Document:

Exhibit 10.2

 

Execution Version

 

 

BW ULTIMATE PARENT LLC

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

Dated as of _________________, 2021

 

 

THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED
BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED,
PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE
WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I. DEFINITIONS	2

 

	Article II. ORGANIZATIONAL MATTERS	13

 

	Section 2.01	Formation of Company	13
	Section 2.02	Third Amended and Restated Limited Liability Company Agreement	13
	Section 2.03	Name	13
	Section 2.04	Purpose; Powers	13
	Section 2.05	Principal Office; Registered Office	13
	Section 2.06	Term	13
	Section 2.07	No State-Law Partnership	14
	 	 	 

	Article III. MEMBERS; UNITS; CAPITALIZATION	14

 

	Section 3.01	Members	14
	Section 3.02	Units	15
	Section 3.03	Recapitalization; the Corporation’s Capital Contribution; the Corporation’s Purchase of Common Units	15
	Section 3.04	Authorization and Issuance of Additional Units	16
	Section 3.05	Repurchase or Redemption of shares of Class A Common Stock	17
	Section 3.06	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	18
	Section 3.07	Negative Capital Accounts	18
	Section 3.08	No Withdrawal	18
	Section 3.09	Loans From Members	18
	Section 3.10	Equity Plans	19
	Section 3.11	Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Plan or Other Plan	19
	 	 	19

	Article IV. DISTRIBUTIONS	19

 

	Section 4.01	Distributions	19
	 	 	 

	Article V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS	21

 

	Section 5.01	Capital Accounts	22
	Section 5.02	Allocations	22
	Section 5.03	Regulatory Allocations	22
	Section 5.04	Final Allocations	24
	Section 5.05	Tax Allocations	24
	Section 5.06	Indemnification and Reimbursement for Payments on Behalf of a Member	25

 

    

     

    

 

	Article VI. MANAGEMENT	26
	 	 	 
	Section 6.01	Authority
of Manager; Officer Delegation	26
	Section 6.02	Actions
of the Manager	27
	Section 6.03	Resignation;
No Removal	27
	Section 6.04	Vacancies	27
	Section 6.05	Transactions
Between the Company and the Manager	27
	Section 6.06	Reimbursement
for Expenses	27
	Section 6.07	Delegation
of Authority	28
	Section 6.08	Limitation
of Liability of Manager	28
	Section 6.09	Investment
Company Act	28
	 	 	 
	Article VII. RIGHTS AND OBLIGATIONS OF MEMBERS
AND MANAGER	30
	 	 	 
	Section 7.01	Limitation
of Liability and Duties of Members	30
	Section 7.02	Lack
of Authority	31
	Section 7.03	No
Right of Partition	31
	Section 7.04	Indemnification	31
	Section 7.05	Inspection
Rights	32
	 	 	 
	Article VIII. BOOKS, RECORDS, ACCOUNTING AND
REPORTS, AFFIRMATIVE COVENANTS	32
	 	 	 
	Section 8.01	Records
and Accounting	32
	Section 8.02	Fiscal
Year	32
	 	 	 
	Article IX. TAX MATTERS	33
	 	 	 
	Section 9.01	Preparation
of Tax Returns	33
	Section 9.02	Tax
Elections	33
	Section 9.03	Tax
Controversies	33
	 	 	 
	Article X. RESTRICTIONS ON TRANSFER OF UNITS;
CERTAIN TRANSACTIONS	34
	 	 	 
	Section 10.01	Transfers
by Members	34
	Section 10.02	Permitted
Transfers	34
	Section 10.03	Restricted
Units Legend	35
	Section 10.04	Transfer	35
	Section 10.05	Assignee’s
Rights	36
	Section 10.06	Assignor’s
Rights and Obligations	36
	Section 10.07	Overriding
Provisions	36
	Section 10.08	Spousal
Consent	37
	Section 10.09	Certain
Transactions with respect to the Corporation	38

 

    iii

     

    

 

	Article XI. REDEMPTION AND DIRECT EXCHANGE
RIGHTS	40
	 	 	 
	Section 11.01	Redemption
Right of a Member	40
	Section 11.02	Election
and Contribution of the Corporation	43
	Section 11.03	Direct
Exchange Right of the Corporation	43
	Section 11.04	Reservation
of Shares of Class A Common Stock; Listing; Certificate of the Corporation	44
	Section 11.05	Effect
of Exercise of Redemption or Direct Exchange	45
	Section 11.06	Tax
Treatment	45
	 	 	 
	Article XII. ADMISSION OF MEMBERS	45
	 	 	 
	Section 12.01	Substituted
Members	45
	Section 12.02	Additional
Members	45
	 	 	 
	Article XIII. WITHDRAWAL AND RESIGNATION;
TERMINATION OF RIGHTS	45
	 	 	 
	Section 13.01	Withdrawal
and Resignation of Members	45
	 	 	 
	Article XIV. DISSOLUTION AND LIQUIDATION	46
	 	 	 
	Section 14.01	Dissolution	46
	Section 14.02	Winding
Up	46
	Section 14.03	Deferment;
Distribution in Kind	47
	Section 14.04	Cancellation
of Certificate	47
	Section 14.05	Reasonable
Time for Winding Up	48
	Section 14.06	Return
of Capital	48
	 	 	 
	Article XV. GENERAL PROVISIONS	48
	 	 	 
	Section 15.01	Power
of Attorney	48
	Section 15.02	Confidentiality	48
	Section 15.03	Amendments	50
	Section 15.04	Title
to Company Assets	50
	Section 15.05	Addresses
and Notices	51
	Section 15.06	Binding
Effect; Intended Beneficiaries	51
	Section 15.07	Creditors	52
	Section 15.08	Waiver	52
	Section 15.09	Counterparts	52
	Section 15.10	Applicable
Law	52
	Section 15.11	Severability	52
	Section 15.12	Further
Action	53
	Section 15.13	Execution
and Delivery by Electronic Signature and Electronic Transmission	53
	Section 15.14	Right
of Offset	53
	Section 15.15	Entire
Agreement	53
	Section 15.16	Remedies	54
	Section 15.17	Descriptive
Headings; Interpretation	54

 

    iv

     

    

 

	Schedules	 	 	 
	 	 	 	 
	Schedule 1	-	 	Schedule of Pre-IPO Members
	Schedule 2	-	 	Schedule of Members
	 	 	 	 
	Exhibits	 	 	 
	 	 	 	 
	Exhibit A	-	 	Form of Joinder Agreement
	Exhibit B-1	-	 	Form of Agreement and Consent of Spouse
	Exhibit B-2	-	 	Form of Spouse’s Confirmation of Separate
Property
	Exhibit C	-	 	Policy Regarding Certain Equity Issuances

 

    v

     

    

 

BW ULTIMATE PARENT LLC

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

This THIRD AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from
time to time, this “Agreement”) of BW Ultimate Parent LLC, a Delaware limited liability company (the “Company”),
dated as of _________________, 2021 (the “Effective Date”), is entered into by and among the Company, Yesway,
Inc., a Delaware corporation (the “Corporation”), as the managing member of the Company, and each of the other
Members (as defined herein).

 

RECITALS

 

WHEREAS, unless the context
otherwise requires, capitalized terms used herein have the respective meaning ascribed to them in Article I;

 

WHEREAS, the Company was formed
as a limited liability company with the name “BW Ultimate Parent LLC”, pursuant to and in accordance with the Delaware Act
by the filing of the Certificate with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware Act on
October 28, 2019;

 

WHEREAS, prior to the IPO
(as defined below), the Company was governed by that certain Second Amended and Restated Limited Liability Company Agreement of the Company,
dated as of December 15, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, together
with all schedules, exhibits and annexes thereto, the “Initial LLC Agreement”), which the parties listed on
Schedule 1 hereto executed in their capacity as members (including pursuant to consents and joinders thereto) (collectively, the
 “Pre-IPO Members”);

 

WHEREAS, in connection with
the IPO, the Company was a party to a series of reorganization transactions with the Corporation and various other parties pursuant to
which, among other matters, the Corporation was admitted as a Pre-IPO Member of the Company and the Company was continued without dissolution;

 

WHEREAS, in connection with
the IPO, the Company, the Corporation and the Pre-IPO Members desire to convert all of the Original Units (as defined below) into Common
Units (as defined below) (the “Recapitalization”) as provided herein;

 

WHEREAS, except for the
Over-Allotment Option (as defined below), the Corporation shall sell shares of its Class A Common Stock to public investors in the
IPO and shall use the net proceeds received from the IPO (the “IPO Net Proceeds”) to purchase newly issued
Common Units from the Company pursuant to the IPO Common Unit Subscription Agreement;

 

    

     

    

 

WHEREAS, the Corporation may
issue additional shares of Class A Common Stock in connection with the IPO as a result of the exercise by the underwriters of their over-allotment
option (the “Over-Allotment Option”) and, if the Over-Allotment Option is exercised in whole or in part, any
additional net proceeds (the “Over-Allotment Option Net Proceeds”) shall be used by the Corporation to purchase
additional newly issued Common Units from the Company pursuant to the IPO Common Unit Subscription Agreement; and

 

WHEREAS, in connection with
the foregoing matters, the Company and the Members desire to continue the Company without dissolution and amend and restate the Initial
LLC Agreement in its entirety as of the Effective Date to reflect, among other things, (a) the Recapitalization, (b) the addition of the
Corporation as a Member (which was effected in accordance with the foregoing recitals) and its designation as sole Manager of the Company
and (c) the other rights and obligations of the Members, the Company, the Manager and the Corporation, in each case, as provided and agreed
upon in the terms of this Agreement as of the Effective Date, at which time the Initial LLC Agreement shall be superseded entirely by
this Agreement and shall be of no further force or effect.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Initial LLC Agreement is hereby amended and restated in its entirety and the Company, the Corporation and the other Members, each
intending to be legally bound, each hereby agrees as follows:

 

Article
I.

DEFINITIONS

 

The following definitions
shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary.

 

“Additional Member”
has the meaning set forth in Section 12.02.

 

“Adjusted Capital
Account Deficit” means, with respect to the Capital Account of any Member as of the end of any Taxable Year, the amount
by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be:

 

		(a)	reduced for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6);
and

 

		(b)	increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute
to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1)
and 1.704-2(i) (relating to minimum gain).

 

    2

     

    

 

“Admission Date”
has the meaning set forth in Section 10.06.

 

“Affiliate”
(and, with a correlative meaning, “Affiliated”) means, with respect to a specified Person, each other Person
that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person
specified. As used in this definition, “control” (including with correlative meanings, “controlled by” and “under
common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies
(whether through ownership of voting securities or by contract or other agreement).

 

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

 

“Assignee”
means a Person to whom a Unit has been transferred but who has not become a Member pursuant to Article XII.

 

“Assumed Tax Liability”
means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by
(B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated
to such Member for full or partial Fiscal Years commencing on or after the Effective Date, less prior losses of the Company allocated
to such Member for full or partial Fiscal Years commencing on or after the Effective Date, in each case, as determined by the Manager
and to the extent such prior losses are available to reduce such income over (ii) the sum of (A) the cumulative Tax Distributions
made to such Member after the Effective Date pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii); provided
that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis
of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements,
shall in no event be less than an amount that shall enable the Corporation to meet both its tax obligations and its obligations pursuant
to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance
of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including “reverse” 704(c)
allocations) to the Member.

 

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

 

“Black-Out Period”
means any “black-out” or similar period under the Corporation’s policies covering trading in the Corporation’s
securities to which the applicable Redeeming Member is subject (or shall be subject at such time as it owns Class A Common Stock), which
period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming
Member in connection with a Share Settlement.

 

“Book Value”
means, with respect to any property of the Company, the Company’s adjusted basis for U.S. federal income tax purposes, adjusted
from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g).

 

“Brookwood”
means, collectively, BW Gas & Convenience Aggregator, L.P. and BW Gas & Convenience Aggregator II, L.P.

 

“Brookwood Related
Parties” means Brookwood and its Permitted Transferees.

 

    3

     

    

 

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

 

“Capital Account”
means the capital account maintained for a Member in accordance with Section 5.01.

 

“Capital Contribution”
means, with respect to any Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other
property that such Member (or such Member’s predecessor) contributes (or is deemed to contribute) to the Company pursuant to Article
III hereof.

 

“Cash Settlement”
means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent; provided that such funds are (i)
in the case of a Redemption occurring in connection with the closing of the IPO, funds that are received from the IPO and (ii) in any
other case, funds that are received from a Qualifying Offering.

 

“Certificate”
means the Company’s Certificate of Formation as filed with the Secretary of State of the State of Delaware, as amended or amended
and restated from time to time.

 

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

 

(1) any “person”
or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of
such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan, and excluding the Permitted Transferees) becomes the “beneficial owner” (within the meaning of Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock, Class B Common Stock, preferred stock and/or
any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than fifty percent (50%) of
the voting power of all of the outstanding shares of capital stock of the Corporation entitled to vote;

 

(2) the stockholders
of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated a transaction or series
of related transactions for the sale, lease, exchange or other disposition, directly or indirectly, by the Corporation of all or substantially
all of the Corporation’s assets (including a sale of all or substantially all of the assets of the Company);

 

(3) there is consummated
a merger or consolidation of the Corporation with any other corporation or entity, and, immediately after the consummation of such merger
or consolidation, the voting securities of the Corporation immediately prior to such merger or consolidation do not continue to represent,
or are not converted into, voting securities representing more than fifty percent (50%) of the combined voting power of the 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

 

(4) the Corporation ceases to
be the sole managing member of the Company.

 

    4

     

    

 

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

 

“Change of Control
Date” has the meaning set forth in Section 10.09(a).

 

“Change of Control
Transaction” means any Change of Control that was approved by the Corporate Board prior to such Change of Control.

 

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

 

“Class B Common
Stock” means the shares of Class B Common Stock, par value $0.0001 per share, of the Corporation.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended. Unless the context requires otherwise, any reference herein to a specific
section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period.

 

“Common Unit”
means a Unit designated as a “Common Unit” and having the rights and obligations specified with respect to the Common Units
in this Agreement.

 

“Common Unit Redemption
Price” means, with respect to any Redemption, the arithmetic average of the volume weighted average prices for a share of
Class A Common Stock (or any class of stock into which it has been converted) on the Stock Exchange, or any other exchange or automated
or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of
the five (5) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the applicable Redemption
Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting
the Class A Common Stock. If the Class A Common Stock no longer trades on the Stock Exchange or any other securities exchange or automated
or electronic quotation system as of any particular Redemption Date, then the Manager (through a majority of its independent directors
(within the meaning of the rules of the Stock Exchange) that are disinterested) shall determine the Common Unit Redemption Price
in good faith.

 

“Common Unitholder”
means a Member who is the registered holder of Common Units.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Confidential
Information” has the meaning set forth in Section 15.02(a).

 

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

 

    5

     

    

 

“Corporate Incentive
Award Plan” means the 2021 Incentive Award Plan of the Corporation, as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time.

 

“Corporation”
has the meaning set forth in the recitals to this Agreement, together with its successors and assigns.

 

“Corresponding
Rights” means any rights issued with respect to a share of Class A Common Stock or Class B Common Stock pursuant to a “poison
pill” or similar stockholder rights plan approved by the Corporate Board.

 

“Credit Agreements”
means any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the Company or any of its Subsidiaries
is or becomes a borrower, as such instruments or agreements may be amended, restated, supplemented or otherwise modified from time to
time and including any one or more refinancing or replacements thereof, in whole or in part, with any other debt facility or debt obligation,
for as long as the payee or creditor to whom the Company or any of its Subsidiaries owes such obligation is not an Affiliate of the Company.

 

“Delaware Act”
means the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as it may be amended from time to time, and
any successor thereto.

 

“Direct Exchange”
has the meaning set forth in Section 11.03(a).

 

“Discount”
has the meaning set forth in Section 6.06.

 

“Distributable
Cash” means, as of any relevant date on which a determination is being made by the Manager regarding a potential distribution
pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in accordance with the
Credit Agreements (and without otherwise violating any applicable provisions of any of the Credit Agreements) and applicable Law.

 

“Distribution”
(and, with a correlative meaning, “Distribute”) means each distribution made by the Company to a Member with
respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution or
otherwise; provided, however, that none of the following shall be a Distribution: (a) any recapitalization that does not result
in the distribution of cash or property to Members or any exchange of securities of the Company, and any subdivision (by Unit split or
otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units or (b) any other payment made by the Company
to a Member that is not properly treated as a “distribution” for purposes of Sections 731, 732, or 733 or other applicable
provisions of the Code.

 

“Distribution
Tax Rate” means a rate equal to the highest effective marginal combined federal, state and local income tax rate for a Fiscal
Year applicable to corporate or individual taxpayers (whichever is higher) that may potentially apply to any Member for such Fiscal Year,
taking into account the character of the relevant tax items (e.g., ordinary or capital) and the deductibility of state and local
income taxes for federal income tax purposes (but only to the extent such taxes are deductible under the Code), as reasonably determined
by the Manager.

 

    6

     

    

 

 

“Effective Date”
has the meaning set forth in the Preamble.

 

“Election Notice”
has the meaning set forth in Section 11.01(b).

 

“Equity Plan”
means any stock or equity purchase plan, restricted stock, option, stock unit, restricted stock unit, dividend equivalent, appreciation
right, phantom equity or other incentive equity or equity-based plan or program now or hereafter adopted by the Company or the Corporation,
including, without limitation, the Corporate Incentive Award Plan.

 

“Equity Securities”
means (a) Units or other equity interests in the Company or any Subsidiary of the Company (including other classes or groups thereof having
such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the provisions of this Agreement,
including rights, powers and/or duties senior to existing classes and groups of Units and other equity interests in the Company or any
Subsidiary of the Company), (b) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into
Units or other equity interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase
or otherwise acquire Units or other equity interests in the Company or any Subsidiary of the Company.

 

“Estate Planning
Vehicle” means, with respect to any Member that is a natural person, (a) a trust which is at all times controlled by such
Member under which a distribution of such Member’s Units may be made only to beneficiaries who are such Member, his or her spouse,
his or her parents or his or her lineal descendants, (b) a charitable remainder trust which is at all times controlled by such Member,
the income from which will be paid to such Member during his or her life, (c) a corporation, the sole assets of which are Equity Securities
in the Company, and at all times the majority and controlling shareholder of which is only such Member and the remaining shareholders
of which are either such Member or his or her spouse, his or her parents or his or her lineal descendants and (d) a partnership or limited
liability company, the sole assets of which are Equity Securities in the Company, and at all times the general partner or managing or
majority member of which is only such Member, and the remaining partners or members of which are either such Member or his or her spouse,
his or her parents or his or her lineal descendants.

 

“Event of Withdrawal”
means any event that terminates the continued membership of a Member in the Company. “Event of Withdrawal” shall not include
an event that (a) terminates the existence of a Member for income tax purposes (including, without limitation, (i) a change in entity
classification of a Member under Treasury Regulations Section 301.7701-3, (ii) a sale of assets by, or liquidation of, a Member pursuant
to an election under Code Sections 336 or 338, or (iii) merger, severance, or allocation within a trust or among sub-trusts of a trust
that is a Member) but that (b) does not terminate the existence of such Member under applicable state law (or, in the case of a trust
that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Units of such trust that
is a Member).

 

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

 

“Exchange Election
Notice” has the meaning set forth in Section 11.03(b).

