Document:

Exhibit 10.4

      

    

     

    

    FOURTH AMENDED AND RESTATED

    

    

    LIMITED LIABILITY COMPANY AGREEMENT

    

    

    OF

    

    

    ONE WATER MARINE HOLDINGS, LLC

    

    

    DATED AS OF [●], 2019

    

    

    THE LIMITED LIABILITY COMPANY INTERESTS IN ONE WATER MARINE HOLDINGS, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES
      LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
      SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS FOURTH AMENDED AND RESTATED
      LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE
      WITH SUCH LAWS, THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH
      LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    

     

    
      	
              ARTICLE I DEFINITIONS 

              

            	
              2

            
	 	
              Section 1.1

            	
              Definitions

            	
              2

            
	 	
              Section 1.2

            	
              Interpretive Provisions

            	
              15

            
	
              ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY 

              

            	
              15

            
	 	
              Section 2.1

            	
              Formation

            	
              15

            
	 	
              Section 2.2

            	
              Filing

            	
              16

            
	 	
              Section 2.3

            	
              Name

            	
              16

            
	 	
              Section 2.4

            	
              Registered Office; Registered Agent

            	
              16

            
	 	
              Section 2.5

            	
              Principal Place of Business

            	
              16

            
	 	
              Section 2.6

            	
              Purpose; Powers

            	
              16

            
	 	
              Section 2.7

            	
              Term

            	
              16

            
	 	
              Section 2.8

            	
              Intent

            	
              16

            
	
              ARTICLE III CLOSING TRANSACTIONS 

              

            	
               16

            
	 	
              Section 3.1

            	
              Reorganization Transactions

            	
              16

            
	
              ARTICLE IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 

              

            	
              17

            
	 	
              Section 4.1

            	
              Authorized Units; General Provisions With Respect to Units

            	
              17

            
	 	
              Section 4.2

            	
              Voting Rights

            	
              21

            
	 	
              Section 4.3

            	
              Capital Contributions; Unit Ownership

            	
              21

            
	 	
              Section 4.4

            	
              Capital Accounts

            	
              22

            
	 	
              Section 4.5

            	
              Other Matters

            	
              22

            
	 	
              Section 4.6

            	
              Redemption of Units

            	
              23

            
	
              ARTICLE V ALLOCATIONS OF PROFITS AND LOSSES 

              

            	
              28

            
	 	
              Section 5.1

            	
              Profits and Losses

            	
              28

            
	 	
              Section 5.2

            	
              Special Allocations

            	
              29

            
	 	
              Section 5.3

            	
              Allocations for Tax Purposes in General

            	
              31

            
	 	
              Section 5.4

            	
              Other Allocation Rules

            	
              32

            
	
              ARTICLE VI DISTRIBUTIONS 

              

            	
              32

            
	 	
              Section 6.1

            	
              Distributions

            	
              32

            
	 	
              Section 6.2

            	
              Tax-Related Distributions

            	
              33

            
	 	
              Section 6.3

            	
              Distribution Upon Withdrawal

            	
              33

            
	 	
              Section 6.4

            	
              Issuance of Additional Equity Securities

            	
              33

            

      
        i

        
          

      

      	
              ARTICLE VII MANAGEMENT 

              

            	
              34

            
	 	
              Section 7.1

            	
              The Managing Member; Fiduciary Duties

            	
              34

            
	 	
              Section 7.2

            	
              Officers

            	
              34

            
	 	
              Section 7.3

            	
              Warranted Reliance by Officers on Others

            	
              35

            
	 	
              Section 7.4

            	
              Indemnification

            	
              36

            
	 	
              Section 7.5

            	
              Maintenance of Insurance or Other Financial Arrangements

            	
              36

            
	 	
              Section 7.6

            	
              Resignation or Termination of Managing Member

            	
              37

            
	 	
              Section 7.7

            	
              No Inconsistent Obligations

            	
              37

            
	 	
              Section 7.8

            	
              Reclassification Events of PubCo

            	
              37

            
	 	
              Section 7.9

            	
              Certain Costs and Expenses

            	
              38

            
	
              ARTICLE VIII ROLE OF MEMBERS 

              

            	
              39

              

            
	 	
              Section 8.1

            	
              Rights or Powers

            	
              39

              

            
	 	
              Section 8.2

            	
              Voting

            	
              39

              

            
	 	
              Section 8.3

            	
              Various Capacities

            	
              40

            
	 	
              Section 8.4

            	
              Investment Opportunities

            	
              40

            
	
              ARTICLE IX TRANSFERS OF INTERESTS

            	
               40

            
	 	
              Section 9.1

            	
              Restrictions on Transfer

            	
              40

            
	 	
              Section 9.2

            	
              Notice of Transfer

            	
              42

            
	 	
              Section 9.3

            	
              Transferee Members

            	
              42

            
	 	
              Section 9.4

            	
              Legend

            	
              43

            
	
              ARTICLE X ACCOUNTING; CERTAIN TAX MATTERS 

              

            	
              43

            
	 	
              Section 10.1

            	
              Books of Account

            	
              43

            
	 	
              Section 10.2

            	
              Tax Elections

            	
              43

            
	 	
              Section 10.3

            	
              Tax Returns; Information

            	
              44

            
	 	
              Section 10.4

            	
              Company Representative

            	
              44

            
	 	
              Section 10.5

            	
              Withholding Tax Payments and Obligations

            	
              45

            
	
              ARTICLE XI DISSOLUTION AND TERMINATION 

              

            	
              46

            
	 	
              Section 11.1

            	
              Liquidating Events

            	
              46

            
	 	
              Section 11.2

            	
              Bankruptcy

            	
              47

            
	 	
              Section 11.3

            	
              Procedure

            	
              48

            
	 	
              Section 11.4

            	
              Rights of Members

            	
              49

              

            
	 	
              Section 11.5

            	
              Notices of Dissolution

            	
              49

              

            
	 	
              Section 11.6

            	
              Reasonable Time for Winding Up

            	
              49

              

            
	 	
              Section 11.7

            	
              No Deficit Restoration

            	
              49

              

            

      

      

      
        ii

        
          

      

      	
              ARTICLE XII GENERAL 

              

            	
              49

              

            
	 	
              Section 12.1

            	
              Amendments; Waivers

            	
              49

              

            
	 	
              Section 12.2

            	
              Further Assurances

            	
              50

            
	 	
              Section 12.3

            	
              Successors and Assigns

            	
              51

            
	 	
              Section 12.4

            	
              Certain Representations by Members

            	
              51

            
	 	
              Section 12.5

            	
              Entire Agreement

            	
              51

            
	 	
              Section 12.6

            	
              Rights of Members Independent

            	
              51

            
	 	
              Section 12.7

            	
              Governing Law

            	
              51

            
	 	
              Section 12.8

            	
              Jurisdiction and Venue

            	
              51

            
	 	
              Section 12.9

            	
              Headings

            	
              52

            
	 	
              Section 12.10

            	
              Counterparts

            	
              52

            
	 	
              Section 12.11

            	
              Notices

            	
              52

            
	 	
              Section 12.12

            	
              Representation By Counsel; Interpretation

            	
              53

            
	 	
              Section 12.13

            	
              Severability

            	
              53

            
	 	
              Section 12.14

            	
              Expenses

            	
              53

            
	 	
              Section 12.15

            	
              Waiver of Jury Trial

            	
              53

            
	 	
              Section 12.16

            	
              No Third Party Beneficiaries

            	
              53

            

    

    
      
        iii

        
          

      

      FOURTH AMENDED AND RESTATED

      

      

      LIMITED LIABILITY COMPANY AGREEMENT

    

     

    

    OF

    

    

    ONE WATER MARINE HOLDINGS, LLC

    

    

    This Fourth Amended and Restated Limited Liability Company Agreement (as amended, supplemented or restated from time to time, this “Agreement”)

      is entered into as of [●], 2019, by and among One Water Marine Holdings, LLC, a Delaware limited liability company (the “Company”), OneWater Marine Inc., a Delaware corporation (“PubCo”), Goldman Sachs & Co. LLC, a New York limited liability company (“Goldman”), OWM BIP Investor, LLC, a Delaware limited
      liability company (“Beekman”), the other parties listed on Exhibit A hereto (together with Goldman and Beekman, collectively, the “Legacy Owners”) and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act.  Capitalized terms used herein and not otherwise defined have the respective meanings set forth
      in Section 1.1.

    

    

    RECITALS

    

    

    WHEREAS, the Company was formed under the name “Gale-Force Marine Holdings, LLC” pursuant to the Articles of Organization filed in the office of the Secretary
      of State of the State of Georgia on February 20, 2014, and on such date the original members adopted said Articles of Organization and entered into a written operating agreement;

    

    

    WHEREAS, the Company filed a Certificate of Conversion with the Georgia Secretary of State on March 24, 2014 and filed a Certificate of Conversion and
      Certificate of Formation under the name “Gale Force Marine Holdings, LLC” with the State of Delaware on March 28, 2014, pursuant to the Act;

    

    

    WHEREAS, the original members unanimously consented to the change of the Company’s name from “Gale Force Marine Holdings, LLC” to “One Water Marine Holdings,
      LLC” on September 5, 2014;

    

    

    WHEREAS, immediately prior to the adoption of this Agreement, the Company was governed by the Third Amended and
      Restated Limited Liability Company Agreement, dated as of March 1, 2017 (the “Existing LLC Agreement”);

    

    

    WHEREAS, as part of a restructuring and pursuant to the Master Reorganization Agreement dated as of the date hereof (the “Master Reorganization Agreement”), the equity interests in the Company are being recapitalized into the Units (as defined in Section 1.1);

    

    

    WHEREAS, it is contemplated that PubCo will, subject to the approval of its board of directors, issue [●] Class A Shares to the public for cash in the initial
      underwritten public offering of shares of its stock (the “IPO”);

    
      
        

    

    
    WHEREAS, if the IPO is consummated, PubCo will contribute all of the net proceeds received by it from the IPO and Class B Shares to the Company in exchange for
      a number of Units equal to the number of Class A Shares issued in the IPO, and the Company will then distribute such Class B Shares to each of its Members (other than PubCo and its Subsidiaries);

    

    

    WHEREAS, each Unit (other than any Unit held by PubCo and its direct and indirect Subsidiaries) may be redeemed, at the election of the holder of such Unit
      (together with the surrender and delivery by such holder of one Class B Share), for one Class A Share in accordance with the terms and conditions of this Agreement;

    

    

    WHEREAS, the Members of the Company desire that PubCo become the sole managing member of the Company (in its capacity as managing member as well as in any
      other capacity, the “Managing Member”);

    

    

    WHEREAS, the Members of the Company desire to amend and restate the Existing LLC Agreement and adopt this Agreement; and

    

    

    WHEREAS, this Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof.

    

    

    NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency
      of which are hereby acknowledged, and intending to be legally bound, the Existing LLC Agreement is hereby amended and restated in its entirety and the parties hereby agree as follows:

    

    

    ARTICLE I

    

    

    DEFINITIONS

    

    

    Section 1.1          Definitions.  As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall
      apply:

    

    

    “Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (or any corresponding
      provisions of succeeding law).

    

    

    “Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

    

    

    “Adjusted Basis” has the meaning given such term in Section 1011 of the Code.

    

    

    “Adjusted Capital Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end of any Fiscal Year or
      other taxable period, with the following adjustments:

    

    

    
      
        	

              	(a)	
                credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next
                  to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and

              

      

    

    

    

    
      
        	

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

              

      

    

    
      2

      
        

    

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

    

    

    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common
      control with such Person.  For these purposes, “control” means the possession, direct or indirect, 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; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or any of its
      Subsidiaries shall be deemed an Affiliate of any Member.

    

    

    “Agreement” is defined in the preamble to this Agreement.

    

    

     “Beekman” is defined in the preamble to this Agreement.

    

    

    “Beekman Entity” means each of Beekman, its Affiliates (including any investment funds managed or advised by Beekman Investment Advisors,
      LLC or its Affiliates) and any Transferee (for the avoidance of doubt, other than PubCo and any Subsidiary of PubCo) to whom any of the foregoing entities Transfer Units in a Transfer permitted under this Agreement.

    

    

    “beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of
      the rules promulgated under the Exchange Act.

    

    

    “Beneficial Ownership Limitation” means 4.99% (or, upon written election by Goldman up to 19.99%) of the number of Class A Shares
      outstanding immediately after giving effect to the issuance of Class A Shares issuable upon redemption of Class B Shares held by Goldman.  Goldman, upon notice to PubCo, may increase or decrease the Beneficial Ownership Limitation provisions
      applicable to its Class B Shares provided that the Beneficial Ownership Limitation in no event exceeds 19.99% of the number of Class A Shares outstanding immediately after giving effect to the issuance of Class A Shares upon redemption of the Class B
      Shares held by Goldman and the provisions of this definition shall continue to apply.  Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to PubCo.

    

    

    “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York or Atlanta, Georgia are
      authorized or required by law to be closed.

    

    

    “Business Opportunities Exempt Party” is defined in Section 8.4.

    

    

    “Call Right” is defined in Section 4.6(m).

    
      3

      
        

    

    “Capital Account” means, with respect to any Member, the Capital Account maintained for such Member in accordance with Section 4.4.

    

    

    “Capital Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than
      cash) contributed to the Company by such Member.  Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made
      in respect of Units Transferred to such Member.

    

    

    “Cash Election” means an election by the Company to redeem Units for cash pursuant to Section 4.6(d) or an election by PubCo (or
      such designated member(s) of the PubCo Holdings Group) to purchase Units for cash pursuant to an exercise of its Call Right set forth in Section 4.6(m).

    

    

    “Cash Election Amount”
        means with respect to a particular Redemption for which a Cash Election has been made, (a) other than in the case of clause (b), if the Class A Shares trade on a securities exchange or automated or electronic quotation system, an amount of cash
        equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (ii) the average of the volume-weighted closing price for a Class A Share on the principal U.S.
        securities exchange or automated or electronic quotation system on which the Class A Shares trade, as reported by Bloomberg, L.P., or its successor, for each of the 5 consecutive full Trading Days ending on and including the last full Trading Day
        immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Shares; (b) if the Cash Election is made in respect of a
        Redemption Notice issued by a Redeeming Member in connection with a Registered Offering, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been
        made and (ii) the price per Class A Share sold to the public in such Registered Offering (reduced by the amount of any Discount associated with such Class A Share), and (c) if the Class A Shares no longer trade on a securities exchange or automated
        or electronic quotation system, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (ii) the fair market value of one Class A Share, as
        determined by the Managing Member in Good Faith, that would be obtained in an arms’ length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, and
        without regard to the particular circumstances of the buyer or seller and without any discounts for liquidity or minority discount.

    

    

    “Change of Control” means the occurrence of any of the following events or series of related events after the date hereof:

    

    

    
      
        	

              	(i)	
                any Person (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of PubCo in substantially the same proportions as their ownership of stock of PubCo) is or becomes the “beneficial owner” (as
                  defined in Rule 13d-3 of the rules promulgated under the Exchange Act), directly or indirectly, of securities of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding voting securities;

              

      

    

    
      4

      
        

    

    
      
        	

              	(ii)	
                there is consummated a merger or consolidation of PubCo with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the members of the board of directors of PubCo
                  immediately prior to the merger or consolidation do not constitute at least a majority of the members of the board of directors of the company surviving the merger, or if the surviving company is a Subsidiary, the ultimate parent thereof,
                  or (B) all of the Persons who were the respective “beneficial owners” (as defined above) of the voting securities of PubCo immediately prior to such merger or consolidation do not continue to beneficially own more than 50% of the combined
                  voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    Notwithstanding the foregoing, except with respect to clause (ii)(A) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
      integrated transactions immediately following which the record holders of the shares of PubCo immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially
      all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of PubCo immediately following such transaction or series of transactions.

    

    

    “Change of Control Exchange Date” is defined in Section 4.6(p).

    

    

    “Chief Executive Officer” means the person appointed as the Chief Executive Officer of the Company by the Managing Member pursuant to Section

        7.2(a).

    

    

     “Class A Shares” means, as applicable, (a) the Class A Common Stock of PubCo, par value $0.01 per share, or (b) following any
      consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the Class A Shares or into which the Class
      A Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

    

    

    “Class B Shares” means, as applicable, (a) the Class B common stock of PubCo, par value $0.01 per share, or (b) following any
      consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the Class B Shares or into which the Class
      B Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

    
      5

      
        

    

    “Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding
      law).

    

    

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

    

    

    “Common Stock” means the Class A Shares and the Class B Shares.

    

    

    “Company” is defined in the preamble to this Agreement.

    

    

    “Company Level Taxes” means any federal, state or local taxes, additions to tax, penalties and interest payable by the Company or any of
      its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules.

    

    

    “Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and
      1.704-2(d).  It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property
      subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value.

