Document:

Exhibit 10.4

 

 

TAX RECEIVABLE AGREEMENT

 

among

 

CLEAR SECURE, INC.,

 

and

 

THE PERSONS NAMED HEREIN

 

 

 

 

 

Dated as of [●], 2021

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I
    DEFINITIONS	2
	Section 1.01   Definitions	2
	Article II
    DETERMINATION OF REALIZED TAX BENEFIT	11
	Section 2.01   Basis Adjustment	11
	Section 2.02   Realized Tax Benefit and Realized Tax Detriment	11
	Section 2.03   Procedures, Amendments	12
	Article III
    TAX BENEFIT PAYMENTS	13
	Section 3.01   Payments	13
	Section 3.02   No Duplicative Payments	13
	Article IV
    TERMINATION	14
	Section 4.01   Termination, Early Termination and Breach of Agreement	14
	Section 4.02   Early Termination Notice	15
	Section 4.03   Payment upon Early Termination	15
	Section 4.04   Change of Control	15
	Article V
    SUBORDINATION AND LATE PAYMENTS	15
	Section 5.01   Subordination	15
	Section 5.02   Late Payments by the Corporate Taxpayer	16
	Article VI
    NO DISPUTES; CONSISTENCY; COOPERATION	16
	Section 6.01   Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	16
	Section 6.02   Consistency	16
	Section 6.03   Cooperation	16
	Article VII
    MISCELLANEOUS	17
	Section 7.01   Notices	17
	Section 7.02   Binding Effect; Benefit; Assignment	17
	Section 7.03   Resolution of Disputes	18
	Section 7.04   Counterparts	19
	Section 7.05   Entire Agreement	19
	Section 7.06   Severability	19
	Section 7.07   Amendment	20
	Section 7.08   Governing Law	20
	Section 7.09   Reconciliation	20
	Section 7.10   Withholding	20
	Section 7.11   Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	21
	Section 7.12   Confidentiality	21
	Section 7.13   Change in Law	21
	Section 7.14   Member Representative	22
	Section 7.15   Partnership Agreement	23

 

    i 

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (as amended from time
to time, this “Agreement”), dated as of [●], 2021, is hereby entered into by and among Clear Secure, Inc., a
Delaware corporation (the “Corporate Taxpayer”), Alclear Investments, LLC, a Delaware limited liability company, and
Alclear Investments II, LLC, a Delaware limited liability company (together with their direct and indirect equity owners, the “Founder
Entities”) each of the undersigned parties, and each of the other persons from time to time that become a party hereto (each,
excluding the Corporate Taxpayer, the “Members”).

 

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

 

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

 

WHEREAS, the Members hold common interest units in
OpCo (the “Common Units”), and following certain reorganization transactions, the Corporate Taxpayer will be the managing
member of OpCo and will hold, directly and/or indirectly, Common Units;

 

WHEREAS, each Member may exchange Common Units (when
exchanged along with shares of Class C common stock, $0.00001 par value per share, of the Corporate Taxpayer (“Class C Common
Stock”) or Class D common stock, $0.00001 par value per share, of the Corporate Taxpayer (“Class D Common Stock”))
for cash or shares of Class A common stock, $0.00001 par value per share, of the Corporate Taxpayer (the “Class A Common Stock”)
or Class B common stock, $0.00001 par value per share, of the Corporate Taxpayer (the “Class B Common Stock”) pursuant to
the provisions of the LLC Agreement (as defined below) and the Exchange Agreement (as defined below);

 

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

 

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

 

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

 

     

     

    

 

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

 

Article I

 

DEFINITIONS

 

Section 1.01       
Definitions.

 

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

 

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

 

“Agreed Rate” means LIBOR plus
100 basis points.

 

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

 

“Assumed State and Local Tax Rate”
means the tax rate equal to the sum of the product of (x) the OpCo’s income and franchise Tax apportionment rate(s) for each state
and local jurisdiction in which the OpCo files income or franchise Tax Returns for the relevant Taxable Year and (y) the highest corporate
income and franchise Tax rate(s) for each such state and local jurisdiction in which the OpCo files income or franchise Tax Returns for
each relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing shall be reduced
by the assumed federal income Tax benefit received by the Corporate Taxpayer with respect to state and local jurisdiction income and franchise
Taxes (with such benefit calculated as the product of (a) the Corporate Taxpayer’s marginal U.S. federal income tax rate for the
relevant Taxable Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)).

