Document:

Exhibit 10.1

    

     

      

    
      
        Execution Version

      

       

      TAX RECEIVABLE AGREEMENT

       

      by and among

       

      ONEWATER MARINE INC.,

       

      CERTAIN OTHER PERSONS NAMED HEREIN,

       

      and

       

      AGENTS

       

      DATED AS OF FEBRUARY 11, 2020

       

      

      
        
          

      

      
      TAX RECEIVABLE AGREEMENT

       

      This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of February 11, 2020, is hereby entered into by and among OneWater Marine Inc., a Delaware corporation (the “Corporate
          Taxpayer”), the TRA Holders and the Agents.

       

      RECITALS

       

      WHEREAS, the Corporate Taxpayer is the managing member of One Water Marine Holdings, LLC, a Delaware limited liability company (“OneWater LLC”), an entity classified as a partnership for
        U.S. federal income tax purposes, and holds membership interests in OneWater LLC;

       

      WHEREAS, OneWater LLC and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the
        Code, for each Taxable Year in which a Redemption occurs;

        

      

      WHEREAS, the TRA Holders currently hold Units or will hold Units in the future and may transfer all or a portion of such Units in one or more Redemptions (as defined herein), and, as a result of
        such Redemptions, the Corporate Taxpayer is expected to obtain or be entitled to certain tax benefits as further described herein;

       

      WHEREAS, this Agreement is intended to set forth the agreement among the parties hereto regarding the sharing of the tax benefits realized by the Corporate Taxpayer as a result of the
        Redemptions;

       

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

       

      ARTICLE I

        DEFINITIONS 

       

      Section 1.1          Definitions. As used in this Agreement, the terms set forth in
          this Article I shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined).

       

      “Accrued Amount” has the meaning set forth in Section 3.1(b) of this Agreement.

       

      “Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal income Taxes of (i) the Corporate Taxpayer, and (ii) without duplication, OneWater LLC,
        but only with respect to Taxes imposed on OneWater LLC and allocable to the Corporate Taxpayer; provided that the actual liability for U.S. federal income Taxes of the Corporate Taxpayer shall be calculated assuming deductions of (and other
        impacts of) state and local income and franchise Taxes are excluded.

       

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

       

      
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      “Agent” means: (i) with respect to Goldman and Beekman, for so long as Goldman or Beekman is a TRA Holder, the Goldman/Beekman Agent, and (ii) with respect to all other TRA Holders, Jeffrey
        B. Lamkin or such other Person designated as such pursuant to Section 7.6(b).

       

      “Agreed Rate” means a per annum rate of LIBOR plus 150 basis points.

       

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

       

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

       

      “Assumed State and Local Tax Rate” means, with respect to any Taxable Year, (i) the sum of the following amounts for each state and local jurisdiction in which OneWater LLC (or any of its
        direct or indirect subsidiaries that are treated as a partnership or disregarded entity) or the Corporate Taxpayer files an income or franchise tax return for the relevant Taxable Year: (A) the Corporate Taxpayer’s income and franchise tax
        apportionment factor(s) for such applicable state or local jurisdiction, multiplied by (B) the highest corporate income and franchise tax rate(s) for such state or local jurisdiction, reduced by (ii) the product of (A) the highest marginal
        U.S. federal income tax rate applicable to the Corporate Taxpayer for the relevant Taxable Year (determined based on the calculation of the Hypothetical Tax Liability for the relevant Taxable Year) and (B) the aggregate rate calculated under clause
        (i).

       

      “Attributable” has the meaning set forth in Section 3.1(b) of this Agreement.

       

      “Basis Adjustment” means any adjustment to the Tax basis of a Reference Asset as a result of a Redemption and the payments made pursuant to this Agreement with respect to such Redemption (as
        calculated under Section 2.1 of this Agreement), including, but not limited to: (i) under Sections 734(b) and 743(b) of the Code (including in situations where, following a Redemption, OneWater LLC remains classified as a partnership for
        U.S. federal income tax purposes); and (ii) under Sections 732(b) and 1012 of the Code (in situations where, as a result of one or more Redemptions, OneWater LLC becomes an entity that is disregarded as separate from its owner for U.S. federal
        income tax purposes).  For the avoidance of doubt, the amount of any Basis Adjustment resulting from a Redemption of Units shall be determined without regard to any Section 743(b) adjustment attributable to such Units prior to such Redemption; and,
        further, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest.

       

      “Beekman” means Beekman
          Investment Advisors, LLC and (i) its Affiliates and (ii) investment funds and investment vehicles it is Affiliated with, manages or advises.

       

      “Board” means the board of directors of the Corporate Taxpayer.

       

      “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York or Atlanta, Georgia are authorized or required by law to be closed.

       

      “Call Right” has the meaning set forth in the OneWater LLC Agreement.

       

      “Change of Control” means the occurrence of any of the following events or series of related events after the IPO Date:

       

      
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                	(i)	
                  any Person (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of stock of the
                    Corporate Taxpayer) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the rules promulgated under the Exchange Act), directly or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the
                    combined voting power of the Corporate Taxpayer’s then outstanding voting securities;

                

        

      

       

      
        
          	

                	(ii)	
                  there is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the
                    members of the Board immediately prior to the merger or consolidation do not constitute at least a majority of the members of the board of directors of the company surviving the merger, or if the surviving company is a Subsidiary, the
                    ultimate parent thereof, or (B) all of the Persons who were the respective “beneficial owners” (as defined above) of the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to
                    beneficially own more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof;
                    or

                

        

      

       

      
        
          	

                	(iii)	
                   the stockholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an
                      agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other disposition
                      by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Corporate Taxpayer in
                      substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale.

                

        

      

       

      Notwithstanding the foregoing, except with respect to clause (ii)(A) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
        integrated transactions immediately following which the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and
        own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions.

       

      “Class A Shares” means shares of Class A common stock of the Corporate Taxpayer.

       

      “Code” means the Internal Revenue Code of 1986, as amended (or any successor U.S. federal income Tax statute).

       

      “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities,
        by contract or otherwise.

       

      “Corporate Taxpayer” has the meaning set forth in the preamble to this Agreement.

       

      
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      “Corporate Taxpayer Return” means the U.S. federal income Tax Return of the Corporate Taxpayer (including any consolidated group of which the Corporate Taxpayer is a member, as further
        described in Section 7.12(a) of this Agreement) filed with respect to any Taxable Year.

       

      “Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to
        and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period.  The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit
        Payment Schedule or Amended Schedule, if any, in existence at the time of such determination.

       

      “Default Rate” means a per annum rate of LIBOR plus 550 basis points.

       

      “Determination” has the meaning ascribed to such term in Section 1313(a) of the Code or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes
        the amount of any liability for Tax.

       

      “Dispute” has the meaning set forth in Section 7.9(a) of this Agreement.

       

      “Early Termination” has the meaning set forth in Section 4.1 of this Agreement.

       

      “Early Termination Date” means the date of an Early Termination Notice, or the date on which the Early Termination Notice is deemed to have been delivered pursuant to Section 4.2 or Section
        4.3, for purposes of determining the Early Termination Payment.

       

      “Early Termination Effective Date” has the meaning set forth in Section 4.4 of this Agreement.

       

      “Early Termination Notice” has the meaning set forth in Section 4.4 of this Agreement.

       

      “Early Termination Payment” has the meaning set forth in Section 4.5(b) of this Agreement.

       

      “Early Termination Rate” means a per annum rate of LIBOR plus 100 basis points.

       

      “Early Termination Schedule” has the meaning set forth in Section 4.4 of this Agreement.

       

      “Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions
        of succeeding law).

       

      “Expert” means such nationally recognized expert in the particular area of disagreement as is mutually acceptable to the Corporate Taxpayer and the Agents.

       

      “Goldman” means Goldman Sachs & Co. LLC, a New York limited liability company and (i) its Affiliates and (ii) investment funds it is Affiliated with or manages.

       

      “Goldman/Beekman Agent” means Special Situations Investing Group II, LLC, or such other Person designated as such by Goldman and Beekman.

       

      
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      “Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of (i) the Corporate Taxpayer, and (ii) without duplication, OneWater LLC,
        but only with respect to Taxes imposed on OneWater LLC and allocable to the Corporate Taxpayer (using the same methods, elections, conventions, U.S. federal income tax rate and similar practices used on the relevant Corporate Taxpayer Return), but
        without taking into account (A) any Basis Adjustments, (B) any deduction attributable to Imputed Interest for the Taxable Year and (C) any Post-IPO TRA Benefits.  For the avoidance of doubt, Hypothetical Tax Liability shall be determined without
        taking into account the carryover or carryback of any U.S. federal income Tax item (or portions thereof) that is attributable to any Basis Adjustments, Imputed Interest or any Post-IPO TRA Benefits.  Furthermore, the Hypothetical Tax Liability
        shall be calculated assuming deductions of (and other impacts of) state and local income and franchise Taxes are excluded.

       

      “Imputed Interest” means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code, and the principles of any similar provisions of state or local law, with respect
        to the Corporate Taxpayer’s payment obligations under this Agreement.

       

      “IPO” means the initial public offering of Class A Shares by the Corporate Taxpayer.

       

      “IPO Date” means the closing date of the IPO.

       

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

       

      “LIBOR” means during any period, an interest rate per annum equal to the one-year LIBOR rate reported, on the date two (2) calendar days prior to the first day of such period, on the
        Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar
        deposits for such period.

       

      “Majority TRA Holders” means, at the time of any determination, TRA Holders who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination
        Payments payable to all TRA Holders hereunder (determined using such calculations of Early Termination Payments reasonably estimated by the Corporate Taxpayer) if the Corporate Taxpayer had exercised its right of Early Termination on such date.

       

      “Market Value” means the closing price of the Class A Shares on the applicable Redemption Date on the national securities exchange or interdealer quotation system on which such Class A
        Shares are then traded or listed, as reported by Bloomberg L.P.; provided, that if the closing price is not reported by Bloomberg L.P. for the applicable Redemption Date, then the Market Value means the closing price of the Class A Shares
        on the Business Day immediately preceding such Redemption Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided further that
        if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system, “Market Value” means the fair market value of the Class A Shares, as determined by the Board in good faith.

       

      “Material Objection Notice” has the meaning set forth in Section 4.4 of this Agreement.

       

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

       

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

       

      “OneWater LLC” has the meaning set forth in the Recitals of this Agreement.

       

      “OneWater LLC Agreement” means the limited partnership agreement of OneWater LLC, as amended from time to time.

       

      “Payment Date” means any date on which a payment is required to be made pursuant to this Agreement.

       

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

       

       “Post-IPO TRA” means any tax receivable agreement (or comparable
          agreement) entered into by the Corporate Taxpayer or any member of any affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Sections 1501 et seq. of the
          Code or any corresponding provisions of U.S. state or local Tax law of which the Corporate Taxpayer is a member pursuant to which the Corporate Taxpayer or any member of such group is obligated to pay over amounts with respect to tax benefits
          resulting from any increases in Tax basis, net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction (other than any Redemption) after the date of this Agreement.

       

      “Post-IPO TRA Benefits” means any tax benefits resulting from increases in Tax basis, net operating losses or other tax attributes with respect to which the Corporate Taxpayer or any of its
        Subsidiaries is obligated to make payments under a Post-IPO TRA.

       

      “Realized Tax Benefit” means, for a Taxable Year, the sum of (i) the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability and (ii) the State and Local Tax
        Benefit.  If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability and the corresponding Hypothetical Tax Liability shall not be included in
        determining the Realized Tax Benefit unless and until there has been a Determination with respect to such Actual Tax Liability.

       

      “Realized Tax Detriment” means, for a Taxable Year, the sum of (i) the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability and (ii) the State and Local Tax
        Detriment.  If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by the a Taxing Authority of any Taxable Year, such liability and the corresponding Hypothetical Tax Liability shall not be included in
        determining the Realized Tax Detriment unless and until there has been a Determination with respect to such Actual Tax Liability.

       

      “Reconciliation Dispute” has the meaning set forth in Section 7.10 of this Agreement.

       

      “Reconciliation Procedures” means the procedures described in Section 7.10 of this Agreement.

       

      “Redemption” means any transfer of Units by a TRA Holder, or by a permitted transferee of such TRA Holder (pursuant to the OneWater LLC Agreement), to OneWater LLC or to the Corporate
        Taxpayer pursuant to the Redemption Right or the Call Right, as applicable.

       

      
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      “Redemption Date” means each date on which a Redemption occurs.

       

      “Redemption Notice” has the meaning given to the term “Redemption Notice” in the OneWater LLC Agreement.

       

      “Redemption Right” means the redemption right of holders of Units set forth in Section 4.6 of the OneWater LLC Agreement.

       

      “Reference Asset” means, with respect to any Redemption, an asset (other than cash or a cash equivalent) that is held by OneWater LLC, or any entity in which OneWater LLC holds a direct or
        indirect interest that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but only to the extent such entities are not held through any entity treated as a corporation for U.S. federal income tax purposes), at
        the time of such Redemption.  A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

       

      “Resolution of Disputes Procedures” means the procedures described in Section 7.9 of this Agreement.

       

      “Schedule” means any of the following: (i) a Tax Attribute Schedule, (ii) a Tax Benefit Payment Schedule, or (iii) the Early Termination Schedule.

       

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

       

      “State and Local Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability; provided that, for purposes of
        determining the State and Local Tax Benefit, each of the Hypothetical Tax Liability and the Actual Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable for U.S. federal income tax purposes.

       

      “State and Local Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability; provided that, for purposes of
        determining the State and Local Tax Detriment, each of the Actual Tax Liability and the Hypothetical Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable for U.S. federal income tax purposes.

       

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

       

      “Supermajority TRA Holders” means, at the time of any determination, TRA Holders who would be entitled to receive more than seventy-five percent (75%) of the aggregate amount of the Early
        Termination Payments payable to all TRA Holders hereunder (determined using such calculations of Early Termination Payments reasonably estimated by the Corporate Taxpayer) if the Corporate Taxpayer had exercised its right of Early Termination on
        such date.

       

      “Tax Attribute Schedule” has the meaning set forth in Section 2.1 of this Agreement.

       

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

       

      
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      “Tax Benefit Payment Schedule” has the meaning set forth in Section 2.2 of this Agreement.

       

      “Tax Proceeding” has the meaning set forth in Section 6.1 of this Agreement.

       

      “Tax Receivable Agreements” means this Agreement and any Post-IPO TRA.

       

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

       

      “Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code (which, for the avoidance of doubt, may include a period of less than twelve (12)
        months for which a Tax Return is made), ending on or after the IPO Date.

       

      “Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect to net income or profits, including franchise taxes,
        and any interest imposed in respect of such Tax under applicable law.

       

      “Taxing Authority” means the IRS and any federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any
        quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

       

      “TRA Holder” means each of those Persons set forth on Schedule A and their respective successors and permitted assigns pursuant to Section 7.6(a).

       

      “Transferor” has the meaning set forth in Section 7.12(b) of this Agreement.

       

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

       

      “Units” has the meaning set forth in the OneWater LLC Agreement.

       

      “Valuation Assumptions” means, as of an Early Termination Date, the assumptions that:

       

      (i)          in each Taxable Year ending on or after such Early Termination Date, the Corporate
          Taxpayer will have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments (assuming, to the extent applicable, in calculating such deductions that the election under Section 168(k)(7) of the Code is made with
          respect to any actual or deemed Basis Adjustment arising from a Redemption made in the Taxable Year that includes the Early Termination Date or deemed to be made on the Early Termination Date pursuant to clause (v) of this definition), and
          Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the
          Valuation Assumptions, further assuming such future Tax Benefit Payments would be paid on the due date, without extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year) in which such deductions would become available;

       

      
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      (ii)         any loss or credit carryovers generated by deductions or losses arising from any Basis
          Adjustment or Imputed Interest (including such Basis Adjustment and Imputed Interest generated as a result of payments under this Agreement) that are available in the Taxable Year that includes the Early Termination Date will be utilized by the
          Corporate Taxpayer ratably in each Taxable Year over the ten Taxable Years beginning with the Taxable Year that includes the Early Termination Date (provided that, in any year that the Corporate Taxpayer is prevented from fully utilizing net
          operating losses pursuant to Section 382 of the Code, or any successor provision, the amount utilized for purposes of this provision shall not exceed the amount that would otherwise be utilizable under Section 382 of the Code, or any successor
          provision);

       

      (iii)       the U.S. federal, state and local income and franchise tax rates that will be in effect
          for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date except to the extent any change to such tax rates for
          such Taxable Year have already been enacted into law;

       

      (iv)      any Reference Asset that is not subject to amortization, depletion, depreciation or other
          cost recovery deduction to which any Basis Adjustment is attributable will be disposed of in a fully taxable transaction for U.S. federal income tax purposes on the fifth anniversary of the Early Termination Date for an amount sufficient to fully
          utilize the Basis Adjustment with respect to such Reference Asset; provided, that in the event of a Change of Control which includes a taxable sale of such Reference Asset (including the sale of all of the equity interests in an entity
          classified as a partnership or disregarded entity that directly or indirectly owns such Reference Asset), such Reference Asset shall be deemed disposed of at the time of the Change of Control; and

       

      (v)       if, at the Early Termination Date, there are Units that have not been transferred in a
          Redemption, then all Units shall be deemed to be transferred pursuant to the Redemption Right effective on the Early Termination Date.

       

      Section 1.2       Other Definitional and Interpretative Provisions.  The words “hereof,” “herein” and
          “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  References to Articles, Sections, Exhibits and Schedules are to Articles, Sections,
          Exhibits and Schedules of this Agreement unless otherwise specified.  All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized
          terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement.  Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.  Whenever
          the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import.  “Writing,”
          “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or
          supplemented from time to time in accordance with the terms thereof.  References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including
          or through and including, respectively.

       

      
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      ARTICLE II

        DETERMINATION OF CERTAIN REALIZED TAX BENEFITS

       

      Section 2.1          Tax Attribute Schedules.  Within ninety (90) calendar days after the filing of the relevant Corporate Taxpayer Return for each Taxable Year, the Corporate Taxpayer shall deliver to each Agent a schedule (the “Tax

            Attribute Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including with respect to each applicable TRA Holder, (i) the Basis Adjustments with respect to the Reference Assets as
          a result of the Redemptions effected by such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable.  

       

      Section 2.2          Tax Benefit Payment Schedules.

       

      (a)         Within ninety (90) calendar days after the filing of the Corporate Taxpayer Return for any Taxable Year in
          which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall deliver to each Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized Tax Detriment for such
          Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is Attributable to each TRA Holder who has participated in any Redemption, (C) the Accrued Amount with respect to any such Net Tax Benefit that is Attributable to such TRA Holder,
          (D) the Tax Benefit Payment due to each such TRA Holder, and (E) the portion of such Tax Benefit Payment that the Corporate Taxpayer intends to treat as Imputed Interest (a “Tax Benefit Payment Schedule”), (ii) a reasonably detailed
          calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation by the Corporate Taxpayer of the Actual Tax Liability, (iv) a copy of the Corporate Taxpayer Return for such Taxable Year, and
          (v) any other work papers reasonably requested by any Agent.  In addition, the Corporate Taxpayer shall allow each Agent reasonable access at no cost to its appropriate representatives in connection with a review of such Tax Benefit Payment
          Schedule.  The Tax Benefit Payment Schedule will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).

       

      (b)         For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment
          for any Taxable Year, carryovers or carrybacks of any U.S. federal income Tax item attributable to the Basis Adjustments, Imputed Interest and any Post-IPO TRA Benefits shall be considered to be subject to the rules of the Code and the Treasury
          Regulations, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type.  If a carryover or carryback of any U.S. federal income Tax item includes a portion that is attributable to the Basis
          Adjustment, Imputed Interest or any Post-IPO TRA Benefits and another portion that is not so attributable, such respective portions shall be considered to be used in accordance with the “with and without” methodology such that the portion that is
          not attributable to a Basis Adjustment or Imputed Interest is deemed utilized first.  The parties agree that (i) any payment under this Agreement (to the extent permitted by law and other than amounts accounted for as Imputed Interest) will be
          treated as a subsequent upward adjustment to the purchase price of the relevant Units and will have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment, and (ii) as a result,
          such additional Basis Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate.

       

      
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      Section 2.3           Procedure; Amendments.

       

      (a)         An applicable Schedule or amendment thereto shall
          become final and binding on all parties thirty (30) calendar days from the first date on which all Agents have received the applicable Schedule or amendment thereto unless (i) any Agent, within thirty (30) calendar days after receiving an
          applicable Schedule or amendment thereto, provides the Corporate Taxpayer and each other Agent with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) each Agent provides a written waiver of
          such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date waivers from all Agents have been received by the Corporate Taxpayer.  If the
          Corporate Taxpayer and the Agents, for any reason, are unable to successfully resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such Objection Notice, the Corporate
          Taxpayer and the Agents shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes Procedures under Section 7.9, as applicable.

       

      (b)         The applicable Schedule for any Taxable Year may be amended from time to time
          by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the
          date the Schedule was provided to the Agents, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
          to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporate Taxpayer Return filed for
          such Taxable Year or (vi) to adjust a Tax Attribute Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”).  The Corporate Taxpayer shall provide an Amended Schedule to each Agent
          within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence.  For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant to Section

            2.3(a), the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax
          Benefit for the Taxable Year in which the amendment actually occurs.

