Document:

Exhibit 10.2

 

AGREEMENT
AND PLAN OF MERGER

 

THIS AGREEMENT
AND PLAN OF MERGER (this “Agreement”) is made and entered into as of [●], 2022, by and among Dynasty Financial
Partners, LLC, a Delaware limited liability company (“Operating LLC”), Dynasty Merger Sub, LLC, a Delaware limited
liability company (“Merger Sub”), Dynasty Financial Management, LLC, a Delaware limited liability company (“DM”)
and Dynasty Financial Partners Inc., a Delaware corporation (“PubCo” and, together with Operating LLC, Merger Sub and
DM, the “Parties”).

 

RECITALS

 

WHEREAS, Operating LLC is a limited liability company,
duly formed and existing under the laws of the State of Delaware;

 

WHEREAS, Merger Sub is a limited liability company,
duly formed and existing under the laws of the State of Delaware and a wholly owned subsidiary of DM;

 

WHEREAS, DM is a limited liability company, duly
formed and existing under the laws of the State of Delaware and a wholly owned subsidiary of Operating LLC;

 

WHEREAS, PubCo is a corporation, duly incorporated
and existing under the laws of the State of Delaware and a wholly owned subsidiary of Operating LLC;

 

WHEREAS, Section 18-209 of the Delaware Limited
Liability Company Act, as amended (the “Delaware LLCA”) authorizes the merger of a Delaware limited liability company
with and into another Delaware limited liability company;

 

WHEREAS, the Parties desire that Merger Sub be merged
with and into Operating LLC, with Operating LLC surviving, on the terms and conditions set forth herein (the “Merger”),
in connection with the initial public offering of shares of Class A common stock of PubCo, as set forth in the Registration Statement
filed on Form S-1, as determined by the Board of Managers of Operating LLC (the “IPO”); and

 

WHEREAS, the Merger and the other transactions contemplated
by this Agreement have been duly authorized and approved by the requisite equity holders of each of the Parties, the Board of Managers
of Operating LLC and the Board of Directors of PubCo.

 

NOW, THEREFORE, in consideration of the covenants,
promises and representations set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

ARTICLE I

 

THE
MERGER

 

Section 1.1         The
Merger. At the Effective Time (as defined in Section 1.2) and upon the terms and subject to the conditions set forth in
this Agreement, Merger Sub shall be merged with and into Operating LLC, the separate legal existence of Merger Sub shall cease and Operating
LLC shall continue as the surviving limited liability company. Operating LLC, as the surviving limited liability company after the Merger,
is hereinafter sometimes referred to as the “Surviving LLC.”

 

     

     

    

 

Section 1.2         Effective
Time. After the Parties have agreed on the Effective Time (as defined below), the Parties will cause a certificate of merger (the
 “Certificate of Merger”) to be executed, acknowledged and filed with the Secretary of State of the State of Delaware
as provided in the Delaware LLCA. The Merger shall become effective at such time as may be agreed by the Parties, in their sole discretion,
and specified in the Certificate of Merger (the “Effective Time”).

 

Section 1.3         Effect
of the Merger. At the Effective Time, the effect of the Merger shall be as provided in this Agreement and the applicable provisions
of the Delaware LLCA. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time all of the property,
rights, privileges, powers and franchises of Merger Sub, and all property, real, personal and mixed thereof, shall vest in the Surviving
LLC, and all debts, liabilities and duties of Merger Sub shall become the debts, liabilities and duties of the Surviving LLC.

 

ARTICLE II

 

ORGANIZATIONAL
DOCUMENTS

 

Section 2.1         Name
and Certificate of Formation of the Surviving LLC.

 

(a)         Name.
The name of the Surviving LLC shall be: “Dynasty Financial Partners, LLC.”

 

(b)        Certificate
of Formation of the Surviving LLC. The certificate of formation of the Surviving LLC as in effect immediately prior to the Effective
Time shall be the certificate of formation of the Surviving LLC, until further amended in accordance with the Delaware LLCA.

 

Section 2.2         Limited
Liability Company Agreement of the Surviving LLC. The limited liability company agreement of the Surviving LLC as in effect immediately
prior to the Effective Time (the “Existing LLC Agreement”) shall, at the Effective Time, be amended and restated in
the form attached hereto as Exhibit A (the “A&R LLC Agreement”), which shall become the limited liability
company agreement of the Surviving LLC, until further amended in accordance with its terms and with the Delaware LLCA.

 

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ARTICLE III

 

EFFECT
OF THE MERGER UPON INTERESTS IN

THE Parties

 

Section 3.1         Conversion
of Operating LLC Membership Interests and Issuance of DM Membership Units. At the Effective Time, without any action on the part of
any of the Parties or the holders of any interests in the Parties:

 

(a)         each
unit of Class A Interest (as defined in the Existing LLC Agreement) outstanding immediately prior to the Effective Time as reflected
in the books and records of Operating LLC shall be converted into the right to receive (i) one common unit (a “Common Unit”)
of DM, and (ii) one share of Class C common stock of PubCo;

 

(b)         each
unit of Class B Interest (as defined in the Existing LLC Agreement) outstanding immediately prior to the Effective Time as reflected
in the books and records of Operating LLC shall be converted into the right to receive (i) one Common Unit of DM and (ii) one
share of Class B common stock of PubCo;

 

(c)         each
unit of Class C Interest (as defined in the Existing LLC Agreement) outstanding immediately prior to the Effective Time as reflected
in the books and records of Operating LLC shall be converted into the right to receive (i) one Common Unit of DM and (ii) one
share of Class C common stock of PubCo;

 

(d)         each
unit of Class P Interest (as defined in the Existing LLC Agreement) outstanding immediately prior to the Effective Time as reflected
in the books and records of Operating LLC shall be converted into the right to receive (i) a number of Common Units of DM equal to
(1) the excess, if any, of (A) the public offering price per share of the Class A common stock of PubCo in the IPO before
any discounts or underwriting commissions (the “IPO Per Share Price”) over (B) the threshold price of such Class P
Interest, divided by (2) the IPO Per Share Price and (ii) an equal number of shares of Class C common stock of PubCo;

 

(e)         each
unit of Class Q Interest (as defined in the Existing LLC Agreement), whether vested or unvested, issued prior to January 1,
2021 held by a holder that does not hold any unit of Class A Interest, Class B Interest, Class C Interest, Class P
Interest, or Class Q Interest issued after January 1, 2021 (the “Qualified Pre-2021 Class Q Interests”)
outstanding immediately prior to the Effective Time as reflected in the books and records of Operating LLC shall be converted into the
right to receive (i) a number of shares of Class A common stock of PubCo equal to (1) the excess, if any, of (A) the
IPO Per Share Price over (B) the threshold price for such Qualified Pre-2021 Class Q Interest, divided by (2) the IPO Per
Share Price and (ii) an amount in cash from Operating LLC equal to 15% of the IPO Per Share Price over the threshold price of such
Qualified Pre-2021 Class Q Interest; provided that any share of Class A common stock of PubCo and any corresponding cash amount
that is issued in exchange for an unvested Qualified Pre-2021 Class Q Interest shall be subject to the same vesting schedule applicable
to such unvested Qualified Pre-2021 Class Q Interest immediately prior to the Effective Time; and

 

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(f)         each
unit of Class Q Interest (as defined in the Existing LLC Agreement), whether vested or unvested, that is not a Qualified Pre-2021
Class Q Interest (the “Other Class Q Interests”) outstanding immediately prior to the Effective Time as reflected
in the books and records of Operating LLC shall be converted into the right to receive (i) a number of vested or unvested, as applicable,
Common Units of DM equal to (1) the excess, if any, of (A) the IPO Per Share Price over (B) the threshold price for such
Other Class Q Interest, divided by (2) the IPO Per Share Price; provided that any Common Unit of DM that is issued in exchange
for an unvested Other Class Q Interest shall be subject to the same vesting schedule applicable to such unvested Other Class Q
Interest immediately prior to the Effective Time and (ii) an equal number of shares of Class C common stock in PubCo.

 

(g)         Upon
the conversion of the Membership Interests (as defined in the Existing LLC Agreement) in Operating LLC pursuant to the foregoing clauses
(a) – (f) of this Section 3.1, each holder of such Membership Interests shall cease to be a member of Operating
LLC and shall cease to hold any limited liability company interest in Operating LLC.

 

(h)         Notwithstanding
anything in this Agreement to the contrary, no fractional shares of Class A common stock of PubCo or Common Units of DM will be issued
upon the conversion of membership interests of Operating LLC pursuant to the foregoing clauses (a) – (f) of this Section 3.1.
The number of shares or units received by each such holder who would otherwise be entitled to a fractional share or unit will be rounded
to the nearest whole share or whole unit, as applicable.

