Document:

Exhibit 10.3

 

AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY

 

AGREEMENT

 

of

 

AMERICAN NATIONAL STOCK TRANSFER, LLC

 

 

 

THE MEMBERSHIP INTERESTS REPRESENTED
BY THIS 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 MEMBERSHIP 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 1
	Defined Terms
	 
	Section 1.01.	Definitions	2
	Section 1.02.	Other Definitional and Interpretative Provisions	10
	 	 	 
	ARTICLE 2
	Organization
	 
	Section 2.01.	Formation of Limited Liability Company	10
	Section 2.02.	Company Name	10
	Section 2.03.	Purposes of the Company	10
	Section 2.04.	Principal Place of Business	11
	Section 2.05.	Registered Office and Agent	11
	Section 2.06.	Qualification in Other Jurisdictions	11
	Section 2.07.	Term	11
	Section 2.08.	Tax Treatment as Partnership	11
	 	 	 
	ARTICLE 3
	Capitalization
	 
	Section 3.01.	Units; Capitalization.	11
	Section 3.02.	Authorization and Issuance of Additional Units	12
	Section 3.03.	Redemption of Class A Stock	14
	Section 3.04.	Subdivisions or Combinations	14
	 	 	 
	ARTICLE 4
	Members
	 
	Section 4.01.	Names and Addresses	14
	Section 4.02.	No Liability for Status as Member	14
	Section 4.03.	No Restrictions Of Business Pursuits Of Member	14
	Section 4.04.	Transactions Between Members and the Company	14
	Section 4.05.	Meeting of Members	15
	Section 4.06.	Action by Members Without Meeting	15
	Section 4.07.	Limited Rights of Members	15
	 	 	 
	ARTICLE 5
	Distributions
	 
	Section 5.01.	Distributions	15
	Section 5.02.	Distributions for Payment of Income Tax	16
	Section 5.03.	Limitations on Distributions	16

 

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	Section 5.04.	Withholding	16
	 	 	 
	ARTICLE 6
	Allocations and Tax Matters
	 
	Section 6.01.	Capital Accounts and Adjusted Capital Accounts	17
	Section 6.02.	Additional Capital Contributions	18
	Section 6.03.	Allocations of Net Profits and Net Losses	18
	Section 6.04.	Special Allocations	18
	Section 6.05.	Allocation for Income Tax Purposes	20
	Section 6.06.	Regulatory Compliance	21
	Section 6.07.	Tax Matters Member	21
	Section 6.08.	Elections	21
	Section 6.09.	Change of Members’ Percentage Interests	21
	Section 6.10.	Certain Costs And Expenses	21
	 	 	 
	ARTICLE 7
	Management and Control Of Business
	 
	Section 7.01.	Management	22
	Section 7.02.	Investment Company Act	22
	Section 7.03.	Compensation and Reimbursement	22
	Section 7.04.	Fiduciary Duties	22
	 	 	 
	ARTICLE 8
	Officers
	 
	Section 8.01.	Officers	23
	Section 8.02.	Other Officers and Agents	23
	Section 8.03.	President	23
	Section 8.04.	Managing Director; Vice President	23
	Section 8.05.	Treasurer	23
	Section 8.06.	Secretary	23
	Section 8.07.	Assistant Treasurers and Assistant Secretaries	24
	 	 	 
	ARTICLE 9
	Transfers of Interests; Admittance of New Members
	 
	Section 9.01.	Transfer of Membership Interests	24
	Section 9.02.	Transfer of Pubco’s Interest	25
	Section 9.03.	Recognition of Transfer; Substituted and Additional Members	25
	Section 9.04.	Expense of Transfer; Indemnification	26
	Section 9.05.	Exchange Agreement	26

 

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	ARTICLE 10
	Dissolution and Termination
	 	 	 
	Section 10.01.	Dissolution	27
	Section 10.02.	Termination	28
	 	 	 
	ARTICLE 11
	Exculpation and Indemnification
	 
	Section 11.01.	Exculpation	28
	Section 11.02.	Indemnification	29
	Section 11.03.	Expenses	29
	Section 11.04.	Non-Exclusivity	29
	Section 11.05.	Insurance	30
	 	 	 
	ARTICLE 12
	Accounting and Records
	 
	Section 12.01.	Accounting and Records	30
	Section 12.02.	Tax Information	30
	 	 	 
	ARTICLE 13
	Arbitration
	 
	ARTICLE 14
	Miscellaneous Provisions
	 
	Section 14.01.	Entire Agreement	31
	Section 14.02.	Binding on Successors	31
	Section 14.03.	Power of Attorney	31
	Section 14.04.	Governing Law	32
	Section 14.05.	Headings	32
	Section 14.06.	Severability	32
	Section 14.07.	Notices	32
	Section 14.08.	Amendments	32
	Section 14.09.	Consent to Jurisdiction and Venue	33

 

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AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT
OF

AMERICAN NATIONAL STOCK TRANSFER, LLC

 

THIS AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT of American National Stock Transfer, LLC (the “Company”) is made and entered into
as of [     ], 2013, between RCS Capital Corporation (in its capacity as manager of the Company, the “Managing Member,”
and in its individual capacity, “PubCo”) and RCAP Holdings, LLC (“RCAP”).

 

WHEREAS, on November 2, 2012,
the Company was formed as a limited liability company pursuant to the Delaware Limited Liability Company Act (the “Delaware
Act”) by the filing of its Certificate of Formation with the Secretary of State of the State of Delaware;

 

WHEREAS, the Company has been
governed by a Limited Liability Company Agreement dated as of December 31, 2012 (as amended, the “Original Agreement”);

 

WHEREAS, on the Closing
Date (as defined below), PubCo will issue [      ] shares of its Class A common stock, par value
$0.001 per share (the “Class A Stock”), to the public in an initial public offering of shares of Class A
Stock (the “IPO”);

 

WHEREAS, immediately prior
to the IPO, PubCo will issue [      ] shares of its Class B common stock, par value $0.001 per share (the “Class B Stock”),
to RCAP;

 

WHEREAS, immediately prior
to the IPO, the Company will issue: (i) [      ] Class A Units (as defined below) to PubCo; and (ii) [      ] Class B Units (as defined below)
to RCAP, which Units shall, collectively, represent 100% of the outstanding Units of the Company;

 

WHEREAS, simultaneously with
the execution of this Agreement, PubCo and RCAP will enter into the Exchange Agreement (as defined below), pursuant to which RCAP
will have the right, on the terms and subject to the conditions set forth therein, to exchange Operating Subsidiaries Group Units
(as defined below) for shares of Class A Stock of PubCo, at which time PubCo’s Class A Units in the Company and the other
Operating Subsidiaries will be correspondingly increased and RCAP’s corresponding shares of Class B Stock of PubCo will be
cancelled; and

 

WHEREAS, the Members (as defined
herein) desire to enter into this Agreement as their binding agreement with respect to the business and management of the Company
and their interests therein, as well as for the purpose of amending and restating the Original Agreement in its entirety;

 

NOW, THEREFORE, the Members
hereby agree that the Original Agreement is amended and restated in its entirety to read as follows:

 

    	 

    	 

    

 

ARTICLE 1

Defined Terms

 

The capitalized terms used in this Agreement
shall, unless the context otherwise requires or unless otherwise expressly provided herein, have the respective meanings set forth
below:

 

Section
1.01.  Definitions.

 

“Adjusted Capital Account Deficit”
shall mean, with respect to any Member, the negative balance, if any, in such Member’s Capital Account as of the end
of the relevant Fiscal Year or period, determined after giving effect to the following adjustments:

 

(a)          credit
to such Capital Account the sum of (x) any amount which such Member ) is treated as obligated to restore to the Company pursuant
to the provisions of Treas. Reg. § 1.704-1(b)(2)(ii)(c) and (y) the amount which such Member is deemed to be obligated to
restore to the Company pursuant to the penultimate sentence of Treas. Reg. § 1.704-2(g)(l) and the penultimate sentence of
Treas. Reg. § 1.704-2(i)(5);and

 

(b)          debit
to such Capital Account the items described in subclauses (4), (5) and (6) of Treas. Reg. § 1.704-1(b)(2)(ii)(d).

 

“Affiliate” of
a specified Person shall mean a Person that, directly or indirectly, controls, is controlled by, or is under common control with,
the specified Person. For this purpose, “control” (and with correlative meaning, “controls” and “controlled”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement” shall
mean this Amended and Restated Limited Liability Company Agreement of the Company (including the Exhibits hereto), as amended,
modified, supplemented or restated from time to time. This Agreement is the Company’s “operating agreement” within
the meaning of the Delaware Act.

 

“Annual Income Tax Liability”
shall mean, for each Member, such Member’s annual federal, state and local income tax obligations for the applicable
calendar year arising from the allocation to such Member of taxable income that is earned by the Company for all periods after
the Closing Date (computed without regard to any deduction available to Pubco arising out of any exchange pursuant to the Exchange
Agreement) based on the assumption that such Member is an individual or, if a greater amount of tax would result, a corporate resident
in New York City subject to the maximum federal, New York State and New York City income tax rates, and reduced (but not below
zero) by distributions made to such Member for Quarterly Estimated Income Tax with respect to such calendar year pursuant to Section
5.02.

 

“Applicable Law” shall
mean, to the extent applicable to the Company or its activities or any Member, as applicable: (a) all United States federal and
state statutes and laws and all statutes and laws of foreign countries; (b) all rules and regulations (including interpretations
thereof) of all regulatory agencies, organizations and bodies; and (c) all rules and regulations (including interpretations thereof)
of all self-regulatory agencies, organizations and bodies now or hereafter in effect.

 

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“Capital Account”
shall have the meaning set forth in Section 6.01.

 

“Capital Contribution”
shall mean the amount of all cash capital contributions by a Member to the Company and the fair market value of any property
contributed by a Member to the Company (net of any liabilities secured by such property that the Company is considered to assume
or take subject to under Section 752 of the Code).

 

“Certificate” shall
have the meaning set forth in Section 2.01.

 

“Class A Stock” shall
have the meaning set forth in the recitals.

 

“Class A Unit” shall
have the meaning set forth in Section 3.01(a).

 

“Class B Stock” shall
have the meaning set forth in the recitals.

 

“Class B Unit” shall
have the meaning set forth in Section 3.01(a).

 

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

 

“Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time, or any successor federal income tax code.

 

“Company” shall
have the meaning set forth in the preamble.

 

“Company Minimum Gain”
means “partnership minimum gain” as that term is defined in Treas. Reg. § 1.704-2(d). In accordance with Treas.
Reg. § 1.704-2(d), the amount of Company Minimum Gain is determined by first computing, for each Company nonrecourse liability,
any gain the Company would realize if it disposed of the property subject to that liability for no consideration other than full
satisfaction of the liability, and then aggregating the separately computed gains. A Member’s share of Company Minimum Gain
shall be determined in accordance with Treas. Reg. § 1.704-2(g)(1).

 

“Delaware Act” shall
have the meaning set forth in the recitals.

 

“Depreciation” means,
for each Fiscal Year or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable
for federal income tax purposes with respect to an asset for such Fiscal Year or other period, except that (a) with respect to
any asset the Gross Asset Value of which differs from its adjusted tax basis for federal income tax purposes at the beginning of
such Fiscal Year or other period and which difference is being eliminated by use of the “remedial method” as defined
by Treas. Reg. § 1.704-3(d), Depreciation for such fiscal year or other period shall be the amount of book basis recovered
for such fiscal year or other period under the rules prescribed by Treas. Reg. § 1.704-3(d)(2), and (b) with respect
to any other asset the Gross Asset Value of which differs from its adjusted tax basis for federal income tax purposes at the beginning
of such Fiscal Year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value
as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or other period bears
to such beginning adjusted tax basis; provided, however, that in the case of clause (b) above, if the adjusted tax
basis for federal income tax purposes of an asset at the beginning of such Fiscal Year or other period is zero, Depreciation shall
be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member.

 

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“Depreciation Recapture”
shall have the meaning set forth in Section 6.05.

 

“Dispute” shall
have the meaning set forth in Article 13.

 

“Equity Securities”
shall mean, as applicable, (a) any capital stock, membership interests, other share capital or securities containing any profit
participation features, (b) any securities directly or indirectly convertible or exercisable into or exchangeable for any capital
stock, membership interests, other share capital or securities containing any profit participation features, (c) any rights or
options directly or indirectly to subscribe for or to purchase any capital stock, membership interests, other share capital or
securities containing any profit participation features or to subscribe for or to purchase any securities directly or indirectly
convertible or exercisable into or exchangeable for any capital stock, membership interests, other share capital or securities
containing any profit participation features, (d) any share appreciation rights, phantom share rights or other similar rights,
or (e) any equity securities, rights or instruments issued or issuable with respect to any of the foregoing referred to in clauses
(a) through (d) above in connection with a combination, subdivision, recapitalization, merger, consolidation, conversion, share
exchange or other reorganization or similar event or transaction.

 

“Estimated Income Tax Obligation”
shall mean, for purposes of calculating Quarterly Estimated Income Tax, 100 percent of the federal, state and local tax liability
of the current year, determined on an annualized basis as of the applicable calendar quarter after taking into account prior distributions
of Quarterly Estimated Income Tax made in that calendar year.

 

“Exchange Agreement”
shall mean that certain Exchange Agreement dated as of [     ], 2013, between Pubco and RCAP, as the same may be amended from time
to time in accordance with the terms thereof.

 

“Exchange Rate” shall
have the meaning set forth in the Exchange Agreement.

 

“Fiscal Year” shall
mean, except as otherwise required by Applicable Law, for the Company’s financial reporting and federal income tax purposes,
a period commencing January 1 and ending December 31 of each year, or such other period as the Managing Member may determine.

 

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

 

(a)          the
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset,
without reduction for liabilities, as determined by the contributing Member and the Company on the date of contribution thereof;

 

(b)          if
the Managing Member determines that an adjustment is necessary or appropriate to reflect the relative economic interests of the
Members, the Gross Asset Values of all Company assets shall be adjusted in accordance with Treas. Reg. §§ 1.704-1(b)(2)(iv)(f)
and (g) to equal their respective gross fair market values, without reduction for liabilities, as reasonably determined by the
Managing Member, as of the following times:

 

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(i)          Capital
Contribution (other than a de minimis Capital Contribution) to the Company by a new or existing Member as consideration
for a Membership Interest;

 

(ii)         the
distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for the repurchase
or redemption of a Membership Interest;

 

(iii)        the
liquidation of the Company within the meaning of Treas. Reg. § 1.704-1(b)(2)(ii)(g); and

 

(iv)        the
grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to
or for the benefit of the Company by an existing Member acting in a partner capacity, or by a new Member acting in a partner capacity
or in anticipation of becoming a Member by such Member;

 

(c)          the
Gross Asset Values of Company assets distributed to any Member shall be the gross fair market values of such assets (taking Section
7701(g) of the Code into account) without reduction for liabilities, as determined by the Managing Member as of the date of distribution;
and

 

(d)          the
Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(m) (as set forth in Section 6.04(e)); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this paragraph (d) to the extent that the Managing Member
determines that an adjustment pursuant to paragraph (b) above is necessary or appropriate in connection with a transaction that
would otherwise result in an adjustment pursuant to this paragraph (d).

