Document:

EX-10.4

 Exhibit 10.4 

Agreed Form 
 [BITCOIN
DEPOT OPERATING LLC] 
 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of [•], 2022 
 THE UNITS ISSUED
PURSUANT TO THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH IN THIS AGREEMENT. 

CERTAIN UNITS MAY ALSO BE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THIS AGREEMENT OR IN A SEPARATE AGREEMENT WITH THE INITIAL HOLDER OF
SUCH UNITS. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER OF SUCH UNITS UPON WRITTEN REQUEST TO THE COMPANY AND WITHOUT CHARGE. 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	10	 
			
	 Section 2.1
	 	Formation of LLC; Continuation	  	 	10	 
	 Section 2.2
	 	Limited Liability Company Agreement	  	 	11	 
	 Section 2.3
	 	Name	  	 	11	 
	 Section 2.4
	 	Purpose	  	 	11	 
	 Section 2.5
	 	Principal Office; Registered Office	  	 	11	 
	 Section 2.6
	 	Term	  	 	11	 
	 Section 2.7
	 	No State-Law Partnership	  	 	12	 
	 Section 2.8
	 	Ratification and Specific Authorization of Transactions	  	 	12	 
		
	 ARTICLE III UNITS, CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	12	 
			
	 Section 3.1
	 	Units; Capitalization	  	 	12	 
	 Section 3.2
	 	Authorization and Issuance of Additional Units	  	 	13	 
	 Section 3.3
	 	Repurchase or Redemption of Class A Common Stock	  	 	15	 
	 Section 3.4
	 	Changes in Common Stock	  	 	15	 
	 Section 3.5
	 	Capital Accounts	  	 	15	 
	 Section 3.6
	 	Negative Capital Accounts; No Interest Regarding Positive Capital Accounts	  	 	17	 
	 Section 3.7
	 	No Withdrawal	  	 	17	 
	 Section 3.8
	 	Loans From Unitholders	  	 	17	 
	 Section 3.9
	 	Adjustments to Capital Accounts for Distributions In-Kind	  	 	17	 
	 Section 3.10
	 	Transfer of Capital Accounts	  	 	17	 
	 Section 3.11
	 	Adjustments to Book Value	  	 	17	 
	 Section 3.12
	 	Compliance With Section 1.704-1(b)	  	 	18	 
	 Section 3.13
	 	Warrants	  	 	18	 
	 Section 3.14
	 	Conversion or Forfeiture of Earnout Units	  	 	19	 
		
	 ARTICLE IV DISTRIBUTIONS AND ALLOCATIONS
	  	 	20	 
			
	 Section 4.1
	 	Distributions	  	 	20	 
	 Section 4.2
	 	Allocations	  	 	21	 
	 Section 4.3
	 	Special Allocations	  	 	22	 
	 Section 4.4
	 	Offsetting Allocations	  	 	23	 
	 Section 4.5
	 	Tax Allocations	  	 	24	 
	 Section 4.6
	 	Indemnification and Reimbursement for Payments on Behalf of a Unitholder	  	 	25	 
		
	 ARTICLE V MANAGEMENT AND CONTROL OF BUSINESS
	  	 	25	 
			
	 Section 5.1
	 	Management	  	 	25	 

  
 i 

							
	 Section 5.2
	 	Investment Company Act	  	 	26	 
	 Section 5.3
	 	Officers	  	 	26	 
	 Section 5.4
	 	Fiduciary Duties	  	 	27	 
		
	 ARTICLE VI EXCULPATION AND INDEMNIFICATION
	  	 	28	 
			
	 Section 6.1
	 	Exculpation	  	 	28	 
	 Section 6.2
	 	Indemnification	  	 	29	 
	 Section 6.3
	 	Expenses	  	 	29	 
	 Section 6.4
	 	Non-Exclusivity; Savings Clause	  	 	29	 
	 Section 6.5
	 	Insurance	  	 	30	 
		
	 ARTICLE VII ACCOUNTING AND RECORDS; TAX MATTERS
	  	 	31	 
			
	 Section 7.1
	 	Accounting and Records	  	 	31	 
	 Section 7.2
	 	Preparation of Tax Returns; Administrative Matters	  	 	31	 
	 Section 7.3
	 	Tax Elections	  	 	31	 
	 Section 7.4
	 	Tax Controversies	  	 	32	 
	 Section 7.5
	 	Earnout Units	  	 	33	 
		
	 ARTICLE VIII TRANSFER OF UNITS; ADMISSION OF NEW MEMBERS
	  	 	33	 
			
	 Section 8.1
	 	Transfer of Units	  	 	33	 
	 Section 8.2
	 	Recognition of Transfer; Substituted and Additional Members	  	 	34	 
	 Section 8.3
	 	Expense of Transfer; Indemnification	  	 	36	 
		
	 ARTICLE IX REDEMPTION; EXCHANGE
	  	 	36	 
			
	 Section 9.1
	 	Redemption of Common Units	  	 	36	 
	 Section 9.2
	 	Adjustments	  	 	42	 
	 Section 9.3
	 	Class A Common Stock and Class M Common Stock to be Issued	  	 	43	 
	 Section 9.4
	 	Withholding; Certification of Non-Foreign Status	  	 	44	 
	 Section 9.5
	 	Tax Treatment	  	 	44	 
	 Section 9.6
	 	PTP Tax Consequences	  	 	44	 
	 Section 9.7
	 	Distributions	  	 	44	 
	 Section 9.8
	 	Certain BT Assets Rights	  	 	45	 
		
	 ARTICLE X RESIGNATION OF UNITHOLDERS
	  	 	45	 
			
	 Section 10.1
	 	Resignation of Unitholders	  	 	45	 
		
	 ARTICLE XI DISSOLUTION AND LIQUIDATION
	  	 	45	 
			
	 Section 11.1
	 	Dissolution	  	 	45	 
	 Section 11.2
	 	Liquidation and Termination	  	 	46	 
	 Section 11.3
	 	Securityholders Agreement	  	 	47	 
	 Section 11.4
	 	Cancellation of Certificate	  	 	47	 
	 Section 11.5
	 	Reasonable Time for Winding Up	  	 	47	 

  
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	 Section 11.6
	 	Return of Capital	  	 	47	 
	 Section 11.7
	 	Hart-Scott-Rodino	  	 	47	 
		
	 ARTICLE XII GENERAL PROVISIONS
	  	 	47	 
			
	 Section 12.1
	 	Power of Attorney	  	 	47	 
	 Section 12.2
	 	Amendments	  	 	48	 
	 Section 12.3
	 	Title to the Company Assets	  	 	48	 
	 Section 12.4
	 	Remedies	  	 	48	 
	 Section 12.5
	 	Successors and Assigns	  	 	48	 
	 Section 12.6
	 	Severability	  	 	48	 
	 Section 12.7
	 	Counterparts; Binding Agreement	  	 	49	 
	 Section 12.8
	 	Descriptive Headings; Interpretation	  	 	49	 
	 Section 12.9
	 	Applicable Law	  	 	49	 
	 Section 12.10
	 	Addresses and Notices	  	 	50	 
	 Section 12.11
	 	Creditors	  	 	50	 
	 Section 12.12
	 	No Waiver	  	 	50	 
	 Section 12.13
	 	Further Action	  	 	50	 
	 Section 12.14
	 	Entire Agreement	  	 	50	 
	 Section 12.15
	 	Delivery by Electronic Means	  	 	50	 
	 Section 12.16
	 	Certain Acknowledgments	  	 	51	 
	 Section 12.17
	 	Consent to Jurisdiction; WAIVER OF TRIAL BY JURY	  	 	51	 
	 Section 12.18
	 	Representations and Warranties	  	 	52	 
	 Section 12.19
	 	Tax Receivable Agreement	  	 	52	 

  
 iii 

 [BITCOIN DEPOT OPERATING LLC] 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of [Bitcoin Depot Operating LLC], a Delaware limited liability company (the
“Company”), is entered into as of [•], 2022 (the “Execution Date”), by and among the Company, [Bitcoin Depot Inc.], a Delaware corporation (“PubCo”), and BT Assets, Inc., a
Delaware corporation (“BT Assets”). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in Article I. 

WHEREAS, the Certificate was filed with the Office of the Secretary of State of Delaware on [•], 2022; 

WHEREAS, the Limited Liability Agreement of the Company, was entered into as of [•], 2022 (the “Prior
Agreement”); 
 WHEREAS, Lux Vending, LLC, a Georgia limited liability company (“Lux Vending”), merged
with and into the Company prior to the Execution Date and the Company is therefore party to the Transaction Agreement, dated as of August 24, 2022 (the “Transaction Agreement”), by and among GSR II Meteora Sponsor LLC
(“Sponsor”), BT Assets, the Company as successor-in-interest to Lux Vending and PubCo, pursuant to which, among other things, (i) PubCo will
be admitted as a Member of the Company and will contribute funds to the Company in exchange for newly issued Common Units, Warrants and Earnout Units in the Company, (ii) PubCo will purchase Common Units from BT Assets for cash,
(iii) PubCo will issue Class V Common Stock to BT Assets and (iv) PubCo, the Company and BT Assets will enter into a Tax Receivable Agreement (as defined below), pursuant to which PubCo will be obligated to make payments to certain
parties related to certain tax benefits realized or deemed realized (clauses (i) through (iv), collectively, the “Transactions”); and 

WHEREAS, the parties desire to amend and restate the Prior Agreement as set forth in this Agreement to give effect to the Transactions and
reflect the admission of PubCo as a Member of the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this
Agreement and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Members, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS

 Capitalized terms used but not otherwise defined in this Agreement shall have the following meaning: 

“Additional Member” means a Person admitted to the Company as a Member pursuant
to Section 8.2 in connection with issuance of Units to such Person in compliance with the terms of this Agreement. 

 “Adjusted Capital Account Deficit” means, with respect to any
Capital Account as of the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Person’s Capital Account balance shall be (i) reduced for any items described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6), and (ii) increased for any amount such Person is obligated to contribute or is treated as being obligated to contribute to the Company
pursuant to Treasury Regulation Sections 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership)
or 1.704-2(g)(1) and 1.704-2(i) (relating to Minimum Gain). 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such Person,
and in the case of any Unitholder that is a partnership, limited liability company, corporation or similar entity, any partner, member or stockholder of such Unitholder. Notwithstanding the foregoing, the Company and its Subsidiaries shall not be
deemed to be Affiliates of any Unitholder for purposes of this Agreement. As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control
with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

“Agreement” means this Amended and Restated Limited Liability Company Agreement, as it may be amended, modified or
waived from time to time in accordance with the terms of this Agreement. 
 “Assumed Tax Liability” means, with
respect to any Unitholder for any Fiscal Quarter (or portion of any Fiscal Quarter) commencing after the Execution Date, an amount, which in the good faith estimation of the Managing Member, is equal to the excess (if any) of: (i) the product
of (a) the estimated or actual amount of taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Unitholder in respect of such Fiscal Quarter and all prior Fiscal Quarters (or portions of such
prior Fiscal Quarters) commencing after the Execution Date, reduced by any prior taxable losses of the Company allocated to such Unitholder for such Fiscal Quarter and all prior Fiscal Quarters (or portions of such prior Fiscal Quarters) commencing
after the Execution Date to the extent such prior losses are available to reduce such income or gain, multiplied by (b) the Assumed Tax Rate; minus (ii) the cumulative Tax Distributions made to such Unitholder after the Execution Date
pursuant to Section 4.1; provided that, in the case of PubCo, such Assumed Tax Liability shall in no event be less than an amount that will enable PubCo to meet both its tax obligations and its obligations pursuant
to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Unitholder, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations
(including “reverse” 704(c) allocations) to the Unitholder. 
 “Assumed Tax Rate” means the combined
maximum U.S. federal, state, and local income tax rate applicable to a taxable individual or corporation in any jurisdiction in the United States (whichever is higher), including pursuant to Section 1411 of the Code, in each case, taking into
account all jurisdictions in which the Company is required to file income tax returns and the relevant apportionment information, in effect for the applicable Fiscal Quarter (taking into account the character of the income and the deductibility of
state and local income taxes for federal income tax purposes (but only to the extent such taxes are deductible under the Code), and excluding any reductions in rates attributable to Section 199A of the Code). The Assumed Tax Rate shall be the
same for all Unitholders, regardless of the actual combined income tax rate of the Unitholder or its direct or indirect owners and the Managing Member may adjust the Assumed Tax Rate as it reasonably determines is necessary to take into account the
effect of any changes in applicable tax law. 

  
 2 

 “Base Rate” means, as of any date, a variable rate per annum equal
to the rate of interest most recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Book Value” means, with respect to any of the Company property, the Company’s adjusted basis for
U.S. federal income Tax purposes, adjusted from time to time to reflect the adjustments required or permitted (in the case of permitted adjustments, to the extent the Company makes such permitted adjustments) by Treasury Regulation Sections 1.704-1(b)(2)(iv)(d)-(g). 
 “BT
Assets” has the meaning set forth in the Preamble. 
 “Business Day” means any day other than a
Saturday, Sunday or other day on which the banks in New York, New York or Atlanta, Georgia are authorized by law to be closed. 

“Capital Account” means the capital account maintained for a Unitholder pursuant
to Section 3.5 and the other applicable provisions of this Agreement. 
 “Capital
Contributions” means any cash, cash equivalents, promissory obligations or the Fair Market Value of other property (net of any applicable liabilities) which a Unitholder contributes or is deemed by the Managing Member to have
contributed to the Company with respect to any Unit pursuant to Section 3.1 or Section 3.10. 

“Cash Payment” means, an amount in cash equal to the product of (x) the Redeemed Unit Amount, (y) the
then-applicable Exchange Rate, and (z) (i) solely in connection with a Change of Control Redemption, the Common Stock Value, and (ii) with respect to any Redemption that is not a Change of Control Redemption, the price to the public or the
private sale price, as applicable, of the Class A Common Stock in the substantially concurrent public offering or private sale, as applicable. 

“Certificate” means the Company’s Certificate of Formation as filed with the
Secretary of State of Delaware, as the same may be amended from time to time. 
 “Change of Control” means the
occurrence of any of the following events: 
 (a) any “person” or “group” (within the meaning of
Sections 13(d) of the Exchange Act (excluding BT Assets or any other “person” or “group” who, as of the Execution Date, is the beneficial owner of securities of PubCo representing more than 50% of the combined voting power
of PubCo’s then outstanding voting securities)) becomes the beneficial owner of securities of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding voting securities; 

 

  
 3 

 (b) (A) the stockholders of PubCo approve a plan of complete
liquidation or dissolution of PubCo or (B) there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by PubCo of all or substantially all of PubCo’s assets, other than such
sale or other disposition by PubCo of all or substantially all of PubCo’s assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by stockholders of PubCo in substantially the same proportions
as their ownership of PubCo immediately prior to such sale or other disposition; or 
 (c) there is consummated a merger or
consolidation of PubCo with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the board of directors of PubCo immediately prior to the merger or consolidation does not
constitute at least a majority of the board of directors of the company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent of such Subsidiary, or (B) all of the Persons who were the
respective beneficial owners of the voting securities of PubCo immediately prior to such merger or consolidation do not beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of
the Person resulting from such merger or consolidation. 
 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 integrated transactions immediately following which the record holders of the Class A Common Stock, Class E Common Stock, Class M
Common Stock, Class O Common Stock and Class V Common Stock of PubCo 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 PubCo immediately following such transaction or series of transactions. 

“Change of Control Redemption” has the meaning set forth in Section 9.1(b)(i). 

“Change of Control Redemption Date” has the meaning set forth in Section 9.1(b)(iii). 

“Class 1 Earnout Unit” means a unit having the rights and obligations specified with
respect to a Class 1 Earnout Unit in this Agreement. 
 “Class 2 Earnout Unit”
means a unit having the rights and obligations specified with respect to a Class 2 Earnout Unit in this Agreement. 

“Class 3 Earnout Unit” means a unit having the rights and obligations specified with
respect to a Class 3 Earnout Unit in this Agreement. 
 “Class A Common Stock”
means the class A common stock, par value $0.0001 per share, of PubCo. 
 “Class E Common
Stock” means the class E-1 common stock, class E-2 common stock and class E-3 common stock, par value $0.0001 per
share, of PubCo. 
 “Class M Common Stock” means the class M common stock, par
value $0.0001 per share, of PubCo. 

  
 4 

 “Class O Common Stock” means the
class O common stock, par value $0.0001 per share, of PubCo. 
 “Class V Common
Stock” means the class V common stock, par value $0.0001 per share, of PubCo. 
 “Code” means the
United States Internal Revenue Code of 1986. 
 “Common Stock Value” means, with respect to any Change of Control
Redemption, the greater of (x) the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the
Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the three consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the related Redemption Date, subject to
appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock and (y) the price per share of Class A Common Stock offered by the Person or group that is
the acquirer in the applicable Change of Control transaction. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Common Stock Value shall be determined in good faith by a
majority of the directors of PubCo that do not have an interest in the Redeemable Units subject to Redemption (or the corresponding shares of Class O Common Stock or Class V Common Stock). 

“Common Unit” means a unit having the rights and obligations specified with respect to a Common Unit in this
Agreement. 
 “Company” has the meaning set forth in the Preamble. 

“Contribution Notice” has the meaning set forth in Section 9.1(a)(iv). 

“Delaware Act” means the Delaware Limited Liability Company Act, 6 Del.
C. § 18-101, et seq. 
 “Direct Exchange” has the
meaning set forth in Section 9.1(f). 
 “Distribution” means each distribution made by the
Company to a Unitholder, with respect to such Person’s Units, whether in cash, property or securities and whether by liquidating distribution, redemption, repurchase or otherwise. Notwithstanding anything in the foregoing, none of the following
shall be deemed to be a Distribution under this Agreement: (i) any recapitalization, exchange or conversion of securities of the Company, and any subdivision (by unit split or otherwise) or any combination (by reverse unit split or otherwise)
of any outstanding Units; and (ii) any repurchase of Units pursuant to any right of first refusal or similar repurchase right in favor of the Company. 

“Earnout Units” means the Class 1 Earnout Units, the Class 2 Earnout Units and the Class 3 Earnout
Units. 
 “Equity Agreement” has the meaning set forth in Section 3.2(a). 

  
 5 

 “Equity Securities” means (i) any Units, capital stock,
partnership, membership or limited liability company interests or other equity interests (including other classes, groups or series of equity interests having such relative rights, powers or obligations as may from time to time be established by the
Managing Member, including rights, powers or duties different from, senior to or more favorable than existing classes, groups and series of Units, capital stock, partnership, membership or limited liability company interests or other equity
interests, and including any profits interests), (ii) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units, capital stock, partnership interests, membership or limited liability company
interests or other equity interests, and (iii) warrants, options or other rights to purchase or otherwise acquire Units, capital stock, partnership interests, membership or limited liability company interests or other equity interests. Unless
the context otherwise indicates, the term “Equity Securities” refers to Equity Securities of the Company. 

“Event of Withdrawal” means the death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member or
the occurrence of any other event that terminates the continued membership of a Member in the Company. 
 “Exchange
Act” means the Securities Exchange Act of 1934. 
 “Exchange Election Notice” has the meaning set forth
in Section 9.1(f). 
 “Exchange Rate” means the number of shares of Class M Common
Stock or Class A Common Stock for which one Common Unit may be redeemed pursuant to a Redemption. The Exchange Rate will also be used to determine the number of shares of Class V Common Stock or Class O Common Stock that a Member must
surrender upon a Redemption or Direct Exchange. On the Execution Date, the Exchange Rate shall be 1.00, subject to adjustment pursuant to Section 9.2. 

“Fair Market Value” means, as of any date of determination, (i) with respect to a Unit, such Unit’s Pro Rata
Share as of such date, (ii) with respect to a share of Class A Common Stock, the Common Stock Value as of such date, and (iii) with respect to any other non-cash assets, the fair market value
for such property as between a willing buyer under no compulsion to buy and a willing seller under no compulsion to sell in an arm’s-length transaction occurring on such date, taking into
account all relevant factors determinative of value (including in the case of securities, any restrictions on transfer applicable to such securities or, if such securities are traded on a securities exchange or automated or electronic quotation
system, the quoted price for such securities as of the date of determination), as reasonably determined in good faith by the Managing Member. 

“First Redemption Time” means the expiration or earlier waiver of any lockup agreement in connection with the
Transactions, including the [•]. 
 “Fiscal Period” means any interim accounting period within a Taxable Year
established by the Managing Member and which is permitted or required by Code Section 706. 
 “Fiscal Quarter”
means each calendar quarter ending March 31, June 30, September 30 and December 31, or such other quarterly accounting period as may be established by the Managing Member or as required by the Code. 

  
 6 

 “Fiscal Year” means
the 12-month period ending on December 31, or such other annual accounting period as may be established by the Managing Member or as may be required by the Code. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
of the United States of America, any other nation or any state, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government. 

“HSR Act” has the meaning set forth in Section 11.7. 

“Indemnitee” has the meaning set forth in Section 6.2. 

“Investment Company Act” means the Investment Company Act of 1940. 

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

“Liquidation Assets” has the meaning set forth in Section 11.2(b). 

“Liquidation FMV” has the meaning set forth in Section 11.2(b). 

“Liquidation Statement” has the meaning set forth in Section 11.2(b). 

“Losses” means items of the Company loss and deduction determined according
to Section 3.5. 
 “Managing Member” has the meaning set forth in
Section 5.1(a). 
 “Member” means each Person listed on the Unit Ownership Ledger and any
Person admitted to the Company as a Substituted Member or Additional Member in accordance with the terms and conditions of this Agreement, each in its capacity as a member of the Company; but in each case only for so long as such Person is shown on
the Unit Ownership Ledger as the owner of one or more Units. 
 “Minimum Gain” means the partnership minimum gain
determined pursuant to Treasury Regulation Section 1.704-2(d). 

“Obligations” has the meaning set forth in Section 6.2. 

“Partnership Tax Audit Rules” means Code Sections 6221 through 6241 together with any guidance issued under such
sections of the Code or successor provisions and any similar provision of state or local Tax laws. 
 “Permitted
Transferee” means, with respect to any Person, (i) any of such Person’s Affiliates and (ii) any direct or indirect partner, member, stockholder or other equityholder of such Person. 

  
 7 

 “Person” means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“PR” has the meaning set forth in Section 7.4(a). 

“Pro Rata Share” means with respect to each Unitholder, the proportionate amount such Unitholder would receive if an
amount equal to the Total Equity Value were distributed to all Unitholders in accordance with Section 4.1(b), as determined in good faith by the Managing Member. 

“Profits” means items of the Company income and gain determined according
to Section 3.5. 
 “Prior Agreement” has the meaning set forth in the Recitals. 

“PubCo” has the meaning set forth in the Preamble. 

“Redemption” has the meaning set forth in Section 9.1(a)(i). 

“Redemption Date” has the meaning set forth in Section 9.1(a)(iii). 

“Redemption Notice” has the meaning set forth in Section 9.1(a)(iii). 

“Redeemable Unit” means a Common Unit (other than any Earnout Unit) held by a Member (other than PubCo and its
Subsidiaries). 
 “Redeemed Unit Amount” means, with respect to a Redemption, the number of Common Units set forth
in the applicable Redemption Notice. 
 “Registration Rights Agreement” means the Registration Rights Agreement,
dated as of [•], 2022, by and among PubCo and certain other parties to such agreement, as the same may be amended, amended and restated or replaced from time to time. 

“Regulatory Allocations” has the meaning set forth in Section 4.3(e). 

“Retraction Notice” has the meaning set forth in Section 9.1(a)(vi). 

“Securities Act” means the Securities Act of 1933. 

“Sponsor Support Agreement” means the Sponsor Support Agreement, dated [•], 2022, by and among Sponsor, BT
Assets, and GSR II Meteora Acquisition Corp. 
 “Subsidiary” means, with respect to any Person, any corporation,
limited liability company, partnership, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees of such corporation is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination of the foregoing, or (ii) if a limited
liability company, partnership, 

  
 8 

 
association or other business entity (other than a corporation), a majority of partnership or other similar ownership interests of such entity is at the time owned or controlled, directly or
indirectly, by any Person or one or more Subsidiaries of that Person or a combination of the foregoing. For purposes of this Agreement and without limitation, a Person or Persons shall be deemed to have a majority ownership interest in a limited
liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses
or shall be or control the manager, managing member, managing director (or a board comprised of any of the foregoing) or general partner of such limited liability company, partnership, association or other business entity. For purposes of this
Agreement, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company. 
 “Substituted Member” means a Person that is admitted as a Member to the
Company pursuant to Section 8.2 in connection with the Transfer of Units to such Person permitted under the terms of this Agreement. 

“Takeover Laws” means any “moratorium,” “control share acquisition,” “business
combination,” “fair price” or other form of anti-takeover laws and regulations of any jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated by this Agreement, including any Redemption or
Direct Exchange.  
 “Tax” or “Taxes” means any federal, state, local or foreign
income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, registration, value added, excise, natural resources, severance, stamp, occupation, premium,
windfall profit, environmental, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll, license, employee or other withholding, or other tax, of any kind whatsoever, and any interest,
penalties or additions to tax or additional amounts in respect of the foregoing. 
 “Tax Distribution” has the
meaning set forth in Section 4.1(a)(i). 
 “Tax Distribution Conditions” has the meaning set forth
in Section 4.1(a)(i). 
 “Tax Receivable Agreement” means the Tax Receivable Agreement dated as of
[•], 2022, by and among PubCo, the Company and BT Assets, as the same may be amended, amended and restated or replaced from time to time. 

“Taxable Year” means the Company’s accounting period for U.S. federal income Tax purposes determined
pursuant to Section 7.3. 
 “Total Equity Value” means, as of any date of
determination, the aggregate proceeds which would be received by the Unitholders if: (i) the assets of the Company were sold at their fair market value to an independent third-party on arm’s-length terms, with neither the seller nor the buyer being under compulsion to buy or sell such assets; (ii) the Company satisfied and paid in full all of its obligations and liabilities
(including all Taxes, costs and expenses incurred in connection with such transaction and any amounts reserved by the Managing Member with respect to any contingent or other liabilities); and (iii) such net sale proceeds were then distributed
in accordance with Section 4.1, all as determined by the Managing Member in good faith based upon the Common Stock Value as of such date. 

  
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 “Trading Day” means a day on which the principal
U.S. securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“Transaction Agreement” has the meaning set forth in the Recitals. 

“Transaction Documents” means, collectively, this Agreement, the Registration Rights Agreement and the Tax Receivable
Agreement. 
 “Transactions” has the meaning set forth in the Recitals. 

“Transfer” has the meaning set forth in Section 8.1. 

“Treasury Regulations” means the income Tax regulations promulgated under the Code and effective as of the Execution
Date. Such term, if elected by the Managing Member in its sole discretion, shall be deemed to include any future amendments to such regulations and any corresponding provisions of succeeding regulations (whether or not such amendments and
corresponding provisions are mandatory or discretionary). 
 “Unit” means a limited liability company interest in
the Company of a Member or representing a fractional part of the interests in Profits, Losses and Distributions of the Company held by all Members, including Common Units and Earnout Units. 

“Unit Ownership Ledger” has the meaning set forth in Section 3.1(b). 

“Unitholder” means any owner of one or more Units as reflected on the Company’s books and records. 

“Upstairs Class A Warrants” has the meaning set forth in
Section 3.13(b). 
 “Warrant Agreements” has the meaning set forth in
Section 3.13(a). 
 “Warrants” has the meaning set forth in
Section 3.13(a). 
 ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.1 Formation of LLC; Continuation. The Company was formed in the State of Delaware on
[•], 2022 pursuant to the provisions of the Delaware Act. Each Person listed on the Unit Ownership Ledger as a member of the Company on the Execution Date is admitted as (or shall continue as) a member of the Company. 

  
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 Section 2.2 Limited Liability Company Agreement. The
Members hereby execute this Agreement for the purpose of amending and restating the Prior Agreement and establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members agree
that until the Company is terminated in accordance with Section 11.4, the rights, powers and obligations of the Unitholders with respect to the Company will be determined in accordance with the terms and conditions of
this Agreement and the Delaware Act. Notwithstanding the foregoing and anything else to the contrary, Section 18-210 of the Delaware Act (entitled “No Statutory Appraisal
Rights”) shall not apply to or be incorporated into this Agreement and each Unitholder expressly waives any and all rights under such Section of the Delaware Act and, to the fullest extent permitted by
law, Section 18-305(a) of the Delaware Act (entitled “Access to and Confidentiality of Information; Records”) shall not apply to or be incorporated into this Agreement and each
Member expressly waives any and all rights under such Section of the Delaware Act. For the avoidance of doubt, the foregoing waiver of any and all rights by each Member under Section 18-305(a) of the
Delaware Act is a restriction of the Members’ rights to obtain information, approved and adopted by all of the Members, as permitted under Section 18-305(g) of the Delaware Act. 

Section 2.3 Name. The name of the Company shall be “[Bitcoin Depot Operating LLC”]. The
Managing Member may change the name of the Company at any time and from time to time. Notification of any such name change shall be given to all Unitholders. The Company’s business may be conducted under its name or any other name or names
deemed advisable by the Managing Member. 
 Section 2.4 Purpose. The purpose and business of the
Company shall be to manage and direct the business operations and affairs of the Company and its Subsidiaries and to engage in any other lawful acts or activities for which limited liability companies may be formed under the Delaware Act. 

Section 2.5 Principal Office; Registered Office. The principal office of the Company shall be located
at such place inside or outside the state of Delaware as the Managing Member may from time to time designate, and, to the fullest extent permitted by law, all business and activities of the Company shall be deemed to have occurred at its principal
office. The Company may maintain offices at such other place or places as the Managing Member deems advisable. The address of the registered office of the Company in the State of Delaware shall be the office of the initial registered agent named in
the Certificate or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to time in the manner provided by applicable law, and the registered agent for service of process on the
Company in the State of Delaware at such registered office shall be the registered agent named in the Certificate or such Person or Persons as the Managing Member may designate from time to time in the manner provided by applicable law. 

Section 2.6 Term. The term of the Company commenced upon the filing of the Certificate with the office
of the Secretary of State of the State of Delaware in accordance with the Delaware Act and shall continue in existence until the Company shall be dissolved in accordance with the provisions of Article XI. The existence of the
Company as a separate entity shall continue until the cancellation of the Certificate in accordance with Section 11.4. 

  
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 Section 2.7
No State-Law Partnership. The Unitholders intend that the Company not be a partnership (including, without
limitation, a limited partnership) or joint venture, and that no Unitholder be a partner or joint venturer of any other Unitholder by virtue of this Agreement, for any purposes other than as set forth in the last sentence of
this Section 2.7, and neither this Agreement nor any other document entered into by the Company or any Unitholder relating to the subject matter of this Agreement shall be construed to suggest otherwise. The Unitholders intend that
the Company shall be treated as a partnership for U.S. federal and, if applicable, state or local income Tax purposes, and that each Unitholder and the Company shall file all Tax returns and shall otherwise take all Tax and financial reporting
positions in a manner consistent with such treatment. 
 Section 2.8 Ratification and Specific Authorization
of Transactions. Pursuant to the Transaction Agreement, the Company has undertaken or will undertake the Transactions. In connection therewith, (i) all actions taken to date, and any and all things done, by the Company, and by the
Managing Member or any officer, employee or agent of the Company on behalf of the Company, in furtherance of and consistent with the Transactions (including, without limitation, the execution and delivery of the Transaction Agreement and the
recapitalization of the Company’s equity interests into Common Units), are in all respects confirmed to be authorized, approved and ratified and, to the extent not yet undertaken, and (ii) the Company, and the Managing Member or any
officer, employee or agent of the Company on behalf of the Company, is authorized to enter into and perform the Warrant Agreement, the Tax Receivable Agreement and any documents contemplated or related to such agreements and any amendments to such
agreements, in each case, without any further act, vote or approval of any Person, including any Member or any Unitholder, notwithstanding any other provision of this Agreement. 

ARTICLE III 
 UNITS,
CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 Section 3.1 Units; Capitalization. 

