Document:

Exhibit 10.4

 

EXCHANGE AGREEMENT

 

EXCHANGE AGREEMENT (this “Agreement”),
dated as of [______], 2015, by and among vTv Therapeutics LLC, a Delaware limited liability company (the “Company”),
vTv Therapeutics Inc., a Delaware corporation (“Pubco”), and vTv Therapeutics Holdings LLC (“Holdings”
and together with any person that executes a joinder as set forth in Section 4.01 hereof, the “Holders”
and each, a “Holder”).

 

W I T N E S S E T H:

 

WHEREAS, on the date hereof, the Company,
Pubco and Holdings entered into the LLC Agreement;

 

WHEREAS, the parties hereto desire to provide
for the exchange of Nonvoting Common Units together with shares of Class B Common Stock for (i) shares of Class A Common Stock
(as defined below) or (ii) cash, in any case, on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein made and other good and valuable consideration, the parties hereto hereby agree as set forth herein.

 

Article I

DEFINITIONS AND USAGE

 

Section 1.01       
Definitions.

 

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

 

“Affiliate” shall have
the meaning set forth in Rule 405 under the Securities Act (as in effect on the date hereof).

 

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

 

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

 

“Class A Common Stock”
means Class A common stock, $0.01 par value per share, of Pubco.

 

“Class B Common Stock”
means Class B common stock, $0.01 par value per share, of Pubco.

 

    	 

    	 

    

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

 

“Deliverable Common Stock”
means Class A Common Stock deliverable in connection with the Exchange of a Paired Interest as set forth herein.

 

“Determination Date” means
the third Trading Day prior to the Exchange Date.

 

“Disposition Event” means
any merger, consolidation or other business combination of Pubco, whether effectuated through one transaction or a series of related
transactions (including a tender offer followed by a merger in which the holders of Class A Common Stock receive the same consideration
per share paid in the tender offer), unless, following such transaction, all or substantially all of the holders of the voting
power of all outstanding classes of common stock of Pubco and series of preferred stock of Pubco that are generally entitled to
vote in the election of directors of Pubco prior to such transaction or series of transactions, continue to hold a majority of
the voting power of the surviving entity (or its parent) resulting from such transaction or series of transactions in substantially
the same proportions as immediately prior to such transaction or series of transaction.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Date”
means the date of effectiveness of an Exchange, or, in the case of a Synthetic Secondary Offering, immediately  prior to the
time  which such Synthetic Secondary Offering closes.

 

“Exchange Rate” means the
number of shares of Class A Common Stock for which one Paired Interest is entitled to be Exchanged. On the date of this Agreement,
the Exchange Rate shall be one, subject to adjustment pursuant to Section 2.03 of this Agreement.

 

“Exchanging Holder” means
a Holder effecting an Exchange pursuant to this Agreement.

 

“Fair Market Value” of
Class A Common Stock with respect to any Exchange Date shall be determined as follows:

 

(i)                
If Class A Common Stock is then traded on a national securities exchange, then such Fair Market Value shall equal the VWAP
of such Class A Common Stock;

 

(ii)              
If Class A Common Stock is then traded on the over-the-counter system, then such Fair Market Value shall be the average
of the closing bid and ask prices of a share of such Class A Common Stock over the prior 20 Trading Days ending on the Determination
Date; and

 

(iii)            
If there is then no public market for the Class A Common Stock, then such Fair Market Value shall be the highest price per
share which could be obtained from a willing buyer (not a current employee or director of the Company or Pubco) for a share of
Class A Common Stock sold from authorized but unissued shares, as determined in good faith by the board of directors of Pubco.

 

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Notwithstanding the foregoing, in connection
with a Synthetic Secondary Offering, the Fair Market Value per share of Class A Common Stock shall be the amount of proceeds per
share of Class A Common Stock, net of underwriting discounts, received by the Company in such Synthetic Secondary Offering.

 

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

 

“Investor Rights Agreement”
means that certain Investor Rights Agreement, dated as of [_______], 2015, by and between Pubco and Holdings (and its successors
and assigns), as the same may be amended, restated, supplemented and/or otherwise modified, from time to time.

 

“LLC Agreement” means the
Amended and Restated Limited Liability Company Agreement of the Company, dated on or about the date hereof, as such agreement may
be amended from time to time.

 

“MacAndrews Stockholder”
means each of Holdings, MacAndrews & Forbes Incorporated and M&F TTP Holdings LLC and each of their respective Affiliates
(other than Pubco and its subsidiaries).

 

“Market Disruption Event”
means a failure by the Principal Market to open for trading during its regular trading session.

 

“Nonvoting Common Units”
means the Nonvoting Common Units of the Company (as such term is defined in the LLC Agreement).

 

“Paired Interest” means
one Nonvoting Common Unit together with one share of Class B Common Stock, subject to adjustment pursuant to Section 2.03(a).

 

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

 

“Principal Market” means
(i) NASDAQ, if the Class A Common Stock is listed on NASDAQ, (ii) the principal U.S. national or regional securities exchange on
which the Class A Common Stock is listed, if the Class A Common Stock is not listed on NASDAQ or (iii) the principal market on
which the Class A Common Stock is then traded, if the Class A Common Stock is not listed on NASDAQ or any other U.S. national or
regional securities exchange.

 

“Pubco Charter” means the
Amended and Restated Certificate of Incorporation of Pubco.

 

“Regulatory Agency” means
the United States Securities and Exchange Commission, Financial Industry Regulatory Authority, Inc., the Financial Services Authority,
any non-U.S. regulatory agency and any other regulatory authority or body (including any state or provincial securities authority
and any self-regulatory organization) with jurisdiction over the Company or any of its Subsidiaries.

 

“Securities Act” means
the United States Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Securities Exchange” means
the national securities exchange on which the Class A Common Stock is traded.

 

“Synthetic Secondary Offering”
means an offering by the Company of shares of Class A Common Stock to generate net proceeds to pay cash in an Exchange of Paired
Interests pursuant to Section 2.01.

 

“Tax Receivable Agreement”
shall mean that certain Tax Receivable Agreement, dated as of [______], 2015, by and among Pubco and each of the parties identified
as Members therein, including Holdings (and its successors and assigns) for the benefit of M&F TTP Holdings, LLC, as the same
may be amended, restated, supplemented and/or otherwise modified, from time to time.

 

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“Trading Day” means a
day on which (i) trading in securities generally occurs on the Principal Market, (ii) a volume weighted average price for the
Class A Common Stock is able to be calculated with respect to the Principal Market and (iii) there is no Market Disruption Event
with respect to the Principal Market.

 

“VWAP” means the dollar
volume weighted average price for the Class A Common Stock on a national securities exchange for the 20 consecutive Trading Day
period ending on the Determination Date as reported by Bloomberg Financial Markets (“Bloomberg”), or, if no
dollar volume weighted average price is reported for the Class A Common Stock by Bloomberg for such hours, the average of the highest
closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink
sheets;” provided, however, that the calculation of VWAP for a particular Trading Day shall exclude any block
trade of 10,000 shares or greater that is executed on such day.

 

(b)         Capitalized terms used but not defined herein shall have the meaning ascribed thereto in the LLC Agreement.

 

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

 

	Term	Section
	Agreement	Preamble
	Company	Preamble
	e-mail	4.03
	Exchange	2.01
	Exchange Agent	2.02(a)
	Holder	Preamble
	Holdings	Preamble
	Notice of Exchange	2.02(a)
	Permitted Transferee	4.01
	Process Agent	4.05(b)
	Pubco	Preamble
	Pubco Offer	2.04(a)

 

Section 1.02       
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this
Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural
term the singular. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed
by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed
to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with
the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References
to “law”, “laws” or to a particular statute or law shall be deemed also to include any Applicable Law.
Unless otherwise expressly provided herein, when any approval, consent or other matter requires any action or approval of any group
of Holders, including any holders of any class of Paired Interests, such approval, consent or other matter shall require the approval
of a majority in interest of such group of Holders. Except to the extent otherwise expressly provided herein, all references to
any Holder shall be deemed to refer solely to such Person in its capacity as such Holder and not in any other capacity.

 

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Article II

EXCHANGE

 

Section 2.01       
Exchange of Paired Interests for Class A Common Stock. From and after the execution and delivery of this Agreement,
each Holder shall be entitled at any time and from time to time upon the terms and subject to the conditions hereof, to surrender
Paired Interests to Pubco (subject to adjustment as provided in Section 2.03) in exchange (such exchange, an “Exchange”)
for, at the option of Pubco (in its capacity as managing member of the Company) (i) the delivery to such Holder of a number of
shares of Class A Common Stock that is equal to the product of the number of Paired Interests surrendered multiplied by the Exchange
Rate in effect as of immediately prior to the close of business on the Exchange Date or (ii) cash in an amount equal to the Fair
Market Value of the shares of Class A Common Stock such Holder would have otherwise received pursuant to clause (i).

 

Section 2.02       
Exchange Procedures; Notices and Revocations.

 

(a)         A
Holder may exercise the right to effect an Exchange as set forth in Section 2.01 by delivering a written
notice of exchange in respect of the Paired Interests to be Exchanged substantially in the form of Exhibit A
hereto (the “Notice of Exchange”), duly executed by such Holder or such Holder’s duly authorized
attorney, to Pubco at least 10 Business Days (or such shorter period of time as may be agreed by Pubco) in advance of the
Exchange Date at Pubco’s address set forth in Section 4.03 during normal business hours, or if any agent for
the Exchange is duly appointed and acting (the “Exchange Agent”), to the office of the Exchange Agent during
normal business hours. The Notice of Exchange must set forth (i) the Exchange Date, which shall be at least 10 Business Days
(or such shorter period of time as may be agreed by Pubco) after the date of the Notice of Exchange and (ii) the number of
Paired  Interests to be surrendered, which number shall not be less than 1,000 unless (x) the number of surrendered Paired
Interests constitutes  all of such Holder’s Paired Interests, (y) the Company consents to such Exchange or (z) if
requested by Holdings or a MacAndrews Stockholder.