 

At all times, Gross Asset Values shall be
adjusted by any Depreciation taken into account with respect to the Company’s assets for purposes of computing Net Profit
and Net Loss.

 

“Group Equity Interests”
means, collectively, the Class A Stock, the Class B Stock, the Class A Units of each of the Operating Subsidiaries and the Class
B Units of each of the Operating Subsidiaries.

 

“Indemnitee” shall
have the meaning set forth in Section 11.02.

 

“Initiating Party”
shall have the meaning set forth in Article 13.

 

“Investment Company Act”
shall mean the Investment Company Act of 1940, as amended.

 

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“IPO” shall have
the meaning set forth in the recitals.

 

“Liability Shortfall”
shall have the meaning set forth in Section 6.05(e).

 

“Losses” shall have the
meaning set forth in Section 11.02.

 

“Majority in Interest of the Members”
shall mean: (a) when no class of Members is referenced, Members whose Units represent, in the aggregate, more than 50% of the
Company’s outstanding Units entitled to vote with respect to such matter; or (b) when a class or several classes of Members
is referenced, Members of that class or those classes whose Units represent, in the aggregate, more than 50% of the Company’s
outstanding Units of that class or those classes.

 

“Managing Member”
shall have the meaning set forth in the recitals.

 

“Member” shall
mean each Person that executes and delivers this Agreement as a member and each other Person that becomes a member of the Company
as provided herein, so long as such Person continues as a member of the Company.

 

“Membership Interest”
shall mean a Class A Unit, a Class B Unit or a membership interest in respect of any other class of Units that hereafter may
be issued by the Company in accordance with Section 3.02.

 

“Member Nonrecourse Debt”
shall mean “partner nonrecourse debt” as that term is defined in Treas. Reg. § 1.704-2(b)(4).

 

“Member Nonrecourse Debt Minimum
Gain” shall mean “partner nonrecourse debt minimum gain” as that term is defined in Treas. Reg. § 1.704-2(i).
A Member’s share of Member Nonrecourse Debt Minimum Gain shall be determined in accordance with Treas. Reg. § 1.704-2(i)(5).

 

“Member Nonrecourse Deductions”
shall mean “partner nonrecourse deductions” as that term is defined in Treas. Reg. § 1.704-2(i) , and the
amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Company taxable year shall be determined
in accordance with the rules of Treas. Reg. § 1.704-2(i)(2).

 

“Net Profits” and
“Net Losses” for any Fiscal Year or other period shall mean, respectively, an amount equal to the Company’s
taxable income or loss for such Fiscal Year or other period as determined for federal income tax purposes by the Managing Member,
determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required
to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows:

 

(a)          by
including as an item of gross income any tax-exempt income received by the Company and not otherwise taken into account in computing
Net Profit or Net Loss;

 

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(b)          by
treating as a deductible expense any expenditure of the Company described in Section 705(a)(2)(B) of the Code (or which is treated
as a Section 705(a)(2)(B) expenditure pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account
in computing Net Profit or Net Loss, including amounts paid or incurred to organize the Company (unless an election is made pursuant
to Section 709(b) of the Code) or to promote the sale of interests in the Company and by treating deductions for any losses incurred
in connection with the sale or exchange of Company property disallowed pursuant to Section 267(a)(1) or 707(b) of the Code as expenditures
described in Section 705(a)(2)(B) of the Code;

 

(c)          by
taking into account Depreciation in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into
account in computing taxable income or loss;

 

(d)          by
computing gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for
federal income tax purposes by reference to the Gross Asset Value of such property rather than its adjusted tax basis;

 

(e)          if
an adjustment of the Gross Asset Value of any Company asset which requires that the Capital Accounts of the Members be adjusted
pursuant to Treas. Reg. §§ 1.704-1(b)(2)(iv)(e), (f) and (g), by taking into account the amount of such adjustment
as if such adjustment represented additional Net Profit or Net Loss; and

 

(f)          by
not taking into account in computing Net Profit or Net Loss items specially allocated to the Members pursuant to Section 6.04.

 

“Nonrecourse Deductions”
shall have the meaning set forth in Treas. Reg. §§ 1.704-2(b) and 1.704-2(c).

 

“Nonrecourse Liabilities”
has the meaning set forth in Treas. Reg. § 1.704-2(b)(3).

 

“Notice” shall
have the meaning set forth in Section 14.07.

 

“Original Agreement”
shall have the meaning set forth in the recitals.

 

“Operating Subsidiaries”
collectively refers to the Company, RCS Advisory Services, LLC, and Realty Capital Securities, LLC.

 

“Operating Subsidiaries Group Units”
shall have the meaning set forth in the Exchange Agreement.

 

“Panel” shall
have the meaning set forth in Article 13.

 

“Percentage Interest”
of any Member at any time means, as of any date of determination, the ratio (expressed as a percentage) of (i) such Member’s
Units (or, as applicable, Units of a particular class) at such time to (ii) the total issued and outstanding Units (or, as applicable,
the total issued and outstanding Units of a particular class) of the Company at such time.

 

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“Permitted Transferee”
means, with respect to a Member, (a) such Member’s spouse; (b) a lineal descendant of such Member’s maternal or
paternal grandparents (or any such descendant’s spouse); (c) a Charitable Institution (as defined below); (d) a trustee of
a trust (whether inter vivos or testamentary), all of the current beneficiaries and presumptive remaindermen of which are one or
more of such Member and any of the Persons described in clause (a), (b) or (c) of this definition; (e) an entity that, for U.S.
federal income tax purposes, is disregarded as separate from its owner, of which all of the outstanding equity interests therein
are owned by one or more of such Member and any of the Persons described in clause (a), (b), (c) or (d) of this definition; (f)
a legal or personal representative of such Member in the event of his death or Disability; (g) a liquidating trust, as defined
in Treasury Regulations section 1.7701— 4(d), or other entity with comparable characteristics; and (h) its ultimate parent
corporation or other entity (the “Parent”) of which it is a direct or indirect wholly owned subsidiary or to
any wholly owned direct or indirect subsidiary of such Parent (a “Controlled Subsidiary”), it being understood
that, with respect to a Controlled Subsidiary, the later sale, liquidation or spin-off of such Controlled Subsidiary or other transaction
in which the Parent ceases to control, directly or indirectly, 100% of the equity of such Controlled Subsidiary would constitute
an indirect Transfer of an Interest, and that such Transfer may only be made in compliance with the terms and restrictions set
forth in this Agreement. For purposes of this definition: (i) “lineal descendants” shall not include any individual
adopted after attaining the age of 18 years and such adopted individual’s descendants; (ii) “Charitable Institution”
shall refer to an organization described in section 501(c)(3) of the Code which is exempt from income taxation under section 501(a)
thereof; and (iii) “presumptive remaindermen” shall refer to those Persons entitled to a share of a trust’s assets
if it were then to terminate.

 

“Permitted Transferee Member”
shall mean a Permitted Transferee that is admitted as a Member pursuant to the terms of this Agreement.

 

“Person” shall
mean an individual, general partnership, limited partnership, limited liability partnership, limited liability company, corporation,
joint venture, trust, business trust, cooperative or association or other legal entity or organization.

 

“Pubco” shall
have the meaning set forth in the preamble.

 

“Quarterly Estimated Income Tax”
shall mean the Estimated Income Tax Obligation of a Member with respect to the applicable calendar quarter, based on the assumption
that the Member is an individual or, if a greater amount of tax would result, a corporate resident of New York City subject to
the maximum federal, New York State and New York City income tax rates arising from the allocation to such Member of taxable income
that is earned by the Company for all periods after the Closing Date (computed without regard to any deduction available to Pubco
arising out of any exchange pursuant to the Exchange Agreement); provided that if the Annual Income Tax Liability of a Member
for a calendar year is less than the sum of the Quarterly Estimated Income Tax distributed to such Member pursuant to Section
5.02 for such calendar year, the amount of the subsequent distribution or distributions, as applicable, of Quarterly Estimated
Income Tax shall be reduced by such excess amount.

 

“RCAP” shall have the
meaning set forth in the preamble.

 

    	8

    	 

    

 

“Registration Rights Agreement”
shall mean the Registration Rights Agreement dated as of [      ], 2013, among Pubco and the shareholders party thereto, as the
same may be amended from time to time in accordance with the terms thereof.

 

“Regulatory Allocations”
shall have the meaning set forth in Section 6.04(e).

 

“Relative Value Determination”
shall mean a written determination by the Audit Committee of the Board of Directors of PubCo, rendered in connection with PubCo’s
contribution to the Operating Subsidiaries of the net proceeds of an issuance of shares of capital stock of PubCo in accordance
with Sections 3.02(d), 3.02(e) or 3.02(f), of the relative equity value of each Operating Subsidiary; provided,
however, that if the Operating Subsidiaries shall have received a valuation or an opinion from a financial advisor of national
reputation regarding such relative values dated within 90 days of the applicable contribution date pursuant to the applicable subsection
of Section 3.02, and the Audit Committee of the Board of Directors of PubCo shall have determined in its good faith judgment
that no material change has occurred, or is expected to occur prior to such contribution date, with respect to the Operating Subsidiaries,
the Operating Subsidiaries may elect to use such valuation or opinion.

 

“Responding Party”
shall have the meaning set forth in Article 13.

 

“Securities Act” shall
mean the Securities Act of 1933, as amended.

 

“Subsidiary Partnership”
shall mean an entity which is a partnership for U.S. federal income tax purposes and with respect to which the Company Controls
(as defined in the Tax Receivable Agreement), directly or indirectly, the general partner or managing member of such entity or
otherwise Controls such entity.

 

“Tax Matters Member”
shall have the meaning set forth in Section 6.07.

 

“Tax Receivable Agreement”
shall mean the Tax Receivable Agreement, dated as of [      ], 2013, among Pubco, the Company,
RCAP and any other parties thereto, as the same may be amended from time to time in accordance with the terms thereof.

 

“Transfer” shall
have the meaning set forth in Section 9.01.

 

“Transaction Documents”
shall mean, collectively, this Agreement, the limited liability company agreements of the other Operating Subsidiaries (as
they each may be amended from time to time in accordance with the terms thereof), the Exchange Agreement, the Registration Rights
Agreement and the Tax Receivable Agreement.

 

“Treasury Regulations”
or “Treas. Reg.” shall mean the Federal income tax regulations promulgated under the Code, as such
Treasury Regulations may be amended from time to time (it being understood that all references herein to specific sections of the
Treasury Regulations shall be deemed also to refer to any corresponding provisions of succeeding Treasury Regulations).

 

“Unit” shall have
the meaning set forth in Section 3.01(a).

 

    	9

    	 

    

 

Section
1.02.  Other Definitional and Interpretative Provisions. The words
“hereof, “herein” and “hereunder” and words of like import used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement. The headings and captions herein are included
for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections
and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits annexed hereto
or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized
term used in any Exhibit but not otherwise defined therein shall have the meaning ascribed to such term in this Agreement. Any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns
of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including,
respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include
any and all Applicable Laws.

 

ARTICLE 2

Organization

 

Section
2.01.   Formation of Limited Liability Company. The Company was formed as a Delaware limited
liability company on November 2, 2012 by the execution and filing of a Certificate of Formation
(the “Certificate”) by an authorized person under and pursuant to the Delaware Act. The Members agree to
continue the Company as a limited liability company under the Delaware Act, upon the terms and subject to the conditions set
forth in this Agreement. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant
to the Delaware Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any
Member are different by reason of any provision of this Agreement than they would be in the absence of such provision, this
Agreement shall, to the extent permitted by the Delaware Act, control.

 

Section
2.02.   Company Name. The name of the Company is American National
Stock Transfer, LLC. The business of the Company may be conducted under that name or such other names as the Managing Member may
from time to time designate; provided, however, that the Company complies with Applicable Law relating to name changes
and the use of fictitious and assumed names.

 

Section
2.03.   Purposes of the Company. The business of the Company shall
be to carry on any lawful business or activity and to have and exercise all of the powers, rights and privileges which a limited
liability company organized pursuant to the Delaware Act may have and exercise. The Company shall not conduct any business which
is forbidden by or contrary to Applicable Law.

 

    	10

    	 

    

 

Section
2.04.   Principal Place of Business. The principal place of business of the Company shall be 405 Park Ave.,
15th Floor, New York, NY 10022. The Company may establish or abandon from time to time such additional offices and
places of business as the Managing Member may deem appropriate in the conduct of the Company’s business.

 

Section
2.05.   Registered Office and Agent. The name of the registered
agent for service of process of the Company and the address of the Company’s registered office in the State of Delaware shall
be c/o Corporation Service Company, 2711 Centerville Road, Suite 400, City of Wilmington, County of New Castle, Delaware 19808,
or such other agent or office in the State of Delaware as the Managing Member or the officers may from time to time determine.

 

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

 

Section
2.07.   Term. The term of the Company shall continue indefinitely unless
the Company is dissolved in accordance with the provisions of this Agreement and the Delaware Act.

 

Section
2.08.   Tax Treatment as Partnership. The Members intend that the Company
shall not be a partnership (including a limited partnership) or joint venture, and that no Member or officer shall be a partner
or joint venturer of any other Member or officer by virtue of this Agreement, for any purposes other than as is set forth in the
last sentence of this Section 2.08, and this Agreement shall not be construed to the contrary. The Members intend that
the Company be treated as a partnership under Treas. Reg. §301.7701-3 and analogous provisions of state and local tax laws,
and the Company shall not elect to be treated as, and no Member shall file any election with any taxing authority to have the
Company treated as, an association taxable as a corporation.

 

ARTICLE 3

Capitalization

 

Section
3.01.   Units; Capitalization.

 

(a)          Units;
Capitalization. Each Member’s interest in the Company, including such Member’s interest, if any, in the capital,
income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company matters as provided
in this Agreement, shall be represented by units of limited liability company interests (each, a “Unit”). The
Company shall have two authorized classes of Units, designated as “Class A Units” and “Class B Units.”
The Company shall be authorized to issue an unlimited number of Class A Units and Class B Units in compliance with the terms
of this Agreement. The ownership by a Member of Units shall entitle such Member to allocations of profits and losses and other
items and distributions of cash and other property as is set forth in Article 5 and Article 6. Except as otherwise
provided in the Delaware Act or as expressly provided herein, Members holding Class B Units, in their capacities as such, shall
have no voting, consent or approval rights with respect to any matters relating to the Company or this Agreement.

 

    	11

    	 

    

 

(b)          Certificates;
Legends. Units shall be issued in non certificated form; provided, however, that, at the request of any Member, the
Managing Member shall cause the Company to issue one or more certificates to such Member representing in the aggregate the Units
held by such Member. If any Unit certificate is issued, then such certificate shall bear a legend substantially in the following
form:

 

This certificate evidences Units representing a membership
interest in American National Stock Transfer, LLC and shall be a security within the meaning of Article 8 of the Uniform Commercial
Code.

 

The membership interest in American National Stock
Transfer, LLC represented by this certificate is subject to restrictions on transfer set forth in the Amended and Restated Limited
Liability Company Agreement of American National Stock Transfer, LLC dated as of [     ], 2013, among American National Stock Transfer,
LLC and each of the Members from time to time party thereto, as the same may be amended from time to time.

 

(c)          List
of Units Outstanding. The aggregate number of outstanding Units shall be set forth on Exhibit A attached hereto, as
the same may be amended from time to time by the Managing Member in accordance with the terms hereof.