(a) Units; Capitalization. The Company shall have the authority to issue (i) an unlimited number of Common Units and (ii) (x)
[5,000,000] Class 1 Earnout Units, (y) [5,000,000] Class 2 Earnout Units and (z) [5,000,000] Class 3 Earnout Units. In connection with the Transactions and subject to the terms and conditions of the Transaction Agreement, [the Company
will issue Common Units and Warrants to PubCo in exchange for a cash contribution to the Company,] such that immediately after completion of the Transactions and the issuance of Common Units and Warrants by the Company, the total number of Common
Units held by PubCo will equal the total number of outstanding shares of Class A Common Stock and the total number of Common Units into which Warrants held by PubCo are exercisable will be equal to the total number of shares of Class A
Common Stock for which outstanding warrants issued by PubCo are exercisable. The ownership by a Member of Common Units shall entitle such Member to allocations of Profits and Losses and other items and Distributions of cash and other property as set
forth in Article IV . 
 (b) Unit Ownership Ledger; Capital Contributions. The Managing Member shall create and
maintain a ledger (the “Unit Ownership Ledger”) setting forth the name and address of each Unitholder and holder of Warrants, the number of each class of Units and Warrants held of record by each such Unitholder and holder of
Warrants, and the amount of the Capital Contribution made (or deemed to have been made) with respect to each class of Units and the date of such Capital Contribution. Upon any change in the number or ownership of outstanding Units or Warrants

  
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(whether upon an issuance of Units or Warrants, a Transfer of Units or Warrants, a cancellation of Units or Warrants or otherwise), the Managing Member shall amend and update the Unit Ownership
Ledger. Absent manifest error, the ownership interests recorded on the Unit Ownership Ledger shall be conclusive record of the Units and Warrants that have been issued and are outstanding. Each Unitholder named in the Unit Ownership Ledger has made
(or shall be deemed to have made) Capital Contributions to the Company as set forth in the Unit Ownership Ledger in exchange for the Units specified in the Unit Ownership Ledger. Any reference in this Agreement to the Unit Ownership Ledger shall be
deemed a reference to the Unit Ownership Ledger as amended and in effect from time to time. 
 (c) Certificates; Legends.
Units shall be issued in uncertificated form. However, at the request of any Member, the Managing Member may cause the Company to issue one or more certificates to any such Member holding Units representing in the aggregate the Units held by such
Member. If any certificate representing Units is issued, then such certificate shall bear a legend substantially in the following form: 

THIS CERTIFICATE EVIDENCES UNITS REPRESENTING A LIMITED LIABILITY COMPANY INTEREST IN [BITCOIN DEPOT OPERATING LLC]. THE LIMITED LIABILITY
COMPANY INTEREST IN [BITCOIN DEPOT OPERATING LLC] REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES
LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE LIMITED LIABILITY COMPANY INTEREST IN [BITCOIN DEPOT OPERATING LLC] REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER SET
FORTH IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF [BITCOIN DEPOT OPERATING LLC], DATED AS OF [•], 2022, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH SHALL BE FURNISHED BY THE COMPANY TO THE RECORD HOLDER
OF SUCH UNITS UPON WRITTEN REQUEST AND WITHOUT CHARGE. 
 (d) Prior Common Units. The Common Units that were issued and outstanding
and held by the Members prior to the Execution Date shall remain unchanged. 
 Section 3.2 Authorization and
Issuance of Additional Units. 
 (a) The Managing Member shall have the right to cause the Company to issue or create and issue at
any time after the Execution Date, and for such amount and form of consideration as the Managing Member may determine, additional Units or other Equity Securities of the Company (including creating classes or series of Units or other Equity
Securities having such powers, designations, preferences and rights, which in each case may be senior to existing Units or other Equity Securities of the Company or classes or series, as may be determined by the Managing Member). The Managing Member
shall have the power, without the approval of any other Member or Unitholder or any other Person and notwithstanding any other provision of this Agreement, including Section 12.2, to make such amendments to this Agreement
to provide for such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or 

  
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appropriate to give effect to such additional authorization or issuance in accordance with the provisions of this Section 3.2(a). In connection with any issuance of
Units (whether on or after the Execution Date), the Person who acquires such Units shall execute a counterpart to this Agreement accepting and agreeing to be bound by all terms and conditions of this Agreement, and shall enter into such other
documents, instruments and agreements to effect such purchase as are required by the Managing Member (including such documents, instruments and agreements entered into on or prior to the Execution Date by the Members, each, an “Equity
Agreement”). 
 (b) At any time PubCo issues one or more shares of Class A Common Stock (other than an issuance of the
type covered by Section 3.2(c) or an issuance to a holder of Redeemable Units pursuant Article IX), PubCo shall contribute to the Company all of the net proceeds (if any) received by
PubCo with respect to such share or shares of Class A Common Stock. Upon the contribution by PubCo to the Company of all of such net proceeds so received by PubCo, the Managing Member shall cause the Company to issue to PubCo a number of Common
Units equal to the number of such shares of Class A Common Stock issued. Notwithstanding the foregoing, if PubCo issues any shares of Class A Common Stock to purchase or fund the purchase of Common Units from a Member (other than a
Subsidiary of PubCo), then the Company shall not issue any new Common Units registered in the name of PubCo in accordance with Section 9.1(a) and PubCo shall not be required to transfer such net proceeds to the Company (it
being understood that such net proceeds shall instead be transferred by PubCo to such other Member as consideration for such purchase). Notwithstanding the foregoing, this Section 3.2(b) shall not apply to the issuance and
distribution to holders of shares of Class A Common Stock of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholder rights plan (it being understood that (i) upon exchange of Redeemable Units
for Class A Common Stock pursuant to Article IX, such Class A Common Stock would be issued together with any such corresponding right and (ii) in the event such rights to purchase Equity Securities of PubCo
are triggered, PubCo will ensure that the holders of Common Units that have not been Exchanged prior to such time will be treated equitably vis-à
-vis the holders of Class A Common Stock under such plan). 
 (c) At any time PubCo issues
one or more shares of Class A Common Stock in connection with an equity incentive program, whether such share or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted
stock or otherwise, the Managing Member shall cause the Company to issue a corresponding number of Common Units, registered in the name of PubCo (determined based upon the Exchange Rate then in effect). Notwithstanding the foregoing, PubCo
shall be required to contribute all (but not less than all) of the net proceeds (if any) received by PubCo from or otherwise in connection with such issuance of one or more shares of Class A Common Stock, including the exercise price of any
option exercised, to the Company. If any such shares of Class A Common Stock so issued by PubCo in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Common Units that are issued by the Company
to PubCo in connection therewith in accordance with the preceding provisions of this Section 3.2(c) shall be subject to vesting or forfeiture on the same basis; if any of such shares of Class A Common Stock vest or are
forfeited, then a corresponding number of the Common Units (determined based upon the Exchange Rate then in effect) issued by the Company in accordance with the preceding provisions of this Section 3.2(c) shall
automatically vest or be forfeited. Any cash or property held by PubCo or the Company or on any of such Person’s behalf in respect of dividends paid on restricted shares of Class A Common Stock that fail to vest shall be returned to the
Company upon the forfeiture of such restricted shares of Class A Common Stock. 

  
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 (d) For purposes of this Section 3.2, “net
proceeds” means gross proceeds to PubCo from the issuance of Class A Common Stock or other securities less all reasonable bona fide
out-of-pocket fees and expenses of PubCo, the Company and their respective Subsidiaries actually incurred in connection with such issuance. 

Section 3.3 Repurchase or Redemption of Class A Common Stock. If, at
any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by PubCo for cash, then the Managing Member shall cause the Company, immediately
prior to such repurchase or redemption of such shares, to redeem a corresponding number of Common Units held by PubCo (determined based upon the Exchange Rate then in effect), at an aggregate redemption price equal to the aggregate purchase or
redemption price of the share or shares of Class A Common Stock being repurchased or redeemed by PubCo (plus any reasonable related expenses) and upon such other terms as are the same for the share or shares of Class A Common Stock being
repurchased or redeemed by PubCo. Notwithstanding the foregoing, the provisions of this Section 3.3 shall not apply in the event that such repurchase or redemption of shares of Class A Common Stock is paired with a
stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of shares of Class A Common Stock as were outstanding prior to such
repurchase or redemption and subsequent stock split or stock dividend. 
 Section 3.4 Changes in Common
Stock. In addition to any other adjustments required any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise)
of Class A Common Stock, Class B Common Stock, Class E Common Stock, Class M Common Stock, Class O Common Stock, Class V Common Stock or other capital stock of PubCo shall be accompanied by an identical subdivision or
combination, as applicable, of the Common Units or other Equity Securities, as applicable. In connection with a subdivision or combination of the Common Units or other Equity Securities pursuant to this Section 3.4, the
Managing Member shall have the power, without the approval of any other Member or Unitholder or any other Person, to make such amendments to this Agreement to reflect such subdivision or combination, as applicable, of the Common Units or other
Equity Securities. 
 Section 3.5 Capital Accounts. 

(a) Maintenance of Capital Accounts. The Company shall maintain a separate Capital Account for each Unitholder according to the rules
of Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the sole discretion of the Managing Member), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and Treasury Regulation
Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company property. Without limiting the foregoing, each Unitholder’s Capital Account shall be adjusted, without duplication: 

  
 15 

 (i) by adding any additional Capital Contributions made by such Unitholder
in consideration for the issuance of Units; 
 (ii) by deducting any amounts paid to such Unitholder in connection with the
redemption or other repurchase by the Company of Units; 
 (iii) by adding any Profits allocated in favor of such Unitholder
and subtracting any Losses allocated in favor of such Unitholder; and 
 (iv) by deducting any distributions paid in cash or
other assets to such Unitholder by the Company. 
 (b) Computation of Income, Gain, Loss and Deduction Items. For purposes of
computing the amount of any item of the Company income, gain, loss or deduction to be allocated pursuant to Article IV and to be reflected in the Capital Accounts, the determination, recognition and classification
of any such item shall be the same as its determination, recognition and classification for U.S. federal income Tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose). However: 

(i) the computation of all items of income, gain, loss and deduction shall include those items described in Code
Section 705(a)(1)(B), Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or
are not deductible for U.S. federal income Tax purposes; 
 (ii) if the Book Value of any Company property is adjusted
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e), (f) or (s), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property; 

(iii) items of income, gain, loss or deduction attributable to the disposition of the Company property having a Book Value that
differs from its adjusted basis for Tax purposes shall be computed by reference to the Book Value of such property; 
 (iv)
items of depreciation, amortization and other cost recovery deductions with respect to the Company property having a Book Value that differs from its adjusted basis for Tax purposes shall be computed by reference to the property’s Book Value in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g); 
 (v) to
the extent an adjustment to the adjusted Tax basis of any of the Company’s asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if
the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis); and 
 (vi)
this Section 3.5 shall be applied in a manner consistent with the principles of Treasury Regulation Sections 1.704-1(b)(2)(iv)(d), (f)(1), (h)(2) and (s).

  
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 Section 3.6 Negative Capital Accounts; No Interest Regarding
Positive Capital Accounts. No Unitholder shall be required to pay to any other Unitholder or the Company any deficit or negative balance which may exist from time to time in such Unitholder’s Capital Account (including upon and after
dissolution of the Company). Except as otherwise expressly provided in this Agreement, no Unitholder shall be entitled to receive interest from the Company in respect of any positive balance in its Capital Account, and no Unitholder shall be liable
to pay interest to the Company or any Unitholder in respect of any negative balance in its Capital Account. 

Section 3.7 No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s
Capital Contributions or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 

Section 3.8 Loans From Unitholders. Loans by Unitholders to the Company shall not be considered
Capital Contributions. If any Unitholder shall loan funds to the Company in excess of the amounts required under this Agreement to be contributed by such Unitholder to the capital of the Company, the making of such loans shall not result in any
increase in the amount of the Capital Account of such Unitholder. The amount of any such loans shall be a debt of the Company to such Unitholder and shall be payable or collectible in accordance with the terms and conditions upon which such loans
are made. 
 Section 3.9 Adjustments to Capital Accounts for
Distributions In-Kind. To the extent that the Company distributes property in-kind to the Members, the
Company shall be treated as making a distribution equal to the Fair Market Value of such property (as of the date of such distribution) for purposes of Section 4.1 and such property shall be treated as if it were
sold for an amount equal to its Fair Market Value and any resulting gain or loss shall be allocated to the Members’ Capital Accounts in accordance
with Section 4.2 through Section 4.4. 

Section 3.10 Transfer of Capital Accounts. The original Capital Account established for each
Substituted Member shall be in the same amount as the Capital Account of the Member (or portion of such amount) to which such Substituted Member succeeds at the time such Substituted Member is admitted to as a Member of the Company. The Capital
Account of any Member whose interest in the Company shall be increased or decreased by means of (a) the Transfer to it of all or part of the Units of another Member or (b) the repurchase or forfeiture of Units pursuant to any Equity
Agreement shall be appropriately adjusted to reflect such Transfer, repurchase or forfeiture. Any reference in this Agreement to a Capital Contribution of or Distribution to a Member that has succeeded any other Member shall include any Capital
Contributions or Distributions previously made by or to the former Member on account of the Units of such former Member Transferred to such Member. 

Section 3.11 Adjustments to Book Value. The Company shall adjust the Book Value of its assets to Fair
Market Value in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as of the following times: (a) at the Managing Member’s discretion in connection with the issuance of Units in
the Company in exchange for more than a de minimis Capital Contribution or for services performed on behalf of the Company; (b) at the Managing Member’s discretion in connection with the Distribution by the Company to a Member of more than
a de minimis amount of the Company’s assets, including money; (c) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); (d) upon the

  
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conversion of any Earnout Units into Common Units in connection with a Vesting Event in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s); and (e) at such other times as the Managing Member determines necessary or appropriate to comply with Treasury Regulations Sections
1.704-1(b) and 1.704-2. Any such increase or decrease in Book Value of an asset shall be allocated as a Profit or Loss to the Capital Accounts of the Members under
Section 4.2 (determined immediately prior to the event giving rise to the revaluation). If any Earnout Units are outstanding prior to the occurrence of a revaluation event described in this paragraph, the Company shall
adjust the Book Values of its assets in accordance with principles similar to those set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(h)(2). 

Section 3.12 Compliance With Section 1.704-1(b). The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b), and
shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event the Managing Member shall determine that it is prudent to modify the manner in which the Capital Accounts are computed to comply with such Treasury
Regulations, the Managing Member may make such modification, without the approval of any other Member or Unitholder or any other Person and notwithstanding anything in Section 12.2 to the contrary. The Managing Member also
shall (a) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of the Company capital reflected on the Company’s balance sheet, as computed for book
purposes, in accordance with Treasury Regulations Section 1.704-1(b)(iv)(g), and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this
Agreement not to comply with Treasury Regulations Section 1.704-1(b). 

Section 3.13 Warrants. 

(a) On the Execution Date, in connection with the transactions contemplated by the Transaction Agreement, the Company has issued warrants to
purchase Common Units (the “Warrants”) to PubCo as set forth on the Unit Ownership Ledger pursuant to warrant agreements (the “Warrant Agreements”) entered into between the Company and PubCo as of the
Execution Date. Upon the valid exercise of a Warrant in accordance with the applicable Warrant Agreement, the Company shall issue to PubCo the number of Common Units, free and clear of all Liens (other than those arising under applicable securities
laws and this Agreement), to be issued in connection with such exercise. 
 (b) If any holder of a warrant issued by PubCo to purchase
shares of Class A Common Stock (the “Upstairs Class A Warrants”) exercises an Upstairs Class A Warrant, then PubCo agrees that it shall cause a corresponding exercise (including by
effecting such exercise in the same manner, i.e., by payment of a cash exercise price or on a cashless basis) of a Warrant with similar terms held by it, such that the number of shares of Class A Common Stock issued in connection with
the exercise of such Upstairs Class A Warrant shall equal the number of Common Units issued by the Company pursuant to the Warrant Agreement with PubCo, and the exercise price paid by PubCo shall be equal to the exercise price paid by the
holder of the Upstairs Class A Warrant exercising such Upstairs Class A Warrant. PubCo agrees that it will not exercise any Warrants other than in connection with the corresponding exercise of an Upstairs Class A Warrant.

  
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In the event an Upstairs Class A Warrant is redeemed, the Company will redeem a Warrant with similar terms held by PubCo. 

Section 3.14 Conversion or Forfeiture of Earnout Units. 

(a) Earnout Vesting and Rights. The Earnout Units issued to BT Assets and PubCo shall be subject to conversion to Common
Units (each, a “Vesting Event”) as follows: 
 (i) If at any time during the seven-year period
following the Closing (as defined in the Transaction Agreement) (the “First Earnout Period”), the closing share price of the Class A Common Stock is greater than $12.00 over any 10 Trading Days (which may be consecutive
or not consecutive) within any 20 consecutive Trading Days (the “First Milestone”), then each Class 1 Earnout Unit shall automatically and immediately be converted into one Common Unit after the occurrence of the First
Milestone; 
 (ii) If at any time during the First Earnout Period, the closing share price of the Class A Common Stock
is greater than $14.00 over any 10 Trading Days (which may be consecutive or not consecutive) within any 20 consecutive Trading Days (the “Second Milestone”), then each Class 2 Earnout Unit shall automatically and
immediately be converted into one Common Unit after the occurrence of the Second Milestone; and 
 (iii) If at any time
during the 10-year period following the Closing (as defined in the Transaction Agreement) (the “Second Earnout Period”), the closing share price of the Class A Common Stock is
greater than $16.00 over any 10 Trading Days (which may be consecutive or not consecutive) within any 20 consecutive Trading Days (the “Third Milestone”), then each Class 3 Earnout Unit shall automatically and
immediately be converted into one Common Unit after the occurrence of the Third Milestone. 
 (b) Earnout Forfeiture. Any
Class 1 Earnout Units or Class 2 Earnout Units that are not converted to Common Units as set forth in Sections 3.14(a)(i)-(ii) above, shall be automatically and immediately forfeited and cancelled upon the date of the expiration of the
First Earnout Period. Any Class 3 Earnout Units that are unvested as of the end of the Second Earnout Period shall be forfeited upon the date of the expiration of the Second Earnout Period. 

(c) Earnout Conversion and Class V Issuance. Upon the conversion of any Earnout Unit held by BT Assets to a Common Unit, PubCo
will promptly (but in any event within five Business Days) issue an equal number of shares of Class V Common Stock to BT Assets. 
 (d)
Earnout Conversion and Class A Issuance. Without duplication of any right under the Sponsor Support Agreement, upon the conversion of any Earnout Unit held by PubCo to a Common Unit, PubCo will promptly (but in any event within five
Business Days) issue an equal number of shares of Class A Common Stock to Sponsor. 
 (e) Vesting Upon Change of Control.
Notwithstanding the foregoing, and subject to Section 3.14(b), upon a Change of Control, all of the outstanding Earnout Units shall automatically be converted to Common Units. 

  
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 ARTICLE IV 

DISTRIBUTIONS AND ALLOCATIONS 

Section 4.1 Distributions. 

(a) Tax Distributions. 

(i) Tax Distributions Generally. To the extent funds of the Company are legally available for distribution by the
Company and such distribution would not be prohibited under any credit facility or any other agreement to which the Company or any of its Subsidiaries is a party, in each case, as determined by the Managing Member in its reasonable discretion and
subject to Section 4.6 (the “Tax Distribution Conditions”), with respect to each Fiscal Quarter (or portion of each Fiscal Quarter), the Company shall distribute to each Unitholder, an amount of cash (each a
“Tax Distribution”) equal to such Unitholder’s Assumed Tax Liability for such Fiscal Quarter (or portion of such Fiscal Quarter); provided that, Tax Distributions shall be adjusted as necessary so that all Tax
Distributions shall be made pro rata in accordance with each Unitholder’s relative ownership of Common Units in an amount such that the Unitholder with the highest Assumed Tax Liability receives an amount equal to such Unitholder’s
Assumed Tax Liability. Such Tax Distributions shall be made on a quarterly basis at least five days prior to the date on which any estimated tax payments are due with respect to the relevant Fiscal Quarter to permit each Unitholder (or the
beneficial owners of any Unitholder) to timely pay its estimated tax obligations for the applicable Fiscal Quarter (or portion of such Fiscal Quarter). The Managing Member shall make, in its reasonable discretion, equitable adjustments (downward
(but not below zero) or upward) to each Unitholder’s Tax Distributions (but in any event pro rata in proportion to each Unitholder’s respective number of Common Units) to take into account increases or decreases in the number of
Common Units held by each Unitholder during the relevant period. The Managing Member shall be entitled to adjust subsequent Tax Distributions up or down to reflect any variation from its prior estimation of any Unitholder’s Assumed Tax
Liability based on the receipt of subsequent information. 
 (ii) Impact of Failure to Satisfy Tax Distribution
Conditions. In the event that due to the Tax Distribution Conditions the funds available for any Tax Distribution to be made under this Agreement are insufficient to pay the full amount of the Tax Distribution that would otherwise be required
under Section 4.1(a)(i), the Company shall use its reasonable best efforts to distribute to the Unitholders the amount of funds that are available after application of the Tax Distribution Conditions on a pro rata
basis (according to the amounts that would have been distributed to each Unitholder pursuant to Section 4.1(a)(i) if available funds (after application of the Tax Distribution Conditions) existed in a sufficient amount
to make such Distribution in full). At any time thereafter when additional funds of the Company are available for Distribution after application of the Tax Distribution Conditions, the Company shall use its commercially reasonable efforts to
distribute such funds to the Unitholders on a pro rata basis (according to the amounts that would have been distributed to each Unitholder pursuant to Section 4.1(a)(i) if available funds (after application of
the Tax Distribution Conditions) had existed in a sufficient amount to make such Tax Distribution in full). 

  
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 (iii) Additional Tax Distributions. In the event of any audit by, or
similar event with, a taxing authority that affects the calculation of any Unitholder’s Assumed Tax Liability for any Taxable Year (other than an audit conducted pursuant to the Partnership Tax Audit Rules for which no election is made pursuant
to Code Section 6226 (or any similar provision of state or local law)), or in the event the Company files an amended tax return, each Unitholder’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to
such event (for the avoidance of doubt, taking into account interest and penalties). Subject to the Tax Distribution Conditions, distributions shall be made pro rata on a per-Common Unit basis in
an amount such that each Unitholder receives an amount equal to any shortfall in the amount of Tax Distributions the Unitholders received for the relevant Taxable Years based on such recalculated Assumed Tax Liability, except, for the avoidance of
doubt, to the extent Distributions were made to such Unitholders and former Unitholders pursuant to Section 4.1 in the relevant Taxable Years sufficient to cover such shortfall. 

(b) Other Distributions. Except as otherwise set forth in Section 4.1(a), the Managing Member may (but
shall not be obligated to) make Distributions at such time, in such amounts and in such form (including in-kind property) as determined by the Managing Member in its sole discretion, in each case to
the holders of Common Units immediately prior to such Distribution on a pro rata basis and in accordance with each Unitholder’s relative ownership of Units. 

Section 4.2 Allocations. 

(a) Subject to Section 4.3, Profits or Losses for any Fiscal Year shall be allocated among the Unitholders in such a
manner as to reduce or eliminate, to the extent possible, any difference, as of the end of such Fiscal Year, between (i) the sum of (A) the Capital Account of each Unitholder, (B) such Unitholder’s share of Minimum Gain (as
determined according to Treasury Regulation Section 1.704-2(g)) and (C) such Unitholder’s partner nonrecourse debt minimum gain (as defined in Treasury
Regulation Section 1.704-2(i)(2)) and (ii) the respective net amounts, positive or negative, which would be distributed to them or for which they would be liable to the Company under this
Agreement and the Delaware Act, determined as if the Company were to (x) liquidate the assets of the Company for an amount equal to their Book Value and satisfy the liabilities of the Company in cash (limited in the case of non-recourse liabilities to the Book Value of the assets securing such liabilities) and (y) distribute the proceeds of such liquidation pursuant to Section 11.2. 

(b) If during any Fiscal Year there is a change in any Unitholder’s interest in the Company as a result of the admission of one or more
Members, the withdrawal of a Member, or a Transfer of an interest in the Company, the Profits, Losses, or any other item allocable to the Unitholders under this Agreement for the Fiscal Year shall be allocated among the Unitholders so as to reflect
their varying interests in the Company during the Fiscal Year, using any permissible method under Section 706 of the Code and the Treasury Regulations, as reasonably selected by the Managing Member. In furtherance of the foregoing, any such
permissible method selected by the Managing Member shall be set forth in a dated, written statement maintained with the Company’s books and records. The Unitholders agree that any such selection by the Managing Member is made by “agreement
of the partners” within the meaning of Treasury Regulation Section 1.706-4(f). 

  
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 Section 4.3 Special Allocations. 

(a) Minimum Gain Chargeback. Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse
debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)), Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Unitholders in the amounts
and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 
 (b)
Unitholder Nonrecourse Debt Minimum Chargeback. Nonrecourse deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated to each
holder of Common Units ratably among such Unitholders based upon their ownership of Common Units. Except as otherwise provided in Section 4.3(a), if there is a net decrease in the Minimum Gain during any Taxable Year, each
Unitholder shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section
1.704-2(f). This Section 4.3(b) is intended to be a Minimum Gain chargeback provision that complies with the requirements of Treasury Regulation Section
1.704-2(f), and shall be interpreted in a manner consistent therewith. 
 (c) Qualified
Income Offset. If any Unitholder that unexpectedly receives an adjustment, allocation or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted
Capital Account Deficit as of the end of any Taxable Year, computed after the application of Section 4.3(a) and Section 4.3(b), but before the application of any other provision of
this Article IV, then Profits for such Taxable Year shall be allocated to such Unitholder in proportion to, and to the extent of, such Adjusted Capital Account Deficit.
This Section 4.3(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
in a manner consistent therewith. 
 (d) Allocation of Certain Profits and Losses. Profits and Losses described
in Section 3.5(b)(v) shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(j), (k) and (m). 
 (e)
Regulatory Allocations. The allocations set forth in Sections 4.3(a)-(d) (the “Regulatory Allocations”) are
intended to comply with certain requirements of Treasury Regulation Sections 1.704-1(b) and 1.704-2. The Regulatory Allocations may not be consistent with
the manner in which the Unitholders intend to allocate Profit and Loss of the Company or make the Company distributions. Accordingly, notwithstanding the other provisions of this Article IV, but subject to the
Regulatory Allocations, income, gain, deduction, and loss shall be reallocated among the Unitholders so as to eliminate the effect of the Regulatory Allocations and cause the respective Capital Accounts of the Unitholders to be in the amounts (or as
close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Unitholders anticipate that this will
be accomplished by specially allocating other Profit and 

  
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Loss (and such other items of income, gain, deduction and loss) among the Unitholders so that the net amount of the Regulatory Allocations and such special allocations to each such Unitholder is
zero. In addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership Minimum Gain, or in partner nonrecourse debt Minimum Gain, and application of the Minimum Gain chargeback requirements set forth in Section
4.3(a) or Section 4.3(b) would cause a distortion in the economic arrangement among the Unitholders, the Managing Member may, if it does not expect that the Company will have sufficient other income to correct such
distortion, request the Internal Revenue Service to waive either or both of such Minimum Gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such Minimum Gain chargeback
requirement. 
 (f) Deductions in Respect of Taxes. Any item of deduction with respect to a Tax that is offset for a Unitholder under
Section 4.6 shall be allocated to the Unitholder for which such payment is to be offset. For the avoidance of doubt, all Tax deductions described in this Section 4.3(g) shall be taken into account
in determining the amount of Tax Distribution made under the provisions of Section 4.1(a)(i). 
 (g) Non-Compensatory Options. Allocations and other adjustments with respect to any “non-compensatory options” (as defined in Treasury Regulation Section 1.721-2(f)), shall be made in accordance with the Treasury Regulations including Treasury Regulation Sections 1.721-2 and
1.704-1(b)(2)(iv)(s). 
 (h) Allocations Relating to Earnout Units. Notwithstanding anything
to the contrary in this Agreement, (i) no allocation (of Profit or Loss or otherwise) shall be made in respect of any Earnout Units in determining Capital Accounts unless and until such Earnout Units are converted into Common Units in
connection with a Vesting Event, and (ii) in the event the Book Value of any Company asset is adjusted pursuant to Section 3.11(d), any Profit or Loss resulting from such adjustment shall be allocated among the Members
(including the Members who held the Earnout Units giving rise to such adjustment) such that the Capital Account balance relating to each Common Unit (including such Earnout Units that have been converted into Common Units) is equal in amount
immediately after making such allocation in accordance with principles similar to those set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(s). However, if the foregoing allocations pursuant to
clause (ii) above are insufficient to cause the Capital Account balance relating to each Common Unit to be equal in amount, then the Company shall cause a Capital Account reallocation in accordance with principles similar to those set forth in
Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(3) to cause the Capital Account balance relating to each Common Unit to be equal in amount. 

Section 4.4 Offsetting Allocations. If, and to the extent that, any Member is deemed to recognize any
item of income, gain, deduction or loss as a result of any transaction between such Member and the Company pursuant to Sections 83, 482, or 7872 of the Code or any similar provision now or hereafter in effect, the Managing Member shall use its
commercially reasonable efforts to allocate any corresponding Profit or Loss to the Member who recognizes such item to reflect the Members’ economic interest in the Company. 

  
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 Section 4.5 Tax Allocations. 

(a) Allocations Generally. Except as provided in Section 4.5(b) below, for U.S. federal, state
and local income Tax purposes, each item of income, gain, loss or deduction shall be allocated among the Unitholders in the same manner and in the same proportion that the corresponding book items have been allocated among the Unitholders’
respective Capital Accounts. However, if any such allocation is not permitted by the Code or other applicable law, then each subsequent item of income, gain, loss, deduction and credit will be allocated among the Unitholders so as to reflect as
nearly as possible the allocation set forth in this Agreement in computing their Capital Accounts. 
 (b) Code
Section 704(c) Allocations. Items of the Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for Tax purposes, be allocated among the
Unitholders in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such asset for federal income Tax purposes and its initial Book Value. Such allocations shall be made (i) with respect
to any property contributed to the Company on or prior to the Execution Date, using the “traditional method” specified in Treasury Regulations Section 1.704-3(b) unless otherwise determined
by PubCo (and, to the extent such other method would accelerate payments under the Tax Receivable Agreement, the independent directors of PubCo) and (ii) with respect to any property contributed to the Company following the Execution Date,
using any method selected by the Managing Member that is permitted under Section 704(c) of the Code and the Treasury Regulations. In addition, if the Book Value of any Company asset is adjusted pursuant to the requirements of Treasury
Regulation Section 1.704-1(b)(2)(iv)(e), (f) or (s), then subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation
between the adjusted basis of such asset for federal income Tax purposes and its Book Value in the same manner as under Code Section 704(c). 

(c) Section 754 Election. The Company will make an election under Section 754 of the Code (or any comparable
election under relevant state or local Law) for its Taxable Year that includes or begins on the Execution Date to adjust the basis of the Company property as permitted and provided in Sections 734 and 743 of the Code. Such election shall be
effective solely for federal (and, if applicable, state and local) income Tax purposes and shall not result in any adjustment to the Book Value of any Company asset or to the Member’s Capital Accounts (except as provided in Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)). 
 (d) Allocation of Tax Credits, Tax Credit Recapture,
Etc. Allocations of Tax credits, Tax credit recapture, and any related items shall be allocated to the Unitholders according to their interests in such items as determined by the Managing Member taking into account the principles of Treasury
Regulation Section 1.704-1(b)(4)(ii) and (viii). 
 (e) Corrective Allocations. If
necessary, the Company will make corrective allocations as set forth in Treasury Regulation Section 1.704-1(b)(4)(x). Without limiting the generality of the foregoing, if pursuant to
Section 4.3(h) the Company causes a Capital Account reallocation in accordance with principles similar to those set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective
allocations in accordance with principles similar to those set forth in Treasury Regulation Section 1.704-1(b)(4)(x). 

  
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 (f) Effect of Allocations. Allocations pursuant to this
Section 4.5 are solely for purposes of U.S. federal, state and local Taxes and shall not affect, or in any way be taken into account in computing, any Unitholder’s Capital Account or share of Profits, Losses,
Distributions (other than Tax Distributions) or other items pursuant to any provision of this Agreement. 

Section 4.6 Indemnification and Reimbursement for Payments on Behalf of a Unitholder. Except as
otherwise provided in Article VI, if the Company is required by law to make any payment to a Governmental Entity that is specifically attributable to a Unitholder or a Unitholder’s status as such (including
U.S. federal withholding Taxes, state personal property Taxes, and state unincorporated business Taxes), then such Unitholder shall indemnify the Company for, and contribute to the Company, the entire amount paid (including interest, penalties
and related expenses). The Managing Member may offset Distributions or other amounts to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Company under this
Section 4.6 or with respect to any other amounts owed by the Unitholder to the Company or any of its Subsidiaries. A Unitholder’s obligation to indemnify and make contributions to the Company under
this Section 4.6 shall survive the termination, dissolution, liquidation and winding up of the Company, and for purposes of this Section 4.6, the Company shall be treated as
continuing in existence, and will survive any partial or complete Transfer or redemption of the Unitholder’s interest in the Company. The Company may pursue and enforce all rights and remedies it may have against each Unitholder under this
Section 4.6, including instituting a lawsuit to collect such indemnification and contribution, with interest calculated at a rate equal to the Base Rate plus three percentage points per annum (but not in excess of the
highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter. 
 ARTICLE V 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 5.1 Management. 

(a) Establishment. Except as otherwise specifically provided in this Agreement or by
non-waivable provision of the Delaware Act, the business, property and affairs of the Company shall be managed, operated and controlled at the sole, absolute and exclusive direction of PubCo as managing member
of the Company (the “Managing Member”) in accordance with the terms of this Agreement. Except for the Managing Member or as otherwise expressly provided by this Agreement, no Member shall have management authority or voting
or other rights over, or any other ability to take part in the conduct or control of the business of, the Company. 
 (b) Powers. The
Managing Member is, to the extent of its rights and powers set forth in this Agreement, an agent of the Company for the purpose of the Company’s business, and the actions of the Managing Member taken in accordance with such rights and powers
shall bind the Company (and no other Member shall have such right). The Managing Member shall have all necessary powers to carry out the purposes, business and objectives of the Company. The Managing Member may delegate in its discretion the
authority to sign agreements and other documents and take other actions on behalf of the Company to any Person (including any other Member, officer or employee of the Company) to enter into and perform any document on behalf of the Company. Without
limiting the foregoing, the Managing Member shall have the sole power and authority to effect any of the following by the Company or any of its Subsidiaries in one or a 

  
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series of related transactions, in each case without the vote, consent or approval of any other Member or Unitholder or any other Person: (i) any sale, lease, transfer, exchange or other
disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the
Company); (ii) any merger, consolidation, division, reorganization or other combination of the Company with or into another entity, (iii) any acquisition; (iv) any issuance of debt or equity securities; or (v) any incurrence of
indebtedness. Except for any vote, consent or approval of any Unitholder expressly required by this Agreement, if a vote, consent or approval of the Unitholders is required by the Delaware Act or other applicable law with respect to any action to be
taken by the Company or matter considered by the Managing Member, each Unitholder will be deemed to have consented to or approved such action or voted on such matter in accordance with the consent or approval of the Managing Member on such action or
matter. 
 (c) Reliance by Third Parties. Any Person dealing with the Company, other than a Unitholder, may rely on the authority of
the Managing Member (or any Officer authorized by the Managing Member) in taking any action in the name of the Company without inquiry into the provisions of this Agreement or compliance with this Agreement, regardless of whether that action
actually is taken in accordance with the provisions of this Agreement. Every agreement, instrument or document executed by the Managing Member (or any Officer authorized by the Managing Member) in the name of the Company with respect to any business
or property of the Company shall be conclusive evidence in favor of any Person relying thereon or claiming thereunder that (i) at the time of the execution or delivery thereof, this Agreement was in full force and effect, (ii) such
agreement, instrument or document was duly executed according to this Agreement and is binding upon the Company and (iii) the Managing Member or such Officer was duly authorized and empowered to execute and deliver such agreement, instrument or
document for and on behalf of the Company. 
 Section 5.2 Investment Company Act. The Managing
Member shall use reasonable best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

Section 5.3 Officers. 