 

(b)         Contingent Notice of Exchange and Revocation by Holders.

 

(i)                
A Notice of Exchange from a Holder may specify that the Exchange is to be contingent (including as to the timing)
upon the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise)
of shares of Deliverable Common Stock into which the Paired Interests are exchangeable, or contingent (including as to timing)
upon the closing of an announced merger, consolidation or other transaction or event in which the Deliverable Common Stock would
be exchanged or converted or become exchangeable for or convertible into cash or other securities or property. For the avoidance
of doubt, a Notice of Exchange delivered in connection with a Synthetic Secondary Offering (i) may be subject to the condition
that a price per share of Class A Common Stock that is acceptable to the Holder in its sole and absolute discretion be received
in such Synthetic Secondary Offering and (ii) may be deemed made in part only with respect to the number of Paired Interests that
are able to be paid for using the proceeds (net of underwriting discounts) from such Synthetic Secondary Offering pursuant to Section
2.01.

 

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(ii)              
Notwithstanding anything herein to the contrary, a Holder may withdraw or amend a Notice of Exchange, in whole or
in part, prior to the effectiveness of the Exchange, at any time prior to 5:00 p.m. New York City time, on the Business Day immediately
preceding the Exchange Date (or any such later time as may be required by Applicable Law) by delivery of a written notice of withdrawal
to Pubco or the Exchange Agent, specifying (1) the number of withdrawn Paired Interests, (2) if any, the number of Paired Interests
as to which the Notice of Exchange remains in effect and (3) if the Holder so determines, a new Exchange Date or any other new
or revised information permitted in the Notice of Exchange.

 

(c)         Each Exchange shall be deemed to be effective immediately prior to the close of business on the Exchange Date, and,
from and after that time, (i) the Exchanging Holder (or other Person(s) whose name or names in which the Deliverable Common Stock
is to be issued) shall be deemed to be a holder of Deliverable Common Stock, if any, or (ii) such Exchanging Holder’s (or
other Person’s or Persons’ whose name or names in which the cash is to be delivered) right to receive cash, if any,
shall vest. As promptly as practicable on or after the Exchange Date, Pubco shall deliver or cause to be delivered to the Exchanging
Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued or cash is to be paid) (1)
the number of shares of Deliverable Common Stock deliverable upon such Exchange, if any, pursuant to Section 2.01 hereof,
registered in the name of such Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued)
or (2) an amount of cash to which such Holder or such other Person(s) is entitled pursuant to Section 2.01 hereof, if any,
by wire transfer of immediately available funds to the account or accounts designated by such Holder or such other Person(s) in
the Notice of Exchange. To the extent an Exchanging Holder (or other Person(s) to which the Deliverable Common Stock is to be issued)
is entitled to receive Deliverable Common Stock pursuant to Section 2.01 hereof, and the Deliverable Common Stock is settled
through the facilities of The Depository Trust Company, Pubco will, subject to Section 2.02(d) below, upon the written
instruction of an Exchanging Holder, deliver or cause to be delivered the shares of Deliverable Common Stock deliverable to such
Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued), through the facilities of
The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such Holder.

 

(d)         The shares of Deliverable Common Stock issued upon an Exchange, if any, shall bear a legend in substantially the
following form:

 

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

 

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(e)         If (i) any shares of Deliverable Common Stock may be sold pursuant to a registration statement that has been
declared effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or
(iii) the legend (or a portion thereof) otherwise ceases to be applicable, Pubco, as applicable, upon the written request
of the Holder thereof shall promptly provide such Holder or its respective transferees, without any expense to such Persons (other
than applicable transfer taxes and similar governmental charges, if any) with new certificates (or evidence of book-entry share)
for securities of like tenor not bearing the provisions of the legend with respect to which the restriction has terminated. In
connection therewith, such Holder shall provide Pubco with such information in its possession as Pubco may reasonably request in
connection with the removal of any such legend.

 

(f)         Pubco shall bear all expenses in connection with the consummation of any Exchange, whether or not any such Exchange
is ultimately consummated, including any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising
by reason of, any Exchange; provided, however, that if any shares of Deliverable Common Stock are to be delivered
in a name other than that of the Holder that requested the Exchange (or The Depository Trust Company or its nominee for the account
of a participant of The Depository Trust Company that will hold the shares for the account of such Holder), then such Holder and/or
the Person in whose name such shares are to be delivered shall pay to Pubco the amount of any transfer taxes, stamp taxes or duties,
or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction
of Pubco that such tax has been paid or is not payable.

 

(g)         Notwithstanding
anything to the contrary in this Article II, a Holder shall not be entitled to effect an Exchange, and Pubco and the
Company shall have the right to refuse to honor any request to effect an Exchange, at any time or during any period, if Pubco
or the Company shall reasonably determine that such Exchange (i) would be prohibited by any Applicable Law (including the
unavailability of any requisite registration statement filed under the Securities Act or any exemption from the registration requirements
thereunder), or (ii) would not be permitted under (x) the LLC Agreement, (y) other agreements with Pubco, the Company
or any of the Company’s subsidiaries to which such Exchanging Holder may be party or (z) any written policies of Pubco,
the Company or any of the Company’s subsidiaries related to unlawful or inappropriate trading applicable to its directors,
officers or other personnel. Upon such determination, Pubco or the Company (as applicable) shall notify the Holder requesting
the Exchange of such determination, which such notice shall include an explanation in reasonable detail as to the reason that
the Exchange has not been honored.

 

(h)         The parties hereto acknowledge and agree that Pubco’s determination of the settlement method (issuance of Deliverable
Common Stock or payment of cash) for any Exchange shall be made by the entire board of directors of Pubco acting on behalf of Pubco
in its capacity as managing member of the Company.

 

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Section 2.03       
Adjustment.

 

(a)         The Exchange Rate with respect to Paired Interests shall be adjusted accordingly if there is: (i) any subdivision
(by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise)
or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the shares
of Class B Common Stock or Nonvoting Common Units that is not accompanied by a substantively identical subdivision or combination
of the Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise)
of the Class A Common Stock that is not accompanied by a substantively identical subdivision or combination of the shares of Class
B Common Stock and Nonvoting Common Units. If there is any reclassification, reorganization, recapitalization or other similar
transaction in which the Class A Common Stock is converted or changed into another security, securities or other property, then
upon any subsequent Exchange, an Exchanging Holder or such other Person(s) shall be entitled to receive the amount of such security,
securities or other property that such Exchanging Holder or such other Person(s) would have received if such Exchange had occurred
immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction,
taking into account any adjustment as a result of any subdivision (by any split, dividend or distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, reorganization, recapitalization or otherwise)
of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization
or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or
other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other
property, this Section 2.03(a) shall continue to be applicable, mutatis mutandis, with respect to such security
or other property. This Agreement shall apply to, mutatis mutandis, and all references to “Paired Interests”
shall be deemed to include, any security, securities or other property of Pubco or the Company which may be issued in respect of,
in exchange for or in substitution of shares of Class B Common Stock or Nonvoting Common Units, as applicable, by reason of stock
or unit split, reverse stock or unit split, stock or unit dividend or distribution, combination, reclassification, reorganization,
recapitalization, merger, exchange (other than an Exchange) or other transaction.

 

(b)         This Agreement shall apply to the Paired Interests held by the Holders and their Permitted Transferees as of the
date hereof, as well as any Paired Interests hereafter acquired by a Holder and his or her or its Permitted Transferees.

 

Section 2.04       
Tender Offers and Other Events with Respect to Pubco.

 

(a)         In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction
with respect to Class A Common Stock (a “Pubco Offer”) is proposed by Pubco or is proposed to Pubco or its stockholders
and approved by the board of directors of Pubco or is otherwise effected or to be effected with the consent or approval of the
board of directors of Pubco, the Holders of Paired Interests shall be permitted to participate in such Pubco Offer by delivery
of a Notice of Exchange (which Notice of Exchange shall be effective immediately prior to the consummation of such Pubco Offer
(and, for the avoidance of doubt, shall be contingent upon such Pubco Offer and not be effective if such Pubco Offer is not consummated)).
In the case of a Pubco Offer proposed by Pubco, Pubco will use its reasonable best efforts expeditiously and in good faith to take
all such actions and do all such things as are necessary or desirable to enable and permit the Holders of Paired Interests to participate
in such Pubco Offer to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock
without discrimination; provided, that without limiting the generality of this sentence, Pubco will use its reasonable best
efforts expeditiously and in good faith to ensure that such Holders may participate in each such Pubco Offer without being required
to Exchange Paired Interests. For the avoidance of doubt (but subject to Section 2.04(c)), in no event shall the Holders
of Paired Interests be entitled to receive in such Pubco Offer aggregate consideration for each Paired Interest that is greater
than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco Offer.

 

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(b)         Notwithstanding any other provision of this Agreement, if a Disposition Event is approved by the board of directors
of Pubco and consummated in accordance with Applicable Law, at the request of the Company (or following such Disposition Event,
its successor) or Pubco (or following such Disposition Event, its successor), each of the Holders shall be required to exchange
with Pubco, at any time and from time to time after, or simultaneously with, the consummation of such Disposition Event, all of
such Holder’s Paired Interests for aggregate consideration for each Paired Interest that is equivalent to the consideration
payable in respect of each share of Class A Common Stock in connection with the Disposition Event, provided, however,
that in the event of a Disposition Event intended to qualify as a reorganization within the meaning of Section 368(a) of the Code
or as a transfer described in Section 351(a) or Section 721 of the Code, a Holder shall not be required to exchange Paired Interest
pursuant to this Section 2.04(b) unless, as a part of such transaction, the Holders are permitted to exchange their
Paired Interest for securities in a transaction that is expected to permit such exchange without current recognition of gain or
loss, for U.S. and non-U.S. tax purposes, for the direct and indirect holders of Paired Interests (except to the extent that property
other than securities is received in such exchange), based on a “should” or “will” level opinion from independent
tax counsel of recognized standing and expertise.

