by and between Crumbs, Inc. and,
separately, each of (i) Crumbs Beverly Hills, LLC, (ii) Crumbs 42nd Street II, LLC,
(iii) Crumbs Larchmont, LLC, (iv) Crumbs Downtown II, LLC and (v) Crumbs Wall Street, LLC and the
Guaranty Agreements, dated as of the date hereof, by and between Crumbs Holdings, LLC and,
separately, each of (i) One Ten West Fortieth Associates, (ii) Larchmont Properties Ltd., (iii)
MacArthur Properties LLC, (iv) Uniway Partners, LP, and (v) 134 East 93rd Street
Associates.

          “Legacy Members” means the Members of the Company as of immediately prior to
consummation of the Merger, including, Crumbs, Inc., Jason Bauer, Victor Bauer, Mia Bauer, EHL
Holdings LLC, Crumbs, Inc. and John Ireland.

          “Legacy Units” means the Class A Units, the Class B Units and the Class C Units, in
each case, as defined in the Second Amended Agreement.

          “Loan Documents” means (i) the Commercial Loan Agreement, dated as of May 5, 2011, by
and between Southeastern Bank, as lender, and the Company, as borrower, (ii) the Promissory Note,
dated as of May 5, 2011, issued by the Company, as borrower, to Southeastern Bank, as lender, and
(iii) the Assignment of Certificate of Deposit/Share Certificate, dated as of May 5, 2011, by and
between Southeastern Bank, as lender, and the Company, as borrower.

          “Loss” means individual items of Company loss and deduction determined in accordance
with the definitions of Net Income and Net Loss.

          “Member” means each Person listed on the Schedule of Members on the date hereof and
each other Person who is hereafter admitted as a Member in accordance with the terms of this
Agreement and the Act. The Members shall constitute the “members” (as such term is defined
in the Act) of the Company. Any reference in this Agreement to any Member shall include such
Member’s Successors in Interest to the extent such Successors in Interest have become Substituted
Members in accordance with the provisions of this Agreement.

          “Member Nonrecourse Debt” has the meaning set forth for the term “partner
nonrecourse debt” in Treasury Regulations Section 1.704-2(b)(4).

          “Member Nonrecourse Debt Minimum Gain” has the meaning set forth in Treasury
Regulations Section 1.704-2(i)(2).

          “Member Nonrecourse Deduction” has the meaning set forth for the term “partner
nonrecourse deduction” in Treasury Regulations Section 1.704-2(i)(2).

          “Membership Interest” means, with respect to each Member, such Member’s limited
liability company interest, including any economic interest and rights as a Member.

          “Membership Interest Certificate” has the meaning set forth in Section 3.9.

          “Merger” has the meaning set forth in the recitals.

          “Merger Sub” has the meaning set forth in the recitals.

9

 

          “Net Agreed Value” means, (a) in the case of any Contributed Property, the Agreed
Value of such property reduced by any liabilities either assumed by the Company upon such
contribution or to which such property is subject when contributed, and (b) in the case of any
property distributed to a Member in respect of its Units by the Company, the Company’s Carrying
Value of such property (as adjusted pursuant to Section 3.5(c)(ii)) at the time such
property is distributed, reduced by any liabilities either assumed by such Member upon such
distribution or to which such property is subject at the time of distribution.

          “Net Income” and “Net Loss” means, for each taxable year, the taxable income
or loss of the Company determined in accordance with Section 703(a) of the Code (for this purpose
all items of income, gain, loss or deduction, required to be stated separately pursuant to Section
703(a)(1) of the Code shall be included in taxable income or loss) and with the accounting method
used by the Company for federal income tax purposes with the following adjustments: (a) all items
of income, gain, loss, or deduction allocated pursuant to Section 5.1(b) (relating to
Special Allocations) shall not be taken into account in computing such taxable income or loss; (b)
any income of the Company that is exempt from federal income taxation and not otherwise taken into
account in computing Net Income and Net Loss shall be added to such taxable income or loss; (c) if
the Carrying Value of any asset differs from its adjusted tax basis for 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) if the Carrying Value of any asset differs from its adjusted
tax basis for federal income tax purposes, the amount of depreciation, amortization or cost
recovery deductions with respect to such asset shall for purposes of determining Net Income and Net
Loss be an amount which bears the same ratio to such Carrying Value as the federal income tax
depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis
(provided that if the federal income tax depreciation, amortization or other cost recovery
deduction is zero, the Board of Managers acting in Good Faith may use any reasonable method for
purposes of determining depreciation, amortization or other cost recovery deductions in calculating
Net Income and Net Loss); (e) any expenditures of the Company that are described in Section
705(a)(2)(B) of the Code or are treated as described in Section 705(a)(2)(B) of the Code pursuant
to Treasury Regulation Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in
computing Net Income and Net Loss shall be treated as deductible items; and (f) in the event the
Carrying Value of any Company asset is adjusted in accordance with the definition of Carrying
Value, the amount of such adjustment shall be taken into account as gain or loss from the
disposition of such asset for purposes of computing Net Income or Net Loss.

          “New Crumbs Class A Voting Units” has the meaning set forth in Section
3.1(a).

          “New Crumbs Class B Exchangeable Units” has the meaning set forth in Section
3.1(a).

          “Nonrecourse Deductions” means any and all items of loss, deduction, or expenditure
(including, without limitation, any expenditure described in Section 705(a)(2)(B) of the Code)
that, in accordance with the principles of Treasury Regulations Section 1.704-2(b), are
attributable to a Nonrecourse Liability.

10

 

          Nonrecourse Liability” has the meaning set forth in Treasury Regulations Section
1.752-1(a)(2).

          “Officer” means each Person designated as an officer of the Company pursuant to and in
accordance with the provisions of Section 6.3, subject to any resolution of the Board of
Managers appointing such Person as an officer of the Company or relating to such appointment.

          “Original Agreement” has the meaning set forth in the recitals hereof.

          “Parent Sponsor” means 57th Street GAC Holdings LLC, a Delaware limited
liability company.

          “Percentage Interest” means, with respect to any Member as of any date of
determination, a percentage obtained by dividing the number of Units held by such Member by the
total number of all outstanding Units.

          “Person” means an individual, a partnership (including a limited partnership), a
corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, association or other entity or a Governmental Entity.

          “Permitted Class A Holder” means a prospective Transferee of the Class A Holder
approved by the Members is accordance with Section 7.4(b).

          “Permitted Pledge” has the meaning set forth in Section 8.5(c)(i).

          “Pledge” means pledge, grant a security interest in, create a lien on, assign the
right to receive distributions or proceeds from, or otherwise encumber, directly or indirectly, or
any act of the foregoing.

          “Proceeding” has the meaning set forth in Section 6.4(e).

          “Public Company Distributions” has the meaning set forth in Section 4.1(b).

          “Public Company Expenses” has the meaning set forth in Section 4.1(b).

          “Quarterly Estimated Tax Periods” means the two, three, and four calendar month
periods with respect to which Federal quarterly estimated tax payments are made. The first such
period begins on January 1 and ends on March 31. The second such period begins on April 1 and ends
on May 31. The third such period begins on June 1 and ends on August 31. The fourth such period
begins on September 1 and ends on December 31.

          “Registered Agent” has the meaning set forth in Section 2.6.

          “Required Allocations” shall have the meaning specified in Section
5.1(b)(x)(1).

          “Residual Gain” or “Residual Loss” means any item of gain or loss, as the case
may be, of the Company recognized for federal income tax purposes resulting from a sale, exchange
or other disposition of a Contributed Property or Adjusted Property, to the extent such

11

 

item of gain or loss is not allocated pursuant to Section 5.2(b)(i)(A) or
Section 5.2(b)(ii)(B), respectively, to eliminate Book-Tax Disparities.

          “Required Allocation” has the meaning set forth in Section 5.1(b)(x).

          “Required Class A Issuance” has the meaning set forth in Section 3.2.

          “Required Class B Issuance” has the meaning set forth in Section 3.2.

          “Required Issuance” has the meaning set forth in Section 3.2.

          “Required Warrant Issuance” has the meaning set forth in Section 3.4.

          “Restricted Units” means all Units other than (a) Units that have been registered
under a registration statement pursuant to the Securities Act, (b) Units with respect to which a
Transfer has been made in reliance on and in accordance with Rule 144 or (c) Units with respect to
which the holder thereof shall have delivered to the Company either (i) an opinion, in form and
substance reasonably satisfactory to the Company, of counsel, who shall be reasonably satisfactory
to the Company, or (ii) a “no action” letter from the staff of the Commission, to the effect that
subsequent transfers of such Units may be effected without registration under the Securities Act or
compliance with Rule 144.

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

          “Schedule of Members” has the meaning set forth in Section 3.1(b).

          “Second Amended Agreement” has the meaning set forth in the recitals hereto.

          “Secretary” has the meaning set forth in Section 6.3.

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

          “Settlement Agreement” means the Settlement and Release Agreement, dated as of the
date hereof, by and among the Company, Bauer Holdings Inc., a New York corporation (f/k/a Crumbs,
Inc.), Jason Bauer, Mia Bauer, Victor Bauer and Lion Partners Ltd.

          “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or business entity of which (i) if a corporation, a majority of
the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association or other business entity (other than a corporation), a majority of
partnership or other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a limited liability company, partnership, association or other business entity (other
than a

12

 

corporation) if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or shall control the
management of any such limited liability company, partnership, association or other business
entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given
effect only at such times that such Person has one or more Subsidiaries and, unless otherwise
indicated, the term “Subsidiary” refers to a Subsidiary of the Company.

          “Subscription Agreement” has the meaning set forth in the recitals.

          “Substituted Member” means any Person that has been admitted to the Company as a
Member pursuant to Section 8.5 by virtue of such Person receiving all or a portion of a
Membership Interest from a Member or an Assignee and not from the Company.

          “Successor in Interest” means any (i) trustee, custodian, receiver or other Person
acting in any Bankruptcy or reorganization proceeding with respect to, (ii) assignee for the
benefit of the creditors of, (iii) trustee or receiver, or current or former officer, director or
partner, or other fiduciary acting for or with respect to the dissolution, liquidation or
termination of, or (iv) other executor, administrator, committee, legal representative or other
successor or assign of, any Member, whether by operation of law or otherwise.

          “Tax Distribution” has the meaning set forth in Section 4.4.

          “Tax Matters Member” has the meaning set forth in Section 9.4(a).

          “Tax Receivable Agreement” means the Tax Receivable Agreement, dated on or about the
date hereof, among Parent, the Company and the Legacy Members, as it may be amended or supplemented
from time to time.

          “Transfer” means sell, assign, convey, contribute, give, or otherwise transfer
absolutely or conditionally equitably, legally, of record or beneficially, whether directly or
indirectly, voluntarily or involuntarily, by operation of law or otherwise, or any act of the
foregoing, but excludes Pledge or any act of Pledging. The terms “Transferee,”
“Transferor,” “Transferred,” “Transferring Member,” “Transferor
Member” and other forms of the word “Transfer” shall have the correlative meanings.

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

          “Underwriter” means Morgan Joseph LLC.

          “Underwriter Group” means Ladenburg Thalmann & Co. Inc., I-Bankers Securities
Incorporated, Maxim Group LLC and Rodman & Renshaw, LLC.

          “Units” means the New Crumbs Class A Voting Units, the New Crumbs Class B Exchangeable
Units and any other Class of limited liability company interests in the Company denominated as
“Units” that is established in accordance with this Agreement, which shall constitute limited
liability company interests in the Company as provided in this Agreement and

13

 

under the Act, entitling the holders thereof to the relative rights, title and interests in
the profits, losses, deductions and credits of the Company 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
Member as provided in this Agreement, together with the obligations of such Member to comply with
all terms and provisions of this Agreement.

          “Vice President” has the meaning set forth in Section 6.3.

          Section 1.2. Terms Generally. In this Agreement, unless otherwise specified or where
the context otherwise requires:

          (a) the headings of particular provisions of this Agreement are inserted for convenience
only and will not be construed as a part of this Agreement or serve as a limitation or expansion
on the scope of any term or provision of this Agreement;

          (b) words importing any gender shall include other genders;

          (c) words importing the singular only shall include the plural and vice versa;

          (d) the words “include,” “includes” or “including” shall be deemed to be followed by the
words “without limitation”;

          (e) the words “this Agreement,” “hereof,” “herein,” “hereby,” “hereunder” and “herewith” and
words of similar import shall, unless otherwise stated, be construed to refer to this Agreement
as a whole and not to any particular provision of this Agreement unless expressly so limited;

          (f) references to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to Articles,
Exhibits, Sections or Schedules of or to this Agreement unless otherwise indicated;

          (g) references to any Person include the successors and permitted assigns of such Person;

          (h) the use of the words “or,” “either” and “any” shall not be exclusive;

          (i) references to “$” or “dollars” means the lawful currency of the United States of
America;

          (j) references to any agreement, contract or schedule, unless otherwise stated, are to such
agreement, contract or schedule as amended, modified or supplemented from time to time in
accordance with the terms hereof and thereof; and

          (k) the parties hereto have participated collectively in the negotiation and drafting of
this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation
arises, it is the intention of the parties that this Agreement shall be construed as if drafted
collectively by the parties hereto, and that no presumption or burden of proof shall

14

 

arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions
of this Agreement.

ARTICLE II.

GENERAL PROVISIONS

          Section 2.1. Formation. The Company was formed as a Delaware limited liability
company on February 27, 2008 (the “Formation Date”) by the execution and filing of the
Certificate by an authorized person under and pursuant to the Act and the execution of the Original
Agreement. The Members hereby confirm such formation and agree to continue the Company as a
limited liability company under the Act and all other pertinent laws of the State of Delaware for
the purposes and upon the terms and subject to the conditions set forth in this Agreement. The
rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to
the Act and this Agreement. To the extent that the rights, powers, duties, obligations and
liabilities of any Member are different by reason of any provision of this Agreement than they
would be under the Act in the absence of such provision, this Agreement shall, to the extent
permitted by the Act, control.

          Section 2.2. Name. The name of the Company is “Crumbs Holdings LLC,” and all Company
business shall be conducted in that name or in such other names that comply with applicable law as
the Board of Managers may select from time to time. Subject to the Act, the Board of Managers may
change the name of the Company (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 Members.

          Section 2.3. Term. The term of the Company commenced on the Formation Date and shall
continue in existence perpetually until termination and liquidation of the Company in accordance
with the provisions of ARTICLE VIII and the Act. The existence of the Company as a
separate legal entity shall continue until cancellation of the Certificate in the manner required
by the Act.

          Section 2.4. Purpose; Powers.

          (a) General Powers. The nature of the business or purposes to be conducted or
promoted by the Company is to engage in any lawful act, business, purpose or activity for which
limited liability companies may be formed or otherwise permitted to be carried on by a limited
liability company under the Act. The Company may engage in any and all activities necessary,
desirable or incidental to the accomplishment of the foregoing. Notwithstanding anything herein
to the contrary, nothing set forth herein shall be construed as authorizing the Company to
possess any purpose or power, or to do any act or thing, forbidden by law to a limited liability
company formed under the laws of the State of Delaware.

          (b) Company Action. Subject to the provisions of this Agreement and except as
prohibited by the Act, the Company may, with the approval of the Board of Managers, enter into
and perform any and all documents, agreements and instruments, all without any further act, vote
or approval of any Member except as otherwise required herein. .

