Document:

Exhibit 10.2

 

FIRST AMENDMENT

FIRST AMENDMENT, dated as of September 26, 2018 (this “First Amendment”), to the Term Loan Credit Agreement, dated as of August 7, 2018 (as otherwise amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”), among Brunswick Corporation, a Delaware corporation (the “Company”), the several banks and other financial institutions or entities from time to time party thereto as lenders (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the other Agents party thereto, between the Company and the Administrative Agent, acting on behalf of the Lenders pursuant to the authority set forth in the Existing Credit Agreement.

The Existing Credit Agreement, as amended by this First Amendment, is referred to in this First Amendment as the “Amended Credit Agreement”.

W I T N E S S E T H

WHEREAS, the Company, the Lenders, the Administrative Agent and the other Agents are parties to the Existing Credit Agreement;

WHEREAS, the Company has entered into an Amended and Restated Credit Agreement, dated as of March 21, 2011, as amended and restated as of June 26, 2014, as further amended and restated as of June 30, 2016, as further amended as of July 13, 2018 and as further amended and restated as of September 26, 2018 (as otherwise amended, supplemented or otherwise modified from time to time, the “Amended and Restated Revolver Credit Agreement”), among the Company, the subsidiary borrowers party thereto, the lenders party thereto,  JPMorgan Chase Bank, N.A., as administrative agent, and the other agents party thereto, whereby the Required Lenders (as defined therein) agreed to approve certain amendments, including but not limited to, the “Approved Amendments” under Schedule 10.02 of the Existing Credit Agreement; and

WHEREAS, pursuant to Section 10.02(e) of the Existing Credit Agreement, the Company and the Administrative Agent (acting pursuant to the authorization of the Lenders set forth therein) are willing to agree to this First Amendment on the terms set forth herein;

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

1.          Defined Terms.  Terms defined in the Existing Credit Agreement and used herein (including, without limitation, in the recitals hereto) shall have the meaning given to them in the Existing Credit Agreement unless otherwise defined herein.

2.          Amendments to the Existing Credit Agreement.

(a)          Amendment to Section 1.01.  Section 1.01 of the Existing Credit Agreement is hereby amended as follows:

(i)          The definition of “Consolidated EBITDA” is hereby amended by replacing the number “$10,000,000” in clause (vi) with the following words: “the greater of (x) $15,000,000 and (y) 2.5% of Consolidated EBITDA for such Test Period”.

(ii)          The definition of “Control” is hereby amended by deleting the last sentence thereof.

(iii)          The definition of “Indebtedness” is hereby amended by deleting the words “are not more than 45 days past due or”.

(iv)          The definition of “Material Indebtedness” is hereby amended by replacing the number “$50,000,000” with the number “$100,000,000”.

(b)          Amendment to Section 3.04.  Section 3.04(a) of the Existing Credit Agreement is hereby amended by deleting the last sentence thereof.

(c)          Amendment to Section 3.14.  Section 3.14 of the Existing Credit Agreement is hereby deleted and replaced with the word “[Reserved]”.

(d)          Amendment to Section 5.01.  Section 5.01 of the Existing Credit Agreement is hereby amended as follows:

(i)          Section 5.01(j) is hereby deleted and replaced with the words “[reserved]; and”.

(ii)          Section 5.01(k) is hereby amended by replacing the words “or any Lender” with the words “(or any Lender through the Administrative Agent)”.

(e)          Amendment to Section 5.02.  Section 5.02 of the Existing Credit Agreement is hereby amended as follows:

(i)          Sections 5.02(b) and (c) are each hereby deleted and replaced with the word “[reserved];”.

(ii)          Section 5.02(d) is hereby deleted and replaced with the words “[reserved]; and”.

(f)          Amendment to Section 5.04.  Section 5.04 of the Existing Credit Agreement is hereby amended by (i) deleting the words “and Other Obligations” from the title and (ii) deleting the words “Material Indebtedness and all other material liabilities, including”.

(g)          Amendment to Section 5.05.  Section 5.05 of the Existing Credit Agreement is hereby amended by (i) adding the following words at the end of clause (b): “, in each case, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect”; and (ii) deleting the last sentence thereto.

(h)          Amendment to Section 5.06.  Section 5.06 of the Existing Credit Agreement is hereby amended by, immediately after the words “as often as reasonably requested”, adding the following words “(but in no event more frequently than one time a year unless an Event of Default has occurred and is continuing)”.

(i)          Amendment to Section 5.07.  Section 5.07(c) of the Existing Credit Agreement is hereby deleted and replaced with the word “[Reserved].”

(j)          Amendment to Section 6.01.  Section 6.01 of the Existing Credit Agreement is hereby amended by replacing the language therein, in its entirety, with the following language:

“The Company will not permit any of its Subsidiaries (other than any Loan Party) to create, incur or suffer to exist any Indebtedness, except:

(a)          [reserved]

(b)          Indebtedness of Subsidiaries existing on the date hereof and set forth on Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) hereof;

(c)          Indebtedness of any Subsidiary to the Company or any other Subsidiary;

(d)          Guarantees by any Subsidiary of Indebtedness of the Company or any other Subsidiary, provided that the Indebtedness so Guaranteed is permitted or not prohibited by this Section 6.01;

(e)          Indebtedness of any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets (whether or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof; provided that (i) such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed the greater of (x) $115,000,000 and (y) 5% of Total Assets at the time of incurrence (and after giving effect thereto and to related acquisitions and dispositions of assets), as determined based on the financial statements of the Company most recently delivered pursuant to Section 5.01(a) or (b);

(f)          Indebtedness which represents an extension, refinancing, replacement or renewal of any of the Indebtedness described in clauses (b), (e), (j), (k), (l) or (u) hereof; provided that, (i) the principal amount of such Indebtedness is not increased (except to the extent used to finance accrued interest and premium (including tender or make-whole premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses), (ii) any Liens securing such Indebtedness are not extended to any additional property the Company or any of its Subsidiaries or, if the original Indebtedness was unsecured, then the refinancing, renewal or extension Indebtedness shall be unsecured (other than with Available Collateral), (iii) no Subsidiary that was not originally obligated with respect to repayment of such Indebtedness is required to become obligated with respect thereto and (iv) such extension, refinancing or renewal does not result in a shortening of the average weighted maturity of the Indebtedness so extended, refinanced or renewed;

(g)          Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business;

(h)          Indebtedness of any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of business;

(i)          Indebtedness of any Subsidiary that owns Available Collateral incurred to refinance in whole or in part Existing 2021 Notes or for any other purpose (it being understood that the proceeds of any such Indebtedness incurred to refinance Existing 2021 Notes may be deposited in an account subject to control arrangements in favor of the trustee under the 2013 Existing Notes Indenture reasonably satisfactory to the Administrative Agent pending the application of such proceeds to refinance such Existing 2021 Notes); provided that the aggregate principal amount of Indebtedness at any time outstanding in reliance on this paragraph (i) (net of the amount of any proceeds on deposit in any control account as described above) shall not, when taken together with (1) the aggregate outstanding principal amount of the Existing 2021 Notes (or any refinancing or replacement of the Existing 2021 Notes incurred in reliance on paragraph (f) above (disregarding any principal amount in excess of the original principal amount thereof permitted to be incurred pursuant to the parenthetical contained in clause (i) of such paragraph (f)), other than a refinancing or replacement that can be incurred under clause (j) below, which shall be deemed to use the basket under clause (j) and not the basket under this clause (i)), and (2) the aggregate amount of sale and leaseback transactions consummated pursuant to clause (ii) or (iii) of Section 6.07, exceed $300,000,000; provided further that immediately after giving effect on a Pro Forma Basis to the incurrence of any Indebtedness pursuant to this paragraph (i), no Default or Event of Default shall have occurred and be continuing;

(j)          [reserved];

(k)          Indebtedness of Foreign Subsidiaries or of Foreign Holdcos; provided that the aggregate principal amount of Indebtedness permitted by this paragraph (k), together with the aggregate amount of sale and leaseback transactions consummated pursuant to clause (iv) of Section 6.07, at any time outstanding shall not exceed the greater of (x) $150,000,000 and (y) 6.0% of the aggregate assets held by, or related to, the Foreign Subsidiaries of the Company determined at the time of incurrence (and after giving effect thereto and to related acquisitions and dispositions of assets), as determined based on the financial statements of the Company most recently delivered pursuant to Section 5.01(a) or (b) (or, prior to the first such delivery of financial statements, in the financial statements referred to in Section 3.04(a));

(l)          Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this clause (l) at any time outstanding shall not exceed $35,000,000;

(m)          Indebtedness arising out of Capital Leases incurred in connection with sale and leaseback transactions permitted by Section 6.07;

(n)          [reserved];

(o)          Indebtedness arising out of customer deposits in the ordinary course of business;

(p)          Indebtedness with respect to surety bonds and similar arrangements incurred in the ordinary course of business;

(q)          Indebtedness arising in connection with (i) any Permitted Foreign Securitization or (ii) any Permitted Floorplan Vehicle Transaction;

(r)          [reserved];

(s)          Guarantees of obligations of Persons other than Subsidiaries;

(t)          other Indebtedness, when aggregated with the outstanding principal amount of obligations secured pursuant to Section 6.02(n) and the aggregate amount of sale and leaseback transactions consummated under Section 6.07(i), not to exceed the greater of (x) $50,000,000 and (y) 2.0% of Total Assets at the time of incurrence (and after giving effect thereto and to related acquisitions and dispositions of assets), as determined based on the financial statements of the Company most recently delivered pursuant to Section 5.01(a) or (b);

(u)          Indebtedness of any Subsidiary that owns a Fond du Lac Facility, including the Fond du Lac Existing Indebtedness, that is secured by assets included in the Fond du Lac Facility; provided that the aggregate principal amount of Indebtedness permitted by this paragraph (u), together with the aggregate amount of sale and leaseback transactions consummated pursuant to clause (v) of Section 6.07 and the aggregate amount of any refinancing Indebtedness in respect of such Indebtedness incurred in reliance on paragraph (f) above, shall not exceed $30,000,000 at any time outstanding; and

(v)          Floorplan Receivables Permitted Indebtedness.”

(k)          Amendment to Section 6.02.  Section 6.02 of the Existing Credit Agreement is hereby amended as follows:

(i)          Section 6.02(d) is hereby amended to add the words “(including debt of the type referred to in Section 6.01(e) incurred by the Company)” after the reference to Section 6.01(e) therein.

(ii)          Section 6.02(e) is hereby amended to add the words “(including debt of the type referred to in Section 6.01(l) incurred by the Company)” after the reference to Section 6.01(l) therein.

(iii)          Section 6.02(h) is hereby amended to add the words “(including debt of the type referred to in Section 6.01(k) incurred by the Company)” after the reference to Section 6.01(k) therein.

(iv)          Section 6.02(i) is hereby amended to add the words “(including debt of the type referred to in Section 6.01(i) incurred by the Company)” after the reference to Section 6.01(i) therein.

(v)          Section 6.02(m) is hereby amended to delete the words “securing Indebtedness permitted pursuant to Section 6.01(r)” therein.

(vi)          Section 6.02(n) is hereby amended by replacing the language therein, it its entirety, with the following language: “other Liens securing obligations in an aggregate amount outstanding, when aggregated with the outstanding principal amount of obligations secured pursuant to Section 6.01(t) and the aggregate amount of sale and leaseback transactions consummated under Section 6.07(i), at any time not in excess of the greater of (x) $50,000,000 and (y) 2.0% of Total Assets at the time of incurrence (and after giving effect thereto and to related acquisitions and dispositions of assets), as determined based on the financial statements of the Company most recently delivered pursuant to Section 5.01(a) or (b);”.

(vii)          Section 6.02(o) is hereby amended to add the words “(including debt of the type referred to in Section 6.01(u) incurred by the Company)” after the reference to Section 6.01(u) therein.

(l)          Amendment to Section 6.03.  Section 6.03(a) of the Existing Credit Agreement is hereby amended by replacing the language therein, in its entirety, with the following language:

“The Company will not, nor will it permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, or Dispose (whether in one transaction or in a series of transactions) all or substantially all of the assets (whether now owned or hereafter acquired) of the Company and its Subsidiaries, taken as a whole, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing (i) any Subsidiary of the Company may merge into the Company in a transaction in which the Company is the surviving entity, (ii) any Subsidiary may merge or liquidate into any other Subsidiary, (iii) any Subsidiary may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders, (iv) the Company may merge into, or consolidate with, another Person, provided that (x) the resulting, surviving or transferee Person (the “Successor Company”) will be a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company will expressly assume all the obligations of the Company under this Agreement and the Loan Documents to which it is a party by executing and delivering to the Administrative Agent a joinder or one or more other documents or instruments in form reasonably satisfactory to the Administrative Agent; (y) at the time and immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been incurred by the Successor Company or such Subsidiary at the time of such transaction), no Default or Event of Default will have occurred and be continuing; and (z) the Company shall have delivered to the Administrative Agent (i) certificates, corporate documentation and other information of the type referred to in Section 4.01(b) and (d) and (ii) a certificate signed by a Financial Officer and a legal opinion each to the effect that such consolidation, merger or transfer complies with the provisions described in this paragraph.”

(m)          Amendment to Section 6.04.  Section 6.04 of the Existing Credit Agreement is hereby deleted and replaced with the word “[Reserved].”

(n)          Amendment to Section 6.05.  Section 6.05 of the Existing Credit Agreement is hereby modified to delete the words “permitted by Section 6.04(m)”.

(o)          Amendment to Section 6.07.  Section 6.07 of the Existing Credit Agreement is hereby amended by replacing the language in clause (i), in its entirety, with the following language:

“any such sale of any fixed or capital assets by any Borrower or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 270 days after such Borrower or such Subsidiary acquires or completes the construction of such fixed or capital asset, provided that the aggregate amount of sale and leaseback transactions consummated pursuant to this clause (i) shall not exceed (x) $100,000,000 plus (y) an amount, when aggregated with the outstanding principal amount of obligations incurred pursuant to Section 6.01(t) and obligations secured pursuant 6.02(n), shall not exceed the greater of (x) $50,000,000 and (y) 2.0% of Total Assets at the time of incurrence (and after giving effect thereto and to related acquisitions and dispositions of assets), as determined based on the financial statements of the Company most recently delivered pursuant to Section 5.01(a) or (b),”.

(p)          Amendment to Section 6.09.  Section 6.09 of the Existing Credit Agreement is hereby deleted and replaced with the word “[Reserved].”

(q)          Amendment to Section 6.12.  Section 6.12 of the Existing Credit Agreement is hereby deleted and replaced with the word “[Reserved].”

(r)          Amendment to Section 6.13.  Section 6.13 of the Existing Credit Agreement is hereby deleted and replaced with the word “[Reserved].”

(s)          Amendment to the Schedules.  Schedules 5.02(d), 6.04 and 6.09 of the Existing Credit Agreement are each hereby deleted and replaced with the word “[Reserved].”

3.          Conditions to Effectiveness of this First Amendment.  This First Amendment shall become effective (the date of such effectiveness, the “First Amendment Effective Date”) upon the satisfaction of or waiver by the Administrative Agent of the following conditions:

(a)          Execution of Counterparts.  This First Amendment shall have been executed and delivered by the Company and the Administrative Agent.

(b)          Representations and Warranties.  After giving effect to this First Amendment, each of the representations and warranties made by the Company in Section 4 hereof shall be true and correct.

(c)          Fees.  All fees required to be paid on the First Amendment Effective Date and reasonable out-of-pocket expenses required to be paid on the First Amendment Effective Date, in each case to the extent invoiced at least two business days prior to the First Amendment Effective Date (except as otherwise reasonably agreed by the Company) and to the extent such fees and expenses are required to be paid pursuant to Section 10.03 of the Existing Credit Agreement, shall be paid substantially concurrently with the effectiveness of this First Amendment.

(d)          No Default.  No Default or Event of Default has occurred and is continuing immediately after giving effect to the amendments contemplated herein.

(e)          Amended and Restated Revolver Credit Agreement.  All of the conditions precedent to effectiveness of the Amended and Restated Revolver Credit Agreement set forth in Section 4.01 therein shall have been satisfied or shall be satisfied concurrently with the First Amendment Effective Date.

4.          Representation and Warranties.  To induce the Administrative Agent and the Lenders to enter into this First Amendment, the Company hereby represents and warrants to the Administrative Agent and each Lender that:

(a)          This First Amendment has been duly authorized, executed and delivered by it and this First Amendment and the Amended Credit Agreement each constitute its valid and binding obligation, enforceable against it in accordance with its terms.

(b)          Immediately after giving effect to this First Amendment, the representations and warranties of the Company set forth in Article III of the Amended Credit Agreement (but excluding the representations and warranties set forth in Sections 3.04(b) and 3.06(a) thereof) are true and correct in all material respects (or, to the extent subject to materiality or Material Adverse Effect qualifiers, in all respects) on and as of the First Amendment Effective Date (or, if any such representation or warranty is expressly stated to have been made as of a specific earlier date, as of such specific date).

(c)          No Default or Event of Default has occurred and is continuing immediately after giving effect to the amendments contemplated herein.

5.          Effect.  Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Loan Documents shall remain unamended and not waived and shall continue to be in full force and effect.  After the date hereof, any reference in the Loan Documents to the Existing Credit Agreement shall mean the Amended Credit Agreement.