       

      Section 2.4          Section 754 Election. In its capacity as the sole managing member of OneWater LLC, the
          Corporate Taxpayer will (i) ensure that, on and after the date hereof and continuing throughout the term of this Agreement, OneWater LLC and any of its eligible Subsidiaries will have in effect an election pursuant to Section 754 of the Code (and
          under any similar provisions of applicable U.S. state or local law) and (ii) use commercially reasonable efforts to ensure that, on and after the date hereof and continuing throughout the term of this Agreement, any entity in which OneWater LLC
          holds a direct or indirect interest that is treated as a partnership for U.S. federal income tax purposes that does not meet the definition of “Subsidiary” herein, will have in effect an election pursuant to Section 754 of the Code (and under any
          similar provisions of applicable U.S. state or local law).

       

      
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      ARTICLE III

        TAX BENEFIT PAYMENTS

       

      Section 3.1           Payments.

       

      

      (a)        Within five (5) Business Days after a Tax Benefit
          Payment Schedule delivered to the Agents becomes final in accordance with Section 2.3(a), the Corporate Taxpayer shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to Section 3.1(b)
          for such Taxable Year.  Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account previously designated by the TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate
          Taxpayer and the TRA Holder.  For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments.

       

      (b)         A “Tax Benefit
            Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax Benefit Attributable to such TRA Holder and the Accrued Amount with respect thereto.  The “Net Tax
            Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the sum of (i) the total amount of payments previously made under this Section

            3.1 (excluding payments attributable to Accrued Amounts) and (ii) the total amount of Tax Benefit Payments previously made under the corresponding provision of any Post-IPO TRA; provided, for the avoidance of doubt, that no TRA
          Holder shall be required to return any portion of any previously made Tax Benefit Payment.  Subject to Section 3.3, the portion of the Net Tax Benefit for a Taxable Year that is “Attributable” to a TRA Holder is the portion of such
          Net Tax Benefit that is derived from (i) any Basis Adjustment that was attributable, at the time of the relevant Redemption, to the Units acquired or deemed acquired by the Corporate Taxpayer in a Redemption undertaken by or with respect to such
          TRA Holder or (ii) any Imputed Interest with respect to Tax Benefit Payments made to such TRA Holder. The “Accrued Amount” with respect to any portion of a Net Tax Benefit shall equal an amount determined in the same manner as interest on
          such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return for such Taxable Year until the Payment Date.  For the avoidance of doubt, for
          Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Units in a Redemption, unless otherwise required by law.

       

      (c)         Notwithstanding any provision of this Agreement
          to the contrary, unless a TRA Holder elects for the provisions of this Section 3.1(c) not to apply to any Redemption by notifying the Corporate Taxpayer in writing on or before the due date for providing the Redemption Notice with respect
          to such Redemption, the aggregate Tax Benefit Payments to be made to such TRA Holder, with respect to the related Redemption shall be limited to (i) 50%, or such other percentage such TRA Holder elects to apply by notifying the Corporate Taxpayer
          in writing on or before the due date for providing the Redemption Notice with respect to such Redemption, of (ii) the amount equal to the sum of (A) the Cash Election Amount as defined in the OneWater LLC Agreement and (B) the aggregate Market
          Value of the Class A Shares received by such TRA Holder in such Redemption. An election made by a TRA Holder pursuant to this Section 3.1(c) may not be revoked.

       

      
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      Section 3.2         No
            Duplicative Payments.  It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under the Tax Receivable Agreements.  It is also intended that the provisions of
          the Tax Receivable Agreements will result in 85% of the Cumulative Net Realized Tax Benefit, and the Accrued Amount thereon, being paid to the Persons to whom payments are due pursuant to the Tax Receivable Agreements.  The provisions of this
          Agreement shall be construed in the appropriate manner to achieve these fundamental results.

       

      
        
          
            Section 3.3         Pro Rata Payments; Coordination of Benefits with Other Tax Receivable Agreements.

          

        

      

       

      (a)         Notwithstanding
          anything in Section 3.1 to the contrary, to the extent that the aggregate amount of the Corporate Taxpayer’s tax benefit subject to the Tax Receivable Agreements is limited in a particular Taxable Year because the Corporate Taxpayer does
          not have sufficient taxable income in such Taxable Year to fully utilize available deductions and other attributes, the limitation on the tax benefit for the Corporate Taxpayer shall be allocated as follows: (i) first among any Post-IPO TRAs (and
          among all Persons eligible for payments thereunder in the manner set forth in such Post-IPO TRAs) and (ii) to the extent of any remaining limitation on tax benefit for the Corporate Taxpayer after application of clause (i), among this Agreement
          (and among all Persons eligible for payments thereunder) in proportion to the respective amounts of Net Tax Benefit that would have been determined under this Agreement if the Corporate Taxpayer had sufficient taxable income so that there was no
          such limitation.

       

      (b)         After taking into account Section 3.3(a), if for any reason the Corporate Taxpayer does not fully
          satisfy its payment obligations to make all Tax Benefit Payments due under the Tax Receivable Agreements in respect of a particular Taxable Year, then (i) the Corporate Taxpayer will pay the same proportion of each Tax Benefit Payment due to each
          Person to whom a payment is due under this Agreement (provided that, no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full) and (ii) after
          fulfilling the obligations set forth in clause (i) of this Section 3.3(b), the Corporate Taxpayer will then pay all amounts due under any Post-IPO TRA in respect of such Taxable Year (provided that, no Tax Benefit Payment shall be made in respect
          of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full).

       

      (c)         To the extent the Corporate Taxpayer makes a payment to a TRA Holder in respect of a particular Taxable
          Year under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and Section 3.3(b), but excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of such payment that should
          have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder has foregone an amount of payments equal to such excess and any
          Accrued Amount attributable to such excess and (ii) the Corporate Taxpayer will pay the amount of such TRA Holder’s foregone payments (other than any foregone payments in respect of Accrued Amounts) to the other Persons to whom a payment is due
          under the Tax Receivable Agreements (or if no such payments are due, shall retain such amounts for future payments when they become due) in a manner such that each such Person to whom a payment is due under the Tax Receivable Agreements, to the
          maximum extent possible, receives aggregate payments under Section 3.1(a) or the comparable section of the other Tax Receivable Agreement(s), as applicable (in each case, taking into account Section 3.3(a) and Section 3.3(b) or
          the comparable section of the other Tax Receivable Agreement(s), but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder.

       

      
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      ARTICLE IV

        TERMINATION

       

      Section 4.1          Early Termination at Election of the Corporate Taxpayer.  The Corporate Taxpayer may terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section
            4.5(b) (such termination, an “Early Termination”); provided that the Corporate Taxpayer may withdraw any notice of exercise of its termination rights under this Section 4.1 prior to
          the time at which any Early Termination Payment has been paid.  Upon payment of the Early Termination Payment by the Corporate Taxpayer, the Corporate Taxpayer shall not have any further payment obligations under this Agreement, other than for
          (a) any Tax Benefit Payment agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the Early Termination Notice and (b) except to the extent included in the Early Termination Payment or as a payment under
          clause (a) of this Section 4.1, any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date.  Upon payment of all amounts provided for in this Section

            4.1, this Agreement shall terminate.

       

      Section 4.2         Early Termination upon Change of
            Control.  In the event of a Change of Control, all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of Control and
          shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the closing date of a Change of Control, (b) payment of any Tax Benefit Payment in
          respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the deemed Early Termination Notice, and (c) except to the extent included in the Early Termination Payment or as a payment under
          clause (b) of this Section 4.2, payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date.

       

      Section 4.3           Breach of Agreement.

       

      (a)        In the event that the
          Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment as described in Section 4.3(b), as a result of failure to honor any other material obligation required hereunder
          or by operation of law as a result of the rejection of this Agreement in a case commenced under the United States Bankruptcy Code or otherwise, then if the Supermajority TRA Holders so elect, such breach shall be treated as an Early Termination. 
          Upon such election, all obligations hereunder shall be accelerated and shall be immediately due and payable, and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall
          include, but shall not be limited to, (i) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) payment of any Tax Benefit Payment in respect of a TRA Holder agreed
          to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the deemed Early Termination Notice, and (iii) except to the extent included in the Early Termination Payment or as a payment under clause (ii) of this Section
          4.3(a), payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date.  Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, if the
          Supermajority TRA Holders do not elect to treat such breach as an Early Termination pursuant to this Section 4.3(a), the TRA Holders shall be entitled to seek specific performance of the terms hereof.

       

      
        15

        
          

      

      (b)         The parties agree that the failure of the Corporate Taxpayer to make any
          payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to
          be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is due.  Notwithstanding anything in this Agreement to the contrary, except in the case of
          an Early Termination Payment or any payment treated as an Early Termination Payment, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has
          insufficient funds available to make, or to the extent that the Corporate Taxpayer is contractually constrained from making, such payment in the Corporate Taxpayer’s sole judgment exercised in good faith; provided that the interest
          provisions of Section 5.2 shall apply to such late payment (unless the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by any credit agreement to which OneWater LLC or any
          Subsidiary of OneWater LLC is a party, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate); provided further that it shall be a breach of this Agreement, and the provisions of Section

            4.3(a) shall apply as of the original due date of the Tax Benefit Payment, if the Corporate Taxpayer makes any distribution of cash or other property (other than Class A Shares or other equity interests of the Corporate Taxpayer) to its
          stockholders while any Tax Benefit Payment is due and payable but unpaid.

       

      Section 4.4          Early Termination Notice.  If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1 above, the Corporate Taxpayer
          shall deliver to each Agent notice of such intention to exercise such right (the “Early Termination Notice”).  Upon delivery of the Early Termination Notice or the occurrence of an event described in Section 4.2 or Section
            4.3(a), the Corporate Taxpayer shall deliver (i) a schedule showing in reasonable detail the calculation of the Early Termination Payment (the “Early Termination Schedule”) and (ii) any other work papers related to the calculation of
          the Early Termination Payment reasonably requested by any Agent.  In addition, the Corporate Taxpayer shall allow each Agent reasonable access at no cost to the appropriate representatives of the Corporate Taxpayer in connection with a review of
          such Early Termination Schedule.  The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which all Agents have received such Schedule or amendment thereto unless (x) any
          Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporate Taxpayer and each other Agent with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”)

          or (y) each Agent provides a written waiver of such right of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule becomes binding on the date waivers from all Agents have been received by the
          Corporate Taxpayer (the “Early Termination Effective Date”).  If the Corporate Taxpayer and the Agents, for any reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by
          the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the Agents shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes Procedures under Section 7.9, as applicable.

       

      
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      Section 4.5           Payment upon Early Termination.

       

      (a)         Subject to its right to withdraw any notice of Early Termination pursuant to Section 4.1, within
          three (3) Business Days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Holder its Early Termination Payment.  Each such payment shall be made by check, by wire transfer of immediately available funds to a
          bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporate Taxpayer and the TRA Holder.

       

      (b)          The “Early Termination Payment” shall
          equal, with respect to each TRA Holder, the present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to such TRA Holder
          beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied.

       

      ARTICLE V

        SUBORDINATION AND LATE PAYMENTS

       

      Section 5.1          Subordination. 

          Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any payment pursuant to Section 5.2 shall rank subordinate and junior in right of payment to any principal,
          interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with
          all current or future unsecured obligations of the Corporate Taxpayer and its Subsidiaries that are not Senior Obligations.  For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if
          the Corporate Taxpayer fails to make any Tax Benefit Payment or other payment under this Agreement when due is governed by Section 4.3(b). To the extent that any payment under this Agreement is not permitted to be made at the time payment
          is due as a result of this Section 5.1 and the terms of the agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the TRA Holders and the Corporate Taxpayer shall make such payments
          at the first opportunity that such payments are permitted to be made in accordance with the terms of the Senior Obligations.

       

      Section 5.2          Late Payments by the Corporate
            Taxpayer.  The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement shall be payable together with
          any interest thereon, computed at the Default Rate  (or, if so provided in Section 4.3(b), at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this
          Agreement was due and payable.

       

      
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      ARTICLE VI

        NO DISPUTES; CONSISTENCY; COOPERATION

       

      Section 6.1          Participation in the Corporate
            Taxpayer’s and OneWater LLC’s Tax Matters.  Except as otherwise provided herein or in the OneWater LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate
          Taxpayer and OneWater LLC, including without limitation preparing, filing or amending any Tax Return and defending, contesting or settling any issue pertaining to Taxes.  Notwithstanding the foregoing, the Corporate Taxpayer shall notify each
          Agent of, and keep each Agent reasonably informed with respect to, the portion of any audit, examination, or any other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporate Taxpayer or OneWater LLC by a Taxing
          Authority the outcome of which is reasonably expected to materially affect the rights of the TRA Holders under this Agreement, and shall provide each Agent with reasonable opportunity to provide information and other input to the Corporate
          Taxpayer, OneWater LLC and their respective advisors concerning the conduct of any such portion of a Tax Proceeding; provided, however, that the Corporate Taxpayer shall use commercially reasonable efforts to not settle or
          otherwise resolve any part of a Tax Proceeding described in the previous clause that relates to a Basis Adjustment or the deduction of Imputed Interest (and, in each case, that is reasonably expected to have a material effect on the TRA Holders’
          rights under this Agreement) without the consent of the relevant Agent or the Majority TRA Holders, which consent shall not be unreasonably withheld, conditioned or delayed; provided further, that the Corporate Taxpayer and OneWater LLC
          shall not be required to take any action, or refrain from taking any action, that is inconsistent with any provision of the OneWater LLC Agreement.

       

      Section 6.2          Consistency. 

          Unless otherwise required by applicable law, the Corporate Taxpayer and each of the TRA Holders agree to report, and to cause their respective Subsidiaries to report, for all purposes, including U.S. federal, state and local Tax purposes and
          financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments and each Tax Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as
          “deemed” or in a similar manner by the terms of this Agreement, in a manner consistent with the description of any Tax characterization herein (including as set forth in  Section 2.2(b) and Section 3.1(b) and any Schedule required
          to be provided by or on behalf of the Corporate Taxpayer under this Agreement, as finally determined pursuant to Section 2.3).  If the Corporate Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any
          disagreement concerning such treatment within thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes Procedures under Section 7.9,
          as applicable.

       

      Section 6.3        Cooperation.  Each TRA Holder shall
          (i) furnish to the Corporate Taxpayer in a timely manner such information, documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this
          Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other information as the
          Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter.  The Corporate Taxpayer shall reimburse each
          TRA Holder for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3. The Goldman/Beekman Agent shall deliver to Beekman all material information (including the Tax Attribute Schedule and Tax Benefit Payment
          Schedule) received by the Goldman/Beekman Agent hereunder in its capacity as an Agent, promptly after received by the Goldman/Beekman Agent.

       

      
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      ARTICLE VII

        MISCELLANEOUS 

       

      Section 7.1          Notices.  Any notice or other communication hereunder must be
          given in writing and (a) delivered in person, (b) transmitted by facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested at the addresses below or to such
          other address or to such other Person as any party shall have last designated by such notice to the other parties.  Each such notice or other communication shall be effective (i) if given by telecommunication or electronically, when transmitted
          to the applicable number or email address so specified in (or pursuant to) this Section 7.1 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice
          is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice
          is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or,
          if not received on a Business Day, on the Business Day immediately following such actual receipt:

       

      If to the Corporate Taxpayer, to:

       

      One Water Marine Holdings, LLC

        6275 Lanier Islands Parkway

        Buford, GA 30518

        Attention: Jack Ezzell, CFO

      Email:

      

      

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

      

      

      Vinson & Elkins L.L.P.

        2001 Ross Avenue, Suite 3900

        Dallas, TX 75201

      Attention: Peter Marshall

      Email: 

      

       

      
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      If to the Goldman/Beekman Agent, to:

       

      Special Situations Investing Group II, LLC

      200 West Street

      New York, NY 10282

      

      

      with a copy (which shall not constitute notice to the Goldman/Beekman Agent) to:

      

      

      c/o The Beekman Group LLC

      530 Fifth Avenue, 23rd Floor

      New York, NY 10036

      Attention: John Troiano and Shaun Caesar

      Email: 

      

      

      

      If to the Agent other than the Goldman/Beekman Agent, to:

       

      Jeffrey B. Lamkin

      

        If to a TRA Holder, other than an Agent, that is or was a member in OneWater LLC, to:

       

      The address set forth in the records of OneWater LLC.

       

      Section 7.2          Counterparts.  This Agreement may be executed in one or more
          counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties
          need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission or otherwise (including an electronically executed signature page) shall be as effective as delivery of a manually signed
          counterpart of this Agreement.

       

      Section 7.3         Entire Agreement; No Third Party Beneficiaries.  This Agreement
          and the agreements referred to herein constitute the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.  This Agreement shall be binding
          upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy
          of any nature whatsoever under or by reason of this Agreement, except as expressly provided in Section 3.3.

       

      Section 7.4          Governing Law.  This Agreement and the rights and obligations
          of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

       

      Section 7.5          Severability.  If any term or other provision of this
          Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
          transactions contemplated hereby is not affected in any manner materially adverse to any party.  Upon such 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 an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest
          extent possible.

       

      
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      Section 7.6          Successors; Assignment.

       

      (a)          No TRA Holder may assign this Agreement to any Person without the prior
          written consent of the Corporate Taxpayer; provided, however, that:

       

      (i)          to the extent Units are transferred in accordance with the terms of the OneWater LLC
          Agreement (except pursuant to the Redemption Right or Call Right), the transferring TRA Holder shall have the option to assign to the transferee of such Units the transferring TRA Holder’s rights under this Agreement with respect to such
          transferred Units without the prior written consent of the Corporate Taxpayer, provided that, such transferee or such Affiliate, as applicable, has executed and delivered, or, in connection with such transfer, executes and delivers, a
          joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to become a “TRA Holder” for all purposes of this Agreement, and provided, further, that, for the avoidance of doubt, if a TRA
          Holder transfers Units but does not assign to the transferee of such Units the rights of such TRA Holder under this Agreement with respect to such transferred Units, such TRA Holder shall continue to be entitled to receive the Tax Benefit
          Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in respect of a subsequent Redemption of, such Units; and

       

      (ii)        the right to receive any and all payments payable or that may become payable to a TRA
          Holder pursuant to this Agreement that, once a Redemption has occurred, arise with respect to the Units transferred in such Redemption, may be assigned to any Person or Persons with the prior written consent of the
          Corporate Taxpayer (not to be unreasonably withheld, conditioned or delayed) as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance
          reasonably satisfactory to the Corporate Taxpayer, agreeing to be bound by Section 7.13.

       

      (b)         The Person designated as the Agent other than the Goldman/Beekman Agent may
          not be changed without the prior written consent of the Corporate Taxpayer and the Majority TRA Holders (for this purpose, calculated by excluding Goldman and Beekman, their Affiliates and each of their assignees).

       

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

       

      
        21

        
          

      

      Section 7.7         Amendments.  No provision of this Agreement may be amended unless such amendment is approved
          in writing by each of the Corporate Taxpayer, the Majority TRA Holders and, for so long as Goldman or Beekman hold an interest herein, Goldman and Beekman; provided, however, that no such amendment shall be effective if such amendment
          would have a disproportionate effect on the payments certain TRA Holders will or may receive under this Agreement unless all such disproportionately affected TRA Holders consent in writing to such amendment. No provision of this Agreement may be
          waived unless such waiver is in writing and signed by the relevant Agent, in the case of provisions relating to such Agent, or in the case of any other provision, by the party against whom the waiver is to be effective.

       

      Section 7.8        Titles and Subtitles. The titles of the sections and subsections
          of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

       

      Section 7.9           Resolution of Disputes.

       

      (a)         Any and all disputes which are not governed by Section

            7.10, 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 Section 7.9 and Section 7.10) (each a “Dispute”) shall be governed by this Section 7.9.  The parties hereto shall attempt in good faith to resolve all Disputes by negotiation.  If a Dispute
          between the parties hereto cannot be resolved in such manner, such Dispute shall be finally settled by arbitration conducted by a single arbitrator in accordance with the then-existing rules of arbitration of the American Arbitration Association.
          If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) calendar days of the receipt of the request for arbitration, the American Arbitration Association shall make the appointment. The arbitrator shall be a
          lawyer admitted to the practice of law in a U.S. state, or a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English language.  Performance under this Agreement shall continue if reasonably
          possible during any arbitration proceedings.  In addition to monetary damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance of any obligation under this Agreement.  The arbitrator
          is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute.  The award shall be the sole and exclusive
          remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal.  Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets.

       

      (b)       Notwithstanding the provisions of Section 7.9(a), the Corporate Taxpayer
          may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award
          and, for the purposes of this Section 7.9(b), each Agent and each TRA Holder (i) expressly consents to the application of Section 7.9(c) to any such action or proceeding, (ii) 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, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such party for service of process in connection
          with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such party in writing of any such service of process, shall be deemed in every respect effective service of process upon such party
          in any such action or proceeding.

       

      
        22

        
          

      

      (c)       EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
          JURISDICTION OF ANY COURTS LOCATED IN DELAWARE FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.9 OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR
          CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT.  Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of
          arbitration, or to confirm an arbitration award.  The parties acknowledge that the fora designated by this Section 7.9(c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

       

      (d)        The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or
          hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in Section 7.9(c) and such parties agree not to plead or claim the same.

