Document:

Exhibit 10.3

 

TAX RECEIVABLE AGREEMENT

 

by and
among

 

Fifth
Street Asset Management Inc., 

Fifth
Street Holdings L.P.,

Leonard
M. Tannenbaum,

Bernard
D. Berman,

Ivelin
M. Dimitrov,

Tannenbaum Family 2012 Trust,

Bernard D. Berman 2012 Trust and

FSC CT II, Inc.

 

dated as of October 29, 2014

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	Article 1
	DEFINITIONS
	 	 	 
	Section 1.01	Definitions	2
	Section 1.02	Other Definitional and Interpretative Provisions	8
	 	 	 
	Article 2
	DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT
	 	 	 
	Section 2.01	Basis Adjustment	9
	Section 2.02	Exchange Basis Schedule	9
	Section 2.03	Tax Benefit Schedule	9
	Section 2.04	Procedures, Amendments	10
	 	 	 
	Article 3
	TAX BENEFIT PAYMENTS
	 	 	 
	Section 3.01	Payments	10
	Section 3.02	No Duplicative Payments	11
	Section 3.03	Pro Rata Payments	11
	 	 	 
	Article 4
	TERMINATION
	 	 	 
	Section 4.01	Early Termination and Breach of Agreement	11
	Section 4.02	Early Termination Notice	12
	Section 4.03	Payment upon Early Termination	13
	 	 	 
	Article 5
	SUBORDINATION AND LATE PAYMENTS
	 	 	 
	Section 5.01	Late Payments by the Corporation	13
	 	 	 
	Article 6
	NO DISPUTES; CONSISTENCY; COOPERATION
	 	 	 
	Section 6.01	Principal Participation in the Corporation and Holding’s Tax Matters	13
	Section 6.02	Consistency	13
	Section 6.03	Cooperation	14

 

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	Article 7
	MISCELLANEOUS
	 	 	 
	Section 7.01	Notices	14
	Section 7.02	Counterparts	15
	Section 7.03	Entire Agreement; No Third-Party Beneficiaries	15
	Section 7.04	Governing Law	15
	Section 7.05	Severability	15
	Section 7.06	Successors; Assignment; Amendments; and Waivers	15
	Section 7.07	Titles and Subtitles	16
	Section 7.08	Resolution of Disputes	17
	Section 7.09	Reconciliation	18
	Section 7.10	Withholding	19
	Section 7.11	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	19
	Section 7.12	Confidentiality	20
	Section 7.13	Partnerships	20

 

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TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (as amended
from time to time, this “Agreement”), dated as of October 29, 2014, is hereby entered into by and among Fifth
Street Asset Management Inc. (the “Corporation”), Fifth Street Holdings L.P., (“Holdings”),
Leonard M. Tannenbaum, Bernard D. Berman, Ivelin M. Dimitrov, the Tannenbaum Family 2012 Trust, the Bernard D. Berman 2012 Trust
and FSC CT II, Inc.

 

RECITALS

 

WHEREAS, the Principals (as defined below)
are, or in connection with the IPO will become, limited partners of Holdings, and they and the other limited partners of Holdings
hold or will hold Class A Units (“Units”) in Holdings.

 

WHEREAS, Holdings is treated as a partnership
for U.S. federal income tax purposes;

 

WHEREAS, the Corporation will become the
general partner of, and will hold Units in, Holdings;

 

WHEREAS, the Principals and certain other
limited partners of Holdings will sell Units to the Corporation pursuant to the IPO (as defined below);

 

WHEREAS, at certain times subsequent to
the IPO, the Units will be exchangeable for Class A common stock of the Corporation, par value $0.01 per share (“Class
A Shares”) or money, pursuant to the Exchange Agreement (as defined below);

 

WHEREAS, as a result of any Person’s
exchanging Units either for money or Class A Shares pursuant to the IPO or the Exchange Agreement (each such transaction, an “Exchange”)
and of the Principals’ agreeing to hold Units rather than transfer all of their Units in exchange for shares of Class A Shares,
the Corporation is expected to incur lower Tax (as defined below) liabilities on an ongoing basis with respect to the operations
of Holdings and its subsidiaries;

 

WHEREAS, Holdings will have in effect an
election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year
(as defined below) in which an Exchange occurs, which election is intended to result in an adjustment to the Tax basis of the assets
owned by Holdings and certain of its subsidiaries, solely with respect to the Corporation (in respect of Units exchanged); and

 

WHEREAS, the parties to this Agreement desire
to make certain arrangements to share any Tax benefits realized by the Corporation as a result of any Exchange;

 

NOW, THEREFORE, in consideration of the
foregoing and the respective covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

    	 

    	 

    

 

Article
1

DEFINITIONS

 

Section 1.01         Definitions.
As used in this Agreement, the terms set forth in this Article 1 shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

 

“Advisory Firm” means
PricewaterhouseCoopers LLP (“PwC”) or any other accounting firm that is nationally recognized as being expert in Tax
matters and that is appointed by the Board and is reasonably acceptable to the Principals.

 

“Advisory Firm Letter”
means a letter from the Advisory Firm stating that the relevant schedule, notice or other information to be provided by the Corporation
to the Applicable Principal and all supporting schedules and work papers were prepared by the Corporation in good faith and, to
the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date
such schedule, notice or other information is delivered or made available to the Principals.

 

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

 

“Agreed Rate” means LIBOR
plus 100 basis points.

 

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

 

“Amended Schedule” is
defined in Section 2.04(b).

 

“Applicable Principal”
means in respect of that portion of any Tax Benefit Payment that arises from (i) an Exchange or (ii) a deemed Exchange pursuant
to clause (v) of the definition of “Valuation Assumptions”, the exchanging Principal or Principal deemed to
Exchange, as applicable.

 

“Basis Adjustment” means
the adjustment to the Tax basis of an Exchange Asset as a result of an Exchange and the payments made pursuant to this Agreement,
as calculated under Section 2.01, under Sections 732(b), 734(b), 743(b), 754, 755 and 1012 of the Code or otherwise, as applicable,
and, in each case, comparable sections of state, local and foreign Tax laws. Notwithstanding any other provision of this Agreement,
the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange
Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred.

 

A “Beneficial Owner”
of a security means a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment
power, which includes the power to dispose of, or to direct the disposition of, such security. The terms “Beneficially
Own” and “Beneficial Ownership” shall have correlative meanings.

 

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“Board” means the board
of directors of the Corporation.

 

“Business Day” means
Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America
or the State of New York shall not be regarded as a Business Day.