    

    

    “Company Representative” has, with respect to taxable periods beginning after December 31, 2017, the meaning assigned to the term
      “partnership representative” (including any “designated individual,” if applicable)  in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder, and with respect to taxable
      periods beginning on or before December 31, 2017, and for any applicable state and local tax purposes, the meaning assigned to the term “tax matters partner” as defined in Code Section 6231(a)(7) prior to its amendment by Title XI of the Bipartisan
      Budget Act of 2015, in each case as appointed pursuant to Section 10.4.

    

    

    “Contract” means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

    

    

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

    

    

    “Covered Audit Adjustment” means an adjustment to any partnership-related item (within the meaning of Section 6241(2)(B) of the Code) to
      the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Code or any analogous provision of state or local Law.

    

    

    “Covered Person” is defined in Section 7.4.

    
      6

      
        

    

    “Debt Securities” means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable
      into Equity Securities of PubCo.

    

    

    “Depreciation” means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization or other cost
      recovery deduction (excluding depletion) allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S.
      federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis
      recovered for such Fiscal Year or other taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S.
      federal income tax purposes at the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount that 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 taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S. federal
      income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected
      by the Managing Member.

    

    

    “DGCL” means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of
      succeeding law).

    

    

    “Discount” is defined in Section 4.6(i).

    

    

    “Effective Time” means 12:01 a.m. Central Daylight Time on the date of the initial closing of the IPO.

    

    

    “Equity Securities” means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests,
      rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership
      interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants, options or other rights to
      acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing.

    

    

    “ERISA” means the Employee Retirement Security Act of 1974, as amended.

    

    

    “Excess Tax Amount” is defined in Section 10.5(c).

    

    

    “Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may be amended
      from time to time (or any corresponding provisions of succeeding law).

    

    

    “Existing LLC Agreement” is defined in the recitals to this Agreement.

    

    

    
      7

      
        

    

    “Fair Market Value” means the fair market value of any property as determined in Good Faith by the Managing Member after taking into
      account such factors as the Managing Member shall deem appropriate.

    

    

    “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated
      thereunder.

    

    

    “Fiscal Year” means the fiscal year of the Company, which shall end on September 30 of each calendar year unless, for U.S. federal income
      tax purposes, another fiscal year is required.  The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes.

    

    

    “GAAP” means U.S. generally accepted accounting principles at the time.

    

    

    “Goldman” is defined in the preamble to this Agreement.

    

    

    “Goldman Entity” means each of Goldman, its Affiliates and any Transferee (for the avoidance of doubt, other than PubCo and any Subsidiary
      of PubCo) to whom any of the foregoing entities Transfer Units in a Transfer permitted under this Agreement.

    

    

    “Good Faith” means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best
      interests of the Company and the PubCo Holdings Group and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful.

    

    

    “Governmental Entity” means any federal, national, supranational, state, provincial, local, foreign or other government, governmental,
      stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body.

    

    

    “Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. 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 as of the date of such contribution;

              

      

    

    

    

    
      
        	

              	(b)	
                the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or
                  existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the performance of more than a de minimis
                  amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the
                  Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or existing
                  Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent determined by the Managing Member to
                  be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such
                  adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company.  If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through
                  (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

              

      

    

    
      8

      
        

    

    
      
        	

              	(c)	
                the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset on the date of such distribution;

              

      

    

    

    

    
      
        	

              	(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 Code Section 734(b) (including any such adjustments pursuant to Treasury Regulation
                  Section 1.734-2(b)(1)), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and clause
                  (f) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however, that the Gross Asset Value of a Company asset shall not
                  be adjusted pursuant to this subsection to the extent the Managing Member determines in Good Faith that an adjustment pursuant to clause (b) of this definition is necessary or appropriate in connection with a transaction that would
                  otherwise result in an adjustment pursuant to this clause (d); and

              

      

    

    

    

    
      
        	

              	(e)	
                if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clauses (a), (b) or (d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into
                  account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to Article V.

              

      

    

    

    

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

    

    

    “Interest” means the entire interest of a Member in the Company, including the Units and all of such Member’s rights, powers and privileges
      under this Agreement and the Act.

    

    

    “Investment Company Act” is defined in Section 8.1(b).

    

    

    “IPO” is defined in the recitals to this Agreement.

    
      9

      
        

    

    “IPO TRA” means the Tax Receivable Agreement, dated as of the date hereof, by and among PubCo and certain current and former Members or
      Affiliates thereof, as the same may be amended, supplemented or restated from time to time.

    

    

    “Law” means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code,
      order, requirement or rule of law (including common law).

    

    

    “Legacy Owners” is defined in the preamble to this Agreement.

    

    

    “Legal Action” is defined in Section 12.8.

    

    

    “Liability” means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or
      unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted.

    

    

    “Liquidating Event” is defined in Section 11.1.

    

    

    “Lock-Up Period” means the period of 180 days commencing with the pricing of the IPO.

    

    

    “Managing Member” is defined in the recitals to this Agreement.

    

    

    “Master Reorganization Agreement” is defined in the recitals to this Agreement.

    

    

    “Member” means any Person that executes this Agreement as a Member and any other Person admitted to the Company as an additional or
      substituted Member, in each case, that has not made a disposition of such Person’s entire Interest.

    

    

    “Member Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations Section
      1.704-2(i).  It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury
      Regulations Sections 1.704-2(d) and 1.704-2(g)(3).

    

    

    “Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

    

    

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

    

    

    “Minority Member Redemption Date” is defined in Section 4.6(n).

    

    

    “Minority Member Redemption Notice” is defined in Section 4.6(n).

    

    

    “National Securities Exchange” means an exchange registered with the Commission under the Exchange Act.

    

    

    “Nonrecourse Deductions” has the meaning assigned that term in Treasury Regulations Section 1.704-2(b)(1).

    
      10

      
        

    

    “Nonrecourse Liability” is defined in Treasury Regulations Section 1.704-2(b)(3).

    

    

    “Officer” means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.

    

    

    “Option” means the option to purchase an additional [●] Class A Shares granted by PubCo to the underwriters for the IPO as described in
      PubCo’s registration statement on Form S-1 (Registration No. 333-232639), initially filed with the Commission on July 12, 2019.

    

    

    “Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, together with any final or temporary Treasury Regulations,
      Revenue Rulings and case law interpreting Sections 6221 through 6241 of the Code (and any analogous provision of state or local tax Law).

    

    

    “Permitted Transferee” means, with respect to any Member: (a) any Affiliate of such Member; (b) any successor entity of such Member; (c)
      with respect to any Member that is a natural person or of which a majority of the outstanding Equity Securities and voting power with respect to the election of directors (or the selection of any other similar governing body in the case of an entity
      other than a corporation) are beneficially owned (as such term is defined under Rule 13d-3 of the Exchange Act) by a single natural person, a trust established by or for the benefit of such natural person of which only such natural person and his or
      her immediate family members are beneficiaries; and (d) upon the death of any Member that is a natural person, an executor, administrator or beneficiary of the estate of the deceased Member.

    

    

    “Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
      or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

    

    

    “Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV,
      Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time.

    

    

    “Post-IPO TRA” means any tax receivable agreement (or comparable agreement), other than the IPO TRA, entered into by PubCo or any of its
      Subsidiaries pursuant to which PubCo is obligated to pay over amounts with respect to tax benefits resulting from any tax attributes to which PubCo becomes entitled.

    

    

    “Proceeding” is defined in Section 7.4.

    

    

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

    

    

    
      
        	

              	(a)	
                any income or gain of the Company that is exempt from U.S. federal income tax or otherwise described in Section 705(a)(1)(B) of the Code and not otherwise taken into account in computing Profits or Losses shall be added to such taxable
                  income or loss;

              

      

    

    

    

    
      
        	

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

              

      

    

    
      11

      
        

    

    
      
        	

              	(c)	
                in the event the Gross Asset Value of any Company asset is adjusted pursuant to clause (b) or (c) of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment
                  increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section

                    5.2, be taken into account for purposes of computing Profits or Losses;

              

      

    

    

    

    
      
        	

              	(d)	
                gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of,
                  notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value;

              

      

    

    

    

    
      
        	

              	(e)	
                in lieu of the depreciation, amortization and other cost recovery deductions (excluding depletion) taken into account in computing such taxable income or loss, there shall be taken into account Depreciation;

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

              	(g)	
                any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items
                  available to be specially allocated pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in clauses (a) through (f) above.

              

      

    

    

    

    “Property” means all real and personal property owned by the Company from time to time, including both tangible and intangible property.

    

    

    “PubCo” is defined in the recitals to this Agreement.

    

    

    “PubCo Approved Change of Control” means any Change of Control of PubCo that meets the following conditions:  (i) such Change of Control
      was approved by the board of directors of PubCo prior to such Change of Control, (ii) such Change of Control results in an early termination of and acceleration of payments under the IPO TRA, (iii) the terms of such Change of Control provide for the
      consideration for the Units in such Change of Control to consist solely of (A) freely and immediately tradeable common equity securities of an issuer listed on a national securities exchange and/or (B) cash, and (iv) if such consideration includes
      common equity, the market value of the outstanding common equity held by non-affiliates of such issuer is at least twice as large as the market value of all of the outstanding common equity of PubCo, in each case on a fully-diluted basis immediately
      before the public announcement of such Change of Control.

    
      12

      
        

    

    “PubCo Holdings Group” means PubCo and each other Subsidiary of PubCo (other than the Company and its Subsidiaries).

    

    

    “PubCo Shares” means all classes and series of common stock of PubCo, including the Class A Shares and the Class B Shares.

    

    

    “PubCo Tax-Related Liabilities” means (a) any U.S. federal, state and local and non-U.S. tax obligations (including any Company Level Taxes
      for which the PubCo Holdings Group is liable hereunder) owed by the PubCo Holdings Group (other than any obligations to remit any withholdings withheld from payments to third parties) and (b) any obligations under the IPO TRA and any Post-IPO TRA
      payable by the PubCo Holdings Group.

    

    

     “Reclassification Event” means any of the following: (a) any reclassification or
      recapitalization of PubCo Shares (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any transaction subject to Section 4.1(e)), (b) any
      merger, consolidation or other combination involving PubCo, or (c) any sale, conveyance, lease or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of
      which holders of PubCo Shares shall be entitled to receive cash, securities or other property for their PubCo Shares.

    

    

    “Redeeming Member” is defined in Section 4.6(a).

    

    

    “Redemption” means any redemption of Units into Class A Shares pursuant to this Agreement.

    

    

    “Redemption Date” means a Regular Redemption Date or a Special Redemption Date.

    

    

    “Redemption Notice” is defined in Section 4.6(b).

    

    

    “Redemption Notice Date” means, with respect to any Redemption Date, the date specified by PubCo that is no later than 10 Business Days
      before such Redemption Date, provided that if such date falls on a weekend or holiday, the Redemption Notice Date shall be on the following Business Day.

    

    

    “Redemption Right” is defined in Section 4.6(a).

    

    

    “Registered Offering” means any secondary securities offering (which may include a “bought deal” or “overnight” offering), and any primary
      securities offering for which piggyback rights are offered, pursuant to the Registration Rights Agreement.

    

    

    “Registration Rights Agreement” means the Registration Rights Agreement, by and among PubCo and the Members, to be entered into
      concurrently with the closing of the IPO.

    
      13

      
        

    

    “Regular Redemption Date” means a date within each fiscal quarter specified by PubCo from time to time, which will generally be set so that
      the corresponding Redemption Notice Date falls within a window after PubCo’s earnings announcement for the prior fiscal quarter or in connection with a Registered Offering.

    

    

    “Regulatory Allocations” is defined in Section 5.2(i).

    

    

    “Securities Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may be amended from
      time to time (or any corresponding provisions of succeeding law).

    

    

    “Special Redemption Date” means a date specified by PubCo in addition to or in lieu of the Regular Redemption Date during the same fiscal
      quarter.  PubCo must specify a Regular Redemption Date or Special Redemption Date effective with any Registered Offering.

    

    

    “Subsidiary” means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly or
      indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a majority of such Person’s Equity Securities.

    

    

    “Tax Contribution Obligation” is defined in Section 10.5(c).

    

    

    “Tax Offset” is defined in Section 10.5(c).

    

    

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

    

    

    “Transfer” means, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of control of the
      Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise), transfer, sale, pledge or hypothecation or other disposition and, when used as a verb,
      voluntarily or involuntarily, directly or indirectly (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor or any Person that controls the
      Transferor, by operation of law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of.  The terms “Transferee,” “Transferor,” “Transferred” and other forms of the word “Transfer” shall have the correlative meanings.

    

    

    “Transfer Agent” means Broadridge Corporate Issuer Solutions, Inc. or such other agent or agents of PubCo as may be designated by the board
      of directors of PubCo as the transfer agent for the Class A Shares.

    

    

    “Treasury Regulations” means pronouncements, as amended from time to time, or their successor pronouncements, that clarify, interpret and
      apply the provisions of the Code, and that are designated as “Treasury Regulations” by the United States Department of the Treasury.

    
      14

      
        

    

    “Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in
      effect in the State of Delaware.

    

    

    “Units” means the Units issued hereunder and shall also include any Equity Security of the Company issued in respect of or in exchange for
      Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization.

    

    

    “Winding-Up Member” is defined in Section 11.3(a).

    

    

    Section 1.2          Interpretive Provisions.  For all purposes of this Agreement, except as otherwise expressly provided or unless the context
      otherwise requires:

    

    

    (a)          the terms defined in Section 1.1 are applicable to the singular as well as the plural forms of such terms;

    

    

    (b)          all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

    

    

    (c)          all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in United
      States dollars;

    

    

    (d)          when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to,
      this Agreement unless otherwise indicated;

    

    

    (e)          whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”;

    

    

    (f)          “or” is not exclusive;

    

    

    (g)          pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

    

    

    (h)          the words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular
      provision of this Agreement.

    

    

    ARTICLE II

    

    

    ORGANIZATION OF THE LIMITED LIABILITY COMPANY

    

    

    Section 2.1          Formation.  The Company has been formed as a limited liability company subject to the provisions of the Act upon the terms,
      provisions and conditions set forth in this Agreement.

    
      15

      
        

    

    Section 2.2          Filing.  The Company’s Certificate of Formation has been filed with the Secretary of State of the State of Delaware in accordance
      with the Act.  The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action as is appropriate to comply with the requirements of Law for the formation or operation of a limited
      liability company in Delaware and in all states and counties where the Company may conduct its business.

    

    

    Section 2.3          Name.  The name of the Company is “One Water Marine Holdings, LLC” and all business of the Company shall be conducted in such name
      or, in the discretion of the Managing Member, under any other name.

    

    

    Section 2.4          Registered Office; Registered Agent.  The location of the registered office of the Company in the State of Delaware is 251 Little
      Falls Drive, Wilmington, Delaware 19808, or at such other place as the Managing Member from time to time may select.  The name and address for service of process on the Company in the State of Delaware are Corporation Service Company, 251 Little
      Falls Drive, Wilmington, Delaware 19808, or such other qualified Person as the Managing Member may designate from time to time and its business address.

    

    

    Section 2.5          Principal Place of Business.  The principal place of business of the Company shall be located in such place as is determined by the
      Managing Member from time to time.

    

    

    Section 2.6          Purpose; Powers.  The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act
      or activity for which limited liability companies may be formed under the Act.  The Company shall have the power and authority to take any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or
      incidental to the accomplishment of the foregoing purpose.

    

    

    Section 2.7          Term.  The term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of
      the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely.  The Company may be dissolved and its affairs wound up only in accordance with Article XI.

    

    

    Section 2.8          Intent.  It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership”
      for U.S. federal and state income tax purposes.  It is also the intent of the Members that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code.  Neither the Company nor any Member shall
      take any action inconsistent with the express intent of the parties hereto as set forth in this Section 2.8.

    

    

    ARTICLE III

    

    

    CLOSING TRANSACTIONS

    

    

    Section 3.1          Reorganization Transactions.

    

    

    (a)          Effective immediately prior to the Effective Time, (i) the Existing LLC Agreement shall be amended and restated and this Agreement shall be adopted and (ii) all of
      the membership interests in the Company prior to the adoption of this Agreement shall be recapitalized to consist solely of a single class of Units with the rights and privileges as set forth in this Agreement and each Member will receive its pro
      rata share of such Units in accordance with the Master Reorganization Agreement and the right to receive the Class B Shares pursuant to Section 3.1(c).

    
      16

      
        

    

    (b)          Immediately following the initial closing of the IPO, (i) PubCo shall contribute to the Company all of the net proceeds received by PubCo in connection with such
      initial closing and [●] Class B Shares in exchange for the issuance of [●] Units.

    

    

    (c)          Immediately following the contribution described in Section 3.1(b), the Company shall distribute to each of the Members (other than any member of the PubCo
      Holdings Group), pro rata, in accordance with the number of Units owned by each Member, the Class B Shares contributed to the Company pursuant to Section 3.1(b).