       

      Section 7.10         Reconciliation.  In the event that any Agent and the
          Corporate Taxpayer are unable to resolve a disagreement with respect to the calculations required to produce the schedules described in Section 2.3, Section 4.4 and Section 6.2 (but not, for the avoidance doubt, with
          respect to any legal interpretation with respect to such provisions or schedules) within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to the
          Expert.  The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and such Agent agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have
          any material relationship with the Corporate Taxpayer or such Agent or other actual or potential conflict of interest.  If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written
          notice of a Reconciliation Dispute, the Expert shall be appointed by the American Arbitration Association.  The Expert shall resolve (a) any matter relating to the Tax Attribute Schedule or an amendment thereto or the Early Termination Schedule
          or an amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Payment Schedule or an amendment thereto within fifteen (15) calendar days, and (c) any matter related to treatment of any tax-related item as
          contemplated in Section 6.2 within fifteen (15) calendar days, or, in each case, as soon thereafter as is reasonably practicable after such matter has been submitted to the Expert for resolution.  Notwithstanding the preceding sentence,
          if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, any portion of such payment that is not
          under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution.  The costs and expenses relating to the engagement of
          such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence.  The Corporate Taxpayer and such Agent shall each bear its own costs and expenses of such proceeding, unless (i) the Expert
          adopts such Agent’s position (as determined by the Expert), in which case the Corporate Taxpayer shall reimburse such Agent for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s
          position (as determined by the Expert), in which case such Agent shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding.  Any dispute as to whether a dispute is a Reconciliation Dispute
          within the meaning of this Section 7.10 shall be decided by the Expert.  The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.10 shall be binding on the
          Corporate Taxpayer and its Subsidiaries, the Agents, and the TRA Holders and may be entered and enforced in any court having jurisdiction.

       

      
        23

        
          

      

      Section 7.11        Withholding.  The Corporate Taxpayer shall be entitled to
          deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state,
          local or non-U.S. tax law; provided, that the Corporate Taxpayer and each TRA Holder shall cooperate to reduce or eliminate any such deduction or withholding, including by providing or obtaining any certificates or other documentation that would
          reduce or eliminate any such deduction or withholding to the extent such party is legally entitled to do so.  To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld
          amounts shall be treated for all purposes of this Agreement as having been paid to the relevant TRA Holder.

       

      Section 7.12         Admission of the Corporate Taxpayer
            into a Consolidated Group; Transfers of Corporate Assets.

       

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

       

      (b)         If the Corporate Taxpayer (or any other entity that is obligated to make a Tax
          Benefit Payment or Early Termination Payment hereunder), OneWater LLC or any other entity treated as holding a Reference Asset hereunder (a “Transferor”) transfers one or more Reference Assets to a corporation (or a Person classified as a
          corporation for U.S. federal income tax purposes) with which the Transferor does not file a consolidated Tax Return pursuant to Section 1501 of the Code, in a transaction that is wholly or partially exempt from tax, the Transferor, for purposes
          of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of
          such Reference Assets in a fully taxable transaction on the date of such contribution.  The consideration deemed to be received by the Transferor with respect to the non-taxable portion of such transfer shall be equal to the fair market value of
          the transferred Reference Assets, plus, without duplication, (i) the amount of debt to which any Reference Asset is subject, in the case of a transfer of an encumbered Reference Asset or (ii) the amount of debt allocated to any such Reference
          Asset, in the case of a contribution of a partnership interest. For purposes of this Section 7.12(b), a transfer of a partnership interest shall be treated as a transfer of the Transferor’s share of each of the assets and liabilities of
          that partnership.

       

      
        24

        
          

      

      Section 7.13         Confidentiality.

       

      (a)         Each Agent, each TRA Holder and each of such TRA Holder’s assignees acknowledges and agrees that the
          information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement,
          such Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning OneWater LLC and
          its Affiliates and successors or the TRA Holders, learned by any Agent or any TRA Holder heretofore or hereafter; provided that, for the avoidance of doubt, any Agent may disclose information received by it in the ordinary course of such
          Agent’s duties as Agent to the TRA Holders for which it is the Agent.  This Section 7.13 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its Affiliates, becomes public
          knowledge (except as a result of an act of an Agent or a TRA Holder in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information (A) as may be proper in the course of performing such TRA
          Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under this Agreement, (B) as part of such TRA Holder’s normal reporting, rating or review procedure (including normal credit rating and pricing process), or in connection
          with such TRA Holder’s or such TRA Holder’s Affiliates’ normal fund raising, financing, marketing, informational or reporting activities, or to such TRA Holder’s (or any of its Affiliates’) or its direct or indirect owners or Affiliates,
          auditors, accountants, employees, attorneys or other agents, (C) to any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective merger or other business combination partner of such TRA Holder, provided
          that such assignee or merger partner agrees to be bound by the provisions of this Section 7.13, (D) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental body, or by subpoena,
          summons or legal process, or by law, rule or regulation; provided that any TRA Holder required to make any such disclosure to the extent legally permissible shall provide the Corporate Taxpayer prompt notice of such disclosure, or to
          regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any such notice to the Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder or its direct or indirect owners to prepare and file
          its Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any Tax Proceeding with respect to such Tax Returns.  Notwithstanding anything to the contrary herein, each Agent (and
          each employee, representative or other agent of such Agent or its assignees, as applicable) and each TRA Holder and each of its assignees (and each employee, representative or other agent of such TRA Holder or its assignees, as applicable) may
          disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of the Corporate Taxpayer, OneWater LLC, the Agents, the TRA Holders and their Affiliates, and any of their transactions, and all materials of
          any kind (including opinions or other Tax analyses) that are provided to the Agents or any TRA Holder relating to such Tax treatment and Tax structure.

       

      
        25

        
          

      

      (b)          If an Agent or an assignee or a TRA Holder or an assignee commits a breach, or threatens to commit a
          breach, of any of the provisions of this Section 7.13, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.13 specifically enforced by injunctive relief or otherwise by any court of
          competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries or the TRA
          Holders and that money damages alone shall not provide an adequate remedy to such Persons.  Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

       

      Section 7.14        No More Favorable Terms.  None of the Corporate Taxpayer nor
          any of its Subsidiaries shall enter into any additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporate Taxpayer is obligated to pay amounts with respect to tax benefits
          resulting from any increases in Tax basis, net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction) if such agreement provides terms  that are more favorable to the counterparty
          under such agreement than those provided to the TRA Holders under this Agreement; provided, however, that the Corporate Taxpayer (or any of its Subsidiaries) may enter into such an agreement if this Agreement is amended to make
          such more favorable terms available to the TRA Holders.

       

      Section 7.15        Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an
          actual or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement (a) could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any
          Redemption that as of the date of this Agreement would be treated as capital gain to instead be treated as ordinary income or to be otherwise taxed at ordinary income rates for U.S. federal income tax purposes or (b) would have other material
          adverse tax consequences to such TRA Holder and/or its direct or indirect owners, then, in either case, at the election of such TRA Holder and to the extent specified by such TRA Holder, this Agreement (i) shall cease to have further effect, (ii)
          shall not apply to an Redemption by such TRA Holder occurring after a date specified by it, or (iii) shall otherwise be amended in a manner determined by such TRA Holder to waive any benefits to which such TRA Holder would otherwise be entitled
          under this Agreement, provided that such amendment shall not result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of
          such amendment.

       

      Section 7.16       Several Obligations. Notwithstanding anything to the contrary in this Agreement, the parties
          hereto agree that (i) the representations and warranties of each TRA Holder made in this Agreement are being made on a several, and not joint, basis, (ii) the obligations of each TRA Holder under this Agreement are several obligations of each of
          them, and (iii) no TRA Holders shall have any liability for the breach of any representation, warranty, covenant, or obligation by any other TRA Holder.

       

      [Signature Page Follows]

       

      
        26

        
          

      

      IN WITNESS WHEREOF, the Corporate Taxpayer, the Agents, and the TRA Holders have duly executed this Agreement as of the date first written above.

       
        	 	
                THE CORPORATE TAXPAYER:

              
	 	 
	 	
                ONEWATER MARINE INC.

              
	 	 
	 	
                By:

              	
                /s/ Philip Austin Singleton, Jr.

              	 
	 	
                

                

              	
                Name: Philip Austin Singleton, Jr.

              	 
	 	
                

                

              	
                Title: Chief Executive Officer

              	 
	 	 	 
	 	
                AGENT:

              
	 	 
	 	
                By:

              	
                 /s/ Jeffrey B. Lamkin

              	 
	 	
                

                

              	
                Jeffrey B. Lamkin

              	 
	 	 	 
	 	
                AGENT:

              
	 	 
	 	
                SPECIAL SITUATIONS INVESTING GROUP II, LLC

              
	 	 
	 	
                By:

              	
                /s/ Justin Betzen

              	 
	 	

              	
                Name: Justin Betzen

              	 
	 	
                

                

              	
                Title:  Authorized Signatory

              	 

      

      

      

      
        [The signatures of the TRA Holders are attached in Schedule A.]

         

        

        
          Signature Page to

           
          Tax Receivable Agreement

           

          

        

      

      
        
          

      

      SCHEDULE A

      TRA HOLDERS

       

      

      
        	
                TRA Holder

              
	 
	
                AUBURN OWMH, LLLP

              
	 
	
                By:

              	
                /s/ Philip Austin Singleton

              	 
	
                Name: Philip Austin Singleton

              
	
                Title: Member

              
	 
	
                TRA Holder

              
	 
	
                PHILIP SINGLETON IRREVOCABLE TRUST, DATED DECEMBER 24, 2015

              
	 
	
                By:

              	
                /s/ Philip Austin Singleton

              	 
	
                Name: Philip Austin Singleton

              
	
                Title: Trustee

              
	 
	
                TRA Holder

              
	 
	
                AUSTIN SINGLETON IRREVOCABLE TRUST, DATED DECEMBER 30, 2015

              
	 
	
                By:

              	
                /s/ Philip Austin Singleton

              	 
	
                Name: Philip Austin Singleton

              
	
                Title: Trustee

              
	 
	
                TRA Holder

              
	 
	
                /s/ Anthony Aisquith

              	 
	
                Anthony Aisquith

              

      

      

      

      
        Schedule A to

        Tax Receivable Agreement

         

        

      

      
        
          

      

      
        	
                TRA Holder

              
	 
	
                ADC INVESTMENTS, LLC

              
	 
	
                By:

              	
                /s/ A. Derrill Crowe

              	 
	
                Name: A. Derrill Crowe

              
	
                Title: President

              
	 
	
                TRA Holder

              
	 
	
                /s/ Scott Cunningham

              	 
	
                Scott Cunningham

              
	 
	
                TRA Holder

              
	 
	
                /s/ Cindy Thompson

              	 
	
                Cindy Thompson

              
	 
	
                TRA Holder

              
	 
	
                TERESA D. BOS 2015 TRUST

              
	 
	
                By:

              	
                /s/ Pete Knowles

              	 
	
                Name: Pete Knowles

              
	
                Title: Trustee

              
	 
	
                TRA Holder

              
	 
	
                /s/ Pete Knowles

              	 
	
                Pete Knowles

              
	 
	
                TRA Holder

              
	 
	
                /s/ Peter H. Bos, III

              	 
	
                Peter H. Bos, III

              

        

        

        
          Schedule A to

          Tax Receivable Agreement

           

          

        

        
          
            

        

        	
                TRA Holder

              
	 
	
                /s/ Mitchell W. Legler, II

              
	
                Mitchell W. Legler, II

              
	 
	
                TRA Holder

              
	 
	
                /s/ J. Clarke Legler, II

              	 
	
                J. Clarke Legler, II

              
	 
	
                TRA Holder

              
	 
	
                /s/ Kenneth M. Kirschner

              	 
	
                Kenneth M. Kirschner

              
	 
	
                TRA Holder

              
	 
	
                LANDIS MARINE HOLDINGS, LLC

              
	 
	
                By:

              	
                /s/ Michael C. Smith

              	 
	
                Name: Michael C. Smith

              
	
                Title: Manager

              
	 
	
                TRA Holder

              
	 
	
                L13, LLLP

              
	 
	
                By: 

                

              	 /s/ Jeff Lamkin	 
	
                Name: Jeff Lamkin

              
	
                Title: Manager, Sea Oats Management, LLC

              
	 
	
                TRA Holder

              
	 
	
                JBL INVESTMENT HOLDINGS, LLLP

              
	 
	
                By:

              	
                /s/ Jeff Lamkin

              	 
	
                Name: Jeff Lamkin

              
	
                Title: Manager, Sea Oats Group

              

        
           

          

          Schedule A to

          Tax Receivable Agreement

           

          

        

        
          
            

        

        	
                TRA Holder

              
	 
	
                /s/ Keith R. Style

              	 
	
                Keith R. Style

              
	 
	
                TRA Holder

              
	 
	
                /s/ Michael Gold

              	 
	
                Michael Gold

              
	 
	
                TRA Holder

              
	 
	
                SPECIAL SITUATIONS INVESTING GROUP II, LLC

              
	 
	
                By:

              	
                /s/ Greg Watts

              	 
	
                Name: Greg Watts

              
	
                Title: Authorized Signatory

              
	 
	
                TRA Holder

              
	 
	
                OWM BIP INVESTOR, LLC

              
	 
	
                By:

              	
                /s/ John G. Troiano

              	 
	
                Name: John G. Troiano

              
	
                Title: Manager

              

      

       

      

      
        Schedule A to

        Tax Receivable AgreementExhibit 10.2

    

    
      

       

      

      
        Execution Version

         

        

      

      FOURTH AMENDED AND RESTATED

       

      

      LIMITED LIABILITY COMPANY AGREEMENT

       

      

      OF

       

      

      ONE WATER MARINE HOLDINGS, LLC

       

      

      DATED AS OF FEBRUARY 11, 2020

       

      

      THE LIMITED LIABILITY COMPANY INTERESTS IN ONE WATER MARINE HOLDINGS, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE
        SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED,
        HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS FOURTH AMENDED AND
        RESTATED LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN
        COMPLIANCE WITH SUCH LAWS, THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THEREFORE, PURCHASERS AND OTHER TRANSFEREES
        OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

       

      

      
        
          

      

      
      TABLE OF CONTENTS

       

      

      	
              ARTICLE I DEFINITIONS

            	
              2

            
	

            	 
	

            	
              Section 1.1

            	
              Definitions

            	
              2

            
	

            	
              Section 1.2

            	
              Interpretive Provisions

            	
              15

            
	

            	 	 	 
	
              ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY

            	
              15

            
	

            	 
	

            	
              Section 2.1

            	
              Formation

            	
              15

            
	

            	
              Section 2.2

            	
              Filing

            	
              16

            
	

            	
              Section 2.3

            	
              Name

            	
              16

            
	

            	
              Section 2.4

            	
              Registered Office; Registered Agent

            	
              16

            
	

            	
              Section 2.5

            	
              Principal Place of Business

            	
              16

            
	

            	
              Section 2.6

            	
              Purpose; Powers

            	
              16

            
	

            	
              Section 2.7

            	
              Term

            	
              16

            
	

            	
              Section 2.8

            	
              Intent

            	
              16

            
	

            	 	 	 
	
              ARTICLE III CLOSING TRANSACTIONS

            	
              16

            
	

            	 
	

            	
              Section 3.1

            	
              Reorganization Transactions

            	
              16

            
	

            	 	 	 
	
              ARTICLE IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

            	
              17

            
	

            	 
	

            	
              Section 4.1

            	
              Authorized Units; General Provisions With Respect to Units

            	
              17

            
	

            	
              Section 4.2

            	
              Voting Rights

            	
              21

            
	

            	
              Section 4.3

            	
              Capital Contributions; Unit Ownership

            	
              21

            
	

            	
              Section 4.4

            	
              Capital Accounts

            	
              22

            
	

            	
              Section 4.5

            	
              Other Matters

            	
              22

            
	

            	
              Section 4.6

            	
              Redemption of Units

            	
              23

            
	

            	 	 	 
	
              ARTICLE V ALLOCATIONS OF PROFITS AND LOSSES

            	
              30

            
	

            	 
	

            	
              Section 5.1

            	
              Profits and Losses

            	
              30

            
	

            	
              Section 5.2

            	
              Special Allocations

            	
              31

            
	

            	
              Section 5.3

            	
              Allocations for Tax Purposes in General

            	
              33

            
	

            	
              Section 5.4

            	
              Other Allocation Rules

            	
              34

            
	

            	 	 	 
	
              ARTICLE VI DISTRIBUTIONS

            	
              35

            
	

            	 
	

            	
              Section 6.1

            	
              Distributions

            	
              35

            
	

            	
              Section 6.2

            	
              Tax-Related Distributions

            	
              35

            
	

            	
              Section 6.3

            	
              Distribution Upon Withdrawal

            	
              35

            
	

            	
              Section 6.4

            	
              Issuance of Additional Equity Securities

            	
              36

            
	

            	 	 	 
	
              ARTICLE VII MANAGEMENT

            	 	
              36

            
	

            	 	 
	

            	
              Section 7.1

            	
              The Managing Member; Fiduciary Duties

            	
              36

            
	

            	
              Section 7.2

            	
              Officers

            	
              36

            
	

            	
              Section 7.3

            	
              Warranted Reliance by Officers on Others

            	
              37

            

       

      

      
        i

        
          

      

      	

            	
              Section 7.4

            	
              Indemnification

            	
              38

            
	

            	
              Section 7.5

            	
              Maintenance of Insurance or Other Financial Arrangements

            	
              39

            
	

            	
              Section 7.6

            	
              Resignation or Termination of Managing Member

            	
              39

            
	

            	
              Section 7.7

            	
              No Inconsistent Obligations

            	
              39

            
	

            	
              Section 7.8

            	
              Reclassification Events of PubCo

            	
              39

            
	

            	
              Section 7.9

            	
              Certain Costs and Expenses

            	
              40

            
	

            	 	 	 
	
              ARTICLE VIII ROLE OF MEMBERS

            	
              40

            
	

            	 
	

            	
              Section 8.1

            	
              Rights or Powers

            	
              40

            
	

            	
              Section 8.2

            	
              Voting

            	
              41

            
	

            	
              Section 8.3

            	
              Various Capacities

            	
              42

            
	

            	
              Section 8.4

            	
              Investment Opportunities

            	
              42

            
	

            	 	 	 
	
              ARTICLE IX TRANSFERS OF INTERESTS

            	
              42

            
	

            	 
	

            	
              Section 9.1

            	
              Restrictions on Transfer

            	
              42

            
	

            	
              Section 9.2

            	
              Notice of Transfer

            	
              44

            
	

            	
              Section 9.3

            	
              Transferee Members

            	
              44

            
	

            	
              Section 9.4

            	
              Legend

            	
              45

            
	

            	 	 	 
	
              ARTICLE X ACCOUNTING; CERTAIN TAX MATTERS

            	
              45

            
	

            	 
	

            	
              Section 10.1

            	
              Books of Account

            	
              45

            
	

            	
              Section 10.2

            	
              Tax Elections

            	
              45

            
	

            	
              Section 10.3

            	
              Tax Returns; Information

            	
              46

            
	

            	
              Section 10.4

            	
              Company Representative

            	
              46

            
	

            	
              Section 10.5

            	
              Withholding Tax Payments and Obligations

            	
              47

            
	

            	 	 	 
	
              ARTICLE XI DISSOLUTION AND TERMINATION

            	
              48

            
	

            	 
	

            	
              Section 11.1

            	
              Liquidating Events

            	
              48

            
	

            	
              Section 11.2

            	
              Bankruptcy

            	
              49

            
	

            	
              Section 11.3

            	
              Procedure

            	
              49

            
	

            	
              Section 11.4

            	
              Rights of Members

            	
              50

            
	

            	
              Section 11.5

            	
              Notices of Dissolution

            	
              51

            
	

            	
              Section 11.6

            	
              Reasonable Time for Winding Up

            	
              51

            
	

            	
              Section 11.7

            	
              No Deficit Restoration

            	
              51

            
	

            	 	 	 
	
              ARTICLE XII GENERAL

            	
              51

            
	

            	 
	

            	
              Section 12.1

            	
              Amendments; Waivers

            	
              51

            
	

            	
              Section 12.2

            	
              Further Assurances

            	
              52

            
	

            	
              Section 12.3

            	
              Successors and Assigns

            	
              52

            
	

            	
              Section 12.4

            	
              Certain Representations by Members

            	
              53

            
	

            	
              Section 12.5

            	
              Entire Agreement

            	
              53

            
	

            	
              Section 12.6

            	
              Rights of Members Independent

            	
              53

            
	

            	
              Section 12.7

            	
              Governing Law

            	
              53

            
	

            	
              Section 12.8

            	
              Jurisdiction and Venue

            	
              53

            
	

            	
              Section 12.9

            	
              Headings

            	
              54

            

       

      

      
        ii

        
          

      

      	

            	
              Section 12.10

            	
              Counterparts

            	
              54

            
	

            	
              Section 12.11

            	
              Notices

            	
              54

            
	

            	
              Section 12.12

            	
              Representation By Counsel; Interpretation

            	
              54

            
	

            	
              Section 12.13

            	
              Severability

            	
              55

            
	

            	
              Section 12.14

            	
              Expenses

            	
              55

            
	

            	
              Section 12.15

            	
              Waiver of Jury Trial

            	
              55

            
	

            	
              Section 12.16

            	
              No Third Party Beneficiaries

            	
              55

            

      

      

      
        iii

        
          

      

      
       FOURTH AMENDED AND RESTATED

       

      

      LIMITED LIABILITY COMPANY AGREEMENT

       

      

      OF

       

      

      ONE WATER MARINE HOLDINGS, LLC

       

      

      This Fourth Amended and Restated Limited Liability Company Agreement (as amended, supplemented or restated from time to time, this “Agreement”)

        is entered into as of February 11, 2020, by and among One Water Marine Holdings, LLC, a Delaware limited liability company (the “Company”), OneWater Marine Inc., a Delaware corporation (“PubCo”), Special Situations Investing Group II, LLC, a Delaware limited liability company (“Goldman”), OWM BIP Investor, LLC, a
        Delaware limited liability company (“Beekman”), the other parties listed on Exhibit A hereto (together with Goldman and Beekman, collectively, the “Legacy Owners”) and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act.  Capitalized terms used herein and not otherwise defined have the respective
        meanings set forth in Section 1.1.