 

“Change of Control” means
the occurrence of any of the following events:

 

(i)          any
“person” or “group” (as such terms are defined in Sections 13(d) and 14(d) of the Exchange Act) other than
the Principals and their Affiliates:

 

(A)         is
or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of 50% or more of the voting power of the voting stock of the Corporation;

 

(B)         in
the context of a consolidation, merger or other corporate reorganization in which the Corporation is not the surviving entity,
acquires 50% or more of the voting power of the voting stock generally entitled to elect directors of such surviving entity (or
in the case of a triangular merger, of the parent entity of such surviving entity), calculated on a fully diluted basis; or

 

(C)         has
obtained the power (whether or not exercised) to elect a majority of the directors of the Corporation or its successors;

 

(ii)         the
board of directors of the Corporation or its successors shall cease to consist of a majority of Continuing Directors;

 

(iii)        the
Corporation or its successors, alone or together with the Principals and their respective Affiliates, cease to own 50% or more
of the equity interests of Holdings; or

 

(iv)        the
sale of all or substantially all the assets of the Corporation or Holdings.

 

“Class A Shares” is defined
in the Recitals of this Agreement.

 

“Code” is defined in
the Recitals of this Agreement.

 

“Continuing Directors”
means the directors of the Corporation on the date of the pricing of the IPO and each other director of the Corporation if such
director’s election or nomination for election to the Corporation’s board of directors is approved by a majority of
the then Continuing Directors.

 

“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.

 

“Corporation” is defined
in the Preamble of this Agreement.

 

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“Corporation Return”
means the U.S. federal, state, local and/or foreign Tax Return, as applicable, of the Corporation filed with respect to Taxes for
any Taxable Year.

 

“Cumulative Net Realized Tax Benefit”
for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation, 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 Schedule or Amended Schedule, if any,
in existence at the time of such determination.

 

“Default Rate” means
LIBOR plus 500 basis points.

 

“Determination” shall
have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state, local and foreign Tax law,
as applicable, or any other event that finally and conclusively establishes the amount of any liability for Tax.

 

“Dispute” is defined
in Section 7.08(a).

 

“Early Termination Date”
means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination Notice”
is defined in Section 4.02.

 

“Early Termination Schedule”
is defined in Section 4.02.

 

“Early Termination Payment”
is defined in Section 4.03(b).

 

“Early Termination Rate”
means the lessor of (i) 6.50% and (ii) the Agreed Rate.

 

“Exchange” is defined
in the Recitals of this Agreement; “Exchanged” and “Exchanging” shall have correlative meanings.

 

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

 

“Exchange Agreement”
means the Exchange Agreement by and among the Corporation, Holdings and the limited partners of Holdings, including the Principals,
as the same may be amended from time to time in accordance with the terms thereof.

 

“Exchange Assets” means
each asset that is held by Holdings, or by any of its direct or indirect subsidiaries that is treated as a partnership or disregarded
entity for purposes of the applicable Tax, at the time of an Exchange (including, for the avoidance of doubt, goodwill and going
concern value).

 

“Exchange Basis Schedule”
is defined in Section 2.02.

 

“Exchange Date” means
the date of an Exchange.

 

“Exchange Payment” means
any Tax Benefit Payment or Early Termination Payment required to be made by the Corporation to the Principals under this Agreement.

 

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“Exchange Price” means
the value of Class A Shares, cash or other consideration transferred to a holder of Units pursuant to an Exchange as payment for
the exchanged Units, other than amounts payable pursuant to this Agreement.

 

“Expert” is defined in
Section 7.09.

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or Holdings, but only with respect to income
realized by Holdings the Tax liability for which is allocable to the Corporation for such Taxable Year using the same methods,
elections, conventions and similar practices used on the relevant Corporation Return) but using the Non-Stepped Up Tax Basis instead
of the Tax basis of the Exchange Assets and excluding any deduction attributable to Imputed Interest.

 

“Imputed Interest” shall
mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state, local
and foreign Tax law with respect to the Corporation’s payment obligations under this Agreement.

 

“Initiating Party” is
defined in Section 7.08(a).

 

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

 

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

 

“LIBOR” means for each
month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum reported, on the date two
days prior to the first day of such month, as published by Reuters (or other commercially available source providing quotations
of LIBOR) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof).

 

“Market Value” means,
with respect to the Class A Shares, on any given date: (i) if the Class A Shares are listed for trading on the NASDAQ Stock Market,
the closing sale price per share of the Class A Shares on the NASDAQ Stock Market on that date (or, if no closing sale price is
reported, the last reported sale price), (ii) if the Class A Shares are not listed for trading on the NASDAQ Stock Market, the
closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite
transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Exchange Act, on which the
Class A Shares are listed, (iii) if the Class A Shares are not so listed on a national securities exchange, the last quoted bid
price for the Class A Shares on that date in the over-the-counter market as reported by Pink Sheets LLC or a similar organization,
or (iv) if the Class A Shares are not so quoted by Pink Sheets LLC or a similar organization such value as the Board, in its sole
discretion, shall determine in good faith.

 

“Material Objection Notice”
has the meaning set forth in Section 4.02.

 

“Non-Stepped Up Tax Basis”
means, with respect to any asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustment
had been made.

 

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“Notice” is defined in
Section 7.01.

 

“Objection Notice” is
defined in Section 2.04(a).

 

“Panel” is defined in
Section 7.08(a).

 

“Partnership Agreement”
means the Amended and Restated Limited Partnership Agreement of Holdings, as the same may be amended from time to time in accordance
with the terms thereof.

 

“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.

 

“Pre-Exchange Transfer”
means any direct or indirect transfer (including upon the death of a member) of one or more Units (i) that occurs prior to an Exchange
of such Units and (ii) to which either Section 734(b) or Section 743(b) of the Code applies.

 

“Principal” means each
of Leonard M. Tannenbaum, Bernard D. Berman, Ivelin M. Dimitrov, the Tannenbaum Family 2012 Trust, the Bernard D. Berman 2012 Trust
and FSC CT II, Inc. and any other Person that becomes a Principal pursuant to Section 7.06.