 

    7 

     

    

 

“Fair Market Value”
of a specific asset of the Company shall mean the amount which the Company would receive in an all-cash sale of such asset in an arms-length
transaction with a willing unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day immediately
preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect
to any transfer taxes payable in connection with such sale), as such amount is determined by the Manager (or, if pursuant to Section
14.02, the Liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent.

 

“Fiscal Period”
means any interim accounting period within a Taxable Year established by the Manager and which is permitted or required by Section 706
of the Code.

 

“Fiscal Year”
means the Company’s annual accounting period established pursuant to Section 8.02.

 

“Governmental
Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district, territory
or other political subdivision of (a) or (b) of this definition, including, but not limited to, any county, municipal or other local subdivision
of the foregoing, or (d) any agency, arbitrator or arbitral body, authority, board, body, bureau, commission, court, department, entity,
instrumentality, organization or tribunal exercising executive, legislative, judicial, regulatory or administrative functions of government
on behalf of (a), (b) or (c) of this definition.

 

“Indemnified Person”
has the meaning set forth in Section 7.04(a).

 

“Initial LLC Agreement”
has the meaning set forth in the Recitals.

 

“Investment Company
Act” means the U.S. Investment Company Act of 1940, as amended from time to time.

 

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

 

“IPO Common Unit
Subscription” has the meaning set forth in Section 3.03(b).

 

“IPO Common Unit
Subscription Agreement” means that certain Common Unit Subscription Agreement, dated as of the Effective Date, by and between
the Corporation and the Company.

 

“IPO Net Proceeds”
has the meaning set forth in the Recitals.

 

“Joinder”
means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

 

“Law”
means all laws, statutes, ordinances, rules and regulations of any Governmental Entity.

 

“Liquidator”
has the meaning set forth in Section 14.02.

 

    8 

     

    

 

“Losses”
means items of loss or deduction of the Company determined according to Section 5.01(b).

 

“Manager”
has the meaning set forth in Section 6.01.

 

“Member”
means, as of any date of determination, (a) each of the members named on the Schedule of Members and (b) any Person admitted to the Company
as a Substituted Member or Additional Member in accordance with Article XII, but in each case only so long as such Person is shown
on the Company’s books and records as the owner of one or more Units, each in its capacity as a member of the Company.

 

“Minimum Gain”
means “partnership minimum gain” determined pursuant to Treasury Regulation Section 1.704-2(d).

 

“Net Loss”
means, with respect to a Fiscal Year, the excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding Profits
and Losses specially allocated pursuant to Section 5.03 and Section 5.04).

 

“Net Profit”
means, with respect to a Fiscal Year, the excess if any, of Profits for such Fiscal Year over Losses for such Fiscal Year (excluding Profits
and Losses specially allocated pursuant to Section 5.03 and Section 5.04).

 

“Officer”
has the meaning set forth in Section 6.01(b).

 

“Original Units”
means the Membership Interests, including the Series P Interests (each as defined in the Initial LLC Agreement), of the Company.

 

“Other Agreements”
has the meaning set forth in Section 10.04.

 

“Over-Allotment
Contribution” has the meaning set forth in Section 3.03(b).

 

“Over-Allotment
Option” has the meaning set forth in the Recitals.

 

“Over-Allotment
Option Net Proceeds” has the meaning set forth in the Recitals.

 

“Partnership Representative”
has the meaning set forth in Section 9.03.

 

“Percentage Interest”
means, as among an individual class of Units and with respect to a Member at a particular time, such Member’s percentage interest
in the Company determined by dividing the number of such Member’s Units of such class by the total number of Units of all Members
of such class at such time. The Percentage Interest of each Member shall be calculated to the fourth decimal place.

 

“Permitted Pledge”
means any bona fide pledge or collateralization of the Common Units held by a Member to a financial institution of international standing
in connection with any bona fide loan or debt transaction.

 

“Permitted Transfer”
has the meaning set forth in Section 10.02.

 

    9 

     

    

 

“Permitted Transferee”
has the meaning set forth in Section 10.02.

 

“Permitted Upstream
Transfer” means an indirect Transfer of any Units held by any Brookwood Related Party by virtue of a direct or indirect
Transfer of any equity interests in such Brookwood Related Party, to any existing or potential direct or indirect investor, co-investor
or limited partner of such Brookwood Related Party, in each case, so long as BW Gas & Convenience Fund GP, LLC or BW Gas & Convenience
Fund II GP, LLC continues to control such Brookwood Related Party following such Transfer.

 

“Person”
means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association, joint
venture or any other organization or entity, whether or not a legal entity.

 

“Pre-IPO Members”
has the meaning set forth in the recitals to this Agreement.

 

“Pro rata,”
 “pro rata portion,” “according to their interests,” “ratably,”
 “proportionately,” “proportional,” “in proportion to,” “based
on the number of Units held,” “based upon the percentage of Units held,” “based upon
the number of Units outstanding,” and other terms with similar meanings, when used in the context of a number of Units of
the Company relative to other Units, means as amongst an individual class of Units, pro rata based upon the number of such Units within
such class of Units.

 

“Profits”
means items of income and gain of the Company determined according to Section 5.01(b).

 

“Pubco Offer”
has the meaning set forth in Section 10.09(b).

 

“Qualifying Offering”
means a private or public offering of shares of Class A Common Stock by the Corporation following the IPO.

 

“Quarterly Tax
Distribution” has the meaning set forth in Section 4.01(b)(i).

 

“Recapitalization”
has the meaning set forth in the Recitals.

 

“Redeemed Units”
has the meaning set forth in Section 11.01(a).

 

“Redeemed Units
Equivalent” means the product of (a) the applicable number of Redeemed Units, multiplied by (b) the Common Unit Redemption
Price.

 

“Redeeming Member”
has the meaning set forth in Section 11.01(a).

 

“Redemption”
has the meaning set forth in Section 11.01(a).

 

“Redemption Date”
has the meaning set forth in Section 11.01(a).

 

“Redemption Notice”
has the meaning set forth in Section 11.01(a).

 

“Redemption Right”
has the meaning set forth in Section 11.01(a).

 

    10 

     

    

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of the Effective Date, by and among the Corporation,
certain of the Members as of the Effective Date and certain other Persons whose signatures are affixed thereto (together with any joinder
thereto from time to time by any successor or assign to any party to such agreement) (as it may be amended from time to time in accordance
with its terms).

 

“Regulatory Allocations”
has the meaning set forth in Section 5.03(f).

 

“Retraction Notice”
has the meaning set forth in Section 11.01(c).

 

“Revised Partnership
Audit Provisions” means Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance) of the Bipartisan Budget
Act of 2015, H.R. 1314, Public Law Number 114-74.

 

“Schedule of Members”
has the meaning set forth in Section 3.01(b).

 

“SEC”
means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor to such statute,
rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include
any corresponding provisions of future Law.

 

“Share Settlement”
means a number of shares of Class A Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units.

 

“Stock Exchange”
means the Nasdaq Stock Market.

 

“Stockholders
Agreement” means that certain stockholders agreement, dated as of the Effective Date, by and among the Corporation and the
other Persons party thereto (as it may be amended from time to time in accordance with its terms).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (a)
if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership,
association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, references
to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and,
unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company.

 

“Substituted Member”
means a Person that is admitted as a Member to the Company pursuant to Section 12.01.

 

    11 

     

    

 

“Tax Distributions”
has the meaning set forth in Section 4.01(b)(i).

 

“Tax Receivable
Agreement” means that certain Tax Receivable Agreement, dated as of the Effective Date, by and among the Corporation and
the Company, on the one hand, and the TRA Holders (as such term is defined in the Tax Receivable Agreement) party thereto, on the other
hand (together with any joinder thereto from time to time by any successor or assign to any party to such agreement) (as it may be amended
from time to time in accordance with its terms).

 

“Taxable Year”
means the Company’s accounting period for U.S. federal income tax purposes determined pursuant to Section 9.02.

 

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

 

“Transfer”
(and, with a correlative meaning, “Transferring”) means any sale, transfer, assignment, redemption, pledge,
encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or
involuntarily or by operation of Law) (a) any interest (legal or beneficial) in any Equity Securities or (b) any equity or other interest
(legal or beneficial) in any Member if substantially all of the assets of such Member consist solely of Units.

 

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

 

“Underwriting
Agreement” means the Underwriting Agreement, dated as of _________________, 2021, by and among the Corporation, the Company
and Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC.

 

“Unit”
means the fractional interest of a Member in Profits, Losses and Distributions of the Company, and otherwise having the rights and obligations
specified with respect to “Units” in this Agreement; provided, however, that any class or group of Units issued shall
have the relative rights, powers and duties set forth in this Agreement applicable to such class or group of Units.

 

“Unvested Corporate
Shares” means shares of Class A Common Stock issuable pursuant to awards granted under an Equity Plan that are not Vested
Corporate Shares.

 

“Vested Corporate
Shares” means the shares of Class A Common Stock issued pursuant to awards granted under an Equity Plan that are vested
pursuant to the terms thereof or any award or similar agreement relating thereto.

 

    12 

     

    

 

Article
II.

 

ORGANIZATIONAL MATTERS

 

Section 2.01       
Formation of Company. The Company was formed on October 28, 2019 pursuant to the provisions of the Delaware Act. The filing
of the Certificate with the Secretary of State of the State of Delaware is hereby ratified and confirmed in all respects.

 

Section 2.02       
Third Amended and Restated Limited Liability Company Agreement. The Members hereby execute this Agreement for the purpose
of amending, restating and superseding the Initial LLC Agreement in its entirety and otherwise establishing the affairs of the Company
and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree that during the term
of the Company set forth in Section 2.06 the rights and obligations of the Members with respect to the Company shall be determined
in accordance with the terms and conditions of this Agreement and the Delaware Act. No provision of this Agreement shall be in violation
of the Delaware Act and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void
and of no effect to the extent of such violation without affecting the validity of the other provisions of this Agreement. Neither any
Member nor the Manager nor any other Person shall have appraisal rights with respect to any Units.

 

Section 2.03       
Name. The name of the Company is “BW Ultimate Parent LLC”. The Manager in its sole discretion may change the
name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members. The Company’s
business may be conducted under its name and/or any other name or names deemed advisable by the Manager.

 

Section 2.04       
Purpose; Powers. The primary business and purpose of the Company shall be to engage in such activities as are permitted
under the Delaware Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement.
The Company shall have the power and authority to take (directly or indirectly through its Subsidiaries) any and all actions and engage
in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to accomplish the foregoing purpose.

 

Section 2.05       
Principal Office; Registered Office. The principal office of the Company shall be located at such place or places as the
Manager may from time to time designate, each of which may be within or outside the State of Delaware. The address of the registered
office of the Company in the State of Delaware shall be c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware,
19808, and the registered agent for service of process on the Company in the State of Delaware at such registered office shall be Corporation
Service Company. The Manager may from time to time change the Company’s registered agent and registered office in the State of
Delaware.

 

Section 2.06       
Term. The term of the Company commenced upon the filing of the Certificate in accordance with the Delaware Act and shall
continue in perpetuity unless dissolved in accordance with the provisions of Article XIV.

 

    13 

     

    

 

Section 2.07       
No State-Law Partnership. The Members intend that the Company not be a partnership (including, without limitation, a limited partnership)
or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes
other than as set forth in the last sentence of this Section 2.07, and neither this Agreement nor any other document entered into
by the Company or any Member relating to the subject matter hereof shall be construed to suggest otherwise. The Members intend that the
Company shall be treated as a partnership for U.S. federal and, if applicable, state or local income tax purposes, and that each Member
and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent
with such treatment.

 

Article
III.

MEMBERS; UNITS; CAPITALIZATION

 

Section 3.01       
Members.

 

(a)              
(i) In connection with the reorganization transactions (as described in the Recitals), the Corporation acquired Original Units
(which shall be recapitalized into Common Units pursuant to the Recapitalization in accordance with Section 3.03) and was admitted
as a member of the Company and hereby continues as a Member and (ii) the Corporation shall acquire additional Common Units pursuant to
the IPO Common Unit Subscription Agreement.

 

(b)              The
Company shall maintain a schedule setting forth: (i) the name and address of each Member and (ii) the aggregate number of outstanding
Units and the number and class of Units held by each Member (such schedule, the “Schedule of Members”). The
applicable Schedule of Members in effect as of the Effective Date and after giving effect to the Recapitalization is set forth as Schedule
2 to this Agreement. The Company shall also maintain a record of (1) the Capital Account of each Member on the Effective Date, (2)
the aggregate amount of cash Capital Contributions that has been made by the Members with respect to their Units and (3) the Fair Market
Value of any property other than cash contributed by the Members with respect to their Units (including, if applicable, a description
and the amount of any liability assumed by the Company or to which contributed property is subject) in its books and records. The Schedule
of Members may be updated by the Manager without the consent of any Member in the Company’s books and records from time to time,
and as so updated, it shall be the definitive record of ownership of each Unit of the Company and all relevant information with respect
to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of
Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other
Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Delaware Act or other applicable
law.

 

(c)              
No Member shall be required or, except as approved by the Manager pursuant to Section 6.01 and in accordance with the other
provisions of this Agreement, permitted to (i) loan any money or property to the Company, (ii) borrow any money or property from the Company
or (iii) make any additional Capital Contributions.

 

    14 

     

    

 

Section 3.02       Units.

 

(a)              
Interests in the Company shall be represented by Units, or such other securities of the Company, in each case as the Manager may
establish (subject to any limitations prescribed by the Stockholders Agreement) in its discretion in accordance with the terms and subject
to the restrictions hereof. At the Effective Date, the Units shall be comprised of a single class of Common Units.

 

(b)              
Subject to Section 3.04(a) and any limitations prescribed in the Stockholders Agreement, the Manager may (i) issue additional
Common Units at any time in its sole discretion and (ii) create one or more classes or series of Units or preferred Units solely to the
extent such new class or series of Units or preferred Units are substantially economically equivalent to a class of common or other stock
of the Corporation or class or series of preferred stock of the Corporation, respectively.

 

(c)              
Subject to Section 15.03(b) and Section 15.03(c) and any limitations prescribed in the Stockholders Agreement, the
Manager may amend this Agreement, without the consent of any Member or any other Person, in connection with the creation and issuance
of such classes or series of Units pursuant to Section 3.02(b), Section 3.04(a) or Section 3.10, as applicable.

 

Section 3.03       
Recapitalization; the Corporation’s Capital Contribution; the Corporation’s Purchase of Common Units.

 

(a)              
In order to effect the Recapitalization, the number of Original Units that were issued and outstanding and held by the Pre-IPO
Members prior to the Effective Date as set forth opposite the respective Pre-IPO Member’s name in Schedule 1 are hereby converted,
as of the Effective Date, and after giving effect to such conversion and the other transactions related to the Recapitalization, into
the number of Common Units set forth opposite the name of the respective Member on the Schedule of Members attached hereto as Schedule
2 (provided, for the avoidance of doubt, that the number of Common Units set forth on Schedule 2 includes the Common
Units issued to the Corporation pursuant to the IPO Common Unit Subscription Agreement), and such Common Units are hereby issued and outstanding
as of the Effective Date and the holders of such Common Units hereby continue as members of the Company (and, for the avoidance of doubt,
are Members hereunder) and the Company is hereby continued without dissolution.

 

(b)               Following
the Recapitalization, the Company shall issue to the Corporation, and the Corporation shall acquire __________ newly issued
Common Units in exchange for a portion of the IPO Net Proceeds payable to the Company upon consummation of the IPO pursuant to the
IPO Common Unit Subscription Agreement, and such issuance of Common Units shall be reflected on the Schedule of Members (the
 “IPO Common Unit Subscription”). In addition, to the extent the underwriters in the IPO exercise the
Over-Allotment Option in whole or in part, upon the exercise of the Over-Allotment Option, the Corporation shall contribute a
portion of the Over-Allotment Option Net Proceeds to the Company in exchange for newly issued Common Units pursuant to the IPO
Common Unit Subscription Agreement, and such issuance of additional Common Units shall be reflected on the Schedule of Members (the
 “Over-Allotment Contribution”). The number of Common Units issued in the Over-Allotment Contribution, in
the aggregate, shall be equal to the number of shares of Class A Common Stock issued by the Corporation in such exercise of the
Over-Allotment Option. For the avoidance of doubt, the Corporation shall be admitted as a Member with respect to all Common Units it
holds from time to time. The parties hereto acknowledge and agree that the transaction described in this Section 3.03(b)
shall result in a “revaluation of partnership property” and corresponding adjustments to Capital Account balances as
described in Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations.

 

    15 

     

    

 

Section 3.04       
Authorization and Issuance of Additional Units.

 

(a)       Except
as otherwise determined by the Manager, the Company and the Corporation shall, notwithstanding any other provision of this
Agreement, undertake all actions, including, without limitation, an issuance, reclassification, distribution, division, repurchase,
redemption, cancellation or recapitalization, with respect to the Common Units and the Class A Common Stock or Class B Common Stock,
as applicable, to maintain at all times (i) a one-to-one ratio between the number of Common Units owned by the Corporation, directly
or indirectly, and the number of outstanding shares of Class A Common Stock and (ii) a one-to-one ratio between the number of Common
Units owned by Members (other than the Corporation and its Subsidiaries), directly or indirectly, and the number of outstanding
shares of Class B Common Stock owned by such Members, directly or indirectly, in each case, disregarding, for purposes of
maintaining the one-to-one ratio, (A) Unvested Corporate Shares, (B) treasury stock or (C) preferred stock or other debt or equity
securities (including, without limitation, warrants, options or rights) issued by the Corporation that are convertible into or
exercisable or exchangeable for Class A Common Stock or Class B Common Stock (except to the extent the net proceeds from such other
securities, including any exercise or purchase price payable upon conversion, exercise or exchange thereof, has been contributed by
the Corporation to the equity capital of the Company). Except as otherwise determined by the Manager, in the event the Corporation
issues, transfers or delivers from treasury stock or repurchases or redeems Class A Common Stock in a transaction not contemplated
in this Agreement, the Manager and the Corporation shall, notwithstanding any other provision of this Agreement to the contrary,
take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the number
of outstanding Common Units owned, directly or indirectly, by the Corporation shall equal on a one-for-one basis the number of
outstanding shares of Class A Common Stock. Except as otherwise determined by the Manager, in the event the Corporation issues,
transfers or delivers from treasury stock or repurchases or redeems the Corporation’s preferred stock in a transaction not
contemplated in this Agreement, the Manager and the Corporation shall, notwithstanding any other provision of this Agreement to the
contrary, take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions,
the Corporation, directly or indirectly, holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of
any repurchase or redemption) equity interests in the Company which (in the good faith determination by the Manager) are in the
aggregate substantially economically equivalent to the outstanding preferred stock of the Corporation so issued, transferred,
delivered, repurchased or redeemed. Except as otherwise determined by the Manager, the Company and the Corporation shall not
undertake any subdivision (by any Common Unit split, stock split, Common Unit distribution, stock distribution, reclassification,
division, recapitalization or similar event) or combination (by reverse Common Unit split, reverse stock split, reclassification,
division, recapitalization or similar event) of the Common Units, Class A Common Stock or Class B Common Stock or other equity
interests in the Company or the Corporation, as applicable, that is not accompanied by an identical subdivision or combination of
the Common Units, Class A Common Stock or Class B Common Stock or other equity interests in the Company or Corporation,
respectively, to maintain at all times (x) a one-to-one ratio between the number of Common Units owned, directly or indirectly, by
the Corporation and the number of outstanding shares of Class A Common Stock, (y) a one-to-one ratio between the number of Common
Units owned by Members (other than the Corporation and its Subsidiaries) and the number of outstanding shares of Class B Common
Stock, or (z) a one-to-one ratio between the number of outstanding other equity interests in the Corporation and any corresponding
equity interests in the Company, in each case, unless such action is necessary to maintain at all times a one-to-one ratio between
either the number of Common Units owned, directly or indirectly, by the Corporation and the number of outstanding shares of Class A
Common Stock or the number of Common Units owned by Members (other than the Corporation and its Subsidiaries) and the number of
outstanding shares of Class B Common Stock as contemplated by the first sentence of this Section 3.04(a).