       

      

      RECITALS

       

      WHEREAS, the Company was formed under the name “Gale-Force Marine Holdings, LLC” pursuant to the
        Articles of Organization filed in the office of the Secretary of State of the State of Georgia on February 20, 2014, and on such date the original members adopted said Articles of Organization and entered into a written operating agreement;

       

      WHEREAS, the Company filed a Certificate of Conversion with the Georgia Secretary of State on March 24,
        2014 and filed a Certificate of Conversion and Certificate of Formation under the name “Gale Force Marine Holdings, LLC” with the State of Delaware on March 28, 2014, pursuant to the Act;

       

      WHEREAS, the original members unanimously consented to the change of the Company’s name from “Gale Force Marine Holdings, LLC” to “One Water Marine Holdings,
        LLC” on September 5, 2014;

       

      WHEREAS, immediately prior to the adoption of this Agreement, the Company was governed by the Third Amended and Restated Limited Liability Company Agreement, dated as of March 1, 2017 (the “Existing LLC Agreement”);

       

      WHEREAS, as part of a restructuring and pursuant to the Master Reorganization Agreement dated as of the date hereof (the “Master Reorganization Agreement”), the equity interests in the Company are being recapitalized into the Units (as defined in Section 1.1);

       

      WHEREAS, it is contemplated that PubCo will, subject to the approval of its board of directors, issue up to 5,307,693 Class A Shares to the public for cash
        in the initial underwritten public offering of shares of its stock (the “IPO”);

       

      
        1

        
          

      

      WHEREAS, if the IPO is consummated, PubCo will contribute all of the net proceeds received by it from the IPO and Class B Shares to the Company in exchange
        for a number of Units equal to the number of Class A Shares issued in the IPO, and the Company will then distribute such Class B Shares to each of its Members (other than PubCo and its Subsidiaries);

       

      WHEREAS, each Unit (other than any Unit held by PubCo and its direct and indirect Subsidiaries) may be redeemed, at the election of the holder of such Unit
        (together with the surrender and delivery by such holder of one Class B Share), for one Class A Share in accordance with the terms and conditions of this Agreement;

       

      WHEREAS, the Members of the Company desire that PubCo become the sole managing member of the Company (in its capacity as managing member as well as in any
        other capacity, the “Managing Member”);

       

      WHEREAS, the Members of the Company desire to amend and restate the Existing LLC Agreement and adopt this Agreement; and

       

      WHEREAS, this Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof.

       

      NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and
        sufficiency of which are hereby acknowledged, and intending to be legally bound, the Existing LLC Agreement is hereby amended and restated in its entirety and the parties hereby agree as follows:

       

      ARTICLE I

      

      

      DEFINITIONS

       

      Section 1.1          Definitions.  As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:

       

      “Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (or any corresponding provisions of succeeding law).

       

      “Action” means any claim, action, suit, arbitration, inquiry, proceeding or
        investigation by or before any Governmental Entity.

       

      “Adjusted Basis” has the meaning given such term in Section 1011 of the Code.

       

      “Adjusted Capital Account Deficit” means the deficit balance, if any, in such
        Member’s Capital Account at the end of any Fiscal Year or other taxable period, with the following adjustments:

       

      
        
          	

                	(a)	
                  credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next
                    to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and

                

        

      

       

      
        2

        
          

      

      
        
          	

                	(b)	
                  debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

                

        

      

       

      This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
        consistently therewith.

       

      “Affiliate” means, with respect to any Person, any other Person that directly or
        indirectly controls, is controlled by or is under common control with such Person.  For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person,
        whether through the ownership of voting securities, by contract or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its
        Subsidiaries and (b) none of the Company or any of its Subsidiaries shall be deemed an Affiliate of any Member.

       

      “Agreement” is defined in the preamble to this Agreement.

       

      “Beekman” is defined in the preamble to this Agreement.

       

      “Beekman Entity” means each of Beekman, its Affiliates (including any investment funds managed or advised by
        Beekman Investment Advisors, LLC or its Affiliates) and any Transferee (for the avoidance of doubt, other than PubCo and any Subsidiary of PubCo) to whom any of the foregoing entities Transfer
        Units in a Transfer permitted under this Agreement.

       

      “beneficially own” and “beneficial owner” shall be
        as defined in Rule 13d-3 of the rules promulgated under the Exchange Act.

       

      “Beneficial Ownership Limitation” means 4.99% (or, upon written election by Goldman up to 19.99%) of the number of Class A Shares
        outstanding immediately after giving effect to the issuance of Class A Shares issuable upon redemption of Class B Shares held by Goldman.  Goldman, upon notice to PubCo, may increase or decrease the Beneficial Ownership Limitation provisions
        applicable to its Class B Shares provided that the Beneficial Ownership Limitation in no event exceeds 19.99% of the number of Class A Shares outstanding immediately after giving effect to the issuance of Class A Shares upon redemption of the Class
        B Shares held by Goldman and the provisions of this definition shall continue to apply.  Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to PubCo.

       

      “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York or Atlanta, Georgia
        are authorized or required by law to be closed.

       

      “Business Opportunities Exempt Party” is defined in Section 8.4.

       

      “Call Right” is defined in Section 4.6(m).

       

      

      
        3

        
          

      

      “Capital Account” means, with respect to any Member, the Capital Account
        maintained for such Member in accordance with Section 4.4.

       

      “Capital Contribution” means, with respect to any Member, the amount of cash and
        the initial Gross Asset Value of any property (other than cash) contributed to the Company by such Member.  Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member’s
        Units to the extent that such Capital Contribution was made in respect of Units Transferred to such Member.

       

      “Cash Election” means an election by the Company to redeem Units for cash
        pursuant to Section 4.6(d) or an election by PubCo (or such designated member(s) of the PubCo Holdings Group) to purchase Units for cash pursuant to an exercise of its Call Right set forth in Section 4.6(m).

       

      “Cash Election Amount” means with respect to a particular Redemption for which a Cash Election has been made, (a) other than in the case of clause (b), if the Class A Shares trade on a securities exchange or automated or electronic
          quotation system, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (ii) the average of the volume-weighted closing price for a
          Class A Share on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Shares trade, as reported by Bloomberg, L.P., or its successor, for each of the 5 consecutive full Trading Days ending on and
          including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Shares; (b) if the
          Cash Election is made in respect of a Redemption Notice issued by a Redeeming Member in connection with a Registered Offering, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such
          Redemption if a Cash Election had not been made and (ii) the price per Class A Share sold to the public in such Registered Offering (reduced by the amount of any Discount associated with such Class A Share), and (c) if the Class A Shares no
          longer trade on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made
          and (ii) the fair market value of one Class A Share, as determined by the Managing Member in Good Faith, that would be obtained in an arms’ length transaction for cash between an informed and willing buyer and an informed and willing seller,
          neither of whom is under any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller and without any discounts for liquidity or minority discount.

       

      “Change of Control” means the occurrence of any of the following events or series of related events after the date hereof:

       

      
        
          	

                	(i)	
                  any Person (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of PubCo in substantially the same proportions as their ownership of stock of PubCo) is or becomes the “beneficial owner” (as
                    defined in Rule 13d-3 of the rules promulgated under the Exchange Act), directly or indirectly, of securities of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding voting securities;

                

           

          

        

      

      
        4

        
          

      

      
        
          	

                	(ii)	
                  there is consummated a merger or consolidation of PubCo with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the members of the board of directors of PubCo
                    immediately prior to the merger or consolidation do not constitute at least a majority of the members of the board of directors of the company surviving the merger, or if the surviving company is a Subsidiary, the ultimate parent
                    thereof, or (B) all of the Persons who were the respective “beneficial owners” (as defined above) of the voting securities of PubCo immediately prior to such merger or consolidation do not continue to beneficially own more than 50% of
                    the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or

                

        

      

      

      

      
        
          	

                	(iii)	
                   the stockholders of PubCo approve a plan of complete liquidation or dissolution of PubCo or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by PubCo of all
                    or substantially all of PubCo’s assets, other than such sale or other disposition by PubCo of all or substantially all of PubCo’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned
                    by stockholders of PubCo in substantially the same proportions as their ownership of PubCo immediately prior to such sale.

                

        

      

      

      

      Notwithstanding the foregoing, except with respect to clause (ii)(A) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
        integrated transactions immediately following which the record holders of the shares of PubCo immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially
        all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of PubCo immediately following such transaction or series of transactions.

       

      “Change of Control Exchange Date” is defined in Section 4.6(p).

       

      “Chief Executive Officer” means the person appointed as the Chief Executive
        Officer of the Company by the Managing Member pursuant to Section 7.2(a).

       

      “Class A Shares” means, as applicable, (a) the Class A Common Stock of PubCo, par value $0.01 per share, or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of
        PubCo or any other Person or cash or other property that become payable in consideration for the Class A Shares or into which the Class A Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar
        event.

       

      “Class B Shares” means, as applicable, (a) the Class

        B common stock of PubCo, par value $0.01 per share, or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that
        become payable in consideration for the Class B Shares or into which the Class B Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

       

      

      
        5

        
          

      

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

       

      “Commission” means the U.S. Securities and Exchange Commission, including any
        governmental body or agency succeeding to the functions thereof.

       

      “Common Stock” means the Class A Shares and the Class B Shares.

       

      “Company” is defined in the preamble to this Agreement.

       

      “Company Level Taxes” means any federal, state or local taxes, additions to tax,
        penalties and interest payable by the Company or any of its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state or local tax authorities, including resulting administrative and
        judicial proceedings under the Partnership Tax Audit Rules.

       

      “Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in
        Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).  It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that
        if the adjusted Gross Asset Value of property subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value.

       

      “Company Representative” has, with respect to taxable periods beginning after
        December 31, 2017, the meaning assigned to the term “partnership representative” (including any “designated individual,” if applicable)  in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements
        promulgated thereunder, and with respect to taxable periods beginning on or before December 31, 2017, and for any applicable state and local tax purposes, the meaning assigned to the term “tax matters partner” as defined in Code Section 6231(a)(7)
        prior to its amendment by Title XI of the Bipartisan Budget Act of 2015, in each case as appointed pursuant to Section 10.4.

       

      “Contract” means any written agreement, contract, lease, sublease, license,
        sublicense, obligation, promise or undertaking.

       

      “control” (including the terms “controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as
        trustee, personal representative or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract
        or otherwise.

       

      “Covered Audit Adjustment” means an adjustment to any partnership-related item
        (within the meaning of Section 6241(2)(B) of the Code) to the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Code or any analogous provision of state or local Law.

       

      “Covered Person” is defined in Section 7.4.

        

      

      
        6

        
          

      

      “Debt Securities”
        means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable into Equity Securities of PubCo.

       

      “Depreciation” means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization or other cost
        recovery deduction (excluding depletion) allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S.
        federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis
        recovered for such Fiscal Year or other taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S.
        federal income tax purposes at the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other
        cost recovery deduction for such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S.
        federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method
        selected by the Managing Member.

       

      “DGCL” means the General Corporation Law of the State of Delaware, as amended
        from time to time (or any corresponding provisions of succeeding law).

       

      “Discount” is defined in Section 4.6(i).

       

      “Effective Time” means 12:01 a.m. Central Daylight Time on the date of the
        initial closing of the IPO.

       

      “Equity Securities” means (a) with respect to a partnership, limited liability
        company or similar Person, any and all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable
        into any such units, interests, rights or other ownership interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and
        preferred stock, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing.

       

      “ERISA” means the Employee

        Retirement Security Act of 1974, as amended.

       

      “Excess Tax Amount” is defined in Section 10.5(c).

       

      “Exchange Act” means the Securities Exchange Act of 1934, and the rules and
        regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law).

       

      “Existing LLC Agreement” is defined in the recitals to this Agreement.

       

      
        7

        
          

      

      “Fair Market Value” means the fair market value of any property as determined in
        Good Faith by the Managing Member after taking into account such factors as the Managing Member shall deem appropriate.

       

      “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended
        from time to time, and all rules and regulations promulgated thereunder.

       

      “Fiscal Year” means the fiscal year of the Company, which shall end on September
        30 of each calendar year unless, for U.S. federal income tax purposes, another fiscal year is required.  The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes.

       

      “GAAP” means U.S. generally accepted accounting principles at the time.

       

      “Goldman” is defined in the preamble to this Agreement.

       

      “Goldman Entity” means each of Goldman, its Affiliates and any Transferee (for the avoidance of doubt, other
        than PubCo and any Subsidiary of PubCo) to whom any of the foregoing entities Transfer Units in a Transfer permitted under this Agreement.

       

      “Good Faith” means a Person having acted in good faith and in a manner such Person reasonably believed to be
        in or not opposed to the best interests of the Company and the PubCo Holdings Group and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful.

       

      “Governmental Entity” means any federal, national, supranational, state,
        provincial, local, foreign or other government, governmental, stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body.

       

      “Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis
        for U.S. federal income tax purposes, except as follows:

       

      
        
          	

                	(a)	
                  the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset as of the date of such contribution;

                

        

      

       

      
        
          	

                	(b)	
                  the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or
                    existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the performance of more than a de minimis
                    amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in
                    the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or
                    existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent determined by the Managing
                    Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such
                    adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company.  If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i)
                    through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

                

           

          

        

      

      
        8

        
          

      

      
        
          	

                	(c)	
                  the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset on the date of such distribution;

                

        

      

       

      
        
          	

                	(d)	
                  the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) (including any such adjustments pursuant to Treasury
                    Regulation Section 1.734-2(b)(1)), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)
                    and clause (f) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however, that the Gross Asset Value of a Company
                    asset shall not be adjusted pursuant to this subsection to the extent the Managing Member determines in Good Faith that an adjustment pursuant to clause (b) of this definition is necessary or appropriate in connection with a transaction
                    that would otherwise result in an adjustment pursuant to this clause (d); and

                

        

      

       

      
        
          	

                	(e)	
                  if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clauses (a), (b) or (d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken
                    into account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to Article V.

                

        

      

       

      “Indebtedness” means (a) all indebtedness for borrowed money (including capitalized lease obligations,
        sale-leaseback transactions or other similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument, (c) notes payable and (d) lines of credit and any other agreements
        relating to the borrowing of money or extension of credit.

       

      “Interest” means the entire interest of a Member in the Company, including the
        Units and all of such Member’s rights, powers and privileges under this Agreement and the Act.

       

      “Investment Company Act” is defined in Section
          8.1(b).

       

      “IPO” is defined in the recitals to this Agreement.

       

      

      
        9

        
          

      

      “IPO TRA” means the Tax Receivable Agreement, dated as of the date hereof, by and among PubCo and certain current and former Members or
        Affiliates thereof, as the same may be amended, supplemented or restated from time to time.

       

      “Law” means any federal, national, supranational, state, provincial, local or
        similar statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law).

       

      “Legacy Owners” is defined in the preamble to this Agreement.

       

      “Legal Action” is defined in Section 12.8.

       

      “Liability” means any liability or obligation, whether known or unknown, asserted
        or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted.

       

      “Liquidating Event” is defined in Section 11.1.

       

      “Lock-Up Period” means the period of 180 days commencing with the pricing of the IPO.

       

      “Managing Member” is defined in the recitals to this Agreement.

       

      “Master Reorganization Agreement” is defined in the recitals to this Agreement.

       

      “Member” means any Person that executes this
        Agreement as a Member and any other Person admitted to the Company as an additional or substituted Member, in each case, that has not made a disposition of such Person’s entire Interest.

       

      “Member Minimum Gain” has the meaning ascribed to “partner nonrecourse debt
        minimum gain” set forth in Treasury Regulations Section 1.704-2(i).  It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for
        such determination of Company Minimum Gain under Treasury Regulations Sections 1.704-2(d) and 1.704-2(g)(3).

       

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

       

      “Member Nonrecourse Deductions” has the meaning of “partner nonrecourse
        deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2).

       

      “Minority Member Redemption Date” is defined in Section 4.6(n).

       

      “Minority Member Redemption Notice” is defined in Section 4.6(n).

       

      “National Securities Exchange” means an exchange registered with the Commission under the Exchange Act.

       

      “Nonrecourse Deductions” has the meaning assigned that term in Treasury
        Regulations Section 1.704-2(b)(1).

       

      

      
        10

        
          

      

      “Nonrecourse Liability” is defined in Treasury Regulations Section 1.704-2(b)(3).

       

      “Officer” means each Person appointed as an officer of the Company pursuant to
        and in accordance with the provisions of Section 7.2.

       

      “Option” means the option to purchase an additional
        692,308 Class A Shares granted by PubCo to the underwriters for the IPO as described in PubCo’s registration statement on Form S-1 (Registration No. 333-232639), initially filed with the Commission on July 12, 2019.

       

      “Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, together with any final or
        temporary Treasury Regulations, Revenue Rulings and case law interpreting Sections 6221 through 6241 of the Code (and any analogous provision of state or local tax Law).

       

      “Permitted Transferee” means, with respect to any Member: (a) any Affiliate of
        such Member; (b) any successor entity of such Member; (c) with respect to any Member that is a natural person or of which a majority of the outstanding Equity Securities and voting power with respect to the election of directors (or the selection
        of any other similar governing body in the case of an entity other than a corporation) are beneficially owned (as such term is defined under Rule 13d-3 of the Exchange Act) by a single natural person, a trust established by or for the benefit of
        such natural person of which only such natural person and his or her immediate family members are beneficiaries; and (d) upon the death of any Member that is a natural person, an executor, administrator or beneficiary of the estate of the deceased
        Member.

       

      “Person” means any individual, partnership, firm, corporation, limited liability company, association, trust,
        unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

       

      “Plan Asset Regulations” means the regulations issued by the U.S. Department of
        Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time.

       

      “Post-IPO TRA” means any tax receivable agreement (or comparable agreement), other than the IPO TRA, entered into by PubCo or any of its
        Subsidiaries pursuant to which PubCo is obligated to pay over amounts with respect to tax benefits resulting from any tax attributes to which PubCo becomes entitled.

       

      “Proceeding” is defined in Section 7.4.

       

      “Profits” or “Losses” means, for each Fiscal Year or other taxable period, an amount equal to the Company’s taxable income or loss for such year or
        period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be separately stated pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the
        following adjustments (without duplication):

       

      
        
          	

                	(a)	
                  any income or gain of the Company that is exempt from U.S. federal income tax or otherwise described in Section 705(a)(1)(B) of the Code and not otherwise taken into account in computing Profits or Losses shall be added to such
                    taxable income or loss;

                

        

      

       

      
        11

        
          

      

      
        
          	

                	(b)	
                  any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and
                    not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss;

                

        

      

       

      
        
          	

                	(c)	
                  in the event the Gross Asset Value of any Company asset is adjusted pursuant to clause (b) or (c) of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment
                    increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section

                      5.2, be taken into account for purposes of computing Profits or Losses;

                

        

      

       

      
        
          	

                	(d)	
                  gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of,
                    notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value;

                

        

      

       

      
        
          	

                	(e)	
                  in lieu of the depreciation, amortization and other cost recovery deductions (excluding depletion) taken into account in computing such taxable income or loss, there shall be taken into account Depreciation;

                

        

      

       

      
        
          	

                	(f)	
                  to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken
                    into account in determining Capital Account balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment
                    increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

                

        

      

       

      
        
          	

                	(g)	
                  any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items
                    available to be specially allocated pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in clauses (a) through (f) above.

                

        

      

       

      “Property” means all real and personal property owned by the Company from time to
        time, including both tangible and intangible property.

       

      “PubCo” is defined in the recitals to this Agreement.

       

      “PubCo Approved Change of Control” means any Change of Control of PubCo that meets the following conditions:  (i) such Change of Control
        was approved by the board of directors of PubCo prior to such Change of Control, (ii) such Change of Control results in an early termination of and acceleration of payments under the IPO TRA, (iii) the terms of such Change of Control provide for
        the consideration for the Units in such Change of Control to consist solely of (A) freely and immediately tradeable common equity securities of an issuer listed on a national securities exchange and/or (B) cash, and (iv) if such consideration
        includes common equity, the market value of the outstanding common equity held by non-affiliates of such issuer is at least twice as large as the market value of all of the outstanding common equity of PubCo, in each case on a fully-diluted basis
        immediately before the public announcement of such Change of Control.

       

      

      
        12

        
          

      

      “PubCo Holdings Group” means PubCo and each other Subsidiary of PubCo (other than the Company and its
        Subsidiaries).

       

      “PubCo Shares” means all classes and series of common stock of PubCo, including
        the Class A Shares and the Class B Shares.

       

      “PubCo Tax-Related Liabilities” means (a) any U.S. federal, state and local and non-U.S. tax obligations (including any Company Level
        Taxes for which the PubCo Holdings Group is liable hereunder) owed by the PubCo Holdings Group (other than any obligations to remit any withholdings withheld from payments to third parties) and (b) any obligations under the IPO TRA and any Post-IPO
        TRA payable by the PubCo Holdings Group.

       

      “Reclassification Event” means any of the following: (a) any reclassification or recapitalization of PubCo Shares (other than a change in
        par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any transaction subject to Section 4.1(e)), (b) any merger, consolidation or other combination involving
        PubCo, or (c) any sale, conveyance, lease or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of which holders of PubCo Shares shall be entitled to
        receive cash, securities or other property for their PubCo Shares.

       

      “Redeeming Member” is defined in Section 4.6(a).

       

      “Redemption” means any redemption of Units into Class A Shares pursuant to this
        Agreement.

       

      “Redemption Date” means a Regular Redemption Date or a Special Redemption Date.

       

      “Redemption Notice” is defined in Section 4.6(b).

       

      “Redemption Notice Date” means, with respect to any Redemption Date, the date
        specified by PubCo that is no later than 10 Business Days before such Redemption Date, provided that if such date falls on a weekend or holiday, the Redemption Notice Date shall be on the following Business
        Day.