 

“Realized Tax Benefit”
means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of the Hypothetical Tax Liability over the actual
liability for Taxes of the Corporation (or Holdings, but only with respect to income realized by Holdings the Tax liability for
which is allocable to the Corporation for such Taxable Year using the same methods, elections, conventions and similar practices
used on the relevant Corporation Return), determined, for the avoidance of doubt, using the “with or without” methodology.
If all or a portion of the actual liability for Taxes of the Corporation (or Holdings, but only with respect to income realized
by Holdings the Tax liability for which is allocable to the Corporation for such Taxable Year using the same methods, elections,
conventions and similar practices used on the relevant Corporation Return) for the Taxable Year arises as a result of an audit
by a Taxing Authority of any Taxable Year, the portion of such liability attributable to such audit shall not be included in determining
the Realized Tax Benefit unless and until there has been a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of the actual liability for Taxes of the Corporation
(or Holdings, but only with respect to income realized by Holdings the Tax liability for which is allocable to the Corporation
for such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Corporation Return)
over the Hypothetical Tax Liability for such Taxable Year determined, for the avoidance of doubt, using the “with or without”
methodology. If all or a portion of the actual liability for Taxes of the Corporation (or Holdings, but only with respect to income
realized by Holdings the Tax liability for which is allocable to the Corporation for such Taxable Year using the same methods,
elections, conventions and similar practices used on the relevant Corporation Return) for the Taxable Year arises as a result of
an audit by a Taxing Authority of any Taxable Year, the portion of such liability attributable to such audit shall not be included
in determining the Realized Tax Detriment unless and until there has been a Determination.

 

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“Reconciliation Dispute”
has the meaning set forth in Section 7.09.

 

“Reconciliation Procedures”
means those procedures set forth in Section 7.09.

 

“Responding Party” is
defined in Section 7.08(a).

 

“Schedule” means any
Exchange Basis Schedule or Tax Benefit Schedule and the Early Termination Schedule.

 

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

 

“Tax” means any and all
U.S. federal, state, local and foreign tax, assessments or similar charges that are based on or measured with respect to net income
or profits, whether as an exclusive or on an alternative basis, and any interest related to such tax.

 

“Tax Benefit Payment”
is defined in Section 3.01(b).

 

“Tax Benefit Schedule”
is defined in Section 2.03.

 

“Tax Return” means any
return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year” means
a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of state, local or foreign Tax
law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return
is prepared), in which there is a Basis Adjustment attributable to an Exchange.

 

“Taxing Authority” means
any domestic, foreign, 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.

 

“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 period.

 

“Units” is defined in
the Recitals of this Agreement.

 

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“Valuation Assumptions”
means, as of an Early Termination Date, or following a Change of Control, as applicable, the assumptions that (i) in each Taxable
Year ending on or after such Early Termination Date, the Corporation will have sufficient taxable income to fully utilize the deductions
in such Taxable Year attributable to any Basis Adjustment attributable to an Exchange, and Imputed Interest, (ii) the U.S.
federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be
those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, (iii) any loss
carryovers generated by any Basis Adjustment or Imputed Interest and available as of the date of the Early Termination Schedule
will be used by the Corporation on a pro rata basis from the date of the Early Termination Schedule through the scheduled expiration
date of such loss carryovers, (iv) any non-amortizable assets will be disposed of on the fifteenth anniversary of the Early
Termination Date, provided, however, that, in the event of a Change of Control, non-amortizable assets shall be deemed
disposed of at the earlier of (A) the time of sale of the relevant asset and (B) as generally provided in clause (iv) of this definition
of Valuation Assumptions and (v) if, at the Early Termination Date, there are Units that have not been Exchanged, then each such
Unit shall be deemed to be Exchanged for the Market Value of the Class A Shares and the amount of cash that would be transferred
if the Exchange occurred on the Early Termination Date (for the avoidance of doubt, this deemed exchange will be treated as giving
rise to a corresponding Basis Adjustment).

 

Section 1.02         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.
Reference to any law, rule or regulation means such law, rule or regulation as amended, modified codified, replaced or reenacted,
in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to
any section or other provision of any law, rule or regulation means that provision of such law, rule or regulation from time to
time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section
or other provision.

 

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Article
2

DETERMINATION OF CUMULATIVE
REALIZED TAX BENEFIT

 

Section 2.01         Basis
Adjustment.

 

(a)          Exchange
Assets. For purposes of this Agreement, as a result of an Exchange, Holdings (and each direct and indirect subsidiary of Holdings
that is treated as a partnership for U.S. federal income tax purposes) shall be entitled to a Basis Adjustment for each Exchange
Asset with respect to the Corporation.

 

(b)          Imputed
Interest. For the avoidance of doubt, 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.

 

Section 2.02         Exchange
Basis Schedule. Within 45 calendar days after the filing of the U.S. federal income Tax Return of the Corporation for each
Taxable Year, the Corporation shall deliver to each Principal a schedule (the “Exchange Basis Schedule”) that
shows, in reasonable detail, for purposes of federal income Taxes, (a) the actual unadjusted Tax basis of the Exchange Assets
as of each applicable Exchange Date, (b) the Basis Adjustment with respect to the Exchange Assets as a result of the Exchanges
effected in such Taxable Year, calculated in the aggregate, (c) the period or periods, if any, over which the Exchange Assets
are amortizable and/or depreciable and (d) the period or periods, if any, over which each Basis Adjustment is amortizable and/or
depreciable (which, for non-amortizable assets, shall be based on the Valuation Assumptions). The parties expect that substantially
all of the Basis Adjustment with respect to the Exchange Assets will relate to goodwill and/or going concern value, which adjustment
will be amortized over 15 years for U.S. federal income tax purposes.

 

Section 2.03         Tax
Benefit Schedule. Within 45 calendar days after the filing of the U.S. federal income Tax Return of the Corporation
for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to each
Principal a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for
such Taxable Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final as provided in Section
2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(b)). Notwithstanding
any other provision of this Agreement, the Corporation may seek, at its own expense, an opinion from a nationally recognized law
firm regarding whether any Basis Adjustment with respect to Exchange Assets will result in any amortization or depreciation being
available to the Corporation, and the Corporation shall be permitted to rely on such opinion in creating any Tax Benefit Schedule.

 

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Section 2.04         Procedures,
Amendments.

 

(a)          Procedure.
Every time the Corporation delivers to the Applicable Principal an applicable Schedule under this Agreement, including any Amended
Schedule delivered pursuant to Section 2.04(b), but excluding any Early Termination Schedule or amended Early Termination Schedule,
the Corporation shall also (i) deliver to the Applicable Principal schedules and work papers providing reasonable detail regarding
the preparation of such Schedule and an Advisory Firm Letter supporting such Schedule and (ii) allow the Applicable Principal reasonable
access, at no cost to the Applicable Principal, to the appropriate representatives at the Corporation and the Advisory Firm in
connection with a review of such Schedule. The applicable Schedule shall become final and binding on all parties unless the Applicable
Principal, within 30 calendar days after receiving an Exchange Basis Schedule or amendment thereto or a Tax Benefit Schedule or
amendment thereto, provides the Corporation with notice of a material objection to such Schedule (“Objection Notice”)
made in good faith. If the parties, for any reason, are unable to successfully resolve the issues raised in such notice within
30 calendar days of receipt by the Corporation of an Objection Notice with respect to such Exchange Basis Schedule or Tax Benefit
Schedule, the Corporation and the Applicable Principal shall employ the reconciliation procedures as described in Section 7.09
(the “Reconciliation Procedures”).

