Document:

Exhibit 10.3

 

 

FORM OF 

 

REGISTRATION RIGHTS AGREEMENT

OF

FIFTH STREET ASSET MANAGEMENT INC.

Dated as of [_________], 2014

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 
		Page
	 	 	 
	Article I
	DEFINITIONS AND OTHER MATTERS
	 	 	 
	Section 1.1.	Definitions	1
	Section 1.2.	Definitions Generally	3
	 	 	 
	Article II
	REGISTRATION RIGHTS
	 	 	 
	Section 2.1.	Demand Registration	4
	Section 2.2.	Piggyback Registration	5
	Section 2.3.	Lock-Up Agreements	7
	Section 2.4.	Registration Procedures	7
	Section 2.5.	Indemnification by the Company	11
	Section 2.6.	Indemnification by Registering Covered Persons	11
	Section 2.7.	Conduct of Indemnification Proceedings	12
	Section 2.8.	Contribution	12
	Section 2.9.	Participation in Public Offering	13
	Section 2.10.	Other Indemnification	13
	Section 2.11.	Cooperation by the Company	13
	Section 2.12.	Parties in Interest	13
	 	 	 
	Article III
	MISCELLANEOUS
	 	 	 
	Section 3.1.	Term of the Agreement; Termination of Certain Provisions; Amendment	13
	Section 3.2.	Governing Law	14
	Section 3.3.	Dispute Resolution	14
	Section 3.4.	Notices	16
	Section 3.5.	Severability	16
	Section 3.6.	Specific Performance	17
	Section 3.7.	Assignment; Successors	17
	Section 3.8.	No Third-Party Rights	17
	Section 3.9.	Section Headings	17
	Section 3.10.	Execution in Counterparts	17
	 	 	 
	Appendix A	Covered Person Questionnaire	23

 

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REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), is made and entered into as of [_______], 2014, by and among Fifth Street Asset Management Inc.,
a Delaware corporation (together with any successors thereto, the “Company”), and the Covered Persons (defined
below) from time to time party hereto.

 

WHEREAS, the Covered Persons are holders
of Class A Units (as defined below) of Fifth Street Holdings L.P. (“Holdings”), which, subject to certain restrictions
and requirements, will be exchangeable at the option of the holder thereof for the Company’s Class A common stock (the “Common
Stock”); and

 

WHEREAS, the Company desires to provide
the Covered Persons with registration rights with respect to the Common Stock issued upon exchange of the Class A Units into Common
Stock and any other Common Stock they may otherwise hold from time to time.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual agreements, covenants and provisions herein contained, the parties hereto agree as follows:

 

Article
I

DEFINITIONS AND OTHER MATTERS

 

Section 1.1.          Definitions.
Capitalized terms used in this Agreement without other definition shall, unless expressly stated otherwise, have the meanings
specified in this Section 1.1:

 

“Agreement” has the
meaning ascribed to such term in the preamble.

 

“Beneficial owner” has
the meaning set forth in Rule 13d-3 under the Exchange Act.

 

“Board” means the Board
of Directors of the Company.

 

“Common Stock” has the
meaning ascribed to such term in the preamble.

 

“Company” has the meaning
ascribed to such term in the preamble.

 

“Class A Unit” means
a Class A Unit of Holdings.

 

“Class B Common Share”
means a Class B Common Share of the Company.

 

“Covered Company Stock”
means, with respect to a Covered Person, such Covered Person’s Common Stock.

 

“Covered Person” means
those persons, other than the Company, who shall from time to time be parties to this Agreement in accordance with the terms hereof
(including Permitted Transferees). A Covered Person shall cease to be a “Covered Person” for purposes of this Agreement
at such time as he, she or it ceases to own any Class A Units or Common Stock.

 

“Demand Notice” has
the meaning ascribed to such term in Section 2.1(a).

 

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“Demand Registration”
has the meaning ascribed to such term in Section 2.1(a).

 

“Dispute” has the meaning
ascribed to such term in Section 3.3(a).

 

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

 

“Exchange Agreement”
means the exchange agreement dated as of or about the date hereof among the Company, Holdings, and the limited partners of Holdings
from time to time party thereto, as amended from time to time.

 

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

 

“Governmental Authority”
means any national, local or foreign (including U.S. federal, state or local) or supranational (including European Union) governmental,
judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or authority
of competent jurisdiction.

 

“Holdings” has the meaning
ascribed to such term in the recitals.

 

“Indemnified Parties”
has the meaning ascribed to such term in Section 2.5.

 

“IPO” has the meaning
ascribed to such term in Section 2.3.

 

“Lock-Up Period” has
the meaning ascribed to such term in Section 2.3.

 

“Majority Holders” means
holders of a majority of the Class B Common Shares on the date of this Agreement.