 

    16 

     

    

 

(b)      
The Company shall only be permitted to issue additional Common Units, and/or establish other classes or series of Units or other
Equity Securities in the Company to the Persons and on the terms and conditions provided for in Section 3.02, this Section 3.04,
Section 3.10 and Section 3.11. Subject to the foregoing, the Manager may cause the Company to issue additional Common
Units authorized under this Agreement and/or establish other classes or series of Units or other Equity Securities in the Company at such
times and upon such terms as the Manager shall determine and the Manager shall amend this Agreement as necessary in connection with the
issuance of additional Common Units and admission of additional Members under this Section 3.04 without the requirement of
any consent or acknowledgement of any other Member or any other Person notwithstanding anything to the contrary herein, including Section
15.03.

 

Section 3.05       
Repurchase or Redemption of shares of Class A Common Stock. Except as otherwise determined by the Manager, if at any time,
any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another
arrangement) by the Corporation for cash, then the Manager shall cause the Company, immediately prior to such repurchase or redemption
of Class A Common Stock, to redeem a corresponding number of Common Units held (directly or indirectly) by the Corporation, at an aggregate
redemption price equal to the aggregate purchase or redemption price of the shares of Class A Common Stock being repurchased or redeemed
by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for the shares of Class A Common Stock
being repurchased or redeemed by the Corporation; provided, if the Corporation uses funds received from distributions from the
Company or the net proceeds from an issuance of Class A Common Stock to fund such repurchase or redemption, then the Company shall cancel
a corresponding number of Common Units held (directly or indirectly) by the Corporation for no consideration. Notwithstanding any provision
to the contrary contained in this Agreement, the Company shall not make any repurchase or redemption if such repurchase or redemption
would violate any applicable Law.

 

    17 

     

    

 

Section 3.06       
Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units.

 

(a)        Units
shall not be certificated unless otherwise determined by the Manager. If the Manager determines that one or more Units shall be
certificated, each such certificate shall be signed by or in the name of the Company, by the Chief Executive Officer, Chief
Financial Officer, General Counsel, Secretary or any other officer designated by the Manager, representing the number of Units held
by such holder. Such certificate shall be in such form (and shall contain such legends) as the Manager may determine. Any or all of
such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent permitted
by applicable Law. Unless otherwise determined by the Manager or if otherwise requested by a Brookwood Related Party in connection
with a Permitted Pledge (including in connection with any margin loan being proposed by any such Member or any of its affiliates),
no Units shall be treated as a “security” within the meaning of Article 8 of the Uniform Commercial Code unless all
Units then outstanding are certificated; notwithstanding anything to the contrary herein, including Section 15.03, the
Manager is authorized to amend this Agreement in order for the Company to opt-in to the provisions of Article 8 of the Uniform
Commercial Code without the consent or approval of any Member of any other Person.

 

(b)       
If Units are certificated, the Manager may direct that a new certificate representing one or more Units be issued in place of any
certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an affidavit
of the owner or owners of such certificate, setting forth such allegation. The Manager may require the owner of such lost, stolen or destroyed
certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify it against any claim that
may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate.

 

(c)       
To the extent Units are certificated, upon surrender to the Company or the transfer agent of the Company, if any, of a certificate
for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance
with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel
the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe
such additional rules and regulations as it may deem appropriate relating to the issue, Transfer and registration of Units.

 

Section 3.07       Negative Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or negative
balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company).

 

Section 3.08       No
Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account or to
receive any Distribution from the Company, except as expressly provided in this Agreement.

 

Section 3.09       Loans From Members. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions
of Section 3.01(c), the amount of any such loans shall be a debt of the Company to such Member and shall be payable or collectible
in accordance with the terms and conditions upon which such loans are made.

 

    18 

     

    

 

Section 3.10       Equity
Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from adopting, modifying or
terminating an Equity Plan or from adopting, modifying or terminating an Equity Plan or from issuing shares of Class A Common Stock pursuant
to any such plans. The Corporation may implement such Equity Plans and any actions taken under such Equity Plans (such as the grant or
exercise of options to acquire shares of Class A Common Stock, or the issuance of Unvested Corporate Shares), whether taken with respect
to or by an employee or other service provider of the Corporation, the Company or its Subsidiaries, in a manner determined by the Corporation,
in accordance with the initial implementation guidelines attached to this Agreement as Exhibit C, which may be amended by the
Corporation from time to time. The Manager may, without the consent of any Member or any other Person and notwithstanding Section
15.03, amend this Agreement (including Exhibit C) as necessary or advisable in its sole discretion in connection with the
adoption, implementation, modification or termination of an Equity Plan. In the event of such an amendment by the Manager, the Company
shall provide notice of such amendment to the Members. The Company is expressly authorized to issue Units (i) in accordance with the
terms of any such Equity Plan, or (ii) in an amount equal to the number of shares of Class A Common Stock issued pursuant to any such
Equity Plan, without any further act, approval or vote of any Member or any other Persons.

 

Section 3.11       Dividend
Reinvestment Plan, Cash Option Purchase Plan, Equity Plan or Other Plan. Except as may otherwise be provided in this Article III,
all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, Equity
Plan or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of
Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to such amounts,
shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company shall
issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock so issued.

 

Article
IV.

DISTRIBUTIONS

 

Section 4.01       
Distributions.

 

(a)        Distributable
Cash; Other Distributions. To the extent permitted by applicable Law and hereunder, Distributions to Members may be declared by
the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts, at such time and on
such terms (including the payment dates of such Distributions) as the Manager in its sole discretion shall determine using such
record date as the Manager may designate. All Distributions made under this Section 4.01 shall be made to the Members as of
the close of business on such record date on a pro rata basis in accordance with each Member’s Percentage Interest
(other than, for the avoidance of doubt, any distributions made pursuant to Section 4.01(b)(v)) as of the close of business
on such record date; provided, however, that the Manager shall have the obligation to make Distributions as set forth in Sections
4.01(b) and 14.02; provided, further, that notwithstanding any other provision herein to the contrary, no
distributions shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Delaware
Act or other applicable law. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its
payment obligations when due. In furtherance of the foregoing, it is intended that the Manager shall, to the extent permitted by
applicable Law and hereunder, have the right in its sole discretion to make Distributions of Distributable Cash to the Members
pursuant to this Section 4.01(a) in such amounts as shall enable the Corporation to meet its obligations, including its
obligations pursuant to the Tax Receivable Agreement (to the extent such obligations are not otherwise able to be satisfied as a
result of Tax Distributions required to be made pursuant to Section 4.01(b)). Notwithstanding anything to the contrary in
this Section 4.01(a), (i) the Company shall not make a distribution (other than Tax Distributions under Section
4.01(b)) to any Member in respect of any Common Units which remain subject to vesting conditions in accordance with any
applicable Equity Plan or individual award agreement and (ii) with respect to any amounts that would otherwise have been distributed
to a Member but for the preceding clause (i), such amount shall be held in trust by the Company for the benefit of such Member
unless and until such time as such Common Units have vested in accordance with the applicable Equity Plan or individual award
agreement, and within five (5) Business Days of such time, the Company shall distribute such amounts to such Member.

 

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(b)          
Tax Distributions.

 

(i)        With respect to each Fiscal Year, the Company shall, to the extent permitted by applicable Law, make cash distributions (“Tax
Distributions”) to each Member in accordance with, and to the extent of, such Member’s Assumed Tax Liability. Tax
Distributions pursuant to this Section 4.01(b)(i) shall be estimated by the Company on a quarterly basis and, to the extent feasible,
shall be distributed to the Members (together with a statement showing the calculation of such Tax Distribution and an estimate of the
Company’s net taxable income allocable to each Member for such period) on a quarterly basis on April 15th, June 15th,
September 15th and December 15th (or such other dates for which individuals are required to make quarterly estimated
tax payments for U.S. federal income tax purposes) (each, a “Quarterly Tax Distribution”); provided,
that the foregoing shall not restrict the Company from making a Tax Distribution on any other date. Quarterly Tax Distributions shall
take into account the estimated taxable income or loss of the Company for the Fiscal Year through the end of the relevant quarterly period.
A final accounting for Tax Distributions shall be made for each Fiscal Year after the allocation of the Company’s actual net taxable
income or loss has been determined and any shortfall in the amount of Tax Distributions a Member received for such Fiscal Year based on
such final accounting shall promptly be distributed to such Member. For the avoidance of doubt, any excess Tax Distributions a Member
receives with respect to any Fiscal Year shall reduce future Tax Distributions otherwise required to be made to such Member with respect
to any subsequent Fiscal Year.

 

(ii)       To the extent a Member otherwise would be entitled to receive less than its Percentage Interest of the aggregate Tax Distributions
to be paid pursuant to this Section 4.01(b) (other than any distributions made pursuant to Section 4.01(b)(v)) on any given
date, the Tax Distributions to such Member shall be increased to ensure that all Distributions made pursuant to this Section 4.01(b)
are made pro rata in accordance with the Members’ respective Percentage Interests. If, on the date of a Tax Distribution,
there are insufficient funds on hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise
entitled, Distributions pursuant to this Section 4.01(b) shall be made to the Members to the extent of available funds in accordance
with their Percentage Interests and the Company shall make future Tax Distributions as soon as funds become available sufficient to pay
the remaining portion of the Tax Distributions to which such Members are otherwise entitled.

 

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(iii)           
 In the event of any audit by, or similar event with, a taxing authority that affects the calculation of any Member’s Assumed
Tax Liability for any Taxable Year (other than an audit conducted pursuant to the Revised Partnership Audit Provisions for which no election
is made pursuant to Section 6226 thereof and the Treasury Regulations promulgated thereunder), or in the event the Company files an amended
tax return, each Member’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to such event (for
the avoidance of doubt, taking into account interest or penalties). Any shortfall in the amount of Tax Distributions the Members and former
Members received for the relevant Taxable Years based on such recalculated Assumed Tax Liability promptly shall be distributed to such
Members and the successors of such former Members, except, for the avoidance of doubt, to the extent Distributions were made to such Members
and former Members pursuant to Section 4.01(a) and this Section 4.01(b) in the relevant Taxable Years sufficient to cover
such shortfall.

 

(iv)            
Notwithstanding the foregoing, Tax Distributions pursuant to this Section 4.01(b) (other than, for the avoidance of doubt,
any distributions made pursuant to Section 4.01(b)(v)), if any, shall be made to a Member only to the extent all previous Tax Distributions
to such Member pursuant to Section 4.01(b) with respect to the Fiscal Year are less than the Tax Distributions such Member otherwise
would have been entitled to receive with respect to such Fiscal Year pursuant to this Section 4.01(b).

 

(v)              
Notwithstanding the foregoing and anything to the contrary in this Agreement, a final accounting for distributions under Section
5.5 of the Initial LLC Agreement in respect of the taxable income of the Company for the Fiscal Years (or portions thereof) of the Company
that end on or prior to the Effective Date shall be made by the Company following the closing date of the IPO and, based on such final
accounting, the Company shall make a distribution to the Pre-IPO Members (or in the case of any Pre-IPO Member that no longer exists,
the successor of such Pre-IPO Member) in accordance with the applicable terms of the Initial LLC Agreement to the extent of any shortfall
in the amount of distributions the Pre-IPO Members received prior to the Effective Date under Section 5.5 of the Initial LLC Agreement
with respect to taxable income of the Company for such portion of such Fiscal Year that shall be allocated to the Pre-IPO Members pursuant
to Section 706 of the Code. For the avoidance of doubt, the amount of distributions to be made pursuant to this Section 4.01(b)(v)
shall be calculated pursuant to Section 5.5 of the Initial LLC Agreement.

 

Article
V.

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

 

Section 5.01       
Capital Accounts.

 

(a)              
The Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulation Section 1.704-1(b)(2)(iv).
For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the events specified in Treasury Regulation
Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such Treasury Regulation and Treasury
Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company’s property.

 

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(b)     
 For purposes of computing the amount of any item of income, gain, loss or deduction with respect to the Company to be allocated
pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification
of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including
any method of depreciation, cost recovery or amortization used for this purpose); provided, however, that:

 

(i)            The
computation of all items of income, gain, loss and deduction shall include those items described in Code Section 705(a)(l)(B) or Code
Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includible
in gross income or are not deductible for U.S. federal income tax purposes.

 

(ii)            If
the Book Value of any property of the Company is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount
of such adjustment shall be taken into account as gain or loss from the disposition of such property.

 

(iii)          Items of income, gain, loss or deduction attributable to the disposition of property of the Company having a Book Value that differs
from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property.

 

(iv)           Items
of depreciation, amortization and other cost recovery deductions with respect to property of the Company having a Book Value that differs
from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury
Regulation Section 1.704-1(b)(2)(iv)(g).

 

(v)           To
the extent an adjustment to the adjusted tax basis of any asset of the Company pursuant to Code Sections 732(d), 734(b) or 743(b) is
required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset)
or loss (if the adjustment decreases such basis).

 

Section 5.02       
Allocations. Except as otherwise provided in Section 5.03 and Section 5.04, Net Profits and Net Losses for
any Fiscal Year or Fiscal Period shall be allocated among the Capital Accounts of the Members pro rata in accordance with their respective
Percentage Interests, assuming that any Common Units which are subject to vesting conditions in accordance with any applicable Equity
Plan or individual award agreement are fully vested.

 

Section 5.03       
Regulatory Allocations.

 

(a)              
Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in
the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse
debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and, if necessary, for subsequent
Taxable Years) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section
1.704-2(i)(4).

 

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(b)              
 Nonrecourse deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated
pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a), if there
is a net decrease in the Minimum Gain during any Taxable Year, each Member shall be allocated Profits for such Taxable Year (and, if necessary,
for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f).
This Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation
Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.

 

(c)              
If any Member that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Sections 5.03(a)
and 5.03(b) but before the application of any other provision of this Article V, then Profits for such Taxable Year shall
be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section 5.03(c)
is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
in a manner consistent therewith.

 

(d)              
If the allocation of Net Losses to a Member as provided in Section 5.02 would create or increase an Adjusted Capital Account
Deficit, there shall be allocated to such Member only that amount of Losses as shall not create or increase an Adjusted Capital Account
Deficit. The Net Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Member shall be allocated
to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d).

 

(e)              
Profits and Losses described in Section 5.01(b)(v) shall be allocated in a manner consistent with the manner that the adjustments
to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m).

 

(f)                The
allocations set forth in Section 5.03(a) through and including Section 5.03(e) (the “Regulatory
Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury
Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate Profit and
Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject
to the Regulatory Allocations, income, gain, deduction and loss with respect to the Company shall be reallocated among the Members
so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be
in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain,
deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate that this
shall be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among
the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is zero. In
addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership minimum gain, or in partner nonrecourse debt
minimum gain, and application of the minimum gain chargeback requirements set forth in Section 5.03(a) or Section
5.03(b) would cause a distortion in the economic arrangement among the Members, the Members may, if they do not expect that the
Company shall have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both
of such minimum gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it
did not contain such minimum gain chargeback requirement.

 

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Section 5.04       
Final Allocations.

 

(a)        Notwithstanding
any contrary provision in this Agreement except Section 5.03, the Manager shall make appropriate adjustments to allocations of
Profits and Losses to (or, if necessary, allocate items of gross income, gain, loss or deduction of the Company among) the Members upon
the liquidation of the Company (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially
all the Units (whether by sale or exchange or merger) or sale of all or substantially all the assets of the Company, such that, to the
maximum extent possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments
or allocations shall occur, to the maximum extent possible, in the Fiscal Year of the event requiring such adjustments or allocations.

 

(b)       If
any holder of Common Units which are subject to vesting conditions forfeits (or the Company has repurchased at less than fair market value)
all or a portion of such holder’s unvested Common Units, the Company shall make forfeiture allocations in respect of such unvested
Common Units in the manner and to the extent required by Proposed Treasury Regulations Section 1.704-1(b)(4)(xii) (as such Proposed Treasury
Regulations may be amended or modified, including upon the issuance of temporary or final Treasury Regulations).

 

Section 5.05       
Tax Allocations.

 

(a)             
The income, gains, losses, deductions and credits of the Company shall be allocated, for federal, state and local income tax purposes,
among the Members in accordance with the allocation of such income, gains, losses, deductions and credits among the Members for computing
their Capital Accounts; provided that if any such allocation is not permitted by the Code or other applicable Law, the Company’s
subsequent income, gains, losses, deductions and credits shall be allocated among the Members so as to reflect as nearly as possible the
allocation set forth herein in computing their Capital Accounts.

 

(b)              
Items of taxable income, gain, loss and deduction of the Company with respect to any property contributed to the capital of the
Company shall be allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation between the
adjusted basis of such property to the Company for federal income tax purposes and its Book Value using the traditional method set forth
in Treasury Regulations Section 1.704-3(b).

 

(c)              
If the Book Value of any asset of the Company is adjusted pursuant to Section 5.01(b), including adjustments to the Book
Value of any asset of the Company in connection with the execution of this Agreement, subsequent allocations of items of taxable income,
gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal
income tax purposes and its Book Value using the traditional method set forth in Treasury Regulations Section 1.704-3(b).

 

    24 

     

    

 

(d)              
 Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members as determined
by the Manager taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii).

 

(e)              
For purposes of determining a Member’s share of the Company’s “excess nonrecourse liabilities” within the
meaning of Treasury Regulation Section 1.752-3(a)(3), each Member’s interest in income and gain shall be determined pursuant to
any proper method, as reasonably determined by the Manager; provided, that each year the Manager shall use its reasonable best
efforts (using in all instances any proper method, including without limitation the “additional method” described in Treasury
Regulation Section 1.752-3(a)(3)) to allocate a sufficient amount of the excess nonrecourse liabilities to those Members who would have
at the end of the applicable Taxable Year, but for such allocation, taxable income due to the deemed distribution of money to such Member
pursuant to Section 752(b) of the Code that is in excess of such Member’s adjusted tax basis in its Units.

 

(f)               
In the event any Common Units issued pursuant to Section 3.10(c) are subsequently forfeited, the Company may make forfeiture
allocations with respect to such Common Units in the Taxable Year of such forfeiture in accordance with the principles of proposed Treasury
Regulations Section 1.704-1(b)(4)(xii)(c), taking into account any amendments thereto and any temporary or final Treasury Regulations
issued pursuant thereto.

 

(g)              
Allocations pursuant to this Section 5.05 are solely for purposes of federal, state and local taxes and shall not affect,
or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, Distributions or other
items of the Company pursuant to any provision of this Agreement.

