Document:

Dated
this 16th day of February 2021

 

Between

 

SOCIETY
PASS INCORPORATED

 

GOODBENTURES
SEA LIMITED

 

And

 

SOPA
TECHNOLOGY PTE. LTD.

 

 

	 
	SHAREHOLDERS’
    AGREEMENT
	 

 

 

 

 

20
Cecil Street

#10-03,
PLUS

Singapore
049705

Telephone:
(65) 62280300

Facsimile:
(65) 62280329

Website:
www.chp.law

 

    	 	1	 

     

    

 

Contents

	1.
    CONDITIONALITY OF AGREEMENT	3
	2.
    CONDUCT OF THE BUSINESS	3
	3.
    THE BOARD	4
	4.
    GENERAL MEETINGS OF THE BOARD OF DIRECTORS	7
	5.
    FINANCING	9
	6.
    DIVIDEND POLICY	9
	7.
    ISSUE OF NEW SHARES	10
	8.
    TRANSFER OF SHARES	11
	9.
    CONFIDENTIALITY	14
	10.
    TERMINATION	15
	11.
    SPIRIT AND INTENTION OF THIS AGREEMENT	16
	12.
    PERFORMANCE OF THIS AGREEMENT	16
	13.
    EQUITABLE RELIEF	16
	14.
    ASSIGNMENT	16
	15.
    COSTS	16
	16.
    NOTICES	16
	17.
    ENTIRE AGREEMENT	17
	18.
    AGREEMENT TO PREVAIL	18
	19.
    REMEDIES AND WAIVER	18
	20.
    AMENDMENTS	18
	21
    . COUNTERPARTS	18
	22.
    SEVERABILITY	18
	23.
    ILLEGALITY	19
	24.
    NO PARTNERSHIP	19
	25.
    THIRD PARTY RIGHTS	19
	26.
    GOVERNING LAW AND JURISDICTION	19
	SCHEDULE
    1 DEFINITIONS AND INTERPRETATION
	SCHEDULE
    2 SHAREHOLDING STRUCTURE
	SCHEDULE
    3 GSL SHAREHOLDERS
	SCHEDULE
    4 SHAREHOLDER RESERVED MATTERS
	SCHEDULE
    5 FORM OF DEED OF RATIFICATION AND ACCESSION

 

    	 	2	 

     

    

 

This
Shareholders' Agreement (this "Agreement") is entered into on this 16 day of February 2021,

 

BETWEEN

 

(1)
SOCIETY PASS INCORPORATED Company Registration No. T19UF4244A), a company

incorporated
under the laws of the state of Nevada, the United States and having its registered office

at
701 S. Carson Street, Suite 200, Carson City, NV 89701 ("SPI");

 

(2)
GOODVENTURES SEA LIMITED (Hong Kong Company Registration No. 2179136), a company

incorporated
under the laws of Hong Kong and having its registered office at 31/F., Tower Two,

Times
Square, 1 Matheson Street, Causeway Bay, Hong Kong ("GSL");

 

AND

 

(3)
SOPA TECHNOLOGY PTE. LTD. (UEN No. 201918025E), a company incorporated under the

laws
of Singapore and having its registered office at 11 Collyer Quay # 14-06 The Arcade

Singapore
049317 (the "Company' ),

 

(each
a "Party", and collectively, the "Parties' ).

 

Unless
the context otherwise requires, the definitions and interpretative provisions in Schedule 1 apply

throughout
this Agreement.

 

WHEREAS

 

(A)
On 16 February 2021, GSL and the Company entered into the Asset Purchase Agreement pursuant

to
which GSL agreed to subscribe for 1,500 Shares.

 

(B)
Upon Completion, GSL will be a Shareholder and the Company shall have the shareholding

structure
set out in Part 8 of Schedule 2.

 

(C)
The Parties have agreed to enter into this Agreement to record the terms governing the future affairs

of
the Company and the relationship between the Shareholders.

 

IT
IS AGREED as follows,

 

1.
CONDITIONALITY OF AGREEMENT

 

This
Agreement shall come into full force and effect upon Completion, and if the Asset Purchase

Agreement
shall terminate prior to Completion, then this Agreement (save for the Surviving

Provisions)
shall also terminate.

 

2.
CONDUCT OF THE BUSINESS

 

2.1
The business of the Company shall be operating e-commerce and loyalty platform in Southeast

Asia
and South Asia (the "Business") unless otherwise agreed by the Shareholders in

accordance
with this Agreement.

 

2.2
The Parties agree that:

 

(a)
the Business shall be conducted in accordance with sound and best business and

management
practices related to the Business;

 

    	 	3	 

     

    

 

(b)
they shall ensure that an necessary licences, approvals, and permits in connection with

the
Business are obtained and maintained and that the Business is conducted In full

compliance
with all legal requirements from time to time in force applicable to the Business:

 

(c)
each of them will not act:

 

(i)
otherwise than in accordance with all applicable law; or

 

(ii)
in any way which is reasonably likely to expose any Director, Shareholder or officer

of
the Company to civil or criminal liability or sanction under any applicable law;

 

{d)
each of them will comply with the provisions of this Agreement and the Constitution and

 

will
act in such manner to achieve the full intent and purpose of this Agreement; and

 

(e)
any transaction, arrangement, or dealing by the Company with any related party or

interested
person shall be entered into on an arm's length basis and on terms and

conditions
not less favourable to the Company than those terms and conditions obtainable

in
the open market from bona fide third-party suppliers of goods or services of a similar

nature,
quality and, where applicable, volume.

 

2.3
The Leflair IPRs

 

The
Parties agree that:

 

(a)
the Leflair Group logos, trademarks, and brand names as set out in Schedule 2 of the

Asset
Purchase Agreement (the "Leflalr IPRs") shall be owned by Society Technology

LLC
Company Registration No. C20190124-2170), a company incorporated under the laws

of
the state of Nevada ("STL");

 

(b)
save for the Company, no Party shall use the Leffair IPRs unless with the prior consent of

a
minimum of 50% of the voting rights of the CSL Shareholders, or a minimum of at least

7.5%
voting rights of the 15% shareholding that the GSL Shareholders hold in the

Company,
(either at a General Meeting or in writing);

 

(c)
the Company shall not be required to pay any royalties or other fees for its use of the Leflair

IPRs;
and

 

(d)
The Leffair IPRs are to used exclusively by the Company.

 

2.4
No Balance Sheet Debt

 

The
Parties agree that:

 

(a)
if not already procured at Completion, the Company shall as soon as practicable convert

all
outstanding debt which is owed by SPI to the Company into equity, such that SPI shall

hold
8,500 Shares representing 85% of the total issued and paid-up share capital of the

Company
on a fully diluted basis; and

 

(b)
the Company represents and warrants to GSL that there are no debts or liabilities on the

balance
sheet of the Company as at Completion.

 

3.
THE BOARD

 

3.1
Remit of the Board

 

The
Board shall be responsible for the overall direction, supervision, and management of the

Company.

    	 	4	 

     

    

 

3.2
Composition of the Board

 

The
Board shall comprise of 2 Directors, or such number as may be amended from time to time

in
accordance with this Agreement and the applicable law.

 

3.3
Appointment Removal and RepJacement of Directors

 

(a)
SPI shall have the right to appoint the Directors and designate the removal or replacement

of
those Directors. For the avoidance of doubt, GSL shall not have the right to appoint any

Director(s).

 

(b)
If a Director appointed in accordance with Clause 3.3(a):

 

(i)
is removed from office or vacates his office for any cause; or

 

(ii)
ceases to be qualified to act as a Director under any applicable law,

then
the Shareholder who appointed that Director referred to in Clause 3.3(a) shall be

entitled
to replace the Director in accordance with this Clause 3. 3.

 

(c)
The appointment, replacement or removal of a Director in accordance with Clause 3.3(a)

shall
be by notice in writing to the Company which will then provide a copy of such notice

to
the other Shareholder(s).

 

(d)
Each Director shall be deemed to have vacated his office if the Shareholder who appointed

him
ceases to hold any Shares and such Shareholder shall forthwith procure that such

Director
resigns from his office with effect from the date the Shareholder ceases to hold

any
Shares.

 

(e)
Where a Director appointed by a Shareholder resigns or where a Shareholder removes or

replaces
a Director appointed by it, that Shareholder shall be responsible for and shall

indemnify
each of the other Shareholder(s) and the Company in respect of any losses,

liabilities
and costs that may arise out of or in connection with the resignation, removal or

replacement
of that Director, including any claim by that Director for wrongful or unfair

dismissal.

 

3.4
Board Observer Rights

 

(a)
GSL shall, for as long as it remains as a Shareholder holding any Shares, be entitled to:

 

(i)
attend, or appoint a representative to attend, each and any Board Meeting and any

meeting
of any committee of the Board as an observer; and

 

(ii)
receive any notices with respect to such meetings in accordance with Clause 3.7(a).

 

(b)
Where GSL has been struck off and deregistered and has assigned all of its rights under

this
Agreement to the GSL Shareholders, the GSL Shareholders shall, for as long as they

remain
as Shareholders holding any Shares, be entitled to:

 

(i)
appoint a representative to attend each and any Board Meeting and any meeting of

any
committee of the Board as an observer, which appointment shall be decided by

a
simple majority of the total voting rights of all of the GSL Shareholders; and

 

(ii)
receive any notices with respect to such meetings in accordance with Clause 3. 7(a).

 

3.5
Remuneration of Directors

 

No
fees or any other form of remuneration shall be paid or be payable to any Director in any

given
Financial Year, unless otherwise decided and/or approved by the Shareholders representing at

least
50% of the total voting rights of all the Shareholders at a General Meeting.

    	 	5	 

     

    

3.6
Frequency and Location of Board Meetings

 

(a)
Meetings of the Board (each a 'Board Meeting') shall be held at least 1 time each year or

at
such other frequency as the Board may determine from time to time.

 

(b)
Board Meetings shall be held in Singapore or at such other place as the Board may

determine
from time to time.

 

(c)
Subject to any applicable law, Board Meetings may be held as physical meetings, or

conducted
by means of telephone or audio-visual conferencing or other methods of

simultaneous
communication by electronic, telegraphic or other means by which all

persons
participating in the meeting are able to hear and be heard at all times by all other

participants
without the need for a Director to be in the physical presence of the other

Directors
and participation in the meeting in this manner shall be deemed to constitute

presence
in person at such meeting. The Directors participating in any such meeting shall

be
counted In the quorum for such meeting and subject to there being a requisite quorum

at
all times during such meeting, all resolutions agreed by the Directors in such meeting

shall
be deemed to be as effective as a resolution passed at a Board Meeting in person of

the
Directors duly convened and held. A Board Meeting conducted by means of a

telephone
or a video conference or similar communications equipment is deemed to be

held
at the place agreed upon by the Directors attending the meeting, provided that at least

one
of the Directors present at the meeting was at that place for the duration of the meeting.

 

(d)
The Parties shall procure that their respective appointed Directors make their best efforts

to
attend all Board Meetings in person.

 

3.
7 Notice and Minutes of Board Meetings

 

(a)
Any Director may at any time, summon a Board Meeting by providing all the other

Directors
with at least 14 days' written notice before the date of the Board Meeting (or such

shorter
period of notice in respect of any particular meeting as may be agreed in writing by

all
the Directors). The notice requirement may be waived with the unanimous consent of

all
the Directors.

 

(b)
Each notice of a Board Meeting must:

 

(i)
specify the date and location of the Board Meeting; and

 

(ii)
set out, in reasonable detail, the agenda of the business to be discussed at the

Board
Meeting (accompanied by, where applicable, any relevant documents to be

discussed),

and
no Board Meeting shall vote on, discuss or resolve any matter not specified or referred

to
in the agenda unless all the Directors are present at the Board Meeting and have

otherwise
agreed to vote on, discuss or resolve such matter.

 

(c)
Discussions at each Board Meeting shall be duly recorded by such person as the Board

may
direct, and minutes of the Board Meeting shall be drawn up in English and circulated

to
all of the Directors within 14 days of the Board Meeting. Records of all meetings should

be
kept at the Company's registered office or at any other address as the Board may

determine.

 

3.8
Quorum for Board Meetings

 

(a)
No business shall be transacted at any Board Meeting unless a quorum is present

    	 	6	 

     

    

 

{b)
The quorum necessary for the transaction of business at a Board Meeting shall comprise

at
least 1 Director appointed by SPI.

 

(c)
If a quorum is not present at a Board Meeting within 30 minutes from the time specified for

the
meeting, or if during the meeting, a quorum is no longer present, then the meeting shall

be
adjourned to a date at least 7 days thereafter at the same time and place and the

quorum
for such adjourned meeting shall be the same as that stated in Clause 3.8(b). If a

quorum
is not present at such adjourned meeting within 30 minutes from the time specified

for
such adjourned meeting, or if during such adjourned meeting, a quorum is no longer

present,
then such adjourned meeting shall be further adjourned to a date at least 7 days

thereafter
at the same time and place and the Director(s) present for such further

adjourned
meeting shall constitute the quorum for such further adjourned meeting. No

more
than 2 such adjournments may be made in respect of a Board Meeting.

 

3.9
Chairman and Voting

 

(a)
The position of chairman of the Board (the "Chairman") shall be a Director nominated by

SPI
in accordance with Clause 3.3.

 

(b)
The Board shall decide on all matters by simple majority vote of all Directors present and

voting.
Each Director shall have one vote and in the event of an equality of votes, the

Chairman
shall have a second or casting vote.

 

3.1
Resolution in Writing

 

Subject
to any applicable law, a resolution in writing signed by a simple majority of the Directors

shall
be valid and effectual as if it had been passed at a Board Meeting duly convened and held

provided
that at least 7 days' written notice has been given to all the Directors. Any such

resolution
In writing may consist of several documents in like form each signed by one or more

of
the Directors. Such resolution in writing shall be effective as of the date of the resolution or if

the
resolution its signed in two or more counterparts, as of the last date appearing on the

counterparts.

 

4.
GENERAL MEETINGS OF THE COMPANY

 

4.1
Subject to this Clause 4, all meetings of the Shareholders (each a "General Meeting") shall take

place
in accordance with applicable law and the Constitution.

 

4.2
Either the Board or the Shareholders (where entitled to do so pursuant to the Constitution and

applicable
law) may convene a General Meeting by notice in writing to the Shareholders given in

accordance
with Clause 4.3.

 

4.3
Notice

 

(a)
Each Shareholder shall be entitled to receive not less than 14 days' written notice

(exclusive
of the date on which the notice is served or treated to be served, but inclusive

of
the day for which notice is given) of any General Meeting or such shorter period of notice

in
respect of any particular meeting as may be unanimously agreed in writing by all

Shareholders.

 

(b)
Each notice of a General Meeting shall:

 

(i)
specify the location, date and time of the meeting;

 

(ii)
set out, in reasonable detail, the agenda of the business to be discussed at the

meeting
(accompanied by, where applicable, any relevant documents to be

discussed);
and

    	 	7	 

     

    

(iii)
include, with reasonable prominence, a statement as to the rights of the member to

appoint
a proxy or proxies to attend and vote instead of the member, and that a

proxy
need not also be a member,

and
no General Meeting shall vote on, discuss or resolve any matter not specified or

referred
to in the agenda unless all Shareholders are present at the meeting and have

otherwise
agreed to vote on, discuss or resolve such matter.

 

4.4
Quorum

 

(a)
No business shall be transacted at any General Meeting unless a quorum is present at the

time
when the meeting proceeds to business.

 

(b)
The quorum necessary for the transaction of business at a General Meeting (including any

adjourned
General Meeting) shall comprise of at least a representative of SP!. For the

avoidance
of doubt, a quorum shall be present if only the representative of SP! is present

at
the General Meeting.

 

(c)
If a quorum is not present at a General Meeting within 30 minutes from the time appointed

for
holding the meeting, the General Meeting shall be adjourned to a date at least 7 days

thereafter
at the same time and place and the quorum for such adjourned meeting shall

be
the same as that stated in Clause 4.4(b). Notice of any adjourned General Meeting shall

be
given to each Shareholder at least 3 days prior to such adjourned General Meeting. If

a
quorum is not present at such adjourned General Meeting within 30 minutes from the

time
appointed for holding such adjourned meeting, the General Meeting shall be

dissolved.

 

4.5
Chairman

 

(a)
The chairman of all General Meetings shall be the Chairman.Subject to Clause 4.4, If the

Chairman
is not present et any General Meeting, the chairman for that General Meeting

shall
be a Shareholder elected by the Chairman for the purpose of being the chairman of

that
General Meeting.

 

(b)
The chairman of any General Meeting shall be entitled to a casting vote at any General

Meeting
in the event of an equality of votes on any matter.

 

4.6
Voting

 

Subject
to the Companies Act or the Constitution, all matters raised at a General Meeting save

in
respect of any Shareholder Reserved Matter shall be decided by a simple majority of the total

voting
rights of all Shareholders, present (whether personally or by proxy, attorney or other duly

authorised
representative) and voting. For the avoidance of doubt, the Shareholders shall not

take
any decision in relation to any of the Shareholder Reserved Matters save as set out in Clause

4.10.

 

4.7
Frequency and Location

 

(a)
General Meetings shall be held at such frequency as may be necessary for the effective

administration
and management of the Company, provided that at least 1 General Meeting

shall
be held each year.

 

(b)
All General Meetings shall be held in Singapore unless otherwise unanimously agreed by

the
Shareholders.

 

(c)
Subject to applicable law, a Shareholder may participate in a General Meeting by means

of
telephone or audio-visual conferencing or other methods of simultaneous

communication
by electronic, telegraphic or other means by which all persons participating

in
the meeting are able to hear and be heard at all times by all other participants and

participation
in this manner shall be deemed to constitute presence in person at such

    	 	8	 

     

    

 

meeting.
The Shareholders participating in any such General Meeting shall be counted in

the
quorum for such meeting and, subject to there being a requisite quorum at all times

during
such meeting, all resolutions agreed by the Shareholders in such meeting shall be

deemed
to be as effective as a resolution passed at a General Meeting in person duly

convened
and held. A General Meeting conducted by means of a telephone or a video

conference
or similar communications equipment is deemed to be held at the place agreed

upon
by the Shareholder(s) attending the meeting, provided that at least 1 of the

Shareholder(s)
present at the meeting was at that place for the duration of the meeting.