 

“Permitted Transferee”
means any transferee of the Common Stock after the date hereof the transfer of which was permitted by the Amended and Restated
Limited Partnership Agreement of Holdings.

 

“Public Offering” means
an underwritten public offering pursuant to an effective registration statement under the Securities Act, other than pursuant
to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

 

“Registering Covered Person”
has the meaning ascribed to such term in Section 2.4(a).

 

“Registrable Securities”
means Common Stock held by Covered Persons from time to time. For purposes of this Agreement, Registrable Securities shall cease
to be Registrable Securities when (i) a Registration Statement covering resales of such Registrable Securities has been declared
effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant to such effective
Registration Statement, (ii) such Registrable Securities are eligible to be sold by the Covered Person owning such Registrable
Securities pursuant to Rule 144(b)(1) under the Securities Act or, in the case of Registrable Securities that are not “restricted
securities” under Rule 144 under the Securities Act, pursuant to Section 4(1) of the Securities Act (or, in each case, any
successor provision then in effect) or (iii) such Registrable Securities cease to be outstanding.

 

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“Registration Expenses”
means any and all expenses incident to the performance of or compliance with any registration or marketing of securities, including
all (i) SEC and securities exchange registration and filing fees, and all other fees and expenses payable in connection with the
listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance
with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with
“blue sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing,
mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments
or supplements thereto, (iv) security engraving and printing expenses, (v) the expenses of the Company (including, without limitation,
all salaries and expenses of the officers and employees of the Company performing legal or accounting duties), (vi) reasonable
fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants
retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent
certified public accountants of any comfort letters requested pursuant to Section 2.4(i)), (vii) reasonable fees and expenses
of any special experts retained by the Company in connection with such registration, (viii) in connection with a registration
pursuant to Sections 2.1 or 2.2, reasonable fees of not more than one counsel for all of the Covered Persons participating in
the offering selected by the Majority Holders, (ix) fees and expenses in connection with any review by FINRA of the underwriting
arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,”
including the fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers
or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable
Securities which shall be borne by the Covered Person pro rata on the basis of the number of Registrable Securities registered
on their behalf , (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue
sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale
or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and
expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or
investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of
the Registrable Securities and (xiv) all out-of-pocket costs and expenses incurred by the Company or their appropriate officers
in connection with their compliance with Section 2.4(m).

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

“Suspension Period”
has the meaning ascribed to such term in Section 2.4(k).

 

Section 1.2.          Definitions
Generally. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the
masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument
shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When
used herein:

 

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(a)          the
word “or” is not exclusive;

 

(b)          the
words “including,” “includes,” “included” and “include” are deemed to be followed
by the words “without limitation”;

 

(c)          the
terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular section, paragraph or subdivision;

 

(d)          the
word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company,
partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and

 

(e)          all
section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement,
and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes
and schedules to this Agreement.

 

Article
II

REGISTRATION RIGHTS

 

Section 2.1.          Demand
Registration. (a) If at any time the Company shall receive a written request (a “Demand Notice”) from the
Majority Holders that the Company effect the registration under the Securities Act of all or any portion of the Registrable Securities
specified in the Demand Notice (a “Demand Registration”), specifying the information set forth under Section
2.4(j), then the Company shall use its commercially reasonable efforts to effect, as expeditiously as reasonably practicable,
subject to paragraphs (c) and (d) of this Section 2.1, the registration under the Securities Act of the Registrable Securities
for which the Majority Holders have requested registration under this Section 2.1, all to the extent necessary to permit the disposition
(in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered.

 

(b)          At
any time prior to the effective date of the registration statement relating to such registration, the Majority Holders may revoke
such Demand Registration request by providing a notice to the Company revoking such request. The Company shall be liable for and
pay all Registration Expenses in connection with any Demand Registration.

 

(c)          If
a Demand Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the
Company in writing that in their opinion the number of shares of Common Stock requested to be included in such registration exceeds
the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will
include in such registration (i) first, the number of shares of Common Stock the Company proposes to sell in such registration;
and (ii) second, the number of Registrable Securities requested to be included in such registration pursuant to this Section 2,
pro rata among the respective holders of such Common Stock or Registrable Securities on the basis of the number of shares requested
to be included in such registration. If a Demand Registration is an underwritten secondary registration on behalf of holders of
Common Stock who have the contractual right to initiate such a registration, and the managing underwriters advise the Company
in writing that in their opinion the number of shares of Common Stock requested to be included in such registration exceeds the
number which can be sold in such offering without adversely affecting the Company or the marketability of the offering, the Company
will include in such registration (A) first, the number of Registrable Securities requested to be included in such registration
pursuant to this Section 2, pro rata among the respective holders thereof on the basis of the number of shares requested to be
included in such registration; and (B) second, the number of shares of Common Stock the Company proposes to sell in such registration.