 

Section
3.02.   Authorization and Issuance of Additional Units.

 

(a)          The
Managing Member shall have the right to cause the Company to issue and/or create and issue at any time after the date hereof, and
for such amount and form of consideration as the Managing Member may determine, additional Units (of Class A Units, Class B Units
or new classes) or other Equity Securities of the Company (including creating classes or series thereof having such powers, designations,
preferences and rights as may be determined by the Managing Member), subject to Section 14.08 and to the remaining provisions
of this Section 3.02. The Managing Member shall have the power to make such amendments to this Agreement in order to provide
for such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or appropriate to
give effect to such additional authorization or issuance in accordance with the provisions of this Section 3.02(a), subject
to Section 14.08 and Section 3.02(b).

 

(b)          Notwithstanding
anything in this Section 3.02 to the contrary, the Managing Member shall not be entitled to cause the Company to issue any
Units or other Equity Securities of the Company (other than Class A Units issued pursuant to Sections 3.02(d), 3.02(e)
or 3.02(f)) without the prior written consent of the holders of a Majority in Interest of the Class B Units.

 

(c)          If,
as a result of an exchange pursuant to the Exchange Agreement, PubCo acquires (in any manner) Class B Units, each such Class B
Unit acquired by PubCo will automatically convert into one Class A Unit.

 

    	12

    	 

    

 

(d)          At
any time Pubco issues one or more shares of Class A Stock (other than an issuance of the type covered by Section 3.02(f)):
(i) Pubco shall contribute to the Company and the other Operating Subsidiaries (allocated among them in accordance with their relative
equity values at the time, as determined pursuant to the Relative Value Determination) all  the net proceeds (if any) received
by Pubco with respect to such share or shares of Class A Stock; and (ii) the Managing Member shall cause the Company to issue,
in exchange for the portion of the net proceeds contributed by Pubco to the Company (as determined in accordance with the preceding
clause), the same number of Class A Units registered in the name of Pubco as the number of shares of Class A Stock so issued by
PubCo.

 

(e)          At
any time Pubco issues one or more shares of capital stock of Pubco (other than Class A Stock or Class B Stock): (i) Pubco shall
contribute to the Company and the other Operating Subsidiaries (allocated among them in accordance with their relative equity values
at the time, as determined pursuant to the Relative Value Determination) all  the net proceeds (if any) received by Pubco with
respect to such share or shares of capital stock; and (ii) subject to the provisions of Section 3.02(a), 3.02(b)
and 14.08, the Managing Member shall cause the Company to issue, in exchange for the portion of the net proceeds contributed
to the Company (as determined in accordance with the preceding clause), a corresponding number of Units or other Equity Securities
of the Company (other than Class A Units) (such corresponding number of Units or Equity Securities to be determined in good faith
by the Managing Member, taking into account the powers, designations, preferences and rights of such capital stock) registered
in the name of Pubco.

 

(f)          At
any time Pubco issues one or more shares of Class A Stock in connection with an equity incentive program, whether such share or
shares are issued upon exercise of an option, settlement of a restricted stock unit, as restricted stock or otherwise: (i) Pubco
shall contribute to the Company and the other Operating Subsidiaries (allocated among them in accordance with their relative equity
values at the time, as determined pursuant to the Relative Value Determination) all  the net proceeds (if any) received by Pubco
from or otherwise in connection with such issuance of one or more shares of Class A Stock, including the exercise price of any
option exercised; and (ii) the Managing Member shall cause the Company to issue, in exchange for the portion of the net proceeds
thereof contributed to Company (as determined in accordance with the preceding clause), the same number of Class A Units registered
in the name of Pubco as the number of shares of Class A Stock so issued by PubCo. If any such shares of Class A Stock so issued
by Pubco in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Class A Units
that are issued by the Company to Pubco in connection therewith in accordance with the preceding provisions of this Section
3.02(f) shall be subject to vesting or forfeiture on the same basis; if any such shares of Class A Stock vest or are forfeited,
then the same number of Class A Units issued by the Company in accordance with the preceding provisions of this Section 3.02(f)
shall automatically vest or be forfeited. Any cash or property held by either Pubco or the Company or on either’s behalf
in respect of dividends paid on restricted Class A Stock that fails to vest shall be returned to the Company upon the forfeiture
of such restricted Class A Stock.

 

    	13

    	 

    

 

Section
3.03.   Redemption of Class A Stock. If, at any time, one or more
shares of Class A Stock are redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by
PubCo for cash, then the Managing Member shall cause the Company, concurrently with such redemption of Class A Stock, to redeem
the same number of Class A Units held by PubCo, at an aggregate redemption price equal to the aggregate redemption price of the
share or shares of Class A Stock being redeemed by PubCo (plus any expenses related thereto) and upon such other terms as are the
same for the share or shares of Class A Stock being redeemed by PubCo.

 

Section
3.04.   Subdivisions or Combinations. Any subdivision (by any stock
split, unit split, stock dividend, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination
(by reverse stock split, reverse unit split, reclassification, reorganization, recapitalization or otherwise) of a class, series
or type of Group Equity Interest shall be accompanied by an identical subdivision or combination, as applicable, of the other
classes, series or types of Group Equity Interests.

 

ARTICLE 4

Members

  

Section
4.01.   Names and Addresses. The names and addresses of the Members
are set forth on Exhibit A attached hereto and made a part hereof. The Managing Member shall cause Exhibit A to be
amended from time to time to reflect the admission of any additional Member, the withdrawal or termination of any Member, receipt
by the Company of notice of any change of address of a Member or the occurrence of any other event requiring amendment of Exhibit
A.

 

Section
4.02.   No Liability for Status as Member. 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 shall have any personal liability whatsoever solely by reason of its status as a Member, whether
to the Company or to any creditor of the Company, for the debts, obligations or liabilities of the Company or for any of its losses
beyond the amount of such Member’s personal obligation to pay its Capital Contribution to the Company, and as otherwise set
forth in the Delaware Act or under Applicable Law. Except as otherwise expressly provided in the Delaware Act, the liability of
each Member for Capital Contributions shall be limited to the amount of Capital Contributions required to be made by such Member
in accordance with the provisions of this Agreement, but only when and to the extent the same shall become due pursuant to the
provisions of this Agreement. In no event shall any Member enter into any agreement or instrument that would create or purport
to create personal liability on the part of any other Member for any debts, obligations or liabilities of the Company without the
prior written consent of such other Member. Subject to the obligations of PubCo pursuant to Sections 3.02(d), 3.02(e)
and 3.02(f), it is acknowledged and agreed that each of Pubco and RCAP is not obligated to pay or make any future Capital
Contribution to the Company.

 

Section
4.03.   No Restrictions Of Business Pursuits Of Member. This Agreement
shall not preclude or limit in any respect the right of any Member to engage in or possess any interest in other business ventures
of any kind, nature or description.

 

Section
4.04.   Transactions Between Members and the Company. Except as otherwise
provided by Applicable Law, a Member may, but shall not be obligated to, lend money to the Company, act as a surety or guarantor
for the Company, or transact other business with the Company, and has the same rights and obligations when transacting business
with the Company as a person or entity who is not a Member.

 

    	14

    	 

    

 

Section
4.05.   Meeting of Members. Any action permitted or required to be
taken by the Members pursuant to this Agreement may be considered at a meeting of such Members held not less than ten days after
notification thereof shall have been given by the Managing Member to all Members. Such notification (a) may be given by the Managing
Member, in its discretion, at any time, and (b) shall be given by the Managing Member within 30 days after receipt by the Managing
Member of a request for such a meeting made by a Majority in Interest of the Members. Any such notification shall state briefly
the purpose, time and place of the meeting. All such meetings shall be held within or outside the State of Delaware at such reasonable
place as the Managing Member shall designate and during normal business hours, and may be held by means of conference telephone
or other communications equipment by means of which all persons participating in the meeting can hear each other. The Members
may vote at any such meeting in person or by proxy. Participation in such a meeting shall constitute presence in person at such
meeting. No notice of the time, place or purpose of any meeting need be given to any Member who, either before or after the time
of such meeting, waives such notice in writing. At any meeting of the Members, a Majority in Interest of the Members (which shall
include the Managing Member), whether present in person or by proxy, shall, except as otherwise provided by law or by this Agreement,
constitute a quorum. If at any meeting there shall be no quorum, the holders of a majority of the Units present or represented
may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall have been
obtained, when any business may be transacted which might have been transacted at the meeting as first convened had there been
a quorum. Whenever any Company action is to be taken by vote of the Members at a meeting, it shall be authorized upon receiving
the affirmative vote of a Majority in Interest of the Members.

 

Section
4.06.   Action by Members Without Meeting. Any action permitted or
required to be taken by the Members pursuant to this Agreement may be effected at a meeting of the Members or by consent in writing
or by electronic transmission of the holders of a Majority in Interest of the Members, with the same effect as if taken at a meeting
of the Members.

 

Section
4.07.   Limited Rights of Members. Other than as provided in this
Article 4 and Article 10 (and Article 7 in the case of the Managing
Member), no Member, in such Person’s capacity as a Member, shall have the power or authority to act for or on behalf of,
or to bind, the Company, or to vote at any meeting of the Members.

 

ARTICLE 5

Distributions

  

Section
5.01.   Distributions. To the extent permitted by Applicable Law
and hereunder, distributions to Members may be declared by the Managing Member out of funds legally available therefor in such
amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine on such record
date as the Managing Member may designate and 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 as of the close of business on such record date; provided,
however, that the Managing Member shall have the obligation to make distributions as set forth in Sections 5.02 and
10.01. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section
5.01, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution
and the payment date thereof.

 

    	15

    	 

    

 

Section
5.02.   Distributions for Payment of Income Tax. Notwithstanding
any provision in this Agreement to the contrary, (a) on or about April 12th, June 12th, September 12th and December 12th of each
calendar year (or, if any such date is not a business day, then on the first business day following such date), the Company shall
make a distribution to each Member of such amount as may be necessary to allow such Member to pay its Quarterly Estimated Income
Tax for the applicable calendar quarter, and (b) by March 12th of the following calendar year, the Company shall make a distribution
to each current and former Member of such amount as may be necessary to allow such Member to pay its Annual Income Tax Liability
with respect to the prior calendar year. All distributions made to a Member pursuant to this Section 5.02 shall be treated
as advance distributions and shall be taken into account in determining the amount subsequently distributable to a Member under
Section 5.01. For the avoidance of doubt, all distributions made pursuant to this Section 5.02 shall be made on a
pro rata basis in accordance with Percentage Interests.

 

Section
5.03.   Limitations on Distributions. Notwithstanding anything
that may be to the contrary in this Agreement, distributions to Members shall be subject to the restrictions contained in §18-607
of the Delaware Act. Without limiting the generality of the foregoing, except as required by law, no Member shall be obligated
by this Agreement to return any distribution to the Company or pay the amount of any distribution for the account of the Company
or to any creditor of the Company; provided, however, that if any court of competent jurisdiction holds that, notwithstanding
this Agreement, any Member is obligated to return or pay any part of any distribution, such obligation shall bind such Member alone
and not any other Member or any Manager.

 

Section
5.04.   Withholding.

 

(a)          Authority
to Withhold; Treatment of Withheld Amounts. Notwithstanding anything that may be to the contrary in this Agreement, each Member
hereby authorizes the Company and the Managing Member on behalf of the Company to withhold and to pay over, or otherwise to pay,
any withholding or other taxes payable by the Company (pursuant to any provision of United States federal, state or local or foreign
law) with respect to such Member or as a result of such Member’s participation in the Company; and if and to the extent that
the Company shall be required to withhold or pay any such withholding or other taxes, such Member shall be deemed for all purposes
of this Agreement to have received a payment from the Company as of the time such withholding or other tax is paid, which payment
shall be deemed to be a distribution with respect to such Member’s Membership Interest in the Company.

 

(b)          Indemnification.
Each Member shall, to the fullest extent permitted by Applicable Law, indemnify and hold harmless the Managing Member and each
other Person (other than the Company) who is or who is deemed to be the responsible withholding agent for United States federal,
state or local or foreign income tax purposes against all claims, liabilities and expenses of whatever nature (other than any claims,
liabilities and expenses in the nature of penalties and accrued interest thereon that result from such Managing Member’s
or such other Person’s gross negligence, willful misconduct or fraud) relating to the Company’s, the Managing Member’s
or such other Person’s obligation to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable
by the Company or any of its Affiliates with respect to such Member or as a result of such Member’s participation in the
Company.

    	16

    	 

    

 

ARTICLE 6

Allocations
and Tax Matters

 

Section
6.01.   Capital Accounts. There shall be established for each
Member on the books of the Company a capital account (a “Capital Account”) initially reflecting an amount equal
to such Member’s initial Capital Contribution, if any. The Capital Accounts shall be maintained for the Members as follows:

 

(a)          to
each Member’s Capital Account there shall be credited:

 

(i)          such
Member’s Capital Contributions;

 

(ii)         such
Member’s distributive share of Net Profit and any items in the nature of income or gain which are specially allocated to
such Member pursuant to Sections 6.03 and 6.04; and

 

(iii)        the
amount of any Company liabilities assumed by such Member or which are secured by any asset distributed to such Member; and

 

(b)          to
each Member’s Capital Account there shall be debited:

 

(i)          the
amount of cash and the Gross Asset Value of any property distributed to such Member pursuant to any provision of this Agreement;

 

(ii)         such
Member’s distributive share of Net Loss and any items in the nature of expenses or losses which are specially allocated to
such Member pursuant to Sections 6.03 and 6.04; and

 

(iii)        the
amount of any liabilities of such Member assumed by the Company or which are secured by any asset contributed by such Member to
the Company.

 

(c)          Transfer
of Capital Accounts. In the event of any transfer of any Membership Interest in accordance with Section 9.01, Section
9.02 or Section 9.03, the transferee shall succeed to the Capital Account of the transferor to the extent it relates
to the transferred Membership Interest.

 

(d)          Negative
Balances; Interest. None of the Members shall have any obligation to the Company or to any other Member to restore any negative
balance in its Capital Account. No interest shall be paid by the Company on any Capital Contributions.

 

    	17

    	 

    

 

(e)          No
Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital Account
or to receive any distribution from the Company, except as expressly provided herein.

 

Section
6.02.   Additional Capital Contributions. No Member shall be required
to make any additional Capital Contributions to the Company or lend any funds to the Company, although any Member may agree with
the Managing Member and become obligated to do so.

 

Section
6.03.   Allocations of Net Profits and Net Losses. After giving effect
to the allocations in Section 6.04, Net Profits, Net Losses and, to the extent necessary, individual items of income, gain,
loss or deduction, of the Company, without duplication, for any Fiscal Year or other period shall be allocated to the Members
in proportion to their respective Percentage Interests.

 

Section
6.04.   Special Allocations. Notwithstanding anything that may
be to the contrary in this Agreement, the following allocations shall be made prior to any other allocations under this Agreement
and in the following order of priority:

 

(a)          Minimum
gain shall be allocated as follows:

 

(i)          Except
as otherwise provided in Treas. Reg. § 1.704-2(f), if there is a net decrease in Company Minimum Gain during any Fiscal
Year or period, each Member shall be specially allocated items of Company income and gain for such Fiscal Year or period (and,
if necessary, subsequent Fiscal Years or periods) in an amount equal to such Member’s share of the net decrease in Company
Minimum Gain to the extent required by Treas. Reg. § 1.704-2(f). The items to be so allocated shall be determined in
accordance with Treas. Reg. §§ 1.704-2(f) and (i). This provision is intended to comply with the minimum gain chargeback
requirements of Treas. Reg. § 1.704-2(f) and shall be interpreted and applied consistently therewith. Allocations pursuant
to this Section 6.04(a)(i) shall be made in proportion to the respective amounts required to be allocated to each Member
pursuant hereto.