 

4.8
Resolution in Writing

 

A
resolution in writing shall have the same effect and validity as an ordinary resolution passed at

a
General Meeting duly convened and held. Such resolution in writing shall be effective as of the

date
of the resolution or if the resolution is signed in two or more counterparts, as of the last date

appearing
on the counterparts. The expressions ' in writing• and "signed" include approval by

electronic
or facsimile transmission.

 

4.9
Minutes

 

(a)
Discussions at each General Meeting shall be duly recorded by such person as the

chairman
of the meeting may direct Records of all meetings should be kept at the

Company's
registered office or at any other address as the Board may determine.

 

(b)
Proceedings of General Meetings and all papers, minutes and notices shall be in English.

 

4.10
Shareholder Reserved Matters

 

(a)
Each Party shall use their respective powers to ensure that no action or decision is taken

or
resolution passed in respect of those matters set out in Schedule 4 (the "Shareholder

Reserved
Matters•), save with the consent of a minimum of 50% of the voting rights of

the
GSL Shareholders. or a minimum of at least 7.5% voting rights of the 15% shareholding

that
the GSL Shareholders hold in the Company (either at a General Meeting or in writing).

 

(b)
Any Director or Shareholder who has a direct or indirect interest in any matter set out in

Schedule
4 shall be obliged to declare the nature of such interest and shall once such

interest
has been declared be entitled to vote on that matter.

 

5.
FINANCING

 

5.1
The Company shall, as far as reasonably practicable, be self-financed from the cash flow of the

Business.

 

5.2
If the Company requires additional finance, such additional financing shall be obtained, so far as

reasonably
practical, in the following order of preference:

 

(a)
first, by way of the Company's internal resources;

 

(b)
second, by way of external borrowings from banks, financial institutions and/or other third

parties
on the most favourable terms reasonably obtainable as to interest, repayment and

security;

 

(c)
third, by way of loans obtained from the Shareholders; and

 

(d)
fourth, by way of issue of new Shares or other securities in the Company to the

Shareholders
and/or other third parties.

 

5.3
The Shareholders agree that any future issuance of Shares shall be carried out at a minimum

share
price of US$2,500. For example, if SPI injects US$5,000,000 into the Company, SPI will

    	 	9	 

     

    

 

subscribe
for 2,000 Shares at a price of USS2,500 per Share and the total number of Shares in

the
share capital of the Company will be increased to 12,000 Shares.

 

5.4
If any undertaking, guarantee or security is required in relation to any financing obtained by the

Company,
the Shareholders agree that such undertaking, guarantee or security shall be, to the

extent
practically possible, provided by the Company.

 

5.5
For the avoidance of doubt, unless otherwise agreed, no Shareholder shall be obliged to provide

any
further funds to finance the Business.

 

6
.. DIVIDEND POLICY

 

6.1
Subject to Clause 6.2, the Constitution and any applicable law, the profits of the Company in

respect
of each Financial Year, or such percentage thereof, may be paid out as dividends to the

Shareholders
in accordance with their Shareholding Proportion at such time and in such amounts

as
the Board may determine from time to time.

 

6.2
The Parties agree that the Company shall not declare, pay or make any dividend or other

distribution
which is or would be prohibited by the Companies Act.

 

7.
ISSUE OF NEW SHARES

 

7.1
If the Company proposes to issue and allot new Shares (the 'New Shares"), each Shareholder

shall
be notified in writing of such issuance, the number of the New Shares to be issued, the

terms
of the issue and the subscription price per Share of the New Shares.

 

7.2
The New Shares shall be offered to each Shareholder in their respective Shareholding Proportion,

and
in accordance with the Constitution and any applicable law (a "Subscription Offer").

 

7.3
A Subscription Offer may be accepted by a Shareholder as to some or all of the New Shares

comprised
in such Subscription Offer within 30 days from the date of the Subscription Offer and

failing
such acceptance shall be deemed to be declined.

 

7.4
Where a Subscription Offer is declined or deemed to have been declined, the other Shareholder(s)

who
have so accepted their respective Subscription Offers in full shall, for a further period of 30

days
following the 30-day period mentioned in Clause 7.3, have the option but not the obligation

to
subscribe for its Pro Raia Share of the New Shares that have been declined or deemed to be

declined
by the other Shareholder(s) (the "Declined Shares' ). If any Declined Shares remain

unsubscribed
following the operation of this Clause 7.4, then this Clause 7.4 shall operate mutalis

mutandis
on a repeated basis until such time as either: (a) none of the Shareholders exercises

its
right to subscribe for Declined Shares; or (b) all such Declined Shares have been allocated

for
subscription.

 

For
the purposes of this Clause 7.4, a Shareholder's "Pro Rata Share" of any Declined Shares

shall
be equal to (i) the total number of Declined Shares multiplied by (ii) a fraction, the numerator

of
which shall be the aggregate number of Shares held by such Shareholder on the date of the

Subscription
Offer and the denominator of which shall be the total number of Shares held on

such
date by all Shareholders who have not previously declined to exercise their rights under this

Clause
7.4 in relation to such Declined Shares.

 

7
..5 Any Declined Shares not accepted for purchase under Clause 7.4 may be offered for subscription

to
non-Shareholders on terms no more favourable than those comprised in the Subscription Offer

for
a period not exceeding 6 months from the expiration of the later of the period for acceptance

in
Clause 7.3 and, if applicable, Clause 7.4, provided that such an offer will be conditional on:

(a)
the non-Shareholder not being a Competitor of the Company and not possessing interests

which
may conflict (directly or indirectly) with or are detrimental to the Business, unless the

    	 	10	 

     

    

 

prior
written unanimous consent of all the other Shareholder(s) is obtained at a General

Meeting
or pursuant to a resolution in writing;

 

(b)
the procurement of all consents, authorisations, orders or approvals from any state,

government
or regulatory body or any other person to whom the Company owes an

obligation
to in relation to any change of its Shareholders; and

 

(c)
the non-Shareholder executing a Deed of Ratification and Accession prior to the

contemplated
issuance.

 

8.
TRANSFER OF SHARES

 

8.1
No Shareholder shall. whether directly or indirectly, Transfer any of its Shares save as in

accordance
with the terms and conditions as set out in this Clause 8.

8.2
General

 

(a)
The Transfer shall be conditional on:

 

(i)
the transferee not being a Competitor and not possessing interests which may

conflict
(directly or indirectly) with or are detrimental to the Business, unless the prior

written
unanimous consent of all the other Shareholder(s) is obtained at a General

Meeting
or pursuant to a resolution in writing;

 

(ii)
the procurement of all consents. authorisations, orders or approvals from any state,

government
or regulatory body or any other person to whom the Company owes an

obligation
to in relation to any change of its Shareholders;

 

(iii)
the Transfer not being prohibited by, or a breach of, any applicable law to which the

Parties
may be bound: and

 

(iv)
the transferee executing a Deed of Ratification and Accession prior to the

contemplated
Transfer if such transferee is not already bound by the provisions of

this
Agreement.

 

(b)
The Transfer shall be of the entire legal and beneficial interest in such Shares, free from

any
Encumbrances.

 

(c)
Any costs and expenses arising from or in connection to a Transfer of any Shares

{including
stamp duty) shall be borne by the transferor unless otherwise agreed in writing

between
the relevant parties involved in the Transfer.

 

8.3
Right of First Refusal

 

Any
Shareholder {the "Selling Shareholder") intending to Transfer its Shares to a third party {the

"Third
Party Purchaser") shall grant to the other Shareholder(s) (the "Non-Selling

Shareholders")a
right of first refusal with respect to the Shares held by such Selling Shareholder

in
accordance with the following procedure set out in this Clause 8.3.

 

(a)
The Selling Shareholder shall deliver a notice in writing of such intention (the "Transfer

Notice")
to the Non-Selling Shareholders, stating the identity of the intended Third Party

Purchaser,
the number of Shares that the Selling Shareholder intends to Transfer (the

"Transfer
Shares"), the intended price per Transfer Share (the "Prescribed Price") and

any
other material terms agreed between the Selling Shareholder and the Third Party

Purchaser.
Additionally, the Transfer Notice shall provide an offer (the "Transfer Offer")

to
the Non-Selling Shareholders to purchase the Transfer Shares pro rata and further

specify
a period (the "Offer Period") being not less than 30 days from the date of the

Transfer
Notice within which the Transfer Offer must be accepted or (in default of

    	 	11	 

     

    

 

acceptance)
will lapse.

 

(b}
The Non-Selling Shareholders must elect, by written reply to the Selling Shareholder within

the
Offer Period, to purchase all or part of the Transfer Shares, upon the terms specified

in
the Transfer Notice (the "Acceptance Notice'). If any of the Non-Selling Shareholders

fails
to give such Acceptance Notice within the Offer Period, it shall be deemed to have

declined
the Transfer Offer in full.

 

(c)
Where a Transfer Offer (or any part thereof) is declined or deemed to have been declined,

the
Selling Shareholder shall give notice, within 7 days of the expiry of the Offer Period, to

the
other Non-Selling Shareholders who have so accepted their respective Transfer Offers

in
full (the "Accepting Shareholders") of the number of Transfer Shares that have been

declined
or deemed to be declined (the · oeclined Transfer Shares"). Such Accepting

Shareholders
shall, for a further period of 30 days from the date of the notice of the

Declined
Transfer Shares (the "Second Offer Period' ), have the option to accept some

or
all of the Declined Transfer Shares. Should there be more Declined Transfer Shares

applied
for than are available, they shall be allocated to the Accepting Shareholders as

nearly
as the circumstances admit, in the same proportion that the number of Shares held

by
each of the Accepting Shareholders on the date of the Transfer Offer bears to the total

number
of Shares held by all the Accepting Shareholders on such date or such other

proportion
as may be agreed in writing between the Accepting Shareholders.

 

(d)
If a Non-Selling Shareholder accepts any Transfer Shares in accordance with Clauses

8.3(b)
and/or 8.3(c), the Non-Selling Shareholder shall beccme bound to pay the

Prescribed
Price in relation to the number of Transfer Shares to be acquired by the NonSelling

Shareholder
within 14 days of the expiration of the Second Offer Period (or if there

is
no Second Offer Period, within 14 days of the expiration of the Offer Period) and the

Selling
Shareholder shall be bound (upon payment therefor) to Transfer such Shares to

the
Non-Selling Shareholder.

 

(e)
If in any case the Selling Shareholder after having become bound as aforesaid makes

default
in Transferring the Shares, the Company may receive the purchase money and the

Selling
Shareholder shall be deemed to have appointed any one Director or the secretary

of
the Company as its agent to execute a Transfer of the Shares to the Non-Selling

Shareholder(s),
and upon the execution of such Transfer the Company shall hold the

purchase
money on trust for the Selling Shareholder.

 

(f)
The receipt by the Company of the purchase money shall be a good discharge to the NonSelling

SharehOlder,
and after the Non-Selling Shareholder's name has been entered in

the
register of members in purported exercise of the power in Clause 8.3(e), the validity of

the
proceedings shall not be questioned by any person.

 

(g)
If any Transfer Shares specified in a Transfer Notice remain unsold at the expiration of the

Seccnd
Offer Period (or if there is no Second Offer Period, at the expiration of the Offer

Period)
(the "Remaining Transfer Shares"), the Selling Shareholder may during the 6-

month
period following the expiration of the Offer Period (or the Second Offer Period, as

the
case may be), offer all (and not some only) of the Remaining Transfer Shares to the

 

Third
Party Purchaser:

 

(i)
subject to the Tag-Along Right of the other Shareholder(s); and

 

(ii)
at a price not less than the Prescribed Price, and upon terms not more favourable

to
the Third Party Purchaser than those specified in the Transfer Notice.

 

8.4
Tag-Along Right

 

(a)
If the Remaining Transfer Shares amount to more than 50% of the total number of Shares.

the
Selling Shareholder shall be obliged to:

 

(i)
inform the Third Party Purchaser that each of the other Non-Selling Shareholders

    	 	12	 

     

    

 

have
the right, but not the obligation, to participate by selling up to a maximum

number
of its Shares equivalent to a proportion of the Remaining Transfer Shares

that
is, as nearly as the circumstances admit, in the same proportion that the number

of
Shares held by the Non-Selling Shareholder bears to the total number of Shares

(the
"Tag-Along Right"); and

 

(ii)
within 7 days of making the offer to the Third Party Purchaser pursuant to Clause

8.3(g),
serve a written notice to the Non-Selling Shareholders (the "Tag-Along Offer

Notice").

 

(b)
Each Non-Selling Shareholder may exercise its Tag-Along Right by giving written notice

to
the Selling Shareholder within 14 days after the date of the Tag-Along Offer Notice,

stating
the number of Shares that the Non-Selling Shareholder wishes to Transfer to the

Third
Party Purchaser (the •rag-Along Shares").

 

(c)
If no Non-Selling Shareholder exercises its Tag-Along Right within 14 days after the date

of
the Tag-Along Offer Notice, the Selling Shareholder shall be free to complete the

Transfer
of the Remaining Transfer Shares to the Third Party Purchaser.

 

(d}
If any Non-Selling Shareholder does exercise its Tag-Along Right in accordance with

Clause
8.4(b), the Selling Shareholder shall not agree to Transfer the Remaining Transfer

Shares
to the Third Party Purchaser:

 

(i)
before the expiry of the 14-day period referred to in Clause 8.4(b); and

 

(ii)
if any Tag-Along rights are exercised in accordance with Clause 8.4(b), unless the

Third
Party Purchaser agrees to purchase all of the Tag-Along Shares on terms and

conditions
no less favourable than the terms and conditions applicable to the

Transfer
of the Remaining Transfer Shares from the Selling Shareholder to the Third

Party
Purchaser.

 

(e)
If the Selling Shareholder does not enter into an agreement with the Third Party Purchaser

for
the sale of the Remaining Transfer Shares (and the Tag-Along Shares, if any) within 6

months
from the expiration of the Offer Period (or the Second Offer Period, as the case

may
be), or if such sale is not completed within 30 days following the execution of such

agreement,
then the right of the Selling Shareholder to Transfer the Remaining Transfer

Shares
to the Third Party Purchaser shall lapse and if the Selling Shareholder

subsequently
wishes to Transfer the Remaining Transfer Shares, it shall be required to

make
a new offer to the other Shareholder(s) in accordance with Clause 8.3.

 

8.5
Drag-Along Right

 

(a)
Notwithstanding Clause 8.3, if the Shareholders who have an aggregate Shareholding

Proportion
of at least 86% (the "Drag-Along Transferors") propose to Transfer (whether

as
a single transaction or a series of related transactions) at least 86% of the Shares in a

bona
fide sale to a third party (the "Drag-Along Transferee') on arm's length terms, the

Drag-Along
Transferors shall have the right (but not an obligation) to require the other

Shareholder(s)
(the "Drag-Along Shareholders") to sell up to a pro-rata proportion of their

Shares
(the "Drag-Along Shares") to the Drag-Along Transferee in accordance with the

provisions
of this Clause 8.5 with the intention that the Drag-Along Shareholders may only

be
required to sell an equal proportion of their shares to the Drag-Along Transferee (as

compared
against the Drag-Along Transferor proposing to transfer the smallest proportion

of
their shares among all the Drag-Along Transferors as a group).

 

(b)
If the Drag-Along Transferors choose to exercise the drag-along right under Clause 8.5(a),

they
shall provide notice in writing of such intention to the Drag-Along Shareholders and

the
Company (the "Drag-Along Notice') which specifies:

 

(i)
that the Drag-Along Shareholders are required to transfer all of the Drag-Along

Shares
pursuant to this Clause 8.5;

    	 	13	 

     

    

 

(ii)
the identity and particulars of the Drag-Along Transferee;

 

(iii)
the price per Drag-Along Share, which must be the same as the price per Share

agreed
between the Drag-Along Transferors and the Drag-Along Transferee;

 

(iv)
the terms of such Transfer, which must be the same as the terms agreed between

the
Drag-Along Transferors and the Drag-Along Transferee; and

 

(v)
the proposed date of the Transfer.

 

(c)
Upon receiving the Drag-Along Notice and subject to Clause 8.5(d), the Drag-Along

Shareholders
shall be obliged to Transfer the Drag-Along Shares to the Drag-Along

Transferee
at the price and on the terms set out in the Drag-Along Notice.

(d)
The obligation of the Drag-Along Shareholders to Transfer the Drag-Along Shares to the

Drag-Along
Transferee in accordance with Clause 8.5(c) shall be conditional on:

 

(i)
the price per Drag-Along Share being the same as the price per Share agreed

between
the Drag-Along Transferors and the Drag Along Transferee; and

 

(ii)
such Transfer being on the same terms as those agreed between the Drag-Along

Transferors
and the Drag-Along Transferee.

 

(e)
If any of the Shareholders defaults in Transferring the Shares to be Transferred by it

pursuant
to the drag-along process set out in this Clause 8.5, such defaulting Shareholder

shall
be deemed to have irrevocably appointed any one Director or the secretary of the

Company
to be its agent to execute all necessary Transfer(s) of its Shares on its behalf

and
against receipt of the consideration payable for such Shares (which shall be held on

trust
for the defaulting Shareholder), the Company shall deliver such Shares to the Third

Party
Purchaser and the Directors shall forthwith register the Third Party Purchaser as the

holder
thereof and the validity of such proceedings shall not be questioned or challenged

by
any person.

 

8.6
Void Transfers

 

Any
purported Transfer of Shares by a Shareholder in violation of this Agreement shall be null

and
void and be of no force and effect and the purported transferees shall have no rights or

privileges
in or with respect to the Company or the Shares purported to have been so Transferred.

The
Company shall refuse to recognise any such Transfers of Shares and shall not reflect on its

records
any change in ownership of such Shares purported to have been so transferred.