 

Section 5.06       
Indemnification and Reimbursement for Payments on Behalf of a Member. If the Company is obligated to pay any amount to
a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s
status as such (including federal income taxes, additions to tax, interest and penalties as a result of obligations of the Company pursuant
to the Revised Partnership Audit Provisions, federal withholding taxes, state personal property taxes and state unincorporated business
taxes, but excluding payments such as payroll taxes, withholding taxes, benefits or professional association fees and the like required
to be made or made voluntarily by the Company on behalf of any Member based upon such Member’s status as an employee of the Company),
then such Member shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses).
The Manager may offset Distributions to which a Member is otherwise entitled under this Agreement against such Member’s obligation
to indemnify the Company under this Section 5.06. In addition, notwithstanding anything to the contrary, each Member agrees that
any Cash Settlement such Member is entitled to receive pursuant to Article XI may be offset by an amount equal to such Member’s
obligation to indemnify the Company under this Section 5.06 and that such Member shall be treated as receiving the full amount
of such Cash Settlement and paying to the Company an amount equal to such obligation. A Member’s obligation to make payments to
the Company under this Section 5.06 shall survive the transfer or termination of any Member’s interest in any Units of the
Company, the termination of this Agreement and the dissolution, liquidation, winding up and termination of the Company. In the event
that the Company has been terminated prior to the date such payment is due, such Member shall make such payment to the Manager (or its
designee), which shall distribute such funds in accordance with this Agreement. The Company may pursue and enforce all rights and remedies
it may have against each Member under this Section 5.06, including instituting a lawsuit to collect such contribution with interest
calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum
permitted by Law). Each Member hereby agrees to furnish to the Company such information and forms as required or reasonably requested
in order to comply with any Laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption
from, withholding to which the Member is legally entitled. The Company may withhold any amount that it determines is required to be withheld
from any amount otherwise payable to any Member hereunder, and any such withheld amount shall be deemed to have been paid to such Member
for purposes of this Agreement.

 

    25 

     

    

 

Article
VI.

MANAGEMENT

 

Section 6.01       
Authority of Manager; Officer Delegation.

 

(a)              
Except for situations in which the approval of any Member(s) is specifically required by this Agreement and subject to the provisions
of the Stockholders Agreement, (i) all management powers over the business and affairs of the Company shall be exclusively vested in the
Corporation, as the sole managing member of the Company (the Corporation, in such capacity, the “Manager”),
(ii) the Manager shall conduct, direct and exercise full control over all activities of the Company and (iii) no other Member shall have
any right, authority or power to vote, consent or approve any matter, whether under the Delaware Act, this Agreement or otherwise. The
Manager shall be the “manager” of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided
for herein and subject to the other provisions of this Agreement, the Members hereby consent to the exercise by the Manager of all such
powers and rights conferred on the Members by the Delaware Act with respect to the management and control of the Company. Any vacancies
in the position of Manager shall be filled in accordance with Section 6.04.

 

(b)              
Without limiting the authority of the Manager to act on behalf of the Company, the day-to-day business and operations of the Company
shall be overseen and implemented by officers of the Company (each, an “Officer” and collectively, the “Officers”),
subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer shall be appointed by the Manager
and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or until he or she
shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than one office. Subject to the
other provisions of this Agreement (including in Section 6.07 below), the salaries or other compensation, if any, of the Officers
of the Company shall be fixed from time to time by the Manager. The authority and responsibility of the Officers shall be limited to such
duties as the Manager may, from time to time, delegate to them. Unless the Manager decides otherwise, if the title is one commonly used
for officers of a business corporation formed under the General Corporation Law of the State of Delaware, the assignment of such title
shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. All Officers
shall be, and shall be deemed to be, officers and employees of the Company. An Officer may also perform one or more roles as an officer
of the Manager. Any Officer may be removed at any time, with or without cause, by the Manager.

 

    26 

     

    

 

(c)              
 Subject to the other provisions of this Agreement, the Manager shall have the power and authority to effectuate the sale, lease,
transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant
of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held
by the Company) or the merger, consolidation, conversion, division, reorganization or other combination of the Company with or into another
entity, for the avoidance of doubt, without the prior consent of any Member or any other Person being required, subject to the provisions
of the Stockholders Agreement.

 

Section 6.03       
Actions of the Manager. The Manager may act through any Officer or through any other Person or Persons to whom authority
and duties have been delegated pursuant to Section 6.07.

 

Section 6.04       
Resignation; No Removal. The Manager may resign at any time by giving written notice to the Members. Unless otherwise specified
in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not
be necessary to make it effective. For the avoidance of doubt, the Members have no right under this Agreement to remove or replace the
Manager, except as provided in the Stockholders Agreement.

 

Section 6.05       
Vacancies. Subject to the provisions of the Stockholders Agreement, vacancies in the position of Manager occurring for
any reason shall be filled by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the
holders of a majority in interest of the voting capital stock of the Corporation immediately prior to such cessation). For the avoidance
of doubt, the Members (other than the Corporation in its capacity as Manager) have no right under this Agreement to fill any vacancy
in the position of Manager, except as provided in the Stockholders Agreement.

 

Section 6.06       
Transactions Between the Company and the Manager. The Manager may cause the Company to contract and deal with the Manager,
or any Affiliate of the Manager, provided, that such contracts and dealings (other than contracts and dealings between the Company
and its Subsidiaries) are on terms comparable to and competitive with those available to the Company from others dealing at arm’s
length or are approved by the Members (other than the Manager and its Affiliates) and otherwise are permitted by the Credit Agreements;
provided, that the foregoing shall in no way limit the Manager’s rights under Sections 3.02, 3.04, 3.05
or 3.10. The Members hereby approve each of the contracts or agreements between or among the Manager, the Company and their
respective Affiliates entered into on or prior to the date of this Agreement in accordance with the Initial LLC Agreement or that the
board of managers of the Company or the Corporate Board has approved in connection with the Recapitalization or the IPO as of the date
of this Agreement, including, but not limited to, the IPO Common Unit Subscription Agreement and the Tax Receivable Agreement.

 

    27 

     

    

 

Section 6.07        Reimbursement
for Expenses. The Manager shall not be compensated for its services as Manager of the Company except as expressly provided in
this Agreement. The Members acknowledge and agree that, upon consummation of the IPO, the Manager’s Class A Common Stock shall
be publicly traded and therefore the Manager shall have access to the public capital markets and that such status and the services
performed by the Manager shall inure to the benefit of the Company and all Members; therefore, the Manager shall be reimbursed by
the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including without limitation all fees,
expenses and costs associated with the IPO and all fees, expenses and costs of being a public company (including without limitation
public reporting obligations, proxy statements, stockholder meetings, Stock Exchange fees, transfer agent fees, legal fees, SEC and
FINRA filing fees and offering expenses) and maintaining its corporate existence. In the event that shares of Class A Common Stock
are sold to underwriters in the IPO (or in any Qualifying Offering) at a price per share that is lower than the price per share for
which such shares of Class A Common Stock are sold to the public in the IPO (or in such subsequent Qualifying Offering, as
applicable) after taking into account underwriters’ discounts or commissions and brokers’ fees or commissions (such
difference, the “Discount”) (i) the Manager shall be deemed to have contributed to the Company in exchange
for newly issued Common Units the full amount for which such shares of Class A Common Stock were sold to the public and (ii) the
Company shall be deemed to have paid the Discount as an expense. To the extent practicable, expenses incurred by the Manager on
behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any
reimbursements to the Manager or any of its Affiliates by the Company pursuant to this Section 6.06 constitute gross income
to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated
as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for
purposes of computing the Members’ Capital Accounts. Notwithstanding the foregoing, the Company shall not bear any income tax
obligations of the Manager or any payments made pursuant to the Tax Receivable Agreement.

 

Section 6.08       
Delegation of Authority. The Manager (a) may, from time to time, delegate to one or more Persons such authority and duties
as the Manager may deem advisable, and (b) may assign titles (including, without limitation, chief executive officer, president, chief
financial officer, chief operating officer, general counsel, senior vice president, vice president, secretary, assistant secretary, treasurer
or assistant treasurer) and delegate certain authority and duties to such Persons which may be amended, restated or otherwise modified
from time to time. Any number of titles may be held by the same individual. The salaries or other compensation, if any, of such agents
of the Company shall be fixed from time to time by the Manager, subject to the other provisions in this Agreement.

 

Section 6.09       
Limitation of Liability of Manager.

 

(a)               Except
as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the Manager nor any of the
Manager’s Affiliates or Manager’s officers, employees or other agents shall be liable to the Company, to any Member or
to any other Person bound by this Agreement for any act or omission performed or omitted by the Manager or such Person in its
capacity as the sole managing member of the Company or as an Affiliate, officer, employee or other agent of the Manager, as
applicable, pursuant to authority granted to the Manager by this Agreement; provided, however, that, except as otherwise
provided herein, such limitation of liability shall not apply to the extent the act or omission was attributable to the
Manager’s willful misconduct or knowing violation of Law or for any present or future material breaches of any
representations, warranties or covenants by the Manager or its Affiliates contained herein or in the Other Agreements with the
Company. The Manager may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it
hereunder either directly or by or through its agents, and shall not be responsible for any misconduct or negligence on the part of
any such agent (so long as such agent was selected in good faith and with reasonable care). The Manager and each of its Affiliates,
officers, employees and other agents shall be entitled to rely upon the advice of legal counsel, independent public accountants and
other experts, including financial advisors, as to matters such Person reasonably believes are within such other Person's
professional or expert competence and any act of or failure to act by the Manager or such other Person in good faith reliance on
such advice shall in no event subject the Manager or such other Person to liability to the Company or any Member or to any other
Person bound by this Agreement.

 

    28 

     

    

 

(b)              
To the fullest extent permitted by applicable Law, whenever this Agreement or any other agreement contemplated herein provides
that the Manager shall act in a manner which is, or provide terms which are, “fair and reasonable” to the Company or any Member
that is not the Manager, the Manager shall determine such appropriate action or provide such terms considering, in each case, the relative
interests of each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable United States generally accepted accounting practices or principles, notwithstanding
any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise.

 

(c)              
To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement
contemplated herein or applicable provisions of Law or equity or otherwise, whenever in this Agreement or any other agreement contemplated
herein, the Manager is permitted or required to take any action or to make a decision in its “sole discretion” or “discretion,”
with “complete discretion,” with its “approval” or “consent” or under a grant of similar authority
or latitude, the Manager shall be entitled to consider such interests and factors as it desires, including its own interests, and shall
have no duty or obligation to give any consideration to any interest of or factors affecting the Company, other Members or any other Person.

 

(d)              
To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement
contemplated herein or applicable provisions of law or equity or otherwise, (i) whenever in this Agreement the Manager is permitted or
required to take any action or to make a decision in “good faith” or under another express standard, the Manager shall act
under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement
contemplated herein, and (ii) so long as the Manager acts in good faith or in accordance with such other express standard, the resolution,
action or terms so made, taken or provided by the Manager shall not constitute a breach of this Agreement or impose liability upon the
Manager or any of the Manager’s Affiliates and shall be deemed approved by all Members.

 

Section 6.10       
Investment Company Act. The Manager shall use its best efforts to ensure that the Company shall not be subject to registration
as an investment company pursuant to the Investment Company Act.

 

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Article
VII.

RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER

 

Section 7.01       
Limitation of Liability and Duties of Members and Manager.

 

(a)              
Except as provided in this Agreement or in the Delaware Act, the debts, obligations and liabilities of the Company, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and no Member or Manager shall be
obligated personally for any such debts, obligations, contracts or liabilities of the Company solely by reason of being a Member or the
Manager. Notwithstanding anything contained herein to the contrary, to the fullest extent permitted by applicable Law, the failure of
the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs
under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Members or the Manager for liabilities
of the Company.

 

(b)              
In accordance with the Delaware Act and the laws of the State of Delaware, a Member may, under certain circumstances, be required
to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to
Articles IV or XIV shall be deemed a return of money or other property paid or distributed in violation of the Delaware
Act. The payment of any such money or Distribution of any such property to a Member shall be deemed to be a compromise within the meaning
of Section 18-502(b) of the Delaware Act, and, to the fullest extent permitted by Law, any Member receiving any such money or property
shall not be required to return any such money or property to the Company or any other Person, unless such distribution was made by the
Company to its Members in clerical error. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of
this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any
other Member.

 

(c)              
To the fullest extent permitted by applicable Law, including Section 18-1101(c) of the Delaware Act, and notwithstanding any other
provision of this Agreement (but subject, and without limitation, to Section 6.08 with respect to the Manager) or in any agreement
contemplated herein or applicable provisions of Law or equity or otherwise, the parties hereto hereby agree that to the extent that any
Member (other than the Manager in its capacity as such) (or any Member’s Affiliate or any manager, managing member, general partner,
director, officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary
duties) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Unit or to any other Person bound
by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by Law, and replaced
with the duties or standards expressly set forth herein, if any; provided, however, that the foregoing shall not eliminate
the implied contractual covenant of good faith and fair dealing. The elimination of duties (including fiduciary duties) to the Company,
the Manager, each of the Members, each other Person who acquires an interest in a Unit and each other Person bound by this Agreement and
replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, the Manager, each of
the Members, each other Person who acquires an interest in a Unit and each other Person bound by this Agreement.

 

    30 

     

    

 

Section 7.02       
Lack of Authority. No Member, other than the Manager or a duly appointed Officer or other agent of the Company, in each
case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding
on the Company or to make any expenditure on behalf of the Company. The Members hereby consent to the exercise by the Manager of the
powers conferred on them by Law and this Agreement.

 

Section 7.03       
No Right of Partition. No Member, other than the Manager (in its capacity as such), shall have the right to seek or obtain
partition by court decree or operation of Law of any property of the Company, or the right to own or use particular or individual assets
of the Company.

 

Section 7.04       
Indemnification.

 

(a)              
Subject to Section 5.06, the Company shall indemnify and hold harmless any Person (each an “Indemnified Person”)
to the fullest extent permitted by applicable Law (including as it presently exists or may hereafter be amended, substituted or replaced
but, to the fullest extent permitted by applicable law, in the case of any such amendment, substitution or replacement only to the extent
that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than such Law permitted
the Company to provide immediately prior to such amendment, substitution or replacement), against all expenses, liabilities and losses
(including attorneys’ fees, judgments, fines, excise taxes or penalties, and amounts paid in settlement) reasonably incurred or
suffered by such Person by reason of the fact that such Person is or was a Member or an Affiliate thereof (other than as a result of an
ownership interest in the Corporation) or is or was serving as the Manager or a director, officer, employee or other agent of the Manager,
or a director, manager, Officer, employee or other agent of the Company or is or was serving at the request of the Company as a manager,
officer, director, principal, member, employee or agent of another Person; provided, however, that no Indemnified Person shall
be indemnified for any expenses, liabilities and losses suffered that are attributable to such Indemnified Person’s or its Affiliates’
willful misconduct or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants by
such Indemnified Person or its Affiliates contained herein or in Other Agreements with the Company. Reasonable expenses, including out-of-pocket
attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the Company in advance of the
final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified
Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the
Company.

 

(b)              
The right to indemnification and the advancement of expenses conferred in this Section 7.04 shall not be exclusive of any
other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise.

 

(c)               The
Company shall maintain directors’ and officers’ liability insurance, or substantially equivalent insurance, at its
expense, to protect any Indemnified Person against any expense, liability or loss described in Section 7.04(a) whether or not
the Company would have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions
of this Section 7.04. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty
and liability insurance in types and at levels customary for companies of similar size engaged in similar lines of business, as
determined in good faith by the Manager, and the Company shall use its commercially reasonable efforts to purchase directors’
and officers’ liability insurance (including employment practices coverage) with a carrier and in an amount determined
necessary or desirable as determined in good faith by the Manager.

 

    31 

     

    

 

(d)              
The indemnification and advancement of expenses provided for in this Section 7.04 shall be provided out of and to the extent
of Company assets only. No Member (unless such Member otherwise agrees in writing or is found in a non-appealable decision by a court
of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be
required to make additional Capital Contributions to help satisfy such indemnity of the Company. The Company (i) shall be the primary
indemnitor of first resort for such Indemnified Person pursuant to this Section 7.04 and (ii) shall be fully responsible for the
advancement of all expenses and the payment of all damages or liabilities with respect to such Indemnified Person which are addressed
by this Section 7.04.

 

(e)              
If this Section 7.04 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then
the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.04 to the fullest
extent permitted by any applicable portion of this Section 7.04 that shall not have been invalidated and to the fullest extent
permitted by applicable Law.

 

Section 7.05       
Inspection Rights. The Company shall permit each Member and each of its designated representatives at such Member’s
sole cost and expense to examine the books and records of the Company at the principal office of the Company or such other location as
the Manager shall reasonably approve during normal business hours and upon reasonable notice for any purpose reasonably related to such
Member’s interest as a member of the Company; provided, that the Manager has a right to keep confidential from the Members
certain information in accordance with Section 18-305 of the Delaware Act.

 

Article
VIII.

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS

 

Section 8.01       
Records and Accounting. The Company shall keep, or cause to be kept, appropriate books and records with respect to the
Company’s business, including all books and records necessary to provide any information, lists and copies of documents required
pursuant to applicable Laws. All matters concerning (a) the determination of the relative amount of allocations and Distributions among
the Members pursuant to Articles IV and V and (b) accounting procedures and determinations, and other determinations not
specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination shall
be final and conclusive as to all of the Members absent manifest clerical error.

 

Section 8.02       
Fiscal Year. The Fiscal Year of the Company shall end on December 31 of each year or such other date as may be established
by the Manager.

 

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Article
IX.

TAX MATTERS

 

Section 9.01       
Preparation of Tax Returns. The Manager shall arrange for the preparation and timely filing of all tax returns required
to be filed by the Company. The Manager shall use reasonable efforts to furnish, within one hundred
and eighty (180) days of the close of each Taxable Year, to each Member a completed IRS Schedule K-1 (and any comparable state income
tax form) and such other information as is reasonably requested by such Member relating to the Company that is necessary for such Member
to comply with its tax reporting obligations. Subject to the terms and conditions of this Agreement and except as otherwise provided
in this Agreement, in its capacity as Partnership Representative, the Corporation shall have the authority to prepare the tax returns
of the Company using such permissible methods and elections as it determines in its reasonable discretion, including without limitation
the use of any permissible method under Section 706 of the Code for purposes of determining the varying Units of its Members.

 

Section 9.02       
Tax Elections. The Taxable Year shall be the Fiscal Year set forth in Section 8.02, unless otherwise required by
Section 706 of the Code. The Manager shall cause the Company and each of its Subsidiaries that is treated as a partnership for U.S. federal
income tax purposes to have in effect an election pursuant to Section 754 of the Code (or any similar provisions of applicable state,
local or foreign tax Law) for each Taxable Year. The Manager shall take commercially reasonable efforts to cause each Person in which
the Company owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect
any such election for each Taxable Year. Each Member shall upon request supply any information reasonably necessary to give proper effect
to any such elections.