    

    

    (d)          Immediately following any closing of the issuance and sale of Class A Shares pursuant to the Option, PubCo shall contribute all of the net proceeds received pursuant
      to such Option exercise to the Company in exchange for a number of Units equal to the number of Class A Shares issued and sold pursuant to such Option exercise.

    

    

    ARTICLE IV

    

    

    OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

    

    

    Section 4.1          Authorized Units; General Provisions With Respect to Units.

    

    

    (a)          Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity Securities as the
      Managing Member shall determine in accordance with Section 4.3.  Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to options and warrants.  The Company may reissue any
      Units that have been repurchased or acquired by the Company.

    

    

    (b)          Except to the extent explicitly provided otherwise herein (including Section 4.3), each outstanding Unit shall be identical.

    

    

    (c)          Initially, none of the Units will be represented by certificates.  If the Managing Member determines that it is in the interest of the Company to issue certificates
      representing the Units, certificates will be issued and the Units will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform
      Commercial Code.  Nothing contained in this Section 4.1(c) shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

    
      17

      
        

    

    (d)          The Members as of the date hereof are set forth on Exhibit A.  The total number of Units issued and outstanding and held by each Member as of the date hereof
      is set forth in the books and records of the Company.  The Company shall update such books and records from time to time to reflect any Transfers of Interests, the issuance of additional Units or Equity Securities and, subject to Section 12.1(a),
      subdivisions or combinations of Units made in compliance with Section 4.1(f), in each case, in accordance with the terms of this Agreement.

    

    

    (e)          If, at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of PubCo (other than Class B Shares), (i) one or more member(s) of
      the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds (in cash or other property, as the case may be), if any, received by PubCo for such Class A Share or other Equity Security and (ii) the Company shall concurrently
      issue to such member(s) of the PubCo Holdings Group, in accordance with the contributions made by each such member pursuant to clause (i), one Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company (if PubCo issues
      Equity Securities other than Class A Shares) corresponding to the Equity Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences
      as a result of any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo to be issued.  Notwithstanding the foregoing: 

    

    

    (i)          If PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than any member of the PubCo Holdings Group) of a number of Units
      (and Class B Shares) equal to the number of Class A Shares so issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have been issued for cash to fund such an acquisition by any member of the
      PubCo Holdings Group pursuant to a Cash Election, the PubCo Holdings Group shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred by such member of the PubCo Holdings Group to such
      Member as consideration for such acquisition.  For the avoidance of doubt, if PubCo issues any Class A Shares or other Equity Security for cash to be used to fund the acquisition by any member of the PubCo Holdings Group of any Person or the assets
      of any Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the PubCo Holdings Group shall be required to contribute such Person or the assets and liabilities of such Person to the Company
      or any of its Subsidiaries.

    

    

    (ii)         This Section 4.1(e) shall not apply to the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo under a
      “poison pill” or similar shareholders rights plan (and upon any redemption of Units for Class A Shares, such Class A Shares will be issued together with a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans
      of any warrants, options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity
      Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property. 

    
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    (iii)       Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to any member of the PubCo Holdings Group unless substantially
      simultaneously therewith such member of the PubCo Holdings Group issues or transfers an equal number of newly-issued Class A Shares of PubCo to another Person, and (y) the Company may not issue any other Equity Securities of the Company to any member
      of the PubCo Holdings Group unless substantially simultaneously such member of the PubCo Holdings Group issues or transfers, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo or such
      member of the PubCo Holdings Group with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other
      economic rights as those of such Equity Securities of the Company. 

    

    

    (iv)       If at any time any member of the PubCo Holdings Group issues Debt Securities, such member of the PubCo Holdings Group shall transfer to the Company (in a manner to be
      determined by the Managing Member in its reasonable discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of
      the Debt Securities. 

    

    

    (v)         In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are
      issued, (a) the corresponding Equity Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to the PubCo
      Holdings Group as contemplated by the first sentence of this Section 4.1(e), and (b) the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds received by the PubCo Holdings Group from any such exercise.

    

    

    (vi)       No member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (other than from another member of the PubCo Holdings Group) (a) any Class A Shares
      (including upon forfeiture of any unvested Class A Shares) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Units for the same price per security or (b) any
      other Equity Securities of PubCo (other than Class B Shares), unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Equity Securities of the Company of a
      corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other
      economic rights as those of such Equity Securities of PubCo for the same price per security.  The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to Section 4.6, any Units from the PubCo Holdings Group unless
      substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per security from holders thereof, or (y) any other Equity Securities of the Company from the PubCo
      Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of PubCo of a corresponding class or series with substantially
      the same rights to dividends and distributions (including distribution upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of
      PubCo.  Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo Holdings Group in connection with the redemption or repurchase of any Class A Shares or other Equity Securities of the PubCo Holdings Group consists (in
      whole or in part) of Class A Shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other
      Equity Securities of the Company shall be effectuated in an equivalent manner.

    
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    (f)          The Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination
      (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Shares, with corresponding changes made with
      respect to any other exchangeable or convertible securities.  Unless in connection with any action taken pursuant to Section 4.1(h), PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification,
      recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding PubCo Shares unless accompanied by an identical subdivision or combination, as applicable, of the outstanding
      Units, with corresponding changes made with respect to any other exchangeable or convertible securities.

    

    

    (g)          Notwithstanding any other provision of this Agreement (including Section 4.1(e)), the Company may redeem Units from the PubCo Holdings Group for cash to fund
      any acquisition by the PubCo Holdings Group of another Person, provided that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly, such Person or the assets and
      liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of Units equal to the number of Units so redeemed.

    

    

    (h)          Notwithstanding any other provision of this Agreement (including Section 4.1(e)), if the PubCo Holdings Group acquires or holds any material amount of cash in
      excess of any monetary obligations it reasonably anticipates (including as a result of the receipt of distributions pursuant to Section 6.2 for any period in excess of the PubCo Tax-Related Liabilities for such period), PubCo may, in its sole
      discretion, use such excess cash amount in such manner, and make such adjustments to or take such other actions with respect to the capitalization of PubCo and the Company, as PubCo (including in its capacity as the Managing Member) in Good Faith
      determines to be fair and reasonable to the holders of PubCo Shares and to the Members and to preserve the intended economic effect of this Section 4.1, Section 4.6 and the other provisions hereof.

    
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    Section 4.2          Voting Rights.  No Member has any voting right except with respect to those matters specifically reserved for a Member vote under
      the Act and for matters expressly requiring the approval of Members under this Agreement.  Except as otherwise required by the Act, each Unit will entitle the holder thereof to one vote on all matters to be voted on by the Members.  Except as
      otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

    

    

    Section 4.3          Capital Contributions; Unit Ownership.

    

    

    (a)          Capital Contributions.  Except as otherwise set forth in Section 4.1(e) with respect to the obligations of the PubCo
      Holdings Group, no Member shall be required to make additional Capital Contributions.

    

    

    (b)          Issuance of Additional Units or Interests.  Except as otherwise expressly provided in this Agreement, the Managing Member
      shall have the right to authorize and cause the Company to issue on such terms (including price) as may be determined by the Managing Member, subject to the limitations of Section 4.1, (i) additional Units or other Equity Securities in the
      Company (including creating preferred interests or other classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to the Units), and
      (ii) obligations, evidences of Indebtedness or other securities or interests convertible or exchangeable for Units or other Equity Securities in the Company; provided that, at any time following the date
      hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or instruments deemed necessary or desirable in
      the discretion of the Managing Member.  Upon such issuance and execution, such Person shall be admitted as a Member of the Company.  In that event, the Managing Member shall update the Company’s books and records to reflect such additional
      issuances.  Subject to Section 12.1, the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or
      such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of any class or series of Units or other Equity Securities in the Company pursuant to this Section
        4.3(b); provided that, notwithstanding the foregoing, the Managing Member shall have the right to amend this Agreement as set forth in this sentence without the approval of any other Person (including
      any Member) and notwithstanding any other provision of this Agreement (other than Section 12.1(ii), (iii) or (iv)) if such amendment is necessary, and then only to the extent necessary, in order to consummate any offering of PubCo Shares or
      other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those
      applicable to such PubCo Shares or other Equity Securities of PubCo.

    
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    Section 4.4          Capital Accounts.  A Capital Account shall be maintained for each Member in accordance with the provisions of Treasury
      Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement.  Each Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section

        5.1 and any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to
      which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses pursuant to Section

        5.1 and any other items of deduction or loss allocated to such Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities assumed by the Member and any
      Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv).  In the event of a Transfer of Units made in accordance with this Agreement
      (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(g)) the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with
      the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

    

    

    Section 4.5          Other Matters.

    

    

    (a)          No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of the Managing Member.  Under
      circumstances requiring a return of any Capital Contributions, no Member has the right to receive property other than cash.

    

    

    (b)          No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital Account, or for services
      rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise provided in Section 7.9 or as otherwise contemplated by this Agreement.

    
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    (c)          The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this Agreement or required by
      Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any of the other Members, the creditors of the Company or any other third party, for any debt or Liability of the Company, whether arising in contract, tort
      or otherwise, solely by reason of being a Member of the Company.

    

    

    (d)          Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member’s Capital Account, to lend any funds to the
      Company or, except as otherwise set forth herein, to make any additional contributions or payments to the Company.

    

    

    (e)          The Company shall not be obligated to repay any Capital Contributions of any Member.

    

    

    Section 4.6          Redemption of Units.

    

    

    (a)          Each Member other than the PubCo Holdings Group shall be entitled from time to time to cause the Company to redeem all or a portion of such Member’s Units (such
      Member a “Redeeming Member”), together with an equal number of Class B Shares, in exchange for Class A Shares or, at the Company’s election under certain circumstances, cash in accordance
      with Section 4.6(d) (referred to herein as the “Redemption Right”), upon the terms and subject to the conditions set forth in this Section 4.6 and subject to PubCo’s (or such
      designated member(s) of the PubCo Holdings Group’s) Call Right as set forth in Section 4.6(m).

    

    

    (b)          In order to exercise its Redemption Right, each Redeeming Member shall provide written notice in the form attached as Exhibit B or such other reasonable form
      as the Company may provide from time to time (the “Redemption Notice”) to the Company and PubCo, on or before any Redemption Notice Date, stating that the Redeeming Member elects to have
      redeemed on the next Redemption Date a stated number of Units, together with an equal number Class B Shares.  Upon delivery of any Redemption Notice by any Member on or before any Redemption Notice Date, such member may not revoke or rescind such
      Redemption Notice after such Redemption Notice Date.  Any Redemption Notice delivered for a Redemption on a Regular Redemption Date may not be contingent.  Any Redemption Notice delivered for a Redemption on a Special Redemption Date may be made
      contingent on the consummation of the Registered Offering or other transaction described in the notice of the Managing Member specifying such Special Redemption Date.  Any notice by any Member pursuant to the Registration Rights Agreement to demand
      or participate in any Registered Offering shall be deemed to constitute a Redemption Notice for the related Special Redemption Date.

    

    

    (c)          On any Redemption Date for which any Member delivered a Redemption Notice with respect to Units, unless the Company elects to pay cash in accordance with Section
        4.6(d) or PubCo (or such designated member(s) of the PubCo Holdings Group) exercises its Call Right pursuant to Section 4.6(m), on such Redemption Date such number of Units, together with an equal number of Class B Shares, shall be
      redeemed for an equal number of Class A Shares.

    
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    (d)          The Company shall be entitled to elect to settle any Redemption by delivering to the Redeeming Member, in lieu of the applicable number of Class A Shares that would be received in such Redemption, an amount of cash equal to the Cash
    Election Amount for such shares.
    

    

    (e)          Each Member’s Redemption Right shall be subject to the following limitations and qualifications:

    

    

    (i)          The first Redemption shall only be permitted on the first Redemption Date after the Lock-Up Period;

    

    

    (ii)         thereafter, except as provided herein, Redemptions shall only be permitted on each Redemption Date;

    

    

    (iii)        a Redeeming Member shall only be permitted to redeem less than all of its Units if (A) after such Redemption it would continue to hold at least [●] Units and (B) it
      redeems not less than [●] Units in such Redemption;

    

    

    (iv)         the Company shall not effect any Redemption of any Units, together with any Class B Shares, held by Goldman, and Goldman shall not have the right to redeem any of
      its Units, along with any Class B Shares, to the extent that, after giving effect to such redemption, Goldman (together with its affiliates and any persons acting as a group together with Goldman or any of Goldman’s affiliates (such Persons, “Attribution Parties”)) would beneficially own in excess of the Beneficial Ownership Limitation.  For purposes of the foregoing sentence, the number of Class A Shares beneficially owned by
      Goldman shall include the number of Class A Shares issuable upon redemption of the Units, together with the Class B Shares, with respect to which such determination is being made, but shall exclude the number of Class A Shares which are issuable upon
      (i) redemption of the remaining Units, together with Class B Shares, beneficially owned by Goldman or any of its affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of
      PubCo subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by Goldman or any of its affiliates or Attribution Parties.  Except as set forth in the preceding sentence, beneficial ownership
      shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 4.6(e)(iv), in determining the number of outstanding Class A Shares, Goldman may rely
      on the number of outstanding Class A Shares as stated in the most recent of the following: (i) PubCo’s most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by PubCo or (iii) a
      more recent written notice by PubCo or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of Goldman, PubCo shall within one Trading Day confirm orally and in writing to such holder
      the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the redemption, conversion or exercise of securities of PubCo, including the Class B
      Shares, by Goldman or its affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  In the event that the issuance of Class A Shares to Goldman upon redemption of Goldman’s Units,
      together with its Class B Shares, results in Goldman and its affiliates and Attribution Parties being deemed to beneficially own, in the aggregate, Class A Shares in excess of the Beneficial Ownership Limitation (as determined under Section 13(d) of
      the Exchange Act), the number of shares so issued by which Goldman, its affiliates and its other Attribution Parties’ aggregate beneficial ownership exceeds the Beneficial Ownership Limitation (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and Goldman shall not have the power to vote or to transfer the Excess Shares. The provisions of this section shall not be construed and implemented in
      a manner otherwise than in strict conformity with the terms of this definition to correct this section (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make
      changes or supplements necessary or desirable to properly give effect to such limitation.

    

    

    (v)         any Redemption of Units issued after the date hereof (other than in connection with any recapitalization), including such Units issued to Members as of the date
      hereof, may be limited in accordance with the terms of any agreements or instruments entered into in connection with such issuance, as deemed necessary or desirable in the discretion of the Managing Member; and

    
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    (f)          The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority procedures for
      Redemptions), to the extent it determines, in Good Faith, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of
      the Code.  Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in Good Faith, that such Redemption is necessary or appropriate to avoid undue risk that the Company may
      be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code.  Upon delivery of any notice by the Managing Member to such Member or group of Members requiring such Redemption, such Member or group of Members shall
      exchange, subject to exercise by PubCo (or such designated member(s) of the PubCo Holdings Group) of the Call Right pursuant to Section 4.6(m), all of their Units effective as of the date specified in such notice (and such date shall be
      deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.6 and otherwise in accordance with the requirements set forth in such notice.

    

    

    (g)          For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and PubCo (and any other member of the PubCo Holding
      Group), as the case may be, agree to treat each Redemption and, in the event PubCo (or another member of the PubCo Holdings Group) exercises its Call Right, each transaction between the redeeming or selling Member and PubCo (or such other member of
      the PubCo Holdings Group), as a sale of such Member’s Units (together, if applicable, with the same number Class B Shares) to PubCo (or such other member of the PubCo Holdings Group) in exchange for Class A Shares or cash, as applicable.

    

    

    (h)          Each Redemption shall be deemed to have been effected on the applicable Redemption Date.  Any Member redeeming Units in accordance with this Agreement may request
      that the Class A Shares to be issued upon such Redemption be issued in a name other than such Member.  Any Person or Persons in whose name or names any Class A Shares are issuable on any Redemption Date shall be deemed to have become, on such
      Redemption Date, the holder or holders of record of such shares.

    

    

    (i)          Unless a member of the PubCo Holdings Group  has elected its Call Right pursuant to Section 4.6(m) with respect to any Redemption, on the relevant Redemption
      Date and immediately prior to such Redemption, (i) PubCo (or such other member(s) of the PubCo Holdings Group) shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 4.6(c) (including in
      the event the Company exercises its right to deliver the Cash Election Amount pursuant to Section 4.6(d)) and the Company shall issue to PubCo (or such other member(s) of the PubCo Holdings Group) a number of Units or, pursuant to Section
        4.1(e), other Equity Securities of the Company as consideration for such contribution, (ii) the Company shall (A) cancel the redeemed Units and (B) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive
      under Section 4.6(c) (including in the event the Company exercises its right to deliver the Cash Election Amount pursuant to Section 4.6(d)), and (iii) PubCo shall cancel the surrendered Class B Shares, if applicable.  Notwithstanding
      any other provisions of this Agreement to the contrary, in the event that the Company makes a Cash Election that is funded with proceeds from a primary offering of PubCo Equity Securities, the PubCo Holdings Group shall only be obligated to
      contribute to the Company an amount in cash equal to the net proceeds (after deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions (including, for the avoidance of doubt, any deferred discounts or commissions and
      brokers’ fees or commissions payable in connection with or as a result of such Registered Offering)) (such difference, the “Discount”) from the sale by PubCo of a number of Class A Shares
      equal to the number of Units and, if applicable, Class B Shares to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s
      Capital Account (or the Capital Account(s) of the other member(s) of the PubCo Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance with Section 7.9; provided
        further, that the contribution of such net proceeds shall in no event affect the Redeeming Member’s right to receive the Cash Election Amount.