 

8.
7 Exceptions

 

The
provisions of this Clause 8 shall not apply in connection with any Transfer of Shares pursuant

to
and in accordance with:

 

(a)
where it is intended for GSL to be struck off, wound up, or deregistered, a lawful distribution

in
specie by GSL to its shareholders whose particulars are set out in Schedule 3 (the "GSL

Shareholders'),
save that the provisions of Clause 8.2 (save for Clauses 8.2(a)(i) and

8.2(a)(ii))
shall apply in respect of such Transfer; or

 

(b)
such other exceptions as the Shareholders may agree in writing from time to time.

 

9.
CONFIDENTIALITY

 

9.1
Each Party undertakes to the other Parties that it shall (and shall procure that its Representatives

shall):

    	 	14	 

     

    

 

(a)
not, without the prior written consent of the other Parties, use or disclose to any person

Confidential
Information it has or acquires; and

(b)
make reasonable efforts to prevent the use or disclosure of Confidential Information.

 

9.2
The confidentiality obligations under Clause 9.1 shall not apply to:

 

(a)
any information that the Parties mutually agree in writing is not confidential;

 

(b)
any information obtained which becomes generally known to the public, other than by

reason
of any wilful or negligent act or omission of a Party or its Representatives;

 

(c)
any information which is required to be disclosed by a Party pursuant to any applicable

laws
or any requirement of any competent governmental or statutory authority or pursuant

to
rules or regulations of any relevant regulatory, administrative or supervisory body

(including
without limitation, any relevant stock exchange, central monetary authority, or

securities
council), provided that prior written notice is given to the other Parties of the

contents
and timing of such disclosure or where such prior written notice is not practical,

contemporaneous
written notice of such disclosure;

 

(d)
any information which is required to be disclosed pursuant to any legal process issued by

any
court or tribunal whether In Singapore or in any other applicable jurisdiction;

 

(e)
any information disclosed by the Parties in confidence to their Representatives for a

purpose
reasonably incidental to this Agreement;

 

(f)
any information which was available to the receiving Party on a non-confidential basis

before
disclosure by the disclosing Party;

 

(g)
information obtained by a Party from a third party lawfully in possession of such information

and
without any breach of such third party's obligations of confidentiality; and

 

(h)
information which is independently developed by a Party from information provided or

obtained
other than pursuant to or in connection with Agreement, provided such

independent
development can be proved by documentary evidence.

 

9.
3 The obligations contained in this Clause 9 shall endure, notwithstanding the cessation or

termination
of this Agreement, without limit in point of time.

 

10.
TERMINATION

 

10.1
This Agreement shall take effect from the date hereof and shall cease and determine:

 

(a)
in respect of all Parties, upon:

 

(i)
termination by written agreement of all Parties;

 

(ii)
when, as a result of a Transfer of Shares made in accordance with this Agreement,

only
1 person remains as legal and beneficial holder of the Shares;

 

(iii)
an initial public offering or trade sale of the Company;

 

(iv)
the Company being subject to an Insolvency Event; or

 

(v)
a new agreement is entered into with the unanimous consent of all Parties and such

new
agreement expressly provides for the new agreement to supersede this

Agreement;
and

    	 	15	 

     

    

 

(b)
in respect of any Shareholder, upon that Shareholder ceasing to be the legal and beneficial

owner
of any Shares.

 

10.2
The termination of this Agreement however caused and/or the ceasing of any Shareholder to

hold
any Shares shall be without prejudice to any obligations or rights of any of the Parties hereto

which
have accrued prior to such termination or cessation, and shall not affect any Surviving

Provision
which shall continue to apply to all Parties after such termination or cessation.

 

11.
SPIRIT AND INTENTION OF THIS AGREEMENT

 

In
entering into this Agreement, the Parties recognise that it is impractical to make provision for

every
contingency that may arise in the course of the observance or performance thereof.

Accordingly,
the Parties hereby declare it to be a cardinal principle of this Agreement and it to be

their
common intention that this Agreement shall operate between them with fairness and if in

the
course of the performance of this Agreement unfairness to a Party is disclosed or anticipated

then
the Parties shall use their best endeavours to agree upon such action as may be necessary

and
equitable to remove the cause(s) of the same.

 

12.
PERFORMANCE OF THIS AGREEMENT

 

12.1
Each Shareholder undertakes with all other Shareholder(s) to perform and observe and (so far

as
it is able by the exercise of voting rights or otherwise so to do) to procure the Company,

through
the Directors appointed by each of them respectively, to perform and observe, all the

provisions
of this Agreement and to take all necessary steps on its part to give full effect to the

provisions
of this Agreement and the provisions of the Constitution.

 

12.2
The Company and the Directors shall have the full legal right and authorisation to take all

necessary
actions for the execution, delivery and the performance of any obligations arising

under
this Agreement, on behalf of any of the Shareholders.

 

13.
EQUITABLE RELIEF

 

The
Parties agree that monetary damages may not be a sufficient remedy for the damage which

may
accrue to a Party by reason of failure by any other Party to perform certain of its obligations

hereunder.
Therefore, any Party shall be entitled to seek equitable relief, including an injunction

or
specific performance, to enforce such obligations against such other Party.

 

14.
ASSIGNMENT

 

Save
as otherwise provided in Clause 8.7(a), no Party shall assign, transfer, charge or otherwise

deal
with any or all of its rights under this Agreement nor grant, declare, create or dispose of any

right
or interest in it without the prior written consent of the other Parties.

 

15.
COSTS

 

15.
1 Save as otherwise provided in this Agreement, each Party shall bear its own costs and expenses

incurred
in connection with the preparation, negotiation and entry into of this Agreement,

including
any legal costs.

 

15.2
For the avoidance of doubt and save as otherwise agreed by the Parties in writing:

(a)
any fees, cost and expenses incurred in the establishment and operations of the Company

shall
be borne by the Company; and

    	 	16	 

     

    

 

(b)
any tax, charges or stamp duty payable by any Party or the Company arising out of or in

connection
with this Agreement shall be borne by the respective Party or the Company in

accordance
with applicable law.

 

16.
NOTICES

 

16.1
All notices and other communications to be given, served or made under or in connection with

this
Agreement shall be in writing in English, signed by an authorised person of the sender, and

delivered
by hand, sent by pre-paid post, or sent by email, to the Parties at their respective

address
indicated as follows (or to such other address as a Party may notify the other Parties of

in
accordance with this Clause 16):

 

Attention:
Dennis Nguyen

Address:
701 S. Carson Street, Suite 200, Carson City, NV 89701

Email:
dennis@thesocietypass.com

Attention:
Loic Gautier and Pierre-Antoine Brun

Address:
31 /F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay,

Hong
Kong

Email:
Loic.Gautier@ymail.com/ pierre@leflair.vn

 

The
Company

 

Attention:
Dennis Nguyen

Address:
11 Collyer Quay #14-06 The Arcade Singapore 049317

Email:
dennis@thesocietypas.s.com

 

16.2
A Party may change its details given in Clause 16.1 by giving written notice to the other Parties,

the
change taking effect for the Party 5 Business Days after the deemed receipt of the notice.

 

16.3
A notice or other communication made or given by one Party to the other Parties in accordance

with
this Clause 16 shall be effected and deemed to have been duly given, served or made:

 

(a)
if delivered by hand, on signature of a delivery receipt or at the time the notice or other

communication
is left at the relevant address;

 

(b)
if sent by any delivery service providing proof of delivery, at the time recorded by the

delivery
service; and

 

(c)
if sent by email, on the date and at the time recorded on the face of the email as having

been
sent by the sending Party,

provided
that in each case where service occurs after 6:00pm on a Business Day or on a day

which
is not a Business Day, service shall be deemed to occur at 9:00am on the next following

Business
Day.

    	 	17	 

     

    

 

16.4
In proving such email service, it shall be sufficient to prove that an email was delivered to any

Party
where an email confirmation note indicates that the transmission was successful and has

been
read.

 

17.
ENTIRE AGREEMENT

 

17
..1 The Parties agree that this Agreement shall constitute the entire agreement between them with

respect
to the subject matters of this Agreement, and shall supersede all prior or

contemporaneous
proposals, agreements and all other communications (whether written or oral,

express
or implied) entered into between the Parties in respect of the matters dealt with herein.

 

17.2
Nothing in this Clause 17 shall limit or exclude any liability for fraud or fraudulent

misrepresentation.

 

18.
AGREEMENT TO PREVAIL

In
the event of any conflict between the provisions of this Agreement and the provisions of the

Constitution.
the provisions of this Agreement shall prevail and the Shareholders shall forthwith

cause
such necessary alterations to be made to the Constitution as are required so as to remove

such
conflict.

 

19.
REMEDIES AND WAIVER

 

19.1
No remedy conferred by any of the provisions of this Agreement is intended to be exclusive of

any
other remedy which is otherwise available at law, in equity, by statute or otherwise and each

and
every other remedy shall be cumulative and shall be in addition to every other remedy given

hereunder
or now or hereafter existing at law, in equity, by statute or otherwise. The election of

any
one or more of such remedies by any Party shall not constitute a waiver by such Party of the

right
to pursue other available remedies.

 

19.2
A waiver of any term, provision or condition of, or consent granted under, this Agreement shall

be
effective only if given in writing and signed by the waiving or consenting Party and then only

in
the instance and for the purpose for which it is given.

 

19.3
The failure by any Party at any time to exercise, or delay on its part in exercising, any right or

remedy
under this Agreement or to require performance by the other Parties or to claim a breach

of
any term of this Agreement shall not be deemed to be a waiver of such or any other rights or

remedies
available to him, nor will any single or partial exercise of any right or remedy preclude

any
other or further exercise thereof or the exercise of any other right or remedy.

 

20.
AMENDMENTS

 

No
amendment, modification of or addition to any provision of this Agreement shall be effective

unless
mutually agreed, made in writing and signed by the duly authorised Representatives of all

Parties.

 

21.
COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, and by each Party on separate

counterparts.
Each counterpart is an original, but all counterparts shall together constitute one

and
the same instrument. Delivery of a counterpart of this Agreement by email attachment shall

be
an effective mode of delivery.

    	 	18	 

     

    

 

22.
SEVERABILITY

 

If
any term of this Agreement or the application of any such term is held by a court of competent

jurisdiction
to be wholly or partly illegal, invalid or unenforceable, the same shall be deemed to

be
deleted from this Agreement and be of no force and effect, whereas the other terms hereof

shall
remain in full force and effect as if such term had not originally been contained in this

Agreement.
In the event of such deletion, and if the commercial basis of this Agreement is,

whether
by reason of any illegality or change in circumstances, substantially altered, the Parties

shall
review and agree on revisions mutually acceptable to them which shall most closely reflect

their
original intent and purposes in place of the terms so deleted.

 

23.
ILLEGALITY

 

The
illegality, invalidity or unenforceability of any provision of this Agreement under the law of

any
jurisdiction shall not affect its legality, validity or enforceability under the law of any other

jurisdiction.

 

24.
NO PARTNERSHIP

 

Nothing
contained in or relating to this Agreement shall or shall be deemed to constitute any

partnership,
agency or fiduciary relationship between any of the Parties and no Party shall have

any
authority to act for or to assume any obligation or responsibility on behalf of any other Party.

 

25.
THIRD PARTY RIGHTS

 

Save
as otherwise provided in this Agreement, nothing in this Agreement is intended to grant to

any
third party any right to enforce any term of this Agreement or to confer on any third party any

benefits
under this Agreement and, to the fullest extent permissible under any applicable law,

this
Agreement excludes the operation of any statute or law that confers any third party rights,

including
the Contract (Rights of Third Parties) Act (Chapter 53B).

 

26.
GOVERNING LAW AND JURISDICTION

 

26.1
This Agreement, and any dispute or claim arising out of or in connection with it, its subject matter

or
its formation (including non-contractual disputes or claims), shall be governed by and

construed
in accordance with the laws of Singapore.

 

26.2
The Parties agree that the courts of Singapore shall have exclusive jurisdiction to settle any

dispute
or claim arising out of or in connection with this Agreement, its subject matter or its

formation
(including non-contractual disputes or claims).

 

(the
rest of this page is intentionally left blank)

    	 	19	 

     

    

 

	SPI	 	 
	 	 	 
	SIGNED
    for and on behalf of SOCIETY PASS INCORPORATED in the presence of:	 	/s/
    Dennis Nguyen
	 	 	Name:
    Dennis Nguyen
	/s/
    Nancy Thede (signed)	 	Title:
    Director
	Witness
    Name: Nancy Thede	 	 
	NRIC/PP:	 	 
	Address:
    32 Gondoliers Bluff, Newport Couast, CA 92657	 	 
	 	 	 
	GSL	 	 
	 	 	 
	SIGNED
    for and don behalf of GOODVENTURES SEA LIMITEDin the presence of:	 	/s/
    Pierre-Antoine Frank Jacques Brun
	 	 	Name:
    Dennis Nguyen
	/s/
    Loic Gautier (signed)	 	Title:
    Director
	Witness
    Name: Loic Gautier	 	 
	NRIC/PP:
    18AD97127	 	 
	Address:
    ASTERI ANH PHU B0907, 171 XA LO HA NOI, THAO DIEN, HCMC	 	 
	 	 	 
	 The
    Company	 	 
	 	 	 
	SIGNED
    for and on behalf of SOPA TECHNOLOGY PTE. LTD. in the presence of:	 	/s/
    Dennis Nguyen
	 	 	Name:
    Dennis Nguyen
	 	 	Title:
    Director
	 	 	 
	/s/
    Nancy Thede (signed)	 	 
	Witness
    Name: nancy These	 	 
	NRIC/PP:	 	 
	Address:
    32 Gondoliers Bluff, Newport Couast, CA 92657	 	 

 

    	 	20	 

     

    

 

Definitions

SCHEDULE
1

DEFINITIONS
AND INTERPRETATION

 

In
this Agreement, unless the context otherwise requires, the following words and expressions shall

have
the following meanings:

 

"Acceptance
Notice' has the meaning given to it in Clause 8.3(b);

 

"Accepting
Shareholders" has the meaning given to it in Clause 8.3(c);

 

"Asset
Purchase Agreement" means the asset purchase agreement entered into between GSL

and
the Company on 15 February 2021;

 

"Board"
means the board of directors of the Company for the time being and from time to time;

 

"Board
Meeting· has the meaning given to it in Clause 3.6(a);

 

"Business•
has the meaning given to it in Clause 2.1;

 

'
Business Day" means a day other than a Saturday or Sunday or public holiday in Singapore on

which
banks are open in Singapore for general commercial business;

 

"Chainnan"
has the meaning given to it in Clause 3.9(a);

 

"Companies
Act" means the Companies Act (Chapter 50) of Singapore, as may be modified,

amended
or re-enacted from time to time;

 

"Competitor"
means a person who or a party which possesses interests that may directly or

indirectly
conflict or compete with the Company, and who or which if allowed to become a

Shareholder,
is likely to use its position as a Shareholder to promote the Shareholder's competing

business
to the detriment of the Company or its material subsidiaries;

 

“Completion"
means the completion of the subscription by GSL of 1,500 Shares in accordance

with
the terms of the Asset Purchase Agreement;

 

"Confidential
Information" means any information which is proprietary and confidential to a

Party
including the terms and conditions of this Agreement, information regarding the Company's

business
operations, financial information, analyses, products, processes, forecasts, studies,

methodologies,
plans, intentions, projections, ideas (whether patentable or not), trade secrets

and
other Intellectual Property Rights, market opportunities, suppliers and vendors, clients

(potential
and/or actual) and any other person having dealings with the Company, marketing

activities,
records, finances, personnel, and other business model/strategies and other

commercial
information, whether such material is marked as being confidential or is by its nature

intended
to be exclusively for the knowledge of the recipient alone and includes all information

obtained
by or disclosed to the Parties in connection with this Agreement;

 

“Constitution•
means the Company's constitution as may be amended from time to time in

accordance
with this Agreement and with the applicable law;

 

“Control"
means, in respect of an entity other than a natural person, the possession, directly or

Indirectly,
of the power to direct or cause the direction of the management and policies of that

entity,
through the ownership of securities representing a majority of the voting power of such

company
or otherwise, and "Controlling" and "Controlled' shall be construed accordingly;

 

"Declined
Shares' has the meaning given to it in Clause 7.4;

    	 	21	 

     

    

 

"Declined
Transfer Shares· has the meaning given to it in Clause 8.3(c);

 

"Deed
of Ratification and Accession" means the deed to be executed by a purchaser,

transferee
or subscriber of shares in the capital of the Company under which he agrees to be

bound
by, and shall be entitled to the benefit of, this Agreement, as if he is an original party

hereto,
substantially in the form set out in Schedule 5;

 

"Directors"
means the directors of the Company appointed from time to time in accordance with

the
provisions of this Agreement, and "Director" means any one of them;

 

“Encumbrance"
means any mortgage, claim, charge (fixed or floating), pledge, lien,

hypothecation,
guarantee, right of set-off, trust, assignment, right of first refusal, right of preemption,

option,
restriction or other encumbrance or any legal or equitable third party right or

interest
including any security interest of any kind or any type of preferential arrangement (or any

like
agreement or arrangement creating any of the same or having similar effect);

 

"Financial
Year" means the financial period of the Company commencing on 1 January and

ending
on 31 December;

 

"General
Meeting" has the meaning given to it in Clause 4.1;

 

"GSL
Shareholders• has the meaning given to it in Clause 8.7(a);

 

"Insolvency
Event' means:

 

(a)
in relation to any natural person:

 

(i)
he is deemed to be insolvent or unable, or admits his inability to pay his debts as

they
fall due or becomes insolvent or a moratorium is declared (or sought by such

person)
in relation to any of his indebtedness;

 

(ii)
any encumbrancer or creditor takes possession of, or a receiver, is appointed over

or
in relation to, all or any material part of his assets;

 

(iii)
the taking of any step by such person with a view to a composition, moratorium,

assignment
or similar arrangement with any of his creditors; or

 

(iv)
there occurs in relation to him or any of his assets in any relevant jurisdiction any

event
which corresponds with, or is equivalent or analogous to, those mentioned in

paragraphs
(i) to (iii) of this paragraph (a); and

 

(b)
in relation to any entity other than a natural person:

 

(i)
any admission by such entity of its inability to pay its debts as they fall due, or the

suspension
of payment of any of its debts (other than where it is disputing such

payment
in good faith) or the announcement of its intention to do so;

 