 

Section 9.03        Tax
Controversies. The Manager shall cause the Company to take all necessary actions required by Law to designate the Corporation as
the “tax matters partner” of the Company within the meaning of Section 6231 of the Code (as in effect prior to repeal of
such section pursuant to the Revised Partnership Audit Provisions) with respect any Taxable Year beginning on or before December 31,
2017. The Manager shall further cause the Company to take all necessary actions required by Law to designate the Corporation as the
 “partnership representative” of the Company as provided in Section 6223(a) of the Code with respect to any Taxable Year
of the Company beginning after December 31, 2017, and if the “partnership representative” is an entity, the Corporation
is hereby authorized to designate an individual to be the sole individual through which such entity “partnership
representative” shall act (in such capacities, collectively, the “Partnership Representative”). The
Company and the Members shall cooperate fully with each other and shall use reasonable best efforts to cause the Corporation (or its
designated individual, as applicable) to become the Partnership Representative with respect to any taxable period of the Company
with respect to which the statute of limitations has not yet expired (and causing any tax matters partner, partnership
representative or designated individual designated prior to the Effective Date to resign, be revoked or replaced, as applicable),
including (as applicable) by filing certifications pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d) and completing
IRS Form 8970 or any other form or certificate required pursuant to Treasury Regulation Section 301.6223-1(e)(1). The Partnership
Representative shall have the right and obligation to take all actions authorized and required, by the Code for the Partnership
Representative and is authorized and required to represent the Company (at the Company’s expense) in connection with all
examinations of the Company’s affairs by tax authorities, including any resulting administrative and judicial proceedings, and
to expend Company funds for professional services reasonably incurred in connection therewith. Each Member agrees to cooperate with
the Company and the Partnership Representative and to do or refrain from doing any or all things reasonably requested by the Company
or the Partnership Representative with respect to the conduct of such proceedings. Without limiting the generality of the foregoing,
with respect to any audit or other proceeding, the Partnership Representative shall be entitled to cause the Company (and any of its
Subsidiaries) to make any available elections pursuant to Section 6226 of the Code (and similar provisions of state, local and other
Law), and the Members shall cooperate to the extent reasonably requested by the Company in connection therewith. The Company shall
reimburse the Partnership Representative for all reasonable out-of-pocket expenses incurred by the Partnership Representative,
including reasonable fees of any professional attorneys, in carrying out its duties as the Partnership Representative. The
provisions of this Section 9.03 shall survive the transfer or termination of any Member’s interest in any Units of
the Company, the termination of this Agreement and the termination of the Company, and shall remain binding on each Member for the
period of time necessary to resolve all tax matters relating to the Company, and shall be subject to the provisions of the Tax
Receivable Agreement, as applicable.

 

    33 

     

    

 

Article
X.

RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS

 

Section 10.01   
Transfers by Members. No holder of Units shall Transfer any interest in any Units, except Transfers (a) pursuant to and
in accordance with Sections 10.02 and 10.09 or (b) approved in advance and in writing by the Manager, in the case of Transfers
by any Member other than the Manager, or (c) in the case of Transfers by the Manager, to any Person who succeeds to the Manager in accordance
with Section 6.04. Notwithstanding the foregoing, “Transfer” shall not include (i) an event that terminates the existence
of a Member for income tax purposes (including, without limitation, a change in entity classification of a Member under Treasury Regulations
Section 301.7701-3, a sale of assets by, or liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or merger,
severance, or allocation within a trust or among sub-trusts of a trust that is a Member), but that does not terminate the existence of
such Member under applicable state Law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries
under such trust with respect to all the Units of such trust that is a Member) or (ii) any indirect Transfer of Units held by the Manager
by virtue of any Transfer of Equity Securities in the Corporation.

 

Section
10.02    Permitted
Transfers. The restrictions contained in Section 10.01 shall not apply to any of the following Transfers (each, a
 “Permitted Transfer” and each transferee, a “Permitted Transferee”): (i)(A) a
Transfer pursuant to a Redemption or Direct Exchange in accordance with Article XI hereof or that are necessary or desirable
to comply with Sections 3.04 or 3.05 as determined by the Manager or (B) a Transfer by a Member to the Corporation or
any of its Subsidiaries, (ii) a Transfer to an Affiliate of such Member; (iii) Permitted Upstream Transfers; (iv) a Transfer by a
Member that is a natural person for estate-planning purposes of such Member to an Estate Planning Vehicle of such Member or (v) in
the case of each of a Brookwood Related Party, a Permitted Pledge; provided, however, that (x) the restrictions contained in
this Agreement shall continue to apply to Units after any Permitted Transfer of such Units, (y) in the case of the foregoing clause
(ii), the Permitted Transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement,
and prior to such Transfer the transferor shall deliver a written notice to the Company and the Members, which notice shall disclose
in reasonable detail the identity of the proposed Permitted Transferee and (z) in the case of clause (v), in the event that the
lender to whom the applicable Common Units have been pledged forecloses on such Common Units, such Common Units shall automatically
be exchanged for Class A Common Stock, and any shares of Class B Common Stock (together with any Corresponding Rights) corresponding
to such Common Units shall be canceled and retired, in each case, with the provisions of Article XI applying to such Transfer mutatis
mutandis (applied for this purpose as if the Corporation had delivered an Election Notice that specified a Share Settlement with
respect to such Redemption, and with the applicable Redemption Date occurring on the date of such foreclosure) such that, for the
avoidance of doubt, the applicable lender shall never take ownership of such Common Units or shares of Class B Common Stock (and
shall not become a Member hereunder), and instead shall take ownership of the applicable shares of Class A Common Stock upon such
foreclosure. In the case of a Permitted Transfer of any Common Units by any Member that is authorized to hold Class B Common Stock
in accordance with the Corporation’s certificate of incorporation to a Permitted Transferee in accordance with this Section
10.02, such Member (or any subsequent Permitted Transferee of such Member) shall also transfer a number of shares of Class B
Common Stock equal to the number of Common Units that were transferred by such Member (or subsequent Permitted Transferee) in the
transaction to such Permitted Transferee. All Permitted Transfers are subject to the additional limitations set forth in Section
10.07(b).

 

    34 

     

    

 

Section 10.03   
Restricted Units Legend. The Units have not been registered under the Securities Act and, therefore, in addition to the
other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or
if an exemption from such registration is then available with respect to such sale. To the extent such Units have been certificated,
each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units shall be stamped or otherwise
imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
WERE ISSUED ON ______________, 2021, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE THIRD
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BW ULTIMATE PARENT LLC, AS IT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED,
OR OTHERWISE MODIFIED FROM TIME TO TIME, AND BW ULTIMATE PARENT LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL
SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY BW ULTIMATE PARENT LLC
TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”

 

The Company shall imprint such legend on certificates
(if any) evidencing Units. The legend set forth above shall be removed from the certificates (if any) evidencing any Units which cease
to be Units in accordance with the definition thereof.

 

Section 10.04    Transfer.
Prior to Transferring any Units (other than in connection with a Permitted Pledge or a Redemption or Direct Exchange in accordance
with Article XI), the Transferring holder of Units shall cause the prospective Permitted Transferee to be bound by this
Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate to which the
transferor was a party, including without limitation the Stockholders Agreement (collectively, the “Other
Agreements”) by executing and delivering to the Company a duly executed Joinder and counterparts of this Agreement and
any applicable Other Agreements.

 

    35 

     

    

 

Section 10.05   
Assignee’s Rights.

 

(a)              
The Transfer of a Unit in accordance with this Agreement shall be effective as of the date of such Transfer (assuming compliance
with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company.
Profits, Losses and other items of the Company shall be allocated between the transferor and the transferee according to Code Section
706, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date
of such Transfer shall be paid to the transferor, and Distributions made on or after such date shall be paid to the Assignee.

 

(b)              
Unless and until an Assignee becomes a Member pursuant to Article XII, the Assignee shall not be entitled to any of the
rights granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this
Agreement; provided, however, that, without relieving the Transferring Member from any such limitations or obligations as more
fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member contained herein
by which a Member would be bound on account of the Assignee’s Units (including the obligation to make Capital Contributions on account
of such Units).

 

Section 10.06   
Assignor’s Rights and Obligations. Any Member who shall Transfer any Unit in a manner in accordance with this Agreement
shall cease to be a Member with respect to such Units and shall no longer have any rights or privileges, or, except as set forth in this
Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units or other interest (it being understood,
however, that the applicable provisions of Sections 6.08 and 7.04 shall continue to inure to such Person’s benefit),
except that unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions
of Article XII (the “Admission Date”), (i) such Transferring Member shall retain all of the duties,
liabilities and obligations of a Member with respect to such Units, and (ii) the Manager may, in its sole discretion, reinstate all or
any portion of the rights and privileges of such Member with respect to such Units for any period of time prior to the Admission Date.
Nothing contained herein shall relieve any Member who Transfers any Units in the Company from any liability of such Member to the Company
with respect to such Units that may exist as of the Admission Date or that is otherwise specified in the Delaware Act or for any liability
to the Company or any other Person for any materially false statement made by such Member (in its capacity as such) or for any present
or future breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the
Other Agreements with the Company.

 

Section 10.07   
Overriding Provisions.

 

(a)               Any
Transfer or attempted Transfer of any Units in violation of this Agreement (including any prohibited indirect Transfers) shall be,
to the fullest extent permitted by applicable Law, null and void ab initio, and the provisions of Sections 10.05 and 10.06
shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation
of this Agreement shall not become a Member and shall not have any other rights in or with respect to any rights of a Member of the
Company with respect to the applicable Units. The approval of any Transfer in any one or more instances shall not limit or waive the
requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect
any Permitted Transfer pursuant to this Article X.

 

    36 

     

    

 

(b)              
Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of Section
10.01 and Article XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would:

 

(i)                
result in the violation of the Securities Act, or any other applicable federal, state or foreign Laws;

 

(ii)             
cause an assignment under the Investment Company Act;

 

(iii)           
in the reasonable determination of the Manager, be a violation of or a default (or an event that, with notice or the lapse of time
or both, would constitute a default) under, or result in an acceleration of any obligation under any Credit Agreement to which the Company
or the Manager is a party; provided that the payee or creditor to whom the Company or the Manager owes such obligation is not an
Affiliate of the Company or the Manager;

 

(iv)            
be a Transfer to a Person who is not legally competent or who has not achieved his or her majority of age under applicable Law
(excluding trusts for the benefit of minors);

 

(v)              
cause the Company to be treated as a “publicly traded partnership” or to be taxed as a corporation pursuant to Section
7704 of the Code or any successor provision thereto under the Code; or

 

(vi)            
result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1)
(determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)).

 

(c)              
Notwithstanding anything contained herein to the contrary, in no event shall any Member that is not a “United States person”
within the meaning of Section 7701(a)(30) of the Code Transfer any Units, unless such Member and the transferee have delivered to the
Company, in respect of the relevant Transfer, written evidence that all required withholding under Section 1446(f) of the Code shall have
been done and duly remitted to the applicable taxing authority or duly executed certifications (prepared in accordance with the applicable
Treasury Regulations or other authorities) of an exemption from such withholding.

 

Section 10.08   
Spousal Consent. In connection with the execution and delivery of this Agreement, any Member who is a natural person shall
deliver to the Company an executed consent from such Member’s spouse (if any) in the form of Exhibit B-1 attached hereto
or a Member’s spouse confirmation of separate property in the form of Exhibit B-2 attached hereto. If, at any time subsequent
to the date of this Agreement such Member becomes legally married (whether in the first instance or to a different spouse), such Member
shall cause his or her spouse to execute and deliver to the Company a consent in the form of Exhibit B-1 or Exhibit B-2
attached hereto.

 

    37 

     

    

 

 

Such Member’s non-delivery to the Company
of an executed consent in the form of Exhibit B-1 or Exhibit B-2 at any time shall constitute such Member’s continuing
representation and warranty that such Member is not legally married as of such date.

 

Section 10.09   
Certain Transactions with respect to the Corporation.

 

(a)         
In connection with a Change of Control Transaction, the Manager shall have the right, in
its sole discretion, to require each Member to effect a Redemption of all or a portion of such Member’s Units together with an equal
number of shares of Class B Common Stock, pursuant to which such Units and such shares of Class B Common Stock shall be exchanged for
shares of Class A Common Stock (or economically equivalent cash or securities of a successor entity) in accordance with the Redemption
provisions of Article XI, mutatis mutandis (applied for this purpose as if the Corporation had delivered an Election Notice
that specified a Share Settlement with respect to such Redemption) and otherwise in accordance with this Section 10.09(a). Any
such Redemption pursuant to this Section 10.09(a) shall be effective immediately prior to the consummation of such Change of Control
Transaction (and, for the avoidance of doubt, shall be contingent upon the consummation of such Change of Control Transaction and shall
not be effective if such Change of Control Transaction is not consummated) (the date of such Redemption pursuant to this Section 10.09(a),
the “Change of Control Date”). From and after the Change of Control Date, (i) the Units and any shares
of Class B Common Stock subject to such Redemption shall be deemed to be transferred to the Company or the Corporation, as applicable,
on the Change of Control Date and (ii) each such Member shall cease to have any rights with respect to the Units and any shares of Class
B Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock (or economically equivalent
cash or equity securities in a successor entity) pursuant to such Redemption). In the event the Manager desires to initiate the provisions
of this Section 10.09, the Manager shall provide written notice of an expected Change of Control Transaction to all Members within
the earlier of (x) five (5) Business Days following the execution of an agreement with respect to such Change of Control Transaction and
(y) ten (10) Business Days before the proposed date upon which the contemplated Change of Control Transaction is to be effected, including
in such notice such information as may reasonably describe the Change of Control Transaction, subject to Law, including the date of execution
of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares of Class
A Common Stock in the Change of Control Transaction and any election with respect to types of consideration that a holder of shares of
Class A Common Stock, as applicable, shall be entitled to make in connection with a Change of Control Transaction (which election shall
be available to each Member on the same terms as holders of shares of Class A Common Stock). Following delivery of such notice and on
or prior to the Change of Control Date, the Members shall take all actions reasonably requested by the Corporation to effect such Redemption
in accordance with the terms of Article XI, including taking any action and delivering any document required pursuant to this Section
10.09(a) to effect such Redemption. Notwithstanding the foregoing, in the event the Manager requires the Members to exchange less
than all of their outstanding Units (and to surrender a corresponding number of shares of Class B Common Stock for cancellation), each
Member’s participation in the Change of Control Transaction shall be reduced pro rata.

 

    38 

     

    

 

(b)        
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 the Corporation
or is proposed to the Corporation or its stockholders and approved by the Corporate Board or is otherwise effected or to be effected
with the consent or approval of the Corporate Board, the Manager shall provide written notice of the Pubco Offer to all Members within
the earlier of (i) five (5) Business Days following the execution of an agreement (if applicable) with respect to, or the commencement
of (if applicable), such Pubco Offer and (ii) ten (10) Business Days before the proposed date upon which the Pubco Offer is to be effected,
including in such notice such information as may reasonably describe the Pubco Offer, subject to Law, including the date of execution
of such agreement (if applicable) or of such commencement (if applicable), the material terms of such Pubco Offer, including the amount
and types of consideration to be received by holders of shares of Class A Common Stock in the Pubco Offer, any election with respect
to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with
such Pubco Offer, and the number of Units (and the corresponding shares of Class B Common Stock) held by such Member that is applicable
to such Pubco Offer. The Members (other than the Corporation and its Subsidiaries) shall be permitted to participate in such Pubco Offer
by delivering a written notice of participation that is effective immediately prior to the consummation of such Pubco Offer (and that
is contingent upon consummation of such offer and shall not be effective if such Pubco Offer is not consummated), and shall include such
information necessary for consummation of such offer as requested by the Corporation. In the case of any Pubco Offer that was initially
proposed by the Corporation, the Corporation shall use reasonable best efforts to enable and permit the Members (other than the Corporation
and its Subsidaries) to participate in such transaction to the same extent or on an economically equivalent basis as the holders of shares
of Class A Common Stock, and to enable such Members to participate in such transaction without being required to exchange Units or shares
of Class B Common Stock prior to the consummation of such transaction. For the avoidance of doubt, in no event shall Common Unitholders
be entitled to receive in such Pubco Offer aggregate consideration for each Common Unit that is greater than the consideration payable
in respect of each share of Class A Common Stock in connection with a Pubco Offer (it being understood that payments under or in
respect of the Tax Receivable Agreement shall not be considered part of any such consideration).

 

(c)         
In the event that a transaction or proposed transaction constitutes both a Change of Control Transaction and a Pubco Offer, the
provisions of Section 10.09(a) shall take precedence over the provisions of Section 10.09(b) with respect to such transaction,
and the provisions of Section 10.09(b) shall be subordinate to provisions of Section 10.09(a), and may only be triggered
if the Manager elects to waive the provisions of Section 10.09(a).

 

Section 10.10   
Unvested Common Units. With respect to any shares of Class B Common Stock corresponding to Common Units which remain subject to
vesting conditions in accordance with any applicable Equity Plan or individual award agreement, the Member holding such shares of Class
B Common Stock shall abstain from voting any such shares of Class B Common Stock with respect to any matter to be voted on or considered
by the stockholders of the Corporation at any annual or special meeting of the stockholders of the Corporation or action by written consent
of the stockholders of the Corporation unless and until such time as such Common Units have vested in accordance with the applicable
Equity Plan or individual award agreement.

 

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Article
XI.

REDEMPTION AND DIRECT EXCHANGE RIGHTS

 

Section 11.01   
Redemption Right of a Member.

 

(a)         
Each Member (other than the Corporation and its Subsidiaries) shall be entitled to cause the Company to redeem (a “Redemption”)
all or any portion of its Common Units (excluding, for the avoidance of doubt, any Common Units that are subject to vesting conditions
or the Transfer of which is prohibited pursuant to Section 10.07(b) or Section 10.07(c) of this Agreement) in whole or in
part (the “Redemption Right”) at any time and from time to time following the waiver or expiration of any contractual
lock-up period relating to the shares of the Corporation that may be applicable to such Member. A Member desiring to exercise its Redemption
Right (each, a “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption
Notice”) to the Company with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units (the
 “Redeemed Units”) that the Redeeming Member intends to have the Company redeem and a date, not less than three
(3) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager
in its sole discretion agrees in writing to waive such time periods), on which exercise of the Redemption Right shall be completed (the
 “Redemption Date”); provided, that the Company, the Corporation and the Redeeming Member may change the
number of Redeemed Units and/or the Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement
signed in writing by each of them; provided, further, that in the event the Corporation elects a Share Settlement, the Redemption
may be conditioned (including as to timing) by the Redeeming Member on the closing of an underwritten distribution of the shares of Class
A Common Stock that may be issued in connection with such proposed Redemption. Subject to Section 11.03 and unless the Redeeming
Member timely has delivered a Retraction Notice as provided in Section 11.01(c) or has revoked or delayed a Redemption as provided
in Section 11.01(d), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date):

 

(i)        
the Redeeming Member shall Transfer and surrender, free and clear of all liens and encumbrances (x) the Redeemed Units to the Company
(including any certificates representing the Redeemed Units if they are certificated), and (y) a number of shares of Class B Common Stock
(together with any Corresponding Rights) equal to the number of Redeemed Units to the Corporation, to the extent applicable;

 

(ii)       
the Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming
Member is entitled under Section 11.01(b), and (z) if the Units are certificated, issue to the Redeeming Member a certificate
for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered
by the Redeeming Member pursuant to clause (i) of this Section 11.01(a) and the Redeemed Units; and

 

(iii)       
the Corporation shall cancel and retire for no consideration the shares of Class B Common Stock (together with any Corresponding
Rights) that were Transferred to the Corporation pursuant to Section 11.01(a)(i)(y) above.

 

    40 

     

    

 

(b)        
 The Corporation shall have the option (as determined solely by a majority of its independent directors (within the meaning of
the rules of the Stock Exchange) who are disinterested) as provided in Section 11.02 to elect to have the Redeemed Units be redeemed
in consideration for either a Share Settlement or a Cash Settlement; provided, for the avoidance of doubt, that the Corporation
may elect to have the Redeemed Units be redeemed in consideration for a Cash Settlement only to the extent that the Corporation has cash
available in an amount equal to at least the Redeemed Units Equivalent, which cash was received from a Qualifying Offering or, in the
case of a Redemption occurring in connection the closing of the IPO, the IPO. The Corporation shall give written notice (the “Election
Notice”) to the Company (with a copy to the applicable Redeeming Member) of such election within three (3) Business Days
of receiving the Redemption Notice; provided, that if the Corporation does not timely deliver an Election Notice, the Corporation
shall be deemed to have elected the Share Settlement method (subject to the limitations set forth above).