 

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

 

(i)                 A
portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year for
Depreciation arising in respect of a Basis Adjustment to a Reference Asset resulting from an Exchange is Attributable to the
Applicable Member to the extent that the ratio of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting
from all Exchanges by the Applicable Member bears to the aggregate of all Depreciation for the Taxable Year in respect of Basis
Adjustments resulting from all Exchanges by the Applicable Members (in each case, other than with respect to the portion of the
Basis Adjustment described in clause (ii) below).

 

    2

     

    

 

(ii)             
A portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year
for Depreciation arising in respect of a Basis Adjustment to a Reference Asset resulting from a payment hereunder is Attributable to the
Applicable Member that receives such payment.

 

(iii)           
A portion of any Realized Tax Benefit arising from the disposition of a Reference Asset is Attributable to the Applicable
Member to the extent that the ratio of all Basis Adjustments (to the extent not previously taken into account in the calculation of Realized
Tax Benefits) resulting from all Exchanges by the Applicable Member with respect to such Reference Asset bears to the aggregate of all
Basis Adjustments (to the extent not previously taken into account in the calculation of Realized Tax Benefits) with respect to such Reference
Asset.

 

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

 

(v)              
For the avoidance of doubt, in the case of a Basis Adjustment arising under Section 734(b) of the Code with respect to an
Exchange, depreciation, amortization or other similar deductions for recovery of cost of basis shall constitute Depreciation only to the
extent that such depreciation, amortization or other similar deductions may produce or increase a Realized Tax Benefit (and not to the
extent that such depreciation, amortization or other similar deductions may be for the benefit of a Person other than the Corporate Taxpayer),
as reasonably determined by the Corporate Taxpayer.

 

(vi)            
A portion of any Realized Tax Benefit arising from a carryover or carryback of any Tax item is Attributable to such Member
to the extent such carryover or carryback is attributable to or available for use because of the prior use of the Basis Adjustments or
Imputed Interest with respect to which a Realized Tax Benefit would be Attributable to such Member pursuant to clauses (i)–(vi)
above.

 

Portions of any Realized Tax Detriment shall be
Attributed to Members under principles similar to those described in clauses (i)–(vii) above.

 

“Basis Adjustment” means the
adjustment to the tax basis of a Reference Asset under Sections 732, 755 and 1012 of the Code and the Treasury Regulations
promulgated thereunder (in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as
separate from its owner for U.S. federal income tax purposes) or under Sections 734(b), 743(b) and 755 of the Code and the Treasury
Regulations promulgated thereunder (in situations where, following an Exchange, OpCo remains in existence as an entity for U.S.
federal income tax purposes) and, in each case, comparable sections of state and local tax laws, as a result of (i) an Exchange and
(ii) the payments made pursuant to the Tax Receivable Agreement. For the avoidance of doubt, the amount of any Basis Adjustment
resulting from an Exchange of one or more Common Units shall be the amount that the new Basis Adjustments from clauses (i) and (ii)
in the prior sentence exceed any prior adjustments to basis resulting from any Pre-Exchange Transfer of such Common Units (including
any interest that was a predecessor to such Common Unit).

 

    3

     

    

 

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

 

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

 

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

 

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

 

(i)       any
Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities
and Exchange Act of 1934, or any successor provisions thereto, excluding (x) a corporation or other entity owned, directly or indirectly,
by the stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of stock in the Corporate Taxpayer
and (y) the Founder Entities, become the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing
more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities;

 

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

 

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

 

    4

     

    

 

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

 

Notwithstanding the foregoing, except with respect
to clause (ii) and clause (iii)(x) 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 the Corporate
Taxpayer immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership
in, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporate Taxpayer
immediately following such transaction or series of transactions.

 

“Control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise.

 

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

 

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

 

“Default Rate” means LIBOR plus
500 basis points.

 

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

 

    5

     

    

 

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

 

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

 

“Exchange” means an acquisition
of Common Units or a purchase of Common Units by OpCo or the Corporate Taxpayer, including by way of an exchange of stock of the Corporate
Taxpayer for Common Units pursuant to the Exchange Agreement, in each case occurring on or after the date of this Agreement. Any reference
in this Agreement to Common Units “Exchanged” is intended to denote Common Units subject to an Exchange.