(ii)
the taking of any step by such entity with a view to a composition, moratorium,

assignment
or similar arrangement with any of its creditors;

 

(iii)
the taking of any step by such entity to petition for, or to file documents with the court

for,
its winding-up, administration (whether out-of-court or otherwise) or dissolution

or
any such resolution being passed;

 

(iv)
the taking of any step by such entity with a view to appointing a liquidator, trustee in

bankruptcy,
judicial custodian, compulsory manager, receiver, administrative

receiver,
administrator (whether out-of-court or otherwise) or similar officer; or

 

(v)
there occurs in relation to it or any of its assets in any relevant jurisdiction any event

which
corresponds with, or is equivalent or analogous to, those mentioned in paragraphs

(i)
to (iv) of this paragraph (b);

 

    	 	22	 

     

    

 

“Intellectual
Property Rights" means the trade secrets, patents, trade marks, service marks,

logos,
get-up, trade names, internet domain names, rights in designs, copyright (including rights

in
computer software), moral rights, database rights, semi-conductor topography rights, utility

models,
rights In know-how and all similar rights or forms of protection having similar effect and

in
each case: (a) whether registered or not; (b) including any applications to protect or register

such
rights; (c) including all renewals and extensions of such rights or applications, whether

vested,
contingent or future; and (d} wherever existing;

 

"Leflair
IPRs"has the meaning given to it in Clause 2.3(a);

 

"New
Shares• has the meaning given to it in Clause 7.1;

 

“Non-Selllng
Shareholders" has the meaning given to it in Clause 8.3;

 

"Offer
Period" has the meaning given to it in Clause 8.3(a);

 

"Prescribed
Price" has the meaning given to it in Clause 8.3(a);

 

"Remaining
Transfer Shares" has the meaning given to it in Clause 8.3(g);

 

"Representatives·
means, in relation to a Party, the directors. officers, employees, agents,

advisors,
accountants and consultants of that Party;

 

"Second
Offer Period"has the meaning given to It in Clause 8.3(c);

 

"Selling
Shareholder" has the meaning given to it in Clause 8.3;

 

"Shareholder"
means a member whose name is entered in the register of members of the

Company
as a holder of Shares (collectively referred to as "Shareholders' );

 

"Shareholder
Reserved Matters' has the meaning given to it in Clause 4.10(a);

 

"Shareholding
Proportion" means in relation to each Shareholder, the number of Shares held

by
and beneficially owned by it as a proportion of the total number of issued and paid-up Shares

held
by and beneficially owned by Shareholders from time to time;

 

"Shares•
means the ordinary shares for the time being in the share capital of the Company, and

 

"Share"
shall be construed accordingly;

 

“STL”
has the meaning given to it in Clause 2.3(a);

 

"Subscription
Offer" has the meaning given to it in Clause 7.2;

 

"Surviving
Provisions" means Clauses 9 (Confidentiality), 13 (Equitable Relief), 14

(Assignment),
15 (Costs), 16 (Notices), 17 (Entire Agreement), 19 (Remedies and Waiver}, 24

(No
Partnership), 25 (Third Party Rights), 26 (Governing Law and Jurisdiction) and this

Schedule
1 (Definitions and Interpretation);

 

"Tag-Along
Offer Notice• has the meaning given to it in Clause 8.4(a)(ii);

 

"Tag-Along
Right" has the meaning given to it in Clause 8.4(a)(i);

 

"Tag-Along
Shares” has the meaning given to it in Clause 8.4(b);

 

“Third
Party Purchaser" has the meaning given to it in Clause 8.3;

 

    	 	23	 

     

    

 

 

"Transfer"
means, in relation to any Share, to:

 

(a)
sell, assign, transfer or otherwise dispose of it (including the grant of any option over or in

respect
of it);

 

(b)
create or permit to subsist any Encumbrance over it (including but not limited to any

Encumbrance
by way of security);

 

(c)
direct (by way of renunciation or otherwise) that another person should, or assign any right

to,
receive it;

 

(d)
enter into any agreement in respect of the votes or any other rights attached to it (other

than
by way of proxy for a particular General Meeting); or

 

(e)
agree, whether or not subject to any condition precedent or subsequent, to do any of the

foregoing;

 

"Transfer
Notice· has the meaning given to it in Clause 8.3(a);

 

"Transfer
Offer• has the meaning given to it in Clause 8.3(a);

 

"Transfer
Shares" has the meaning given to it in Clause 8.3(a); and

 

"US$"means
the lawful currency of the United states of America.

 

2.
Interpretation

 

In
this Agreement:

 

(a)
a reference to a statute or other legislation includes regulations and other instruments

under
it and any consolidations, amendments, re-enactments or replacements of any of

them
but excludes any re-enactment or modification after the date of this Agreement to the

extent
it makes any Party's obligations more onerous or otherwise adversely affect the

rights
of any Party;

 

(b)
references to "law" include any legislation, any common or customary law, constitution,

decree,
judgment, order, ordinance, treaty or other legislative measure in any jurisdiction

and
any directive, request, requirement, guidance or guideline (in each case, whether or

not
having the force of law but, if not having the force of law, compliance with which is in

accordance
with the general practice of persons to whom the directive, request,

requirement.
guidance or guideline is addressed);

 

(c)
references to any agreement or document in this Agreement shall include references to

such
agreement or document as from lime to time amended, modified, supplemented or

novated,
and to any other agreement or document which so amends, modifies,

supplements
or novates such agreement or document;

 

(d)
references to the Parties include their respective successors in title, permitted assignees,

heirs,
executors, administrators and legal personal representatives;

 

(e)
references to the singular number shall include references to the plural number and vice

versa,
and "person· includes an individual, corporation, company, partnership, firm,

trustee,
trust, executor, administrator or other legal personal representative,

unincorporated
association, joint venture, syndicate or other business enterprise, any

governmental,
administrative or regulatory authority or agency (notwithstanding that

"person"
may be sometimes used herein in conjunction with some of such words), and

their
respective successors, legal personal representatives and assigns, as the case may be,

and
pronouns shall have a similarly extended meaning; 

 

    	 	24	 

     

    

(f)
the use of any gender-specific or gender-neutral words shall include all gender-specific or

gender-neutral
variations, including reference to gender neutral entities other than natural

persons;

 

(g)
•written· and "In writing" include any means of visible reproduction;

 

(h)
references to "days"and •months" in this Agreement means calendar days/months;

 

(i)
references to "Recitals",•c1auses•, and "Schedules· are to the recitals, clauses of, and

the
schedules to, this Agreement, and all references to this Agreement shall also include

the
Recitals and Schedules, which form part of this Agreement and have the same force

and
effect as if expressly set out in the body of this Agreement;

 

(j)
any reference to the words "hereof', "herein" and "hereunder" and words of similar import

when
used in this Agreement shall refer to the clauses of or schedules to this Agreement

as
specified therein;

 

(k)
the headings in this Agreement are for convenience only and shall not affect the

interpretation
and construction hereof;

 

(I)
the words "include","includes"and ' including" or words of similar effect are deemed to

be
followed by the words "without limitation·;

 

(m)
an obligation under this Agreement (whether express or implied) to do something includes

an
obligation to cause, procure or allow that thing to be done;

 

(n)
an obligation under this Agreement (whether express or implied) not to do something

includes
an obligation not to cause, procure or allow that thing to be done;

 

(o)
where any obligation in this Agreement is expressed to be undertaken or assumed by any

Party,
that obligation is to be construed as including a requirement that the Party

concerned
exercises all rights and powers of control over the affairs of any other person

which
that Party is able to exercise (whether directly or indirectly) in order to secure

performance
of the obligation; and

 

(p)
anything or obligation to be done under this Agreement which requires or falls to be done

on
a stipulated day, shall be done on the next succeeding Business Day, if the day upon

which
that thing or obligation to be done falls on a day which is not a Business Day.

    	 	25	 

     

    

 

SCHEDULE
2

SHAREHOLDING
STRUCTURE

 

Part
A: Shareholding Structure Before Completion

 

	Name
    of Shareholder	 	Number
    of Shares	 	Shareholding
    Proportion(%)
	Society
    Pass Incorporated	 	 	8,500	 	 	 	100	 
	Total	 	 	8,500	 	 	 	100	 

 

Part
B: Shareholding Structure After Completion

 

	Name
    of Shareholder	 	Number
    of Shares	 	Shareholding
    Proportion (%)
	Society
    Pass Incorporated	 	 	8,500	 	 	 	85	 
	Goodventures
    SEA Limited	 	 	1,500	 	 	 	15	 
	Total	 	 	10,000	 	 	 	100	 

 

    	 	26	 

     

    

 

SCHEDULE
3

GSL
SHAREHOLDERS

 

	 Name
    of GSL Shareholder	 	 	 Nature
    of Party	 	 	 For
    entity: Place of incorporation or registration (and incorporation or registration number)   For individual: Nationality
    (and passport number or national Identification) 	 	Details
    for receiving notices (and for entities, the person to whom notices should be marked attention)
	 Belt
    Road Investment Group Limited	 	 	 Company	 	 	 Cayman
    Islands (Registration number CO-324665)g	 	Address:
    19, Street 21, Sangkat Tonle Basak, Phnom Penh, Cambodia 12301 Email: witt@beltroadcap.com Attention: Witt Gatchell
	 GS
    Home Shopping Inc.	 	 	 Company	 	 	South
    Korea (Registrationnumber 117-81-13253)	 	Address:
    Gangseo Tower, 82, Seonyuro, Yeongdeungpo-9u, Seoul, Korea, 07291 Email: eh.kimO@gsshpo.com, lee.sunghwa@gsshop.com Attentio
    n: Sun ghwa Lee Eunhye Kim
	 Loic
    Erwan Kevin Gautier	 	 	 Individual	 	 	French
    (Passport: 18AD97127)	 	Address:
    Leflair Vietnam, Viettel Tower A2, 16/F, 285 Gach Mang Thang 8 street, District 10, Ho Chi Minh City, Vietnam Email: loic@leflair.vn
	Pierre-Antoine
    Frank Jacques Brun	 	 	Individual	 	 	French
    (Passport: 16CY94149)	 	Address:
    Leflair Vietnam, Viettel Tower A2, 16/F, 285 Gach Mang Thang 8 street, District 10, Ho Chi Minh City, Vietnam Email: pierre@leflair.vn
	Phuong
    Anh Nguyen	 	 	Individual	 	 	German
    (Passport: C3jkw8kh9)	 	Address:
    4 Caimhill Rise, #04-02 Cairnhill, Singapore 229740 Email: hello.anh.nguyen@gmail.com
	The
    Appletree Group Pte. Limited	 	 	Company	 	 	Singapore
    (Company Number: 201426212R)	 	Address:
    25 North Bridge Road, #08-01, EFG Bank Building, Singapore 179104 Email: j2m@appletree-asia.com Attention: Jean-Marc Merlin

 

 

    	 	27	 

     

    

 

	 Inter
    Prosper Holding Limited	 	 	 Company	 	 	 British
    Virgin Islands (Company Number: 1735874}	 	Address:
    P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands Email: loic.tardy@yahoo.fr Attention:
    l oic Tardy
	 Pegasus
    7 Capital Advisor Pte. l td	 	 	 Company	 	 	 Singapore
    (Company number: 201717528G)	 	Address:
    60 Paya Lebar Road, #08-43, Paya Lebar Square Singapore, 409051 Email: gautam@pegasus7capital.com Attention: Gautam Saxena
	 Bouee
    Investment li mited	 	 	 Company	 	 	 Hong
    Kong (CompanyNumber: 2312936)	 	Address:
    Unit 1607, Dominion Centre, 43 Queen's Road East, Wanchai, Hong Kong Email: Charles- Edouard.Bouee@rolandberger.com Attention:
    Charles-Edouard Bouee
	 Rajan
    Jei Anandan	 	 	 Individual	 	 	 Sri
    Lankan (Passport: N7263515)	 	Address:
    105 Greene Street, Apt 1702, Jersey City, New Jersey 07302, USA Email: Rajan.anandan@gmail.com
	 500
    Startups FundIV, L.P.	 	 	 Partnership	 	 	USA
    (Company Number: 10190514)	 	Address:
    814 Mission Street, 6/F, San Fransisco, CA 94103, USA Email: globallegal@500startups.com Attention: Christine Tsai
	500
    Startups Vietnam, L.P.	 	 	Partnership	 	 	USA
    (Company Number: 201937981}	 	Address:
    814 Mission Street, 6/F, San Fransisco, CA 94103, USA Email: globallegal@500startups.com vietnam@500startups.com Attention:
    Eddie Thai
	CPVPEPE
    Limited	 	 	Company	 	 	British
    Virgin Islands (Company Number: 1930684)	 	Address:
    c/o Caldera Pacific (Hong Kong) Ltd 1101-02, Euro Trade Centre, 21-23 Des Voeux Road Central, Hong Kong Email: sascha@calderapacific.com
    Attention: Sascha Wagner
	AME
    Ventures S.r.l.	 	 	Company	 	 	Italy
    (Company number: Mll -1921683)	 	Address:
    Galleria San Babila 4/B, 20122 Milan, Italy Email: michele.appendino@solarventuresi.t Attention: Michele Appendino
	MoCA
    Ventures Inc.	 	 	Company	 	 	Korea
    (Company number: 140-88-00306)	 	Address:
    Fr7, HJ BO, 7, Gangnam-daero 62gil, Gangnamgu, Seoul, Korea 06253 Email: ceo@nextrans.co.kr, shjung@nextrans.co.kr Attention:
    Sangmin Hong

 

    	 	28	 

     

    

 

	 The
    Nest & Company Inc.	 	 	 Company	 	 	 Korea
    (Company number: 203-87-00027)	 	Address:
    Fr7, HJ BO, 7, Gangnam-daero 6 2gil, Gangnamgu, Seoul, Korea 06253 Email: ceo@nextrans.co.kr, shjung@nextrans.co.kr Attention:
    Sangmin Hong
	 Gerard
    Baz	 	 	 Individual	 	 	French
    (Passport: 09PC42047)	 	Address:
    Rue Gen Lotz 59, 1180 Uccle, Belgium Email: gerard@gbaz.com
	 Simon
    Fiduciara S.p.a.	 	 	Company	 	 	Italy
    (Company number: TO-644456)	 	Address:
    Via del Carmine 10, 10122 Torino, Italy Email: saumosta@itn.it Attention: Sauro Mostarda
	Stephane
    Pictet	 	 	Individual	 	 	Switzerland
    (Passport: X1073110)	 	Address:
    Ch. Des Charbouilles 5, 1278 La Rippe, Switzerland Email: spi@virtual-network.com
	Silver
    Cap li mited	 	 	Company	 	 	British
    Virgin Islands (Company number: 597408)	 	Address:
    Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands Email: mval@intelvision.net
    Attention: Mukesh Valabhji, Vijith Karunaratne

 

    	 	29	 

     

    

 

SCHEDULE4

SHAREHOLDER
RESERVED MATTERS

 

1.
Any alteration to the rights, preferences, priorities, powers, restrictions or benefits attaching to

any
class of equity securities

 

2.
Any action authorizing, creating, or issuing shares of any class having preferences superior to or

on
parity with any other class of equity securities.

 

3.
Re-designating or re-classifying any shares which would have preferences or priorityas to

dividends
or assets senior to or on a parity with any other class of shares.

 

4.
Any amendment or addition to the Constitution which would adversely affect the rights,

preferences,
priorities, powers or benefits of the Shares.

 

5.
Entering into any merger, consolidation, acquisition or similar transaction of the Company with

one
or more other corporations in which the Shareholders prior to such transaction, or series of

transactions,
would hold interests representing less than a majority of the voting power of the

outstanding
shares of the surviving corporation immediately after such transaction, or series of

transactions.

 

6.
Any sale or other transfer, disposal and/or to encumber the assets of the Company for an amount

exceeding
US$500,000 (or the equivalent in any other currency).

 

7.
Passing any resolution to wind-up the Company or filing any petition for the winding-up of the

Company
or entering into or proposing any arrangement or composition with the creditors of the

Company
or applying for an administrative order or appointing a receiver or administrator in

respect
of the Company.

 

8.
The Company entering into or being a party to any transaction with any Director, officer or

employee
of the Company or with any company or other legal entity in which any such persons

have
a financial interest, except transactions resulting in payments to or by the Company in an

amount
less than US$50,000 per year, or transactions made in the ordinary course of business

and
pursuant to reasonable requirements of the business and upon fair and reasonable terms

that
are approved by a majority of the Board.

    	 	30	 

     

    

 

SCHEDULE
5

FORM
OF DEED OF RATIFICATION AND ACCESSION

 

This
Deed of Ratification and Accession (this "Deed") is made on [ •) of [ • J [2021 ],

 

BY
AND AMONGST

 

(1)
SOPA TECHNOLOGY PTE. LTD. (UEN No. 201918025E). a company incorporated under the

laws
of Singapore and having its registered office at 11 Collyer Quay #14-06 The Arcade

Singapore
049317 (the "Company");

 

(2)
I•] (the "New Shareholder");

 

AND

 

(3)
[• ] (the "Contlnulng Shareholders").

Words
and expressions used in this Deed shall, unless the context expressly requires otherwise, have

the
meaning given to them in the Agreement.

 

WHEREAS

 

(A)
The Continuing Shareholders and the Company are Parties to the Shareholders' Agreement

dated
11 of February 2021 (the "Agreement").

 

(B)
The New Shareholder proposes to subscribe for [•I Shares in the capital of the Company.

 

(C)
This Deed is made by the New Shareholder in compliance with the terms of the Agreement.

 

NOW
THIS DEED WITNESSES as follows:

 

1.
The New Shareholder confinns that it has been supplied with a copy of the Agreement.

 

2.
The New Shareholder shall subscribe for [• ] Shares in the capital of the Company at a

subscription
price of [•I per Share and agrees to hold the Shares subject to the Constitution.

 

3.
The New Shareholder undertakes to the Continuing Shareholders and the Company to be

bound
by the Agreement in all respects as if the New Shareholder was a Shareholder to the

Agreement
and to observe and perform all the provisions and obligations of the Agreement

applicable
to or binding on a Shareholder under the Agreement insofar as they fall to be

observed
or performed on or after the date of this Deed.