6.          Counterparts.  This First Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.

7.          Severability.  Any provision of this First Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

8.          Integration.  This First Amendment shall constitute a Loan Document.  This First Amendment and the other Loan Documents constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

9.          GOVERNING LAW.  THIS FIRST AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 [Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

	 	
BRUNSWICK CORPORATION

	 	 	 
	 	
By:

	 /s/ Randall S. Altman
	 	 	
Name: Randall S. Altman

	 	 	
Title: VP & Treasurer

 

[Signature Page to Brunswick Term Loan Credit Agreement First Amendment]

	 	
JPMORGAN CHASE BANK, N.A., as Administrative Agent

	 	 	 
	 	
By:

	 /s/ Anna Kostenko 
	 	 	
Name: Anna Kostenko 

	 	 	
Title:  Vice President

 

[Signature Page to Brunswick Term Loan Credit Agreement First Amendment]Exhibit 10.1

  

 

 

 

 

 

 

AMENDED
AND RESTATED

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

of

 

AROG
PHARMACEUTICALS LLC

 

Dated as
of [●], 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

TABLE
OF CONTENTS

 

 

 

 

Page

 

	Article
    1 

Definitions and Usage
	Section
    1.01.  Definitions	1
	Section
    1.02.  Other Definitional and Interpretative Provisions	12
	Article
    2 

The Company
	Section
    2.01.  Formation	13
	Section
    2.02.  Name	13
	Section
    2.03.  Term	13
	Section
    2.04.  Registered Agent and Registered Office	14
	Section
    2.05.  Purposes	14
	Section
    2.06.  Powers of the Company	14
	Section
    2.07.  Partnership Tax Status	14
	Section
    2.08.  Regulation of Internal Affairs	14
	Section
    2.09.  Ownership of Property	14
	Section
    2.10.  Subsidiaries	14
	Section
    2.11.  Qualification in Other Jurisdictions	14
	Article
    3

 Units; Members; Books and Records; Reports
	Section
    3.01.  Units; Admission of Members	15
	Section
    3.02.  Substitute Members and Additional Members	15
	Section
    3.03.  Tax and Accounting Information	17
	Section
    3.04.  Books and Records	19
	Article
    4

 Pubco Ownership; Restrictions On Pubco Stock
	Section
    4.01.  Pubco Ownership	19
	Section
    4.02.  Restrictions on Pubco Common Stock	20
	Section
    4.03.  Certain Adjustments	22
	Article
    5 

Capital Contributions; Capital Accounts; Distributions; Allocations
	Section
    5.01.  Capital Contributions	23
	Section
    5.02.  Capital Accounts	23

 

 

    i

     

    

 

	Section
    5.03.  Amounts and Priority of Distributions	25
	Section
    5.04.  Allocations	27
	Section
    5.05.  Other Allocation Rules	29
	Section
    5.06.  Tax Withholding; Withholding Advances	30
	Article
    6 

Certain Tax Matters
	Section
    6.01.  Tax Matters Representative	32
	Section
    6.02.  Section 754 Elections	32
	Section
    6.03.  Debt Allocation	32
	Article
    7 

Management of the Company
	Section
    7.01.  Management by the Managing Member	32
	Section
    7.02.  Withdrawal of the Managing Member	33
	Section
    7.03.  Decisions by the Members	33
	Section
    7.04.  Duties	34
	Section
    7.05.  Officers	34
	Article
    8

 Transfers of Interests
	Section
    8.01.  Restrictions on Transfers	35
	Section
    8.02.  Certain Permitted Transfers	36
	Section
    8.03.  Distributions	36
	Section
    8.04.  Registration of Transfers	36
	Article
    9

 Certain Other Agreements
	Section
    9.01.  Non-Disparagement	37
	Section
    9.02.  Company Call Right	37
	Section
    9.03.  Preemptive Rights	38
	Article
    10

 Redemption and Exchange Rights
	Section
    10.01.  Redemption Right of a Member	38
	Section
    10.02.  Election and Contribution of Pubco	41
	Section
    10.03.  Exchange Right of Pubco	41
	Section
    10.04.  Tender Offers and Other Events with Respect to Pubco	42
	Section
    10.05.  Reservation of Shares of Class A Common Stock; Certificate of Incorporation of Pubco	43
	Section
    10.06.  Effect of Exercise of Redemption or Exchange Right	44
	Section
    10.07.  Cancellation of Class B Common Stock	44
	Section
    10.08.  Tax Treatment	44

 

 

    ii

     

    

 

	Article
    11 

Limitation on Liability, Exculpation and Indemnification
	Section
    11.01.  Limitation on Liability	44
	Section
    11.02.  Exculpation and Indemnification	44
	Article
    12 

Dissolution and Termination
	Section
    12.01.  Dissolution	47
	Section
    12.02.  Winding Up of the Company	48
	Section
    12.03.  Termination	48
	Section
    12.04.  Survival	49
	Article
    13 

Miscellaneous
	Section
    13.01.  Expenses	49
	Section
    13.02.  Further Assurances	49
	Section
    13.03.  Notices	50
	Section
    13.04.  Binding Effect; Benefit; Assignment	50
	Section
    13.05.  Jurisdiction	50
	Section
    13.06.  WAIVER OF JURY TRIAL	51
	Section
    13.07.  Counterparts	51
	Section
    13.08.  Entire Agreement	52
	Section
    13.09.  Severability	52
	Section
    13.10.  Amendment	52
	Section
    13.11.  Confidentiality	53
	Section
    13.12.  Governing Law	54

 

 

	Schedule A	Member Schedule

 

 

 

 

 

 

 

 

 

 

    iii

     

    

AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) OF AROG PHARMACEUTICALS LLC, a Delaware limited
liability company (the “Company”), dated as of [●], 2018, by and among the Company, Arog Pharmaceuticals
Holdings, Inc., a Delaware corporation (“Pubco”), and JI Biotech, Inc., a Delaware corporation (the “Continuing
LLC Owner”).

 

W I T N E
S S E T H:

 

WHEREAS,
the Company was formed pursuant to the conversion of Arog Pharmaceuticals, Inc., a Delaware corporation, into a limited liability
company, upon the filing of a certificate of conversion and a certificate of formation with the Secretary of State of the State
of Delaware on [●], 2018 and in accordance with the Delaware Act (as defined below);

 

WHEREAS,
the Continuing LLC Owner entered into the initial Limited Liability Company Agreement of the Company, dated as of [●], 2018
(the “Initial LLC Agreement”); and

 

WHEREAS,
pursuant to the terms of the Reorganization Agreement, dated as of [●], 2018, by and among the Company, Pubco and the other
Persons listed on the signature pages thereto (the “Reorganization Agreement”), the parties thereto have agreed
to consummate the reorganization of the Company and to take the other actions contemplated in such Reorganization Agreement (collectively,
the “Reorganization”).

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein made and other good and valuable consideration, the parties hereto
hereby agree, to amend and restate the Initial LLC Agreement in its entirety as follows:

 

Article
1

Definitions and Usage

 

Section 1.01.     
Definitions.

 

(a)           
The following terms shall have the following meanings for the purposes of this Agreement:

 

“Additional
Member” means any Person admitted as a Member of the Company pursuant to ‎Section 3.02 in connection with the new
issuance of Units to such Person.

 

“Adjusted
Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital
Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments:

 

(i)           
Credit to such Capital Account any amounts that such Member is obligated to restore or is deemed to be obligated to restore
pursuant to Treasury

 

    

     

    

Regulations
Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence in Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 

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

 

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

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with such Person; provided that no Member nor any Affiliate of any Member shall be deemed to be an Affiliate of any other
Member or any of its Affiliates solely by virtue of such Members’ Units.

 

“Affiliated
Transferee” means (i) in the case of any Member that is an individual, any Transferee of such Member that is (x) an
immediate family member of such Member, (y) a trust, family-partnership or estate-planning vehicle for the benefit of such Member
and/or any of its immediate family members or (z) otherwise an Affiliate of such Member or (ii) in the case of any Member that
is a limited liability company or other entity, any Transferee of such Member that is (x) an immediate family member of the individual
that controls a majority of the voting or economic interest in such Member, (y) a trust, family-partnership or estate-planning
vehicle for the benefit of such individual and/or any of its immediate family members or (z) otherwise an Affiliate of such Member.
For the purposes of this definition, none of Pubco, the Company or any of their respective Controlled Affiliates shall be deemed
to be an “Affiliate” of any Member and vice versa.

 

“Applicable
Law” means, with respect to any Person, any federal, state or local law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement
enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person or its
assets, as amended unless expressly specified otherwise.

 

“Assumed
Tax Liability” means, with respect to any Member and any Fiscal Year, an amount equal to the excess of (i) the product
of (A) the Tax Rate for such Fiscal Year multiplied by (B) the estimated or actual taxable income or gain of the Company, as determined
for federal income tax purposes, allocated to such Member for such Fiscal Year as determined by the Managing Member over (ii)
the amount of cumulative Tax Distributions previously made to such Member in respect of such Fiscal Year; provided, however,
that in the case of Pubco, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of
the Company’s assets pursuant to Sections 734(b), 743(b), or 754 of the Code and (y) shall in no event be less than an

 

    2

     

    

amount that
will enable Pubco to pay its Tax-Related Liabilities for the relevant taxable period.

 

“Business”
means the business of engaging in the discovery and development of drug candidates, as well as the licensing, manufacture, commercialization,
distribution and sale of any drugs developed, and engaging in such activities as are, in the Managing Member’s determination,
necessary, incidental or appropriate in connection therewith, in each case, as conducted by the Company and its Subsidiaries.

 

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

 

“Call
Price” means 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 The Wall Street Journal or its successor, for each of the three (3) consecutive full Trading Days ending on and including
the last full Trading Day immediately prior to the date of the Call Notice, subject to appropriate and equitable adjustment for
any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common
Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Call Price shall be determined
in good faith by a committee of the board of directors of Pubco composed of a majority of the directors of Pubco that do not have
an interest in the Call Units.

 

“Capital
Account” means the capital account established and maintained for each Member pursuant to ‎Section 5.02.

 

“Capital
Contribution” means, with respect to any Member, the amount of money and the initial Carrying Value of any Property
(other than money) contributed to the Company.

 

“Carrying
Value” means with respect to any Property (other than money), such Property’s adjusted basis for federal income
tax purposes, except as follows:

 

(i)           
The initial Carrying Value of any such Property contributed by a Member to the Company shall be the gross fair market value
of such Property, as reasonably determined by the Managing Member;

 

(ii)           
The Carrying Values of all such Properties shall be adjusted to equal their respective gross fair market values (taking
Section 7701(g) of the Code into account), as reasonably determined by the Managing Member, at the time of any Revaluation pursuant
to ‎Section 5.02(c);

 

(iii)           
The Carrying Value of any item of such Properties distributed to any Member shall be adjusted to equal the gross fair market
value (taking Section 7701(g) of the Code into account) of such Property on the date of distribution as reasonably determined
by the Managing Member; and

 

    3

     

    

(iv)           
The Carrying Values of such Properties shall be increased (or decreased) to reflect any adjustments to the adjusted basis
of such Properties pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken
into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subparagraph (vi)
of the definition of “Net Income” and “Net Loss” or ‎Section 5.04(b)(vi); provided,
however, that Carrying Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment
pursuant to subparagraph (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant
to this subparagraph (iv). If the Carrying Value of such Property has been determined or adjusted pursuant to subparagraph (i),
(ii) or (iv), such Carrying Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset,
for purposes of computing Net Income and Net Loss.

 

“Class
A Common Stock” means Class A common stock, $0.0001 par value per share, of Pubco.

 

“Class
B Common Stock” means Class B common stock, $0.0001 par value per share, of Pubco.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Common
Equivalents” means (i) with respect to Units, the number of Units, (ii) with respect to any Equity Securities that are
convertible into or exchangeable for Units, the number of Units issuable in respect of the conversion or exchange of such securities
into Units.

 

“Company
Minimum Gain” means “partnership minimum gain,” as defined in Treasury Regulation Sections 1.704-2(b)(2)
and 1.704-2(d).

 

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

 

“Covered
Person” means (i) each Member or an Affiliate thereof, in each case in such capacity, (ii) each officer, director, shareholder,
member, partner, employee, representative, agent (including the Tax Matters Representative and Designated Individual, if any)
or trustee of a Member or an Affiliate thereof, in all cases in such capacity, and (iii) each officer, director, shareholder (other
than any public shareholder of Pubco that is not a Member), member, partner, employee, representative, agent or trustee of the
Managing Member, Pubco (in the event Pubco is not the Managing Member), the Company or an Affiliate controlled thereby, in all
cases in such capacity.

 

“Delaware
Act” means the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq.

 

    4

     

    

“Depreciation”
means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with
respect to an asset for such Fiscal Year, except that if the Carrying Value of an asset differs from its adjusted basis for federal
income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount that bears the same ratio to such beginning
Carrying Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears
to such beginning adjusted tax basis; provided, however, that if the adjusted basis for federal income tax purposes
of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Carrying
Value using any reasonable method selected by the Managing Member.

 

“DGCL”
means the State of Delaware General Corporation Law, as amended from time to time.

 

“Equity
Securities” means, with respect to any Person, any (i) membership interests or shares of capital stock, (ii) equity,
ownership, voting, profit or participation interests or (iii) similar rights or securities in such Person or any of its Subsidiaries,
or any rights or securities convertible into or exchangeable for, options or other rights to acquire from such Person or any of
its Subsidiaries, or obligation on the part of such Person or any of its Subsidiaries to issue, any of the foregoing.

 

“Family
Member” shall mean with respect to any natural person, the spouse, parents, grandparents, lineal descendants, siblings
of such person or such person's spouse, and lineal descendants of siblings of such person or such person's spouse. Lineal descendants
shall include adopted persons, but only so long as they are adopted during minority.

 

“Fiscal
Year” means the Company’s fiscal year, which shall initially be the calendar year and which may be changed from
time to time as determined by the Managing Member.

 

“Governmental
Authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative
authority, department, court, agency or official, including any political subdivision thereof.

 

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

 

“Involuntary
Transfer” means any Transfer of Units by a Member resulting from (i) any seizure under levy of attachment or execution,
(ii) any bankruptcy (whether voluntary or involuntary), (iii) any Transfer to a state or to a public officer or agency pursuant
to any statute pertaining to escheat or abandoned property, (iv) any divorce or separation agreement or a final decree of a court
in a divorce action or (v) death or permanent disability.

 

    5

     

    

“IPO”
means the underwritten initial public offering of Pubco’s Class A Common Stock.

 

“IRS”
means the Internal Revenue Service of the United States.

 

“Liens”
means any pledge, encumbrance, security interest, purchase option, conditional sale agreement, call or similar right.

 

“LLC
Unit” means a common limited liability interest in the Company.

 

“Managing
Member” means (i) Pubco so long as Pubco has not withdrawn as the Managing Member pursuant to ‎Section 7.02 and
(ii) any successor thereof appointed as Managing Member in accordance with ‎Section 7.02.

 

“Member”
means any Person named as a Member of the Company on the Member Schedule and the books and records of the Company, as the same
may be amended from time to time to reflect any Person admitted as an Additional Member or a Substitute Member, for so long as
such Person continues to be a Member of the Company, and shall include, for the avoidance of doubt, the Managing Member.

 

“Member
Nonrecourse Debt” has the same meaning as the term “partner nonrecourse debt” in Treasury Regulations Section
1.704-2(b)(4).

 

“Member
Nonrecourse Debt Minimum Gain” means an amount with respect to each “partner nonrecourse debt” (as defined
in Treasury Regulation Section 1.704-2(b)(4)) equal to the Company Minimum Gain that would result if such partner nonrecourse
debt were treated as a nonrecourse liability (as defined in Treasury Regulation Section 1.752-1(a)(2)) determined in accordance
with Treasury Regulation Section 1.704-2(i)(3).

 

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

 

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

 

(i)       Any
income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition of “Net Income” and “Net Loss” shall be added to such taxable income
or loss;

 

(ii)       Any
expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) of the Code

 

    6

     

    

expenditures
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income and
Net Loss pursuant to this definition of “Net Income” and “Net Loss,” shall be treated as deductible items;

 

(iii)       In
the event the Carrying Value of any Company asset is adjusted pursuant to subparagraphs (ii) or (iii) of the definition of “Carrying
Value,” the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Carrying Value
of the asset) or an item of loss (if the adjustment decreases the Carrying Value of the asset) from the disposition of such asset
and shall be taken into account, immediately prior to the event giving rise to such adjustment, for purposes of computing Net
Income and/or Net Loss;

 

(iv)       Gain
or loss resulting from any disposition of Property with respect to which gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Carrying Value of the Property disposed of, notwithstanding that the adjusted tax basis
of such Property differs from its Carrying Value;

 

(v)       In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation;

 

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

 

(vii)       Notwithstanding
any other provision of this definition, any items that are specially allocated pursuant to ‎Section 5.04(b), ‎Section
5.04(c) and ‎Section 5.04(d) shall not be taken into account in computing Net Income and Net Loss.

 

The amounts
of the items of Company income, gain, loss, or deduction available to be specially allocated pursuant to ‎Section 5.04(b),
‎Section 5.04(c) and ‎Section 5.04(d) shall be determined by applying rules analogous to those set forth in subparagraphs
(i) through (vi) above.

 

“Non-Pubco
Member” means any Member that is not a Pubco Member.

 

“Nonrecourse
Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c).

 

    7

     

    

“Owned
Shares” with respect to each of the Members, as the case may be, the total number of shares of Class A Common Stock
beneficially owned (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) by such Member, in the aggregate
and without duplication, as of the date of such calculation (determined on an “as-converted” basis taking into account
any and all securities then convertible into, or exercisable or exchangeable for, shares of Class A Common Stock (including LLC
Units and shares of Class B Common Stock exchangeable pursuant to Section 10.03 of this Agreement).

