Document:

Exhibit 10.11

 

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE AGREEMENT (as it may from
time to time be amended and including all exhibits, if any, referenced herein, this “Agreement”), dated as of [●],
2022, is entered into by and among ONS Acquisition Corp. (the “Company”), ONS Acquisition Management LLC (the “Sponsor”)
and Ladenburg Thalmann & Co. Inc. (the “Representative”).

 

WHEREAS, the Company proposes to issue and
sell up to an aggregate of 17,250,000 units of the Company, each unit consisting of one Class A ordinary share of the Company, par
value $0.0001 per share (each, a “Class A Ordinary Share”), and one redeemable warrant, each whole warrant
entitling the holder to purchase one Class A Ordinary Share at an exercise price of $11.50 per Class A Ordinary Share, as set forth in
the Company’s Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”),
File Number 333-254495 (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities
Act”);

 

WHEREAS, the Company has entered into an Underwriting
Agreement with the Representative, as the representative of the underwriters named in Schedule I thereto; and

 

WHEREAS, the Sponsor has agreed to sell to
the Representative, and the Representative has agreed to purchase from the Sponsor, (i) 17,250 Class B ordinary shares (the “Shares”),
$0.0001 par value per share (the “Class B Ordinary Shares” and together with the Class A Ordinary Shares, the “Ordinary
Shares”) of the Company and (ii) and (ii) 50,000 private placement warrants (the “Private Placement Warrants”
and together with the Shares, the “Securities”), each of which entitles the holder to purchase one Class A Ordinary
Share at an exercise price of $11.50 per Class A Ordinary Share, as set forth in the Company’s Registration Statement.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

1. Purchase of Securities.
For the sum of $100,000, which the Sponsor acknowledges receiving in cash, the Sponsor hereby sells the Securities to the Representative,
and the Representative hereby purchases the Securities from the Sponsor, on the terms and subject to the conditions set forth in this
Agreement.

 

2. Representations, Warranties
and Agreements.

 

2.1 The Representative’s
Representations, Warranties and Agreements. To induce the Sponsor to sell the Securities to the Representative, the Representative
hereby represents and warrants to the Sponsor and the Company and agrees with the Sponsor and the Company as follows:

 

2.1.1. No Government
Recommendation or Approval. The Representative understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the offering of the Securities.

 

2.1.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Representative of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Representative, (ii)
any agreement, indenture or instrument to which the Representative is a party, (iii) any law, statute, rule or regulation to which the
Representative is subject, or (iv) any agreement, order, judgment or decree to which the Representative is subject.

 

2.1.3. Organization and
Authority. The Representative is validly existing and in good standing under the laws of the jurisdiction of its formation (if the
concept of “good standing” is a recognized concept in such jurisdiction) and possesses all requisite power and authority necessary
to carry out the transactions contemplated by this Agreement. Upon execution and delivery by the Sponsor and the Company, this Agreement
will be a legal, valid and binding agreement of the Representative, enforceable against the Representative in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting
the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity).

 

    

     

    

 

2.1.4. Experience, Financial
Capability and Suitability. The Representative is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits
of the investment in the Securities and (ii) able to bear the economic risk of its investment in the Securities for an indefinite period
of time because the Securities have not been registered under the Securities Act (as defined
below) and therefore cannot be resold unless subsequently registered under the Securities Act or an exemption from such registration
is available. The Representative is capable of evaluating the merits and risks of its investment in the Company and has the capacity to
protect its own interests. The Representative must bear the economic risk of this investment
until the Securities are sold pursuant to: (x) an effective registration statement under the Securities Act or (y) an exemption from registration
available with respect to such sale. The Representative is able to bear the economic risks of an investment in the Securities
and to afford a complete loss of the Representative’s investment in the Securities.

 

2.1.5. Access to Information;
Independent Investigation. Prior to the execution of this Agreement, the Representative has had the opportunity to ask questions of
and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations,
business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, the Representative
has relied solely on the Representative’s own knowledge and understanding of the Company and its business based upon the Representative’s
own due diligence investigation and the information furnished pursuant to this paragraph.

 

2.1.6. Regulation D Offering.
The Representative represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable
to “accredited investors” or similar exemptions under federal and state law.

 

2.1.7. Investment Purposes.
The Representative is purchasing the Securities solely for investment purposes, for the Representative’s own account and not for
the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Representative
did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation
D under the Securities Act.

 

2.1.8. Restrictions on
Transfer; Shell Company. The Representative understands the Securities are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. The Representative understands the Securities will be “restricted securities” as
defined in Rule 144(a)(3) under the Securities Act and The Representative understands that the certificate representing the Securities
will contain a legend in respect of such restrictions. If in the future the Representative decides to offer, resell, pledge or otherwise
transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only in accordance with the provisions
of Section 4.1 hereof. Absent registration or an exemption, the Representative agrees not to resell the Securities. The Representative
further acknowledges that because the Company is a shell company, Rule 144 may not be available
to the Representative for the resale of the Securities until one year following consummation of the initial business combination
of the Company, despite technical compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

2.1.9. No Governmental
Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the
part of the Representative in connection with the transactions contemplated by this Agreement.

 

2.2 The Sponsor’s
Representations, Warranties and Agreements. To induce the Representative to purchase the Securities, the Sponsor hereby represents
and warrants to the Representative and the Company and agrees with the Representative and the Company as follows:

 

2.2.1 Organization and
Corporate Power. The Sponsor is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution
and delivery by the Representative and the Company, this Agreement will be a legal, valid and binding agreement of the Sponsor, enforceable
against the Sponsor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

    2

     

    

 

2.2.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Sponsor of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Sponsor, (ii) any agreement,
indenture or instrument to which the Sponsor is a party, (iii) any law, statute, rule or regulation to which the Sponsor is subject, or
(iv) any agreement, order, judgment or decree to which the Sponsor is subject.

 

2.2.3. No Governmental Consents.
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of the Sponsor
in connection with the transactions contemplated by this Agreement.

 

2.2.4. Title to Securities.
The Securities are duly and validly issued, fully paid and nonassessable. Upon payment pursuant to the terms hereof the Representative
will have or receive good title to the Securities, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Securities may be subject which have
been notified to the Representative in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims
or encumbrances imposed due to the actions of the Representative.

 

2.3 Company’s Representations,
Warranties and Agreements. To induce the Representative to purchase the Securities, the Company hereby represents and warrants to
the Representative and the Sponsor and agrees with the Representative and the Sponsor as follows:

 

2.3.1 Organization and
Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or
assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by the Representative and the Sponsor, this Agreement will be a legal, valid and binding
agreement of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.3.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Company, (ii) any agreement,
indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company is subject, or
(iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.3.3. No Governmental Consents.
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of the Company
in connection with the transactions contemplated by this Agreement.

 

2.3.4. Title to Securities.
The Securities are duly and validly issued, fully paid and nonassessable. Upon payment pursuant to the terms hereof the Representative
will have or receive good title to the Securities, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Securities may be subject which have been notified to the Representative
in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the
actions of the Representative.

 

3. Waiver of Liquidation
Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Representative hereby waives,
solely with respect to the Shares, any and all right, title, interest or claim of any kind in or to any distributions by the Company from
the trust account which will be established for the benefit of the Company’s public shareholders and into which substantially all
of the proceeds of the Company’s initial public offing will be deposited, in the event of a liquidation of the Company upon the
Company’s failure to timely complete an initial business combination. For purposes of clarity, the Representative shall be eligible
to receive any liquidating distributions by the Company in respect of all other units, Class A Ordinary Shares, warrants or other securities
of the Company.

 

    3

     

    

 

4. Restrictions on Transfer.

 

4.1. Securities Law Restrictions.
In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”)
to be dated as of the closing of the Company’s initial public offering by and between Representative and the Company, the Representative
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a)
a registration statement on the appropriate form under the Securities Act and applicable state
securities laws with respect to the Securities proposed to be transferred shall then be effective or (b) the Company has received an opinion
from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration
under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable
state securities laws.

 

4.2 Lock-up. The
Representative acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained in
the Insider Letter. Pursuant to the Insider Letter, and subject to the exceptions contained therein, the Representative will agree not
to sell, transfer, pledge, hypothecate or otherwise dispose of: (i) all or any part of the Shares until the earlier to occur of: (A) one
year after the completion of the Company’s initial business combination or (B) the date on which the Company completes a liquidation,
merger, stock exchange or other similar transaction after its initial business combination that results in all of its shareholders having
the right to exchange their shares of Ordinary Shares for cash, securities or other property. Notwithstanding the foregoing, if the last
sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s
initial business combination the Shares will be released from the Lock-up or (ii) all or any part of the Private Placement Warrants, or
the Class A Ordinary Shares issuable upon exercise of such Private Placement Warrants, until 30 days after the completion of the Company’s
initial business combination.

 

4.3 Restrictive Legends.
All certificates representing the Securities shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE
TERM OF THE LOCKUP PERIOD.”

 

“SECURITIES EVIDENCED BY
THIS CERTIFICATE AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION
RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

4.4. Additional Shares
or Substituted Securities. In the event of the declaration of a share dividend, the declaration of a special dividend payable in a
form other than Ordinary Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted or additional securities
or other property which are by reason of such transaction distributed with respect to any Securities
subject to this Section 4 or into which such Shares thereby become convertible shall immediately be subject to this Section
4. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number or class of Securities
subject to this Section 4.

 

    4

     

    

 

4.4 Registration Rights.
The Representative acknowledges that the Securities are being purchased pursuant to an exemption
from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they
are registered pursuant to a Registration and Shareholder Rights Agreement (the “Registration and Shareholder Rights Agreement”)
to be entered into with the Company prior to the closing of the Company’s initial public offering.

 

5. Other Agreements.

 

5.1. Further Assurances.
The Representative, the Sponsor and the Company agree to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

5.2. Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i) personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may
be designated in writing by such party and (iii) by electronic mail, to the electronic mail
address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party.

 

5.3. Entire Agreement.
This Agreement, together with that certain Insider Letter to be entered into between Representative and the Company, substantially in
the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding between the Representative,
the Sponsor and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth
in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

5.4. Modifications and
Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties
hereto.

 

5.5. Waivers and Consents.
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given, and shall not constitute a continuing waiver or consent.

 

5.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other
party.

 

5.7. Benefit. All
statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure
to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or
entity shall be regarded as a third-party beneficiary of this Agreement.

 

5.8. Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws
of Delaware applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles
thereof.

 

5.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems
it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such
provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

 

5.10. No Waiver of Rights,
Powers and Remedies. No failure or delay by a party hereto in exercising any right, power
or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or
further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall
not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly
required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

    5

     

    

 

5.11. Survival of Representations
and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement, certificate
or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on
behalf of the parties.

 

5.12. No Broker or Finder.
Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its
behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other.
Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or demand for commission or other compensation
by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear
the cost of legal expenses incurred in defending against any such claim.

 

5.13. Headings and Captions.
The headings and captions of the various sections of this Agreement are for convenience of reference only and shall in no way modify or
affect the meaning or construction of any of the terms or provisions hereof.

 

5.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form
of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such signature page were an original thereof.

 

5.15. Construction.
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will
be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend that
each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or
covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of
the first representation, warranty, or covenant.

 

6. Voting and Redemption
of Shares. The Representative agrees to vote the Shares in favor of an initial business combination that the Company negotiates and
submits for approval to the Company’s shareholders and shall not seek redemption with respect to such Shares. Additionally, the
Representative agrees not to redeem any Shares in connection with a redemption or tender offer presented to the Company’s shareholders
in connection with an initial business combination negotiated by the Company.

 

7. Terms of the Securities.

 

7.1. Warrant Agreement.
Each Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent
on the closing date of the initial public offering.

 

7.2. Registration and Shareholder
Rights Agreement. On the closing date of the initial public offering, the Company and the Representative shall enter into the Registration
and Shareholder Rights Agreement.

 

[Signature Page Follows]

 

    6

     

    

 

If the foregoing accurately sets
forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	COMPANY:
	 	 
	 	ONS ACQUISITION CORP.
	 	 	 
	 	By:	     
	 	 	Name:
	 	 	Title:
	 	 
	 	SPONSOR:
	 	 
	 	ONS ACQUISITION MANAGEMENT LLC
	 	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	REPRESENTATIVE:
	 	 
	 	LADENBURG THALMANN & CO. INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

7Exhibit 10.1

 

THIRD
AMENDED AND RESTATED OPERATING AGREEMENT

OF

DYNASTY FINANCIAL PARTNERS, LLC

 

Dated as of February [●], 2022

 

THE MEMBERSHIP UNITS REPRESENTED BY THIS THIRD
AMENDED AND RESTATED OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR UNDER ANY STATE OR OTHER APPLICABLE SECURITIES LAWS.