 

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(d)          Upon
notice to the Majority Holders, the Company may postpone effecting a registration pursuant to this Section 2.1 for a reasonable
time specified in the notice but not exceeding 120 days in the aggregate (which period may not be extended or renewed), if (i)
the Board shall determine in good faith that effecting the registration would materially and adversely affect an offering of securities
of the Company the preparation of which had then been commenced or (ii) the Company is in possession of material non-public information
the disclosure of which during the period specified in such notice the Board believes in good faith would not be in the best interests
of the Company.

 

Section 2.2.          Piggyback
Registration. (a) Subject to any contractual obligations to the contrary, if the Company proposes at any time to register
any of the equity securities issued by it under the Securities Act (other than a registration on Form S-8 or Form S-4, or any
successor forms, relating to Common Stock issuable in connection with any employee benefit or similar plan of the Company or in
connection with a direct or indirect acquisition by the Company of another person or as a recapitalization or reclassification
of securities of the Company), whether or not for sale for its own account, the Company shall each such time give prompt notice
at least 15 business days prior to the anticipated filing date of the registration statement relating to such registration to
each Covered Person holding Registrable Securities (the “Piggyback Holders”), which notice shall offer each
Piggyback Holder the opportunity to elect to include in such registration statement the number of Registrable Securities of the
same class or series as those proposed to be registered held by such Piggyback Holder as such Piggyback Holder may request (a
“Piggyback Registration”), subject to the provisions of Section 2.2(b). If a Piggyback Holder elects to effect
a Piggyback Registration, the Company shall give notice of the registration statement relating to such registration to those Piggyback
Holders who the Board determines to afford participation in the Piggyback Registration. Upon the request of a Piggyback Holder,
the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable
Securities that the Company has been so requested to register by the Piggyback Holders, to the extent necessary to permit the
disposition of the Registrable Securities to be so registered, provided that (i) if such registration involves an underwritten
Public Offering, all such Piggyback Holders to be included in the Company’s registration must sell their Registrable Securities
to the underwriters selected by the Company on the same terms and conditions as apply to the Company or any other selling person,
as applicable, and (ii) if, at any time after giving notice of its intention to register any securities pursuant to this Section
2.2(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall
determine for any reason not to register or to delay registration of such securities, the Company shall give notice of such determination
to each holder of such Registrable Securities and, thereupon shall be relieved of its obligation to register any Registrable Securities
in connection with such registration, or shall be permitted to delay registration of such securities, as the case may be. No registration
effected under this Section 2.2 shall relieve the Company of its obligations to effect a Demand Registration to the extent required
by Section 2.1. The Company shall pay all Registration Expenses in connection with each Piggyback Registration.

 

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(b)          If
a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise
the Company in writing that in their opinion the number of shares of Common Stock requested to be included in such registration
exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company
will include in such registration (i) first, the number of shares of Common Stock the Company proposes to sell in such registration;
and (ii) second, the number of Registrable Securities requested to be included in such registration pursuant to this Section 2,
pro rata among the respective holders of such Common Stock or Registrable Securities on the basis of the number of shares requested
to be included in such registration. If a Piggyback Registration is an underwritten secondary registration on behalf of holders
of Common Stock who have the contractual right to initiate such a registration, and the managing underwriters advise the Company
in writing that in their opinion the number of shares of Common Stock requested to be included in such registration exceeds the
number which can be sold in such offering without adversely affecting the Company or the marketability of the offering, the Company
will include in such registration (A) first, the number of Registrable Securities requested to be included in such registration
pursuant to this Section 2, pro rata among the respective holders thereof on the basis of the number of shares requested to be
included in such registration; and (B) second, the number of shares of Common Stock the Company proposes to sell in such registration.

 

(c)          Notwithstanding
any provision in this Section 2.2 or elsewhere in this Agreement, no provision relating to the registration of Registrable Securities
shall be construed as permitting any Covered Person to effect a transfer of securities that is otherwise prohibited by the terms
of any agreement between such Covered Person and the Company or any of its subsidiaries. Unless the Company shall otherwise consent,
the Company shall not be obligated to provide notice or afford Piggyback Registration to any Covered Person pursuant to this Section
2.2 unless some or all of such person’s Registrable Securities are permitted to be transferred under the terms of applicable
agreements between such person and the Company or any of its subsidiaries.

 

(d)          Upon
delivering a request under this Section 2.2, a Piggyback Holder will, if requested by the Company, execute and deliver a custody
agreement and power of attorney in form and substance reasonably satisfactory to the Company with respect to such Piggyback Holder’s
Registrable Securities to be registered pursuant to this Section 2.2 (a “Custody Agreement and Power of Attorney”).
The Custody Agreement and Power of Attorney will provide, among other things, that the Piggyback Holder will deliver to and deposit
in custody with the custodian and attorney-in-fact named therein a certificate or certificates representing such Registrable Securities
(duly endorsed in blank by the registered owner or owners thereof or accompanied by duly executed stock powers in blank) and irrevocably
appoint said custodian and attorney-in-fact with full power and authority to act under the Custody Agreement and Power of Attorney
on such Piggyback Holder’s behalf with respect to the matters specified therein. Each Piggyback Holder also agrees to execute
such other agreements as the Company may reasonably request to further evidence the provisions of this Section 2.2.