15

 

          Section 2.5. Existence and Good Standing; Authorized Person; Foreign Qualification.
The Board of Managers shall take all action which may be necessary (i) for the continuation of the
Company’s valid existence as a limited liability company under the laws of the State of Delaware
(and of each other jurisdiction in which such existence is necessary to enable the Company to
conduct the business in which it is engaged) separate and apart from each Member and any Affiliate
of any Member, including holding regular meetings of the Members and maintaining its books and
records on a current basis separate from that of any Affiliate of the Company or any other Person,
and shall not commingle the Company’s assets with those of any Affiliate of the Company or any
other Person and (ii) for the maintenance, preservation and operation of the business of the
Company in accordance with the provisions of this Agreement and applicable laws and regulation and
shall not commingle the Company’s assets with those of any Affiliate of the Company or any other
Person. Each Officer, or designees thereof, is hereby designated as an authorized person, within
the meaning of the Act, and as such may execute, deliver and file or cause to be executed,
delivered and filed for recordation in the office of the appropriate authorities of the State of
Delaware, and in the proper office or offices in each other jurisdiction in which the Company is
formed or qualified, such amendments or restatements of the Certificate and any other certificates,
notices, statements or other instruments (including certificates of limited liability companies and
fictitious name certificates) and other documents as are necessary or advisable for the formation
of the Company or the operation of the Company in all jurisdictions where the Company may elect to
do business, or otherwise required by the applicable statutes, rules or regulations of any such
jurisdiction or as are required to reflect the identity of the Members and the amounts of their
respective capital contributions, but no such amendment, restatement or other instrument may be
executed, delivered or filed unless adopted in a manner authorized by this Agreement. The Board of
Managers may cause the Company 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
Company as a foreign limited liability company in any jurisdiction other than the State of
Delaware.

          Section 2.6. Registered Office; Registered Agent; Principal Office; Other Offices.
The registered office of the Company required by the Act to be maintained in the State of Delaware
shall be the office of the Registered Agent (as defined below) or such other office (which need not
be a place of business of the Company) as the Board of Managers may designate from time to time in
the manner provided by Law. The address of the registered agent for service of process on the
Company in the State of Delaware shall be 615 South DuPont Highway, Dover, Delaware 19901 and the
registered agent of the Company in the State of Delaware shall be National Corporate Research, Ltd.
or such other Person or Persons as the Board of Managers may designate from time to time in the
manner provided by law (the “Registered Agent”). The principal office of the Company shall
be located at 110 West 40th Street, Suite 2100, New York, New York 10018, or at such
place as the Board of Managers may designate from time to time, which need not be in the State of
Delaware, and the Company shall maintain records at such place and/or at its administrative offices
located at 145 Main Street, Preston, Maryland 21255. The Company may have such other offices as
the Board of Managers may designate from time to time.

          Section 2.7. Partnership Status. The Members intend that the Company shall not be a
partnership (including a limited partnership) or joint venture, and that no Member or Officer shall
be a partner or joint venture of any other Member or Officer by virtue of this

16

 

Agreement, for any purposes other than as is set forth in the last sentence of this
Section 2.7, and this Agreement shall not be construed to the contrary. The Members
intend that the Company shall be treated as a partnership for federal and, if applicable, state or
local income tax purposes, and each Member, Assignee and the Company shall file all tax returns and
shall otherwise take all tax and financial reporting positions in a manner consistent with such
treatment.

          Section 2.8. Admission. Parent is hereby admitted as a Member of the Company upon
Parent’s execution of a counterpart signature page to this Agreement and each Legacy Member other
than Jason Bauer, Mia Bauer and Victor Bauer shall continue as a Member hereunder. For the
avoidance of doubt, each of Jason Bauer, Mia Bauer and Victor Bauer shall be readmitted as a Member
of the Company in connection with the issuance to such parties of any Contingency Consideration (as
defined in the Business Combination Agreement).

          Section 2.9. Title to Company Property. All property of the Company, whether real,
personal or mixed, tangible or intangible, shall be deemed to be owned by the Company as an entity,
and no Member, individually, shall have any direct ownership interest in such property.

          Section 2.10. Specific Authorization. The Company is hereby authorized to execute
deliver and perform, and each officer on behalf of the Company is hereby authorized to execute and
deliver the Exchange Agreement, the Tax Receivable Agreement, the Business Combination Agreement,
Escrow Agreement, Employment Agreements, Settlement Agreement, Lease Assignment and Assumption
Agreements, the Loan Documents and all agreements, certificates or statements contemplated thereby
or related thereto all without any further act, vote, or approval of any Member, Board Member,
Officer or other Person, notwithstanding any other provision of this Agreement, and the execution
and delivery and performance of any of the foregoing documents prior to the date hereof is hereby
ratified and approved. The foregoing authorization shall not be deemed a restriction on the powers
of the Board of Managers or any Officer to enter into other agreements on behalf of the Company.

ARTICLE III.

CAPITALIZATION

          Section 3.1. Units; Initial Capitalization; Schedules.

          (a) Limited Liability Company Interests. Membership Interests in the Company shall
be represented by Units. As of the date hereof, the Units are comprised of two Classes: “New
Crumbs Class A Voting Units” and “New Crumbs Class B Exchangeable Units.” For
avoidance of doubt the outstanding Legacy Units have been converted into New Crumbs Class A
Voting Units and New Crumbs Class B Exchangeable Units and the formerly authorized Class C Units
of the Company, which have never been issued, are no longer authorized for issuance. All Units
shall have identical rights in all respects as all other Units except as otherwise specified in
this Agreement.

          (b) Schedule of Units; Schedule of Members. The aggregate number of outstanding
Units, the aggregate amount of cash Capital Contributions that have been made by the Members and
the Fair Market Value of any property other than cash contributed by the

17

 

Members with respect to the Units (including, if applicable, a description and the amount of
any liability assumed by the Company or to which contributed property is subject) shall be set
forth on a schedule maintained by the Company. The Company shall also maintain a schedule
setting forth the name and address of each Member, the number of Units owned by such Member, the
Member’s Percentage Interest, Class A Percentage Interest and Class B Percentage Interest, the
initial balance of each Member’s Capital Account as of the date of this Agreement and the
aggregate Capital Contributions that have been made by such Member or transferred to such Member
with respect to such Member’s Units (such schedule, the “Schedule of Members”). The
Schedule of Members shall be the definitive record of ownership of each Unit or other Equity
Security in the Company and all relevant information with respect to each Member. The Company
shall be entitled to recognize the exclusive right of a Person registered on its records as the
owner of Units or other Equity Securities in the Company for all purposes and shall not be bound
to recognize any equitable or other claim to or interest in Units or other Equity Securities in
the Company 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.

          Section 3.2. Authorization and Issuance of Additional Units.

          (a) Required Issuances. The Company shall issue such additional New Crumbs Class B
Exchangeable Units or other Equity Securities to the Legacy Members and/or such other Persons as
required by the Business Combination Agreement and/or to the Legacy Members or such other Persons
as required by the Exchange Agreement and/or this Section 3.2 and
Section 3.4 of this Agreement (each such issuance a “Required Class B
Issuance”). In addition, the Company shall issue such additional New Crumbs Class A Voting
Units to the Class A Holder as required pursuant to Section 3.4(b) and/or
the Exchange Agreement (each such issuance a “Required Class A Issuance” and together
with the Required Class B Issuances, the “Required Issuances”).

          (b) Additional Issuances. In addition to the Required Issuances and subject to the
required approvals of the Members set forth in Section 7.4(b) and
Section 7.4(c) and the terms and conditions of the Exchange Agreement, the
Board of Managers acting in Good Faith may cause the Company to issue additional New Crumbs Class
A Voting Units or New Crumbs Class B Exchangeable Units and/or establish and issue other Classes
of Units, other Equity Securities in the Company or other Company securities from time to time
with such rights, obligations, powers, designations, preferences and other terms, which may be
equal or different from, including senior to, any then existing or future Classes of Units, other
Equity Securities in the Company or other Company securities. Notwithstanding anything herein to
the contrary, the Company shall not issue (i) New Crumbs Class A Voting Units to any Person other
than the Class A Holder or (ii) New Crumbs Class B Exchangeable Units to any Person other than
pursuant to the Exchange Agreement or the Business Combination Agreement.

          (c) Subdivisions, Splits, Combinations and Reverse Splits. The Company shall not in
any manner divide or subdivide (by any Unit split, Unit distribution, reclassification,
recapitalization, reorganization or otherwise) or combine or consolidate (by reverse Unit split,
reclassification, recapitalization, reorganization or otherwise) the
outstanding Units unless an identical event is occurring with respect to the Common
Stock. In

18

 

the event of any such division or subdivision or combination or consolidation of the
Common Stock, the Units, inter alia, shall automatically be divided, subdivided, consolidated or
combined concurrently with and in the same manner as the Common Stock in accordance with the
terms of the Exchange Agreement.

          (d) Redemptions of Common Stock. At any time a share of Common Stock is redeemed,
repurchased, acquired, cancelled or terminated by the Class A Holder, one New Crumbs Class A
Voting Unit registered in the name of the Class A Holder will hereby automatically be cancelled
for no consideration by the Company so that the number of New Crumbs Class A Voting Units held by
the Class A Holder at all times equals the number of shares of Common Stock outstanding. The
register of the Company shall be adjusted accordingly and on a timely basis.

          Section 3.3. Existing Capital Contributions. Each Member has made or is deemed to
have made, on or prior to the date hereof, the Capital Contributions and has acquired the number of
Units set forth opposite such Member’s name on the Schedule of Members, the receipt of which
Capital Contribution is hereby acknowledged and confirmed as constituting good and valuable
consideration for the Units held by such Member by all the Members of the Company. Upon
consummation of the Merger, the Legacy Units were converted into 4,541,394 New Crumbs Class B
Exchangeable Units and 4,494,491 New Crumbs Class A Voting Units and 4,494,491 New Crumbs Class A
Voting Units were issued by the Company and/or Transferred by the Legacy Members to the Class A
Holder. The Members and the Company hereby acknowledge (i) that the Schedule of Members shall
reflect that the portion of the historical Capital Account of each of the Legacy Members as it
existed prior to the Merger that is attributable to the New Crumbs Class A Voting Units Transferred
from the Legacy Members to the Class A Holder in connection with the Merger shall be carried over
to the Capital Account of the Class A Holder and (ii) the portion of the historical Capital Account
of each of the Legacy Members that is attributable to Legacy Units retained by Legacy Members and
converted into New Crumbs Class B Exchangeable Units shall be retained by each such Legacy Member.

          Section 3.4. Funding Requirements.

          (a) Each Member has contributed to the Company the amounts, in cash or other assets, as set
forth in Section 3.3 and the Schedule of Members and the Members and the
Company agree that the Company shall fund its ongoing operations from its cash from operations
and its own borrowings or credit and no Member shall be required to make a Capital Contribution
or loan, or otherwise advance any funds to the Company except with respect to the Class A Holder
as expressly provided in this Agreement, the Business Combination Agreement and/or the Exchange
Agreement.

          (b) In accordance with the Exchange Agreement, the Class A Holder (i) shall contribute the
proceeds of any issuance of shares of Common Stock (other than shares of Common Stock issued to
any Exchanging Member upon an Exchange pursuant to the terms of the Exchange Agreement) in
exchange for a number of New Crumbs Class A Voting Units equal to the number of shares of Common
Stock so issued, and (ii) upon any issuance of any
Equity Securities or other securities other than shares of Common Stock, including

19

 

convertible debt securities, preferred stock, options, warrants, or other securities exercisable
for or convertible into common stock (other than an issuance to an Exchanging Member upon an
Exchange pursuant to the Exchange Agreement), the Class A Holder shall immediately contribute,
lend or otherwise provide the proceeds of such issuance to the Company in a transaction which the
Board of Managers acting in Good Faith reasonably determines is substantially equivalent in
economic terms to the issuance by Parent, subject to any approvals required by
Section 7.4(b) and Section 7.4(c). Notwithstanding the
foregoing, the Company and the Members acknowledge and agree that the Company is required to
issue one New Crumbs Class A Voting Unit to Parent for each share of Common Stock that Parent is
required to deliver pursuant to the Insider Warrant Exchange Agreement (a “Required Warrant
Issuance”) and acknowledge that the Capital Contribution made or deemed to have been made by
Parent in connection with the Merger was made in part as consideration for any Required Warrant
Issuance and therefore no further Capital Contribution is owed by the Parent with respect
thereto.

          (c) The Class A Holder shall maintain a reserve consisting of all Excess Cash and shall keep
the Company reasonably apprised of the amount of such reserves. At the request of the Board of
Managers acting in Good Faith, the Class A Holder shall provide all or a portion of such reserved
funds to the Company in any of the following transactions requested by the Board of Managers: (i)
by making a loan to the Company bearing interest at the Applicable Federal Rate in effect as of
the date of such loan and on such other terms and conditions reasonably requested by the Board of
Managers acting in Good Faith (a “Cash Management Loan”), (ii) by making a Capital
Contribution to the Company, or (iii) by entering into such other transaction reasonably
acceptable to the Class A Holder and the Board of Managers. Each Cash Management Loan shall
provide that the Company may, as determined by the Board of Managers acting in Good Faith, prepay
any balances owed thereunder in order to provide the Class A Holder with funds sufficient to
satisfy its obligations with respect to Public Company Expenses.

          Section 3.5. Capital Accounts.

          (a) Maintenance of Capital Accounts. The Company shall maintain for each Member
owning Units a separate Capital Account with respect to such Units in accordance with the rules
of Treasury Regulations Section 1.704-1(b)(2)(iv). The initial balance of such Capital Account
shall be set forth on the Schedule of Members and shall be increased by (i) the amount of all
Capital Contributions made to the Company with respect to such Units pursuant to this Agreement
and (ii) the amount of Net Income allocated with respect to such Units pursuant to
Section 5.1(a) or any items in the nature of income or gains that are
specially allocated pursuant to Section 5.1(b), and decreased by (x) the
amount of cash or Net Agreed Value of all actual and deemed distributions of cash or property
made with respect to such Units pursuant to this Agreement and (y) the amount of Net Losses
allocated with respect to such Units pursuant to Section 5.1(a) or any items
in the nature of expenses or losses that are specially allocated pursuant to
Section 5.1(b). 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 Treasury Regulations.

20

 

          (b) Transfers. A transferee of Units shall succeed to a pro rata portion of the
Capital Account of the transferor relating to the Units so transferred.

          (c) Carrying Value Adjustment.

               (i) In accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f), on an
issuance of additional Units for cash or Contributed Property and the issuance of Units as
consideration for the provision of services, the Capital Account of all Members and the
Carrying Value of each Company property immediately prior to such issuance shall be adjusted
upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such
Company property, as if such Unrealized Gain or Unrealized Loss had been recognized on an
actual sale of each such property immediately prior to such issuance and had been allocated
to the Members at such time pursuant to Section 5.1 in the same manner as a
corresponding item of gain or loss actually recognized during such period would have been
allocated. In determining such Unrealized Gain or Unrealized Loss, the aggregate cash amount
and Fair Market Value of all Company assets (including, without limitation, cash or cash
equivalents) immediately prior to the issuance of additional Units shall be determined by
the Board of Managers using such method of valuation as it may adopt acting in Good Faith;
provided, however, that the Board of Managers, in arriving at such
valuation, must take fully into account the Fair Market Value of the Units of all Members at
such time. The Board of Managers shall allocate such aggregate value among the assets of the
Company (in such manner as it determines) to arrive at a Fair Market Value for individual
properties.