       

      “Redemption Right” is defined in Section 4.6(a).

       

      “Registered Offering” means any secondary securities offering (which may include a “bought deal” or
        “overnight” offering), and any primary securities offering for which piggyback rights are offered, pursuant to the Registration Rights Agreement.

       

      “Registration Rights Agreement” means the Registration Rights Agreement, by and
        among PubCo and the Members, to be entered into concurrently with the closing of the IPO.

       

      
        13

        
          

      

      “Regular Redemption Date” means a date within each fiscal quarter specified by PubCo from time to time, which
        will generally be set so that the corresponding Redemption Notice Date falls within a window after PubCo’s earnings announcement for the prior fiscal quarter or in connection with a Registered Offering.

       

      “Regulatory Allocations” is defined in Section 5.2(i).

       

      “Securities Act” means the Securities Act of 1933,
        and the rules and regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law).

       

      “Special Redemption Date” means a date specified by PubCo in addition to or in lieu of the Regular Redemption
        Date during the same fiscal quarter.  PubCo must specify a Regular Redemption Date or Special Redemption Date effective with any Registered Offering.

       

      “Subsidiary” means, with respect to any specified Person, any other Person with
        respect to which such specified Person (a) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a
        majority of such Person’s Equity Securities.

       

      “Tax Contribution Obligation” is defined in Section 10.5(c).

       

      “Tax Offset” is defined in Section 10.5(c).

       

      “Trading Day” means a day on which the Nasdaq Stock Market or such other
        principal United States securities exchange on which the Class A Shares are listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

       

      “Transfer” means, when used as a noun, any
        voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise),
        transfer, sale, pledge or hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily, directly or indirectly (whether through a change of control of the Transferor or any Person that controls the Transferor, the
        issuance or transfer of Equity Securities of the Transferor or any Person that controls the Transferor, by operation of law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of.  The terms “Transferee,” “Transferor,” “Transferred” and other forms of the word “Transfer” shall have the correlative meanings.

       

      “Transfer Agent” means Broadridge Corporate Issuer Solutions, Inc. or such other agent or agents of PubCo as may be designated by the
        board of directors of PubCo as the transfer agent for the Class A Shares.

       

      “Treasury Regulations” means pronouncements, as amended from time to time, or
        their successor pronouncements, that clarify, interpret and apply the provisions of the Code, and that are designated as “Treasury Regulations” by the United States Department of the Treasury.

       

      
        14

        
          

      

      “Uniform Commercial Code” means the Uniform Commercial Code or any successor
        provision thereof as the same may from time to time be in effect in the State of Delaware.

       

      “Units” means the Units issued hereunder and shall also include any Equity
        Security of the Company issued in respect of or in exchange for Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization.

       

      “Winding-Up Member” is defined in Section 11.3(a).

       

      Section 1.2          Interpretive

            Provisions.  For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

       

      
        
          
            	

                  	(a)	
                    the terms defined in Section 1.1 are applicable to the singular as well as the plural forms of such terms;

                  

          

        

         

        
          
            	

                  	(b)	
                    all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

                  

          

        

         

        
          
            	

                  	(c)	
                    all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in United States dollars;

                  

          

        

         

        
          
            	

                  	(d)	
                    when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated;

                  

          

        

         

        
          
            	

                  	(e)	
                    whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”;

                  

          

        

         

        
          
            	

                  	(f)	
                    “or” is not exclusive;

                  

          

        

         

        
          
            	

                  	(g)	
                    pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

                  

          

        

         

        
          
            	

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

                  

          

        

         

      

      ARTICLE II

       

      

      ORGANIZATION OF THE LIMITED LIABILITY COMPANY

       

      Section 2.1          Formation. 

        The Company has been formed as a limited liability company subject to the provisions of the Act upon the terms, provisions and conditions set forth in this Agreement.

       

      
        15

        
          

      

      Section 2.2          Filing. 

        The Company’s Certificate of Formation has been filed with the Secretary of State of the State of Delaware in accordance with the Act.  The Members shall execute such further documents
        (including amendments to such Certificate of Formation) and take such further action as is appropriate to comply with the requirements of Law for the formation or operation of a limited liability
        company in Delaware and in all states and counties where the Company may conduct its business.

       

      Section 2.3          Name. 

        The name of the Company is “One Water Marine Holdings, LLC” and all business of the Company shall be conducted in such name or, in the discretion of the Managing Member, under any other name.

       

      Section 2.4          Registered

            Office; Registered Agent.  The location of the registered office of the Company in the State of Delaware is 251 Little Falls Drive, Wilmington, Delaware 19808, or at such other place as the Managing Member from time to time may
        select.  The name and address for service of process on the Company in the State of Delaware are Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808, or such other qualified Person as the Managing Member may designate
        from time to time and its business address.

       

      Section 2.5          Principal

            Place of Business.  The principal place of business of the Company shall be located in such place as is determined by the Managing Member from time to time.

       

      Section 2.6          Purpose; Powers.  The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the
        Act.  The Company shall have the power and authority to take any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment of the foregoing purpose.

       

      Section 2.7         Term. 

        The term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely.  The Company may
        be dissolved and its affairs wound up only in accordance with Article XI.

       

      Section 2.8         Intent.  It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership” for U.S. federal and state income tax purposes.  It is also the intent of
        the Members that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code.  Neither the Company nor any Member shall take any action inconsistent with the express intent of the parties
        hereto as set forth in this Section 2.8.

       

      ARTICLE III

       

      

      CLOSING TRANSACTIONS

       

      Section 3.1          Reorganization

            Transactions.

       

      
        	 	
                (a)

              	
                Effective immediately prior to the Effective Time, (i) the Existing LLC Agreement shall be amended and restated and this Agreement shall be adopted and (ii) all of the membership interests in the Company
                  prior to the adoption of this Agreement shall be recapitalized to consist solely of a single class of Units with the rights and privileges as set forth in this Agreement and each Member will receive its pro rata share of such Units in
                  accordance with the Master Reorganization Agreement and the right to receive the Class B Shares pursuant to Section 3.1(c).

              

      

       

      
        16

        
          

      

      
        
          
            	

                  	(b)	
                    Immediately following the initial closing of the IPO, (i) PubCo shall contribute to the Company all of the net proceeds received by PubCo in connection with such initial closing and 6,087,906 Class B Shares in exchange for the
                      issuance of 6,087,906 Units.

                  

          

        

        

        

      

    

    
      
        	

              	(c)	
                Immediately following the contribution described in Section 3.1(b), the Company shall distribute to each of the Members (other than any member of the PubCo Holdings Group), pro rata, in accordance with the number of Units owned
                  by each Member, the Class B Shares contributed to the Company pursuant to Section 3.1(b).

              

      

    

    

    

    
      
        
          	

                	(d)	
                  Immediately following any closing of the issuance and sale of Class A Shares pursuant to the Option, PubCo shall contribute all of the net proceeds received pursuant to such Option exercise to the Company in exchange for a number of
                    Units equal to the number of Class A Shares issued and sold pursuant to such Option exercise.

                

        

      

    

    
      
        

         

        

        ARTICLE IV

         

        

        OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

         

        

        Section 4.1          Authorized Units; General Provisions With Respect to Units.

         

        

        
          
            	

                  	(a)	
                    Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity Securities as the Managing Member shall determine in accordance with Section 4.3. 

                      Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to options and warrants.  The Company may reissue any Units that have been repurchased or acquired by the Company.

                  

          

        

        

        

        
          
            	

                  	(b)	
                    Except to the extent explicitly provided otherwise herein (including Section 4.3), each outstanding Unit shall be identical.

                  

          

        

        

        

        
          
            	

                  	(c)	
                    Initially, none of the Units will be represented by certificates.  If the Managing Member determines that it is in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units
                      will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform Commercial Code.  Nothing contained in this Section
                        4.1(c) shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

                  

             

            

          

        

        
          17

          
            

        

        
          
            
              	

                    	(d)	
                      The Members as of the date hereof are set forth on Exhibit A.  The total number of Units issued and outstanding and held by each Member as of the date hereof is set forth in the books and records of the Company.  The
                        Company shall update such books and records from time to time to reflect any Transfers of Interests, the issuance of additional Units or Equity Securities and, subject to Section 12.1(a), subdivisions or combinations of
                        Units made in compliance with Section 4.1(f), in each case, in accordance with the terms of this Agreement.

                    

            

          

           

          
            
              	

                    	(e)	
                      If, at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of PubCo (other than Class B Shares), (i) one or more member(s) of the PubCo Holdings Group shall concurrently contribute to the
                        Company the net proceeds (in cash or other property, as the case may be), if any, received by PubCo for such Class A Share or other Equity Security and (ii) the Company shall concurrently issue to such member(s) of the PubCo
                        Holdings Group, in accordance with the contributions made by each such member pursuant to clause (i), one Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company (if PubCo issues Equity Securities other
                        than Class A Shares) corresponding to the Equity Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a
                        result of any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo to be issued.  Notwithstanding the foregoing:

                    

            

          

           

          
            
              	

                    	(i)	
                      If PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than any member of the PubCo Holdings Group) of a number of Units (and Class B Shares) equal to the number of Class A Shares so
                        issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have been issued for cash to fund such an acquisition by any member of the PubCo Holdings Group pursuant to a Cash
                        Election, the PubCo Holdings Group shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred by such member of the PubCo Holdings Group to such Member as consideration for
                        such acquisition.  For the avoidance of doubt, if PubCo issues any Class A Shares or other Equity Security for cash to be used to fund the acquisition by any member of the PubCo Holdings Group of any Person or the assets of any
                        Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the PubCo Holdings Group shall be required to contribute such Person or the assets and liabilities of such Person to
                        the Company or any of its Subsidiaries.

                    

            

          

           

          
            
              	

                    	(ii)	
                      This Section 4.1(e) shall not apply to the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights plan (and upon any
                        redemption of Units for Class A Shares, such Class A Shares will be issued together with a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to
                        acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection
                        with the exercise or settlement of such rights, warrants, options or other rights or property.

                    

            

          

          

          

          
            18

            
              

          

          
            
              	

                    	(iii)	
                      Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to any member of the PubCo Holdings Group unless substantially simultaneously therewith such member of the PubCo Holdings Group issues or
                        transfers an equal number of newly-issued Class A Shares of PubCo to another Person, and (y) the Company may not issue any other Equity Securities of the Company to any member of the PubCo Holdings Group unless substantially
                        simultaneously such member of the PubCo Holdings Group issues or transfers, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo or such member of the PubCo Holdings Group
                        with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights
                        as those of such Equity Securities of the Company.

                    

            

          

           

          
            
              	

                    	(iv)	
                      If at any time any member of the PubCo Holdings Group issues Debt Securities, such member of the PubCo Holdings Group shall transfer to the Company (in a manner to be determined by the Managing Member in its reasonable
                        discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities.

                    

            

          

           

          
            
              	

                    	(v)	
                      In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are issued, (a) the corresponding Equity Security outstanding at
                        the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to the PubCo Holdings Group as contemplated by the first
                        sentence of this Section 4.1(e), and (b) the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds received by the PubCo Holdings Group from any such exercise.

                    

            

          

          

          

          
            19

            
              

          

          
            
              	

                    	(vi)	
                      No member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (other than from another member of the PubCo Holdings Group) (a) any Class A Shares (including upon forfeiture of any unvested Class A Shares)
                        unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Units for the same price per security or (b) any other Equity Securities of PubCo (other
                        than Class B Shares), unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Equity Securities of the Company of a corresponding class or series
                        with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights
                        as those of such Equity Securities of PubCo for the same price per security.  The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to Section 4.6, any Units from the PubCo Holdings Group unless
                        substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per security from holders thereof, or (y) any other Equity Securities of the
                        Company from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of PubCo of a
                        corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by
                        PubCo) and other economic rights as those of such Equity Securities of PubCo.  Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo Holdings Group in connection with the redemption or repurchase
                        of any Class A Shares or other Equity Securities of the PubCo Holdings Group consists (in whole or in part) of Class A Shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless
                        exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.

                    

            

          

           

          
            
              	

                    	(f)	
                      The Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or
                        otherwise) of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Shares, with corresponding changes made with respect to any other exchangeable or convertible
                        securities.  Unless in connection with any action taken pursuant to Section 4.1(h), PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or
                        combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding PubCo Shares unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with
                        corresponding changes made with respect to any other exchangeable or convertible securities.

                    

            

          

           

          
            
              	

                    	(g)	
                      Notwithstanding any other provision of this Agreement (including Section 4.1(e)), the Company may redeem Units from the PubCo Holdings Group for cash to fund any acquisition by the PubCo Holdings Group of another Person,
                        provided that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly, such Person or the assets and liabilities of such Person to the Company or any of
                        its Subsidiaries in exchange for a number of Units equal to the number of Units so redeemed.

                    

            

          

          

          

          
            20

            
              

          

          
            
              	

                    	(h)	
                      Notwithstanding any other provision of this Agreement (including Section 4.1(e)), if the PubCo Holdings Group acquires or holds any material amount of cash in excess of any monetary obligations it reasonably anticipates
                        (including as a result of the receipt of distributions pursuant to Section 6.2 for any period in excess of the PubCo Tax-Related Liabilities for such period), PubCo may, in its sole discretion, use such excess cash amount in such
                        manner, and make such adjustments to or take such other actions with respect to the capitalization of PubCo and the Company, as PubCo (including in its capacity as the Managing Member) in Good Faith determines to be fair and
                        reasonable to the holders of PubCo Shares and to the Members and to preserve the intended economic effect of this Section 4.1, Section 4.6 and the other provisions hereof.

                    

            

          

           

          Section 4.2          Voting Rights.  No Member has any voting right except with respect to those matters specifically
            reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement.  Except as otherwise required by the Act, each Unit will entitle the holder thereof to one vote on all matters to be
            voted on by the Members.  Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

           

          

          Section

            4.3          Capital Contributions; Unit Ownership.

           

          

          
            
              	

                    	(a)	
                      Capital Contributions.  Except as otherwise set forth in Section 4.1(e) with respect to the obligations of the PubCo Holdings Group, no Member shall be required to make additional
                        Capital Contributions.

                    

            

          

           

          
            
              	

                    	(b)	
                      Issuance of Additional Units or Interests.  Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize and cause the Company to issue
                        on such terms (including price) as may be determined by the Managing Member, subject to the limitations of Section 4.1, (i) additional Units or other Equity Securities in the Company (including creating preferred interests
                        or other classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to the Units), and (ii) obligations, evidences of
                        Indebtedness or other securities or interests convertible or exchangeable for Units or other Equity Securities in the Company; provided that, at any time following the date hereof, in each
                        case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or instruments deemed necessary or desirable
                        in the discretion of the Managing Member.  Upon such issuance and execution, such Person shall be admitted as a Member of the Company.  In that event, the Managing Member shall update the Company’s books and records to reflect such
                        additional issuances.  Subject to Section 12.1, the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity
                        Securities in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of any class or series of Units or other
                        Equity Securities in the Company pursuant to this Section 4.3(b); provided that, notwithstanding the foregoing, the Managing Member shall have the right to amend this Agreement as
                        set forth in this sentence without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement (other than Section 12.1(ii), (iii) or (iv)) if such amendment is
                        necessary, and then only to the extent necessary, in order to consummate any offering of PubCo Shares or other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional
                        Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those applicable to such PubCo Shares or other Equity Securities of PubCo.

                    

            

          

          

          

          
            21

            
              

          

          Section 4.4         Capital Accounts.  A Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such
            regulations, the other provisions of this Agreement.  Each Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such
            Member pursuant to Section 5.2, (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such
            Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses pursuant to Section 5.1 and any other items of deduction or loss
            allocated to such Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject)
            distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv).  In the event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S.
            federal income tax purposes as described in Section 4.6(g)) the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

           

          Section 4.5          Other

                Matters.

           

          

          
            
              	

                    	(a)	
                      No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of the Managing Member.  Under circumstances requiring a return of any Capital Contributions, no
                        Member has the right to receive property other than cash.

                    

            

          

          

          

          
            
              	

                    	(b)	
                      No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or
                        otherwise in its capacity as a Member, except as otherwise provided in Section 7.9 or as otherwise contemplated by this Agreement.

                    

            

          

          

          

          
            22

            
              

          

          
            
              
                	

                      	(c)	
                        The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally
                          liable, whether to the Company, any of the other Members, the creditors of the Company or any other third party, for any debt or Liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a
                          Member of the Company.

                      

              

            

             

            
              
                	

                      	(d)	
                        Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member’s Capital Account, to lend any funds to the Company or, except as otherwise set forth herein, to make any
                          additional contributions or payments to the Company.

                      

              

            

             

            
              
                	

                      	(e)	
                        The Company shall not be obligated to repay any Capital Contributions of any Member.

                      

              

            

             

            Section 4.6          Redemption of Units.

             

            

            
              
                	

                      	(a)	
                        Each Member other than the PubCo Holdings Group shall be entitled from time to time to cause the Company to redeem all or a portion of such Member’s Units (such Member a “Redeeming

                            Member”), together with an equal number of Class B Shares, in exchange for Class A Shares or, at the Company’s election under certain circumstances, cash in accordance with Section 4.6(d) (referred to herein as
                          the “Redemption Right”), upon the terms and subject to the conditions set forth in this Section 4.6 and subject to PubCo’s (or such designated member(s) of the
                          PubCo Holdings Group’s) Call Right as set forth in Section 4.6(m).

                      

              

            

             

            
              
                	

                      	(b)	
                        In order to exercise its Redemption Right, each Redeeming Member shall provide written notice in a reasonable form as the Company may provide from time to time (the “Redemption

                            Notice”) to the Company and PubCo, on or before any Redemption Notice Date, stating that the Redeeming Member elects to have redeemed on the next Redemption Date a stated number of Units, together with an equal number
                          Class B Shares.  Upon delivery of any Redemption Notice by any Member on or before any Redemption Notice Date, such member may not revoke or rescind such Redemption Notice after such Redemption Notice Date.  Any Redemption Notice
                          delivered for a Redemption on a Regular Redemption Date may not be contingent.  Any Redemption Notice delivered for a Redemption on a Special Redemption Date may be made contingent on the consummation of the Registered Offering or
                          other transaction described in the notice of the Managing Member specifying such Special Redemption Date.  Any notice by any Member pursuant to the Registration Rights Agreement to demand or participate in any Registered Offering
                          shall be deemed to constitute a Redemption Notice for the related Special Redemption Date.

                      

              

            

             

            
              
                	

                      	(c)	
                        On any Redemption Date for which any Member delivered a Redemption Notice with respect to Units, unless the Company elects to pay cash in accordance with Section 4.6(d)
                          or PubCo (or such designated member(s) of the PubCo Holdings Group) exercises its Call Right pursuant to Section 4.6(m), on such Redemption Date such number of Units, together with an equal number of Class B Shares, shall
                          be redeemed for an equal number of Class A Shares.

                      

              

            

             

            
              23

              
                

            

            
              
                	

                      	(d)	
                        The Company shall be entitled to elect to settle any Redemption by delivering to the Redeeming Member, in lieu of the applicable number of Class A Shares that would be received in such Redemption, an amount of cash equal to the
                          Cash Election Amount for such shares.

                      

              

            

             

            
              
                	

                      	(e)	
                        Each Member’s Redemption Right shall be subject to the following limitations and qualifications:

                      

              

            

             

            
              
                	

                      	(i)	
                        The first Redemption shall only be permitted on the first Redemption Date after the Lock-Up Period;

                      

              

            

             

            
              
                	

                      	(ii)	
                        thereafter, except as provided herein, Redemptions shall only be permitted on each Redemption Date;

                      

              

            

             

            
              
                	

                      	(iii)	
                        a Redeeming Member shall only be permitted to redeem less than all of its Units if (A) after such Redemption it would continue to hold at least 69,290 Units and (B) it redeems not less than 69,290 Units in such Redemption;

                      

              

            

             

            
              
                	

                      	(iv)	
                        the Company shall not effect any Redemption of any Units, together with any Class B Shares, held by Goldman, and Goldman shall not have the right to redeem any of its Units, along with any Class B Shares, to the extent that,
                          after giving effect to such redemption, Goldman (together with its affiliates and any persons acting as a group together with Goldman or any of Goldman’s affiliates (such Persons, “Attribution Parties”)) would beneficially own in excess of the Beneficial Ownership Limitation.  For purposes of the foregoing sentence, the number of Class A Shares beneficially owned by Goldman shall include
                          the number of Class A Shares issuable upon redemption of the Units, together with the Class B Shares, with respect to which such determination is being made, but shall exclude the number of Class A Shares which are issuable upon
                          (i) redemption of the remaining Units, together with Class B Shares, beneficially owned by Goldman or any of its affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any
                          other securities of PubCo subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by Goldman or any of its affiliates or Attribution Parties.  Except as set forth in the
                          preceding sentence, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 4.6(e)(iv), in
                          determining the number of outstanding Class A Shares, Goldman may rely on the number of outstanding Class A Shares as stated in the most recent of the following: (i) PubCo’s most recent periodic or annual report filed with the
                          Commission, as the case may be, (ii) a more recent public announcement by PubCo or (iii) a more recent written notice by PubCo or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written
                          or oral request of Goldman, PubCo shall within one Trading Day confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock
                          shall be determined after giving effect to the redemption, conversion or exercise of securities of PubCo, including the Class B Shares, by Goldman or its affiliates or Attribution Parties since the date as of which such number of
                          outstanding shares of Common Stock was reported.  In the event that the issuance of Class A Shares to Goldman upon redemption of Goldman’s Units, together with its Class B Shares, results in Goldman and its affiliates and
                          Attribution Parties being deemed to beneficially own, in the aggregate, Class A Shares in excess of the Beneficial Ownership Limitation (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by
                          which Goldman, its affiliates and its other Attribution Parties’ aggregate beneficial ownership exceeds the Beneficial Ownership Limitation (the “Excess Shares”) shall be
                          deemed null and void and shall be cancelled ab initio, and Goldman shall not have the power to vote or to transfer the Excess Shares. The provisions of this section shall not be construed and implemented
                          in a manner otherwise than in strict conformity with the terms of this definition to correct this section (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained
                          herein or to make changes or supplements necessary or desirable to properly give effect to such limitation.