 

(ii)         Except
as otherwise provided in Treas. Reg. § 1.704-2(i)(4), if there is a net decrease in the Member Nonrecourse Debt Minimum
Gain during any Fiscal Year or period, each Member who has a share of the Member Nonrecourse Debt Minimum Gain, determined in accordance
with Treas. Reg. §  1.704-2(i)(5), shall be specially allocated items of Company income and gain for such Fiscal Year
or period (and, if necessary, subsequent Fiscal Years or periods) in an amount equal to that Member’s share of the net decrease
in the Member Nonrecourse Debt Minimum Gain to the extent and in the manner required by Treas. Reg. § 1.704-2(i). The
items to be so allocated shall be determined in accordance with Treas. Reg. §§ 1.704-2(i)(4) and (j)(2). This provision
is intended to comply with the minimum gain chargeback requirement with respect to Member Nonrecourse Debt contained in Treas.
Reg. § 1.704-2(i)(4) and shall be interpreted and applied consistently therewith. Allocations pursuant to this Section
6.04(a)(ii) shall be made in proportion to the respective amounts required to be allocated to each Member pursuant hereto.

 

    	18

    	 

    

 

(b)          If
a Member unexpectedly receives any adjustments, allocations or distributions described in Treas. Reg. §§ 1.704-1(b)(2)(ii)(d)(4),
(5) or (6) that would not prevent such Member from having, or would cause such Member to have, an Adjusted Capital Account Deficit,
then items of Company income (including gross income) and gain shall be specially allocated to such Member in an amount and manner
sufficient to eliminate, as quickly as possible, such Adjusted Capital Account Deficit. This Section 6.04(b) is intended
to constitute a “qualified income offset” under Treas. Reg. § 1.704-l(b)(2)(ii)(d) and shall be interpreted and
applied consistently therewith.

 

(c)          Nonrecourse
Deductions, if any, for any Fiscal Year or period shall be allocated to the Members in accordance with their respective Percentage
Interests.

 

(d)          Member
Nonrecourse Deductions, if any, for any Fiscal Year or period with respect to a Member Nonrecourse Debt shall be specially allocated
to the Member that bears the economic risk of loss for such Member Nonrecourse Debt (as determined under Treas. Reg. §§ 1.704-2(b)(4)
and 1.704-2(i)(1)).

 

(e)          To
the extent an adjustment to the adjusted tax basis of any asset of the Company pursuant to Section 734(b) of the Code or Section
743(b) of the Code is required, pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated
among the Members in a manner consistent with the manner in which each of their respective Capital Accounts are required to be
adjusted pursuant to such section of the Treasury Regulations.

 

(f)          The
allocations set forth in Section 6.04(a)-(e) (the “Regulatory Allocations”) are intended to comply with
certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory
Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income,
gain, loss or deduction. Therefore, notwithstanding any other provision of this Agreement (other than the Regulatory Allocations),
the Managing Member shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner
it determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is,
to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not
part of this Agreement and all Company items were allocated pursuant to Section 6.03. In exercising discretion with respect
to such offsetting special allocations, the Managing Member shall take into account future Regulatory Allocations under Section
6.04(a) that, although not yet made, are likely to offset other Regulatory Allocations previously made under Section 6.04(c)
or 6.04(d).

 

(g)          Any
deductions attributable to guaranteed payments under Section 707(c) of the Code, and if the amount of such guaranteed payments
shall not be sufficient, other expenses deductible under the Code, shall be allocated, among the Members prior to the allocation
of Net Profits or Net Losses pursuant to Section 6.03, to the extent necessary to cause their Capital Accounts to be in
proportion to their Percentage Interests.

 

    	19

    	 

    

 

Section
6.05.   Allocation for Income Tax Purposes.

 

(a)          For
federal, state and local income tax purposes, all items of taxable income, gain, loss and deduction for each Fiscal Year or period
shall be allocated among the Members in accordance with the manner in which the corresponding items were allocated under Sections
6.03 and 6.04, except as provided in Sections 6.05(b) and 6.05(c) below.

 

(b)          If
property is contributed to the Company by a Member and there is a difference between the basis of such property to the Company
for federal income tax purposes and its fair market value at the time of its contribution, then items of income, gain, deduction
and loss with respect to such property, as computed for federal income tax purposes (but not for book purposes), shall be allocated
under the “traditional method” among the Members so as to take account of such book/tax difference as required by Section
704(c) of the Code.

 

(c)          If
property (other than property described in Section 6.05(b)) of the Company is reflected in the Capital Accounts of the Members
and on the books of the Company at a Gross Asset Value that differs from the Company’s adjusted basis of such property for
federal income tax purposes by reason of a revaluation of such property pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(f),
then items of income, gain, deduction and loss with respect to such property, as computed for federal income tax purposes (but
not for book purposes), shall be allocated among the Members pursuant to any permissible method contained in the Treasury Regulations
promulgated under Section 704(c) of the Code selected by the Managing Member, in its sole discretion, in order to take into account
of the difference between the adjusted basis of such property for federal income tax purposes and its Gross Asset Value.

 

(d)          Without
altering the overall amount of Net Profits or gross income allocable to any Member, Net Profits or gross income taxable as ordinary
income under Sections 1245 and 1250 of the Code, or similar provisions of the Code (the “Depreciation Recapture”),
shall, to the extent possible, be allocated to those Members to whom allowances for depreciation or amortization giving rise
to Depreciation Recapture were allocated.

 

(e)          Pursuant
to Treas. Reg. § 1.752-3(a)(3), solely for purposes of determining each Member’s proportionate share of the “excess
nonrecourse liabilities” of the Company (as defined in Treas. Reg. § 1.752-3(a)(3)), the Members’ respective interests
in Company profits shall be determined under any permissible method reasonably determined by the Managing Member; provided,
however, that each Member who has contributed property to the Company shall be allocated, to the extent possible, a share
of “excess nonrecourse liabilities” of the Company which results in such Member being allocated nonrecourse liabilities
in an amount which is at least equal to the amount of income required to be allocated to such Member pursuant to Section 704(c)
of the Code and the Treasury Regulations promulgated thereunder (the “Liability Shortfall”). If there is an
insufficient amount of nonrecourse liabilities to be able to allocate to each Member nonrecourse liabilities equal to the Liability
Shortfall, nonrecourse liabilities shall be allocated to each Member in pro rata in accordance with each such Member’s Liability
Shortfall.

 

    	20

    	 

    

 

Section
6.06.   Regulatory Compliance. The foregoing provisions are intended
to comply with Treas. Reg. §§ 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent
with such Treasury Regulations. If the Managing Member shall reasonably determine that it is prudent to modify the manner in which
the Capital Accounts, or any debits or credits thereto, are computed, or the manner in which any allocations are made under Sections
6.03 and 6.04, in order to comply with Sections 704(b) and 704(c) of the Code and Treasury Regulations thereunder, the
Managing Member may make such modifications, provided, however, that (a) the Managing Member shall not modify the
manner of making distributions pursuant to this Agreement, (b) all allocations of Company income, gain, loss and deduction continue
to have “substantial economic effect” within the meaning of Section 704(b) of the Code, and (c) no Member is materially
adversely affected by any such modification.

 

Section
6.07.   Tax Matters Member. The Managing Member shall act as the “tax
matters partner” for the Company under Section 6231 of the Code (the “Tax Matters Member”). All expenses
incurred by the Managing Member while acting in such capacity shall be paid or reimbursed by the Company. The Managing Member
shall keep the other Members reasonably informed regarding actions the Managing Member takes in its capacity as Tax Matters Member
and shall not take any material action in such capacity without first consulting the other Members in good faith.

 

Section
6.08.   Elections. Except as otherwise expressly provided herein,
all elections required or permitted to be made by the Company under the Code or other applicable tax law and all material decisions
with respect to the calculation of its taxable income or tax loss for tax purposes under the Code or other applicable tax law or
any other matter encompassed by this Article 6, shall be made by the Managing Member in accordance with Section 6.07.
As required by the Tax Receivable Agreement, the Managing Member shall make, and shall cause each Subsidiary Partnership to make,
an election under Section 754 of the Code which election shall be in effect for each taxable year in which RCAP or any Permitted
Transferee of RCAP Transfers Class B Units.

 

Section
6.09.   Change of Members’ Percentage Interests. If there
is a Transfer of Units by a Member during a Fiscal Year, then there shall be a daily allocation among the Members of Net Profits
or Net Losses and the other items allocated under this Article 6 for such Fiscal Year; provided, however,
that any item or amount arising from a transaction engaged in by the Company outside the ordinary course of business shall
be taken into account as of the date thereof under the closing-of-the-books method.

 

Section
6.10.   Certain Costs And Expenses. The Company shall (a) pay, or cause
to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys,
accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing
and conducting, or otherwise related to, the business of the Company, and (b) in the sole discretion of the Managing Member, reimburse
the Managing Member for any out-of-pocket costs, fees and expenses incurred by it in connection therewith. To the extent that
the Managing Member reasonably determines in good faith that its expenses are related to the business conducted by the Company
and/or its subsidiaries (including any good faith allocation of a portion of expenses that so relate to the business of the Company
and/or its subsidiaries and that also relate to other businesses or activities of the Managing Member), then the Managing Member
may cause the Company to pay or bear all such expenses of the Managing Member, including, costs of securities offerings not borne
directly by Members, compensation and meeting costs of its Board of Directors, cost of periodic reports to its stockholders, litigation
costs and damages arising from litigation, accounting and legal costs and franchise taxes (which are not based on, or measured
by, income); provided, however, that the Company shall not pay or bear any income tax obligations of the Managing Member.
Payments under this Section 6.10 are intended to constitute reasonable compensation for past or present services and are
not “distributions” within the meaning of §18-607 of the Delaware Act.

 

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ARTICLE 7

Management
and Control Of Business

 

Section
7.01.   Management. 

 

(a)          Subject
to the provisions of the Delaware Act and this Agreement as to action required to be authorized or approved by the Members, the
right to manage, control and conduct the business and affairs of the Company and to take any and all actions on behalf of the Company
shall be vested completely and exclusively in the Managing Member.

 

(b)          Other
than with respect to the actions described in Section 10.01(a), the Managing Member shall have the power and authority to
delegate to one or more other Persons the Managing Member’s rights and powers to manage and control the business and affairs
of the Company, including to delegate to agents and employees of a Member or the Company (including any officers thereof), and
to delegate by a management agreement or another agreement with, or otherwise to, other Persons. The Managing Member may authorize
any Person (including any Member or officer of the Company) to enter into and perform any document on behalf of the Company.

 

(c)          The
Managing Member 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,
reorganization or other combination of the Company with or into another entity.

 

Section
7.02.   Investment Company Act. The Managing Member shall use
its best efforts to assure that the Company shall not be subject to registration as an investment company pursuant to the Investment
Company Act.

 

Section
7.03.   Compensation and Reimbursement. The Managing Member shall
not be compensated for its services as Managing Member. The Company shall reimburse the Managing Member on a current basis for
its reasonably documented out-of-pocket expenditures made on behalf of the Company. All reimbursements for out-of-pocket expenditures
shall be reasonable in amount and in the advancement of the Company Business.

 

Section
7.04.   Fiduciary Duties. The Managing Member shall have such
fiduciary duties to the Company and the Members as are generally imposed under the Delaware Act and as are owed by directors of
a corporation governed by the General Corporation Law of the State of Delaware to such corporation and its stockholders.

 

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ARTICLE 8

Officers

 

Section
8.01.   Officers. The officers of the Company shall be a President,
a Treasurer and a Secretary, all of whom shall be appointed by the Managing Member and who shall hold office until their successors
are appointed by the Managing Member. In addition, the Managing Member may appoint one or more Managing Directors, Vice Presidents
and such Assistant Secretaries and Assistant Treasurers as it may deem necessary or advisable. Two or more offices may be held
by the same individual. The officers of the Company may be removed by the Managing Member at any time for any reason or no reason.

 

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

 

Section
8.03.   President. The President shall be the chief executive officer
of the Company and shall have the general powers and duties of supervision and management usually vested in the office of a chief
executive officer of a company. He or she shall preside at all meetings of Members if present thereat. Except as the Managing
Member shall authorize the execution thereof in some other manner, he or she shall execute bonds, mortgages and other contracts
on behalf of the Company.

 

Section
8.04.   Managing Director; Vice President. Each Managing Director and
each Vice President shall have such powers and shall perform such duties as shall be assigned to him or her by the Managing Member
or by the President.

 

Section
8.05.   Treasurer. The Treasurer shall have the custody of the
Company funds and securities and shall keep full and accurate account of receipts and disbursements in a book belonging to the
Company. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries
as may be designated by the Managing Member or the President. The Treasurer shall disburse the funds of the Company as may be ordered
by the Managing Member or the President, taking proper vouchers for such disbursements. He or she shall render to the Managing
Member and the President whenever either of them may request it, an account of all his or her transactions as Treasurer and of
the financial condition of the Company. If required by the Managing Member, the Treasurer shall give the Company a bond for the
faithful discharge of his duties in such amount and with such surety as the Managing Member shall prescribe.

 

Section
8.06.   Secretary. The Secretary shall give, or cause to be given,
notice of all meetings of Members and all other notices required by Applicable Law or by this Agreement, and in case of his or
her absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the President, or
by the Managing Member or other Members, upon whose requisition the meeting is called as provided in this Agreement. He or she
shall record all the proceedings of the meetings of the Company in a book to be kept for that purpose, and shall perform such other
duties as may be assigned to him or her by the Managing Member or by the President.

 

    	23

    	 

    

 

Section
8.07.   Assistant Treasurers and Assistant Secretaries. Assistant
Treasurers and Assistant Secretaries, if any, shall have such powers and shall perform such duties as shall be assigned to them,
respectively, by the Managing Member or by the President.

 

ARTICLE 9

Transfers of
Interests; Admittance of New Members

 

Section
9.01.   Transfer of Membership Interests. 

 

(a)          
Other than as provided for below in this Section 9.01 or in Section 9.02, no Member may sell, assign, transfer,
grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being herein collectively called
a “Transfer”) all or any portion of its Membership Interest except with the written consent of the Managing
Member, which may be granted or withheld in its sole discretion. Without the consent of the Managing Member (but otherwise in compliance
with Sections 9.01, 9.02 and 9.03), a Member may, at any time, (a) Transfer any portion of such Member’s
Membership Interest pursuant to the Exchange Agreement, and (b) Transfer any portion of such Member’s Membership Interest
to a Permitted Transferee of such Member. Any purported Transfer of all or a portion of a Member’s Membership Interest not
complying with this Section 9.01 shall be void ab initio and shall not create any obligation on the part of the Company
or the other Members to recognize that purported Transfer or to deal with the Person to which the Transfer purportedly was made.
A Person acquiring a Member’s Membership Interest pursuant to this Section 9.01 shall not be admitted as a substituted
or additional Member except in accordance with the requirements of Section 9.03, but such Person shall, to the extent of
the Membership Interest transferred to it, be entitled to such Member’s (i) share of distributions, (ii) share of profits
and losses, including Net Profits and Net Losses, and (iii) Capital Account in accordance with Section 6.01(c). Notwithstanding
anything in this Section 9.01 or elsewhere in this Agreement to the contrary, if a Member Transfers all or any portion of
its Membership Interest after the designation of a record date and declaration of a distribution pursuant to Section 5.01
and before the payment date of such distribution, the transferring Member (and not the Person acquiring all or any portion of its
Membership Interest) shall be entitled to receive such distribution in respect of such transferred Membership Interest.