 

(c)         Notwithstanding any other provision of this Agreement,  in a Disposition Event or other Pubco Offer, payments
under or in respect of the Tax Receivable Agreement shall not be considered part of the consideration payable in respect of any
Paired Interest or share of Class A Common Stock in connection with such Disposition Event or other Pubco Offer for the purposes
of Section 2.04(a) and Section 2.04(b).

 

Section 2.05       
Listing of Deliverable Common Stock. If the Class A Common Stock is listed on a securities exchange, Pubco
shall use its reasonable best efforts to cause all Class A Common Stock issued upon an exchange of Paired Interests to be listed
on the same securities exchange at the time of such issuance.

 

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Section 2.06       
Deliverable Common Stock to be Issued; Class B Common Stock to be Cancelled.

 

(a)         Pubco shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely
for the purpose of issuance upon an Exchange, the maximum number of shares of Deliverable Common Stock as shall be deliverable
upon Exchange of all then-outstanding Paired Interests; provided, that nothing contained herein shall be construed to preclude
Pubco from satisfying its obligations in respect of an Exchange by (i) payment of cash as permitted by the terms of this agreement
or (ii) delivery of shares of Deliverable Common Stock that are held in the treasury of Pubco or any of its subsidiaries or by
delivery of purchased shares of Deliverable Common Stock (which may or may not be held in the treasury of Pubco or any subsidiary
thereof). Pubco covenants that all shares of Deliverable Common Stock issued upon an Exchange, if any, will, upon issuance thereof,
be validly issued, fully paid and non-assessable.

 

(b)         When a Paired Interest has been Exchanged in accordance with this Agreement, (i) the share of Class B Common
Stock corresponding to such Paired Interest shall be cancelled by Pubco and (ii) the Nonvoting Common Unit corresponding to
such Paired Interest shall be deemed transferred from the Exchanging Holder to Pubco and the Company shall cause such transfer
to be registered in the books and records of the Company.

 

(c)         Pubco agrees that it has taken all or will take such steps as may be required to cause to qualify for exemption under
Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange
Act, any acquisitions from, or dispositions to, Pubco of equity securities of Pubco (including derivative securities with respect
thereto) and any securities that may be deemed to be equity securities or derivative securities of Pubco for such purposes that
result from the transactions contemplated by this Agreement, by each officer or director of Pubco, including any director by deputization.
The authorizing resolutions shall be approved by either Pubco’s board of directors or a committee composed solely of two
or more Non-Employee Directors (as defined in Rule 16b-3) of Pubco.

 

Section 2.07       
Distributions. No Exchange shall impair the right of the Exchanging Holder to receive any distributions payable
on the Nonvoting Common Units so exchanged in respect of a record date that occurs prior to the Exchange Date for such Exchange.
No adjustments in respect of dividends or distributions on any Nonvoting Common Unit will be made on the Exchange of any Paired
Interest, and if the Exchange Date with respect to a Nonvoting Common Unit occurs after the record date for the payment of a dividend
or other distribution on Nonvoting Common Units but before the date of the payment, then the registered holder of the Nonvoting
Common Unit at the close of business on the record date will be entitled to receive the dividend or other distribution payable
on the Nonvoting Common Unit on the payment date (without duplication of any distribution to which such holder may be entitled
under Section 5.03(e) of the LLC Agreement in respect of taxes) notwithstanding the Exchange of the Paired Interests or a default
in payment of the dividend or distribution due on the Exchange Date. For the avoidance of doubt, no Exchanging Holder shall be
entitled to receive, in respect of a single record date, distributions or dividends both on Nonvoting Common Units exchanged by
such Holder and on shares of Deliverable Common Stock received by such Holder in such Exchange.

 

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Article III

REPRESENTATIONS AND WARRANTIES

 

Section 3.01       
Representations and Warranties of Pubco and of the Company. Each of Pubco and the Company represents and warrants
that (i) it is a corporation or limited liability company, as applicable, duly incorporated or formed and is existing in good
standing under the laws of the State of Delaware, (ii) it has all requisite corporate or limited liability company power and
authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and, in the case of Pubco,
to issue the Deliverable Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement
by it and the consummation by it of the transactions contemplated hereby (including, without limitation, in the case of Pubco,
the issuance of the Deliverable Common Stock) have been duly authorized by all necessary corporate or limited liability company
action on its part and (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it
in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

Section 3.02       
Representations and Warranties of the Holders. Each Holder, as to itself and not to any other Holder, severally
and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or formed and,
the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it
has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated
hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated
hereby have been duly authorized by all necessary corporate or other entity action on the part of such Holder and (iv) this
Agreement constitutes a legal, valid and binding obligation of such Holder enforceable against it in accordance with its terms,
except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally.

 

    	11

    	 

    

Article IV

MISCELLANEOUS

 

Section 4.01       
Additional Holders. To the extent a Holder validly transfers any or all of such Holder’s Paired Interests
to another Person (including by Holdings to any member thereof) in a transaction in accordance with, and not in contravention of,
the LLC Agreement or the Investor Rights Agreement, then such transferee (each, a “Permitted Transferee”) shall
have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon
such Permitted Transferee shall become a Holder hereunder. To the extent the Company issues Nonvoting Common Units in the future,
then the holder of such Nonvoting Common Units shall have the right to execute and deliver a joinder to this Agreement, substantially
in the form of Exhibit B hereto, whereupon such holder shall become a Holder hereunder.

 

Section 4.02       
Further Assurances. Each party hereto agrees to execute, acknowledge, deliver, file and record such further
certificates, amendments, instruments and documents, and to do all such other acts and things, as may be required by law or as,
in the reasonable judgment of Pubco, may be necessary or advisable to carry out the intent and purposes of this Agreement.

 

Section 4.03       
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested
and received by non-automated response) and shall be given:

 

	(a)	 	if to Pubco or the Company, to: 
	 	 	 
	 	 	Stephen L. Holcombe, President and CEO

4170 Mendenhall Oaks Parkway

High Point, NC 27265

Facsimile:(336) 841-0310

E-mail: sholcombe@vtvtherapeutics.com
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Paul,
Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	 	 	Telephone:	(212) 373-3000 
	 	 	Facsimile:	(212) 757-3990
	 	 	Attention:	Angelo Bonvino 
	 	 	 	Lawrence G. Wee 
	 	 	Email:	abonvino@paulweiss.com 
	 	 	 	lwee@paulweiss.com
	 	 	 
	

    	12

    	 

    

	 	 	if to Holdings, to:
	 	 	 
	 	 	c/o
MacAndrews & Forbes Incorporated 

                    35
East 62nd Street 

                    New
York, NY 10065 

                    

	 	 	Attention: 	Paul G. Savas 
	 	 	Facsimile: 	(212) 572-5695
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	 	 	Telephone:	(212) 373-3000 
	 	 	Facsimile:	(212) 757-3990
	 	 	Attention:	Angelo Bonvino 
	 	 	 	Lawrence G. Wee 
	 	 	Email:	abonvino@paulweiss.com 
	 	 	 	lwee@paulweiss.com
	 	 	 	 
	(b)	 	if to any Holder (other than Holdings), to the address and other contact information set forth in the records of Pubco or
the Company from time to time,

     

 or to such other address or facsimile
number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. New York
City time on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have
been received on the next succeeding Business Day in the place of receipt.

 

Section 4.04        Binding
Effect; Successors and Assigns. The provisions of this Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and assigns. No provision of this Agreement is intended to confer any
rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their
respective successors and assigns. If and to the extent Holdings is dissolved or liquidated, the MacAndrews Stockholders
holding Paired Interests shall be the successors of Holdings, and references to “Holdings” herein shall be
references to such successors of Holdings, collectively, and the Pubco shall (and shall cause its subsidiaries to) enter into
such amendments and supplements hereto to effectuate the intent of this Section 4.04.

 

Section 4.05       
Jurisdiction.

 

(a)         The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party
or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Court of Chancery or,
if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and
each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may
now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting
the foregoing, each party agrees that service of process on such party as provided in Section 4.03 shall be deemed
effective service of process on such party.

 

    	13

    	 

    

(b)         EACH OF THE PUBCO, COMPANY AND HOLDINGS HEREBY IRREVOCABLY DESIGNATES THE CORPORATION SERVICE COMPANY (IN SUCH CAPACITY,
THE “Process Agent”), WITH AN OFFICE AT 2711 CENTERVILLE ROAD,
SUITE 400, WILMINGTON, NEW CASTLE COUNTY, DELAWARE 19808, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF
SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT
EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT;
PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER
A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 4.03 OF THIS AGREEMENT. EACH PARTY SHALL TAKE
ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SAID APPOINTMENT IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO THAT SUCH
PARTY SHALL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE PURPOSES IN WILMINGTON, DELAWARE. NOTHING HEREIN SHALL
AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES THAT
THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS OF THE STATE OF DELAWARE AND OF THE UNITED STATES OF AMERICA.

 

Section 4.06       
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 4.07       
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 4.08       
Entire Agreement. This Agreement, the LLC Agreement and the other Investor Rights Agreement constitute the
entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and
understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. Nothing in this
Agreement shall create any third-party beneficiary rights in favor of any Person or other party hereto.

 

    	14

    	 

    

Section 4.09       
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

 

Section 4.10       
Amendment. This Agreement can be amended at any time and from time to time by written instrument signed by
the Company, Pubco and Holdings; provided, however, that the consent of any other Holder under this agreement shall
be required for any amendments that disproportionately materially adversely affect such Holder in relation to the other Holders
hereunder.

 

Section 4.11       
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any
other State.