    
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    (j)          If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the Class A Shares are converted or changed into
      another security, securities or other property (other than as a result of a subdivision or combination or any transaction subject to Section 4.1(f)), or (ii) except in connection with actions taken with respect to the capitalization of PubCo
      or the Company pursuant to Section 4.1(h), PubCo, by dividend or otherwise, distributes to all holders of the Class A Shares evidences of its indebtedness or assets, including securities (including Class A Shares and any rights, options or
      warrants to all holders of the Class A Shares to subscribe for or to purchase or to otherwise acquire Class A Shares, or other securities or rights convertible into, redeemable for or exercisable for Class A Shares) but excluding (A) any cash
      dividend or distribution or (B) any such distribution of indebtedness or assets received by PubCo, in either case (A) or (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the Class A
      Shares or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the
      effective date of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend,
      reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such
      reclassification, reorganization, recapitalization or other similar transaction.  For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Shares are converted or
      changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above in clause (A) or (B)), this Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such security or other property.

    

    

    (k)          PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized but unissued Class A Shares, such number of Class
      A Shares that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by any member of the PubCo Holdings Group); provided, that nothing contained herein shall be construed to preclude PubCo from satisfying its
      obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or Class A Shares that are held in the treasury of PubCo.  PubCo covenants that all Class A Shares that shall be issued upon a Redemption shall, upon issuance
      thereof, be validly issued, fully paid and non-assessable.  In addition, for so long as the Class A Shares are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all Class A Shares issued upon a Redemption
      to be listed on such National Securities Exchange at the time of such issuance.

    
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    (l)          The issuance of Class A Shares upon a Redemption shall be made without charge to the Redeeming Member for any stamp or other similar tax in respect of such issuance,
      except that if any such Class A Shares are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in whose names such shares are to be issued shall pay to PubCo the amount of any tax payable in respect of any
      Transfer involved in such issuance or establish to the satisfaction of PubCo that such tax has been paid or is not payable.  Each of the Company and PubCo shall be entitled to deduct and withhold from any consideration payable or otherwise
      deliverable upon a Redemption such amounts as may be required to be deducted or withheld therefrom under the Code or any provision of applicable Law, and to the extent deduction and withholding is required, such deduction and withholding may be taken
      in Class A Shares.  Prior to making such deduction or withholding, the Company shall use commercially reasonable efforts to give written notice to the Redeeming Member and reasonably cooperate with such Redeeming Member to reduce or avoid any such
      withholding. To the extent such amounts are so deducted or withheld and paid over to the relevant governmental authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Redeeming Member, and, if
      withholding is taken in Class A Shares, the relevant withholding party shall be treated as having sold such Class A Shares on behalf of such Redeeming Member for an amount of cash equal to the fair market value thereof at the time of such deemed sale
      and paid such cash proceeds to the appropriate governmental authority.

    

    

    (m)         Notwithstanding anything to the contrary in this Section 4.6, a Redeeming Member shall be deemed to have offered to sell its Units as described in any
      Redemption Notice to each member of the PubCo Holdings Group, and PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) may, in its sole discretion, in accordance with this Section 4.6(m), elect to purchase directly
      and acquire such Units on the Redemption Date by paying to the Redeeming Member that number of Class A Shares the Redeeming Member would otherwise receive pursuant to Section 4.6(c) or, if PubCo (or such designated member(s) of the PubCo
      Holdings Group ) makes a Cash Election, the Cash Election Amount for such Class A Shares (the “Call Right”), whereupon PubCo (or such designated member(s) of the PubCo Holdings Group) shall
      acquire the Units offered for redemption by the Redeeming Member and shall be treated thereafter for all purposes of this Agreement as the owner of such Units. 

    

    

    (n)          In the event that (i) the Members (other than any member of the PubCo Holdings Group) beneficially own, in the aggregate, less than 10% of the then outstanding Units
      and (ii) the Class A Shares are listed or admitted to trading on a National Securities Exchange, the Managing Member shall have the right, in its sole discretion, to require any Member (other than any member of the PubCo Holdings Group, a Goldman
      Entity or a Beekman Entity) that beneficially owns less than 5% of the then-outstanding Units to effect a Redemption of some or all of such Member’s Units (together with the surrender and delivery of the same number of Class B Shares); provided that a Cash Election shall not be permitted pursuant to such a Redemption under this Section 4.6(n).  Managing Member shall deliver written notice to the Company and any such Member of its
      intention to exercise its Redemption right pursuant to this Section 4.6(n) (a “Minority Member Redemption Notice”) at least five Business Days prior to the proposed date upon which
      such Redemption is to be effected (such proposed date, the “Minority Member Redemption Date”), indicating in such notice the number of Units (and corresponding Class B Shares) held by such
      Member that Managing Member intends to require to be subject to such Redemption.  Any Redemption pursuant to this Section 4.6(n) shall be effective on the Minority Member Redemption Date.  From and after the Minority Member Redemption Date,
      (x) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to Managing Member on the Minority Member Redemption Date and (y) such Member shall cease to have any rights with respect to the Units and Class B Shares
      subject to such Redemption (other than the right to receive Class A Shares pursuant to such Redemption).  Following delivery of a Minority Member Redemption Notice and on or prior to the Minority Member Redemption Date, the Members shall take all
      actions reasonably requested by Managing Member to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section 4.6 to effect a Redemption.

    
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    (o)          No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units redeemed pursuant to such Redemption in respect of a
      record date that occurs prior to the Redemption Date for such Redemption.  For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive Class A Shares, shall be entitled to receive, with respect to such
      record date, distributions or dividends both on Units redeemed by the Company from such Redeeming Member and on Class A Shares received by such Redeeming Member, or other Person so designated, if applicable, in such Redemption.

    

    

    (p)          In connection with a PubCo Approved Change of Control, PubCo shall have the right, in its sole discretion, to require each Member (other than any member of the PubCo
      Holdings Group) to effect a Redemption of all or a portion of such Member’s Units (together, if applicable, with the corresponding number of shares of Class B Shares).  Any Redemption pursuant to this Section 4.6(p) shall be effective
      immediately prior to the consummation of the PubCo Approved Change of Control (and, for the avoidance of doubt, shall not be effective if such PubCo Approved Change of Control is not consummated) (the “Change of Control Exchange Date”).  From and after the Change of Control Exchange Date, (i) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to PubCo on the Change of Control Exchange Date
      and (ii) such Member shall cease to have any rights with respect to the Units and Class B Shares subject to such Redemption (other than the right to receive shares of Class A Shares pursuant to such Redemption).  PubCo shall provide written notice of
      an expected PubCo Approved Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such PubCo Approved Change of Control and (y) ten (10) Business Days before the
      proposed date upon which the contemplated PubCo Approved Change of Control is to be effected, indicating in such notice such information as may reasonably describe the PubCo Approved Change of Control transaction, subject to applicable Law, including
      the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares of Class A Shares in the PubCo Approved Change of Control, any election with respect to types of
      consideration that a holder of shares of Class A Shares, as applicable, shall be entitled to make in connection with such PubCo Approved Change of Control, and the number of Units (and, if applicable, the corresponding Class B Shares) held by such
      Member that PubCo intends to require to be subject to such Redemption.  Following delivery of such notice and on or prior to the Change of Control Exchange Date, the Members shall take all actions reasonably requested by PubCo to effect such
      Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section 4.6(p) to effect a Redemption.  Nothing contained in this Section 4.6(p) shall limit the right of any Member to
      vote for or participate in any proposed Change of Control of PubCo with respect to such Member’s Units or exchange all Units of such Member for Class A Shares in connection with such Change of Control, even if such Change of Control was not approved
      by the board of directors of PubCo.

    

    

    ARTICLE V

    

    

    ALLOCATIONS OF PROFITS AND LOSSES

    

    

    Section 5.1          Profits and Losses.  After giving effect to the allocations under Section 5.2 and subject to Section 5.4, Profits
      and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances described below, any allocable items of income, gain, loss, deduction or credit includable in the
      computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period in a manner such that, after giving effect to the special allocations set forth in Section

        5.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the amount such Member would
      receive pursuant to Section 11.3(b) if all assets of the Company on hand at the end of such Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all liabilities of the Company were satisfied in cash in
      accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and all remaining or resulting cash was distributed, in accordance with Section 11.3(b), to the
      Members immediately after making such allocation, minus (ii) such Member’s share of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount
      any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets.

    
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    Section 5.2          Special Allocations.

    

    

    (a)          Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a pro rata
      basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year or other taxable period.  The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the
      net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that are
      allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d).

    

    

    (b)         Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic risk of loss with respect
      to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i).  If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the
      Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the economic risk of loss.  This Section 5.2(b) is intended to comply with the
      provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

    

    

    (c)         Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other taxable
      period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section

        5.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such Member’s share of the net decrease in Company Minimum Gain during such year (as
      determined pursuant to Treasury Regulations Section 1.704-2(g)(2)).  This section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

    

    

    (d)          Notwithstanding any other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during any Fiscal Year or other
      taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section

        5.2(d)), each Member shall be specially allocated items of Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section
      1.704-2(i)(4)).  This section is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

    
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    (e)          Notwithstanding any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b), no Losses or other items of loss or expense shall be
      allocated to any Member to the extent that such allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period.  All
      Losses and other items of loss and expense in excess of the limitation set forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital
      Accounts (as adjusted pursuant to clauses (a) and (b) of the definition of “Adjusted Capital Account Deficit”) but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital
      Account Deficit.

    

    

    (f)          Notwithstanding any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member unexpectedly receives any
      adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro

        rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account
      Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations
      provided for in this Article V have been tentatively made as if this Section 5.2(f) were not in this Agreement.  This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations Section
      1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

    

    

    (g)          If any Member has an Adjusted Capital Account Deficit at the end of any Fiscal Year or other taxable period, that Member shall be specially allocated items of Company
      income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit in excess
      of such sum after all other allocations provided for in this Article V have been made as if Section 5.2(f) and this Section 5.2(g) were not in this Agreement.

    

    

    (h)          To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) (including any such adjustments pursuant to Treasury
      Regulation Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in
      determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member’s Interest, 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 item of gain or loss shall be allocated to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if
      such section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

    
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    (i)          The allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory Allocations”) are
      intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2.  Notwithstanding any other provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated
      future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory
      Allocations to each Member should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred.  This Section 5.2(i) is intended to minimize to the extent possible and to the
      extent necessary any economic distortions that may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent therewith.

    

    

    (j)          Items of income, gain, loss, deduction or credit resulting from a Covered Audit Adjustment shall be allocated to the Members in accordance with the applicable
      provisions of the Partnership Tax Audit Rules.

    

    

    Section 5.3          Allocations for Tax Purposes in General.

    

    

    (a)          Except as otherwise provided in this Section 5.3, each item of income, gain, loss, deduction, and credit of the Company for U.S. federal income tax purposes
      shall be allocated among the Members in the same manner as such item is allocated under Sections 5.1 and 5.2.

    

    

    (b)          In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to
      changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax
      basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using the “traditional method with curative allocations,” with the curative allocations applied only to sale gain, under
      Treasury Regulations Section 1.704-3(c) or such other method or methods as determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations.

    

    

    (c)          Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the
      Members who received the benefit of such deductions, and (ii) recapture of grants or credits shall be allocated to the Members in accordance with applicable law.

    

    

    (d)          Tax credits of the Company shall be allocated among the Members as provided in Treasury Regulation Sections 1.704-1(b)(4)(ii) and 1.704-1(b)(4)(viii).

    
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    (e)          Allocations pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into
      account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

    

    

    (f)          If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital Account reallocation is required under Treasury
      Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).

    

    

    Section 5.4          Other Allocation Rules.

    

    

    (a)          The Members are aware of the income tax consequences of the allocations made by this Article V and the economic impact of the allocations on the amounts
      receivable by them under this Agreement.  The Members hereby agree to be bound by the provisions of this Article V in reporting their share of Company income and loss for income tax purposes.

    

    

    (b)         The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.4 and the allocations set forth in Sections

        5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations and to reflect the intended economic entitlement of the Members.  If the Managing Member determines, in its sole discretion, that the application of the
      provisions in Sections 4.4, 5.1, 5.2 or 5.3  would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is
      authorized to make any appropriate adjustments to such provisions.

    

    

    (c)          All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall be allocated between the Transferor
      and the Transferee in accordance with a method determined by the Managing Member and permissible under Code Section 706 and the Treasury Regulations thereunder.

    

    

    (d)          The Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be
      allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member.

    

    

    ARTICLE VI

    

    

    DISTRIBUTIONS

    

    

    Section 6.1          Distributions.

    

    

    (a)         Distributions.  To the extent permitted by applicable Law and hereunder, and except as otherwise provided in Section 11.3, 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 using such record date as the Managing Member may
      designate; any such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of doubt, repurchases or redemptions made in
      accordance with Section 4.1(e)(vi), Section 4.6 or payments made in accordance with Sections 7.4 or 7.9 need not be on a pro rata basis), in accordance with the number of Units
      owned by each Member 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 6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision herein to the contrary, no distributions
      shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Act.  For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. 
      Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1, 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.

    
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    (b)          Successors.  For purposes of determining the amount of distributions, each Member shall be treated as having made the Capital Contributions and as having
      received the distributions made to or received by its predecessors in respect of any of such Member’s Units.

    

    

    (c)          Distributions In-Kind.  Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind,
      as determined by the Managing Member.  In the event of any distribution of (i) property in kind or (ii) both cash and property in kind, each Member shall be distributed its proportionate share of any such cash so distributed and its proportionate
      share of any such property so distributed in kind (based on the Fair Market Value of such property).  To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair
      Market Value of such property for purposes of Section 6.1(a) and such property shall be treated as if it were sold for an amount equal to its Fair Market Value.  Any resulting gain or loss shall be allocated to the Member’s Capital Accounts
      in accordance with Sections 5.1 and 5.2.

    

    

    Section 6.2          Tax-Related Distributions. The Company shall, subject to any restrictions contained in any agreement to which the Company is bound,
      make distributions out of legally available funds to all Members on a pro rata basis in accordance with Section 6.1 at such times and in such amounts as the Managing Member reasonably determines is
      necessary to cause a distribution to the PubCo Holdings Group, in the aggregate, sufficient to enable the PubCo Holdings Group to timely satisfy any PubCo Tax-Related Liabilities.

    

    

    Section 6.3          Distribution Upon Withdrawal.  No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s
      Interest as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

    

    

    Section 6.4          Issuance of Additional Equity Securities.  This Article VI shall be subject to and, to the extent necessary, amended to
      reflect the issuance by the Company of any additional Equity Securities.

    
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    ARTICLE VII

    

    

    MANAGEMENT

    

    

    Section 7.1          The Managing Member; Fiduciary Duties.

    

    

    (a)         PubCo shall be the sole Managing Member of the Company.  Except as otherwise required by Law, (i) the Managing Member shall have full and complete charge of all
      affairs of the Company, (ii) the management and control of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and
      operations of the Company (including the incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member (in their capacity as such) shall not participate in the
      control, management, direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company. 

    

    

    (b)          In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing Member acknowledges that it
      will owe to the Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation.  The Members
      acknowledge that the Managing Member will take action through its board of directors, and that the members of the Managing Member’s board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.

    

    

    Section 7.2          Officers.

    

    

    (a)          The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance of services for or
      on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

    

    

    (b)         Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and active management of the business of the Company and its
      Subsidiaries and will see that all orders of the Managing Member are carried into effect.  The Chief Executive Officer will report to the Managing Member and have the general powers and duties of management usually vested in the office of president
      and chief executive officer of a corporation organized under the DGCL, subject to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement.  The Chief Executive Officer will
      have the power to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof will be
      expressly delegated by the Managing Member to some other Officer or agent of the Company.

    
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    (c)          Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include a president, one or more vice presidents, a secretary,
      one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member deems appropriate. 
      Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment.  Any individual may hold any number of offices, and an Officer may, but need
      not, be a Member of the Company.  The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member.

    

    

    (d)          Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause, by the
      Managing Member.  Any Officer may resign at any time by giving written notice to the Managing Member.  Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise
      specified in that notice, the acceptance of the resignation will not be necessary to make it effective.  Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party.  A vacancy in any
      office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

    

    

    (e)          The Officers, in the performance of their duties as such, shall owe to the Company and the Members duties of loyalty and due care of the type owed by the officers of
      a corporation to such corporation and its shareholders under the DGCL.