 

(b)          It
is intention of the parties to preserve their relative ownership of the Group Equity Interests. In furtherance of the foregoing,
the parties agree that, notwithstanding anything that may be to the contrary in this Agreement, any Transfer of units of an Operating
Subsidiary to a transferee thereof shall be accompanied by the simultaneous Transfer of an equal number of the same class, series
or type of units of the other Operating Subsidiaries to such transferee.

 

    	24

    	 

    

 

Section
9.02.   Transfer of Pubco’s Interest. Subject to Section
9.01(b), Pubco may Transfer all or any portion of its Membership Interest at any time and from time to time without the consent
of the Managing Member (if the Managing Member is not Pubco at such time) or any other Person. A Person acquiring Pubco’s
Membership Interest pursuant to this Section 9.02 shall not be admitted as a substituted or additional Member except in
accordance with the requirements of Section 9.03, but such Person shall, to the extent of the Membership Interest transferred
to it, be entitled to (a) Pubco’s share of distributions, (b) Pubco’s share of profits and losses, including Net Profits
and Net Losses, and (c) Pubco’s Capital Account in accordance with Section 6.01(c).

 

Section
9.03.   Recognition of Transfer; Substituted and Additional Members. 

 

(a)          No
direct or indirect Transfer of all or any portion of a Member’s Membership Interest may be made, and no purchaser, assignee,
transferee or other recipient of all or any part of such Membership Interest shall be admitted to the Company as a substituted
or additional Member hereunder, unless:

 

(i)          the
provisions of Section 9.01 or Section 9.02, as applicable, shall have been complied with;

 

(ii)         in
the case of a substituted or additional Member (other than a Permitted Transferee), the admission of the purchaser, assignee, transferee
or other recipient as a substituted or additional Member shall have been approved by the Managing Member;

 

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

 

(iv)        the
provisions of Section 9.03(b) shall have been complied with;

 

(v)         the
Managing Member shall be reasonably satisfied that such Transfer will not (A) result in a violation of the Securities Act or any
other Applicable Law; (B) cause an assignment under the Investment Company Act; or (C) cause the Company to qualify as a “publicly
traded partnership,” as that term is defined in Section 7704 of the Code;

 

(vi)        such
Transfer would not cause the Company to lose its status as a partnership for federal income tax purposes and, without limiting
the generality of the foregoing, such Transfer shall not be effected on or through an “established securities market”
or a “secondary market or the substantial equivalent thereof,” as such terms are used in Section 1.7704-1 of the Treasury
Regulations, and the transferring Member and the transferee shall each have provided a certificate to that effect;

 

(vii)       the
Managing Member shall have received the opinion of counsel, if any, required by Section 9.03(c) in connection with such
Transfer; and

 

    	25

    	 

    

 

(viii)      all
necessary instruments reflecting such Transfer and/or admission shall have been filed in each jurisdiction in which such filing
is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members.

 

(b)          Each
substituted Member and additional Member shall be bound by all of the provisions of this Agreement. Each substituted Member and
additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart
of this Agreement or a joinder agreement in customary form), in form and substance reasonably satisfactory to the Managing Member,
as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such
substituted or additional Member to be bound by all the terms and provisions of this Agreement with respect to the Membership Interest
acquired by such substituted or additional Member. The admission of a substituted or additional Member shall not require the consent
of any Member other than the Managing Member (if and to the extent such consent of the Managing Member is expressly required by
this Article 9). As promptly as practicable after the admission of a substituted or additional Member, the books and records
of the Company and Exhibit A shall be changed to reflect such admission.

 

(c)          As
a further condition to any Transfer of all or any part of a Member’s Membership Interest, the Managing Member may, in its
discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained
at the sole expense of the transferring Member, reasonably satisfactory in form and substance to the Managing Member, as to such
matters as are customary and appropriate in transactions of this type, including (or, in the case of any Transfer made to a Permitted
Transferee, limited to an opinion) to the effect that such Transfer will not result in a violation of the registration or other
requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in
connection with a Transfer made pursuant to the Exchange Agreement.

 

Section
9.04.   Expense of Transfer; Indemnification. Each party hereto
shall bear his or its own expenses in connection with the Transfer of a Member’s Membership Interest, including any filing
and recording costs and the reasonable fees and disbursements of counsel, except that the Company shall bear any transfer taxes,
stamp taxes or duties or other similar taxes in connection with, or arising by reason of, such Transfer. The transferring Member
hereby indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing
Member, the Company, or any of their Affiliates may become subject arising out of or based upon any false representation or warranty
made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection
with such Transfer.

 

Section
9.05.   Exchange Agreement. In connection with any Transfer of
any portion of a Member’s Membership Interest pursuant to the Exchange Agreement, the Managing Member shall cause the Company
to take any action as may be required under the Exchange Agreement or requested by any party thereto to effect such Transfer promptly.

 

    	26

    	 

    

 

ARTICLE 10

Dissolution
and Termination

  

Section
10.01.   Dissolution.

 

(a)          The
Company shall be dissolved and its affairs wound up upon the occurrence of any of the following events:

 

(i)          an
election by the Managing Member to dissolve, wind up or liquidate the Company; provided, however, that the Managing
Member has received the prior written consent of RCAP;

 

(ii)         the
sale, disposition or transfer of all or substantially all of the assets of the Company; provided, however, that the
Managing Member shall not allow the Company to make such sale, disposition or transfer to an entity which is treated as a corporation
for U.S. federal income tax purposes without the prior written consent of RCAP, unless such sale, disposition or transfer involves
the sale of all or substantially all of the assets of the Company to an unrelated third party that is not an Affiliate of the Managing
Member or the Company;

 

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

 

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

 

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

 

(c)          Dissolution
of the Company shall be effective on the day on which the event occurs giving rise to the dissolution, but the Company will not
terminate until the assets of the Company have been distributed as provided in this Section 10.01 and any filings required
by the Delaware Act have been made.

 

    	27

    	 

    

 

(d)          Upon
dissolution, the Company shall be liquidated and wound up in an orderly manner in accordance with the provisions of this Section
10.01. The Managing Member or a Person selected by the Managing Member to act as liquidating trustee, shall wind up the affairs
of the Company pursuant to this Agreement. The Managing Member or liquidating trustee, as applicable, is authorized, subject to
the Delaware Act, to sell, exchange or otherwise dispose of the assets of the Company, or to distribute Company assets in kind,
as the Managing Member or liquidating trustee shall determine to be in the best interests of the Members. The reasonable out-of-pocket
expenses incurred by the Managing Member or liquidating trustee in connection with winding up the Company (including legal and
accounting fees and expenses), all other liabilities or losses of the Company or the Managing Member or liquidating trustee incurred
in accordance with the terms of this Agreement, and reasonable compensation for the services of the liquidating trustee shall be
borne by the Company. Except as otherwise required by law and except in connection with any gross negligence or willful misconduct
of the Managing Member or liquidating trustee, the Managing Member or liquidating trustee shall not be liable to any Member or
the Company for any loss attributable to any act or omission of the Managing Member or liquidating trustee taken in good faith
in connection with the winding up of the Company and the distribution of Company assets. The Managing Member or liquidating trustee
may consult with counsel and accountants with respect to winding up the Company and distributing its assets and shall be justified
in acting or omitting to act in accordance with the advice or opinion of such counsel or accountants, provided, however, 
that the Managing Member or liquidating trustee shall have used reasonable care in selecting such counsel or accountants.

 

(e)          Upon
dissolution of the Company, the expenses of liquidation (including compensation for the services of the liquidating trustee and
legal and accounting fees and expenses) and the Company’s liabilities and obligations to creditors shall be paid, or reasonable
provisions shall be made for payment thereof, in accordance with Applicable Law, from cash on hand or from the liquidation of Company
properties.

 

(f)          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 this Section 10.01 to minimize any losses otherwise attendant upon such winding up. Notwithstanding the
generality of the foregoing, within 180 calendar days after the effective date of dissolution of the Company, the assets of the
Company shall be distributed in the following manner and order: (i) all debts and obligations of the Company, if any, shall first
be paid, discharged or provided for by adequate reserves; and (ii) the balance shall be distributed to the Members in accordance
with Section 5.01.

 

(g)          The
Managing Member or liquidating trustee shall not be personally liable for the return of Capital Contributions or any portion thereof
to the Members (it being understood and agreed that any such return shall be made solely from Company assets).

 

Section
10.02.   Termination. The Company shall terminate when all of the assets
of the Company, after payment or reasonable provision for the payment of all debts, liabilities and obligations of the Company,
shall have been distributed in the manner provided for in this Article 10 and the Certificate shall have been canceled
in the manner required by the Delaware Act.

 

ARTICLE 11

Exculpation
and Indemnification

 

Section
11.01.   Exculpation. To the fullest extent permitted by Applicable
Law, and except as otherwise expressly provided herein, no Indemnitee (as defined below) shall be liable to the Company or any
other Indemnitee for any Losses (as defined below), which at any time may be imposed on, incurred by, or asserted against, the
Company or any other Indemnitee as a result of or arising out of the activities of the Indemnitee in its capacity as an officer
of the Company or otherwise on behalf of the Company to the extent within the scope of the authority reasonably believed to be
conferred on such Indemnitee, except to the extent such Losses arise out of (i) the Indemnitee’s failure to act in good
faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect
to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii)
the Indemnitee’s material breach of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross
negligence or willful misconduct.

 

    	28

    	 

    

 

Section
11.02.         Indemnification. To the fullest extent permitted by Applicable
Law, each of (a) the Members, the Managing Member and their respective Affiliates, (b) the stockholders, members, managers, directors,
officers, partners, employees and agents of the Members and the Managing Member and their respective Affiliates, and (c) the officers
of the Company (each, an “Indemnitee”) shall be indemnified and held harmless by the Company from and against
any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and
other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative
(collectively, “Losses”), which at any time may be imposed on, incurred by, or asserted against, the Indemnitee
as a result of or arising out of this Agreement, the Company, its assets, business or affairs or the activities of the Indemnitee
in its capacity as an officer of the Company or otherwise on behalf of the Company to the extent within the scope of the authority
reasonably believed to be conferred on such Indemnitee; provided, however, that the Indemnitee shall not be
entitled to indemnification for any Losses to the extent such Losses arise out of (i) the Indemnitee’s failure to act in
good faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect
to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii) the
Indemnitee’s material breach of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence
or willful misconduct. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a
plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee acted in a manner specified
in clause (i), (ii) or (iii) above. Any indemnification pursuant to this Article 11 shall be made only out of the assets
of the Company and no Member shall have any personal liability on account thereof.

 

Section
11.03.         Expenses. Expenses (including reasonable legal fees and
expenses) incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding described in Section 11.02 shall,
from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding,
upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined
that the Indemnitee is not entitled to be indemnified as provided in this Article 11.

 

Section
11.04.         Non-Exclusivity. The indemnification and advancement
of expenses set forth in this Article 11 shall not be exclusive of any other rights to which those seeking indemnification
or advancement of expenses may be entitled under any statute, the Delaware Act, this Agreement, any other agreement, a policy of
insurance or otherwise. The indemnification and advancement of expenses set forth in this Article 11 shall continue as to
an Indemnitee who has ceased to be a named Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors
and permitted assigns of such a Person.

 

    	29

    	 

    

 

Section
11.05.   Insurance. The Company may purchase and maintain insurance
on behalf of the Indemnitees against any liability asserted against them and incurred by them in such capacity, or arising out
of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such liability under
this Article 11.

 

ARTICLE 12

Accounting
and Records

 

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

 

Section
12.02.   Tax Information. The Managing Member shall exercise commercially
reasonable efforts to send, within 75 days after the end of each Fiscal Year to each Person who was a Member at any time during
the Fiscal Year, a Schedule K-1 with respect to the Company and any other information necessary for such Member to file its income
tax returns for such Fiscal Year.

 

ARTICLE 13

Arbitration

 

The Members shall attempt in good faith
to resolve all claims, disputes and other disagreements arising hereunder (each, a “Dispute”) by negotiation.
If a Dispute between Members cannot be resolved in such manner, such Dispute shall, at the request of any Member, after providing
written notice to the other Members party to the Dispute, be submitted to arbitration in The City of New York in accordance with
the Commercial Arbitration Rules of the American Arbitration Association then in effect. The proceeding shall be confidential.
The party initially asserting the Dispute (the “Initiating Party”) shall notify the other party (the “Responding
Party”) of the name and address of the arbitrator chosen by the Initiating Party and shall specifically describe the
Dispute in issue to be submitted to arbitration. Within 30 days of receipt of such notification, the Responding Party shall notify
the Initiating Party of its answer to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and
address of the arbitrator chosen by the Responding Party. If the Responding Party does not appoint an arbitrator during such 30-day
period, appointment of the second arbitrator shall be made by the American Arbitration Association upon request of the Initiating
Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who shall serve as president of the panel of
arbitrators (the “Panel”) thus composed. If the two arbitrators so chosen or appointed fail to agree upon the
choice of a third arbitrator within 30 days from the appointment of the second arbitrator, the third arbitrator will be appointed
by the American Arbitration Association upon the request of the arbitrators or either of the parties. In all cases, the arbitrators
must be persons who are knowledgeable about, and have recognized ability and experience in dealing with, the subject matter of
the Dispute. The arbitrators will act by majority decisions. Any decision of the arbitrators shall (a) be rendered in writing and
shall bear the signatures of at least two arbitrators, and (b) identify the members of the Panel. Absent fraud or manifest error,
any such decision of the Panel shall be final, conclusive and binding on the parties to the arbitration and enforceable by a court
of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration; provided,
however, that each party shall pay for and bear the costs of its own experts, evidence and legal counsel, unless the
arbitrator rules otherwise in the arbitration. The parties shall complete all discovery within 30 days after the Panel is composed,
shall complete the presentation of evidence to the Panel within 15 days after the completion of discovery, and a final decision
with respect to the matter submitted to arbitration shall be rendered within 15 days after the completion of presentation of evidence.
The Members shall cause to be kept a record of the proceedings of any matter submitted to arbitration hereunder.

 

    	30

    	 

    

 

ARTICLE 14

Miscellaneous
Provisions

 

Section
14.01.   Entire Agreement. This Agreement and the other Transaction
Documents constitute the entire agreement and understanding by the Members with respect to the subject matter hereof and supersede
any prior agreement or understanding by the Members with respect to such subject matter.

 

Section
14.02.   Binding on Successors. The terms of this Agreement shall inure
to the benefit of and be binding upon the respective successors and permitted assigns of the parties.