 

(b)          Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection
with a Determination affecting such Schedule, (ii) to correct material 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 Applicable
Principal, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material
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 material change in the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange
Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”).

 

Article
3

TAX BENEFIT PAYMENTS

 

Section 3.01         Payments.

 

(a)          Within
ten business days of a Tax Benefit Schedule that was delivered to an Applicable Principal becoming final in accordance with Section
2.04(a), the Corporation shall pay to the Applicable Principal for such Taxable Year the Tax Benefit Payment determined pursuant
to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account
of the Applicable Principal previously designated by such Principal to the Corporation. For the avoidance of doubt, no Tax Benefit
Payment shall be made in respect of estimated Tax payments, including U.S. federal income tax payments.

 

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(b)          A
“Tax Benefit Payment” means an amount, not less than zero, equal to 85% of the sum of the Net Tax Benefit and
the Interest Amount. The “Net Tax Benefit” for each Taxable Year shall be an amount equal to the excess, if
any, of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments previously
made under this Section 3.01, excluding payments attributable to the Interest Amount; provided, however, that no
Principal (or other recipient of payments under this Agreement) shall be required to return any portion of any previously received
Tax Benefit Payment under any circumstances. The “Interest Amount” for a given Taxable Year shall equal the
interest on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without regard to extensions)
for filing the Corporation Return with respect to Taxes for the most recently ended Taxable Year until the Payment Date. The Net
Tax Benefit and the Interest Amount shall be determined separately with respect to each separate Exchange; further, if an
Exchange is made by a Principal (or any of its Affiliates), the Net Tax Benefit and the Interest Amount therefrom will be paid
only to that Principal (or such Affiliate) or its assignee, whereas if an Exchange is made by a Person other than a Principal (or
any of its Affiliates), the Net Tax Benefit and the Interest Amount therefrom will be paid to the Principals or their assignees
on a pro rata basis based on the relative Units owned by each Principal and its Affiliates. Notwithstanding the foregoing, for
each Taxable Year ending on or after the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to Units
that were Exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall
be calculated by utilizing the assumptions in clauses (i), (iii) and (iv) of the definition of Valuation Assumptions, substituting
in each case the term “the closing date of a Change of Control” for an “Early Termination Date”. Notwithstanding
anything herein to the contrary, in no event shall the aggregate Tax Benefit Payments to any Principal (other than amounts treated
as interest under the Code) in respect of the Exchanges under this Agreement exceed an amount equal to 85% of the portion of the
Exchange Price paid to such Principal pursuant to such Exchanges.

 

Section 3.02         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 this Agreement. It is also intended that the provisions of this Agreement will
result in 85% of the Corporation’s Cumulative Net Realized Tax Benefit, and the Interest Amount thereon, being paid to the
Principals (including their Affiliates) pursuant to this Agreement. The provisions of this Agreement shall be construed in the
appropriate manner so that such intentions are realized.

 

Section 3.03         Pro
Rata Payments. For the avoidance of doubt, to the extent that (i) the Corporation’s deductions with respect
to any Basis Adjustment are limited in a particular Taxable Year or (ii) the Corporation lacks sufficient funds to satisfy or
is prevented under any credit agreement or other arrangement from satisfying its obligations to make all Tax Benefit Payments
due in a particular Taxable Year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case may
be, shall be taken into account or made for the Applicable Principal on a pro rata basis which reflects the proportion of the
total amount of deductions attributable to such Principal relative to the aggregate deductions for all of the Principals (as determined
by the Corporation in good faith and exercising reasonable discretion).

 

    	11

    	 

    

 

Article
4

TERMINATION

 

Section 4.01         Early
Termination and Breach of Agreement.

 

(a)          The
Corporation may terminate this Agreement with respect to all of the Units held (or previously held and Exchanged) by all Principals
at any time by paying to the Principals the Early Termination Payment; provided, however, that this Agreement shall
terminate only upon the receipt of the Early Termination Payment by all Principals, and provided, further, that the
Corporation may withdraw any notice to execute its termination rights under this Section 4.01(a) prior to the time at which
any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by the Corporation, neither the Principals
nor the Corporation shall have any further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment
agreed by the Corporation and the Applicable Principal (each acting in good faith) to be due and payable but unpaid as of the Early
Termination Notice and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination
Notice (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). For the avoidance
of doubt, if an Exchange occurs after the Corporation makes the Early Termination Payments with respect to all Principals, the
Corporation shall have no obligations under this Agreement with respect to such Exchange, and its only obligations under this Agreement
in such case shall be its obligations to all Principals under Section 4.03(a).

 

(b)          In
the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to
make any payment when due, 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 Bankruptcy Code, Title 11, U.S.C., or otherwise, then all obligations
hereunder shall be accelerated 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) the Early Termination Payment calculated as if an Early
Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment agreed by the Corporation acting in
good faith and any Applicable Principal to be due and payable but unpaid as of the date of a breach, and (iii) any Tax Benefit
Payment due for the Taxable Year ending with or including the date of a breach. Notwithstanding the foregoing, in the event that
the Corporation breaches this Agreement, the Principals shall be entitled to elect to receive the amounts set forth in clauses
(i), (ii) and (iii) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment
due pursuant to this Agreement within three 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 months of the date such payment is
due.

 

(c)          The
Corporation, Holdings and each of the Principals hereby acknowledge that, as of the date of this Agreement, the aggregate value
of the Tax Benefit Payments cannot reasonably be ascertained for U.S. federal income tax or other applicable Tax purposes.

 

Section 4.02         Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.01 above,
the Corporation shall deliver to each present or former Principal a notice of such intention to exercise such right (“Early
Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporation’s
intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The Early
Termination Schedule shall become final and binding on all parties unless an Applicable Principal, within 30 calendar days after
receiving the Early Termination Schedule, provides the Corporation with notice of a material objection to such Schedule made in
good faith (“Material Objection Notice”). If the parties, for any reason, are unable to successfully resolve
the issues raised in such notice within 30 calendar days after receipt by the Corporation of the Material Objection Notice, the
Corporation and the relevant Principal shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement.