 

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Section 2.3.          Lock-Up
Agreements. The Company and each Covered Person agree that in connection with the Company’s initial public offering
of the Common Stock (the “IPO”) and any Public Offering of Registrable Securities, the Company will not and
each Covered Person, without the written consent of the Majority Holders (or, if requested by the lead managing underwriter, without
the consent of the lead managing underwriter), will not (x) offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer
or dispose of, directly or indirectly, any of the securities being registered or any securities convertible or exchangeable or
exercisable for such securities or (y) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of the securities being registered or any securities convertible or exchangeable
or exercisable for such securities (except, in each case, as part of the IPO or such Public Offering of Registrable Securities,
as the case may be), during the period (the “Lock-Up Period”) beginning 14 days prior to the effective date
of the applicable registration statement until the earlier of (i) such time as the Majority Holders and the lead managing underwriter
shall agree and (ii) 180 days following the pricing of the IPO or such Public Offering of Registrable Securities, as the case
may be. If (i) the Company issues an earnings release or discloses other material information or a material event relating to
the Company occurs during the last 17 days of the Lock-Up Period or (ii) prior to the expiration of the Lock-Up Period, the Company
announces that it will release earnings results during the 16-day period beginning upon the expiration of such period, then to
the extent necessary for a managing or co-managing underwriter of a registered offering required hereunder to comply with FINRA
Rule 2711(f)(4), the Lock-Up Period will be extended until 18 days after the earnings release or disclosure of other material
information or the occurrence of the material event, as the case may be.

 

Section 2.4.          Registration
Procedures. In connection with any request by the Majority Holders or a Piggyback Holder that Registrable Securities be registered
pursuant to Sections 2.1 or 2.2, as applicable, subject to the provisions of such Sections, the paragraphs below shall be applicable:

 

(a)          The
Company shall as expeditiously as reasonably practicable prepare and file with the SEC a registration statement on any form for
which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for
the registration of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution
thereof, and use its commercially reasonable efforts to cause such filed registration statement to become and remain effective
for a period of not less than 40 days.

 

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(b)          Prior
to filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish
to each Covered Person with Registrable Securities included in any such registration statement (each, a “Registering
Covered Person”) and each underwriter, if any, of the Registrable Securities covered by such registration statement
copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to such Registering Covered
Person and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in
each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration
statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or
Rule 430A under the Securities Act and such other documents as such Registering Covered Person or underwriter may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such Registering Covered Person. The Registering
Covered Person shall have the right to request that the Company modify any information contained in such registration statement,
amendment and supplement thereto pertaining to such Registering Covered Person and the Company shall use its commercially reasonable
efforts to comply with such request, provided, however, that the Company shall not have any obligation to so modify any information
if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(c)          After
the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement
during the applicable period in accordance with the intended methods of disposition by the Registering Covered Person thereof
set forth in such registration statement or supplement to such prospectus and (iii) promptly notify each Registering Covered Person
holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC suspending
the effectiveness of such registration statement or any state securities commission and take all commercially reasonable efforts
to prevent the entry of such stop order or to obtain the withdrawal of such order if entered.

 

(d)          To
the extent any “free writing prospectus” (as defined in Rule 405 under the Securities Act) is used, the Company shall
file with the SEC any free writing prospectus that is required to be filed by the Company with the SEC in accordance with the
Securities Act and retain any free writing prospectus not required to be filed.

 

(e)          The
Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering
Covered Person holding such Registrable Securities or each underwriter, if any, reasonably (in light of such member’s intended
plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts
and things that may be reasonably necessary or advisable to enable such Registering Covered Person to consummate the disposition
of the Registrable Securities owned by such person, provided that the Company shall not be required to (A) qualify generally to
do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.4(e), (B) subject itself
to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

 

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(f)          The
Company shall immediately notify each Registering Covered Person holding such Registrable Securities covered by such registration
statement or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
and promptly prepare and make available to each such Registering Covered Person or underwriter, if any, and file with the SEC
any such supplement or amendment.

 

(g)          The
Majority Holders shall select an underwriter or underwriters in connection with any Public Offering. In connection with any Public
Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take such
all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities
in any such Public Offering, including if necessary the engagement of a “qualified independent underwriter” in connection
with the qualification of the underwriting arrangements with FINRA.