 

THE MEMBERSHIP UNITS REPRESENTED BY THIS THIRD
AMENDED AND RESTATED OPERATING AGREEMENT MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT
EFFECTIVE REGISTRATION UNDER THE 1933 ACT AND STATE OR OTHER APPLICABLE LAWS OR AVAILABLE EXEMPTIONS THEREFROM, AND COMPLIANCE WITH THE
OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH IN THIS THIRD AMENDED AND RESTATED OPERATING AGREEMENT.

 

    

     

    

 

Table
of Contents

 

	 	 	Page
	 	 
	Article I
    GENERAL PROVISIONS	2
	 	 	 
	Section 1.1	Definitions Appendix	2
	Section 1.2	Formation; Taxation as a Partnership; Qualification	2
	Section 1.3	Management	2
	Section 1.4	Name and Registered Office; Principal Place of Business	2
	Section 1.5	Purpose	3
	Section 1.6	Term	3
	Section 1.7	Partition	3
	Section 1.8	Fiscal Year	3
	Section 1.9	Title to DFP Property	3
	 	 
	Article II
    MANAGING MEMBER	3
	 	 	 
	Section 2.1	Management of DFP Generally	3
	Section 2.2	Authority and Power of the Managing Member	4
	Section 2.3	Officers	4
	Section 2.4	Reliance by Third Parties	4
	Section 2.5	Reliance on Reports and Information by Member	5
	Section 2.6	Bank Accounts	5
	Section 2.7	Expenses of DFP	5
	Section 2.8	Fiduciary Duties	5
	Section 2.9	Reimbursement for Expenses	5
	 	 
	Article III
    MEMBERS	6
	 	 	 
	Section 3.1	Meetings	6
	Section 3.2	Manner of Giving Notice	6
	Section 3.3	Waiver of Notice	6
	Section 3.4	Use of Conference Telephone and Similar Equipment	6
	Section 3.5	Consent in Lieu of Meetings of the Members	6
	Section 3.6	Organization	7
	Section 3.7	Record Date	7
	Section 3.8	Quorum	7
	Section 3.9	Manner of Acting	7
	Section 3.10	Voting Rights of Members	8
	Section 3.11	Relationship of Members	8
	Section 3.12	Admission of Members	8
	Section 3.13	Dissolution or Termination of a Member	8
	Section 3.14	Bankruptcy of a Member	8
	 	 
	Article IV
    MEMBERSHIP UNITS; LIQUIDATION AND WINDING-UP	9
	 	 	 
	Section 4.1	Membership Units	9

 

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	Section 4.2	PubCo Ownership	10
	Section 4.3	Restrictions on PubCo Common Stock	11
	Section 4.4	Liquidation, Dissolution or Winding Up	13
	Section 4.5	Exchanges	14
	 	 
	Article V
    CAPITAL ACCOUNTS; CAPITAL CONTRIBUTIONS	14
	 	 	 
	Section 5.1	Capital Accounts	14
	Section 5.2	Capital Contributions	14
	Section 5.3	Use of Capital Contributions	14
	Section 5.4	Limitations upon Liability of a Member	15
	 	 
	Article VI
    TRANSFER OF MEMBERSHIP UNITS	15
	 	 	 
	Section 6.1	Transfer by Member of Membership Units	15
	Section 6.2	Reliance on Records	15
	Section 6.3	Resignation of a Member	15
	Section 6.4	Admission of Additional Members	15
	 	 
	Article VII
    INDEMNIFICATION	16
	 	 	 
	Section 7.1	Indemnification by DFP	16
	Section 7.2	Advancing Expenses	16
	Section 7.3	Securing Indemnification Obligations	17
	Section 7.4	Payment of Indemnification	17
	Section 7.5	Insurance	17
	Section 7.6	Contribution	17
	Section 7.7	Contract Rights; Amendment or Repeal	17
	Section 7.8	Scope of Article	17
	Section 7.9	Reliance on Provisions	18
	 	 
	Article VIII
    ALLOCATIONS OF PROFIT AND LOSS	18
	 	 	 
	Section 8.1	Allocations Generally	18
	Section 8.2	Allocations Under Regulations	18
	Section 8.3	Other Allocations	20
	 	 
	Article IX
    DISTRIBUTIONS	21
	 	 	 
	Section 9.1	Distributions	21
	Section 9.2	Tax Distribution	21
	Section 9.3	Payments Under the Expense Reimbursement Agreement	22
	Section 9.4	Withholding	22
	Section 9.5	PTET	22
	 	 
	Article X
    TAX MATTERS	23
	 	 	 
	Section 10.1	Tax Matters Member	23

 

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	Section 10.2	Tax Audits/Special Assessments	23
	Section 10.3	Tax Elections	24
	Section 10.4	Adjustments of Capital Accounts	24
	 	 
	Article XI
    MISCELLANEOUS	24
	 	 	 
	Section 11.1	Binding Effect	24
	Section 11.2	Entire Agreement	24
	Section 11.3	Amendments	24
	Section 11.4	Choice of Law	25
	Section 11.5	Notices	25
	Section 11.6	Headings and Captions	25
	Section 11.7	Construction	25
	Section 11.8	No Waivers	25
	Section 11.9	Severability	25
	Section 11.10	Publicity	26
	Section 11.11	No Third Party Beneficiaries	26
	Section 11.12	Further Assurances	26
	Section 11.13	Counterparts	26

 

    -iii-

     

    

 

THIRD
AMENDED AND RESTATED OPERATING AGREEMENT

 

OF

 

DYNASTY
FINANCIAL PARTNERS, LLC

 

This Third Amended and Restated
Operating Agreement (this “Agreement”) of Dynasty Financial Partners, LLC (“DFP”), a limited liability
company organized under the laws of the State of Delaware, is effective as of the Restructuring Effective Time (defined below) and is
entered into by and among Dynasty Financial Management, LLC (“DM”) and Dynasty Financial Partners Inc. (“PubCo”),
as members (individually, a “Member” and collectively, the “Members”).

 

BACKGROUND

 

WHEREAS, DFP was formed by
the filing of the Certificate with the Secretary of State of Delaware on March 2, 2010;

 

WHEREAS, immediately prior
to the Restructuring Effective Time, DFP was governed by the Second Amended and Restated Operating Agreement of DFP, dated as of August 1,
2017, as heretofore amended (the “Existing LLC Agreement”);

 

WHEREAS, pursuant to the
Agreement and Plan of Merger, dated as of [●], 2022 (the “Merger Agreement”), by and among the DFP, DM, PubCo,
and Dynasty Merger Sub, LLC, a wholly owned subsidiary of DM (“Merger Sub”), at the Restructuring Effective Time:

 

		(i)	Merger Sub merged with and into DFP, with
                                            DFP surviving the merger (the “Merger”),

 

		(ii)	(x) each unit of Class A Interests,
                                            Class C Common Interests, Class P Interests and Class Q Interests (except
                                            as described below) (each as defined in the Existing LLC Agreement) of DFP held by members
                                            of DFP immediately prior to the Merger were cancelled and converted into a right to receive
                                            DM Membership units and Class C common stock of PubCo, (y) each unit of Class B
                                            Interests (as defined in the Existing LLC Agreement) of DFP held by members of DFP immediately
                                            prior to the Merger were cancelled and converted into a right to receive one DM Membership
                                            Unit and Class B common stock of PubCo, and (z) certain units of Class Q Interests
                                            of DFP issued prior to January 1, 2021 were cancelled and converted into a right to
                                            receive Class A common stock of PubCo and an amount of cash from DFP, in each case,
                                            on the terms set forth in the Merger Agreement, and

 

		(iii)	the limited liability company interests
                                            in Merger Sub held by DM immediately prior to the Merger were cancelled on the terms set
                                            forth in the Merger Agreement, and DM was admitted as a member of DFP;

 

(such series of actions the
 “Restructuring”);

 

    

     

    

 

WHEREAS, immediately following
the Restructuring, PubCo is consummating an initial public offering of its Class A common stock (the “IPO”),
and will use the proceeds from the IPO to purchase limited liability company interests of DFP; and

 

WHEREAS, at the Restructuring
Effective Time, pursuant to the Merger Agreement, the Existing LLC Agreement is being amended and restated in its entirety pursuant to
this Agreement to set forth the rights, duties, and responsibilities of the Members with respect to DFP and its business and affairs.

 

NOW, THEREFORE, in consideration
of the covenants and agreements set forth herein and intending to be legally bound hereby, the Existing LLC Agreement is hereby amended
and restated as follows and the parties hereto covenant and agree as follows:

 

Article I

GENERAL PROVISIONS

 

Section 1.1          Definitions
Appendix. Capitalized terms used but not defined in this Agreement have the respective meanings
ascribed to such terms in the Definitions Appendix.

 

Section 1.2          Formation;
Taxation as a Partnership; Qualification. DFP was formed as a limited liability company under
the laws of the State of Delaware on March 2, 2010 by the filing by an authorized Person of the Certificate with the Office of the
Secretary of State of the State of Delaware. The parties intend that DFP and each direct and indirect subsidiary of DFP shall constitute,
and be treated, as either a “partnership” or “disregarded entity” for United States federal, state and local
tax purposes and that notwithstanding anything herein to the contrary, unless and except to the extent that the Managing Member should
determine otherwise, neither DFP nor any such subsidiary shall (and no Member shall, or shall cause or permit DFP or any such subsidiary
to) make any election or do anything else that could cause DFP or any such subsidiary to not so constitute and/or to not be so treated.
DFP (and if applicable, the Members) shall execute or cause to be executed all necessary certificates and documents, and shall make all
such filings and recordings and shall do all other acts as may be necessary or appropriate from time to time to qualify DFP to conduct
business in any jurisdiction in which DFP conducts business.

 

Section 1.3          Management.
DFP shall be a limited liability company and the powers of DFP shall be exercised by and under the authority of, and the business and
affairs of DFP shall be managed under the direction of, the Managing Member, as provided in this Agreement and under the Act. Whenever
the terms of this Agreement conflict with the Act, the terms of this Agreement shall control, except with respect to any matters contained
in the Act that cannot be modified or waived by a limited liability company operating agreement. This Agreement is intended to serve
as a “limited liability company agreement” as such term is defined in §18-101(9) of the Act.

 

Section 1.4          Name
and Registered Office; Principal Place of Business. The name of DFP is Dynasty Financial Partners,
LLC and all business of DFP shall be conducted in such name or such other name as the Managing Member may determine from time to time.
The Managing Member shall promptly notify the Members of any change of name of DFP. The registered agent and office of DFP required under
the Act shall be as designated in the Certificate and may be changed by the Managing Member. The principal place of business of DFP shall
be located at 200 Central Avenue, 15th Floor, St. Petersburg, FL 33701, or such other location as the Managing Member may determine from
time to time. The Managing Member shall promptly notify the Members of any change of DFP’s principal place of business. DFP may
also have offices at such other places both within and outside of the State of Delaware as the Managing Member may determine from time
to time.

 

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Section 1.5          Purpose.
DFP may carry on any lawful business, purpose or activity for which limited liability companies may be organized under the Act; provided
that DFP shall at all times be subject to any restrictions on its activities set forth in this Agreement. Subject to the terms of this
Agreement, DFP shall possess and may exercise all the powers and privileges granted by the Act or by any other law, together with any
powers incidental thereto, so far as such powers and privileges are necessary or convenient to the conduct, promotion or attainment of
the business, purposes or activities of DFP.

 

Section 1.6          Term.
The term of DFP commenced on the date of filing of the Certificate and shall continue until DFP is dissolved in accordance with this
Agreement.

 

Section 1.7           Partition.
No Member, nor any successor-in-interest to any Member, shall have the right, while this Agreement remains in effect, to have the property
of DFP partitioned and each of the Members, on behalf of itself and its successors, representatives and assigns, hereby irrevocably waives
any such right.

 

Section 1.8          Fiscal
Year. The fiscal year of DFP shall begin on January 1 and end on December 31 of each
calendar year unless otherwise required by law or determined by the Managing Member (the “Fiscal Year”).

 

Section 1.9          Title
to DFP Property. All property owned by DFP whether real or personal, tangible or intangible,
shall be deemed to be owned by DFP and no Member individually shall have any interest in any such property.