 

“Percentage
Interest” means, with respect to any Member, a fractional amount, expressed as a percentage: (i) the numerator of which
is the aggregate number of LLC Units owned of record thereby and (ii) the denominator of which is the aggregate number of LLC
Units issued and outstanding. The sum of the outstanding Percentage Interests of all Members shall at all times equal 100%.

 

“Permitted
Transferee” means, other than with respect to Pubco, (a) any Member and (b) (i) in the case of any Member that is not
a natural person, any Person that is an Affiliate of such Member, and (ii) in the case of any Member that is a natural person,
(A) any Person to whom LLC Units are Transferred from such Member (1) by will or the laws of descent and distribution or (2) by
gift without consideration of any kind; provided that, in the case of clause (2), such transferee is the spouse, the lineal
descendant, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of such Member, (B) a
trust that is for the exclusive benefit of such Member or its Permitted Transferees under (A) above or (C) any institution qualified
as tax-exempt under Section 501(c)(3) of the Code.

 

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

 

“Prime
Rate” means the rate of interest from time to time identified by [Citibank, N.A.] as being its “prime” or
“reference” rate.

 

“Property”
means an interest of any kind in any real, personal or intellectual (or mixed) property, including cash, and any improvements
thereto, and shall include both tangible and intangible property.

 

“Pubco
Common Stock” means all classes and series of common stock of Pubco, including the Class A Common Stock and Class B
Common Stock.

 

“Pubco
Member” means (i) Pubco and (ii) any Subsidiary of Pubco (other than the Company and its Subsidiaries) that is a Member.

 

“Redeemed
Units Equivalent” means the product of (a) the Share Settlement, times (b) the Unit Redemption Price.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among Pubco and each
of the Non-Pubco Members.

 

    8

     

    

“Relative
Percentage Interest” means, with respect to any Member relative to another Member or Members, a fractional amount, expressed
as a percentage, the numerator of which is the Percentage Interest of such Member; and the denominator of which is (x) the Percentage
Interest of such Member plus (y) the aggregate Percentage Interest of such other Member or Members.

 

“Reorganization
Documents” means the Reorganization Agreement and each of the documents attached as an exhibit thereto, including, among
other documents, the Tax Receivable Agreement and the Registration Rights Agreement.

 

“Reserves”
means, as of any date of determination, amounts allocated by the Managing Member, in its reasonable judgment, to reserves maintained
for working capital of the Company, for contingencies of the Company, for operating expenses and debt reduction of the Company.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of Equity Securities or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof 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 thereof.

 

“Substantial
Ownership Requirement” means the beneficial ownership (as such term is defined in Rule 13d-3 and Rule 13d-5 under the
Exchange Act) by the Continuing LLC Owner and any Permitted Transferees, collectively, of shares of common stock of Pubco representing
at least ten percent (10%) of the total number of issued and outstanding shares of common stock of Pubco.

 

“Substitute
Member” means any Person admitted as a Member of the Company pursuant to ‎Section 3.02 in connection with the Transfer
of then-existing Units to such Person.

 

“Tax
Rate” means the highest marginal combined federal and state tax rate for an individual or corporation that is resident
in the State of Texas (or, in the case of a corporation, such other state or states as Pubco may be subject to tax) applicable
to ordinary income, qualified dividend income or capital gains, as appropriate, taking into account the holding period of the
assets disposed of and the year in which the taxable net income is recognized by the Company, and taking into account the deductibility
of state and local income taxes as applicable at the time for federal income tax purposes and any limitations thereon including
pursuant to Section 68 of the Code, which Tax Rate shall be the same for all Members.

 

“Tax
Receivable Agreement” means the Tax Receivable Agreement, dated as of the date hereof, by and among Pubco and each of
the Non-Pubco Members.

 

    9

     

    

“Tax-Related
Liabilities” means, with respect to any taxable period, (a) any U.S. federal, state and local and non-U.S. tax obligations
of Pubco (including with respect to any Withholding Advances) with respect to such period and (b) any obligations under the Tax
Receivable Agreement payable by Pubco during such taxable period.

 

“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).

 

“Transfer”
means any sale, assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or encumbrance, direct
or indirect, in whole or in part, by operation of law or otherwise, and shall include all matters deemed to constitute a Transfer
under ‎Article 8. The terms “Transferred”, “Transferring”, “Transferor”,
“Transferee” and “Transferable” have meanings correlative to the foregoing.

 

“Treasury
Regulations” mean the regulations promulgated under the Code, as amended from time to time.

 

“Units”
means LLC Units or any other class of limited liability interests in the Company designated by the Company after the date hereof
in accordance with this Agreement; provided that any type, class or series of Units shall have the designations, preferences
and/or special rights set forth or referenced in this Agreement, and the membership interests of the Company represented by such
type, class or series of Units shall be determined in accordance with such designations, preferences and/or special rights.

 

“Unit
Redemption Price” means 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 The Wall Street Journal or its successor, for each of the three (3) consecutive full Trading Days ending
on and including the last full Trading Day immediately prior to the 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. If the Class A Common
Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Unit Redemption Price shall
be determined in good faith by a committee of the board of directors of Pubco composed of a majority of the directors of Pubco
that do not have an interest in the LLC Units being redeemed.

 

(b)           
Each of the following terms is defined in the Section set forth opposite such term:

 

	“Agreement”	Preamble
	 	 
	“Call Member”	‎9.02(a)
	 	 
	“Call Notice”	‎9.02(a)

 

    10

     

    

	“Call Units”	‎9.02(a)
	 	 
	“Cash Settlement”	‎10.01(b)
	 	 
	“Company”	Preamble
	 	 
	“Company Parties”	‎9.01(b)
	 	 
	“Confidential Information”	‎13.11(b)
	 	 
	“Continuing LLC Owner”	Preamble
	 	 
	“Contribution Notice”	‎10.01(b)
	 	 
	“Controlled Entities”	‎11.02(e)
	 	 
	“Designated Individual”	‎6.01
	 	 
	“Direct Exchange”	‎10.03(a)
	 	 
	“Dissolution Event”	‎12.01(c)
	 	 
	“Economic Pubco Security”	‎4.01(a)
	 	 
	“e-mail”	‎13.03
	 	 
	“Exchange Election Notice”	‎10.03(b)
	 	 
	“Expenses”	‎11.02(e)
	 	 
	“GAAP”	‎3.03(b)
	 	 
	“Indemnification Sources”	‎11.02(e)
	 	 
	“Indemnitee-Related Entities”	‎11.02(e)(i)
	 	 
	“Initial LLC Agreement”	Recitals
	 	 
	“IPO”	Recitals
	 	 
	“Jointly Indemnifiable Claims”	‎11.02(e)(ii)
	 	 
	“Member Parties”	‎13.11
	 	 
	“Member Schedule”	‎3.01(b)
	 	 
	“Officers”	‎7.05(a)
	 	 
	“Pubco”	Preamble

    11

     

    

	“Pubco Certificate of Incorporation”	8.02(a)
	 	 
	“Pubco Offer”	‎10.04(a)
	 	 
	“Quarterly Tax Distributions”	‎5.03(e)(i)
	 	 
	“Redeemed Units”	‎10.01(a)
	 	 
	“Redeeming Member”	‎10.01(a)
	 	 
	“Redemption”	‎10.01(a)
	 	 
	“Redemption Date”	‎10.01(a)
	 	 
	“Redemption Notice”	‎10.01(a)
	 	 
	“Redemption Right”	‎10.01(a)
	 	 
	“Regulatory Allocations”	‎5.04(c)
	 	 
	“Reorganization”	Recitals
	 	 
	“Reorganization Agreement”	Recitals
	 	 
	“Retraction Notice”	‎10.01(b)
	 	 
	“Revaluation”	‎5.02(c)
	 	 
	“Share Settlement”	‎10.01(b)
	 	 
	“Tax Distributions”	‎5.03(e)(i)
	 	 
	“Tax Matters Partner”	‎6.01
	 	 
	“Tax Matters Representative”	‎6.01
	 	 
	“Transferor Member”	‎5.02(b)
	 	 
	“Withholding Advances”	‎5.06(b)

 

Section 1.02.     
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement
unless otherwise specified. All Schedules annexed hereto or referred to herein are hereby incorporated in

 

    12

     

    

and
made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined
therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the
plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not
they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References
to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated
thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from
time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns
of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including,
respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include
any Applicable Law. As used in this Agreement, all references to “majority in interest” and phrases of similar import
shall be deemed to refer to such percentage or fraction of interest based on the Relative Percentage Interests of the Members
subject to such determination. Unless otherwise expressly provided herein, when any approval, consent or other matter requires
any action or approval of any group of Members, including any holders of any class of Units, such approval, consent or other matter
shall require the approval of a majority in interest of such group of Members. Except to the extent otherwise expressly provided
herein, all references to any Member shall be deemed to refer solely to such Person in its capacity as such Member and not in
any other capacity.

 

Article
2

The Company

 

Section 2.01.     
Formation. The Company was formed pursuant to the conversion of Arog Pharmaceuticals, Inc., a Delaware corporation,
into a limited liability company, upon the filing of a certificate of conversion and a certificate of formation with the Secretary
of State of the State of Delaware on [●], 2018. The authorized officer or representative, as an “authorized person”
within the meaning of the Delaware Act, shall file and record any amendments and/or restatements to the certificate of formation
of the Company and such other certificates and documents (and any amendments or restatements thereof) as may be required under
the laws of the State of Delaware and of any other jurisdiction in which the Company may conduct business. The authorized officer
or representative shall, on request, provide any Member with copies of each such document as filed and recorded. The Members hereby
agree that the Company and its Subsidiaries shall be governed by the terms and conditions of this Agreement and, except as provided
herein, the Delaware Act.

 

Section 2.02.     
Name. The name of the Company shall be Arog Pharmaceuticals LLC.

 

 

    13

     

    

 

Section 2.03.     
Term. The Company shall have perpetual existence unless sooner dissolved and its affairs wound up as provided in
‎Article 11.

 

Section 2.04.     
Registered Agent and Registered Office. The name of the registered agent of the Company for service of process on
the Company in the State of Delaware shall be The Corporation Trust Company, and the address of such registered agent and the
address of the registered office of the Company in the State of Delaware shall be Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801. Such office and such agent may be changed to such place within the State of Delaware and any successor
registered agent, respectively, as may be determined from time to time by the Managing Member in accordance with the Delaware
Act.

 

Section 2.05.     
Purposes. The Company has been formed for the object and purpose of, and the nature of the business to be conducted
and promoted by the Company is to engage in the Business and to carry on any other lawful act or activities for which limited
liability companies may be organized under the Delaware Act.

 

Section 2.06.     
Powers of the Company. The Company shall have the power and authority to take any and all actions necessary, appropriate
or advisable to or for the furtherance of the purposes set forth in ‎Section 2.05.

 

Section 2.07.     
Partnership Tax Status. The Members intend that the Company shall be treated as a partnership for federal, state
and local income tax purposes to the extent such treatment is available, and agree to take (or refrain from taking) such actions
as may be necessary to receive and maintain such treatment and refrain from taking any actions inconsistent thereof.

 

Section 2.08.     
Regulation of Internal Affairs. The internal affairs of the Company and the conduct of its business shall be regulated
by this Agreement, and to the extent not provided for herein, shall be determined by the Managing Member.

 

Section 2.09.     
Ownership of Property. Legal title to all Property, conveyed to, or held by the Company or its Subsidiaries shall
reside in the Company or its Subsidiaries and shall be conveyed only in the name of the Company or its Subsidiaries and no Member
or any other Person, individually, shall have any ownership of such Property.

 

Section 2.10.     
Subsidiaries. The Company shall cause the business and affairs of each of the Subsidiaries to be managed by the
Managing Member in accordance with and in a manner consistent with this Agreement.

 

Section 2.11.     
Qualification in Other Jurisdictions. The Managing Member shall execute, deliver and file certificates (and any
amendments and/or restatements thereof) necessary for the Company to qualify to do business in the jurisdictions in which the
Company may wish to conduct business. In those jurisdictions in which the Company may wish to conduct business in which qualification
or registration under assumed or fictitious names is required or desirable, the Managing Member shall cause the Company to be
so qualified or registered in compliance with Applicable Law.

    14

     

    

Article
3

Units; Members; Books and Records; Reports

 

Section 3.01.     
Units; Admission of Members. (a) Each Member’s interest in the Company, including such Member’s interest,
if any, in the capital, income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company
matters as provided in this Agreement, shall be represented by Units. The ownership by a Member of Units shall entitle such Member
to allocations of profits and losses and other items and distributions of cash and other property as is set forth in ‎Article
5. Units shall be issued in non-certificated form.

 

(b)           
Upon the effectiveness of this Agreement, (i) Pubco is hereby admitted to the Company as the Managing Member and (ii) the
Company has hereby reclassified all of its outstanding equity interests outstanding into an aggregate of [●]1
LLC Units. After giving effect to the reclassification described in clause (ii) above, each of the Persons listed on Schedule
A (the “Member Schedule”) owns the number of LLC Units set forth opposite such Member’s name on the Member
Schedule. The Member Schedule shall be maintained by the Managing Member on behalf of the Company in accordance with this Agreement
and, upon any subsequent update to the Member Schedule, the Managing Member shall promptly deliver a copy of such updated Member
Schedule to each of the Members. When any Units or other Equity Securities of the Company are issued, repurchased, redeemed, converted
or Transferred in accordance with this Agreement, the Member Schedule shall be amended by the Managing Member to reflect such
issuance, repurchase, redemption or Transfer, the admission of additional or substitute Members and the resulting Percentage Interest
of each Member. Following the date hereof, no Person shall be admitted as a Member and no additional Units shall be issued except
as expressly provided herein.

 

(c)           
The Managing Member may cause the Company to authorize and issue from time to time such other Units or other Equity Securities
of any type, class or series and having the designations, preferences and/or special rights as may be determined by the Managing
Member. Such Units or other Equity Securities may be issued pursuant to such agreements as the Managing Member shall approve with
respect to Persons employed by or otherwise performing services for the Company or any of its Subsidiaries, other equity compensation
agreements, options or warrants. When any such other Units or other Equity Securities are authorized and issued, the Member Schedule
and this Agreement shall be amended by the Managing Member to reflect such additional issuances and resulting dilution, which
shall be borne pro rata by all Members based on their LLC Units.

 

Section 3.02.     
Substitute Members and Additional Members. (a) No Transferee of any Units or Person to whom any Units are issued
pursuant to this Agreement shall be admitted as a Member hereunder or acquire any rights hereunder, including any voting

 

 

 

1
[NTD: TBC.] 

 

    15

     

    

rights
or the right to receive distributions and allocations in respect of the Transferred or issued Units, as applicable, unless (i)
such Units are Transferred or issued in compliance with the provisions of this Agreement (including ‎Article 8), (ii)
such Transferee or recipient shall have executed and delivered to the Company such instruments as the Managing Member deems necessary
or desirable, in its reasonable discretion, to effectuate the admission of such Transferee or recipient as a Member and to confirm
the agreement of such Transferee or recipient to be bound by all the terms and provisions of this Agreement, (iii) the Managing
Member shall have received the opinion of counsel, if any, required by ‎Section 3.02(b) in connection with such Transfer
and (iv) all necessary instruments reflecting such Transfer and/or admission shall have been filed in each jurisdiction in which
such filling is necessary in order to qualify the company to conduct business or to preserve the limited liability of the Members.
Upon complying with the immediately preceding sentence, without the need for any further action of any Person, a Transferee or
recipient shall be deemed admitted to the Company as a Member. A Substitute Member shall enjoy the same rights, and be subject
to the same obligations, as the Transferor; provided that such Transferor shall not be relieved of any obligation or liability
hereunder arising prior to the consummation of such Transfer but shall be relieved of all future obligations with respect to the
Units so Transferred. As promptly as practicable after the admission of any Person as a Member, the books and records of the Company
shall be changed to reflect such admission of a Substitute Member or Additional Member. In the event of any admission of a Substitute
Member or Additional Member pursuant to this ‎Section 3.02(a), this Agreement shall be deemed amended to reflect such
admission, and any formal amendment of this Agreement (including the Member Schedule) in connection therewith shall only require
execution by the Company and such Substitute Member or Additional Member, as applicable, to be effective.

 

(b)           
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 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 10 of this Agreement.

 

(c)           
If a Member shall Transfer all (but not less than all) its Units, the Member shall thereupon cease to be a Member of the
Company.

 

(d)           
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 hereby 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

 

    16

     

    

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.

 

(e)           
In connection with any Transfer of any portion of a Member’s Units pursuant to ‎Article 10 of this Agreement,
the Managing Member shall cause the Company to take any action as may be required under ‎Article 10 of this Agreement
or requested by any party thereto to effect such Transfer promptly.

 

Section 3.03.     
Tax and Accounting Information. (a) Accounting Decisions and Reliance on Others. All decisions as to accounting
matters, except as otherwise specifically set forth herein, shall be made by the Managing Member in accordance with Applicable
Law and with accounting methods followed for federal income tax purposes. In making such decisions, the Managing Member may rely
upon the advice of the independent accountants of the Company.

 

(b)           
Records and Accounting Maintained. The books and records of the Company shall be kept, and the financial position
and the results of its operations recorded, in all material respects in accordance with United States generally accepted accounting
principles as in effect from time to time (“GAAP”). The Fiscal Year of the Company shall be used for financial
reporting and for federal income tax purposes.