 

(c)         
In the event the Corporation elects the Cash Settlement in connection with a Redemption, the Redeeming Member may retract its Redemption
Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to the Corporation) within
three (3) Business Days of delivery of the Election Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming
Member’s, the Company’s and the Corporation’s rights and obligations under this Section 11.01 arising from the
Redemption Notice.

 

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

 

(i)        
any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member
at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by
the SEC or no such resale registration statement has yet become effective;

 

(ii)      
the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary
to effect such Redemption;

 

(iii)      
the Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement
and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at
or immediately following the consummation of the Redemption;

 

(iv)     
the Redeeming Member is in possession of any material non-public information concerning the Corporation, the receipt of which results
in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without
disclosure of such information (and the Corporation does not permit disclosure of such information);

 

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(v)      
 any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such
Redeeming Member at or immediately following the Redemption shall have been issued by the SEC;

 

(vi)      
there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class
A Common Stock is then traded;

 

(vii)     
there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains
or prohibits the Redemption;

 

(viii)    
the Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement,
and such failure shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received
upon such Redemption pursuant to an effective registration statement; or

 

(ix)       
the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period.

 

If a Redeeming Member delays
the consummation of a Redemption pursuant to this Section 11.01(d), the Redemption Date shall occur on the fifth (5th)
Business Day following the date on which the condition(s) giving rise to such delay ceases to exist (or such earlier day as the Corporation,
the Company and such Redeeming Member may agree in writing).

 

(e)        
The number of shares of Class A Common Stock (or Redeemed Units Equivalent, if applicable) (together with any Corresponding Rights)
applicable to any Share Settlement or Cash Settlement shall not be adjusted on account of any Distributions previously made with respect
to the Redeemed Units or dividends previously paid with respect to Class A Common Stock; provided, however, that if a Redeeming
Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with
respect to the Redeemed Units but prior to payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution
with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member Transferred and surrendered the
Redeemed Units to the Company prior to such date; provided, further, however, that a Redeeming Member shall be entitled
to receive any and all Tax Distributions that such Redeeming Member otherwise would have received in respect of income allocated to such
Member for the portion of any Fiscal Year irrespective of whether such Tax Distribution(s) are declared or made after the Redemption Date.

 

(f)          
In the case of a Share Settlement, in the event a reclassification or other similar transaction occurs following delivery of a
Redemption Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security,
then a Redeeming Member shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding Rights)
that the Redeeming Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately
prior to the record date of such reclassification or other similar transaction.

 

(g)        
Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall be obligated to effectuate
a Redemption if such Redemption could (as determined in the sole discretion of the Manager) cause the Company to be treated as a “publicly
traded partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor provisions of the Code.

 

    42 

     

    

 

Section 11.02   
Election and Contribution of the Corporation. Unless the Redeeming Member has timely delivered a Retraction Notice as provided
in Section 11.01(c), or has revoked or delayed a Redemption as provided in Section 11.01(d), subject to Section 11.03
on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall
make a Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement, as determined by the Corporation
in accordance with Section 11.01(b)), and (ii) in the event of a Share Settlement, the Company shall issue to the Corporation
a number of Common Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions
of this Agreement to the contrary, but subject to Section 11.03, in the event that the Corporation elects a Cash Settlement, the
Corporation shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the Redeemed Units
Equivalent with respect to such Cash Settlement, which in no event shall exceed the amount actually paid by the Company to the Redeeming
Member as the Cash Settlement. The timely delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’s
rights and obligations under this Section 11.02 arising from the Redemption Notice.

 

Section 11.03   
Direct Exchange Right of the Corporation.

 

(a)         
Notwithstanding anything to the contrary in this Article XI (save for the limitations set forth in Section 11.01(b)
regarding the Corporation’s option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of
the Members under Section 11.01, including the right to revoke a Redemption Notice), the Corporation may, in its sole and absolute
discretion (as determined solely by a majority of its independent directors (within the meaning of the rules of the Stock Exchange) who
are disinterested) (subject to the timing limitations set forth on such discretion in Section 11.01(b)), elect to effect on the
Redemption Date the exchange of Redeemed Units for the Share Settlement or the Cash Settlement, as the case may be, through a direct exchange
of such Redeemed Units and the Share Settlement or the Cash Settlement, as applicable, between the Redeeming Member and the Corporation
(a “Direct Exchange”) (rather than contributing the Share Settlement or the Cash Settlement, as the case may
be, to the Company in accordance with Section 11.02 for purposes of the Company redeeming the Redeemed Units from the Redeeming
Member in consideration of the Share Settlement or the Cash Settlement, as applicable). Upon such Direct Exchange pursuant to this Section
11.03, the Corporation shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such
Units.

 

(b)        
The Corporation may, at any time prior to a Redemption Date (including after delivery of an Election Notice pursuant to Section
11.01(b)), deliver written notice (an “Exchange Election Notice”) to the Company and the Redeeming Member
setting forth its election to exercise its right to consummate a Direct Exchange; provided, that such election is subject to the
limitations set forth in Section 11.01(d) and does not unreasonably prejudice the ability of the parties to consummate a Redemption
or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time; provided,
that any such revocation does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on
the Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all of the Redeemed Units that
would have otherwise been subject to a Redemption.

 

    43 

     

    

 

(c)        
Except as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe
as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows:

 

(i)        
the Redeeming Member shall transfer and surrender, free and clear of all liens and encumbrances (x) the Redeemed Units and (y)
a number of shares of Class B Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units, to the extent
applicable, in each case, to the Corporation;

 

(ii)       
the Corporation shall (x) pay to the Redeeming Member the Share Settlement or the Cash Settlement, as applicable, and (y) cancel
and retire for no consideration the shares of Class B Common Stock (together with any Corresponding Rights) that were Transferred to the
Corporation pursuant to Section 11.03(c)(i)(y) above; and

 

(iii)      
the Company shall (x) register the Corporation as the owner of the Redeemed Units and (y) if the Units are certificated, issue
to the Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units
evidenced by the certificate surrendered by the Redeeming Member pursuant to Section 11.03(c)(i)(x) and the Redeemed Units, and
issue to the Corporation a certificate for the number of Redeemed Units.

 

Section 11.04   
Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation. At all times the Corporation shall
reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Share Settlement
in connection with a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such
Share Settlement pursuant to a Redemption or Direct Exchange; provided that nothing contained herein shall be construed to preclude
the Corporation from satisfying its obligations in respect of any such Share Settlement pursuant to a Redemption or Direct Exchange by
delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation) or by way of Cash Settlement.
The Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Share Settlement
pursuant to a Redemption or Direct Exchange to the extent a registration statement is effective and available with respect to such shares.
The Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any such
Share Settlement pursuant to a Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which
the outstanding shares of Class A Common Stock are listed at the time of such Share Settlement pursuant to a Redemption or Direct Exchange
(it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation
covenants that all shares of Class A Common Stock issued in connection with a Share Settlement pursuant to a Redemption or Direct Exchange
shall, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article XI shall be interpreted
and applied in a manner consistent with any corresponding provisions of the Corporation’s certificate of incorporation (if any).

 

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Section 11.05   
Effect of Exercise of Redemption or Direct Exchange. This Agreement shall continue notwithstanding the consummation of
a Redemption or Direct Exchange by a Member and all rights set forth herein shall continue in effect with respect to the remaining Members
and, to the extent the Redeeming Member has a remaining Unit following such Redemption or Direct Exchange, the Redeeming Member. No Redemption
or Direct Exchange shall relieve a Redeeming Member of any prior breach of this Agreement by such Redeeming Member.

 

Section 11.06   
Tax Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption
or a Direct Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for
U.S. federal and applicable state and local income tax purposes.

 

Article
XII.

ADMISSION OF MEMBERS

 

Section 12.01   
Substituted Members. Subject to the provisions of Article X hereof, in connection with the Permitted Transfer of
a Unit hereunder, the Permitted Transferee shall become a Substituted Member on the effective date of such Transfer, which effective
date shall not be earlier than the date of compliance with the conditions to such Transfer, and such admission shall be shown on the
books and records of the Company, including the Schedule of Members.

 

Section 12.02   
Additional Members. Subject to the provisions of Article X hereof, any Person that is not a Member as of the Effective
Date may be admitted to the Company as an additional Member (any such Person, an “Additional Member”) only
upon furnishing to the Manager (a) duly executed Joinder and counterparts to any applicable Other Agreements and (b) such other documents
or instruments as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering
into such documents as may reasonably be requested by the Manager). Such admission shall become effective on the date on which the Manager
determines in its sole discretion that such conditions have been satisfied and when any such admission is shown on the books and records
of the Company, including the Schedule of Members.

 

Article
XIII.

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

 

Section 13.01   
Withdrawal and Resignation of Members. Except in the event of Transfers pursuant to Section 10.06 and the Manager’s
right to resign pursuant to Section 6.03, no Member shall have the power or right to withdraw or otherwise resign as a Member
from the Company prior to the dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts
to withdraw or otherwise resign as a Member from the Company without the prior written consent of the Manager upon or following the dissolution
and winding up of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from
the Company to which such Member is entitled pursuant to Article XIV, shall be liable to the Company for all damages (including
all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such
Member. Upon a Transfer of all of a Member’s Units in a Transfer permitted by this Agreement, subject to the provisions of Section
10.06, such Member shall cease to be a Member.

 

    45 

     

    

 

Article
XIV.

DISSOLUTION AND LIQUIDATION

 

Section 14.01   
Dissolution. The Company shall not be dissolved by the admission of Additional Members or Substituted Members or the attempted
withdrawal, removal, dissolution, bankruptcy or resignation of a Member. The Company shall dissolve, and its affairs shall be wound up,
upon:

 

(a)        
Subject to the limitations set forth in the Stockholders Agreement, the decision of the Manager together with the written approval
of the Common Unitholders (other than the Manager) holding a majority of the Common Units (other than the Common Units held by the Manager)
to dissolve the Company (excluding for purposes of such calculation the Corporation and all Common Units held directly or indirectly by
it);

 

(b)        
a dissolution of the Company under Section 18-801(4) of the Delaware Act, unless the Company is continued without dissolution pursuant
thereto; or

 

(c)         
the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Delaware Act.

 

Except as otherwise set forth in this Article
XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall not in and of itself cause a dissolution of
the Company and the Company shall, to the fullest extent permitted by law, continue in existence subject to the terms and conditions of
this Agreement.

 

Section 14.02   
Winding Up. Subject to Section 14.05, on dissolution of the Company, the Manager shall act as liquidating trustee
or may appoint one or more Persons as liquidating trustee (each such Person, a “Liquidator”). The Liquidators
shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act.
The costs of liquidation shall be borne as an expense of the Company. Until final distribution, the Liquidators shall, to the fullest
extent permitted by applicable Law, continue to operate the properties of the Company with all of the power and authority of the Manager.
The steps to be accomplished by the Liquidators are as follows:

 

(a)        
as promptly as possible after dissolution and again after final liquidation, the Liquidators shall cause a proper accounting to
be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last
day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

 

(b)        
the Liquidators shall pay, satisfy or discharge from the Company’s funds, or otherwise make adequate provision for payment
and discharge thereof (including, without limitation, the establishment of a cash fund for contingent, conditional and unmatured liabilities
in such amount and for such term as the liquidators may reasonably determine) the following: first, all of the debts, liabilities and
obligations of the Company owed to creditors other than the Members, including all expenses incurred in connection with the liquidation
and winding up of the Company; and second, all of the debts, liabilities and obligations of the Company owed to the Members (other than
any payments or distributions owed to such Members in their capacity as Members pursuant to this Agreement); and

 

    46 

     

    

 

(c)         
following satisfaction of the Company's debts, liabiltiies and obligations pursuant to the foregoing Section 14.02(b), all
remaining assets of the Company shall be distributed to the Members in accordance with Section 4.01(a) by the end of the Taxable
Year during which the liquidation of the Company occurs (or, if later, by ninety (90) days after the date of the liquidation).

 

The distribution of cash and/or
property to the Members in accordance with the provisions of this Section 14.02 and Section 14.03 below shall constitute
a complete return to the Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company
and all of the Company’s property and shall constitute a compromise to which all Members have consented within the meaning of the
Delaware Act. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds.

 

Section 14.03   
Deferment; Distribution in Kind. Notwithstanding the provisions of Section 14.02, but subject to the order of priorities
set forth therein, if upon dissolution of the Company the Liquidators determine that an immediate sale of part or all of the Company’s
assets would be impractical or would cause undue loss (or would otherwise not be beneficial) to the Members, the Liquidators may, in
their sole discretion and to the fullest extent permitted by applicable Law, defer for a reasonable time the liquidation of any assets
except those necessary to satisfy the Company’s liabilities (other than loans to the Company by any Member(s)) and reserves. Subject
to the order of priorities set forth in Section 14.02, the Liquidators may, in their sole discretion, distribute to the Members,
in lieu of cash, either (a) all or any portion of such remaining assets in-kind of the Company in accordance with the provisions of Section
14.02(c), (b) as tenants in common and in accordance with the provisions of Section 14.02(c), undivided interests in all or
any portion of such assets of the Company or (c) a combination of the foregoing. Any such Distributions in-kind shall be subject to (y)
such conditions relating to the disposition and management of such assets as the Liquidators deem reasonable and equitable and (z) the
terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time. Any assets
of the Company distributed in kind shall first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any),
which shall be allocated in accordance with Article V. The Liquidators shall determine the Fair Market Value of any property so
distributed.

 

Section 14.04   
Cancellation of Certificate. On completion of the winding up of the Company as provided herein, the Manager (or such other
Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation of the Certificate with the Secretary
of State of Delaware, cancel any other filings made pursuant to this Agreement that should be canceled and take such other actions as
may be necessary to terminate the existence of the Company. The Company shall continue in existence for all purposes of this Agreement
until it is terminated pursuant to this Section 14.04.

 

    47 

     

    

 

Section 14.05   
Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the
Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise
attendant upon such winding up.

 

Section 14.06   
Return of Capital. The Liquidators shall not be personally liable for the return of Capital Contributions or any portion
thereof to the Members (it being understood that any such return shall be made solely from assets of the Company).

 

Article
XV.

GENERAL PROVISIONS

 

Section 15.01   
Power of Attorney.

 

(a)          Each Member hereby constitutes and appoints the Manager (or the Liquidator, if applicable) with full power of substitution, as
his, her or its true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to:

 

(i)           execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all certificates
and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification
of, the Company as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct
business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification
or restatement of this Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the Manager
deems appropriate or necessary to reflect the dissolution, winding up and termination of the Company pursuant to the terms of this Agreement,
including a certificate of cancellation; and (D) all instruments relating to the admission, substitution or resignation of any Member
pursuant to Article XII or XIII; and

 

(ii)          sign,
execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary,
in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which
is made or given by the Members hereunder or is consistent with the terms of this Agreement, in the reasonable judgment of the Manager,
to effectuate the terms of this Agreement.

 

(b)          The
foregoing power of attorney is coupled with an interest and, to the fullest extent permitted by law, irrevocable, and shall survive the
death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member and the transfer of all or any portion
of his, her or its Units and shall extend to such Member’s heirs, successors, assigns and personal representatives.

 

Section 15.02   
Confidentiality.

 

(a)          Each
of the Members (other than the Corporation) agrees to hold the Company’s Confidential Information in confidence and may not disclose
or use such information except as otherwise authorized separately in writing by the Manager. “Confidential Information”
as used herein includes all non-public information concerning the Company or its Subsidiaries including, but not limited to, ideas, financial
product structuring, business strategies, innovations and materials, all aspects of the Company’s or any of its Subsidiaries’
business plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners,
software code and system and product designs, employees and their identities, equity ownership, the methods and means by which the Company
or such Subsidiary plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated
with the Company’s and such Subsidiary’s business. With respect to each Member, Confidential Information does not include
information or material that: (a) is rightfully in the possession of such Member at the time of disclosure by the Company or any of its
Subsidiaries; (b) before or after it has been disclosed to such Member by the Company, becomes part of public knowledge, not as a result
of any action or inaction of such Member in violation of this Agreement; (c) is approved for release by written authorization of the
Chief Executive Officer, Chief Financial Officer or General Counsel of the Company or of the Corporation, or any other officer designated
by the Manager; (d) is disclosed to such Member or their representatives by a third party not, to the knowledge of such Member, in violation
of any obligation of confidentiality owed to the Company or any of its Subsidiaries with respect to such information; or (e) is or becomes
independently developed by such Member or their respective representatives without use of or reference to the Confidential Information.

 

    48 

     

    

 

(b)          Solely
to the extent it is reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement, each
of the Members may disclose Confidential Information to its Subsidiaries, Affiliates, partners, members, stockholders, managers, directors,
officers, employees, counsel, advisers, consultants, outside contractors and other agents, on the condition that such Persons keep the
Confidential Information confidential to the same extent as such Member is required to keep the Confidential Information confidential;
provided, that such Member shall remain liable with respect to any breach of this Section 15.02 by any such Subsidiaries,
Affiliates, partners, directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents (as if such
Persons were party to this Agreement for purposes of this Section 15.02).

 

(c)          Notwithstanding
Section 15.02(a) or Section 15.02(b), each of the Members may disclose Confidential Information (i) to the extent that
such Member is required by Law (by oral questions, interrogatories, request for information or documents, subpoena, civil investigative
demand or similar process) to disclose any of the Confidential Information, (ii) for purposes of reporting to its stockholders and direct
and indirect equity holders (each of whom are bound by customary confidentiality obligations) the performance of the Company and its
Subsidiaries and for purposes of including applicable information in its financial statements to the extent required by applicable Law
or applicable accounting standards; or (iii) to any bona fide prospective purchaser of the equity or assets of a Member, or the
Common Units held by such Member, or a prospective merger partner of such Member (provided, in each case, that such Member determines
in good faith that such prospective purchaser or merger partner would be a Permitted Transferee), (provided, that (i) such Persons
shall be informed by such Member of the confidential nature of such information and shall agree in writing to keep such information confidential
in accordance with the contents of this Agreement and (ii) each Member shall be liable for any breaches of this Section 15.02
by any such Persons (as if such Persons were party to this Agreement for purposes of this Section 15.02)). Notwithstanding any
of the foregoing, nothing in this Section 15.02 shall restrict in any manner the ability of the Corporation to comply with its
disclosure obligations under Law, and the extent to which any Confidential Information is necessary or desirable to disclose.

 

    49 

     

    

 

Section 15.03   
Amendments. Except as otherwise contemplated by this Agreement, this Agreement may be amended or modified upon the written
consent of the Manager, together with the written consent of the holders (other than the Manager) of a majority of the Common Units then
outstanding (excluding all Common Units held directly or indirectly by the Corporation). Notwithstanding the foregoing, no amendment
or modification:

 

(a)          to this Section 15.03 that would adversely affect the Members may be made without the prior written consent of the Manager
and each of the Members;

 

(b)          to
any of the terms and conditions of this Agreement which terms and conditions expressly require the approval or action of certain Persons
may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve
or take action on such matter; and

 

(c)          to any of the terms and conditions of this Agreement which would (A) reduce the amounts distributable to a Member pursuant to Articles
IV and XIV in a manner that is not pro rata with respect to all Members, (B) increase the liabilities of such Member
hereunder, (C) otherwise materially and adversely affect a holder of Units (with respect to such Units) in a manner materially disproportionate
to any other holder of Units of the same class or series (with respect to such Units) (other than amendments, modifications and waivers
necessary to implement the provisions of Article XII) or (D) materially and adversely affect the rights of any Member under Article
XI, shall be effective against such affected Member or holder of Units, as the case may be, without the prior written consent of such
Member or holder of Units, as the case may be.