 

4.
This Deed is made for the benefit of (a) the Shareholders to the Agreement, (b) the Company

 

    	 	31	 

     

    

 

IN
WITNESS of which this Deed has been executed and delivered on the date first above written.

 

SIGNED,
SEALED and DELIVERED by )

SOPA
TECHNOLOGY PTE. LTD. )

has
been affixed hereunto in accordance with )

its
constitution: )

 

Director

 

Director/Secretary

 

SIGNED,
SEALED and DELIVERED by )

[NEW
SHAREHOLDER] )

has
been affixed hereunto in accordance with )

its
constitution: )

 

Director

 

Director/Secretary

 

SIGNED,
SEALED and DELIVERED by )

(CONTINUING
SHAREHOLDERS] )

has
been affixed hereunto in accordance with )

its
constitution: )

 

Director

 

Director/Secretary

and
(c) every other person who after the date of the Agreement (and whether before or after

the
execution of this Deed) assumes any rights or obligations under the Agreement or adheres

to
it.

 

5.
The address, email address and facsimile number of the New Shareholder are as follows: [ • ).

 

6.
This Deed may be executed in any number of counterparts, all of which taken together shall

constitute
one and the same deed and any party may enter into this Deed by executing a

counterpart.

 

7.
This Deed is governed by and shall be construed in accordance with the laws of the Republic

of
Singapore.

 

    	 	32EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

TAX RECEIVABLE AGREEMENT 
 by and
among 
 BRIDGE INVESTMENT GROUP HOLDINGS INC. 

BRIDGE INVESTMENT GROUP HOLDINGS LLC 

and 
 THE MEMBERS (AS DEFINED
HEREIN) 
 FROM TIME TO TIME PARTY HERETO 

Dated as of July 16, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  			
	 Definitions
	  	 	2	 
			
	 SECTION 1.1.
	  	 Definitions
	  	 	2	 
	 SECTION 1.2.
	  	 Rules of Construction
	  	 	11	 
		
	ARTICLE II	  			
		
	 Determination of Realized Tax Benefit
	  	 	12	 
			
	 SECTION 2.1.
	  	 Basis Adjustments; Bridge Holdings 754 Election
	  	 	12	 
	 SECTION 2.2.
	  	 Basis Schedules
	  	 	12	 
	 SECTION 2.3.
	  	 Tax Benefit Schedules
	  	 	12	 
	 SECTION 2.4.
	  	 Procedures; Amendments
	  	 	13	 
		
	ARTICLE III	  			
	 Tax Benefit Payments
	  	 	14	 
			
	 SECTION 3.1.
	  	 Timing and Amount of Tax Benefit Payments
	  	 	14	 
	 SECTION 3.2.
	  	 No Duplicative Payments
	  	 	16	 
	 SECTION 3.3.
	  	 Pro-Ration of Payments as Between the Members
	  	 	16	 
	 SECTION 3.4.
	  	 Overpayments
	  	 	16	 
		
	ARTICLE IV	  			
		
	 Termination
	  	 	17	 
			
	 SECTION 4.1.
	  	 Early Termination of Agreement; Acceleration Events
	  	 	17	 
	 SECTION 4.2.
	  	 Early Termination Notice
	  	 	18	 
	 SECTION 4.3.
	  	 Payment upon Early Termination
	  	 	18	 
		
	ARTICLE V	  			
		
	 Subordination and Late Payments
	  	 	19	 
			
	 SECTION 5.1.
	  	 Subordination
	  	 	19	 
	 SECTION 5.2.
	  	 Late Payments by the Corporation
	  	 	19	 
		
	ARTICLE VI	  			
		
	 Tax Matters; Consistency; Cooperation
	  	 	19	 

  
 i 

							
	 SECTION 6.1.
	  	 Participation in the Corporation’s and Bridge Holdings’ Tax Matters
	  	 	19	 
	 SECTION 6.2.
	  	 Consistency
	  	 	20	 
	 SECTION 6.3.
	  	 Cooperation
	  	 	20	 
		
	ARTICLE VII	  			
		
	 Miscellaneous
	  	 	20	 
			
	 SECTION 7.1.
	  	 Notices
	  	 	20	 
	 SECTION 7.2.
	  	 Counterparts
	  	 	21	 
	 SECTION 7.3.
	  	 Entire Agreement; No Third-Party Beneficiaries
	  	 	21	 
	 SECTION 7.4.
	  	 Severability
	  	 	21	 
	 SECTION 7.5.
	  	 Assignments; Amendments; Successors; No Waiver
	  	 	21	 
	 SECTION 7.6.
	  	 Titles and Subtitles
	  	 	22	 
	 SECTION 7.7.
	  	 Resolution of Disputes; Governing Law
	  	 	22	 
	 SECTION 7.8.
	  	 Reconciliation Procedures
	  	 	24	 
	 SECTION 7.9.
	  	 Withholding
	  	 	25	 
	 SECTION 7.10.
	  	 Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets
	  	 	25	 
	 SECTION 7.11.
	  	 Confidentiality
	  	 	26	 
	 SECTION 7.12.
	  	 Change in Law
	  	 	26	 
	 SECTION 7.13.
	  	 Interest Rate Limitation
	  	 	27	 
	 SECTION 7.14.
	  	 Independent Nature of Rights and Obligations
	  	 	27	 

 Exhibits 
  

					
	 Exhibit A  -  Form of Joinder Agreement

  

  
 ii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of July 16, 2021, is hereby entered into by
and among Bridge Investment Group Holdings Inc., a Delaware corporation (the “Corporation”), Bridge Investment Group Holdings LLC, a Delaware limited liability company (“Bridge Holdings”), and each of the Members
(as defined herein). 
 RECITALS 

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

WHEREAS, immediately prior to the consummation of the IPO, Bridge Holdings entered into the Operating Agreement (as defined
herein) wherein Bridge Holdings recapitalized all existing ownership interests in Bridge Holdings into membership interests in the form of Units (as defined herein) (the “Recapitalization”); 

WHEREAS, each of the members of Bridge Holdings as of the date hereof (such members (other than the Corporation), together
with each other Person who becomes party hereto by satisfying the Joinder Requirement, the “Members”) own Units; 

WHEREAS, the Corporation is the managing member of Bridge Holdings; 

WHEREAS, on the date hereof, the Corporation issued shares of its Class A Common Stock in an initial public offering of
its Class A Common Stock (the “IPO”); 
 WHEREAS, immediately following the consummation of the IPO,
the Corporation acquired newly issued Units from Bridge Holdings using the net proceeds from the IPO (the “Unit Purchase”); 

WHEREAS, immediately following the consummation of the Unit Purchase, Bridge Holdings used a portion of the net proceeds from
the IPO received in connection with the Unit Purchase to redeem certain of the Units held by the Members (the “IPO Unit Redemption”); 

WHEREAS, as a result of the IPO Unit Redemption, the Corporation may be entitled to utilize (or otherwise be entitled to the
benefits arising out of) Exchange Covered Tax Assets (as defined herein); 
 WHEREAS, the Operating Agreement (as defined
herein) provides each Member a redemption right pursuant to which each Member may cause Bridge Holdings to redeem all or a portion of its Units from time to time for shares of Class A Common Stock or, at the Corporation’s option, cash (a
“Redemption”), subject to the Corporation’s right, in its sole discretion, to elect to effect a direct exchange of cash or shares of Class A Common Stock for such Units between the Corporation and the applicable Member in
lieu of such a Redemption (a “Direct Exchange”) and as a result of any such Redemption or Direct Exchange 

 
the Corporation may be entitled to utilize (or otherwise be entitled to the benefits arising out of) the Exchange Covered Tax Assets; 

WHEREAS, Bridge Holdings and certain of its Subsidiaries (as defined herein) that is treated as a partnership for U.S. Federal
income tax purposes will have in effect an election under Section 754 of the Code (as defined herein) for the Taxable Year (as defined herein) in which any Exchange (as defined herein) occurs, which election will cause any such Exchange to
result in an adjustment to the Corporation’s proportionate share of the tax basis of the assets owned by Bridge Holdings and such Subsidiaries; and 

WHEREAS, the parties to this Agreement desire to provide for certain payments and make certain arrangements with respect to
any tax benefits to be derived by the Corporation as the result of Exchange Covered Tax Assets (as defined herein) and the making of payments under this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, the parties
hereto agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.1. Definitions. As used in this Agreement, the terms set forth in this Article I
shall have the following meanings (such meanings to be equally applicable to (i) the singular and plural, (ii) the active and passive and (iii) for defined terms that are nouns, the verified forms of the terms defined). 

“Actual Tax Liability” means, with respect to any Taxable Year, the liability for Covered Taxes of the
Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year or (b) if applicable, determined in accordance with a Determination; provided, that for purposes of determining Actual Tax Liability, the Corporation
shall use the Assumed State and Local Tax Rate for purposes of determining liabilities for all state and local Covered Taxes (including, for the avoidance of doubt, the federal benefit with respect to such state and local Covered Taxes). 

“Advisory Firm” means an accounting firm that is nationally recognized as being expert in Covered Tax
matters, selected by the Corporation. 
 “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means SOFR plus 100 basis points. 

“Agreement” is defined in the preamble. 

“Amended Schedule” is defined in Section 2.4(b). 

  
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 “Amount Realized” means, with respect to any Exchange at
any time, the sum of (i) the Market Value of the shares of Class A Common Stock or the amount of cash (as applicable) transferred to a Member pursuant to such Exchange, (ii) the amount of payments made pursuant to this Agreement with
respect to such Exchange (but excluding any portions thereof attributable to Imputed Interest) and (iii) the amount of liabilities allocated to the Units acquired pursuant to the Exchange under Section 752 of the Code. 

“Assumed State and Local Tax Rate” means the tax rate equal to the product of (i) the Corporation’s
income tax apportionment factor for each state and local jurisdiction in which the Corporation or Bridge Holdings files income or franchise tax returns for the relevant Taxable Year and (ii) the highest corporate income and franchise tax
rate(s) for each such state and local jurisdiction in which the Corporation or Bridge Holdings files income tax returns for each relevant Taxable Year. 

“Attributable” is defined in Section 3.1(b)(i). 

“Audit Committee” means the audit committee of the Board. 

“Basis Adjustment” means the increase or decrease to, or the Corporation’s proportionate share of, the
tax basis of the Reference Assets under Section 732, 734(b), 743(b) or 1012 of the Code (or any similar provisions of state, local or foreign tax Law) as a result of any Exchange or any payment made under this Agreement. For purposes of
determining the Corporation’s proportionate share of the tax basis of the Reference Assets with respect to the Units transferred in an Exchange under Treasury Regulations Section 1.743-1(b) (or any
similar provisions of state, local or foreign tax Law), the consideration paid by the Corporation for such Units shall be the Amount Realized. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from
an Exchange of one or more Units is to be determined as if any Pre-Exchange Transfer of such Units had not occurred. 

“Basis Schedule” is defined in Section 2.2. 

“Beneficial Owner” means, with respect to any security, a Person who directly or indirectly, through any
contract, arrangement, understanding, relationship or otherwise, has or shares (i) voting power, which includes the power to vote, or to direct the voting of, with respect to such security or (ii) investment power, which includes the power
to dispose of, or to direct the disposition of, such security. 
 “Board” means the Board of Directors of
the Corporation. 
 “Bridge Holdings” is defined in the preamble to this Agreement. 

“Bridge Holdings Group” means Bridge Holdings and each of its direct or indirect Subsidiaries that is treated
as a partnership or disregarded entity for applicable tax purposes (but excluding any such Subsidiary that is directly or indirectly held by any entity treated as a corporation for applicable tax purposes (other than the Corporation)). 

  
 3 

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

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

(i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange
Act (excluding any (A) employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), (B) “person” or
“group” who, on the date of the consummation of the IPO, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities or
(C) any “group” formed after the IPO that includes members who collectively, as of the IPO, are the Beneficial Owners of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s
then outstanding voting securities) becomes the “beneficial owner” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of shares of Class A Common Stock, Class B Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than 50% of the voting power of all of
the outstanding shares of capital stock of the Corporation entitled to vote; 
 (ii) the stockholders of the
Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated a transaction or series of related transactions for the sale, lease, exchange or other disposition, directly or indirectly, by the
Corporation of all or substantially all of the Corporation’s assets (including a sale of all or substantially all of the assets of Bridge Holdings); or 

(iii) the Corporation ceases to be the sole managing member of Bridge Holdings. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any
transaction or series of related transactions immediately following which the beneficial owners of the Class A Common Stock, Class B Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation
immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of
the assets of the Corporation immediately following such transaction or series of transactions. 

“Class A Common Stock” means the Class A common stock, par value $0.01 per share, of
the Corporation. 
 “Class B Common Stock” means the Class B common stock, par
value $0.01 per share, of the Corporation. 
 “Code” means the U.S. Internal Revenue Code of 1986, as
amended. Unless the context requires otherwise, any reference herein to a specific section of the Code shall be 

  
 4 

 
deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period. 

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

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

“Covered Taxes” means any U.S. Federal, state and local and foreign taxes, assessments or similar charges
that are based on or measured with respect to net income or profits and any interest imposed in respect thereof under applicable Law. 

“Cumulative Net Realized Tax Benefit” is defined in Section 3.1(b)(iii). 

“Default Rate” means SOFR plus 500 basis points. 

“Default Rate Interest” is defined in Section 5.2. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or any
similar provisions of state, local or foreign tax Law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for
tax. 
 “Direct Exchange” is defined in the recitals to this Agreement. 

“Dispute” is defined in Section 7.7(a). 

“Early Termination Effective Date” means (i) with respect to an early termination pursuant to
Section 4.1(a), the date an Early Termination Notice is delivered, (ii) with respect to an early termination pursuant to Section 4.1(b), the date of the applicable Change of Control and
(iii) with respect to an early termination pursuant to Section 4.1(c), the date of the applicable Material Breach. 

“Early Termination Notice” is defined in Section 4.2(a). 

“Early Termination Payment” is defined in Section 4.3(b). 

“Early Termination Reference Date” is defined in Section 4.2(b). 

“Early Termination Schedule” is defined in Section 4.2(b). 

“Exchange” means (i) any Direct Exchange, (ii) any Redemption, (iii) any transaction using
proceeds from the IPO or the Over-Allotment Option (as defined in the Operating Agreement), including the IPO Unit Redemption, that results in a Basis Adjustment or (iv) any distribution (including a deemed distribution) by Bridge Holdings to a
Member that results in a Basis Adjustment. 

  
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 “Exchange Act” means the Securities and Exchange Act of
1934, as amended, and applicable rules and regulations thereunder, and any successor to such statute, rules or regulations. 

“Exchange Date” means the date of any Exchange. 

“Exchange Covered Tax Assets” means (i) existing Tax basis (including, for the avoidance of doubt, any
basis adjustment described in Section 734 of the Code or Section 1.743-1(h) of the Treasury Regulations) in the Reference Assets, determined (A) as of immediately prior to an Exchange, that is
allocable to the Units being exchanged by the relevant Member and acquired by the Corporation in connection with the relevant Exchange and (B) determined without regard to any dilutive or antidilutive effect of any contribution to or
distribution from Bridge Holdings after the relevant Exchange, (ii) Basis Adjustments and (iii) Imputed Interest reasonably determined to be allocable to payments pursuant to this Agreement arising from the items described in clause
(i) and (ii). The determination of the portion of existing Tax basis, including, for the avoidance of doubt, any basis adjustment described in Section 1.743-1(h) of the Treasury Regulations, in the
Reference Assets that is allocable to Units being exchanged by the Member (and payments made hereunder with respect to such Tax basis) shall be determined in good faith by the Corporation in consultation with the Advisory Firm, it being understood
that any Tax basis described in Section 1.743-1(h) of the Treasury Regulations shall be allocable to Units held by the member of the LLC (or its predecessor) for whom the associated basis adjustment
pursuant to Section 743(b) of the Code was made; provided, that in no event will the portions of existing Tax basis in the Reference Assets that are included as Exchange Covered Tax Assets exceed one hundred percent (100%) of the existing Tax
basis in the Reference Assets that is allocable to the Corporation at any time. For the avoidance of doubt, Exchange Covered Tax Assets shall include any carryforwards, carrybacks or similar attributes that are attributable to the Tax items
described in clauses (i)-(iii). Notwithstanding anything to the contrary, to the extent the Corporation reasonably determines (in consultation with the Advisory Firm and the Members) that the administrative burden and costs associated with
calculating the Exchange Covered Tax Assets with respect to any Subsidiary of Bridge Holdings would materially outweigh the Tax Benefit Payment attributable to such Exchange Covered Tax Assets, the Corporation shall be permitted to determine that
such Exchange Covered Tax Assets shall not be treated as Exchange Covered Tax Assets for all purposes of this Agreement. 

“Expert” is defined in Section 7.8(a). 

“Final Payment Date” means any date on which a Payment is required to be made pursuant to this Agreement. The
Final Payment Date in respect of (i) a Tax Benefit Payment is determined pursuant to Section 3.1(a) and (ii) an Early Termination Payment is determined pursuant to Section 4.3(a). 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the hypothetical liability of the
Corporation that would arise in respect of Covered Taxes, using the same methods, elections, conventions and similar practices used on the actual relevant Tax Returns of the Corporation but calculated without taking into account the Exchange Covered
Tax Assets; provided, that for purposes of determining the Hypothetical Tax Liability, the 

  
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combined tax rate for U.S. state and local Covered Taxes (including for purposes of determining the federal benefit with respect to such state and local Covered Taxes) shall be the Assumed State
and Local Tax Rate and the Corporation shall be entitled to make reasonable simplifying assumptions in making any determinations contemplated by this definition. 

“Imputed Interest” means any interest imputed under Section 483, 1272 or 1274 or any other provision of
the Code or any similar provisions of state, local or foreign tax Law with respect to the Corporation’s payment obligations under this Agreement. 

“Independent Directors” means the members of the Board who are “independent” under the standards of
the principal U.S. securities exchange on which the Class A Common Stock is traded or quoted. 
 “Interest
Amount” is defined in Section 3.1(b)(vi). 
 “IPO” is defined in the
recitals to this Agreement. 
 “IPO Unit Redemption” is defined in the recitals to this Agreement. 