    

    

    Section 7.3          Warranted Reliance by Officers on Others.  In exercising their authority and performing their duties under this Agreement, the
      Officers shall be entitled to rely on information, opinions, reports or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance to be unwarranted:

    

    

    (a)          one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent in the matters presented; and

    

    

    (b)          any attorney, public accountant or other Person as to matters which the Officer reasonably believes to be within such Person’s professional or expert competence.

    
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    Section 7.4          Indemnification.  The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law as it presently
      exists or may hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment except to the extent required by a
      non-waivable and non-modifiable provision of applicable Law), any person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil,
      criminal, administrative or investigative (a “Proceeding”) by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a Manager (as defined
      in the Existing LLC Agreement) entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, the Managing Member or the Company Representative or is or was serving at the request of the Company as a member, director, officer,
      trustee, employee or agent of another limited liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a “Covered Person”), whether the basis of such Proceeding is alleged action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member,
      director, officer, trustee, employee or agent, against all expenses, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or
      suffered by such Covered Person in connection with such Proceeding, unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such act or omission, and taking into account
      the acknowledgements and agreements set forth in this Agreement, (x) such Covered Person engaged in a bad faith violation of the implied contractual covenant of good faith and fair dealing or a bad faith violation of this Agreement or (y) such
      Covered Person would not be so entitled to be indemnified and held harmless if the Company were a corporation organized under the laws of the State of Delaware that indemnified and held harmless its directors, officers, employees and agents to the
      fullest extent permitted by Section 145 of the DGCL as in effect on the date of this Agreement (but including any expansion of rights to indemnification thereunder from and after the date of this Agreement).  The Company shall, to the fullest extent
      not prohibited by applicable Law as it presently exists or may hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such
      amendment except to the extent required by a non-waivable and non-modifiable provision of applicable Law), pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided, however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered
      Person to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or
      otherwise.  The rights to indemnification and advancement of expenses under this Section 7.4 shall be contract rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or
      agent and shall inure to the benefit of his heirs, executors and administrators.  Notwithstanding the foregoing provisions of this Section 7.4, except for Proceedings to enforce rights to indemnification and advancement of expenses, the
      Company shall indemnify and advance expenses to a Covered Person in connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.

    

    

    Section 7.5          Maintenance of Insurance or Other Financial Arrangements.  To the extent permitted by applicable Law, the Company (with the
      approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the request of the Company is or was serving as a
      manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and Liability and expenses incurred by such Person
      in such Person’s capacity as such, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

    
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    Section 7.6          Resignation or Termination of Managing Member.  PubCo shall not, by any means, resign as, cease to be or be replaced as Managing
      Member except in compliance with this Section 7.6.  No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so that the obligations of PubCo, its
      successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect.  No appointment of a Person other than PubCo (or its successor, as applicable) as Managing
      Member shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members against PubCo (or its successor, as
      applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under Section 4.6) other than those that must necessarily be taken in its
      capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations under this Agreement.

    

    

    Section 7.7          No Inconsistent Obligations.  The Managing Member represents that it does not have any contracts, other agreements, duties or
      obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants that, except as permitted by Section 7.1, it will not enter into any contracts or other
      agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations.

    

    

    Section 7.8          Reclassification Events of PubCo.  If a Reclassification Event occurs, the Managing Member or its successor, as the case may be,
      shall, as and to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional agreements, to ensure that following the effective date of the Reclassification Event: (i)
      the redemption rights of holders of Units set forth in Section 4.6 provide that each Unit (together with the surrender and delivery of one Class B Share) is redeemable for the same amount and same type of property, securities or cash (or
      combination thereof) that one Class A Share becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon
      such redemption.  PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement.

    
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    Section 7.9          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 and its Subsidiaries (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and
      conducting, or otherwise related to, the activities of the Company and (b) in the Good Faith discretion of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the Managing
      Member.  To the extent that the Managing Member determines in its Good Faith discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the
      Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member or any other member of the PubCo Holdings Group), the
      Managing Member may cause the Company to pay or bear all expenses of the PubCo Holdings Group, including, without limitation, costs of securities offerings not borne directly by Members, board of directors compensation and meeting costs, costs of
      periodic reports to stockholders of PubCo, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income tax obligations of any
      member of the PubCo Holdings Group or any obligations of any member of the PubCo Holdings Group pursuant to the IPO TRA or any Post-IPO TRA (but the Company shall be entitled to make distributions in respect of these obligations pursuant to Article

        VI).  In the event that (i) Class A Shares or other Equity Securities of PubCo were sold to underwriters in any public offering (including the IPO) after the Effective Time, in each case, at a price per share that is lower than the price per
      share for which such Class A Shares or other Equity Securities of PubCo are sold to the public in such public offering after taking into account any Discounts and (ii) the proceeds from such public offering are used to fund the Cash Election Amount
      for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the applicable member of the PubCo Holdings Group for such Discount by treating such Discount as an additional Capital Contribution made by such member of the
      PubCo Holdings Group to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.6(i) (but, for the avoidance of doubt, without duplication of the Units issued pursuant to the Master
      Reorganization Agreement), and increasing the Capital Account of such member of the PubCo Holdings Group by the amount of such Discount.  For the avoidance of doubt, any payments made to or on behalf of any member of the PubCo Holdings Group pursuant
      to this Section 7.9 shall not be treated as a distribution pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company.

    
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    ARTICLE VIII

    

    

    ROLE OF MEMBERS

    

    

    Section 8.1          Rights or Powers.

    

    

    (a)          Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of the
      Company or its business and affairs or to act for or bind the Company in any way.  Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this
      Agreement, in the Act.  A Member, any Affiliate thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company.  The existence of these
      relationships and acting in such capacities will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited liability of the Member.  Except
      as specifically provided herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business, transact any business in the Company’s name or have the
      power to sign documents for or otherwise bind the Company.

    

    

    (b)          The Company shall promptly (but in any event within three business days) notify the Members in writing if, to the Company’s knowledge, for any reason, it would be an
      “investment company” within the meaning of the Investment Company Act of 1940 (the “Investment Company Act”), as amended, but for the exceptions provided in Section 3(c)(1) or 3(c)(7)
      thereunder.

    

    

    Section 8.2          Voting.

    

    

    (a)          Meetings of the Members may be called upon the written request of Members holding at least 50% of the outstanding Units.  Such request shall state the location of the
      meeting and the nature of the business to be transacted at the meeting.  Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting.  Members may vote
      in person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting.  Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of
      the Members or may be given in accordance with the procedure prescribed in this Section 8.2.  Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall
      constitute the act of the Members.

    

    

    (b)          Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including waiving notice of any
      meeting, or voting or participating at a meeting.  Every proxy must be signed by such Member or its attorney-in-fact.  No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy.  Every
      proxy shall be revocable at the pleasure of the Member executing it.

    

    

    (c)          Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing Member deems appropriate.

    

    

    (d)          Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval is necessary consent thereto in
      writing.

    
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    Section 8.3          Various Capacities.  The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various
      capacities, including as a Member and as the Company Representative.

    

    

    Section 8.4          Investment Opportunities.  To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any
      analogous doctrine, shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective Subsidiaries), any of their respective Affiliates (other than the Company, the Managing Member or any
      of their respective Subsidiaries), or any of their respective officers, directors, agents, shareholders, members, managers and partners  (each, a “Business Opportunities Exempt Party”).  The
      Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt Party.  No Business Opportunities
      Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate or offer such opportunity to the Company. 
      No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities
      Exempt Party becomes aware prior to such amendment or repeal.  Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and consented to the provisions of this Section 8.4.  Neither the
      alteration, amendment or repeal of this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this Section 8.4, shall eliminate or reduce the effect of this Section 8.4 in respect of any business
      opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to such alteration, amendment, repeal or adoption.

    

    

    ARTICLE IX

    

    

    TRANSFERS OF INTERESTS

    

    

    Section 9.1          Restrictions on Transfer.

    

    

    (a)          Except as provided in Section 4.6 and Section 9.1(c), no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior
      written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion.  If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this
      Section 9.1(a), involuntarily, by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall
      not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission,
      which consent shall be granted or withheld in the Managing Member’s sole discretion.  Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall be null and void and of no force
      or effect whatsoever.  For the avoidance of doubt, the restrictions on Transfer contained in this Article IX shall not apply to the Transfer of any capital stock of PubCo; provided that no Class B
      Shares may be Transferred unless a corresponding number of Units are Transferred therewith in accordance with this Agreement.

    
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    (b)          In addition to any other restrictions on Transfer herein contained, including the provisions of this Article IX, in no event may any Transfer or assignment of
      Interests by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests; (ii) if such Transfer (A) would be considered to be effected on or through an “established securities market” or a “secondary market or
      the substantial equivalent thereof,” as such terms are used in Treasury Regulations Section 1.7704-1, (B) would result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking
      into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or a successor provision or to be classified as a
      corporation pursuant to the Code or successor of the Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA)
      or a “disqualified person” (as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan
      pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of such Interests or any Equity Securities issued upon any exchange of such Interests,
      pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law).  Any
      attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(b) shall be null and void and of no force or effect whatsoever.

    

    

    (c)          Notwithstanding the provisions in Section 9.1(a), but subject to the other provisions in this Article IX, a Member may Transfer all or a portion of
      its Units to a Permitted Transferee without the consent of any other Member or Person, but only if immediately after the proposed Transfer by such Member, taking into consideration the anti-abuse rule set forth in Treasury Regulations Section
      1.7704-1(h)(3), and as determined in the reasonable discretion of the Managing Member:

    

    

    (i)          in the case of a proposed Transfer by a Goldman Entity, all Goldman Entities, in the aggregate, would not represent more than 4 “partners” for purposes of
      calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii);

    

    

    (ii)          in the case of a proposed Transfer by a Beekman Entity, all Beekman Entities, in the aggregate, would not represent more than 4 “partners” for purposes of
      calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii); or

    

    

    (iii)        in the case of a proposed Transfer by a Member other than a Goldman Entity, a Beekman Entity and any member of the PubCo Holdings Group, such Member and its
      Transferees (for the avoidance of doubt, other than any member of the PubCo Holding Group), in the aggregate, would not represent more than one “partner” for purposes of calculating the number of “partners” in the Company under Treasury Regulations
      Section 1.7704-1(h)(l)(ii).

    

    

    (d)          Notwithstanding any of the provisions in Section 9.1(a), but subject to the other provisions in this Article IX, each of One Water Ventures, LLC, a
      Georgia limited liability company and LMI Holdings, LLC, a Florida limited liability company may Transfer all or a portion of its Units to any of its members as of the date hereof without the consent of any other Member or Person.

    
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    Section 9.2          Notice of Transfer.

    

    

    (a)         Other than in connection with Transfers made pursuant to Section 4.6, each Member shall, after complying with the provisions of this Agreement, but in any
      event no later than three Business Days following any Transfer of Interests, give written notice to the Company of such Transfer.  Each such notice shall describe the manner and circumstances of the Transfer.

    

    

    (b)         A Member making a Transfer (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(f)) permitted by this Agreement shall,
      unless otherwise determined by the Managing Member, (i) have delivered to the Company an affidavit of non-foreign status with respect to such Transferor that satisfies the requirements of Section 1446(f)(2) of the Code or other documentation
      establishing a valid exemption from withholding pursuant to Section 1446(f) of the Code or (ii) contemporaneously with the Transfer, properly withhold and remit to the Internal Revenue Service the amount of tax required to be withheld upon the
      Transfer by Section 1446(f) of the Code (and provide evidence to the Company of such withholding and remittance promptly thereafter).

    

    

    Section 9.3          Transferee Members.  A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if
      (a) the requirements of this Article IX are met, (b) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s
      then existing and future Liabilities arising under or relating to this Agreement, (c) such Transferee represents that the Transfer was made in accordance with all applicable securities Laws, (d) the Transferor or Transferee shall have reimbursed the
      Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated and (e) if such Transferee or his or her spouse is a resident of a community property
      jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of his or her community property or
      quasi-community property interest, if any, in such Member’s Interest.  Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to
      each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand.  Written notice
      of the admission of a Member shall be sent promptly by the Company to each remaining Member.

    
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    Section 9.4          Legend.  Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the
      following form:

    

    

    “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

    

    

    THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

    

    

    THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF ONE WATER MARINE HOLDINGS, LLC (THE ISSUER
      OF THESE SECURITIES) AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST
      BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

    

    

    ARTICLE X

    

    

    ACCOUNTING; CERTAIN TAX MATTERS

    

    

    Section 10.1        Books of Account.  The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full
      and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required
      under GAAP.

    

    

    Section 10.2        Tax Elections.

    

    

    (a)          The Company and any eligible Subsidiary shall make an election (or continue a previously made election) pursuant to Section 754 of the Code for the taxable year of
      the Company that includes the date hereof and shall not thereafter revoke such election.  In addition, the Company shall make the following elections on the appropriate forms or tax returns, if permitted under the Code or applicable law:

    

    

    (i)          to adopt a taxable year allowable under law;

    

    

    (ii)          to adopt the accrual method of accounting for U.S. federal income tax purposes;

    
      43

      
        

    

    (iii)        to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code;

    

    

    (iv)        except where the Managing Member elects to apply Section 10.5(e), to elect out of the application of the partnership-level audit and adjustment rules of the
      Partnership Tax Audit Rules by making an election under Section 6226(a) of the Code, commonly known as the “push out” election, or any analogous election under state or local tax law, if applicable; and

    

    

    (v)         except as otherwise provided herein, any other election the Managing Member may in Good Faith deem appropriate and in the best interests of the Company.

    

    

    (b)          Upon request of the Managing Member, each Member shall cooperate in Good Faith with the Company in connection with the Company’s efforts to make any election pursuant
      to this Section 10.2.

    

    

    Section 10.3        Tax Returns; Information.  The Managing Member shall arrange for the preparation and timely filing of all income and other tax and
      informational returns of the Company.  The Managing Member shall furnish to each Member a copy of each approved return and statement, together with any schedules (including Schedule K-1) or other information that a Member may require in connection
      with such Member’s own tax affairs as soon as practicable (but in no event more than 75 days after the end of each Fiscal Year).  The Members agree to (a) take all actions reasonably requested by the Company or the Company Representative to comply
      with the Partnership Tax Audit Rules, including where applicable, filing amended returns as provided in Sections 6225 or 6226 of the Code and providing confirmation thereof to the Company Representative and (b) furnish to the Company (i) all
      reasonably requested certificates or statements relating to the tax matters of the Company (including without limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its
      possession relating to the Company’s operations that is reasonably necessary to enable the Company’s tax returns to be prepared and timely filed.

    

    

    Section 10.4        Company Representative.  The Managing Member is specially authorized and appointed to act as the Company Representative and in any
      similar capacity under state or local Law.  The Company and the Members (including any Member designated as the Company Representative prior to the date hereof) shall cooperate fully with each other and shall use reasonable best efforts to cause the
      Managing Member (or any other Person subsequently designated) to become the Company Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired, including (as applicable) by
      filing certifications pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d).  In acting as Company Representative, the Managing Member shall act, to the maximum extent possible, to cause income, gain, loss, deduction, credit of the Company and
      adjustments thereto, to be allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the Company could have effectively made an election under Section 6221(b) of the Code (commonly known as the
      “election out”) or similar state or local provision with respect to the taxable period at issue.  The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants as it may
      reasonably deem necessary in the course of fulfilling its obligations as Company Representative.

    
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    Section 10.5        Withholding Tax Payments and Obligations.

    

    

    (a)         Withholding Tax Payments.  Each of the Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so
      by any applicable Law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or with respect to such Member, any amount of U.S. federal, state or local or non-U.S. taxes that the Managing Member
      determines, in Good Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement.

    

    

    (b)          Tax Audits.  To the extent that any income tax is paid by the Company or any of its Subsidiaries as a result of an audit or other proceeding with respect to
      such tax and the Managing Member determines, in Good Faith, that such tax relates to one or more specific Members (including any Company Level Taxes), such tax shall be treated as an amount of taxes withheld or paid with respect to such Member
      pursuant to this Section 10.5.  Notwithstanding any provision to the contrary in this Section 10.5, the payment by the Company of Company Level Taxes shall, consistent with the Partnership Tax Audit Rules, be treated as the payment of
      a Company obligation and shall be treated as paid with respect to a Member to the extent the expense with respect to such payment is allocated to such Member pursuant to Section 5.2(j) and such payment shall not be treated as a withholding
      from distributions, allocations or portions thereof with respect to a Member.