 

Notwithstanding any of the
foregoing, the Manager may make any amendment to this Agreement (i) of an administrative nature that is necessary in order to implement
the substantive provisions hereof, without the consent of any other Member; provided, that any such amendment does not adversely
change the rights of the Members hereunder in any respect, or (ii) to reflect any changes to the Class A Common Stock or Class B Common
Stock or the issuance of any other capital stock of the Corporation.

 

Section 15.04   
Title to Company Assets. Company assets shall be owned by the Company as an entity, and no Member, individually or collectively,
shall have any ownership interest in such assets of the Company or any portion thereof. The Company shall hold title to all of its property
in the name of the Company and not in the name of any Member. All assets of the Company shall be recorded as the property of the Company
on its books and records, irrespective of the name in which legal title to such assets is held. The Company’s credit and assets
shall be used solely for the benefit of the Company, and no asset of the Company shall be transferred or encumbered for, or in payment
of, any individual obligation of any Member.

 

    50 

     

    

 

Section 15.05   
Addresses and Notices. Any notice, request, demand or instruction specified or permitted by this Agreement shall be in
writing and shall be either personally delivered, or received by certified mail, return receipt requested, or sent by reputable overnight
courier service (charges prepaid) to the Company or by electronic mail at the address set forth below and to any other recipient and
to any Member at such address as indicated by the Company’s records, or at such address or to the attention of such other person
as the recipient party has specified by prior written notice to the sending party. Notices shall be deemed to have been given hereunder
when delivered personally or sent by telecopier (provided confirmation of transmission is received), three (3) days after deposit
in the U.S. mail and one (1) day after deposit with a reputable overnight courier service or if sent by electronic mail, upon confirmed
receipt. Whenever any notice is required to be given by Law or this Agreement, a written waiver thereof signed by the Person entitled
to such notice, whether before or after the time stated at which such notice is required to be given, shall be deemed equivalent to the
giving of such notice.

 

To the Company:

 

BW Ultimate Parent LLC

2301 Eagle Parkway

Fort Worth, TX 76177

Attn: General Counsel

 

with a copy (which copy shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

Attn: Ian Schuman, Stellios Saffos and Jonathan Solomon

Facsimile: (212) 751-4864

E-mail: ian.schuman@lw.com; stelios.saffos@lw.com; jonathan.solomon@lw.com

 

To the Corporation:

 

Yesway, Inc.

2301 Eagle Parkway

Fort Worth, TX 76177

Attn: General Counsel

 

with a copy (which copy shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

Attn: Ian Schuman, Stellios Saffos and Jonathan Solomon

Facsimile: (212) 751-4864

E-mail: ian.schuman@lw.com; stelios.saffos@lw.com; jonathan.solomon@lw.com

 

To the Members, as set forth on Schedule 2.

 

Section 15.06   
Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

    51 

     

    

 

Section 15.07   
Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company
(other than Indemnified Persons in their capacity as such) or any of its Affiliates, and no creditor who makes a loan to the Company
or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of
such creditor) at any time as a result of making the loan any direct or indirect interest in Profits, Losses, Distributions, capital
or property of the Company other than as a secured creditor.

 

Section 15.08   
Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any
other covenant, duty, agreement or condition.

 

Section 15.09   
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be an original and all of which
together shall constitute one and the same agreement binding on all the parties hereto.

 

Section 15.10   
Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any suit, dispute, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement shall be heard in the
state or federal courts of the State of Delaware, and the parties hereby consent to the exclusive jurisdiction of such court (and of
the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, 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 (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT)
AND SHALL HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE. WITHOUT LIMITING
THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT THE ADDRESS REFERRED
TO IN SECTION 15.05 (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT), TOGETHER WITH WRITTEN NOTICE
OF SUCH SERVICE TO SUCH PARTY, SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY.

 

Section 15.11   
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

    52 

     

    

 

 

Section 15.12   
Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking
such actions as may be necessary or appropriate to achieve the purposes of this Agreement.

 

Section 15.13   
Execution and Delivery by Electronic Signature and Electronic Transmission. This Agreement and any signed agreement or
instrument entered into in connection with this Agreement or contemplated hereby, or entered into by the Company in accordance herewith,
and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic signature and/or an electronic transmission,
including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the
request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms
thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic
signature or electronic transmission to execute and/or deliver a document or the fact that any signature or agreement or instrument was
transmitted or communicated through such electronic transmission as a defense to the formation of a contract and each such party forever
waives any such defense.

 

Section 15.14   
Right of Offset. Whenever the Company or the Corporation is to pay any sum (other than pursuant to Article IV) to
any Member, any amounts that such Member owes to the Company or the Corporation which are not the subject of a good faith dispute may
be deducted from that sum before payment. For the avoidance of doubt, the distribution of Units to the Corporation shall not be subject
to this Section 15.14.

 

Section 15.15   
Entire Agreement. This Agreement, those documents expressly referred to herein (including the Stockholders Agreement, the
Registration Rights Agreement and the Tax Receivable Agreement), any indemnity agreements entered into in connection with the Initial
LLC Agreement with any member of the board of directors at that time, those documents entered into in connection with the recapitalization
or reorganization transactions (as described in the Recitals) of the Company and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or
among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Initial
LLC Agreement is superseded in its entirety by this Agreement as of the Effective Date and shall be of no further force and effect thereafter.

 

Section 15.16   
Remedies. Each Member shall have all rights and remedies set forth in this Agreement and all rights and remedies which
such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any
Law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled
to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision
of this Agreement and to exercise all other rights granted by Law.

 

    53

     

    

 

Section 15.17   
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and
vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference
to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time
in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence,
no amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms
of this Agreement or any other agreement shall be given effect hereunder unless such Person has consented in writing to such amendment
or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words
 “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. To the fullest extent permitted by law, in the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

    54

     

    

 

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

 

	 	COMPANY:
	 	 
	 	 	BW
    ULTIMATE PARENT LLC
	 	 
	 	 	By:	                                                  
	 	 	Name:
	 	 	Title:
	 	 
	 	CORPORATION:
	 	 
	 	 	YESWAY,
    INC.
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	MEMBERS:
	 	 
	 	 	NAME:	                                                                

 

	 	 	By:	              
	 	 	Name:
	 	 	Title:

 

	 	 	NAME:	 

 

	 	 	By:	              
	 	 	Name:
	 	 	Title:

 

[Signature Page to Third
Amended and Restated Operating Agreement]

 

    

     

    

 

SCHEDULE 1

 

SCHEDULE OF PRE-IPO MEMBERS

 

	Member	Membership Interests	Series P Interests
	BW Gas & Convenience Aggregator, L.P.	--	--
	BW Gas & Convenience Aggregator II, L.P.	--	--
	Thomas  Trkla	--	--
	TNT 2011 IRREVOCABLE TRUST DTD	--	--
	Thomas Brown	--	--
	BFC, Inc.	--	--
	Brian Ashburn	--	--
	Ericka Ayles	--	--
	Mark Daniels	--	--
	Jennifer Fermano	--	--
	Jeff Potter	--	--
	Greg Gardner	--	--
	Derek Gaskins	--	--

 

    

     

    

 

	Member	Membership
    Interests	Series
    P Interests
	Aaron Everett	--	--
	Tate Cutrer	--	--
	Greg Papazian	--	--
	Joe Petrowski	--	--
	Jayne Rice	--	--
	Jeffrey Scarbrough	--	--
	Doug Wald	--	--
	Kurt Zernich	--	--

 

    

     

    

 

SCHEDULE 2*

 

SCHEDULE OF MEMBERS

 

	Member	Common Units (Vested)	Common Units (Unvested)	Options	Contact Information for Notice
	1.      __________	__________	-	-	_____________
	Total	 	 	 	 

 

* This Schedule of Members shall be updated from
time to time to reflect any adjustment with respect to any subdivision (by Unit split or otherwise) or any combination (by reverse Unit
split or otherwise) of any outstanding Common Units, or to reflect any additional issuances of Common Units pursuant to this Agreement.

 

    

     

    

 

Exhibit A

 

FORM OF JOINDER AGREEMENT

 

This JOINDER AGREEMENT, dated
as of _________________, 20___ (this “Joinder”), is delivered pursuant to that certain Third Amended and Restated Limited
Liability Company Agreement, dated as of _________________, 2021 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “LLC Agreement”) of BW Ultimate Parent LLC, a Delaware limited liability company (the
 “Company”), by and among the Company, Yesway, Inc., a Delaware corporation and the managing member of the Company (the
 “Corporation”), and each of the Members from time to time party thereto. Capitalized terms used but not otherwise defined
herein have the respective meanings set forth in the LLC Agreement.

 

		1.	Joinder to the LLC Agreement. Upon the execution of this Joinder by the undersigned and delivery
hereof to the Corporation, the undersigned hereby is admitted as and hereafter shall be a Member under the LLC Agreement and a party thereto,
with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it shall comply with and
be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the date thereof.

 

		2.	Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated
by reference in this Joinder as if set forth herein in full.

 

		3.	Address. All notices under the LLC Agreement to the undersigned shall be direct to:

 

Name: _________________

Address: _________________

City, State, Zip Code: _________________

Attn:

Facsimile:

E-mail:

 

IN WITNESS WHEREOF, the undersigned
has duly executed and delivered this Joinder as of the day and year first above written.

 

	 	New
    Member:	       

 

	 	By:	               
	 	Name:
	 	Title:

 

    

     

    

 

Acknowledged and agreed

as of the date first set forth above:

 

	BW
    ULTIMATE PARENT LLC	 
	 	 
	By:
    YESWAY, INC., its Manager	 
	 	 
	By:	                              	 
	Name:	 
	Title:	 

 

    

     

    

 

Exhibit B-1

 

FORM OF AGREEMENT AND CONSENT OF
SPOUSE

 

The undersigned spouse of
_____________________________ (the “Member”), a party to that certain Third Amended and Restated Limited Liability
Company Agreement, dated as of _________________, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Agreement”) of BW Ultimate Parent LLC, a Delaware limited liability company (the “Company”),
by and among the Company, Yesway, Inc., a Delaware corporation and the managing member of the Company, and each of the Members from time
to time party thereto (capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Agreement),
acknowledges on his or her own behalf that:

 

I have read the Agreement
and understand its contents. I acknowledge and understand that under the Agreement, any interest I may have, community property or otherwise,
in the Units owned by the Member is subject to the terms of the Agreement which include certain restrictions on Transfer.

 

I hereby consent to and approve
the Agreement. I agree that said Units and any interest I may have, community property or otherwise, in such Units are subject to the
provisions of the Agreement and that I will take no action at any time to hinder operation of the Agreement on said Units or any interest
I may have, community property or otherwise, in said Units.

 

I hereby acknowledge that
the meaning and legal consequences of the Agreement have been explained fully to me and are understood by me, and that I am signing this
Agreement and consent without any duress and of free will.

 

Dated: _____________________________

 

	 	Name
    of Spouse:	        

 

	 	By:	                
	 	Name:

 

    

     

    

 

Exhibit B-2

 

FORM OF SPOUSE’S CONFIRMATION
OF SEPARATE PROPERTY

 

I, the undersigned, the spouse
of _____________________________ (the “Member”), who is a party to that certain Third Amended and Restated Limited
Liability Company Agreement, dated as of _________________, 2021 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Agreement”) of BW Ultimate Parent LLC, a Delaware limited liability company (the “Company”),
by and among the Company, Yesway, Inc., a Delaware corporation and the managing member of the Company, and each of the Members from time
to time party thereto (capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Agreement),
acknowledge and confirm on that the Units owned by said Member are the sole and separate property of said Member, and I hereby disclaim
any interest in same.

 

I hereby acknowledge that
the meaning and legal consequences of this Member’s spouse’s confirmation of separate property have been fully explained to
me and are understood by me, and that I am signing this Member’s spouse’s confirmation of separate property without any duress
and of free will.

 

Dated: _____________________________

 

	 	Name
    of spouse:	 

 

	 	By:	                
	 	Name:Exhibit 10.3

 

Execution Version

 

STOCKHOLDERS AGREEMENT OF
YESWAY, INC.

 

THIS
STOCKHOLDERS AGREEMENT, dated as of , 2021 (as it may be amended, amended and restated or otherwise modified from time to
time in accordance with the terms hereof, this “Agreement”), is entered into by and among Yesway, Inc.,
a Delaware corporation (the “Corporation”), BW Gas & Convenience Aggregator, L.P., a Delaware limited
partnership (“Brookwood Aggregator I”), BW Gas & Convenience Aggregator II, a Delaware limited partnership
(“Brookwood Aggregator II”), BW Gas & Convenience Offshore Fund, L.P., a Delaware limited partnership
(“Brookwood Feeder I”), BW Gas & Convenience Offshore Fund II, L.P., a Delaware limited partnership
(“Brookwood Feeder II”), BW Gas & Convenience Fund GP, LLC, a Delaware limited liability company (“Brookwood
Fund GP I”) and BW Gas & Convenience Fund II GP, LLC, a Delaware limited liability company (“Brookwood
Fund GP II”) (Brookwood Aggregator I, Brookwood Aggregator II, Brookwood Feeder I, Brookwood Feeder II, Brookwood Fund GP I
and Brookwood Fund GP II, collectively, the “Brookwood Parties”). Certain terms used in this Agreement are defined
in Section 7.

 

RECITALS

 

WHEREAS,
each Brookwood Party owns, directly or indirectly, outstanding limited liability company interests in BW Ultimate Parent LLC, a Delaware
limited liability company (“Parent LLC”), which limited liability company interests constitute and are defined as
 “Common Units” pursuant to the Third Amended and Restated Limited Liability Company Agreement of Parent LLC, dated as of
, 2021, as such agreement may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time
(the “LLC Agreement” and such limited liability company interests, the “Common Units”);

 

WHEREAS,
the Corporation is contemplating an offering and sale of the shares of Class A common stock, par value $0.0001 per share, of the
Corporation (the “Class A Common Stock”) in an underwritten initial public offering (the “IPO”)
and using a portion of the net proceeds received from the IPO to purchase Common Units;

 

WHEREAS,
pursuant to that certain Common Unit Subscription Agreement by and between the Corporation and Parent LLC, dated as of , 2021 (the “Common
Unit Subscription Agreement”), the Corporation will hold Common Units;

 

WHEREAS,
upon consummation of the transactions contemplated by the Common Unit Subscription Agreement, it is contemplated that the Corporation
will be admitted as a member, and appointed as the sole managing member of Parent LLC;

 

WHEREAS,
in connection with, and prior to, the consummation of the IPO, it is anticipated that the Brookwood Parties, the Corporation and certain
of their respective affiliates will enter into a series of related transactions pursuant to which the Brookwood Parties will become holders
of the Corporation’s Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock”);

 

WHEREAS,
immediately following the consummation of the IPO, the Brookwood Parties (together with any Permitted Transferees of the Brookwood Parties,
in such capacity, the “Brookwood Related Parties”) will be the record holders of shares of Class A Common Stock
and Class B Common Stock;

 

WHEREAS,
in order to induce the Brookwood Parties (x) to approve the sale and issuance of Common Units by Parent LLC to the Corporation and
the appointment of the Corporation as the sole managing member of Parent LLC in connection with the IPO and (y) to take such other
actions as shall be necessary to effectuate the transactions contemplated by the IPO, the parties hereto desire to set forth their agreement
with respect to the matters set forth herein in connection with their respective investments in the Corporation.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the covenants and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Corporation and the Brookwood Parties agree as follows:

 

Agreement

 

Section 1.               Election
of the Board of Directors.

 

(a)            Subject
to this Section 1(a), the Brookwood Parties shall be entitled to designate for nomination by the Corporation’s board
of directors (the “Board”) in any applicable election that number of individuals, which, assuming all such individuals
are successfully elected to the Board, when taken together with any incumbent Brookwood Director(s) not standing for election in
such year, would result in there being four (4) Brookwood Directors on the Board. To the extent possible, the Brookwood Directors
shall be apportioned among the three (3) classes of Directors as nearly equal in number as possible. The right of the Brookwood
Related Parties to designate the Brookwood Directors as set forth in this Section 1(a) shall be subject to the following:
(i) if at any time the Brookwood Related Parties beneficially own, directly or indirectly, in the aggregate less than thirty-five
percent (35%) but at least twenty-five percent (25%) or more of all issued and outstanding shares of Class A Common Stock (including
for this purpose the Underlying Class A Shares), the Brookwood Related Parties shall only be entitled to designate three (3) individuals
for nomination pursuant to the first sentence of this Section 1(a), and (ii) if at any time the Brookwood Related Parties
beneficially own, directly or indirectly, in the aggregate less than twenty-five percent (25%) but at least ten percent (10%) or more
of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares), the
Brookwood Related Parties shall only be entitled to designate two (2) individuals for nomination pursuant to the first sentence
of this Section 1(a). The Brookwood Related Parties shall not be entitled to designate any individuals for nomination pursuant
to the first sentence of this Section 1(a) in accordance with this Section 1(a) if at any time the
Brookwood Related Parties beneficially own, directly or indirectly, in the aggregate less than ten percent (10%) of all issued and outstanding
shares of Class A Common Stock (including for this purpose Underlying Class A Shares).

 

(b)            Subject
to Section 1(a), the Brookwood Related Parties hereby agree to vote, or cause to be voted, all outstanding shares of Class A
Common Stock and Class B Common Stock, as applicable, held by the Brookwood Related Parties (or any of their respective Permitted
Transferees) at any annual or special meeting of stockholders of the Corporation at which Directors of the Corporation are to be elected
or removed, or to take all Necessary Action (including acting by consent) to cause the election or removal of the Brookwood Directors
as a Director, as provided herein.

 

Section 2.               Vacancies
and Replacements.

 

(a)            If
the number of Directors that the Brookwood Related Parties have the right to designate to the Board is decreased pursuant to Section 1(a) (each
such occurrence, a “Decrease in Designation Rights”), then:

 

(i)            unless
the Board (by a majority of all Directors) agree in writing that a Director or Directors shall not resign as a result of a Decrease in
Designation Rights, each of the Brookwood Related Parties shall use its reasonable best efforts to cause the appropriate number of Brookwood
Directors that the Brookwood Related Parties cease to have the right to designate for nomination as a Brookwood Director to tender his,
her or their resignation(s) from the Board within thirty (30) days from the date that the Brookwood Related Parties incurs a Decrease
in Designation Rights. In the event any such Brookwood Director does not resign as a Director by such time as is required by the foregoing,
the Brookwood Related Parties, as holders of Class A Common Stock and Class B Common Stock, the Corporation and the Board,
to the fullest extent permitted by law and, with respect to the Board, subject to its fiduciary duties to the Corporation’s stockholders,
shall thereafter take all Necessary Action, including voting in accordance with Section 1(b), to cause the removal of such
individual as a Director; and

 

    2 

     

    

 

(ii)            the
vacancy or vacancies created by such resignation(s) and/or removal(s) shall be filled with one or more Directors, as applicable,
designated by the Board upon the recommendation of the Nominating and Corporate Governance Committee, so long as it is established.