               (ii) In accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f), immediately
prior to any actual or deemed distribution to a Member of any Company property (other than a
distribution of cash that is not in redemption or retirement of a Unit), the Capital
Accounts of all Members and the Carrying Value of all Company property shall be adjusted
upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such
Company property, as if such Unrealized Gain or Unrealized Loss had been recognized in a
sale of such property immediately prior to such distribution for an amount equal to its fair
market value, and had been allocated to the Members, at such time, pursuant to Section
5.1 in the same manner as a corresponding item of gain or loss actually recognized
during such period would have been allocated. In determining such Unrealized Gain or
Unrealized Loss, the aggregate cash amount and fair market value of all Company assets
(including, without limitation, cash or cash equivalents) immediately prior to a
distribution shall (A) in the case of an actual distribution that is not made pursuant to
ARTICLE VIII or in the case of a deemed distribution, be determined and allocated
in the same manner as that provided in Section 3.5(c)(i) or (B) in the case of a
liquidating distribution pursuant to ARTICLE VIII, be determined and allocated by
the Person winding up the Company pursuant to Section 8.3(b) using such method of
valuation as it may adopt.

               (iii) The Board of Managers acting in Good Faith may make the adjustments described in
clause (i) above in the manner set forth therein if the Board of Managers determines acting
in Good Faith that such adjustments are necessary or useful to effectuate the intended
economic arrangement among the
Members, including

21

 

Members who received Units in connection
with the performance of services to or for the benefit of the Company.

          Section 3.6. No Withdrawal. No Person shall be entitled to withdraw any part of such
Person’s Capital Contributions or Capital Account or to receive any distribution from the Company,
except as expressly provided herein.

          Section 3.7. Loans From Members. Loans by Members to the Company shall not be
considered Capital Contributions. If any Member shall loan funds to the Company, then the making
of such loans shall not result in any increase in the Capital Account balance of such Member. The
amount of any such loans shall be a debt of the Company to such Member and shall be payable or
collectible in accordance with the terms and conditions upon which such loans are made.

          Section 3.8. No Right of Partition. To the fullest extent permitted by law, no Member
shall have the right to seek or obtain partition by court decree or operation of law of any
property of the Company or any of its Subsidiaries or the right to own or use particular or
individual assets of the Company or any of its Subsidiaries, or, except as expressly contemplated
by this Agreement, be entitled to distributions of specific assets of the Company or any of its
Subsidiaries.

          Section 3.9. Certification of Units; Legend; Units are Securities.

          (a) Units shall be issued in certificated form and the following provisions of this
Section 3.9 shall apply with respect to such Units:

               (i) The Company shall issue one or more certificates in the name of such Person in such
form as it may approve, subject to Section 3.9(a)(ii) (a “Membership Interest
Certificate”), which shall evidence the ownership of the Units represented thereby.
Each such Membership Interest Certificate shall be denominated in terms of the number of
Units evidenced by such Membership Interest Certificate and shall be signed by the Chair or
a duly authorized Officer or transfer agent on behalf of the Company.

               (ii) Each Membership Interest Certificate shall bear a legend substantially in the
following form:

“The Member Interests in Crumbs Holdings LLC represented by this Certificate
are subject to restrictions on transfer set forth in the Third Amended and Restated
Limited Liability Company Agreement of Crumbs Holdings LLC, dated as of May 5, 2011,
by and among each of the members from time to time party thereto, as the same may be
amended from time to time, a copy of which is on file at the principal executive
offices of the Company. Units represented by this Certificate have not been
registered under the Securities Act of 1933, as amended, and may
not be sold, pledged or otherwise transferred except in accordance with the
registration requirements of the Securities Act of 1933, as amended, or an exemption
therefrom and, in each case, in compliance with applicable state securities laws.
No registration of transfer of these Units will be made on the

22

 

books of the Company
unless and until such restrictions shall have been complied with.”

               (iii) The Company shall issue a new Membership Interest Certificate in place of any
Membership Interest Certificate previously issued if the holder of the Units represented by
such Membership Interest Certificate, as reflected on the books and records of the Company:

               (A) makes proof by affidavit, in form and substance satisfactory to the
Company, that such previously issued Membership Interest Certificate has been lost,
stolen or destroyed;

               (B) requests the issuance of a new Membership Interest Certificate before the
Company has notice that such previously issued Membership Interest Certificate has
been acquired by a purchaser for value in good faith and without notice of an
adverse claim;

               (C) if requested by the Company, delivers to the Company such security, in form
and substance satisfactory to the Company, as the Board of Managers acting in Good
Faith may direct, to indemnify the Company against any claim that may be made on
account of the alleged loss, destruction or theft of the previously issued
Membership Interest Certificate; and

               (D) satisfies any other reasonable requirements imposed by the Company.

               (iv) Upon a Member’s Transfer in accordance with the provisions of this Agreement of
any or all Units represented by a Membership Interest Certificate, the Transferee of such
Units shall deliver such Membership Interest Certificate, duly endorsed for Transfer by the
Transferee, to the Company for cancellation, and the Company shall thereupon issue a new
Membership Interest Certificate to such Transferee for the number of Units being Transferred
and, if applicable, cause to be issued to such Transferring Member a new Membership Interest
Certificate for the number of Units that were represented by the cancelled Membership
Interest Certificate and that are not being Transferred.

          (b) In the event that any Units shall cease to be Restricted Units, the Company shall, upon
the written request of the holder thereof, issue to such holder a new Membership Interest
Certificate evidencing such Membership Units without the second sentence of the legend required
by Section 3.9(a)(ii) endorsed thereon. In the event that the Units shall
cease to be subject to the restrictions on transfer set forth in this Agreement, the Company
shall, upon the written request of the holder thereof, issue to such holder a new Membership
Interest Certificate evidencing such Units without the legend required by the first
sentence of the legend set forth in Section 3.9(a)(ii). Before issuing
a new Membership Interest Certificate omitting part or all of the legend set forth in
Section 3.9(a)(ii), the Company may request an opinion of counsel reasonably
satisfactory to the Company to the

23

 

effect that the restrictions discussed in the legend to be
omitted no longer apply to the Units represented by such Membership Interest Certificate.

ARTICLE IV.

DISTRIBUTIONS

          Section 4.1. Distributions.

          (a) Distributions shall be made to the Members, to the extent of available cash of the
Company after Tax Distributions are made pursuant to Section 4.4 hereof, as
and when determined by the Board of Managers acting in Good Faith, pro rata (except as otherwise
provided herein), in accordance with their respective Percentage Interests at the record date for
such distribution.

          (b) Notwithstanding Section 4.1(a), to the extent all outstanding
balances have been paid by the Company to the Class A Holder with respect to amounts owed
pursuant to the Cash Management Loans or the Board of Managers determines not to repay such Cash
Management Loans, the Board of Managers, in its sole discretion, may authorize cash distributions
(each such cash distribution being a “Public Company Distribution”) by the Company to the
Class A Holder (which distributions shall be made without pro rata distributions to other
Members) in amounts required for the Class A Holder to pay the following (such amounts being
referred to as “Public Company Expenses”) (i) overhead, legal, accounting and other
professional fees and expenses, including cost of periodic reports to the Class A Holder’s
security holders, any judgments, settlements, penalties, fines or other costs and expenses in
respect of any claims against, or any litigation or proceedings, involving the Class A Holder,
(ii) salary, bonus, and other benefits payable to, and indemnities provided on behalf of,
officers, directors and employees of the Class A Holder, (iii) any director compensation and/or
fees or expenses payable to directors related to their attendance at each regular or special
meeting of the board of directors of the Class A Holder, (iv) any costs or expenses related to
obtaining directors and officers insurance or any other insurance reasonably required by the
Class A Holder as determined by its board of directors, (v) fees and expenses related to any
public offering or private placement of debt securities or Equity Securities, investment or
acquisition (whether or not successful) authorized by the board of directors of the Class A
Holder, (vi) franchise taxes and other fees and expenses in connection with the maintenance of
existence of the Class A Holder (including, but not limited to, any costs or expenses associated
with being a public company listed on a national securities exchange) (vii) any payment the
proceeds of which are used to purchase or redeem Equity Securities of Parent in accordance with
the terms of the Exchange Agreement and this Agreement; and (viii) any other liability, other
than with respect to income tax obligations of the Class A holder, that the Board of Managers
acting in Good Faith reasonably believes is required to allow the Class A Holder to operate in
the ordinary course or is otherwise required to prevent the insolvency of the Class A Holder;
provided, however, that the amount of any
such Public Company Distributions shall be reduced, to the extent practicable, by the amount
of unused cash remaining from the prior Public Company Distributions by the Company to the Class
A Holder, including any interest earned thereon and no excess cash that results from

24

 

such Public
Company Distributions shall be used by the Class A Holder to make a distribution to its equity
holders other than amounts required pursuant to clause (vii) hereof.

          (c) In the event of any merger, acquisition, consolidation, reorganization or other
restructuring transaction in which the Company is a party, involving a payment or distribution of
cash, securities or other assets to any Member, the consideration received by the Company or by
any direct or indirect holders of Units or other Equity Securities in connection with such
transaction, net of bona fide expenses of the Company, shall be distributed to the Members, pro
rata, in accordance with their respective Percentage Interests at the time of such distribution.

          Section 4.2. [Omitted]

          Section 4.3. Successors. For purposes of determining the amount of distributions
under Section 4.1, each Member shall be treated as having made the Capital Contributions
and as having received the distributions made to or received by its predecessors in respect of any
of such Member’s Units.

          Section 4.4. Tax Distributions. Subject to Section 4.6 and to any
restrictions contained in any agreement to which the Company is bound, no later than the tenth day
following the end of each Quarterly Estimated Tax Period of each calendar year, the Company shall,
to the extent of available cash, make a distribution in cash (each, a “Tax Distribution”),
pro rata in accordance with the Percentage Interests in effect with respect to such Quarterly
Estimated Tax Period, in an amount equal to the excess of (i) the Assumed Tax Liability for such
Quarterly Estimated Tax Period over (ii) distributions made by the Company pursuant to this
Section 4.4 with respect to such calendar year. Within thirty (30) days following the date
on which the Company files a tax return on IRS Form 1065 (or any successor form) for any calendar
year but no later than one (1) day prior to the due date for the payment by corporations of income
taxes, the Board of Managers shall make a final calculation of the Assumed Tax Liability for such
calendar year (the “Actual Tax Amount”), and shall cause the Company to distribute to the
Members a Tax Distribution pro rata in accordance with the Percentage Interests in effect with
respect to such calendar year to the extent that the Actual Tax Amount so calculated exceeds the
cumulative Tax Distributions previously made by the Company in respect of such calendar year. The
Board of Managers shall use conventions similar to those adopted pursuant to Section 5.2
of this Agreement to determine the Percentage Interests of the Members with respect to a Quarterly
Estimated Tax Period and the calendar year. In the event that the Tax Distributions made to the
Members for any calendar year is less than the Actual Tax Amount due to an insufficiency of
available cash and borrowing, then the Members shall receive additional Tax Distributions out of
the first available cash and borrowing in subsequent calendar years to make up for such shortfall.

          Section 4.5. Withholding; Security Interest and Right of Set Off; Indemnification. If
the Company is required by law to make any payment to a Governmental Entity that is specifically
attributable to a Member or a Member’s status as such
(including federal withholding taxes, state or local personal property taxes and state or
local unincorporated business taxes), then such Member shall indemnify the Company or its successor
in interest in full for the entire amount paid (including interest, penalties and reasonable
related

25

 

expenses). A Member’s obligation to indemnify the Company or its successor in interest
under this Section 4.5 shall survive the dissolution, winding up and termination of the
Company. The Company and its successor in interest may pursue and enforce all rights and remedies
it may have against each Member under this Section 4.5, including instituting a lawsuit to
collect such indemnification, with interest calculated at a rate equal to ten percent (10%) (but
not in excess of the highest rate per annum permitted by applicable Law). As security for any such
indemnification obligation or any other liability or obligation to which the Company may be subject
as a result of any act or status of any Member, or to which the Company may become subject with
respect to the interest of any Member in the Company, the Company shall have (and each Member
hereby grants to the Company) a security interest in all Distributable Assets distributable to such
Member to the extent of the amount of such liability or obligation. Whenever the Company is to pay
any sum to any Member or any Affiliate or related Person thereof pursuant to the terms of this
Agreement, any amounts that such Member or such Affiliate or related Person owes to the Company,
whether pursuant to this Section 4.5 or under any promissory note issued to the Company as
partial payment for any Units of the Company may be deducted from that sum before payment;
provided, however, that no deduction pursuant to this sentence shall be made with respect to any
Tax Distribution except on account of any amounts owed by such Member or such Affiliate or related
Person which (i) are due and owing pursuant to the indemnification obligation provided for in this
Section 4.5 or (ii) are past due or as to which the obligor is otherwise in default.

          Section 4.6. Limitation. Notwithstanding any other provision of this Agreement, the
Company, and the Board of Managers on behalf of the Company, shall not be required to make a
distribution if such distribution to any Member or Assignee would violate the Act or other
applicable Law or result in default or violation of any financing agreement to which the Company is
a party.

ARTICLE V.

ALLOCATIONS

          Section 5.1. Allocations for Capital Account Purposes.

          (a) General Allocations. Except as otherwise provided in this Agreement, Net
Income and Net Losses (and, to the extent necessary, individual items of income, gain or loss or
deduction of the Company) shall be allocated in a manner such that the Capital Account of each
Member after giving effect to the Special Allocations set forth in Section
5.1(b) is, as nearly as possible, equal (proportionately) to (i) the distributions that would
be made pursuant to Section 8.3 if the Company were dissolved, its affairs
wound up and its assets sold for cash equal to their Carrying Value, all Company liabilities were
satisfied (limited with respect to each non-recourse liability to the Carrying Value of the
assets securing such liability) and the net assets of the Company were distributed to the Members
pursuant to this Agreement, minus (ii) such Member’s share of Company Minimum Gain and
Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of
assets.

          (b) Special Allocations. Notwithstanding any other provision of this
Section 5.1, the following special allocations shall be made for such
taxable period:

26

 

               (i) Company Minimum Gain Chargeback. Notwithstanding any other provision of
this Section 5.1, if there is a net decrease in Company Minimum Gain during any
Company taxable period, each Member shall be allocated items of Company income and gain for
such period (and, if necessary, subsequent periods) in the manner and amounts provided in
Treasury Regulations Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any
successor provision. For purposes of this Section 5.1(b), each Member’s Adjusted
Capital Account balance shall be determined, and the allocation of income and gain required
hereunder shall be effected, prior to the application of any other allocations pursuant to
this Section 5.1(b) with respect to such taxable period (other than an allocation
pursuant to Section 5.1(b)(iii) and Section 5.1(b)(vi)). This
Section 5.1(b)(i) is intended to comply with the Company Minimum Gain chargeback
requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently
therewith.

               (ii) Chargeback of Member Nonrecourse Debt Minimum Gain. Notwithstanding the
other provisions of this Section 5.1 (other than Section 5.1(b)(i)),
except as provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net decrease
in Member Nonrecourse Debt Minimum Gain during any Company taxable period, any Member with a
share of Member Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall
be allocated items of Company income and gain for such period (and, if necessary, subsequent
periods) in the manner and amounts provided in Treasury Regulations Sections 1.704-2(i)(4)
and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this Section
5.1(b), each Member’s Adjusted Capital Account balance shall be determined, and the
allocation of income and gain required hereunder shall be effected, prior to the application
of any other allocations pursuant to this Section 5.1(b), other than Section
5.1(b)(i) and other than an allocation pursuant to Section 5.1(b)(v) and
Section 5.1(b)(vi), with respect to such taxable period. This Section
5.1(b)(ii) is intended to comply with the chargeback of items of income and gain
requirement in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.