                      

              

            

            

            

            
              24

              
                

            

            
              
                	

                      	(v)	
                        any Redemption of Units issued after the date hereof (other than in connection with any recapitalization), including such Units issued to Members as of the date hereof, may be limited in accordance with the terms of any
                          agreements or instruments entered into in connection with such issuance, as deemed necessary or desirable in the discretion of the Managing Member; and

                      

              

            

             

            
              
                	

                      	(f)	
                        The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority procedures for Redemptions), to the extent it determines, in Good Faith, such
                          limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code.  Furthermore, the Managing
                          Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in Good Faith, that such Redemption is necessary or appropriate to avoid undue risk that the Company may be classified as
                          a “publicly traded partnership” within the meaning of Section 7704 of the Code.  Upon delivery of any notice by the Managing Member to such Member or group of Members requiring such Redemption, such Member or group of Members
                          shall exchange, subject to exercise by PubCo (or such designated member(s) of the PubCo Holdings Group) of the Call Right pursuant to Section 4.6(m), all of their Units effective as of the date specified in such notice
                          (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.6 and otherwise in accordance with the requirements set forth in such notice.

                      

              

            

            

            

            
              25

              
                

            

            
              
                	

                      	(g)	
                        For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and PubCo (and any other member of the PubCo Holding Group), as the case may be, agree to treat each Redemption
                          and, in the event PubCo (or another member of the PubCo Holdings Group) exercises its Call Right, each transaction between the redeeming or selling Member and PubCo (or such other member of the PubCo Holdings Group), as a sale of
                          such Member’s Units (together, if applicable, with the same number Class B Shares) to PubCo (or such other member of the PubCo Holdings Group) in exchange for Class A Shares or cash, as applicable.

                      

              

            

             

            
              
                	

                      	(h)	
                        Each Redemption shall be deemed to have been effected on the applicable Redemption Date.  Any Member redeeming Units in accordance with this Agreement may request that the Class A Shares to be issued upon such Redemption be
                          issued in a name other than such Member.  Any Person or Persons in whose name or names any Class A Shares are issuable on any Redemption Date shall be deemed to have become, on such Redemption Date, the holder or holders of record
                          of such shares.

                      

              

            

             

            
              
                	

                      	(i)	
                        Unless a member of the PubCo Holdings Group  has elected its Call Right pursuant to Section 4.6(m) with respect to any Redemption, on the relevant Redemption Date and immediately prior to such Redemption, (i) PubCo (or
                          such other member(s) of the PubCo Holdings Group) shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 4.6(c) (including in the event the Company exercises its right
                          to deliver the Cash Election Amount pursuant to Section 4.6(d)) and the Company shall issue to PubCo (or such other member(s) of the PubCo Holdings Group) a number of Units or, pursuant to Section 4.1(e), other Equity
                          Securities of the Company as consideration for such contribution, (ii) the Company shall (A) cancel the redeemed Units and (B) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive under Section

                            4.6(c) (including in the event the Company exercises its right to deliver the Cash Election Amount pursuant to Section 4.6(d)), and (iii) PubCo shall cancel the surrendered Class B Shares, if applicable. 
                          Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company makes a Cash Election that is funded with proceeds from a primary offering of PubCo

                          Equity Securities, the PubCo Holdings Group shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of any underwriters’ discounts or commissions and brokers’ fees or
                          commissions (including, for the avoidance of doubt, any deferred discounts or commissions and brokers’ fees or commissions payable in connection with or as a result of such Registered Offering)) (such difference, the “Discount”) from the sale by PubCo of a number of Class A Shares equal to the number of Units and, if applicable, Class B Shares to be redeemed with such cash or from the sale
                          of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s Capital Account (or the Capital
                          Account(s) of the other member(s) of the PubCo Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance with Section 7.9; provided further,
                          that the contribution of such net proceeds shall in no event affect the Redeeming Member’s right to receive the Cash Election Amount.

                      

              

            

            

            

            
              26

              
                

            

            
              
                	

                      	(j)	
                        If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the Class A Shares are converted or changed into another security, securities or other property (other than
                          as a result of a subdivision or combination or any transaction subject to Section 4.1(f)), or (ii) except in connection with actions taken with respect to the capitalization of PubCo or the Company pursuant to Section 4.1(h),
                          PubCo, by dividend or otherwise, distributes to all holders of the Class A Shares evidences of its indebtedness or assets, including securities (including Class A Shares and any rights, options or warrants to all holders of the
                          Class A Shares to subscribe for or to purchase or to otherwise acquire Class A Shares, or other securities or rights convertible into, redeemable for or exercisable for Class A Shares) but excluding (A) any cash dividend or
                          distribution or (B) any such distribution of indebtedness or assets received by PubCo, in either case (A) or (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the
                          Class A Shares or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount of such security, securities or other property that such Member would have received if such Redemption had occurred
                          immediately prior to the effective date of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, 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.  For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization
                          or other similar transaction in which the Class A Shares are converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described
                          above in clause (A) or (B)), this Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such security or other property.

                      

              

            

             

            
              
                	

                      	(k)	
                        PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized but unissued Class A Shares, such number of Class A Shares that shall be issuable upon the Redemption of all
                          outstanding Units (other than those Units held by any member of the PubCo Holdings Group); provided, that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a Redemption
                          by delivery of cash pursuant to a Cash Election or Class A Shares that are held in the treasury of PubCo.  PubCo covenants that all Class A Shares that shall be issued upon a Redemption shall, upon issuance thereof, be validly
                          issued, fully paid and non-assessable.  In addition, for so long as the Class A Shares are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all Class A Shares issued upon a Redemption
                          to be listed on such National Securities Exchange at the time of such issuance.

                      

              

            

            

            

            
              27

              
                

            

            
              
                	

                      	(l)	
                        The issuance of Class A Shares upon a Redemption shall be made without charge to the Redeeming Member for any stamp or other similar tax in respect of such issuance, except that if any such Class A Shares are to be issued in a
                          name other than that of the Redeeming Member, then the Person or Persons in whose names such shares are to be issued shall pay to PubCo the amount of any tax payable in respect of any Transfer involved in such issuance or
                          establish to the satisfaction of PubCo that such tax has been paid or is not payable.  Each of the Company and PubCo shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable upon a
                          Redemption (and the Redeeming Member agrees to indemnify the Company and PubCo with respect to) such amounts as may be required to be deducted or withheld therefrom under the Code or any provision of applicable Law, and to the
                          extent deduction and withholding is required, such deduction and withholding may be taken in Class A Shares.  Prior to making such deduction or withholding, the Company shall use commercially reasonable efforts to give written
                          notice to the Redeeming Member and reasonably cooperate with such Redeeming Member to reduce or avoid any such withholding. To the extent such amounts are so deducted or withheld and paid over to the relevant governmental
                          authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Redeeming Member, and, if withholding is taken in Class A Shares, the relevant withholding party shall be treated as having
                          sold such Class A Shares on behalf of such Redeeming Member for an amount of cash equal to the fair market value thereof at the time of such deemed sale and paid such cash proceeds to the appropriate governmental authority.

                      

              

            

             

            
              
                	

                      	(m)	
                        Notwithstanding anything to the contrary in this Section 4.6, a Redeeming Member shall be deemed to have offered to sell its Units as described in any Redemption Notice to each member of the PubCo Holdings Group, and
                          PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) may, in its sole discretion, in accordance with this Section 4.6(m), elect to purchase directly and acquire such Units on the Redemption Date
                          by paying to the Redeeming Member that number of Class A Shares the Redeeming Member would otherwise receive pursuant to Section 4.6(c) or, if PubCo (or such designated member(s) of the PubCo Holdings Group ) makes a Cash
                          Election, the Cash Election Amount for such Class A Shares (the “Call Right”), whereupon PubCo (or such designated member(s) of the PubCo Holdings Group) shall acquire
                          the Units offered for redemption by the Redeeming Member and shall be treated thereafter for all purposes of this Agreement as the owner of such Units.

                      

              

            

            

            

            
              28

              
                

            

            
              
                	

                      	(n)	
                        In the event that (i) the Members (other than any member of the PubCo Holdings Group) beneficially own, in the aggregate, less than 10% of the then outstanding Units and (ii) the Class A Shares are listed or admitted to trading
                          on a National Securities Exchange, the Managing Member shall have the right, in its sole discretion, to require any Member (other than any member of the PubCo Holdings Group, a Goldman Entity or a Beekman Entity) that beneficially
                          owns less than 5% of the then-outstanding Units to effect a Redemption of some or all of such Member’s Units (together with the surrender and delivery of the same number of Class B Shares); provided
                          that a Cash Election shall not be permitted pursuant to such a Redemption under this Section 4.6(n).  Managing Member shall deliver written notice to the Company and any such Member of its intention to exercise its
                          Redemption right pursuant to this Section 4.6(n) (a “Minority Member Redemption Notice”) at least five Business Days prior to the proposed date upon which such
                          Redemption is to be effected (such proposed date, the “Minority Member Redemption Date”), indicating in such notice the number of Units (and corresponding Class B Shares)
                          held by such Member that Managing Member intends to require to be subject to such Redemption.  Any Redemption pursuant to this Section 4.6(n) shall be effective on the Minority Member Redemption Date.  From and after the
                          Minority Member Redemption Date, (x) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to Managing Member on the Minority Member Redemption Date and (y) such Member shall cease to have any
                          rights with respect to the Units and Class B Shares subject to such Redemption (other than the right to receive Class A Shares pursuant to such Redemption).  Following delivery of a Minority Member Redemption Notice and on or
                          prior to the Minority Member Redemption Date, the Members shall take all actions reasonably requested by Managing Member to effect such Redemption, including taking any action and delivering any document required pursuant to the
                          remainder of this Section 4.6 to effect a Redemption.

                      

              

            

             

            
              
                	

                      	(o)	
                        No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units redeemed pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such
                          Redemption.  For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive Class A Shares, shall be entitled to receive, with respect to such record date, distributions or dividends both
                          on Units redeemed by the Company from such Redeeming Member and on Class A Shares received by such Redeeming Member, or other Person so designated, if applicable, in such Redemption.

                      

              

            

            

            

            
              29

              
                

            

            
              
                	

                      	(p)	
                        In connection with a PubCo Approved Change of Control, PubCo shall have the right, in its sole discretion, to require each Member (other than any member of the PubCo Holdings Group) to effect a Redemption of all or a portion of
                          such Member’s Units (together, if applicable, with the corresponding number of shares of Class B Shares).  Any Redemption pursuant to this Section 4.6(p) shall be effective immediately prior to the consummation of the
                          PubCo Approved Change of Control (and, for the avoidance of doubt, shall not be effective if such PubCo Approved Change of Control is not consummated) (the “Change of Control
                            Exchange Date”).  From and after the Change of Control Exchange Date, (i) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to PubCo on the Change of Control Exchange Date and (ii)
                          such Member shall cease to have any rights with respect to the Units and Class B Shares subject to such Redemption (other than the right to receive shares of Class A Shares pursuant to such Redemption).  PubCo shall provide
                          written notice of an expected PubCo Approved Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such PubCo Approved Change of Control and (y)
                          ten (10) Business Days before the proposed date upon which the contemplated PubCo Approved Change of Control is to be effected, indicating in such notice such information as may reasonably describe the PubCo Approved Change of
                          Control transaction, subject to applicable Law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares of Class A Shares in the
                          PubCo Approved Change of Control, any election with respect to types of consideration that a holder of shares of Class A Shares, as applicable, shall be entitled to make in connection with such PubCo Approved Change of Control,
                          and the number of Units (and, if applicable, the corresponding Class B Shares) held by such Member that PubCo intends to require to be subject to such Redemption.  Following delivery of such notice and on or prior to the Change of
                          Control Exchange Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section
                            4.6(p) to effect a Redemption.  Nothing contained in this Section 4.6(p) shall limit the right of any Member to vote for or participate in any proposed Change of Control of PubCo with respect to such Member’s Units
                          or exchange all Units of such Member for Class A Shares in connection with such Change of Control, even if such Change of Control was not approved by the board of directors of PubCo.

                      

              

            

            

            

            ARTICLE V

             

            

            ALLOCATIONS OF PROFITS AND LOSSES

             

            Section 5.1         Profits and Losses.  After giving effect to the allocations
              under Section 5.2 and subject to Section 5.4, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances described below, any
              allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period
              in a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member, immediately
              after making such allocation, is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to Section 11.3(b) if all assets of the Company on hand at the end of such Fiscal Year or other taxable period were
              sold for cash equal to their Gross Asset Values, all liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such
              liability), and all remaining or resulting cash was distributed, in accordance with Section 11.3(b), to the Members immediately after making such allocation, minus (ii) such Member’s share of
              Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale
              of assets.

             

            

            
              30

              
                

            

          

          
            Section
              5.2          Special Allocations.

             

            

            
              
                	

                      	(a)	
                        Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each
                          Member as of the last day of such Fiscal Year or other taxable period.  The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the net increase, if any, in the amount of
                          Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that are allocable to an
                          increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d).

                      

              

            

            

            

            
              
                	

                      	(b)	
                        Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member
                          Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i).  If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions
                          attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the economic risk of loss.  This Section 5.2(b) is intended to comply with the provisions of
                          Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

                      

              

            

             

            
              
                	

                      	(c)	
                        Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain
                          for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(c)), each Member shall be
                          specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such Member’s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to
                          Treasury Regulations Section 1.704-2(g)(2)).  This section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

                      

              

            

             

            
              
                	

                      	(d)	
                        Notwithstanding any other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member
                          Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(d)), each Member
                          shall be specially allocated items of Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section
                          1.704-2(i)(4)).  This section is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

                      

              

            

             

            
              31

              
                

            

            
              
                	

                      	(e)	
                        Notwithstanding any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b), no Losses or other items of loss or expense shall be allocated to any Member to the extent that such allocation
                          would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period.  All Losses and other items of loss and
                          expense in excess of the limitation set forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts (as
                          adjusted pursuant to clauses (a) and (b) of the definition of “Adjusted Capital Account Deficit”) but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital
                          Account Deficit.

                      

              

            

             

            
              
                	

                      	(f)	
                        Notwithstanding any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4),
                          (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income,
                          including gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as
                          quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided
                          for in this Article V have been tentatively made as if this Section 5.2(f) were not in this Agreement.  This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations
                          Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

                      

              

            

             

            
              
                	

                      	(g)	
                        If any Member has an Adjusted Capital Account Deficit at the end of any Fiscal Year or other taxable period, that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as
                          possible, provided that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit in excess of such sum after all other
                          allocations provided for in this Article V have been made as if Section 5.2(f) and this Section 5.2(g) were not in this Agreement.

                      

              

            

             

            
              
                	

                      	(h)	
                        To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) (including any such adjustments pursuant to Treasury Regulation Section 1.734-2(b)(1)) is required, pursuant to
                          Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a
                          result of a distribution to any Member in complete liquidation of such Member’s Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the
                          asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2)

                          if such section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

                      

              

            

             

            
              32

              
                

            

            
              
                	

                      	(i)	
                        The allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory Allocations”) are intended to comply with certain requirements of Treasury
                          Regulations Sections 1.704-1(b) and 1.704-2.  Notwithstanding any other provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall
                          be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member
                          should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred.  This Section 5.2(i) is intended to minimize to the extent possible and to the extent
                          necessary any economic distortions that may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent therewith.

                      

              

            

             

            
              
                	

                      	(j)	
                        Items of income, gain, loss, deduction or credit resulting from a Covered Audit Adjustment shall be allocated to the Members in accordance with the applicable provisions of the Partnership Tax Audit Rules.

                      

              

            

             

            Section 5.3          Allocations for Tax Purposes in General.

             

            
              
                	

                      	(a)	
                        Except as otherwise provided in this Section 5.3, each item of income, gain, loss, deduction, and credit of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as
                          such item is allocated under Sections 5.1 and 5.2.

                      

              

            

             

            
              
                	

                      	(b)	
                        In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax basis shall, solely for U.S. federal
                          income tax purposes, be allocated among the Members to account for any such difference using the “traditional method with curative allocations,” with the curative allocations applied only to sale gain, under Treasury Regulations
                          Section 1.704-3(c) or such other method or methods as determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations.

                      

              

            

             

            
              
                	

                      	(c)	
                        Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and
                          (ii) recapture of grants or credits shall be allocated to the Members in accordance with applicable law.

                      

              

            

             

            
              
                	

                      	(d)	
                        Tax credits of the Company shall be allocated among the Members as provided in Treasury Regulation Sections 1.704-1(b)(4)(ii) and 1.704-1(b)(4)(viii).

                      

              

            

             

            
              33

              
                

            

            
              
                	

                      	(e)	
                        Allocations pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any Member’s Capital Account or share of
                          Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

                      

              

            

             

            
              
                	

                      	(f)	
                        If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3),

                          the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).

                      

              

            

             

            Section 5.4          Other Allocation Rules.

             

            
              
                	

                      	(a)	
                        The Members are aware of the income tax consequences of the allocations made by this Article V and the economic impact of the allocations on the amounts receivable by them under this Agreement.  The Members hereby agree
                          to be bound by the provisions of this Article V in reporting their share of Company income and loss for income tax purposes.

                      

              

            

             

            
              
                	

                      	(b)	
                        The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.4 and the allocations set forth in Sections 5.1, 5.2 and 5.3 are intended
                          to comply with the Treasury Regulations and to reflect the intended economic entitlement of the Members.  If the Managing Member determines, in its sole discretion, that the application of the provisions in Sections 4.4, 5.1, 5.2 or 5.3  would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic
                          entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

                      

              

            

             

            
              
                	

                      	(c)	
                        All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall be allocated between the Transferor and the Transferee in accordance with a method determined by
                          the Managing Member and permissible under Code Section 706 and the Treasury Regulations thereunder.

                      

              

            

             

            
              
                	

                      	(d)	
                        The Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member.

                      

              

            

             

            
              34

              
                

            

            ARTICLE VI

             

            

            DISTRIBUTIONS

             

            Section 6.1          Distributions.

             

            

            
              
                	

                      	(a)	
                        Distributions.  To the extent permitted by applicable Law and hereunder, and except as otherwise provided in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally
                          available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution
                          shall be made to the Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of doubt, repurchases or redemptions made in accordance
                          with Section 4.1(e)(vi), Section 4.6 or payments made in accordance with Sections 7.4 or 7.9 need not be on a pro rata basis), in accordance with the number of
                          Units owned by each Member as of the close of business on such record date; provided, however, that the Managing Member shall have the obligation
                          to make distributions as set forth in Sections 6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other
                          provision herein to the contrary, no distributions shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Act.  For purposes of the foregoing sentence, insolvency means the
                          inability of the Company to meet its payment obligations when due.  Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1, the Managing Member shall give
                          notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.

                      

              

            

             

            
              
                	

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

                      

              

            

             

            
              
                	

                      	(c)	
                        Distributions In-Kind.  Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member.  In the event of any
                          distribution of (i) property in kind or (ii) both cash and property in kind, each Member shall be distributed its proportionate share of any such cash so distributed and its proportionate share of any such property so distributed
                          in kind (based on the Fair Market Value of such property).  To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such
                          property for purposes of Section 6.1(a) and such property shall be treated as if it were sold for an amount equal to its Fair Market Value.  Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in
                          accordance with Sections 5.1 and 5.2.

                      

              

            

             

            Section 6.2          Tax-Related Distributions. The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make distributions out of legally available funds
              to all Members on a pro rata basis in accordance with Section 6.1 at such times and in such amounts as the Managing Member reasonably determines is
              necessary to cause a distribution to the PubCo Holdings Group, in the aggregate, sufficient to enable the PubCo Holdings Group to timely satisfy any PubCo Tax-Related Liabilities.

             

            Section 6.3          Distribution Upon Withdrawal.  No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest as a result of withdrawal from the Company prior to the liquidation of the
              Company, except as specifically provided in this Agreement.

             

            

            
              35

              
                

            

            Section 6.4          Issuance of Additional Equity Securities. 
              This Article VI shall be subject to and, to the extent necessary, amended to reflect the issuance by the Company of any additional Equity Securities.

             

            

            ARTICLE VII

             

            

            MANAGEMENT

             

            Section 7.1          The Managing Member; Fiduciary Duties.

             

            

            
              
                	

                      	(a)	
                        PubCo shall be the sole Managing Member of the Company.  Except as otherwise required by Law, (i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control of the
                          Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and operations of the Company (including the
                          incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member (in their capacity as such) shall not participate in the control, management,
                          direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company.

                      

              

            

             

            
              
                	

                      	(b)	
                        In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it
                          would owe to the stockholders of a Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation.  The Members acknowledge that the Managing Member
                          will take action through its board of directors, and that the members of the Managing Member’s board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.

                      

              

            

             

            Section 7.2          Officers.

             

            
              
                	

                      	(a)	
                        The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may
                          delegate to any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

                      

              

            

             

            
              
                	

                      	(b)	
                        Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member
                          are carried into effect.  The Chief Executive Officer will report to the Managing Member and have the general powers and duties of management usually vested in the office of president and chief executive officer of a corporation
                          organized under the DGCL, subject to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement.  The Chief Executive Officer will have the power to
                          execute bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof will
                          be expressly delegated by the Managing Member to some other Officer or agent of the Company.