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

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit A
to this Agreement. 
 “Joinder Requirement” is defined in Section 7.5(a). 

“Law” means all laws, statutes, ordinances, rules and regulations of the U.S., any foreign country and each
state, commonwealth, city, county, municipality, regulatory or self-regulatory body, agency or other political subdivision thereof. 

“Market Value” means the Class A Common Unit Redemption Price, as defined in the Operating Agreement.

 “Material Breach” means the (i) material breach by the Corporation of a material obligation under
this Agreement or (ii) the rejection of this Agreement by operation of law in a case commenced in bankruptcy or otherwise. 

“Member Approval” means written approval by Members whose rights under this Agreement are attributable to at
least 50% of the Units outstanding (excluding any Units held by the Corporation) immediately after the Unit Purchase (as appropriately adjusted for any subsequent changes to the number of outstanding Units). For purposes of this definition, a
Member’s rights under this Agreement shall be attributed to Units as of the time of a determination of Member Approval. For the avoidance of doubt, (i) an Exchanged Unit shall be attributed only to the Member entitled to receive Tax
Benefit Payments with respect to such Exchanged Unit (i.e., the Member who Exchanged the Unit or the assignee of such Member’s rights hereunder) and (ii) an outstanding Unit that has not been Exchanged shall be attributed only to
the Member (or, if applicable, the assignee of its rights hereunder) entitled to receive Tax Benefit Payments upon the Exchange of such Unit. 

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

 “Net Tax Benefit” is defined in Section 3.1(b)(ii). 

“Objection Notice” is defined in Section 2.4(a)(ii). 

“Operating Agreement” means that certain Fifth Amended and Restated Limited Liability Company Agreement of
Bridge Holdings, dated as of the date hereof, as such agreement may be further amended, restated, supplemented or otherwise modified from time to time. 

“Parties” means the parties named on the signature pages to this agreement and each additional party that
satisfies the Joinder Requirement, in each case with their respective successors and assigns. 
 “Payment”
means any Tax Benefit Payment or Early Termination Payment and in each case, unless otherwise specified, refers to the entire amount of such Payment or any portion thereof. 

“Permitted Transferee” means a holder of Units pursuant to any transfer of such Units permitted by the
Operating Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture,
limited liability company, estate, trust, business association, organization, governmental entity or other entity. 

“Pre-Exchange Transfer” means any transfer (or deemed transfer) of
one or more Units (i) that occurs after the consummation of the IPO but prior to an Exchange of such Units and (ii) to which Section 743(b) of the Code applies, excluding the IPO Unit Redemption. 

“Realized Tax Benefit” is defined in Section 3.1(b)(iv). 

“Realized Tax Detriment” is defined in Section 3.1(b)(v). 

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

“Reconciliation Dispute” is defined in Section 7.8(a). 

“Reconciliation Procedures” is defined in Section 7.8(a). 

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

“Reference Asset” means any asset of any member of the Bridge Holdings Group on the relevant date of
determination under this Agreement (including at the time of an Exchange and the IPO, as applicable). A Reference Asset also includes any asset the tax basis of which is determined, in whole or in part, by reference to the tax basis of an asset that
is described in the preceding sentence, including “substituted basis property” within the meaning of Section 7701(a)(42) of the Code. 

  
 8 

 “Schedule” means any of the following: (i) a Basis
Schedule, (ii) a Tax Benefit Schedule, (iii) an Early Termination Schedule and (iv) any Amended Schedule. 

“Senior Obligations” is defined in Section 5.1. 

“SOFR” means the Secured Overnight Financing Rate, as reported by the Wall Street Journal. 

“Subsidiary” means, with respect to any Person and as of any determination date, any other Person as to which
such first Person (i) owns, directly or indirectly, or otherwise controls, more than 50% of the voting power or other similar interests of such other Person or (ii) is the sole general partner interest, or managing member or similar
interest, of such other Person. 
 “Tax Benefit Payment” is defined in
Section 3.1(b). 
 “Tax Benefit Schedule” is defined in
Section 2.3(a). 
 “Tax Return” means any return, declaration, report or similar
statement filed or required to be filed with respect to taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated tax. 

“Taxable Year” means a taxable year of the Corporation as defined in Section 441(b) of the Code or any
similar provisions of U.S. state or local tax Law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is filed), ending on or after the closing date of the IPO. 

“Taxing Authority” means any national, federal, state, county, municipal or local government, or any
subdivision, agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to tax matters. 

“Treasury Regulations” means the final, temporary and (to the extent they can be relied upon) proposed
regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) and as in effect for the relevant taxable period. 

“U.S.” means the United States of America. 

“Unit Purchase” is defined in the recitals to this Agreement. 

“Units” means Common Units, as defined in the Operating Agreement. 

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

(i) in each Taxable Year ending on or after such Early Termination Effective Date, the Corporation will have
taxable income sufficient to fully use the 

  
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deductions arising from the Exchange Covered Tax Assets during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would
result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available; 

(ii) the U.S. Federal income tax rates that will be in effect for each such Taxable Year will be those
specified for each such Taxable Year by the Code and other applicable Law as in effect on the Early Termination Effective Date, except to the extent any change to such tax rates for such Taxable Year have already been enacted into Law and the
combined U.S. state and local income tax rates shall be the Assumed State and Local Tax Rate; 
 (iii) all
taxable income of the Corporation will be subject to the maximum applicable tax rates for each Covered Tax throughout the relevant period; provided, that the combined tax rate for U.S. state and local income taxes shall be the Assumed State
and Local Tax Rate; 
 (iv) any loss carryovers or carrybacks generated by any Exchange Covered Tax Assets
(including any Basis Adjustments or Imputed Interest generated as a result of payments made or deemed to be made under this Agreement) and available (taking into account any known and applicable limitations) as of the date of the Early Termination
Schedule will be used by the Corporation ratably in each of the 5 consecutive Taxable Years beginning with the Taxable Year that includes the date of the Early Termination Schedule (but, in the case of any such carryover or carryback that has less
than 5 remaining Taxable Years, ratably through the scheduled expiration date of such carryover or carryback) (by way of example, if on the date of the Early Termination Schedule the Corporation had $100 of net operating losses, $20 of such net
operating losses would be used in each of the 5 consecutive Taxable Years beginning in the Taxable Year of such Early Termination Schedule); 

(v) any non-amortizable assets will be disposed of on the fifteenth
anniversary of the earlier of (A) the applicable Exchange and (B) the Early Termination Effective Date; 

(vi) if, on the Early Termination Effective Date, any Member has Units that have not been Exchanged, then such
Units shall be deemed to be Exchanged for the Market Value of the shares of Class A Common Stock or the amount of cash that would be received by such Member had such Units actually been Exchanged on the Early Termination Effective Date; 

(vii) any future payment obligations pursuant to this Agreement that are used to calculate the Early
Termination Payment will be satisfied on the date that any Tax Return to which any such payment obligation relates is required to be filed excluding any extensions; and 

  
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 (viii) with respect to Taxable Years ending prior to the
Early Termination Effective Date, any unpaid Tax Benefit Payments and any applicable Default Rate Interest will be paid. 

“Voluntary Early Termination” is defined in Section 4.2(a)(i). 

SECTION 1.2. Rules of Construction. Unless otherwise specified herein: 

(a) For purposes of interpretation of this Agreement: 

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

(ii) Unless specified otherwise, references to an Article, Section or clause refer to the appropriate Article,
Section or clause in this Agreement. 
 (iii) References to dollars or “$” refer to the lawful
currency of the U.S. 
 (iv) The terms “include” or “including” are by way of example and
not limitation and shall be deemed followed by the words “without limitation”. 
 (v) The term
“or”, when used in a list of two or more items, means “and/or” and may indicate any combination of the items. 

(vi) The term “documents” includes any and all instruments, documents, agreements, certificates,
notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (b)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each mean “to but excluding” and the word
“through” means “to and including.” 
 (c) Section headings herein are included for convenience of
reference only and shall not affect the interpretation of this Agreement. 
 (d) Unless otherwise expressly provided herein,
(i) references to organizational documents (including the Operating Agreement), agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements
and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted hereby, and (ii) references to any Law (including the Code and the Treasury Regulations)
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

  
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 ARTICLE II 

Determination of Realized Tax Benefit 

SECTION 2.1. Basis Adjustments; Bridge Holdings 754 Election. 

(a) Basis Adjustments. The Parties acknowledge and agree that (i) each Redemption and the IPO Unit Redemption
shall be treated as a direct purchase of Units by the Corporation from the applicable Member pursuant to Section 707(a)(2)(B) of the Code (or any similar provisions of applicable state, local or foreign tax Law) (i.e., equivalent to a
Direct Exchange) and (ii) each Exchange will give rise to Basis Adjustments. 
 (b) Bridge Holdings
Section 754 Election. The Corporation shall cause Bridge Holdings and certain of its Subsidiaries (as reasonably determined by the Corporation) that is treated as a partnership for U.S. Federal income tax purposes to have in
effect an election under Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for each Taxable Year. The Corporation shall take commercially reasonable efforts to cause each Person in which Bridge
Holdings owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year as reasonably determined by the Corporation. 

SECTION 2.2. Basis Schedules. Within 150 calendar days after the filing of the U.S. Federal income Tax Return of the
Corporation for each relevant Taxable Year, the Corporation shall deliver to the Members a schedule showing, in reasonable detail, (i) the Exchange Covered Tax Assets that are available for use by the Corporation with respect to such Taxable
Year with respect to each Member that has effected an Exchange (including the Basis Adjustments with respect to the Reference Assets resulting from Exchanges effected in such Taxable Year and the periods over which such Basis Adjustments are
amortizable or depreciable), (ii) the portion of the Exchange Covered Tax Assets that are available for use by the Corporation in future Taxable Years with respect to each Member that has effected an Exchange and (iii) any limitations on the
ability of the Corporation to utilize any Exchange Covered Tax Assets under applicable Laws (including as a result of the operation of Section 382 of the Code or Section 383 of the Code) Member (such schedule, a “Basis
Schedule”). A Basis Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a) and may be amended by the Parties pursuant to the procedures set forth in
Section 2.4(b). 
 SECTION 2.3. Tax Benefit Schedules. 

(a) Tax Benefit Schedule. Within 150 calendar days after the filing of the U.S. Federal income Tax Return of the
Corporation for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Members a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year (a “Tax Benefit Schedule”). A Tax Benefit Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a) and may be amended by
the Parties pursuant to the procedures set forth in Section 2.4(b). 

  
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 (b) Applicable Principles. Subject to the provisions hereunder, the
Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Actual Tax Liability of the Corporation for such Taxable Year attributable to the Exchange Covered Tax Assets, as determined
using a “with and without” methodology described in Section 2.4(a). Carryovers or carrybacks of any tax item attributable to any of the Exchange Covered Tax Assets shall be considered to be subject to the rules of
the Code and the Treasury Regulations, and the appropriate provisions of state, local and foreign tax Law, governing the use, limitation or expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any tax item
includes a portion that is attributable to any Tax Attribute (a “TRA Portion”) and another portion that is not attributable to any Tax Attribute (a “Non-TRA Portion”), such
portions shall be considered to be used in accordance with the “with and without” methodology so that (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of
any TRA Portion (with the TRA Portion being applied on a proportionate basis consistent with the provisions of Section 3.3(a)) and (ii) in the case of a carryback of a Non-TRA
Portion, such carryback shall not affect the original “with and without” calculation made in the prior Taxable Year. Except with respect to the portion of any Payment attributable to Imputed Interest, all Tax Benefit Payments and payments
of Default Rate Interest attributable to the Covered Tax Assets will be treated as subsequent upward purchase price adjustments in respect such Exchange that give rise to additional Basis Adjustments for the Corporation unless otherwise required by
applicable Law. 
 SECTION 2.4. Procedures; Amendments. 

(a) Procedures. Each time the Corporation delivers a Schedule to the Members under this Agreement, the Corporation
shall, with respect to such Schedule, also (i) deliver to the Members supporting schedules and work papers, as determined by the Corporation or as reasonably requested by any Member, that provide a reasonable level of detail regarding relevant
data and calculations and (ii) allow the Members and their advisors to have reasonable access to the appropriate representatives, as determined by the Corporation or as reasonably requested by the Members, at the Corporation or the Advisory
Firm in connection with a review of relevant information. Without limiting the generality of the preceding sentence, the Corporation shall ensure that any Tax Benefit Schedule that is delivered to the Members, along with any supporting schedules and
work papers, provides a reasonably detailed presentation of the calculations of the Actual Tax Liability for the relevant Taxable Year and the Hypothetical Tax Liability for such Taxable Year, and identifies any material assumptions or operating
procedures or principles that were used for purposes of such calculations. A Schedule will become final and binding on the Members 30 calendar days from the date on which the Members first received the applicable Schedule unless a Member,
within such period, provides the Corporation with written notice of a material objection (made in good faith) to such Schedule and sets forth in reasonable detail such Member’s material objection (an “Objection Notice”). If the
Parties, for any reason, are unable to resolve the issues raised in such Objection Notice within 30 calendar days after receipt by the Corporation of the Objection Notice, the Corporation and the applicable Member shall employ the Reconciliation
Procedures described in Section 7.8 and the finalization of the Schedule will be conducted in accordance therewith. 

  
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 (b) Amended Schedule. A Schedule (other than an Early Termination
Schedule) for any Taxable Year may only and shall be amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in such Schedule identified as a result of the
receipt of additional factual information relating to a Taxable Year after the date such Schedule was originally provided to the Members, (iii) to comply with an Expert’s determination under the Reconciliation Procedures, (iv) to
reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryover or carryback of a loss or other tax item to such Taxable Year or (v) to reflect a change in the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule in its amended form, an “Amended Schedule”). The Corporation shall provide any Amended Schedule to the
applicable Members within 30 calendar days of the occurrence of an event referred to in any of clauses (i) through (v) of the preceding sentence, and the delivery and finalization of any such Amended Schedule shall, for the
avoidance of doubt, be subject to the procedures described in Section 2.4(a). 
 ARTICLE III 

Tax Benefit Payments 

SECTION 3.1. Timing and Amount of Tax Benefit Payments. 

(a) Timing of Payments. Subject to Sections 3.2 and 3.3, by the date that is
5 Business Days following the date on which each Tax Benefit Schedule becomes final in accordance with Section 2.4(a) (such date, the “Final Payment Date” in respect of any Tax Benefit Payment), the
Corporation shall pay in full to each relevant Member the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank
account or accounts designated by such Member. For the avoidance of doubt, no Member shall be required under any circumstances to return any Payment or any Default Rate Interest paid by the Corporation to such Member. 

(b) Amount of Payments. For purposes of this Agreement, a “Tax Benefit Payment” with respect to any
Member means an amount equal to the sum of the Net Tax Benefit that is Attributable to such Member and the Interest Amount. No Tax Benefit Payment shall be calculated or made in respect of any estimated tax payments, including any estimated U.S.
Federal income tax payments. 
 (i) Attributable. A Net Tax Benefit that is
“Attributable” to a Member with respect to any Exchange Covered Tax Assets shall be determined separately with respect to each Member and each Exchange undertaken by or with respect such Member in an amount equal to the total
Exchange Covered Tax Assets relating to the Units Exchanged by or with respect to such Member. 
 (ii) Net
Tax Benefit. The “Net Tax Benefit” with respect to a Member for a Taxable Year equals the amount of the excess, if any, of (A) 85% of the Cumulative Net Realized Tax Benefit Attributable to such Member as of the end of such

  
 14 

 
Taxable Year over (B) the aggregate amount of all Tax Benefit Payments previously made to such Member under this Section 3.1 (excluding payments attributable to
Interest Amounts). 
 (iii) Cumulative Net Realized Tax Benefit. The “Cumulative Net Realized
Tax Benefit” for a Taxable Year equals the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same
period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

(iv) Realized Tax Benefit. The “Realized Tax Benefit” for a Taxable Year equals the
excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability for such Taxable Year. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

(v) Realized Tax Detriment. The “Realized Tax Detriment” for a Taxable Year equals the
excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

(vi) Interest Amount. The “Interest Amount” in respect of a Member equals interest on
the unpaid amount of the Net Tax Benefit with respect to such Member for a Taxable Year, calculated at the Agreed Rate from the due date (without extensions) for filing the U.S. Federal income Tax Return of the Corporation for such Taxable Year
until the earlier of (A) the date on which no remaining Tax Benefit Payment to the Member is due in respect of such Net Tax Benefit and (B) the applicable Final Payment Date. 

(vii) The Members acknowledge and agree that, as of the date of this Agreement and as of the date of any future
Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. Federal income or other applicable tax purposes. Notwithstanding anything to the contrary in this Agreement,
the stated maximum selling price (within the meaning of Treasury Regulation 15A.453-1(c)(2)) with respect to any transfer of Units by a Member pursuant to an Exchange shall not exceed the sum of (I) the
value of the Class A Common Stock or the amount of cash delivered to the Member, in each case, in the Exchange plus (II) the amount, if any, set forth in the Redemption Notice (as defined in the Operating Agreement) delivered by such
Member to Bridge Holdings with respect to the relevant Redemption or Exchange, and the aggregate Payments under this Agreement to such Member (other than amounts accounted for as interest under the Code) shall not exceed the amount described in this
clause (II). 

  
 15 

 SECTION 3.2. No Duplicative Payments. It is intended that the
provisions hereunder will not result in the duplicative payment of any amount that may be required under this Agreement, and the provisions hereunder shall be consistently interpreted and applied in accordance with that intent. 

SECTION 3.3. Pro-Ration of Payments as Between the Members. 