 

(h)          Subject
to the execution of confidentiality agreements satisfactory in form and substance to the Company in the exercise of its good faith
judgment, pursuant to the reasonable request of the Majority Holders or underwriter (if any), the Company will give to each Registering
Covered Person, each underwriter (if any) and their respective counsel and accountants (i) reasonable and customary access to
its books and records and (ii) such opportunities to discuss the business of the Company with its directors, officers, employees,
counsel and the independent public accountants who have certified its financial statements, as shall be appropriate, in the reasonable
judgment of counsel to such Registering Covered Person or underwriter, to enable them to exercise their due diligence responsibility.

 

(i)          The
Company shall use its commercially reasonable efforts to furnish to each Registering Covered Person and to each such underwriter,
if any, a signed counterpart, addressed to such person or underwriter, of (i) an opinion or opinions of counsel to the Company
and (ii) a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and
covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the Majority Holders
or such underwriter reasonably requests.

 

(j)          Each
Registering Covered Person registering securities under Sections 2.1 or 2.2 shall promptly furnish in writing to the Company the
information set forth in Appendix A and such other information regarding itself, the distribution of the Registrable Securities
as the Company may from time to time reasonably request and such other information as may be legally required or advisable in
connection with such registration.

 

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(k)          Each
Registering Covered Person and each underwriter, if any, agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 2.4(f), such Registering Covered Person or underwriter shall forthwith discontinue
disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Registering
Covered Person’s or underwriter’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.4(f), provided, however, that, upon written notice to each Registering Covered Person and each underwriter, if any,
and for a reasonable time specified in the notice but not exceeding 60 days thereafter or 90 days in any 365 day period (the
“Suspension Period”), the Company may suspend the use or effectiveness of any registration statement if the
General Partner determines, in its sole discretion, that the Company is in possession of material non-public information the disclosure
of which during the period specified in such notice the General Partner believes in good faith would not be in the best interests
of the Company; and, if so directed by the Company, such Registering Covered Person or underwriter shall deliver to the Company
all copies, other than any permanent file copies then in such Registering Covered Person’s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice,
the Company shall extend the period during which such registration statement shall be maintained effective (including the period
referred to in Section 2.4(a)) by the number of days during the period from and including the date of the giving of notice
pursuant to Section 2.4(f) to the date when the Company shall make available to such Registering Covered Person a prospectus supplemented
or amended to conform with the requirements of Section 2.4(f).

 

(l)          The
Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such registration statement
on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded.

 

(m)          The
Company shall have appropriate officers of the Company (i) prepare and make presentations at any “road shows” and
before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities
and (iii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the underwriters in the
offering, marketing or selling of the Registrable Securities.

 

(n)          The
Company shall cooperate with the Registering Covered Persons to facilitate the timely delivery of Registrable Securities to be
sold, which shall not bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations
and registered in such names as such Registering Covered Persons may reasonably request at least two business days prior to the
closing of any sale of Registrable Securities.

 

    	10

    	 

    

 

Section 2.5.          Indemnification
by the Company. In the event of any registration of any Registrable Securities of the Company under the Securities Act pursuant
to this Article II, the Company will, and it hereby does, indemnify and hold harmless, to the extent permitted by law, a Registering
Covered Person, each affiliate of such Registering Covered Person and their respective directors and officers or general and limited
partners or members and managing members (including any director, officer, affiliate, employee, agent and controlling person of
any of the foregoing) and each other person, if any, who controls such Registering Covered Person within the meaning of the Securities
Act (collectively, the “Indemnified Parties”), from and against any and all losses, claims, damages and liabilities
(including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any
claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue
statement or alleged untrue statement of a material fact contained in any registration statement or amendment or supplement thereto
under which such Registrable Securities were registered or any omission or alleged omission to state therein a material fact required
to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged
untrue statement of a material fact contained in any prospectus, any free writing prospectus or any “issuer information”
filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment
or supplement thereto, or any omission or alleged omission to state therein a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company shall not be
liable to any Registering Covered Person or other Indemnified Party in any such case to the extent that any such loss, claim,
damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in such registration statement, prospectus, any free writing
prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities
Act in respect of the Registrable Securities, or amendment or supplement thereto, in reliance upon and in conformity with written
information regarding a Registering Covered Person furnished to the Company by such Registering Covered Person or other Indemnified
Party with respect to such seller or any underwriter specifically for use in the preparation thereof. The rights of the Registering
Covered Persons under this Section 2.5 shall survive the completion of any offering of Registrable Securities in a registration
under this Agreement and shall survive the termination of this Agreement.