                      

              

            

            

            

            
              36

              
                

            

            
              
                	

                      	(c)	
                        Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial officer,
                          a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member deems appropriate.  Except as set forth herein, the Officers will
                          serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment.  Any individual may hold any number of offices, and an Officer may, but need not, be a Member of the
                          Company.  The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member.

                      

              

            

             

            
              
                	

                      	(d)	
                        Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause, by the Managing Member.  Any Officer may resign at any time by giving
                          written notice to the Managing Member.  Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of
                          the resignation will not be necessary to make it effective.  Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party.  A vacancy in any office because of death,
                          resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

                      

              

            

             

            
              
                	

                      	(e)	
                        The Officers, in the performance of their duties as such, shall owe to the Company and the Members duties of loyalty and due care of the type owed by the officers of a corporation to such corporation and its shareholders under
                          the DGCL.

                      

              

            

             

            Section 7.3          Warranted Reliance by Officers on Others.  In exercising their authority and performing their duties under this Agreement, the Officers shall be entitled to rely on information, opinions, reports or statements of the
              following Persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance to be unwarranted:

             

            

            
              
                	

                      	(a)	
                        one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent in the matters presented; and

                      

              

            

            

            

            
              37

              
                

            

            
              
                	

                      	(b)	
                        any attorney, public accountant or other Person as to matters which the Officer reasonably believes to be within such Person’s professional or expert competence.

                      

              

            

             

            Section 7.4        Indemnification.  The Company shall indemnify and hold
              harmless, to the fullest extent permitted by applicable Law as it presently exists or may hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or
              events occurring prior to such amendment except to the extent required by a non-waivable and non-modifiable provision of applicable Law), any person who was or is made a party or is threatened to be made a party to or is otherwise involved in
              any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) by reason of the fact that he or she, or a
              person for whom he or she is the legal representative, is or was a Manager (as defined in the Existing LLC Agreement) entitled to indemnification under the Existing LLC Agreement, a Member, an Officer,
              the Managing Member or the Company Representative or is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited liability company or of a corporation, partnership, joint
              venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a “Covered Person”), whether the basis of such Proceeding is alleged
              action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent, against all expenses, liability and loss (including,
              without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such Proceeding, unless there has been a final
              and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such act or omission, and taking into account the acknowledgements and agreements set forth in this Agreement, (x) such Covered Person
              engaged in a bad faith violation of the implied contractual covenant of good faith and fair dealing or a bad faith violation of this Agreement or (y) such Covered Person would not be so entitled to be indemnified and held harmless if the
              Company were a corporation organized under the laws of the State of Delaware that indemnified and held harmless its directors, officers, employees and agents to the fullest extent permitted by Section 145 of the DGCL as in effect on the date
              of this Agreement (but including any expansion of rights to indemnification thereunder from and after the date of this Agreement).  The Company shall, to the fullest extent not prohibited by applicable Law as it presently exists or may
              hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment except to the extent required by a non-waivable
              and non-modifiable provision of applicable Law), pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided, however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it
              should be ultimately determined by final judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or otherwise.  The rights to indemnification
              and advancement of expenses under this Section 7.4 shall be contract rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the
              benefit of his heirs, executors and administrators.  Notwithstanding the foregoing provisions of this Section 7.4, except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify
              and advance expenses to a Covered Person in connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.

             

            

            
              38

              
                

            

            Section 7.5         Maintenance of Insurance or Other Financial Arrangements.  To the extent permitted by applicable Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial
              arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer, employee or agent of another limited liability company,
              corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out of such Person’s status as
              such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

             

            Section 7.6         Resignation or Termination of Managing Member.  PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member except in compliance with this Section 7.6.  No
              termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so that the obligations of PubCo, its successor (if applicable) and any new Managing Member and the
              rights of all Members under this Agreement and applicable Law remain in full force and effect.  No appointment of a Person other than PubCo (or its successor, as applicable) as Managing Member shall be effective unless PubCo (or its
              successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members against PubCo (or its successor, as applicable) and the new Managing Member
              (as applicable), to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under Section 4.6) other than those that must necessarily be taken in its capacity as Managing Member and (b)
              the new Managing Member to comply with all the Managing Member’s obligations under this Agreement.

             

            Section 7.7          No Inconsistent Obligations.  The Managing Member represents that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its
              capacity as Managing Member) under this Agreement and covenants that, except as permitted by Section 7.1, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are
              inconsistent with such duties and obligations.

             

            Section 7.8          Reclassification Events of PubCo.  If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with Section
                12.1, and enter into any necessary supplementary or additional agreements, to ensure that following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in Section 4.6 provide
              that each Unit (together with the surrender and delivery of one Class B Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one Class A Share becomes exchangeable for or
              converted into as a result of the Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption.  PubCo shall not consummate or agree to
              consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement.

             

            

            
              39

              
                

            

            Section 7.9          Certain Costs and Expenses.  The Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company and its Subsidiaries (including the costs, fees and expenses of
              attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (b) in
              the Good Faith discretion of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the Managing Member.  To the extent
              that the Managing Member determines in its Good Faith discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate
              to the business and affairs of the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member or any other member of the PubCo Holdings Group), the Managing Member may cause the Company to pay or bear all
              expenses of the PubCo Holdings Group, including, without limitation, costs of securities offerings not borne directly by Members, board of directors compensation and meeting costs, costs of periodic reports to stockholders of PubCo,
              litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income tax obligations of any member of the PubCo Holdings Group
              or any obligations of any member of the PubCo Holdings Group pursuant to the IPO TRA or any Post-IPO TRA (but the Company shall be entitled to make distributions in respect of these obligations pursuant to Article VI).  In the event
              that (i) Class A Shares or other Equity Securities of PubCo were sold to underwriters in any public offering (including the IPO) after the Effective Time, in each case, at a price per share that is lower than the price per share for which
              such Class A Shares or other Equity Securities of PubCo are sold to the public in such public offering after taking into account any Discounts and (ii) the proceeds from such public offering are used to fund the Cash Election Amount for any
              redeemed Units or otherwise contributed to the Company, the Company shall reimburse the applicable member of the PubCo Holdings Group for such Discount by treating such Discount as an additional Capital Contribution made by such member of the
              PubCo Holdings Group to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.6(i) (but, for the avoidance of doubt, without duplication of the Units issued pursuant to the Master
              Reorganization Agreement), and increasing the Capital Account of such member of the PubCo Holdings Group by the amount of such Discount.  For the avoidance of doubt, any payments made to or on behalf of any member of the PubCo Holdings Group
              pursuant to this Section 7.9 shall not be treated as a distribution pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company.

             

            ARTICLE VIII

             

            

            ROLE OF MEMBERS

             

            Section 8.1          Rights or Powers.

             

            

            
              
                	

                      	(a)	
                        Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the
                          Company in any way.  Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act.  A Member, any Affiliate
                          thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company.  The existence of these relationships and acting in such
                          capacities will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited liability of the Member.  Except as
                          specifically provided herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business, transact any business in the Company’s
                          name or have the power to sign documents for or otherwise bind the Company.

                      

              

            

            

            

            
              40

              
                

            

            
              
                
                  	

                        	(b)	
                          The Company shall promptly (but in any event within three business days) notify the Members in writing if, to the Company’s knowledge, for any reason, it would be an “investment company” within the meaning of the Investment
                            Company Act of 1940 (the “Investment Company Act”), as amended, but for the exceptions provided in Section 3(c)(1) or 3(c)(7) thereunder.

                        

                

              

              

              

              Section 8.2          Voting.

               

              

              
                
                  	

                        	(a)	
                          Meetings of the Members may be called upon the written request of Members holding at least 50% of the outstanding Units.  Such request shall state the location of the meeting and the nature of the business to be transacted at
                            the meeting.  Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting.  Members may vote in person, by proxy or by telephone at
                            any meeting of the Members and may waive advance notice of such meeting.  Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or
                            may be given in accordance with the procedure prescribed in this Section 8.2.  Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units
                            shall constitute the act of the Members.

                        

                

              

               

              
                
                  	

                        	(b)	
                          Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting.  Every
                            proxy must be signed by such Member or its attorney-in-fact.  No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy.  Every proxy shall be revocable at the
                            pleasure of the Member executing it.

                        

                

              

               

              
                
                  	

                        	(c)	
                          Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing Member deems appropriate.

                        

                

              

               

              
                
                  	

                        	(d)	
                          Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval is necessary consent thereto in writing.

                        

                

              

              

              

              
                41

                
                  

              

              Section 8.3          Various Capacities.  The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities, including as a Member and as the Company Representative.

               

              Section 8.4          Investment Opportunities.  To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any analogous doctrine,
                shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective Subsidiaries), any of their respective Affiliates (other than the Company, the Managing Member or any of their
                respective Subsidiaries), or any of their respective officers, directors, agents, shareholders, members, managers and partners  (each, a “Business Opportunities Exempt Party”). 
                The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt Party.  No Business
                Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate or offer such
                opportunity to the Company.  No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with respect to any opportunities of
                which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal.  Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and consented to the provisions of
                this Section 8.4.  Neither the alteration, amendment or repeal of this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this Section 8.4, shall eliminate or reduce the effect of this
                Section 8.4 in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to such alteration,
                amendment, repeal or adoption.

               

              

              ARTICLE IX

               

              

              TRANSFERS OF INTERESTS

               

              

              Section 9.1          Restrictions
                    on Transfer. 

              

               

              

              
                
                  	

                        	(a)	
                          Except as provided in Section 4.6 and Section 9.1(c), no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior written consent, which consent shall be granted or withheld
                            in the Managing Member’s sole discretion.  If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section 9.1(a), involuntarily,
                            by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted
                            to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such
                            admission, which consent shall be granted or withheld in the Managing Member’s sole discretion.  Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall
                            be null and void and of no force or effect whatsoever.  For the avoidance of doubt, the restrictions on Transfer contained in this Article IX shall not apply to the Transfer of any capital stock of PubCo; provided that no Class B Shares may be Transferred unless a corresponding number of Units are Transferred therewith in accordance with this Agreement.

                        

                

              

              

              

              
                42

                
                  

              

              
                
                  	

                        	(b)	
                          In addition to any other restrictions on Transfer herein contained, including the provisions of this Article IX, in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who
                            lacks the legal right, power or capacity to own Interests; (ii) if such Transfer (A) would be considered to be effected on or through an “established securities market” or a “secondary market or the substantial equivalent
                            thereof,” as such terms are used in Treasury Regulations Section 1.7704-1, (B) would result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking into
                            account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or a successor provision or to be
                            classified as a corporation pursuant to the Code or successor of the Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest”
                            (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the
                            Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of such
                            Interests or any Equity Securities issued upon any exchange of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to regulation under the Investment
                            Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law).  Any attempted or purported Transfer of all or a portion of a Member’s Interests in
                            violation of this Section 9.1(b) shall be null and void and of no force or effect whatsoever.

                        

                

              

              

              

              
                
                  	

                        	(c)	
                          Notwithstanding the provisions in Section 9.1(a), but subject to the other provisions in this Article IX, a Member may Transfer all or a portion of its Units to a Permitted Transferee without the consent of
                            any other Member or Person, but only if immediately after the proposed Transfer by such Member, taking into consideration the anti-abuse rule set forth in Treasury Regulations Section 1.7704-1(h)(3), and as determined in the
                            reasonable discretion of the Managing Member:

                        

                

              

              

              

              
                
                  	

                        	(i)	
                          in the case of a proposed Transfer by a Goldman Entity, all Goldman Entities, in the aggregate, would not represent more than 4 “partners” for purposes of calculating the number of “partners” in the Company under Treasury
                            Regulations Section 1.7704-1(h)(l)(ii);

                        

                

              

              

              

              
                
                  	

                        	(ii)	
                          in the case of a proposed Transfer by a Beekman Entity, all Beekman Entities, in the aggregate, would not represent more than 4 “partners” for purposes of calculating the number of “partners” in the Company under Treasury
                            Regulations Section 1.7704-1(h)(l)(ii); or

                        

                

              

              

              

              
                43

                
                  

              

              
                
                  	

                        	(iii)	
                          in the case of a proposed Transfer by a Member other than a Goldman Entity, a Beekman Entity and any member of the PubCo Holdings Group, such Member and its Transferees (for the avoidance of doubt, other than any member of
                            the PubCo Holding Group), in the aggregate, would not represent more than one “partner” for purposes of calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii).

                        

                

              

               

              
                
                  	

                        	(d)	
                          Notwithstanding any of the provisions in Section 9.1(a), but subject to the other provisions in this Article IX, each of One Water Ventures, LLC, a Georgia limited liability company and LMI Holdings, LLC, a Florida limited
                            liability company may Transfer all or a portion of its Units to any of its members as of the date hereof without the consent of any other Member or Person.

                        

                

              

               

              Section 9.2          Notice of Transfer.

               

              

              
                
                  	

                        	(a)	
                          Other than in connection with Transfers made pursuant to Section 4.6, each Member shall, after complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer
                            of Interests, give written notice to the Company of such Transfer.  Each such notice shall describe the manner and circumstances of the Transfer.

                        

                

              

              

              

              
                
                  	

                        	(b)	
                          A Member making a Transfer (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(g)) permitted by this Agreement shall, unless otherwise determined by the Managing Member, (i)
                            have delivered to the Company an affidavit of non-foreign status with respect to such Transferor that satisfies the requirements of Section 1446(f)(2) of the Code or other documentation establishing a valid exemption from
                            withholding pursuant to Section 1446(f) of the Code or (ii) contemporaneously with the Transfer, properly withhold and remit to the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by Section
                            1446(f) of the Code (and provide evidence to the Company of such withholding and remittance promptly thereafter).

                        

                

              

              

              

              Section 9.3          Transferee Members.  A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if (a) the requirements of this Article IX are met, (b) such
                Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under or
                relating to this Agreement, (c) such Transferee represents that the Transfer was made in accordance with all applicable securities Laws, (d) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses
                (including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated and (e) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then such
                Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of his or her community property or quasi-community
                property interest, if any, in such Member’s Interest.  Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to each
                remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand.  Written
                notice of the admission of a Member shall be sent promptly by the Company to each remaining Member.

               

              

              
                44

                
                  

              

              Section 9.4          Legend.  Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:

               

              “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

               

              THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

               

              THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF ONE WATER
                MARINE HOLDINGS, LLC (THE ISSUER OF THESE SECURITIES) AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.  COPIES OF
                SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

               

              ARTICLE X

               

              

              ACCOUNTING; CERTAIN TAX MATTERS

               

              Section 10.1          Books of Account.  The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full and correct entries shall be made of all its business transactions pursuant to a
                system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP.

               

              

              Section 10.2          Tax Elections.

               

              

              
                
                  	

                        	(a)	
                          The Company and any eligible Subsidiary shall make an election (or continue a previously made election) pursuant to Section 754 of the Code for the taxable year of the Company that includes the date hereof and shall not
                            thereafter revoke such election.  In addition, the Company shall make the following elections on the appropriate forms or tax returns, if permitted under the Code or applicable law:

                        

                

              

              

              

              
                
                  	

                        	(i)	
                          to adopt a taxable year allowable under law;

                        

                

              

              

              
                45

                
                  

              

              
                
                  	

                        	(ii)	
                          to adopt the accrual method of accounting for U.S. federal income tax purposes;

                        

                

              

               

              
                
                  	

                        	(iii)	
                          to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code;

                        

                

              

               

              
                
                  	

                        	(iv)	
                          except where the Managing Member elects to apply Section 10.5(e), to elect out of the application of the partnership-level audit and
                            adjustment rules of the Partnership Tax Audit Rules by making an election under Section 6226(a) of the Code, commonly known as the “push out” election, or any analogous election under state or local tax law, if applicable; and

                        

                

              

               

              
                
                  	

                        	(v)	
                          except as otherwise provided herein, any other election the Managing Member may in Good Faith deem appropriate and in the best interests of the Company.

                        

                

              

               

              
                
                  	

                        	(b)	
                          Upon request of the Managing Member, each Member shall cooperate in Good Faith with the Company in connection with the Company’s efforts to make any election pursuant to this Section 10.2.

                        

                

              

               

              Section 10.3        Tax Returns;
                    Information.  The Managing Member shall arrange for the preparation and timely filing of all income and other tax and informational returns of the Company.  The Managing Member shall furnish to each Member a copy of each
                approved return and statement, together with any schedules (including Schedule K-1) or other information that a Member may require in connection with such Member’s own tax affairs as soon as
                practicable (but in no event more than 75 days after the end of each Fiscal Year).  The Members agree to (a) take all actions reasonably requested by the Company or the Company Representative to comply with the Partnership Tax Audit Rules,
                including where applicable, filing amended returns as provided in Sections 6225 or 6226 of the Code and providing confirmation thereof to the Company Representative and (b) furnish to the Company (i) all reasonably requested certificates or
                statements relating to the tax matters of the Company (including without limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its possession relating to the
                Company’s operations that is reasonably necessary to enable the Company’s tax returns to be prepared and timely filed.

               

              Section 10.4        Company Representative.  The Managing Member is specially authorized and appointed to act as the Company Representative and in any similar capacity under state or local Law.  The Company and the
                Members (including any Member designated as the Company Representative prior to the date hereof) shall cooperate fully with each other and shall use reasonable best efforts to cause the Managing Member (or any other Person subsequently
                designated) to become the Company Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired, including (as applicable) by filing certifications pursuant to Treasury
                Regulations Section 301.6231(a)(7)-1(d).  In acting as Company Representative, the Managing Member shall act, to the maximum extent possible, to cause income, gain, loss, deduction, credit of the Company and adjustments thereto, to be
                allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the Company could have effectively made an election under Section 6221(b) of the Code (commonly known as the “election out”) or
                similar state or local provision with respect to the taxable period at issue.  The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants as it may reasonably deem
                necessary in the course of fulfilling its obligations as Company Representative.

               

              
                46

                
                  

              

              Section 10.5          Withholding Tax Payments and Obligations.

               

              

              
                
                  	

                        	(a)	
                          Withholding Tax Payments.  Each of the Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable Law, and each Member hereby authorizes
                            the Company and its Subsidiaries to withhold or pay on behalf of or with respect to such Member, any amount of U.S. federal, state or local or non-U.S. taxes that the Managing Member determines, in Good Faith, that the Company
                            or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement.

                        

                

              

              

              

              
                
                  	

                        	(b)	
                          Other Tax Payments.  To the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of its Subsidiaries and the Managing Member determines, in Good Faith, that such tax (including any
                            Company Level Tax) relates to one or more specific Members, such tax shall be treated as an amount of tax withheld or paid with respect to such Member pursuant to this Section 10.5.  Any determinations made by the
                            Managing Member pursuant to this Section 10.5 shall be binding on the Members.

                        

                

              

              

              

              
                
                  	

                        	(c)	
                          Tax Contribution and Indemnity Obligation.  Any amounts withheld or paid with respect to a Member pursuant to Section 10.5(a) or (b) shall be offset against any distributions to which such Member is
                            entitled concurrently with such withholding or payment (a “Tax Offset”); provided that the amount of any distribution subject
                            to a Tax Offset shall be treated as having been distributed to such Member pursuant to Section 6.1 or Section 11.3(b)(iii) at the time such Tax Offset is made.  To the extent that (i) there is a payment of
                            Company Level Taxes relating to a Member or (ii) the amount of such Tax Offset exceeds the distributions to which such Member is entitled during the same Fiscal Year as such withholding or payment (“Excess Tax Amount”), the amount of such (i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Managing Member, give rise to an
                            obligation of such Member to make a capital contribution to the Company (a “Tax Contribution Obligation”), which Tax Contribution Obligation shall be immediately due
                            and payable.  In the event a Member defaults with respect to its obligation under the prior sentence, the Company shall be entitled to offset the amount of a Member’s Tax Contribution Obligation against distributions to which
                            such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution Obligation has been contributed to the Company or has been recovered through offset against distributions, and any such offset
                            shall not reduce such Member’s Capital Account.  Any contribution by a Member with respect to a Tax Contribution Obligation shall increase such Member’s Capital Account but shall not reduce the amount (if any) that a Member is
                            otherwise obligated to contribute to the Company.  Each Member hereby unconditionally and irrevocably grants to the Company a security interest in such Member’s Units to secure such Member’s obligation to pay the Company any
                            amounts required to be paid pursuant to this Section 10.5.  Each Member shall take such actions as the Company may reasonably request in order to perfect or enforce the security interest created hereunder.  Each Member
                            hereby agrees to indemnify and hold harmless the Company, the other Members, the Company Representative and the Managing Member from and against any liability (including any liability for Company Level Taxes) with respect to
                            income attributable to or distributions or other payments to such Member.

                        

                

              

              

              

              
                47

                
                  

              

              
                
                  	

                        	(d)	
                          Continued Obligations of Former Members.  Any Person who ceases to be a Member shall be deemed to be a Member solely for purposes of this Section 10.5, and the obligations of a Member pursuant to this Section

                              10.5 shall survive until 30 days after the closing of the applicable statute of limitations on assessment with respect to the taxes withheld or paid by the Company or a Subsidiary that relate to the period during which
                            such Person was actually a Member; provided, however, that if the Managing Member determines in its sole discretion
                            that seeking indemnification for Company Level Taxes from a former Member is not practicable, or that seeking such indemnification has failed, then, in either case, the Managing Member may (A) recover any liability for Company
                            Level Taxes from the substituted Member that acquired directly or indirectly the applicable interest in the Company from such former Member or (B) treat such liability for Company Level Taxes as a Company expense.