 

Section 3.2         PubCo
Issuance and Transfer. In order to effect the issuances of Class B common stock and Class C common stock of PubCo contemplated
by Section 3.1, (i) at the Effective Time, Operating LLC will make a cash payment to PubCo in the amount of one hundred
thousand dollars ($100,000) in exchange for the aggregate number of shares of Class B common stock and Class C common stock
of PubCo due to holders of Membership Interests (as defined in the Existing LLC Agreement) of Operating LLC pursuant to Section 3.1,
(ii) immediately following the issuance of such Class B common stock and Class C common stock of PubCo to Operating LLC,
Operating LLC will distribute such shares of Class B common stock and Class C common stock of PubCo to DM and (iii) immediately
following DM's receipt of the Class B common stock and Class C common stock of PubCo pursuant to clause (ii), DM will distribute
such shares of Class B common stock and Class C common stock of PubCo to the applicable recipients as contemplated in Section 3.1.

 

Section 3.3         Issuance
of Operating LLC Common Units to DM. At the Effective Time, Operating LLC will issue to DM a number of common units of Operating LLC
equal to the number of Common Units of DM issued to holders of existing limited liability company interests of Operating LLC pursuant
to Section 3.1. At the Effective Time, and simultaneously with the conversion pursuant to the immediately preceding sentence
and by virtue of the Merger, DM is hereby admitted as a member of Operating LLC without the need for any other act by or on behalf of
any other Person.

 

Section 3.4         Issuance
of Operating LLC Common Units to PubCo. At the Effective Time, Operating LLC will issue to PubCo a number of common units of Operating
LLC equal to the number of shares of Class A common stock of PubCo issued to holders of existing Qualified Pre-2021 Class Q
Interests pursuant to Section 3.1(e). At the Effective Time, and simultaneously with the issuance by Operating LLC of the
common units of Operating LLC described in the immediately preceding sentence, PubCo is hereby admitted as a member of Operating LLC without
the need for any other act by or on behalf of any other Person.

 

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Section 3.5         Sole
Manager of Operating LLC and DM; Membership of Operating LLC. At the Effective Time, the sole manager or managing member, as applicable,
of Operating LLC and DM will be PubCo. At the Effective Time, after giving effect to the provisions of Sections 3.1 – 3.4 above,
the sole members of and holders of limited liability company interests in Operating LLC will be PubCo and DM, and Operating LLC is hereby
continued without dissolution.

 

Section 3.6         Cancellation
of Merger Sub Limited Liability Company Interests. At the Effective Time, without any action on the part of any of the Parties or
the holders of any interests in the Parties, the limited liability company interests representing all of the limited liability company
interests of Merger Sub outstanding immediately prior to the Effective Time shall be cancelled without payment of any consideration thereof
and shall cease to exist.

 

Section 3.7         Issuance
of Operating LLC Common Units to PubCo in IPO. After the Effective Time, and in connection with the consummation of the IPO, Operating
LLC will issue to PubCo a number of common units of Operating LLC equal to the aggregate number of shares of Class A common stock
of Pubco that are being sold in the IPO by PubCo (and not by any existing holders of Membership Interests (as defined in the Existing
LLC Agreement) of Operating LLC), and in exchange, PubCo will make a capital contribution of a portion of the net proceeds of the IPO
to Operating LLC as determined by the managing member of Operating LLC. PubCo shall be admitted as a member of Operating LLC with respect
to such common units of Operating LLC issued to PubCo pursuant to this Section 3.7 in accordance with the A&R LLC Agreement.

 

Section 3.8         Secondary
Sales in IPO. After the Effective Time, and in connection with the consummation of the IPO so as to facilitate the sale of Common
Units of DM by existing holders of Membership Interests (as defined in the Existing LLC Agreement) of Operating LLC, (a) holders
of Common Units of DM may exchange their Common Units of DM for common units of Operating LLC and exchange those common units for a cash
payment from PubCo pursuant to the terms of a sale and purchase agreement to be entered into with such existing holders, as well as the
terms of the A&R LLC Agreement and the limited liability company agreement of DM, and such exchanging holders will also be entitled
to certain rights under that certain Tax Receivable Agreement attached as an exhibit to the limited liability company agreement of DM,
and (b) in connection with any such exchanges, Operating LLC will issue to PubCo a number of common units of Operating LLC equal
to the number of so converted and exchanged Common Units of DM.

 

Section 3.9         Redemption
by PubCo. After the Effective Time, and in connection with the consummation of the IPO, PubCo will redeem all outstanding shares of
PubCo common stock then held by Operating LLC in exchange for a cash payment to Operating LLC equal to the aggregate par value of such
shares.

 

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Section 3.10       Withholding.
Each Party shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as such Party is
required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986, as amended, or any
provision of state, local or foreign tax law.

 

ARTICLE IV

 

GENERAL
PROVISIONS

 

Section 4.1         Efforts
to Close. During the period from the date of this Agreement through the Effective Time, each Party agrees to take all necessary actions
to satisfy the performance of all obligations of such Party pursuant to this Agreement, including the issuances of equity interests contemplated
by ARTICLE III, and to the extent related to such Party’s obligations, to fulfill or obtain the fulfillment of any conditions
precedent to the consummation of the transactions contemplated hereby, including the approval of the applicable equityholders.

 

Section 4.2         Modification
or Amendment; Termination. Subject to the provisions of applicable law, at any time prior to the Effective Time, this Agreement may
be modified or amended or this Agreement may be terminated and the Merger may be abandoned, by agreement of the Parties.

 

Section 4.3         Governing
Law and Venue. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND
IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES
WOULD DIRECT A MATTER TO ANOTHER JURISDICTION.

 

Section 4.4         Counterparts.
This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all
such counterparts shall together constitute the same agreement. For the avoidance of doubt a Person's execution and delivery of this Agreement
by electronic signature and electronic transmission (jointly, an “Electronic Signature”), including via DocuSign or
other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and
shall bind such Person to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental
hereto may be maintained as electronic records.

 

Section 4.5         Entire
Agreement. This Agreement constitutes the entire agreement and supersedes all other prior agreements, understandings, representations
and warranties both written and oral, among the Parties, with respect to the subject matter hereof.

 

Section 4.6         No
Third Party Beneficiaries. This Agreement is not intended to confer upon any person, other than the Parties and their respective successors
and permitted assigns, any rights or remedies hereunder.

 

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Section 4.7         Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person
or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to
carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the
remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity
or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction.

 

Section 4.8         Interpretation;
Construction. The headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and shall
not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such
reference shall be to a Section of this Agreement unless otherwise indicated.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto, pursuant
to duly granted authority, have caused this Agreement to be executed by their duly authorized persons as the respective act, deed and
agreement of each of them, as of the date first above written.

 

	 	Dynasty Financial Partners, LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
    

    Dynasty
    Merger Sub, LLC

	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
    

    DYNASTY FINANCIAL MANAGEMENT, LLC

	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
    DYNASTY
FINANCIAL PARTNERS INC.

	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Agreement
and Plan of Merger]

 

     

     

    

 

Exhibit A

 

Third Amended and Restated Limited Liability
Company Agreement of Dynasty Financial Partners, LLC

 

 

     A-1Exhibit 10.3

 

DYNASTY FINANCIAL PARTNERS INC.

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

 

 

Dated [●], 2021

 

    

     

    

 

 

TABLE OF CONTENTS

 

Page

 

Article I

 

DEFINITIONS

 

	Section 1.1	 	Certain Definitions	 	1

 

Article II

 

REGISTRATION
RIGHTS

 

	Section 2.1	 	Shelf Registration Statement	 	6
	Section 2.2	 	Demand Registration Rights	 	7
	Section 2.3	 	Piggyback Registrations	 	9
	Section 2.4	 	Registration Suspension	 	10
	Section 2.5	 	Holdback Agreement	 	11
	Section 2.6	 	Registration Procedures	 	12
	Section 2.7	 	Registration Expenses	 	16
	Section 2.8	 	Indemnification	 	16
	Section 2.9	 	Transfer of Registration Rights	 	19
	Section 2.10	 	Current Public Information	 	20
	Section 2.11	 	General Rules Applicable to Registration Statements	 	20
	Section 2.12	 	In-Kind Distributions	 	21

 

Article III

 

MISCELLANEOUS

 

	Section 3.1	 	Notices	 	21
	Section 3.2	 	Counterparts	 	21
	Section 3.3	 	Assignment	 	21
	Section 3.4	 	Termination	 	21
	Section 3.5	 	Descriptive Headings	 	21
	Section 3.6	 	Specific Performance	 	21
	Section 3.7	 	Governing Law	 	22
	Section 3.8	 	Severability	 	22
	Section 3.9	 	Waiver of Jury Trial; Consent to Jurisdiction	 	22
	Section 3.10	 	Amendments; Entire Agreement	 	22
	Section 3.11	 	Merger or Consolidation	 	22
	Section 3.12	 	No Recourse	 	22

 

EXHIBITS

 

	Exhibit A	 	Form of
                                            Joinder	 	     A-1

 

    -i-

     

    

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is made and entered into as of [●], by and among Dynasty Financial Partners Inc., a Delaware corporation (the “Company”),
Dynasty Financial Partners, LLC, a Delaware limited liability company (“Dynasty Financial Partners”), Dynasty
Financial Management, LLC (“DM”), the members of DM listed on the schedule of members maintained by Dynasty
Financial Partners from time to time (the “Members”) and the stockholders of the Company listed on the signature
page hereof (collectively, the “Stockholders”).