    

    

    (c)         Tax Contribution and Indemnity Obligation.  Any amounts withheld or paid with respect to a Member pursuant to Section 10.5(a) or (b) shall be
      offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a “Tax Offset”); provided that the
      amount of any distribution subject to a Tax Offset shall be treated as having been distributed to such Member pursuant to Section 6.1 or Section 11.3(b)(iii) at the time such Tax Offset is made.  To the extent that (i) there is a
      payment of Company Level Taxes relating to a Member or (ii) the amount of such Tax Offset exceeds the distributions to which such Member is entitled during the same Fiscal Year as such withholding or payment (“Excess Tax Amount”), the amount of such (i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Managing Member, give rise to an obligation of such Member to make
      a capital contribution to the Company (a “Tax Contribution Obligation”), which Tax Contribution Obligation shall be immediately due and payable.  In the event a Member defaults with respect
      to its obligation under the prior sentence, the Company shall be entitled to offset the amount of a Member’s Tax Contribution Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of such
      Tax Contribution Obligation has been contributed to the Company or has been recovered through offset against distributions, and any such offset shall not reduce such Member’s Capital Account.  Any contribution by a Member with respect to a Tax
      Contribution Obligation shall increase such Member’s Capital Account but shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the Company.  Each Member hereby unconditionally and irrevocably grants to the Company
      a security interest in such Member’s Units to secure such Member’s obligation to pay the Company any amounts required to be paid pursuant to this Section 10.5.  Each Member shall take such actions as the Company may reasonably request in
      order to perfect or enforce the security interest created hereunder.  Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Company Representative and the Managing Member from and against any liability
      (including any liability for Company Level Taxes) with respect to income attributable to or distributions or other payments to such Member.

    
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    (d)         Continued Obligations of Former Members.  Any Person who ceases to be a Member shall be deemed to be a Member solely for purposes of this Section 10.5,
      and the obligations of a Member pursuant to this Section 10.5 shall survive until 30 days after the closing of the applicable statute of limitations on assessment with respect to the taxes withheld or paid by the Company or a Subsidiary that
      relate to the period during which such Person was actually a Member; provided, however, that if the Managing Member determines in its sole discretion that seeking
      indemnification for Company Level Taxes from a former Member is not practicable, or that seeking such indemnification has failed, then, in either case, the Managing Member may (A) recover any liability for Company Level Taxes from the substituted
      Member that acquired directly or indirectly the applicable interest in the Company from such former Member or (B) treat such liability for Company Level Taxes as a Company expense.

    

    

    (e)          Managing Member Discretion Regarding Recovery of Taxes.  Notwithstanding the foregoing, the Managing Member may choose not to recover an amount of Company
      Level Taxes or other taxes withheld or paid with respect to a Member under this Section 10.5 to the extent that there are no distributions to which such Member is entitled that may be offset by such amounts, if the Managing Member determines,
      in its reasonable discretion, that such a decision would be in the best interests of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid with respect to such Member is not justified in light of the amount that may be
      recovered from such Member).

    

    

    ARTICLE XI

    

    

    DISSOLUTION AND TERMINATION

    

    

    Section 11.1        Liquidating Events.  The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following
      (each, a “Liquidating Event”):

    

    

    (a)          The sale of all or substantially all of the assets of the Company; and

    

    

    (b)         The determination of (i) the Managing Member and (ii) if at such time the Members (other than any member of the PubCo Holdings Group) beneficially own, in the
      aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group and, for so long as a Goldman Entity or a Beekman Entity hold an interest herein,
      such Goldman Entity and Beekman Entity, to dissolve, wind up and liquidate the Company; provided that no such Liquidating Event shall be consummated until at least 5 Business Days after written notice is
      provided to the Members that such determination has been made in accordance with the foregoing, and, for the avoidance of doubt, any Member, including any Member not consenting to such determination, shall have the right to file a Redemption Notice
      prior to the consummation of such Liquidating Event.

    
      46

      
        

    

    The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under Section 18-802 of the Act or otherwise,
      other than based on the matters set forth in clauses (a) and (b) above.  If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree to continue the
      business of the Company without a winding up or liquidation.  In the event of a dissolution pursuant to Section 11.1(b), 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 11.3 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 and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a treatment other than as described above.

    

    

    Section 11.2       Bankruptcy.  For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any
      Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment
      shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive days; or (b) a Member shall admit in writing of its inability to pay
      its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition,
      application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar
      officer shall be appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive
      days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a
      period of 90 consecutive days.

    
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    Section 11.3        Procedure.

    

    

    (a)          In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate the Company’s
      investments; provided that if a Member is in bankruptcy or dissolved, another Member, who shall be the Managing Member (“Winding-Up Member”) shall
      commence to wind up the affairs of the Company and, subject to Section 11.4(a), such Winding-Up Member shall have full right and unlimited discretion to determine in Good Faith the time, manner and terms of any sale or sales of the Property
      or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and economic conditions.  The Members shall continue to share profits, losses and distributions during the
      period of liquidation in the same manner and proportion as though the Company had not dissolved.  The Company shall engage in no further business except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up
      Member, as applicable, to preserve the value of the Company’s assets during the period of dissolution and liquidation.

    

    

    (b)          Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in Article V, the proceeds of the liquidation
      and any other funds of the Company shall be distributed in the following order of priority:

    

    

    (i)          First, to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether third parties or
      Members), in the order of priority as provided by Law, except any obligations to the Members in respect of their Capital Accounts;

    

    

    (ii)         Second, to set up such cash reserves that the Managing Member reasonably deems necessary for contingent or unforeseen
      Liabilities or future payments described in Section 11.3(b)(i) (which reserves when they become unnecessary shall be distributed in accordance with the provisions of clause (iii) below); and

    

    

    (iii)        Third, the balance to the Members, pro rata in accordance with the number of
      Units owned by each Member.

    

    

    (c)          No Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.

    

    

    (d)          Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing Member or the Winding-Up
      Member, as the case may be, shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and all other documents required to effectuate the dissolution and termination of the Company.

    
      48

      
        

    

    Section 11.4        Rights of Members.

    

    

    (a)          Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

    

    

    (b)          Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital Contributions and (ii) no
      Member shall have priority over any other Member as to the return of its Capital Contributions, distributions or allocations.

    

    

    Section 11.5        Notices of Dissolution.  In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of Section

        11.1, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with whom the Company regularly conducts business (as determined in
      the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.

    

    

    Section 11.6        Reasonable Time for Winding Up.  A reasonable time shall be allowed for the orderly winding up of the business and affairs of the
      Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

    

    

    Section 11.7        No Deficit Restoration.  No Member shall be personally liable for a deficit Capital Account balance of that Member, it being
      expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

    

    

    ARTICLE XII

    

    

    GENERAL

    

    

    Section 12.1        Amendments; Waivers.

    

    

    (a)         The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger, consolidation or other business combination to which the
      Company is a party) with the approval of (y) the Managing Member and (z) if at such time the Members (other than the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66
      2/3% of the outstanding Units held by Members other than the PubCo Holdings Group; provided that no waiver, modification or amendment shall be effective until at least 5 Business Days after written notice is
      provided to the Members that the requisite consent has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt, any Member, including any Member not providing written consent, shall have the right to file a
      Redemption Notice prior to the effectiveness of such waiver, modification or amendment; provided, further, that no amendment to this Agreement may:

    

    

    (i)          modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each such affected Member;

    

    

    (ii)        materially alter or change any rights, preferences or privileges of any Interests in a manner that is different or prejudicial (or would have a different or
      prejudicial effect) relative to any other Interests, without the approval of a majority in interest of the Members holding the Interests affected in such a different or prejudicial manner;

    
      49

      
        

    

    (iii)       materially alter or change any rights, preferences or privileges of either a Goldman Entity or a Beekman Entity in its capacity as a holder of Interests or otherwise
      under this Agreement in a manner that is different or prejudicial (or that would  have a different or prejudicial effect) relative to one another or other holder of Interests (including Pubco or a member of the Pubco Group), without the approval of
      the party affected in a different or prejudicial manner;

    

    

    (iv)        (A) amend or alter Section 8.4 without the prior written consent of Beekman and Goldman, or (B) alter or change any rights, preferences or privileges of any
      Member that are expressly for the benefit of such Member, without the approval of such member; or

    

    

    (v)         modify the requirement that a majority of the directors of PubCo who are independent within the meaning of the rules of the Nasdaq Stock Market (or such other
      principal United States securities exchange on which the Class A Shares are listed) and Rule 10A-3 of the Securities Act and do not hold any Units that are subject to the applicable Redemption must approve a Cash Election pursuant to Section
        4.6(d) without the approval of a majority of the directors of PubCo who are independent within the meaning of the rules of the Nasdaq Stock Market (or such other principal United States securities exchange on which the Class A Shares are
      listed) and Rule 10A-3 of the Securities Act.

    

    

    (b)          Notwithstanding the foregoing clause (a), the Managing Member, acting alone, may amend this Agreement, including Exhibit A, (i) to reflect the admission of
      new Members, as provided by the terms of this Agreement, (ii) to the minimum extent necessary to comply with or administer in an equitable manner the Partnership Tax Audit Rules in any manner determined by the Managing Member, and (iii) as necessary
      to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code.

    

    

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

    

    

    Section 12.2        Further Assurances.  Each party agrees that it will from time to time, upon the reasonable request of another party, execute such
      documents and instruments and take such further action as may be required to accomplish the purposes of this Agreement.

    
      50

      
        

    

    Section 12.3        Successors and Assigns.  All of the terms and provisions of this Agreement shall be binding upon the parties and their respective
      successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms hereof.  No party may assign its rights
      hereunder except as herein expressly permitted.

    

    

    Section 12.4        Certain Representations by Members.  Each Member, by executing this Agreement and becoming a Member, whether by making a Capital
      Contribution, by admission in connection with a permitted Transfer or otherwise, represents and warrants to the Company and the Managing Member, as of the date of its admission as a Member, that such Member (or, if such Member is disregarded for U.S.
      federal income tax purposes, such Member’s regarded owner for such purposes) is either: (i) not a partnership, grantor trust or Subchapter S corporation for U.S. federal income tax purposes (e.g., an individual or Subchapter C corporation), or (ii)
      is a partnership, grantor trust or Subchapter S corporation for U.S. federal income tax purposes, but (A) permitting the Company to satisfy the 100-partner limitation set forth in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a principal
      purpose of any beneficial owner of such Member in investing in the Company through such Member, (B) such Member was formed for business purposes prior to or in connection with the investment by such Member in the Company or for estate planning
      purposes, and (C) no beneficial owner of such Member has a redemption or similar right with respect to such Member that is intended to correlate to such Member’s right to Redemption pursuant to Section 4.6.

    

    

    Section 12.5      Entire Agreement.  This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and
      herein, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties
      and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

    

    

    Section 12.6        Rights of Members Independent.  The rights available to the Members under this Agreement and at Law shall be deemed to be several
      and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right.  Any one or more and/or any combination of such rights may be exercised by a Member and/or the
      Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

    

    

    Section 12.7       Governing Law.  This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual,
      instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made
      and performed in such state and without regard to conflicts of law doctrines.

    

    

    Section 12.8        Jurisdiction and Venue.  The parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the
      District of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement.  The parties hereto
      irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action.  Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal Action by
      the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail.  Nothing in this Section
        12.8 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

    
      51

      
        

    

    Section 12.9        Headings.  The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not
      constitute a part of this Agreement.

    

    

    Section 12.10      Counterparts.  This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be
      executed in one or more counterparts and by different parties in separate counterparts any may delivered by email or other electronic means.  All of such counterparts shall constitute one and the same agreement (or other document) and shall become
      effective (unless otherwise provided therein) when one or more counterparts have been signed by each party and delivered to the other party.

    

    

    Section 12.11      Notices.  Any notice or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by
      facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows:

    

    

    If to the Company or the Managing Member, addressed to it at:

    

    

    One Water Marine Holdings, LLC

    6275 Lanier Islands Parkway

    Buford, GA 30518

    Attention: Jack Ezzell, CFO

    Email:

    

    

    With copies (which shall not constitute notice) to:

    

    

    Vinson & Elkins L.L.P.

    2001 Ross Avenue, Suite 3900

    Dallas, TX 75201

    Attention: Peter Marshall

    Email:

    

    

    or to such other address or to such other Person as either party shall have last designated by such notice to the other parties.  Each such notice or other communication shall be effective (i) if given by
      telecommunication or electronically, when transmitted to the applicable number or email address so specified in (or pursuant to) this Section 12.11 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a
      Business Day in the jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first
      Business Day in the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the
      Business Day when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt.

    
      52

      
        

    

    Section 12.12     Representation By Counsel; Interpretation.  The parties acknowledge that each party to this Agreement has been represented by counsel
      in connection with this Agreement and the transactions contemplated by this Agreement.  Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted
      it has no application and is expressly waived.

    

    

    Section 12.13     Severability.  If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity,
      the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions of this Agreement for all parties remain
      valid, binding and enforceable.

    

    

    Section 12.14      Expenses.  Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the
      transactions contemplated by this Agreement.

    

    

    Section 12.15      Waiver of Jury Trial.  EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER HEREBY
      WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
      HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

    

    

    Section 12.16      No Third Party Beneficiaries.  Except as expressly provided in Sections 7.4, nothing in this Agreement, express or implied,
      is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto.

    

    

    [Signature Pages Follow]

    
      53

      
        

    

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

    

    

     

     
    	 	COMPANY:
	 	 
	 	ONE WATER MARINE HOLDINGS, LLC
	 	 	 
	
            

            

          	
            By: 

          	

          
	 	Name: 

          	Philip Austin Singleton, Jr.
	 	Title:	Chief Executive Officer
	 	 	 

     

      

     

    

    Signature Page to

    Amended and Restated Limited Liability Company Agreement of

    One Water Marine Holdings, LLC

    
      
        

    

    

    

    	 	MANAGING MEMBER: 

          
	 	 
	 	ONEWATER MARINE INC. 

          
	 	 	 
	 	By: 

          	 
	 	Name: 

          	 Philip Austin Singleton, Jr. 

          
	 	Title:

          	 Chief Executive Officer 

          
	 	 	 

       
    

    

    

    Signature Page to

    Amended and Restated Limited Liability Company Agreement of

    One Water Marine Holdings, LLC

    
      
        

    

    

    

    	 	PUBCO: 

          
	 	 
	 	ONEWATER MARINE INC. 

          
	 	 	 
	 	By:

          	 
	 	Name: 

          	Philip Austin Singleton, Jr. 

          
	 	Title:	Chief Executive Officer 

          
	 	 	 

    

    

    

    

    Signature Page to

    Amended and Restated Limited Liability Company Agreement of

    One Water Marine Holdings, LLC

     

    

    
      
        

    

    

    

    

    

    

    

    	 	MEMBERS: 

          
	 	 
	 	GOLDMAN SACHS & CO. LLC 

          
	 	 	 
	 	By:	 
	 	

          	 
	 	By: 

          	 
	 	Name: 

          	 
	 	Title:  

          	 Authorized Signatory 

          
	 	 	 
	 	 	 
	 	OWM BIP INVESTOR, LLC 
	 	 	 
	 	By: 	 
	 	 	 
	 	By: 

          	 
	 	Name: 

          	 
	 	Title: 

          	 
	 	 	 
	 	 	 
	 	 	 
	 	[●]	 
	 	 	 
	 	By: 

          	 
	 	 	 
	 	By: 

          	 
	 	Name: 

          	 
	 	Title: 

          	 
	 	 	 
	 	 	 

    

    

    

    

    

    Signature Page to

    Amended and Restated Limited Liability Company Agreement of

    One Water Marine Holdings, LLC

    
      
        

    

    
    EXHIBIT A

     

      

    	
            Member

          
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

    

    

    
      A-1

      
        

    

    	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

    

    

    
      A-2

      
        

    

    
    EXHIBIT B

    

    

    [TO COME].

     

    

    

    

  

  B-1Exhibit 10.5

  

   

  

  FORM OF

   

  

  REGISTRATION RIGHTS AGREEMENT

   

  

  This Registration Rights Agreement (this “Agreement”) is made and entered into as of [●], 2019, by
    and among OneWater Marine Inc., a Delaware corporation (the “Company”), and each of the other parties listed on the signature pages hereto (the “Initial Holders”
    and, together with the Company, the “Parties”).

   

  

  WHEREAS, in connection with, and in consideration of, the transactions contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-232639), the Initial Holders have requested, and
    the Company has agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement.

   

  

  NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each
    party hereto, the Parties hereby agree as follows:

   

  

  1.           Definitions. As used in this Agreement, the following terms have the meanings
    indicated:

   

  

  “Affiliate” of any specified Person means any other person which, directly or indirectly, is in control of, is controlled by, or is under common control
    with, such specified Person. For purposes of this definition, “control” of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by
    contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For the avoidance of doubt, for purposes of this Agreement, the Holders shall not be considered Affiliates of the Company.

   

  

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

   

  

  “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.

   

  

  “Beekman” means Beekman Investment Advisors and (i) its Affiliates and (ii) investment funds and investment vehicles (including OWM BIP Investor, LLC) it
    is Affiliated with or manages.