 

Article II

MANAGING MEMBER

 

Section 2.1          Management
of DFP Generally

 

(a)          Except
for situations in which the approval of the Members is expressly required by this Agreement, the powers of DFP shall be exercised by
and under the authority of, and the business and affairs of DFP shall be managed under the direction of, PubCo as the Managing Member.
Subject to any express limitations set forth in this Agreement, the Managing Member shall have full and complete authority, power and
discretion to direct, manage and control the business, affairs and properties of DFP, to make all decisions regarding those matters and
to perform any and all other acts or activities customary or incident to the management of DFP’s business.

 

(b)          Unless
authorized to do so by this Agreement or by the Managing Member, no attorney-in-fact, employee or agent of DFP shall have any power or
authority to bind DFP in any way, to pledge its credit or to render it liable for any purpose. No Member other than the Managing Member
shall have any power or authority to bind DFP unless the Member has been expressly authorized by the Managing Member to act as an agent
of DFP for such purpose.

 

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Section 2.2          Authority
and Power of the Managing Member. Except for situations in which the approval of the Members
is expressly required by this Agreement, and subject in all cases to the other provisions of this Agreement, the Managing Member shall
have full and complete authority, power and discretion on behalf of DFP:

 

(a)          to
do and perform all acts as may be necessary or appropriate to the conduct of DFP’s business;

 

(b)          to
purchase, hold, sell, exchange, transfer and otherwise acquire and dispose of and exercise all rights, powers, privileges and other incidents
of ownership or possession with respect to real and personal property, whether tangible or intangible, held by DFP;

 

(c)          to
purchase liability and other insurance (including officers’ liability insurance) to protect DFP’s property and business;

 

(d)          to
appoint from time to time such officers, committees, employees or other agents as the business of DFP may require, each of whom shall
hold office for such period and shall have such authority and perform such duties as are provided in this Agreement, or if not so provided,
as the Managing Member may determine from time to time;

 

(e)          to
execute on behalf of DFP all instruments and documents, including checks, drafts, notes and other negotiable instruments, mortgages or
deeds of trust, security agreements, financing statements, documents providing for the acquisition, mortgage or disposition of DFP’s
property, assignments, bills of sale, leases, partnership agreements, operating agreements of other limited liability companies and any
other instruments or documents necessary or advisable, in the opinion of the Managing Member, to the business of DFP;

 

(f)           to
employ accountants, legal counsel, managing agents or other experts or consultants to perform services for DFP and to compensate them
from DFP funds;

 

(g)          to
enter into any and all other agreements on behalf of DFP with any other Person for any purpose, in such forms as the Managing Member
may approve; and

 

(h)          to
determine the amount and form of compensation for any officers, managers, employees, advisors, consultants or other service providers
of DFP.

 

Section 2.3          Officers.
The Managing Member may appoint and may delegate at any time and from time to time such authority, power and discretion (or any portion
thereof), to one or more officers of DFP. Unless provided otherwise by the Managing Member, the officers of PubCo will also serve as
the officers of DFP, with the same authority vis-à-vis DFP as such officers possess in their respective offices of PubCo.

 

Section 2.4          Reliance
by Third Parties. Persons dealing with DFP are entitled to rely conclusively upon a certificate
of the Managing Member to the effect that it is then acting as the Managing Member and upon the power of the Managing Member as set forth
in this Agreement. Persons dealing with DFP shall be entitled to rely on a certificate of any officer of DFP as conclusive evidence of
the incumbency of any officer of DFP and its authority to take action on behalf of DFP and shall be entitled to rely on a copy of any
resolution or other action taken by the Managing Member, certified by any officer of DFP, as conclusive evidence of such action and of
the authority of the officer referred to in such resolution or other action to bind DFP to the extent set forth therein.

 

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Section 2.5          Reliance
on Reports and Information by Member. A Member (including, for the avoidance of doubt, the Managing
Member) of DFP shall be fully protected in relying in good faith upon the records of DFP and upon such information, opinions, reports
or statements presented to DFP by any of its other Members, officers, employees or committees, or by any other Person, as to matters
the Member reasonably believes are within such other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of DFP, including information, opinions, reports or statements as to the value and amount of the assets,
liabilities, profits or losses of DFP or any other facts pertinent to the existence and amount of assets from which distributions to
Members might properly be paid.

 

Section 2.6          Bank
Accounts. The Managing Member may from time to time open bank accounts in the name of DFP and
any officer of DFP designated by the Managing Member shall be the sole signatory or signatories thereon.

 

Section 2.7          Expenses
of DFP. DFP shall be responsible for payment of all expenses incurred by or on behalf of DFP
with respect to the management of the business and affairs of DFP, including all expenses with respect to preparation and filing of tax
returns and forms, informational reports and other legal, accounting and other professional expenses.

 

Section 2.8          Fiduciary
Duties. Any duties (including fiduciary duties) of the Managing Member or the Members (in their
capacity as Members) that would otherwise apply at law or in equity are hereby eliminated to the fullest extent permitted under the Act
and any other applicable law; provided that: (i) the foregoing shall not eliminate the obligation of the Managing Member or the
Members to act in compliance with the express terms of this Agreement and (ii) this Section 2.8 shall not be deemed
to eliminate the implied contractual covenant of good faith and fair dealing.

 

Section 2.9          Reimbursement
for Expenses.

 

(a)          The
Members acknowledge and agree that, upon consummation of the IPO, PubCo’s Class A common stock will be publicly traded and
therefore PubCo will have access to the public capital markets and that such status and the services performed by PubCo will inure to
the benefit of DFP and all Members; therefore, PubCo shall be reimbursed by DFP for any reasonable out-of-pocket expenses incurred on
behalf of DFP, as described in that certain Expense Reimbursement Agreement, of even date herewith, entered into by and among PubCo and
DFP. For the avoidance of doubt, DFP and its Subsidiaries are expressly permitted to make payments under the Expense Reimbursement Agreement;
such payments shall not be treated as Distributions.

 

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(b)            Subject
to Section 2.9(c), DFP shall be liable for, and shall reimburse DM on an after-tax basis at such intervals as DM may reasonably
determine, for all (i) overhead, administrative expenses, insurance and reasonable legal, accounting and other professional fees
and expenses of DM, (ii) franchise and similar taxes of DM and other fees and expenses in connection with the maintenance of the
existence of DM, and (iii) reasonable expenses paid by DM on behalf of DFP. Such reimbursement shall be in addition to any reimbursement
DM as a result of indemnification otherwise provided for under this Agreement.

 

(c)            To
the extent practicable, DM expenses shall be billed directly to and paid by DFP.

 

Unless otherwise determined
by the Managing Member, no reimbursement or indemnification payment made pursuant to Section 2.9(a), (b) or (c) shall
be considered a distribution to the payee.

 

Article III

MEMBERS

 

Section 3.1            Meetings.
Meetings of the Members, for any purpose or purposes, unless otherwise prescribed by statute, may be called by (a) either Member
if there are only two Members, (b) the Members holding a majority of the outstanding Membership Units, if there are more than two
Members or (c) the Managing Member.

 

Section 3.2            Manner
of Giving Notice. A notice of a meeting of the Members shall specify the place, day and hour
of the meeting and any other information required by any provision of the Act or this Agreement. Written notice of every meeting of the
Members shall be given to each Member of record entitled to vote at the meeting at least 24 hours prior to the date named for the meeting.
Every such notice shall state the time, place and purpose of the meeting. Each meeting of the Members shall be held at the principal
place of business of DFP unless the Persons calling such meeting determine to hold such meeting at a different, reasonably convenient
place.

 

Section 3.3            Waiver
of Notice.

 

(a)            Whenever
any written notice is required to be given under the provisions of the Act or this Agreement, a waiver thereof in writing, signed by
the Person or Persons entitled to the notice, whether before or after the time stated therein, shall be deemed equivalent to the giving
of the notice. The purpose of a meeting need not be specified in the waiver of notice of the meeting.

 

(b)            Attendance
of a Person at any meeting shall constitute a waiver of notice of the meeting, except where a Person attends a meeting for the express
purpose of objecting, and such Person does object, at the beginning of the meeting to the transaction of any business because the meeting
was not lawfully called or convened.

 

Section 3.4            Use
of Conference Telephone and Similar Equipment. Any Member may participate in any meeting of
the Members by means of conference telephone or similar communications equipment with which all Persons participating in the meeting
can hear each other. Participation in a meeting pursuant to this Section 3.4 shall constitute presence in person at the meeting.

 

Section 3.5            Consent
in Lieu of Meetings of the Members. Any action required or permitted to be taken at a meeting
of the Members may be taken without a meeting if, prior or subsequent to the action, a written consent describing the action to be taken
is signed by Members holding the minimum number of Membership Units that would be necessary to authorize the action at a meeting at which
all Members entitled to vote thereon were present and voting. All such consents shall be filed with DFP’s secretary. Prompt notice
of the taking of action by Members without a meeting by less than unanimous written consent shall be given to those Members entitled
to vote thereon and who have not consented in writing. Action taken under this Section 3.5 is effective when such number
of consents required to authorize the proposed action shall have been received by DFP’s secretary, unless the consent specifies
a different effective date. The record date for determining Members entitled to take action without a meeting shall be the date the first
such Member signs a written consent.

 

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Section 3.6            Organization.
At every meeting of Members called by the Manager (and at any other meeting of Members where the Person(s) calling such meeting
have so requested), the chairman, or in the absence of the chairman, the chief executive officer of DFP, shall act as chairman of the
meeting. The secretary or, in the absence of the secretary, an assistant secretary, if there is one, or, in the absence of both the secretary
and assistant secretaries, a Person appointed by the chairman of the meeting, shall act as secretary of the meeting.

 

Section 3.7            Record
Date. For the purpose of determining Members who are entitled to notice of, or to vote at, any
meeting of Members or any adjournment of such meeting, or Members entitled to receive payment of any distribution or to make a determination
of Members for any other purpose, the date on which notice of the meeting is mailed or the date on which the resolution declaring the
distribution or relating to such other purpose is adopted, as the case may be, shall be the record date for the determination of Members.
Members of record on the date fixed shall be so entitled notwithstanding any permitted Transfer of a Member’s Membership Units
after any record date fixed as provided in this Section 3.7. When a determination of Members entitled to vote at any meeting
of Members has been made as provided in this Section 3.7, the determination shall apply to any adjournment of the meeting.

 

Section 3.8            Quorum.
A meeting of Members of DFP duly called shall not be organized for the transaction of business unless a quorum is present. Members holding
a majority of the Membership Units entitled to vote, present in person or represented by proxy, shall constitute a quorum at any meeting
of Members. In the absence of a quorum at any meeting, Members entitled to cast a majority of the votes so represented may adjourn the
meeting from time to time for a period not to exceed sixty (60) days without further notice. However, if the adjournment is for more
than sixty (60) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting
shall be given to each Member of record entitled to vote at the meeting pursuant to Section 3.2. At an adjourned meeting
at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as
originally noticed. The Members present at a duly organized meeting may continue to transact business until adjournment, notwithstanding
the withdrawal during the meeting of Members whose absence would cause less than a quorum to be present.

 

Section 3.9           Manner
of Acting. The affirmative vote of Members holding a majority of the Membership Units represented
in person or by proxy at the meeting when a quorum is present and entitled to vote shall be the act of such Members unless the vote of
a greater or lesser proportion or number of Membership Units is otherwise required by the Act or Section 11.3.

 

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Section 3.10         Voting
Rights of Members. Except as set forth in Section 11.3 or as otherwise required
by applicable law that cannot be waived or eliminated, the holders of Membership Units do not have any voting rights whatsoever. On any
matters required to be submitted to a vote of Members pursuant to Section 11.3 (which, for the avoidance of doubt, shall
include only those matters requiring the consent of a Member other than the Managing Member pursuant to Section 11.3) or
as otherwise required by applicable law that cannot be waived or eliminated (and only those matters), the holders of Membership Units
shall have the right to one (1) vote per Membership Unit held at meetings of Members (and written actions in lieu of meetings).
The Members shall constitute a single class of Members for purposes of the Act.

 

Section 3.11         Relationship
of Members. Except as otherwise expressly and specifically provided in or as authorized pursuant
to this Agreement:

 

(a)            nothing
contained herein shall render any Member personally liable for any debts, obligations or liabilities incurred by the other Members or
DFP whether arising in contract, tort or otherwise or for the acts or omissions of any other Member, agent or employee of DFP, except
as expressly required by the Act;

 

(b)            no
Member shall be constituted an agent of the other Members or DFP;

 

(c)            nothing
contained herein shall create any interest on the part of any Member in the business or other assets of the other Members; and

 

(d)            no
Member shall have any authority to act for, or to assume any obligation on behalf of, the other Members or DFP.