 

WHEREAS,
the Company and DM are parties to the Third Amended and Restated Limited Liability Company Agreement of Dynasty Financial Partners, dated
the date hereof (as amended from time to time, the “DFP Operating Agreement”), establishing and setting forth,
among other things, their agreement with respect to certain rights and obligations associated with ownership of Membership Units, as
defined in the DFP Operating Agreement (the “DFP Membership Units”);WHEREAS, as of the date hereof, the Company
has completed an initial public offering of shares of its Class A Common Stock (the “Initial Public Offering”);

 

WHEREAS,
in connection with the Initial Public Offering and the entry into the DFP Operating Agreement, the Company has agreed to provide
the registration rights set forth in this Agreement; and

 

WHEREAS, this Agreement is incorporated into,
and forms an integral part of, the DFP Operating Agreement and the Limited Liability Company Agreement of DM, dated the date hereof (as
amended from time to time, the “DM Operating Agreement”).

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto
hereby agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1     Certain
Definitions. For the purposes of this Agreement, the following terms shall have the following meanings:

 

“Adverse
Disclosure” shall have the meaning set forth in Section 2.2.3 of this Agreement.

 

“Affiliate” of any particular
Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person.

 

“Agreement”
shall have the meaning set forth in the Preamble of this Agreement.

 

“Bankruptcy Event” shall
have the meaning set forth in the DM Operating Agreement.

 

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

 

    

     

    

 

“Business
Day” means any day other than a Saturday, Sunday or legal holiday on which banks in New York, New York are authorized
or obligated by law to close.

 

“Class A Common Stock”
means the Class A Common Stock, par value $0.01 per share, of the Company.

 

“Class A
Common Stock Equivalents” means any rights, warrants, options, convertible securities or indebtedness, exchangeable securities
or indebtedness, or other rights, exercisable for or convertible or exchangeable into, directly or indirectly, Class A Common
Stock and securities convertible or exchangeable into Class A Common Stock, whether at the time of issuance or upon the passage
of time or the occurrence of such future event, including DFP Membership Units, Membership Units (“DM Membership Units”)
and Class B Common Stock and Class C Common Stock of the Company.

 

“Class B Common Stock”
means the Class B Common Stock, par value $0.01 per share, of the Company.

 

“Class C Common Stock”
means the Class C Common Stock, par value $0.01 per share, of the Company.

 

“Company”
shall have the meaning set forth in the Preamble of this Agreement.

 

“Company Primary Offering”
shall have the meaning set forth in Section 2.3(a) of this Agreement.

 

“Demand
Notice” shall have the meaning set forth in Section 2.2.1(b) of this Agreement.

 

“Demand
Offering” shall have the meaning set forth in Section 2.2.1(a) of this Agreement.

 

“Demand
Registration Notice” shall have the meaning set forth in Section 2.1(a) of this Agreement.

 

“Demand
Registration Request” shall have the meaning set forth in Section 2.1(a) of this Agreement.

 

“Demand Request” shall
have the meaning set forth in Section 2.2.1(a) of this Agreement.

 

“DFP
Membership Units” shall have the meaning set forth in the Recitals of this Agreement.

 

“DFP
Operating Agreement” shall have the meaning set forth in the Recitals of this Agreement.

 

“DM”
shall have the meaning set forth in the Recitals of this Agreement.

 

    -2-

     

    

 

“DM
Membership Units” shall have the meaning set forth in the definition of the term “Class A Common Stock
Equivalents.”

 

“DM
Operating Agreement” shall have the meaning set forth in the Recitals of this Agreement.

 

“Dynasty Financial Partners”
shall have the meaning set forth in the Preamble of this Agreement.

 

“Effective Date” means
effective date of the Company’s registration statement on Form S-1 filed in connection with the Initial Public Offering.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations
promulgated by the SEC thereunder.

 

“Excluded Registration”
means a registration under the Securities Act of (i) securities registered on Form S-4 or S-8 or any similar successor forms
and (ii) securities registered to effect the acquisition of, or combination with, another Person, other than in each case the registration
and sale of securities by the Company in which it receives cash proceeds.

 

“Family Member” shall
have the meaning set forth in the DM Operating Agreement.

 

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

 

“Holder”
means any Member or Stockholder, including their Permitted Transferees, provided that a Person shall cease to be a Holder at
the time such Person ceases to hold Registrable Shares.

 

“Holder
Affiliates” shall have the meaning set forth in Section 2.8(a) of this Agreement.

 

“Initial
Public Offering” shall have the meaning set forth in the Recitals of this Agreement.

 

“Initiating
Holders” shall have the meaning set forth in Section 2.1(a) of this Agreement.

 

“Inspectors”
shall have the meaning set forth in Section 2.6(h) of this Agreement.

 

“Issuer
Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of Registrable Shares.

 

“Launch
Date” shall have the meaning set forth in Section 2.5(a) of this Agreement.

 

“Lockup
Period” shall have the meaning set forth in Section 2.5(b) of this Agreement.

 

“Majority Requesting Holders”
shall have the meaning set forth in Section 2.2.2(d) of this Agreement.

 

“Manager of DM” means
Dynasty Financial Partners Inc.

 

    -3-

     

    

 

“Material
Adverse Effect” shall have the meaning set forth in Section 2.2.2(d) of this Agreement.

 

“Members” shall have
the meaning set forth in the Preamble of this Agreement.

 

“Membership Units” shall
have the meaning set forth in the DM Operating Agreement.

 

“Other
Requesting Persons” shall have the meaning set forth in Section 2.2.2(b) of this Agreement.

 

“Permitted Transfer”
means a Transfer in the following circumstances, provided that in the case of a Transfer of DM Membership Units, such Transfer is in
compliance with the DM Operating Agreement:

 

(a)            in
the case of the death, disability or mental incapacity of a Holder, transfers to such Holder’s legal representative;

 

(b)            in
the case of the dissolution or termination of a Holder that is a corporation, limited liability company, trust or other entity, transfers
to such Holder’s legal representative or successor;

 

(c)            in
the case of a Bankruptcy Event of a Holder, transfers to such Holder’s trustee, receiver or administrator;

 

(d)            transfers
by a Holder to such Holder’s Family Members;

 

(e)            transfers
by a Holder to the trustee or trustees of a trust controlled and revocable solely by such Holder or transfers by a Holder to any trust
for the sole benefit of the Holder and/or such Holder’s Family Members;

 

(f)            transfers
by a Holder to his, her or its guardian or conservator; or

 

(g)            transfers
by a Holder that is a corporation, partnership or other business entity to any of its Affiliates, unless such transferee engages in business
activities that are competitive with the business activities in which the Company, Dynasty Financial Partners or DM engages or proposes
to engage.

 

“Permitted Transferee”
means any Person to whom a Permitted Transfer has been made.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, a governmental entity or any department, agency or political subdivision thereof or any other
entity.

 

“Piggyback
Notice” shall have the meaning set forth in Section 2.3(a) of this Agreement.

 

    -4-

     

    

 

“Piggyback
Registration” shall have the meaning set forth in Section 2.3(a) of this Agreement.

 

“Primary
Shares” means shares of Class A Common Stock issued by the Company after the date hereof.

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including pre-
and post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus.

 

“Public
Offering” means an underwritten Public Offering and sale of Class A Common Stock pursuant to a registration statement,
including a “bought” deal or “overnight” Public Offering.

 

“Records”
shall have the meaning set forth in Section 2.6(h) of this Agreement.

 

“register,”
 “registered” and “registration” refer to a registration effected by preparing and
filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.

 

“Registrable
Shares” means (i) shares of Class A Common Stock issued to the Holders in connection with the Initial Public
Offering, (ii) shares of Class A Common Stock issuable upon exchange of the DM Membership Units (after an exchange into DFP
Membership Units) held by the Holders at the closing of the Initial Public Offering, and (iii) shares of Class A Common Stock
issuable upon exchange of DFP Membership Units or DM Membership Units issued after the Initial Public Offering and designated as Registrable
Shares by the Company in connection with the issuance of such DM Membership Units or DFP Membership Units (subject to such limitations
or qualifications as may be established in connection with issuance); provided, however, that Registrable Shares shall
not include any shares of Class A Common Stock (A) that have been sold pursuant to an effective registration statement under
the Securities Act, (B) that have been sold pursuant to Rule 144 under the Securities Act, (C) that have been transferred
to anyone other than a Permitted Transferee, or (D) that have ceased to be outstanding.

 

“Registration
Expenses” shall have the meaning set forth in Section 2.7 of this Agreement.

 

“Registration Statement”
means a Shelf Registration Statement or a registration statement filed in order to effect a Demand Offering or a Company Primary Offering.