               (iii) Qualified Income Offset. In the event any Member unexpectedly receives
any adjustments, allocations or distributions described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Company income and gain shall be specially
allocated to such Member in an amount and manner sufficient to eliminate, to the extent
required by the Treasury Regulations promulgated under Section 704(b) of the Code, the
deficit balance, if any, in its Adjusted Capital Account created by such adjustments,
allocations or distributions as quickly as possible, unless such deficit balance is
otherwise eliminated pursuant to Section 5.1(b)(i) or Section 5.1(b)(ii).
This Section 5.1(b)(iii) is intended to qualify and be construed as a “qualified
income offset” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith.

               (iv) Gross Income Allocations. In the event any Member has a deficit balance
in its Capital Account at the end of any Company taxable period in excess of the sum of (A)
the amount such Member is required to restore pursuant to the provisions of this Agreement
and (B) the amount such Member is deemed obligated to restore pursuant

27

 

to Treasury
Regulations Sections 1.704-2(g) and 1.704-2(i)(5), such Member shall be specially allocated
items of Company gross income and gain in the amount of such excess as quickly as possible;
provided, that an allocation pursuant to this Section 5.1(b)(iv) shall be made only
if and to the extent that such Member would have a deficit balance in its Capital Account as
adjusted after all other allocations provided for in this Section 5.1 have been
tentatively made as if this Section 5.1(b)(iv) were not in this Agreement.

               (v) Nonrecourse Deductions. Nonrecourse Deductions for any taxable period
shall be allocated to the Members in accordance with their respective Percentage Interests.
If the Board of Managers acting in Good Faith determines that the Company’s Nonrecourse
Deductions should be allocated in a different ratio to satisfy the safe harbor requirements
of the Treasury Regulations promulgated under Section 704(b) of the Code, the Board of
Managers is authorized, upon notice to the other Members, to revise the prescribed ratio to
the numerically closest ratio that does satisfy such requirements.

               (vi) Member Nonrecourse Deductions. Member Nonrecourse Deductions for any
taxable period shall be allocated 100% to the Member that bears the “Economic Risk of Loss”
(as defined in the Treasury Regulations) with respect to the Member Nonrecourse Debt to
which such Member Nonrecourse Deductions are attributable in accordance with Treasury
Regulations Section 1.704-2(i). If more than one Member bears the Economic Risk of Loss
with respect to a Member Nonrecourse Debt, such Member Nonrecourse Deductions attributable
thereto shall be allocated between or among such Members in accordance with the ratios in
which they share such Economic Risk of Loss.

               (vii) Nonrecourse Liabilities. Nonrecourse Liabilities of the Company
described in Treasury Regulations Section 1.752-3(a)(3) shall be allocated among the Members
in the manner chosen by the Board of Managers acting in Good Faith and consistent with such
Section of the Treasury Regulations.

               (viii) Code Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into
account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the
asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall
be specially allocated to the Members in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such Section of the Treasury
Regulations.

               (ix) Matching Allocations. If the Class A Holder receives a distribution
pursuant to Section 4.1(b) during any Fiscal Year, Parent shall be specially
allocated items of gross income for such Fiscal Year (and subsequent Fiscal Years, if
necessary) in an amount equal to such distribution.

28

 

               (x) Curative Allocation.

               (1) The allocations set forth in Section
5.1(b)(i)-(ix) (the “Required Allocations”) are intended to
comply with certain requirements of the Treasury Regulations. It is the intent of
the Members that, to the extent possible, all Required Allocations shall be offset
either with other Required Allocations or with special allocations of other items of
Company income, gain, loss or deduction pursuant to this Section
5.1(b)(x)(1). Therefore, notwithstanding any other provision of this
ARTICLE V (other than the Required Allocations), the Board of
Managers shall make such offsetting special allocations of Company income, gain,
loss or deduction in whatever manner it determines appropriate acting in Good Faith
so that, after such offsetting allocations are made, each Member’s Capital Account
balance is, to the extent possible, equal to the Capital Account balance such Member
would have had if the Required Allocations were not part of this Agreement and all
Company items were allocated pursuant to the economic agreement among the Members.

               (2) In the event that the Contingency Consideration (as defined in the Business
Combination Agreement) is issued to the Legacy Members pursuant to the Business
Combination Agreement, it is the intent of the Members that, to the extent possible,
all prior allocations of the Company’s items of income, gain, loss or deduction
pursuant to this Agreement shall be offset with other allocations of the Company’s
items of income, gain, loss or deduction in whatever manner the Board of Managers
acting in Good Faith determines appropriate so that, after such offsetting
allocations are made, each Member’s Capital Account balance is, to the extent
possible, equal to the Capital Account balance such Member would have had if the
Percentage Interests of the Members were determined as if the Contingency
Consideration were issued as of the effective date of the Business Combination
Agreement and all Company items were allocated pursuant to such adjusted Percentage
Interests as of such date.

               (3) The Board of Managers shall, with respect to each taxable period, (1) apply
the provisions of Section 5.1(b)(x)(1) and
Section 5.1(b)(x)(2) in whatever order is most likely to
minimize the economic distortions that might otherwise result from such allocations,
and (2) divide all allocations pursuant to Section 5.1(b)(x)(1)
and Section 5.1(b)(x)(1) among the Members in a manner that is
likely to minimize such economic distortions.

               (xi) Deficit Capital Accounts. No Member shall be required to pay to the
Company, to any other Member or to any third party any deficit balance which may exist from
time to time in the Member’s Capital Account.

          Section 5.2. Allocations for Tax Purposes.

          (a) The income, gains, losses and deductions of the Company shall be allocated for federal,
state and local income tax purposes among the Members in accordance with the allocation of such
income, gains, losses and deductions among the Members for

29

 

purposes of computing their Capital
Accounts; except that if any such allocation is not permitted by the Code or other applicable
law, then the Company’s subsequent income, gains, losses and deductions for tax purposes shall be
allocated among the Members so as to reflect as nearly as possible the allocation set forth
herein in computing their Capital Accounts.

          (b) In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property
or an Adjusted Property, items of income, gain, loss, depreciation, amortization and cost
recovery deductions shall be allocated for federal income tax purposes among the Members as
follows:

               (i) (A) In the case of a Contributed Property, such items attributable thereto shall be
allocated among the Members in the manner provided under Section 704(c) of the Code that
takes into account the variation between the Agreed Value of such property and its adjusted
basis at the time of contribution; and (B) any item of Residual Gain or Residual Loss
attributable to a Contributed Property shall be allocated among the Members in the same
manner as its correlative item of “book” gain or loss is allocated pursuant to Section
5.1.

               (ii) (A) In the case of an Adjusted Property, such items shall (1) first, be allocated
among the Members in a manner consistent with the principles of Section 704(c) of the Code
to take into account the Unrealized Gain or Unrealized Loss attributable to such property
and the allocations thereof pursuant to Section 3.5(c)(i) or Section
3.5(c)(ii), and (2) second, in the event such property was originally a Contributed
Property, be allocated among the Members in a manner consistent with Section
5.2(b)(i)(A); and (B) any item of Residual Gain or Residual Loss attributable to an
Adjusted Property shall be allocated among the Members in the same manner as its correlative
item of “book” gain or loss is allocated pursuant to Section 5.1.

               (iii) In order to eliminate Book-Tax Disparities, the Board of Managers acting in Good
Faith may cause the Company to use any method described in Treasury Regulations Section
1.704-3; provided, however, that to eliminate Book-Tax Disparities
attributable to Adjusted Property. the Company shall use the “traditional method”.

          (c) Tax credits, tax credit recapture and any items related thereto shall be allocated to
the Members according to their interests in such items as reasonably determined by the Board of
Managers acting in Good Faith taking into account the principles of Treasury Regulations Sections
1.704-1(b)(4)(ii) and 1.704-1T(b)(4)(xi).

          (d) Allocations pursuant to this Section 5.2 are solely for the
purposes of federal, state and local taxes and shall not affect, or in any way be taken into
account in computing, any Member’s Capital Account or share of Income, Loss, distributions or
other Company items pursuant to any provision of this Agreement

          Section 5.3. Other Allocation Rules. The Company shall “close its books” on the date
Parent first becomes a Member and shall allocate Net Profits, Net Losses, or other items allocable
to the portion of 2011 ending on such date to the Persons that were Members of the Company during
such portion of 2011 in accordance with the Second Amended

30

 

Agreement. Thereafter, for purposes of
determining the items of Company income, gain, loss, deduction, or credit allocable to any Member
with respect to any period, such items shall be determined on a daily, monthly, or other basis, as
determined by the Board of Managers acting in Good Faith using any permissible method under Code
Section 706 and the Treasury Regulations promulgated thereunder.

          Section 5.4. Members’ Tax Reporting. The Members acknowledge and are aware of the
income tax consequences of the allocations made pursuant to this ARTICLE V and, except as
may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by
the provisions of this ARTICLE V in reporting their shares of Company income, gain, loss,
deduction and credit for federal, state and local income tax purposes.

ARTICLE VI.

MANAGEMENT

          Section 6.1. Power and Authority.

          (a) Authority of Board of Managers. Except as otherwise provided in this Agreement
or as provided by a non-waivable provision of the Act, (i) the business, property and affairs of
the Company shall be managed exclusively under the direction of the Board of Managers, which may
from time to time by resolution delegate authority to Officers or to others to act on behalf of
the Company. Except as otherwise provided in this Agreement, the Board of Managers shall have
the power and authority, on behalf of the Company, to take or authorize any actions of any kind
not inconsistent with this Agreement and that the Board of Managers acting in Good Faith deems
necessary or appropriate to carry on the business and purposes of the Company. Any such
delegation of authority to an Officer in effect immediately prior to the date of this Agreement
is hereby ratified and confirmed by the Company and the Board of Managers. Except as otherwise
agreed by the Members, no Member, acting in his capacity as a Member, shall have any right or
authority to take any action on behalf of the Company or to bind or commit the Company with
respect to third parties or otherwise. Except as otherwise expressly provided in this Agreement,
each Member hereby (a) specifically delegates to the Board of Managers its rights and powers to
manage and control the business and affairs of the Company in accordance with the provisions in
Section 18-407 of the Act, and (b) revokes its right to bind the Company, as contemplated by the
provisions of Section 18-402 of the Act.

          Section 6.2. Board of Managers.

          (a) Establishment of Board of Managers. The board of managers of the Company (the
“Board of Managers”) shall be comprised of the same number of managers (each a “Board
Member”) as the board of directors of the Class A Holder and the Class A Holder shall appoint
each Board Member, provided that the Board of Managers must be comprised of the same
persons who comprise the Class A Holder’s board of directors at all
times. The initial Board of Managers shall be comprised of seven (7) Board Members and
shall be comprised of the individuals set forth on Exhibit A hereto. Board Members may
be, but are not required to be, Members. The chairperson (the “Chair”) of the Board of
Managers who shall preside over meetings of the Board of Managers shall be the same person as the

31

 

chairman of the board of directors of the Class A Holder. Each Board Member shall be a “manager”
of the Company for purposes of the Act, but, notwithstanding the foregoing, no Board Member shall
have any rights or powers beyond the rights and power expressly granted to such Board Member in
this Agreement.

          (b) Fiduciary Duties of Board Members. Subject to the express provisions of this
agreement, a Board Member, in the performance of its duties acting in such capacity, shall owe to
the Members the same fiduciary duties, including the duty of care and duty of loyalty, as a
director of a corporation under Delaware Law (including the Delaware General Corporation Law)
owed to the stockholders of such corporation and any other duties owed by a non-waivable
provision of the Act.

          (c) Meetings of the Board of Managers. There is no requirement to hold regular or
other meetings of the Board of Managers. Meetings of the Board of Managers, to be held at the
offices of the Company (or such other place as shall be agreed by majority vote of the Board of
Managers), shall be called at the direction of the Chair, the Chief Executive Officer, or by
majority vote of the Board of Managers, and for reasonable cause shown any Board Member (which
is understood to include, without limitation, any meeting called by a Board Member to review any
determination made by the Company pursuant to this Agreement), upon not less than two (2)
Business Days’ notice given by the Chair, the Chief Executive Officer or the Secretary of the
Company (which Officers shall give such notice if properly directed so to do as aforesaid) to all
Board Members in writing or by telephone, electronic (including email) or facsimile transmission.
Any such notice shall state the place, date and time of the meeting and specify in reasonable
detail the agenda of matters to be discussed at such meeting. In addition to any Board Member,
the Members, the officers, directors, employees or other professional representatives of the
Company (including the accountants, attorneys and/or financial advisors) shall be permitted to
attend meetings of the Board of Managers as observers upon invitation of a Board Member. Meetings
of the Board of Managers may be held in conjunction with the meeting of the board of directors of
the Class A Holder. Notice of a meeting need not be given to any Board Member who submits a
signed waiver of notice, in person or by proxy, whether before, at or after the meeting. All
such waivers shall be filed with the Company records or made part of the minutes of the
applicable meeting. The attendance of a Board Member at a meeting without protesting the lack of
proper notice shall constitute a waiver of notice by such Board Member.

          (d) Quorum; Votes. The presence in person or by proxy of that number of Board
Members representing at least a majority of the Board Members then in office shall constitute a
quorum. A quorum must exist at all times of a meeting, including the reconvening of any meeting
that has been adjourned, for any action taken at such meeting to be valid. All decisions of the
Board of Managers shall be taken by a majority of the Board Members present at such meeting at
which a quorum exists for such decision or action to be valid.

          (e) Removal of Directors; Vacancies. The Class A Holder shall remove any Board
Member appointed by such Member pursuant to Section 6.2(a), with or without
cause, to the extent that such Board Member has been removed from, resigns or retires from, or
otherwise ceases to serve as a director on the board of directors of the Class A Holder. In

32

 

the
event a vacancy occurs on the Board of Managers as a result of the retirement, removal,
resignation or death of a Board Member, such vacancy shall be filled by the Class A Holder in
accordance with Section 6.2(a).

          (f) Action by Written Consent. Any action required or permitted to be taken by the
Board of Managers, either at a meeting or otherwise, may be taken without a meeting if the Board
Members, by a unanimous consent of the Board Members in writing signed in one or more
counterparts. Any such writing or writings shall be filed with the minutes of proceedings of the
Board of Managers.

          (g) Telephonic Meetings. Board Members may participate in a meeting of the Board of
Managers by means of a conference telephone or similar communications equipment through which all
persons participating in the meeting can hear each other and such participation in a meeting
shall constitute presence in person at such meeting.

          (h) Company Minutes. The decisions and resolutions of the Board of Managers shall
be reported in minutes, which shall state the date, time and place of the meeting (or the date of
the written consent in lieu of meeting), the Board Members present at the meeting, the
resolutions put to a vote (or the subject of a written consent) and the results of such voting
(or written consent). The minutes shall be entered in a minute book kept at the principal office
and/or administrative offices of the Company and a copy of the minutes shall be provided to each
Board Member.

          (i) Board Committees. The Board of Managers from time to time may appoint one or
more committees, each such committee to be comprised of one or more Board members, to perform any
functions or conduct any activities that the Board of Managers has the right, power, and
authority to perform or conduct.