 

Section 3.12          Admission
of Members. A Person may be admitted as a Member upon the purchase by or Transfer to such Person
of a Membership Unit in DFP in accordance with the terms of this Agreement. Notwithstanding any other provision of this Agreement, PubCo
and DM are hereby admitted as Members of DFP.

 

Section 3.13          Dissolution
or Termination of a Member. If a Member is a corporation, limited liability company, trust or
other entity and is dissolved or terminated, the powers of that Member may be exercised by its legal representative or successor, including
as to a successor the power under this Agreement of an assignee to become a Member, subject however to the approval of the Managing Member
and to the terms of this Agreement, including with respect to Transfers of Membership Units.

 

Section 3.14         Bankruptcy
of a Member.

 

(a)            Upon
the happening of a Bankruptcy Event, the trustee, receiver or administrator of the Member that has suffered a Bankruptcy Event may exercise
all of the rights of the Member for the purpose of settling the estate or administering the property of the Member that has suffered
the Bankruptcy Event, including the power under this Agreement of an assignee to become a Member, subject however to the approval of
the Managing Member and to the terms of this Agreement, including with respect to Transfers of Membership Units.

 

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(b)            A
 “Bankruptcy Event” means the happening of any of the following events:

 

(i)              a
Member makes an assignment for the benefit of creditors;

 

(ii)             a
Member files a voluntary petition in bankruptcy;

 

(iii)            a
Member is adjudged bankrupt or insolvent;

 

(iv)            a
Member files a petition or answer seeking for himself any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any statute, law or regulation;

 

(v)             a
Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member
in any Proceeding of this nature;

 

(vi)            a
Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or of all or any substantial
part of the properties of the Member; or

 

(vii)           within
one hundred twenty (120) days after the commencement of any Proceeding against the Member seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, the Proceeding has not been dismissed,
or within ninety (90) days after the appointment without the consent or acquiescence of the Member, of a trustee, receiver or liquidator
of the Member or of all of any substantial part of the properties of the Member, the appointment is not vacated or stayed, or within
ninety (90) days after the expiration of any such stay, the appointment is not vacated.

 

Article IV

MEMBERSHIP UNITS; LIQUIDATION AND WINDING-UP

 

Section 4.1            Membership
Units.

 

(a)            DFP
may issue one class of Membership Units having the designations, preferences or special rights set forth herein or as may otherwise be
determined by the Managing Member. Each Membership Unit will be identical except that Membership Units may be subject to vesting conditions
to the same extent the corresponding DM Membership Unit (as defined in Section 4.1(b)) is subject to vesting conditions,
with the terms of those vesting conditions as set forth in this Agreement, the DM Operating Agreement or any other agreement or instrument
providing for the issuance of that Membership Unit or corresponding DM Membership Unit (or the issuance of a predecessor equity instrument
of the foregoing). The number of Membership Units held by each Member and each Member’s Percentage Interest shall be set forth
on the Capital Accounts Table as it may be amended from time to time as contemplated herein. The Capital Accounts Table shall be promptly
updated by the Managing Member from time to time to reflect the Transfer of any Membership Units and the issuance and purchase of any
Membership Units to a new or existing Member in accordance with this Agreement. Any Membership Unit may be evidenced by a certificate
if approved by the Managing Member. If a Membership Unit that is unvested fails to vest or is no longer capable of vesting, such Membership
Unit shall automatically be cancelled and no longer be issued or outstanding.

 

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(b)            The
number of Membership Units authorized and issued to DM shall at all times equal the number of units representing limited liability company
interests authorized and issued to members of DM pursuant to the DM Operating Agreement (collectively, the “DM Membership Units”).
In the event any issuance, conversion, purchase, or Transfer of any DM Membership Units results in a change in the aggregate number of
DM Membership Units outstanding, the number of Membership Units of DFP issued to DM shall automatically and without any further action
of the Members be adjusted to reflect such change and the Capital Accounts Table shall be updated accordingly by the Managing Member.

 

(c)            As
a condition to the issuance of any Membership Units to a new Member, each new Member shall execute an instrument agreeing to be bound
as a Member by the terms and conditions of this Agreement and such other documents, instruments and agreements as set forth in this Agreement
or as DFP may reasonably require.

 

Section 4.2            PubCo
Ownership

 

(a)            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) (an “Economic PubCo Security”) with regard thereto (other than Class B common stock, Class C
common stock or other Equity Security of PubCo not entitled to any economic rights with respect thereto), (i) DFP shall issue to
PubCo one Membership Unit (if PubCo issues a share of Class A common stock) or such other Equity Security of DFP (if PubCo issues
an Economic PubCo Security other than Class A common stock) corresponding to the Economic PubCo Security, and 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 received by PubCo with respect to the corresponding Economic PubCo Security, if
any, shall be concurrently contributed to DFP; provided, however, that if PubCo issues any 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 9.3, then PubCo shall not be required to transfer such net proceeds to DFP 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 in order
to purchase or fund the purchase from a holder of DM Membership Units of such DM Membership Units (and shares of Class B common
stock or Class C common stock, as applicable) or to purchase or fund the purchase of shares of Class A common stock equal to
the number of shares of Class A common stock issued, then DFP shall not issue any new Membership Units in connection therewith and
PubCo shall not be required to transfer such net proceeds to DFP (it being understood that such net proceeds shall instead be transferred
to such holder as consideration for such purchase).

 

(b)            Notwithstanding
Section 4.2(a), this Article IV shall not apply (i) 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 being understood that, upon exchange of Paired Units for Class A common stock pursuant to the Exchange Agreement, such
Class A common stock will be issued together with a corresponding right) or (ii) to the issuance under PubCo’s employee
benefit plans of any warrants, options or other rights to acquire Equity Securities of PubCo or rights or property that may be converted
into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of
PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property.

 

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Section 4.3            Restrictions
on PubCo Common Stock

 

(a)            Except
as otherwise determined by the Managing Member in accordance with Section 4.3(d), (i) DFP may not issue any additional
Membership 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 and (ii) DFP may not issue any other Equity Securities
of DFP to PubCo or any of its Subsidiaries unless substantially simultaneously, 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 DFP.

 

(b)            Except
as otherwise determined by the Managing Member in accordance with Section 4.3(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 DFP redeems,
repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of Membership Units for the same price per security (or,
if PubCo uses funds received from distributions from DFP or the net proceeds from an issuance of Class A common stock to fund such
redemption, repurchase or acquisition, then DFP shall cancel an equal number of Membership Units for no consideration) (such redemption,
repurchase, acquisition and cancellation, as applicable, by DFP being hereby authorized in all respects) and (ii) PubCo or any of
its Subsidiaries may not redeem, repurchase or otherwise acquire any other Equity Securities of PubCo or such Subsidiary unless substantially
simultaneously, DFP redeems or repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of Equity Securities of
DFP 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 or such Subsidiary for the same price per security
(or, if PubCo uses funds received from distributions from DFP or the net proceeds from an issuance of Equity Securities other than Class A
common stock to fund such redemption, repurchase or acquisition, then DFP shall cancel an equal number of its corresponding Equity Securities
for no consideration) (such redemption, repurchase, acquisition and cancellation, as applicable, by DFP being hereby authorized in all
respects). Except as otherwise determined by the Managing Member in accordance with Section 4.3(d): (x) DFP may not
redeem, repurchase or otherwise acquire Membership 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 DFP cancels Membership Units for no consideration as described in Section 4.3(b)(i),
then the price per security need not be the same) and (y) DFP may not redeem, repurchase or otherwise acquire any other Equity Securities
of DFP 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 or such Subsidiary 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 DFP cancels Equity Securities for no consideration
as described in Section 4.3(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 or other acquisition
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 Membership Units or other Equity Securities of DFP shall be effectuated in an equivalent manner (except
if DFP cancels Membership Units or other Equity Securities for no consideration as described in this Section 4.3(b)).

 

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(c)            DFP
shall not in any manner effect any subdivision (by any Membership Unit split, Membership Unit dividend or distribution, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse interest split, reclassification, reorganization, recapitalization
or otherwise) of the outstanding Membership 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 Membership Units, with corresponding changes made with respect to any other exchangeable or convertible securities.

 

(d)            Notwithstanding
anything to the contrary in Section 4.2 or this Section 4.3:

 

(i)              if
at any time the Managing Member shall determine that any debt instrument of PubCo, DFP or its Subsidiaries shall not permit PubCo or
DFP to comply with the provisions of Section 4.3(a) or Section 4.3(b) in connection with the issuance,
redemption, repurchase or other acquisition of any shares of Class A common stock or other Equity Securities of PubCo or any of
its Subsidiaries or any Membership Units or other Equity Securities of DFP, then the Managing Member may in good faith implement an economically
equivalent alternative arrangement without complying with such provisions;

 

(ii)             if
(x) PubCo incurs any indebtedness and desires to transfer the proceeds of such indebtedness to DFP and (y) PubCo is unable
to lend the proceeds of such indebtedness to DFP on an equivalent basis because of restrictions in any debt instrument of PubCo, DFP
or its Subsidiaries, then notwithstanding Section 4.3(a) or Section 4.3(b), the Managing Member may in good
faith implement an economically equivalent alternative arrangement in connection with the transfer of proceeds to DFP using non-participating
preferred Equity Securities of DFP without complying with such provisions; and

 

(iii)            if
PubCo receives a distribution pursuant to Article IX and PubCo subsequently contributes any of the amounts received to DFP,
the Managing Member may take any reasonable action to properly reflect the changes in the Members’ economic interests in DFP including
by making appropriate adjustments to the number of Membership Units held by DM in order to proportionally reduce the respective Percentage
Interests held by DM.

 

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Section 4.4            Liquidation,
Dissolution or Winding Up.

 

(a)            DFP
shall be dissolved upon the first to occur of the following (a “Liquidation Event”): (i) consent of the Managing
Member to dissolve DFP, (ii) at any time there are no members of DFP, unless DFP is continued without dissolution in accordance
with the Act, or (iii) upon the entry of a decree of judicial dissolution of DFP under §18-802 of the Act. Upon the occurrence
of an event causing dissolution, the continuing operation of DFP’s business shall be confined to those activities reasonably necessary
to wind up DFP’s affairs, discharge its obligations and preserve and distribute its assets, and shall be conducted in such manner
as the Managing Member may determine.

 

(b)            In
the event of a dissolution of DFP, its assets shall be liquidated and its affairs wound up and all proceeds shall be distributed in the
following manner and order of priority:

 

(i)              First,
to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of liabilities of DFP (whether by
payment or the making of reasonable provision for payment thereof, including the establishment of any reserves as DFP may deem reasonably
necessary for contingent, conditional or unmatured claims or obligations of DFP arising out of or in connection with DFP or its liquidation,
and any such reserves shall be held by DFP for the purpose of disbursing such reserves in payment of any of the aforementioned liabilities
until the Managing Member determines that such reserves are no longer necessary and DFP’s liabilities have been fully satisfied
in accordance with the Act); and

 

(ii)             Thereafter,
in accordance with Section 9.1.

 

(c)            Distribution
of Assets Other than Cash. In the event DFP proposes to distribute assets other than cash in connection with any Liquidation Event,
such distribution (and the amount thereof) pursuant to Section 9.1 shall be equal to the Fair Market Value of such assets,
and such assets shall be treated as having sold for an amount equal to such Fair Market Value for purposes of determining the Capital
Transaction Gain or Capital Transaction Loss, as applicable, for the Taxable Year in which the Liquidation Event occurs.

 

(d)            Notice
of Liquidation Event. To the fullest extent permitted by law, DFP shall provide each Member with not less than twenty (20) days’
prior written notice of a Liquidation Event, which notice shall set forth the material terms and conditions of the Liquidation Event;
provided, however, that subject to compliance with the Act, such period may be shortened or waived (but not to less than three (3) days)
upon the consent of the Managing Member.

 

(e)            Allocations
upon Liquidation Event. DFP’s Capital Transaction Gain or Capital Transaction Loss (and/or, otherwise, the income, gain, losses
and deductions of DFP) for the Taxable Year in which DFP dissolves and winds up shall be allocated to and among the Members in a manner
such that the Capital Account balance of each Member, immediately after giving effect to such allocations, shall, as nearly as possible,
equal (proportionately) the amount to be distributed (for each Member, such Member’s “Final Distribution”) to
each Member upon such dissolution and winding up pursuant to Section 4.4(b) (and, as applicable, Section 9.1).
For purposes of this Section 4.4(e), the allocation provisions contained in this Agreement are intended to produce a final
Capital Account balance for each Member (such Member’s “Target Final Balance”) that is equal to such Member’s
Final Distribution upon DFP’s dissolution and winding up and that to the extent that the allocation provisions of this Agreement
would not produce the Target Final Balance for any Member, then this Agreement shall be automatically amended, and allocations of Ordinary
Profit, Ordinary Loss, Capital Transaction Gain and/or Capital Transaction Loss (and/or, otherwise, the items of income — including
gross income — gain, deductions and/or losses of DFP) shall be allocated in such manner so as to produce such Target Final Balance
for each Member (and, if and to the extent necessary, for any prior Taxable Year if the United States federal income tax return of DFP
for such prior Taxable Year has not yet been filed or is still open and can be amended, shall be specially allocated to the extent the
Managing Member reasonably determines to be necessary to cause the respective positive Capital Account balance of each Member to be equal
to such Member’s Target Final Balance).