 

“Registration
Suspension” shall have the meaning set forth in Section 2.4 of this Agreement.

 

“Requesting Holders”
shall have the meaning set forth in Section 2.2.1(a) of this Agreement.

 

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“Required
Filing Date” shall have the meaning set forth in Section 2.2.2(c) of this Agreement.

 

“SEC” means the Securities
and Exchange Commission or any other federal agency at the time administering the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations
promulgated by the SEC thereunder.

 

“Shelf Eligibility Date”
means the date upon which the Company becomes eligible to utilize Form S-3 to sell shares in a secondary offering on a delayed or
continuous basis in accordance with Rule 415 under the Securities Act.

 

“Shelf
Period” shall have the meaning set forth in Section 2.1(b) of this Agreement.

 

“Shelf
Registration Statement” shall have the meaning set forth in Section 2.1(a) of this Agreement.

 

“Shelf
Resale” shall have the meaning set forth in Section 2.1(c) of this Agreement.

 

“Stockholders” shall
have the meaning set forth in the Preamble of this Agreement.

 

“Transfer” means, with
respect to any Registrable Share, any interest therein, or any other securities or equity interests relating thereto, a direct or indirect
transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of
an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial
process or otherwise.

 

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

 

Article II

 

REGISTRATION RIGHTS

 

Section 2.1     Shelf
Registration Statement.

 

(a)            Promptly
but no later than thirty (30) days after the Shelf Eligibility Date, upon the request (a “Demand Registration Request”)
of any one or more Holders holding at least 20% of the Registrable Shares held by all Holders (the “Initiating Holders”),
the Company shall file with the SEC a shelf registration statement on Form S-3 or a successor form (a “Shelf Registration
Statement”) relating to the offer and sale on a delayed or continuous basis in accordance with Rule 415 under the
Securities Act of all Registrable Shares by the Holders requesting registration thereof and shall use its reasonable best efforts to
cause such Shelf Registration Statement to be declared effective by the SEC as promptly as reasonably practicable. As promptly as possible,
but no later than ten (10) days after receipt of a Demand Registration Request, the Company shall give written notice (a “Demand
Registration Notice”) of such Demand Registration Request to all Holders of record. The Company shall include in the Shelf
Registration Statement (i) the Registrable Shares of the Initiating Holders and (ii) the Registrable Shares of any other Holder
that shall have made a written request to the Company within the time limits specified below for inclusion in such registration. Any
such request from the other Holders must be delivered to the Company within fifteen (15) days after the receipt of the Demand Registration
Notice and must specify the maximum number of Registrable Shares intended to be disposed of by such other Holders.

 

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(b)            The
Company shall use its reasonable best efforts to keep such Shelf Registration Statement pursuant to Section 2.1(a)
continuously effective under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Holders
until the date as of which all Registrable Shares covered by such Shelf Registration Statement have been sold thereunder or
otherwise cease to be Registrable Shares (such period of effectiveness, the “Shelf Period”). The Company
shall not be deemed to have used its reasonable best efforts to keep a Shelf Registration Statement effective during the Shelf
Period if the Company voluntarily takes any action or omits to take any action that would result in Holders covered by a Shelf
Registration Statement not being able to offer and sell any Registrable Shares pursuant to such Shelf Registration Statement during
the Shelf Period, unless such action or omission is (x) a Registration Suspension (as defined below) or (y) required by
applicable law.

 

(c)            Except
as otherwise provided in this Agreement and subject to any applicable transfer restrictions in the DM Operating Agreement and applicable
law, each Holder shall be entitled, at any time and from time to time when a Shelf Registration Statement is effective, to sell its Registrable
Shares then registered pursuant to such Shelf Registration Statement (each, a “Shelf Resale”). Except as otherwise
provided in Section 2.2 below, a Holder initiating a Shelf Resale shall not be required to permit the offer and sale of Registrable
Shares by any other Holders in connection with any such Shelf Resale.

 

Section 2.2     Demand
Registration Rights.

 

2.2.1            Demand
Requests.

 

(a)            Except
as otherwise provided in this Section 2.2, at any time on or after the 180th day following the Effective Date,
any one or more Holders holding at least 20% of the Registrable Shares held by all Holders (the “Requesting Holders”)
may request the Company in writing (a “Demand Request”) to sell all or any portion of its or their Registrable
Shares in a Public Offering (each, a “Demand Offering”); provided, however, that in no event
shall the Company be obligated under this Section 2.2 to effect (i) more than one (1) Demand Offering on Form S-1
or a successor form in any 90-day period, (ii) more than three (3) Demand Offerings in any 12-month period commencing on the
Effective Date and any anniversary thereof, or (iii) more than four (4) Demand Offerings in total. Notwithstanding the foregoing,
no Demand Request will be effective hereunder unless the net proceeds (net of underwriting fees and commissions) to the Holders from
the sale of the Registrable Shares included in such request are reasonably expected to exceed $50,000,000 or such request includes all
Registrable Shares owned by the requesting Holders at such time.

 

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(b)            Notwithstanding
the foregoing, no Demand Offering shall be deemed to have occurred for purposes of this Section 2.2.1 if the Registration
Statement relating thereto (i) does not become effective, (ii) is not maintained effective for 90 days (or such shorter period
as shall terminate when all Registrable Shares covered by such Registration Statement have been sold) or (iii) the Demand Offering
pursuant to such Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or
other governmental agency or court. The Company shall bear and pay all Registration Expenses (as provided in Section 2.7);
provided, however, that in the event the Requesting Holders revoke a Demand Offering (which revocation may only be made
prior to the Company requesting acceleration of effectiveness of the relevant Registration Statement or, in the case of a shelf takedown,
prior to the signing of an underwriting agreement or similar agreement) and the Company has incurred Registration Expenses and not been
reimbursed by such Requesting Holders, then such Demand Offering shall count as having been effected for purposes of this Section 2.2.1.

 

2.2.2            General
Procedures.

 

(a)            Each
Demand Request shall specify: (i) the number of Registrable Shares proposed to be sold and (ii) the intended method of disposition,
to the extent then known.

 

(b)            Upon
receipt of any Demand Request, the Company shall promptly (but in any event within the shorter of (i) five (5) days and (ii) the
number of days from the Demand Request to the date of such Demand Offering) give written notice (the “Demand Notice”)
of such proposed Demand Offering to the other Holders; provided that the delivery of such Demand Notice will not delay the proposed
Demand Offering. Each other Holder that receives a Demand Notice shall have the right, exercisable by written notice to the Company within
such period of time specified by the Company in such Demand Notice (but not to exceed five (5) days), to irrevocably elect to include
in such Demand Offering such portion of its Registrable Shares as it may request (each such electing Holder, an “Other Requesting
Person”). Each Other Requesting Person may condition the inclusion of any Registrable Shares or any specified number of
Registrable Shares in such Demand Offering on the price to the public per share of Class A Common Stock in such Demand Offering
being equal to or exceeding one or more minimum prices specified by the Company in such Demand Notice.

 

(c)            Subject
to Section 2.2.3, if a Shelf Registration Statement has not been declared effective by the SEC, upon receipt of any Demand
Request, the Company shall (i) use its reasonable best efforts to file a Registration Statement as soon as reasonably practicable
and in no event later than thirty (30) days after receiving such Demand Request (the “Required Filing Date”)
and (ii) use its reasonable best efforts to cause such Registration Statement to be declared effective by the SEC as promptly as
reasonably practicable.

 

(d)            The
Holders of a majority of the Registrable Shares included in the Demand Request (the “Majority Requesting Holders”)
shall have the right to select the investment banking firm or firms to manage the Demand Offering (which firms shall be represented by
counsel designated by the Company); provided, that such selection shall be subject to the consent of the Company, which consent
shall not be unreasonably withheld. If such firm or firms advise the Company and the Majority Requesting Holders that the inclusion of
all Registrable Shares requested to be included in the Demand Offering would materially and adversely affect the price or success of
the offering (a “Material Adverse Effect”), the Company shall include in such Demand Offering the number of
Registrable Shares which can be so sold without causing a Material Adverse Effect pro rata among the Holders who delivered the Demand
Request, the Other Requesting Persons and the Company on the basis of the number of Registrable Shares owned by each such Holder as of
the date of this Agreement or joinder, as applicable (plus any additional Registrable Shares acquired thereafter).