(a) Officers. Unless determined otherwise by the Managing Member, the officers of the Company shall be a Chief Executive Officer, a
President, a Chief Financial Officer, a Treasurer and a Secretary and each other officer of PubCo shall also be an officer of the Company, with the same title. All officers shall be appointed by the Managing Member and shall hold office until their
successors are appointed by the Managing Member. Two or more offices may be held by the same individual. The officers of the Company may be removed by the Managing Member at any time for any reason or no reason. 

(b) Other Officers and Agents. The Managing Member may appoint such other officers and agents as it may deem necessary or advisable,
who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Managing Member. 

  
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 (c) Chief Executive Officer. The Chief Executive Officer shall be the chief executive
officer of the Company and shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present at such meeting.

 (d) President. The President shall be the chief executive officer of the Company in the absence of the Chief Executive Officer. In
general, the President shall perform all duties incident to the office of President and such other duties as may be prescribed from time to time by the Managing Member. 

(e) Chief Financial Officer. The Chief Financial Officer shall be the chief financial officer of the Company and shall keep and
maintain or cause to be kept and maintained adequate and correct books and records of accounts of the properties and business transactions of the Company. The books of account shall at all times be open to inspection by the Managing Member. The
Chief Financial Officer shall deposit all monies and other valuables in the name of, and to the credit of, the Company with such depositaries as may be designated by the Managing Member. 

(f) Treasurer. The Treasurer shall have the custody of Company funds and securities and shall keep full and accurate account of
receipts and disbursements. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries as may be designated by the Managing Member or the Chief Executive Officer. The Treasurer shall
disburse the funds of the Company as may be ordered by the Managing Member or the Chief Executive Officer, taking proper vouchers for such disbursements. He or she shall render to the Managing Member and the Chief Executive Officer whenever either
of them may request it, an account of all his or her transactions as Treasurer and of the financial condition of the Company. If required by the Managing Member, the Treasurer shall give the Company a bond for the faithful discharge of his or her
duties in such amount and with such surety as the Managing Member shall prescribe. 
 (g) Secretary. The Secretary shall give, or
cause to be given, notice of all meetings of Members and all other notices required by applicable law or by this Agreement, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto
directed by the Chief Executive Officer, or by the Managing Member. He or she shall record all the proceedings of the meetings of the Company, and shall perform such other duties as may be assigned to him or her by the Managing Member or by the
Chief Executive Officer. 
 (h) Other Officers. Other officers, if any, shall have such powers and shall perform such duties as shall
be assigned to them, respectively, by the Managing Member or by the Chief Executive Officer. 
 Section 5.4
Fiduciary Duties. 
 (a) Members and Unitholders. To the fullest extent permitted by law, including Section 18-1101(e) of the Delaware Act, and notwithstanding any duty otherwise existing at law or in equity, no Member (other than the Managing Member, in its capacity as such, as provided in
Section 5.4(b)) or Unitholder, solely in its capacity as such, shall owe any fiduciary duty to the Company, the Managing Member, any other Member, any Unitholder or any other Person bound by this Agreement. Nonetheless, the
foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. Nothing in this Section 5.4(a) shall limit the liabilities, duties or obligations of any Member or Unitholder acting
in his or her capacity as an officer or Managing Member pursuant to any other provision of this Agreement. 

  
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 (b) Managing Member and Officers. Notwithstanding any other provision to the contrary
in this Agreement, except as set forth in the last sentence of Section 5.1(a) or Section 5.4(c), (i) the Managing Member shall, in its capacity as such, and not in any other capacity, have the same fiduciary
duties to the Company and the Unitholders and Members as members of a board of directors of a Delaware corporation; and (ii) each officer of the Company shall, in his or her capacity as such, and not in any other capacity, have the same
fiduciary duties to the Company and the Unitholders and Members as an officer of a Delaware corporation. For the avoidance of doubt, the fiduciary duties described in clause (i) above shall not be limited by the fact that the Managing Member
shall be permitted to take certain actions in its sole or reasonable discretion pursuant to the terms of this Agreement or any agreement entered into in connection herewith. 

(c) Waiver. Any duties and liabilities set forth in this Agreement shall replace those existing at law or in equity and each of the
Company, each Member and Unitholder and any other Person bound by this Agreement, to the fullest extent permitted by applicable law, including Section 18-1101(e) of the Delaware Act, waives the right to make
any claim, bring any action or seek any recovery based on any duties or liabilities existing at law or in equity other than any such duties and liabilities set forth in this Agreement. 

ARTICLE VI 
 EXCULPATION
AND INDEMNIFICATION 
 Section 6.1 Exculpation. 

(a) Actions in Capacity as a Member or Unitholder. To the fullest extent permitted by applicable law, and except as otherwise expressly
provided in this Agreement, no Member (including the Managing Member), Unitholder or its respective Indemnitees shall be liable to the Company, any Member, any Unitholder or any other Person bound by this Agreement as a result of or arising out any
action of or omission by such Member or Unitholder solely in its capacity as a Member or Unitholder, except to the extent such Obligations arise out of such Member’s (1) material breach of this Agreement or any other Transaction Document
or (2) bad faith violation of the implied contractual covenant of good faith and fair dealing, in each case as determined by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction (which is not appealable or
with respect to which the time for appeal therefrom has expired and no appeal has been perfected). 
 (b) Other Actions. To the
fullest extent permitted by applicable law, and except as otherwise expressly provided in this Agreement, no Indemnitee shall be liable to the Company, any Member, any Unitholder or any other Person bound by this Agreement as a result of or arising
out of the activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed by such Indemnitee to be conferred on such Indemnitee, except to the extent such Indemnitee would not be entitled to
exculpation or indemnification pursuant to the certificate of incorporation and bylaws of PubCo (as the same may be amended from time to time). 

  
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 Section 6.2 Indemnification. To the fullest extent
permitted by applicable law, each of (a) the Unitholders and Members and their respective Affiliates, (b) the stockholders, members, managers, directors, officers, partners, employees and agents of the Unitholders, Members and their
respective Affiliates, (c) the PR and any “designated individual” and (d) the officers and directors of PubCo, the Company and each of their Subsidiaries (each, an “Indemnitee”) shall be indemnified and
held harmless by the Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or
proceedings, civil, criminal, administrative or investigative (collectively, “Obligations”), which at any time may be imposed on, incurred by, or asserted against, the Indemnitee as a result of or arising out of this
Agreement, PubCo, the Company, their respective assets, businesses or affairs, or the activities of the Indemnitee on behalf of PubCo, the Company or any of their Subsidiaries to the extent within the scope of the authority reasonably believed to be
conferred on such Indemnitee. However: (x) to the extent such Indemnitee is not entitled to exculpation with respect to such Obligations pursuant to Section 6.1, the Indemnitee shall not be entitled to indemnification
for any such Obligations to the extent such Indemnitee would not be entitled to exculpation or indemnification pursuant to the certificate of incorporation and bylaws of PubCo (as the same may be amended from time to time); and (y) to the
extent such Indemnitee is entitled to exculpation with respect to such Obligations pursuant to Section 6.1, the Indemnitee shall not be entitled to indemnification for any such Obligations to the extent they arise out of
such Indemnitee’s (1) material breach of this Agreement or any other Transaction Document or (2) bad faith violation of the implied contractual covenant of good faith and fair dealing. The termination of any action, suit or proceeding
by judgment, order, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee was not entitled to indemnification under this Agreement. Any
indemnification pursuant to this Section 6.2 shall be made only out of the assets of the Company and no Member shall have any personal liability on account thereof. 

Section 6.3 Expenses. Expenses (including reasonable legal fees and expenses) incurred by an
Indemnitee in defending any claim, demand, action, suit or proceeding described in Section 6.2 shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or
proceeding, upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided
in Section 6.2. Any such undertaking shall be unsecured and interest free and shall be accepted without regard to an Indemnitee’s ability to repay amounts advanced and without regard to an Indemnitee’s
entitlement to indemnification. 
 Section 6.4
Non-Exclusivity; Savings Clause. The indemnification and advancement of expenses set forth
in Section 6.2 and Section 6.3 shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any other
agreement, policy of insurance or otherwise. The indemnification and advancement of expenses set forth in Section 6.2 and Section 6.3 shall continue as to an Indemnitee who has ceased to be a
named Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors and permitted assigns of such a Person. If Section 6.1, Section 6.2 or
Section 6.3 or any portion of 

  
 29 

 
this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless exculpate, indemnify and advance expenses each Indemnitee to the
fullest extent permitted by any applicable portion of such sections not so invalidated and to the fullest extent permitted by applicable law. The exculpation, indemnification and advancement of expenses provisions set forth in
Section 6.1, Section 6.2 and Section 6.3 shall be deemed to be a contract between the Company and each of the Persons constituting Indemnitees at any time while such
provisions remain in effect, whether or not such Person continues to serve in such capacity and whether or not such Person is a party to this Agreement. In addition, none of
Section 6.1, Section 6.2 and Section 6.3 may be retroactively amended to adversely affect the rights of any Indemnitee arising in connection with any
acts, omissions, facts or circumstances occurring prior to such amendment. 
 Section 6.5 Insurance.
The Company may purchase and maintain insurance on behalf of the Indemnitees against any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the
power to indemnify them against such liability under this Article VI. 
 Section 6.6
Managing Member Reimbursement. The Managing Member shall not be compensated for its services as Managing Member of the Company except as expressly provided in this Agreement. The Members acknowledge and agree that the Managing
Member’s Class A Common Stock is publicly traded and therefore the Managing Member has access to the public capital markets and that such status and the services performed by the Managing Member shall inure to the benefit of the Company
and all Members; therefore, the Managing Member shall be reimbursed by the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including
all fees, expenses and costs associated with the Transactions (except as otherwise provided in the Transaction Agreement) and all fees, expenses and costs of being a public company (including public reporting obligations, proxy statements,
stockholder meetings, Stock Exchange fees, transfer agent fees, legal fees, Securities and Exchange Commission and Financial Industry Regulatory Authority filing fees and offering expenses) and maintaining its corporate existence. In the event that
shares of Class A Common Stock are sold to underwriters in any offering at a price per share that is lower than the price per share for which such shares of Class A Common Stock are sold to the public after taking into account
underwriters’ discounts or commissions and brokers’ fees or commissions (such difference, the “Discount”), (i) the Managing Member shall be deemed to have contributed to the Company in exchange for newly issued
Common Units the full amount for which such shares of Class A Common Stock were sold to the public, and (ii) the Company shall be deemed to have paid the Discount as an expense. To the extent practicable, expenses incurred by the Managing
Member on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the Managing Member or any of its Affiliates by the Company pursuant to this
Section 6.6 constitute gross income to the Managing Member (as opposed to the repayment of advances made by the Managing Member on behalf of the Company), such amounts shall be treated as “guaranteed payments”
within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Members’ Capital Accounts. Notwithstanding the foregoing, the Company shall not bear any income tax obligations of the
Managing Member or any payments made pursuant to the Tax Receivable Agreement. 

  
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 ARTICLE VII 

ACCOUNTING AND RECORDS; TAX MATTERS 

Section 7.1 Accounting and Records. The books and records of the Company shall be made and maintained,
and the financial position and the results of its operations recorded, at the expense of the Company, in accordance with such method of accounting as is determined by the Managing Member. The books and records of the Company shall reflect all
Company transactions and shall be made and maintained in a manner that is appropriate and adequate for the Company’s business. 

Section 7.2 Preparation of Tax Returns; Administrative Matters. 

(a) The Company shall arrange for the preparation and timely filing of all Tax returns required to be filed by the Company, and making any
elections described in Section 7.3. Each Unitholder shall furnish to the Company all pertinent information in its possession relating to the Company’s operations that is necessary to enable the Company’s income
Tax returns to be prepared and filed. 
 (b) The Company shall deliver to each Unitholder (A) preliminary information relating to the
Company (including a draft Schedule K-1) that is necessary for the preparation of such Unitholder’s returns for federal and state income Tax and any other Tax reporting purposes for a Taxable Year no
later than March 31 of the following Taxable Year and (B) such final information (including a final Schedule K-1) that is consistent in all respects with the estimates provided pursuant to clause
(A) by August 1 of such following Taxable Year, subject to any reasonable comments received from BT Assets (provided BT Assets owns 5% or more of the outstanding Common Units) that are received by May 31 of such following Taxable
Year, which the Company shall consider in good faith. Subject to the preceding sentence, for so long BT Assets owns 5% or more of the outstanding Common Units, the Company shall (i) send a draft of any income tax return of the Company (other
than the information and schedules referred to in the preceding sentence) to BT Assets, at least 15 days prior to filing, for review and comment, and (ii) consider in good faith all reasonable comments received from BT Assets at least five days
prior to the due date for the filing of any such tax return. 
 (c) For so long as BT Assets owns 5% or more of the outstanding Common
Units, the Company shall use reasonable best efforts to provide (or cause to be provided), at the Company’s expense, such accounting, tax, legal, insurance and administrative support to BT Assets and its Affiliates as BT Assets may reasonably
request. 
 Section 7.3 Tax Elections. The Taxable Year shall be the Fiscal Year unless the Managing
Member shall determine otherwise. The Managing Member shall determine whether to make or revoke any available election pursuant to the Code. Each Unitholder will upon request supply any information necessary to give proper effect to such election.

  
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 Section 7.4 Tax Controversies. 

(a) PubCo shall be the “partnership representative” (“PR”) of the Company for purposes of the Partnership
Tax Audit Rules, and, as such, shall be authorized to designate any other Person selected by PubCo as the partnership representative. Each Member, by execution of this Agreement, consents to the appointment of PubCo (or its designee) as the PR as
set forth in this Agreement and agrees to execute, certify, acknowledge, deliver, swear to, file and record, at the appropriate public offices, such documents as may be necessary or appropriate to evidence such consent and agrees to take, and that
the PR is authorized to take (or cause the Company to take), such other actions as may be necessary pursuant to the Partnership Tax Audit Rules to cause such designation. The PR shall be authorized and required to represent the Company (at the
Company’s expense) in connection with all audits and examinations of the Company’s affairs by Tax authorities, including resulting administrative and judicial proceedings, and to expend the Company’s funds for professional services
reasonably incurred in connection therewith. In addition, the PR shall have the power and authority to (i) manage, control, settle, challenge, litigate, or prosecute, on behalf of the Company, any administrative proceedings or other action at
the Company level with the Internal Revenue Service or any other taxing authority relating to the determination of any item of Company income, gain, loss, deduction, or credit for federal income tax purposes or otherwise relating to the Partnership
Tax Audit Rules, and (ii) make any election under the Partnership Tax Audit Rules, and the PR shall have all other rights and powers granted under the Partnership Tax Audit Rules to a PR with respect to the Company and its Members. As long as
BT Assets owns 5% or more of the outstanding Common Units for the year in which any audit, examination or resulting proceeding takes place or for the year that is the subject of any audit, examination or resulting proceeding: (A) the PR shall
notify BT Assets of, and keep BT Assets reasonably informed with respect to, any such audit, examination or resulting proceeding the outcome of which is reasonably expected to affect the tax liabilities of BT Assets; (B) BT Assets shall have
the right to discuss with the PR, and provide input and comment to the PR regarding, any such audit, examination or resulting proceeding; and (C) neither the PR nor any designated individual shall settle or compromise any such audit,
examination or resulting proceeding to the extent they relate to issues the resolution of which would reasonably be expected to have a material and disproportionately adverse effect on the tax liability of BT Assets without BT Assets’ consent
(such consent not to be unreasonably withheld, conditioned or delayed). Each Unitholder agrees to reasonably cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the conduct
of such proceedings. For each Taxable Year in which the PR is an entity, the Company shall appoint the “designated individual” identified by the PR to act on its behalf in accordance with the applicable Partnership Tax Audit Rules.
Promptly following a request of the PR or designated individual, the Company shall, to the fullest extent permitted by law, reimburse and indemnify the PR and designated individual for all reasonable expenses, including legal and accounting fees,
incurred by the PR or designated individual in its capacity as such. 
 (b) In the event of an audit by the Internal Revenue Service, or
another applicable taxing authority, the PR shall be permitted to make, on a timely basis and to the extent permissible under applicable law, the election provided by Section 6226(a) of the Partnership Tax Audit Rules to treat a
“partnership adjustment” as an adjustment to be taken into account by each Unitholder in accordance with Section 6226(b) of the Partnership Tax Audit Rules. If the election under Section 6226(a) of the of the Partnership Tax
Audit Rules is made, each Unitholder who was a Unitholder of the Company for U.S. federal income tax purposes for the “reviewed year” (within the meaning of Code Section 6225(d)(1) of the Partnership Tax Audit Rules) shall take such
adjustment into account as required under Section 6226(b) of the Partnership Tax Audit Rules and shall be liable for any related tax, interest, penalty, addition to tax, or additional amounts. 

  
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 (c) In the event of an audit by the Internal Revenue Service or other applicable taxing
authority, if the PR does not or is otherwise unable to make the election provided by Section 6226(a) of the Partnership Tax Audit Rules as noted above, the PR shall allocate the burden of any taxes (including, for the avoidance of doubt, any
“imputed underpayment” within the meaning of Section 6225 of the Partnership Tax Audit Rules), penalties, interest and related expenses imposed on the Company pursuant to the Partnership Tax Audit Rules among the Unitholder to whom
such amounts are attributable (whether as a result of their status, actions, inactions or otherwise), as reasonably determined by the PR and each Unitholder shall promptly upon request from the Managing Member (and in any event within five days of
such request) reimburse the Company in full for the entire amount the PR determines to be attributable to such Unitholder. The Company will also be allowed to recover any amount due from such Unitholder pursuant to this
Section 7.4(c) from any distribution otherwise payable to such Unitholder pursuant to this Agreement. Solely for purposes of determining the current Unitholder(s) to which any taxes or other amounts are attributable under
this provision, references to any Unitholder in this Section 7.4(c) shall include a reference to each Person that previously held the Units currently held by such Unitholder (but only to the extent of such
Person’s interest in such Units). 
 (d) The PR is authorized to, and shall follow principles (to the extent available) similar to
those set forth in Section 7.4(a), Section 7.4(b) and Section 7.4(c) with respect to any audits by state, local, or foreign tax authorities and any tax liabilities that
result therefrom. 
 (e) This Section 7.4 shall be interpreted to apply to Members and former Members and shall
survive the transfer of a Member’s Units, the termination of this Agreement, and the termination, dissolution, liquidation and winding up of the Company. 

Section 7.5 Earnout Units. The parties to this Agreement intend that, for U.S. federal income tax
purposes, unless otherwise required by the Code or Treasury Regulations, (a) the Earnout Units received by each of BT Assets and PubCo shall not be treated as being received in connection with the performance of services, (b) the receipt of
Common Units on conversion of any Earnout Units upon a Vesting Event shall be treated in accordance with principles similar to those set forth in Treasury Regulation Section 1.721-2(a), and (c) neither BT Assets nor PubCo shall be treated as having
taxable income or gain as a result of the receipt of such Earnout Units or as a result of any Vesting Event (other than as a result of corrective allocations made pursuant to the second sentence of Section 4.5(e)). The Company shall prepare and file
all tax returns consistent therewith unless otherwise required by a “determination” within the meaning of Section 1313 of the Code. Notwithstanding the foregoing, each of BT Assets and PubCo may, within 30 days of the Closing Date, as
defined in the Transaction Agreement, file with the IRS on a protective basis a completed election under Section 83(b) of the Code and the Treasury Regulations with respect to the Earnout Units. 

ARTICLE VIII 
 TRANSFER
OF UNITS; ADMISSION OF NEW MEMBERS 
 Section 8.1 Transfer of Units. Other than as provided for
below in this Section 8.1, no Member may sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being in this Agreement collectively called a
“Transfer”) all or any portion of its Units except with the approval of the Managing Member, which may be 

  
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granted or withheld in its sole discretion. Without the approval of the Managing Member (but otherwise in compliance with Section 8.1), a Member may, at any time,
(a) Transfer any portion of such Member’s Units pursuant to Article IX, and (b) Transfer any portion of such Member’s Units to a Permitted Transferee of such Member. Any Transfer of Units to a Permitted
Transferee of such Member by a Member which also holds (x) Class V Common Stock must be accompanied by the transfer of a corresponding number of shares of Class V Common Stock (determined based upon the Exchange Rate then in effect)
to such Permitted Transferee and (y) Class O Common Stock must be accompanied by the transfer of a corresponding number of shares of Class O Common Stock (determined based upon the Exchange Rate then in effect) to such Permitted
Transferee. Any purported Transfer of all or a portion of a Member’s Units not complying with this Section 8.1 shall be void and shall not create any obligation on the part of the Company or the other Members
to recognize that purported Transfer or to recognize the Person to which the Transfer purportedly was made as a Member. A Person acquiring a Member’s Units pursuant to this Section 8.1 shall not be admitted
as a Substituted Member or an Additional Member except in accordance with the requirements of Section 8.2, but such Person shall, to the extent of the Units transferred to it, be entitled to such Member’s
(i) share of Distributions, (ii) share of Profits and Losses and (iii) Capital Account in accordance with Section 3.5. Notwithstanding anything in this Agreement to the contrary, if a Member Transfers
all or any portion of its Units after the designation of a record date and declaration of a Distribution pursuant to Section 4.1 and before the payment date of such Distribution, the transferring Member (and not the Person
acquiring all or any portion of its Units) shall be entitled to receive such Distribution in respect of such transferred Units. Notwithstanding the foregoing, except as otherwise provided in this Agreement, including in
Sections 3.2, 3.3 and 3.13 and Article IX, PubCo may not Transfer all or any part of its Units without the consent of the Members (other than PubCo) holding at least a majority of the
aggregate Common Units then outstanding and held by such Members (other than PubCo). 
 Section 8.2
Recognition of Transfer; Substituted and Additional Members. 
 (a) No direct or indirect Transfer of all or any portion
of a Member’s Units may be made, and no purchaser, assignee, transferee or other recipient of all or any part of such Units shall be admitted to the Company as a Substituted Member or Additional Member under this Agreement, unless: 

(i) the provisions of Section 8.1 shall have been complied with; 

(ii) in the case of a proposed Substituted Member or Additional Member that is (A) a competitor or potential competitor of
PubCo or the Company or their respective Subsidiaries, (B) a Person with whom PubCo or the Company or their respective Subsidiaries has had or is expected to have a material commercial or financial relationship or (C) likely to subject
PubCo or the Company or their respective Subsidiaries to any material legal or regulatory requirement or obligation, or materially increase the burden thereof, in each case as determined by the Managing Member in its sole discretion, the admission
of the purchaser, assignee, transferee or other recipient as a Substituted Member or Additional Member shall have been approved by the Managing Member; 

  
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 (iii) the Managing Member shall have been furnished with the documents
effecting such Transfer, in form and substance reasonably satisfactory to the Managing Member, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Managing Member
shall have executed (and the Managing Member agrees to execute) any other documents on behalf of itself and the Members required to effect the Transfer; 

(iv) the provisions of Section 8.2(b) shall have been complied with; 

(v) the Managing Member shall be reasonably satisfied that such Transfer will not (A) result in a violation of the
Securities Act or any other applicable law; or (B) cause an assignment under the Investment Company Act; 
 (vi) such
Transfer would not be reasonably expected to cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or any other association taxable as a corporation for federal income tax
purposes and, without limiting the generality of the foregoing, such Transfer shall not be effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are
used in Treas. Reg. § 1.7704-1; 
 (vii) the Managing Member shall
have received the opinion of counsel, if any, required by Section 8.2(c) in connection with such Transfer; and 

(viii) all necessary instruments reflecting such Transfer or admission shall have been filed in each jurisdiction in which such
filing is necessary to qualify the Company to conduct business or to preserve the limited liability of the Members. 
 (b) Each Substituted
Member and Additional Member shall be bound by all provisions of this Agreement. Each Substituted Member and Additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of
this Agreement or a joinder agreement in customary form), in form and substance reasonably satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement
of such Substituted Member or Additional Member to be bound by all the terms and provisions of this Agreement with respect to the Units acquired by such Substituted Member or Additional Member. The admission of a Substituted Member or Additional
Member shall not require the consent of any Member (but shall require the consent of the Managing Member, if and to the extent such consent of the Managing Member is expressly required by this Article VIII). As
promptly as practicable after the admission of a Substituted Member or Additional Member, the Unit Ownership Ledger and other books and records of the Company shall be changed to reflect such admission. 

(c) As a further condition to any Transfer of all or any part of a Member’s Units, the Managing Member may, in its discretion, require a
written opinion of counsel to the transferring Member (such counsel reasonably satisfactory to the Managing Member), obtained at the sole expense of the transferring Member, reasonably satisfactory in form and substance to the Managing Member, as to
such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not result in a
violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to Article IX.

  
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 Section 8.3 Expense of Transfer; Indemnification.
All reasonable costs and expenses incurred by the Managing Member and the Company in connection with any Transfer of a Member’s Units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the
Company, shall be paid by the transferring Member. In addition, the transferring Member indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their
Affiliates may become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer.

 ARTICLE IX 

REDEMPTION; EXCHANGE 

Section 9.1 Redemption of Common Units. 

(a) Elective Redemption. 

(i) From and after the First Redemption Time, each Member (other than PubCo and its Subsidiaries) shall be entitled, upon the
terms and subject to the conditions of this Agreement, to cause the Company to redeem its Redeemable Units in whole or in part, in each case, relating to a corresponding number of shares of Class V Common Stock or Class O Common Stock
after taking into account the Exchange Rate (in each case, free and clear of all Liens) of such Member, in exchange for the delivery to the Member (or its designee) of either, at the option of the Managing Member, (x) (1) in the case of a
corresponding number of shares of Class V Common Stock, a number of shares of Class M Common Stock that is equal to the product of the applicable Redeemed Unit Amount multiplied by the Exchange Rate and (2) in the case of a
corresponding number of shares of Class O Common Stock, a number of shares of Class A Common Stock that is equal to the product of the applicable Redeemed Unit Amount multiplied by the Exchange Rate or (y) solely in connection with a
Redemption (including a Change of Control Redemption) that coincides with a public offering or private sale of Class A Common Stock, the applicable Cash Payment. Any redemption of Redeemable Units for Class M Common Stock, Class A
Common Stock or the Cash Payment, as applicable, is defined in this Agreement as a “Redemption” Subject to Section 9.1(a)(ii), after the First Redemption Time, each Member (other than PubCo and its
Subsidiaries) may elect to cause the Company to redeem Redeemable Units at any time and from time to time in accordance with the terms of this Agreement, but a Unitholder may not cause a Redemption more than once per Fiscal Quarter without the prior
written consent of the Managing Member. The minimum number of Redeemable Units (and corresponding number of shares of Class V Common Stock or Class O Common Stock after taking into account the Exchange Rate, if any) that may be redeemed by
any Member shall be the lesser of (1) [•] and (2) all of the Redeemable Units (and corresponding number of shares of Class V Common Stock or Class O Common Stock taking into account the Exchange Rate, if any) then held by such
Member and its Affiliates. Notwithstanding anything to the contrary in this Agreement, the Company shall not, nor 

  
 36 

 
shall PubCo pursuant to Section 9.1(f), effectuate a Cash Payment pursuant to this Section 9.1(a) or Section 9.1(b)
unless (A) PubCo determines to consummate a private sale or public offering of Class A Common Stock substantially concurrently with the relevant Redemption Date and (B) PubCo contributes sufficient proceeds from such private sale or
public offering to the Company for payment by the Company of the applicable Cash Payment. For the avoidance of doubt, the Company shall have no obligation to make a Cash Payment that exceeds the cash contributed to the Company by PubCo from
PubCo’s offering or sales of Class A Common Stock referenced earlier in this Section 9.1(a)(i). 

(ii) Notwithstanding anything to the contrary contained in this Agreement, the Company shall not, nor shall PubCo pursuant to
Section 9.1(f), be obligated to, effectuate a Redemption of Redeemable Units as set forth in this Section 9.1(a), and the Company shall have the right to refuse to honor any request for such a
Redemption, if at any time PubCo or the Company determines based on the advice of counsel that such Redemption would be prohibited by law or regulation (including the unavailability of a registration of such Redemption under the Securities Act, or
the unavailability of an exemption from the registration requirements under the Securities Act). Upon such determination, PubCo or the Company (as applicable) shall notify the Member requesting such Redemption, which such notice shall include an
explanation in reasonable detail as to the reason that the Redemption request has not been honored. 
 (iii) A Member shall
exercise its right to cause the Company to effectuate a Redemption of Redeemable Units, as set forth in this Section 9.1(a) by delivering to the Company, with a contemporaneous copy delivered to PubCo, during normal
business hours, (A) a written election of redemption in respect of the Redeemable Units to be redeemed substantially in the form of Exhibit A to this Agreement (a “Redemption Notice”), duly
executed by such Member; (B) any certificates in such Member’s possession representing such Redeemable Units, (C) any stock certificates in such Member’s possession representing the corresponding number of shares of Class V
Common Stock or Class O Common Stock to be retired in connection with such Redemption, in accordance with Section [•] of PubCo’s certificate of incorporation and (D) if PubCo, the Company or any redeeming Subsidiary requires
the delivery of the certification contemplated by Section 9.4(b), such certification or written notice from such Member that it is unable to provide such certification. Unless such Member timely has delivered a Retraction
Notice pursuant to Section 9.1(a)(vi), a Redemption pursuant to this Section 9.1(a) shall be effected on the fifth Business Day following the Business Day on which PubCo and the Company have
received the items specified in clauses (A)-(D) of the first sentence of this Section 9.1(a)(iii) or such later date that is a Business Day specified in the Redemption Notice (such Business Day, the “Redemption
Date”). Notwithstanding the foregoing, the Company may establish alternate exchange procedures as necessary to facilitate the establishment by such Member of a trading plan meeting the requirements of
Rule 10b5-1 under the Exchange Act. On the Redemption Date, all rights of such Member as a holder of the Redeemable Units (and the corresponding number of shares of Class V Common Stock or
Class O Common Stock to be cancelled) that are subject to the Redemption shall cease, and unless the Company has elected Cash Payment, such Member (or its designee) shall be treated for all purposes as having become the record holder of the
shares of Class M Common Stock or Class A Common Stock to be received by such Member in respect of such Redemption. 

  
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 (iv) Within two Business Days following the Business Day on which PubCo and
the Company have received the Redemption Notice, the Company shall give written notice (the “Contribution Notice”) to such Member of its intended settlement method. If the Company does not timely deliver a Contribution
Notice, the Company shall be deemed to have not elected the Cash Payment method. 
 (v) The Member may specify, in an
applicable Redemption Notice, that the Redemption is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an
underwritten offering, Change of Control transaction or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination. 

(vi) A Member may withdraw or amend its Redemption Notice, in whole or in part, at any time prior to 5:00 p.m. New York, New
York time, on the Business Day immediately prior to the Redemption Date by giving written notice (a “Retraction Notice”) to the Company (with a copy to PubCo) specifying (in each case, subject to the requirements set forth in
Section 9.1(a)((i))) (A) the number of withdrawn Redeemable Units, (B) the number of Redeemable Units (and corresponding number of shares of Class V Common Stock or Class O Common Stock after taking into
account the Exchange Rate) as to which the Redemption Notice remains in effect, if any, and (C) if the Member so determines, a new Redemption Date or any other new or revised information permitted in the Redemption Notice. 

(b) Change of Control. In connection with a Change of Control, and subject to any approval of the Change of Control by the holders of
Class A Common Stock, Class M Common Stock, Class O Common Stock and Class V Common Stock that may be required: 

(i) PubCo shall have the right to require each Member (other than PubCo and its Subsidiaries) to effectuate a Redemption by the
Company of some or all of such Member’s Redeemable Units, relating to a corresponding number of shares of Class V Common Stock or Class O Common Stock after taking into account the Exchange Rate (in each case, free and clear of all
Liens) of such Member, in each case, in exchange for the delivery to such Member (or its designee) of (1) in the case of a corresponding number of shares of Class V Common Stock, a number of shares of Class M Common Stock that is
equal to the product of the applicable Redeemed Unit Amount multiplied by the Exchange Rate and (2) in the case of a corresponding number of shares of Class O Common Stock, a number of shares of Class A Common Stock that is equal to
the product of the applicable Redeemed Unit Amount multiplied by the Exchange Rate (such Redemption, a “Change of Control Redemption”). However, if PubCo elects to require such Member to redeem
less than all of its outstanding Redeemable Units (and the corresponding number of shares of Class V Common Stock or Class O Common Stock after taking into account the Exchange Rate), such Member’s participation in the required
Redemption shall be reduced pro rata based on ownership of Redeemable Units. For the avoidance of doubt, any Redeemable Units that are not redeemed pursuant to a Change of Control Redemption may be caused to be redeemed by the Member after
the Change of Control transaction pursuant to Section 9.1(a) subject to and in accordance with the terms of Section 9.1(a). 

  
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 (ii) The election of PubCo pursuant to this
Section 9.1(b) shall be at the sole discretion of PubCo upon the approval by a majority of the board of directors of PubCo. 