 

(c)           
Financial Reports.

 

(i)           
The books and records of the Company shall be audited as of the end of each Fiscal Year by the same accounting firm that
audits the books and records of Pubco (or, if such firm declines to perform such audit, by an accounting firm selected by the
Managing Member).

 

(ii)           
In the event neither Pubco nor the Company is required to file an annual report on Form 10-K or quarterly report on Form
10-Q, the Company shall deliver, or cause to be delivered, the following to Pubco and each of the Non-Pubco Members, in each case
for so long as the Substantial Ownership Requirement is met:

 

(A)           
not later than ninety (90) days after the end of each Fiscal Year of the Company, a copy of the audited consolidated balance
sheet of the Company and its Subsidiaries as of the end of such Fiscal Year and the related statements of operations and cash
flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous year, all in reasonable
detail; and

 

(B)           
not later than forty five (45) days or such later time as permitted under applicable securities law after the end of each
of the first three fiscal quarters of each Fiscal Year, the unaudited consolidated balance sheet of the Company and its Subsidiaries,
and the related statements of operations and cash flows for such quarter and for the period commencing on the first day of the
Fiscal Year and ending on the last day of such quarter.

 

    17

     

    

(d)           
Tax Returns.

 

(i)           
The Company shall timely prepare or cause to be prepared by an accounting firm selected by the Managing Member all federal,
state, local and foreign tax returns (including information returns) of the Company and its Subsidiaries, which may be required
by a jurisdiction in which the Company and its Subsidiaries operate or conduct business for each year or period for which such
returns are required to be filed and shall cause such returns to be timely filed. Upon request of any Member, the Company shall
furnish to such Member a copy of each such tax return;

 

(ii)           
The Company shall furnish to each Member (a) as soon as reasonably practicable after the end of each Fiscal Year and in
any event by April 30, all information concerning the Company and its Subsidiaries required for the preparation of tax returns
of such Members (or any beneficial owner(s) of such Member), including a report (including Schedule K-1), indicating each Member’s
share of the Company’s taxable income, gain, credits, losses and deductions for such year, in sufficient detail to enable
such Member to prepare its federal, state and other tax returns; provided that estimates of such information believed by
the Managing Member in good faith to be reasonable shall be provided by March 10, (b) as soon as reasonably possible after the
close of the relevant fiscal period, but in no event later than ten days prior to the date an estimated tax payment is due, such
information concerning the Company as is required to enable such Member (or any beneficial owner of such Member) to pay estimated
taxes and (c) as soon as reasonably possible after a request by such Member, such other information concerning the Company and
its Subsidiaries that is reasonably requested by such Member for compliance with its tax obligations (or the tax obligations of
any beneficial owner(s) of such Member) or for tax planning purposes; and

 

(iii)           
For so long as the Substantial Ownership Requirement is met, each Non-Pubco Member shall be entitled to review and comment
on any tax returns or reports to be prepared pursuant to this ‎Section 3.03(d) at least 60 days prior to the
due date for the applicable tax return or report (including extensions). Each Non-Pubco Member shall notify the Company no later
than 30 days after receipt of a tax return or report of any changes recommended thereby to such return or report. The Company
shall consider in good faith all reasonable comments of the Non-Pubco Members to such tax returns or reports. If the Company does
not accept any such comment, the Company shall notify such Non-Pubco Member of that fact. If within five (5) days of such notification,
a Non-Pubco Member requests in writing a review of a rejected comment, the Company shall cause its regular tax advisors to review
the comment and consult with such Non-Pubco Member. The determination of the tax advisors following such review and consultation
shall definitively determine the position taken on the Company’s tax return or report.

 

(e)           
Inconsistent Positions. No Member shall take a position on its income tax return with respect to any item of Company
income, gain, deduction, loss or credit that is different from the position taken on the Company’s income tax return with
respect to

 

    18

     

    

such
item unless such Member notifies the Company of the different position the Member desires to take and the Company’s regular
tax advisors, after consulting with the Member, are unable to provide an opinion that (after taking into account all of the relevant
facts and circumstances) the arguments in favor of the Company’s position outweigh the arguments in favor of the Member’s
position.

 

Section 3.04.     
Books and Records. The Company shall keep full and accurate books of account and other records of the Company at
its principal place of business. For so long as the Substantial Ownership Requirement is met, each Non-Pubco Member shall have
any right to inspect the books and records of Pubco, the Company or any of its Subsidiaries.

 

Article
4

Pubco Ownership; Restrictions On Pubco Stock

 

Section 4.01.     
Pubco Ownership. (a) Except as otherwise determined by Pubco, if at any time Pubco issues a share of Class A Common
Stock or any other Equity Security of Pubco entitled to any economic rights (including in the IPO) (each an “Economic
Pubco Security”) (other than, for the avoidance of doubt, any share of Class B Common Stock or other Equity Security
of Pubco not entitled to any economic rights), (i) the Company shall issue to Pubco one LLC Unit (if Pubco issues a share of Class
A Common Stock) or such other Equity Security of the Company (if Pubco issues an Economic Pubco Security other than Class A Common
Stock) corresponding to the Economic Pubco Security with substantially the same rights to dividends and distributions (including
distributions upon liquidation) and other economic rights as those of such Economic Pubco Security, and (ii) the net proceeds
(if any) received by Pubco with respect to the corresponding share of Class A Common Stock or other Economic Pubco Security shall
be concurrently contributed to the Company at the time Pubco receives such net proceeds; provided, however, that
if Pubco issues any shares of Class A Common Stock or other Economic Pubco Securities, some or all of the net proceeds of which
are to be used to fund expenses or other obligations of Pubco for which Pubco would be permitted a distribution pursuant to ‎Section
5.03(c), then Pubco shall not be required to transfer such net proceeds to the Company which are used or will be used to fund
such expenses or obligations and provided, further, that if Pubco issues any shares of Class A Common Stock (including
in the IPO) in order to purchase or fund the purchase from a Non-Pubco Member of a number of LLC Units (and shares of Class B
Common Stock) or to purchase or fund the purchase of shares of Class A Common Stock, in each case equal to the number of shares
of Class A Common Stock issued, then the Company shall not issue any new LLC Units in connection therewith 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
to such Non-Pubco Member as consideration for such purchase).

 

(b)           
For the avoidance of doubt, this ‎‎Article 4 shall apply to the issuance and distribution to holders of
shares of Pubco Common Stock of rights to purchase Equity Securities of Pubco under a “poison pill” or similar shareholders
rights plan (it also being understood that upon redemption or exchange of LLC Units (including any such right to

 

    19

     

    

purchase
LLC Units in the Company) for shares of Class A Common Stock, such Class A Common Stock will be issued together with a corresponding
right to purchase Equity Securities of Pubco).

 

(c)           
If 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 of an option, settlement of a restricted stock unit, as restricted stock
or otherwise, the Company shall issue to Pubco a corresponding number of LLC Units; provided that the net proceeds (if
any) received by Pubco from or otherwise in connection with such corresponding issuance of one or more shares of Class A Common
Stock, including the exercise price of any option exercised, shall be concurrently contributed to the Company at the time Pubco
receives such net proceeds or exercise price, as applicable. 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 LLC Units that are issued
by the Company to Pubco in connection therewith in accordance with the preceding provisions of this ‎Section 4.01(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 LLC Units issued by the Company in accordance with the preceding provisions of this ‎Section
4.01(c) shall automatically vest or be forfeited. Any cash or property held by either Pubco or the Company or on either’s
behalf in respect of dividends paid on restricted Class A Common Stock that fails to vest shall be returned to the Company upon
the forfeiture of such restricted Class A Common Stock.

 

Section 4.02.     
Restrictions on Pubco Common Stock. (a) Except as otherwise determined by the Managing Member in accordance with
‎Section 4.02(d), (i) the Company may not issue any additional LLC Units to Pubco or any of its Subsidiaries unless
substantially simultaneously therewith Pubco or such Subsidiary issues or sells an equal number of shares of Class A Common Stock
to another Person, (ii) the Company may not issue any additional LLC Units to any Person (other than Pubco or any of its Subsidiaries)
unless simultaneously therewith Pubco issues or sells an equal number of shares of Class B Common Stock to such Person and (iii)
the Company may not issue any other Equity Securities of the Company to Pubco or any of its Subsidiaries unless substantially
simultaneously therewith, Pubco or such Subsidiary issues or sells, to another Person, an equal number of shares of a new class
or series of Equity Securities of Pubco or such Subsidiary with substantially the same rights to dividends and distributions (including
distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company.

 

(b)           
Except as otherwise determined by the Managing Member in accordance with ‎Section 4.02(d), (i) Pubco or any
of its Subsidiaries may not redeem, repurchase or otherwise acquire any shares of Class A Common Stock unless substantially simultaneously
therewith the Company redeems, repurchases or otherwise acquires from Pubco or any of its Subsidiaries an equal number of LLC
Units for the same price per security (or, if Pubco uses funds received from distributions from the Company or the net proceeds
from an issuance of Class A Common Stock to fund such redemption, repurchase or acquisition, then the Company shall cancel an
equal number of LLC Units

 

    20

     

    

for
no consideration) and (ii) Pubco or any of its Subsidiaries may not redeem or repurchase any other Equity Securities of Pubco
unless substantially simultaneously therewith the Company redeems or repurchases from Pubco or any of its Subsidiaries an equal
number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends
and distributions (including distributions upon liquidation) or other economic rights as those of such Equity Securities of Pubco
for the same price per security (or, if Pubco uses funds received from distributions from the Company or the net proceeds from
an issuance of Equity Securities other than Class A Common Stock to fund such redemption, repurchase or acquisition, then the
Company shall cancel an equal number of its corresponding Equity Securities for no consideration). Except as otherwise determined
by the Managing Member in accordance with ‎Section 4.02(d), (x) the Company may not redeem, repurchase or otherwise
acquire LLC Units from Pubco or any of its Subsidiaries unless substantially simultaneously Pubco or such Subsidiary redeems,
repurchases or otherwise acquires an equal number of Class A Common Stock for the same price per security from holders thereof
(except that if the Company cancels LLC Units for no consideration as described in ‎Section 4.02(b)(i), then the price
per security need not be the same) and (y) the Company may not redeem, repurchase or otherwise acquire any other Equity Securities
of the Company from Pubco or any of its Subsidiaries unless substantially simultaneously Pubco or such Subsidiary redeems, repurchases
or otherwise acquires for the same price per security an equal number of Equity Securities of Pubco of a corresponding class or
series with substantially the same rights to dividends and distributions (including dividends and distributions upon liquidation)
and other economic rights as those of such Equity Securities of Pubco (except that if the Company cancels Equity Securities for
no consideration as described in ‎Section 4.02(b)(ii), then the price per security need not be the same). Notwithstanding
the immediately preceding sentence, to the extent that any consideration payable to Pubco in connection with the redemption or
repurchase of any shares or other Equity Securities of Pubco or any of its Subsidiaries consists (in whole or in part) of shares
or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option
or warrant), then redemption or repurchase of the corresponding LLC Units or other Equity Securities of the Company shall be effectuated
in an equivalent manner (except if the Company cancels LLC Units or other Equity Securities for no consideration as described
in this ‎Section 4.02(b)).

 

(c)           
 The Company shall not in any manner effect 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 outstanding LLC Units unless accompanied by a substantively identical subdivision
or combination, as applicable, of the outstanding Pubco Common Stock, with corresponding changes made with respect to any other
exchangeable or convertible securities. Pubco shall not in any manner effect 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 outstanding Pubco Common Stock unless
accompanied by a substantively identical subdivision or combination, as applicable, of the outstanding LLC

 

    21

     

    

Units,
with corresponding changes made with respect to any other exchangeable or convertible securities.

 

(d)           
Notwithstanding anything to the contrary in this ‎Article 4:

 

(i)           
if at any time the Managing Member shall determine that any debt instrument of Pubco, the Company or its Subsidiaries shall
not permit Pubco or the Company to comply with the provisions of ‎Section 4.02(a) or ‎Section
4.02(b) in connection with the issuance, redemption or repurchase of any shares of Class A Common Stock or other Equity Securities
of Pubco or any of its Subsidiaries or any Units or other Equity Securities of the Company, then the Managing Member may in good
faith implement an economically equivalent alternative arrangement without complying with such provisions; provided that,
in the case that any such alternative arrangement is implemented because of restrictions in any debt instrument, such arrangement
shall also be subject to the prior written consent (not to be unreasonably withheld) of each of the Non-Pubco Members, in each
case for so long as the Substantial Ownership Requirement is met; and

 

(ii)           
if (x) Pubco incurs any indebtedness and desires to transfer the proceeds of such indebtedness to the Company and (y) Pubco
is unable to lend the proceeds of such indebtedness to the Company on an equivalent basis because of restrictions in any debt
instrument of Pubco, the Company or its Subsidiaries, then notwithstanding ‎Section 4.02(a) or ‎Section
4.02(b), the Managing Member may in good faith implement an economically equivalent alternative arrangement in connection with
the transfer of proceeds to the Company using non-participating preferred Equity Securities of the Company without complying with
such provisions; provided that, in the case that any such alternative arrangement is implemented because of restrictions
in any debt instrument, such arrangement shall also be subject to the prior written consent (not to be unreasonably withheld)
of each of the Non-Pubco Members, in each case for so long as the Substantial Ownership Requirement is met.

 

Section 4.03.     
Certain Adjustments. Notwithstanding any other provision in this Agreement, if Pubco acquires or holds any material
amount of cash in excess of any monetary obligations it reasonably anticipates (including as a result of the receipt of distributions
pursuant to ‎Section 5.03(e) for any period in excess of Pubco’s Tax-Related Liabilities for such period), Pubco
may, in its sole discretion, use such excess cash amount in such manner, and make such adjustments to, or take such other actions
with respect to, the capitalization of Pubco and the Company (including making such adjustments to the operation of ‎Article
10) as Pubco (in its capacity as Managing Member) in good faith determines to be fair and equitable to the stockholders of Pubco
and to the Members and to preserve the intended economic effect of this ‎Article 4, ‎Article 10 and the
other provisions of this Agreement.

    22

     

    

Article
5

Capital Contributions; Capital Accounts;

Distributions; Allocations

 

Section 5.01.     
Capital Contributions. (a) From and after the date hereof, no Member shall have any obligation to the Company, to
any other Member or to any creditor of the Company to make any further Capital Contribution, except as expressly provided in ‎Section
4.01(a).

 

(b)           
Except as expressly provided herein, no Member, in its capacity as a Member, shall have the right to receive any cash or
any other property of the Company.

 

Section 5.02.     
Capital Accounts.

 

(a)           
Maintenance of Capital Accounts. The Company shall maintain a Capital Account for each Member on the books of the
Company in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with
such provisions, the following provisions:

 

(i)           
Each Member listed on the Member Schedule shall be credited with the initial Capital Account balance set forth on the Member
Schedule. The Member Schedule shall be amended by the Managing Member after the closing of the IPO and from time to time to reflect
adjustments to the Members’ Capital Accounts made in accordance with Sections ‎5.02(a)(ii), ‎5.02(a)(iii),
‎5.02(a)(iv), ‎5.02(c) or otherwise.

 

(ii)           
To each Member’s Capital Account there shall be credited: (A) such Member’s Capital Contributions, (B) such
Member’s distributive share of Net Income and any item in the nature of income or gain that is allocated pursuant to ‎Section
5.04 and (C) the amount of any Company liabilities assumed by such Member or that are secured by any Property distributed to such
Member.

 

(iii)           
To each Member’s Capital Account there shall be debited: (A) the amount of money and the Carrying Value of any Property
distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive share of Net Loss
and any items in the nature of expenses or losses that are allocated to such Member pursuant to ‎Section 5.04
and (C) the amount of any liabilities of such Member assumed by the Company or that are secured by any Property contributed by
such Member to the Company.

 

(iv)           
In determining the amount of any liability for purposes of subparagraphs ‎(ii) and ‎(iii)
above there shall be taken into account Section 752(c) of the Code and any other applicable provisions of the Code and the Treasury
Regulations.

 

The foregoing provisions and
the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations

 

    23

     

    

Section 1.704-1(b)
and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event that the Managing Member
shall reasonably determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto
are maintained (including debits or credits relating to liabilities that are secured by contributed or distributed Property or
that are assumed by the Company or the Members), the Managing Member may make such modification so long as such modification will
not have any effect on the amounts distributed to any Person pursuant to ‎Article 11 upon the dissolution of the Company.
The Managing Member also shall (i) make any adjustments that are necessary or appropriate to maintain equality between Capital
Accounts of the Members and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes,
in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g), and (ii) 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).

 

(b)           
Succession to Capital Accounts. In the event any Person becomes a Substitute Member in accordance with the provisions
of this Agreement, such Substitute Member shall succeed to the Capital Account of the former Member (the “Transferor
Member”) to the extent such Capital Account relates to the Transferred Units.

 

(c)           
Adjustments of Capital Accounts. The Company shall revalue the Capital Accounts of the Members in accordance with
Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (a “Revaluation”) at the following times: (i) immediately
prior to the contribution of more than a de minimis amount of money or other property to the Company by a new or existing Member
as consideration for one or more Units; (ii) the distribution by the Company to a Member of more than a de minimis amount of property
in respect of one or more Units; (iii) the issuance by the Company of more than a de minimis amount of Units as consideration
for the provision of services to or for the benefit of the Company (as described in Treasury Regulations Section 1.704-1(b)(2)(iv)(f)(5)(iii));
(iv) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and (v) such other
times as may be required by Applicable Law; provided, however, that adjustments pursuant to clauses ‎(i), ‎(ii)
and ‎(iii) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary
or appropriate to reflect the relative economic interest of the Members.