 

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2.2.3            Deferral
of Filing. If a Demand Request is received and there is not an effective Shelf Registration Statement on file with the SEC, the Company
may, upon prior written notice to the Holders, defer (but not more than once in any 12-month period) the filing (but not the preparation)
of the Registration Statement for the Demand Offering for a reasonable period of time not to exceed sixty (60) days after the Required
Filing Date (or, if longer, sixty (60) days after the filing date of the registration statement contemplated by clause (ii) below)
if (i) at the time the Company receives the Demand Request, the Company or any of its subsidiaries is engaged in confidential negotiations
or other confidential business activities, disclosure of which would be required in connection with such Registration Statement (but
would not be required if such Registration Statement were not filed), and the Board of Directors determines in good faith that such disclosure
would be materially detrimental to the Company and its stockholders (an “Adverse Disclosure”), or (ii) prior
to receiving the Demand Request, the Board of Directors had determined to effect a Company Primary Offering pursuant to Section 2.3,
and the Company had taken substantial steps (including, without limitation, selecting a managing underwriter for such offering) and is
proceeding with reasonable diligence to effect such offering. A deferral of the filing of a Registration Statement pursuant to this Section 2.2.3
shall be lifted, and the Registration Statement shall be filed promptly, if, in the case of a deferral pursuant to clause (i) of
the preceding sentence, the negotiations or other activities are disclosed or terminated, or, in the case of a deferral pursuant to clause
(ii) of the preceding sentence, the proposed Company Primary Offering is completed or abandoned. In order to defer the filing
of a Registration Statement pursuant to this Section 2.2.3, the Company shall promptly (but in any event within five (5) days),
upon determining to seek such deferral, deliver to each Holder requesting inclusion of Registrable Shares in the Demand Offering a certificate
signed by an executive officer of the Company stating that the Company is deferring such filing pursuant to this Section 2.2.3
and an approximation of the anticipated delay. On the 20th day after the Holders have received such certificate, the Demand
Request shall be deemed withdrawn automatically unless, prior to such 20th day, the Holders deliver to the Company a written
notice to the effect that they do not want the Demand Request to be withdrawn.

 

Section 2.3     Piggyback
Registrations.

 

(a)            If
the Company proposes to do a Public Offering of Primary Shares (other than (i) the Initial Public Offering or (ii) an Excluded
Registration) (a “Company Primary Offering”) and to include in such Company Primary Offering Registrable Shares
of any Holder, then, each such time after the Initial Public Offering, the Company shall give prompt written notice of such Company Public
Offering (no later than ten (10) days prior to the filing of the Registration Statement for such Company Primary Offering or, if
such Company Primary Offering is pursuant to an effective Shelf Registration Statement, no later than two (2) Business Days prior
to the launch of such Company Primary Offering (in each case, a “Piggyback Notice”)) to all of the Holders
of Registrable Shares. The Piggyback Notice shall offer such Holders the opportunity to include (or cause to be included) in such Company
Primary Offering the number of Registrable Shares as each such Holder may request (a “Piggyback Registration”).
Subject to Section 2.3(b) hereof, the Company shall include in each such Company Primary Offering all Registrable Shares
with respect to which the Company has received written requests for inclusion therein within five (5) days of such Piggyback Notice
(or shorter as specified by the Company in the Piggyback Notice). The Holders of Registrable Shares shall be permitted to withdraw all
or part of the Registrable Shares from a Piggyback Registration at any time at least two (2) Business Days prior to the effective
date or launch date, as applicable, of such Piggyback Registration. The Company shall not be required to maintain the effectiveness of
the Registration Statement for a Piggyback Registration beyond the earlier to occur of (i) one hundred and eighty (180) days after
the effective date thereof and (ii) consummation of the distribution by the Holders of the applicable Registrable Shares included
in such Registration Statement.

 

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If any time after giving such Piggyback Notice and prior to the effective
date of the Registration Statement filed in connection with such registration, or the launch date of the Company Primary Offering if
pursuant to an effective Shelf Registration Statement, the Company shall determine for any reason not to register and sell the securities
originally intended to be included in such registration, the Company may, at its election, give written notice of such determination
to the Holders and thereupon the Company shall be relieved of its obligation to register and sell such Registrable Shares in connection
with the registration and sale of securities originally intended to be included in such registration.

 

(b)            If,
in connection with a Company Primary Offering, the managing underwriter advises the Company that the inclusion of all Primary Shares
and Registrable Shares requested to be included would cause a Material Adverse Effect, the Company shall include in such Company Primary
Offering the number of Primary Shares and other Registrable Shares which can be so sold without causing a Material Adverse Effect in
the following order of priority: first, the Primary Shares, and second, Registrable Shares proposed to be included in the
Company Primary Offering pro rata on the basis of the number of Registrable Shares owned by Holders who requested to be included in such
Company Primary Offering as of the date of this Agreement or joinder, as applicable (plus any additional Registrable Shares acquired
thereafter).

 

Section 2.4     Registration
Suspension. If the continued use of any Registration Statement filed and declared effective pursuant to this Agreement and which
registers Registrable Shares at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving written
notice of such action to the Holders of Registrable Shares covered by such Registration Statement, suspend all such Holders’ ability
to use such Registration Statement or otherwise make purchases of the Company’s securities for a reasonable period of time not
in excess of sixty (60) days and not more than twice in any twelve (12) month period (a “Registration Suspension”).
Each such Holder shall keep confidential the fact that a Registration Suspension is in effect, the notice referred to above and its contents
and the reason therefor unless and until otherwise notified by the Company, except (i) for disclosure to such Holder’s employees,
agents and professional advisers who reasonably need to know such information for purposes of assisting the Holder with respect to its
investment in the Company and agree to keep it confidential, (ii) if and to the extent such matters are publicly disclosed and (iii) as
required by law, rule or regulation or legal process. In the case of a Registration Suspension, upon receipt of such written notice,
the Holders of Registrable Shares covered by the applicable Registration Statement agree, for the duration of each Suspension Period,
to refrain from making any offers, sales or purchases of Registrable Securities or any other securities of the Company, directly or indirectly,
including through others or by means of any short sale or derivative transaction (or from directing any other Person to make such offers,
sales or purchases or to refrain from doing so). The Company shall immediately notify the Holders of Registrable Shares covered by the
applicable Registration Statement upon the termination of any Registration Suspension, otherwise amend or supplement the applicable Prospectus
and any Issuer Free Writing Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders
of Registrable Shares covered by the applicable Registration Statement such numbers of copies of the applicable Prospectus and any Issuer
Free Writing Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary, supplement
or make amendments to the applicable Registration Statements as may reasonably be requested by a Holder of Registrable Shares covered
by such Registration Statement.

 

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Section 2.5     Holdback
Agreement.

 

(a)            In
connection with any Demand Offering, the Company shall not effect any public sale of any shares of Class A Common Stock or Class A
Common Stock Equivalents during the ten (10) Business Days, or such shorter period beginning with delivery of a Demand Notice, prior
to the anticipated date such Public Offering is expected to be launched (the “Launch Date”) and during such
time period after the pricing of such Demand Offering (not to exceed sixty (60) days (or ninety (90) days after the first Demand Offering))
as the Company and the managing underwriter may agree, in each case except as part of such Demand Offering, pursuant to an Excluded Registration
or as otherwise agreed between the Company and the managing underwriter for such Demand Offering.

 

(b)            In
connection with any Demand Offering or any Company Primary Offering, each Holder that participates in such Public Offering, shall not
effect (subject to any exceptions the managing underwriter may agree) any public sale or private offer or distribution of any shares
of Class A Common Stock or Class A Common Stock Equivalents during the ten (10) Business Days, or such shorter period
beginning with delivery of a Demand Notice or Piggyback Notice, as applicable, or a notice by the Company to the Holders informing them
of such Public Offering, prior to the anticipated Launch Date for any Public Offering and during such time period after the pricing of
such Public Offering (not to exceed sixty (60) days (or ninety (90) days after the first Demand Offering)) (except as part of such Public
Offering) as the managing underwriter may agree (the “Lockup Period”). Each Holder shall receive the benefit
of any shorter Lockup Period or permitted exceptions (on a pro rata basis) agreed to by the managing underwriter for any Public Offering
pursuant to this Agreement; provided, that nothing herein will prevent any Holder that is a limited liability company, partnership
or corporation from making a distribution of shares of Class A Common Stock or Class A Common Stock Equivalents to the members,
partners or stockholders thereof or a transfer to an Affiliate that is otherwise in compliance with the applicable securities laws, so
long as such distributees or transferees agree to be bound by the restrictions set forth in this Section 2.5 (subject to
any exceptions the managing underwriter may agree). Each such Holder agrees to execute a lock-up agreement in favor of the underwriters
to such effect and, in any event, that the underwriters in any relevant Public Offering shall be third-party beneficiaries of this Section 2.5.

 

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(c)            Any
discretionary waiver or termination of the requirements under the foregoing provisions made by the managing underwriter shall apply to
each Holder on a pro rata basis in accordance with the number of Registrable Shares owned by each such Holder.

 

(d)            The
obligations of any person under this Section 2.5 are not in limitation of holdback or transfer restrictions that may otherwise
apply by virtue of any other agreement or undertaking.