(iii) Any Redemption pursuant to this Section 9.1(b) shall be effective immediately prior to the
consummation of the Change of Control (and, for the avoidance of doubt, shall not be effective if such Change of Control is not consummated) (the “Change of Control Redemption Date”). From and after the Change of Control
Redemption Date, such Member shall cease to have any rights with respect to the Redeemable Units (and the corresponding number of shares of Class V Common Stock or Class O Common Stock to be cancelled) that are subject to the Redemption
pursuant to this Section 9.1(b) (other than the right to receive shares of Class M Common Stock or Class A Common Stock pursuant to Section 9.1(b)(i) upon compliance with its obligations
under Section 9.1(c)). 
 (iv) PubCo shall provide written notice of an expected Change of Control
to each Member within the earlier of (x) five Business Days following the execution of the agreement with respect to such Change of Control and (y) 10 Business Days before the proposed date upon which the contemplated Change of Control is to be
effected, indicating in such notice such information as may reasonably describe the Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the
amount and types of consideration to be paid for Redeemable Units and shares of Class V Common Stock, shares of Class M Common Stock, shares of Class O Common Stock or shares of Class A Common Stock, as applicable, in the Change
of Control (which consideration shall be equivalent whether paid for Redeemable Units and shares of Class V Common Stock, shares of Class M Common Stock, shares of Class O Common Stock or shares of Class A Common Stock), any
election with respect to types of consideration that a holder of Redeemable Units and shares of Class V Common Stock, shares of Class M Common Stock, shares of Class O Common Stock or shares of Class A Common Stock, as
applicable, shall be entitled to make in connection with the Change of Control, the percentage of total Redeemable Units and shares of Class V Common Stock, shares of Class M Common Stock, shares of Class O Common Stock or shares of
Class A Common Stock, as applicable, to be transferred to the acquirer by all stockholders in the Change of Control, and the number of Redeemable Units and shares of Class V Common Stock or Class O Common Stock held by each Member
that PubCo intends to require to be redeemed for shares of Class M Common Stock or Class A Common Stock, as applicable, in connection with the Change of Control. PubCo shall update such notice from time to time to reflect any material
changes to such notice. PubCo may satisfy any such notice and update requirements described in the preceding two sentences by providing such information on a Form 8-K, Schedule TO, Schedule 14D-9, Preliminary Merger Proxy on Schedule 14A, Definitive Merger Proxy on Schedule 14A, Registration Statement on Form S-4, or similar form filed
with the SEC. 

  
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 (c) Redemption Procedure on Change of Control Redemption. On or prior to the Change
of Control Redemption Date, each Member shall deliver to PubCo and the Company, during normal business hours at the principal executive offices of PubCo and the Company, respectively: (A) a Redemption Notice, duly executed by such Member,
(B) any certificates in such Member’s possession representing the Redeemable Units being surrendered by such Member, (C) any stock certificates in such Member’s possession representing the corresponding number of shares of
Class V Common Stock or Class O Common Stock to be retired in connection with such Redemption, in accordance with Section [•] of PubCo’s certificate of incorporation and (D) if PubCo, the Company or any redeeming
Subsidiary requires the delivery of the certification contemplated by Section 9.4(b), such certification or written notice from such Member that it is unable to provide such certification. 

(d) Redemption Consideration. As promptly as practicable on or after the Redemption Date or Change of Control Redemption Date, as
applicable, provided the Member has satisfied its obligations under Section 9.1(a)(iii) or Section 9.1(c), as applicable, the Company or PubCo shall deliver or cause to be delivered to such Member
(or its designee), either certificates or evidence of book-entry shares representing the number of shares of Class M Common Stock or Class A Common Stock deliverable upon the applicable Redemption, registered in the name of such Member (or
its designee) or, if the Company has so elected, the Cash Payment. Notwithstanding anything set forth in this Section 9.1(d) to the contrary, to the extent the Class M Common Stock or Class A Common Stock issued
in the Redemption will be settled through the facilities of The Depository Trust Company, the Company or PubCo will, upon the written instruction of such Member, deliver the shares of Class M Common Stock or Class A Common Stock
deliverable to such Member through the facilities of The Depository Trust Company to the account of the participant of The Depository Trust Company designated by such Member in the Exchange Election Notice. Upon the Member exercising its Redemption
right in accordance with Section 9.1(a)(i) or the occurrence of a Change of Control Redemption, the Company or PubCo shall take such actions as (A) may be required to ensure that the Member receives the shares of
Class M Common Stock or Class A Common Stock or the Cash Payment that such Member is entitled to receive in connection with such Redemption pursuant to this Section 9.1, and (B) may be reasonably within its
control that would cause such Redemption to be treated for purposes of the Tax Receivable Agreement as an “Exchange” under the Tax Receivable Agreement to the extent the redeeming Member is entitled to benefits under the Tax
Receivable Agreement. 
 (e) Contribution by PubCo. In connection with any Redemption by the Company, PubCo shall contribute to the
Company the shares of Class M Common Stock or Class A Common Stock or Cash Payment that the Member is entitled to receive in such Redemption. Unless such Member has timely delivered a Retraction Notice as provided in
Section 9.1(a)(vi), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) PubCo shall make a capital contribution to the Company (in the form of the shares of
Class M Common Stock or Class A Common Stock or the Cash Payment that such Member is entitled to receive in such Redemption) required under this Section 9.1(e), (ii) the Company shall transfer such shares of
Class M Common Stock or Class A Common Stock or Cash Payment to such Member in redemption of such Member’s Units in the Company, and (iii) in the case of a Redemption for Class M Common Stock or Class A Common Stock or
the Cash Payment (as applicable), the Company shall issue to PubCo a number of Common Units equal to the Redeemed Unit Amount surrendered by such Member. 

  
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 (f) Direct Exchange Right of PubCo. Notwithstanding anything in this Agreement to the
contrary, PubCo may, in its sole discretion, elect to effect, on the Redemption Date, the exchange of Redeemable Units for Class M Common Stock or Class A Common Stock or the Cash Payment (as applicable) through a direct exchange of such
Redeemable Units for Class M Common Stock or Class A Common Stock or the Cash Payment (as applicable) between the Member, on the one hand, and PubCo (or, if designated by PubCo, one or more of its Subsidiaries), on the other hand (a
“Direct Exchange”) (rather than contributing the Class M Common Stock or Class A Common Stock or the Cash Payment (as applicable) to the Company for purposes of the Company redeeming the Redeemable Units in
accordance with this Article IX). The applicable provisions of this Article IX (including, for the avoidance of doubt, with respect to the surrender by the redeeming Member of Class V Common
Stock or Class O Common Stock for cancellation) shall apply to such Direct Exchange, mutatis mutandis, with PubCo (or one or more of its Subsidiaries) directly acquiring the Redeemable Units, in lieu of the Company, and otherwise
discharging the obligations of the Company with respect to delivery of Class M Common Stock or Class A Common Stock or the Cash Payment (as applicable) to which the Member is entitled. PubCo may, at any time prior to a Redemption Date
(including after delivery of an Election Notice), deliver written notice (an “Exchange Election Notice”) to the Company and the redeeming Member setting forth its election to exercise its right to consummate a Direct
Exchange. Any such election is subject to the limitations set forth in this Article IX and does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An
Exchange Election Notice may be revoked by PubCo at any time so long as such revocation does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. The right to consummate a Direct
Exchange in all events shall be exercisable only for all (and not less than all) of the Redeemable Units that would have otherwise been subject to a Redemption. 

(g) Legends. 

(i) The shares of Class M Common Stock or Class A Common Stock issued upon a Redemption or Direct Exchange, other
than any such shares issued in a Redemption or Direct Exchange subject to an effective registration statement under the Securities Act, shall bear a legend in substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION,
AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

(ii) If (A) any shares of Class M Common Stock or Class A Common Stock have been sold pursuant to a registration
statement that has become or been declared effective by the SEC, or (B) all of the applicable conditions of Rule 144 are met (without regard to volume or manner of sale restrictions), or (C) the legend (or a portion thereof) otherwise
ceases to be applicable, PubCo, upon the written request of the holder of such shares, shall promptly provide such holder or its respective transferees with new certificates 

  
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(or evidence of book-entry) for securities of like tenor not bearing the provisions of the legend with respect to which the restriction has terminated. In connection therewith, such holder shall
provide PubCo with such information in its possession as PubCo may reasonably request (which may include an opinion of counsel reasonably acceptable to PubCo) in connection with the removal of any such legend. 

(h) Cancellation of Class V Common Stock or Class O Common Stock. Any shares of Class V
Common Stock or Class O Common Stock surrendered in a Redemption or Direct Exchange shall automatically be deemed cancelled without any action on the part of any Person, including PubCo. Any such cancelled shares of Class V Common Stock or
Class O Common Stock shall no longer be outstanding, and all rights with respect to such shares shall automatically cease and terminate. 

(i) Expenses. Except as otherwise agreed, PubCo, the Company, any exchanging Subsidiary and the redeeming Member shall bear their own
expenses in connection with the consummation of any Redemption or Direct Exchange, whether or not any such Redemption or Direct Exchange is ultimately consummated, except that PubCo shall bear any transfer taxes, stamp taxes or duties, or other
similar taxes in connection with, or arising by reason of, any Redemption or Direct Exchange. However, if any shares of Class M Common Stock or Class A Common Stock are to be delivered in a name other than that of the Member (or The
Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Member) or the Cash Payment is to be paid to a Person other than the Member, then such Member
or the Person in whose name such shares are to be delivered or to whom the Cash Payment is to be paid shall pay to PubCo the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of,
such Redemption or Direct Exchange or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable. 

Section 9.2 Adjustments. The Exchange Rate shall be adjusted accordingly if there is: (a) any
subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or
otherwise) of the shares of Class V Common Stock, Class O Common Stock or Common Units that is not accompanied by a substantively identical subdivision or combination of Class M Common Stock or Class A Common Stock, as
applicable; or (b) any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification,
reorganization, recapitalization or otherwise) of the shares of Class M Common Stock or Class A Common Stock that is not accompanied by a substantively identical subdivision or combination of the shares of Class V Common Stock or
Class O Common Stock or Common Units, as applicable. To the extent not reflected in an adjustment to the Exchange Rate, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class M
Common Stock or the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, then upon any subsequent Redemption, the Member shall be entitled to receive the amount of such security,
securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account
any adjustment as 

  
 42 

 
a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any
reclassification, reorganization, recapitalization or other similar transaction in which the Class M Common Stock or the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property,
this Section 9.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. 

Section 9.3 Class A Common Stock and Class M
Common Stock to be Issued. 
 (a) PubCo shall at all times reserve and keep available out of its authorized but unissued
Class M Common Stock and Class A Common Stock, solely for the purpose of issuance upon a Redemption or Direct Exchange, such number of shares of Class M Common Stock and Class A Common Stock as shall be sufficient to effect the
conversion of all outstanding Common Units (including Earnout Units, and other than those Common Units held by PubCo or any subsidiary of PubCo). However, nothing contained in this Agreement shall be construed to preclude PubCo from satisfying its
obligations in respect of any such Redemption or Direct Exchange by delivery of unencumbered purchased shares of Class M Common Stock and Class A Common Stock (which may or may not be held in the treasury of PubCo or any PubCo subsidiary).

 (b) PubCo has taken and will take all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of PubCo (including any
derivative securities) and any securities that may be deemed to be equity securities or derivative securities of PubCo for such purposes that result from the transactions contemplated by this Agreement, by each director or officer of PubCo
(including directors-by-deputization) who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect
to PubCo upon the registration of any class of equity security of PubCo pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the name of each such officer or director whose acquisition or disposition of
securities is to be exempted and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement). 

(c) If any Takeover Law or other similar law or regulation becomes or is deemed to become applicable to this Agreement or any of the
transactions contemplated by this Agreement, PubCo shall use its reasonable best efforts to render such law or regulation inapplicable to all of the foregoing. 

(d) PubCo covenants that all shares of Class M Common Stock and Class A Common Stock issued upon a Redemption or Direct Exchange
will, upon issuance, be validly issued, fully paid and non-assessable and not subject to any preemptive, participation or similar right of stockholders to subscribe for or acquire equity interests of PubCo or
to any right of first refusal or other right in favor of any Person. 

  
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 Section 9.4 Withholding; Certification of Non-Foreign Status. 
 (a) If PubCo or the Company shall be required to withhold any amounts by
reason of any U.S. federal, state, local or foreign tax rules or regulations in respect of any Redemption or Direct Exchange, PubCo or the Company, as the case may be, shall be entitled to take such action as it deems appropriate to ensure
compliance with such withholding requirements, including, at its option, withholding shares of Class M Common Stock or Class A Common Stock with a fair market value equal to the minimum amount of any taxes that PubCo or the Company, as the
case may be, may be required to withhold with respect to such Redemption or Direct Exchange. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be
treated for all purposes of this Agreement as having been paid (or delivered) to the Member. 
 (b) Notwithstanding anything to the contrary
in this Agreement, each of PubCo and the Company may, in its discretion, require that a Member deliver to PubCo or the Company, as the case may be, a duly completed and executed IRS Form W-9 (or other
withholding form or certification) prior to a Redemption or Direct Exchange. In the event PubCo or the Company has required delivery of such form or certification but such Member does not provide such form or certification, PubCo or the Company, as
the case may be, shall nevertheless deliver or cause to be delivered to such Member the Class M Common Stock, the Class A Common Stock or the Cash Payment in accordance with Section 9.1, but subject to withholding
as provided in Section 9.4(a). 
 Section 9.5 Tax Treatment. Unless
otherwise required by applicable law, the Members acknowledge and agree that any Redemption or Direct Exchange with the Company or PubCo shall be treated as a direct exchange between PubCo and such Member for U.S. federal and applicable state
and local income tax purposes. The Members intend to treat any Redemption or Direct Exchange consummated under this Agreement as a taxable sale of the Redeemable Units and Class V Common Stock (if any) or Class O Common Stock (if any), as
applicable, by the Member to PubCo for U.S. federal and applicable state and local income tax purposes except as otherwise mutually agreed to in writing by such Member and PubCo. No party to this Agreement shall take a position inconsistent
with such intended tax treatment on any tax return, amendment to such tax return or any other communication with a taxing authority, in each case unless otherwise required by a “determination” within the meaning of Section 1313 of the
Code. 
 Section 9.6 PTP Tax Consequences. Notwithstanding anything to the contrary in this
Agreement, if the Managing Member, after consultation with its outside legal counsel and tax advisor, determines in good faith that interests in the Company do not meet the requirements of Treasury Regulation
Section 1.7704-1(h) (or other provisions of those Regulations as determined by the Managing Member in its sole discretion) or that any Transfer, Redemption or Direct Exchange could (as determined in the
reasonable discretion of the Managing Member exercised in good faith) cause the Company to be treated as a “publicly traded partnership” under Section 7704 of the Code, the Company may impose such restrictions on such Transfers,
Redemptions, or Direct Exchanges as the Company may reasonably determine to be necessary or advisable so that the Company is not treated as a “publicly traded partnership” under Section 7704 of the Code. 

Section 9.7 Distributions. No Redemption or Direct Exchange will impair the right of a Member to
receive any distribution for periods ending on or prior to the Redemption Date for such Redemption or Direct Exchange (but for which payment had not yet been made with respect to the Redeemable Units in question at the time the Redemption or Direct
Exchange is 

  
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consummated). For purposes of this Section 9.7, a Member’s right to receive its pro rata portion of any distribution by the Company in respect of such
periods shall not be deemed impaired to the extent that the Company has not paid PubCo its pro rata portion of such distribution prior to the consummation of the applicable Redemption or Direct Exchange. 

Section 9.8 Certain BT Assets Rights. Each of PubCo, the Company and BT Assets acknowledges and agrees
that Class V Common Stock may only be issued by PubCo to BT Assets and its Affiliates. Notwithstanding anything to the contrary in this Agreement, any Redemption or Direct Exchange involving an exchange of Class V Common Stock for
Class M Common Stock may, at the option of the applicable Member, be an exchange of Class V Common Stock for Class A Common Stock. 

ARTICLE X 
 RESIGNATION
OF UNITHOLDERS 
 Section 10.1 Resignation of Unitholders. No Unitholder shall have the power or
right to resign from the Company prior to the dissolution and winding up of the Company pursuant to Article XI, without the prior written consent of the Managing Member (which consent may be withheld by the Managing
Member in its sole discretion), except as otherwise expressly permitted by this Agreement. Upon a Transfer of all of a Unitholder’s Units in a Transfer permitted by this Agreement, and (if applicable) any Equity Agreements, such Unitholder
shall cease to be a Unitholder. Notwithstanding that payment on account of a resignation may be made after the effective time of such resignation, any completely resigning Unitholder will not be considered a Unitholder for any purpose after the
effective time of such complete resignation, and, in the case of a partial resignation, such Unitholder’s Capital Account (and corresponding voting and other rights) shall be reduced for all other purposes under this Agreement upon the
effective time of such partial resignation. 
 ARTICLE XI 

DISSOLUTION AND LIQUIDATION 

Section 11.1 Dissolution. The Company shall not be dissolved by the admission of Additional Members or
Substituted Members. The Company shall dissolve, and its affairs shall be wound up upon the first of the following to occur: 
 (a) at the
election of the Managing Member; 
 (b) the termination of the legal existence of the last remaining member of the Company or the occurrence
of any other event which terminates the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Delaware Act; or 

(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the
Delaware Act. 
 Except as otherwise set forth in this Article XI the Company is intended to have
perpetual existence. An Event of Withdrawal, in and of itself, shall not cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement.

  
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Bankruptcy (as defined in Sections 18-101(1) and 18-304 of the Delaware Act) shall not cause a Member to cease to
be a member of the Company. 
 Section 11.2 Liquidation and Termination. On the dissolution of the
Company, the Managing Member shall act as liquidator or may appoint one or more representatives, Members or other Persons as liquidator(s). The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions
as provided in this Agreement and in the Delaware Act. The costs of liquidation shall be borne as the Company’s expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and
authority of the Managing Member. The steps to be accomplished by the liquidators are as follows: 
 (a) In accordance with Section 18-804 of the Delaware Act, the liquidators shall pay, satisfy or discharge from the Company’s funds all of the debts, liabilities and obligations of the Company (including all expenses incurred in
liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidators may reasonably determine). 

(b) After satisfaction of all liabilities of the Company in accordance with Section 11.2(a) above, the liquidators
shall (i) determine the Fair Market Value (the “Liquidation FMV”) of the Company’s remaining assets (the “Liquidation Assets”) in accordance with Article XI,
(ii) determine the amounts to be distributed to each Unitholder in accordance with Section 4.1, and (iii) deliver to each Unitholder a statement (the “Liquidation Statement”) setting
forth the Liquidation FMV and the amounts and recipients of such Distributions, which Liquidation Statement shall be final and binding on all Unitholders. 

(c) As soon as the Liquidation FMV and the proper amounts of Distributions have been determined in accordance
with Section 11.2(b) above, the liquidators shall promptly distribute the Company’s Liquidation Assets to the Unitholders in accordance with Section 4.1(b) above. In making such
distributions, the liquidators shall allocate each type of Liquidation Assets (i.e., cash or cash equivalents, preferred or common equity securities, etc.) among the Unitholders ratably based upon the aggregate amounts to be distributed with respect
to the Units held by each such holder. For the avoidance of doubt, the liquidators may allocate each type of Liquidation Assets so as to give effect to and take into account the relative priorities of the different Units, and in the event that any
securities are part of the Liquidation Assets, each Unitholder that is not an “accredited investor” as such term is defined under the Securities Act may, in the sole discretion of the Managing Member, receive, and agrees to accept, in lieu
of such securities, cash consideration with an equivalent value to such securities as determined by the Managing Member. Any non-cash Liquidation Assets will first be written up or down to their Fair
Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Section 4.2 and Section 4.3. If any Unitholder’s Capital Account is not equal to
the amount to be distributed to such Unitholder pursuant to Section 11.2(b), Profits and Losses for the Fiscal Year in which the Company is wound up shall be allocated among the Unitholders in such a manner as to
cause, to the extent possible, each Unitholder’s Capital Account to be equal to the amount to be distributed to such Unitholder pursuant to Section 11.2(b). The distribution of cash or property to a Unitholder in
accordance with the provisions of this Section 11.2(b) constitutes a complete return to the Unitholder of its Capital Contributions and a complete distribution to the Unitholder of its interest in the Company and
all the Company property and, to the fullest extent permitted by law, constitutes a compromise to which all Unitholders have consented within the meaning of the Delaware Act. To the extent that a Unitholder returns funds to the Company, to the
fullest extent permitted by law, it has no claim against any other Unitholder for those funds. 

  
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 Section 11.3 Securityholders Agreement. To the
extent that Units or other Equity Securities of any Subsidiary are distributed to any Unitholders and unless otherwise agreed to by the Managing Member, such Unitholders agree to enter into a securityholders agreement with such Subsidiary and each
other Unitholder which contains rights and restrictions in form and substance similar to the provisions and restrictions set forth in this Agreement (including in Article VIII). 

Section 11.4 Cancellation of Certificate. On completion of the distribution of the Company’s
assets as provided in this Agreement, the Managing Member (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of State of Delaware, cancel any other filings made
pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company, and upon the filing of the certificate of cancellation of the Certificate, the Company shall be terminated (and the
Company shall not be terminated prior to such time). The Company shall be deemed to continue in existence for all purposes of this Agreement until it is terminated pursuant to this Section 11.4. 

Section 11.5 Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly
winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 11.2 to minimize any losses otherwise attendant upon such winding up. 

Section 11.6 Return of Capital. The liquidators shall not be personally liable for the return of
Capital Contributions or any portion of Capital Contributions to the Unitholders (it being understood that any such return shall be made solely from the Company assets). 

Section 11.7 Hart-Scott-Rodino. In the event the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) is
applicable to any Unitholder, the dissolution of the Company shall not be consummated until such time as the applicable waiting period (and extensions of such waiting period) under the HSR Act have expired or otherwise been terminated with respect
to each such Unitholder. 
 ARTICLE XII 

GENERAL PROVISIONS 

Section 12.1 Power of Attorney. Each Unitholder constitutes and appoints PubCo and the liquidators, if
any and as applicable, and their respective designees, with full power of substitution, as his, her or its true and lawful agent and attorney-in-fact, with full
power and authority in his, her or its name, place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (to the same extent such Person could take such action): (a) this Agreement, all certificates
and other instruments and all amendments of this Agreement in accordance with the terms of this Agreement which PubCo deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in
the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property or as otherwise permitted in this Agreement; (b) all instruments, agreements, 

  
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amendments or other documents which PubCo deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all
conveyances and other instruments or documents which PubCo or the liquidators deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of cancellation;
and (d) all instruments relating to the admission, withdrawal or substitution of any Unitholder pursuant to Article VIII or Article X. The foregoing power of attorney is
irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Unitholder and the Transfer of all or any portion of his, her or its Units and shall extend to
such Unitholder’s heirs, successors, permitted assigns and personal representatives. 
 Section 12.2
Amendments. Subject to the following sentence, this Agreement may be amended (including, for purposes of this Section 12.2, any amendment effected directly or indirectly by way of a merger or consolidation
of the Company) or waived, in whole or in part, by the Managing Member. To the extent any amendment or waiver, including any amendment or waiver of the Exhibits attached to this Agreement, would disproportionately and adversely affect the rights of
any Member of a class compared with the rights of any other Member of such class, such amendment or waiver may only be made by the Managing Member upon the prior written consent of such disproportionately and adversely affected Member. 

Section 12.3 Title to the Company Assets. The Company’s assets shall be deemed to be owned by the
Company as an entity, and no Unitholder, individually or collectively, shall have any ownership interest in such assets (or any portion of such assets). Legal title to any or all of such assets may be held in the name of the Company or one or more
nominees, as the Managing Member may determine. The Managing Member declares and warrants that any Company assets for which legal title is held in the name of any nominee shall be held in trust by such nominee for the use and benefit of the Company
in accordance with the provisions of this Agreement. All the Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such assets is held. 

Section 12.4 Remedies. Each Unitholder and the Company shall have all rights and remedies set forth in
this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any law. Any Person having any rights under any provision of this
Agreement or any other agreements contemplated shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by law. 
 Section 12.5 Successors and Assigns. All covenants and agreements
contained in this Agreement shall bind and inure to the benefit of the parties to this Agreement and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, whether so expressed or not. 

Section 12.6 Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any 

  
 48 

 
other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained in this Agreement or if such term or provision could be drawn more narrowly so as not to be illegal, invalid, prohibited or unenforceable in such jurisdiction, it shall be so narrowly
drawn, as to such jurisdiction, without invalidating the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of such term or provision in any other jurisdiction. 

Section 12.7 Counterparts; Binding Agreement. This Agreement may be executed simultaneously in two or
more separate counterparts, any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together shall constitute one and the same agreement binding on all the parties to this
Agreement. This Agreement and all of the provisions of this Agreement shall be binding upon and effective as to each Person who (a) executes this Agreement in the appropriate space provided in the signature pages to this Agreement
notwithstanding the fact that other Persons who have not executed this Agreement may be listed on the signature pages to this Agreement and (b) may from time to time become a party to this Agreement by executing a counterpart of or joinder to
this Agreement. 
 Section 12.8 Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or
instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms of such agreement, and if applicable of this Agreement. Whenever required by the context, references to a Fiscal
Year shall refer to a portion of such Fiscal Year. The use of the words “or,” “either” and “any” shall not be exclusive. Unless the context of this Agreement otherwise requires, references to statutes or other Laws
shall include all regulations and references promulgated under such statutes or other Laws and references to statutes, regulations or other Laws shall be construed as including all statutory and regulatory provisions consolidating, amending or
replacing the statute or regulation. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties to this Agreement, and, to the fullest extent permitted by law, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of
this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

Section 12.9 Applicable Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
than the State of Delaware. 
  

  
 49 

 Section 12.10 Addresses and Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) telecopied to the
recipient, or delivered by means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied/emailed before 5:00 p.m. New York, New York time on a Business Day, and
otherwise on the next Business Day, or (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the address for such
recipient set forth in the Company’s books and records, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

Section 12.11 Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any
creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor)
at any time as a result of making the loan any direct or indirect interest in the Company’s Profits, Losses, Distributions, capital or property other than as a secured creditor. Notwithstanding the foregoing, each of the Indemnitees are
intended third party beneficiaries of Section 6.1(b) and shall be entitled to enforce such provision (as it may be in effect from time to time). 

Section 12.12 No Waiver. No failure by any party to insist upon the strict performance of any covenant, duty,
agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach of this Agreement shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 12.13 Further Action. The parties agree to execute and deliver all documents, provide all information and
take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 12.14 Entire Agreement. This Agreement and the other Transaction Documents embody the complete agreement and
understanding among the parties with respect to the subject matter in this Agreement and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject
matter of this Agreement in any way. 
 Section 12.15 Delivery by Electronic Means. This Agreement, the agreements
referred to in this Agreement, and each other agreement or instrument contemplated by or entered into in connection with this Agreement, and any amendments to this Agreement or such other agreements or instruments, to the extent signed and delivered
by means of a facsimile machine or electronic transmission in portable document format (pdf) or comparable electronic transmission, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have
the same binding legal effect as if it were the original signed version delivered in person. At the request of any party to this Agreement or to any such agreement or instrument, each other party to this Agreement or such other agreement or
instrument shall re-execute original forms of such agreement or instrument and deliver them to all other parties. No party to this Agreement or to any such agreement or instrument shall raise the use
of a facsimile machine or pdf electronic transmission or comparable electronic transmission to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a
defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

  
 50 

 Section 12.16 Certain Acknowledgments. This Agreement shall be
considered for all purposes as having been prepared through the joint efforts of the parties. No presumption shall apply in favor of any party in the interpretation of this Agreement or in the resolution of any ambiguity of any provision of this
Agreement based on the preparation, substitution, submission or other event of negotiation, drafting or execution of this Agreement. Each Member and Unitholder acknowledges that it/he/she is entitled to and has been afforded the opportunity to
consult legal counsel of its/his/her choice regarding the terms, conditions and legal effects of this Agreement, as well as the advisability and propriety of the terms, conditions and legal effects of this Agreement. Each Member and Unitholder
further acknowledges that having so consulted with legal counsel of its/his/her choosing, such Member or Unitholder waives any right to raise or rely upon the lack of representation or effective representation in any future proceedings or in
connection with any future claim resulting from this Agreement or the formation of the Company. THE COMPANY, THE MEMBERS AND THE UNITHOLDERS ACKNOWLEDGE THAT KIRKLAND & ELLIS LLP HAS ONLY REPRESENTED THE COMPANY WITH RESPECT TO THE
NEGOTIATION AND PREPARATION OF THIS AGREEMENT, AND HAS NOT REPRESENTED THE MEMBERS OR THE UNITHOLDERS WITH RESPECT TO SUCH MATTERS. 

Section 12.17 Consent to Jurisdiction; WAIVER OF TRIAL BY JURY. 

(a) Consent to Jurisdiction. Each Unitholder irrevocably submits to the exclusive jurisdiction of the United States District Court for
the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated. Each Unitholder further agrees that service of any process,
summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such Unitholder’s respective address set forth in the Company’s books and records or such other address or
to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to any matters to which it has
submitted to jurisdiction as set forth above in the immediately preceding sentence. Each Unitholder irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the
transactions contemplated by this Agreement in the United States District Court for the State of Delaware or the state courts of the State of Delaware and irrevocably and unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 
 (b) WAIVER OF TRIAL BY JURY.
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF 

  
 51 

 
ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE
PARTIES TO THIS AGREEMENT, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES
UNDER THIS AGREEMENT. 
 Section 12.18 Representations and Warranties. By execution of this Agreement, each Member
severally represents and warrants as follows: 
 (a) Such Member has full legal right, power, and authority to deliver this Agreement and
the other Transaction Documents and to perform such Member’s obligations under this Agreement and the other Transaction Documents; 

(b) This Agreement and the other Transaction Documents constitute the legal, valid, and binding obligation of such Member enforceable in
accordance with its respective terms, except as the enforcement of such terms may be limited by bankruptcy and other laws of general application relating to creditors’ rights or general principles of equity; 

(c) Neither this Agreement nor the other Transaction Documents violate, conflict with, result in a breach of the terms, conditions or
provisions of, or constitute a default or an event of default under any other agreement of which such Member is a party; and 
 (d) Such
Member’s investment in Units in the Company is made for such Member’s own account for investment purposes only and not with a view to the resale or distribution of such Units. 

Section 12.19 Tax Receivable Agreement. The Tax Receivable Agreement shall be treated as part of this Agreement as
described in Section 761(c) of the Code, and Treasury Regulations Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c). 

 

  
 52 

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Amended and Restated Limited Liability Company Agreement as of the date first written above. 
  

	
	[BITCOIN DEPOT OPERATING LLC]
	
	By:                                     
                               
	Name:
	Title:

 Signature Page to [Bitcoin Depot Operating LLC] Amended and Restated Limited Liability Company
Agreement 

 
	
	[BITCOIN DEPOT INC.], as a Member
	
	By:                                     
                               
	Name:
	Title:

 Signature Page to [Bitcoin Depot Operating LLC] Amended and Restated Limited Liability Company
Agreement 

 
	
	BT ASSETS, INC., as a Member
	
	By:                                     
                               
	Name:
	Title:

 Signature Page to [Bitcoin Depot Operating LLC] Amended and Restated Limited Liability Company
Agreement 

 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

Joinder 
 The undersigned
agrees to become a party to the Amended and Restated Limited Liability Company Agreement of [Bitcoin Depot Operating LLC], a Delaware limited liability company, dated as of [•], 2022 (the “Agreement”), and agrees to be
bound by the terms and conditions of the Agreement as a Member. 
  

	
	MEMBER:
	
	[ ● ]
	
	By:                                     
                       
	
	Its:
	
	Address for Notices:
	
	[ ● ]
	[ ● ]
	[ ● ]
	[ ● ]Document

Exhibit 10.26

CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”.
Execution Version

			
	

FLASH FORWARD MASTER AGREEMENT

Dated as of July 13, 2010

by and among

TOSHIBA CORPORATION,

SANDISK CORPORATION

and

SANDISK FLASH B.V.