 

Section 2.6.          Indemnification
by Registering Covered Persons. Each Registering Covered Person hereby indemnifies and holds harmless, and the Company may
require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Article
II, that the Company shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold
harmless, the Company and all other prospective sellers of Registrable Securities, the directors of the General Partner, each
officer of the General Partner or the Company who signed the Registration Statement and each person, if any, who controls the
Company and all other prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the indemnity set forth in Section 2.5 above, but only with respect to any
losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written information furnished to the Company with respect to
such seller or any underwriter specifically for use in the preparation of such registration statement, prospectus, any free writing
prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities
Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Company, any of the Registering Covered Persons or any underwriter,
or any of their respective affiliates, directors, officers or controlling persons and shall survive the transfer of such securities
by such person. In no event shall any such indemnification liability of any Registering Covered Person be greater in amount than
the dollar amount of the proceeds received by such Registering Covered Person upon the sale of the Registrable Securities giving
rise to such indemnification obligation.

 

    	11

    	 

    

 

Section 2.7.          Conduct
of Indemnification Proceedings. Promptly after receipt by an Indemnified Party hereunder of written notice of the commencement
of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article II, such Indemnified
Party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the
commencement of such action; provided, that the failure of the Indemnified Party to give notice as provided herein shall not relieve
the indemnifying party of its obligations under this Article II, except to the extent that the indemnifying party is materially
prejudiced by such failure to give notice.

 

In case any such action is brought against
an Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified
Party and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and
to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with
counsel reasonably satisfactory to such Indemnified Party, and after notice from the indemnifying party to such Indemnified Party
of its election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnified Party for any
legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs
of investigation. It is understood and agreed that the indemnifying person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate
firm (x) for any Covered Person, its affiliates, directors and officers and any control persons of such Indemnified Party shall
be designated in writing by the Majority Holders, (y) in all other cases shall be designated in writing by the Board. The indemnifying
person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify each Indemnified Party
from and against any loss or liability by reason of such settlement or judgment. No indemnifying person shall, without the written
consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified
Party is or could have been a party and indemnification could have been sought hereunder by such Indemnified Party, unless such
settlement (A) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such
Indemnified Party, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement
as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.

 

Section 2.8.          Contribution.
If the indemnification provided for in this Article II from the indemnifying party is unavailable to an Indemnified Party hereunder
in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses,
as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Parties
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 2.8 as a result of
the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such party in connection with any investigation or proceeding.

 

    	12

    	 

    

 

The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 2.8 were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

Section 2.9.          Participation
in Public Offering. No Covered Person may participate in any Public Offering hereunder unless such Covered Person (a) agrees
to sell such Covered Person’s securities on the basis provided in any underwriting arrangements approved by the Covered
Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements
and the provisions of this Agreement in respect of registration rights.

 

Section 2.10.         Other
Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall be given by the Company
and the Registering Covered Person participating therein with respect to any required registration or other qualification of securities
under any federal or state law or regulation or Governmental Authority other than the Securities Act.

 

Section 2.11.         Cooperation
by the Company. If the Covered Person shall transfer any Registrable Securities pursuant to Rule 144, the Company shall use
its commercially reasonable efforts to cooperate with the Covered Person and shall provide to the Covered Person such information
as may be required to be provided under Rule 144.

 

Section 2.12.         Parties
in Interest. Each Covered Person shall be entitled to receive the benefits of this Agreement and shall be bound by the terms
and provisions of this Agreement by reason of such Covered Person’s election to participate in a registration under this
Article II.

 

Article
III

MISCELLANEOUS

 

Section 3.1.          Term
of the Agreement; Termination of Certain Provisions; Amendment.

 

(a)          
The term of this Agreement shall continue until the first to occur of (i) such time as the Majority Holders no longer own, directly or indirectly, any
Registrable Securities or Class A Units and (ii) such time as no Covered Person holds any Registrable Securities or Class A Units. This Agreement may be amended,
modified, supplemented or restated, and any provision of this Agreement may only be waived with the consent of the Company and
the Majority Holders; provided, however, that any amendment, modification, supplement, restatement or waiver that would alter
or change the rights, obligations, powers or preferences of the Covered Persons in an materially adverse manner that is disproportionate
to the Majority Holders, shall also require the prior consent of the holders of a majority of the Common Stock then held by the
Covered Persons.

 

    	13

    	 

    

 

(b)          Unless
this Agreement is theretofore terminated pursuant to Section 3.1(a) hereof, a Covered Person shall be bound by the provisions
of this Agreement with respect to any Registrable Securities until such time as such Covered Person ceases to hold any Registrable
Securities or Class A Units. Thereafter, such Covered Person shall no longer be bound by the provisions of this Agreement other than Sections 2.6,
2.7, 2.8 and 2.10 and this Article III.

 

(c)          Any
Permitted Transferee of a Covered Person shall be entitled to become party to this agreement as a Covered Person; provided, that,
such Permitted Transferee shall first sign an agreement in the form approved by the Company acknowledging that such Permitted
Transferee is bound by the terms and provisions of the Agreement.

 

Section 3.2.          Governing
Law.