 

Section
14.03.   Power of Attorney.

 

(a)          Each
of the Members hereby irrevocably makes, constitutes and appoints the Managing Member as such Member’s true and lawful representative
and attorney-in-fact in such Member’s name, place and stead, (i) to make, execute, sign and file all instruments, documents
and certificates which, from time to time, may be required to set forth any duly adopted amendment to this Agreement, and (ii)
to execute, implement and continue the valid and subsisting existence of the Company or to qualify and continue the Company as
a foreign limited liability company in all jurisdictions in which the Company may conduct business. Such power of attorney is coupled
with an interest and shall survive and continue in full force and effect notwithstanding the subsequent withdrawal from the Company
of any Member for any reason and shall survive and shall not be affected by the disability or incapacity of such Member.

 

(b)          If
any Person other than the Managing Member, Pubco or RCAP becomes a Member, such Person shall execute a power of attorney, in form
reasonably acceptable to the Managing Member, irrevocably appointing the Managing Member as such Member’s true and lawful
representative and attorney-in-fact in such Member’s name, place and stead, (i) to make, execute, sign and file all instruments,
documents and certificates which, from time to time, may be required to set forth any duly adopted amendment to this Agreement,
and (ii) to execute, implement and continue the valid and subsisting existence of the Company or to qualify and continue the Company
as a foreign limited liability company in all jurisdictions in which the Company may conduct business. Such power of attorney shall
be coupled with an interest and shall survive and continue in full force and effect notwithstanding the subsequent withdrawal from
the Company of any Member for any reason and shall survive and shall not be affected by the disability or incapacity of such Member.

 

    	31

    	 

    

 

Section
14.04.   Governing Law. This Agreement and the rights of the parties
hereunder will be governed by, construed and enforced in accordance with the laws of the State of Delaware without regard to conflicts
of law principles thereof.

 

Section
14.05.   Headings. All headings herein are inserted only for convenience
and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement.

 

Section
14.06.   Severability. If any provision of this Agreement, or the application
of such provision to any Person or circumstance, shall be held illegal, invalid or unenforceable, the remainder of this Agreement
or the application of such provision to other persons or circumstances shall not be affected thereby.

 

Section
14.07.   Notices. Any notice, request, demand, approval, consent,
waiver or other communication required or permitted to be given or to be served upon the Company or any Member in connection with
this Agreement (each, a “Notice”) shall be in writing and shall be (a) delivered in person, (b) sent by facsimile
transmission (with the original thereof also contemporaneously given by another method specified in this Section 14.07),
(c) sent by a nationally-recognized overnight courier service, or (d) sent by certified or registered mail (postage prepaid, return
receipt requested), to the address of such Member specified in Exhibit A, or if to the Company, at its principal office.
Any Member or the Company may change its address for Notices by giving Notice of such other address as it, he or she may from time
to time designate to all the Members and the Company. Any Notice shall only be duly given and effective upon receipt (or refusal
of receipt).

 

Section
14.08.   Amendments. 

 

(a)          Subject
to Sections 10.01(a) and 14.08(b), the Managing Member may, at any time, and from time to time, amend, in whole or
in part, any of or all the provisions of the Agreement, or suspend or terminate it entirely, retroactively or otherwise; provided,
however, that, rights of a Member may not be disproportionately adversely affected without the consent of such Member. Without
limiting the generality of the foregoing, unless otherwise required by law or specifically provided herein, the rights of a Member
with respect to an amount earned prior to such an amendment, suspension or termination may not be adversely affected without the
consent of such Member;.

 

(b)          Notwithstanding
anything to the contrary contained herein, the prior written consent of RCAP shall required for any amendment to or waiver of:
(i) Section 2.08; (ii) Section 3.02; (iii) Section 3.03; (iv) Section 3.04; (iii) Section 5.02;
(iv) Section 10.01; (v) this Article 14; or (vi) any other provision of this Agreement expressly giving one or more
of RCAP and/or the Permitted Transferee Members of RCAP any approval or consent right. For the avoidance of doubt, RCAP’s
rights under this Section 14.08(b) are in addition to, and not in limitation of, its rights under Section 14.08(a).

 

    	32

    	 

    

 

Section
14.09.   Consent to Jurisdiction and Venue. Subject to Article
13, the parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively
in the United States District Court for the Southern District of New York or the Supreme Court of the State of New York located
in the County of New York. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or proceeding. Process in any such suit, action or proceeding
in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction
of any such court, by any of the methods specified for the giving of Notices pursuant to Section 14.07. Each of the parties
irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on
venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was
provided Notice in accordance with the methods specified in Section 14.07) in any suit, action or proceeding brought in such courts.

 

[signature pages follow]

 

    	33

    	 

    

 

IN WITNESS WHEREOF, the undersigned
Members have duly executed this Agreement as of the date first written above.

 

	 	RCS CAPITAL CORPORATION
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	RCAP HOLDINGS, LLC
	 	 
	 	By:	 
	 	 	Name:  
	 	  	Title:  

 

    	 

    	 

    

 

Exhibit A

  

	
        
	
	
        
	

	
        Percentage

	Name and
        Address of Member	 	Interest	 	Interest
	 	 	 	 	 
	RCS Capital Corporation	 	[      ] Class A Units	 	[      ]%
	405 Park Ave., 15th Floor	 	 	 	 
	New York, NY  10022	 	 	 	 
	Attention:  Legal Counsel	 	 	 	 
	 	 	 	 	 
	RCAP Holdings, LLC	 	[      ] Class B Units	 	[      ]%
	405 Park Ave., 15th Floor	 	 	 	 
	New York, NY  10022	 	 	 	 
	Attention:  Legal CounselExhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

dated as of

[              ], 2013

among

RCS CAPITAL CORPORATION

and

THE SHAREHOLDERS PARTY HERETO

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

  

	 	Page
	 	 
	Article 1
	Definitions
	 	 
	Section 1.01.  Definitions	1
	Section 1.02.  Other Definitional and Interpretative Provisions	4
	 	 
	Article 2
	Registration Rights
	 	 
	Section 2.01.  Demand Registration	5
	Section 2.02.  Piggyback Registration	7
	Section 2.03.  Shelf Registration	8
	Section 2.04.  Lock-Up Agreements	9
	Section 2.05.  Registration Procedures	9
	Section 2.06.  Participation In Public Offering	13
	Section 2.07.  [Intentionally Omitted]	13
	Section 2.08.  Rule 144 Sales; Cooperation By The Company	13
	 	 
	Article 3
	Indemnification and Contribution
	 	 
	Section 3.01.  Indemnification by the Company	14
	Section 3.02.  Indemnification by Participating Shareholders	14
	Section 3.03.  Conduct of Indemnification Proceedings	15
	Section 3.04.  Contribution	15
	Section 3.05.  Other Indemnification	16
	 	 
	Article 4
	Miscellaneous
	 	 
	Section 4.01.  Binding Effect; Assignability; Benefit	16
	Section 4.02.  Notices	18
	Section 4.03.  Waiver; Amendment; Termination	19
	Section 4.04.  Governing Law	19
	Section 4.05.  Jurisdiction	20
	Section 4.06.  WAIVER OF JURY TRIAL	20
	Section 4.07.  Specific Enforcement	20
	Section 4.08.  Counterparts; Effectiveness	20

 

    	 

    	 

    

 

	 	Page
	 	 
	Section 4.09.  Entire Agreement	20
	Section 4.10.  Severability	20
	Section 4.11.  Other Registration Rights	21
	Section 4.12.  Independent Nature of Shareholders' Obligations and Rights	21
	 	 
	Exhibit A        Joinder Agreement	 

  

    	ii

    	 

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated
as of [                   ], 2013 (this “Agreement”), is entered into by and among RCS Capital Corporation, a Delaware corporation
(the “Company”), and the Shareholders party hereto as listed on the signature pages, including any Permitted
Transferees thereof.

 

In consideration of the mutual promises
made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

Article
1

Definitions

 

Section 1.01. Definitions. (a) The
following terms, as used herein, have the following meanings:

 

“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person,
provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason
of any investment in the Company. For the purpose of this definition, the term “control” (including, with correlative
meanings, the terms “controlling”, “controlled by” and “under common control with”),
as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

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

 

“Business Day” means
any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by law to close.

 

“Common Shares” means
shares of Class A Common Stock, par value $0.001 per share, of the Company and any stock into which such Common Shares may thereafter
be converted or changed.

 

“Company Securities”
means the Common Shares and, for purposes of the definitions of “Permitted Transferees” and “Transfer”,
shall also mean any other securities of the Company or the Operating Subsidiaries that are convertible or exercisable into or exchangeable
for Common Shares.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“FINRA” means the Financial
Industry Regulatory Authority (formerly, the National Association of Securities Dealers, Inc.) and any successor thereto.

 

    	 

    	 

    

 

“First Public Offering”
means the Company’s initial Public Offering.

 

“Management LLC” means
RCS Capital Management, LLC, a Delaware limited liability company, and any successor thereto.

 

“Operating Subsidiaries”
means (i) Realty Capital Securities, LLC, (ii) RCS Advisory Services, LLC, and (iii) American National Stock Transfer, LLC, each
a Delaware limited liability company.

 

“Permitted Transferee”
means in the case of any Shareholder, a Person to whom Registrable Securities are Transferred by such Shareholder; provided
that (i) such Transfer does not violate any agreements between such Shareholder and the Company or any of the Company’s
subsidiaries, (ii) such Transfer is not made in a registered offering or pursuant to Rule 144 and (iii) such transferee shall
only be a Permitted Transferee if and to the extent the transferor designates the transferee as a Permitted Transferee entitled
to rights hereunder pursuant to Section 4.01(b).

 

“Person” means an individual,
corporation, limited liability company, partnership, association, trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Public Offering” means
an underwritten public offering of Registrable Securities of the Company pursuant to an effective registration statement under
the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

 

“RCAP Holdings” means
RCAP Holdings, LLC, a Delaware limited liability company, and any successor thereto.

 

“Registrable Securities”
means, at any time, any Company Securities and any other securities issued or issuable by the Company or any of its successors
or assigns in respect of any such Company Securities by way of conversion, exchange, exercise, dividend, split, reverse split,
combination, recapitalization, reclassification, merger, amalgamation, consolidation, sale of assets, other reorganization or otherwise
until (i) a registration statement covering such Company Securities or such other securities has been declared effective by the
SEC and such Company Securities or such other securities have been disposed of pursuant to such effective registration statement,
or (ii) such Company Securities or such other securities are sold under circumstances in which all of the applicable conditions
of Rule 144 are met.

 

    	2

    	 

    

 

“Registration Expenses”
means any and all expenses incident to the performance of, or compliance with, any registration or marketing of securities, including
all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any
securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue
sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications
of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration
statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving
and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees
performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company and customary fees and
expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters
or costs associated with the delivery by independent certified public accountants of any comfort letters requested pursuant to
Section 2.05(h)), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration,
(viii) reasonable fees, out-of-pocket costs and expenses of the Shareholders, including one counsel for all of the Shareholders
participating in the offering selected by the Shareholders holding the majority of the Registrable Securities to be sold for the
account of all Shareholders in the offering, (ix) fees and expenses in connection with any review by FINRA of the underwriting
arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,”
including the fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers
or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable
Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky”
or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery
of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of
any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor presentations
or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities,
and (xiv) all out-of pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance
with Section 2.05(m). Except as set forth in clause (viii) above, Registration Expenses shall not include any out-of-pocket expenses
of the Shareholders (or the agents who manage their accounts).

 

“Rule 144” means Rule
144 (or any successor or similar provisions) under the Securities Act.

 

“Rule 144A” has the meaning
set forth in Section 2.08(b).

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Shareholder” means,
subject to Section 4.13, at any time, any Person (other than the Company) who shall then be a party to or bound by this Agreement,
so long as such Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company
Securities.

 

    	3

    	 

    

 

“Transfer” means, with
respect to any Company Securities, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate
or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly, or agree
or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange,
pledge, encumbrance, hypothecation, or other transfer of such Company Securities or any participation or interest therein or any
agreement or commitment to do any of the foregoing.

 

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

 

	Term	 	Section
	Agreement	 	Preamble
	Company	 	Preamble
	Damages	 	3.01
	Demand Registration	 	2.01(a)
	Indemnified Party	 	3.03
	Indemnifying Party	 	3.03
	Inspectors	 	2.05(g)
	Lock-Up Period	 	2.04
	Management LLC Permitted Transferee	 	4.01(d)
	Maximum Offering Size	 	2.01(e)
	Notice	 	4.02
	Piggyback Registration	 	2.02(a)
	RCAP Holdings Permitted Transferee	 	4.01(c)
	Records	 	2.05(g)
	Registering Shareholders	 	2.01(a)
	Requesting Shareholder	 	2.01(a)
	Shelf Registration	 	2.03
	Shelf Requesting Shareholder	 	2.03
	Underwritten Takedown	 	2.03

 

Section 1.02. Other Definitional and
Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and words of like
import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.
References to Articles, Sections or Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified.
All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth
in full herein. Any capitalized term used in any Exhibit but not otherwise defined therein shall have the meaning as defined in
this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words
of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of
reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement
or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References
to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise
specified, from and including or through and including, respectively.

 

    	4

    	 

    

 

Article
2

Registration
Rights

 

Section 2.01. Demand Registration.
(a) If the Company shall receive a request from a Shareholder or group of Shareholders (the requesting Shareholder(s) shall be referred to herein as the “Requesting
Shareholder”) that the Company effect the registration under the Securities Act of all or any portion of
the Requesting Shareholder’s Registrable Securities, and specifying the intended method of disposition thereof, then the
Company shall promptly give notice of such requested registration (each such request shall be referred to herein as a “Demand
Registration”) at least 10 Business Days prior to the anticipated filing date of the registration statement relating
to such Demand Registration to the other Shareholders and thereupon shall use its reasonable best efforts to effect, as expeditiously
as possible, the registration under the Securities Act of:

 

(i)          subject
to the restrictions set forth in Sections 2.01(e), all Registrable Securities for which the Requesting Shareholder has requested
registration under this Section 2.01, and

 

(ii)         subject
to the restrictions set forth in Sections 2.01(e) and 2.02, all other Registrable Securities of the same class as those requested
to be registered by the Requesting Shareholder that any Shareholders (all such Shareholders, together with the Requesting Shareholder,
the “Registering Shareholders”) have requested the Company to register pursuant to Section 2.02, by request
received by the Company within seven Business Days after such Shareholders receive the Company’s notice of the Demand Registration,

 

all to the extent necessary to permit the
disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered;
provided, however, that, the Company shall not be obligated to effect a Demand Registration unless the aggregate
proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration
equals or exceeds $10,000,000 or such lesser amount that constitutes all of the Requesting Shareholder’s Registrable Securities
(provided that such lesser amount is at least $5,000,000). In no event shall the Company be required to effect more than one Demand
Registration hereunder within any three-month period.