			
	

Execution Version

TABLE OF CONTENTS

									
			Page
	1.	Definitions and Interpretation	1
		    1.1    Certain Definitions	1
		    1.2    Additional Definitions
	1
		    1.3    Rules of Construction and Documentary Conventions
	5
		    1.4    Precedence
	5
	2.	Closing and Post-Closing Transactions
	6
		    2.1    Closing Transactions
	6
		    2.2    Further Assurances
	8
		    2.3    Continuation of FP and FA Documents
	8
	3.	Purpose and Products of Flash Forward and Rights to Y5 Production Space
	9
		    3.1    Purpose
	9
		    3.2    Products
	9
		    3.3    Phases I and II; Rights to Y5 Facility Production Capacity Space
	10
	4.	Representations and Warranties of the Parties
	11
		    4.1    Organization, Ownership Interest, etc
	11
		    4.2    Authorization; No Conflict
	11
		    4.3    Enforceability
	12
		    4.4    Proceedings
	13
		    4.5    Litigation; Decrees
	13
		    4.6    Compliance with Other Instruments
	13
		    4.7    Patents and Proprietary Rights
	13
		    4.8    Compliance with Laws
	14
		    4.9    Patent Cross Licenses
	14
	5.	Covenants
	14
		    5.1    Covenants of the Parties
	14
		    5.2    Public Announcements
	14
		    5.3    Expenses
	15
		    5.4    Undertaking as to Affiliate Obligations
	15
		    5.5    Continuity and Maintenance of Operations
	15
		    5.6    Certain Deliveries and Notices
	15
	6.	Agreements Regarding Flash Forward Operation
	16
		    6.1    Tool Acquisition
	16
		    6.2    Technology Transfers
	18
		    6.3    Ramp-Up
	19
		    6.4    Ramp Up of JV R/W Space in Phase II
	23
		    6.5    Capacity
	23

									
		-i-
	

Execution Version

TABLE OF CONTENTS
(continued)
Page

									
			Page
		    6.6    Capacity Sharing Arrangement
	25
		    6.7    SanDisk Reservation Option
	27
		    6.8    Engineering Wafers and Development Expense
	30
		    6.9    Management Representatives
	31
		    6.10    FF Management Structure and Headcount
	31
		    6.11    Non-solicitation of Employees
	34
		    6.12    Financing
	35
		    6.13    Other Activities
	36
		    6.14    Protection of Intellectual Property
	37
	7.	Start-Up and Production Costs
	37
		    7.1    Start-Up Services for Y5
	37
		    7.2    Equal Participation and Purchase Price Per Unit Generally
	37
		    7.3    Adjustment Payment
	37
		    7.4    Cost Terms
	37
		    7.5    Negative Impacts
	38
		    7.6    Cost and Methodology
	38
	8.	Other Agreements
	39
		    8.1    Flash Forward Management
	39
		    8.2    Y5 Facility
	39
		    8.3    FF Foundry Agreement
	40
		    8.4    FF Purchase and Supply Agreements
	41
		    8.5    Documentation of JV R/W Production
	42
		    8.6    Other Matters
	42
	9.	Termination
	44
		    9.1    Termination
	44
	10.	Miscellaneous
	49
		    10.1    Survival
	49
		    10.2    Entire Agreement
	49
		    10.3    Governing Law
	49
		    10.4    Assignment
	49
		    10.5    Joinder of SanDisk Flash
	49

									
		-ii-
	

Execution Version

This FLASH FORWARD MASTER AGREEMENT, dated as of July 13, 2010, is entered into by and among, on one side, TOSHIBA CORPORATION, a Japanese corporation (“Toshiba”), and, on the other side, SANDISK CORPORATION, a Delaware corporation (“SanDisk Corporation”), and SANDISK FLASH B.V., a company organized under the laws of The Netherlands (“SanDisk Flash,” and collectively with SanDisk Corporation, “SanDisk” and SanDisk together with Toshiba, the “Parties”).
WHEREAS, pursuant to that certain Flash Partners Master Agreement by and among Toshiba, SanDisk Corporation and SanDisk (Cayman) Limited, dated as of September 10, 2004 (the “FP Master Agreement”), and the agreements referenced therein, as amended by the JVRA (as hereinafter defined), the Parties have had a collaboration for development and manufacture of Y3 NAND Flash Memory Products (as defined in the FP Master Agreement);
WHEREAS, pursuant to that certain Flash Alliance Master Agreement by and among Toshiba, SanDisk Corporation and SanDisk (Ireland) Limited, dated as of July 7, 2006 (the “FA Master Agreement”), and the agreements referenced therein, as amended by the JVRA, the Parties have had a collaboration for development and manufacture of Y4 NAND Flash Memory Products (as defined in the FA Master Agreement);
WHEREAS, the Parties desire to extend their collaboration to encompass (i) additional joint development and manufacture of Y5 NAND Flash Memory Products (as hereinafter defined) by a new joint venture company, (ii) possible joint production of R/W (as hereinafter defined) to be produced at the wafer fabrication facility known as “Y5” by the new joint venture company and (iii) the other matters discussed herein; and
WHEREAS, in order to realize these goals, the Parties desire to consummate or cause to be consummated the transactions described in this Agreement, and any other transactions which the Parties may from time to time consider necessary or appropriate to carry out the intent of the Parties as expressed herein.
NOW, THEREFORE, the Parties agree as follows:
1.Definitions and Interpretation
1.1Certain Definitions.
(a)Capitalized terms used but not defined in this Agreement shall have the respective meanings assigned to them in Appendix A (Definitions, Rules of Construction and General Terms and Conditions). 
(b)As used herein, the term “Agreement” means this Flash Forward Master Agreement together with any Exhibits, Schedules, Appendices and Attachments hereto.
1.2Additional Definitions.  The following capitalized terms used in this Agreement shall have the respective meanings assigned in this Agreement: 
						
	Term	Defined In
	3D Collaboration Agreement	Section 2.1(c)(v)

	3D Memory	Section 3.2(b)(i)

	3D Memory Products	Section 3.2(b)(ii)

	Acquiring Party	Section 9.1(d)

	Adjustment Payment	Section 7.3

	Agreement	Section 1.1(b)

	Alternative Use	Section 6.3(a)(iii)

	AMC	Section 6.8(a)(i)

___________________

Execution Version
 

						
	Amendment No. 5 to Patent Cross License Agreement
	Section 2.1(c)(iii)

	Building Depreciation Prepayment	Section 8.2(a)(iii)(A)

	Business Plan	Section 5.1(a)

	Capital Interests Purchase Agreement	Section 2.1(b)(i)

	Catch-Up Space	Section 6.7(a)(iv)

	Closing	Section 2.1(a)

	Common R&D Agreement	Section 2.1(c)(i)

	Common R&D Development Expenses	Section 6.8(a)(i)

	Costs	Section 6.3(a)(iii)

	Cross License Agreement	Section 2.1(c)(iii)

	Defaulting Party	Section 6.12(d)

	Designated Individuals	Section 6.3(b)(ii)

	EC Compensation	Section 6.6(b)(i)(D)

	EC Party or Excess Capacity Party	Section 6.6(b)(i)

	Embedded NAND Product	Section 6.6(c)

	Employer	Section 6.10(b)(vii)

	Engineers	Section 6.10(a)(ii)

	Environmental Indemnification Agreement	Section 2.1(b)(vii)

	Equipment	Section 6.3(a)(iii)

	Equivalent Lot	Section 7.4(e)

	Evaluation Wafers	Section 6.8(a)(iv)

	FA Master Agreement	Recitals
	FF Foundry Agreement	Section 2.1(b)(iv)

	FF Headcount Plan	Section 6.10(a)(i)

	FF Interests	Section 4.2(a)

	FF Operating Agreement	Section 2.1(b)(ii)

	FF Operative Documents	Section 2.1(b)

	FF Patent Indemnification Agreement	Section 2.1(b)(vi)

	FF Purchase and Supply Agreements
	Section 2.1(b)(v)

	FF Termination Date	Section 9.1(b)

	Financing	Section 6.12(b)(iii)

	Fixed Manufacturing Costs	Section 7.4(a)(i)

	Flash Forward	Section 2.1(b)

	FP Master Agreement	Recitals
	Headcount Working Group
	Section 6.10(a)(iii)

	ICs	Section 3.2(a)(i)

	Intellectual Property	Section 4.7

	Investing Party	Section 6.3(a)(ii)

	Investment Plan	Section 6.3(b)(i)

	[***]	Section 2.1(c)(iv)

	JMDY Development Expenses	Section 6.8(a)(iv)

	Joint Operative Documents	Section 2.1(c)

	Joint Tool Procurement Team	Section 6.1(a)

	[***]	Section 3.3(a)(i)

2
    

Execution Version
 

						
	[***]	Section 3.3(a)(ii)
	JV Space	Section 3.3(a)

	JV Y5 NAND Flash Memory Products	Section 3.2(a)(ii)

	JV Y5 Wafer Sales Price	Section 8.4(c)(i)
	JVRA	Section 2.1(c)(vi)

	Leading Party	Section 6.7(a)

	Lease Agreement	Section 2.1(b)(viii)

	Management Representative	Section 6.9

	Master Operative Documents	Section 2.2

	NAND	Section 3.2(a)(i)

	NAND Flash Memory Integrated Circuits	Section 6.13

	NAND Flash Memory Products	Section 3.2(a)(i)

	Non-Defaulting Party	Section 6.12(d)

	Non-Engineer SanDisk Team Members	Section 6.10(b)(ii)

	Non-Investing Party	Section 6.3(a)(ii)

	Non-JV Space	Section 3.3(b)

	Non-NAND Products	Section 3.2(b)(iv)

	Non-Originating Party	Section 6.6(e)

	Originating Party	Section 6.6(e)

	Parties	Heading
	Phase I	Section 3.3
	[***]	Section 6.7(a)(i)(B)

	Phase I Investing Party	Section 6.3(a)(i)

	Phase I Minimum RUP Commitment	Section 6.3(a)(i)

	[***]	Section 6.3(a)(i)

	Phase II	Section 3.3
	[***]	Section 6.7(a)(ii)

	Phase II Construction Plan Notice	Section 6.7(a)(i)(A)

	Phase II Investing Party	Section 6.3(a)(ii)

	Phase II Minimum RUP Commitment	Section 6.3(a)(ii)

	Phase II Non-Investing Party	Section 6.3(a)(ii)

	Process Technology	Section 6.2(a)

	Product Development Agreement	Section 2.1(c)(ii)

	Proposal	Section 6.3(c)(i)

	Proprietary NAND Flash Memory Products	Section 6.6(d)

	Purchased Capacity	Section 6.7(c)

	Qualification Wafers	Section 6.8(a)(v)

	R/W	Section 3.2(b)(iii)

	Requesting Party	Section 9.1(d)(i)

	Reservation Option	Section 6.7(a)

	Reservation Payment	Section 6.7(b)

	Restructuring Costs	Section 9.1(j)(ii)(B)

	RMPA	Section 2.1(c)(x)

	SanDisk	Heading

3
    

Execution Version
 

						
	SanDisk Corporation	Heading
	SanDisk Engineers	Section 6.10(a)(ii)

	SanDisk Financing	Section 6.12(b)(iii)

	SanDisk Flash	Heading
	SanDisk Flash-Flash Forward Services Agreement	Section 2.1(b)(xi)

	SanDisk Foundry Agreement	Section 2.1(c)(vii)

	SanDisk Purchase and Supply Agreement	Section 2.1(b)(v)

	[***]	Section 3.3(b)(ii)
	[***]	Section 3.3(b)(ii)

	SanDisk Share	Section 9.1(j)(ii)(A)

	SanDisk Team	Section 6.10(b)

	Selling Party	Section 9.1(d)

	Shortfall Quarter	Section 7.3

	Start-Up Costs	Section 7.1

	[***]	Section 7.3

	Termination Capacity	Section 9.1(d)(i)

	Third Party Sale	Section 6.3(a)(iii)

	Threshold NAND Capacity Ratio	Section 7.4(b)

	Toshiba	Heading
	Toshiba Engineers	Section 6.10(a)(ii)

	Toshiba Financing	Section 6.12(b)(iii)

	[***]	Section 3.3(b)(i)
	[***]	Section 3.3(b)(i)
	Toshiba Purchase and Supply Agreement	Section 2.1(b)(v)

	Toshiba’s Cost of Debt	Section 8.2(b)

	Toshiba-Flash Forward Services Agreement	Section 2.1(b)(x)

	Toshiba-SanDisk Flash Services Agreement
	Section 2.1(b)(ix)

	Trailing Party	Section 6.7(a)

	Unilateral Expansion
	Section 3.3(b)(iii)
	Unilateral Expansion Space	Section 3.3(b)(iii)
	Variable Manufacturing Costs	Section 7.4(a)(ii)

	Y3 NAND Flash Memory Products	Section 3.2(a)(iii)

	Y3 Ramp-Up Plan	Section 6.5(a)(i)(E)

	Y4 NAND Flash Memory Products
	Section 3.2(a)(iii)

	Y4 Ramp-Up Plan	Section 6.5(a)(i)(E)

	Y5 Capacity Ratio	Section 7.4(c)

	Y5 Direct R&D Development Products	Section 6.8(a)(iii)

	Y5 Facility or Y5
	Section 3.1

	Y5 NAND Capacity Ratio	Section 7.4(d)

	Y5 NAND Flash Memory Products	Section 3.2(a)(ii)

1.3Rules of Construction and Documentary Conventions.  The rules of construction and documentary conventions and general terms and conditions set forth in Appendix A shall apply to this Agreement.
4
    

Execution Version
 

1.4Precedence.  The terms and provisions of this Agreement are binding on the Parties; provided, however, that to the extent that a description in this Agreement of another agreement (whether an FF Operative Document or otherwise) conflicts with or differs from the provisions of that agreement, then the provisions of that agreement shall control as to such conflict or difference unless this Agreement expressly amends such other agreement or provision, as the case may be.
2.Closing and Post-Closing Transactions
2.1Closing Transactions.
(a)Closing.  The Parties shall effect the transactions set forth in this Section 2.1, all of which shall occur as soon as practicable after the date hereof and upon the consummation of the transactions contemplated by the Capital Interests Purchase Agreement (as defined below) and subject to the terms and conditions set forth therein unless otherwise stipulated (the effecting of such transactions, collectively, the “Closing”).
(b)Flash Forward Documents.  Unless otherwise indicated in this Section 2.1(b), as of the Closing Date, the Parties shall enter into or cause to be entered into or otherwise become effective the following agreements and documents (collectively with this Agreement, the “FF Operative Documents”) to apply to their joint development, manufacture and selling of Y5 NAND Flash Memory Products by and through Flash Forward, Ltd., a Japanese godo kaisha (“Flash Forward”) (the description of each document below is for reference only and shall not be used in interpreting any such document):
(i)a Capital Interests Purchase Agreement between Toshiba and SanDisk Flash, substantially in the form of Exhibit Al (the “Capital Interests Purchase Agreement”), and which concerns the sale by Toshiba and purchase by SanDisk Flash at the Closing of 49.9% of the FF Interests;
(ii)an Operating Agreement between Toshiba and SanDisk Flash, substantially in the form of Exhibit A2 (the “FF Operating Agreement”), and which concerns governance of Flash Forward;
(iii)Articles of Incorporation of Flash Forward in the form of Exhibit A to the FF Operating Agreement;
(iv)a Foundry Agreement between Flash Forward and Toshiba, reflecting terms and conditions mutually agreed between the Parties (the “FF Foundry Agreement”);
(v)a Purchase and Supply Agreement, by and between Flash Forward and SanDisk Flash (the “SanDisk Purchase and Supply Agreement”) and a Purchase and Supply Agreement, between Flash Forward and Toshiba (the “Toshiba Purchase and Supply Agreement” and together with the SanDisk Purchase and Supply Agreement, the “FF Purchase and Supply Agreements”), which shall reflect terms and conditions mutually agreed between the Parties and which concern the forecasting and purchase commitments by SanDisk Flash and Toshiba, respectively, of Y5 NAND Flash Memory Products;
(vi)a Patent Indemnification Agreement among SanDisk Corporation, [***] and Toshiba, dated as of the date hereof, in the form of Exhibit A3 (the “FF Patent Indemnification Agreement”), and which concerns patent indemnification obligations of Toshiba in favor of SanDisk, and certain contribution obligations of SanDisk with respect to Y5 NAND Flash Memory Products and 3D Memory Products;
5
    