          (j) Board Compensation. Board Members, as such, shall not receive any stated salary
for their services, but the Board of Managers acting in Good Faith may authorize the payment to
Board Members of a fixed sum and expense of attendance, if any, for each regular or special
meeting of the Board of Managers or any committee thereof attended; provided that nothing
herein contained shall be construed to preclude any Board Member from serving the Company, or any
of its Subsidiaries or the Class A Holder in any other capacity and receiving compensation
therefore.

          Section 6.3. Officers.

          (a) General Designation and Appointment. Subject to the terms of this
Section 6.3, the Company may, from time to time, employ and retain Persons
as may be necessary or appropriate for the conduct of the Company’s business, including
employees, agents and other Persons (any of whom may be a Member) who may be designated as
Officers of the Company, with such titles as and to the extent authorized by the Board of
Managers or this Agreement. Any number of offices may be held by the same Person. The
Board of Managers may, acting in Good Faith, choose not to fill any office for any period as it
may deem advisable. Officers need not be residents of the State of Delaware or Members. Subject
to the terms of this Section 6.3, any Officers so designated shall have such
authority

33

 

and perform such duties as the Board of Managers or the Chief Executive Officer, as
applicable, may from time to time delegate to them. The Board of Managers may assign titles to
particular Officers. Each Officer shall hold office until his successor shall be duly designated
and shall qualify or until his death or until he shall resign or shall have been removed in the
manner hereinafter provided. The salaries or other compensation, if any, of the Officers of the
Company shall be fixed from time to time by the Board of Managers acting in Good Faith.
Designation of an Officer shall not of itself create any employment or, except as provided in
Section 6.4, contractual rights.

          (b) Initial and Required Designations and Appointment. Notwithstanding the
foregoing, the positions of Chief Executive Officer, Chief Financial Officer and Treasurer, one
or more Vice President(s), Secretary, one or more Assistant Treasurer(s) and/or Assistant
Secretary(ies) are hereby established as follows:

               (i) Chief Executive Officer. The Chief Executive Officer (the “Chief
Executive Officer”) shall be the chief executive officer of the Company. He or she
shall have full responsibility and authority for management of the day-to-day operation of
the Company and shall perform such other duties as may be assigned to him by the Board of
Managers. The Chief Executive Officer may execute agreements and contracts and take other
actions on behalf of the Company as authorized by the Board of Managers. He or she shall
from time to time report to the Board of Managers all material matters within his or her
knowledge that the interest of the Company may require to be brought to the Board of
Managers notice and shall also have such other powers and perform such other duties as may
be specifically assigned to him or her from time to time by the Board of Managers. The
Chief Executive Officer shall see that all resolutions and orders of the Board of Managers
are carried into effect, and in connection with the foregoing, shall be authorized to
delegate to any other Officer, employee or agents such of his or her powers and such of his
or her duties as he or she may deem advisable. The Chief Executive Officer shall be the
same person as the Chief Executive Officer of the Class A Holder at all times and shall have
the right to appoint the remaining Officers of the Company. The initial Chief Executive
Officer following adoption of this Agreement shall be as set forth on Exhibit B
hereto.

               (ii) Chief Financial Officer and Treasurer. The Chief Financial Officer and
Treasurer (the “CFO and Treasurer”) shall have the charge of the Company’s funds and
securities and shall keep (or cause to be kept) full and accurate accounts and receipts and
disbursements in books belonging to the Company and shall deposit (or cause to be deposited)
all monies and other valuable effects in the name and to the credit of the Company, in such
depositories as may be designated by the Board of Managers or any Officer of the Company
authorized by the Board of Managers to make such designation. He shall disburse the funds
of the Company as may be ordered by the Board of Managers or any other duly authorized
Officer and shall render to the Board of Managers, whenever
the Board of Managers require it, an account of all his transactions as CFO and
Treasurer and an account of the business and financial position of the Company. The CFO and
Treasurer shall exercise such powers and perform such duties as generally pertain or are
necessarily incident to his or her office, and he or she shall perform such duties as may be
assigned to him or her from time to time by the Board of Managers or the Chief

34

 

Executive
Officer. The initial CFO and Treasurer following adoption of this Agreement shall be as
set forth on Exhibit B hereto.

               (iii) Assistant Treasurer. The Chief Executive Officer may appoint one or more
Assistant Treasurers of the Company (each an “Assistant Treasurer”). Each Assistant
Treasurer shall perform such duties and responsibilities as may be specifically assigned to
him or her from time to time by the Chief Executive Officer. The Assistant Treasurers (in
the order of election) shall, during the absence or incapacity of the Treasurer, assume and
perform all the functions and duties and exercise the powers which the Treasurer might
lawfully do if present and not under any incapacity.

               (iv) Vice Presidents. The Chief Executive Officer may appoint one or more vice
presidents of the Company (each a “Vice President”). A Vice President shall have
such duties and responsibilities as may be specifically assigned to him or her from time to
time by the Chief Executive Officer. A Vice President shall report to the Chief Executive
Officer or such other person as determined by the Chief Executive Officer. The initial Vice
Presidents following the adoption of this Agreement shall be as set forth in Exhibit
B hereto.

               (v) Secretary. The Secretary of the Company (the “Secretary”) shall
attend all meetings of the Board of Managers and Members and record all votes and minutes of
all proceedings in a book to be kept for that purpose and shall perform like duties for any
committee of the Board of Managers when required. He or she shall give, or cause to be
given, notice of all meeting of the Members and, when necessary, of the Board of Directors.
The Secretary shall exercise such powers and perform such duties as generally pertain or are
necessarily incident to his or her office, and he or she shall perform such duties as may be
assigned to him or her from time to time by the Board of Managers or the Chief Executive
Officer. The initial Secretary following adoption of this Agreement shall be as set forth
on Exhibit B hereto.

               (vi) Assistant Secretary. The Chief Executive Officer may appoint one or more
Assistant Secretaries of the Company (each an “Assistant Secretary”). Each
Assistant Secretary shall perform such duties and responsibilities as may be specifically
assigned to him or her from time to time by the Chief Executive Officer. The Assistant
Secretaries (in the order of election) shall, during the absence or incapacity of the
Secretary, assume and perform all the functions and duties and exercise the powers which the
Secretary might lawfully do if present and not under any incapacity.

          (c) Employment of Members. The Company may appoint or employ one or more Members
from time to time, and such Members, in their capacity as Officers, employees or agents of the
Company (and not, for clarity, in their capacity as Members of the Company), may take part in the
control and management of the business of the Company to
the extent such authority and power to act for or on behalf of the Company has been
delegated to them by the Board of Managers or the Chief Executive Officer or otherwise pursuant
to this Agreement.

35

 

          (d) Further Delegation of Authority. To the fullest extent permitted by Law and
subject to the terms and Conditions of this Agreement, the Board of Managers shall have the power
and authority from time to time to delegate to one or more other Persons the Board of Managers’
rights and powers to manage and control the business and affairs of the Company, including to
delegate to agents and employees of a Member or the Company (including Officers), and to delegate
by a management agreement or another agreement with, or otherwise to, other Persons;
provided, however, that no such delegation shall have the effect of reducing the
powers and duties of the Chief Executive Officer unless required by applicable Law. Subject to
the terms of this Agreement, the Board of Managers may authorize any Person (including any Member
or Officer) to enter into and perform any document on behalf of the Company. Any delegation or
authorization pursuant to this Section 6.3(d) may be revoked at any time and
for any reason or no reason by the Board of Managers. Third parties dealing with the Company
shall be entitled to rely conclusively upon the power and authority of the Officers of the
Company as set forth herein,

          (e) Resignation and Removal. Any Officer may resign as such at any time. Such
resignation shall be made in writing and shall take effect at the time specified therein, or if
no time is specified, at the time of its receipt by the Board of Managers. The acceptance of a
resignation shall not be necessary to make it effective, unless expressly so provided in the
resignation. All employees, agents and Officers shall be subject to the supervision and
direction of the Board of Managers and, except as otherwise provided herein, may be removed, with
or without cause, from such office by the Board of Managers and, except as otherwise provided
herein, the authority, duties or responsibilities of any employee, agent or Officer of the
Company may be suspended by or altered the Board of Managers from time to time, in each case in
the sole discretion of the Board of Managers.

          (f) Fiduciary Duties of Officers. The Officers, in the performance of their duties
as such, shall owe to the Company the same fiduciary duties, including the duty of care and duty
of loyalty, of the type owed by officers of a Delaware corporation pursuant to the laws of the
state of Delaware.

          (g) Compensation. The Officers of the Company shall be entitled to such salary or
other compensation with respect to their respective performance of such capacities as the Board
of Managers acting in Good Faith may determine or otherwise agree to provide from time to time,

          Section 6.4. Liability of Members; Board Members; Officers and Other Covered
Persons.

          (a) No Personal Liability. Except as otherwise required by the Act or applicable
Law and as expressly set forth in this Agreement, no Member shall have any personal liability
whatsoever in such Person’s capacity as a Member, whether to the Company, to any of the other
Members, to the creditors of the Company or to any other third
party, for the debts, liabilities, commitments or any other obligations of the Company or
for any losses of the Company. Except as otherwise required by the Act, each Member shall be
liable only to make such Member’s Capital Contribution to the Company, if applicable, and the
other payments provided for expressly herein.

36

 

          (b) Return of Distributions. In accordance with the Act and the laws of the State
of Delaware, a Member may, under certain circumstances, be required to return amounts previously
distributed to such Member. It is the intent of the Members that no distribution to any Member
pursuant to ARTICLE IV shall be deemed a return of money or other property
paid or distributed in violation of the Act. The payment of any such money or distribution of
any such property to a Member shall be deemed to be a compromise within the meaning of Section
18-502(b) of the Act, and, to the fullest extent permitted by Law, any Member receiving any such
money or property shall not be required to return any such money or property to the Company or
any other Person. However, if any court of competent jurisdiction holds that, notwithstanding
the provisions of this Agreement, any Member is obligated to make any such payment, such
obligation shall be the obligation of such Member and not of any other Member.

          (c) No Duties. Notwithstanding any other provision of this Agreement or any duty
otherwise existing at law, in equity or otherwise, the parties hereby agree that the Members
(other than the Class A Holder) acting as such, shall, to the maximum extent permitted by Law,
including Section 18-1101(c) of the Act, owe no duties (including fiduciary duties) to the
Company, the other Members or any other Person who is a party to or otherwise bound by this
Agreement; provided, however, that nothing contained in this
Section 6.4(c) shall eliminate the implied contractual covenant of good
faith and fair dealing. To the extent that, at law or in equity, any Member (including without
limitation, the Class A Holder) has duties (including fiduciary duties) and liabilities relating
thereto to the Company, to another Member or to another Person who is a party to or otherwise
bound by this Agreement, the Members (including without limitation, the Class A Holder) acting
under this Agreement will not be liable to the Company, to any such other Member or to any such
other Person who is a party to or 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 Member
(including without limitation, the Class A Holder) otherwise existing at law, in equity or
otherwise, are agreed by the parties hereto to replace to that extent such other duties and
liabilities of the Members (including without limitation, the Class A Holder) relating thereto.

          (d) Exculpation. Neither a Board Member nor Officer shall be personally liable to
the Company or its Members for monetary damages for any actions taken or omitted to be taken with
respect to the Company including a breach of fiduciary duty by such director or Officer, as
applicable, except for liability (i) for any breach of the Board Member’s or Officer’s duty of
loyalty to the Company or its Members, (ii) for acts or omissions not in good faith or which
involve fraud, intentional misconduct or a knowing violation of law including theft, larceny,
embezzlement, misappropriation or similar crimes, or (iii) for any transaction from which the
Board Member or Officer derived an improper personal benefit. The Board of Managers, the Board
Members, the Officers and the Members, may consult with legal
counsel, accountants and financial or other advisors and any act or omission suffered or
taken by the Board of Managers on behalf of the Company or in furtherance of the interests of the
Company 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 Board of Managers, Board Members, Officers and Members will be fully protected
in so acting or omitting to act so long as such counsel or accountants or financial or

37

 

other
advisors were selected with reasonable care. Any repeal or modification of this paragraph by the
Members shall not adversely affect any right or protection of a Board Member or Officer with
respect to events occurring prior to the time of such repeal or modification.

          (e) Indemnification by the Company. Subject to the limitations and conditions
provided in this Section 6.4, each Covered Person who was or is made a party
or is threatened to be made a party to or is involved in or participates as a witness in any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or arbitrative (each, a “Proceeding”), or any appeal in such a Proceeding
or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that
he, she or it, or a Person of which he, she or it is the legal representative, is or was a
Covered Person (each, an “Indemnified Person”), in each case, shall be indemnified and
held harmless by the Company to the fullest extent permitted by applicable Law, as the same
exists or may hereafter be amended (but, in the case of any such amendment, only to the extent
that such amendment permits the Company to provide broader indemnification rights than such law
permitted the Company to provide prior to such amendment) against all judgments, penalties
(including excise and similar taxes and punitive damages), fines, settlements and reasonable
expenses (including reasonable attorneys’ fees and expenses) actually incurred by such
Indemnified Person in connection with such Proceeding, appeal, inquiry or investigation, if such
Indemnified Person acted in Good Faith, except where such person is judicially determined in a
final nonappealable order to have acted in bad faith, to have breached its duty of loyalty to the
Company and the Members, to have committed fraud or to be guilty of a felony or a misdemeanor
involving theft, larceny, embezzlement, misappropriation or similar crimes or to have otherwise
engaged in intentional misconduct or a knowing violation of Law. Reasonable expenses incurred by
an Indemnified Person who was, is or is threatened to be made a named defendant or respondent in
a Proceeding shall be paid by the Company in advance of the final disposition of the Proceeding
upon receipt of an undertaking by or on behalf of such Person to repay such amount if it shall
ultimately be determined that he, she or it is not entitled to be indemnified by the Company.
Indemnification under this Section 6.4 shall continue as to a Person who has
ceased to serve in the capacity which initially entitled such Person to indemnity hereunder.

          (f) Contract Rights; Rights Not Exclusive. The rights granted pursuant to this
Section 6.4 shall be deemed contract rights, and no amendment, modification
or repeal of this Section 6.4 shall have the effect of limiting or denying
any such rights with respect to actions taken or Proceedings, appeals, inquiries or
investigations arising prior to any amendment, modification or repeal. The rights to
indemnification and payment of expenses incurred in defending a Proceeding in advance of its
final disposition conferred in this Section 6.4 shall not be exclusive of
any other rights which any Person may have or hereafter acquire
under any statute, provision of this Agreement, any other agreement, any vote of the Members
or disinterested Board Members, or otherwise. It is expressly acknowledged that the
indemnification provided in this Section 6.4 could involve indemnification
for negligence or under theories of strict liability. Notwithstanding the foregoing, no
Indemnified Person shall be entitled to any indemnity or advancement of expenses in connection
with any Proceeding brought (i) by such Indemnified Person against the Company (other than to
enforce the rights of such Indemnified Person pursuant to this Section 6.4),
any Member or any Officer, or

38

 

(ii) by or in the right of the Company, without the prior written
consent of the Board of Managers.

          (g) No Member Recourse. Notwithstanding anything herein to the contrary, any
indemnity by the Company relating to the matters covered in this Section 6.4
shall be provided out of and to the extent of Company assets only and no Member (unless such
Member otherwise agrees in writing or is found in a final decision of a court of competent
jurisdiction to have personal liability on account thereof) shall have personal liability on
account thereof or shall be required to make additional Capital Contributions to help satisfy
such indemnity of the Company.