 

    	5

    	 

    

 

(b)          Promptly
after the expiration of the seven-Business Day period referred to in Section 2.01(a)(ii), the Company will notify all Registering
Shareholders of the identities of the other Registering Shareholders and the number of shares of Registrable Securities requested
to be included therein. At any time prior to the effective date of the registration statement relating to such registration, the
Requesting Shareholder may revoke such request, without liability to any of the other Registering Shareholders, by providing a
notice to the Company revoking such request. A request, so revoked, shall be considered to be a Demand Registration unless (i)
such revocation arose out of the fault of the Company (in which case the Company shall be obligated to pay all Registration Expenses
in connection with such revoked request), or (ii) the Requesting Shareholder reimburses the Company for all Registration Expenses
of such revoked request.

 

(c)          The
Company shall be liable for and shall pay all Registration Expenses in connection with any Demand Registration, regardless of whether
such Registration is effected, unless the Requesting Shareholder elects to pay such Registration Expenses as described in the last
sentence of Section 2.01(b).

 

(d)          A
Demand Registration shall not be deemed to have occurred:

 

(i)          unless
the registration statement relating thereto (A) has become effective under the Securities Act and (B) has remained effective for
a period of at least 180 days (or such shorter period in which all Registrable Securities of the Registering Shareholders included
in such registration have actually been sold thereunder), provided that a Demand Registration shall not be deemed to have
occurred if, after such registration statement becomes effective, (1) such registration statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or other governmental agency or court and (2) less than 75% of the Registrable
Securities included in such registration statement have been sold thereunder; or

 

(ii)         if
the Maximum Offering Size is reduced in accordance with Section 2.01(e) such that less than 662/3%
of the Registrable Securities of the Requesting Shareholders sought to be included in such registration are included.

 

(e)          If
a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Company and the Requesting
Shareholder that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including
any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of shares
that can be sold without having an adverse effect on such offering, including the price at which such shares can be sold (the “Maximum
Offering Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering
Size:

 

(i)          first,
all Registrable Securities requested to be included in such registration by all Registering Shareholders (allocated, if necessary
for the offering not to exceed the Maximum Offering Size, pro rata among such Shareholders on the basis of the relative
number of Registrable Securities held by each such Shareholder); and

 

(ii)         second,
any securities proposed to be registered by the Company (including for the benefit of any other Persons not party to this Agreement).

 

    	6

    	 

    

 

(f)          Upon
notice to the Requesting Shareholder, the Company may postpone effecting a registration pursuant to this Section 2.01 on one occasion
during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 45 days (which period
may not be extended or renewed), if (i) the Company reasonably determines that effecting the registration would materially and
adversely affect an offering of securities of the Company the preparation of which had then been commenced, or (ii) the Company
is in possession of material non-public information the disclosure of which during the period specified in such notice the Company
reasonably believes would not be in the best interests of the Company.

 

Section 2.02. Piggyback Registration.
(a) If the Company proposes to register any Company Securities under the Securities Act (other than (i) a Shelf Registration, which
will be subject to the provisions of Section 2.03; provided that any Underwritten Takedown will be subject to this Section
2.02, or (ii) a registration on Form S-8 or S-4, or any successor or similar forms, relating to Common Shares issuable upon exercise
of employee stock options or in connection with any employee benefit or similar plan of the Company or in connection with a direct
or indirect acquisition by the Company of another Person), whether or not for sale for its own account, the Company shall each
such time give prompt notice at least 10 Business Days prior to the anticipated filing date of the registration statement relating
to such registration to each Shareholder, which notice shall set forth such Shareholder’s rights under this Section 2.02
and shall offer such Shareholder the opportunity to include in such registration statement the number of Registrable Securities
of the same class or series as those proposed to be registered as each such Shareholder may request (a “Piggyback Registration”),
subject to the provisions of Section 2.02(b). Upon the request of any such Shareholder made within seven Business Days after the
receipt of notice from the Company (which request shall specify the number of Registrable Securities intended to be registered
by such Shareholder), the Company shall use all reasonable best efforts to effect the registration under the Securities Act of
all Registrable Securities that the Company has been so requested to register by all such Shareholders, to the extent required
to permit the disposition of the Registrable Securities so to be registered, provided that (A) if such registration involves
an underwritten Public Offering, all such Shareholders requesting to be included in the Company’s registration must sell
their Registrable Securities to the underwriters selected as provided in Section
2.05(f)(i) on the same terms and conditions as apply to the Company or the Requesting Shareholders, as applicable, and (B)
if, at any time after giving notice of its intention to register any Company Securities pursuant to this Section 2.02(a) and prior
to the effective date of the registration statement filed in connection with such registration, the Company shall determine for
any reason not to register such securities, the Company shall give notice to all such Shareholders and, thereupon, shall be relieved
of its obligation to register any Registrable Securities in connection with such registration. No registration effected under this
Section 2.02 shall relieve the Company of its obligations to effect a Demand Registration to the extent required by Section 2.01
or a Shelf Registration to the extent required by Section 2.03. The Company shall pay all Registration Expenses in connection with
each Piggyback Registration.

 

    	7

    	 

    

 

(b)          If
a Piggyback Registration involves an underwritten Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in Section 2.01(e) shall apply) and the managing underwriter advises
the Company that, in its view, the number of Shares that the Company and such Shareholders intend to include in such registration
exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum
Offering Size:

 

(i)          first,
so much of the Company Securities proposed to be registered for the account of the Company (or, if such registration is pursuant
to a demand by a Person that is not a Shareholder, for the account of such other Person) as would not cause the offering to exceed
the Maximum Offering Size,

 

(ii)         second,
all Registrable Securities requested to be included in such registration by any Shareholders pursuant to this Section 2.02 (allocated,
if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Shareholders on the basis of
the relative number of shares of Registrable Securities so requested to be included in such registration by each), and

 

(iii)        third,
any securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall
determine.

 

Section 2.03. Shelf Registration.
(a) At any time after the first anniversary of the First Public Offering, if the Company is eligible to use Form S-3, a Shareholder
or group of Shareholders may request the Company (the requesting Shareholder(s) shall be referred to herein as the “Shelf
Requesting Shareholder”) to effect a registration of some or all of the Registrable Securities held by such Shelf Requesting
Shareholder under a Registration Statement pursuant to Rule 415 under the Securities Act (or any successor or similar rule) (a
“Shelf Registration”). The Company shall only be required to effectuate one Public Offering from such Shelf
Registration (an “Underwritten Takedown”) within any three-month period, which offering shall be deemed a Demand
Registration. The provisions of Section 2.01 shall apply mutatis mutandis to each Underwritten Takedown, with references
to “filing of the registration statement” or “effective date” being deemed references to filing of a prospectus
or supplement for such offering and references to “registration” being deemed references to the offering; provided
that Registering Shareholders shall only include Shareholders whose Registrable Securities are included in such Shelf Registration
or may be included therein without the need for an amendment to such Shelf Registration (other than an automatically effective
amendment). So long as the Shelf Registration is effective, no Shareholder may request any Demand Registration pursuant to Section
2.01 with respect to Registrable Shares that are registered on such Shelf Registration.

 

(b)          If
the Company shall receive a request from a Shelf Requesting Shareholder that the Company effect a Shelf Registration, then the
Company shall promptly give notice of such requested registration at least 10 Business Days prior to the anticipated filing date
of the registration statement relating to such Shelf Registration to the other Shareholders and thereupon shall use its reasonable
best efforts to effect, as expeditiously as possible, the registration under the Securities Act of:

 

    	8

    	 

    

 

(i)          all
Registrable Securities for which the Shelf Requesting Shareholder has requested registration under this Section 2.03, and

 

(ii)         all
other Registrable Securities of the same class as those requested to be registered by the Shelf Requesting Shareholder that any
Shareholders have requested the Company to register by request received by the Company within seven Business Days after such Shareholders
receive the Company’s notice of the Shelf Registration,

 

all to the extent necessary to permit the
registration of the Registrable Securities so to be registered on such Shelf Registration.

 

(c)          At
any time prior to the effective date of the registration statement relating to such Shelf Registration, the Shelf Requesting Shareholder
may revoke such request, without liability to any of the other Registering Shareholders, by providing a notice to the Company revoking
such request.

 

(d)          The
Company shall be liable for and pay all Registration Expenses in connection with any Shelf Registration.

 

(e)          Upon
notice to the Shelf Requesting Shareholder, the Company may postpone effecting a registration pursuant to this Section 2.03 on
one occasion during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 45 days
(which period may not be extended or renewed), if the Company determines that effecting the registration would materially and adversely
affect an offering of securities of the Company the preparation of which had then been commenced, or the Company is in possession
of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes
would not be in the best interests of the Company.

 

Section 2.04. Lock-Up Agreements.
If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither the Company nor any
Shareholder shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any Company Securities or
other security of the Company (except as part of such Public Offering) during the period beginning 14 days prior to the effective
date of the applicable registration statement or, in the case of a Shelf Registration, 14 days prior to launch of the offering
or such later date when the Shareholder receives notice thereof until the earlier of (i) such time as the Company and the lead
managing underwriter shall agree and (ii) 180 days following the effective date of the applicable registration statement for the
First Public Offering and, otherwise, 90 days following the effective date of the applicable registration statement or, in the
case of a Shelf Registration, 90 days following the launch of the offering or such later date when the Shareholder receives notice
thereof (such period, the “Lock-Up Period” for the applicable registration statement).

 

Section 2.05.   Registration Procedures.
Whenever Shareholders request that any Registrable Securities be registered pursuant to Section 2.01, 2.02, or 2.03, subject to
the provisions of such Sections, the Company shall use all reasonable best efforts to effect the registration and the sale of such
Registrable Securities in accordance with the intended method of disposition thereof as quickly as practicable, and, in connection
with any such request:

 

    	9

    	 

    

 

(a)          The
Company shall as expeditiously as possible prepare and file with the SEC a registration statement on any form for which the Company
then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable
Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use all reasonable best
efforts to cause such filed registration statement to become and remain effective for a period of not less than 180 days, or in
the case of a Shelf Registration, three years (or such shorter period in which all of the Registrable Securities of the Shareholders
included in such registration statement shall have actually been sold thereunder). Any such registration statement shall be an
automatically effective registration statement to the extent permitted by the SEC’s rules and regulations.

 

(b)          Prior
to filing a registration statement or prospectus or any amendment or supplement thereto (other than any report filed pursuant to
the Exchange Act that is incorporated by reference therein), the Company shall, if requested, furnish to each participating Shareholder
and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration
statement as proposed to be filed, and thereafter the Company shall furnish to such Shareholder and underwriter, if any, such number
of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus) and any other prospectus filed under Rule 424, Rule 430A, Rule 430B or Rule 430C under the
Securities Act and such other documents as such Shareholder or underwriter may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such Shareholder.

 

(c)          After
the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with
the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration
statement during the applicable period in accordance with the intended methods of disposition by the Shareholders thereof set forth
in such registration statement or supplement to such prospectus and (iii) promptly notify each Shareholder holding Registrable
Securities covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission
and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered.

 

    	10

    	 

    

 

(d)          The
Company shall use all reasonable best efforts to (i) register or qualify the Registrable Securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering
Shareholder holding such Registrable Securities reasonably (in light of such Shareholder’s intended plan of distribution)
requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may
be reasonably necessary or advisable to enable such Shareholder to consummate the disposition of the Registrable Securities owned
by such Shareholder; provided, however, that the Company shall not be required to (A) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.05(d), (B) subject itself to taxation
in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

 

(e)          The
Company shall immediately notify each Shareholder holding such Registrable Securities covered by such registration statement, at
any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available
to each such Shareholder and file with the SEC any such supplement or amendment.

 

(f)          (i)
Each of RCAP Holdings and Management LLC shall  have the right to select an underwriter or underwriters in connection with
any Public Offering resulting from its exercise of a Demand Registration (including any Underwritten Takedown),
which underwriter or underwriters shall be reasonably acceptable to the Company and (ii) the Company shall select an
underwriter or underwriters in connection with any other Public Offering (which underwriter or underwriters shall be
reasonably acceptable to RCAP Holdings and Management LLC if they are participating in such Public Offering). In connection
with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary
form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities in any such Public Offering, including the engagement of a “qualified independent
underwriter” in connection with the qualification of the underwriting arrangements with FINRA.

 

(g)          Upon
execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall make available
for inspection by any Shareholder and any underwriter participating in any disposition pursuant to a registration statement being
filed by the Company pursuant to this Section 2.05 and any attorney, accountant or other professional retained by any such Shareholder
or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents
and properties of the Company (collectively, the “Records”) as shall be reasonably necessary or desirable to
enable any of the Inspectors to exercise its due diligence responsibility, and cause the Company’s officers, directors and
employees to supply all information reasonably requested by any Inspectors in connection with such registration statement. Records
that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not be
disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission
in such registration statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court
of competent jurisdiction. Each Shareholder agrees that information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Company Securities unless
and until such information is made generally available to the public. Each Shareholder further agrees that, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company,
at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential.

 

    	11

    	 

    

 

(h)          The
Company shall use reasonable best efforts to furnish to each Registering Shareholder and to each such underwriter, if any, a signed
counterpart, addressed to such Shareholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort
letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters
of the kind customarily covered by opinions or comfort letters, as the case may be, as a majority of such Shareholders or the managing
underwriter therefor reasonably requests.

 

(i)          The
Company shall otherwise use all reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make
available to its security holders, as soon as reasonably practicable, an earnings statement or such other document covering a period
of 12 months, beginning within three months after the effective date of the registration statement, which earnings statement satisfies
the requirements of Rule 158 under the Securities Act.

 

(j)          The
Company may require each Shareholder promptly to furnish in writing to the Company such information regarding the distribution
of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally
required in connection with such registration.

 

(k)          Each
Shareholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
2.05(e), such Shareholder shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Shareholder’s receipt of the copies of the supplemented or amended prospectus
contemplated by Section 2.05(e), and, if so directed by the Company, such Shareholder shall deliver to the Company all copies,
other than any permanent file copies then in such Shareholder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during
which such registration statement shall be maintained effective (including the period referred to in Section 2.05(a)) by the number
of days during the period from and including the date of the giving of notice pursuant to Section 2.05(e)
to the date when the Company shall make available to such Shareholder a prospectus supplemented or amended to conform with the
requirements of Section 2.05(e).

 

(l)          The
Company shall use all reasonable best efforts to list all Registrable Securities covered by such registration statement on any
securities exchange or quotation system on which the Common Shares are then listed or traded.

 

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(m)          The
Company shall have appropriate officers of the Company (i)  prepare and make presentations at any “road shows”
and before analysts and (ii) otherwise use their reasonable efforts to cooperate as reasonably requested by the underwriters
in the offering, marketing or selling of the Registrable Securities.

 

Section 2.06. Participation In Public
Offering. No Shareholder may participate in any Public Offering hereunder unless such Shareholder (a) agrees to sell such Shareholder’s
Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect
of registration rights.

 

Section 2.07. [Intentionally Omitted.]