Execution Version
 

(vii)a Mutual Contribution and Environmental Indemnification Agreement between SanDisk Corporation and Toshiba, dated as of the date hereof, in the form of Exhibit A4 (the “Environmental Indemnification Agreement”), and which concerns indemnification obligations of the parties thereto in favor of one another with respect to Flash Forward and the Yokkaichi Facility (as defined in Appendix A);
(viii)a Lease Agreement between Flash Forward and Toshiba, as owner of the Yokkaichi Facility, substantially in the form of Exhibit A5 (the “Lease Agreement”), and which concerns the leasing of Flash Forward’s equipment to Toshiba as owner of the Yokkaichi Facility;
(ix)a Services Agreement between SanDisk Flash and Toshiba, substantially in the form of Exhibit A6 (“Toshiba-SanDisk Flash Services Agreement”), and which concerns Toshiba’s provision of certain services to SanDisk and SanDisk Flash’s payment to Toshiba for such services;
(x)a Services Agreement between Flash Forward and Toshiba, as owner of the Yokkaichi Facility, substantially in the form of Exhibit A7 (the “Toshiba-Flash Forward Services Agreement”), and which concerns Toshiba’s provision of certain services to Flash Forward and Flash Forward’s payment to Toshiba for such services; and
(xi)a Services Agreement between Flash Forward and SanDisk Flash, substantially in the form of Exhibit A8 (“SanDisk Flash-Flash Forward Services Agreement”), and which concerns SanDisk Flash’s provision of certain services to Flash Forward and Flash Forward’s payment to SanDisk Flash for such services.
(c)Joint Operative Documents.  The Parties acknowledge and agree that the following agreements shall remain in force or be amended or executed as indicated below and shall apply generally to the Parties’ collaboration with respect to NAND Flash Memory Products, 3D Memory Products and related products (collectively, the “Joint Operative Documents”):
(i)the Fourth Amended and Restated Common R&D and Participation Agreement between the SanDisk Corporation and Toshiba (the “Common R&D Agreement”), which shall reflect terms and conditions mutually agreed between the Parties and which concerns collaboration between the Parties with respect to research and development activities;
(ii)the Third Amended and Restated Product Development Agreement between the SanDisk Corporation and Toshiba (the “Product Development Agreement”), which shall reflect terms and conditions mutually agreed between the Parties and which concerns collaboration between SanDisk Corporation and Toshiba with respect to product development activities; 
(iii)an Amendment No. 5 to the Patent Cross License Agreement, dated as of the date hereof, between SanDisk Corporation and Toshiba (the “Amendment No. 5 to Patent Cross License Agreement”), a copy of which is Exhibit B, amending that certain Patent Cross License Agreement between SanDisk Corporation and Toshiba, dated as of July 30, 1997 (as previously amended, the “Cross License Agreement”), and which concerns certain patent licenses granted by SanDisk Corporation and Toshiba to one another;
(iv)the Amended and Restated Joint Memory Development Yokkaichi Agreement between SanDisk Corporation and Toshiba (the “JMDY Agreement”), which shall reflect terms and conditions mutually agreed between the Parties and 
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which concerns the Parties joint development project to cooperate on the development of a pilot line at the Y4 Facility; 
(v)the 3D Collaboration Agreement, dated as of June 13, 2008, between SanDisk Corporation and Toshiba (the “3D Collaboration Agreement”), which concerns the Parties further expansion of their collaboration through a project for the joint development of and technical collaboration on 3D Memory; 
(vi)the Joint Venture Restructure Agreement, dated as of January 29, 2009, among SanDisk Corporation and certain of its affiliates, Toshiba Corporation, Flash Alliance and Flash Partners (the “JVRA”), in which the Parties restructured Flash Partners and Flash Alliance and amended the FP Operative Documents and FA Operative Documents;
(vii)the SanDisk Foundry Agreement, dated as of January 29, 2009, between SanDisk Corporation and Toshiba Corporation (the “SanDisk Foundry Agreement”), in which Toshiba agreed to build certain products for SanDisk;
(viii)[***]
(ix)the FVCJ Wind-Down Agreement, dated as of June 16, 2008, by and between Toshiba Corporation and SanDisk Corporation; and
(x)an Amended and Restated Raw Materials Purchase Agreement by and among SanDisk Corporation and certain of its Affiliates and Toshiba Corporation (the “RMPA”), in which the Parties shall agree how to allocate the costs for certain raw materials.
2.2Further Assurances.  Following the Closing, each Party shall, and shall cause its Affiliates and Flash Forward to, take all reasonable actions necessary or appropriate to effectuate the transactions contemplated by this Agreement, the FF Operative Documents and the Joint Operative Documents (collectively, the “Master Operative Documents”), and to obtain (and cooperate with the other Party in obtaining) any Governmental Action or third party consent required to be obtained or made by it in connection with any of the transactions contemplated by the Master Operative Documents; provided, that no Burdensome Condition shall be made to exist with respect to such Party or any of its Affiliates in connection therewith.
2.3Continuation of FP and FA Documents.  The Parties agree that unless otherwise expressly stated herein (a) neither the FA Operative Documents nor the FP Operative Documents shall affect the interpretation of this Agreement, the governance or operation of Flash Forward or the Y5 Facility and (b) the FF Operative Documents shall not affect the interpretation of the FA Master Agreement and the FP Master Agreement (in each case as amended by the JVRA), the governance or operation of Flash Alliance or the governance or operation of Flash Partners. 
3.Purpose and Products of Flash Forward and Rights to Y5 Production Space
3.1Purpose.  The Parties acknowledge and agree that the purpose of the Master Operative Documents and Flash Forward is the manufacture, including by subcontract to Toshiba pursuant to the FF Foundry Agreement, and sale to Toshiba and SanDisk Flash of NAND Flash Memory Products manufactured at the facility known by the Parties as “Y5” (the “Y5 Facility” or “Y5”), which is a part of the Yokkaichi Facility, as well as to set forth each of SanDisk’s and Toshiba’s rights to Y5 Facility production.
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3.2Products.  The following types of products will be produced by Flash Forward at the Y5 Facility:
(a)NAND Flash Memory Products.
(i)“NAND Flash Memory Products” or “NAND,” as used herein, are NAND (both binary and MLC Flash Memory) Flash Memory Integrated Circuits (“ICs”), excluding any products with process design rules generally greater than [***].  Embedded ICs incorporating NAND Flash Memory Products shall be considered to constitute “NAND Flash Memory Products” if the main function and value of such IC is flash memory, but shall not be considered to constitute “NAND Flash Memory Products” if the main function and value of such IC is logic.  For the purpose of the foregoing, the “main function and value” of any product shall be considered to be flash memory if (x) the total NAND flash memory array area is greater than [***] of the total die area or (y) the product is a cut-down or derivative of a standard NAND Flash Memory Product.
(ii)NAND Flash Memory Products manufactured at the Y5 Facility are referred to as “Y5 NAND Flash Memory Products.”  “JV Y5 NAND Flash Memory Products” are Y5 NAND Flash Memory Products which will be produced in the JV Space (under the FF Foundry Agreement between Flash Forward and Toshiba) for sale to Toshiba and SanDisk pursuant to the FF Purchase and Supply Agreements.
(iii)NAND Flash Memory Products manufactured at the Y3 Facility are referred to as “Y3 NAND Flash Memory Products;” and NAND Flash Memory Products manufactured at the Y4 Facility are referred to as “Y4 NAND Flash Memory Products”.
(b)Other Products.
(i)“3D Memory” has the meaning given in the 3D Collaboration Agreement.
(ii)“3D Memory Products” has the meaning given in the 3D Collaboration Agreement.
(iii)“R/W” has the meaning given in the 3D Collaboration Agreement.
(iv)“Non-NAND Products” means any technology or product other than NAND Flash Memory Products.
(v)[***]
(c)Each Party shall be permitted to market and sell all NAND Flash Memory Products and R/W, subject to the limitations set forth in [***], to any third party in any form, including chips, packaged devices, wafers, die and cards.
3.3Phases I and II; Rights to Y5 Facility Production Capacity Space.  The Y5 Facility shall consist of a first phase (“Phase I”) with manufacturing capability for an estimated [***] Equivalent Lots per month, and, upon notice by Toshiba to SanDisk [***] a second phase (“Phase II”) currently planned to be substantially similar in size and Equivalent Lot capacity.  If Toshiba shall not have given notice of its approval of Phase II by [***] , or such other date as is agreed by the Parties, then, unless otherwise agreed between the Parties [***] disregarded and the costs associated with Phase II, such as, land acquisition costs, land preparation costs, foundation costs and infrastructure costs, in each case which would not have been incurred if not for Phase II, [***].  In each of Phase I and Phase II, the Parties shall have the rights to invest 
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and secure production capacity and clean room space as follows, subject to [***], the other provisions of this Agreement and subsequent written agreement between the Parties:
(a)JV Space. Flash Forward shall have the right to invest in and secure the production capacity and/or clean room space in each phase [***] as set forth below.
(i)Flash Forward shall have the right to invest in all production capacity of Phase I and Phase II that is not yet dedicated to [***] for the production of [***] with the amount of such investment subject to adjustments provided for in this Agreement or in a Business Plan or as otherwise agreed by the Parties in writing, to be manufactured by Flash Forward and purchased by either SanDisk or Toshiba pursuant to the applicable FF Purchase and Supply Agreement dated as of the date of this Agreement (the clean room space actually so utilized at any time, the [***]. 
(ii)Flash Forward shall have the right to invest in up to approximately [***] of the clean room space in Phase II for the production of [***], such amount subject to adjustments provided for in this Agreement or in a Business Plan or otherwise agreed by the Parties in writing (the space actually so utilized at any time, the [***].
(b)[***]. Each of SanDisk and Toshiba shall have the right to invest in and secure the clean room space in each phase [***] as follows:
(i)Toshiba [***]. Toshiba shall have the right to invest in up to approximately [***] of the clean room space in each of Phase I and Phase II for the production by Toshiba [***] , subject to adjustments provided for in this Agreement or otherwise agreed by the Parties in writing.
(ii)SanDisk [***]. SanDisk shall have the right to invest in up to approximately [***] of the clean room space in each of Phase I and Phase II for the production by SanDisk [***]  subject to adjustments provided for in this Agreement or otherwise agreed by the Parties in writing.
(iii)Unilateral Expansion Space.  Subject to adjustments provided for in this Agreement or otherwise agreed by the Parties in writing, if a Party exercises a right to proceed unilaterally in expanding capacity in the Y5 Facility [***] shall be utilized in production by the Party exercising such Unilateral Expansion right.
(c)[***] Priority. [***] and there shall be no restriction on Flash Forward’s ability to expand [***] or a Party’s ability to make [***] is already fitted out and producing wafers.
4.Representations and Warranties of the Parties
Except as may be disclosed in disclosure schedules attached to this Agreement, each Party represents and warrants to the other Party, as of the Closing, as follows:
4.1Organization, Ownership Interest, etc.
(a)It and each of its Affiliates that is a party to any Master Operative Document is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or incorporation and has the power and authority to carry on its business as conducted on the date hereof, to own or hold under lease its properties and to enter into and perform its obligations under each Master Operative Document to which it is a party.
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(b)It and each of its Affiliates that is a party to any Master Operative Document is duly qualified to own or lease its properties and generally to conduct its business as currently, or as proposed under the Master Operative Documents to be, conducted in each jurisdiction necessary for purposes of the transactions contemplated by the Master Operative Documents, except where failure to so qualify would not have a material adverse effect on either Party or Flash Forward.
4.2Authorization; No Conflict.
(a)It and each of its Affiliates has duly authorized by all necessary action (i) the execution, delivery and performance of each Master Operative Document to which it or any of its Affiliates is a party and (ii) the exercise of its rights as a holder of capital interests (mochibun) of Flash Forward (the “FF Interests”) to approve the execution, delivery and performance by Flash Forward of each Master Operative Document to which it is a party and for which the approval of the holders of FF Interests is required.
(b)Its and each of its Affiliates’ execution and delivery of each Master Operative Document to which it is a party, its and each of its Affiliates’ consummation of the transactions contemplated thereby and its and each of its Affiliates’ compliance therewith does not and will not (i) require any approval of its or any of such Affiliates’ stockholders or any approval or consent of any trustee or holder of any of its or any of such Affiliates’ Indebtedness or obligations, (ii) contravene any Governmental Rule applicable to or binding on it or any of such Affiliates or any of its or their properties if such contravention would have a material adverse effect on it or any of such Affiliates or on its or their ability to perform any of its or any of such Affiliates’ obligations under any Master Operative Document, (iii) contravene or result in any breach of, or constitute any default, with or without the passage of time, the giving of notice or both, under its charter or by-laws, or contravene or result in any breach of or constitute any default under, or result in the creation of any Lien (other than Permitted Liens) upon any of its or any of such Affiliates property or the property of Flash Forward under, any material indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, loan or credit agreement, non-compete agreement, license agreement, partnership or joint venture agreement or other material agreement or document to which it or any of such Affiliates is a party or by which it or any of such Affiliates or any of its or their properties is or is intended to be bound or by which Flash Forward or any of its properties is or is intended to be bound, (iv) require any negotiation with, or notice to, any labor union or violate, or require any procedure to be followed under, any collective bargaining or other agreement with employees or (v) require any Governmental Action (other than immaterial Governmental Actions such as routine qualifications to do business intended to be obtained as needed or Governmental Actions needed in connection with the construction and operation of the Y5 Facility), except, in each case described in clauses (i) through (v) above, such as have been duly obtained, made, taken or otherwise accomplished and which are in full force and effect.  All consents and approvals of any Governmental Authority (other than immaterial Governmental Actions such as routine qualifications to do business intended to be obtained as needed or Governmental Actions needed in connection with the operation of the Y5 Facility) or other third Person necessary or advisable for such Party or any of its Affiliates to consummate in all material respects the transactions contemplated by the Master Operative Documents have been obtained.  No Burdensome Condition exists with respect to such Party, any of its Affiliates or Flash Forward in connection with the transactions contemplated by the Master Operative Documents.
4.3Enforceability.
(a)It has duly executed and delivered this Agreement and, upon the execution and delivery of this Agreement by the other Party, this Agreement will constitute its legal, 
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valid and binding obligation, enforceable against it in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally or the availability of equitable remedies (regardless of whether enforceability is considered in a proceeding at law or in equity).
(b)It and each of its Affiliates have duly executed and delivered each other Master Operative Document to which it or any such Affiliate is a party and, upon the execution and delivery of each such other Master Operative Document by each other party thereto, each such other Master Operative Document will constitute its legal, valid and binding obligation, enforceable against it or its Affiliates in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally or the availability of equitable remedies (regardless of whether enforceability is considered in a proceeding at law or in equity).
4.4Proceedings.  There are no actions, claims, investigations or proceedings pending, or to its knowledge threatened, by or before any Governmental Authority that, if adversely determined, would have a material adverse effect on it or any of its Affiliates that is a party to any Master Operative Document or, on the conduct of the business of Flash Forward following the Closing as contemplated in the Master Operative Documents or on it or any of its Affiliates’ ability to perform any material obligation under any Master Operative Document.
4.5Litigation; Decrees.  Except as set forth in Schedule 4.5, there are no lawsuits, arbitrations or other legal proceedings pending, or to its knowledge threatened, by or against or affecting it or any of its Affiliates or any of their respective properties that (a) are reasonably likely, based on information known to it as of the date hereof, to have a material adverse effect on the conduct of the business of Flash Forward following the Closing as contemplated by the Master Operative Documents or (b) relate to any of the transactions contemplated by the Master Operative Documents in a manner which is material to it, any of its Affiliates’ or Flash Forward’s ability to carry out the transactions contemplated hereby and in the FF Operative Documents or which could have a material adverse effect on the conduct of the business of Flash Forward following the Closing as contemplated in the Master Operative Documents.
4.6Compliance with Other Instruments.  Neither it nor any of its Affiliates that is a party to any Master Operative Document is in default in any material respect in the performance of any material obligation, agreement, instrument or undertaking to which it or any of its Affiliates is a party or by which it or any of its Affiliates or any of its or their properties is bound, and there is no such obligation, agreement, instrument or undertaking to which it or any of its Affiliates is a party or by which it or any of its Affiliates or any of its or their properties is bound, in each case which is reasonably likely to have a material adverse effect on the conduct of the business of Flash Forward following the Closing as contemplated by the Master Operative Documents.
4.7Patents and Proprietary Rights.  Except as set forth in Schedule 4.7, to its knowledge, it owns or possesses sufficient legal rights to all patents, utility models, trademarks, service marks, trade names, copyrights, applications for any of the foregoing, mask works, software, trade secrets, licenses, information and proprietary rights and processes (collectively, “Intellectual Property”) necessary (a) to carry out its or any of its Affiliates’ obligations under the Master Operative Documents and (b) for the conduct of the business of Flash Forward following the Closing as contemplated in the Master Operative Documents, without any conflict with or infringement of the rights of others, except as will not have a material adverse effect on either (a) or (b) above.  Except with respect to items referenced in Schedule 4.7, it has not received any communications alleging that its Intellectual Property violates, or by its or any of 
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its Affiliates entering into the transactions contemplated by the Master Operative Documents, would violate the Intellectual Property of any other Person or entity, which violation could reasonably be expected to have a material adverse effect on either (a) or (b) above.
4.8Compliance with Laws.  It and each of its Affiliates has complied and is complying in all material respects with all laws, statutes, permit requirements, licensing requirements, rules and regulations and judicial or administrative decisions, except where the failure to so comply would not have a material adverse effect on its or any of its Affiliates ability to perform its or their obligations hereunder or under any other Master Operative Document or on the conduct of the business of Flash Forward following the Closing as contemplated by the Master Operative Documents.
4.9Patent Cross Licenses.  Except as set forth on Schedule 4.9, with respect to (a) Toshiba, there are no patent cross licenses between it and any third party that would require Flash Forward to make any payment pursuant to Section 8 or Section 10 of Amendment No. 1 to the Cross License Agreement dated May 9, 2000, and (b) SanDisk, there are no patent cross licenses between it and any third party that would require Flash Forward to make any payment pursuant to Section 8 of the Cross License Agreement.
5.Covenants
5.1Covenants of the Parties.  Each Party agrees that, during the term of this Agreement:
(a)Performance of Obligations.  It and each of its Affiliates shall fully and faithfully carry out (i) all its obligations under each Master Operative Document to which it or any Affiliate is a party, and (ii) once agreed, each applicable Business Plan (as defined in the FF Operating Agreement) (“Business Plan”).
(b)Ownership Interest.  Except as otherwise expressly permitted by the FF Operating Agreement and this Agreement, it shall not Transfer or permit any of its Affiliates to Transfer all or any portion of its FF Interests (or all or any portion of its interest in any Affiliate through which it beneficially owns its FF Interests) to any Person without the consent of the other Party. 
5.2Public Announcements.
(a)At or following the Closing, neither Party shall, nor shall it permit any of its Affiliates to, without the prior written consent of the other Party:
(i)issue any public release, announcement or other document, or otherwise publicly disclose any information or make any public statement, concerning the operations of Flash Forward that refers to the other Party or any of its Affiliates in connection therewith (other than a general reference to affiliation with Flash Forward) that (A) concerns the financial condition or results of operations of Flash Forward other than as required by any Governmental Rule, Japanese GAAP, Japanese GAAS, US GAAP or US GAAS, with respect to the financial disclosure obligations of either Party or (B) disparages either Party, or Flash Forward’s performance or reflects negatively on either Party’s commitment to either of Flash Forward; or
(ii)other than as may be required in connection with filings required to be made with Governmental Authorities with respect to the transactions contemplated by the FF Operative Documents pursuant to the Japanese Foreign Exchange and Foreign Trade Law and related regulations, (A) publicly file all or any part of any Master Operative Document or any description thereof or (B) issue or otherwise make publicly available any press release, announcement or other 
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document that contains Confidential Information belonging to the other Party (or its Affiliates) or Flash Forward, except as may be required by any applicable Governmental Rule, in which case such Party shall (or shall cause the Person required to make such filing to) cooperate with the other Party, to the extent reasonable and practicable, in obtaining any confidential treatment for such filing requested by the other Party.
(b)Each Party shall use commercially reasonable efforts to grant or deny any approval required under this Section 5.2 within five (5) days of receipt of written request by the other Party; provided, however, a Party’s failure to respond within said time period shall not be deemed to constitute such Party’s approval or consent.
5.3Expenses.  Each Party shall bear its own expenses in connection with the negotiation, execution and delivery of the Master Operative Documents.
5.4Undertaking as to Affiliate Obligations.  Each Party shall cause all covenants, conditions and agreements to be performed, observed or satisfied by each of its Affiliates that is a party to any Master Operative Document to be fully and faithfully observed, performed and satisfied by such Affiliate, and shall not cause or permit to exist (a) an Event of Default with respect to such Affiliate or (b) except as otherwise permitted by the FF Operating Agreement, any event of dissolution of Flash Forward caused by such Affiliate.  Nothing in Section 5.1 or in this Section 5.4 shall be construed to create any right in any Person other than the Parties.  Without limiting the generality of the foregoing, SanDisk hereby guarantees the obligations of SanDisk Flash hereunder and under any Master Operative Document to which SanDisk Flash is a party.
5.5Continuity and Maintenance of Operations.  During the term of this Agreement, each Party agrees on behalf of itself and each of its Affiliates that is a party to any Master Operative Document to use all reasonable efforts consistent with past practice and policies to (a) preserve intact in all material respects its and their present business operations, (b) keep available the services of its and their key employees as a group, and (c) preserve its relationships with suppliers, licensors, licensees, and others having business relationships with it or them, each to the extent necessary to allow it and such Affiliates to perform its and their obligations under the Master Operative Documents and to allow Flash Forward to conduct its business as contemplated in its most recently approved Business Plan.
5.6Certain Deliveries and Notices.  Each Party shall promptly inform in writing the other Party of (a) any event or occurrences which could be reasonably expected to have a material adverse effect on its or any of its Affiliates’ ability to perform its or their obligations under any of the Master Operative Documents or the ability of Flash Forward to conduct its business as contemplated in its most recently approved Business Plan, or (b) any breach or failure to satisfy any condition or covenant contained herein or in any other Master Operative Document by such Party or any of its Affiliates.
6.Agreements Regarding Flash Forward Operation
6.1Tool Acquisition.  
(a)Flash Forward Tools.  All tools to be used in the JV Space of Y5 shall be purchased by Flash Forward (or a lessor for Flash Forward’s benefit as contemplated by Section 6.12(b)) and all such purchases shall be agreed upon by the Parties.  Toshiba shall, from the Toshiba Semiconductor Company headquarters [***] provide Flash Forward with tool purchase service and support and negotiate with vendors on Flash Forward’s behalf, and SanDisk shall have the right to participate in such negotiations or other tool purchase activities of Toshiba with respect to the JV Space [***]. For 
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such purpose, a joint SanDisk/Toshiba tool procurement team (“Joint Tool Procurement Team”) will be formed and each member of the team will have total participation, visibility and responsibility in tool selection and procurement negotiations, including tool evaluation activities of the Joint Tool Procurement Team.  [***]. Immediately after the effective date of this Agreement, the Parties will establish a process that enables equal participation and equal decision making by the Parties in tool evaluation and purchase for the JV Space (depending on SanDisk’s ability to participate).
(b)Unilateral Expansion Tools.  
(i)A Party undertaking a Unilateral Expansion (for the avoidance of doubt, excluding any Reservation Option exercise) shall have sole discretion and responsibility with respect to the purchase of all tools to be used for such Unilateral Expansion; provided, that tool purchases for jointly developed products will take into consideration the then-existing recommendations from the Joint Tool Procurement Team; provided further, that the Party undertaking such Unilateral Expansion shall provide the other Party with information concerning the types and quantities of tools purchased.  [***].  
(ii)For the avoidance of doubt, in the case of a Reservation Option exercise, tool purchases shall be conducted in accordance with Section 6.1(a), provided, however, if the Reservation Option exercise results in a Unilateral Expansion, then SanDisk, as the Party undertaking the Unilateral Expansion shall pay for tools to be used for such Unilateral Expansion.
(c)[***]. Toshiba shall have sole discretion and responsibility with respect to procurement of additional tools for production of Toshiba [***].  Toshiba shall have the right, in its sole discretion, to make decisions related to and to manage the investment and financing plan, schedule and loading plan relating to, and the operation of, Toshiba’s [***], including manufacturing and production efficiencies and losses in the production of Toshiba [***]; provided (i) that any such decisions do not adversely affect the cost of, ramp of, or tool acquisition by Flash Forward and/or a Party effecting a Unilateral Expansion, and (ii) that Toshiba shall ensure that no adverse effect on the wafer cost [***] results from any such decision or management by Toshiba.  If Toshiba desires to use any tool [***] in the production of Toshiba [***]  Toshiba shall request the consent of the applicable tool owner for the use of such tool, and such consent shall not be unreasonably withheld or delayed.  [***].  
(d)[***]. SanDisk shall have sole discretion and responsibility with respect to procurement of additional tools for production of SanDisk [***].  SanDisk shall have the right, in its sole discretion, to make decisions relating to and to manage the investment and financing plan, schedule and loading plan relating to the production of SanDisk [***], including manufacturing and production efficiencies and losses and use of tools in the JV Space for production of SanDisk [***]; provided further (i) that any such decisions do not adversely affect the cost of, ramp of, or tool acquisition by Flash Forward and/or a Party effecting a Unilateral Expansion, and (ii) that SanDisk shall ensure that no adverse effect on the wafer cost of [***]results from any such decision or management by SanDisk.  If SanDisk desires to use any tool [***] in the production of [***], SanDisk shall request the consent of the applicable tool owner for the use of such tool, and such consent shall not be unreasonably withheld or delayed.  [***].
(e)Use of non-Flash Forward tools by Flash Forward.  If Flash Forward desires to use any tool of either SanDisk or Toshiba in the production of R/W, Flash Forward shall request the consent of the applicable tool owner for the use of such tool and such consent shall not be unreasonably withheld or delayed.  Flash Forward’s use of such 
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tool shall be subject to appropriate cost allocation, usage limitations and steps to minimize any potential contamination risk and effect on capacity.
(f)Tool Layout.  Upon SanDisk’s reasonable request, Toshiba shall provide a tool layout plan for the Y5 Facility related to: (x) Flash Forward, (y) any SanDisk Unilateral Expansion capacity and (z) SanDisk R/W.  Toshiba shall provide SanDisk with appropriate information regarding Toshiba non-JV tools to reasonably demonstrate to the mutual satisfaction of the Parties that any space or capacity allocation is consistent with this Agreement.  
6.2Technology Transfers.
(g)Process Technology.  
(i)The Parties will jointly make available to Flash Forward the process technology developed under the JMDY Agreement, the Product Development Agreement or the Common R&D Agreement and applicable to the manufacturing and testing of NAND Flash Memory Products and R/W (“Process Technology”) on a mutually agreed schedule.
(ii)Transfers of Process Technology and process integration for new processes developed pursuant to the JMDY Agreement and that appear on the JMDY Roadmap (as defined in the JMDY Agreement), including those processes developed at AMC or any other facility in accordance with the JMDY Agreement, will be jointly reviewed and discussed by the Parties and will be made in a mutually satisfactory manner.  All process integration for new process originating from AMC will be led by Toshiba employees, to the extent reasonably possible.  Toshiba and SanDisk will cause their respective employees to cooperate in achieving an efficient transition from development module to operating process and volume production.
(iii)The transfer of Process Technology to JV Space shall be deemed complete when the transferred Process Technology passes a reasonable qualification procedure to be mutually agreed upon by the Parties.  
(iv)[***]
(v)[***]
(vi)Non-JV Space Process Technology.  The manner of Process Technology transfer from JMDY to a Party’s Non-JV Space and the conditions associated therewith shall be determined by such Party in its sole discretion; provided, that such Party shall exercise due care and shall comply with all Yokkaichi Facility or otherwise applicable safety and production regulations in effecting such transfer of Process Technology.
6.3Ramp-Up.  The Parties shall expand Y5 Facility NAND Flash Memory Product manufacturing capacity through development of Phase I and Phase II of the Y5 Facility as follows:
(a)Minimum Commitments. 
(i)[***].  The initial [***] L/M in aggregate increases in production capacity of the Y5 Facility shall be considered firmly committed by each Party (i.e., [***] L/M each) as described below [***]. Toshiba shall specify the timing and manner of implementation of [***] and the details shall be reflected in one or more Business Plans that provide for implementing [***].  If SanDisk [***] fails for any reason to make the investment necessary to implement its [***] 
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share of the [***] then Toshiba (so long as it makes the investment necessary to implement its [***] share of [***] shall have the right [***] either to maintain this Agreement in effect [***] or [***] in which case (A) [***] and (B) [***] shall apply.
(ii)[***]. If Toshiba gives notice to SanDisk of [***] to proceed with Phase II, the following terms and conditions shall apply with respect to the ramp-up in Phase II.  The initial [***] in aggregate increases in production capacity of Phase II of the Y5 Facility shall be considered [***] as described below [***] shall specify the timing and manner of implementation of [***] and the details shall be reflected in one or more Business Plans that provide for implementing [***].  If SanDisk [***] fails for any reason to make the investment necessary to implement [***] Toshiba (so long as it makes the investment necessary to implement [***] share of [***] shall have the right, [***] to:  (A) maintain this Agreement in effect [***]; (B) maintain this Agreement in effect with respect [***]; or (C) in the event that SanDisk’s [***] in Phase I is [***]  or less at the time of such failure to [***], in which case (1) [***] and (2) [***] shall apply.
(iii)Costs of Non-Investment. If  [***], then it shall reimburse [***] the costs due to cancellation of any purchase orders the Parties have agreed to place for [***] to the extent such costs cannot be reducted or mitigated [***] commercially reasonable efforts to mitigate the Costs to the fullest extent possible.  To the extent [***] alternative use (“Alternative Use”) of Equipment, [***] unable to negotiate a termination of an Equipment purchase order and must acquire such Equipment (and will not make Alternative Use of it), [***] will promptly liquidate in one or more arm’s length transactions (“Third Party Sale”) such Equipment and the positive difference between the cost of such Equipment (including the out-of-pocket costs of conducting the Third Party Sale, such as costs related to de-installing Equipment, compensating a sales broker, delivering the Equipment to the purchaser thereof, etc.) and the proceeds of such Third Party Sale shall constitute Costs.  [***] using commercially reasonable efforts to effect a Third Party Sale, the liquidation value of any given Equipment may be small compared to the purchase price for such Equipment given the specialized nature of the Equipment and limited secondary market for wafer manufacture equipment.  To the extent [***] is in a commercially reasonable manner able to make Alternative Use or a Third Party Sale of any Equipment at any time after [***] paid the Costs arising from or related to such Equipment, [***] notify [***] of such Alternative Use or Third Party Sale and shall reimburse [***] for the full amount of the Costs paid by [***] with respect to such Equipment.  If the net proceeds on the sale of any item of Equipment exceeds the cost thereof, such profit shall reduce amounts otherwise payable [***] under this Section 6.3.
(b)Failure to Invest as Committed in Investment Plan or Business Plan.  
(i)Investment Plan.  After the [***] has been fulfilled by the Parties, once the Parties agree in the form of an Investment Plan (as defined below) approved by the Board of Executive Officers of Flash Forward to make investments to fulfill any given increment of capacity expansion for Flash Forward, if either Party, as the Non-Investing Party, then fails for any reason to make the investment necessary to implement its [***] share of such committed increment of the capacity expansion, then the other Party, [***] as applicable.  The term “Investment Plan” shall mean a proposed increment of capacity expansion as set forth in the Business Plan or subsequent mutual agreement between the Parties and presented to the Board of Executive Officers of Flash Forward in accordance with Section 6.3(c).
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(ii)Business Plan.  Business Plans and proposals with respect to the adoption of new Business Plans shall describe JV Space capacity expansions to be effected by SanDisk and Toshiba through Flash Forward on a [***] basis.  In the event that SanDisk does not approve an Investment Plan providing [***]. Accordingly, the Parties shall cooperate in good faith to agree on and implement the Business Plan in a timely manner in accordance with Section 3.4 of the Operating Agreement.  In the event of a failure to either (A) agree on the capacity expansions in a Business Plan or (B) implement any specific capacity expansion set forth in the Business Plan, then the Board of Executive Officers of the Company shall meet and discuss the applicable capacity expansion.  If the Board of Executive Officers fails to agree on a solution, then any Member may bring the matter to the attention of the Vice President, Memory Division of Toshiba, and the Chief Operating Officer of SanDisk (the “Designated Individuals”), who will attempt to find a resolution.  If the matter has not been resolved within thirty (30) days of referral to the Designated Individuals, the matter will be referred to the Management Representatives for agreement on a final resolution.  Any agreement of the Management Representatives on a final resolution will be final and binding and shall be implemented by the Company.  In the event that no agreement on a final resolution is reached by the Management Representatives within thirty (30) days after submission of the matter to them, the matter shall be submitted to arbitration in accordance with [***].  The remedies set forth in this Section 6.3(b)(ii) shall constitute the exclusive remedies with respect to [***] in the context of a Business Plan, and no Deadlock shall arise from such failure.
(c)General Rule; Proposed NAND Capacity Expansions.
(i)General Rule.  After the Parties have fulfilled their respective [***] in Phase I or Phase II, as applicable, if either Party desires to (A) further expand the production capacity of the Y5 Facility, expand or accelerate any capacity increase provided for in a then-agreed Business Plan or otherwise increase the number [***]  or (B) otherwise expand its aggregate manufacturing capacity [***], then in each of (A) and (B) above, such Party will [***] to the other Party and will propose to the other Party a plan to make such desired expansion on a 50/50 basis with reasonable terms [***].  
(ii)Expansions within Y5.  Expansions of JV NAND Space production may be proposed by either Party in the form of a Proposal and, if and to the extent agreed, shall in due course be reflected in a Business Plan or amendment thereto.  If no agreement with respect to joint implementation of the full amount of a proposed expansion of Y5 Facility production capacity beyond any capacity increase provided for in a then-agreed Business Plan is reached within [***] following a Party’s written Proposal of such expansion, the proposing Party may [***]: 
(A)If [***] is the proposing Party, it shall have the right to [***]
(B)If [***] is the proposing Party, it shall have the right to [***]
(iii)Other Facility Expansions.  If no agreement with respect to a proposed expansion in a facility [***] is reached during [***] day period beginning on the day a Proposal is received by the non-proposing Party, then SanDisk and Toshiba shall cause the chief executive officer of SanDisk and the chief executive officer of Toshiba Semiconductor Company to meet face-to-face at Toshiba’s headquarters, no later than the [***] day following receipt of the Proposal by the non-proposing Party, to develop and agree upon a solution [***].  If no resolution is reached within [***] days after the face-to-face meeting, then (x) with respect to the Y5 Facility, the Parties will continue to 
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pursue the ramp-up on the terms set forth in [***], (y) the proposing Party will [***]:
(A)If SanDisk is the proposing Party, it shall have the right [***]; and
(B)If Toshiba is the proposing Party, it shall have the right to [***].
6.4Ramp Up of JV R/W Space in Phase II.  If positive verification [***]
(a)is made prior to [***].  
(b)is not made prior to [***].
6.5Capacity.
(a)Priority.
(i)[***]:
(A)from [***], to fulfill the capacity allocated to SanDisk, as provided for under [***]
(B)from [***], to fulfill the capacity allocated to SanDisk, as provided for under [***]
(C)from [***], to fulfill the capacity allocated to SanDisk, as provided for under [***]
(D)from [***] in Y5 [***], and
(E)[***].
(ii)[***]:
(A)from [***], to fulfill the capacity allocated to Toshiba, as provided for under [***]
(B)from [***], to fulfill the capacity allocated to Toshiba, as provided for under [***]
(C)from [***], to fulfill the capacity allocated to Toshiba, as provided for under [***]
(D)[***], and
(E)[***].
(iii)In no event will [***] source NAND Flash Memory Products [***] from a source other than [***] if the effect of such sourcing is the diversion of resources or other (intended or collateral) effects which reduce the economic or other efficiency of the Y3 or Y4 Facility; provided, that sourcing by Toshiba from the Toshiba Capacity (as defined in the JVRA and including, for the avoidance of doubt, any Toshiba Unilateral Expansion Space) shall not be deemed such a diversion of resources or other reduction in efficiency.
(b)[***]. Rule. In no event shall SanDisk’s and its Subsidiaries’ aggregate manufacturing capacity for NAND Flash Memory Products [***]  of the aggregate manufacturing capacity for, and purchases of, (i) [***] from the sources identified [***]  and 
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controlled by [***] plus (ii) [***] from the sources identified in [***] and controlled by [***].  In no event shall purchases of NAND Flash Memory Products by either Party or their respective Subsidiaries [***] be limited by this Section 6.5(b).  Manufacturing and purchased capacity under this Section 6.5(b) shall be determined [***]. 
(c)Transfer of Technology to External Manufacturing Source.  If the Parties mutually agree to secure external manufacturing sources other than the Yokkaichi Facility through joint investment, Flash Forward and Toshiba, as applicable, will jointly transfer the applicable manufacturing technology and know-how to such source.  Flash Forward, Flash Alliance and Flash Partners will conduct all negotiations with the external manufacturing source; provided, however, the terms and conditions of any agreement shall be subject to prior consultation with and the approval of Toshiba.  In connection with any technology transfer to such external source, Toshiba will be reimbursed its mutually agreed transfer costs for assisting in the transfer of manufacturing technology and know-how.  If the new capacity secured at such external manufacturing source is requested by only one of the Parties, such Party will pay the transfer costs and be entitled to purchase the full output of Flash Forward products purchased by Flash Alliance, Flash Partners or Flash Forward, as applicable, from such external manufacturing source.  If both Parties request such new external capacity, then Flash Alliance, Flash Partners or Flash Forward, as applicable, will pay the transfer costs to Toshiba.  Unless otherwise agreed by the Parties in writing, neither Party shall have the right to grant manufacturing licenses to such external manufacturing source or to disclose or transfer to any such external manufacturing source, manufacturing know-how related to the manufacture of Flash Forward products, except through Flash Alliance, Flash Partners or Flash Forward. 
6.6Capacity Sharing Arrangement.
(a)Equal right to Joint Venture capacity.  Each of the Parties will have the right and obligation, through Flash Forward, to utilize fifty percent (50%) of the JV Space products, on an Equivalent Lot basis.  The actual monthly NAND Flash Memory Product lot output from the Y5 Facility shall be allocated between Toshiba and SanDisk, as applicable, based on the Y5 NAND Capacity Ratio.
(b)Alternative use of allotted capacity.
(i)If a Party is unable to utilize its allotted manufacturing capacity for JV Y5 NAND Flash Memory Products (such Party, an “Excess Capacity” or “EC Party”), it may do any of the following:
(A)An EC Party may request the other Party to negotiate the terms of transfer of its capacity shortfall to the other Party, which may choose whether to accept such additional capacity and on what terms in its sole discretion.
(B)An EC Party may use its capacity for Embedded NAND Products, as defined in and subject to Section 6.6(c).
(C)An EC Party may use its capacity for Proprietary NAND Flash Memory Products and non-Proprietary NAND Flash Memory Products, in accordance with and subject to Sections 6.6(d) and (e).
(D)An EC Party may produce less than one hundred percent (100%) of its total Equivalent Lot capacity, provided its allocation of costs in this case will be done in accordance with Section 7.4(a)(i) (“EC Compensation”).
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(ii)If both Parties are EC Parties because demand for both Parties’ JV Y5 NAND Flash Memory Products are significantly below expectations, the Parties will discuss in good faith whether to permit products which are not JV Y5 NAND Flash Memory Products to be produced in the JV Space; provided that (A) the inability of the Parties to so agree shall not constitute a Deadlock (as defined in the FF Operating Agreement) and (B) the foregoing shall not limit either Party’s rights in the remainder of this Section 6.6.
(c)Either Party shall have the right to use a portion of its total allocated capacity with respect to the JV Space to run a memory product which is not a JV Y5 NAND Flash Memory Product (solely because the NAND flash memory array area is equal to or less than [***] of the total die area (“Embedded NAND Product”)) so long as such Embedded NAND Product [***].  If a Party exercises its option to run Embedded NAND Products, it must [***].  No such products may be run if doing so [***].  The conditions stated in Sections 6.6(d) and (e) do not apply to Embedded NAND Products.  
(d)Each Party may use a portion of its total allocated capacity from the JV Space to cause to be manufactured NAND Flash Memory Products which are proprietary to that Party (“Proprietary NAND Flash Memory Products”) and which need not be shared with the other Party.  Proprietary NAND Flash Memory Products may be produced in the JV Space so long as such products [***].  If a Party exercises such option, it must [***].  No such Proprietary NAND Flash Memory Products may be run if doing so [***].  Each Party shall give the other Party at least ninety (90) days’ advance written notice of its intention to use a portion of its allocated capacity to manufacture Proprietary NAND Flash Memory Products and the Parties shall refer the matter to the Board of Executive Officers (as defined in the FF Operating Agreement) for consultation and planning, with the intention to minimize the impact of such allocation.  Such notifying Party will limit the output volume of such Proprietary NAND Flash Memory Products to [***] unless it receives the consent of the other Party to an increase in such output volume above such limit.
(e)Each Party (the “Originating Party”) shall inform the other (the “Non-Originating Party”) of the development plans by the Originating Party to develop NAND Flash Memory Products, and the Originating Party and the Non-Originating Party shall each refer such matter to the Coordinating Committee (as defined in the Product Development Agreement).  If the Coordinating Committee unanimously decides that such planned development shall be undertaken jointly, then the cost of such joint development shall be borne by each Party in accordance with the Product Development Agreement or JMDY Agreement, as applicable, and the NAND Flash Memory Products manufactured following such joint development shall be considered non-Proprietary NAND Flash Memory Products for purposes of Section 6.6(d); provided, however, the NAND Flash Memory Products set forth in Exhibit A to the Product Development Agreement shall be deemed to be non-Proprietary NAND Flash Memory Products without any action by the Coordinating Committee.  Subject to the foregoing, if the Coordinating Committee does not unanimously decide that such planned development shall be undertaken jointly, then the Originating Party may, at its sole discretion, either (i) transfer to the Non-Originating Party the technology, including the items in Exhibit C to the Product Development Agreement relating to such technology, used to manufacture such NAND Flash Memory Products on a royalty-free basis, whereupon such NAND Flash Memory Products shall be considered non-Proprietary NAND Flash Memory Products, or (ii) treat such NAND Flash Memory Products as Proprietary NAND Flash Memory Products for purposes of Section 6.6(d).  In the event the Originating Party elects to treat any NAND Flash Memory Products as Proprietary NAND Flash Memory Products in accordance with the preceding sentence, but thereafter the Coordinating Committee unanimously determines that such Proprietary NAND Flash Memory Products should be developed jointly, the Originating Party shall transfer to the other Party the technology used to 
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manufacture such NAND Flash Memory Products on reasonable terms and conditions to be mutually agreed upon by the Parties, whereupon such Proprietary NAND Flash Memory Products shall be treated as non-Proprietary NAND Flash Memory Products.
6.7SanDisk Reservation Option. 
(a)Ramp Flexibility.  When [***] initiates one or more [***], such that the total capacity of [***] will be [***] than [***] in Y5 [***] may execute one or more [***] under the following conditions [***]
(i)[***].  The [***] Party will commit to utilize or release to [***] all or a portion of its Phase I space as set forth below [***] capacity as adjusted [***] for any space that has been released by[***]::
(A)The [***] Party will commit to utilize or release [***] all or a portion of its Phase I space at the time of, and for the inclusion in, an annual or amended Business Plan, taking into account the results of [***], available resources, and the time required to effect the necessary ramp-up, among other relevant factors; provided, that neither Party shall have any right to [***] of the Parties to agree with respect to [***]; provided, further, that the [***] shall commit to utilize or release all or a portion of the [***] Phase I space [***] no later than [***] prior to the Phase II building target completion date as set forth in the Phase II Construction Plan Notice (as defined below); provided, that  no further [***] shall apply in Phase I.  Toshiba may issue a notice of its intention to pursue Phase II construction (a “Phase II Construction Plan Notice”) [***] such notice shall include the target building completion date for Phase II.  If and to the extent that, on the date when the [***] delivers [***] with respect to the [***] required for it [***] as adjusted for any [***] that has been [***] by the [***] Party, the [***] in Phase I [***] such [***] space of the [***] Party shall be deemed [***].