   

  

  “Blackout Period” has the meaning set forth in Section 3(o).

   

  

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

   

  

  “Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of New York
    are authorized or required to be closed by law or governmental action.

  

  

  
    

    
      

  

  
  “Class A Common Stock” means the Class A common stock, par value $0.01 per share, of the Company, and any other equity interests of the Company or equity
    interests in any successor of the Company issued in respect of such Class A Common Stock by reason of or in connection with any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar
    event involving a change in the capital structure of the Company.

   

  

  “Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

   

  

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

   

  

  “Company Securities” means any equity interest of any class or series in the Company.

    

  

  “Demand Notice” has the meaning set forth in Section 2(b)(i).

   

  

  “Demand Registration” has the meaning set forth in Section 2(b)(i).

   

  

  “Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective.

   

  

  “Effectiveness Period” has the meaning set forth in Section 2(b)(ii).

   

  

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

   

  

  “Goldman” means Goldman Sachs & Co. LLC, a New York limited liability company and (i) its Affiliates and (ii) investment funds it is Affiliated with
    or manages.

    

  

  “GS Entity” has the meaning set forth in Section 3(r).

   

  

   “GS Underwriter Registration Statement” has the meaning set forth in Section 3(r).

   

  

  “Holder” means (i) each Initial Holder unless and until such Initial Holder ceases to hold any Registrable Securities; and (ii) any holder of Registrable
    Securities to whom registration rights conferred by this Agreement have been transferred in compliance with Section 8(e) hereof; provided that any Person referenced in clause (ii) shall
    be a Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement.

   

  

  “Holder Indemnified Persons” has the meaning set forth in Section 6(a).

   

  

  “Holder Lock-Up Period” has the meaning set forth in Section 3(q).

   

  

  “Initial Holders” has the meaning set forth in the preamble.

   

  

  “Initiating Holder(s)” means the Holder(s) delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

  

  

  
    

    2

    
      

  

  “Lock-Up Period” has the meaning set forth in the underwriting agreement entered into by the Company in connection with the initial underwritten public
    offering of shares of Class A Common Stock.

   

  

  “Losses” has the meaning set forth in Section 6(a).

   

  

  “Managing Underwriter” means, with respect to any Underwritten Offering or Overnight Underwritten Offering, the book running lead manager or managers of
    such Underwritten Offering or Overnight Underwritten Offering.

   

  

  “Minimum Amount” has the meaning set forth in Section 2(b)(i).

   

  

  “Overnight Underwritten Offering” means an Underwritten Offering that is expected to be launched after the close of trading on one trading day and priced
    before the open of trading on the next succeeding trading day.

   

  

  “OWMH LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of One Water Marine
    Holdings, LLC, a Delaware limited liability company, dated as of [●], 2019, as amended.

   

  

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

   

  

  “Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
    stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind.

   

  

  “Piggyback Registration” has the meaning set forth in Section 2(e)(i).

   

  

  “Piggyback Registration Notice” has the meaning set forth in Section 2(e)(i).

   

  

  “Piggyback Registration Request” has the meaning set forth in Section 2(e)(i).

   

  

  “Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a
    deposition) pending or, to the knowledge of the Company, to be threatened.

   

  

  “Prospectus” means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a
    prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering
    of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated
    by reference in such Prospectus.

  

  

  
    

    3

    
      

  

  “Registrable Securities” means the Shares; provided, however, that Registrable Securities shall not include: (i) any Shares that have been registered
    under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration and other rights hereunder; (ii) any Shares that have been sold or transferred by the
    Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; (iii) any Shares that cease to be outstanding (whether as
    a result of repurchase and cancellation, conversion or otherwise) and (iv) any Shares that may be sold pursuant to any section of Rule 144 (or any successor rule or regulation to Rule 144 then in force) without any volume or manner of sale restrictions
    or information requirements thereunder.

   

  

  “Registration Expenses” has the meaning set forth in Section 5.

   

  

  “Registration Statement” means a registration statement of the Company in the form required to register under the Securities Act and other applicable law
    the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder of Registrable Securities included therein, and including any Prospectus, amendments and supplements to each such registration statement or
    Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

   

  

  “Requested Underwritten Offering” has the meaning set forth in Section 2(d).

   

  

  “Requested Underwritten Offering Minimum Condition” has the meaning set forth in Section 2(b)(iii).

   

  

  “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act.

   

  

  “Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act.

   

  

  “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act.

   

  

  “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act.

   

  

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

   

  

  “Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and
    fees and disbursements of counsel for any Holder (except as set forth in Section 5).

  

  

  
    

    4

    
      

  

  “Shares” means (i) the shares of Class A Common Stock held by the Holders as of the date hereof, including the shares of Class A Common Stock that may be
    delivered in exchange for Units held by the Holders as of the date hereof, and (ii) and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with
    any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company. For purposes of this Agreement, a Person shall be deemed
    to be a holder of Shares and such Shares shall be deemed to be in existence whenever such Person has the right to acquire such Shares (upon conversion, exchange, redemption or exercise in connection with a transfer of securities or otherwise, but
    disregarding any restrictions or limitations upon the exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Shares.

   

  

  “Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or any successor form or other
    appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable.

   

  

  “Suspension Period” has the meaning set forth in Section 8(b).

   

  

  “Trading Market” means the principal national securities exchange on which Registrable Securities are listed.

   

  

  “Underwritten Offering” means an underwritten offering of Class A Common Stock for cash (whether a Requested Underwritten Offering or in connection with a
    public offering of Class A Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8 or an offering on any registration statement form
    that does not permit secondary sales.

   

  

  “Underwritten Offering Notice” has the meaning set forth in Section 2(d).

   

  

  “Underwritten Offering Piggyback Notice” has the meaning set forth in Section 2(e)(ii).

   

  

  “Underwritten Offering Piggyback Request” has the meaning set forth in Section 2(e)(ii).

   

  

  “Underwritten Piggyback Offering” has the meaning set forth in Section 2(e)(ii).

   

  

  “Units” has the meaning given to such term in the OWMH LLC Agreement.

   

  

  “VWAP” means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the Trading Market
    for the five trading days immediately preceding, but excluding, such date.

  

  

  
    “WKSI” means a “well known seasoned issuer” as defined under Rule 405.

  

  

  

  
    

    5

    
      

  

  Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references to Sections refer to Sections of this
    Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not
    to any particular provision of this Agreement; (e) unless the context otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms
    and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal
    and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless
    otherwise indicated.

   

  

  2.           Registration.

   

    

  (a)          Mandatory Shelf Registration. Subject to any limitations or restrictions set forth in Section 3,
    at such time as the Company shall have qualified for the use of a Shelf Registration Statement, a holder of Registrable Securities shall have the right to request the registration under the Securities Act of all or any portion of their Registrable
    Securities for an offering on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Mandatory Shelf Registration”). Such request for a Mandatory
    Shelf Registration shall specify the number of Registrable Securities requested to be included in the Mandatory Shelf Registration. Upon receipt of any such request, the Company shall promptly (but in no event later than five Business Days following
    receipt thereof) deliver notice of such request to all other holders of Registrable Securities, if any, who shall then have 10 days from the date such notice is given to notify the Company in writing of their desire to be included in such registration.
    The Company shall prepare and file with or confidentially submit to the Commission a Shelf Registration Statement covering all of the Registrable Securities that the holders thereof have requested to be included in such Mandatory Shelf Registration
    within 45 days after the date on which the initial request is given and shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter. Each Shelf
    Registration Statement shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the holders of Registrable Securities. After the filing of a Shelf Registration Statement, and until all
    Registrable Securities covered by such Shelf Registration Statement have ceased to be Registrable Securities, the Company shall use its commercially reasonable efforts to ensure that such Shelf Registration Statement remains continuously effective
    until all Registrable Securities registered thereby have been sold or otherwise disposed of.

   

  

  (b)          Demand Registration.

   

  

  (i)          At any time after the expiration of the Lock-Up Period, any Holder(s) shall have the option and right, exercisable by delivering a written notice to the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the
    offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement (a “Demand Registration”). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder(s) intend to include in such Demand Registration and the intended methods of disposition
    thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities of the Initiating Holder(s) and their respective Affiliates to be included therein
    have an aggregate value, based on the VWAP as of the date of the Demand Notice, of at least $[●] or all of the Registrable Securities then held by such Initiating Holder (the “Minimum Amount”).

  

  

  
    

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  (ii)        Within 45 Business Days after the receipt of the Demand Notice (except if the Company is not then eligible to register for resale the Registrable
    Securities on Form S-3, within 60 days thereof), the Company shall, subject to the limitations of this Section 2(b), file a Registration Statement in accordance with the terms and conditions of
    the Demand Notice. The Company shall use all commercially reasonable efforts to cause such Registration Statement to become and remain effective as soon as reasonably practicable after the filing thereof under the Securities Act until all Registrable
    Securities covered by such Registration Statement have been sold (the “Effectiveness Period”).

   

  

  (iii)       Subject to the other limitations contained in this Agreement, the Company is not obligated hereunder to (A) file more than three registrations for
    each Holder or its affiliates as requested in a Demand Registration by such Holder or its affiliates pursuant to this Section 2(b); (B) file any Registration Statement pursuant to a Demand Registration within 90 days after the closing of any
    Requested Underwritten Offering, unless as a result of Section 2(e), the Requested Underwritten Offering includes less than (the “Requested Underwritten Offering Minimum Condition”) the lesser of
    (i) Registrable Securities of the Initiating Holder(s) having an aggregate value, based on the VWAP as of the effective date of the related Registration Statement, of $[●], and (ii) two-thirds of the
    number of Registrable Securities the Initiating Holder(s) set forth in the applicable Underwritten Offering Notice, or (C) effect a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable
    Securities held by the Initiating Holder(s) shall have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the
    Demand Notice in accordance with the intended timing and method or methods of distribution thereof specified in the Demand Notice. No Demand Registration shall be deemed to have occurred for purposes of this Section 2(b)(iii) if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder(s) shall be entitled to an additional
    Demand Registration in lieu thereof.

   

  

  (iv)        A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time
    prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from an Initiating Holder that such Initiating Holder is withdrawing an amount of its Registrable Securities such that the remaining amount of Registrable
    Securities to be included in the Demand Registration is below the Minimum Amount, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.

   

  

  (v)         The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any other
    Person, subject to Section 2(e).

  

  

  
    

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  (vi)        Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration form of
    the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice; provided that if the Company
    becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering and selling of Registrable Securities shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or
    any equivalent or successor form under the Securities Act (if available to the Company), and shall not count as one of the two Demand Registrations for purposes of Section 2(b)(iii). If at any time a Registration Statement on Form S-3 is
    effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement
    as may be necessary in order to enable such offering to take place.

   

  

  (c)          General Registration Provisions.

      

   

      

  (i)          Without limiting Section 3, in connection with the Mandatory Shelf Registration pursuant
    to and accordance with Section 2(a), and any Demand Registration pursuant to and in accordance with Section 2(b), the Company shall (A) promptly prepare and file or cause to be prepared
    and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to such Mandatory Shelf Registration or
    Demand Registration, including under the securities laws of such jurisdictions as the Holders shall reasonably request; provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would
    become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other
    documents as may be necessary to apply for listing or to list the Registrable Securities subject to such Mandatory Shelf Registration or Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably
    necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof.

   

  

  (ii)         In the event a Holder transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the
    request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no
    event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder
    or (B) the Company has received written consent therefor from a Person for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the
    Holder.

  

  

  
    

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  (d)         Requested Underwritten Offering. Any Initiating Holder(s) then able to effectuate a Demand
    Registration pursuant to the terms of Section 2(b), ignoring for purposes of such determination Section 2(b)(iii)(C), shall have the option and right, exercisable by delivering written
    notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering Notice”), to require the Company, pursuant to the terms of and
    subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement
    covering such Registrable Securities (a “Requested Underwritten Offering”); provided, that the Registrable Securities of such Holder(s) requested to be included in such Requested Underwritten Offering have
    an aggregate value of at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice. The Underwritten Offering Notice must set forth the number of Registrable Securities that such Holder intends to include in such Requested
    Underwritten Offering. The Managing Underwriter of a Requested Underwritten Offering shall be designated by the Company; subject to the consent of the Initiating Holder(s), which consent shall not be unreasonably withheld. Notwithstanding the
    foregoing, the Company is not obligated to effect a Requested Underwritten Offering within 90 days after the closing of a Requested Underwritten Offering, unless as a result of Section 2(e), the prior Requested Underwritten Offering failed to
    satisfy the Requested Underwritten Offering Minimum Condition.

   

  

  (e)          Piggyback Registration and Piggyback Underwritten Offering.

   

  

  (i)          If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Class A Common Stock (other than a registration statement
    on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), whether or not for its own account, then the Company shall promptly notify all Holders of
    such proposal reasonably in advance of (and in any event at least ten Business Days before) the earlier of the anticipated submission or filing date (the “Piggyback Registration Notice”). The Piggyback
    Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”).
    The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback
        Registration Request”) within three Business Days after sending the Piggyback Registration Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by giving
    written notice to the Company of its request to withdraw; provided that such request must be made in writing prior to the effectiveness of such registration statement and such withdrawal shall be irrevocable and, after making such withdrawal, a Holder
    shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent
    registration statement or registration statements as may be filed by the Company with respect to offerings of Class A Common Stock, all upon the terms and conditions set forth herein.

  

  

  
    

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  (ii)         If the Company shall at any time propose to conduct an Underwritten Offering (including a Requested Underwritten Offering), whether or not for
    its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least two Business Days before in connection with a “bought deal” or Overnight Underwritten Offering) the commencement of
    the offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices), the anticipated filing date of the related registration statement (if applicable) and
    the number of shares of Class A Common Stock that are proposed to be registered (the “Underwritten Offering Piggyback Notice”). Receipt of any Underwritten Offering Piggyback Notice required to be provided
    in this Section 2(e)(ii) to Holders shall be kept confidential by the Holder until such proposed Underwritten Offering is (i) publicly announced or (ii) such Holder receives notice that such proposed Underwritten Offering has been abandoned,
    which such notice shall be provided promptly by the Company to each Holder. The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number
    of Registrable Securities as they may request in writing (an “Underwritten Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten
    Offering pursuant to an effective Shelf Registration Statement of the Company other than an Automatic Shelf Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf Registration Statement may be included in
    such Underwritten Piggyback Offering, unless the Company is then able to file an Automatic Shelf Registration Statement and in the reasonable judgment of the Company, the filing of the same including Registrable Securities of Holders that are not
    otherwise included in an effective Shelf Registration Statement would not have a material adverse effect on the price, timing or distribution of the Class A Common Stock in such Underwritten Piggyback Offering. The Company shall use commercially
    reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein (“Underwritten Offering Piggyback
        Request”) within three Business Days after sending the Underwritten Offering Piggyback Notice (or one Business Day in connection with a “bought deal” or Overnight Underwritten Offering). Notwithstanding anything to the contrary in this Section 2(e)(ii),
    if the Underwritten Offering pursuant to this Section 2(e)(ii) is a “bought deal” (other than a variable price reoffer) or Overnight Underwritten Offering and the Managing Underwriter advises the Company that the giving of notice pursuant to
    this Section 2(e)(ii) would have a material adverse effect on the price, timing or distribution of the Class A Common Stock in such Underwritten Offering, no such notice shall be required. Each Holder shall be permitted to withdraw all or part
    of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and
    conditions set forth herein.

   

  

  (iii)        The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2(e) at any time in its
    sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 44 hereof.