 

Section 2.08. Rule 144 Sales; Cooperation
By The Company. If any Shareholder shall transfer any Registrable Securities pursuant to Rule 144 or Rule 144A, the Company
shall cooperate, to the extent commercially reasonable, with such Shareholder and shall provide to such Shareholder such information
as such Shareholder shall reasonably request. Without limiting the foregoing, the Company shall:

 

(a)          at
any time after any of the Company’s shares of capital stock are registered under the Securities Act or the Exchange Act:
(i) make and keep available public information, as those terms are contemplated by Rule 144; (ii) timely file with the SEC
all reports and other documents required to be filed under the Securities Act and the Exchange Act; and (iii) furnish to each Shareholder
forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of the Securities
Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other information as such
Shareholder may reasonably request in order to avail itself of any rule or regulation of the SEC allowing such Shareholder to sell
any Registrable Securities without registration; and

 

(b)          each
Shareholder of Registrable Securities and each prospective Shareholder of Registrable Securities who may consider acquiring Registrable
Securities in reliance upon Rule 144A under the Securities Act (or any successor or similar rule then in force) (“Rule
144A”) shall have the right to request from the Company, and the Company will provide upon such request, such information
regarding the Company and its business, assets and properties, if any, as is at the time required to be made available by the Company
under Rule 144A so as to enable such Shareholder to transfer Registrable Securities to such prospective Shareholder in reliance
upon Rule 144A.

 

    	13

    	 

    

 

Article
3

Indemnification
and Contribution

 

Section 3.01. Indemnification by the
Company. The Company agrees to indemnify and hold harmless each Shareholder beneficially owning any Registrable Securities
covered by a registration statement, its officers, directors, employees, partners and agents, and each Person, if any, who controls
such Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against
any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’
fees and expenses) (collectively, “Damages”) caused by or relating to any untrue statement or alleged untrue
statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended
or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or free-writing
prospectus (as defined in Rule 405 under the Securities Act), or caused by or relating to any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as such Damages are caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made
based upon information furnished in writing to the Company by such Shareholder or on such Shareholder’s behalf expressly
for use therein. The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors
and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act on substantially the same basis as that of the indemnification of the Shareholders provided in this Section 3.01.

 

Section 3.02. Indemnification by Participating
Shareholders. Each Shareholder holding Registrable Securities included in any registration statement agrees, severally but
not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the
indemnity from the Company to such Shareholder provided in Section 3.01, but only with respect to information furnished in writing
by such Shareholder or on such Shareholder’s behalf expressly for use in any registration statement or prospectus relating
to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus or free-writing prospectus.
Each such Shareholder also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and
directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this Section 3.02. As
a condition to including Registrable Securities in any registration statement filed in accordance with Article 2, the Company may
require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it
harmless to the extent customarily provided by underwriters with respect to similar securities. No Shareholder shall be liable
under this Section 3.02 for any Damages in excess of the net proceeds realized by such Shareholder in the sale of Registrable Securities
of such Shareholder to which such Damages relate.

 

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Section 3.03. Conduct of Indemnification
Proceedings. If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect
of which indemnity may be sought pursuant to this Article 3, such Person (an “Indemnified Party”) shall promptly
notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying
Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party,
and shall assume the payment of all fees and expenses, provided that the failure of any Indemnified Party so to notify the
Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying
Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (a)
the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, (b) in the reasonable
judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them, including one or more defenses or counterclaims that are different from or in addition to those
available to the Indemnifying Party, or (c) the Indemnifying Party shall have failed to assume the defense within 30 days of notice
pursuant to this Section 3.03. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction,
the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed
as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing
by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall
indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason
of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect
any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party
and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional
release of such Indemnified Party from all liability arising out of such proceeding, and (B) does not include any injunctive or
other equitable or non-monetary relief applicable to or affecting such Indemnified Person.

 

Section 3.04. Contribution. If the
indemnification provided for in this Article 3 is unavailable to the Indemnified Parties in respect of any Damages, then each Indemnifying
Party, in lieu of indemnifying the Indemnified Parties, shall contribute to the amount paid or payable by such Indemnified Party,
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Damages as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of
a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
or omission. The amount paid or payable by a party as a result of any Damages shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection
with any proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided
for in this Article 3 was available to such party in accordance with its terms.

 

    	15

    	 

    

 

The parties hereto agree that it would not
be just and equitable if contribution pursuant to this Section 3.04 were determined by pro rata allocation or by any other
method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 3.04, no Shareholder shall be required to contribute, in the aggregate, any amount
in excess of the amount by which the proceeds actually received by such Shareholder from the sale of the Registrable Securities
subject to the proceeding exceeds the amount of any damages that such Shareholder has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Shareholder. Each
Shareholder’s obligation to contribute pursuant to this Section 3.03 is several in the proportion that the proceeds of the
offering received by such Shareholder bears to the total proceeds of the offering received by all such Shareholders and not joint.

 

No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. The indemnity and contribution agreements contained in this Article 3 are in addition to
any liability that the Indemnifying Parties may have to the Indemnified Parties.

 

Section 3.05. Other Indemnification.
Indemnification similar to that provided in this Article 3 (with appropriate modifications) shall be given by the Company and each
Shareholder participating therein with respect to any required registration or other qualification of securities under any foreign,
federal or state law or regulation or governmental authority other than the Securities Act.

 

Article
4

Miscellaneous

 

Section 4.01. Binding Effect; Assignability;
Benefit. (i) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
successors, legal representatives and permitted assigns. Any Shareholder that ceases to own beneficially any Company Securities
shall cease to be bound by the terms hereof (other than (i) the provisions of Article 3 applicable to such Shareholder with respect
to any offering of Registrable Securities completed before the date such Shareholder ceased to own any Company Securities and (ii)
this Article 4).

 

    	16

    	 

    

 

(a)          Neither
this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any
party hereto pursuant to any Transfer of Registrable Securities or otherwise, except that each Shareholder may assign rights hereunder
to any Permitted Transferee of such Shareholder. Any such Permitted Transferee shall (unless already bound hereby) execute and
deliver to the Company an agreement to be bound by this Agreement in the form of Exhibit A hereto (a “Joinder
Agreement”) and shall thenceforth be a “Shareholder”.

 

(b)          By
execution of this Agreement or a Joinder Agreement, (i) each Permitted Transferee of RCAP Holdings and (ii) each Permitted Transferee
of a Permitted Transferee described in the foregoing clause (i) (any of the Shareholders described in the foregoing clauses (i)
or (ii), a “RCAP Holdings Permitted Transferee”) hereby irrevocably appoints RCAP Holdings as its agent and
representative for the sole purpose of amending, or granting a waiver under, this Agreement, and consents to the taking by RCAP
Holdings of any and all actions and the making of any decisions required or permitted to be taken by such RCAP Holdings Permitted
Transferee in accordance with this Section 4.01(c) solely in connection with any amendment of, or waiver under, this Agreement;
provided, however, that (A) RCAP Holdings shall only be permitted to act on behalf of the RCAP Holdings Permitted
Transferees in accordance with the instructions of those RCAP Holdings Permitted Transferees holding a majority of the Registrable
Securities held by all the RCAP Holdings Permitted Transferees, and (B) RCAP Holdings shall not be permitted to agree, on behalf
of any RCAP Holdings Permitted Transferee, to any amendment of, or waiver under, this Agreement to the extent that such amendment
or waiver would disproportionately or adversely affect the rights and/or interests of such RCAP Holdings Permitted Transferee
relative to RCAP Holdings or any other RCAP Holdings Permitted Transferee without the prior written consent of the such RCAP Holdings
Permitted Transferee. The Company shall be entitled to deal exclusively with RCAP Holdings on the matters described in the immediately
preceding sentence relating to this Agreement, and shall be entitled to rely conclusively (without further evidence of any kind
whatsoever) on any document executed or purported to be executed on behalf of a RCAP Holdings Permitted Transferee by RCAP Holdings,
and on any other action taken or purported to be taken on behalf of a RCAP Holdings Permitted Transferee by RCAP Holdings, in
each case solely with respect to such matters, as fully binding upon such RCAP Holdings Permitted Transferee. Upon the dissolution
or termination of RCAP Holdings or any successor agent and representative, those RCAP Holdings Permitted Transferees holding a
majority of the Registrable Securities then-held by all RCAP Holdings Permitted Transferees shall appoint a RCAP Holdings Permitted
Transferee as their agent and representative for all purposes under this Section 4.01(c).

 

    	17

    	 

    

 

(d)          By
execution of this Agreement or a Joinder Agreement, (i) each Permitted Transferee of Management LLC and (ii) each Permitted Transferee
of a Permitted Transferee described in the foregoing clause (i) (any of the Shareholders described in the foregoing clauses (i)
or (ii), a “Management LLC Permitted Transferee”) irrevocably appoints Management LLC as its agent and representative
for the sole purpose of amending, or granting a waiver under, this Agreement, and consents to the taking by Management LLC of any
and all actions and the making of any decisions required or permitted to be taken by such Management LLC Permitted Transferee in
accordance with this Section 4.01(d) solely in connection with any amendment of, or waiver under, this Agreement; provided,
however, that (A) Management LLC shall only be permitted to act on behalf of the Management LLC Permitted Transferees in accordance
with the instructions of those Management LLC Permitted Transferees holding a majority of the Registrable Securities held by all
the Management LLC Permitted Transferees, and (B) Management LLC shall not be permitted to agree, on behalf of any Management
LLC Permitted Transferee, to any amendment of, or waiver under, this Agreement to the extent that such amendment or waiver would
disproportionately or adversely affect the rights and/or interests of such Management LLC Permitted Transferee relative to Management
LLC or any other Management LLC Permitted Transferee without the prior written consent of the such Management LLC Permitted Transferee.
The Company shall be entitled to deal exclusively with Management LLC on the matters described in the immediately preceding sentence
relating to this Agreement, and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any
document executed or purported to be executed on behalf of a Management LLC Permitted Transferee by Management LLC, and on any
other action taken or purported to be taken on behalf of a Management LLC Permitted Transferee by Management LLC, in each case
solely with respect to such matters, as fully binding upon such Management LLC Permitted Transferee. Upon the dissolution or termination
of Management LLC or any successor agent and representative, those Management LLC Permitted Transferees holding a majority of the
Registrable Securities then-held by all Management LLC Permitted Transferees shall appoint a Management LLC Permitted Transferee
as their agent and representative for all purposes under this Section 4.01(d).

 

(e)          Nothing
in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

 

Section 4.02. Notices. All notices,
requests and other communications (each, a “Notice”) to any party shall be in writing and shall be delivered
in person, mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission,

 

if to the Company to:

 

405 Park Avenue, 15th Floor

New York, NY 10022

Attention:          Legal Counsel

Fax:                   (212) 415-6567

 

    	18

    	 

    

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention:          Peter M. Fass, Esq.

            James P. Gerkis, Esq.

Fax:                   (212) 969-2000

 

if to any Shareholder, at the address for
such Shareholder listed on the signature pages below or otherwise provided to the Company as set forth below.

 

Any Notice shall be deemed received on the
date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day
in the place of receipt. Otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day
in the place of receipt. Any Notice sent by facsimile transmission also shall be confirmed by certified or registered mail, return
receipt requested, posted within one Business Day after the date of the sending of such facsimile transmission, or by personal
delivery, whether courier or otherwise, made within two Business Days after the date of such facsimile transmission.

 

Any Person that becomes a Shareholder after
the date hereof shall provide its address and fax number to the Company.

 

Section 4.03. Waiver; Amendment; Termination.
(i) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver
is to be effective. No provision of this Agreement may be amended or supplemented except (i) prior to the First Public
Offering, by an instrument in writing executed by all the parties hereto, and (ii) after the First Public Offering, by an
instrument in writing executed by the Company and the holders of at least 75% of the Registrable Securities held by the parties
hereto at the time of such proposed amendment or modification.

 

(b)          In
addition, any amendment of or supplement any provision of this Agreement that would disproportionately and adversely
affect RCAP Holdings or Management LLC may only be effected with the written consent of such party.

 

Section 4.04. Governing Law. This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard
to the conflicts of laws rules of such state.

 

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Section 4.05. Jurisdiction. The parties
hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or
in connection with, this Agreement or the transactions contemplated hereby shall be brought in any state or federal court in The
City of New York, Borough of Manhattan, so long as one of such courts shall have subject matter jurisdiction over such suit, action
or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of
business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient
form. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without
the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as
provided in Section 4.02 shall be deemed effective service of process
on such party.

 

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

 

Section 4.07. Specific Enforcement.
Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement
would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond or furnishing other
security, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form
of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that
may then be available.

 

Section 4.08. Counterparts; Effectiveness.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in any number of counterparts,
each of which shall be deemed to be an original, and all of which shall, taken together, be considered one and the same agreement,
it being understood that each party need not sign the same counterpart. This Agreement shall become effective when each party hereto
shall have executed and delivered this Agreement. Until and unless each party has executed and delivered this Agreement, this Agreement
shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written
agreement or other communication).

 

Section 4.09. Entire Agreement. This
Agreement constitutes the entire agreement and understanding among the parties hereto and supersedes all prior and contemporaneous
agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof.

 

Section 4.10. Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible.

 

    	20

    	 

    

 

Section 4.11. Other Registration Rights.
Neither the Company nor any of its subsidiaries has previously entered into any agreement granting any registration rights
with respect to any of its securities to any Person. From and after the date of this Agreement, the Company shall not enter into
any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any
registration rights the terms of which are equivalent to or more favorable than the registration rights granted to Shareholders
hereunder, or which would reduce the amount of Registrable Securities the Shareholders can include in any registration filed pursuant
to this Agreement, unless such rights are subordinate to those of the Shareholders hereunder.

 

Section 4.12. Independent Nature of Shareholders'
Obligations and Rights. The obligations of each Shareholder hereunder are several and not joint with the obligations of any
other Shareholder hereunder, and no Shareholder shall be responsible in any way for the performance of the obligations of any other
Shareholder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken
by any Shareholder pursuant hereto or thereto, shall be deemed to constitute the Shareholders as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Shareholders are in any way acting in concert with
respect to such obligations or the transactions contemplated by this Agreement. Each Shareholder shall be entitled to protect and
enforce its rights, including the rights arising out of this Agreement, and it shall not be necessary for any other Shareholder
to be joined as an additional party in any proceeding for such purpose.

 

Section 4.13. Management LLC. The
parties acknowledge and agree that, as of the date of this Agreement, Management LLC does not “beneficially own” (as
such term is defined in Rule 13d-3 of the Exchange Act) any Company Securities, but may, from time to time after the date of this
Agreement, acquire Company Securities that shall be subject to the registration rights set forth herein. Upon such acquisition
of Company Securities, Management LLC shall automatically, and without any further action being required, be a “Shareholder”
for all purposes of this Agreement.

 

[Signature pages follow.]

 

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

 

[Signature pages to come]

 

[Signature
page to the Registration Rights Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

JOINDER TO REGISTRATION RIGHTS AGREEMENT

 

This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance
with the Registration Rights Agreement dated as of [           ], 2013 (as the same may be amended from time to time, the “Registration
Rights Agreement”), among RCS Capital Corporation and the Shareholders party thereto. Capitalized terms used, but not
defined, herein shall have the meaning ascribed to such terms in the Registration Rights Agreement.

 

The Joining Party hereby acknowledges, agrees
and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party to the Registration
Rights Agreement as of the date hereof as a “Permitted Transferee” of a Shareholder thereto, and shall have
all of the rights and obligations of a “Shareholder” [and “RCAP Holdings”] [a “RCAP
Holdings Permitted Transferee”] [and “Management LLC”] [a “Management LLC Permitted Transferee”]
thereunder as if it had executed the Registration Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and
agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement (including, without
limitation, Section 4.01 thereof).

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement as of the date written below.

 

Date: ___________ ___, ______

 

	 	[NAME OF JOINING PARTY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:

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