 

    	12

    	 

    

 

Section 4.03         Payment
upon Early Termination.

 

(a)          Within
ten Business Days after the Early Termination Schedule has become final and binding, the Corporation shall pay to each Applicable
Principal an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of immediately available
funds to a bank account designated by the Applicable Principal.

 

(b)          The
“Early Termination Payment” as of the date of the delivery of an Early Termination Schedule shall equal with
respect to the Applicable Principal the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit
Payments that would be required to be paid by the Corporation to the Applicable Principal beginning from the Early Termination
Date and assuming that the Valuation Assumptions are applied.

 

Article
5

SUBORDINATION AND LATE
PAYMENTS

 

Section 5.01         Late
Payments by the Corporation. The amount of all or any portion of any Exchange Payment not made to any Principal when
due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing
from the date on which such Exchange Payment was due and payable.

 

Article
6

NO DISPUTES; CONSISTENCY;
COOPERATION

 

Section 6.01         Principal
Participation in the Corporation and Holding’s Tax Matters. Except as otherwise provided herein, the Corporation
shall have full responsibility for, and sole discretion over, all Tax matters related to this Agreement concerning the Corporation
and Holdings, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue
pertaining to Taxes. Notwithstanding the foregoing, the Corporation shall notify each relevant Principal of, and keep such Principal
reasonably informed with respect to the portion of any audit of the Corporation and Holdings by a Taxing Authority the outcome
of which is reasonably expected to affect such Principal’s rights and obligations under this Agreement, and shall provide
to such Principal reasonable opportunity to provide information and other input to the Corporation, Holdings and their respective
advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporation and Holdings
shall not be required to take any action that is inconsistent with any provision of the Partnership Agreement.

 

Section 6.02         Consistency.
Except upon the written advice of an Advisory Firm, the Corporation and the Applicable Principal agree to report and cause to
be reported for all purposes, including U.S. federal, state, local and foreign Tax purposes and financial reporting purposes,
all Tax-related items (including the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified
by the Corporation in any Schedule required to be provided by or on behalf of the Corporation under this Agreement. Any Dispute
concerning such advice shall be subject to the terms of Section 7.09. In the event that an Advisory Firm is replaced, such replacement
Advisory Firm shall be required to perform its services under this Agreement using procedures and methodologies consistent with
the previous Advisory Firm, unless (a) otherwise required by law or the terms of this Agreement or (b) the Corporation and the
Applicable Principal agree to the use of other procedures and methodologies.

 

    	13

    	 

    

 

Section 6.03         Cooperation.
The Applicable Principal shall (a) furnish to the Corporation in a timely manner such information, documents and other materials
as the Corporation 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 audit, examination or controversy with any Taxing Authority,
(b) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such
other information as the Corporation or its representatives may reasonably request in connection with any of the matters described
in clause (a) above, and (c) reasonably cooperate in connection with any such matter described in clause (a) above. The Corporation
shall reimburse the Applicable Principal for any reasonable and documented third-party costs and expenses incurred pursuant to
this Section 6.03.

 

Article
7

 

MISCELLANEOUS

 

Section 7.01         Notices.
Any notice, request, claim, demand, approval, consent, waiver or other communication required or permitted to be given to any
party in connection with this Agreement (each, a “Notice”) shall be in writing and shall be (a) delivered in
person, (b) sent by facsimile transmission (with the original thereof also contemporaneously given by another method specified
in this Section 7.01), (c) sent by a nationally-recognized overnight courier service, or (d) sent by certified or registered mail
(postage prepaid, return receipt requested), at the following locations (or at such other location for a party as shall be specified
to the other parties by like Notice). Any Notice shall only be duly given and effective upon receipt (or refusal of receipt).

 

If to either the Corporation or Holdings, to:

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum

Bernard D. Berman

E-mail:

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attention: Frank Lopez

E-mail:

 

    	14

    	 

    

 

Holdings shall forward any applicable communication to a Principal
to such Principal’s address, e-mail address or facsimile number as shown in the books and records of Holdings.

 

Section 7.02         Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in any number of counterparts,
each of which shall be deemed to be an original and all of which shall, taken together, be deemed to be one and the same instrument.

 

Section 7.03         Entire
Agreement; No Third-Party Beneficiaries. This Agreement constitutes the entire agreement among the parties hereto and
supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject
matter hereof. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties
hereto and their respective heirs, successors, legal representatives and permitted assigns, any rights or remedies hereunder.

 

Section 7.04         Governing
Law. This Agreement shall be governed by, construed and enforced in accordance with, the laws of New York, without
regard to the conflict of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.05         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, all other terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated 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 a determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in
order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.06         Successors;
Assignment; Amendments; and Waivers.

 

(a)          No
Principal may assign this Agreement to any person without the prior written consent of the Corporation; provided, however,
that (i) to the extent Units are transferred in accordance with the terms of the Partnership Agreement, the transferring Principal
shall have the option to assign to the transferee of such Units the transferring Principal’s rights under this Agreement
with respect to such transferred Units, as long as such transferee has executed and delivered, or, in connection with such transfer,
executes and delivers, a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement,
agreeing to become a “Principal” for all purposes of this Agreement, except as otherwise provided in such joinder,
and (ii) once an Exchange has occurred, any and all payments that may become payable to a Principal pursuant to this Agreement
with respect to the Exchanged Units may be assigned to any Person or Persons 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 substantially
similar to Exhibit A to this Agreement, agreeing to be bound by Section 7.12 and acknowledging specifically the terms of Section
7.06(b). For the avoidance of doubt, if a Principal transfers Units but does not assign to the transferee of such Units such Principal’s
rights under this Agreement with respect to such transferred Units, such Principal shall continue to be entitled to receive the
Tax Benefit Payments arising in respect of a subsequent Exchange of such Units.

 

    	15

    	 

    

 

(b)          Notwithstanding
the foregoing provisions of this Section 7.06, no transferee described in clause (i) of the first sentence of Section 7.06(a) shall
have the right to enforce the provisions of Section 2.04, 4.02, or 6.02 of this Agreement, and no assignee described in clause
(ii) of the first sentence of Section 7.06(a) shall have any rights under this Agreement except for the right to enforce its right
to receive payments under this Agreement.