(a) Insufficient Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary,
if the aggregate potential Covered Tax benefit of the Corporation as calculated with respect to the Exchange Covered Tax Assets (in each case, without regard to the Taxable Year of origination) is limited in a particular Taxable Year because the
Corporation does not have sufficient actual taxable income, then the available Covered Tax benefit for the Corporation shall be allocated among the Members in proportion to the respective Tax Benefit Payment that would have been payable if the
Corporation had sufficient taxable income. For example, if the Corporation had $200 of aggregate potential Covered Tax benefits with respect to the Exchange Covered Tax Assets in a particular Taxable Year (with $50 of such Covered Tax benefits
Attributable to Member A and $150 Attributable to Member B), such that Member A would have been entitled to a Tax Benefit Payment of $42.50 and Member B would have been entitled to a Tax Benefit Payment of $127.50 if the Corporation had sufficient
actual taxable income, and if the Corporation instead had insufficient actual taxable income in such Taxable Year, such that the Covered Tax benefit was limited to $100, then $25 of the aggregate $100 actual Covered Tax benefit for the Corporation
for such Taxable Year would be allocated to Member A and $75 would be allocated to Member B, such that Member A would receive a Tax Benefit Payment of $21.25 and Member B would receive a Tax Benefit Payment of $63.75. 

(b) Late Payments. If for any reason the Corporation is not able to fully satisfy its payment obligations to make all
Tax Benefit Payments due in respect of a particular Taxable Year, then (i) Default Rate Interest will accrue pursuant to Section 5.2, (ii) the Corporation shall pay the available amount of such Tax Benefit Payments
(and any applicable Default Rate Interest) in respect of such Taxable Year to each Member pro rata in line with Section 3.3(a) and (iii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax
Benefit Payments (and any applicable Default Rate Interest) to all Members in respect of all prior Taxable Years have been made in full. 

SECTION 3.4. Overpayments. Subject to the procedures described in Section 2.4(a), to the
extent the Corporation makes a payment to a Member in respect of a particular Taxable Year under Section 3.1(a) in an amount in excess of the amount of such payment that should have been made to such Member in respect of
such Taxable Year (taking into account Section 3.3) under the terms of this Agreement, then such Member shall not receive further payments under Section 3.1(a) until such Member has foregone an
amount of payments equal to such excess; provided, that for the avoidance of the doubt, no Member shall be required to return any payment paid by the Corporation to such Member. 

  
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 ARTICLE IV 

Termination 

SECTION 4.1. Early Termination of Agreement; Acceleration Events. 

(a) Corporation’s Early Termination Right. With the written approval of a majority of the
Independent Directors, the Corporation may terminate this Agreement, as and to the extent provided herein, by paying in full each and every Member the Early Termination Payment (along with any applicable Default Rate Interest) due to such Member.

 (b) Acceleration upon Change of Control. In the event of a Change of Control, the Early Termination Payment
(calculated as if an Early Termination Notice had been delivered on the date of the Change of Control) shall become due and payable in accordance with Section 4.3 and the Agreement shall terminate, as and to the extent
provided herein. 
 (c) Acceleration upon Breach of Agreement. In the event of a Material Breach, the Early
Termination Payment (calculated as if an Early Termination Notice had been delivered on the date of the Material Breach) shall become due and payable in accordance with Section 4.3 and the Agreement shall terminate, as and
to the extent provided herein. Subject to the next sentence, the Corporation’s failure to make a Payment (along with any applicable Default Rate Interest) within 90 calendar days of the applicable Final Payment Date shall be deemed to
constitute a Material Breach. To the extent that any Tax Benefit Payment is not made by the date that is 90 calendar days after the relevant Final Payment Date because the Corporation (i) is prohibited from making such payment under
Section 5.1 or the terms of any agreement governing any Senior Obligations or (ii) does not have, and cannot take commercially reasonable actions to obtain, sufficient funds to make such payment, such failure will not
constitute a Material Breach; provided that (A) such payment obligation nevertheless will accrue for the benefit of the Members, (B) the Corporation shall promptly (and in any event, within 5 Business Days) pay the entirety
of the unpaid amount (along with any applicable Default Rate Interest) once the Corporation is not prohibited from making such payment under Section 5.1 or the terms of the agreements governing the Senior Obligations and
the Corporation has sufficient funds to make such payment and (C) the failure of the Corporation to comply with the foregoing clause (B) will constitute a Material Breach; provided further that that the interest provisions of
Section 5.2 shall apply to such late payment (unless the Corporation does not have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations, in which case
Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate). It shall be a Material Breach if the Corporation makes any distribution of cash or other property (other than shares of Class A
Common Stock) to its stockholders or uses cash or other property to repurchase any capital stock of the Corporation (including Class A Common Stock), in each case, before (x) all Tax Benefit Payments (along with any applicable Default Rate
Interest) that are due and payable as of the date the Corporation enters into a binding commitment to make such distribution or repurchase have been paid or (y) sufficient funds for the payment of all Tax Benefits Payments (along with any
applicable Default Rate Interest) that are due and payable on the date of the distribution or repurchase have been reserved therefor. The Corporation shall use commercially reasonable efforts to (1) obtain sufficient available funds for the
purpose of making Tax Benefit 

  
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Payments under this Agreement and (2) avoid entering into any agreements that could be reasonably anticipated to materially delay the timing of the making of any Tax Benefit Payments under
this Agreement. 
 (d) In the case of a termination pursuant to any of the foregoing paragraphs (a),
(b) or (c), upon the Corporation’s payment in full of the Early Termination Payment (along with any applicable Default Rate Interest) to each Member, the Corporation shall have no further payment obligations under this Agreement other than
with respect to any Tax Benefit Payments (along with any applicable Default Rate Interest) in respect of any Taxable Year ending prior to the Early Termination Effective Date, and such payment obligations shall survive the termination of, and be
calculated and paid in accordance with, this Agreement. If an Exchange subsequently occurs with respect to Units for which the Corporation has paid the Early Termination Payment in full, the Corporation shall have no obligations under this Agreement
with respect to such Exchange. 
 SECTION 4.2. Early Termination Notice.  

(a) If (i) the Corporation chooses to exercise its termination right under Section 4.1(a)
(“Voluntary Early Termination”), (ii) a Change of Control occurs or (iii) a Material Breach occurs, the Corporation shall, in each case, deliver to the Members a reasonably detailed notice of the Corporation’s decision to
exercise such right or the occurrence of such event, as applicable (an “Early Termination Notice”). In the case of an Early Termination Notice delivered with respect to a Voluntary Early Termination, the Corporation may withdraw
such Early Termination Notice and rescind its Voluntary Early Termination at any time prior to the time at which any Early Termination Payment is paid. 

(b) The Corporation shall deliver a schedule showing in reasonable detail the calculation of the Early Termination Payment (an
“Early Termination Schedule”) (i) simultaneously with the delivery of an Early Termination Notice or (ii) in the case of a termination pursuant to Section 4.1(b) or
Section 4.1(c), as soon as reasonably practicable following the occurrence of the Change of Control or Material Breach giving rise to such termination. The date on which such Early Termination Schedule becomes final in
accordance with Section 2.4(a) shall be the “Early Termination Reference Date”. 

SECTION 4.3. Payment upon Early Termination. 

(a) Timing of Payment. By the date that is 5 Business Days after the Early Termination Reference Date (such date, the
“Final Payment Date” in respect of the Early Termination Payment), the Corporation shall pay in full to each Member an amount equal to the Early Termination Payment applicable to such Member. Such Early Termination Payment shall be
made by the Corporation by wire transfer of immediately available funds to a bank account or accounts designated by the applicable Member. 

(b) Amount of Payment. The “Early Termination Payment” payable to a Member pursuant to
Section 4.3(a) shall equal the present value, discounted at the Agreed Rate and determined as of the Early Termination Reference Date, of all Tax Benefit Payments (other than any Tax Benefit Payments in respect of Taxable
Years ending prior to the Early 

  
 18 

 
Termination Effective Date) that would be required to be paid by the Corporation to such Member, beginning from the Early Termination Effective Date and using the Valuation Assumptions. For the
avoidance of doubt, an Early Termination Payment shall be made to each Member in accordance with this Agreement, regardless of whether a Member has Exchanged all of its Units as of the Early Termination Effective Date. 

ARTICLE V 
 Subordination
and Late Payments 
 SECTION 5.1. Subordination. Notwithstanding any other provision of this Agreement to the
contrary, any payment required to be made by the Corporation to the Members under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations owed in
respect of indebtedness for borrowed money of the Corporation (other than, for the avoidance of doubt, any trade payables, intercompany debt or other similar obligations) (“Senior Obligations”) and shall rank pari passu in
right of payment with all current or future obligations of the Corporation that are not Senior Obligations. 
 SECTION 5.2.
Late Payments by the Corporation. Subject to the second proviso in the third sentence of Section 4.1(c), the amount of any Payment not made to any Member by the applicable Final Payment Date shall be payable together
with “Default Rate Interest”, calculated at the Default Rate and accruing on the amount of the unpaid Payment from the applicable Final Payment Date until the date on which the Corporation makes such Payment to such Member. 

ARTICLE VI 
 Tax Matters;
Consistency; Cooperation 
 SECTION 6.1. Participation in the Corporation’s and Bridge
Holdings’ Tax Matters. Except as otherwise provided herein or in Article IX of the Operating Agreement, the Corporation shall have full responsibility for, and sole discretion over, all tax matters concerning the Corporation
and Bridge Holdings, including preparing, filing or amending any Tax Return and defending, contesting or settling any issue pertaining to taxes. Notwithstanding the foregoing, (i) the Corporation shall notify the relevant Members of, and keep
them reasonably informed with respect to, the portion of any audit by any Taxing Authority of the Corporation, Bridge Holdings or any of Bridge Holdings’ Subsidiaries, the outcome of which is reasonably expected to materially and adversely
affect such Members’ rights and obligations under this Agreement and (ii) the Members shall have the right to participate in and to monitor at their own expense (but, for the avoidance of doubt, not to control) any such issue in any such
Tax audit. To the extent there is a conflict between this Agreement and the Operating Agreement as it relates to tax matters concerning Covered Taxes and the Corporation and 

  
 19 

 
Bridge Holdings, including preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes, this Agreement shall control. 

SECTION 6.2. Consistency. Except upon the written advice of the Advisory Firm, all calculations and determinations made
hereunder, including any Basis Adjustments, the Schedules and the determination of any Realized Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies and positions taken by the Corporation and Bridge
Holdings on their respective Tax Returns. Each Member shall prepare its Tax Returns in a manner consistent with the terms of this Agreement and any related calculations or determinations made hereunder, including the terms of
Section 2.1 and the Schedules provided to each such Member, except as otherwise required by Law. In the event that an Advisory Firm is replaced with another Advisory Firm acceptable to the Audit Committee, the Members shall
cause such replacement Advisory Firm to perform its services necessitated by this Agreement using procedures and methodologies consistent with those of the previous Advisory Firm, unless otherwise required by Law or unless the Corporation and all of
the Members agree to the use of other procedures and methodologies. 
 SECTION 6.3. Cooperation. 

(a) Each Member shall (i) furnish to the Corporation in a timely manner such information, documents and other materials
as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return of Bridge Holdings or any of its Subsidiaries or contesting or defending any
related audit, examination or controversy with any Taxing Authority, (ii) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its
representatives may reasonably request in connection with any of the matters described in clause (i) above and (iii) reasonably cooperate in connection with any such matter. 

(b) The Corporation shall reimburse the Members for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to Section 6.3(a). 

ARTICLE VII 

Miscellaneous 

SECTION 7.1. Notices. All notices, requests, consents and other communications required or permitted hereunder shall be
in writing and (i) delivered personally, (ii) sent by e-mail or (iii) sent by overnight courier, in each case, addressed as follows: 

If to the Corporation, to: 

Bridge Investment Group Holdings Inc. 

111 E. Sego Lily Drive, Suite 400 

Salt Lake City, UT 84070 

  
 20 

 If to any Member, to the address and
e-mail address specified on such Member’s signature page to the applicable Joinder or otherwise on file with the Corporation or Bridge Holdings. 

Any Party may change its address, fax number or e-mail address by giving each of the other Party
written notice thereof in the manner set forth above. 
 SECTION 7.2. Counterparts. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Members and delivered to the other Members, it being understood that all
Members need not sign the same counterpart. Delivery of an executed signature page to this Agreement by e-mail transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

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

SECTION 7.4. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any Law or public policy, all other terms and provisions hereunder 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 shall negotiate in good faith to modify this Agreement so as to effect the original intent of
the Parties as closely as possible in an acceptable manner. 
 SECTION 7.5. Assignments; Amendments; Successors; No
Waiver. 
 (a) Assignment. No Member may assign, sell, pledge or otherwise alienate or transfer any interest in
this Agreement, including the right to receive any payments under this Agreement, to any Person without such Person executing and delivering a Joinder agreeing to succeed to the applicable portion of such Member’s interest in this Agreement and
to become a Party for all purposes of this Agreement (the “Joinder Requirement”); provided, that the Members’ approval and consent rights described in Section 6.1 shall not be transferrable or
assignable to any Person (other than Permitted Transferees) without the prior written consent of the Corporation, not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, if any Member sells, exchanges, distributes or
otherwise transfers Units to any Person (other than the Corporation or Bridge Holdings) in accordance with the terms of the Operating Agreement, such Member shall have the option to assign to the transferee of such Units its rights under this
Agreement with respect to such transferred Units; provided that such transferee has satisfied the Joinder Requirement. For the avoidance of doubt, if a 

  
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Member transfers Units in accordance with the terms of the Operating Agreement but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred
Units, such Member shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units (and any such transferred Units shall be separately identified, so as to facilitate the determination of
payments hereunder). The Corporation may not assign any of its rights or obligations under this Agreement to any Person without Member Approval (and any purported assignment without such consent shall be null and void). 

(b) Amendments. No provision of this Agreement may be amended unless such amendment is approved in writing by the
Corporation with Member Approval; provided that amendment of the definition of Change of Control will also require the written approval of a majority of the Independent Directors; provided further that, to the extent any
amendment would materially, adversely and disproportionately affect a Member with respect to any rights under this Agreement, such amendment shall require the written approval of such affected Member. 

(c) Successors. Except as provided in Section 7.5(a), all of the terms and provisions
hereunder shall be binding upon, and shall inure to the benefit of and be enforceable by, the Parties and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any
direct or indirect successor (whether by equity purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

(d) Waiver. No provision of this Agreement may be waived unless such waiver is in writing and signed by the Party
against whom the waiver is to be effective. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall
constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 
 SECTION 7.6. Titles and
Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

SECTION 7.7. Resolution of Disputes; Governing Law. 

(a) Except for Reconciliation Disputes subject to Section 7.8, any and all disputes which cannot be
settled after good faith negotiation within 30 calendar days, including any ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this Section 7.7 or Section 7.8) (each, a “Dispute”) shall
be finally resolved by arbitration in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by the majority vote of a panel of three
arbitrators, of which the Corporation shall designate one arbitrator and 

  
 22 

 
the Members that are party to such Dispute shall designate one arbitrator, in each case in accordance with the “screened” appointment procedure provided in Resolution Rule 5.4. In
addition to monetary damages, the arbitrators shall be empowered and permitted to award equitable relief, including an injunction and specific performance of any obligation under this Agreement. The arbitrators are not empowered to award damages in
excess of compensatory damages, and each Member hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. Any award shall be the sole and exclusive remedy between the Members regarding any
claims, counterclaims, issues or accounting presented to the arbitrators. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be
entered by any court having jurisdiction thereof. The place of the arbitration shall be New York, New York. 
 (b)
Notwithstanding the provisions of paragraph (a) above, any Party may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling another Party to arbitrate, seeking temporary
or preliminary relief in aid of an arbitration hereunder or enforcing an arbitration award and, for the purposes of this paragraph (b), each Party (i) expressly consents to the application of
paragraphs (c) and (d) of this Section 7.7 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions hereunder
would be difficult to calculate and that remedies at law would be inadequate. 
 (c) This Agreement shall be governed in all
respects, including as to validity, interpretation and effect, by the internal Laws of the State of New York, without giving effect to the conflict of laws rules thereof. Subject to this Section 7.7 and
Section 7.8, the Parties agree that any suit or proceeding in connection with, arising out of or relating to this Agreement shall be instituted only in a New York state court (or U.S. Federal court) located in New York, New
York, and the Parties, for the purpose of any such suit or proceeding, irrevocably consent and submit to the exclusive personal jurisdiction and venue of any such court in any such suit or proceeding. Each Party agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 

(d) Each Party irrevocably and unconditionally waives, to the fullest extent permitted by Law, (i) any objection that it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 7.7(b) or 7.7(c) and (ii) the defense of an
inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 
 (e) Each Party
irrevocably consents to service of process by means of notice in the manner provided for in Section 7.1. Nothing in this Agreement shall affect the right of any Party to serve process in any other manner permitted by Law.

 (f) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND WITH THE ADVICE OF ITS COUNSEL, ANY RIGHT IT MAY HAVE TO A TRIAL BY 

  
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JURY IN ANY SUIT, ACTION OR PROCEEDING, WHETHER A CLAIM, COUNTERCLAIM, CROSS-CLAIM, OR THIRD PARTY CLAIM, DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION 7.8. Reconciliation
Procedures. 
 (a) In the event that the Corporation and any Member are unable to resolve a disagreement with respect to
a Schedule prepared in accordance with the procedures set forth in Section 2.4 or Section 4.2, as applicable, within the relevant time period designated in this Agreement (a “Reconciliation
Dispute”), the procedures described in this paragraph (the “Reconciliation Procedures”) will apply. The applicable Members shall, within 15 calendar days of the commencement of a Reconciliation Dispute, mutually select
a nationally recognized expert in the particular area of disagreement (the “Expert”) and submit the Reconciliation Dispute to such Expert for determination. The Expert shall be a partner or principal in a nationally recognized
accounting firm, and unless the Corporation and such Member agree otherwise, the Expert (and its employing firm) shall not have any material relationship with the Corporation or such Member or other actual or potential conflict of interest. If the
applicable Parties are unable to agree on an Expert within such 15 calendar-day time period, the selection of an Expert shall be treated as a Dispute subject to Section 7.7 and an
arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not have any material relationship with the applicable Parties or other actual or potential conflict of interest. The Expert shall resolve any matter
relating to (i) a Basis Schedule, Early Termination Schedule or an amendment to either within 30 calendar days and (ii) a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably
practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence
of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid by the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to
adjustment or amendment upon resolution. The Expert shall finally determine any Reconciliation Dispute, and its determinations pursuant to this Section 7.8(a) shall be binding on the applicable Parties and may be entered
and enforced in any court having competent jurisdiction. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.8 or a Dispute within the meaning of
Section 7.7 shall be decided and resolved as a Dispute subject to the procedures set forth in Section 7.7. 