 

(b)            Other
than with respect to a Decrease in Designation Rights subject to Section 2(a), the Brookwood Related Parties shall have the
sole right to request that one or more of their designated Directors, as applicable, tender their resignations as Directors of the Board
(each, a “Removal Right”), in each case, with or without cause at any time, by sending a written notice to such Director
and the Corporation’s Secretary stating the name of the Director or Directors whose resignation from the Board is requested (the
 “Removal Notice”). If the Director subject to such Removal Notice does not resign within thirty (30) days from receipt
thereof by such Director, the Brookwood Related Parties, as holders of Class A Common Stock and Class B Common Stock, the Corporation
and the Board, to the fullest extent permitted by law and, with respect to the Board, subject to its fiduciary duties to the Corporation’s
stockholders, shall thereafter take all Necessary Action, including voting in accordance with Section 1(b) to cause
the removal of such Director from the Board.

 

(c)            Except
with respect to a Decrease in Designation Rights subject to Section 2(a), the Brookwood Related Parties shall have the exclusive
right to designate a replacement Director for nomination or election by the Board to fill vacancies created as a result of not designating
their Directors initially or by death, disability, retirement, resignation, removal (with or without cause) of their Directors, or otherwise
by designating a successor for nomination or election by the Board to fill the vacancy of their Directors created thereby on the terms
and subject to the conditions of Section 1.

 

Section 3.               Initial
Directors.

 

The initial Brookwood Directors
pursuant to Section 1(a) shall be Thomas W. Brown (as a Class I Director), Jayne Rice (as a Class II Director)
and Thomas Nicholas Trkla (as a Class III Director). Thomas Nicholas Trkla shall serve as the initial Chairperson of the Board (as
defined in the Bylaws) for the initial term, in accordance with this Agreement and the Bylaws, after which the Chairperson of the Board
shall be determined in accordance with this Agreement and the Bylaws.

 

Section 4.               Rights
of the Brookwood Parties.

 

In addition to any voting
requirements contained in the organizational documents of the Corporation or any of its Subsidiaries, the Corporation shall not take,
and shall cause Parent LLC and its Subsidiaries not to take, any of the following actions (whether by merger, consolidation or otherwise)
without the prior written approval of each of the Brookwood Parties for as long as the Brookwood Related Parties beneficially own, directly
or indirectly, in the aggregate twenty percent (20%) or more of all issued and outstanding shares of Class A Common Stock (including
for these purposes the Underlying Class A Shares):

 

(a)            any
transaction or series of related transactions, in each case, to the extent within the reasonable control of the Corporation, (i) in
which any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act (excluding
the Brookwood Related Parties and any “group” that includes the Brookwood Related Parties)) acquires, directly or indirectly,
in excess of fifty percent (50%) of the then outstanding shares of any class of capital stock (or equivalent) of the Corporation, Parent
LLC or any of their respective Subsidiaries (whether by merger, consolidation, sale or transfer of capital stock or partnership, membership
or other equity interests, tender offer, exchange offer, reorganization, recapitalization or otherwise) or (ii) following which
any “person” or “group” referred to in clause (i) hereof has the direct or indirect power to elect a majority
of the members of the Board or to replace the Corporation as the sole manager of Parent LLC (or to add another Person as a co-manager
of Parent LLC);

 

    3 

     

    

  

(b)            the
reorganization, recapitalization, voluntary bankruptcy, liquidation, dissolution or winding-up of the Corporation, Parent LLC or any
of their respective Subsidiaries;

 

(c)            the
sale, lease or exchange of all or substantially all of the property and assets of the Corporation and its Subsidiaries, taken as a whole;

 

(d)            any
actions (including, without limitation, any refinancings, amendments, revolver drawings, repayments, and compliance report review) with
respect to the Corporation or its Subsidiaries’ debt capitalization (including, without limitation, any debt obligations outstanding
as of the date of this Agreement) in excess of $100,000,000;

 

(e)            the
declaration or payment of any dividends or other distributions by the Corporation or its Subsidiaries;

 

(f)             any
buyback or repurchase of any of the Corporation’s securities, other than repurchases made pursuant to any incentive plan adopted
by the Board and stockholders of the Corporation;

 

(g)            the
(i) resignation, replacement or removal of the Corporation as the sole manager of Parent LLC or (ii) appointment of any additional
Person as a manager of Parent LLC;

 

(h)            any
acquisition or disposition of assets of the Corporation or any of its Subsidiaries where the aggregate consideration for such assets
is greater than twenty-five million dollars ($25,000,000) in any single transaction or series of related transactions, other than transactions
solely between or among the Corporation and/or one or more of the Corporation’s direct or indirect wholly owned subsidiaries;

 

(i)             the
creation of a new class or series of capital stock or equity securities of the Corporation, Parent LLC or any of their respective Subsidiaries;

 

(j)             any
issuance of additional shares of Class A Common Stock, Class B Common Stock, Preferred Stock or other equity securities of
the Corporation, Parent LLC or any of their respective Subsidiaries after the date hereof, other than any issuance of additional shares
of Class A Common Stock or other equity securities of the Corporation or its Subsidiaries (i) under any stock option or other
equity compensation plan of the Corporation or any of its Subsidiaries approved by the Board or the compensation committee of the Board,
(ii) pursuant to the exercise or conversion of any options, warrants or other securities existing as of the date of this Agreement,
or (iii) in connection with any redemption of Common Units as set forth in the LLC Agreement;

 

(k)            any
amendment or modification of the organizational documents of the Corporation, Parent LLC or any of their respective Subsidiaries, other
than the LLC Agreement, which shall be subject to amendment or modification solely in accordance with the terms set forth therein;

 

    4 

     

    

 

(l)             entering
into, modifying, amending or terminating any material contract of the Corporation, Parent LLC or any of their respective Subsidiaries,
other than for such modifications and terminations that are in the ordinary course of the Company’s business consistent with past
practice;

 

(m)           any
new joint venture with a non-affiliate third-party;

 

(n)            the
commencement, settlement or compromise by the Corporation, Parent LLC or any of their respective Subsidiaries, of any litigation, claim,
arbitration or other adversarial proceeding, governmental investigation, or proceeding involving an amount in dispute in excess of $500,000;

 

(o)            any
entering into, modifying, amending or terminating any employments, severance, change of control or other agreement or contract with the
Chief Executive Officer of the Corporation;

 

(p)            any
hiring and/or termination of the Chief Executive Officer, Chief Financial Officer, Chief Strategy Officer, General Counsel, or other
executive officer of the Corporation; or

 

(q)            any
increase or decrease of the size of the Board.

 

Section 5.               Covenants
of the Corporation and the Brookwood Related Parties.

 

(a)            The
Board and the Corporation agree to use their reasonable best efforts take all Necessary Action (subject to the Board’s fiduciary
duties) to (i) cause the Board to be comprised of at least seven (7) Directors or such other number of Directors as the Board
may determine, subject to the terms of this Agreement, the Charter or the Bylaws of the Corporation; (ii) cause the individuals
designated in accordance with Section 1 to be included in the slate of nominees to be elected to the Board at the next annual
or special meeting of stockholders of the Corporation at which Directors are to be elected, in accordance with the Bylaws, Charter and
General Corporation Law of the State of Delaware and at each annual meeting of stockholders of the Corporation thereafter at which such
Director’s term expires; (iii) cause the individuals designated in accordance with Section 2(c) to fill the
applicable vacancies on the Board, in accordance with the Bylaws, Charter, Securities Laws, General Corporation Law of the State of Delaware
and the Nasdaq rules; (iv) cause a Brookwood Director to be the Chairperson of the Board and (v) to adhere to, implement and
enforce the provisions set forth in Section 4.

 

(b)            The
Brookwood Related Parties shall comply with the requirements of the Charter and Bylaws when designating and nominating individuals as
Directors, in each case, to the extent such requirements are applicable to Directors generally. Notwithstanding anything to the contrary
set forth herein, in the event that the Board determines, within sixty (60) days after compliance with the first sentence of this Section 5(b),
in good faith, after consultation with outside legal counsel, that its nomination, appointment or election of a particular Director designated
in accordance with Section 1 or Section 2, as applicable, would constitute a breach of its fiduciary duties to
the Corporation’s stockholders or does not otherwise comply with any requirements of the Charter, Bylaws or applicable Securities
Laws, then the Board shall inform the Brookwood Related Parties of such determination in writing and explain in reasonable detail the
basis for such determination and shall, to the fullest extent permitted by law, nominate, appoint or elect another individual designated
for nomination, election or appointment to the Board by the Brookwood Related Parties (subject to this Section 5(b)). The
Board and the Corporation shall, to the fullest extent permitted by law, take all Necessary Action (subject to the Board’s fiduciary
duties) required by this Section 5 with respect to the nomination, appointment or election of such substitute designees to
the Board.

 

    5 

     

    

 

Section 6.               Termination.

 

This Agreement shall terminate
upon the earliest to occur of any one of the following events:

 

(a)            the
Brookwood Related Parties ceasing to own any shares of Class A Common Stock or Class B Common Stock;

 

(b)            the
Brookwood Related Parties ceasing to have any Director designation rights under Section 1; and

 

(c)            the
unanimous written consent of the parties hereto.

 

For the avoidance of doubt,
the rights and obligations of the Brookwood Related Parties under this Agreement shall terminate upon the Brookwood Related Parties ceasing
to own any shares of Class A Common Stock or Class B Common Stock. Notwithstanding the foregoing, nothing in this Agreement
shall modify, limit or otherwise affect, in any way, any and all rights to indemnification, exculpation and/or contribution owed by any
of the parties hereto, to the extent arising out of or relating to events occurring prior to the date of termination of this Agreement
or the date the rights and obligations of such party under this Agreement terminates in accordance with this Section 6.

 

Section 7.               Definitions.

 

As used in this Agreement,
any term that it is not defined herein, shall have the following meanings:

 

“Board”
means the board of directors of the Corporation.

 

“Brookwood Director”
means any Director who had initially been designated nomination by the Brookwood Related Parties in accordance with Section 1(a).

 

“Bylaws”
means the amended and restated bylaws of the Corporation, dated as of the date hereof, as the same may be further amended, restated,
amended and restated or otherwise modified from time to time.

 

“Charter”
means the amended and restated certificate of incorporation of the Corporation, effective as of the date hereof, as the same may be further
amended, restated, amended and restated or otherwise modified from time to time.

 

“Director”
means a member of the Board.

 

“Necessary Action”
means, with respect to a specified result, all commercially reasonable actions required to cause such result that are within the power
of a specified Person, including (i) voting or providing a consent or proxy with respect to the equity securities owned by the Person
obligated to undertake the necessary action, (ii) causing any Director appointed or designated by, or affiliated with or employed
by, such specified Person to vote in favor of or consent to the specified result, (iii) voting in favor of the adoption of stockholders’
resolutions and amendments to the organizational documents of the Corporation, (iv) executing (or causing such Person’s employees
or representatives to execute) agreements and instruments, and (v) making, or causing to be made, with governmental, administrative
or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result.

 

“Nominating and
Corporate Governance Committee” means the nominating and corporate governance committee of the Board or any committee of the
Board authorized to perform the function of recommending to the Board the nominees for election as Directors or nominating the nominees
for election as Directors.

 

“Permitted Transferees”
has the meaning set forth in the Charter.

 

    6 

     

    

 

“Person”
means any individual, corporation, limited liability company, partnership, trust, joint stock company, business trust, unincorporated
association, joint venture, governmental authority or other entity or organization, including a government or any subdivision or agency
thereof.

 

“Preferred Stock”
means the shares of preferred stock, par value $0.0001 per share, of the Corporation.

 

“Securities Laws”
means the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder.

 

“Subsidiary”
means with respect to any Person, any corporation, limited liability company, partnership, association, trust or other form of legal
entity, of which (a) such first Person directly or indirectly owns or controls at least a majority of the securities or other interests
having by their terms voting power to elect a majority of the board of directors or others performing similar functions, or (b) such
first Person is a general partner or managing member (excluding partnerships in which such Person or any Subsidiary thereof does not
have a majority of the voting interests in such partnership).

 

“Underlying Class A
Shares” means all shares of Class A Common Stock issuable upon redemption of Common Units (including under the LLC Agreement),
assuming all such Common Units are redeemed for Class A Common Stock on a one-for-one basis.

 

Unless the context of
this Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or
plural number also include the plural or singular number, respectively; (iii) the terms “hereof,”
 “herein,” “hereby” and derivative or similar words refer to this entire Agreement; (iv) the terms
 “Article” or “Section” refer to the specified Article or Section of this Agreement; (v) the
word “including” shall mean “including, without limitation”; (vi) each defined term has its defined
meaning throughout this Agreement, whether the definition of such term appears before or after such term is used; and (vii) the
word “or” shall be disjunctive but not exclusive. References to agreements and other documents shall be deemed to
include all subsequent amendments and other modifications thereto. References to statutes shall include all regulations promulgated
thereunder and references to statutes or regulations shall be construed as including all statutory and regulatory provisions
consolidating, amending or replacing the statute or regulation.

 

Section 8.               Choice
of Law and Venue; Waiver of Right to Jury Trial.

 

(a)            THIS
AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF
THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY
HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED
AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE CHOICE OF FORUM
SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF A DELAWARE FEDERAL OR STATE COURT,
OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION.

 

    7 

     

    

 

(b)            IN
THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS
AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE
UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE,
OR IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL
DIVISION), OR IF UNDER APPLICABLE LAW, SUBJECT MATTER JURISDICTION OVER THE MATTER THAT IS THE SUBJECT OF THE ACTION OR PROCEEDING IS
VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE,
AND APPELLATE COURTS FROM ANY THEREOF, WITH RESPECT TO ALL ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT
AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION 8(B) AND TO SERVICE
OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS; (3) AGREE TO WAIVE TO THE FULL EXTENT
PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN
ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM; (4) AGREE TO WAIVE ANY RIGHTS
TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING
BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (6) AGREE THAT ANY
SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING HEREIN SHALL
AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section 9.               Notices.

 

Any notice, request, claim,
demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be
in writing and delivered personally or sent by facsimile, or by electronic mail, or first class mail, or by Federal Express or other
similar courier or other similar means of communication, as follows:

 

(a)            If
to the Brookwood Parties, addressed as follows:

 

Brookwood Financial Partners, LLC 

138 Conant Street 

Beverly, MA 01915

Attn: Thomas Nicholas Trkla

Facsimile: 978-927-0499 

E-mail: ttrkla@brookwoodfinancial.com

 

with a copy (which copy shall not constitute
notice) to:

 

Brookwood Financial Partners, LLC 

138 Conant Street 

Beverly, MA 01915 

Attn: Legal Counsel 

Facsimile: 978-927-0499 

E-mail: legalcounsel@brookwoodfinancial.com

 

    8 

     

    

 

(b)            If
to the Corporation, addressed as follows:

 

Yesway, Inc. 

2301 Eagle Parkway 

Fort Worth, TX 76177 

Attn: General Counsel 

E-mail: kurt.zernich@yesway.com

 

with
a copy (which copy shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

Attn: Ian Schuman, Stelios Saffos and Jonathan Solomon

Facsimile: (212) 751-4864

E-mail: ian.schuman@lw.com; stelios.saffos@lw.com; jonathan.solomon@lw.com

 

or, in each case, to such other address or email
address as such party may designate in writing to each party by written notice given in the manner specified herein. All such communications
shall be deemed to have been given, delivered or made when so delivered by hand or sent by facsimile (with confirmed transmission), on
the next business day if sent by overnight courier service (with confirmed delivery) or when received if sent by first class mail, or
in the case of notice by electronic mail, when the relevant email enters the recipient’s server.

 

Section 10.             Assignment.

 

Except as otherwise provided
herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the respective successors and permitted assigns of the parties hereto. This Agreement may not be assigned (by operation of law or
otherwise) without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents,
will be null and void; provided, however, that each of the Brookwood Related Parties is permitted to assign this Agreement
to its respective Permitted Transferees in connection with a permitted transfer thereto of Common Units, Class A Common Stock or
Class B Common Stock, as applicable. Furthermore, each of the Brookwood Related Parties shall cause any such Permitted Transferee
to become a party to this Agreement upon completion of any such permitted transfer.

 

Section 11.             Amendment
and Modification; Waiver.

 

This Agreement may not be
amended, modified, altered or supplemented except by means of a written instrument executed on behalf of each of the Corporation and
each Brookwood Party. No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this Agreement,
and no delay on the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate
as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further
exercise thereof or of any other power, right, privilege or remedy. Except as otherwise provided in this Agreement, any failure of any
of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party or parties entitled
to the benefits thereof only by a written instrument signed by the party or parties granting such waiver, but such waiver or failure
to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel
with respect to, any subsequent or other failure.

 

    9 

     

    

 

Section 12.             Severability.

 

If any provision of this
Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or
unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof
shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction
such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of
such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby.

 

Section 13.             Counterparts.

 

This Agreement may be executed
in any number of counterparts and signatures may be delivered by facsimile, each of which may be executed by less than all parties, each
of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one
instrument.

 

Section 14.             Further
Assurances.

 

At any time or from time
to time after the date hereof, the parties hereto agree to cooperate with each other, and at the request of any other party, to execute
and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order
to evidence or effectuate the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder.

 

Section 15.             Titles
and Subtitles.

 

The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

 

Section 16.             Representations
and Warranties.

 

(a)            Each
of the Brookwood Parties, and each Person who becomes a party to this Agreement after the date hereof, severally and not jointly and
solely with respect to itself, represents and warrants to the Corporation as of the time such party becomes a party to this
Agreement that (a) if applicable, it is duly authorized to execute, deliver and perform this Agreement; (b) this Agreement
has been duly executed by such party and is a valid and binding agreement of such party, enforceable against such party in
accordance with its terms; and (c) the execution, delivery and performance by such party of this Agreement does not violate or
conflict with or result in a breach of or constitute (or with notice or lapse of time or both constitute) a default under any
agreement to which such party is a party or, if applicable, the organizational documents of such party.

 

(b)            The
Corporation represents and warrants to each other party hereto that (a) the Corporation is duly authorized to execute, deliver and
perform this Agreement; (b) this Agreement has been duly authorized, executed and delivered by the Corporation and is a valid and
binding agreement of the Corporation, enforceable against the Corporation in accordance with its terms; and (c) the execution, delivery
and performance by the Corporation of this Agreement does not violate or conflict with or result in a breach by the Corporation of or
constitute (or with notice or lapse of time or both constitute) a default by the Corporation under the Charter or Bylaws, any existing
applicable law, rule, regulation, judgment, order, or decree of any governmental authority exercising any statutory or regulatory authority
of any of the foregoing, domestic or foreign, having jurisdiction over the Corporation or any of its Subsidiaries or any of their respective
properties or assets, or any agreement or instrument to which the Corporation or any of its Subsidiaries is a party or by which the Corporation
or any of its Subsidiaries or any of their respective properties or assets may be bound.

 

Section 17.             No
Strict Construction.

 

This Agreement shall be deemed
to be collectively prepared by the parties hereto, and no ambiguity herein shall be construed for or against any party based upon the
identity of the author of this Agreement or any provision hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    10 

     

    

 

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

 

	 	YESWAY, INC.
	 	 
	 	By: 	                      
	 	Name: 
	 	Title:

 

[Signature Page to Stockholders
Agreement]

 

     

     

    

  

	 	BW
    Gas & Convenience Aggregator, L.P.
	 	 
	 	By:	                                 
	 	Name:
	 	Title:
	 	 
	 	BW
    Gas & Convenience Aggregator II
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	BW
    Gas & Convenience Offshore Fund, L.P.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	BW
    Gas & Convenience Offshore Fund II, L.P.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	BW
    Gas & Convenience FUND GP, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	BW
    Gas & Convenience FUND II GP, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Stockholders
Agreement]

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