 

(c)          No
provision of this Agreement may be amended unless such amendment is approved in writing by each of the Corporation and Holdings
and by Principals who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Principals
hereunder if the Corporation had exercised its right of early termination on the date of the most recent Exchange prior to such
amendment (excluding, for purposes of this sentence, all payments made to any Principal pursuant to this Agreement since the date
of such most recent Exchange); provided, however, that no such amendment shall be effective if such amendment would
have a disproportionate effect on the payments certain Principals will or may receive under this Agreement unless all such Principals
disproportionately effected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver
is in writing and signed by the party against whom the waiver is to be effective.

 

(d)          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, permitted assigns, heirs, executors,
administrators and legal representatives. The Corporation shall require and 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 Corporation, by written
agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation
would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, in the event
a Principal transfers his Units to a Permitted Transferee, excluding any other Principal, such Principal shall have the right,
on behalf of such transferee, to enforce the provisions of Sections 2.04, 4.02 or 6.02 with respect to such transferred Units.

 

Section 7.07         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.

 

    	16

    	 

    

 

Section 7.08         Resolution
of Disputes.

 

(a)          Any
and all claims, disputes and other disagreements arising hereunder (each, a “Dispute”) which are not governed
by Section 7.09, 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 7.08 and Section 7.09) shall be governed by this Section 7.08. 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, at
the request of any party, after providing written notice to the other party or parties to the Dispute, be submitted to arbitration
in New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. The proceeding
shall be confidential. The party initially asserting the Dispute (the “Initiating Party”) shall notify the other
party (the “Responding Party”) of the name and address of the arbitrator chosen by the Initiating Party and
shall specifically describe the Dispute in issue to be submitted to arbitration. Within 30 days of receipt of such notification,
the Responding Party shall notify the Initiating Party of its answer to the Dispute, any counterclaim which it wishes to assert
in the arbitration and the name and address of the arbitrator chosen by the Responding Party. If the Responding Party does not
appoint an arbitrator during such 30-day period, appointment of the second arbitrator shall be made by the American Arbitration
Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who
shall serve as president of the panel of arbitrators (the “Panel”) thus composed. If the two arbitrators so
chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator,
the third arbitrator will be appointed by the American Arbitration Association upon the request of the arbitrators or either of
the parties. In all cases, the arbitrators must be persons who have substantial experience in tax matters and are lawyers admitted
to the practice of law in the State of New York. The arbitrators will act by majority decisions. Any decision of the arbitrators
shall (i) be rendered in writing and shall bear the signatures of at least two arbitrators, and (ii) identify the members of the
Panel, and the time and place of the award granted. Absent fraud or manifest error, any such decision of the Panel shall be final,
conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of
the arbitration shall be borne equally by the parties to the arbitration; provided, however, that each party shall pay for and
bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the arbitration. The parties
shall complete all discovery within 30 days after the Panel is composed, shall complete the presentation of evidence to the Panel
within 15 days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall
be rendered within 15 days after the completion of presentation of evidence. The parties hereto shall cause to be kept a record
of the proceedings of any matter submitted to arbitration hereunder. 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 7.08(a), the Corporation 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 7.08(b), each Principal (i) expressly consents to the
application of Section 7.08(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 Corporation as such Principal’s agent 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 Principal in writing of
any such service of process, shall be deemed in every respect effective service of process upon the Principal in any such action
or proceeding.

 

    	17

    	 

    

 

(c)          The
parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby that is brought in accordance with Section 7.08(b)
shall be brought and maintained exclusively in the United States District Court for the Southern District of New York or the Supreme
Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit to the personal
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding. Process
in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world,
whether within or without the jurisdiction of any such court, by any of the methods specified for the giving of Notices pursuant
to Section 7.01. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that
it may now or hereafter have based on venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service
of process (as long as the party was provided Notice in accordance with the methods specified in Section 7.01) in any suit action
or proceeding brought in such courts. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH,
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 7.09         Reconciliation.
In the event that the Corporation and the relevant Principal are unable to resolve a disagreement with respect to the matters
governed by Sections 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”),
the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized
accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall
not, have any material relationship with either the Corporation or the relevant Principal or other actual or potential conflict
of interest. If the parties are unable to agree on an Expert within 15 days of receipt by the respondent(s) of written notice
of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The
Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule
or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment
thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the 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, the undisputed amount shall be paid on such date and such Tax Return may be filed as prepared by the Corporation,
subject to adjustment or amendment upon resolution. In the event that this reconciliation provision is utilized, the fees of the
Expert shall be paid in proportion to the manner in which the dispute is resolved, such that, for example, if the entire dispute
is resolved in favor of the Corporation, the relevant Principal shall pay all of the fees, or if the items in dispute are resolved
50% in favor of the Corporation and 50% in favor of the relevant Principal, each of the Corporation and the relevant Principal
shall pay 50% of the fees of the Expert. Any Dispute as to whether a Dispute is a Reconciliation Dispute within the meaning of
this Section 7.09 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations
of the Expert pursuant to this Section 7.09 shall be binding on the Corporation and the relevant Principal and may be entered
and enforced in any court having jurisdiction.

 

    	18

    	 

    

 

Section 7.10         Withholding.
The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the
Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state,
local or foreign Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the
Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Applicable Principal.

 

Section 7.11         Admission
of the Corporation into a Consolidated Group; Transfers of Corporate Assets.

 

(a)          If
the Corporation 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 state, local or foreign law, then: (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
any entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a corporation with which such
entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the
amount of any Exchange 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 asset in a fully taxable transaction on the date of
such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed
asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii)
the amount of debt allocated to such asset, in the case of a contribution of a partnership interest.

 

    	19

    	 

    

 

Section 7.12         Confidentiality.

 

(a)          Each
Principal and assignee acknowledges and agrees that the information of the Corporation and of its Affiliates is confidential and,
except in the course of performing any duties as necessary for the Corporation 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 Corporation and its Affiliates and successors,
concerning Holdings and its Affiliates and successors or the other Principals, learned by the Principal heretofore or hereafter.
This Section 7.12(a) shall not apply to (i) any information that has been made publicly available by the Corporation or any
of its Affiliates, becomes public knowledge (except as a result of an act of such Principal in violation of this Agreement) or
is generally known to the business community and (ii) the disclosure of information to the extent necessary for a Principal to
prepare and file his or her Tax Returns, to respond to any inquiries regarding the same from any Taxing authority or to prosecute
or defend any action, proceeding or audit by any Taxing authority with respect to such returns. Notwithstanding anything to the
contrary herein, each Principal and assignee (and each employee, representative or other agent of such Principal or assignee, as
applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of the Corporation,
Holdings, the Principals 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 Principals relating to such Tax treatment and Tax structure.