 

(d)           
No Member shall be entitled to withdraw capital or receive distributions except as specifically provided herein. A Member
shall have no obligation to the Company, to any other Member or to any creditor of the Company to restore any negative balance
in the Capital Account of such Member. Except as expressly provided elsewhere herein, no interest shall be paid on the balance
in any Member’s Capital Account.

 

(e)           
Whenever it is necessary for purposes of this Agreement to determine a Member’s Capital Account on a per Unit basis,
such amount shall be determined by dividing the Capital Account of such Member attributable to the applicable class of Units held
of record by such Member by the number of Units of such class held of record by such Member.

 

    24

     

    

(f)            
Notwithstanding anything to the contrary in this ‎Section 5.02, it is intended that each Member’s Capital
Account per Unit be equal to each of the other Member’s Capital Account per Unit. If at any time there is a difference between
a Member’s Capital Account per Unit and the other Members’ Capital Accounts per Unit, the Company shall make appropriate
adjustments with respect to the Members’ Capital Accounts to eliminate or minimize such difference.

 

Section 5.03.     
Amounts and Priority of Distributions. (a) Distributions Generally. Except as otherwise provided in ‎Section
11.02, distributions shall be made to the Members as set forth in this ‎Section 5.03, at such times and in such amounts
as the Managing Member, in its sole discretion, shall determine.

 

(b)           
Distributions to the Members. Subject to Sections ‎5.03(e), and ‎5.03(f), at such times and
in such amounts as the Managing Member, in its sole discretion, shall determine, distributions shall be made to the Members in
proportion to their respective Percentage Interests.

 

(c)           
Pubco Distributions. Notwithstanding the provisions of ‎Section 5.03(b), the Managing Member, in its
sole discretion, may authorize that (i) cash be paid to Pubco or any of its Subsidiaries (which payment shall be made without
pro rata distributions to the other Members) in exchange for the redemption, repurchase or other acquisition of Units held by
Pubco or any of its Subsidiaries to the extent that such cash payment is used to redeem, repurchase or otherwise acquire an equal
number of shares of Class A Common Stock in accordance with ‎Section 4.02(b) and in accordance with ‎Section
12.01.

 

(d)           
Distributions in Kind. Any distributions in kind shall be made at such times and in such amounts as the Managing
Member, in its sole discretion, shall determine based on their fair market value as determined by the Managing Member in the same
proportions as if distributed in accordance with ‎Section 5.03(b), with all Members participating in proportion to
their respective Percentage Interests. If cash and property are to be distributed in kind simultaneously, the Company shall distribute
such cash and property in kind in the same proportion to each Member.

 

(e)           
Tax Distributions.

 

(i)           
With respect to each Fiscal Year, the Company shall, to the extent permitted by Applicable Law, make cash distributions
(“Tax Distributions”) to each Member in accordance with, and to the extent of, such Member’s Assumed
Tax Liability. Tax Distributions pursuant to this Section 5.03(e)(i) shall be estimated by the Company on a quarterly basis and,
to the extent feasible, shall be distributed to the Members (together with a statement showing the calculation of such Tax Distribution
and an estimate of the Company’s net taxable income allocable to each Member for such period) on a quarterly basis on April
15th, June 15th, September 15th and January 15th (of the succeeding year) (or such other dates for which individuals are required
to make quarterly estimated tax payments for U.S. federal income tax purposes) (each, a “Quarterly Tax Distribution”);
provided that the foregoing shall not restrict the Company from

 

    25

     

    

making
a Tax Distribution on any other date. Quarterly Tax Distributions shall take into account the estimated taxable income or loss
of the Company for the Fiscal Year through the end of the relevant quarterly period. A final accounting for Tax Distributions
shall be made for each Fiscal Year after the allocation of the Company’s actual net taxable income or loss has been determined
and any shortfall in the amount of Tax Distributions a Member received for such Fiscal Year based on such final accounting shall
promptly be distributed to such Member. To the extent that the aggregate amount of Tax Distributions made to the Members with
respect to any Fiscal Year exceeds the aggregate amount of Tax Distributions that would have been required to have been made based
solely on such final accounting, such excess shall reduce future Tax Distributions otherwise required to be made to the Members
with respect to any subsequent Fiscal Year.

 

(ii)           
To the extent a Member otherwise would be entitled to receive less than its Percentage Interest of the aggregate Tax Distributions
to be paid pursuant to this ‎Section 5.03(e) on any given date, the Tax Distributions to such Member shall be
increased to ensure that all Distributions made pursuant to this ‎Section 5.03(e) are made pro rata in accordance
with the Members’ respective Percentage Interests. If, on the date of a Tax Distribution, there are insufficient funds on
hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled, distributions
pursuant to this ‎Section 5.03(e) shall be made to the Members to the extent of available funds in accordance
with their Percentage Interests and the Company shall make future Tax Distributions as soon as funds become available sufficient
to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled.

 

(iii)           
In the event of any audit or similar event involving a taxing authority that affects the calculation of any Member’s
Assumed Tax Liability for any taxable year or in the event the Company files an amended tax return, each Member’s Assumed
Tax Liability with respect to such year shall be recalculated by giving effect to such event (and, for the avoidance of doubt,
taking into account interest or penalties). Any shortfall in the amount of Tax Distributions the Members and former Members received
for the relevant taxable years based on such recalculated Assumed Tax Liability promptly shall be distributed to such Members
and the successors of such former Members, except, for the avoidance of doubt, to the extent distributions were made to such Members
and former Members pursuant to this Section 5.03 (for the avoidance of doubt, other than pursuant to ‎Section
5.03(c)) in the relevant taxable years sufficient to cover such shortfall.

 

(iv)           
Notwithstanding the foregoing, Tax Distributions pursuant to this ‎Section 5.03(e), if any, with respect
to any Fiscal Year shall be made to a Member only to the extent that, at the relevant time of determination, (x) the aggregate
amount of distributions made to such Member pursuant to this Section 5.03 (for the avoidance of doubt, other than pursuant to
‎Section 5.03(c)) prior to such time but after the final accounting for the preceding Fiscal Year (and any resulting

 

    26

     

    

distribution
in respect of a Tax Distribution shortfall) is less than (y) the Tax Distributions such Member otherwise would be entitled to
receive at such time.

 

(f)            
Assignment. Each Member and its Affiliated Transferees shall have the right to assign to any Transferee of LLC Units,
pursuant to a Transfer made in compliance with this Agreement, the right to receive any portion of the amounts distributable or
otherwise payable to such Member pursuant to ‎Section 5.03(b).

 

Section 5.04.     
Allocations. (a) Net Income and Net Loss. Except as otherwise provided in this Agreement, and after giving
effect to the special allocations set forth in ‎Section 5.04(b), ‎Section 5.04(c) and ‎Section
5.04(d), Net Income and Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of
the Company shall be allocated among the Members in a manner such that the Capital Account of each Member, immediately after making
such allocation, is, as nearly as possible, equal to (i) the distributions that would be made to such Member pursuant to ‎Section
5.03(b) if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Company
liabilities were satisfied (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such
liability), and the net assets of the Company were distributed, in accordance with ‎Section 5.03(b), to the Members
immediately after making such allocation, minus (ii) any amounts that such Member is obligated to restore or is deemed to be obligated
to restore pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence in Treasury Regulations Sections
1.704-2(g)(1) and 1.704-2(i)(5), computed immediately prior to the hypothetical sale of assets.

 

(b)           
Special Allocations. The following special allocations shall be made in the following order:

 

(i)           
Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations Section 1.704-2(f), notwithstanding
any other provision of this ‎Article 5, if there is a net decrease in Company Minimum Gain during any Fiscal
Year, each Member shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent
Fiscal Years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance
with Treasury Regulations Section 1.704-2(g). Allocations pursuant to the immediately preceding sentence shall be made in proportion
to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined
in accordance with Treasury Regulations Section 1.704-2(f)(6) and 1.704-2(j)(2). This ‎Section 5.04(b)(i) is
intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted
consistently therewith.

 

(ii)           
Member Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), notwithstanding
any other provision of this ‎Article 5, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable
to a Member Nonrecourse Debt during any

 

    27

     

    

Fiscal
Year, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined
in accordance with Treasury Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for
such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease
in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations
Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required
to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury
Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This ‎Section 5.04(b)(ii) is intended to comply with the
minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(iii)           
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions
described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(6),
items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate,
to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of the Member as promptly as possible;
provided that an allocation pursuant to this ‎Section 5.04(b)(iii) shall be made only if and to the extent
that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this ‎Article
5 have been tentatively made as if this ‎Section 5.04(b)(iii) were not in the Agreement.

 

(iv)           
Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Members in
a manner determined by the Managing Member consistent with Treasury Regulations Sections 1.704-2(b) and 1.704-2(c).

 

(v)           
Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated
to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse
Deductions are attributable in accordance with Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(j)(1).

 

(vi)           
Section 754 Adjustments. (A) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant
to Sections 734(b) or 743(b) of the Code is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken
into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest
in the Company or as a result of a Transfer of a Member’s interest in the Company, as the case may be, the amount of such
adjustment shall be treated as an item of gain (if the adjustment increases the basis of such asset) or loss (if the adjustment
decreases the basis of such asset) from the disposition of the asset and shall be

 

    28

     

    

taken
into account for purposes of computing Net Income and Net Loss. (B) To the extent an adjustment to the adjusted tax basis of any
Company asset pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2)
or Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to
a Member in complete liquidation of such Member’s interest in the Company, the amount of such adjustment to Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases
such basis) and such gain or loss shall be specially allocated to such Members in accordance with their interests in the Company
in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made
in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

(c)           
Curative Allocations. The allocations set forth in ‎Section 5.04(b)(i) through ‎Section 5.04(b)(vi)
and ‎Section 5.04(d) (the “Regulatory Allocations”) are intended to comply with certain requirements
of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be
offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction
pursuant to this ‎Section 5.04(c). Therefore, notwithstanding any other provision of this ‎Article 5 (other
than the Regulatory Allocations), the Managing Member shall make such offsetting special allocations of Company income, gain,
loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s
Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory
Allocations were not part of the Agreement and all Company items were allocated pursuant to ‎Section 5.04.

 

(d)           
Loss Limitation. Net Loss (or individual items of loss or deduction) allocated pursuant to ‎Section 5.04
hereof shall not exceed the maximum amount of Net Loss (or individual items of loss or deduction) that can be allocated without
causing any Member to have an Adjusted Capital Account Deficit at the end of any Fiscal Year. In the event some but not all of
the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of Net Loss (or individual items of
loss or deduction) pursuant to ‎Section 5.04 hereof, the limitation set forth in this ‎Section 5.04(d) shall
be applied on a Member by Member basis and Net Loss (or individual items of loss or deduction) not allocable to any Member as
a result of such limitation shall be allocated to the other Members in accordance with the positive balances in such Member’s
Capital Accounts so as to allocate the maximum permissible Net Loss to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d).
Any reallocation of Net Loss pursuant to this ‎(d) shall be subject to chargeback pursuant to the curative allocation
provision of ‎Section 5.04(c).

 

Section 5.05.     
Other Allocation Rules. (a) Interim Allocations Due to Percentage Adjustment. If a Percentage Interest is
the subject of a Transfer or the Members’ interests in the Company change pursuant to the terms of the Agreement during
any Fiscal Year, the amount of Net Income and Net Loss (or items thereof) to be allocated to the Members

 

    29

     

    

for
such entire Fiscal Year shall be allocated to the portion of such Fiscal Year which precedes the date of such Transfer or change
(and if there shall have been a prior Transfer or change in such Fiscal Year, which commences on the date of such prior Transfer
or change) and to the portion of such Fiscal Year which occurs on and after the date of such Transfer or change (and if there
shall be a subsequent Transfer or change in such Fiscal Year, which precedes the date of such subsequent Transfer or change),
in accordance with an interim closing of the books, and the amounts of the items so allocated to each such portion shall be credited
or charged to the Members in accordance with ‎Section 5.04 as in effect during each such portion of the Fiscal Year
in question. Such allocation shall be in accordance with Section 706 of the Code and the regulations thereunder and made without
regard to the date, amount or receipt of any distributions that may have been made with respect to the transferred Percentage
Interest to the extent consistent with Section 706 of the Code and the regulations thereunder. As of the date of such Transfer,
the Transferee Member shall succeed to the Capital Account of the Transferor Member with respect to the transferred Units.

 

(b)           
Tax Allocations: Code Section 704(c). In accordance with Section 704(c) of the Code and the Treasury Regulations
thereunder, income, gain, loss, and deduction with respect to any Property contributed to the capital of the Company and with
respect to reverse Code Section 704(c) allocations described in Treasury Regulations 1.704-3(a)(6) shall, solely for tax purposes,
be allocated among the Members so as to take account of any variation between the adjusted basis of such Property to the Company
for federal income tax purposes and its initial Carrying Value or its Carrying Value determined pursuant to Treasury Regulation
1.704-1(b)(2)(iv)(f) (computed in accordance with the definition of Carrying Value) using the traditional allocation method without
curative allocations under Treasury Regulation 1.704-3(b). Any elections or other decisions relating to such allocations shall
be made by the Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations
pursuant to this ‎Section 5.05(b), Section 704(c) of the Code (and the principles thereof), and Treasury Regulation
1.704-1(b)(4)(i) are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into
account in computing, any Member’s Capital Account or share of Net Income, Net Loss, other items, or distributions pursuant
to any provision of this Agreement.

 

Section 5.06.     
Tax Withholding; Withholding Advances. (a) Tax Withholding.

 

(i)           
If requested by the Managing Member, each Member shall, if able to do so, deliver to the Managing Member: (A) an affidavit
in form satisfactory to the Company that the applicable Member (or its partners, as the case may be) is not subject to withholding
under the provisions of any federal, state, local, foreign or other law; (B) any certificate that the Company may reasonably request
with respect to any such laws; and/or (C) any other form or instrument reasonably requested by the Company relating to any Member’s
status under such law. In the event that a Member fails or is unable to deliver to the Company an affidavit described in subclause
‎(A) of this clause ‎(i), the Company may withhold amounts from such Member in accordance
with ‎Section 5.06(b).

 

    30

     

    

(ii)           
After receipt of a written request of any Member, the Company shall provide such information to such Member and take such
other action as may be reasonably necessary to assist such Member in making any necessary filings, applications or elections to
obtain any available exemption from, or any available refund of, any withholding imposed by any foreign taxing authority with
respect to amounts distributable or items of income allocable to such Member hereunder to the extent not adverse to the Company
or any Member. In addition, the Company shall, at the request of any Member, make or cause to be made (or cause the Company to
make) any such filings, applications or elections; provided that any such requesting Member shall cooperate with the Company,
with respect to any such filing, application or election to the extent reasonably determined by the Company and that any filing
fees, taxes or other out-of-pocket expenses reasonably incurred and related thereto shall be paid and borne by such requesting
Member or, if there is more than one requesting Member, by such requesting Members in accordance with their Relative Percentage
Interests.

 

(b)           
Withholding Advances. To the extent the Company is required by Applicable Law to withhold or to make tax payments
on behalf of or with respect to any Member (including backup withholding and any tax payment made by the Company pursuant to Section
6225 of the Code that is attributable to such Member) (“Withholding Advances”), the Company may withhold such
amounts and make such tax payments as so required. Any tax payment made by the Company pursuant to Section 6225 of the Code (which
shall be treated as an expense described in Section 705(a)(2)(B) of the Code) and any notional items related to a partnership
adjustment (as defined in Section 6241(2) of the Code) shall be allocated to the Member to which they are attributable, as equitably
determined by the Managing Member.

 

(c)           
 Repayment of Withholding Advances. All Withholding Advances made on behalf of a Member, plus interest thereon at
a rate equal to the Prime Rate as of the date of such Withholding Advances plus 2.0% per annum, shall (i) be paid on demand by
the Member on whose behalf such Withholding Advances were made (it being understood that no such payment shall increase such Member’s
Capital Account), or (ii) with the consent of the Managing Member and the affected Member be repaid by reducing the amount of
the current or next succeeding distribution or distributions that would otherwise have been made to such Member or, if such distributions
are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Member. Whenever repayment
of a Withholding Advance by a Member is made as described in clause ‎(ii) of this ‎Section 5.06(c), for
all other purposes of this Agreement such Member shall be treated as having received all distributions (whether before or upon
any Dissolution Event) unreduced by the amount of such Withholding Advance and interest thereon.

 

(d)           
Withholding Advances — Reimbursement of Liabilities. Each Member hereby agrees to reimburse the Company for
any liability with respect to Withholding Advances (including interest thereon) required or made on behalf of or with respect
to such Member (including penalties imposed with respect thereto). The obligation of a Member to reimburse the Company for taxes
pursuant to this ‎Section 5.06 shall continue

 

    31

     

    

after
such Member Transfers its LLC Units with respect to all payments or allocations to such Member were made prior to the date of
such Transfer.