 

Section 4.12       
Tax Treatment. This Agreement shall be treated as part of the LLC Agreement as described in Section 761(c)
of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required
by the Code and the Treasury Regulations, and except with respect to an Exchange occurring pursuant to the proviso to Section 2.04(b),
the parties shall report any Exchange consummated hereunder as a taxable sale of the Nonvoting Common Units and shares of Class
B Common Stock by a Holder to Pubco, and no party shall take a contrary position on any income tax return or amendment thereof
unless an alternate position is permitted under the Code and Treasury Regulations and Pubco consents in writing.

 

Section 4.13       
Independent Nature of Holders’ Rights and Obligations. The obligations of each Holder hereunder are
several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder under hereunder. The decision of each Holder to enter into to this Agreement has been made
by such Holder independently of any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto,
shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated hereby.

 

[Signature page follows]

 

    	15

    	 

    

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

 

	 	PUBCO:
	 	 	 
	 	VTV THERAPEUTICS INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	COMPANY:
	 	 	 
	 	VTV THERAPEUTICS LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	HOLDINGS:
	 	 	 
	 	VTV THERAPEUTICS HOLDINGS LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

[Signature Page to the Exchange Agreement]

 

 

    	 

    	 

    

EXHIBIT A 

 

FORM OF

NOTICE OF EXCHANGE

 

vTv Therapeutics Inc.

4170 Mendenhall Oaks Parkway

High Point, NC 27265

Attention: General Counsel

vTv Therapeutics LLC

4170 Mendenhall Oaks Parkway

High Point, NC 27265

Attention: General Counsel

 

Reference is hereby made to the Exchange Agreement,
dated as of [______], 2015 (the “Exchange Agreement”), by and among vTv Therapeutics Inc., a Delaware corporation
(“Pubco”), vTv Therapeutics LLC, a Delaware limited liability company (the “Company”), vTv
Therapeutics Holdings LLC (“Holdings”) and the other Persons who become “Holders” as set forth therein.
Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 

The undersigned desires to transfer to Pubco
the number of (i) shares of Class B Common Stock plus Nonvoting Common Units set forth below (the “Paired Interests”)
in exchange for, at the election of Pubco (i) shares of Class A Common Stock (the “Deliverable Common Stock”)
to be issued in its name as set forth below, or (ii) cash, in accordance with the terms of the Exchange Agreement.

 

	Legal Name of Holder:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	Number of Paired Interests to be	 
	Exchanged:	 
	 	 
	Exchange Date:	 
	 	 
	Account Information for Wire Transfer	 
	(in the event of cash settlement of	 
	Exchange):	 
	 	 
	 	 
	 	 
	 	 
	

    	 

    	 

    

	
        Conditions Precedent to Notice of Exchange (attach
        additional sheets if necessary):

         
	[_]
	 	
	 	 
	Special delivery instructions:	 
	 	 
	 	 
	 	 
	 	 

 

The undersigned hereby represents and warrants
that (i) the undersigned has full legal capacity to execute and deliver this Notice of Exchange and to perform the undersigned’s
obligations hereunder; (ii) this Notice of Exchange has been duly executed and delivered by the undersigned and is the legal,
valid and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case
may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability
of equitable remedies; (iii) the Paired Interests subject to this Notice of Exchange are being transferred to Pubco free and
clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization,
order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over
the undersigned or the Paired Interests subject to this Notice of Exchange is required to be obtained by the undersigned for the
transfer of such Paired Interests to Pubco.

 

The undersigned hereby irrevocably constitutes
and appoints any officer of Pubco as the attorney of the undersigned, with full power of substitution and resubstitution in the
premises, to do any and all things and to take any and all actions that may be necessary to transfer to Pubco the Paired Interests
subject to this Notice of Exchange and to deliver to the undersigned the shares of Deliverable Common Stock or cash, as applicable,
to be delivered in Exchange therefor.

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	 	 
	 	Name:
	 	 
	 	Date:
	 	 

 

 

    	 

    	 

    

EXHIBIT B 

 

FORM OF 

JOINDER AGREEMENT

 

This Joinder Agreement (“Joinder
Agreement”) is a joinder to the Exchange Agreement, dated as of [______], 2015 (the “Agreement”),
among vTv Therapeutics Inc., a Delaware corporation (“Pubco”), vTv Therapeutics LLC, a Delaware limited liability
company (the “Company”), vTv Therapeutics Holdings LLC and the other Persons who become “Holders”
as set forth therein. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to them
in the Agreement. This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.
In the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control.

 

The undersigned, having acquired shares
of Class B Common Stock and Nonvoting Common Units, hereby joins and enters into the Agreement. By signing and returning this Joinder
Agreement to Pubco, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of
and agreements of a Holder contained in the Agreement, with all attendant rights, duties and obligations of a Holder thereunder
and (ii) makes each of the representations and warranties of a Holder set forth in Section 3.02 of the Agreement
as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution
and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this
Joinder Agreement by Pubco and by the Company, the signature of the undersigned set forth below shall constitute a counterpart
signature to the signature page of the Agreement.

  

	Name:	 	 
	 	 	 
	Address for Notices:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	With Copies To:Exhibit 10.5

 

 

 

 

 

 

 

 

 

 

 

 

TAX RECEIVABLE AGREEMENT

 

among

 

vTv THERAPEUTICS INC.,

 

and

 

THE PERSONS NAMED HEREIN

 

 

 

 

 

 

 

 

 

 

 

Dated as of [_________ ___], 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	Section 1.01	Definitions	2
	 	 	 
	ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT	10
	Section 2.01	Basis Adjustment	10
	Section 2.02	Realized Tax Benefit and Realized Tax Detriment	10
	Section 2.03	Procedures, Amendments	11
	 	 	 
	ARTICLE III TAX BENEFIT PAYMENTS	12
	Section 3.01	Payments.	12
	Section 3.02	No Duplicative Payments	13
	 	 	 
	ARTICLE IV TERMINATION	13
	Section 4.01	Termination, Early Termination and Breach of Agreement	13
	Section 4.02	Early Termination Notice	15
	Section 4.03	Payment upon Early Termination	15
	 	 	 
	ARTICLE V SUBORDINATION AND LATE PAYMENTS	15
	Section 5.01	Subordination	15
	Section 5.02	Late Payments by the Corporate Taxpayer	16
	 	 	 
	ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION	16
	Section 6.01	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	16
	Section 6.02	Consistency	16
	Section 6.03	Cooperation	16
	 	 	 
	ARTICLE VII MISCELLANEOUS	17
	Section 7.01	Notices	17
	Section 7.02	Binding Effect; Benefit; Assignment	18
	Section 7.03	Resolution of Disputes	18
	Section 7.04	Counterparts	19
	Section 7.05	Entire Agreement	19
	Section 7.06	Severability	19
	Section 7.07	Amendment	20
	Section 7.08	Governing Law	20
	Section 7.09	Reconciliation	20
	Section 7.10	Withholding	21
	Section 7.11	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	21
	Section 7.12	Confidentiality	21
	Section 7.13	Partnership Agreement	21

 

    	i

    	 

    

 

TAX RECEIVABLE AGREEMENT 

 

This TAX RECEIVABLE AGREEMENT (as amended
from time to time, this “Agreement”), dated as of [_________ ___], 2015, is hereby entered into by and among
vTv Therapeutics Inc., a Delaware corporation (the “Corporate Taxpayer”), each of the undersigned parties hereto
identified as “Members,” and each Person who is assigned rights by a Member and executes a joinder hereto as
provided in Section 7.02(b).

 

RECITALS

 

WHEREAS, vTv Therapeutics LLC, a Delaware
limited liability company (“OpCo”), is classified as a partnership for U.S. federal income tax purposes;

 

WHEREAS, the Corporate Taxpayer is classified
as an association taxable as a corporation for U.S. federal income tax purposes;

 

WHEREAS, each Member holds non-voting common
units in OpCo (the “Non-Voting Common Units”);

 

WHEREAS, the Corporate Taxpayer will use
the net proceeds from the transactions described in the registration statement on Form S-1 initially filed with the Securities
and Exchange Commission on June 15, 2015 (Registration No. 333-204951), as amended prior to the date hereof, including the initial
public offering of shares of Class A common stock, $0.01 par value per share (“Class A Common Stock”) by the
Corporate Taxpayer (the “IPO”), to acquire newly-issued Non-Voting Common Units in Opco directly from OpCo
(the “Capital Contribution”);

 

WHEREAS, under the terms of the Exchange Agreement,
each Member may exchange each Non-Voting Common Unit held by it, together with a corresponding share of Class B common stock, $0.01
par value per share, of the Corporate Taxpayer (“Class B Common Stock”), either for shares of Class A Common
Stock, on a one-for-one basis, or cash (based on the market price of the shares of the Class A Common Stock), at the Corporate
Taxpayer’s option.

 

WHEREAS, OpCo and each of its direct and indirect
subsidiaries classified as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754
of the Internal Revenue Code of 1986, as amended (the “Code”), for the Taxable Year (as defined below) in which
an Exchange (as defined below) occurs, which election is intended to result in an adjustment to the tax basis of the assets owned
by OpCo (solely with respect to the Corporate Taxpayer) at the time of an Exchange (such time, the “Exchange Date”)
by reason of the Exchange and the receipt of certain payments under this Agreement;

 

WHEREAS, the income, gain, loss, expense and
other Tax (as defined below) items of the Corporate Taxpayer may be affected by (i) the Basis Adjustment (as defined below) and
(ii) Imputed Interest (as defined below); and

 

    	 

    	 

    

 

WHEREAS, the parties to this Agreement desire
to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed Interest on the actual liability for
Taxes of the Corporate Taxpayer.

 

NOW, THEREFORE, in consideration of the foregoing
and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree
as follows:

 

Article I

DEFINITIONS

 

Section 1.01       
Definitions.

 

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

 

“Affiliate” shall have
the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

“Agreed Rate” means LIBOR
plus 100 basis points.