 

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Section 4.5            Exchanges.

 

(a)            Upon
the exchange by any holder of Paired Units for shares of Class A common stock of PubCo pursuant to the Exchange Agreement (as defined
in the DM Operating Agreement), as of the effective date of such exchange, to the extent contemplated by the Exchange Agreement, DFP
shall cancel any Membership Units in respect of the Paired Units so exchanged and for each such Paired Unit so exchanged issue one Membership
Unit to PubCo.

 

(b)           The
Managing Member shall at all times reserve and keep available out of its authorized but unissued Class A common stock, such number
of shares of Class A common stock as shall be deliverable upon any exchange contemplated by this Section 4.5.

 

Article V

CAPITAL ACCOUNTS; CAPITAL CONTRIBUTIONS

 

Section 5.1            Capital
Accounts. DFP shall maintain Capital Accounts determined and adjusted in accordance with the
rules of Treasury Regulations Section 1.704-1 (b)(2)(iv). A Member shall not be entitled to withdraw any part of its Capital
Account or to receive any Distribution from DFP, except as specifically provided in this Agreement. Any Member that shall receive a Membership
Unit or whose Membership Units shall be increased by means of a Transfer to it of all or part of the Membership Units of another Member,
shall have a Capital Account that reflects such Transfer.

 

Section 5.2            Capital
Contributions. The number of Membership Units held by each Member and each Member’s Percentage
Interest and contribution shall be set forth on a confidential document maintained by the Managing Member (the “Capital Accounts
Table”), as it may be amended from time to time as contemplated herein. The Capital Accounts of the Members shall be equal
to the value of the Members’ respective capital contributions (“Capital Contributions”).

 

Section 5.3           Use
of Capital Contributions. The Capital Contributions made pursuant to this Article V
shall be used, together with other funds available to DFP, to engage in any business that DFP or its subsidiaries may lawfully conduct
and for the payment of the liabilities and obligations of DFP or its subsidiaries. No Member shall be entitled to interest on any Capital
Contribution or Capital Account. No Member shall have the right to demand or receive the return of all or any part of any Capital Contribution,
except as otherwise may be expressly provided in this Agreement, and no Member shall be personally liable for the return of the Capital
Contribution of any other Member.

 

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Section 5.4            Limitations
upon Liability of a Member. Except as otherwise expressly and specifically provided in, or required
by, the Act or this Agreement, no Member shall be personally liable for any of the losses, debts, liabilities, expenses and/or other
obligations of DFP, nor shall any Member have any obligation at any time to restore any deficit that may exist in such Member’s
Capital Account (including, without limitation, upon DFP’s dissolution and liquidation). To the fullest extent permitted by the
Act, a Member shall have no obligation to return any Distributions received from DFP.

 

Article VI

TRANSFER OF MEMBERSHIP UNITS

 

Section 6.1            Transfer
by Member of Membership Units. No Member may Transfer any Membership Units, in whole or in part,
without the approval of the Managing Member. Notwithstanding anything to the contrary in this Article VI, (i) Section 6.2(d) of
the DM Operating Agreement shall govern the DM Unit Exchange (as defined in the DM Operating Agreement) contemplated thereby and the
Exchange Agreement shall govern the exchange of Paired Units for shares of Class A common stock, and neither a DM Unit Exchange
contemplated by Section 6.2(d) of the DM Operating Agreement nor an exchange pursuant to and in accordance with the Exchange
Agreement shall be considered a “Transfer” for purposes of this Agreement, and (ii) the certificate of incorporation
of PubCo shall govern the conversion of Class B common stock to Class C common stock, and a conversion pursuant to and in accordance
with the certificate of incorporation of PubCo shall not be considered a “Transfer” for purposes of this Agreement.

 

Section 6.2            Reliance
on Records. DFP and the Managing Member will be entitled to consider the owner of any Membership
Unit in DFP as set forth in the books and records of DFP as the absolute owner thereof for all purposes. Neither DFP nor the Managing
Member will incur any liability for distributions of cash or other property made in good faith to the owner of a Membership Unit in DFP
until such time as a written assignment of such Membership Unit has been received and accepted by the Managing Member and recorded on
the books of DFP. In the event of an assignment by a Member, allocations between the assignor and assignee of deductions, credits and
income of DFP for United States federal, state and local income tax purposes shall be based on the portion of the Fiscal Year during
which the assignor and assignee each owned such Membership Unit, unless the Managing Member determines to close the books on the date
of such assignment.

 

Section 6.3            Resignation
of a Member. No Member shall be entitled to voluntarily resign from DFP without the consent
of the Managing Member prior to the dissolution and winding up of DFP in accordance with this Agreement. Any attempt to resign from DFP
without complying with this Section 6.3 shall, to the fullest extent permitted by law, be ineffective.

 

Section 6.4            Admission
of Additional Members. DFP may admit additional or substitute Members subject to approval by
the Managing Member.

 

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Article VII

INDEMNIFICATION

 

Section 7.1             Indemnification
by DFP.

 

(a)            DFP
shall indemnify and hold harmless each Indemnified Representative against any Liability incurred in connection with any Proceeding in
which the Indemnified Representative may be involved as a party or otherwise in either such case by reason of the fact that such Person
is or was serving in an Indemnified Capacity, including Liabilities resulting from any actual or alleged breach or neglect of duty, error,
misstatement or misleading statement, negligence or act giving rise to strict or products liability, except:

 

(i)            where
such indemnification is expressly prohibited by applicable law;

 

(ii)            where
the conduct of the Indemnified Representative has been finally determined:

 

(A)            to
constitute willful misconduct, gross negligence, fraud or knowing violation of law; or

 

(B)            to
be based upon or attributable to the receipt by the Indemnified Representative from DFP of a personal benefit to which the Indemnified
Representative is not legally entitled; or

 

(iii)            to
the extent such indemnification has been finally determined in a final adjudication to be otherwise unlawful.

 

(b)            If
an Indemnified Representative is entitled to indemnification in respect of a portion, but not all, of any Liabilities to which such Person
may be subject, DFP shall indemnify such Indemnified Representative to the maximum extent for such portion of the Liabilities.

 

(c)            The
termination of a Proceeding by settlement shall not create a presumption that the Indemnified Representative is not entitled to indemnification.

 

(d)            To
the extent that an Indemnified Representative has been successful on the merits or otherwise in defense of any Proceeding or in defense
of any claim, issue or matter therein, such Person shall, to the fullest extent permitted by law, be indemnified against expenses (including
attorneys’ fees and disbursements) actually and reasonably incurred by such Person in connection therewith.

 

Section 7.2            Advancing
Expenses. To the fullest extent permitted by law, DFP shall pay the expenses (including attorneys’
fees and disbursements) incurred by an Indemnified Representative in advance of the final disposition of a Proceeding described in this
Article VII upon receipt of an undertaking by or on behalf of the Indemnified Representative to repay the amount if it is
ultimately determined that such Person is not entitled to be indemnified by DFP pursuant to this Article VII. The financial
ability of an Indemnified Representative to repay an advance shall not be a prerequisite to the making of such advance.

 

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Section 7.3            Securing
Indemnification Obligations. To further effect, satisfy or secure the indemnification obligations
provided in this Article VII or otherwise, DFP may maintain insurance, obtain a letter of credit, act as self-insurer, create
a reserve, trust, escrow, cash collateral or other fund or account, enter into indemnification agreements, pledge or grant a security
interest in any assets or properties of DFP or use any other mechanism or arrangement whatsoever in such amounts, at such costs, and
upon such other terms and conditions as the Managing Member shall deem appropriate. Absent fraud, the determination of the Managing Member
with respect to such amounts, costs, terms and conditions shall be conclusive against all Members, security holders, officers and the
Managing Member and shall not be subject to voidability.

 

Section 7.4            Payment
of Indemnification. To the fullest extent permitted by law, an Indemnified Representative shall
be entitled to indemnification within thirty (30) days after a written request for indemnification has been delivered to the secretary
of DFP and the other conditions herein to being indemnified by DFP have been satisfied. The indemnification pursuant to this Article VII
shall be made only from the assets of DFP and no Member shall be personally liable therefor. Given that certain claims may arise
for which the Indemnified Representative may be entitled to indemnification or advancement of expenses from a combination of DFP, DM
and/or PubCo pursuant to the laws of Delaware, the governing documents of such entity (including this Agreement), or a contract between
such entity and such Indemnified Representative, DFP acknowledges and agrees that DFP shall be fully and primarily responsible for the
payment to the Indemnified Representative in respect of any such indemnification or advancement obligations and that any such Indemnified
Representative shall only seek payment, including the advancement of expenses, from DFP and shall not seek payment, including the advancement
of expenses, from DM.

 

Section 7.5             Insurance.
DFP may purchase and maintain insurance on behalf of any Person who is or was an Indemnified Representative, or who is or was providing
services to DFP against any Liability asserted against him, her or it or incurred by him, her or it in any such capacity or arising out
of his, her or its status as such, whether or not DFP would have the power or the obligation to indemnify him, her or it against such
Liability under this Article VII.

 

Section 7.6            Contribution.
If the indemnification provided for in this Article VII or otherwise is unavailable for any reason in respect of any Liability
or portion thereof, (other than as set forth in Section 7.1(a)(i)-(iii)), DFP shall, to the fullest extent permitted by law,
contribute to the Liabilities to which the Indemnified Representative may be subject in such proportion as is appropriate to reflect
the intent of this Article VII or otherwise; provided, however, that no Member shall be obligated to contribute additional
capital to DFP in connection with this Section 7.6.

 

Section 7.7            Contract
Rights; Amendment or Repeal. All rights under this Article VII shall be deemed a
contract between DFP and the Indemnified Representative pursuant to which DFP and each Indemnified Representative intend to be legally
bound. Any repeal, amendment or modification hereof shall be prospective only and shall not affect any rights or obligations then existing.

 

Section 7.8            Scope
of Article. The rights granted by this Article VII shall not be deemed exclusive
of any other rights to which those seeking indemnification, contribution or advancement of expenses may be entitled under any statute,
agreement, vote of disinterested Members or otherwise, both as to action in an Indemnified Capacity and as to action in any other capacity.
The indemnification, contribution and advancement of expenses provided by or granted pursuant to this Article VII shall continue
as to a Person who has ceased to be an Indemnified Representative in respect of matters arising prior to such time, and shall inure to
the benefit of the heirs, executors, administrators and personal representatives of such Person.

 

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Section 7.9            Reliance
on Provisions. Each Person who shall act as an Indemnified Representative of DFP shall be deemed
to be doing so in reliance upon the rights of indemnification, contribution and advancement of expenses provided by this Article VII.

 

Article VIII

ALLOCATIONS OF PROFIT AND LOSS

 

Section 8.1            Allocations
Generally. After giving effect to the special allocations set forth in Section 8.2
or 8.3 hereof, and subject to Section 4.4(e), Ordinary Profits, Ordinary Losses, Capital Transaction Gain and Capital
Transaction Loss shall be allocated as follows:

 

(a)            Ordinary
Profits. Ordinary Profits for any Fiscal Year shall be allocated among the Members in accordance with their then respective Percentage
Interests.

 

(b)            Ordinary
Losses. Ordinary Losses for any Fiscal Year shall be allocated among the Members in accordance with their then respective Percentage
Interests.

 

(c)            Capital
Transaction Gain and Capital Transaction Loss. Capital Transaction Gain or Capital Transaction Loss shall be allocated to the Members
in accordance with Section 4.4(e) and, in applying such Section 4.4(e), by treating the amount of the net
proceeds from the Capital Transaction that resulted in such Capital Transaction Gain or Capital Transaction Loss that would be distributable
to each Member pursuant to Section 9.1 as such Member’s Final Distribution.

 

Section 8.2            Allocations
Under Regulations.