 

Article
6

Certain Tax Matters

 

Section 6.01.     
Tax Matters Representative. Pubco is hereby appointed the “partnership representative” of the Company
under Section 6223 of the Code (the “Tax Matters Representative”). The Tax Matters Representative shall be
granted the corresponding designation under any similar provisions of any other state, local or non-U.S. tax laws. The Managing
Member shall select an individual to act on behalf of the Tax Matters Representative (the “Designated Individual”).
All rights, powers and authority conferred upon the Tax Matters Representative shall also be conferred upon the Designated Individual.
The Managing Member is specifically directed and authorized to take whatever steps it deems, in its discretion, necessary or desirable
to perfect the designation of the Tax Matters Representative and the Designated Individual, including filing any forms or documents
with the U.S. Internal Revenue Service and taking such other action as may from time to time be required under applicable Treasury
Regulations. The Company shall not be obligated to pay any fees or other compensation to the Tax Matters Representative in its
capacity as such, but the Company shall reimburse the Tax Matters Representative for all reasonable out-of-pocket costs and expenses
(including attorneys’ and other professional fees) incurred by it in its capacity as Tax Matters Representative.  The
Company shall defend, indemnify, and hold harmless the Tax Matters Representative against any and all liabilities sustained or
incurred as a result of any act or decision concerning Company tax matters and within the scope of such Member’s responsibilities
as Tax Matters Representative, so long as such act or decision was done or made in good faith and does not constitute gross negligence
or willful misconduct. The Members acknowledge that the Company shall make the election described in Section 6226 of the Code,
unless the Tax Matter Representative determines not to make such election in its sole discretion.

 

Section 6.02.     
 Section 754 Elections. The Company shall make, and shall cause any Subsidiary of the Company that is treated as
a partnership for U.S. federal income tax purposes to make, a timely election under Section 754 of the Code (and a corresponding
election under state and local law) effective starting with the taxable year ended December 31, 2018, and the Managing Member
shall not take any action to revoke such elections.

 

Section 6.03.     
 Debt Allocation. Indebtedness of the Company treated as “excess nonrecourse liabilities” (as defined
in Treasury Regulation Section 1.752-3(a)(3)) shall be allocated among the Members based on their Percentage Interests.

 

Article
7

Management of the Company

 

Section 7.01.     
Management by the Managing Member. Except as otherwise specifically set forth in this Agreement, the Managing Member
shall be deemed to be a

 

    32

     

    

“manager”
for purposes of applying the Delaware Act. Except as expressly provided in this Agreement or the Delaware Act, the day-to-day
business and affairs of the Company and its Subsidiaries shall be managed, operated and controlled by the Managing Member in accordance
with the terms of this Agreement and no other Members shall have management authority or rights over the Company or its Subsidiaries.
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 and its Subsidiaries’ business, and the actions of the Managing Member taken in accordance with such
rights and powers, shall bind the Company (and no other Members shall have such right). Except as expressly provided in this Agreement,
the Managing Member shall have all necessary powers to carry out the purposes, business, and objectives of the Company and its
Subsidiaries. The Managing Member shall have the power and authority to delegate to one or more other Persons the Managing Member’s
rights and powers to manage and control the business and affairs of the Company, including to delegate to agents and employees
of a Member or the Company (including any officers or Subsidiary thereof), and to delegate by a management agreement or another
agreement with, or otherwise to, other Persons. The Managing Member may authorize any Person (including any Member or officer
of the Company) to enter into and perform any document on behalf of the Company or any Subsidiary.

 

Section 7.02.     
Withdrawal of the Managing Member. Pubco may withdraw as the Managing Member and appoint as its successor at any
time upon written notice to the Company (i) any wholly-owned Subsidiary of Pubco, (ii) any Person of which Pubco is a wholly-owned
Subsidiary, (iii) any Person into which Pubco is merged or consolidated or (iv) any transferee of all or substantially all of
the assets of Pubco, which withdrawal and replacement shall be effective upon the delivery of such notice. No appointment of a
Person other than Pubco (or its successor, as applicable) as Managing Member shall be effective unless Pubco (or its successor,
as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable
by such other Members against the new Managing Member, to cause the new Managing Member to comply with all the Managing Member’s
obligations under this Agreement and the Reorganization Documents.

 

Section 7.03.     
Decisions by the Members. (a) Other than the Managing Member, the Members shall take no part in the management of
the Company’s business and shall transact no business for the Company and shall have no power to act for or to bind the
Company. The Managing Member shall not (i) engage in any non-Business activity or (ii) own any material assets other than Units
and/or any cash or other property or assets distributed by, or otherwise received from, the Company, without the prior written
consent of each of the Members, unless the Managing Member determines in good faith that such actions or ownership are in the
best interest of the Company; provided, however, that the Company may engage any Member or principal, partner, member,
shareholder or interest holder thereof as an employee, independent contractor or consultant to the Company, in which event the
duties and liabilities of such individual or firm with respect to the Company as an employee, independent contractor or consultant
shall be governed by the terms of such engagement with the Company.

 

    33

     

    

(b)           
Except as expressly provided herein, the Members shall not have the power or authority to vote, approve or consent to any
matter or action taken by the Company. Except as otherwise provided herein, any proposed matter or action subject to the vote,
approval or consent of the Members shall require the approval of (i) a majority in interest of the Members or such class of Members,
as the case may be (by (x) resolution at a duly convened meeting of the Members, or (y) written consent of the Members). Except
as expressly provided herein, all Members shall vote together as a single class on any matter subject to the vote, approval or
consent of the Members. In the case of any such approval, a majority in interest of the Members may call a meeting of the Members
at such time and place or by means of telephone or other communications facility that permits all persons participating in such
meeting to hear and speak to each other for the purpose of a vote thereon. Notice of any such meeting shall be required, which
notice shall include a brief description of the action or actions to be considered by the Members. Unless waived by any such Member
in writing, notice of any such meeting shall be given to each Member at least four (4) days prior thereto. Attendance or participation
of a Member at a meeting shall constitute a waiver of notice of such meeting, except when such Member attends or participates
in the meeting for the express purpose of objecting at the beginning thereof to the transaction of any business because the meeting
is not properly called or convened. Any action required or permitted to be taken at any meeting of the Members may be taken without
a meeting, if a consent in writing, setting forth the actions so taken, shall be signed by Members sufficient to approve such
action pursuant to this ‎Section 7.03(b). A copy of any such consent in writing will be provided to the Members promptly
thereafter.

 

Section 7.04.     
Duties. (a) The parties acknowledge that the Managing Member will take action through its board of directors, and
that the members of the Managing Member’s board of directors will owe fiduciary duties to the stockholders of the Managing
Member. The Managing Member will use all commercially reasonable and appropriate efforts and means, as determined in good faith
by the Managing Member, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of the
Managing Member, on the other hand, and to effectuate any transaction that involves or affects any of the Company, the Managing
Member, the Members and/or the stockholders of the Managing Member in a manner that does not (i) disadvantage the Members or their
interests relative to the stockholders of the Managing Member, (ii) advantage the stockholders of the Managing Member relative
to the Members or (iii) treats the Members and the stockholders of the Managing Member differently; provided that in the
event of a conflict between the interests of the stockholders of the Managing Member and the interests of the Members other than
the Managing Member, such other Members agree that the Managing Member shall discharge its fiduciary duties to such other Members
by acting in the best interests of the Managing Member’s stockholders.

 

Section 7.05.     
Officers. (a) Appointment of Officers. The Managing Member may appoint individuals as officers (“Officers”)
of the Company, which may include such officers as the Managing Member determines are necessary and appropriate. No Officer need
be a Member. An individual may be appointed to more than one office.

 

    34

     

    

(b)           
Authority of Officers. The Officers shall have the duties, rights, powers and authority as may be prescribed by
the Managing Member from time to time.

 

(c)           
Removal, Resignation and Filling of Vacancy of Officers. The Managing Member may remove any Officer, for any reason
or for no reason, at any time. Any Officer may resign at any time by giving written notice to the Company, and such resignation
shall take effect at the date of the receipt of that notice or any later time specified in that notice; provided that,
unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any
such resignation shall be without prejudice to the rights, if any, of the Company or such Officer under this Agreement. A vacancy
in any office because of death, resignation, removal or otherwise shall be filled by the Managing Member.

 

Article
8

Transfers of Interests

 

Section 8.01.     
Restrictions on Transfers. (a) Except as expressly permitted by ‎Section 8.02, and subject to ‎Section
8.01(b), ‎Section 8.01(c), ‎Section 8.01(d) and ‎Section 8.01(e), any underwriter lock-up agreement
applicable to such Member and/or any other agreement between such Member and the Company, Pubco or any of their controlled Affiliates,
without the prior written approval of the Managing Member, no Member shall directly or indirectly Transfer all or any part of
its Units or any right or economic interest pertaining thereto, including the right to vote or consent on any matter or to receive
or have any economic interest in distributions or advances from the Company pursuant thereto, to any Person that is not a Permitted
Transferee. Any such Transfer which is not in compliance with the provisions of this Agreement shall be deemed a Transfer by such
Member of Units in violation of this Agreement (and a breach of this Agreement by such Member) and shall be null and void ab initio.
Notwithstanding anything to the contrary in this ‎Article 8, (i) Section 10.03 of this Agreement shall govern the exchange
of LLC Units for shares of Class A Common Stock, and an exchange pursuant to, and in accordance with, Section 10.03 of this Agreement
shall not be considered a “Transfer” for purposes of this Agreement, and (ii) any other Transfer of shares of Class
A Common Stock shall not be considered a “Transfer” for purposes of this Agreement.

 

(b)           
Except as otherwise expressly provided herein, it shall be a condition precedent to any Transfer otherwise permitted or
approved pursuant to this ‎Article 8 that:

 

(i)           
the Transferor shall have provided to the Company prior notice of such Transfer;

 

(ii)           
the Transfer shall comply with all Applicable Laws and the Managing Member shall be reasonably satisfied that such Transfer
will not result in a violation of the Securities Act; and

 

(iii)           
 with respect to any Transfer of any LLC Unit, if any shares of Class B Common Stock are issued and outstanding at the
time of such Transfer, concurrently with such Transfer, such Transferor shall also Transfer to such

 

    35

     

    

Transferee
the corresponding number of shares of Class B Common Stock (which, as of the initial closing date of the IPO, would be one share
of Class B Common Stock for every one LLC Unit so Transferred).

 

(c)           
Notwithstanding any other provision of this Agreement to the contrary, no Member shall directly or indirectly Transfer
all or any part of its Units or any right or economic interest pertaining thereto if such Transfer, in the reasonable discretion
of the Managing Member, would cause the Company to be classified as a “publicly traded partnership” as that term is
defined in Section 7704 of the Code and Regulations promulgated thereunder.

 

(d)           
Any Transfer of Units pursuant to this Agreement, including this ‎Article 8, shall be subject to the provisions
of ‎Section 3.01 and ‎Section 3.02.

 

(e)           
If there is a Transfer of Units to Permitted Transferees pursuant to this Agreement, the Units held by each such Permitted
Transferee shall be included in calculating the Substantial Ownership Requirement.

 

Section 8.02.     
Certain Permitted Transfers. Notwithstanding anything to the contrary herein but subject to ‎Section
8.01(b) and ‎Section 8.01(c), the following Transfers shall be permitted:

 

(a)           
Any Transfer by any Member of its Units pursuant to a Disposition Event (as such term is defined in the certificate of
incorporation of Pubco (as amended from time to time, the “Pubco Certificate of Incorporation”));

 

(b)           
At any time, any Transfer by any Member of Units to any Transferee approved in writing by the Managing Member (not to be
unreasonably withheld), it being understood that it shall be reasonable for the Managing Member to withhold such consent if the
Managing Member reasonably determines that such Transfer would materially increase the risk that the Company would be classified
as a “publicly traded partnership” as that term is defined in Section 7704 of the Code and Regulations promulgated
thereunder; and

 

(c)           
The Transfer of all or any portion of a Member’s Units to a Permitted Transferee of such Member.

 

Section 8.03.     
Distributions. Notwithstanding anything in this ‎Article 8 or elsewhere 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 ‎Article 5 and before the payment date of such distribution, the transferring Member (and not the Person
acquiring all or any portion of its LLC Units) shall be entitled to receive such distribution in respect of such transferred LLC
Units.

 

Section 8.04.     
Registration of Transfers. When any Units are Transferred in accordance with the terms of this Agreement, the Company
shall cause such Transfer to be registered on the books of the Company.

    36

     

    

Article
9

Certain Other Agreements

 

Section 9.01.     
Non-Disparagement. Each Non-Pubco Member agrees for the benefit of the Company and Pubco that:

 

(a)           
[Reserved.]

 

(b)           
No Member shall take, and each Member shall take reasonable steps to cause its Affiliates not to take, any action or make
any public statement, whether or not in writing, that disparages or denigrates the Company or any of its Subsidiaries (the “Company
Parties”) or their respective directors, officers, employees, members, representatives and agents.

 

(c)           
Each Member agrees that (i) the agreements and covenants contained in this ‎Section 9.01 are reasonable in scope
and duration, an integral part of the transactions contemplated by this Agreement and the Reorganization Documents, and necessary
to protect and preserve the Members’ and Company Parties’ legitimate business interests and to prevent any unfair
advantage conferred on such Member taking into account and in specific consideration of the undertakings and obligations of the
parties under this Agreement and the Reorganization Documents, (ii) but for each Member’s agreement to be bound by the agreements
and covenants contained under this ‎Section 9.01, the Members and the Company Parties would not have entered into or
consummated those transactions contemplated by this Agreement and the Reorganization Documents and (iii) that irreparable harm
would result to the Members and the Company Parties as a result of a violation or breach (or potential violation or breach) by
such Member (or its Affiliates) of this ‎Section 9.01. In addition, each Member agrees that each Member shall have
the right to specifically enforce the provisions of this ‎Section 9.01 in any federal court located in the State of
Delaware or any Delaware state court, in addition to any other remedy to which such parties are entitled at law or in equity.
If a final judgment of a court of competent jurisdiction or other Governmental Authority determines that any term, provision,
covenant or restriction contained in this ‎Section 9.01 is invalid or unenforceable, then the parties hereto agree
that the court of competent jurisdiction or other Governmental Authority will have the power to modify this ‎Section
9.01 (including by reducing the scope, duration or geographic area of the term or provision, deleting specific words or phrases
or replacing any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes
closest to expressing the intention of the invalid or unenforceable term or provision) so as to effect the original intention
of the invalid or unenforceable term or provision. To the fullest extent permitted by law, in the event that any proceeding is
brought under or in connection with this ‎Section 9.01, the prevailing party in such proceeding (whether at final or
on appeal) shall be entitled to recover from the other party all costs, expenses, and reasonable attorneys’ fees incident
to any such proceeding. The term “prevailing party” as used herein means the party in whose favor the final judgment
or award is entered in any such proceeding.

 

Section 9.02.     
Company Call Right. (a) In connection with any Involuntary Transfer by any Non-Pubco Member, the Company or the
Managing Member may, in the

 

    37

     

    

Managing
Member’s sole discretion, elect to purchase from such Member and/or such Transferee(s) in such Involuntary Transfer (each,
a “Call Member”) any or all of the Units so Transferred (“Call Units”), at any time by delivery
of a written notice (a “Call Notice”) to such Call Member. The Call Notice shall set forth the Call Price and
the proposed closing date of such purchase of such Call Units; provided that such closing date shall occur within ninety
(90) days following the date of such Call Notice. At the closing of any such sale, in exchange for the payment by the Company
or the Managing Member, as the case may be, to such Call Members of the Call Price in cash, (i) each Call Member shall deliver
its Call Units, duly endorsed, or accompanied by written instruments of transfer in form satisfactory to the Company or the Managing
Member, as applicable, duly executed by such Call Member and accompanied by all requisite transfer taxes, if any, (ii) such Call
Units shall be free and clear of any Liens and (iii) each Call Member shall so represent and warrant and further represent and
warrant that it is the sole beneficial and record owner of such Call Units. Following such closing, any such Call Member shall
no longer be entitled to any rights in respect of its Call Units, including any distributions of the Company or Pubco thereupon
(other than the payment of the Call Price at such closing), and, to the extent any such Call Member does not hold any Units thereafter,
shall thereupon cease to be a Member of the Company and, to the extent any such Call Member does not hold any shares of Pubco
Common Stock thereafter as a result of such shares being cancelled and retired in accordance with Section 10.07, shall thereupon
cease to be a stockholder of Pubco.

 

Section 9.03.     
Preemptive Rights.

 

(a)           
No Person shall have any preemptive, preferential or other similar right with respect to (i) additional Capital Contributions,
(ii) issuances or sales by the Company of any class or series of interests, whether unissued or hereafter created, (iii) issuances
of any obligations, evidences of indebtedness or other securities of the Company convertible into or exchangeable for, or carrying
or accompanied by any rights to receive, purchase or subscribe to, any Interests, (iv) issuances of any right of subscription
to or right to receive, or any warrant or option for the purchase of, any interests or (v) issuances or sales of any other securities
that may be issued or sold by the Company.