 

“Applicable Member” means
any Member to whom any portion of a Realized Tax Benefit may be Attributable under this Agreement.

 

“Attributable” means, with
respect to any Applicable Member, the portion of any Realized Tax Benefit of the Corporate Taxpayer that is “attributable”
to such Applicable Member, which shall be determined by reference to the assets from which arise the depreciation, amortization
or other similar deductions for recovery of cost or basis (“Depreciation”) and with respect to increased basis
upon a disposition of an asset or Imputed Interest that produce the Realized Tax Benefit, under the following principles:

 

(i)                
Any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year for Depreciation
arising in respect of a Basis Adjustment to a Reference Asset resulting from an Exchange is Attributable to the Applicable Member
to the extent that the ratio of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges
by the Applicable Member bears to the aggregate of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting
from all Exchanges by the Applicable Members.

 

(ii)              
Any Realized Tax Benefit arising from the disposition of a Reference Asset is Attributable to the Applicable Member
to the extent that the ratio of all Basis Adjustments (to the extent not previously giving rise to Realized Tax Benefits) resulting
from all Exchanges by the Applicable Member with respect to such Reference Asset bears to the aggregate of all Basis Adjustments
(to the extent not previously giving rise to Realized Tax Benefits) with respect to such Reference Asset.

 

    	2

    	 

    

 

(iii)            
Any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year in respect
of Imputed Interest is Attributable to the Applicable Member that is required to include Imputed Interest in income (without regard
to whether such Member is actually subject to tax thereon).

 

(iv)            
For the avoidance of doubt, in the case of a Basis Adjustment with respect to an Exchange, depreciation, amortization
or other similar deductions for recovery of cost of basis shall constitute Depreciation only to the extent that such depreciation,
amortization or other similar deductions may produce a Realized Tax Benefit (and not to the extent that such depreciation, amortization
or other similar deductions may be for the benefit of a Person other than the Corporate Taxpayer), as reasonably determined by
the Corporate Taxpayer.

 

“Basis Adjustment” means
the adjustment to the tax basis of a Reference Asset under Sections 732, 755 and 1012 of the Code and the Treasury Regulations
promulgated thereunder (in situations where, as a result of one or more Exchanges, OpCo becomes classified as an entity that is
disregarded as separate from its owner for U.S. federal income tax purposes) or under Sections 734(b), 743(b) and 755 of the Code
and the Treasury Regulations promulgated thereunder (in situations where, following an Exchange, OpCo remains in existence as an
entity for U.S. federal income tax purposes) and, in each case, comparable sections of state and local tax laws, as a result of
(i) an Exchange and (ii) the payments made pursuant to this Agreement. For the avoidance of doubt, the amount of any Basis Adjustment
resulting from an Exchange of one or more Non-Voting Common Units shall be determined without regard to any Pre-Exchange Transfer
of such Non-Voting Common Units and as if any such Pre-Exchange Transfer had not occurred.

 

A “Beneficial Owner” of
a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment
power, which includes the power to dispose of, or to direct the disposition of, such security.

 

“Board” means the board
of directors of the Corporate Taxpayer.

 

“Business Day” shall have
the meaning ascribed to such term in the LLC Agreement.

 

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

 

(i)                
any Person or any group of Persons
acting together which would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of
1934, or any successor provisions thereto, other than any of the Permitted Holders, is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate
Taxpayer’s then outstanding voting securities; or

 

    	3

    	 

    

 

(ii)                
the following individuals cease for
any reason to constitute a majority of the number of directors of the Corporate Taxpayer then serving: individuals who, on the
IPO Date, constitute the Board and any new director whose appointment or election by the Board or nomination for election by the
Corporate Taxpayer’s shareholders was approved or recommended by a vote of at least a majority of the directors then still
in office who either were directors on the IPO Date or whose appointment, election or nomination for election was previously so
approved or recommended by the directors referred to in this clause (ii); or

 

(iii)                there is consummated a merger or
consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately after the consummation of
such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least
a majority of the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate
parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not
continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding voting securities
of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof;
or

 

(iv)                the shareholders of the Corporate
Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an agreement or
series of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially
all of the Corporate Taxpayer’s assets, other than such sale or other disposition by the Corporate Taxpayer of all or substantially
all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the voting securities of
which are owned or beneficially owned, directly or indirectly, by (x) shareholders of the Corporate Taxpayer in substantially the
same proportions as their ownership immediately prior to such sale or (y) the Permitted Holders.

 

Notwithstanding the foregoing, except with
respect to clause (ii) and clause (iii)(x) above, (1) a “Change of Control” shall not be deemed to have occurred by
virtue of the consummation of any transaction or series of integrated transactions immediately following which (a) the record or
beneficial holders of the issued and outstanding shares of the Corporate Taxpayer immediately prior to such transaction or series
of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of,
an entity which owns all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or
series of transactions, (b) no Person, other than a Permitted Holder, beneficially owns, directly or indirectly through one or
more intermediaries, more than 50% of the voting power of the shares of an entity which owns all or substantially all of the assets
of the Corporate Taxpayer immediately following such transaction or series of transactions; (2) any holding company whose only
significant asset is shares of any direct or indirect parent of the Corporate Taxpayer shall not itself be considered a “Person”
or “group” for purposes of this definition; (3) the transfer of assets between or among the Corporate Taxpayer and
the Permitted Holders shall not itself constitute a Change of Control; (4) a Person or group of Persons shall not be deemed to
have beneficial ownership of shares subject to a stock purchase agreement, merger agreement or similar agreement (or voting or
option agreement related thereto) until the consummation of the transactions contemplated by such agreement; (5) any change in
the relative beneficial ownership of the Permitted Holders that does not alter the overall beneficial ownership of the Permitted
Holders shall not constitute a Change of Control; (6) the term “Change of Control” shall not include a merger or consolidation
of the Corporate Taxpayer with or the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially
all of the Corporate Taxpayer’s assets to, an Affiliate incorporated or organized solely for the purpose of reincorporating or
reorganizing the Corporate Taxpayer in another jurisdiction and/or for the sole purpose of forming or collapsing a holding company
structure.

 

    	4

    	 

    

 

“Corporate Taxpayer Return”
means the federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect to Taxes of
any Taxable Year.

 

“Cumulative Net Realized Tax Benefit”
for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to
and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax
Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended
Schedule, if any, in existence at the time of such determination.

 

“Default Rate” means LIBOR
plus 500 basis points.

 

“Determination” shall have
the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state and local tax law, as applicable,
or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability
for Tax and shall also include the acquiescence of the Corporate Taxpayer to the amount of any assessed liability for Tax.

 

“Early Termination Date”
means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination Rate”
means the lesser of (i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 100 basis points.

 

“Exchange” means an acquisition
of Non-Voting Common Units or a purchase of Non-Voting Common Units by OpCo or the Corporate Taxpayer, including by way of an exchange
of stock of the Corporate Taxpayer for Non-Voting Common Units pursuant to the Exchange Agreement, in each case occurring on or
after the date of this Agreement.

 

“Exchange Agreement” means
the Exchange Agreement, dated as of the date hereof, by and among the Corporate Taxpayer, OpCo, Holdings (and its successors and
assigns) and any other Person that becomes a “Holder” thereunder, as the same may be amended, restated, supplemented
and/or otherwise modified, from time to time.

 

“Governmental Authority”
means the government of any nation, state, territory, city, locality or other political subdivision thereof, any entity or body
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any
court, quasi-governmental authority, self-regulatory organization, commission, tribunal, agency or any political or other subdivision,
department, board, bureau, or branch or official of any of the foregoing.

 

    	5

    	 

    

 

“Holdings” means vTv Therapeutics
Holdings LLC, a Delaware limited liability company.

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii) without duplication, OpCo,
but only with respect to Taxes imposed on OpCo or its Subsidiaries and allocable to the Corporate Taxpayer (or to the other members
of the consolidated group of which the Corporate Taxpayer is the parent), in each case using the same methods, elections, conventions
and similar practices used on the relevant Corporate Taxpayer Return, but (x) using the Non-Stepped Up Tax Basis as reflected on
the Exchange Basis Schedule, including amendments thereto for the Taxable Year and (y) excluding any deduction attributable to
Imputed Interest for the Taxable Year. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking
into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to any of Basis Adjustments
or Imputed Interest (which shall include Tax items that would not be available for use but for the prior use of Tax items relating
to Basis Adjustments or Imputed Interest with respect to which there was no Realized Tax Benefit).

 

“Imputed Interest” shall
mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state and
local tax law with respect to the Corporate Taxpayer’s payment obligations under this Agreement.

 

“IPO Date” means the closing
date of the IPO.

 

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

 

“LIBOR” means during any
period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first day of such period,
on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01”
or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits
for such period.

 

“LLC Agreement” means the
Amended and Restated Limited Liability Company Agreement of OpCo, dated as of the date hereof, as the same may be amended, restated,
supplemented and/or otherwise modified, from time to time.

 

“Market Value” shall mean
the closing price of the Class A Common Stock on the applicable Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall Street Journal; provided,
that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value
shall mean the closing price of the Class A Common Stock on the Business Day immediately preceding such Exchange Date on the national
securities exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by
the Wall Street Journal; provided, further, that if the Class A Common Stock is not then listed on a national
securities exchange or interdealer quotation system, the Market Value shall mean the cash consideration paid for Class A Common
Stock, or the fair market value of the other property delivered for Class A Common Stock, as determined by the Board in good faith.

 

    	6

    	 

    

 

“Non-Stepped Up Tax Basis”
means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustments
had been made.

 

“Payment Date” means any
date on which a payment is required to be made pursuant to this Agreement.

 

“Permitted Holder” shall
mean vTv Therapeutics Holdings LLC, vTvx Holdings I LLC, vTvx Holdings II LLC, M&F TTP Holdings LLC, MacAndrews & Forbes
Incorporated, Ronald O. Perelman or any of his immediate family members, and their respective Affiliates and Related Parties.