 

(a)            Company
Nonrecourse Deductions. Deductions attributable (under Treasury Regulation Section 1.704-2(c)) to “company nonrecourse
liabilities” (within the meaning of Treasury Regulation Section 1.704-2(b)(1)) shall be allocated among the Members in accordance
with their respective Percentage Interests. Because the allocation of company nonrecourse deductions shall increase the potential minimum
gain chargeback under Section 8.2(d), an allocation of company nonrecourse deductions under this provision shall not reduce
a Member’s Capital Account.

 

(b)            Member
Nonrecourse Deductions. Deductions attributable (under Treasury Regulation Section 1.704-2(i)(2)) to “member nonrecourse
debt” (within the meaning of Treasury Regulation Section 1.704-2(b)(4)) shall be allocated, in accordance with Treasury Regulation
Section 1.704- 2(i)(1), to the Member who bears the economic risk of loss with respect to the debt to which the loss is attributable.
Because the allocation of member nonrecourse deductions shall increase the potential minimum gain chargeback under Section 8.2(d),
an allocation of member nonrecourse provisions under this provision shall not reduce a Member’s Capital Account.

 

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(c)            Minimum
Gain Chargeback. If, in any Fiscal Year there is a net decrease in company minimum gain (as defined in Treasury Regulation Section 1.704-2(d))
(other than a decrease attributable to a “book up” in the Gross Asset Value of DFP’s assets, a decrease offset by an
increase in member minimum gain or any other decrease for which a minimum gain chargeback is not required under Treasury Regulation Section 1.704-2(f)),
then each Member shall be allocated Income equal to that Member’s share of the net decrease in minimum gain for the year, as determined
by Treasury Regulation Section 1.704-2(g)(2). The items of Income to be allocated under this Section are determined under Treasury
Regulation Section 1.704-2(j)(2). In the event there is insufficient Income for the Fiscal Year to chargeback each Member’s
share of the decrease in company minimum gain fully, then the chargeback for the Fiscal Year shall be in proportion to each Member’s
share of the decrease and any decrease that has not been charged back shall be carried over and be treated as a decrease in company minimum
gain in the following year. This subsection is intended to comply with the minimum gain chargeback requirement of Treasury Regulation
Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(d)            Member
Minimum Gain Chargeback. If, in any Fiscal Year there is a net decrease in member minimum gain (as defined in Treasury Regulation
Section 1.704-2(i)) (other than a decrease attributable to a “book up” in the Gross Asset Value of DFP’s assets,
a decrease offset by an increase in member minimum gain or any other decrease for which a member minimum gain chargeback is not required
under Treasury Regulation Section 1.704--2(i)(4)), then, after the allocation set forth above in Section 8.2(c), each
Member shall be allocated Income equal to that Member’s share of the net decrease in member minimum gain for the year, as determined
by Treasury Regulation Section 1.704-2(i)(3). The items of Income to be allocated under this Section are determined under Treasury
Regulation Section 1.704-2(j)(2). In the event there is insufficient Income for the Fiscal Year to chargeback each Member’s
share of the decrease in member minimum gain fully, then the chargeback for the Fiscal Year shall be in proportion to each Member’s
share of the decrease and any decrease that has not been charged back shall be carried over and be treated as a decrease in member minimum
gain in the following year. This subsection is intended to comply with the requirement of Treasury Regulation Section 1.704--2(i)(4) that
there be a chargeback of Member nonrecourse debt minimum gain and shall be interpreted consistently therewith.

 

(e)            Qualified
Income Offset. This subsection is intended to provide for a “qualified income offset” (within the meaning of Treasury
Regulation Section 1.704-1 (b)(2)(ii)(d)) and shall be interpreted in a manner consistent with such intent. In the event any Member
received any adjustment, allocation or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or
(6) that was not reasonably expected as of the end of the preceding Fiscal Year and that causes, or increases, a deficit in the
Member’s Capital Account, Income (composed of a pro rata portion of each element remaining after the allocations in earlier
subsections of this Section 8.2) shall be allocated to that Member in an amount and manner sufficient to eliminate any portion
of the deficit balance in the Member’s Capital Account that is attributable to the adjustment, allocation or distribution referred
to above. If there is insufficient Income in any Fiscal Year to make the allocation called for under this subsection, then the shortfall
shall be carried over to subsequent years and shall be treated as a qualified income offset in those years. Allocations under this subsection
shall only be made to the extent that a Member has a deficit in his, her or its Capital Account after all other allocations provided
in this Article VIII have been tentatively made as if this subsection were not in the Agreement. For purposes of this subsection,
a Member’s Capital Account balance shall be increased by the amount, if any, by which its deficit Capital Account balance exceeds
the amount the Member is obligated to restore (or is treated as obligated to restore under Treasury Regulation Section 1.704-1(b)(2)(ii)(c))
and decreased by (i) the amount of distributions that are reasonably expected to be made to such Member in excess of increases to
such Member’s Capital Account that are likely to occur during (or prior to) the Fiscal Years in which such distributions are reasonably
expected to be made and (ii) the items described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4) and (5) that,
as of the end of the current Fiscal Year, reasonably are expected to be made to such Member. For purposes of clause (i) of
the preceding sentence, increases to a Member’s Capital Account pursuant to a company minimum gain chargeback requirement under
Section 8.2(c) are taken into account only to the extent that such chargebacks will offset distributions of company
nonrecourse liability proceeds that are reasonably expected to be made to such Member and that such distributions are allocable to an
increase in company minimum gain.

 

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(f)            Source
of Distributions. For purposes of this Section 8.2, DFP shall treat distributions as having been made from the proceeds
of a company nonrecourse liability or a member nonrecourse debt only to the extent that such distributions would cause or increase a
deficit Capital Account for any Member in the absence of such treatment.

 

(g)            Exculpatory
Nonrecourse Liabilities. Unless and until additional guidance is issued by the Internal Revenue Service, the provisions of this Section 8.2
that are dependent upon determinations of company nonrecourse liabilities and member nonrecourse debt shall be applied as the Managing
Member shall determine.

 

Section 8.3            Other
Allocations.

 

(a)            Allocations
When Gross Asset Value Differs from Tax Basis. When the Gross Asset Value of a DFP asset is different from its adjusted tax basis
for income tax purposes, then, solely for United States federal, state and local income tax purposes and not for purposes of computing
Capital Accounts, income, gain, loss, deduction and credit with respect to such assets (“Section 704(c) Assets”)
shall be allocated among the Members to take this difference into account in accordance with the principles of Code Section 704(c),
as set forth herein and in the Treasury Regulations thereunder and under Code Section 704(b). Except to the extent otherwise required
by final Treasury Regulations, the calculation and allocations eliminating the differences between Gross Asset Value and adjusted tax
basis of the Section 704(c) Assets shall be made pursuant to the traditional method set forth in Treasury Regulations Section 1.704-3(b);
provided that the traditional method with curative allocations (as described in the final sentence of Treasury Regulations Section 1.704-3(c)(3)(iii)(B))
shall apply with respect to gain from the sale of such assets.

 

(b)            Allocation
of PTET. Any taxes paid by DFP with respect to any PTET (including pursuant to a PTET Election) shall be allocated to the Members
to whom such payments are attributable.

 

(c)            Provisions
Binding. The Members shall be bound by the provisions of this Article VIII in reporting their shares of DFP income, gain,
loss and deduction for tax purposes.

 

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(d)            Compliance
with Code Section 706. For purposes of determining the Ordinary Profits, Ordinary Loss, Capital Transaction Gain, Capital Transaction
Loss or any other items allocable to any period, such Ordinary Profits, Ordinary Loss, Capital Transaction Gain, Capital Transaction Loss
and any such other items shall be determined on a daily, monthly or other basis, using any permissible method under Code Section 706
and the Treasury Regulations thereunder as the Managing Member shall determine.

 

Article IX

DISTRIBUTIONS

 

Section 9.1     Distributions.
Except as otherwise provided in, and subject to, the other provisions of this Article IX (including Section 9.2
and Section 9.3), any Distributable Ordinary Proceeds and/or Distributable Capital Transaction Proceeds may, in the sole discretion
of the Managing Member, and to the extent permitted hereunder and under applicable law, be distributed to the Members in proportion to
and to the extent of their respective Percentage Interests; provided that, except with respect to Tax Distributions, any Distributions
in respect of an unvested Membership Unit shall be held by DFP and not paid until such time as the applicable vesting conditions for such
unvested Membership Unit are satisfied. Notwithstanding any other provision of this Agreement, DFP shall not make any distribution or
other payment to a Member on account of its interest in DFP if such distribution would violate the Act or other applicable law.

 

Section 9.2     Tax
Distribution. Unless and until DFP shall have (and/or shall have set aside for distribution based
on reasonable estimates) sufficient funds for the making of all of the distributions provided for in this Section 9.2 for
any Taxable Year, DFP shall not make any Distributions pursuant to Section 9.1 (except in the case of a distribution pursuant
to Section 9.1 by reason of the application of Section 4.4(b)). Not later than five (5) business days after
each Fiscal Quarter Payment Date, but subject to applicable law or any loan or other agreement to which DFP and any of its direct and
indirect subsidiaries is or may become subject DFP shall distribute to each Member in immediately available funds an amount of cash at
least equal to (if greater than zero) (a “Tax Distribution”): (i) such Member’s Tax Distribution Amount
(defined below) for such Fiscal Quarter Payment Date, less (but without duplication) and (ii) the aggregate Tax Distributions and
other Distributions previously distributed to such Member during the current Taxable Year in which such date falls (and including, without
limitation, by reason of the application of Section 9.3); provided, however, if the Managing Member should determine there
to be an insufficient amount of cash to distribute the full Tax Distribution amount to all of the Members, then DFP shall distribute the
total amount of cash that the Managing Member determines there to be available for distribution to the Members in proportion to the Tax
Distribution amount to which each Member would otherwise be entitled to receive (if there had been a sufficient amount of cash to so distribute).
Any Tax Distribution shall be treated for all purposes of this Agreement as an advanced Distribution (and, further, as Distributable Capital
Transaction Proceeds if and to the extent the Tax Distribution Amount is in respect of taxable income and gain that is the result of,
and/or arising from, a Capital Transaction or is made in respect of DFP’s liquidation or, otherwise, as Distributable Ordinary Proceeds)
pursuant to Section 9.1 (including by reason of the application of Section 4.4(b)) to the Member who receives
such Tax Distribution, and shall otherwise reduce dollar-for-dollar the amount of the Distributions to which such Member is otherwise
entitled pursuant to Section 9.1 (including by reason of the application of Section 4.4(b)). As used herein, “Tax
Distribution Amount” means, with respect to any Member and any Fiscal Quarter Payment Date, the product of: (x) the Applicable
Percentage; and (y) the cumulative taxable income and gain for United States federal income tax purposes recognized by DFP for a
Taxable Year in which such Fiscal Quarter Payment Date falls, reduced by any and all of the recognized deductions and losses for United
States federal income tax purposes incurred and/or recognized by DFP and not otherwise taken into account and/or reflected in such taxable
income and gain, that is (or would be) allocable to such Member for such Taxable Year (and, for this purpose, assuming that such Taxable
Year ended on such Fiscal Quarter Payment Date and further assuming that DFP’s cumulative taxable income, gain, loss and deductions
shall include DFP’s share, but without duplication, of the taxable income, gain, loss and deductions of each of its direct and indirect
subsidiaries to the extent said income, gain, loss and deductions would otherwise “flow-up” to, and be required to be reported
by, DFP on its own United States federal income tax return for United States federal income tax purposes — e.g., if such direct
and indirect subsidiaries were all either “disregarded entities” and/or “partnerships”, with no intervening “subchapter
C corporation”, for United States federal income tax purposes), all as the Managing Member shall reasonably determine and estimate.

 

    	 	-21-	 

     

    

 

Section 9.3     Payments
Under the Expense Reimbursement Agreement. All payments under the Expense Reimbursement Agreement
shall be treated as a fee in consideration for the obligations and limitations under this Agreement and shall not be treated as Distributions.

 

Section 9.4     Withholding.
DFP shall comply with any and all of its withholding obligations under the Code and under any applicable United States federal, state,
local and, as applicable, foreign tax law. Any amount so withheld by DFP and paid over to the Internal Revenue Service and/or any other
tax or other federal, state, local or foreign governmental authority, agency, entity, instrumentality or other body (any of the foregoing,
a “Tax Authority”) in respect of any payment or distribution made by DFP to any Member or other Person shall be treated
as an amount actually paid or distributed to such Member or other Person for all purposes of this Agreement. With respect to any amount
required to be remitted by DFP to any Tax Authority in respect of any income and/or gain allocated and/or allocable to any Member or other
Person, the amount so remitted (together with any accrued interest thereon, as provided for below) shall be treated and constitute for
all purposes of this Agreement as (without duplication) a Tax Distribution and Distribution (or advance Tax Distribution and Distribution,
as the case may be) made to such Member pursuant to Section 9.1 and Section 9.2 (including by reason of the application
of Section 4.4(b)) and shall offset and reduce, dollar-for-dollar, the amount that DFP would otherwise be required to distribute,
whether as a Distribution or Tax Distribution, to such Member pursuant to Section 9.1 and Section 9.2 (including
by reason of the application of Section 4.4(b)).