(b) Subject to the next sentence, the applicable Parties shall bear their own costs and expenses of such proceeding, unless
(i) the Expert adopts the Member’s position, in which case the Corporation shall reimburse the Member for any reasonable and documented out-of-pocket costs and
expenses in such proceeding or (ii) the Expert adopts the Corporation’s position, in which case the Members shall reimburse the Corporation for any reasonable and documented
out-of-pocket costs and expenses in such proceeding. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the
Corporation. 

  
 24 

 SECTION 7.9. Withholding. The Corporation and its Affiliates shall be
entitled to deduct and withhold from any payment that is payable to any Member pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment by applicable Law. To the extent
that amounts are so deducted and withheld and paid over to the appropriate Taxing Authority by the Corporation, such deducted and withheld amounts shall be treated for all purposes of this Agreement as having been paid by the Corporation to the
relevant Member in respect of whom the deduction and withholding was made. Each Member shall promptly provide the Corporation with any applicable tax forms and certifications reasonably requested by the Corporation in connection with determining
whether any such deductions and withholdings are required by applicable Law. 
 SECTION 7.10. Admission of the
Corporation into a Consolidated Group; Transfers of Corporate Assets. 
 (a) If the Corporation is or becomes a member
of an affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Section 1501 or other applicable sections of the Code governing affiliated or consolidated groups, or any corresponding provisions of
state, local or foreign tax Law, then (i) the provisions of this Agreement shall be applied with respect to the group as a whole, and (ii) Payments and other applicable items hereunder shall be computed with reference to the consolidated
taxable income of the group as a whole. 
 (b) If the Corporation or any member of the Bridge Holdings Group transfers one
or more Reference Assets to a Person treated as a corporation for U.S. Federal income tax purposes (with which the Corporation does not file a consolidated Tax Return pursuant to Section 1501 of the Code), such transferor, for purposes of
calculating the amount of any Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed to be received by the Corporation or Bridge Holdings Group
member, as the applicable transferor, shall be equal to the fair market value of the transferred asset plus the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset. For purposes of this
Section 7.10, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s applicable share of each of the assets and liabilities of that partnership. Notwithstanding anything to
the contrary set forth herein, if the Corporation or any member of a group described in Section 7.10(a) transfers its assets pursuant to a transaction that qualifies as a “reorganization” (within the meaning of
Section 368(a) of the Code) in which such entity does not survive, pursuant to a contribution described in Section 351(a) of the Code or pursuant to any other transaction to which Section 381(a) of the Code applies (other than any
such reorganization or any such other transaction, in each case, pursuant to which such entity transfers assets to a corporation with which the Corporation or any member of the group described in Section 7.10(a) (excluding
any such member being transferred in such reorganization or other transaction) does not file a consolidated Tax Return pursuant to Section 1501 of the Code), the transfer will not cause such entity to be treated as having transferred any assets
to a corporation (or a Person classified as a corporation for U.S. Federal income tax purposes) pursuant to this Section 7.10(b). 

  
 25 

 SECTION 7.11. Confidentiality. Each Member and each of its respective
assignees acknowledges and agrees that the information of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by Law or legal process or to enforce the
terms of this Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any other Person any confidential information, acquired pursuant to this Agreement, of the Corporation or its controlled Affiliates or their
successors. This Section 7.11 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its controlled Affiliates, becomes public knowledge (except as a result of an act
of any Member in violation of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the extent necessary for a Member to prosecute or defend claims arising under or relating to this Agreement and
(iii) the disclosure of information to the extent necessary for a Member to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by
any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the Members and each of their assignees (and each employee, representative or other agent of the Members or their assignees, as applicable) may
disclose at their discretion to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the Corporation, the Members and any of their transactions, and all materials of any kind (including tax opinions or other
tax analyses) that are provided to the Members relating to such tax treatment and tax structure. If a Member or an assignee commits, or threatens to commit, a breach of any of the provisions of this Section 7.11, the
Corporation shall have the right and remedy to have the provisions of this Section 7.11 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or
other security, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Corporation or any of its controlled Affiliates and that money damages alone will not provide an adequate remedy to such
Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at Law or in equity. 

SECTION 7.12. Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or
proposed change in Law, a Member reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Member (or direct or indirect equity holders
in such Member) in connection with any Exchange to be treated as ordinary income (other than with respect to assets described in Section 751(a) of the Code) rather than capital gain (or otherwise taxed at ordinary income rates) for
U.S. Federal income tax purposes or would have other material adverse tax consequences to such Member or any direct or indirect owner of such Member, then, at the written election of such Member in its sole discretion (in an instrument signed
by such Member and delivered to the Corporation) and to the extent specified therein by such Member, this Agreement shall cease to have further effect and shall not apply to an Exchange occurring after a date specified by such Member, or may be
amended in a manner reasonably determined by such Member; provided that such amendment shall not result in an increase in any payments owed by the Corporation under this Agreement 

  
 26 

 
at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

SECTION 7.13. Interest Rate Limitation. Notwithstanding anything to the contrary contained herein, the interest paid or
agreed to be paid hereunder with respect to amounts due to any Member hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
any Member shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the applicable payment (but in each case exclusive of any component thereof comprising interest) or, if it exceeds such unpaid non-interest amount, refunded to the Corporation. In determining whether the interest contracted for, charged or received by any Member exceeds the Maximum Rate, such Member may, to the extent permitted by
applicable Law, (i) characterize any payment that is not principal as an expense, fee or premium rather than interest, (ii) exclude voluntary prepayments and the effects thereof or (iii) amortize, prorate, allocate and spread in equal
or unequal parts the total amount of interest throughout the contemplated term of the payment obligations owed by the Corporation to such Member hereunder. Notwithstanding the foregoing, it is the intention of the Parties to conform strictly to any
applicable usury Laws. 
 SECTION 7.14. Independent Nature of Rights and Obligations. The rights and obligations of
each Member hereunder are several and not joint with the rights and obligations of any other Person. A Member shall not be responsible in any way for the performance of the obligations of any other Person hereunder, nor shall a Member have the right
to enforce the rights or obligations of any other Person hereunder (other than obligations of the Corporation). The obligations of a Member hereunder are solely for the benefit of, and shall be enforceable solely by, the Corporation. Nothing
contained herein or in any other agreement or document delivered in connection herewith, and no action taken by any Member pursuant hereto or thereto, shall be deemed to constitute the Members acting as a partnership, association, joint venture or
any other kind of entity, or create a presumption that the Members are in any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated hereby. 

[Signature Page Follows this Page] 

  
 27 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 CORPORATION:

	
	 BRIDGE INVESTMENT GROUP

	 HOLDINGS INC.

		
	By:	 	/s/ Jonathan Slager
	 Name:
	 	 Jonathan Slager

	 Title:
	 	 Chief Executive Officer

	
	 BRIDGE HOLDINGS:

	
	 BRIDGE INVESTMENT GROUP

	 HOLDINGS LLC

		
	By:	 	/s/ Jonathan Slager
	 Name:
	 	 Jonathan Slager

	 Title:
	 	 Authorized Person

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Bridge Founders Group, LLC
		
	By:	 	/s/ Christian V. Young
	Name:	 	Christian V. Young
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Dean Allara
	Name:	 	Dean Allara
	
	Rockridge Investments, LLC
		
	By:	 	/s/ Dean Allara
	Name:	 	Dean Allara
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	The Anderson Irrevocable Trust
		
	By:	 	/s/ Kevin Anderson
	Name:	 	Kevin Anderson
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Phillip Anderson
	Name:	 	Phillip Anderson
	
	Genova Ventures, LLC
		
	By:	 	/s/ Phillip Anderson
	Name:	 	Phillip Anderson
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Brad Andrus
	Name:	 	Brad Andrus
	
	The Andrus Irrevocable Trust
		
	By:	 	/s/ Brad Andrus
	Name:	 	Brad Andrus
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Brock Andrus
	Name:	 	Brock Andrus

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	The Richard and Debra Andrus Trust
		
	By:	 	/s/ Rick Andrus
	Name:	 	Rick Andrus
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Colin Apple
	Name:	 	Colin Apple

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Bruce Berger
	Name:	 	Bruce Berger

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Briggs Capital Partners, LLC
		
	 By:
	 	 /s/ Chad Briggs

	 Name:
	 	 Chad Briggs

	 Title:
	 	 Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Globetrotter Foundation
		
	 By:
	 	 /s/ Sallie Calhoun

	 Name:
	 	 Sallie Calhoun

	 Title:
	 	 Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 By:
	 	 /s/ Todd Castagna

	 Name:
	 	 Todd Castagna

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Mobjack Investments, LLC
		
	 By:
	 	 /s/ Robert Chapin

	 Name:
	 	 Robert Chapin

	 Title:
	 	 Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Kolana Limited
		
	 By:
	 	 /s/ Winston Chiu

	 Name:
	 	 Winston Chiu

	 Title:
	 	 Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	The Christiano Trust dtd 9/9/90
		
	 By:
	 	 /s/ Matt Christiano

	 Name:
	 	 Matt Christiano

	 Title:
	 	 Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 By:
	 	 /s/ James Chung

	 Name:
	 	 James Chung

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 By:
	 	 /s/ Jason M. Clark

	 Name:
	 	 Jason M. Clark

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 By:
	 	 /s/ David Coelho

	 Name:
	 	 David Coelho

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	TSG Servant Holdings, LLC
		
	 By:
	 	 /s/ Mary Demetree

	 Name:
	 	 Mary Demetree

	 Title:
	 	 Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Rachel Diller
	Name:	 	Rachel Diller

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Katherine Elsnab
	Name:	 	Katherine Elsnab

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Mark Ferris
	Name:	 	Mark Ferris

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Judy Tree LLC
		
	By:	 	/s/ James Freeman
	Name:	 	James Freeman
	Title:	 	Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Matthew Grant
	Name:	 	Matthew Grant

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Kelley Hansen
	Name:	 	Kelley Hansen

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Errol Harris
	 Name:
	 	Errol Harris

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Donaldson Hartman
	Name:	 	Donaldson Hartman

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Inna Khidekel
	Name:	 	Inna Khidekel

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Adam Scott Kirk
	Name:	 	Adam Scott Kirk

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Latimer Equity Investments, LLC
		
	By:	 	 /s/ Holden Latimer

	Name:	 	Holden Latimer
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Richard F. & Darlene L. Leusch Trust
		
	By:	 	 /s/ Darlene Leusch

	Name:	 	Darlene Leusch
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	The Minnick Irrevocable Trust
		
	By:	 	 /s/ D. Russell Minnick

	Name:	 	D. Russell Minnick
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	The Charlotte Morse 2017 AET
		
	By:	 	 /s/ Charlotte Morse

	Name:	 	Charlotte Morse
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	FLM Holdings, LLC
		
	By:	 	 /s/ Robert Morse

	Name:	 	Robert Morse
	Title:	 	Authorized Signatory
	
	The Elliot Coleman Morse 2017 AET
		
	By:	 	 /s/ Robert Morse

	Name:	 	Robert Morse
	Title:	 	Authorized Signatory
	
	The Margaret Brooke Morse 2017 AET
		
	By:	 	 /s/ Robert Morse

	Name:	 	Robert Morse
	Title:	 	Authorized Signatory
	
	The Robert Edson Morse 2017 AET
		
	By:	 	 /s/ Robert Morse

	Name:	 	Robert Morse
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	 /s/ Aaron O’Farrell

	Name:	 	Aaron O’Farrell

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Adam B. O’Farrell and Tracy K O’Farrell Trust dtd May 9, 2019
		
	By:	 	 /s/ Adam O’Farrell

	Name:	 	Adam O’Farrell
	Title:	 	Authorized Signatory
	
	The O’Farrell Irrevocable Trust
		
	By:	 	 /s/ Adam O’Farrell

	Name:	 	Adam O’Farrell
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Peeper Investments, LLC
		
	By:	 	 /s/ Blake Peeper

	Name:	 	Blake Peeper
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	JSPJ FLP
		
	By:	 	 /s/ John S. Pennington

	Name:	 	John S. Pennington
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Trust of TMPeterson
		
	By:	 	 /s/ Thayne M. Peterson

	Name:	 	Thayne M. Peterson
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Joseph M. Rault III
	Name:	 	Joseph M. Rault III
	Title:	 	Authorized Signatory

  
 [Signature Page to Tax
Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	Reardon Partners LLC
		
	By:	 	/s/ Tim Reardon
	Name:	 	Tim Reardon
	Title:	 	Authorized Signatory

  

			
	 The Timothy James Reardon and Megan McClannan Reardon Revocable Trust

		
	By:	 	/s/ Tim Reardon
	Name:	 	Tim Reardon
	Title:	 	Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 The Survivor’s Trust UTA dtd November 21, 2007

		
	By:	 	 /s/ Sara Katherine Hallock Sanders

	Name:	 	 Sara Katherine Hallock Sanders

	Title:	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	/s/ Jeffrey L. Shaw
	Name:	 	Jeffrey L. Shaw

  

			
	 SCREO-BOFM LLC

		
	By:	 	 /s/ Jeffrey L. Shaw

	Name:	 	 Jeffrey L. Shaw

	Title:	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 J.P. Slager, LLC

		
	By:	 	 /s/ Jonathan Slager

	Name:	 	 Jonathan Slager

	Title:	 	 Authorized Signatory

	
	 SF International Irrevocable Trust Dated December 30, 2019

		
	By:	 	 /s/ Jonathan Slager

	Name:	 	 Jonathan Slager

	Title:	 	 Authorized Signatory

	
	 Slager Family Limited Partnership

		
	By:	 	 /s/ Jonathan Slager

	Name:	 	 Jonathan Slager

	Title:	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	 /s/ Danuel Stanger

	Name:	 	 Danuel Stanger

	Title:	 	Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 Christian V. Young 2020 Gift Trust

		
	By:	 	 /s/ Danuel Stanger

	Name:	 	 Danuel Stanger

	Title:	 	 Authorized Signatory

	
	 The Danna Investment Company LLC

		
	By:	 	 /s/ Danuel Stanger

	Name:	 	 Danuel Stanger

	Title:	 	 Authorized Signatory

	
	 The Anna Stanger 2020 Gift Trust

		
	By:	 	 /s/ Danuel Stanger

	Name:	 	 Danuel Stanger

	Title:	 	 Authorized Signatory

	
	 The Danna Foundation

		
	By:	 	 /s/ Danuel Stanger

	Name:	 	 Danuel Stanger

	Title:	 	 Authorized Signatory

	
	 The Danuel R. Stanger Revocable Trust

		
	By:	 	 /s/ Danuel Stanger

	Name:	 	 Danuel Stanger

	Title:	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 The Stayner Irrevocable Trust, dated December 1, 2020

		
	By:	 	 /s/ Richard Stayner

	Name:	 	 Richard Stayner

	Title:	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 DFS Equity, LLC

		
	By:	 	 /s/ Martin Steinberger

	Name:	 	 Martin Steinberger

	Title:	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	By:	 	 /s/ Meena Thever

	Name:	 	 Meena Thever

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 By:
	 	 /s/ John Ward

	 Name:
	 	 John Ward

	 Title:
	 	 Authorized Signatory

	
	FCPO-BOFM LLC
		
	 By:
	 	 /s/ John Ward

	 Name:
	 	 John Ward

	 Title:
	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Tax Receivable Agreement as of the date
first written above. 
  

			
	 By:
	 	 /s/ Christian Young

	 Name:
	 	 Christian Young

	
	Acorn Development Corp.
		
	 By:
	 	 /s/ Christian Young

	 Name:
	 	 Christian Young

	 Title:
	 	 Authorized Signatory

	
	Christian V. and Lisa D. Young Family Foundation
		
	 By:
	 	 /s/ Christian Young

	 Name:
	 	 Christian Young

	 Title:
	 	 Authorized Signatory

	
	Lisa D. Young 2020 Gift Trust
		
	 By:
	 	 /s/ Christian Young

	 Name:
	 	 Christian Young

	 Title:
	 	 Authorized Signatory

	
	The Christian V. Young 2003 Trust
		
	 By:
	 	 /s/ Christian Young

	 Name:
	 	 Christian Young

	 Title:
	 	 Authorized Signatory

 [Signature Page to Tax Receivable Agreement] 

 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of
                    , 20         (this “Joinder”), is delivered pursuant to
that certain Tax Receivable Agreement, dated as of [•] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Tax Receivable Agreement”), by and among Bridge Investment Group
Holdings Inc., a Delaware corporation (the “Corporation”), Bridge Investment Group Holdings LLC, a Delaware limited liability company (“Bridge Holdings”), and each of the Members from time to time party thereto.
Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Tax Receivable Agreement. 
  

	 	1.	 Joinder to the Tax Receivable Agreement. The undersigned hereby represents and warrants to the
Corporation that, as of the date hereof, the undersigned has been assigned an interest in the Tax Receivable Agreement from a Member. 

  

	 	2.	 Joinder to the Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and
delivery hereof to the Corporation, the undersigned hereby is and hereafter will be a Member under the Tax Receivable Agreement, with all the rights, privileges and responsibilities of a party thereunder. The undersigned hereby agrees that it shall
comply with and be fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date thereof. 

  

	 	3.	 Incorporation by Reference. All terms and conditions of the Tax Receivable Agreement are hereby
incorporated by reference in this Joinder as if set forth herein in full. 

  

	 	4.	 Address. All notices under the Tax Receivable Agreement to the undersigned shall be direct to:

 [Name] 

[Address] 

[City, State, Zip Code] 

Attn: 

Facsimile: 

E-mail: 

[Signature Page Follows this Page] 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the
day and year first above written. 
  

			
	[NAME OF NEW MEMBER]
		
	 by
	 	
		 	 
		 	 Name:

		 	 Title:

 

			
	 Acknowledged and agreed
 as of the
date first set forth above:

	
	BRIDGE INVESTMENT GROUP HOLDINGS INC.
		
	 by
	 	
		 	 
		 	 Name:

		 	 Title:

 [Signature Page to Joinder Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]