 

THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS AND RULES OF SUCH
STATE THAT WOULD CAUSE THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.

 

Section 3.3.          Dispute
Resolution.

 

(a)          Each
party hereto (i) irrevocably agrees that any and all disputes which cannot be settled amicably, including any ancillary claims
of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance
or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) (a “Dispute”)
shall be finally settled by arbitration conducted by three arbitrators (or, in the event the amount of quantified claims and/or
estimated monetary value of other claims contained in the applicable request for arbitration is less than $3.0 million, by a sole
arbitrator) in the County of New York, New York City in accordance with the Rules of Arbitration of the International Chamber
of Commerce (including the rules relating to costs and fees) existing on the date of this Agreement except to the extent those
rules are inconsistent with the terms of this Section 3.3, and that such arbitration shall be the exclusive manner pursuant to
which any Dispute shall be resolved; (ii) agrees that this Agreement involves commerce and is governed by the Federal Arbitration
Act, 9 U.S.C. Section 1, et seq., and any applicable treaties governing the recognition and enforcement of international arbitration
agreements and awards; (iii) agrees to take all steps necessary or advisable, including the execution of documents to be filed
with the International Court of Arbitration or the International Centre for ADR in order to properly submit any Dispute for arbitration
pursuant to this Section 3.3; (iv) irrevocably waives, to the fullest extent permitted by law, any objection it may have or hereafter
have to the submission of any Dispute for arbitration pursuant to this Section 3.3 and any right to lay claim to jurisdiction
in any venue; (v) agrees that (A) the arbitrator(s) shall be U.S. lawyers, U.S. law professors and/or retired U.S. judges and
all arbitrators, including the president of the arbitral tribunal, may be U.S. nationals and (B) the arbitrator(s) shall conduct
the proceedings in the English language; (vi) agrees that except as required by law or as may be reasonably required in connection
with ancillary judicial proceedings to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration,
or to confirm or challenge an arbitration award, the arbitration proceedings, including any hearings, shall be confidential, and
the parties shall not disclose any awards, any materials in the proceedings created for the purpose of the arbitration, or any
documents produced by another party in the proceedings not otherwise in the public domain; and (vii) agrees that performance under
this Agreement shall continue if reasonably possible during any arbitration proceedings.

 

    	14

    	 

    

 

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

 

(c)          If
the arbitrator(s) shall determine that any Dispute is not subject to arbitration, or the arbitrator(s) or any court or tribunal
of competent jurisdiction shall refuse to enforce Section 3.3(a) or shall determine that any Dispute is not subject to arbitration
as contemplated thereby, then, and only then, shall the alternative provisions of this Section 3.3(c) be applicable. Each party
hereto, to the fullest extent permitted by law, (i) irrevocably agrees that any Dispute shall be exclusively brought in the Court
of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located
in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the exclusive jurisdiction of such courts
in connection with any such claim, suit, action or proceeding; (iii) irrevocably agrees not to, and waives any right to,
assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts
or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought
in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper; (iv) expressly waives any requirement
for the posting of a bond by a party bringing such claim, suit, action or proceeding; (v) consents to process being served in
any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party
at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process
and notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner
permitted by law; and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding;
and (vii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be
difficult to calculate and that remedies at law would be inadequate. The parties acknowledge that the fora designated by this
paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

 

    	15

    	 

    

 

Section 3.4.          Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt
requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 3.5):

 

If to the Majority Holders,

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum

Bernard D. Berman

Electronic Mail: 

 

The Company shall be responsible for notifying
each Covered Person of the receipt of a notice, request, claim, demand or other communication under this Agreement relevant to
such Covered Person at the address of such Covered Person then in the records of the Company (and each Covered Person shall notify
the Company of any change in such address for notices, requests, claims, demands or other communications).

 

If to the Company, to it at

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum

Bernard D. Berman

Electronic Mail: 

  

    	16

    	 

    

 

Section 3.5.          Severability.
If any provision of this Agreement is finally held to be invalid, illegal or unenforceable, (a) the remaining terms and provisions
hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision
that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

 

Section 3.6.          Specific
Performance. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach
of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond,
and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may be then
available.

 

Section 3.7.          Assignment;
Successors. This Agreement shall be binding upon and inure to the benefit of the respective legatees, legal representatives,
successors and assigns of the Covered Persons; provided, however, that a Covered Person may not assign this Agreement or any of
his rights or obligations hereunder, and any purported assignment in breach hereof by a Covered Person shall be void; and provided
further that no assignment of this Agreement by the Company or to a successor of the Company (by operation of law or otherwise)
shall be valid unless such assignment is made to a person which succeeds to the business of such person substantially as an entirety.

 

Section 3.8.          No
Third-Party Rights. Other than as expressly provided herein, nothing in this Agreement will be construed to give any person
other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement
or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit
of the parties to this Agreement and their successors and assigns.