 

Section 9.5     PTET.
In the event DFP pays any PTET in any jurisdiction, including as a result of making a PTET Election in such jurisdiction, any amounts
so paid with respect to such PTET shall be deemed distributed to the Members to whom such payments are attributable.

 

    	 	-22-	 

     

    

 

Article X

TAX MATTERS

 

Section 10.1     Tax
Matters Member.

 

(a)            The
Managing Member shall appoint a Member (which may be itself) to serve as (i) with respect to taxable years of DFP beginning before
January 1, 2018, the tax matters partner of DFP within the meaning of Code Section 6231(a)(7) as in effect for such taxable
years and (ii) with respect to taxable years of DFP beginning on or after January 1, 2018, the partnership representative of
DFP within the meaning of Code Section 6223(a) (the “Tax Matters Member”). The Managing Member shall serve
in such capacity for so long as it is not the subject of a Bankruptcy Event and is otherwise entitled to act as the Tax Matters Member.
The Tax Matters Member may file a designation of itself as such with the IRS. The Tax Matters Member shall (i) furnish to each Member
affected by an audit of DFP’s income tax returns a copy of each notice or other communication received from the applicable Tax Authority,
(ii) keep such Member informed of any administrative or judicial Proceeding, including, for taxable years of DFP beginning before
January 1, 2018, as required by Code Section 6223(g) as in effect for such taxable years and (iii) allow such Member
an opportunity to participate in all such administrative and judicial Proceedings. For taxable years of DFP beginning before January 1,
2018, the Tax Matters Member shall take such action as may be reasonably necessary to constitute such other Member a “notice member”
within the meaning of Section 6231(a)(8) of the Code as in effect for such taxable years; provided, however, that the other
Member provides the Tax Matters Member with the information that is necessary to take such action.

 

(b)            DFP
shall not be obligated to pay any fees or other compensation to the Tax Matters Member in his, her or its capacity as such. However, DFP
shall reimburse the expenses (including reasonable attorneys’ and other professional fees) incurred by the Tax Matters Member in
such capacity. Each Member who elects to participate in DFP administrative tax Proceedings shall be responsible for its own expenses incurred
in connection with such participation. In addition, the cost of any adjustments to a Member and the cost of any resulting audits or adjustments
of a Member’s tax return shall be borne solely by the affected Member.

 

(c)            To
the fullest extent permitted by law, DFP shall indemnify and hold harmless the Tax Matters Member from and against any loss, liability,
damage, cost or expense (including reasonable attorneys’ fees) sustained or incurred as a result of any act or decision concerning
DFP tax matters and within the scope of such Member’s responsibilities as Tax Matters Member, so long as such act or decision was
not the result of gross negligence, fraud, bad faith or willful misconduct by the Tax Matters Member. The Tax Matters Member shall be
entitled to rely in good faith on the advice of legal counsel as to the nature and scope of its responsibilities and authority as Tax
Matters Member, and any act or omission of the Tax Matters Member in good faith pursuant to such advice shall in no event subject the
Tax Matters Member to liability to DFP or either Member.

 

Section 10.2     Tax
Audits/Special Assessments. If the United States federal tax return of either DFP, any direct
or indirect subsidiary of DFP or an individual Member with respect to an item or items of DFP income, gain, loss and/or deduction potentially
affecting the tax liability of any Member generally is subject to an audit by any Tax Authority, the Managing Member may, in the exercise
of its business judgment, determine that it is necessary to contest proposed adjustments to such return or items. If such a determination
is made, the Managing Member shall finance the contest of the proposed adjustments out of the available assets, to the extent available,
or in such other manner as the Managing Member may determine, to the extent the Managing Member determines feasible.

 

    	 	-23-	 

     

    

 

Section 10.3     Tax
Elections. DFP shall elect to deduct and amortize organizational costs under Section 709(b) of
the Code. The Managing Member shall cause DFP and each of its Subsidiaries that is treated as a partnership for U.S. federal income tax
purposes to have in effect an election pursuant to Section 754 of the Code (or any similar provisions of applicable state, local
or foreign tax law) for each Taxable Year. The Managing Member shall take commercially reasonable efforts to cause each Person in which
DFP owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such
election for each Taxable Year. The Managing Member shall have the authority to cause DFP to make a PTET Election in any jurisdictions
it determines, in its sole discretion, would be desirable. Each Member will upon request supply any information reasonably necessary to
give proper effect to any elections described in this Section 10.3.

 

Section 10.4     Adjustments
of Capital Accounts. Notwithstanding anything herein to the contrary, the Capital Accounts of
the Members may be adjusted by the Managing Member to reflect a revaluation of DFP property (including intangible assets such as goodwill)
upon the occurrence of those events referred to in clause (b) of the definition of “Gross Asset Value” in the manner
prescribed in Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and the applicable provisions of the definition of “Gross
Asset Value” and the definition of “Ordinary Profits” and “Ordinary Losses” (including by reference to this
definition in the definition of “Capital Transaction Gain” and “Capital Transaction Loss”).

 

Article XI

MISCELLANEOUS

 

Section 11.1     Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, successors and permitted assigns.

 

Section 11.2     Entire
Agreement. This Agreement, together with all appendices and exhibits hereto, and the DM Operating
Agreement, including Exhibit A, Exhibit B and Exhibit C attached thereto, contains the entire agreement of the parties
hereto with respect to the subject matter hereof and supersedes all prior or contemporaneous understandings and agreements of the parties
with respect thereto. There are no representations, agreements, arrangements or understandings, oral or written, between or among the
parties hereto relating to the subject matter of this Agreement which are not fully expressed herein.

 

Section 11.3     Amendments.
The Agreement may be amended or modified from time to time only by a written instrument adopted by the Managing Member. Subject to Section 12.3
of the DM Operating Agreement, no amendment to this Agreement shall, directly or indirectly, (i) adversely affect a Member in a manner
different than its effect on all other Members, unless approved by unanimous consent of the Members, or (ii) subject a Member to
personal liability for any obligations of DFP, without the prior consent of the affected Member.

 

    	 	-24-	 

     

    

 

Section 11.4     Choice
of Law. This Agreement, including the validity hereof and the rights and obligations of the parties
hereto, and all matters arising out of or relating to this Agreement and/or any and all related documents shall be governed by, and construed
and enforced in accordance with the substantive laws of the State of Delaware, without regard to its otherwise applicable principles of
conflicts of laws. To the fullest extent permitted by law, the parties, INCLUDING ALL MEMBERS,
hereto hereby irrevocably and unconditionally waive any rights they may have to a jury trial in any and all disputes whether arising hereunder
or under any other agreements, notes, papers, instruments or documents heretofore or hereafter executed, whether similar or dissimilar.

 

Section 11.5     Notices.
Except as otherwise provided in this Agreement, any notice, demand or communication required or permitted to be given in writing by any
provision of this Agreement shall be deemed to have been sufficiently given or served for all purposes if delivered personally or sent
by facsimile transmission, by overnight courier or transmitted by email with receipt confirmed by telephone or electronic correspondence
or receipt thereof, to the party or to an executive officer of the party to whom the same is directed or, if sent by registered or certified
mail, postage and charges prepaid, addressed to the Member’s address on file with DFP and to DFP at its principal place of business,
or at such other address as a party may direct in writing.

 

Section 11.6     Headings
and Captions. The headings and captions contained in this Agreement are inserted only as a matter
of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provisions hereof.

 

Section 11.7     Construction.
Whenever required by the context, any gender shall include any other gender, the singular shall include the plural and the plural shall
include the singular. The words “herein,” “hereof,” “hereunder,” and words of similar import refer
to the Agreement as a whole and not to a particular Article, Section or other provision hereof. The terms “Article” and
 “Section” refer to the specified Article or Section of this Agreement. The term “including” (and with
correlative meaning “include”) means including without limiting the generality of any description preceding such term. The
parties hereto acknowledge and agree that this Agreement has been negotiated at arm’s length and among parties equally sophisticated
and knowledgeable in the matters dealt with in this Agreement. Accordingly, to the fullest extent permitted by law, any rule of law
or legal decision that would require interpretation of any ambiguities in this Agreement against the party that has drafted it is not
applicable and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the intent of the parties
as set forth in this Agreement.

 

Section 11.8     No
Waivers. The failure of any party hereto to insist upon strict performance of a covenant hereunder
or of any obligation hereunder or to exercise any right or remedy hereunder, regardless of how long such failure shall continue, shall
not be a waiver of such party’s right to demand strict compliance therewith in the future unless such waiver is in writing and signed
by the party giving the same.

 

Section 11.9     Severability.
If any provision of this Agreement or its application to any Person or circumstance shall be invalid, illegal or unenforceable to any
extent, the remainder of this Agreement and its application shall not be affected and shall be enforceable to the fullest extent permitted
by law.

 

    	 	-25-	 

     

    

 

Section 11.10     Publicity.
No press release or other public announcement related to this Agreement or DFP or the transactions contemplated hereby shall be issued
by any Member without the prior approval of the Managing Member, except that any Member may make such public disclosure which it believes
in good faith to be required by law or by the terms of any listing agreement with a securities exchange (in which case such Member shall
make a reasonable effort to consult with the Members prior to making such disclosure).

 

Section 11.11     No
Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit
of or enforceable by any Person other than the parties to this Agreement and their respective successors and assigns, other than the provisions
of Article VII, as to which each Indemnified Representative is an intended third party beneficiary.

 

Section 11.12     Further
Assurances. Each Member shall execute all such certificates and other documents and shall do
all such other acts as the Managing Member deems appropriate to comply with (a) the requirements of law for the formation of DFP,
(b) any laws, rules, regulations and third-party requests relating to the acquisition, operation or holding of the property of DFP
or (c) the intent and purposes of this Agreement.

 

Section 11.13     Counterparts.
This Agreement may be executed in one or more counterparts with the same effect as if all of the parties had signed the same document,
which delivery may be electronic. All counterparts shall be construed together and shall constitute one and the same instrument. A signed
copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal
effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	-26-	 

     

    

 

IN WITNESS WHEREOF, the undersigned,
intending to be legally bound hereby, have executed this Third Amended and Restated Operating Agreement of Dynasty Financial Partners,
LLC as of the day and year first above written.

 

	 	DYNASTY FINANCIAL MANAGEMENT, LLC
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

	 	DYNASTY FINANCIAL PARTNERS INC.
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

     

     

    

 

DEFINITIONS
APPENDIX

 

“Act”
means the Delaware Limited Liability Company Act (6 Del. C. §18-101, et seq.), as amended from time to time.

 

“Affiliate”
means, with respect to any Member or other Person, (i) any Person that directly or indirectly through one or more intermediaries
controls, is controlled by, or is under common control with such Member or other Person, or (ii) a Family Member of such Member or
other Person or a trust for the benefit of such Member or other Person or for the benefit of a Family Member of such Member or other Person.
For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
 “under common control with”) means the ownership or control of securities possessing at least 50% of the voting power of all
outstanding voting securities of a Person or the power to otherwise direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting stock or similar rights.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Applicable
Percentage” means, when computing the amount of any Tax Distribution for any tax period, the highest combined United
States federal, state and local income tax rate to which an individual residing in the City and State of New York would be subject on
ordinary income and/or capital gain (as applicable) recognized by him/her in and/or during such tax period.

 

“Bankruptcy
Event” has the meaning set forth in Section 3.14(b).

 

“Capital
Account” means the capital account of a Member maintained as provided in Section 5.1.

 

“Capital
Accounts Table” has the meaning set forth in Section 5.2.

 

“Capital
Contributions” has the meaning set forth in Section 5.2.

 

“Capital
Transaction” shall mean the sale, lease, transfer or other disposition not in the ordinary course of DFP’s and
its direct and indirect subsidiaries’ respective business(s) of all, substantially all and/or a substantial portion of the
assets of DFP (including its interest in, and/or the assets of, each of its direct and indirect subsidiaries), as same shall be reasonably
determined by the Managing Member.

 

“Capital
Transaction Gain” or “Capital Transaction Loss” shall mean an amount equal to DFP’s taxable
gain or loss from (and/or resulting from) a Capital Transaction, by taking into account only such income, gain, loss and deductions from
and/or resulting from such Capital Transaction by applying rules analogous to the rules set forth in clauses (a) through
(g) of the definition “Ordinary Profits” and “Ordinary Losses”.