          (h) Insurance. The Company may purchase and maintain insurance, at its own expense,
on its own behalf and on behalf of any other Person who the Board of Managers acting in Good
Faith shall determine, against any liability that may be asserted or expense that may be incurred
by such Persons in connection with the business or activities of the Company, whether or not the
Company would have the power to indemnify such Person against such liability under this
Section 6.4.

          (i) Employees and Agents. Persons who are not Covered Persons and who are or were
employees or agents of the Company, or who are or were serving at the request of the company as
employees or agents of another Person, may be indemnified to the extent authorized at any time or
from time to time as determined by the Board of Managers in its sole discretion, subject to the
same terms, conditions and restrictions as apply to Covered Persons as set forth in
Section 6.4(e).

          Section 6.5. Investment Representations of Members. Each Member, Substituted Member
and Additional Member, if applicable, hereby represents, warrants and acknowledges to the Company
that as of the date hereof, in the case of Members, or, in the case of Substituted Members and
Additional Members, as of the date on which such Substituted Member or Additional Member acquires
Units and/or other Equity Securities and becomes a Member: (a) if it is not a natural person, that
it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of
organization, is in good standing under the laws of such jurisdiction; (b) it has all requisite
legal capacity and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby; (c) if it is not a natural person, the execution and delivery of
this Agreement by it of the transactions contemplated hereby have been duly authorized by all
necessary corporate or other entity action on the part of such Member, Substituted Member or
Additional Member, as applicable; (d) this Agreement constitutes a legal, valid and binding
obligation of such Member, Substituted Member or Additional Member, as applicable, enforceable
against it in accordance with its terms, except as
enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally;
(e) the execution, delivery and performance of this Agreement by such Member, Substituted Member or
Additional Member, as applicable, and the consummation by such Member, Substituted Member or
Additional Member, as applicable, of the transactions contemplated hereby will not (i) if it is not
a natural person, result in a violation of the Certificate of Incorporation and Bylaws or other
organizational documents of such Member, Substituted Member or Additional Member, as applicable, or
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which such Member, Substituted

39

 

Member
or Additional Member, as applicable, is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree applicable to such Member, Substituted Member or Additional
Member, as applicable, except with respect to clauses (ii) or (iii) for any conflicts, defaults,
accelerations, terminations, cancellations or violations, that would not in any material respect
result in the unenforceability against such Member, Substituted Member or Additional Member, as
applicable, of this Agreement; (f) such Member, Substitute Member or Additional Member, as
applicable, has such knowledge and experience in financial and business matters and is capable of
evaluating the merits and risks of an investment in the Company and is making an informed
investment decision with respect thereto and (g) such Member, Substituted Member or Additional
Member, as applicable, is acquiring Units and/or Equity Securities in the Company for investment
only and not with a view to, or for resale in connection with, any distribution to the public or
public offering thereof.

ARTICLE VII.

MEETINGS OF MEMBERS; REQUIRED VOTES.

          Section 7.1. Place of Meetings. Meetings of Members shall be held at the principal
place of business of the Company, unless another location is designated by the Board of Managers
acting in Good Faith or by the holders of a majority of the voting power of the Company or of such
Class of Units or series for which a meeting has been called. If not held at the principal place
of business of the Company, meetings of Members may be held at any place within or outside the
State of Delaware designated by the Board of Managers acting in Good Faith or by the holders of a
majority of the voting power of the Company or of such Class of Units or series for which a meeting
has been called, or may instead be held solely by means of remote communication authorized by and
in accordance with the Act.

          Section 7.2. Purpose of Meetings. Meetings of the Members for any lawful purpose or
purposes, unless otherwise prescribed by statute or by this Agreement, may be called by (a) the
Board of Managers or Chief Executive Officer in the case of a meeting of all the Members or any
Class of Members, (b) the Class A Holder in the case of a meeting of all the Members (a
“Combined Meeting”) or Members holding New Crumbs Class A Units (a “Class A
Meeting”), (c) Members holding at least 25% of the New Crumbs Class B Exchangeable Units in the
case of a meeting Combined Meeting or a meeting of Members holding New Crumbs Class B Exchangeable
Units (a “Class B Meeting”), and shall be called by the Secretary at the direction of
anyone of the foregoing. Such request shall state the purpose or purposes of the proposed
meeting. Business transacted at any meeting of Members, or Members holding any Class of
Units, shall be limited to the purposes stated in the notice.

          Section 7.3. Quorum; Adjourned Meetings and Notice Thereof. Members holding,
collectively, Units representing a majority of the outstanding Units or Class of Units, as
applicable, entitled to vote at such meeting present in person or represented by proxy shall
constitute a quorum for the transaction of business except as otherwise provided by Law or this
Agreement. A quorum, once established, shall not be broken by the withdrawal of enough

40

 

votes to
leave less than a quorum and the votes present may continue to transact business until adjournment.
If, however, such quorum shall not be present or represented at any meeting of the Members, the
Members holding Units representing a majority of the outstanding Units or Class of Units, as
applicable, represented in person or by proxy may adjourn the meeting from time to time, without
notice other than announcement at the meeting, until a quorum shall be present or represented. At
such adjourned meeting at which an applicable quorum shall be present or represented, any business
may be transacted which might have been transacted at the meeting as originally notified. If the
adjournment is for more than thirty (30) days, or if after the adjournment a new record date is
fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Member of
record entitled to vote thereat.

          Section 7.4. Voting; Required Votes. 

          (a) Voting. When a quorum is present at any meeting of Members, the vote of the
Members holding Units representing a majority of the outstanding Units or Class of Units, as
applicable, having the right to vote on such matter and present in person or represented by proxy
shall decide any question brought before such meeting, unless the question is one upon which by
express provision of the Act or this Agreement, a different vote is required, in which case such
express provision shall govern and control the decision of such question. Except as otherwise
expressly provided in this Agreement or any non-waivable provision of the Act, New Crumbs Class B
Exchangeable Units shall not be entitled to vote with respect to any action required or permitted
to be taken under this Agreement.

          (b) Required New Crumbs Class B Exchangeable Units Approvals. Notwithstanding the
authority of the Board of Managers or any other provision of this Agreement, the Company shall
not and, where applicable, shall not permit any of its Subsidiaries to, take any of the following
actions without the approval of Members holding two-thirds of the outstanding New Crumbs Class B
Exchangeable Units:

               (i) the dissolution, liquidation or winding up of the Company or the commencement of a
voluntary proceeding seeking reorganization or other similar relief;

               (ii) a reincorporation, merger, consolidation, conversion or sale of all or
substantially all the assets of the Company or similar action (other than where the
successor remains an Affiliate of the Class A Holder and the holders of New Crumbs Class B
Exchangeable Unit are not adversely affected as a class and receive Equity Securities in the
successor substantially identical in their rights as the New Class B Exchangeable Units);

               (iii) any issuance of additional New Crumbs Class A Voting Units or New Crumbs Class B
Exchangeable Units other than as required pursuant to Section 3.2(a), Section
3.4(b)(i), the Business Combination Agreement and/or the Exchange Agreement;

               (iv) the establishment and/or issuance of new Classes of Units, other Equity Securities
in the Company or other Company securities, other than as required

41

 

pursuant to Section
3.2(a) and Section 3.4(b)(i), the Business Combination Agreement and/or
the Exchange Agreement;

               (v) the withdrawal or resignation of a Member in accordance with Section 8.1
other than pursuant to a Transfer permitted under this Agreement;

               (vi) the amendment, supplement, waiver or modification of this Agreement or the
Certificate in a manner that disproportionately and adversely impacts the New Crumbs Class B
Exchangeable Units; and

               (vii) the direct Transfer or Pledge of Units, Equity Securities or other Membership
Interests in the Company by the Class A Holder other than, with respect to Pledges, a
Permitted Pledge.

          (c) Required New Crumbs Class A Voting Units Approvals. Notwithstanding the
authority of the Board of Managers or any other provision of this Agreement, the Company shall
not and, where applicable, shall not permit any of its subsidiaries to, take any of the following
actions without the approval of Members holding two-thirds of the outstanding New Crumbs Class A
Voting Units:

               (i) the dissolution, liquidation or winding up of the Company or the commencement of a
voluntary proceeding seeking reorganization or other similar relief;

               (ii) a reincorporation, merger, consolidation, conversion or sale of all or
substantially all the assets of Crumbs or similar action (other than where the successor
remains an Affiliate of the Class A Holder and the holders of New Crumbs Class A Voting
Units are not adversely affected as a class and receive shares in the successor
substantially identical in their rights as the New Crumbs Class A Voting Units);

               (iii) any issuance of additional New Crumbs Class A Voting Units or New Crumbs Class B
Exchangeable Units other than as required pursuant to Section 3.2(a), Section
3.4(b)(i), the Business Combination Agreement and/or the Exchange Agreement;

               (iv) the establishment and/or issuance of new Classes of Units, other Equity Securities
of the Company or other Company securities, other than as required pursuant to Section
3.2(a) and Section 3.4(b)(i), the Business Combination Agreement and/or
the Exchange Agreement.

               (v) the withdrawal or resignation of a Member in accordance with Section 8.1
other than pursuant to a Transfer permitted under this Agreement; and

               (vi) the amendment, supplement, waiver or modification of this Agreement or the
Certificate in a manner that disproportionately and adversely impacts the New Crumbs Class A
Voting Units.

          (d) Required Combined Votes. Notwithstanding the authority of the Board of Managers
or any other provision of this Agreement, the Company shall not take any of the

42

 

following actions
without the approval of Members holding two-thirds of the combined voting power of the
outstanding New Crumbs Class B Exchangeable Units and New Crumbs Class A Voting Units except as
expressly permitted by this Agreement, the amendment, supplement, waiver or modification of this
Agreement pursuant to Section 11.4 or the Certificate.

          Section 7.5. Proxies. At each meeting of the Members, each Member having the right to
vote may vote in person or may authorize another Person or Persons to act for him or her by proxy
appointed by an instrument in writing subscribed by such Member and bearing a date not more than
three (3) years prior to said meeting, unless said instrument provides for a longer period. All
proxies must be filed with the Company at the beginning of each meeting in order to be counted in
any vote at such meeting.

          Section 7.6. Notice of Members’ Meetings. Whenever Members are required or permitted
to take any action at a meeting, a written notice of the meeting shall be given which notice shall
state the date and hour, the place (if any) and the means of remote communications (if any) of the
meeting, and, in the case of a special meeting, the purpose or purposes for which such meeting is
called. Except as otherwise provided by Law, the written notice of any meeting shall be given to
each Member entitled to vote at such meeting not less than ten (10) nor more than sixty (60) days
before the date of the meeting via mail, facsimile or email. If mailed, notice is given when
deposited in the United States mail, postage prepaid, directed to the Member at such Member’s
address as it appears on Exhibit A.

          Section 7.7. Conduct of Member Meetings. The Chair, or in his absence an Officer
designated by the Board of Managers, shall preside at all meetings of Members. To the maximum
extent permitted by Law, the Board of Managers shall have the power to set procedural rules,
including without limitation rules respecting time allotted to the Members to speak, governing all
aspects of the conduct of such meetings.

          Section 7.8. Member Action by Written Consent without a Meeting. Unless otherwise
provided in this Agreement, any action required to be taken at a meeting of all Members, or Members
holding a Class of Units of the Company (or any subset thereof), or any action which may be taken
at any meeting of such Members, may be taken without a meeting, without prior notice and without a
vote, if a consent in writing, setting forth the action so taken, shall be (i) signed by the
Members holding Units having not less than the minimum number of votes that would be necessary (in
accordance with this Agreement) to authorize or take such action at a meeting at which all Units,
or Class of Units, entitled to vote thereon were present and voted and (ii) delivered to the
Company by delivery to its principal place of business.

ARTICLE VIII.

WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS;

ADMISSION OF NEW MEMBERS

          Section 8.1. Member Withdrawal. No Member shall have the power or right to withdraw
or otherwise resign or be expelled from the Company prior to the dissolution and winding up of the
Company except pursuant to a Transfer permitted under this Agreement or

43

 

a withdrawal or resignation
approved by the holders of each Class of Units as provided in Section 7.4(b) and
Section 7.4(c) hereof.

          Section 8.2. Removal. No Member may be involuntarily removed as a Member of the
Company.

          Section 8.3. Dissolution.

          (a) Events. The Company shall be dissolved and its affairs shall be wound up on the
first to occur of (i) the determination of the Board of Managers acting in Good Faith to
dissolve, wind-up and liquidate the Company and the approval of such liquidation by each Class of
Units in accordance with Section 7.4(b) and Section
7.4(c), (ii) the entry of a decree of judicial dissolution of the Company under Section
18-802 of the Act or (iii) the termination of the legal existence of the last remaining Member or
the occurrence of any other event which terminates the continued membership of the last remaining
Member in the Company unless the Company is continued without dissolution in a manner permitted
by the Act. In the event of a dissolution pursuant to clause (i) of the immediately preceding
sentence, 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 Members pursuant to Section 8.3(c) below in connection with the
winding up of the Company, 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, 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.

          (b) Actions Upon Dissolution. When the Company is dissolved, the business and
property of the Company shall be wound up and liquidated by the Board of Managers or, in the
event of the unavailability of the Board of Managers acting in Good Faith or if the Board of
Managers shall so determine, such Member or other liquidating trustee as shall be named by the
Board of Managers.

          (c) Priority. A reasonable time shall be allowed for the orderly winding up of the
business and affairs of the Company and the liquidation of its assets pursuant to
Section 8.3 to minimize any losses otherwise attendant upon such winding up.
Upon dissolution of the Company, the assets of the Company shall be applied in the following
manner and order of priority: (i) to creditors, including Members who are creditors, to the
extent otherwise permitted by law, in satisfaction of liabilities of the Company (including all
contingent, conditional or unmatured claims), whether by payment or the making of reasonable
provision for payment thereof; and (ii) the balance shall be distributed to the Members pro rata
in accordance with their respective Percentage Interests.

          (d) Cancellation of Certificate. The Company shall terminate when (i) all of the
assets of the Company, after payment of or due provision for all debts liabilities and
obligations of the Company, shall have been distributed to the Members in the manner provided for
in this Agreement and (ii) the Certificate shall have been canceled in the manner required by the
Act.

44

 

          (e) Return of Capital. The liquidators of the Company shall not be personally
liable for the return of Capital Contributions or any portion thereof to the Members (it being
understood that any such return shall be made solely from Company assets).

          (f) Hart Scott Rodino. Notwithstanding any other provision in this Agreement, in
the event the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
Act”), is applicable to any Member by reason of the fact that any assets of the Company will
be distributed to such Member in connection with the dissolution of the Company, the distribution
of any assets of the Company shall not be consummated until such time as the applicable waiting
periods (and extensions thereof) under the HSR Act have expired or otherwise been terminated with
respect to each such Member.

          Section 8.4. Transfer by Members. No Member may Transfer or Pledge all or any portion
of its Units, Equity Securities or other interests or rights in the Company in a transaction or
series of related transactions that constitutes a Prohibited Transfer. Any purported Transfer or
Pledge of all or a portion of a Member’s Units or other interests in the Company not complying with
this Section 8.4 and Section 8.5 shall be void and shall not create any
obligation on the part of the Company or the other Members to recognize that Transfer or Pledge or
to deal with the Person to which the Transfer or Pledge purportedly was made.

          Section 8.5. Admission or Substitution of New Members.