 

Article
10

Redemption and Exchange Rights

 

Section 10.01. 
Redemption Right of a Member

 

(a)           
Notwithstanding any provision to the contrary in the Agreement and without the need for approval by the Managing Member
or consent by any other Members, each Member (other than the Pubco Members) shall be entitled to cause the Company to redeem (a
“Redemption”) its Units (the “Redemption Right”) at any time following the expiration of
any contractual lock-up period relating to the shares of Pubco that may be applicable to such Member. A Member desiring to exercise
its Redemption Right (the “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption
Notice”) to the Company with a copy to Pubco. The Redemption Notice

 

    38

     

    

shall
specify the number of Units (the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem
and a date, not less than seven (7) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice
(unless and to the extent that the Managing Member in its sole discretion agrees in writing to waive such time periods), on which
exercise of the Redemption Right shall be completed (the “Redemption Date”); provided that the Company,
Pubco and the Redeeming Member may change the number of Redeemed Units and/or the Redemption Date specified in such Redemption
Notice to another number and/or date by mutual agreement signed in writing by each of them; provided further that a Redemption
Notice may be conditioned by the Redeeming Member on the closing of an underwritten distribution of the shares of Class A Common
Stock that may be issued in connection with such proposed Redemption. Unless the Redeeming Member timely has delivered a Retraction
Notice as provided in ‎Section 10.01(b) or has revoked or delayed a Redemption as provided in ‎Section 10.01(c),
on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Redeeming Member
shall transfer and surrender, free and clear of all liens and encumbrances, the Redeemed Units and a corresponding number of shares
of Class B Common Stock (which, as of the initial closing date of the IPO, would be one share of Class B Common Stock for every
one Redeemed Unit) to the Company or Pubco, as applicable, and (ii) the Company shall (x) cancel the Redeemed Units, (y) transfer
to the Redeeming Member the consideration to which the Redeeming Member is entitled under ‎Section 10.01(b), and (z)
if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any)
between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause ‎(i)
of this ‎Section 10.01(a) and the number of Redeemed Units.

 

(b)           
In exercising its Redemption Right, a Redeeming Member shall be entitled to receive either (i) the number of shares of
Class A Common Stock equal to the number of Redeemed Units (the “Share Settlement”) or (ii) immediately available
funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent (the “Cash Settlement”); provided
that Pubco shall have the option as provided in ‎Section 10.02 and subject to ‎Section 10.01(d) to select
whether the redemption payment is made by means of a Share Settlement or a Cash Settlement. Within three (3) Business Days of
delivery of the Redemption Notice, Pubco shall give written notice (the “Contribution Notice”) to the Company
(with a copy to the Redeeming Member) of its intended settlement method; provided that if Pubco does not timely deliver
a Contribution Notice, Pubco shall be deemed to have elected the Share Settlement method. If Pubco elects the Cash Settlement
method, the Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction Notice”)
to the Company (with a copy to Pubco) within two (2) Business Days of delivery of the Contribution Notice. The timely delivery
of a Retraction Notice shall terminate all of the Redeeming Member’s, Company’s and Pubco’s rights and obligations
under this ‎Section 10.01 arising from such Redemption Notice.

 

(c)           
In the event Pubco elects a Share Settlement in connection with a Redemption, a Redeeming Member shall be entitled to revoke
its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i)

 

    39

     

    

any
registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at
or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction
by the SEC or no such resale registration statement has yet become effective; (ii) Pubco shall have failed to cause any related
prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) Pubco shall have
exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay
or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately
following the consummation of the Redemption; (iv) Pubco shall have disclosed to such Redeeming Member any material non-public
information concerning Pubco, the receipt of which results in such Redeeming Member being prohibited or restricted from selling
Class A Common Stock at or immediately following the Redemption without disclosure of such information (and Pubco does not permit
or elect to make such disclosure); (v) any stop order relating to the registration statement pursuant to which the Class A Common
Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC;
(vi) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which
the Class A Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any
nature of any Governmental Entity that restrains or prohibits the Redemption; (viii) Pubco shall have failed to comply in all
material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability
of such Redeeming Member to consummate the resale of the Class A Common Stock to be received upon such redemption pursuant to
an effective registration statement; (ix) the Redemption Date would occur three (3) Business Days or less prior to, or during,
any “black-out” or similar period under Pubco’s policies covering trading in Pubco’s securities to which
the applicable Redeeming Member is subject, which period restricts the ability of such Redeeming Member to immediately resell
the shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement; provided,
that in no event shall the Redeeming Member seeking to revoke its Redemption Notice or delay the consummation of such Redemption
and relying on any of the matters contemplated in clauses ‎(i) through ‎(ix) above have controlled or intentionally
materially influenced any facts, circumstances or Persons in connection therewith (except in the good faith performance of his
or her duties as an officer or director of Pubco) in order to provide such Redeeming Member with a basis for such delay or revocation.
If a Redeeming Member delays the consummation of a Redemption pursuant to this ‎Section 10.01(c), the Redemption Date
shall occur on the fifth Business Day following the date on which the conditions giving rise to such delay cease to exist (or
such earlier day as Pubco, the Company and such Redeeming Member may agree in writing).

 

(d)           
The number of shares of Class A Common Stock or the Redeemed Units Equivalent that a Redeeming Member is entitled to receive
under ‎Section 10.01(b) (whether through a Share Settlement or Cash Settlement) shall not be adjusted on account of
any Distributions previously made with respect to the Redeemed Units or dividends previously paid with respect to Class A Common
Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the

 

    40

     

    

Redemption
Date occurs subsequent to the record date for any Distribution with respect to the Redeemed Units but prior to payment of such
Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the Redeemed Units on the date
that it is made notwithstanding that the Redeeming Member transferred and surrendered the Redeemed Units to the Company prior
to such date.

 

(e)           
In the event of a reclassification or other similar transaction as a result of which the shares of Class A Common Stock
are converted into another security, then in exercising its Redemption Right a Redeeming Member shall be entitled to receive the
amount or number of units of such security that the Redeeming Member would have received if such Redemption Right had been exercised
and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction.

 

Section 10.02. 
Election and Contribution of Pubco. In connection with the exercise of a Redeeming Member’s Redemption Rights
under ‎Section 10.01(a), Pubco shall contribute to the Company the consideration the Redeeming Member is entitled to
receive under ‎Section 10.01(b). Pubco, at its option, shall determine whether to contribute, pursuant to ‎Section
10.01(b), the Share Settlement or the Cash Settlement. Unless the Redeeming Member has timely delivered a Retraction Notice as
provided in ‎Section 10.01(b), or has revoked or delayed a Redemption as provided in ‎Section 10.01(c),
on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) Pubco shall make
its Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement) required under this ‎Section
10.02, and (ii) the Company shall issue to Pubco a number of Units equal to the number of Redeemed Units surrendered by the Redeeming
Member. Notwithstanding any other provisions of this Agreement to the contrary, in the event that Pubco elects a Cash Settlement,
Pubco shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds
(after deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from the sale by
Pubco of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed with such Cash Settlement;
provided that Pubco’s Capital Account shall be increased by an amount equal to any discount relating to such sale
of shares of Class A Common Stock in accordance with Section 6.06. The timely delivery of a Retraction Notice shall terminate
all of the Company’s and Pubco’s rights and obligations under this ‎Section 10.02 arising from the Redemption
Notice.

 

Section 10.03. 
Exchange Right of Pubco

 

(a)           
Notwithstanding anything to the contrary in this ‎Article 10, Pubco may, in its sole and absolute discretion,
elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or Cash Settlement, as the case
may be, through a direct exchange of such Redeemed Units and such consideration between the Redeeming Member and Pubco (a “Direct
Exchange”). Upon such Direct Exchange pursuant to this ‎Section 10.03, Pubco shall acquire the Redeemed Units
and shall be treated for all purposes of this Agreement as the owner of such Units.

 

    41

     

    

(b)           
Pubco may, at any time prior to a Redemption Date, 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; provided
that such election does not prejudice the ability of the parties to consummate either a Redemption or Direct Exchange on the
Redemption Date. An Exchange Election Notice may be revoked by Pubco at any time; provided that any such revocation does
not prejudice the ability of the parties to consummate either a Redemption or Direct Exchange on the Redemption Date. The right
to consummate a Direct Exchange in all events and at all times prior to the consummation of a Redemption in respect thereof shall
be exercisable in Pubco’s sole discretion for all the Redeemed Units that would have otherwise been subject to a Redemption.
Except as otherwise provided by this ‎Section 10.03, a Direct Exchange shall be consummated pursuant to the same timeframe
and in the same manner as the relevant Redemption would have been consummated if Pubco had not delivered an Exchange Election
Notice.

 

Section 10.04. 
Tender Offers and Other Events with Respect to Pubco

 

(a)           
In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction
with respect to Class A Common Stock (a “Pubco Offer”) is proposed by Pubco or is proposed to Pubco or its
stockholders and approved by the board of directors of Pubco or is otherwise effected or to be effected with the consent or approval
of the board of directors of Pubco, the holders of LLC Units (other than the Pubco Members) shall be permitted to participate
in such Pubco Offer by delivery of a notice of exchange (which notice of exchange shall be effective immediately prior to the
consummation of such Pubco Offer (and, for the avoidance of doubt, shall be contingent upon the consummation of such Pubco Offer
and shall not become effective if such Pubco Offer is not consummated)). In the case of a Pubco Offer proposed by Pubco, Pubco
will use its reasonable best efforts expeditiously and in good faith to take all such actions and do all such things as are necessary
or desirable to enable and permit the holders of LLC Units (other than the Pubco Members) to participate in such Pubco Offer to
the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock without discrimination;
provided, that without limiting the generality of this sentence, Pubco will use its reasonable efforts expeditiously and
in good faith to ensure that such holders may participate in each such Pubco Offer without being required to exchange LLC Units
to the extent such participation is practicable. For the avoidance of doubt (but subject to ‎Section 10.04(c)), in
no event shall the holders of LLC Units be entitled to receive in such Pubco Offer aggregate consideration for each LLC Unit that
is greater than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco Offer.

 

(b)           
Notwithstanding any other provision of this Agreement, if a Disposition Event (as such term is defined in the Pubco Certificate
of Incorporation) is approved by the board of directors of Pubco and consummated in accordance with Applicable Law, at the request
of the Company (or following the consummation of such Disposition Event, its successor) or Pubco (or following the consummation
of such Disposition Event, its successor), each of the holders of LLC Units shall be required to exchange with Pubco, at any time
and from time to time after, or simultaneously with, the consummation of such

 

    42

     

    

Disposition
Event, all of such holder’s LLC Units, together with a corresponding number of shares of Class B Common Stock (which, as
of the date hereof, would be one share of Class B Common Stock for every one LLC Unit), for aggregate consideration for each LLC
Unit that is equivalent to the consideration payable in respect of each share of Class A Common Stock in connection with the Disposition
Event; provided, however, that in the event of a Disposition Event intended to qualify as a reorganization within
the meaning of Section 368(a) of the Code or as a transfer described in Section 351(a) or Section 721 of the Code, a holder shall
not be required to exchange LLC Units pursuant to this ‎Section 10.04(b) unless, as a part of such transaction, the
holders are permitted to exchange their LLC Units for securities in a transaction that is expected to permit such exchange without
current recognition of gain or loss, for U.S. and non-U.S. tax purposes, for the direct and indirect holders of LLC Units (except
to the extent that property other than securities is received in such exchange), based on a “should” or “will”
level opinion from independent tax counsel of recognized standing and expertise.

 

(c)           
Notwithstanding any other provision of this Agreement, (i) in a Disposition Event where the consideration payable in connection
therewith includes Equity Securities, the aggregate consideration for any LLC Unit shall be deemed to be equivalent to the consideration
payable in respect of each share of Class A Common Stock if the only difference between the per unit distribution to the holders
of LLC Units and the per share distribution in respect of the Class A Common Stock is that the Equity Securities distributed to
such holders have not more than ten times the voting power of any Equity Securities distributed to the holder of a share of Class
A Common Stock (so long as such Equity Securities issued to the holders of the LLC Units remain subject to automatic conversion
on terms substantially comparable to those set forth in Section 6.2 of the Pubco Certificate of Incorporation) and (ii) in a Disposition
Event, payments under or in respect of the Tax Receivable Agreement shall not be considered part of the consideration payable
in respect of any LLC Unit or share of Class A Common Stock in connection with such Disposition Event for the purposes of ‎Section
10.04(a) and ‎Section 10.04(b).

 

Section 10.05. 
Reservation of Shares of Class A Common Stock; Certificate of Incorporation of Pubco. At all times Pubco shall reserve
and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption
or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Redemption or Direct Exchange
pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude Pubco from satisfying
its obligations in respect of any such Redemption or Direct Exchange by delivery of previously issued (and subsequently repurchased)
shares of Class A Common Stock (which may or may not be held in the treasury of Pubco) or the delivery of cash pursuant to a Cash
Settlement. Pubco shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Redemption
or Direct Exchange to the extent a registration statement is effective and available for such shares. Pubco covenants that all
Class A Common Stock issued upon a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable.
The provisions of this ‎Article 10 shall be interpreted and applied in a manner consistent with the corresponding provisions
of the Pubco Certificate of Incorporation.

 

    43

     

    

Section 10.06. 
Effect of Exercise of Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation
of a Redemption or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members
and the Redeeming Member (to the extent of such Redeeming Member’s remaining interest in the Company). No Redemption or
Direct Exchange shall relieve such Redeeming Member of any prior breach of this Agreement.

 

Section 10.07. 
Cancellation of Class B Common Stock. Any shares of Class B Common Stock transferred, exchanged or otherwise surrendered
in a Redemption or Direct Exchange shall automatically and without further action on the part of any Person, including Pubco,
be deemed cancelled and retired. Any such cancelled and retired shares of Class B Common Stock shall no longer be outstanding,
and all rights with respect to such shares shall automatically cease and terminate.

 

Section 10.08. 
Tax Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree a Redemption
or a Direct Exchange, as the case may be, shall be treated as a direct exchange between Pubco and the Redeeming Member for U.S.
federal and applicable state and local income tax purposes.

 

Article
11

Limitation on Liability, Exculpation and Indemnification

 

Section 11.01. 
Limitation on Liability. The debts, obligations and liabilities of the Company, whether arising in contract, tort
or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated
personally for any such debt, obligation or liability of the Company; provided that the foregoing shall not alter a Member’s
obligation to return funds wrongfully distributed to it.

 

Section 11.02. 
Exculpation and Indemnification. (a) Subject to the duties of the Managing Member and Officers set forth in ‎Section
7.01, neither the Managing Member nor any other Covered Person described in clause (iii) of the definition thereof shall be liable,
including under any legal or equitable theory of fiduciary duty or other theory of liability, to the Company or to any other Covered
Person for any losses, claims, damages or liabilities incurred by reason of any act or omission performed or omitted by such Covered
Person in good faith on behalf of the Company. There shall be, and each Covered Person shall be entitled to, a presumption that
such Covered Person acted in good faith.

 

(b)           
A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information,
opinions, reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are
within such Person’s professional or expert competence.

 

(c)           
The Company shall indemnify, defend and hold harmless each Covered Person against any losses, claims, damages, liabilities,
expenses (including all reasonable out-of-pocket fees and expenses of counsel and other advisors), judgments, fines,

 

    44

     

    

settlements
and other amounts arising from any and all claims, demands, actions, suits or proceedings, in which such Covered Person may be
involved or become subject to, in connection with any matter arising out of or in connection with the Company’s business
or affairs, or this Agreement or any related document, unless such loss, claim, damage, liability, expense, judgment, fine, settlement
or other amount (i) is a result of a Covered Person not acting in good faith on behalf of the Company or arose as a result of
the willful commission by such Covered Person of any act that is dishonest and materially injurious to the Company, (ii) results
from its contractual obligations under any Reorganization Document to be performed in a capacity other than as a Covered Person
or from the breach by such Covered Person of ‎Section 9.01, (iii) results from the breach by any Member (in such capacity)
of its contractual obligations under this Agreement or (iv) is in respect of U.S. federal, state, local or non-U.S. taxes of such
Covered Person (other than any such taxes arising as a result of a non-tax claim). If any Covered Person becomes involved in any
capacity in any action, suit, proceeding or investigation in connection with any matter arising out of or in connection with the
Company’s business or affairs, or this Agreement or any related document (other than any Reorganization Document), other
than (x) by reason of any act or omission performed or omitted by such Covered Person that was not in good faith on behalf of
the Company or constituted a willful commission by such Covered Person of an act that is dishonest and materially injurious to
the Company or (y) as a result of any breach by such Covered Person of ‎Section 9.01, the Company shall reimburse such
Covered Person for its reasonable legal and other reasonable out-of-pocket expenses (including the cost of any investigation and
preparation) as they are incurred in connection therewith; provided that such Covered Person shall promptly repay to the
Company the amount of any such reimbursed expenses paid to it if it shall be finally judicially determined that such Covered Person
was not entitled to indemnification by, or contribution from, the Company in connection with such action, suit, proceeding or
investigation. If for any reason (other than the bad faith of a Covered Person or the willful commission by such Covered Person
of an act that is dishonest and materially injurious to the Company) the foregoing indemnification is unavailable to such Covered
Person, or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by such Covered Person
as a result of such loss, claim, damage, liability, expense, judgment, fine, settlement or other amount in such proportion as
is appropriate to reflect any relevant equitable considerations. There shall be, and each Covered Person shall be entitled to,
a rebuttable presumption that such Covered Person acted in good faith.

 

(d)           
The obligations of the Company under ‎Section 11.02(c) shall be satisfied solely out of and to the extent of
the Company’s assets, and no Covered Person shall have any personal liability on account thereof.