 

Section 2.6     Registration
Procedures. In connection with the Company’s obligations hereunder and subject to the applicable terms and conditions set forth
herein, whenever the Company is required by the provisions of this Agreement to effect or cause the registration of Registrable Shares,
the Company shall use its reasonable best efforts to:

 

(a)            prepare
and file with the SEC a Registration Statement on any appropriate form under the Securities Act with respect to such Registrable Shares
and use its reasonable best efforts to cause such Registration Statement to become effective by the SEC as promptly as reasonably practicable;
and to remain continuously effective; provided, however, that before filing a Registration Statement, Prospectus or preliminary
Prospectus or any amendment thereof or supplement thereto (including documents that would be incorporated or deemed to be incorporated
therein by reference), the Company shall furnish or otherwise make available to the Holders of the Registrable Shares covered by such
Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which
documents will be subject to the reasonable review and comment of such counsel and such other documents reasonably requested by such
counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to
participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct
a reasonable investigation within the meaning of the Securities Act, including reasonable access to the Company’s books and records,
officers, accountants and other advisors.

 

(b)            prepare
and file with the SEC such pre- and post-effective amendments to such Registration Statement and supplements to such Registration Statement
and the Prospectus and such amendments or supplements to any Issuer Free Writing Prospectus as may be necessary to comply with the Securities
Act or as necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with
provisions of the Securities Act with respect to the disposition of all Registrable Shares covered by such Registration Statement during
such period in accordance with the intended method or methods of disposition by the Holders thereof set forth in such Registration Statement;

 

(c)            furnish
to each Holder of Registrable Shares covered by a Registration Statement and, in the event of a Public Offering, the underwriters of
the securities being offered such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus
included in such Registration Statement (including each preliminary Prospectus), any documents incorporated by reference therein and
such other documents as such Holder or underwriters may reasonably request in order to facilitate the disposition of the Registrable
Shares owned by such Holder or the sale of such securities by such underwriters (it being understood that, subject to Section 2.4
and the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the Prospectus
and any amendment or supplement thereto by each Holder and the underwriters in connection with the offering and sale of the Registrable
Shares covered by the Registration Statement of which such Prospectus, amendment or supplement is a part); provided, however,
that any such document available on the SEC’s EDGAR database shall satisfy any such obligation;

 

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(d)            if
applicable, use its reasonable best efforts to register or qualify such Registrable Shares under such other securities or blue sky laws
of such jurisdictions as each Holder or, in the case of a Public Offering, the managing underwriter reasonably requests; use its reasonable
best efforts to keep each such registration or qualification (or exemption therefrom) effective during the period in which such Registration
Statement is required to be kept effective; and do any and all other acts and things which may be reasonably necessary or advisable to
enable each Holder to consummate the disposition of the Registrable Shares owned by such Holder in such jurisdictions (provided, however,
that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it or its subsidiaries would
not otherwise be required to qualify but for this subparagraph or (ii) consent to general service of process in any such jurisdiction);

 

(e)            promptly
notify each Holder of Registrable Shares covered by a Registration Statement and, in the case of a Public Offering, each underwriter
(i) when a Prospectus or any prospectus supplement or amendment has been filed and, with respect to a Registration Statement or
any post-effective amendment, when the same has become effective, (ii) of the issuance by any state securities or other regulatory
authority of any order suspending the qualification or exemption from qualification of any of the Registrable Shares under state securities
or “blue sky” laws or the initiation of any proceedings for that purpose, (iii) of any request by the SEC or any other
federal or state governmental authority for amendments or supplements to the Registration Statement or related Prospectus or for additional
information, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained
in any agreement (including any underwriting agreement) contemplated by Section 2.6(o) below cease to be true and correct,
and (v) of the happening of any event which makes any statement made in a Registration Statement or related Prospectus untrue or
which requires the making of any changes in such Registration Statement, Prospectus or documents incorporated therein by reference so
that they will not contain any 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, as promptly as practicable thereafter, prepare and file with the SEC and
furnish a supplement or amendment so that, as thereafter deliverable to the purchasers of such Registrable Shares, such Prospectus will
not contain any untrue statement of a material fact or omit a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading;

 

(f)            make
generally available to the Company’s stockholders, as soon as reasonably practicable, an earnings statement satisfying the provisions
of Section 11(a) of the Securities Act and Rule 158 under the Securities Act;

 

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(g)            in
the case of a Public Offering, if requested by the managing underwriter or any Holder participating in such Public Offering, promptly
incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or any Holder reasonably
requests to be included therein, including, without limitation, with respect to the Registrable Shares being sold by such Holder, the
purchase price being paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registrable
Shares to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment;

 

(h)            promptly
make available for inspection by any Holder disposing of Registrable Shares pursuant to any Registration Statement, any underwriter participating
in any disposition pursuant to any Registration Statement, and any attorney, accountant or other agent or representative retained by
any such Holder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary
to enable them to exercise their due diligence responsibility and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such Inspector in connection with such Registration Statement; provided, however,
that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the Registration Statement
or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall
not be required to provide any information under this subparagraph (h) if (i) the Company believes, after consultation
with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such
information or (ii) if either (A) the Company is in the process of requesting or has requested and been granted from the SEC
confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or
(B) the Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing
unless prior to furnishing any such information with respect to (i) or (ii) such Inspectors requesting such information agrees
to enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided, further,
that each Inspector agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction,
give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records
deemed confidential;

 

(i)            in
the case of a Public Offering, furnish to each Holder and underwriter participating in such Public Offering a signed counterpart of (A) an
opinion or opinions of counsel to the Company and (B) a comfort letter or comfort letters from the Company’s independent public
accountants and the independent public accountants who have audited any other financial statements (including with respect acquired businesses)
included or incorporated by reference into the Prospectus, each in customary form and covering such matters of the type customarily covered
by opinions or comfort letters, as the case may be, as the Holders or managing underwriter reasonably requests;

 

(j)            cause
the Registrable Shares included in any Registration Statement to be (A) listed on each securities exchange, if any, on which similar
securities issued by the Company are then listed prior to the effectiveness of such Registration Statement or (B) authorized to
be quoted and/or listed (to the extent applicable) on an automated quotation system if the Registrable Shares so qualify;

 

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(k)            provide
a transfer agent and registrar for all Registrable Shares registered hereunder and provide a CUSIP number for the Registrable Shares
included in any Registration Statement not later than the effective date of such Registration Statement;

 

(l)            cause
its officers to use their reasonable best efforts to support the marketing of the Registrable Shares covered by the Registration Statement
(including participation in “road shows”) taking into account the Company’s business needs;

 

(m)            cooperate
with counsel to the Holders and, in the case of a Public Offering, each underwriter participating in the disposition of such Registrable
Shares in connection with any filings required to be made with FINRA;

 

(n)            during
the period when the Prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed
with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act;

 

(o)            in
the case of a Public Offering, enter into such agreements (including underwriting agreements in the managing underwriter’s customary
form) as are customary in connection with a Public Offering; and take all such other actions reasonably requested by the Holders of the
Registrable Shares being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to
expedite or facilitate the disposition of such Registrable Shares, and in such connection whether or not an underwriting agreement is
entered into and whether or not the registration is an underwritten registration, (i) make such representations and warranties to
the Holders of such Registrable Shares and the underwriters, if any, with respect to the business of the Company and its subsidiaries,
and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in
each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm
the same if and when requested and (ii) if an underwriting agreement is entered into, the same shall contain indemnification provisions
and procedures substantially to the effect set forth in Section 8 hereof with respect to all parties to be indemnified pursuant
to said Section; and

 

(p)            advise
each Holder of Registrable Shares covered by a Registration Statement, promptly after it shall receive notice or obtain knowledge thereof
of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain
its withdrawal at the earliest possible moment if such stop order should be issued.

 

    -15-

     

    

 

Section 2.7     Registration
Expenses. All expenses incident to the Company’s performance of or compliance with this Article II including, without
limitation, all registration and filing fees, all fees and expenses associated with filings required to be made with FINRA (including,
if applicable, the fees and expenses of any “qualified independent underwriter” as such term is defined in Rule 5121
of FINRA regulations, and of its counsel), as may be required by the rules and regulations of FINRA, fees and expenses of compliance
with securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue
sky” qualifications of the Registrable Shares), rating agency fees, printing expenses (including expenses of printing Prospectuses
if the printing of Prospectuses is requested by a Holder), “road show” expenses, messenger and delivery expenses, the Company’s
internal expenses (including without limitation all salaries and expenses of its officers and employees performing legal or accounting
duties), the fees and expenses incurred in connection with any listing of the Registrable Shares, fees and expenses of counsel for the
Company and its independent certified public accountants (including the expenses of any special audit or “cold comfort” letters
required by or incident to such performance), fees and expenses of independent public accountants who have audited any other financial
statements (including with respect acquired businesses) included or incorporated by reference into the Prospectus (including the expenses
of any special audit or “cold comfort” letters required by or incident to such performance), securities acts liability insurance
(if the Company elects to obtain such insurance), the fees and expenses of any special experts retained by the Company in connection
with such registration, the fees and expenses of other persons retained by the Company and the reasonable and documented fees and expenses
of one counsel for all Holders participating in a registration pursuant to this Agreement (the “Registration Expenses”)
shall be borne by the Company whether or not any Registration Statement becomes effective or any sale is made in a Public Offering; provided,
however, that in no event shall Registration Expenses include any underwriting discounts, commissions or fees attributable to
the sale of the Registrable Shares or any accountants or other persons (except as set forth above) retained or employed by the Holders,
which expenses shall be borne by the relevant Holders who retained or employed such Persons.