 

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

 

“Pre-Exchange Transfer”
means any transfer (including upon the death of a Member) or distribution in respect of one or more Non-Voting Common Units (i)
that occurs prior to an Exchange of such Non-Voting Common Units, and (ii) to which Section 743(b) or 734(b) of the Code applies.

 

“Realized Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for Taxes of (i) the
Corporate Taxpayer and (ii) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate
Taxpayer (or to the other members of the consolidated group of which the Corporate Taxpayer is the parent) for such Taxable Year. 
If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been
a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year, the excess, if any, of the actual liability for Taxes of (i) the Corporate Taxpayer and (ii) without
duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer (or to the other members
of the consolidated group of which the Corporate Taxpayer is the parent) for such Taxable Year, over the Hypothetical Tax Liability
for such Taxable Year.  If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result
of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment
unless and until there has been a Determination.

 

“Reference Asset” means
an asset that is held by OpCo, or by any of its direct or indirect subsidiaries treated as a partnership or disregarded entity
for purposes of the applicable Tax, at the time of an Exchange. A Reference Asset also includes any asset that is “substituted
basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 

    	7

    	 

    

 

“Related Party” shall mean,
with respect to any Person, (a) any controlling stockholder, controlling member, general partner, subsidiary, spouse or immediate
family member (in the case of an individual) of such Person, (b) any estate, trust, corporation, partnership or other entity,
the beneficiaries, stockholders, partners or owners of which consist solely of one or more Permitted Holders and/or such other
Persons referred to in the immediately preceding clause (a), or (c) any executor, administrator, trustee, manager, director
or other similar fiduciary of any Person referred to in the immediately preceding clause (b), acting solely in such capacity.

 

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

 

“Subsidiaries” shall have
the meaning ascribed to such term in the LLC Agreement.

 

“Tax Return” means any
return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year” means a
taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section of state or local tax law,
as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is
made), ending on or after the IPO Date.

 

“Taxes” means any and all
U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect to net income or
profits, and any interest related to such Tax.

 

“Taxing Authority” shall
mean any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission
or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory
authority.

 

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

 

“Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or after such Early Termination
Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions arising from the Basis Adjustments
and Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments
and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions)
in which such deductions would become available, (2) the U.S. federal income tax rates and state and local income tax rates that
will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in
effect on the Early Termination Date, (3) any loss carryovers generated by deductions arising from Basis Adjustments or Imputed
Interest that are available as of such Early Termination Date will be utilized by the Corporate Taxpayer on a pro rata basis from
the Early Termination Date through the scheduled expiration date of such loss carryovers, (4) any non-amortizable assets will be
disposed of on the fifteenth anniversary of the applicable Basis Adjustment; provided, that in the event of a Change of
Control, such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than such
fifteenth anniversary), and (5) if, at the Early Termination Date, there are Non-Voting Common Units that have not been Exchanged,
then each such Non-Voting Common Unit shall be deemed to be Exchanged for the Market Value of the number of shares of Class A Common
Stock and the amount of cash that would be transferred if the Exchange occurred on the Early Termination Date.

 

    	8

    	 

    

 

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

 

	Term	 	Section
	Agreement	 	Preamble
	Amended Schedule	 	2.03(b)
	Class A Common Stock	 	Recitals
	Class B Common Stock	 	Recitals
	Code	 	Recitals
	Corporate Taxpayer	 	Preamble
	Dispute	 	7.03(a)
	Early Termination Effective Date	 	4.02
	Early Termination Notice	 	4.02
	Early Termination Payment	 	4.03(b)
	Early Termination Schedule	 	4.02
	e-mail	 	7.01
	Exchange Basis Schedule	 	2.01
	Exchange Date	 	Recitals
	Expert	 	7.09
	Interest Amount	 	3.01(b)
	Material Objection Notice	 	4.02
	Members	 	Preamble
	Net Tax Benefit	 	3.01(b)
	Objection Notice	 	2.03(a)
	OpCo	 	Recitals
	Reconciliation Dispute	 	7.09
	Reconciliation Procedures	 	2.03(a)
	Senior Obligations	 	5.01
	Tax Benefit Payment	 	3.01(b)
	Tax Benefit Schedule	 	2.02(a)

 

(c)               
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this Agreement
unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by
those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed
to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with
the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively.

 

    	9

    	 

    

 

Article II

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.01       
Basis Adjustment. Within 120 calendar days after the filing of the U.S. federal income tax return of the Corporate
Taxpayer for each Taxable Year in which any Exchange has been effected by any Member, the Corporate Taxpayer shall deliver to such
Member a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail necessary to perform the
calculations required by this Agreement, including with respect to each Exchanging party, (i) the Non-Stepped Up Tax Basis of the
Reference Assets as of each applicable Exchange Date, (ii) the Basis Adjustments with respect to the Reference Assets as a result
of the Exchanges effected in such Taxable Year, calculated (x) in the aggregate, (y) solely with respect to Exchanges by such Member
and (z) in the case of a Basis Adjustment under Section 734(b) of the Code solely with respect to the amount that is available
to the Corporate Taxpayer in such Taxable Year, (iii) the period (or periods) over which the Reference Assets are amortizable and/or
depreciable and (iv) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable.

 

Section 2.02       
Realized Tax Benefit and Realized Tax Detriment.

 

(a)               
Tax Benefit Schedule. Within 120 calendar days after the filing of the U.S. federal income tax return of the
Corporate Taxpayer for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment all or a portion of
which is Attributable to a Member, the Corporate Taxpayer shall provide to such Member a schedule showing, in reasonable detail
and, at the request of such Member, with respect to each separate Exchange, the calculation of the Realized Tax Benefit or Realized
Tax Detriment and the portion Attributable to such Member for such Taxable Year (a “Tax Benefit Schedule”).
The Tax Benefit Schedule will become final as provided in Section 2.03(a) and may be amended as provided in Section 2.03(b) (subject
to the procedures set forth in Section 2.03(b)). 

 

(b)              
Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended
to measure the decrease or increase in the actual liability for Taxes of the Corporate Taxpayer for such Taxable Year attributable
to the Basis Adjustments and Imputed Interest, determined using a “with and without” methodology. For the avoidance
of doubt, the actual liability for Taxes will take into account the deduction of the portion of the Tax Benefit Payment that must
be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration
payable by the Corporate Taxpayer for the Non-Voting Common Units acquired in an Exchange. Carryovers or carrybacks of any Tax
item attributable to the Basis Adjustment or Imputed Interest shall be considered to be subject to the rules of the Code and the
Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing
the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item
includes a portion that is attributable to the Basis Adjustment or Imputed Interest and another portion that is not, such portions
shall be considered to be used in accordance with the “with and without” methodology. The parties agree that (i) all
Tax Benefit Payments attributable to the Basis Adjustments (other than amounts accounted for as interest under the Code) will (A)
be treated as subsequent upward purchase price adjustments that give rise to further Basis Adjustments to Reference Assets for
the Corporate Taxpayer and (B) have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer
in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the current year calculation
and into future year calculations, as appropriate.

 

    	10

    	 

    

 

Section 2.03       
Procedures, Amendments

 

(a)               
Procedure. Every time the Corporate Taxpayer delivers to a Member an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.03(b) and any Early Termination Schedule or amended Early Termination
Schedule, the Corporate Taxpayer shall also (x) deliver to such Member schedules, valuation reports (if any), and work papers,
as determined by the Corporate Taxpayer or requested by such Member, providing reasonable detail regarding the preparation of the
Schedule and (y) allow such Member reasonable access at no cost to the appropriate representatives at the Corporate Taxpayer, as
determined by the Corporate Taxpayer or requested by such Member, in connection with a review of such Schedule. Without limiting
the application of the preceding sentence, each time the Corporate Taxpayer delivers to a Member a Tax Benefit Schedule, in addition
to the Tax Benefit Schedule duly completed, the Corporate Taxpayer shall deliver to such Member the Corporate Taxpayer Return,
the reasonably detailed calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, the reasonably detailed calculation
by the Corporate Taxpayer of the actual Tax liability, as well as any other work papers as determined by the Corporate Taxpayer
or requested by such Member. An applicable Schedule or amendment thereto shall become final and binding on all parties 30 calendar
days from the first date on which the Member has received the applicable Schedule or amendment thereto unless such Member (i) within
30 calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporate Taxpayer with notice of a
material objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides a written waiver
of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment
thereto becomes binding on the date the waiver is received by the Corporate Taxpayer. If the parties, for any reason, are unable
to successfully resolve the issues raised in the Objection Notice within 30 calendar days after receipt by the Corporate Taxpayer
of an Objection Notice, the Corporate Taxpayer and the applicable Member shall employ the reconciliation procedures as described
in Section 7.09 (the “Reconciliation Procedures”).

 

    	11

    	 

    

 

(b)              
Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate
Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified
as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided
to the applicable Member, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect
a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward
of a loss or other tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule
to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The
Corporate Taxpayer shall provide an Amended Schedule to each Member within 30 calendar days of the occurrence of an event referenced
in clauses (i) through (vi) of the preceding sentence.

  

Article III

TAX BENEFIT PAYMENTS

 

Section 3.01       
Payments.

 

(a)               
Within five (5) Business Days after all of the Tax Benefit Schedules with respect to a Taxable Year are delivered
to a Member pursuant to this Agreement, the Corporate Taxpayer shall pay to each Member for such Taxable Year the Tax Benefit Payment
in the amount determined pursuant to Section 3.01(b).  Each such Tax Benefit Payment to a Member shall be made by wire transfer
of immediately available funds to the bank account previously designated by such Member to the Corporate Taxpayer or as otherwise
agreed by the Corporate Taxpayer and such Member.  For the avoidance of doubt, no Tax Benefit Payment shall be made in respect
of estimated tax payments, including federal estimated income tax payments. Notwithstanding anything herein to the contrary, solely
at the election of a Member, which shall be made in a written notice to the Corporate Taxpayer in connection with the applicable
Exchange, in no event shall the aggregate Tax Benefit Payments in respect of such Exchange (other than amounts accounted for as
interest under the Code) exceed 50% of the amount equal to the sum of (A) the cash, excluding any Tax Benefit Payments, and (B)
the Market Value of the Class A Common Stock, received by such Member on such Exchange.