  

  

  
    

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  (f)          Priority in Underwritten Offerings. In connection with an Underwritten Offering, if the Managing
    Underwriter of any such Underwritten Offering advises the Company, and the Company advises the Holders in writing, that, in the reasonable opinion of the Managing Underwriter, the total amount of Class A Common Stock (or securities convertible into or
    exercisable or exchangeable for Class A Common Stock) that the Holders and any other Persons (including the Company) intend to include in such Underwritten Offering (and any related registration, if applicable) exceeds the number that can be included
    in such Underwritten Offering without being likely to have a material adverse effect on the price, timing or distribution of the Class A Common Stock offered or the market for the Class A Common Stock (or securities convertible into or exercisable or
    exchangeable for Class A Common Stock), then the Class A Common Stock to be included in such Underwritten Offering (in each case subject to the other terms and provisions of this Agreement) shall include the number of shares of Registrable Securities
    that such Managing Underwriter, in its reasonable opinion, advises the Company can be sold without having such adverse effect, with such number to be allocated as follows (in each case, with respect to such Persons that have validly requested to
    include shares of Class A Common Stock in such Underwritten Offering in accordance with this Agreement or otherwise pursuant to rights of registration granted by the Company):

   

  

  (i)          if the offering was initiated for and on behalf of the Company:

   

  

  (A)          first, to the Company;

   

  

  (B)          second, to Goldman and Beekman, pro rata in accordance with the number of Registrable Securities then held by each of Goldman and Beekman;

   

  

  (C)          third, to all remaining Holders, pro rata in accordance with the number of Registrable Securities then held by each such Holder; and

   

  

  (D)          fourth, to all other holders of Class A Common Stock entitled to participate in such Underwritten Offering, pro rata in accordance with the number of shares of Class A Common Stock then held by such other
    holders;

   

  

  (ii)          in the case of a Requested Underwritten Offering:

   

  

  (A)          first, to Goldman and Beekman, pro rata in accordance with the number of Registrable Securities then held by each of Goldman and Beekman;

   

  

  (B)          second, to all remaining Holders, pro rata based on the relative number of Registrable Securities then held by each such Holder;

  

  

  
    (C)           third, to the Company; and

     

    

    (D)          fourth, pro rata among all other holders of Class A Common Stock entitled to participate in such Underwritten Offering, pro rata in accordance
      with the number of shares of Class A Common Stock then held by such other holders;

     

    

    (iii)        if the offering was not initiated for and on behalf of the Company and was initiated for and on behalf of any holder of registration rights
      (other than any Holder):

     

    

    (A)          first, to such other holders, Goldman, and Beekman, pro rata based on the number of shares of Class A Common Stock held by such other holders, Goldman and Beekman;

     

    

    (B)          second, to the remaining Holders, pro rata based on the number of Registrable Securities then held by each such Holder;

     

  

  

  

  
    

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  (C)          third, to the Company; and

   

  

  (D)          fourth, pro rata among all other holders of Class A Common Stock proposed to be included in such offering based on the number of shares of Class A Common Stock held by such other holders.

   

  

  Notwithstanding the foregoing, if (I) an offering was initiated by the Holders, (II) the Holders are unable to include in the offering all of the shares of Class A Common Stock included in the Underwritten Offering
    Piggyback Request and (III) the underwriters in such offering exercise their option to purchase up to an additional 15% of the shares sold in such offering, the shares to be included in such option closings shall be allocated (x) first, to Goldman and
    Beekman, pro rata in accordance with the number of Registrable Securities then held by each of Goldman and Beekman until all shares included by Goldman or Beekman in the Underwritten Offering Piggyback Request are sold; (y) second, to the Holders, pro
    rata in accordance with the number of Registrable Securities then held by each such Holder until all shares included in the Underwritten Offering Piggyback Request by the remaining Holders are sold, and (z) third, to the Company.

   

  

  3.           Registration and Underwritten Offering Procedures.

   

  

   

  The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of
    the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows:

  

  
     (a)          In connection with a Mandatory Shelf Registration or Demand Registration, the Company shall, in advance as reasonably practicable (and in any case no less than 3 Business Days) prior to
      the anticipated filing of the Registration Statement and any related Prospectus or any supplement or amendment thereto (for purposes of this subsection, supplements and amendments shall not be deemed to include any filing that the Company is required
      to make pursuant to the Exchange Act), furnish to such Holders and representatives of such Holders copies of all such documents proposed to be filed (including all exhibits and documents to be incorporated by reference therein), and provide each
      Holder and its representatives the opportunity to (i) review and comment on such documents and (ii) object to any information pertaining to such Holder and its plan of distribution that is contained therein, and in either such case, the Company shall
      make any changes reasonably requested by the Holders prior to filing the registration statement or supplement or amendment thereto.

  

   

  

  (b)          In connection with a Piggyback Registration, Underwritten Piggyback Offering or a Requested Underwritten Offering, the Company will, at least three Business Days (or one Business Day in
    the case of any Overnight Underwritten Offering or “bought deal”) prior to the anticipated filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments
    and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto), as applicable, (i) furnish to such Holders copies of any such Registration Statement or related
    Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more
    than name Holders and provide information with respect thereto) prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior
    to the filing thereof.

  

  

  
    

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  (c)        The Company will use commercially reasonable efforts to as promptly as reasonably practicable (i) prepare and file with the Commission such
    amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration Statement continuously effective with
    respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional Registration Statements in order to
    register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented or amended to be filed
    pursuant to Rule 424; (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable provide such Holders true and complete copies of all
    correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would result in the disclosure to such Holders of material and non-public information
    concerning the Company, and (iv) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders of such Registrable Securities to consummate the
    disposition of such Registrable Securities in accordance with their intended method of distribution thereof. The Company shall not be deemed to have used its reasonable efforts to keep a Registration Statement effective during the applicable period if
    it voluntarily takes any action that would result in the Holders of such Registrable Securities not being able to sell such Registrable Securities during that period, unless such action is required under applicable law.

   

  

  (d)         The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration
    Statements and the disposition of all Registrable Securities covered by each Registration Statement.

  

  

  
    

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  (e)        The Company will notify such Holders who are included in a Registration Statement as promptly as reasonably practicable: (i) (A) when a Prospectus
    or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the applicable Registration Statement
    and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling
    stockholders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority
    for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the
    effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the
    qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence (but not the details) of any event or
    passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration
    Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any 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, in the light of the circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that
    the Company either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement,
    which in either case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light
    of the circumstances under which they were made, not misleading).

   

  

  (f)         The Company will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the
    effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or
    suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

   

  

  (g)         During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one conformed copy of each Registration
    Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company will not have any
    obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system.

   

  

  (h)         The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of
    prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including Section 8(b), the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
    and any amendment or supplement thereto.

  
    

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  (i)          The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities
    to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange
    Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing. In connection therewith, if required by the Company’s transfer agent,
    the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer agent, together with any other
    authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities under the
    Registration Statement.

   

  

  (j)          Upon the occurrence of any event contemplated by Section 3(e)(v), as promptly as
    reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document
    incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a
    material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

   

  

  (k)          With respect to Underwritten Offerings, subject to the right of a Holder to withdraw such Holder’s Registrable Securities from an Underwritten
    Offering in accordance with the terms of this Agreement, (i) the right of any Holder to include such Holder’s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the
    inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering severally agrees to enter into an underwriting agreement in customary form and sell such
    Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the Managing Underwriter hereunder and (iii) each Holder participating in such Underwritten Offering severally agrees to
    complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements. Any such underwriting agreement to be entered
    into among the Company, the Managing Underwriter of such offering and each Holder participating in such Underwritten Offering shall contain representations and warranties by such Holders and such other terms and provisions as are customarily contained
    in underwriting agreements with respect to secondary distributions on the part of selling shareholders. All of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the underwriter(s) of
    such offering included in each such underwriting agreement shall also be made to and for the benefit of such Holder participating in such Underwritten Offering, and any or all of the conditions precedent to the obligations of such underwriter(s) under
    such underwriting agreement shall be conditions precedent to the obligations of such Holders. No Holder shall be required in any such underwriting agreement to make any representations or warranties to or agreements with the Company or the
    underwriter(s) other than representations, warranties or agreements regarding such Holder, such Holder’s Registrable Securities, such Holder’s intended method of distribution and any other representations required by law or reasonably required by the
    underwriter(s). The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents
    reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort” letters included in the Registration Statement.

   

  

  
    

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  (l)         For a reasonable period prior to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make available,
    upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during normal business hours by a representative or representatives of the selling Holders, the Managing Underwriter and any attorneys or
    accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to
    respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the
    Securities Act; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or
    administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the
    Company in seeking to prevent or limit the proposed disclosure.

   

  

  (m)         In connection with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to take such actions as the Holders
    reasonably request in order to expedite or facilitate the disposition of the Registrable Securities subject to such Requested Underwritten Offering and to cause appropriate officers and employees to be available, on a customary basis and upon
    reasonable notice, to meet with prospective investors in presentations, meetings and road shows.

   

  

  (n)          Each Holder agrees to furnish to the Company any other information regarding the distribution of such securities as the Company reasonably
    determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering.

   

  

  (o)          Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment
    thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities
    pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company (including a
    pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board determines such registration would require disclosure of material
    information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”); provided that the Company shall not delay filing any demanded
    Registration Statement, suspend any Shelf Registration Statement or delay effecting any Requested Underwritten Offering more than five times in the aggregate or more than twice in any consecutive 12-month period. Notwithstanding anything to the
    contrary in this Agreement, with the exception of the Holder Lock-Up Period in connection with the Company’s initial public offering, in no event shall any Blackout Periods, any Suspension Periods and any Holder Lock-Up Periods collectively continue
    for more than 120 days in the aggregate during any consecutive 12-month period.

  

  

  
    

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  (p)          In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as a
    selling securityholder in any Registration Statement a copy of any auditor “comfort” letters or customary legal opinions, in each case that have been provided to the Managing Underwriter in connection with the Underwritten Offering, not later than the
    Business Day prior to the effective date of such Registration Statement.

   

    

  (q)         In connection with any Underwritten Offering, any Holder that together with its Affiliates owns 10% or more of the outstanding Class A Common
    Stock, shall execute a customary “lock-up” agreement with the underwriters of such Underwritten Offering containing a lock-up period equal to the shorter of (A) the shortest number of days that a director of the Company, “executive officer” (as defined
    under Section 16 of the Exchange Act) of the Company or any stockholder of the Company (other than a Holder or director or employee of, or consultant to, the Company) who owns 10% or more of the outstanding Class A Common Stock contractually agrees to
    with the underwriters of such Underwritten Offering not to sell any securities of the Company following such Underwritten Offering and (B) 60 days from the date of the execution of the underwriting agreement with respect to such Underwritten Offering
    (each such period, a “Holder Lock-Up Period”). Notwithstanding anything to the contrary herein, the customary “lock-up” agreement contemplated in this Section 3(q) shall not in any way limit a
    Holder or any of their Affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other
    similar activities conducted in the ordinary course of their business. Additionally, notwithstanding anything to the contrary set forth in this Agreement, such customary “lock-up” agreement shall not apply to Class A Common Stock or any securities
    convertible into or exercisable or exchangeable for Class A Common Stock acquired by any Holder or its affiliates acquired for the account of a third party during the ordinary course of its business following the effective date of the initial
    underwritten public offering of shares of the Company’s Class A Common Stock.

   

    

  (r)         The Company agrees that, if Goldman (for purposes of this section only, Goldman and each of its affiliates are referred to as a “GS Entity”) could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with any registration of the Company’s securities of any GS Entity pursuant to
    this Agreement, and any amendment or supplement thereof (any such registration statement or amendment or supplement a “GS Underwriter Registration Statement”), then the Company will cooperate with such GS
    Entity in allowing such GS Entity to conduct customary “underwriter’s due diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, at Goldman’s request, the Company will furnish to Goldman, on the date of the
    effectiveness of any GS Underwriter Registration Statement and thereafter from time to time on such dates as Goldman may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance
    as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to Goldman, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such GS
    Underwriter Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including, without limitation, a standard “10b-5” opinion for such offering, addressed to Goldman. The Company will also permit
    legal counsel to Goldman to review and comment upon any such GS Underwriter Registration Statement at least five business days prior to its filing with the Commission and all amendments and supplements to any such GS Underwriter Registration Statement
    within a reasonable number of days prior to their filing with the Commission and not file any GS Underwriter Registration Statement or amendment or supplement thereto in a form to which Goldman’s legal counsel reasonably objects.

  

  

  
    

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  4.          No Inconsistent Agreements; Additional Rights.
    The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities that is superior to or inconsistent with or that in any way violates or subordinates rights granted to the Holders by this
    Agreement and any such agreement shall be considered void ab initio.

   

    

  5.          Registration Expenses. All Registration Expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten
    Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. “Registration
    Expenses” shall include, without limitation, all (i) registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market, (B) in compliance with applicable state securities or “Blue Sky”
    laws and (C) with respect to filings with FINRA), (ii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable
    Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors and accountants for the Company, (v) Securities Act liability insurance, if the Company so desires
    such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, (vii) the fees and expenses of one law firm of national standing selected by the
    Holders owning the majority of the Registrable Securities to be included in any such registration or offering and (viii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.”
    In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses
    of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market.

  

  

  
    

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  6.           Indemnification.

   

      

  (a)          The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective
    officers and directors and any agent thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages,
    liabilities, joint or several, costs (including reasonable costs of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits
    or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in
    any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the
    Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a
    material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified
    Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free
    writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person specifically for use in the preparation thereof. The Company
    shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the
    Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder.
    Notwithstanding anything to the contrary herein, this Section 6 shall survive any termination or expiration of this Agreement indefinitely.

   

  

  (b)          In connection with any Registration Statement in which a Holder participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each
    of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact
    contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto
    (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary
    to make the statements made therein, in the light of the circumstances in which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to
    the Company by such Holder expressly for use therein; provided, however, that this Section 6(b) shall not apply to any information furnished in writing by such
    Holder to the Company which corrected or made not misleading information previously furnished to the Company, if such information was furnished prior to the filing of any such Registration Statement, preliminary prospectus, summary or final prospectus
    or free writing prospectus, or in any amendment or supplement thereto, and the Company failed to include such information therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and
    effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder
    from the sale of the Registrable Securities giving rise to such indemnification obligation.

   

  

  
    

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  (c)          Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless
    in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from
    or additional to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not
    be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the
    defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of
    any indemnified party there may be one or more legal or equitable defenses available to such indemnified party that are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt
    written notice shall not release the indemnifying party from its obligations hereunder.

   

  

  (d)          If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an
    indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such
    indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue
    statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by
    a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
    parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by
    such Holder.

   

  

  7.           Facilitation of Sales Pursuant to Rule 144. The Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of
    Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations
    of the exemption provided by Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.

  

  

  
    

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  8.           Miscellaneous.

   

      

  (a)          Remedies. In the
    event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be
    entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and
    further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

   

  

  (b)          Discontinued Disposition. Subject to the last sentence of Section 3(o), each Holder
    agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith
    discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(j) or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or
    deemed to be incorporated by reference in such Prospectus or Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to enforce the provisions of this Section 8(b).

   

  

  (c)          Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company,
    Beekman, Goldman, and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other
    Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be
    deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair
    the exercise of any such right.

   

  

  (d)          Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
    shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Section 8(d)
    prior to 5:00 p.m. Central Time on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this
    Agreement later than 5:00 p.m. Central Time on any date and earlier than 11:59 p.m. Central Time on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service (iv) upon actual receipt by
    the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows:

  

  

  
    

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          If to the Company:

        	
          OneWater Marine Inc.

        
	 	 	
          Attention: Chief Executive Officer

        
	 	 	
          6275 Lanier Islands Parkway

        
	 	 	
          Buford, Georgia 30518

        
	 	 	
          Electronic mail:

        
	 	 	 
	 	
          With copy to:

        	
          Vinson & Elkins L.L.P.

        
	 	 	
          Attention: David P. Oelman, James R. Brown

        
	 	 	
          1001 Fannin Street, Suite 2500

        
	 	 	
          Houston, Texas 77002

        
	 	 	
          Electronic mail:

        
	 	 	 
	 	
          If to any Person who is then the registered Holder:

        	
          To the address of such Holder as it appears in the applicable register for the Registrable Securities or such other address as may be designated in writing by such Holder (including on the signature pages hereto).

        

  

  

  (e)          Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
    Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 8(e), this Agreement, and any
    rights or obligations hereunder, may not be assigned without the prior written consent of the Company (acting through the Board of Directors) and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to
    this Agreement with respect to all or any portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a
    dividend or other distribution with respect to, in exchange for or in replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such transfer,
    furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by
    and subject to the terms set forth in this Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders.

   

    

  (f)           No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, shall be
    construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

   

    

  (g)         Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of
    which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create
    a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof.

  

  

  
    

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  (h)          Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by,
    and construed in accordance with, the internal laws of the State of Delaware. Each of the Parties irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States District Court for the District
    of Delaware and the appellate courts therefrom for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit,
    action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit,
    action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY
      WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

   

    

  (i)           Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any
    remedies provided by law.

   

    

  (j)           Severability. If any term, provision, covenant or restriction of this Agreement is held by a
    court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
    invalidated, and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated
    and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

   

    

  (k)         Entire Agreement. This Agreement and the agreements referred to herein constitute the entire
    agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written.

   

    

  (l)           Termination. Except for Section 6, this
    Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities.

   

  

  [THIS SPACE LEFT BLANK INTENTIONALLY]

  

  

  
    

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

   

  

  	 	
          COMPANY:

        
	 	 
	 	
          OneWater Marine Inc.

        
	 	 
	 	
          By:

        	 
	 	
          Name:

        	
          Philip Austin Singleton, Jr.

        
	 	
          Title:

        	
          Chief Executive Officer

        

  

  

  Signature Page to Registration Rights Agreement

   

  

  
    

    
      

  

  HOLDERS:

  

  

  	 	
          Goldman Sachs & Co. LLC

        
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 
	 	 	 
	 	
          OWM BIP Investor, LLC

        
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 
	 	 	 
	 	
          [●]

        
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 

  

  

  
    Signature Page to Registration Rights Agreement

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