          (a) Admission. Without the consent of any other Person, the Board of Managers shall
admit any Permitted Transferee as a Substituted Member and shall have the right to admit as a an
Additional Member, any Person who acquires an interest in the Company, or any part thereof, from
a Member or from the Company, respectively. Concurrently with the admission of a Substituted
Member or an Additional Member, the Board of Managers shall forthwith (i) amend the Schedule of
Members to reflect the name and address of such Substituted Member or Additional Member and to
eliminate or modify, as applicable, the name and address of the Transferring Member with regard
to the Transferred Units and (ii) cause any necessary papers to be filed and recorded and notice
to be given wherever and to the extent required showing the substitution of a Transferee as a
Substituted Member in place of the Transferring Member, or the admission of an Additional Member,
in each case, at the expense, including payment of any professional and filing fees incurred, of
such Substituted Member or Additional Member; providedthat such expenses shall not be
payable with respect to a Substituted Member or Additional Member that is or is to become an
employee of the Company or any of its Subsidiaries, where the issuance or Transfer of an interest
in the Company to such Person is in connection with their provision of services to the Company or
any of its Subsidiaries.

          (b) Transferees to Execute Accession Agreement. Each Member agrees that it shall
not, directly or indirectly Transfer any Units (other than to the Company or another Member)
unless prior to the consummation of any such Transfer, the prospective Transferee executes and
delivers to the Company a written agreement accepting and adopting all the terms and provisions
of this Agreement, and agreeing to bound by its terms and conditions as a Substituted Member or
Additional Member with the rights and obligations applicable to a Member holding the Class of
Units to be held by such prospective Transferee

45

 

substantially in the form attached hereto as
Exhibit C (an “Accession Agreement”) The admission of any Person as a
Substituted Member or an Additional Member shall be conditioned upon (i) such Person’s written
acceptance and adoption of all the terms and provisions of this Agreement, either by (A)
execution and delivery of a counterpart signature page to this Agreement countersigned by the
Board of Managers on behalf of the Company or (B) an Accession Agreement.

          (c) Prohibited Transfers. Notwithstanding any contrary provision in this Agreement,
in no event may any Transfer or Pledge of a Unit (other than an Exchange made pursuant to the
Exchange Agreement), Equity Security or other Membership Interest in the Company be made by any
Member or Assignee if:

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

               (ii) such Transfer or Pledge would pose a material risk that the Company would be a
“publicly traded partnership” as defined in Section 7704 of the Code;

               (iii) such Transfer or Pledge would require the registration of such Transferred Unit,
Equity Security or other Membership Interest in the Company or of any Class of Unit, Equity
Security or other Membership Interest in the Company 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;

               (iv) such Transfer or Pledge would cause any portion of the assets of the Company to
become “plan assets” of any “benefit plan investor” within the meaning of regulations issued
by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29
of the Code of Federal Regulations as modified by Section 3(42) of the Employee Retirement
Income Security Act of 1974, as amended from time to time;

               (v) such Transfer is by the Class A Holder to any Person other than Permitted Class A
Holder that has been approved by the Members holding New Crumbs Class B Exchangeable Units
in accordance with Section 7.4(b) or

               (vi) such Pledge is by the Class A Holder to any Person other than (X) a Permitted
Class A Holder or (Y) a lender in connection with a bona fide third party debt financing or
extension of credit (a “Permitted Pledge”); or

               (vii) to the extent requested by the Company, the Company does not receive such legal
and/or tax opinions and written instruments (including, without limitation, copies of any
instruments of Transfer and an Accession Agreement or other written instrument evidencing
such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form
reasonably satisfactory to the Company.

46

 

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

          Any Transfer or Pledge in violation of Section 8.4 or this ýSection 8.5(c)
shall be deemed a “Prohibited Transfer” and shall be null and void ab initio and of no effect.

     (d) Effect of Transfer to Substituted Member. Following the Transfer of any Unit,
or other Membership Interest in the Company that is permitted under ýSection
8.4 and ýSection 8.5, the Transferee of such Unit or other interest in
the Company shall be treated as having made all of the Capital Contributions in respect of, and
received all of the distributions received in respect of, such Unit or other Membership Interest
in the Company, shall succeed to the Capital Account balance associated with such Unit or other
interest in the Company, shall receive allocations and distributions under
ARTICLE IV, ARTICLE V and Section
8.3 in respect of such Unit or other Membership Interest in the Company and otherwise shall
become a Substituted Member entitled to all the rights of a Member with respect to such Unit or
other Membership Interest in the Company.

          Section 8.6. Additional Requirements. Notwithstanding any contrary provision in this
Agreement, for the avoidance of doubt, the Board of Managers may impose such additional vesting
requirements, forfeiture provisions, Transfer restrictions, minimum retained ownership requirements
or other similar provisions (“Additional Restrictions”) with respect to any Units or other
Membership Interests in the Company that are outstanding as of the date of this Agreement or are
created hereafter, with the written consent of the holder of such Units or other Membership
Interests in the Company. Such Additional Restrictions need not be uniform among holders of Units
or Membership Interests in the Company and may be waived or released by the Board of Managers in
its sole discretion with respect to all or a portion of the Units or other Membership Interests in
the Company owned by any one or more Members or Assignees at any time and from time to time, and
such actions or omissions by the Board of Managers shall not constitute the breach of this
Agreement or of any duty hereunder or otherwise existing at law, in equity or otherwise.

          Section 8.7. Bankruptcy. Notwithstanding any other provision of this Agreement, the
Bankruptcy of a Member shall not cause such Member to cease to be a member of the Company and upon
the occurrence of such an event, the Company shall continue without dissolution.

ARTICLE IX.

BOOKS AND RECORDS; FINANCIAL STATEMENTS

AND OTHER INFORMATION; TAX MATTERS

          Section 9.1. Books and Records. The Company shall keep at its principal executive
office, it administrative office or such other office as the Board of Managers

47

 

determines (i) this Agreement, (ii) correct and complete books and records of account (which,
in the case of financial records, shall be kept in accordance with GAAP), (iii) minutes of the
proceedings of meetings of the Members and the Board of Managers, (iv) a current list of the
directors and officers of the Company and its Subsidiaries and their respective residence
addresses, and (v) the Schedule of Members. Any of the foregoing books, minutes or records may be
in written form or in any other form capable of being converted into written form within a
reasonable time. Such books, records and minutes shall be open to inspection and examination at
reasonable times by each Member and its duly authorized representatives for any purpose reasonably
related to such Member’s interest as a Member of the Company. Except as expressly set forth in
this Agreement, notwithstanding the rights set forth in Section 18-305 of the Act, no Member shall
have the right to obtain information from the Company.

          Section 9.2. Information.

     (a) The Members shall be supplied with all other Company information necessary to enable
each Member to prepare its federal, state, and local income tax returns.

     (b) All determinations, valuations and other matters of judgment required to be made for
ordinary course accounting purposes under this Agreement shall be made by the Board of Managers
acting in Good Faith and shall be conclusive and binding on all Members, their Successors in
Interest and any other Person who is a party to or otherwise bound by this Agreement, and to the
fullest extent permitted by law or as otherwise provided in this Agreement, no such Person shall
have the right to an accounting or an appraisal of the assets of the Company or any successor
thereto.

          Section 9.3. Fiscal Year. The Fiscal Year of the Company shall end on December 31 of
each calendar year unless otherwise determined by the Board of Managers acting in Good Faith in
accordance with Section 706 of the Code.

          Section 9.4. Certain Tax Matters.

     (a) Tax Matters Member. The Company and each Member hereby designate the Parent as
the initial “tax matters partner” for purposes of Code Section 6231(a)(7) (the “Tax Matters
Member”). The Tax Matters Member shall take reasonable action to cause each other Member to
be treated as a “notice partner” within the meaning of Section 6231(a)(8) of the Code. All
reasonable expenses incurred by a Member while acting in its capacity as Tax Matters Member shall
be paid or reimbursed by the Company. Each Member shall be given at least five (5) business days
advance notice from the Tax Matters Member of the time and place of, and shall have the right to
participate in (i) any material aspect of any administrative proceeding relating to the
determination of partnership items at the Company level and (ii) any material discussions with
the Internal Revenue Service relating to allocations pursuant to ARTICLE V
of this Agreement. The Tax Matters Member shall not initiate any action or proceeding in any
court, extend any statute of limitations, or take any other action contemplated by Sections 6222
through 6234 of the Code that would legally bind any other Member or the Company without approval
of the Members, which approval may not be unreasonably withheld; provided,
however, that, for this purpose, it shall not be unreasonable for a Member to withhold such
approval if the action proposed to

48

 

be taken could affect adversely such Member. The Tax Matters Member shall cause the Company’s
tax attorneys and accountants to confer with such other Member and its attorneys and accountants
on any matters relating to Company tax return or any tax election.

     (b) Tax Returns

     (i) The Tax Matters Member shall timely cause to be prepared all U.S. federal, state,
local and foreign tax returns and reports (including amended returns) of the Company for
each year or period that such returns or reports are required to be filed and, subject to
the remainder of this subsection, shall cause such tax returns to be timely filed. No later
than thirty (30) days prior to filing of all income and franchise tax returns of the
Company, the Tax Matters Member shall have provided copies of all such tax returns to the
other Members for review. With respect to any income or franchise tax return of the Company,
the other Members shall be entitled to provide reasonable comments on such tax returns to
the Tax Matters Member no later than 15 days after receiving copies of such tax returns, and
the Tax Matters Member shall incorporate such comments, where reasonable, prior to filing
such returns. The other Members agree to assist the Tax Matters Member in preparing all
income and franchise tax returns of the Company so as to ensure that all such returns are
filed on a timely basis and no filing penalties are incurred to the extent reasonably
possible.

     (ii) Within 90 days after the end of each Fiscal Year, or as soon as reasonably
practical thereafter, the Tax Matters Member shall prepare and send, or cause to be prepared
and sent, to each Person who was a Member at any time during such Fiscal Year copies of such
information as may be required for U.S. federal, state, local and foreign income tax
reporting purposes, including copies of Form 1065 and Schedule K-1 or any successor form or
schedule, for such Person. At any time after such information has been provided, upon at
least five (5) business days’ notice from a Member, the Tax Matters Member shall also
provide each Member with a reasonable opportunity during ordinary business hours to review
and make copies of all workpapers related to such information or to any return prepared
under clause (ii) above. As soon as practicable following the end of each quarter (and in
any event not later than thirty (30) days after the end of such quarter), the Tax Matters
Member shall also cause to be provided to each Member an estimate of each Member’s share of
all items of income, gain, loss, deduction and credit of the Company for the quarter just
completed and for the Fiscal Year to date for federal income tax purposes

     (iii) Except as otherwise provided herein, each Member agrees that it shall not, except
as otherwise required by applicable law or regulatory requirements, (i) treat, on its
individual income tax returns, any item of income, gain, loss, deduction or credit relating
to its interest in the Company in a manner inconsistent with the treatment of such item by
the Company as reflected on the Form K-1 or other information statement furnished by the
Company to such Member for use in preparing its income tax returns or (ii) file any claim
for refund relating to any such item based on, or which would result in, such inconsistent
treatment.

     (c) Tax Elections.

49

 

     (i) The Board of Managers shall cause the Company to make and to maintain and keep in
effect at all times, in accordance with Sections 734, 743 and 754 of the Code and applicable
Treasury Regulations and comparable state law provisions, an election to adjust basis in the
event (A) any New Crumbs Class B Exchangeable Unit is Transferred in accordance with this
Agreement or the Exchange Agreement or (B) any Company property is distributed to any
Member.

     (ii) Except as otherwise provided herein, all other elections required or permitted to
be made by the Company under the Code (or applicable foreign, state or local law) shall be
made as may be determined by the Board of Managers acting in Good Faith to be in the best
interest of the Members as a group.

     (d) Certain Filings. Upon the Transfer of an interest in the Company (within the
meaning of the Code), a sale of Company assets or a liquidation of the Company, the Members shall
provide the Board of Managers acting in Good Faith with information and shall make tax filings as
reasonably requested by the Board of Managers and required under applicable law.

     (e) Tax Classification. The Tax Matters Member shall take such action as may be
required under the Code and applicable Regulations to cause the Company to be taxable as a
partnership for U.S. federal income tax purposes. To the extent the previous sentence does not
govern the state and local classification of the Company, the Tax Matters Member shall take such
action as may be required under any state or local law applicable to the Company to cause the
Company to be taxable as, and in a manner consistent with, a partnership for state or local
income tax purposes. No Member shall take any action inconsistent with such treatment for U.S.
federal, state and local tax purposes.

     (f) Continuation of Legacy LLC. Solely for all applicable tax purposes, and for
purposes of the maintenance of Capital Accounts and the allocation of Net Profits and Net Losses,
including without limitation any special allocations, under ýARTICLE V, the
Company is a continuation of the Company and this Agreement is a continuation of the Second
Amended Agreement.

ARTICLE X.

DISPUTE RESOLUTION; ARBITRATION

          Section 10.1. Resolution of Disputes.

     (a) The Members and the Company shall attempt in good faith to resolve any controversy,
dispute or claim arising out of or relating to this Agreement or the breach, termination,
enforceability or validity hereof (collectively, a “Dispute”) promptly by negotiation
between Members, officers or employees who have authority to settle the Dispute. Any Member or
the Company may give any other Member or the Company a written notice (a “Dispute
Notice”) setting forth with reason able specificity the nature of the Dispute and the
identity of such first party’s representatives who shall attend and participate in the meeting at
which such parties shall attempt to settle the Dispute. Following the receipt of a Dispute

50

 

Notice, the representatives of such Members and/or the Company shall meet as soon as is
practicable at a mutually acceptable time and place to negotiate in good faith a settlement of
the Dispute, and shall meet thereafter as they reasonably deem necessary. To the fullest extent
permitted by Law, all negotiations pursuant to this ARTICLE X shall be
confidential and shall be treated as compromise and settlement negotiations. To the fullest
extent permitted by Law, nothing said or disclosed, nor any document produced, in the course of
such negotiations which is not otherwise independently discoverable shall be offered or received
as evidence or used for impeachment or for any other purpose in any current or future arbitration
or litigation.

     (b) If a Dispute has not been resolved within thirty (30) days after the receipt of a
Dispute Notice through negotiation as provided in ARTICLE X, then the
Dispute shall be finally settled by arbitration in accordance the Commercial Arbitration Rules
(the “AAA Rules”) of the American Arbitration Association (“AAA”) and such right
to arbitration as set forth herein shall be the exclusive remedy for the resolution of disputes
arising hereunder. Any award rendered by the arbitrators shall be final and binding upon the
Members and/or Company, and judgment upon such award may be entered in accordance with applicable
Law in any court having jurisdiction. In all events, the arbitration provisions in this Agreement
shall govern over any conflicting rules that may now or hereafter be contained in the AAA Rules.
The arbitration shall be held in the City of New York, unless the parties to such arbitration
mutually agree to have such arbitration held elsewhere; provided, however, that
nothing contained in this ARTICLE X shall be construed to limit or preclude
a Member from bringing any action in the Court of Chancery of the State of Delaware for
injunctive or other provisional relief to prevent immediate and irreparable harm. In the event
such an action does not fall within the scope of subject matter jurisdiction of Court of Chancery
of the State of Delaware, such an action may be brought in the Supreme Court of the State of New
York, New York County. The Company and the Members agree to submit to the exclusive personal
jurisdiction of the courts referenced in the preceding sentence in the event that an action is
commenced pursuant to the preceding sentence.