 

Section 2.8     Indemnification.
In the event any Registrable Shares are included in a Registration Statement under this Agreement:

 

(a)            The
Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Holder, and each of its employees, advisors,
agents, representatives, members, partners, officers and directors and each Person who controls (within the meaning of the Securities
Act or the Exchange Act) such Holder, and each of such controlling person’s employees, advisors, agents, representatives, members,
partners, officers and directors (collectively, the “Holder Affiliates”) against any and all losses, claims,
damages, liabilities, costs, judgments, fines, penalties, charges, amounts paid in settlement and expenses, joint or several (including,
without limitation, attorneys’ fees and disbursements except as limited by Section 2.8(c)) based upon, arising out
of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, any filing made in connection with the qualification
of the offering under the securities or other “blue sky” law of any jurisdiction in which Registrable Shares are offered,
or any other offering document (including any related notification, or the like) incident to any such registration, qualification or
compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or preliminary Prospectus, in light of the circumstances under which they
were made) not misleading, or any violation by the Company of the Securities Act or of the Exchange Act, or any violation by the Company
of this Agreement and will reimburse each such Holder and Holder Affiliate for any legal or other expenses reasonably incurred in connection
with investigating, defending or settling any such loss, claim, damage, liability, costs, judgment, fine, penalty, charge or actions
or proceedings; except insofar as any such statements or omissions are made in reliance upon and in strict conformity with information
or affidavits furnished in writing to the Company by such Holder or any Holder Affiliate for use in such Registration Statement, Prospectus
or preliminary Prospectus or amendment thereof or supplement thereto. The reimbursements required by this Section 2.8(a) will
be made by periodic payments during the course of the investigation or defense, as and when bills are received or expenses incurred.

 

    -16-

     

    

 

(b)            Each
participating Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use
in connection with any such Registration Statement, Prospectus or preliminary Prospectus or amendment thereof or supplement thereto and,
to the fullest extent permitted by law, each such Holder will indemnify the Company and its directors and officers and each Person who
controls the Company (within the meaning of the Securities Act or the Exchange Act) against any and all losses, claims, damages, liabilities,
costs, judgments, fines, penalties, charges, amounts paid in settlement and expenses (including, without limitation, reasonable attorneys’
fees and disbursements except as limited by Section 2.8(c)) resulting from any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, Prospectus, or any preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
(in the case of any Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, but
only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is contained in any information
or affidavit so furnished in writing by such Holder or any of its Holder Affiliates specifically for inclusion in the Registration Statement,
Prospectus or preliminary Prospectus or amendment thereof or supplement thereto; provided that the obligation to indemnify will be several,
not joint and several, among such Holders, and the liability of each such Holder will be in proportion thereto and, provided,
further, that such liability will be limited to the net proceeds received by such Holder from the sale of Registrable Shares (net
of any underwriting discounts and commissions) pursuant to such Registration shall not be liable in any such case to the extent that
prior to the filing of any such Registration Statement or Prospectus; provided, however, that such Holder shall not be
liable in any such case to the extent that prior to the filing of any such Registration Statement, Prospectus or preliminary Prospectus
or amendment thereof or supplement thereto, such Holder has furnished in writing to the Company information expressly for use in such
Registration Statement, Prospectus or preliminary Prospectus or amendment thereof or supplement thereto which corrected or made not misleading
information previously furnished to the Company.

 

(c)            Any
Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person except to
the extent that the indemnifying party is materially prejudiced by such failure to give prompt notice) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to
such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party; provided, however, that any Person entitled to indemnification hereunder shall have the right to employ separate
counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person
unless (x) the indemnifying party has agreed to pay such fees or expenses or (y) the indemnifying party shall have failed to
assume the defense of such claim and employ counsel reasonably satisfactory to such Person. If such defense is not assumed by the indemnifying
party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). If such defense is assumed by
the indemnifying party pursuant to the provisions of this Agreement, such indemnifying party shall not settle or otherwise compromise
the applicable claim unless (i) such settlement or compromise contains a full and unconditional release of the indemnified party
or (ii) the indemnified party otherwise consents in writing. An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict of interest may
exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying
party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels. Notwithstanding the foregoing,
an indemnified party shall have the right to employ separate counsel at the indemnifying party’s expense to participate in the
defense of a claim if the named parties to any such claim (including any impleaded parties) include both such indemnified party and the
indemnifying party, and such indemnified party shall have been advised by outside counsel that there is an actual conflict of interest
between the indemnifying party and indemnified party that would make it inappropriate in the reasonable judgment of such outside counsel
for the same counsel to represent both the indemnified party and indemnifying party.

 

    -17-

     

    

 

(d)            Each
party hereto agrees that, if for any reason the indemnification provisions contemplated by Section 2.8(a) or Section 2.8(b) are
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities, costs, judgments,
fines, penalties, charges, amounts paid in settlement or expenses (or actions in respect thereof) referred to therein, then each 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, costs, judgments, fines, penalties, charges, amounts paid in settlement or expenses
(or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the
indemnified party in connection with the actions which resulted in the losses, claims, damages, liabilities, costs, judgments, fines,
penalties, charges, amounts paid in settlement or expenses as well as any other relevant equitable considerations. The relative fault
of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 2.8(d) were determined by pro rata allocation (even if the Holders or any underwriters
or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in this Section 2.8(d). The amount paid or payable by an indemnified party as a result of the
losses, claims, damages, liabilities, costs, judgment, fines, penalties, charges, amounts paid in settlement or expenses (or actions
in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified
party in connection with investigating or, except as provided in Section 2.8(c) defending any such action or claim.
Notwithstanding the provisions of this Section 2.8(d), no Holder shall be required to contribute an amount greater than the
proceeds (net of any underwriting discounts and commissions) received by such Holder with respect to the sale of any Registrable Shares.
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. The Holders’ obligations in this Section 2.8(d) to
contribute shall be several and not joint in proportion to the amount of Registrable Shares registered by them.

 

    -18-

     

    

 

(e)            If
indemnification is available under this Section 2.8, the indemnifying parties shall indemnify each indemnified party to
the full extent provided in Section 2.8(a) and Section 2.8(b) of this Agreement without regard to
the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in Section 2.8(d).

 

(f)            The
indemnification and contribution provided for under this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, or controlling Person of such indemnified party and will survive
the transfer of securities.

 

(g)            Any
indemnified parties pursuant to this Agreement shall be third-party beneficiaries of this Section 8.

 

(h)            The
indemnity and contribution agreements contained in this Section 2.8 are in addition to any other liability that the indemnifying
parties may otherwise have to the indemnified parties; provided that in no event shall any Holder of Registrable Shares be liable
to any indemnified parties with respect to any untrue statement or alleged untrue statement or omission or alleged omission in any Registration
Statement, Prospectus or any preliminary Prospectus or any amendment thereof or supplement thereto for any amount in excess of the amount
by which the net proceeds to the indemnifying party from the sale of the Registrable Shares sold in the transaction that resulted in
any liability, exceeds the amount of any damages that such indemnifying party has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission (including as a result of any indemnification or contribution obligation
hereunder). Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provision
in the underwriting agreement shall control.

 

Section 2.9     Transfer
of Registration Rights.

 

(a)            The
rights of each Holder under this Agreement may be assigned in connection with a Transfer of Registrable Shares to a Permitted Transferee
of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment
permitted under the terms of this Section 2.9(a) will be effective unless the Permitted Transferee to which the assignment
is being made, if not a Holder, has executed the joinder agreement set forth in Exhibit A. A Permitted Transferee to whom
rights are transferred pursuant to this Section 2.9(a) may not again transfer those rights to any other Permitted Transferee,
other than as provided in this Section 2.9(a).

 

    -19-

     

    

 

(b)            If
the Company may at any time hereafter provide to any Person who is a holder of any securities of the Company or Dynasty Financial Partners
rights with respect to the registration of such securities under the Securities Act, such rights shall not be in conflict with or adversely
affect any of the rights provided to the Holders in, or conflict (in a manner that adversely affects the Holders) with any other provisions
included in, this Agreement; provided, however, that any rights which are the same as or equal to the rights provided in
this Agreement will not be considered in conflict with or to adversely affect the rights of the Holders provided in this Agreement.

 

Section 2.10     Current
Public Information.