(B)The [***] Party will complete the ramp [***] space no later than [***] after the [***] Party fully [***], unadjusted for any [***] by the [***] Party; provided, however, that the [***] shall be [***] by that [***] between the Parties’ start and completion of [***].
(ii)Phase II Ramp.  The [***] Party will commit to utilize or release to [***] all or a portion of its [***] prior to the date on which the [***] Party [***] which will result in [***], and no further [***] shall apply in Phase II.  The [***] Party will complete its [***] no later than [***] after the [***] Party fully [***].
(iii)In the event that any of the events that trigger [***] by the [***] Party to commit or release [***], as applicable, pursuant to [***] above is unreasonably [***], then the [***] Party may [***] commit to or release such [***], as applicable,[***]; provided, that no such right of the [***] Party [***]arise in the case where [***] by reason of the [***] Party’s [***] space subject the  [***].
(iv)[***]. Prior to implementing any [***], the [***] Party must first propose such [***] for implementation pursuant to [***].  Solely in the event that [***] refuses to consent to such [***] and/or the [***] does not agree with the [***] Party on the [***] may the [***] Party proceed [***].  Unless otherwise agreed by the Parties, only the [***] Party shall have the right [***] by placing [***] space in the applicable phase that the [***] Party has committed to utilize [***].  At the end of either the Phase I [***] or the Phase II [***], as applicable, any [***] space [***] subject to the general rules [***]. 
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(v)Operational Efficiencies.  Within the framework provided by the FF Operative Documents, the Parties shall cooperate to ensure that there is no significant adverse effect on [***] as a result of the [***] Party’s exercise of [***]; provided, that the [***] corresponding to the applicable [***] shall not in and of itself constitute [***].  
(b)Reservation [***].  During the term of each of the Phase I [***] and Phase II [***], the [***] Party shall make [***] for such [***] quarter or portion thereof.  The Parties shall cause [***] the other provisions of this Agreement, other than the [***], the [***] per unit of the same product and same design rule shall be the same for both Parties. The obligation for the Phase I [***]shall be required only until the earlier to occur of [***] production capacity is included in the [***] and producing wafers, provided that the next [***] will be prioritized into this space [***] which the [***] Party has released [***], provided that the [***] will only terminate as to that [***] that is released to [***].  The obligation for the Phase II [***] shall be required only until the Phase II [***] has expired. [***].
(c)Procedure for Catch-Up Expansions.  When a [***] Party expands into its [***] and the [***] Party is not simultaneously [***], upon approval by the Board of Executive Officers of Flash Forward, Flash Forward will make [***] on behalf of the [***] Party equal to the proposed expansion by the [***] Party and, upon the consent of the [***] Party, the [***] Party will [***] and Flash Forward will [***] amount of [***] Party’s [***] capacity [***], provided that (i) both Parties mutually agree on the Purchased Capacity [***] and (ii) such Purchased Capacity is purchased by [***] from the [***] Party at the [***] and any other costs for installation, hook up and facilitization.  [***] amount and [***] of the Purchased Capacity will transfer from [***] Party [***] over a period and at a [***].
(d)Consideration of Release.  Upon [***] request  prior to the date that [***] prior to the expected completion of Phase II clean-room space construction and facilitization, [***] shall [***] with respect to its release to [***] of some or all of [***] then-unutilized Phase I [***] for [***] expansion in Phase I, where (i) other than the Phase I [***], the [***] could only next expand into Phase II [***] has reasonable assurance that it can timely continue its ramp in Phase II, provided, that any such release shall be [***] after considering the foregoing factors and that in no event shall [***] in Phase II [***] of total Phase II [***].
6.8Engineering Wafers and Development Expense.  Each Party will have full access to all operational and engineering data and reports related to engineering wafers manufactured in the JV Space.
(a)Engineering wafers and development expenses are defined in five (5) categories: Common R&D Development Expenses, Y5 Direct R&D Development Products, JMDY Development Expenses, Evaluation Wafers and Qualification Wafers (each as defined below); provided, however, that if there are any development expenses not falling in these categories and such expenses are not to be charged under the JMDY Agreement or the Product Development Agreement, such expenses shall be appropriately paid or borne between the Parties.  
(i)“Common R&D Development Expenses” means those expenses approved in accordance with [***] that are associated with activities mainly done [***] for the purpose of development of fundamental semiconductor technology. For the avoidance of doubt, in no event shall [***] allocated any costs attributed to [***] unless the project that generated such [***] was on the [***], such expenses are explicitly approved [***], or as otherwise mutually agreed by the Parties (in such case [***] of a project that generated such costs).  
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(ii)[***] are those products developed [***] for the purpose of joint product development.  R&D costs for [***] shall be allocated to the Parties in accordance with [***].  If similar products have also been manufactured [***] (not including [***]), the R&D costs for such products shall be shared among [***] in accordance with applicable [***].  
(iii)“[***] Expenses” are those development expenses incurred in accordance with [***] for the purpose of product development.  R&D costs for [***] Expenses shall be allocated to the Parties in accordance with [***]. 
(iv)“Evaluation Wafers” are those wafers manufactured [***] for the purpose of [***].  Both Parties are entitled to receive Evaluation Wafers [***]; however, the Party responsible for completion of [***] has the right to receive [***] necessary to perform the [***].  The cost of Evaluation Wafers is [***] intended to be shared [***] by the Parties and is therefore included [***] Product manufacturing cost and is subsequently part of the [***].
(v)“Qualification Wafers” are those wafers manufactured in the JV Space for the purpose of [***].  The Parties will discuss and agree on the appropriate quantity of Qualification Wafers required for each JV Y5 NAND Flash Memory Product.  Each Party shall have the right to receive such quantity of Qualification Wafers [***].  For such Qualification Wafers, [***] will charge the receiving Party pursuant to [***] and the [***], as applicable, a price per wafer equal [***] set forth in the [***].  The Parties intend that the [***] for Qualification Wafers shall not [***] the [***] of production lots in the Y5 Facility.  It is understood that by the Parties that each Party’s Qualification Wafers shall come from [***] capacity of lots in the JV Space.
(b)It is the intent of the Parties that Qualification Wafers manufactured in the JV Space will be allocated [***] between the Parties.  [***] will charge the receiving Party, pursuant to the [***] and the FF [***], as applicable, a price per wafer equal to the [***] set forth in the [***].
6.9Management Representatives.  Each Party shall designate a person (each a “Management Representative”) and the two so designated shall have the authority to (a) advise Flash Forward with respect to policy and operating matters common to Toshiba and SanDisk as well as on such other matters as Flash Forward may refer to the Management Representatives from time to time, (b) hear and seek to resolve any disputes regarding operational matters or alleged breaches of any Master Operative Documents (including dispute resolution), and (c) take the actions specified to be taken by the Management Representatives in this Agreement or any Master Operative Document.
6.10FF Management Structure and Headcount.
(a)Flash Forward Headcount Plan and Working Group.
(i)The Parties will meet and mutually agree on an overall headcount plan for [***], which will incorporate [***] (the “FF Headcount Plan”). 
(ii)Each Party is committed to provide (itself or through its Affiliates) [***] of the engineers (other than line engineers), including, but not limited to, device, integration, process and test, included in the FF Headcount Plan (“Engineers”).  In addition, Toshiba will use its reasonable best efforts to provide [***] and the Parties will mutually agree on the number of [***]. SanDisk will provide an execution status for the FF Headcount Plan and, in case of any shortage [***] from the number agreed in the FF Headcount Plan, an improvement plan to fulfill such [***] In no case will [***] to SanDisk, Toshiba (including if it 
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is unable to provide all Engineers not provided by SanDisk or to provide all necessary non-engineers), or Affiliates of SanDisk or Toshiba.  
(iii)The Parties shall establish a working group with equal representation from each Party for the purpose of discussing integration of SanDisk-provided Engineers into the Toshiba Y5 Facility organization with respect to the JV Space, organization structure, updates on SanDisk’s and Toshiba’s respective hiring of Engineers, and related matters (the “Headcount Working Group”).  SanDisk and Toshiba should prepare updates to the FF Headcount Plan through the Headcount Working Group.  The Parties acknowledge their general intent to deploy [***] engineering organization at all levels, subject to taking into account the capabilities of the individuals and the needs of the particular position.  The Headcount Working Group will meet as and for so long as its members consider necessary.  Deployment and positions of Engineers and any other SanDisk personnel at the Y5 Facility and issues and concerns related thereto shall be handled through the Y5 Operating Committee (as defined in the FF Operating Agreement), and the agenda for meetings of the Y5 Operating Committee shall include review and assessment of such issues if requested by either Party.
(iv)Recognizing that Japanese language skills will be necessary for Engineers working at the Y5 Facility, SanDisk shall seek to minimize the number of its Engineers seconded to Flash Forward who are not highly proficient in Japanese and for those who are not Japanese speakers SanDisk shall ensure they receive some language training in Japanese at SanDisk’s cost before being sent to work at the Y5 Facility.
(b)With respect to the SanDisk-seconded Engineers (including any seconded from SanDisk Affiliates) and any other SanDisk employees seconded to the Y5 Facility pursuant to the FF Headcount Plan or further agreement with Toshiba (collectively, the “SanDisk Team”), the Parties agree as follows:
(i)Members of the SanDisk Team who are Engineers shall be integrated by Toshiba at the Yokkaichi Facility and shall work together with Toshiba Engineers to seek to ensure the optimal operation of the Y5 Facility from a cost and technology perspective.  To the extent any SanDisk Team member who is an Engineer reasonably follows the properly issued directions of such person’s manager at the Y5 Facility and contributes to the success of the Y5 Facility’s operations that support Flash Forward to the degree that would be reasonably expected of a Toshiba Engineer in his or her position, [***] member shall be charged to [***].  With respect to such costs, [***] shall reimburse [***] for salaries, bonuses and benefits (other than stock options or other similar equity incentive compensation but including expatriation benefits) in an amount [***].
(ii)Members of the SanDisk Team who are not Engineers (“Non-Engineer SanDisk Team Members”) shall work with their respective counterparts at the Yokkaichi Facility to facilitate SanDisk’s access to the operations of the Y5 Facility as follows.  Non-Engineer SanDisk Team Members who support the operations of Flash Forward or the manufacturing of NAND Flash Memory Products shall have full access to the Y5 Facility other than the Toshiba Non-JV Space, and information related to the operations of the Y5 Facility other than the Toshiba Non-JV Space, and reasonable access to other information relevant to Flash Forward or the operations of the Y5 Facility.  [***].
(iii)Each member of the SanDisk Team may, at all times and in such SanDisk Team member’s sole discretion, raise issues with the Y5 Operating Committee (as provided in the FF Operating Agreement) and may communicate with 
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SanDisk as otherwise contemplated by the Master Operative Documents.  If the Y5 Operating Committee is unable to agree on the resolution of an issue raised by a member of the SanDisk Team, it shall be referred to the Board of Executive Officers.
(iv)Office space used in connection with the JV Space shall be made available for the [***] on a non-discriminatory basis as compared to [***].  The members of the [***] shall be provided with secure and confidential private data and voice linkages [***], consistent with the practice of the Parties in connection with Flash Partners and Flash Alliance).
(v)[***]. 
(vi)Either or both of [***] shall be entitled to condition the [***] onto its premises on such [***] member’s execution of a nondisclosure and visitor requirements document in the forms to be mutually agreed by the Parties.
(vii)SanDisk shall ensure that SanDisk Y5 personnel (including Y5 Engineers) (A) comply with the written safety and security regulations, the other written policies and direct instructions of Toshiba related to site security and information security, as well as any otherwise applicable safety and production regulations (copies of the written Toshiba regulations and policies will be provided to SanDisk upon the request of SanDisk or upon the amendment of such regulations or policies) while such SanDisk Y5 personnel are in Toshiba’s facilities and (B) in their operation of the [***] exercise due care and act with the degree of prudence that would be reasonably expected of a Toshiba Engineer in an analogous position.  Toshiba will provide safety and security training in Japanese to senior managers of SanDisk at Y5 to ensure that SanDisk Y5 personnel have the right to access [***].  The training of the senior managers shall be in Yokkaichi.  The senior managers of SanDisk Y5 personnel will be responsible for providing or delegating, to other SanDisk personnel, in English or Japanese, the safety and security training to other SanDisk Y5 personnel.
(viii)All members of the SanDisk Team will remain employees of SanDisk.  Each Party will indemnify the other Party and Flash Forward from any claim by any of such Party’s employees, consultants or agents (such Party being the “Employer”) (A) based on other than willful misconduct of such Employer, its employees, consultants or agents; or (B) that he or she has rights, or is owed obligations, as an employee of the Party that is not the Employer.
(c)[***] members (including employees [***] or any of its Affiliates) who are not located at the [***] who are not located at the [***], are requested by [***] to provide engineering services, their time shall be charged to [***] at mutually agreed rates using the same principle as provided in [***], plus travel expenses.
6.11Non-solicitation of Employees.  So long as the business of Flash Forward continues, each Party (and each of its respective Affiliates) shall not, without the prior written consent of the other Party, directly recruit or solicit (a) any employee or director of Flash Forward or (b) any employee of the other Party involved in the Flash Forward business to leave his or her employment with Flash Forward or such other Party prior to the period ending twenty-four (24) months after the FF Termination Date; provided, however, that placement of employment advertisements or other general solicitation for employees not specifically targeted to the employees or directors of Flash Forward or such other Party shall not constitute direct recruitment.  In the event of the dissolution and liquidation of Flash Forward, either Party (or any Affiliate of either Party) may solicit any former employee of such dissolved and liquidated company, but neither Party (nor any of its Affiliates) shall be required to employ any 
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such Person.  If all of the FF Interests held by one Party are purchased by the other Party or its designee, if requested by the acquiring Party, the Parties shall reach agreement on a reasonable transition plan (without profit to the seller) in connection with the services provided to Flash Forward, as applicable, by employees and contractors of the selling Party.
6.12Financing.
(a)[***]. Neither Party will be obligated to make any assurance or guarantee [***]; however, [***] will use its reasonable best efforts to assist [***], to the extent reasonably requested by [***], in securing financing on favorable terms.  If either Party is unable to obtain financing, the Parties will meet to discuss in good faith a resolution to such Party’s inability to obtain financing.  For the avoidance of doubt, [***], and all loans to Flash Forward by the Parties will be shared 50/50.
(b)The Parties currently intend, but are not obligated, to structure the financing for equipment purchases by Flash Forward necessary to effect the ramp-up as follows:
(i)Flash Forward will enter into equipment lease or loan agreements and pledge the financed equipment as collateral;
(ii)Flash Forward will secure external financing for approximately [***] of the initial purchase price of its tools and each Party will provide equity capital contributions and loans (on a subordinated basis) for the remaining cash requirements of Flash Forward necessary to effect the ramp-up;
(iii)each Party will severally and not jointly and through separate arrangements guarantee as close as possible to fifty percent (50%) of Flash Forward’s obligations under such lease or loan agreements (any financing separately guaranteed or provided by Toshiba for Flash Forward or otherwise for investment in the Y5 Facility, “Toshiba Financing”, any such financing separately guaranteed or provided by SanDisk for Flash Forward or otherwise for investment in the Y5 Facility “SanDisk Financing” and the Toshiba Financing and SanDisk Financing, each a “Financing”); and
(iv)the Parties will attempt to obtain the foregoing financing from the same financial institution, but under separate agreements that expressly disclaim any joint and several liability of the Parties.
(c)With respect to any Toshiba Financing or SanDisk Financing, the following shall apply:
(i)The terms and conditions of any Toshiba Financing shall be subject to the prior written approval of SanDisk and the terms of any SanDisk Financing shall be subject to the prior written approval of Toshiba, in each case after review of final drafts of all documents evidencing such Financings.  The foregoing approval of either Party shall (A) not be unreasonably withheld, delayed or conditioned by such Party, and (B) not subject such approving Party to any liability or obligations with respect to such financing.
(ii)Unless otherwise expressly agreed by both Parties in writing in each case, all Toshiba Financing and all SanDisk Financing shall create only several obligations of the Parties and no joint and several obligations or liability.  Toshiba (with respect to Toshiba Financing) and SanDisk (with respect to SanDisk Financing) hereby indemnifies and holds harmless the other Party and its Indemnified Parties from any claims by any financial institution or other Person that the other Party has any liabilities or obligations with respect to, respectively, any Toshiba Financing or SanDisk Financing (unless joint 
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liability has been agreed pursuant to the first sentence of this Section 6.12(c)(ii)).
(iii)Flash Forward will use commercially reasonable efforts to comply with the requirements of any financing sources.  Flash Forward will make available to each Party one-half of its assets (with as near as practicable cost, collateral value and type) to secure such Party’s Financing (whether external or loans from a Party or its Affiliates).
(d)If the lender under the Financing for either Party (as the “Defaulting Party”) takes significant actions to enforce its right in the collateral, then the other Party (as the “Non-Defaulting Party”) shall have the right, but not the obligation, to cure the default giving rise to the lender’s enforcement action.  If the Non-Defaulting Party exercises such cure right, then the Non-Defaulting Party’s rights in any subject collateral shall be superior to the Defaulting Party’s and the Non-Defaulting Party may exercise one of the following options:
(i)the Non-Defaulting Party (A) shall have a claim against the Defaulting Party for reimbursement of any payments made by the Non-Defaulting Party on the Defaulting Party’s behalf (which will be subordinate to the lender’s claims and bear interest at a rate 500 basis points in excess of the rate being charged by the lender to the Defaulting Party) and (B) shall have the right, until and unless the Defaulting Party pays in full the obligation to the Non-Defaulting Party under foregoing clause (A), to take over the increment of production of the Y5 Facility represented by the collateral with respect to which the lender took significant actions to enforce its rights; or
(ii)the Non-Defaulting Party shall have the right to terminate the Operating Agreement pursuant to Section 11.6 thereof (foreclosure default).
6.13Other Activities.  Except as expressed in this Section 6 and in the JMDY Agreement and the JVRA, neither Party nor any of their respective Affiliates shall: (a) fabricate NAND Flash Memory Integrated Circuits or R/W at any location other than the Yokkaichi Facility or any other fabrication facility agreed upon by the Parties in writing; (b) have any third party fabricate NAND Flash Memory Integrated Circuits or R/W; or (c) have any right to fabricate NAND Flash Memory Integrated Circuits or R/W beyond the capacity as limited pursuant to this Section 6.  For the avoidance of doubt, nothing contained in the foregoing shall restrict the Parties from engaging in any other activities, including, without limitation, (i) designing any NAND Flash Memory Product or R/W; (ii) selling any NAND Flash Memory Product or R/W to any customer; (iii) entering into any equipment purchase or material supply agreements; or (iv) entering into any patent licensing arrangement.  For purposes of this Section 6.13, “NAND Flash Memory Integrated Circuits” means ICs included in the definition of NAND Flash Memory Products pursuant to Section 3.2.
6.14Protection of Intellectual Property.  Both Parties recognize that it is important for the success of the Y5 NAND Flash Memory Products business to promote the adoption of such Y5 NAND Flash Memory Products with a wide variety of customers and applications, whether for card use or non-card use, and with such recognition, each Party shall use reasonable efforts to protect and enhance the value of Y5 NAND Flash Memory Products.
7.Start-Up and Production Costs
7.1Start-Up Services for Y5.  The Parties acknowledge that either or both of the Parties and Flash Forward have incurred or will incur costs in connection with developing Flash Forward and the Y5 Facility and preparing the Y5 Facility for production, including personnel costs, materials costs and other operating expenses, for which 
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each Party has the obligation ultimately to bear fifty percent (50%) of the responsibility (“Start-Up Costs”).  The Parties shall discuss in good faith and agree upon the Start-Up Costs borne by either Party and the means and timing of each Party, as applicable, being reimbursed or credited for having incurred more than fifty percent (50%) of the Start-Up Costs or of making payments due to having incurred less than fifty percent (50%) of the Start-Up Costs; provided, that the determination and allocation of Start-Up Costs and the means and timing of reimbursement shall be in a manner substantially similar to that utilized in connection with the start-up costs of the Y4 Facility.
7.2Equal Participation and Purchase Price Per Unit Generally.  The Parties intend to meet demand for increased capacity by equally investing in, and jointly building, and sharing, on equal or substantially equal terms, equal amounts of new capacity for Y5 NAND Flash Memory Products, except as otherwise provided herein.  So long as each Party’s Threshold NAND Capacity Ratio (as defined below) is greater than or equal to [***], each Party will pay [***] of the same product and same design rule.  
7.3Adjustment Payment.  If either Party’s Threshold NAND Capacity Ratio falls below [***].
7.4Cost Terms.
(a)Fixed and Variable Manufacturing Costs.  All costs of manufacturing shall be either Fixed Manufacturing Costs (as defined below) or Variable Manufacturing Costs (as defined below).
(i)[***].
(ii)[***].
(b)Threshold NAND Capacity Ratio.  The term “Threshold NAND Capacity Ratio” shall mean the applicable Party’s NAND lot per month capacity [***] in the Y5 Facility, as  calculated on an Equivalent Lot (as defined below) basis divided by [***], provided, however, that [***].
(c)Y5 Capacity Ratio.  The term “Y5 Capacity Ratio” for either SanDisk or Toshiba shall mean [***].
(d)Y5 NAND Capacity Ratio.  The term “Y5 NAND Capacity Ratio” for either SanDisk or Toshiba shall mean [***].
(e)Equivalent Lot.  [***].
7.5Negative Impacts. In the event of any negative impact on the cost or output efficiency of JV Y5 NAND Flash Memory Products or Flash Forward R/W due to Non-NAND Product production in one Party’s Non-JV Space, [***].
7.6Cost and Methodology.  In all events, Y5 manufacturing cost and wafer cost methodology will be in accordance with Toshiba’s past practice and accounting system.  
8.Other Agreements
To supplement their agreement as expressed in certain of the Master Operative Documents, the Parties agree as set forth in this Section 8.  To the extent of any conflict between this Section 8 and any other Master Operative Document referenced in this Section 8, the other Master Operative Document shall prevail.
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8.1Flash Forward Management.
(a)As contemplated by the FF Operating Agreement, the Y5 Operating Committee’s purpose is to give both Parties the ability to influence the day to day operating decisions of Flash Forward and the Y5 Facility.  The Y5 Operating Committee is intended to be a collaborative body with real-time communications, respectful consultation and dispute resolution with the goal of making the Y5 Facility the most competitive (cost and technology) memory fabrication facility in the world.
(b)If the Y5 Operating Committee is unable to decide an issue (by agreement of its two members) such issue shall be referred to the Board of Executive Officers.  Special meetings of the Board of Executive Officers may be noticed for issues requiring urgent resolution.  The Parties contemplate that while a special meeting of the Board of Executive Officers is being noticed, their respective management teams will discuss any issue that the Y5 Operating Committee could not resolve.
(c)If the Board of Executive Officers is unable to decide an issue (by unanimous agreement), such issue shall be referred to the Management Representatives for resolution, which shall be vested with final decision making authority.  This Agreement separately provides for procedures if the Management Representatives is unable to reach agreement on such issue.  
8.2Y5 Facility.
(a)Site Preparation, Building Construction and Facilitization.  
(i)Toshiba will design, construct and facilitize the Y5 Facility.  SanDisk shall work with Toshiba to help minimize administrative approval delays.  Toshiba shall exercise all commercially reasonable efforts to ensure that Y5 Facility is (A) insurable, (B) designed and constructed to mutually acceptable high levels of risk standards, and (C) is completed [***]; provided, that Toshiba shall have no liability to SanDisk, any Affiliate of SanDisk or Flash Forward if completion is not achieved by such time.  The depreciation for the Y5 Facility will be charged in accordance with Section 8.3(d). 
(ii)With prior coordination with Toshiba and the construction contractors for the Y5 Facility, SanDisk will have reasonable access to the construction site for the Y5 Facility and to all information pertaining to the construction of the Y5 Facility, on condition that SanDisk will be solely responsible for all damage caused by such access.
(iii)Building Depreciation Prepayment and Shortened Depreciation Schedule for [***]: 
(A)Each of the Parties agrees to [***], in a manner to be mutually agreed.
(B)If [***], the Parties agree to [***].
(iv)Also for purposes of this Section 8.2, Toshiba’s cost of site/land preparation for the Y5 Facility [***].
(b)Land.  With respect to the land purchased by Toshiba related to the establishment of the Y5 Facility, SanDisk will pay to Toshiba on a quarterly basis during the term of this Agreement compensation for [***] for the actual aggregate purchase price of such land [***].  For purposes of this Section 8.2, [***].  Annual depreciation of the Y5 Facility shall be calculated in accordance with Section 8.3(d).  To the extent appropriate, these charges will be invoiced under the FF Foundry Agreement, as 
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provided at Section 8.3 below.  For any portion of the Y5 Capacity Ratio that is not subject to the FF Foundry Agreement, such charges shall be invoiced directly.
(c)Incentives.  Government incentives (financial or otherwise) attributable to the assets or operations of Flash Forward and the Y5 Facility will be shared by the Parties in accordance with the Y5 Capacity Ratio at the time such incentives are realized.  The Parties will discuss such incentives and the sharing thereof based on the type of incentives.
8.3FF Foundry Agreement.  Flash Forward and Toshiba shall enter into the FF Foundry Agreement at the Closing.  In the event SanDisk owns or leases manufacturing equipment located in the Y5 Facility as a result of [***], SanDisk and Toshiba will enter into a foundry agreement with terms substantially similar to the FF Foundry Agreement.  The FF Foundry Agreement provides for ordering procedures, prices, delivery, cost reporting and other specific terms and conditions for the manufacture by Toshiba and supply to Flash Forward of Y5 NAND Flash Memory Products, which shall be consistent with the following basic terms: 
(a)Facilities, Equipment and Raw Materials.  The manufacturing facilities will be located at the Y5 Facility and die sort will be located [***] or such other place as the Parties may agree upon.  Flash Forward and Toshiba will enter into an exclusive lease agreement with respect to the Y5 Facility and Flash Forward’s manufacturing equipment located in the Y5 Facility to be used in the manufacture of Y5 NAND Flash Memory Products by Toshiba.  Toshiba shall be responsible for obtaining the raw materials and services to be used in the manufacture of Y5 NAND Flash Memory Products.  Raw materials shall be procured in accordance with that certain RMPA.
(b)Production.  Toshiba will manufacture Y5 NAND Flash Memory Products at the Y5 Facility for Flash Forward ordered by Toshiba and SanDisk under the terms and conditions of the FF Purchase and Supply Agreements.  Flash Forward and Toshiba (from the Yokkaichi Facility) will use their best efforts to achieve the Business Plan manufacturing capacity.  Wafers produced in the JV Space will be sorted between the Parties such that aggregate yield losses will be shared on an equal basis.
(c)Operating Relationship.  The Parties shall provide personnel necessary for the manufacturing of the Y5 NAND Flash Memory Products as described in Section 6.10.
(d)Consideration to be Paid to Toshiba.  Toshiba will be compensated by Flash Forward as provided in the FF Foundry Agreement [***].  
(e)No Duplication of Costs or Expenses.  It is the intent of the Parties that any payments made by SanDisk under or pursuant to any Master Operative Documents, FA Operative Documents, FP Operative Documents or Joint Operative Documents shall not be duplicative and SanDisk shall in no event be required to pay or contribute more than once for any service, product or development work provided under such agreements, if such service, product or development work is provided under more than one agreement.  In addition, if SanDisk makes a direct payment for any service, product or development work provided under any such agreement, the cost incurred by Toshiba (from the Yokkaichi Facility), Flash Alliance, Flash Partners or Flash Forward, as the case may be, in connection with the provision of such service, product or development work shall not be included in the applicable wafer price charged to SanDisk.
(f)Exclusivity.  The Yokkaichi Facility shall be Flash Forward’s exclusive manufacturing source for output of Y5 NAND Flash Memory Products.  Flash Forward may seek external manufacturing sources for output in excess of the Yokkaichi Facility’s capacity upon agreement by the Management Representatives.
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8.4FF Purchase and Supply Agreements.  Flash Forward and each of the Parties or their respective Affiliates will enter into substantially identical FF Purchase and Supply Agreements providing for specific terms and conditions for the purchase by the Parties of Y5 NAND Flash Memory Products from Flash Forward, which shall be consistent with the following basic terms:
(a)Manufacturing.  Flash Forward shall manufacture or cause to be manufactured Y5 NAND Flash Memory Products and, as applicable, Y5 R/W as contemplated by Section 8.3.
(b)Purchase Commitment.  Except as contemplated in Section 6.3, each Party shall (itself or through Affiliates) purchase one half (based on a measure of Equivalent Lots out per week) of the total L/M of JV Y5 NAND Flash Memory Products.  The foregoing purchase commitment of each Party shall not be subject to reduction except as provided in Section 6.6(b).
(c)Sales Price for JV Y5 NAND Flash Memory Products Purchased by the Parties.  The sales price charged by Flash Forward to the Parties for wafers manufactured at Y5 shall be the sum of:
(i)[***]
(ii)[***].
(d)Other Cost Items.  Other items related to the manufacture of Y5 NAND Flash Memory Products will be charged on a monthly basis from Flash Forward to the Parties and will include the following: 
(i)[***];
(ii)[***];
(iii)[***];
(iv)[***];
(v)[***]; and
(vi)[***].
8.5Documentation of JV R/W Production.  In the event that R/W comes to be produced in the Y5 Facility, the Parties shall negotiate in good faith with respect to adopting modified documentation concerning such production, including, in the event of production in the JV R/W Space, (a) a foundry agreement indicating ordering procedures, prices, delivery, cost reporting and other specific terms and conditions for the manufacture by Toshiba and supply to Flash Forward of R/W, and (b) agreements governing the Parties’ respective purchases of R/W from Flash Forward, taking into account the differences between the production process of R/W and that of NAND Flash Memory Products, among other factors.
8.6Other Matters.
(a)Forecasts/Production Planning.  Each Party will submit forecasts, [***] as further provided in the FF Purchase and Supply Agreements.  The Parties shall use the system at the Yokkaichi Facility for such direct forecast submission, provided that the cost necessary for [***] shall be borne by SanDisk.  Each Party shall be provided the same access to Y5 data relating to Flash Forward data and such Party’s non-JV data, including data used for output forecasts, as the Parties receive with respect to Y4 data 
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relating to Flash Alliance.  Flash Forward production planning will hold a monthly production planning meeting with representatives of each Party, as further provided in the FF Purchase and Supply Agreements.  At such meetings, the Parties will agree on a production plan for the [***] which plan will be final (and the related forecast will be deemed to be covered by a binding purchase order).
(b)Production Control.  Flash Forward will provide each Party [***] on a non-discriminatory basis [***] with respect to [***] provided that the cost necessary for making such system available to SanDisk will be borne by SanDisk.  Each Party shall be provided the same access to Y5 data relating to Flash Forward data and such Party’s non-JV data, including data used for tool/process analysis, as the Parties receive with respect to Y4 data relating to Flash Alliance.  Each Party (through the Y5 Management Representatives) will have the right to discuss the production schedule, planned wafer starts and [***].
(c)Operating Reports.  SanDisk will have full access to any management or operation reports related to Flash Forward or Flash Forward’s business through the Y5 Operating Committee (as defined in the FF Operating Agreement).  Management and operating reports related to Flash Forward or Flash Forward’s business as mutually agreed from time to time will be simultaneously made available in Japanese and English to each Party.  Upon request, Toshiba employees will explain such reports to SanDisk’s employees and respond to questions from SanDisk’s employees, but Toshiba will not be responsible for SanDisk’s failure to understand such reports.
(d)Insurance.  Toshiba shall maintain or arrange property insurance covering assets owned or leased by Flash Forward, and business interruption insurance in respect of the business of Flash Forward, the scope and amounts of which shall be consistent with Toshiba’s practices at the Yokkaichi Facility and as required by any lender.  This coverage shall provide basically full replacement value of all Flash Forward owned and leased equipment, subject to valuation as part of Toshiba’s annual insurance policy renewal, and shall name Flash Forward as a beneficiary in respect of assets owned or leased by it and Flash Forward’s employee expenses covered by business interruption insurance.  On an annual basis, or when requested by either Party, the Y5 Operating Committee shall discuss and review the current insurance coverage and/or the need for any additional property or business interruption insurance in respect of Flash Forward’s assets or business.  Further, SanDisk reserves the right to seek to arrange additional property or business interruption insurance for its own account in respect of Flash Forward’s assets or business, and shall be responsible for the maintenance of insurance with respect to equipment used in the SanDisk R/W Space and any SanDisk Unilateral Expansion Space, and Toshiba shall cooperate in good faith to provide such information and access as is reasonably necessary for SanDisk to arrange such insurance.  If Toshiba makes a recovery from a third party (other than an insurer per the above) in respect of both assets of Flash Forward and other assets, then Toshiba shall allocate to Flash Forward a share of the net amount of such recovery in proportion to the losses suffered by Flash Forward and total losses suffered by Flash Forward and Toshiba.
9.Termination 
9.1Termination.
(a)Termination of any Master Operative Document by either Party shall be done only in good faith.
(b)This Agreement shall be terminated automatically upon the earlier of the Transfer of all of a Party’s FF Interests to the other Party (or its Affiliate) or upon completion of the dissolution and liquidation of Flash Forward pursuant to Section 11 (Dissolution) 
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of the FF Operating Agreement (the date of such Transfer or dissolution and liquidation, the “FF Termination Date”).
(c)Upon termination of this Agreement resulting from an event of dissolution of Flash Forward due to the expiration of Flash Forward pursuant to Section 11.1(a) (Expiration) of the FF Operating Agreement:
(i)the Parties shall further amend the Cross License Agreement, as then in effect, to specify that each Party’s patents issued or issuing on patent applications entitled to an effective filing date prior to the FF Termination Date are licensed on a royalty-free basis for the duration of such patents.  The scope of the licenses as amended pursuant to this Section 9.1(c)(i) shall not be greater than the scope of those granted under the Cross License Agreement, as in effect as of the FF Termination Date.
(ii)Toshiba shall grant to SanDisk, effective upon the FF Termination Date, a non-exclusive, non-transferable (except to Affiliates of SanDisk), non-sub-licensable, fully paid up, royalty-free license to make, have made, use, sell and have sold NAND Flash Memory Products anywhere in the world utilizing the NAND technology transferred to and/or utilized at the Yokkaichi Facility, and SanDisk shall have full access to all such know-how at the Yokkaichi Facility which has been transferred to the Yokkaichi Facility prior to the FF Termination Date.
(d)Upon a termination of this Agreement resulting from (i) an event of dissolution of Flash Forward or (ii) one Party’s acquisition of all of the other Party’s FF Interests (the acquirer thereof referred to hereinafter as the “Acquiring Party” and the seller thereof referred to hereinafter as the “Selling Party”) pursuant to Section 11.5 (Dissolution Upon Notice) of the FF Operating Agreement:
(i)Toshiba or the Acquiring Party, as the case may be, will, upon the request, prior to the FF Termination Date, of (A) SanDisk (such request to be made at the time of its notice pursuant to Section 11.5 of the FF Operating Agreement) in the case of the dissolution of Flash Forward or (B) the Selling Party (each, a “Requesting Party”) as the case may be, continue to manufacture NAND Flash Memory Products for the Requesting Party (not to exceed the Requesting Party’s capacity allocation available from Flash Forward under this Agreement as of the FF Termination Date (the “Termination Capacity”)) for a period of [***] following the Termination Date in the following ramp-down manner:
(A)[***]
(B)[***]
(C)[***]
(ii)Toshiba and SanDisk and their respective Affiliates shall have a perpetual, fully paid-up, royalty-free right to use technology previously transferred to one another during the term of this Agreement.
(iii)The Parties shall further amend the Cross License Agreement to specify that each Party’s patents issued or issuing on patent applications entitled to an effective filing date prior to the FF Termination Date are licensed on a royalty free basis for the duration of such patents.  The scope of the licenses as amended pursuant to this Section 9.1(d)(iii) shall not be greater than the scope of those granted under the Cross License Agreement, as in effect as of FF Termination Date.
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(iv)Upon termination of this Agreement resulting from an event of dissolution of Flash Forward caused by Toshiba’s election to withdraw from Flash Forward pursuant to the FF Operating Agreement, Toshiba hereby grants to SanDisk, effective upon the FF Termination Date, a non-exclusive, non-transferable (except to Affiliates of SanDisk), non-sub-licensable, fully paid-up, royalty-free license to make, have made, use, sell and have sold NAND Flash Memory Products anywhere in the world utilizing the NAND technology transferred to and/or utilized at the Yokkaichi Facility, and SanDisk shall have full access to all such know-how at the Yokkaichi Facility which has been transferred to the Yokkaichi Facility prior to the FF Termination Date.
(e)[Intentionally omitted.]
(f)Upon termination of this Agreement resulting from an event of dissolution of Flash Forward or one Party’s acquisition of the other Party’s FF Interests following a Deadlock (as defined in the FF Operating Agreement) pursuant to Section 10.3 (Dispute Resolution; Deadlock) of the FF Operating Agreement:
(i)In the case of one Party’s acquisition of the other Party’s FF Interests pursuant to Section 10.3(e) of the FF Operating Agreement, the Acquiring Party shall continue to manufacture products for the other Party (not to exceed the other Party’s Termination Capacity) for a period of [***] following the FF Termination Date in accordance with the following ramp down manner:
(A)[***]
(B)[***]
(C)[***]
(ii)The Parties and their respective Affiliates shall have a perpetual, fully paid-up, royalty-free right to use technology previously transferred to one another during the term of this Agreement.
(iii)The Parties shall further amend the Cross License Agreement to specify that, with respect only to Y5 NAND Flash Memory Products and any other Licensed Products defined in the Cross License Agreement and manufactured with 300mm wafers at any facility, each Party’s patents issued or issuing on patent applications entitled to an effective filing date prior to the FF Termination Date are licensed: (x) at the royalty rates specified in Schedule 9.1(f) until March 31, 2018; and (y) thereafter, on a royalty-free basis.  Both Parties shall negotiate in good faith for up to [***] upon request of either Party at any time during the [***] after the FF Termination Date to agree on royalty rates for patents filed by each Party after the FF Termination Date.  The scope of the licenses as amended pursuant to this Section shall not be greater than the scope of those granted under the Cross License Agreement, as in effect as of the FF Termination Date.
(g)Upon termination of this Agreement resulting from an event of dissolution of Flash Forward or a Party’s acquisition of the other Party’s FF Interests described in Section 11.3 (Dissolution Upon Event of Default) of the FF Operating Agreement:
(i)The Parties shall further amend the Cross License Agreement to specify that, with respect only to Y5 NAND Flash Memory Products and any other Licensed Products defined in the Cross License Agreement and manufactured with 300mm wafers at any facility, each Party’s patents issued or issuing on patent applications entitled to an effective filing date prior to the FF Termination Date are licensed at the royalty rates specified in Schedule 9.1(g) 
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for [***] after the FF Termination Date or until the end of [***], whichever comes first, and thereafter such licenses shall be [***].
(ii)In the event that Toshiba or an Affiliate of Toshiba is the Defaulting Party, Toshiba shall grant to SanDisk, effective upon such date of termination, a non-exclusive, non-transferable (except to Affiliates of SanDisk), non-sub-licensable, fully paid-up, royalty-free license to make, have made, use, sell and have sold NAND Flash Memory Products anywhere in the world utilizing the NAND technology transferred to and/or utilized at the Yokkaichi Facility, and SanDisk shall have full access to all such know-how at the Yokkaichi Facility which has been transferred to the Yokkaichi Facility prior to the FF Termination Date.
(h)Upon termination of this Agreement resulting from an event of dissolution described in Section 11.1(f) (Bankruptcy Event) of the FF Operating Agreement:
(i)If such termination is caused by a Bankruptcy Event in respect of Toshiba, (x) the license granted to SanDisk under Toshiba Licensed Patents pursuant to the Cross License Agreement shall continue on a royalty-free basis, and (y) Toshiba shall grant to SanDisk, effective upon such date of termination, a non-exclusive, non-transferable (except to Affiliates of SanDisk), non-sub-licensable, fully paid-up, royalty-free license to make, have made, use, sell and have sold NAND Flash Memory Products anywhere in the world utilizing the NAND technology transferred to and/or utilized at the Yokkaichi Facility, and SanDisk shall have full access to all such know-how at the Yokkaichi Facility which has been transferred to the Yokkaichi Facility prior to the Termination Date.
(ii)If such termination is caused by a Bankruptcy Event in respect of SanDisk, the license granted to Toshiba under SanDisk Licensed Patents (as defined in the Cross License Agreement) pursuant to the Cross License Amendment shall continue on a royalty-free basis.
(i)Upon a termination of this Agreement resulting from a purchase and sale transaction described in Section 11.6 (Financing Default) of the FF Operating Agreement, there shall be no capacity ramp-down rights or obligations and:
(i)If such termination is caused by a financing default in respect of Toshiba, (x) the Parties shall further amend the Cross License Agreement to specify that, with respect only to Y5 NAND Flash Memory Products and any other Licensed Products defined in the Cross License Agreement and manufactured with 300mm wafers at any facility, Toshiba’s patents issued or issuing on patent applications entitled to an effective filing date prior to the FF Termination Date are licensed to SanDisk on a royalty-free basis, and (y) Toshiba shall grant to SanDisk, effective upon such date of termination, a non-exclusive, non-transferable (except to Affiliates of SanDisk), non-sub-licensable, fully paid-up, royalty-free license to make, have made, use, sell and have sold NAND Flash Memory Products anywhere in the world utilizing the NAND technology transferred to and/or utilized at the Yokkaichi Facility, and SanDisk shall have full access to all such know-how at the Yokkaichi Facility which has been transferred to the Yokkaichi Facility prior to the Termination Date.
(ii)If such termination is caused by a financing default in respect of SanDisk, the Parties shall further amend the Cross License Agreement to specify that, with respect only to Y5 NAND Flash Memory Products and any other Licensed Products defined in the Cross License Agreement and manufactured with 300mm wafers at any facility, SanDisk’s patents issued or issuing on patent 
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applications entitled to an effective filing date prior to the FF Termination Date are licensed to Toshiba on a royalty-free basis.
(j)Restructuring Costs.
(i)In the event this Agreement is terminated, the Parties will exercise best efforts to plan such termination in advance with the goal of minimizing related costs.  With respect to Toshiba employees and SanDisk employees working at the Y5 Facility, (A) in the case of those that are Toshiba employees, Toshiba will use its best efforts to retrain or relocate such individuals to other Toshiba facilities, and (B) in the case of those that are SanDisk employees, SanDisk will use its best efforts to retrain or relocate such individuals to other SanDisk facilities, each to the maximum extent possible.
(ii)The Parties agree that in the event of such a SanDisk exit from Flash Forward, [***].
(A)[***]
(B)[***]
(iii)Upon any termination of this Agreement, the Parties shall meet and discuss in good faith an estimate of the Restructuring Costs anticipated to be incurred by Toshiba.  [***].
(k)Unless otherwise expressly provided herein, termination of this Agreement shall not affect any surviving rights or obligations of either Party set forth in the Joint Operative Documents.
10.Miscellaneous
10.1Survival.  Sections 1.3, 6.10(b)(vii), 6.11, 6.12(d), 9 and 10 and Appendix A shall survive the termination or expiration of this Agreement.
10.2Entire Agreement.  This Agreement, together with the exhibits, schedules, appendices and attachments thereto, constitutes the agreement of the Parties to this Agreement with respect to the subject matter hereof and supersedes all prior written and oral agreements and understandings with respect to such subject matter.
10.3Governing Law.  This Agreement shall in all respects be governed by and construed in accordance with the internal laws of the State of California applicable to agreements made and to be performed entirely within such state without regard to the conflict of laws principles of such state.  Each Master Operative Document shall be governed in accordance with its governing law provision and, in the absence of any such provision, by the first sentence of this Section 10.3.
10.4Assignment.  Except as separately agreed by the Parties in writing, neither Party may transfer this Agreement or any of its rights hereunder (except for any transfer to an Affiliate or in connection with a merger, consolidation or sale of all or substantially all the assets or the outstanding securities of such party, which transfer shall not require any consent of the other party) without the prior written consent of the other Party (which consent may be withheld in such other Party’s sole discretion), and any such purported transfer without such consent shall be void. 
10.5[***].  Notwithstanding the provisions of Section 2.9 of Appendix A, any other provision of this Agreement, and any delay beyond the date of hereof of execution by SanDisk Flash of this Agreement, Toshiba and SanDisk acknowledge and agree that, by the execution and delivery hereof to Toshiba and SanDisk Corporation: (a) this 
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Agreement shall be effective as between Toshiba and SanDisk Corporation as of the date hereof; and (b) upon the execution and delivery to Toshiba and SanDisk Corporation of this Agreement by SanDisk Flash, SanDisk Flash shall be joined as a Party to this Agreement, this Agreement shall be effective by and among Toshiba, SanDisk Corporation and SanDisk Flash as of the date written by the signature of the authorized signatory of SanDisk Flash, and SanDisk Flash shall enjoy and be subject to all rights and obligations hereunder from and after such date.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Parties as of the date first above written.