 

(b)          If
a Principal or assignee commits a breach, or threatens to commit a breach, of any of the provisions of Section 7.12(a), the Corporation
shall have the right and remedy to have the provisions of Section 7.12(a) 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 Corporation or any of its Subsidiaries or the other
Principals and the accounts and funds managed by the Corporation 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 7.13         Partnerships.
The Corporation hereby agrees that, to the extent it acquires a general partnership interest, managing member interest or similar
interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and
such Person shall be treated as a “partnership” for all purposes of this Agreement.

 

[Signature page follows.]

 

    	20

    	 

    

 

IN WITNESS WHEREOF, the Corporation, Holdings
and each Principal have duly executed this Agreement as of the date first written above.

 

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

 

    	 

    	 

    

 

	 	PRINCIPALS:
	 	 	 
	 	/s/ Leonard M. Tannenbaum
	 	Leonard M. Tannenbaum
	 	 	 
	 	/s/ Bernard D. Berman
	 	Bernard D. Berman
	 	 	 
	 	/s/ Ivelin M. Dimitrov
	 	Ivelin M. Dimitrov
	 	 	 
	 	TANNENBAUM FAMILY 2012 TRUST
	 	 	 
	 	By:  	/s/ Bernard D. Berman
	 	 	Name: Bernard D. Berman
	 	 	Title:Trustee
	 	 	 
	 	BERNARD D. BERMAN 2012 TRUST
	 	 	 
	 	By:	/s/ William F. Meehan
	 	 	Name: William F. Meehan
	 	 	Title:Trustee
	 	 	 
	 	By:	/s/ Nicole H. Berman
	 	 	Name: Nicole H. Berman
	 	 	Title: Trustree
	 	 	 
	 	FSC CT II, INC.
	 	 	 
	 	By:	/s/ Leonard M. Tannenbaum
	 	 	Name: Leonard M. Tannenbaum
	 	 	Title:Chief Executive Officer

 

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EXHIBIT A

JOINDER

 

This JOINDER (this “Joinder”)
to the Tax Receivable Agreement (as defined below), dated as of ____________, by and among Fifth
Street Asset Management Inc. (the “Corporation”), Fifth Street Holdings L.P., (“Holdings”)
and ______________ (“Permitted Transferee”).

 

WHEREAS, on ____________, the Permitted
Transferee acquired (the “Acquisition”) ___ Units in Holdings (the “Interests” and, together
with all other Interests hereinafter acquired by the Permitted Transferee from Transferor and its Permitted Transferees (as defined
in the Tax Receivable Agreement dated as of ________, 2014 (as the same may be amended from time to time, the “Tax Receivable
Agreement”), among the Corporation, Holdings and the other parties thereto), the “Acquired Interests”)
from ______________ (“Transferor”); and

 

WHEREAS, Transferor, in connection with
the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.06 of the Tax Receivable
Agreement;

 

NOW, THEREFORE, in consideration of the
foregoing and the respective covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, Permitted Transferee hereby agrees as follows:

 

Section 1.1           Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings
set forth in the Tax Receivable Agreement.

 

Section 1.2           Joinder.
Permitted Transferee hereby acknowledges and agrees to become a “Principal” (as defined in the Tax Receivable Agreement)
for all purposes of the Tax Receivable Agreement, including but not limited to, being bound by Sections 2.04, 4.02, 6.01, 6.02
and 7.12 of the Tax Receivable Agreement, with respect to the Acquired Interests, and any other Interests Permitted Transferee
acquires hereafter. Permitted Transferee hereby acknowledges the terms of Section 7.06(b) of the Tax Receivable Agreement.

 

Section 1.3           Notice.
Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be
delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.01
of the Tax Receivable Agreement.

 

Section 1.4           Governing
Law. THIS JOINDER SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD MANDATE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

[Signature page follows.]

 

    	A-1

    	 

    

 

IN WITNESS WHEREOF, this Joinder has been
duly executed and delivered by Permitted Transferee as of the date first above written.

 

	 	[PERMITTED TRANSFEREE]
	 	 
	 	 
	 	Name:
	 	Address:
	 	 
	 	Address for Notices:

 

Signature Page for Joinder by ____________

to the Tax Receivable AgreementExhibit 10.4

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

OF

 

FIFTH STREET ASSET MANAGEMENT INC.

 

Adopted as of November 4, 2014

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	DEFINITIONS AND OTHER MATTERS
	 	 	 
	Section 1.1.	Definitions	1
	Section 1.2.	Definitions Generally	3
	 	 	 
	Article II
	REGISTRATION RIGHTS
	 	 	 
	Section 2.1.	Demand Registration	4
	Section 2.2.	Piggyback Registration	5
	Section 2.3.	Lock-Up Agreements	7
	Section 2.4.	Registration Procedures	7
	Section 2.5.	Indemnification by the Company	10
	Section 2.6.	Indemnification by Registering Covered Persons	11
	Section 2.7.	Conduct of Indemnification Proceedings	12
	Section 2.8.	Contribution	12
	Section 2.9.	Participation in Public Offering	13
	Section 2.10.	Other Indemnification	13
	Section 2.11.	Cooperation by the Company	13
	Section 2.12.	Parties in Interest	13
	 	 	 
	Article III
	MISCELLANEOUS
	 	 	 
	Section 3.1.	Term of the Agreement; Termination of Certain Provisions; Amendment	14
	Section 3.2.	Governing Law	14
	Section 3.3.	Dispute Resolution	14
	Section 3.4.	Notices	16
	Section 3.5.	Severability	17
	Section 3.6.	Specific Performance	17
	Section 3.7.	Assignment; Successors	17
	Section 3.8.	No Third-Party Rights	17
	Section 3.9.	Section Headings	17
	Section 3.10.	Execution in Counterparts	17
	 	 	 
	Appendix A	Covered Person Questionnaire	24

 

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REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), is made and entered into as of November 4, 2014, by and among Fifth Street Asset Management Inc.,
a Delaware corporation (together with any successors thereto, the “Company”), and the Covered Persons (defined
below) from time to time party hereto.

 

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

 

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

 

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

 

Article
I

DEFINITIONS AND OTHER
MATTERS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
II

REGISTRATION RIGHTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

    	10

    	 

    

 

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

 

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

 

    	11

    	 

    

 

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

 

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

 

    	12

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	13

    	 

    

 

Article
III

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

Section 3.2.          Governing
Law.

 

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

 

    	14

    	 

    

 

Section 3.3.          Dispute
Resolution.