          Section 10.2. Arbitrators. Any arbitration proceeding commenced pursuant to this
ARTICLE X shall be conducted before three (3) arbitrators, at least one of
whom shall be an attorney experienced in corporate transactions. The arbitrators shall be chosen in
accordance with the AAA Rules. Notwithstanding the preceding sentence, to the extent that any
Dispute hereunder involves the Class A Holder or the Company, on the one hand, and one or more
Members other than the Class A Holder, on the other hand, one arbitrator shall be chosen by the
Class A Holder, one arbitrator shall be chosen by the Members other than the Class A Holder, and
the third arbitrator shall be chosen by the other two (2) arbitrators, or, if they should fail to
agree on the third arbitrator, by the AAA. Each party shall be entitled to reasonable discovery
rights, and issues as to discovery shall be determined by the arbitral panel applying the Laws of
the State of Delaware as more fully provided in Section 10.3 and
Section 11.2. The decision of a majority of the arbitrators shall be the
decision of the arbitrators.

          Section 10.3. Delaware Arbitration Act. This ARTICLE X shall be construed to the
maximum extent possible to comply with the laws of the State of Delaware, including the Uniform
Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration

51

 

          Act”). If, nevertheless, it shall be determined by a court of competent jurisdiction that any
provision or wording of this ARTICLE X, including any AAA Rules, shall be invalid or
unenforceable under the Delaware Arbitration Act or other applicable Law, such invalidity shall not
invalidate all of this ARTICLE X. In that case, this ARTICLE X shall be construed
so as to limit any term or provision so as to make it valid or enforceable within the requirements
of the Delaware Arbitration Act or other applicable Law, and, in the event such term or provision
cannot be so limited, this ARTICLE X shall be construed to omit such invalid or
unenforceable provision.

MISCELLANEOUS

          Section 11.1. Schedules. The Board of Managers may from time to time execute and deliver to the
Members schedules which set forth information contained in the books and records of the Company and
any other matters deemed appropriate by the Board of Managers acting in Good Faith. Such schedules
shall be for information purposes only and shall not be deemed to be part of this Agreement for any
purpose whatsoever.

          Section 11.2. Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE
THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER
JURISDICTION.

          Section 11.3. Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective Successors in Interest;
provided that no Person claiming by, through or under a Member (whether as such Member’s
Successor in Interest or otherwise), as distinct from such Member itself, shall have any rights as,
or in respect to, a Member (including the right to approve or vote on any matter or to notice
thereof).

          Section 11.4. Amendments and Waivers. Except as otherwise provided herein, this
Agreement may be amended, supplemented, waived or modified only with the written consent of
two-thirds of the Units voting as a single class in accordance with Section 7.4(d) hereof;
provided that, (i) no amendment, supplement, waiver or modification may disproportionately
and adversely affect any Member without the written consent of such Member and (ii) and any
amendment, supplement, waiver or modification which disproportionately and adversely impacts any
Class of Units must be approved by the holders of such Class of Units in accordance with
Section 7.4(b) or Section 7.4(c), as applicable; provided
further, however, that notwithstanding the foregoing, the Board of Managers may,
without the written consent of any other Member or any other Person, amend, supplement, or modify
any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record
whatever documents may be required in connection therewith, as necessary to reflect: (1) the
admission, substitution, withdrawal or removal of Members in accordance with this Agreement; (2) a
change in the name of the Company, the location of the principal place of business of the Company, the registered
agent of the Company or the registered office of the Company; provided, further,
that the books and records of the Company shall be deemed amended from time to time to reflect the
admission of a new Member, the withdrawal or resignation of a Member, the adjustment of the Units
or other Membership Interests in the Company resulting from any issuance, Transfer or other

52

 

disposition of Units or other Membership Interests in the Company, in each case that is made in
accordance with the provisions hereof. If an amendment has been approved in accordance with this
Agreement, such amendment shall be adopted and effective with respect to all Members. Upon
obtaining such approvals as may be required by this Agreement, and without further action or
execution on the part of any other Member or other Person, any amendment to this Agreement may be
implemented and reflected in a writing executed solely by the Board of Managers and the other
Members shall be deemed a party to and bound by such amendment.

          The Board of Managers 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 Company and each of its Members 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.

          Notwithstanding the foregoing, in addition to any other consent that may be required, any
amendment of this Agreement that requires a holder of New Crumbs Class B Exchangeable Units on the
date hereof to make a Capital Contribution (including as a condition to maintaining any rights
necessary to permit such holders to exercise their rights under the Exchange Agreement) shall
require the consent of such holder of New Crumbs Class B Exchangeable Units.

          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.

          Section 11.5. Notices. Whenever notice is required or permitted by this Agreement to
be given, such notice shall be in writing and shall be given to any Member at such Member’s address
or facsimile number shown on Exhibit D attached hereto, or, if given to the Company, at the
following address:

Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Chief Executive Officer

Facsimile: (212) 221-7107

53

 

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

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attention: Bruce Mendelsohn

Facsimile: (212) 872-1002

          Each proper notice shall be effective upon any of the following: (a) personal delivery to the
recipient, (b) when sent by facsimile to the recipient (with confirmation of receipt), (c) one
Business Day after being sent to the recipient by reputable overnight courier service (charges
prepaid) or (d) three (3) Business Days after being deposited in the mails (first class or airmail
postage prepaid).

          Section 11.6. Counterparts. This Agreement may be executed simultaneously in two or
more separate counterparts, any one of which need not contain the signatures of more than one
party, but each of which shall be an original and all of which together shall constitute one and
the same agreement binding on all the parties hereto.

          Section 11.7. Power of Attorney. Each Member hereby irrevocably appoints the Board of
Managers as such Member’s true and lawful representative and attorney in fact, each acting alone,
in such Member’s name, place and stead, (a) to make, execute, sign and file all instruments,
documents and certificates which, from time to time, may be required to set forth any amendment to
this Agreement, which has been approved in accordance with the terms of this Agreement, or which
may be required by this Agreement or by the laws of the United States of America, the State of
Delaware or any other state in which the Company shall determine to do business, or any political
subdivision or agency thereof and (b) to execute, implement and continue the valid and subsisting
existence of the Company or to qualify and continue the Company as a foreign limited liability
company in all jurisdictions in which the Company may conduct business. Such power of attorney is
coupled with an interest and shall survive and continue in full force and effect notwithstanding
the subsequent withdrawal from the Company of any Member for any reason and shall survive and shall
not be affected by the disability, incapacity, bankruptcy or dissolution of such Member. No power
of attorney granted in this Agreement shall revoke any previously granted power of attorney.

          Section 11.8. Entire Agreement. This Agreement, the Business Combination Agreement,
the Exchange Agreement, the Tax Receivable Agreement and the other documents and agreements
referred to herein or entered into concurrently herewith embody the entire agreement and
understanding of the parties hereto in respect of the subject matter contained herein;
provided that such other agreements and documents shall not be deemed to be a part of, a
modification of or an amendment to this Agreement. Except as set forth in the foregoing, there are
no restrictions, promises, representations, warranties, covenants or
undertakings, other than those expressly set forth or referred to herein. This Agreement
amends, restates and supersedes the Second Amended Agreement and supersedes all prior agreements
and understandings between the parties with respect to such subject matter, including the Original
Agreement, the First Amended Agreement and the Second Amended Agreement and all prior subscription
agreements related thereto, including the Subscription Agreement.

54

 

          Section 11.9. Remedies; Specific Performance. Each Member shall have all rights and
remedies set forth in this Agreement and all rights and remedies that such Person has been granted
at any time under any other agreement or contract and all of the rights that such Person has under
any applicable law. Any Person having any rights under any provision of this Agreement or any
other agreements contemplated hereby shall be entitled to enforce such rights specifically (without
posting a bond or other security) to recover damages by reason of any breach of any provision of
this Agreement and to exercise all other rights granted by applicable law.

          Section 11.10. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.

          Section 11.11. Creditors. None of the provisions of this Agreement shall be for the
benefit of or enforceable by any creditors of the Company or any of its Affiliates, and no creditor
who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to
the terms of a separate agreement executed by the Company in favor of such creditor) at any time as
a result of making the loan any direct or indirect interest in Company profits, losses,
distributions, capital or property other than as a secured creditor.

          Section 11.12. Waiver. No failure by any party to insist upon the strict performance
of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute a waiver of any such breach or any other
covenant, duty, agreement or condition.

          Section 11.13. Further Action. The parties agree to execute and deliver all
documents, provide all information and take or refrain from taking such actions as may be necessary
or appropriate to achieve the purposes of this Agreement.

          Section 11.14. 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. At the request of any party hereto or to any such agreement or instrument,
each other party hereto or thereto shall re execute original forms
thereof and deliver them to all other parties. 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.

55

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

56

 

          IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Limited
Liability Company Agreement as of the date first set forth above.

	 	 	 	 	 
	 	CLASS A HOLDER:

57TH STREET GENERAL ACQUISITION CORP.

 	 
	 	By:  	/s/ Mark Klein
 	 
	 	 	Name:  	Mark Klein 	 
	 	 	Title:  	Chairman and CEO 	 
	 
	 	OTHER MEMBERS:

 	 
	 	/s/ Jason Bauer
 	 
	 	Jason Bauer 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Mia Bauer
 	 
	 	Mia  Bauer 	 
	 	 	 
	 
	 	 	 
	 	                                            /s/ Victor Bau
 	 
	 	Victor Bauer 	 
	 	 	 
	 
	 	CRUMBS, INC.

 	 
	 	By:  	/s/ Jason Bauer
 	 
	 	 	Name:  	Jason Bauer                                                	 
	 	 	Title:  	President 	 
	 
	 	EHL HOLDINGS LLC

 	 
	 	By:  	
/s/ Edwin Lewis
 	 
	 	 	Name:  	Edwin Lewis                                       	 
	 	 	Title:  	Chairman 	 
	 
	 	 	 
	 	                                             /s/ John D. Ireland
 	 
	 	John D. Ireland 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

[Signature Page to Third A&R LLC Agreement]

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

 

EXHIBIT A

BOARD OF MANAGERS

1. Jason Bauer

2. Julian R. Geiger

3. Mark D. Klein

4. Frederick Kraegel

5. Edwin Lewis*

6. Leonard A. Potter

7. Jeffrey Roseman

* Denotes non-executive Chair

[Exhibit A to the Third A&R LLC Agreement]

A-1

 

 

EXHIBIT B

OFFICERS

	 	 	 
	Name	 	Title
	Jason Bauer

	 	Chief Executive Officer and President
	John D. Ireland

	 	Chief Financial Officer and Treasurer
	Mia Bauer

	 	Vice President and Chief Creative Officer
	Harley Bauer

	 	Vice President and Chief Development Officer
	Gary Morrow

	 	Vice President of Store Operations
	Ronda S. Kase

	 	Secretary

[Exhibit B to the Third A&R LLC Agreement]

B-1

 

 

EXHIBIT C

FORM OF ACCESSION AGREEMENT

     THIS ACCESSION AGREEMENT (this “Agreement”) to the Third Amended and Restated Limited
Liability Company Agreement of Crumbs Holdings LLC, a Delaware limited liability company (the
“Company”), dated as of May 5, 2011 (as amended from time to time in accordance with its
terms, the “LLC Agreement”), by and among the Company and the members from time to time
party thereto (the “Members”), is dated as of [Day][Month], [Year], by [· ], a
[· ] (“New Member”), for the benefit of the Company and the Members. Capitalized
terms used and not defined herein shall have the meanings attributable thereto in the LLC
Agreement.

          WHEREAS, New Member wishes to become a Substituted Member or Additional Member, as the case
may be;

          WHEREAS, pursuant to ýSection 8.5 of the LLC Agreement, New Member must enter into an
Accession Agreement for the benefit of the Company and the Members prior to becoming a Substituted
Member or Additional Member, as the case may be, by executing an agreement substantially in the
form attached to the LLC Agreement as Exhibit C;

          NOW THEREFORE, the New Member agrees, for the benefit of the Company and the Members, as
follows:

          SECTION 1. Accession to the LLC Agreement. In accordance with the requirements of
ýSection 8.5 of the LLC Agreement:

               a) New Member hereby accedes and becomes a party to the LLC Agreement with the same force and
effect as if originally named therein as a Member and agrees to be bound by the terms and
conditions of the LLC Agreement as Substituted Member or Additional Member, as the case may be,
with all the rights and obligations of a Member holding the Class of Units to be held by New Member
as set forth in the LLC Agreement. [For the avoidance of doubt, New Member acknowledges that he,
she, or it is becoming a Substituted Member for [the Class A Holder/a holder of New Crumbs Class B
Exchangeable Units] and hereby accedes and becomes a party to the LLC Agreement with the same force
and effect as if originally named therein as the [Class A Holder/a holder of New Crumbs Class B
Exchangeable Units] and agrees to be bound by the terms and conditions of the LLC Agreement as the
[Class A Holder/a holder of New Crumbs Class B Exchangeable Units], with all the rights and
obligations of the [Class A Holder/a holder of New Crumbs Class B Exchangeable Units] as set forth
in the LLC Agreement]; and

               b) the Company hereby acknowledges that this Agreement constitutes an Accession Agreement that
satisfies the requirements of ýSection 8.5 of the LLC Agreement.

[Exhibit C to the Third A&R LLC Agreement]

C-1

 

 

          SECTION 2. Benefit of Agreement. The agreements set forth herein or undertaken
pursuant hereto are for the benefit of, and may be enforced by, the Company and any Member.

          SECTION 3. Governing Law. This Accession Agreement shall be governed by, and
construed in accordance with, the law of the State of Delaware, excluding any conflict of law rule
or principle that might refer the governance or construction of this Agreement to the law of
another jurisdiction.

          SECTION 4. Counterparts. This Accession Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and both of which taken together shall constitute one
and the same agreement.

          SECTION 5. Delivery by Facsimile or Email. This Agreement, 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 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.

[Signature page follows]

[Exhibit C to the Third A&R LLC Agreement]

C-2

 

 

     IN WITNESS WHEREOF, the undersigned has duly executed this Agreement effective as of the date
first written above.

	 	 	 	 	 
	 	[NEW MEMBER]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Acknowledged by: 

CRUMBS HOLDINGS LLC 

 	 	 
	By:  	
 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

[Signature Page to Accession Agreement]

 

 

EXHIBIT D

Members Notices

	 	 	 
	Name	 	Address
	 
	 	 
	Holders of New Crumbs Class B Exchangeable Units
	 
	 	 
	Jason Bauer

	 	Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Jason Bauer

Facsimile: (212) 221-7107
	 
	 	 
	Mia Bauer

	 	c/o Jason Bauer

Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Jason Bauer

Facsimile: (212) 221-7107
	 
	 	 
	Victor Bauer

	 	254 East 68th Street

Apt 26B

New York, NY 10065

Facsimile: (646) 619-4878
	 
	 	 
	Crumbs, Inc.

	 	c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Jason Bauer

Facsimile: (212) 221-7107
	 
	 	 
	EHL Holdings LLC

	 	220 S. Morris St. Box 8

Oxford, MD 21654

Facsimile: (410) 673-1385

Attention: Edwin Lewis
	 
	 	 
	John D. Ireland

	 	c/o Crumbs Holdings LLC

24764 Pealiquor Rd

Denton, MD 21629

Facsimile: (410) 673-1385
	 
	 	 
	Holders of New Crumbs Class A Voting Units
	 
	 	 
	57th Street General
Acquisition Corp.

	 	c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Chief Executive Officer

	 

	 	Facsimile: (212) 221-7107

[Exhibit D to the Third A&R LLC Agreement]

D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]