 

Section 3.9.          Section
Headings. The headings of sections in this Agreement are provided for convenience only and will not affect its construction
or interpretation.

 

Section 3.10.         Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original,
but all such counterparts shall together constitute but one and the same instrument.

 

[Remainder of Page Intentionally Left Blank]

 

    	17

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have duly executed or caused to be duly executed this Agreement as of the dates indicated.

 

	 	COVERED PERSONS
	 	 
	 	
	 	Name: Leonard M. Tannenbaum
	 	 
	 	
	 	Name: Bernard D. Berman
	 	 
	 	
	 	Name: Ivelin M. Dimitrov
	 	 
	 	
	 	Name: Charles J. Zmijeski
	 	 
	 	
	 	Name: Sandeep K. Khorana
	 	 
	 	
	 	Name: Alexander C. Frank
	 	 
	 	
	 	Name: Brian D. Finkelstein
	 	 
	 	
	 	Name: Kyde S. Sharp

 

[Signature Page
for Registration Rights Agreement]

 

    	18

    	 

    

 

	 	
	 	Name: James F. Velgot
	 	 
	 	
	 	Name: Stacey L. Tannenbaum
	 	 
	 	
	 	Name: Steven M. Noreika
	 	 
	 	
	 	Name: Matthew Bandini
	 	 
	 	
	 	Name: Greg Browne

 

[Signature Page
for Registration Rights Agreement]

 

    	19

    	 

    

 

	 	Tannenbaum Family 2012 Trust
	 	 
	 	 
	 	Name:
	 	Title:
	 	 
	 	FSC CT II, Inc.
	 	 
	 	
	 	Name: 
	 	Title:   

 

[Signature Page
for Registration Rights Agreement]

 

    	20

    	 

    

 

	 	Bernard D. Berman 2012 Trust
	 	 	 
	 	By	
	 	Name: 
	 	Title   
	 	 	 
	 	By	
	 	Name: 
	 	Title:   

 

[Signature Page
for Registration Rights Agreement]

 

    	21

    	 

    

 

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

 

[Signature Page
for Registration Rights Agreement]

 

    	22Exhibit 10.4

 

FORM OF

 

EXCHANGE AGREEMENT

 

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

 

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

 

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

 

Article
I

 

DEFINITIONS

 

Section
1.1.          Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
II

 

EXCHANGE OF PARTNERSHIP UNITS

 

Section
2.1.          Exchange of Partnership
Units.

 

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

 

    	3

    	 

    

 

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

 

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

 

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

 

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

 

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

 

Section
2.2.          Exchange Procedures.

 

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

 

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

 

    	4

    	 

    

 

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

 

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

 

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

 

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

 

    	5

    	 

    

 

Section
2.5.          Class A Common Shares to
be Issued.

 

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

 

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

 

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

 

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

 

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

 

    	6

    	 

    

 

Article
III

 

GENERAL PROVISIONS

 

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

 

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

 

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

 

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

 

If to either Fifth Street Party,
to it at:

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum

Bernard D. Berman

Electronic Mail: 

 

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

 

    	7

    	 

    

 

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

 

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

 

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

 

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

 

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

 

Section
3.9.          Dispute Resolution.

 

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

 

    	8

    	 

    

 

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

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

[Remainder of Page Intentionally Left Blank]

 

    	10

    	 

    

 

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

 

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

 

[Exchange Agreement]

 

    	 

    	 

    

 

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

 

[Exchange Agreement]

 

    	 

    	 

    

 

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

 

[Exchange Agreement]

 

    	 

    	 

    

 

	 	FSC CT II, INC.
	 	 	 
	 	By:	 
	 	Name:   
	 	Title:   
	 	 	 
	 	TANNENBAUM FAMILY 2012 TRUST
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:  	 

 

[Exchange Agreement]

 

    	 

    	 

    

 

	 	BERNARD D. BERMAN 2012 TRUST
	 	 	 
	 	By	 
	 	Name:  
	 	Title     
	 	 	 
	 	By	 
	 	Name:  
	 	Title:    

 

[Exchange Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

[FORM OF] 

NOTICE OF EXCHANGE

 

Fifth Street Holdings L.P.

[Address]

Attention: [Name]

Fax: [Fax Number]

Electronic Mail: [Email Address]

 

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

 

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

 

	Legal Name of Limited Partner: 	 

 

	Address: 	 

 

	Number of Partnership Units to be exchanged: 	 

 

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

 

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

 

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

 

	 	 
	 	Name:
	 	 	 	 
	Dated:	 	 	 

 

    	A-1

    	 

    

 

EXHIBIT
B

[FORM OF] 

JOINDER AGREEMENT

 

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

 

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

 

	Name:	 	 

 

	 Address for Notices:	 	With copies to:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Attention:	 	 

 

    	B-1

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