 

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

 

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

 

    	15

    	 

    

 

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

 

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

 

If to the Majority Holders,

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum

Bernard D. Berman

Electronic Mail:

 

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

 

If to the Company, to it at

 

777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

 

    	16

    	 

    

 

Attention: Leonard M. Tannenbaum

Bernard D. Berman

Electronic Mail:

 

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

 

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

 

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

 

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

 

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

 

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

 

[Remainder of Page Intentionally Left Blank]

 

    	17

    	 

    

 

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

 

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

 

[Signature Page
for Registration Rights Agreement]

 

    	 

    	 

    

 

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

 

[Signature Page
for Registration Rights Agreement]

 

    	 

    	 

    

 

	 	Tannenbaum Family 2012 Trust
	 	 
	 	/s/ Bernard D. Berman
	 	Name: Bernard D. Berman
	 	Title:  Trustee
	 	 
	 	FSC CT II, Inc.
	 	 
	 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	Title:  President

 

[Signature Page
for Registration Rights Agreement]

 

    	 

    	 

    

 

	 	Bernard D. Berman 2012 Trust
	 	 	 
	 	By  	/s/ William F. Meehan
	 	Name: William F. Meehan
	 	Title    Trustee
	 	 	 
	 	By	/s/ Nicole H. Berman
	 	Name: Nicole H. Berman
	 	Title:   Trustee

 

[Signature Page
for Registration Rights Agreement]

 

    	 

    	 

    

 

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

 

[Signature Page
for Registration Rights Agreement]

 

    	 

    	 

    

 

Appendix A

 

FIFTH STREET ASSET MANAGEMENT INC.

 

Covered Person Questionnaire

 

The undersigned Covered Person understands that the Company
has filed or intends to file with the SEC a registration statement for the registration of the Common Stock (as such may be amended,
the “Registration Statement”), in accordance with Sections 2.1 or 2.2 of the Registration Rights Agreement,
dated as of October 29, 2014 (the “Registration Rights Agreement”), among the Company and the Covered Persons
referred to therein. A copy of the Agreement is available from the Company upon request at the address set forth below. All capitalized
terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

NOTICE

 

The undersigned Covered Person hereby gives notice to the Company
of its intention to register Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified
under Item 3) pursuant to the Registration Statement. The undersigned, by signing and returning this Questionnaire, understands
that it will be bound by the terms and conditions of this Questionnaire and the Registration Rights Agreement.

 

Pursuant to the Registration Rights Agreement, the undersigned
has agreed to indemnify and hold harmless the Company and all other prospective sellers of Registrable Securities who signed the
Registration Statement and each person, if any, who controls the Company and all other prospective sellers of Registrable Securities
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses,
claims, damages and liabilities arising in connection with statements made or omissions concerning the undersigned in the Registration
Statement, prospectus, any free writing prospectus or any “issuer information” in reliance upon the information provided
in this Questionnaire.

 

The undersigned Covered Person hereby provides the following
information to the Company and represents and warrants that such information is accurate and complete:

 

		1.	Name.

 

		(a)	Full Legal Name of Covered Person:

 

 

 

		(b)	Full Legal Name of Covered Person (if not the same as
(a) above) through which Registrable Securities Listed in Item 3 below are held:

 

 

 

    	 

    	 

    

 

		(c)	Full Legal name of DTC Participant (e.g., a bank, brokerage
or trustee account) through which Registrable Securities listed in Item 3 below are held (if applicable and if not the same as
(b) above):

 

 

 

		(d)	Full Legal Name of natural control person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the Registrable Securities listed
in Item 3 below):

 

 

 

		2.	Address for Notices to Covered Person:

 

	 	 	 
	 	 	 
	 	 	 
	 	Telephone:	 

	 	Fax:	 

	 	Email:	 

	 	Contact Person:	 

 

		3.	Beneficial Ownership of Registrable Securities1:

 

	 	Number of Registrable Securities beneficially owned:
	 	 
	 	 
	 	 
	 	 

 

		4.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes   ̈          No   ̈

 

Note: If yes, the SEC’s staff has indicated
that you should be identified as an underwriter in the Registration Statement.

 

		(b)	Are you an affiliate of a broker-dealer?

 

Yes   ̈          No   ̈

 

 

1
Please refer to Schedule I of this Covered Person Questionnaire for the definition of “beneficial ownership”
for this purpose.

 

    	 

    	 

    

 

If yes, please identify the broker-dealer with whom
the Covered Person is affiliated and the nature of the affiliation:

 

 

 

 

 

		(c)	If you are an affiliate of a broker-dealer, do you certify
that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes   ̈          No   ̈

 

Note: If no, the SEC’s staff has indicated that
you should be identified as an underwriter in the Registration Statement.

 

		(d)	If you are (1) a broker-dealer or (2) an affiliate of
a broker-dealer and answered “no” to Question 4(c), do you consent to being named as an underwriter in the Registration
Statement?

 

Yes   ̈          No   ̈

 

		5.	Beneficial Ownership of Other Securities of the Company
Owned by the Covered Person.

 

Except as set forth below in this Item 5, the undersigned
Covered Person is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities
listed above in Item 3.

 

	 	Type and Amount of Other Securities beneficially owned
by the Covered Person:
	 	 
	 	 
	 	 
	 	 

 

		6.	Relationships with the Company:

 

Except as set forth below, neither the undersigned
Covered Person nor any of its affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors
or affiliates) during the past three years.

 

	 	State any exceptions here:
	 	 
	 	 
	 	 

 

    	 

    	 

    

 

		7.	Intended Method of Disposition of Registrable Securities
(Only Applicable to a Demand Registration Effected Pursuant to Section 2.1 of the Registration Rights Agreement):

 

	 	Intended Method or Methods of Disposition of Registrable Securities beneficially owned:
	 	 
	 	 
	 	 
	 	 

 

The undersigned agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and at any time while the
Registration Statement remains in effect.

 

By signing below, the undersigned consents to the disclosure
of the information contained herein in its answers to Items 1 through 7 and the inclusion of such information in the Registration
Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection
with the preparation or amendment of the Registration Statement and the related prospectus.

 

IN WITNESS WHEREOF the undersigned, by authority duly given,
has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	Dated:	____________________	 	Beneficial Owner:	 

 

	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

PLEASE SEND A COPY OF THE COMPLETED AND
EXECUTED QUESTIONNAIRE BY FAX OR ELECTRONIC MAIL, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

	 	Fifth Street Asset Management Inc.
	 	[_________________]
	 	Attention:
	 	Fax:
	 	Electronic Mail:

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