 

(b)              
A “Tax Benefit Payment” in respect of a Member, means an amount, not less than zero, equal to
the sum of the amount of the Net Tax Benefit Attributable to such Member and the related Interest Amount.  For the avoidance
of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration
for the acquisition of Non-Voting Common Units in Exchanges, unless otherwise required by law. The “Net Tax Benefit”
for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of
the end of such Taxable Year over the total amount of Tax Benefit Payments previously made under this Section 3.01 (excluding payments
attributable to Interest Amounts); provided, for the avoidance of doubt, that such Member shall not be required to return
any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the
amount of the Net Tax Benefit Attributable to such Member calculated at the Agreed Rate from the due date (without extensions)
for filing the Corporate Taxpayer Return with respect to Taxes for such Taxable Year until the Payment Date of the applicable Tax
Benefit Payment. Notwithstanding the foregoing, unless the Member elects to receive the lump-sum payment pursuant to the following
sentence, for each Taxable Year ending on or after the date of a Change of Control, all Tax Benefit Payments, whether paid with
respect to the Non-Voting Common Units that were Exchanged (i) prior to the date of such Change of Control or (ii) on or after
the date of such Change of Control, shall be calculated by utilizing Valuation Assumptions (1) and (3), substituting in each case
the terms “the closing date of a Change of Control” for an “Early Termination Date.” In connection with
any Change of Control, at the election of a Member, all obligations hereunder with respect to such Member shall be accelerated,
and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such election and
shall include, but not be limited to, (1) the Early Termination Payment to such Member calculated as if an Early Termination Notice
had been delivered on the date of such election, (2) any Tax Benefit Payment agreed to by the Corporate Taxpayer and such Member
as due and payable but unpaid as of the date of such Member’s election, and (3) any Tax Benefit Payment due for the Taxable
Year ending with or including the date of such Member’s election; provided, that procedures similar to the procedures
of Section 4.02 shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this
sentence.

 

    	12

    	 

    

 

Section 3.02       
No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement.  The provisions of this Agreement shall be construed
in the appropriate manner to ensure such intentions are realized.

 

Article IV

TERMINATION

 

Section 4.01       
Termination, Early Termination and Breach of Agreement.

 

(a)               
Unless terminated earlier pursuant to Section 4.01(b) or Section 4.01(c), this Agreement will terminate when there
is no further potential for a Tax Benefit Payment pursuant to this Agreement.

 

(b)              
The Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the Members and with respect
to all of the Non-Voting Common Units held (or previously held and exchanged) by all Members at any time by paying to each Member
the Early Termination Payment in respect of such Member; provided, however, that this Agreement shall only terminate
pursuant to this Section 4.01(b) upon the receipt of the Early Termination Payment by all Members; and provided, further,
that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.01(b) prior to the time
at which any Early Termination Payment has been paid.  Upon payment of the Early Termination Payment by the Corporate Taxpayer
in accordance with this Section 4.01(b), neither the Members nor the Corporate Taxpayer shall have any further payment obligations
under this Agreement, other than for any (1) Tax Benefit Payment agreed to by the Corporate Taxpayer and a Member as due and payable
but unpaid as of the Early Termination Notice and (2) Tax Benefit Payment due for the Taxable Year ending with or including the
date of the Early Termination Notice (except to the extent that the amount described in clause (2) is included in the Early Termination
Payment).  If an Exchange occurs after the Corporate Taxpayer makes the Early Termination Payment pursuant to this Section
4.01(b), the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. If the Corporate
Taxpayer terminates, or proposes to terminate, this Agreement by making, or proposing to make, the Early Termination Payment to
the Members under such agreement, then each Member that is a party to this Agreement shall have the right to cause the Corporate
Taxpayer to make an Early Termination Payment to such Member under this Agreement; provided that the procedures of this Article
IV shall apply to such Early Termination Payment as if the Corporate Taxpayer had delivered an Early Termination Notice to such
electing Members; provided further that a Member may elect to receive an Early Termination Payment pursuant to this sentence notwithstanding
the fact that not all Members under this Agreement elect to receive such a payment.

 

    	13

    	 

    

 

(c)               
In the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as
a result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation
of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, and does not
cure such breach within ninety (90) days of receipt of notice of such breach, then all obligations hereunder shall be accelerated
and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall
include, but not be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered
on the date of a breach, (2) any Tax Benefit Payment agreed to by the Corporate Taxpayer and any Members as due and payable but
unpaid as of the date of a breach, and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the date of
a breach; provided that procedures similar to the procedures of Section 4.02 shall apply with respect to the determination of the
amount payable by the Corporate Taxpayer pursuant to this sentence.  Notwithstanding the foregoing, in the event that the
Corporate Taxpayer breaches this Agreement, the Members shall be entitled to elect to receive the amounts set forth in clauses
(1), (2) and (3) above or to seek specific performance of the terms hereof.  The parties agree that the failure to make any
payment due pursuant to this Agreement within three months of the date such payment is due shall be deemed to be a breach of a
material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach
of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the date
such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if
the Corporate Taxpayer fails to make any payment due pursuant to this Agreement when due to the extent the Corporate Taxpayer has
insufficient funds to make such payment; provided that the interest provisions of Section 5.02 shall apply to such late
payment (unless the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by
credit agreements to which the Corporate Taxpayer or its Subsidiaries is a party, in which case Section 5.02 shall apply, but the
Default Rate shall be replaced by the Agreed Rate); provided, further, that the Corporate Taxpayer shall promptly
(and in any event, within two (2) Business Days), pay all such unpaid payments, together with accrued and unpaid interest thereon,
immediately following such time that the Corporate Taxpayer has, and to the extent the Corporate Taxpayer has, sufficient funds
to make such payment, and the failure of the Corporate Taxpayer to do so shall constitute a breach of this Agreement. For the avoidance
of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the Corporate
Taxpayer shall be deemed to be funds sufficient and available to pay such unpaid payments, together with any accrued and unpaid
interest thereon.

 

    	14

    	 

    

 

(d)              
The undersigned hereby acknowledge and agree that the timing, amounts and aggregate value of Tax Benefit Payments
pursuant to this Agreement are not reasonably ascertainable.

 

Section 4.02       
Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under
Section 4.01(b) above, the Corporate Taxpayer shall deliver to each Member notice of such intention to exercise such right (“Early
Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporate Taxpayer’s
intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for such Member.
The Early Termination Schedule shall become final and binding on such Member thirty (30) calendar days from the first date on which
such Member has received such Schedule or amendment thereto unless such Member (i) within thirty (30) calendar days after receiving
the Early Termination Schedule, provides the Corporate Taxpayer with notice of a material objection to such Schedule made in good
faith (“Material Objection Notice”) or (ii) provides a written waiver of such right of a Material Objection
Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the date the waiver is received
by the Corporate Taxpayer (such thirty (30) calendar day date as modified, if at all, by clauses (i) or (ii), the “Early
Termination Effective Date”). If the Corporate Taxpayer and such Member, for any reason, are unable to successfully resolve
the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection
Notice, the Corporate Taxpayer and such Member shall employ the Reconciliation Procedures. 

 

Section 4.03       
Payment upon Early Termination.

 

(a)               
Within three (3) Business Days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each
Member an amount equal to the Early Termination Payment in respect of such Member. Such payment shall be made by wire transfer
of immediately available funds to a bank account or accounts designated by such Member or as otherwise agreed by the Corporate
Taxpayer and such Member.

 

(b)              
 “Early Termination Payment” in respect of a Member shall equal the present value, discounted
at the Early Termination Rate as of the Early Termination Effective Date, of all Tax Benefit Payments in respect of such Member
that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date and assuming that the Valuation
Assumptions are applied. 

 

Article V

 

SUBORDINATION
AND LATE PAYMENTS

 

Section 5.01        Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment
required to be made by the Corporate Taxpayer to any Member under this Agreement shall rank subordinate and junior in right
of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of
indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and
shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior
Obligations.

 

    	15

    	 

    

 

Section 5.02       
Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early
Termination Payment not made to the applicable Member when due under the terms of this Agreement shall be payable together with
any interest thereon, computed at the Default Rate and commencing from the date on which such Tax Benefit Payment or Early Termination
Payment was due and payable. The Corporate Taxpayer shall promptly (and in any event, within two (2) Business Days), pay all unpaid
Tax Benefit Payments and Early Termination Payments, together with accrued and unpaid interest thereon, immediately following such
time that the Corporate Taxpayer has, and to the extent the Corporate Taxpayer has, sufficient funds to make such payment. For
the avoidance of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of,
the Corporate Taxpayer shall be deemed to be funds sufficient and available to pay unpaid Tax Benefit Payments and Early Termination
Payments, together with any accrued and unpaid interest thereon.

 

Article VI

 

NO
DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.01       
Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided
herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate
Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue
pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify a Member of, and keep such Member reasonably
informed with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing Authority the outcome of which
is reasonably expected to affect the rights and obligations of such Member under this Agreement, and shall provide to such Member
reasonable opportunity to provide information and other input to the Corporate Taxpayer, OpCo and their respective advisors concerning
the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo shall not
be required to take any action that is inconsistent with any provision of the LLC Agreement.

 

Section 6.02       
Consistency. The Corporate Taxpayer and the Members agree
to report and cause to be reported for all purposes, including federal, state and local Tax purposes and financial reporting purposes,
all Tax-related items (including the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that specified
by the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement
unless otherwise required by law. Any dispute as to required Tax or financial reporting shall be subject to Section 7.09.