						
		TOSHIBA CORPORATION

By:     /s/ Kiyoshi Kobayashi    

Name:    Kiyoshi Kobayashi

Title:    President and CEO
    Semiconductor Company
Corporate Senior Vice President

		SANDISK CORPORATION

By:     /s/ Eli Harari    

Name:    Eli Harari

Title:    Chairman and CEO
    

		SANDISK FLASH B.V.

By:  /s/ Sanjay Mehrotra        

Name:    Sanjay Mehrotra

Title:    Director

[Signature Page to Flash Forward Master Agreement]

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APPENDICES

Appendix A    -    Definitions, Rules of Construction and General Terms and Conditions

EXHIBITS

(FF Operative Documents)
Exhibit A1    -    Capital Interests Purchase Agreement
Exhibit A2    -    FF Operating Agreement
Exhibit A3    -    FF Patent Indemnification Agreement
Exhibit A4    -    Environmental Indemnification Agreement
Exhibit A5    -    Lease Agreement
Exhibit A6    -    Toshiba-SanDisk Flash Services Agreement
Exhibit A7    -    Toshiba-Flash Forward Services Agreement
Exhibit A8    -    SanDisk Flash-Flash Forward Services Agreement

(Joint Operative Documents)
Exhibit B    -    Amendment No. 5 to Cross License Agreement

SCHEDULES

Schedule 4.5    -    Litigation; Decrees
Schedule 4.7    -    Patents and Proprietary Rights
Schedule 4.9    -    Cross License Payment Obligations
Schedule 6.2(a)    -    Technology Transfer Costs
Schedule 7.4(a)    -    Fixed Manufacturing Costs and Variable Manufacturing Costs
Schedule 9.1(f)    -    Royalty in case of Deadlock Termination
Schedule 9.1(g)    -    Royalty in case of Event of Default Termination

    

    
    

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APPENDIX A

DEFINITIONS, RULES OF CONSTRUCTION AND
DOCUMENTARY CONVENTIONS
The following shall apply unless otherwise required by the main body of the agreement into which this Appendix A is being incorporated (as used herein, “this Agreement”):

Definitions
The following terms shall have the specified meanings:
“3D Collaboration Agreement”, means the 3D Collaboration Agreement, dated as of June 13, 2008, between SanDisk Corporation and Toshiba.
“Accountants” means such firm of internationally recognized independent certified public accountants for Flash Forward as is appointed pursuant to the FF Operating Agreement from time to time.  Initially, the Accountants shall be Shin Nihon & Company, an affiliate of Ernst & Young LLP.  
“Affiliate” of any Person means any other Person which directly or indirectly controls, is controlled by or is under common control with, such Person; provided, however, that the term Affiliate, (a) when used in relation to Flash Forward or any Subsidiary of Flash Forward, shall not include SanDisk Corporation or Toshiba or any Affiliate of either of them, and (b) when used in relation to SanDisk Corporation or Toshiba or any Affiliate of either of them, shall not include Flash Forward or any Subsidiary of Flash Forward.
“Articles” means the Articles of Incorporation of Flash Forward.
“Asahi Area” means Toshiba’s facilities in Asahi, Japan.
“Bankruptcy Event” means, with respect to any Person, the occurrence or existence of any of the following events or conditions: such Person (1) is dissolved; (2) becomes insolvent or fails or is unable or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding up or liquidation and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 60 days of the institution or presentation thereof; (5) has a resolution passed by its governing body for its winding-up or liquidation; (6) seeks or becomes subject to the appointment of an administrator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (regardless of how brief such appointment may be, or whether any obligations are promptly assumed by another entity or whether any other event described in this clause (6) has occurred and is continuing); (7) experiences any event which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) through (6) above; or (8) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.
“Board of Executive Officers” has the meaning set forth in Section 5.1(a) of the FF Operating Agreement.
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“Burdensome Condition” means, with respect to any proposed transaction, any action taken, or credibly threatened, by any Governmental Authority or (except if such action or threat is frivolous) other Person to challenge the legality of such proposed transaction, including (i) the pendency of a governmental investigation (formal or informal) in contemplation of the possible actions described in clauses (ii)(A), (ii)(B) or (ii)(C) below, (ii) the institution of a suit or the written threat thereof (A) seeking to restrain, enjoin or prohibit the consummation of such transaction or material part thereof, to place any material condition or limitation upon such consummation or to invalidate, suspend or require modification of any material provision of any Operative Document, (B) challenging the acquisition by either Toshiba or SanDisk Flash of its Interests or (C) seeking to impose limitations on the ability of either Toshiba or SanDisk Flash effectively to exercise full rights as Members of Flash Forward, including the right to act on all matters properly presented to the parties pursuant to the FF Operating Agreement, or (iii) an order by a court of competent jurisdiction having any of the consequences described in (ii)(A), (ii)(B) or (ii)(C) above, or placing any conditions or limitations upon such consummation that are unreasonably burdensome in the reasonable judgment of the applicable Person.
“Business Day” means any day (other than a day which is a Saturday, Sunday or legal holiday in the State of California or Japan) on which commercial banks are open for business in the State of California or Tokyo, Japan.
“Business Plan” means the Initial Business Plan and each subsequent business plan, including budgets and projections for Flash Forward for each relevant period, approved in accordance with Section 3.4(c) of the FF Operating Agreement and complying with Section 3.4(b) of the FF Operating Agreement.
“Capital Contribution” means the capital contribution made by or allocated to a Party by virtue of its ownership of Interests as indicated on Schedule 6.1 to the FF Operating Agreement. 
“Change of Control” with respect to a Person means a transaction or series of related transactions as a result of which (i) more than 50% of the beneficial ownership of the outstanding common stock or other ownership interests of such Person (representing the right to vote for the board of directors or similar organization of such Person) is acquired by another Person or affiliated group of Persons, whether by reason of stock acquisition, merger, consolidation, reorganization or otherwise or (ii) the sale or disposition of all or substantially all of a Person’s assets to another Person or affiliated group of Persons.  
“Closing” means the closing of the transactions described in Sections 2.1 of the Master Agreement.
“Closing Date” means the date of the Closing.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.  Any reference to a particular provision of the Code or a treasury regulation promulgated pursuant to the Code means, where appropriate, the corresponding provision of any successor statute or regulation.
“Common R&D Agreement” means the Fourth Amended and Restated Common R&D and Participation Agreement, dated as of the Effective Date, between Toshiba and SanDisk Corporation.
“Companies Act” means the Companies Act (Kaisha-ho), Law No. 86 of July 26, 2005, as may be amended hereafter and in effect as at any time.
“Control” (including its correlative meanings “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the 
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direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).
“Cross License Agreement” has the meaning given in the Master Agreement.
“Effective Date” means July 13, 2010.
“Environmental Indemnification Agreement” means the Flash Forward Mutual Contribution and Environmental Indemnification Agreement, dated as of July 13, 2010, between Toshiba and SanDisk Flash.  
“Event of Default” means, with respect to a Party, the occurrence or existence of any of the following events or conditions which remains uncured for sixty (60) days following receipt by such Party of written notice thereof:
(a)    a Bankruptcy Event in respect of such Party or any Person of which such Party is a Subsidiary; or
(b)    the breach by such Party of its covenant in Section 9.1 of the FF Operating Agreement or the breach by such Party of its covenant in Section 5.1(b) of the Master Agreement, provided that a Change of Control of a Party shall not be deemed an Event of Default.
“FA Master Agreement” means the Master Agreement among Toshiba, SanDisk and SanDisk Ireland dated as of July 7, 2006.
“FA Operative Documents” means the Flash Alliance Master Agreement, dated as of July 7, 2006, the Share Purchase Agreement between Toshiba and SanDisk Ireland, dated as of July 7, 2006, the Operating Agreement between Toshiba and SanDisk Ireland, dated as of July 7, 2006, the Articles of Incorporation of Flash Alliance, the Foundry Agreement between Flash Alliance and Toshiba, dated as of July 7, 2006, the Purchase and Supply Agreement between Flash Alliance and [***], dated as of July 7, 2006, the Purchase and Supply Agreement between Flash Alliance and Toshiba, dated as of July 7, 2006, the Patent Indemnification Agreement among SanDisk Corporation, [***] and Toshiba, dated as of July 7, 2006, the Mutual Contribution and Environmental Indemnification Agreement between SanDisk Ireland and Toshiba, dated as of July 7, 2006, the Lease Agreement between Flash Alliance and Toshiba, as owner of the Yokkaichi Facility, dated as of July 7, 2006, the Services Agreement between SanDisk Ireland and Toshiba, dated as of July 7, 2006, the Services Agreement between Flash Alliance and Toshiba, as owner of the Yokkaichi Facility, dated as July 7, 2006, and the Services Agreement between Flash Alliance and SanDisk Ireland, dated as of July 7, 2006, in each case as amended by the JVRA.
“FF Foundry Agreement” means the Foundry Agreement, dated as of the Effective Date, between Flash Forward and Yokkaichi.
“FF Operating Agreement” means the Operating Agreement, dated as of the Effective Date, between Toshiba and SanDisk Flash.
“FF Operative Documents” has the meaning set forth in the Master Agreement.
“Fiscal Quarter” means, unless changed by the Board of Executive Officers, a calendar quarter.
“Fiscal Year” means the one year period commencing on April 1 of each year.
“Flash Alliance” means Flash Alliance, Ltd., a Japanese special limited liability company (tokurei yugen kaisha). 
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“Flash Forward” has the meaning set forth in the Master Agreement.
“Flash Partners” means Flash Partners, Ltd., a Japanese special limited liability company (tokurei yugen kaisha).
“FP Master Agreement” means the Master Agreement among Toshiba, SanDisk and SanDisk International dated as of September 10, 2004.
“FP Operative Documents” means the Flash Partners Master Agreement, dated as of September 10, 2004, the Share Purchase Agreement between Toshiba and SanDisk Manufacturing, dated as of September 10, 2004, the Operating Agreement between Toshiba and SanDisk International, dated as of September 10, 2004, the Foundry Agreement between Flash Partners and Toshiba, dated as of September 10, 2004, the Purchase and Supply Agreement between Flash Partners and SanDisk International, dated as of September 10, 2004, the Purchase and Supply Agreement between Flash Partners and Toshiba, dated as of September 10, 2004, the Patent Indemnification Agreement between SanDisk Corporation and Toshiba, dated as of September 10, 2004, the Mutual Contribution and Environmental Indemnification Agreement between SanDisk Corporation and Toshiba, dated as of September 10, 2004, and the Lease Agreement between Flash Partners and Toshiba, as owner of the Yokkaichi Facility, dated as of September 10, 2004, in each case as amended by the JVRA.
“FVC Japan” means FlashVision Ltd., a Japanese special limited liability company (tokurei yugen kaisha).
“FVC Japan Equipment” means any equipment which is or will, from time to time, be owned or leased by FVC Japan.
“Governmental Action” means any authorization, consent, approval, order, waiver, exception, variance, franchise, permission, permit or license of, or any registration, filing or declaration with, by or in respect of, any Governmental Authority.
“Governmental Authority” means any United States or Japanese federal, state, local or other political subdivision or foreign governmental Person, authority, agency, court, regulatory commission or other governmental body, including the Internal Revenue Service and the Secretary of State of any State.
“Governmental Rule” means any statute, law, treaty, rule, code, ordinance, regulation, license, permit, certificate or order of any Governmental Authority or any judgment, decree, injunction, writ, order or like action of any court or other judicial or arbitration tribunal.
“Indebtedness” of any Person means, without duplication:
(a)    all obligations (whether present or future, contingent or otherwise, as principal or surety or otherwise) of such Person in respect of borrowed money or in respect of deposits or advances of any kind;
(b)    all obligations of such Person evidenced by bonds, debentures, notes or similar instruments;
(c)    all obligations of such Person upon which interest charges are customarily paid, except for trade payables;
(d)    all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person;
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(e)    all obligations of such Person issued or assumed as the deferred purchase price of property or services (other than with respect to the purchase of personal property under standard commercial terms);
(f)    all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed;
(g)    all guarantees by such Person of Indebtedness of others;
(h)    all obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property (or a combination thereof), which obligations would be required to be classified and accounted for as capital leases on a balance sheet of such Person prepared in accordance with Japanese GAAP or US GAAP, as applicable;
(i)    all obligations of such Person (whether absolute or contingent) in respect of interest rate swap or protection agreements, foreign currency exchange agreements or other interest or exchange rate hedging arrangements; and
(j)    all obligations of such Person as an account party in respect of letters of credit and bankers’ acceptances.
The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner.
“Indemnified Parties” means the Party being indemnified’s officers, directors, employees, agents, contractors, subcontractors, and transferees permitted pursuant to the FF Operating Agreement and the Master Agreement.
“Interests” means the issued and outstanding interests (mochibun) in Flash Forward.
“Japanese GAAP” means generally accepted accounting principles in Japan as in effect from time to time, consistently applied.
“Japanese GAAS” means generally accepted auditing standards in Japan as in effect from time to time.
“JMDY Agreement” means the Amended and Restated Joint Memory Development Yokkaichi Agreement, dated as of the Effective Date, between Toshiba and SanDisk Corporation.
“JV Y5 NAND Flash Memory Products” has the meaning given in Section 3.2(a)(ii) of the Master Agreement.
“JVRA” means the Joint Venture Restructure Agreement, dated as of January 29, 2009, among SanDisk Corporation and certain of its affiliates, Toshiba Corporation, Flash Alliance and Flash Partners, dated as of January 29, 2009.
“License Agreement” means the Patent Cross License Agreement, dated July 30, 1997, by and between Toshiba and SanDisk, as amended. 
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset and (c) in the case of securities, any purchase option, call or similar right with respect to such securities.
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“L/M” means Equivalent Lots (as defined in the Master Agreement) per month.
“Management Representative” has the meaning given in the Master Agreement.
“Master Agreement” means the Flash Forward Master Agreement, dated as of July 13, 2010, by and among Toshiba, SanDisk and SanDisk Flash.
“Material” means, with respect to any Person, an event, change or effect which is or, insofar as reasonably can be foreseen, will be material to the condition (financial or otherwise), properties, assets, liabilities, capitalization, licenses, businesses, operations or prospects of such Person and, in the case of Flash Forward, the ability of Flash Forward to carry out its then-current Business Plan. 
“Member” means the holder of any Interests.
“NAND Flash Memory Products” has the meaning given in Section 3.2 of the Master Agreement.
“Net Book Value” means, with respect to any Person, the total assets of such Person less the total liabilities of such Person, in each case as determined in accordance with Japanese GAAP or US GAAP, as applicable.
“Patent Indemnification Agreement” means the Patent Indemnification Agreement dated as of July 13, 2010, among Toshiba, SanDisk Corporation and SanDisk Flash.
“Percentage” means, with respect to any Member (as defined in the FF Operating Agreement), the percentage of such Member’s ownership interest in Flash Forward.  For the avoidance of doubt, as of the date hereof, Percentage means with respect to Toshiba or its Affiliate, 50.1%, and with respect to SanDisk Flash or its Affiliate, 49.9%; provided, however, if either Member transfers all of its Interests to any Affiliate in accordance with the FF Operating Agreement, its Percentage shall be 0% and such Affiliate transferee shall receive the entire Percentage of the transferring Member.
“Permitted Liens” means (a) the rights and interests of Flash Forward, either Party or any Affiliate of any such Person as provided in the FF Operative Documents, and (b) Liens for Taxes which are not due and payable or which may after contest be paid without penalty or which are being contested in good faith and by appropriate proceedings and so long as such proceedings shall not involve any substantial risk of the sale, forfeiture or loss of any part of any relevant asset or title thereto or any interest therein.
“Person” means any individual, firm, company, corporation, limited liability company, unincorporated association, partnership, trust, joint venture, Governmental Authority or other entity, and shall include any successor (by merger or otherwise) of such entity.
“Product Development Agreement” means the Amended and Restated Product Development Agreement, dated as of the Effective Date, between Toshiba and SanDisk Corporation.
“SanDisk Corporation” means SanDisk Corporation, a Delaware corporation.
“SanDisk Flash” means SanDisk Flash B.V., a company organized under the laws of The Netherlands.
“SanDisk Ireland” means SanDisk (Ireland) Limited, a company organized under the laws of the Republic of Ireland.
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“SanDisk International” means SanDisk (Cayman) Limited, a company organized under the laws of the Cayman Islands.
“SanDisk Purchase and Supply Agreement” means the Purchase and Supply Agreement, dated as of the Effective Date, between SanDisk Flash and Flash Forward.
“Subsidiary” of any Person means any other Person:
(i)    more than 50% of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or
(ii)    which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than 50% of whose ownership interest representing the right to make decisions (equivalent to those generally reserved for the board of directors of a corporation) for such other Person is,
now or hereafter owned or controlled, directly or indirectly, by such Person, but such other Person shall be deemed to be a Subsidiary only so long as such ownership or control exists; provided, however, that the term Subsidiary as used in any FF Operative Document, when used in relation to a Party or any of its Affiliates, shall not include Flash Forward or any of its Subsidiaries.
“Tax” or “Taxes” means all United States or Japanese Federal, state, local or other political subdivision and foreign taxes, assessments and other governmental charges, including: (a) taxes based upon or measured by gross receipts, income, profits, sales, use or occupation and (b) value added, ad valorem, transfer, franchise, withholding, payroll, employment, excise or property taxes, together with (c) all interest, penalties and additions imposed with respect to such amounts and (d) any obligations under any agreements or arrangements with any other Person with respect to such amounts.
“Termination Date” means the date on which one Member, itself or together with its Affiliates, holds one hundred percent (100%) of the interests of Flash Forward or the date Flash Forward is dissolved in accordance with applicable law.
“Toshiba” means Toshiba Corporation, a Japanese corporation.
“Toshiba Capacity” has the meaning set forth in the JVRA.
“Toshiba Licensed Patent” has the meaning given in the Cross License Agreement.
“Toshiba- SanDisk Flash Services Agreement” means the Services Agreement, dated as of the Effective Date, between SanDisk Flash and Toshiba.
“Toshiba Purchase and Supply Agreement” means the Purchase and Supply Agreement, dated as of the Effective Date, between Toshiba and Flash Forward.
“Transfer” means any transfer, sale, assignment, conveyance, creation of any Lien (other than a Permitted Lien), or other disposal or delivery, including by dividend or distribution, whether made directly or indirectly, voluntarily or involuntarily, absolutely or conditionally, or by operation of law or otherwise.
“Unique Activities” means production activities of Flash Forward at the request of either Member to (i) implement changes in the manufacturing processes to be employed for Products to be manufactured for such Member (or its Affiliates) that are not agreed to by the other Member, (ii) commence manufacturing other Products for the requesting Member (or its Affiliates) that the other Member does not desire to have manufactured for it and which require a change in manufacturing processes or in the utilization of the Facility or production 
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resources, or (iii) implement any other change in its operations in order to manufacture Products specifically for the requesting Member (or its Affiliates).
“US GAAP” means generally accepted accounting principles in the United States as in effect from time to time, consistently applied.
“US GAAS” means generally accepted auditing standards in the United States as in effect from time to time.
“Y3 Facility” means the facility at which Y3 NAND Flash Memory Products are manufactured for Flash Partners.
“Y3 NAND Flash Memory Products” has the meaning given in Section 3.2(a)(iii) of the Master Agreement. 
“Y4 Facility” means the facility at which Y4 NAND Flash Memory Products are manufactured for Flash Alliance.
“Y4 NAND Flash Memory Products” has the meaning given in Section 3.2(a)(iii) of the Master Agreement. 
“Y5 Facility” has the meaning given in the Master Agreement.
“Y5 NAND Flash Memory Products” has the meaning given in Section 3.2(a)(ii) of the Master Agreement.
“Yokkaichi Facility” means Toshiba’s facilities in Yokkaichi Japan, including the FVC Japan Equipment, the Y3 Facility, the Y4 Facility, the Y5 Facility and Toshiba’s Asahi facility. 

Rules of Construction and Documentary Conventions
2.1Amendment and Waiver.  No amendment to or waiver of this Agreement shall be effective unless it shall be in writing, identify with specificity the provisions of this Agreement that are thereby amended or waived and be signed by each party hereto.  Any failure of a party to comply with any obligation, covenant, agreement or condition contained in this Agreement may be waived by the party entitled to the benefits thereof only by a written instrument duly executed and delivered by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure of compliance.
2.2Severability.  If any provision of this Agreement or the application of any such provision is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement (except as may be expressly provided in this Agreement) or invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereto waive any provision of law that renders any provision of this Agreement invalid, illegal or unenforceable in any respect.  The parties hereto shall, to the extent lawful and practicable, use their reasonable efforts to enter into arrangements to reinstate the intended benefits, net of the intended burdens, of any such provision held invalid, illegal or unenforceable.  If the intent of the Parties for entering into the FF Operative Documents, considered as a single transaction, cannot be preserved, the FF Operative Documents shall either be renegotiated or terminated by mutual agreement of the Parties.
2.3Assignment.  Except as may otherwise be specifically provided in this Agreement, no party hereto shall Transfer this Agreement or any of its rights hereunder (except for any 
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Transfer to an Affiliate or in connection with a merger, consolidation or sale of all or substantially all the assets or the outstanding securities of such party, which Transfer shall not require any consent of the other parties) without the prior written consent of each other party hereto (which consent may be withheld in each such other party’s sole discretion), and any such purported Transfer without such consent shall be void. 
2.4Remedies.
(a)Except as may otherwise be specifically provided in this Agreement, the rights and remedies of the parties under this Agreement are cumulative and are not exclusive of any rights or remedies which the parties hereto would otherwise have. 
(b)Equitable relief, including the remedies of specific performance and injunction, shall be available with respect to any actual or attempted breach of this Agreement; provided, however, in the absence of exigent circumstances, the parties shall refrain from commencing any lawsuit or seeking judicial relief in connection with such actual or attempted breach that is contemplated to be addressed by the dispute resolution process set forth in the Master Agreement and in Section 2.5 of this Appendix A until the parties have attempted to resolve the subject dispute by following said dispute resolution process to its conclusion.
(c)If the due date for any amount required to be paid under this Agreement is not a Business Day, such amount shall be payable on the next succeeding Business Day; provided that if payment cannot be made due to the existence of a banking crisis or international payment embargo, such amount may be paid within the following 30 days.  If due to the occurrence of an act of God, any party is prevented from providing training, technical assistance or other similar support required to be provided to Flash Forward pursuant to this Agreement, such party shall have an additional 30 day period to make alternative arrangements to provide such support.
2.5Arbitration. Any dispute concerning this Agreement shall be referred to the Management Representatives and handled by it in accordance with the Master Agreement.  If the Management Representatives cannot resolve such dispute in accordance with the terms of the Master Agreement, then such dispute will be settled by binding arbitration in San Francisco, California.  The dispute shall be heard by a panel of three arbitrators pursuant to the rules of the International Chamber of Commerce.  The awards of such arbitration shall be final and binding upon the parties thereto.  Each party will bear its own fees and expenses associated with the arbitration.  Filing fees and arbitrator fees charged by the ICC shall be borne equally by the Parties. 
2.6Damages Limited.  IN THE ABSENCE OF ACTUAL FRAUD, IN NO EVENT SHALL ANY PARTY BE LIABLE TO OR BE REQUIRED TO INDEMNIFY ANY OTHER PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGE OF ANY KIND, (INCLUDING WITHOUT LIMITATION LOSS OF PROFIT OR DATA), WHETHER OR NOT ADVISED OF THE POSSIBILITY OF SUCH LOSS.
2.7Parties in Interest; Limitation on Rights of Others.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns.  Nothing in this Agreement, whether express or implied, shall give or be construed to give any Person (other than the parties hereto and their permitted successors and assigns) any legal or equitable right, remedy or claim under or in respect of this Agreement, unless such Person is expressly stated in such agreement or instrument to be entitled to any such right, remedy or claim.
2.8Table of Contents; Headings.  The Table of Contents and Article and Section headings of this Agreement are for convenience of reference only and shall not affect the construction of or be taken into consideration in interpreting any such agreement or instrument.
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2.9Counterparts; Effectiveness.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which counterparts shall together constitute but one and the same contract.  This Agreement shall not become effective until one or more counterparts have been executed by each party hereto and delivered to the other parties hereto.
2.10Entire Agreement.  This Agreement, together with each other FF Operative Documents and the Exhibits, Schedules, Appendices and Attachments hereto and thereto, when completed, constitute the agreement of the parties to the FF Operative Documents with respect to the subject matter thereof and supersede all prior written and oral agreements and understandings with respect to such subject matter.
2.11Construction.  References in this Agreement to any gender include references to all genders, and references in this Agreement to the singular include references to the plural and vice versa.  Unless the context otherwise requires, the term “party” when used in this Agreement means a party to this Agreement.  References in this Agreement to a party or other Person include their respective permitted successors and assigns.  The words “include”, “includes” and “including”, when used in this Agreement, shall be deemed to be followed by the phrase “without limitation”.  Unless the context otherwise requires, references used in this Agreement to Articles, Sections, Exhibits, Schedules, Appendices and Attachments shall be deemed references to Articles and Sections of, and Exhibits, Schedules, Appendices and Attachments to, this Agreement.  Unless the context otherwise requires, the words “hereof”, “hereby” and “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement.  Any reference to a FF Operative Document shall include such FF Operative Document as amended or supplemented from time to time in accordance with the provisions thereof.
2.12Official Language.    The official language of this Agreement is the English language only, which language shall be controlling in all respects, and all versions of this Agreement in any other language shall not be binding on the parties hereto or nor shall such other versions be admissible in any legal proceeding, including arbitration, brought under this Agreement.  All communications and notices to be made or given pursuant to this Agreement shall be in the English language.
2.13Notices.  All notices and other communications to be given to any party under this Agreement shall be in writing and any notice shall be deemed received when delivered by hand, courier or overnight delivery service, or by facsimile (if confirmed within two Business Days by delivery of a copy by hand, courier or overnight delivery service), or five days after being mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid and shall be directed to the address of such party specified below (or at such other address as such party shall designate by like notice):
			
	    (a) If to SanDisk or SanDisk Flash:

    SanDisk Corporation
    601 McCarthy Boulevard
Milpitas, CA 95035 USA
    Telephone: (408) 542-0555
    Facsimile: (408) 542-0600
    Attention: President and CEO

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	    With a copy to:

    SanDisk Corporation
    601 McCarthy Boulevard
Milpitas, CA 95035 USA
    Telephone: (408) 548-0208
    Facsimile: (408) 548-0385
    Attention: Vice President and General Counsel

	    (b) If to Toshiba:

    Toshiba Corporation
    Semiconductor Company
    1-1 Shibaura 1-Chome
    Minato-Ku, Tokyo 105-8001 Japan
    Telephone: 011 81 3 3457 3362
    Facsimile: 011 81 3 5444 9339
    Attention: Memory Division, Vice President

	    With a copy to:

    Toshiba Corporation 
    Semiconductor Company
    Legal Affairs Division
    1-1 Shibaura 1-Chome
    Minato-Ku, Tokyo 105-8001 Japan
    Telephone: 011-81-3-3457-3452
    Facsimile: 011-81-3-5444-9342
    Attention: General Manager

	    (c) If to Flash Forward:

    Flash Forward, Ltd.
    800 Yamanoisshikicho, 
    Yokkaichi, Mie, Japan
    Attention: President 

	    With a copy to:

    SanDisk Corporation
    601 McCarthy Boulevard
Milpitas, CA 95035 USA
    Telephone: (408) 542-0510
    Facsimile: (408) 542-0640
    Attention: Chief Operating Officer

    And 

    Toshiba Corporation 
    Semiconductor Company
    Legal Affairs Division
    1-1 Shibaura 1-Chome
    Minato-Ku, Tokyo 105-8001 Japan
    Telephone: 011-81-3-3457-3452
    Facsimile: 011-81-3-5444-9342
    Attention: General Manager

2.14Non Disclosure Obligations.  Each party hereto agrees as follows:
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(a)In this Agreement, “Confidential Information” means information disclosed in written, recorded, graphical or other tangible from which is marked as “Confidential”, “Proprietary” or in some other manner to indicate its confidential nature, and/or orally or in other intangible form, identified as confidential at the time of disclosure and confirmed as confidential information in writing within thirty (30) days of its initial disclosure.
(b)For a period of [***] from the date of receipt of the Confidential Information disclosed by one Party (the “Disclosing Party”) hereunder, the receiving Party (the “Receiving Party”) agrees to safeguard the Confidential Information and to keep it in confidence and to use reasonable efforts, consistent with those used in the protection of its own confidential information, to prevent its disclosure to third parties, except that the Receiving Party shall not be obligated hereunder in any respect to information which:
(i)is already known to the Receiving Party at the time of its receipt from the Disclosing Party as reasonably evidenced by its written records; or
(ii)is or becomes publicly available without breach of this Agreement by the Receiving Party; or
(iii)is made available to a third party by the Disclosing Party without restriction on disclosure; or
(iv)is rightfully received by the Receiving Party from a third party without restriction and without breach of this Agreement; or
(v)is independently developed by the Receiving Party as reasonably evidenced by its written records contemporaneous with such development; or
(vi)is disclosed with the prior written consent of the Disclosing Party, provided that each recipient from the Receiving Party shall execute a confidentiality agreement prohibiting further disclosure of the Confidential Information, under terms no less restrictive that those provided in this Agreement; or
(vii)is required to be disclosed by the order of a governmental agency or legislative body of a court of competent jurisdiction, provided that the Receiving Party shall give the Disclosing Party prompt notice of such request so that the Disclosing Party has an opportunity to defend, limit or protect such disclosure; or
(viii)is required to be disclosed by applicable securities of other laws or regulations, provided that SanDisk shall, prior to any such disclosure required by the U.S. Securities and Exchange Commission, provide Toshiba with notice which includes a copy of the proposed disclosure. Further, SanDisk shall consider Toshiba’s timely input with respect to the disclosure.
(c)Receiving Party shall use its reasonable best efforts to limit dissemination of the Disclosing Party’s Confidential Information to such of its employees who have a need to know such information for the purpose for which such information was disclosed to it.   Receiving Party understands that disclosure or dissemination of the Disclosing Party’s Confidential Information not expressly authorized hereunder would cause irreparable injury to the Receiving Party, for which monetary damages would not be an adequate remedy and the Disclosing Party shall be entitled to equitable relief in addition to any remedies the Disclosing Party may have hereunder or at law.
(d)Nothing contained in this Agreement shall be construed as granting or conferring any rights, licenses or relationships by the transmission of the Confidential Information.
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(e)All Confidential Information disclosed hereunder shall remain the property of the Disclosing Party. Upon request by the Disclosing Party, the Receiving Party shall return all Confidential Information, including any and all copies thereof, or certify in writing that all such Confidential Information had been destroyed.
2.15Definitions.  The definitions set forth in Article I of this Appendix A shall apply to this Article II.
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Schedule 4.5
Litigation, Decrees

For Toshiba: [***]

For SanDisk: [***]

Schs., p. 1

Execution Version
 

Schedule 4.7
Patents and Proprietary Rights

For Toshiba: [***]

For SanDisk: [***]

Schs., p. 2

Execution Version
 

Schedule 4.9
Cross License Payment Obligations

For Toshiba: [***]

For SanDisk: [***]

Schs., p. 3

Execution Version
 

Schedule 6.2(a)
Technology Transfer Costs
[***]

Schs., p. 4

Execution Version
 

Schedule 7.4(a)
Fixed Manufacturing Costs and Variable Manufacturing Costs
(i) “Fixed Manufacturing Costs” shall include [***].

(ii) “Variable Manufacturing Costs” shall include [***].

Schs., p. 5

Execution Version
 

Schedules 9.1(f)  and 9.1(g) Generally

For the purpose of Schedules 9.1(f) and 9.1(g), the following terms shall have the following meanings, and all capitalized term used herein but not defined herein are defined in the [***]
 
“Adapter” shall mean [***].
 
“Card with Controller” shall mean [***].
 
“Embedded NAND MLC” shall mean [***].
 
“Embedded NAND SLC” shall mean [***].
 
“NAND Controller” shall mean [***].
 
“NAND MLC” shall mean [***].
 
“NAND SLC” shall mean [***].
 
“NOR Controller” shall mean [***].
 
“NOR MLC” shall mean [***].
 
“NOR SLC” shall mean [***].
 
“Other IC” shall mean [***].

Schs., p. 6

Execution Version
 

Schedule 9.1(f) 
Royalty in case of Deadlock Termination
[***] 
Schs., p. 7

Execution Version
 

Schedule 9.1(g) 
Royalty in case of Event of Deadlock Termination
[***] 
Schs., p. 8

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