                        

                

              

              

              

              
                
                  	

                        	(e)	
                          Managing Member Discretion Regarding Recovery of Taxes.  Notwithstanding the foregoing, the Managing Member may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect to a
                            Member under this Section 10.5 to the extent that there are no distributions to which such Member is entitled that may be offset by such amounts, if the Managing Member determines, in its reasonable discretion, that such
                            a decision would be in the best interests of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid with respect to such Member is not justified in light of the amount that may be recovered from
                            such Member).

                        

                

              

              

              

              ARTICLE XI

               

              

              DISSOLUTION AND TERMINATION

               

              Section 11.1          Liquidating Events.  The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following (each, a “Liquidating Event”):

               

              

              
                
                  	

                        	(a)	
                          The sale of all or substantially all of the assets of the Company; and

                        

                

              

              

              

              
                
                  	

                        	(b)	
                          The determination of (i) the Managing Member and (ii) if at such time the Members (other than any member of the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the
                            holders of at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group and, for so long as a Goldman Entity or a Beekman Entity hold an interest herein, such Goldman Entity and Beekman Entity,
                            to dissolve, wind up and liquidate the Company; provided that no such Liquidating Event shall be consummated until at least 5 Business Days after written notice is provided to the
                            Members that such determination has been made in accordance with the foregoing, and, for the avoidance of doubt, any Member, including any Member not consenting to such determination, shall have the right to file a Redemption
                            Notice prior to the consummation of such Liquidating Event.

                        

                

              

              

              

              
                48

                
                  

              

              The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under Section 18-802 of the Act or
                otherwise, other than based on the matters set forth in clauses (a) and (b) above.  If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby
                agree to continue the business of the Company without a winding up or liquidation.  In the event of a dissolution pursuant to Section 11.1(b), the relative economic rights of each class of Units immediately prior to such dissolution
                shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and other legal constraints that may
                adversely affect one or more parties to such dissolution and subject to compliance with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a
                treatment other than as described above.

               

              Section 11.2        Bankruptcy.  For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of
                any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any
                substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make
                an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition, application, answer,
                consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be
                appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive days or
                any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for
                a period of 90 consecutive days.

               

              Section 11.3         Procedure.

               

              

              
                49

                
                  

              

              
                
                  
                    	

                          	(a)	
                            In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate the Company’s investments; provided
                              that if a Member is in bankruptcy or dissolved, another Member, who shall be the Managing Member (“Winding-Up Member”) shall commence to wind up the affairs of the
                              Company and, subject to Section 11.4(a), such Winding-Up Member shall have full right and unlimited discretion to determine in Good Faith the time, manner and terms of any sale or sales of the Property or other assets
                              pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and economic conditions.  The Members shall continue to share profits, losses and distributions during
                              the period of liquidation in the same manner and proportion as though the Company had not dissolved.  The Company shall engage in no further business except as may be necessary, in the reasonable discretion of the Managing
                              Member or the Winding-Up Member, as applicable, to preserve the value of the Company’s assets during the period of dissolution and liquidation.

                          

                  

                

                 

                
                  
                    	

                          	(b)	
                            Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in Article V, the proceeds of the liquidation and any other funds of the Company shall be distributed in
                              the following order of priority:

                          

                  

                

                 

                
                  
                    	

                          	(i)	
                            First, to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether third parties or Members), in the order of priority as provided by Law, except
                              any obligations to the Members in respect of their Capital Accounts;

                          

                  

                

                 

                
                  
                    	

                          	(ii)	
                            Second, to set up such cash reserves that the Managing Member reasonably deems necessary for contingent or unforeseen Liabilities or future payments described in Section
                                11.3(b)(i) (which reserves when they become unnecessary shall be distributed in accordance with the provisions of clause (iii) below); and

                          

                  

                

                 

                
                  
                    	

                          	(iii)	
                            Third, the balance to the Members, pro rata in accordance with the number of Units owned by each Member.

                          

                  

                

                 

                
                  
                    	

                          	(c)	
                            No Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.

                          

                  

                

                 

                
                  
                    	

                          	(d)	
                            Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing Member or the Winding-Up Member, as the case may be, shall have the authority to
                              execute and record a certificate of cancellation of the Company, as well as any and all other documents required to effectuate the dissolution and termination of the Company.

                          

                  

                

                 

                Section 11.4          Rights of Members.

                 

                
                  
                    	

                          	(a)	
                            Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

                          

                  

                

                 

                
                  
                    	

                          	(b)	
                            Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital Contributions and (ii) no Member shall have priority over any other Member as to
                              the return of its Capital Contributions, distributions or allocations.

                          

                  

                

                

                

                
                  50

                  
                    

                

                Section 11.5        Notices of Dissolution.  In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of Section 11.1, result in a dissolution of the Company, the Company shall, within 30
                  days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with whom the Company regularly conducts business (as determined in the discretion of the Managing Member), and (b) comply, in a timely
                  manner, with all filing and notice requirements under the Act or any other applicable Law.

                 

                Section 11.6         Reasonable Time for Winding Up.  A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might
                  otherwise result from such winding up.

                 

                Section 11.7         No Deficit Restoration.  No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely
                  from existing Company assets.

                 

                ARTICLE XII

                 

                

                GENERAL

                 

                Section
                  12.1          Amendments; Waivers.

                 

                

                
                  
                    	

                          	(a)	
                            The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger, consolidation or other business combination to which the Company is a party) with the approval of (y) the Managing
                              Member and (z) if at such time the Members (other than the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding Units held
                              by Members other than the PubCo Holdings Group; provided that no waiver, modification or amendment shall be effective until at least 5 Business Days after written notice is provided to
                              the Members that the requisite consent has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt, any Member, including any Member not providing written consent, shall have the right to file
                              a Redemption Notice prior to the effectiveness of such waiver, modification or amendment; provided, further, that no amendment to this
                              Agreement may:

                          

                  

                

                

                

                
                  
                    	

                          	(i)	
                            modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each such affected Member;

                          

                  

                

                

                

                
                  
                    	

                          	(ii)	
                            materially alter or change any rights, preferences or privileges of any Interests in a manner that is different or prejudicial (or would have a different or prejudicial effect) relative to any other Interests, without the
                              approval of a majority in interest of the Members holding the Interests affected in such a different or prejudicial manner;

                          

                  

                

                

                

                
                  
                    	

                          	(iii)	
                            materially alter or change any rights, preferences or privileges of either a Goldman Entity or a Beekman Entity in its capacity as a holder of Interests or otherwise under this Agreement in a manner that is different or
                              prejudicial (or that would  have a different or prejudicial effect) relative to one another or other holder of Interests (including Pubco or a member of the Pubco Group), without the approval of the party affected in a
                              different or prejudicial manner;

                          

                  

                

                 

                
                  51

                  
                    

                

                
                  
                    	

                          	(iv)	
                            (A) amend or alter Section 8.4 without the prior written consent of Beekman and Goldman, or (B) alter or change any rights, preferences or privileges of any Member that are expressly for the benefit of such Member,
                              without the approval of such member; or

                          

                  

                

                 

                
                  
                    	

                          	(v)	
                            modify the requirement that a majority of the directors of PubCo who are independent within the meaning of the rules of the Nasdaq Stock Market (or such other principal United States securities exchange on which the Class A
                              Shares are listed) and Rule 10A-3 of the Securities Act and do not hold any Units that are subject to the applicable Redemption must approve a Cash Election pursuant to Section 4.6(d) without the approval of a majority
                              of the directors of PubCo who are independent within the meaning of the rules of the Nasdaq Stock Market (or such other principal United States securities exchange on which the Class A Shares are listed) and Rule 10A-3 of the
                              Securities Act.

                          

                  

                

                 

                
                  
                    	

                          	(b)	
                            Notwithstanding the foregoing clause (a), the Managing Member, acting alone, may amend this Agreement, including Exhibit A, (i) to reflect the admission of new Members, as provided by the terms of this Agreement,
                              (ii) to the minimum extent necessary to comply with or administer in an equitable manner the Partnership Tax Audit Rules in any manner determined by the Managing Member, and (iii) as necessary to avoid the Company being
                              classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code.

                          

                  

                

                 

                
                  
                    	

                          	(c)	
                            No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and
                              then only to the specific purpose, extent and instance so provided.

                          

                  

                

                 

                Section 12.2        Further Assurances.  Each party agrees that it will from time to time, upon the reasonable request of another party, execute such documents and instruments and take such further action as may be required to
                  accomplish the purposes of this Agreement.

                 

                Section 12.3        Successors and Assigns.  All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors and assigns, but shall inure to the benefit of and be enforceable by the
                  successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms hereof.  No party may assign its rights hereunder except as herein expressly permitted.

                 

                
                  52

                  
                    

                

                Section 12.4        Certain
                      Representations by Members.  Each Member, by executing this Agreement and becoming a Member, whether by making a Capital Contribution, by admission in connection with a permitted Transfer or otherwise, represents and
                  warrants to the Company and the Managing Member, as of the date of its admission as a Member, that such Member (or, if such Member is disregarded for U.S. federal income tax purposes, such Member’s regarded owner for such purposes) is
                  either: (i) not a partnership, grantor trust or Subchapter S corporation for U.S. federal income tax purposes (e.g., an individual or Subchapter C
                  corporation), or (ii) is a partnership, grantor trust or Subchapter S corporation for U.S. federal income tax purposes, but (A) permitting the Company to satisfy the 100-partner limitation set
                  forth in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a principal purpose of any beneficial owner of such Member in investing in the Company through such Member, (B) such Member was formed for business purposes prior to or in
                  connection with the investment by such Member in the Company or for estate planning purposes, and (C) no beneficial owner of such Member has a redemption or similar right with respect to such Member that is intended to correlate to such
                  Member’s right to Redemption pursuant to Section 4.6.

                 

                Section 12.5        Entire Agreement.  This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and herein, constitute the entire agreement between the parties hereto pertaining to the
                  subject matter hereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between
                  the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

                 

                Section 12.6        Rights of Members Independent.  The rights available to the Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as
                  complete in itself and not by reference to any other such right.  Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or
                  preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

                 

                Section 12.7        Governing Law.  This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in
                  connection with or in respect of this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such state and without regard to conflicts of law
                  doctrines.

                 

                Section 12.8       Jurisdiction and Venue.  The parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the District of
                  Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement.  The parties hereto
                  irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action.  Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such
                  Legal Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. 
                  Nothing in this Section 12.8 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

                 

                
                  53

                  
                    

                

                Section 12.9        Headings.  The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a part of this Agreement.

                 

                Section 12.10      Counterparts.  This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts and by different parties in separate counterparts any
                  may delivered by email or other electronic means.  All of such counterparts shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have
                  been signed by each party and delivered to the other party.

                 

                Section 12.11     Notices.  Any notice or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by facsimile, by telecommunications mechanism or electronically or (c)
                  mailed by certified or registered mail, postage prepaid, receipt requested as follows:

                 

                If to the Company or the Managing Member, addressed to it at:

                 

                One Water Marine Holdings, LLC

                6275 Lanier Islands Parkway

                Buford, GA 30518

                Attention: Jack Ezzell, CFO

                Email:

                

                

                With copies (which shall not constitute notice) to:

                 

                Vinson & Elkins L.L.P.

                2001 Ross Avenue, Suite 3900

                Dallas, TX 75201

                Attention: Peter Marshall

                Email: 

                

                 

                

                or to such other address or to such other Person as either party shall have last designated by such notice to the other parties.  Each such notice or other communication shall be effective (i) if given by
                  telecommunication or electronically, when transmitted to the applicable number or email address so specified in (or pursuant to) this Section 12.11 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local
                  time on a Business Day in the jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by
                  mail, on the first Business Day in the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given
                  by any other means, on the Business Day when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt.

                 

                

                Section 12.12      Representation By Counsel; Interpretation.  The parties acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this
                  Agreement.  Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived.

                 

                
                  54

                  
                    

                

                Section 12.13     Severability.  If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law shall
                  remain in full force and effect, provided that the essential terms and conditions of this Agreement for all parties remain valid, binding and enforceable.

                 

                Section 12.14      Expenses.  Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this Agreement.

                 

                Section 12.15      Waiver of Jury Trial.  EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY
                  IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
                  CONTRACT, TORT, EQUITY OR OTHERWISE.

                 

                Section 12.16      No Third Party Beneficiaries.  Except as expressly provided in Sections 7.4, nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their
                  respective successors and permitted assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto.

                 

                [Signature Pages Follow]

                 

                
                  55

                  
                    

                

                IN WITNESS WHEREOF, each of the parties hereto has caused this Fourth Amended and Restated Limited Liability Company Agreement to be executed as of
                  the day and year first above written.

                 

                	

                      	
                        COMPANY:

                      
	

                      	 
	

                      	
                        ONE WATER MARINE HOLDINGS, LLC

                      
	

                      	 
	

                      	
                        By:

                      	
                        /s/ Philip Austin Singleton, Jr.

                      

                	

                      	
                        Name:

                      	
                        Philip Austin Singleton, Jr.

                      
	

                      	
                        Title:

                      	
                        Chief Executive Officer

                      
	

                      	 	 

                	

                      	
                        MANAGING MEMBER:

                      
	

                      	 
	

                      	
                        ONEWATER MARINE INC.

                      
	

                      	 
	

                      	
                        By:

                      	
                        /s/ Philip Austin Singleton, Jr.

                      

                	

                      	
                        Name:

                      	
                        Philip Austin Singleton, Jr.

                      
	

                      	
                        Title:

                      	
                        Chief Executive Officer

                      
	

                      	 	 

                	

                      	
                        PUBCO:

                      
	

                      	 
	

                      	
                        ONEWATER MARINE INC.

                      
	

                      	 
	

                      	
                        By:

                      	
                        /s/ Philip Austin Singleton, Jr.

                      

                	

                      	
                        Name:

                      	
                        Philip Austin Singleton, Jr.

                      
	

                      	
                        Title:

                      	
                        Chief Executive Officer

                      

                

                

                Signature Page to

                Amended and Restated Limited Liability Company Agreement of

                One Water Marine Holdings, LLC

                 

                

                
                  
                    

                

                MEMBERS:

                 

                

                	

                      	
                        ADC INVESTMENTS, LLC

                      	

                      
	

                      	 	

                      
	

                      	
                        By:

                      	
                        /s/ A. Derrill Crowe

                      	

                      
	

                      	
                        Name:

                      	
                        A. Derrill Crowe

                      	

                      
	

                      	
                        Title:

                      	
                        President

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Anthony Aisquith

                      	

                      
	

                      	
                        Anthony Aisquith

                      	

                      
	

                      	 	

                      
	

                      	
                        Auburn OWMH, LLLP

                      	

                      
	

                      	 	

                      
	

                      	
                        By:

                      	
                        /s/ Philip Austin Singleton

                      	

                      
	

                      	
                        Name:

                      	
                        Philip Austin Singleton

                      	

                      
	

                      	
                        Title:

                      	
                        Member

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Scott Cunningham

                      	

                      
	

                      	
                        Scott Cunningham

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Donnie Drummonds

                      	

                      
	

                      	
                        Donnie Drummonds

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Jack Ezzell

                      	

                      
	

                      	
                        Jack Ezzell

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Alan Giddens

                      	

                      
	

                      	
                        Alan Giddens

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Michael Gold

                      	

                      
	

                      	
                        Michael Gold

                      	

                      

                

                

                
                  Signature Page to

                  Amended and Restated Limited Liability Company Agreement of

                  One Water Marine Holdings, LLC

                   

                  

                

                
                  
                    

                

                	

                      	
                        /s/ J. Clarke Legler, II

                      	

                      
	

                      	
                        J. Clarke Legler, II

                      	

                      
	

                      	 	

                      
	

                      	
                        L13, LLLP

                      	

                      
	

                      	 	

                      
	

                      	
                        By:

                      	
                        /s/ Jeff Lamkin

                      	

                      
	

                      	
                        Name:

                      	
                        Jeff Lamkin

                      	

                      
	

                      	
                        Title:

                      	
                        Manager, Sea Oats Management, LLC

                      	

                      
	

                      	 	

                      
	

                      	
                        JBL Investment Holdings, LLLP

                      	

                      
	

                      	 	

                      
	

                      	
                        By:

                      	
                        /s/ Jeff Lamkin

                      	

                      
	

                      	
                        Name:

                      	
                        Jeff Lamkin

                      	

                      
	

                      	
                        Title:

                      	
                        Manager, Sea Oats Group

                      	

                      
	

                      	 	

                      
	

                      	
                        /s/ Kenneth M. Kirschner

                      	

                      
	

                      	
                        Kenneth M. Kirschner

                      	

                      
	

                      	 	 	

                      
	

                      	
                        /s/ Pete Knowles

                      	

                      
	

                      	
                        Pete Knowles

                      	

                      
	

                      	 	 	

                      
	

                      	
                        /s/ Mitchell W. Legler

                      	

                      
	

                      	
                        Mitchell W. Legler

                      	

                      
	

                      	 	 	

                      
	

                      	
                        Landis Marine Holdings, LLC

                      	

                      
	

                      	 	 	

                      
	

                      	
                        By:

                      	
                        /s/ Michael C. Smith

                      	

                      
	

                      	
                        Name:

                      	
                        Michael C. Smith

                      	

                      
	

                      	
                        Title:

                      	
                        Manager

                      	

                      
	

                      	 	 	

                      
	

                      	
                        OWM BIP Investor, LLC

                      	

                      
	

                      	 	

                      
	

                      	
                        By:

                      	
                        /s/ John G. Troiano

                      	

                      
	

                      	
                        Name:

                      	
                        John G. Troiano

                      	

                      
	

                      	
                        Title:

                      	
                        Manager

                      	

                      

                

                

                
                  Signature Page to

                  Amended and Restated Limited Liability Company Agreement of

                  One Water Marine Holdings, LLC

                   

                  

                  
                    
                      

                  

                

                
                  	

                        	
                          /s/ Peter H. Bos, III

                        	

                        
	

                        	
                          Peter H. Bos, III

                        	

                        
	

                        	 	

                        
	

                        	
                          Philip Singleton Irrevocable Trust 

                        	

                        
	

                        	
                          Dated December 24, 2015

                        	

                        
	

                        	 	

                        
	

                        	
                          By:

                        	
                          /s/ Philip Austin Singleton

                        	

                        
	

                        	
                          Name:

                        	
                          Philip Austin Singleton

                        	

                        
	

                        	
                          Title:

                        	
                          Trustee

                        	

                        
	

                        	 	

                        
	

                        	
                          Austin Singleton Irrevocable Trust 

                        	

                        
	

                        	
                          Dated December 30, 2015

                        	

                        
	

                        	 	

                        
	

                        	
                          By:

                        	
                          /s/ Philip Austin Singleton

                        	

                        
	

                        	
                          Name:

                        	
                          Philip Austin Singleton

                        	

                        
	

                        	
                          Title:

                        	
                          Trustee

                        	

                        
	

                        	 	

                        
	

                        	
                          Special Situations Investing Group II, LLC

                        	

                        
	

                        	 	

                        
	

                        	
                          By:

                        	
                          /s/ Greg Watts

                        	

                        
	

                        	
                          Name:

                        	
                          Greg Watts

                        	

                        
	

                        	
                          Title:

                        	
                          Authorized Signatory

                        	

                        
	

                        	 	

                        
	

                        	
                          /s/ Keith Style

                        	

                        
	

                        	
                          Keith Style

                        	

                        
	

                        	 	

                        
	

                        	
                          Teresa D. Bos 2015 Trust

                        	

                        
	

                        	 	

                        
	

                        	
                          By:

                        	
                          /s/ Pete Knowles

                        	

                        
	

                        	
                          Name:

                        	
                          Pete Knowles

                        	

                        
	

                        	
                          Title:

                        	
                          Trustee

                        	

                        
	

                        	 	

                        
	

                        	
                          /s/ Cindy Thompson

                        	

                        
	

                        	
                          Cindy Thompson

                        	

                        
	

                        	 	

                        
	

                        	
                          /s/ Dave Witty

                        	

                        
	

                        	
                          Dave Witty

                        	

                        

                

                

                

                
                  Signature Page to

                  Amended and Restated Limited Liability Company Agreement of

                  One Water Marine Holdings, LLC

                

                

                

                
                  
                    

                

                
                  EXHIBIT A

                   

                  	 	
                          Member

                        	 
	 	
                          ADC Investments, LLC

                        	 
	 	
                          Anthony Aisquith

                        	 
	 	
                          Auburn OWMH, LLLP

                        	 
	 	
                          Scott Cunningham

                        	 
	 	
                          Donnie Drummonds

                        	 
	 	
                          Jack Ezzell

                        	 
	 	
                          Alan Giddens

                        	 
	 	
                          Michael Gold

                        	 
	 	
                          J. Clarke Legler, II

                        	 
	 	
                          L13, LLLP

                        	 
	 	
                          JBL Investment Holdings, LLLP

                        	 
	 	
                          Kenneth M. Kirschner

                        	 
	 	
                          Pete Knowles

                        	 
	 	
                          Mitchell W. Legler

                        	 
	 	
                          Landis Marine Holdings, LLC

                        	 
	 	
                          OneWater Marine Inc.

                        	 
	 	
                          OWM BIP Investor, LLC

                        	 
	 	
                          Peter H. Bos, III

                        	 
	 	
                          Philip Singleton Irrevocable Trust, Dated December 24, 2015

                        	 
	 	
                          Austin Singleton Irrevocable Trust, Dated December 30, 2015

                        	 
	 	
                          Special Situations Investing Group II, LLC

                        	 
	 	
                          Keith Style

                        	 
	 	
                          Teresa D. Bos 2015 Trust

                        	 
	 	
                          Cindy Thompson

                        	 
	 	
                          Dave Witty

                        	 

                  

                  

                  

                  

                  A-1

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