 

Section 6.03       
Cooperation. Each of the Corporate Taxpayer and each Member shall (a) furnish to the other party in a timely
manner such information, documents and other materials as the other party may reasonably request for purposes of making any determination
or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination
or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives to provide explanations
of documents and materials and such other information as the other party or its representatives may reasonably request in connection
with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the
Corporate Taxpayer shall reimburse the applicable Member for any reasonable third-party costs and expenses incurred pursuant to
this Section 6.03.

 

    	16

    	 

    

 

Article VII

 

MISCELLANEOUS

 

Section 7.01       
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested
and received) and shall be given to such party as set forth below, or pursuant to such other instructions as may be designated
in writing by the party to receive such notice:

 

	 	If to the Corporate Taxpayer, to: 
	 	 
	 	vTv Therapeutics Inc.
	 	4170 Mendenhall Oaks Pkwy
	 	High Point, NC 27265
	 	Telephone:	(336) 841-0300
	 	Facsimile:	(336) 841-0310
	 	Attention:	Stephen L. Holcombe
	 	Email:	sholcombe@vtvtherapeutics.com
	 	 
	 	with a copy (which shall not constitute notice to the Corporate Taxpayer) to:
	 	 
	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	1285 Avenue of the Americas
	 	New York, NY  10019-6064
	 	Telephone:	(212) 373-3000
	 	Facsimile:	(212) 757-3990
	 	Attention:	Jeffrey B. Samuels
	 	 	Lawrence G. Wee
	 	Email:	jsamuels@paulweiss.com
	 	 	lwee@paulweiss.com
	 	 
	 	If to the applicable Member, to the address, facsimile number or e-mail address specified for such party on the Member Schedule to the LLC Agreement.

 

All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the
place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding
Business Day in the place of receipt.

 

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Section 7.02       
Binding Effect; Benefit; Assignment.

 

(a)               
The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations
or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. The Corporate
Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree
to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if
no such succession had taken place.

 

(b)              
A Member, in its sole discretion, may assign any of its rights under this Agreement (including in connection with
a dissolution or liquidation of a Member) to any Person as long as such transferee has executed and delivered, or, in connection
with such transfer, executes and delivers, a joinder to this Agreement, in form of Exhibit A, agreeing to become a “Member”
for all purposes of this Agreement, except as otherwise provided in such joinder; provided, that a Member’s rights
under this Agreement shall be assignable by such Member under the procedure in this Section 7.02(b) regardless of whether
such Member continues to hold any interests in OpCo or the Corporate Taxpayer or has fully transferred any such interests.

 

Section 7.03       
Resolution of Disputes.

 

(a)               
Except for Reconciliation Disputes subject to Section 7.09, any and all disputes which cannot be settled amicably, including
any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation,
performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision)
(each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in Delaware in accordance
with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the Dispute fail to agree
on the selection of an arbitrator within ten (10) days of the receipt of the request for arbitration, the International Chamber
of Commerce shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law in the State of Delaware
and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible
during any arbitration proceedings. 

 

(b)              
 Notwithstanding the provisions of paragraph (a), the Corporate Taxpayer may bring an action or special proceeding in any
court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in
aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Member
(i) expressly consents to the application of paragraph (c) of this Section 7.03 to any such action or proceeding, (ii) agrees that
proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate
and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such Member for
service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall
promptly advise such Member of any such service of process, shall be deemed in every respect effective service of process upon
such Member in any such action or proceeding.

 

    	18

    	 

    

 

(c)               
 EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHANCERY COURT OF THE STATE OF DELAWARE OR, IF SUCH COURT
DECLINES JURISDICTION, THE COURTS OF THE STATE OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND OF THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND ANY APPELLATE COURT FROM ANY THEREOF, FOR THE PURPOSE OF ANY
JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.03, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN
ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings
include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration,
or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation
to this Agreement, and to the parties’ relationship with one another.

 

(d)              
The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may
have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred
to in the preceding paragraph of this Section 7.03 and such parties agree not to plead or claim the same.

 

Section 7.04       
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 7.05       
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties
with respect to the subject matter of this Agreement. Nothing in this Agreement shall create any third-party beneficiary rights
in favor of any Person or other party hereto.

 

Section 7.06       
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

 

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Section 7.07       
Amendment. No provision of this Agreement may be amended
unless such amendment is approved in writing by the Corporate Taxpayer and by Persons who would be entitled to receive at least
two-thirds of the Early Termination Payments payable to all Persons entitled to Early Termination Payments under this Agreement
if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment
(excluding, for purposes of this sentence, all payments made to any Persons pursuant to this Agreement since the date of such most
recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect
on the payments certain Persons will or may receive under this Agreement unless all such Persons disproportionately affected consent
in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party
against whom the waiver is to be effective.

 

Section 7.08       
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any
other State.

 

Section 7.09       
Reconciliation. In the event that the Corporate Taxpayer and a Member are unable to resolve a disagreement
with respect to the matters governed by Sections 2.03, 3.01(b), 4.02 and 6.02 within the relevant period designated in this Agreement
(“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally
recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties.
The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer
and such Member agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship
with the Corporate Taxpayer or such Member or other actual or potential conflict of interest. If the parties are unable to agree
on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the
Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating
to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty
(30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15)
calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert
for resolution.  Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject
of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement
is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared
by the Corporate Taxpayer, subject to adjustment or amendment upon resolution.  The costs and expenses relating to the engagement
of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer, except as provided in the next sentence. 
The Corporate Taxpayer and such Member shall bear their own costs and expenses of such proceeding, unless (i) the Expert substantially
adopts such Member’s position, in which case the Corporate Taxpayer shall reimburse such Member for any reasonable out-of-pocket
costs and expenses in such proceeding, or (ii) the Expert substantially adopts the Corporate Taxpayer’s position, in which
case such Member shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. 
Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the
Expert.  The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.09 shall be binding on the Corporate Taxpayer and such Member and may be entered and enforced in any court having jurisdiction. 

 

    	20

    	 

    

 

Section 7.10       
Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant
to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such
payment under the Code or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid
over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of
this Agreement as having been paid to the applicable Member.

 

Section 7.11       
Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets. 

 

(a)               
If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files
a consolidated income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local
law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments,
Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income
of the group as a whole.

 

(b)              
If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one
or more assets to a corporation (or a Person classified as a corporation for U.S. federal income tax purposes) with which such
entity does not file a consolidated tax return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the
amount of any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining
the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction
on the date of such contribution.  The consideration deemed to be received by such entity shall be equal to the fair market
value of the contributed asset. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated as
a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership.

 

Section 7.12       
Confidentiality. Section 12.11 (Confidentiality) of the LLC Agreement as of the date of this Agreement shall
apply to any information of the Corporate Taxpayer provided to the Members and their assignees pursuant to this Agreement.

 

Section 7.13       
Partnership Agreement. This Agreement shall be treated as part of the partnership agreement of OpCo as described
in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

[Remainder of Page Intentionally
Left Blank]

 

    	21

    	 

    

 

IN WITNESS WHEREOF, the Corporate Taxpayer
and each Member set forth below have duly executed this Agreement as of the date first written above.

 

	 	CORPORATE TAXPAYER:
	 	 
	 	vTv Therapeutics Inc.
	 	 
	 	By:	 
	 	 	Name:	 
	 		Title:	 
	 	 	 	 
	 	MEMBERS:
	 	 
	 	vTv Therapeutics Holdings, LLC, for the benefit of M&F TTP Holdings, LLC
	 	 	 
	 	 
	 	By:     	 
	 	Title:  	 
	 	 	 
	 	M&F TTP Holdings, LLC
	 	 	 
	 	 
	 	By:     	 
	 	Title:  	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Tax Receivable Agreement

 

    	 

    	 

    

 

Exhibit A

 Form of Joinder

 

This JOINDER (this “Joinder”)
to the Tax Receivable Agreement (as defined below), dated as of ____________, by and among vTv Therapeutics Inc., a Delaware corporation
(the “Corporate Taxpayer”), and ______________ (“Permitted Transferee”).

 

WHEREAS, on ____________, Permitted Transferee
acquired (the “Acquisition”) [___ Non-Voting Common Units][the right to receive any and all payments that may
become due and payable under the Tax Receivable Agreement with respect to ___ Non-Voting Common Units that were previously Exchanged
and are described in greater detail in Annex A to this Joinder] (collectively, “Interests” and, together with
all other interests hereinafter acquired by the Permitted Transferee from Transferor, the “Acquired Interests”)
from ______________ (“Transferor”); and

 

WHEREAS, Transferor, in connection with the
Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.02(b) of the Tax Receivable
Agreement, dated as of [_________ ___], 2015, by and among the Corporate Taxpayer and each Member (as defined therein) (the “Tax
Receivable Agreement”).

 

NOW, THEREFORE, in consideration of the foregoing
and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree
as follows:

 

Section 1.01Definitions. To the
extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set
forth in the Tax Receivable Agreement.

 

Section 1.02Joinder. Permitted
Transferee hereby acknowledges and agrees to become a “Member” (as defined in the Tax Receivable Agreement) for all
purposes of the Tax Receivable Agreement. Permitted Transferee hereby acknowledges the terms of Section 7.02(b) of the Tax Receivable
Agreement and agrees to be bound by Section 7.12 of the Tax Receivable Agreement.

 

Section 1.03Notice. Any notice,
request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered or
sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.01 of the Tax Receivable
Agreement.

 

Section 1.04Governing Law. This
Joinder shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts
of law rules of such State that would result in the application of the laws of any other State.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, this Joinder has been
duly executed and delivered by Permitted Transferee as of the date first above written.

 

	 	[PERMITTED TRANSFEREE]
	 	 	 
	 	By:	 
	 		Name: 	 
	 		Title:	 
	 	 
	 	 
	 	Address for notices:

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