 

(e)           
Given that certain Jointly Indemnifiable Claims may arise by reason of the service of a Covered Person to the Company and/or
as a director, trustee, officer, partner, member, manager, employee, consultant, fiduciary or agent of other corporations, limited
liability companies, partnerships, joint ventures, trusts, employee benefit plans or other enterprises controlled by the Company
(collectively, the “Controlled Entities”), or by reason of any action alleged to have been taken or omitted
in any such capacity, the Company acknowledges and agrees that the Company shall, and to the extent applicable

 

    45

     

    

shall
cause the Controlled Entities to, be fully and primarily responsible for the payment to the Covered Person in respect of indemnification
or advancement of all out-of-pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’
fees and related disbursements) in each case, actually and reasonably incurred by or on behalf of a Covered Person in connection
with either the investigation, defense or appeal of a claim, demand, action, suit or proceeding or establishing or enforcing a
right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder
(collectively, “Expenses”) in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance
with (as applicable) the terms of (i) the Delaware Act, (ii) this Agreement, (iii) any other agreement between the Company or
any Controlled Entity and the Covered Person pursuant to which the Covered Person is indemnified, (iv) the laws of the jurisdiction
of incorporation or organization of any Controlled Entity and/or (v) the certificate of incorporation, certificate of organization,
bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership, certificate
of qualification or other organizational or governing documents of any Controlled Entity (‎(i) through ‎(v)
collectively, the “Indemnification Sources”), irrespective of any right of recovery the Covered Person may
have from the Indemnitee-Related Entities. Under no circumstance shall the Company or any Controlled Entity be entitled to any
right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Covered Person
may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Covered Person or the obligations
of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities
shall make any payment to the Covered Person in respect of indemnification or advancement of Expenses with respect to any Jointly
Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause the Controlled Entities to, reimburse the
Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related
Entity, (ii) to the extent not previously and fully reimbursed by the Company and/or any Controlled Entity pursuant to clause
(i), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment
to all of the rights of recovery of the Covered Person against the Company and/or any Controlled Entity, as applicable, and (iii)
the Covered Person shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure
such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively
to bring suit to enforce such rights. The Company and the Covered Person agree that each of the Indemnitee-Related Entities shall
be third-party beneficiaries with respect to this ‎Section 11.02(e), entitled to enforce this ‎Section 11.02(e)
as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of the Controlled Entities
to perform the terms and obligations of this ‎Section 11.02(e) as though each such Controlled Entity was the “Company”
under this Agreement. For purposes of this ‎Section 11.02(e), the following terms shall have the following meanings:

 

(i)           
The term “Indemnitee-Related Entities” means any corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer

 

    46

     

    

under
and pursuant to an insurance policy of the Company or any Controlled Entity) from whom a Covered Person may be entitled to indemnification
or advancement of Expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification
or advancement obligation.

 

(ii)           
The term “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation,
any claim, demand, action, suit or proceeding for which the Covered Person shall be entitled to indemnification or advancement
of Expenses from both (i) the Company and/or any Controlled Entity pursuant to the Indemnification Sources, on the one hand, and
(ii) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Covered Person
pursuant to which the Covered Person is indemnified, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related
Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement,
certificate of formation, certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related
Entity, on the other hand.

 

Article
12

Dissolution and Termination

 

Section 12.01. 
Dissolution. (a) The Company shall not be dissolved by the admission of Additional Members or Substitute Members
pursuant to ‎Section 3.02.

 

(b)           
No Member shall (i) resign from the Company prior to the dissolution and winding up of the Company except in connection
with a Transfer of all of its Units pursuant to the terms of this Agreement or (ii) take any action to dissolve, terminate or
liquidate the Company or to require apportionment, appraisal or partition of the Company or any of its assets, or to file a bill
for an accounting, except as specifically provided in this Agreement, and each Member, to the fullest extent permitted by Applicable
Law, hereby waives any rights to take any such actions under Applicable Law, including any right to petition a court for judicial
dissolution under Section 18-802 of the Delaware Act.

 

(c)           
The Company shall be dissolved and its business wound up only upon the earliest to occur of any one of the following events
(each a “Dissolution Event”):

 

(i)           
The expiration of forty-five (45) days after the sale or other disposition of all or substantially all the assets of the
Company;

 

(ii)           
upon the approval of the Managing Member;

 

(iii)           
the entry of a decree of dissolution of the Company under §18-802 of the Delaware Act; or

 

(iv)           
at any time there are no members of the Company, unless the Company is continued in accordance with the Delaware Act.

 

    47

     

    

(d)           
The death, retirement, resignation, expulsion, bankruptcy, insolvency or dissolution of a Member or the occurrence of any
other event that terminates the continued membership of a Member of the Company shall not in and of itself cause dissolution of
the Company.

 

Section 12.02. 
Winding Up of the Company. (a) The Managing Member shall promptly notify the other Members of any Dissolution Event.
Upon dissolution, the Company’s business shall be liquidated in an orderly manner. The Managing Member shall appoint a liquidating
trustee to wind up the affairs of the Company pursuant to this Agreement. In performing its duties, the liquidating trustee is
authorized to sell, distribute, exchange or otherwise dispose of the assets of the Company in accordance with the Delaware Act
and in any reasonable manner that the liquidating trustee shall determine to be in the best interest of the Members.

 

(b)           
The proceeds of the liquidation of the Company shall be distributed in the following order and priority:

 

(i)           
first, to the creditors (including any Members or their respective Affiliates that are creditors) of the Company
in satisfaction of all of the Company’s liabilities (whether by payment or by making reasonable provision for payment thereof,
including the setting up of any reserves which are, in the judgment of the liquidating trustee, reasonably necessary therefor);
and

 

(ii)           
second, to the Members in the same manner as distributions under ‎Section 5.03(b).

 

(c)           
Distribution of Property. In the event it becomes necessary in connection with the liquidation of the Company to
make a distribution of Property in-kind, subject to the priority set forth in ‎Section 11.02, the liquidating trustee
shall have the right to compel each Member to accept a distribution of any Property in-kind (with such Property, as a percentage
of the total liquidating distributions to such Member, corresponding as nearly as possible to such Member’s Percentage Interest),
with such distribution being based upon the amount of cash that would be distributed to such Members if such Property were sold
for an amount of cash equal to the fair market value of such Property, as determined by the liquidating trustee in good faith,
subject to the last sentence of ‎Section 5.03(d).

 

(d)           
In the event of a dissolution pursuant to ‎Section 12.01(c), the relative economic rights of each class of Units
immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made
to Members pursuant to ‎Section 10.01(b) in connection with such dissolution, taking into consideration tax and other
legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with Applicable
Laws.

 

Section 12.03. 
Termination. The Company shall terminate when all of the assets of the Company, after payment of or reasonable provision
for the payment of all debts and liabilities of the Company, shall have been distributed to the Members in the manner

 

    48

     

    

provided
for in this ‎Article 11, and the certificate of formation of the Company shall have been cancelled in the manner required
by the Delaware Act.

 

Section 12.04. 
Survival. Termination, dissolution, liquidation or winding up of the Company for any reason shall not release any
party from any liability which at the time of such termination, dissolution, liquidation or winding up already had accrued to
any other party or which thereafter may accrue in respect to any act or omission prior to such termination, dissolution, liquidation
or winding up.

 

Article
13

Miscellaneous

 

Section 13.01. 
Expenses. Other than as provided for in the Tax Receivable Agreement, the Company shall (a) pay, or cause to
be paid, all costs, fees, operating expenses, administrative expenses and other expenses of the Company (including the costs,
fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to
the Company) incurred in pursuing and conducting, or otherwise related to, the business of the Company and (b) in the sole
discretion of the Managing Member, reimburse the Managing Member for any out-of-pocket costs, fees and expenses incurred by it
or its Subsidiaries in connection therewith. To the extent that the Managing Member reasonably determines in good faith that its
expenses are related to the business conducted by the Company and/or its subsidiaries, then the Managing Member may cause the
Company to pay or bear all such expenses of the Managing Member or its Subsidiaries, including, (i) costs of any securities offerings
(including any underwriters discounts and commissions), investment or acquisition transaction (whether or not successful) not
borne directly by Members, (ii) compensation and meeting costs of its board of directors, (iii) cost of periodic reports to its
stockholders, (iv) any judgments, settlements, penalties, fines or other costs and expenses in respect of any claims against,
or any litigation or proceedings involving, Pubco, (v) accounting and legal costs, (vi) franchise taxes (which are not based on,
or measured by, income), (vii) payments in respect of Indebtedness and preferred stock, to the extent the proceeds of which are
used or will be used by Pubco or its Subsidiaries to pay expenses or other obligations described in this ‎Section 13.01
(in either case only to the extent economically equivalent Indebtedness or Equity Securities of the Company were not issued to
Pubco or its Subsidiaries), (viii) payments representing interest with respect to payments not made when due under the terms of
the Tax Receivable Agreement and (ix) other fees and expenses in connection with the maintenance of the existence of Pubco and
its Subsidiaries (including any costs or expenses associated with being a public company listed on a national securities exchange), provided that
the Company shall not pay or bear any income tax obligations of the Managing Member or its Subsidiaries pursuant to this provision.
Payments under this ‎Section 13.01 are intended to constitute reasonable compensation for past or present services
and are not “distributions” within the meaning of §18-607 of the Delaware Act.

 

Section 13.02. 
Further Assurances. Each Member agrees to execute, acknowledge, deliver, file and record such further certificates,
amendments, instruments and documents, and to do all such other acts and things, as may be required by

 

    49

     

    

Applicable
Law or as, in the reasonable judgment of the Managing Member, may be necessary or advisable to carry out the intent and purposes
of this Agreement.

 

Section 13.03. 
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile
transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested
and received) and shall be given to such party at the address, facsimile number or e-mail address specified for such party on
the Member Schedule hereto, or to such other address or facsimile number as such party may hereafter specify for the purpose by
notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of
receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such
notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.
All such notices, requests and other communications to any party hereunder shall be given to such party as follows:

 

If to Pubco or the
Company:

 

5420 LBJ Freeway, Suite
410

Dallas, Texas 75240

Attention:        Edward
McDonald

E-mail:               emcdonald@arogpharma.com

 

With copies (which
shall not constitute actual notice) to:

 

Davis Polk & Wardwell
LLP

450 Lexington Avenue

New York, New York 10017

Attention:         Joseph
A. Hall

Facsimile:        (212) 701-5565

E-mail:               joseph.hall@davispolk.com

 

Section 13.04. 
Binding Effect; Benefit; Assignment. (a) The provisions of this Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and assigns. No provision of this Agreement is intended to
confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and
their respective successors and assigns.

 

(b)           
Except as provided in ‎Article 8, no Member may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the Managing Member.

 

Section 13.05. 
Jurisdiction. (a) The parties hereto agree that any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether
brought by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware
Chancery Court or, if such court shall not have

 

    50

     

    

jurisdiction,
any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents
to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying
of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party
anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party
agrees that service of process on such party as provided in ‎Section 12.03 shall be deemed effective service of process
on such party.

 

(b)           
EACH OF THE COMPANY AND THE MEMBERS HEREBY IRREVOCABLY DESIGNATES THE CORPORATION TRUST COMPANY (IN SUCH CAPACITY, THE
“PROCESS AGENT”), WITH AN OFFICE AT CORPORATION TRUST CENTER, 1209 ORANGE STREET, WILMINGTON, DELAWARE 19801,
AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION
OR PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE
SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON
THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED
IN ‎SECTION 12.03 OF THIS AGREEMENT. EACH PARTY SHALL TAKE ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SAID APPOINTMENT
IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO THAT SUCH PARTY SHALL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS
FOR THE ABOVE PURPOSES IN WILMINGTON, DELAWARE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER
PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES THAT THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE
LAWS OF THE STATE OF DELAWARE AND OF THE UNITED STATES OF AMERICA.

 

Section 13.06. 
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 13.07. 
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

    51

     

    

Section 13.08. 
Entire Agreement. This Agreement and the Reorganization Documents constitute the entire agreement between the parties
with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written,
between the parties with respect to the subject matter of this Agreement. Nothing in this Agreement shall create any third-party
beneficiary rights in favor of any Person or other party, except to the extent provided herein with respect to Indemnitee Related
Entities, each of whom are intended third-party beneficiaries of those provisions that specifically related to them with the right
to enforce such provisions as if they were a party hereto.

 

Section 13.09. 
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

 

Section 13.10. 
Amendment. (a) This Agreement can be amended at any time and from time to time by written instrument signed by each
of the Members who together own a majority in interest of the Units then outstanding, provided that no amendment to this
Agreement may adversely modify in any material respect the Units (or the rights, preferences or privileges of the Units) then
held by any Members in any materially disproportionate manner to those then held by any other Members without the prior written
consent of a majority in interest of such disproportionately affected Member or Members.

 

(b)           
For the avoidance of doubt: (i) the Managing Member, acting alone, may amend this Agreement, including the Member Schedule,
(x) to reflect the admission of new Members or Transfers of Units, each as provided by and in accordance with, the terms of this
Agreement and (y) to effect any subdivisions or combinations of Units made in compliance with ‎Section 4.02(c) and
(z) to issue additional LLC Units or any new class of Units (whether or not pari passu with the LLC Units) in accordance with
the terms of this Agreement and to provide that the Members being issued such new Units be entitled to the rights provided to
Members; and (ii) any merger, consolidation or other business combination that constitutes a Disposition Event (as such term is
defined in the Pubco Certificate of Incorporation) in which the Non-Pubco Members are required to exchange all of their LLC Units
pursuant to Section 10.04(b) of this Agreement and receive consideration in such Disposition Event in accordance with the terms
of this Agreement and Section 10.04(b) of this Agreement shall not be deemed an amendment hereof; provided, that such amendment
is only effective upon consummation of such Disposition Event.

 

    52

     

    

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

 

Section 13.11. 
Confidentiality. (a) Each Member shall, and shall direct those of its Affiliates and their respective directors,
officers, members, stockholders, partners, employees, attorneys, accountants, consultants, trustees and other advisors (the “Member
Parties”) who have access to Confidential Information to, keep confidential and not disclose any Confidential Information
to any Person other than a Member Party who agrees to keep such Confidential Information confidential in accordance with this
‎Section 13.11, in each case without the express consent, in the case of Confidential Information acquired from the
Company, of the Managing Member or, in the case of Confidential Information acquired from another Member, such other Member, unless:

 

(i)           
such disclosure shall be required by Applicable Law;

 

(ii)           
such disclosure is reasonably required in connection with any tax audit involving the Company or any Member or its Affiliates;

 

(iii)           
such disclosure is reasonably required in connection with any litigation against or involving the Company or any Member;
or

 

(iv)           
such disclosure is reasonably required in connection with any proposed Transfer of all or any part of such Member’s
Units in the Company; provided that with respect to any such use of any Confidential Information referred to in this clause
(iv), advance notice must be given to the Managing Member so that it may require any proposed Transferee that is not a Member
to enter into a confidentiality agreement with terms substantially similar to the terms of this ‎Section 13.11
(excluding this clause (iv)) prior to the disclosure of such Confidential Information.

 

(v)           
such disclosure is of financial and other information of the type typically disclosed to limited partners and limited liability
company members (and prospective transferees or investors thereof) and is made to the partners or members of, and/or prospective
investors in, Affiliates of the Members and such partner, Member or prospective investor is bound by the confidentiality provisions
of a customary non-disclosure agreement entered into with the disclosing party that covers the Confidential Information so disclosed.

 

(b)           
“Confidential Information” means any information related to the activities of the Company, the Members
and their respective Affiliates that a Member may acquire from the Company or the Members, other than information that (i) is
already available through publicly available sources of information (other than as a result of disclosure by such Member), (ii)
was available to a Member on a non-confidential basis prior to its disclosure to such Member by the Company, or (iii) becomes
available to a Member on a non-confidential basis from a third party, provided such third party is not known by such

 

    53

     

    

Member,
after reasonable inquiry, to be bound by this Agreement or another confidentiality agreement with the Company. Such Confidential
Information may include information that pertains or relates to the business and affairs of any other Member or any other Company
matters. Confidential Information may be used by a Member and its Member Parties only in connection with Company matters and in
connection with the maintenance of its interest in the Company.

 

(c)           
In the event that any Member or any Member Parties of such Member is required to disclose any of the Confidential Information,
such Member shall use reasonable efforts to provide the Company with prompt written notice so that the Company may seek a protective
order or other appropriate remedy and/or waive compliance with the provisions of this Agreement, and such Member shall use reasonable
efforts to cooperate with the Company in any effort any such Person undertakes to obtain a protective order or other remedy. In
the event that such protective order or other remedy is not obtained, or that the Company waives compliance with the provisions
of this ‎Section 13.11, such Member and its Member Parties shall furnish only that portion of the Confidential Information
that is legally required and shall exercise all reasonable efforts to obtain reasonably reliable assurance that the Confidential
Information shall be accorded confidential treatment.

 

(d)           
Notwithstanding anything in this Agreement to the contrary, each Member may disclose to any persons the U.S. federal income
tax treatment and tax structure of the Company and the transactions set out in the Reorganization Documents. For this purpose,
“tax structure” is limited to any facts relevant to the U.S. federal income tax treatment of the Company and does
not include information relating to the identity of the Company or any Member.

 

Section 13.12. 
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

 

[Signature
pages follow]

 

 

 

 

 

 

 

 

 

 

    54

     

    

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

 

	 	AROG PHARMACEUTICALS
        LLC

         

        By: JI Biotech, Inc.,
        its member

        

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

	 	AROG PHARMACEUTICALS HOLDINGS, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

	 	JI BIOTECH, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

[Signature
Page to the Amended and Restated LLC Agreement of Arog Pharmaceuticals LLC] 

    

     

    

SCHEDULE
A – MEMBER SCHEDULE

 

 

	Member	LLC
    Units	Capital
    Account Balance
	Arog
    Pharmaceuticals Holdings, Inc., as Managing Member	N/A	[●]
	JI
    Biotech, Inc.	[●]2	[●]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

2
[NTD: TBC.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]