 

(a)            With
a view to making available to the Holders the benefits of certain rules and regulations of the SEC that may at any time permit the
sale of securities to the public without registration, the Company agrees to use its reasonable best efforts to:

 

(i)            make
and keep public information available, as those terms are defined in Rule 144 under the Securities Act, at all times from and after
90 days following the Effective Date;

 

(ii)            file
with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act (at any time during which
it is subject to such reporting requirements); and (iii) furnish to any Holder, so long as such Holder owns any Registrable Shares,
upon the reasonable request by such Holder, (a) a written statement by the Company that it has complied with the reporting requirements
of Rule 144 (at any time after 90 days after the Effective Date), and of the Securities Act and the Exchange Act (at any time after
it has become subject to such reporting requirements), (b) a copy of the most recent annual or quarterly report of the Company and
(c) such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company
as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing a Holder to sell any such securities
without registration, provided, however, that any such document requested pursuant to clauses (b) or (c) above
and available on the SEC’s EDGAR database shall satisfy any such obligation under clause (b) or (c) above.

 

(b)            Notwithstanding
anything in this Section 2.10, the Company may deregister under Section 12 of the Exchange Act if it is then permitted
to do so pursuant to the Exchange Act and the rules and regulations thereunder.

 

Section 2.11     General
Rules Applicable to Registration Statements. No Holder may participate in any Demand Offering or Company Primary Offering unless
such Holder (x) agrees to sell such Holder’s Registrable Shares on the basis provided in any underwriting arrangements described
above and (y) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements.

 

    -20-

     

    

 

Section 2.12     In-Kind
Distributions. If any Holder seeks to effectuate an in-kind distribution of all or part of its Registrable Shares to its direct or
indirect equityholders pursuant to Section 2.9(a), the Company will, subject to applicable lockups, work with such Holder
and the Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Holder.

 

Article III

 

MISCELLANEOUS

 

Section 3.1     Notices.
All notices, elections, demands or other communications required or permitted to be made or given pursuant to this Agreement shall be
in writing and shall be considered as properly given or made on the date of actual delivery if given by (a) personal delivery, (b) expedited
overnight delivery service with proof of delivery, (c) via facsimile with confirmation of delivery or (d) electronic mail,
addressed to the respective addressee(s). All notices hereunder to the Company or Dynasty Financial Partners shall be mailed to it at
the respective address of its principal place of business and all notices to the Holders shall be mailed to them at their last known
addresses as shown on the books and records of the Company. Any Holder may change its address by giving notice in writing to the other
Holders of its new address.

 

Section 3.2     Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement.

 

Section 3.3     Assignment.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and, subject to Section 2.9
their respective successors and assigns.

 

Section 3.4     Termination.
This Agreement shall terminate when no Registrable Shares remain outstanding; provided that Section 2.8 and Article III
shall survive any termination hereof.

 

Section 3.5     Descriptive
Headings. The descriptive headings of the several sections and paragraphs of this Agreement are inserted for reference only and shall
not limit or otherwise affect the meaning hereof. References herein to Sections are references to Sections of this Agreement, except
as otherwise indicated.

 

Section 3.6     Specific
Performance. The parties hereto recognize and agree that money damages may be insufficient to compensate the Holders for breaches
by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available
in the event of any such breach, without posting a bond or other undertaking, and this being in addition to any other remedy to which
such party is entitled at law or in equity.

 

    -21-

     

    

 

Section 3.7     Governing
Law. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL
LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO RULES OR PRINCIPLES OF CONFLICTS OF LAW REQUIRING THE APPLICATION OF THE LAW OF ANOTHER
STATE.

 

Section 3.8     Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible within a reasonable
period of time.

 

Section 3.9     Waiver
of Jury Trial; Consent to Jurisdiction. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts located in the State of
Delaware or the Delaware Court of Chancery for the purpose of adjudicating any dispute arising hereunder. Each party hereby irrevocably
and unconditionally waives and agrees not to plead or claim in any such court any objection to such jurisdiction, whether on the grounds
of hardship, inconvenient forum or otherwise. Each party further agrees that service of any process, summons, notice or document by U.S.
registered mail to such party’s address as provided pursuant to Section 3.1 shall be effective service of process for
any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in this Section 3.9.

 

Section 3.10     Amendments;
Entire Agreement. Any amendment or waiver of, or any consent given under, any provision of this Agreement shall be in writing by
the Company and Holders holding a majority of the Registrable Securities at the time of determination; provided, that no amendment
to this Agreement shall be effected if such amendment materially adversely affects a Holder or group of Holders in a manner that is disproportionate
relative to the effect on any other Holder, unless such Holder or Holders holding a majority of the Registrable Shares of such group
of Holders at the relevant time of determination consents thereto. Any waiver of any provision of this Agreement shall be subject to
the same approval requirements as an amendment in the event that such amendment would have the same effect as such waiver. This Agreement
supersedes all prior discussions, memoranda of understanding, agreements and arrangements (whether written or oral, including all correspondence),
if any, between the parties with respect to the subject matter hereof, and this Agreement contains the sole and entire agreement between
the parties hereto with respect to the subject matter hereof.

 

Section 3.11     Merger
or Consolidation. In the event the Company engages in a merger or consolidation in which the Registrable Shares are converted into
securities of another company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue
to be provided to the Holders by the issuer of such securities. To the extent such new issuer, or any other company acquired by the Company
in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement,
the Company will, unless the Holders then holding at least a majority of the Registrable Shares otherwise agree, use its reasonable best
efforts to modify any such “inherited” registration rights obligations so as not to interfere in any material respects with
the rights provided under this Agreement. To the extent any such modification of “inherited” registration rights disproportionately
and adversely impacts any Holder hereunder, such modification shall not be effective as to such Holder without the consent of such Holder.

 

Section 3.12     No
Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of or
relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are
expressly identified as parties hereto, and no past, present or future Affiliate, director, officer, employee, incorporator, member,
manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or
liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated
hereby.

 

    -22-

     

    

 

IN WITNESS WHEREOF, the undersigned, intending
to be legally bound hereby, have duly executed this Agreement as of the date first written above.

 

	 	DYNSTY FINANCIAL PARTNERS INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	DYNASTY FINANCIAL PARTNERS, LLC
	 	 
	 	By:	Dynasty Financial Partners Inc.

    Its Managing Member

     

	 	 	By:	
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	 	DYNASTY FINANCIAL MANAGEMENT, LLC
	 	 
	 	By:	Dynasty Financial Partners, LLC

    Its Manager

     

	 	 	By:	
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	 	Stockholders
	 	 
	 	[STOCKHOLDER SIGNATURES BLOCKS]

 

[SIGNATURE PAGES - REGISTRATION
RIGHTS AGREEMENT]

 

    -23-

     

    

 

Exhibit A

 

FORM OF
JOINDER

 

THIS JOINDER (this “Joinder”)
is made and entered into as of [●] by the undersigned (the “New Holder”) in accordance with the
terms and conditions set forth in that certain Registration Rights Agreement by and among Dynasty Financial Partners Inc., a Delaware
corporation (the “Company”), Dynasty Financial Partners, LLC, a Delaware limited liability company (“Dynasty
Financial Partners”), Dynasty Financial Management, LLC (“DM”) and the Holders party thereto,
dated as of [●] (as the same may be amended, restated or otherwise modified from time to time, the “Registration
Rights Agreement”), for the benefit of, and for reliance upon by, the Company, Dynasty Financial Partners and the Holders.

 

WHEREAS, New Holder has acquired certain Registrable
Shares from [●].

 

WHEREAS, the New Holder desires to exercise certain
rights granted to it under the Registration Rights Agreement; and WHEREAS, the execution and delivery to the Company of this Joinder
by the New Holder is a condition precedent to the New Holder’s exercise of any of its rights under the Registration Rights Agreement.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained, the parties to this Joinder hereby agree as follows:

 

(a)            Agreement
to be Bound. The New Holder hereby agrees that upon execution of this Joinder, it shall become a party to the Registration Rights
Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Registration Rights Agreement
as though an original party thereto and shall be deemed a Holder for all purposes thereof.

 

(b)            Successors
and Assigns. Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of and be enforceable by the Company
and its successors, heirs and assigns.

 

(c)            Notices.
For purposes of notices pursuant to the Registration Rights Agreement, all notices, requests and demands to the New Holder shall be directed
to:

 

[Name]

[Address]

 

(d)            Further
Assurances. The New Holder agrees to perform any further acts and execute and deliver any additional documents and instruments that
may be necessary or reasonably requested by the Company to carry out the provisions of this Joinder or the Registration Rights Agreement.

 

(e)            Descriptive
Headings. The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of this Joinder.

 

    A-1

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Joinder to the Registration Rights Agreement as of the date first written
above.

 

	 	DYNASTY FINANCIAL PARTNERS INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	DYNASTY FINANCIAL PARTNERS, LLC
	 	 
	 	 
	 	By:	Dynasty Financial Partners Inc.

    Its Managing Member
	 	 	 
	 	 	By:	
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	 	DYNASTY FINANCIAL MANAGEMENT, LLC
	 	 
	 	By:	Dynasty Financial Partners, LLC

    Its Manager

     

	 	 	By:	
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	 	[HOLDERS]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    A-2

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