 

“Certificate”
means DFP’s Certificate of Formation on file with the Secretary of the State of Delaware, as it may be amended and/or restated
from time to time.

 

     

     

    

 

“Code”
means the Internal Revenue Code of 1986, as it may be amended or replaced from time to time.

 

“Deductions”
means gross items of deduction for any Fiscal Year as determined under United States federal income tax accounting principles.

 

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

 

“DFP” has
the meaning set forth in the preamble.

 

“Distributable
Capital Transaction Proceeds” shall mean the aggregate proceeds, revenues, payments, distributions and other amounts
received by DFP from (and/or otherwise in respect of) a Capital Transaction (as the Managing Member shall reasonably determine), less
the portion of such proceeds, revenues, payments, distributions and other amounts: (a) used to pay (and/or set aside for the payment
of) any and all legal, accounting, brokerage, overhead and other fees, commissions and expenses of, and/or resulting from, such Capital
Transaction; (b) used to repay (and/or set aside for the repayment of) any and all DFP indebtedness; (c) that the Managing Member
determines to use for the funding (and/or to set aside and/or retain for the funding of) future investments and/or capital expenditures;
and (d) that the Managing Member determines for DFP to set aside and/or retain as reserves for Tax Distributions and/or the payment
of any debts, liabilities and expenses of DFP (whether contingent or fixed, choate or inchoate) or, otherwise, for any other DFP purpose
as the Managing Member shall determine. “Distributable Capital Transaction Proceeds” shall include any such proceeds, revenues,
payments, distributions and other amounts otherwise derived from a Capital Transaction that were previously set aside and/or retained
by DFP (whether as reserves or otherwise) and that the Managing Member determines to no longer be necessary or desirable for DFP to retain
and which the Managing Member determines can be distributed as Distributable Capital Transaction Proceeds.

 

“Distributable
Ordinary Proceeds” shall mean the gross proceeds, revenues, payments, distributions and other amounts received by DFP
(whether in cash or other property) from all sources (but not including any proceeds, revenues, payments, distributions and other amounts
received from, and/or otherwise in respect of, a Capital Transaction, as the Managing Member shall reasonably determine), less the portion
of such proceeds, revenues, payments, distributions and other amounts: (a) used to pay (and/or set aside for the payment of) any
and all of the operating expenses, expenditures and debt service of DFP; (b) that the Managing Member determines to use for the funding
(and/or to set aside and/or retain for the funding of) future investments, future debt payments (or prepayments) and/or capital expenditures;
and (c) that the Managing Member determines for DFP to set aside and/or retain as reserves for Tax Distributions and/or the payment
of any debts, liabilities and expenses of DFP (whether contingent or fixed, choate or inchoate) or, otherwise, for any other DFP purpose
as the Managing Member shall determine. “Distributable Ordinary Proceeds” shall include any such proceeds, revenues, payments,
distributions and other amounts that would have otherwise constituted “Distributable Ordinary Proceeds” and that the Managing
Member determines to no longer be necessary or desirable for DFP to retain and which the Managing Member determines can be distributed
as Distributable Ordinary Proceeds.

 

     

     

    

 

“Distribution”
means, with respect to any Member, the amount of money, and the distribution date Fair Market Value of any property other than
money, distributed (whether as Distributable Ordinary Proceeds, Distributable Capital Transaction Proceeds, Tax Distributions or otherwise)
to such Member by DFP (net of associated liabilities assumed by such Member).

 

“DM” has
the meaning set forth in the preamble.

 

“DM
Membership Units” has the meaning set forth in Section 4.1(b).

 

“DM Operating Agreement”
means the operating agreement of DM, dated [•], as it may be amended from time to time.

 

“Economic PubCo Security”
has the meaning set forth in Section 4.2(a).

 

“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.

 

“Exchange Agreement”
has the meaning set forth in the DM Operating Agreement.

 

“Existing LLC Agreement”
has the meaning set forth in the recitals.

 

“Expense
Reimbursement Agreement” means that certain Expense Reimbursement Agreement, dated as of [•], 2022, by and between
DFP and PubCo.

 

“Fair
Market Value” means, with respect to any property or asset, the amount a willing buyer would pay a willing seller for
such property or asset, where neither the buyer nor the seller is under any compulsion to buy or sell and both are aware of all of the
material facts with respect to the property, as same shall be reasonably determined by the Managing Member.

 

“Family
Member” means, as to any individual, any (i) lineal descendant, parent, grandparent or sibling of such individual,
(ii) any spouse of the persons named in clause (i) or descendants of such spouse and (iii) any trust or family limited
partnership, the beneficiaries or beneficiary of which constitute such individual and/or one or more persons described in clauses (i) and
(ii).

 

“Final Distribution”
has the meaning set forth in Section 4.4(e).

 

     

     

    

 

“Fiscal
Quarter Payment Date” means March 31, June 30, September 30 and December 31.

 

“Fiscal
Year” has the meaning set forth in Section 1.8.

 

“Gross
Asset Value” shall mean, with respect to any asset, the adjusted basis of such asset for United States federal income
tax purposes, except as follows:

 

(a)            The
initial Gross Asset Value of any asset contributed by a Member to DFP shall be the gross Fair Market Value of such asset.

 

(b)            The
Gross Asset Values of all DFP assets shall be adjusted to equal their respective gross Fair Market Values (taking Code Section 7701(g) into
account), as of the following times: (i) in connection with a contribution of money or other property (other than a de minimis
amount) to DFP by a new or existing Member as consideration for a Membership Unit (or portion thereof); or (ii) in connection
with the liquidation of DFP or a distribution of money or other property (other than a de minimis amount) by DFP to a retiring
or continuing Member as consideration for a Membership Unit (or portion thereof).

 

(c)            The
Gross Asset Value of any asset of DFP distributed to a Member shall be the gross Fair Market Value of such asset on the date of distribution.

 

(d)            The
Gross Asset Values of DFP’s assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Section 734(b) or 743(b) of the Code should DFP make an election under Section 754 of the Code, 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).

 

(e)            If
the Gross Asset Value of an asset has been determined or adjusted pursuant to subsection (b) or (d) of this definition, such
Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset.

 

“Income”
means items of gross income and gain for any Fiscal Year as determined under United States federal income tax accounting principles.

 

“Indemnified
Capacity” means any and all past, present and future service by an Indemnified Representative to DFP, PubCo, DM or their
Subsidiaries.

 

“Indemnified
Representative” means any Member (including, for the avoidance of doubt, the Managing Member), officer or director of
the Managing Member, manager, former member of the board of managers or officer of DFP and any other Person designated as an Indemnified
Representative by the Managing Member (which may, but need not, include any Person serving at the request of DFP as a Member, manager,
shareholders, partner, officer, employee, agent, fiduciary or trustee of any Person).

 

“IPO” has
the meaning set forth in the recitals.

 

     

     

    

 

“Liability”
means any loss, damage, judgment, amount paid in settlement, fine, penalty, tax or cost or expense of any nature (including attorneys’
fees and disbursements).

 

“Liquidation
Event” has the meaning set forth in Section 4.4(a).

 

“Managing
Member” means PubCo, in its capacity as managing member of DFP.

 

“Member”
has the meaning set forth in the preamble, and includes any additional member of DFP or substitute member of DFP, each in its capacity
as a member of DFP. For the avoidance of doubt, the use of the term “Member” herein includes the Managing Member.

 

“Membership
Unit” refers to one unit which represents a fractional share of the entire limited liability company interests of DFP
at any particular time, including the Members’ rights to any and all benefits to which the Members may be entitled as provided in
this Agreement, together with the obligations of the Members to comply with all the terms and provisions of this Agreement. Each Membership
Unit shall be identical and represent an identical fractional share except with respect to vesting conditions as set forth in Section 4.1(a).

 

“Merger”
has the meaning set forth in the recitals.

 

“Merger Agreement”
has the meaning set forth in the recitals.

 

“Merger Sub”
has the meaning set forth in the recitals.

 

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

 

(a)            Any
income of DFP that is exempt from United States federal income tax and not otherwise taken into account in computing Ordinary Profits
or Ordinary Losses pursuant to this definition of Ordinary Profits and Ordinary Losses shall be added to such taxable income or loss;

 

(b)            Any
expenditures of DFP described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Treasury Regulations Section 1.704-1 (b)(2)(iv)(i), and not otherwise taken into account in computing Ordinary Profits or Ordinary
Losses pursuant to this definition of Ordinary Profits and Ordinary Losses shall be subtracted from such taxable income or loss;

 

(c)            In
the event the Gross Asset Value of any items of DFP property is adjusted pursuant to subparagraph (b) or (c) of the definition
of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value
of the item of property) or an item of loss (if the adjustment decreases the Gross Asset Value of the item of property) from the disposition
of such item of property and shall be taken into account for purposes of computing Ordinary Profits or Ordinary Losses, as applicable;

 

     

     

    

 

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

 

(e)            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;

 

(f)            To
the extent an adjustment to the adjusted tax basis of any item of DFP property pursuant to Code Section 734(b) 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 Membership Unit, the amount of such adjustment shall be treated as an
item of gain (if the adjustment increases the United States federal income tax basis of the item of property) or loss (if the adjustment
decreases such basis) from the disposition of such item of property and shall be taken into account for purposes of computing Ordinary
Profits or Ordinary Losses; and

 

(g)            Any
amounts paid by DFP with respect to any PTET (including pursuant to a PTET Election) shall be disregarded in computing the amount of any
item of income, gain, loss or deduction with respect to DFP to be allocated pursuant to Article VIII and to be reflected in
the Capital Accounts of the Members.

 

Notwithstanding any other provision
of this definition, neither: (x) any items that are specially allocated pursuant to Section 8.2 or 8.3 hereof;
nor (y) any and all items (and deemed items) of income, gain, loss and deductions from or in respect of any Capital Transaction and/or
otherwise taken into account in determining “Capital Transaction Gain” or “Capital Transaction Loss”, shall be
taken into account in computing Ordinary Profits or Ordinary Losses.

 

The amounts of the items of
DFP income, gain, loss, or deduction available to be specially allocated pursuant to Section 8.2 or 8.3 hereof shall
be determined by applying rules analogous to those set forth in subparagraphs (a) through (g) above.

 

“Paired Unit”
has the meaning set forth in the Exchange Agreement.

 

“Percentage
Interest” means a Member’s aggregate Membership Units (whether vested or unvested), expressed as a percentage of
all issued and outstanding Membership Units (including unvested Membership Units).

 

“Person”
means any person, firm, corporation, general partnership, limited partnership, limited liability company, limited liability partnership,
association, trust, estate, custodian, nominee, joint venture, foreign business organization or other individual or entity.

 

“Proceeding”
means any threatened, pending or completed action, suit, appeal or other proceeding of any nature, whether civil, criminal, administrative
or investigative, whether formal or informal, and whether brought by or in the right of DFP, a class of its Members or security holders
or otherwise.

 

     

     

    

 

“PTET”
means an entity-level tax imposed by any jurisdiction on an entity treated as a passthrough entity for U.S. federal income tax purposes
in lieu of a tax on one or more of such entity’s partners, members or owners.

 

“PTET Election”
means, with respect to a given jurisdiction, an election for DFP to be subject to a PTET as described in Notice 2020-75 and any regulations
promulgated thereunder. For the avoidance of doubt, a PTET Election excludes any election made under Treasury Regulations Section 301.7701-3.

 

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

 

“Restructuring”
has the meaning set forth in the recitals.

 

“Restructuring Effective
Time” means the date and time specified in the Merger Agreement.

 

“Section 704(c) Assets”
has the meaning set forth in Section 8.3(a).

 

“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.
For the avoidance of doubt, DM is not a Subsidiary of PubCo.

 

“Target Final Balance”
has the meaning set forth in Section 4.4(e).

 

“Tax
Authority” has the meaning set forth in Section 9.4.

 

“Tax Distribution”
has the meaning set forth in Section 9.2.

 

“Tax
Matters Member” has the meaning set forth in Section 10.1(a).

 

“Taxable
Year” means DFP’s taxable year or period ending December 31 (or part thereof, in the case of DFP’s last
taxable year), or such other year or period as is determined by the Managing Member in compliance with Code Section 706.

 

“Transfer”
means, subject to the exclusion in Section 6.1, with respect to a Membership Unit, the voluntary or involuntary sale,
assignment, transfer, pledge, encumbrance, granting of a security interest or other disposition of any Membership Units.

 

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

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