 

“Exchange Agreement” means that
certain Exchange Agreement, dated as of the date hereof, by and among the Corporate Taxpayer, OpCo, and the other holders of Common Units
and shares of Class C Common Stock and Class D Common Stock from time to time party thereto.

 

“Governmental Authority” has the
meaning set forth in the LLC Agreement.

 

“Hypothetical Tax Liability” means,
with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii) without duplication, OpCo, but only with
respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer (or to the other members of the consolidated group of which the
Corporate Taxpayer is the parent), in each case using the same methods, elections, conventions and similar practices used on the relevant
Corporate Taxpayer Return, but (a) using the Non-Stepped Up Tax Basis as reflected on the Exchange Basis Schedule, including amendments
thereto for the Taxable Year, (b) excluding any deduction attributable to Imputed Interest for the Taxable Year, (c) without taking into
account the carryover or carryback of any Tax item (or portions thereof) that is attributable to or (without duplication) available for
use because of the prior use of any of the Basis Adjustments or Imputed Interest, (d) using the Assumed State and Local Tax Rate, solely
for purposes of calculating the state and local Hypothetical Tax Liability of the Corporate Taxpayer and (e) assuming, solely for purposes
of calculating the liability for U.S. federal income Taxes, in order to prevent double counting, that state and local income and franchise
Taxes are not deductible by the Corporate Taxpayer for U.S. federal income Tax purposes.

 

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

 

“IPO” means the initial public
offering of Class A Common Stock of the Corporate Taxpayer.

 

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

 

    6

     

    

 

 

 

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

 

“LIBOR” means during any period,
an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first day of such period, on the Telerate
Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01” or by any
other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such period;
provided, however, that if at any time a majority of the Corporate Taxpayer’s then-outstanding loans and/or other agreements governing
material secured, floating rate indebtedness discontinue the use of LIBOR in determining pricing or interest rates and apply an alternative
benchmark rate (such agreements that have discontinued the use of LIBOR, the “Discontinued Agreements”), then, during
any period, all references in this Agreement to LIBOR shall automatically and without further action by any party refer to the sum of
(1) the alternative benchmark rate applied in such period in the majority of the Discontinued Agreements (the “Successor Benchmark”)
and (2) the weighted average mathematical spread adjustment (which may be zero, negative or positive and shall be determined based on
the aggregate principal amount of financing provided under each such Discontinued Agreement, whether utilized or unutilized at the time
that Successor Benchmark is adopted) applied to such Successor Benchmark in the Discontinued Agreements.

 

“LLC Agreement” means the Second
Amended and Restated Operating Agreement of OpCo, dated as of the date hereof.

 

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

 

“Member Representative” means
Alclear Investments II, LLC, a Delaware limited liability company.

 

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

 

    7

     

    

 

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

 

“Percentage Interest” has the
meaning set forth in the LLC Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Subsidiary Stock” means any stock
or other equity interest in any Subsidiary of the Corporate Taxpayer that is treated as a corporation for U.S. federal income tax purposes.

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

“Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that (1) the Corporate Taxpayer will have taxable income sufficient to
fully utilize (i) the deductions arising from the Basis Adjustments and Imputed Interest during such Taxable Year or future Taxable
Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available and (ii)
any net operating loss, excess interest deduction, or credit carryovers or carrybacks (or similar items with respect to carryovers
or carrybacks) generated by deductions arising from Basis Adjustments or Imputed Interest that are available as of such Early
Termination Date, (2) the U.S. federal income tax rates that will be in effect for each such Taxable Year will be those specified
for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the extent any change to
such tax rates for such Taxable Year have already been enacted into law as of the Early Termination Date, (3) all taxable income of
the Corporate Taxpayer will be subject to the maximum applicable tax rate for U.S. federal income tax purposes throughout the
relevant period, and the tax rate for U.S. state and local income taxes shall be the Assumed State and Local Tax Rate as in effect
for the Taxable Year of the Early Termination Date, (4) any non-amortizable assets will be disposed of on the fifteenth anniversary
of the applicable Basis Adjustment; provided, that in the event of a Change of Control, such non-amortizable assets shall be
deemed disposed of at the time of sale of the relevant asset (if earlier than such fifteenth anniversary), (5) if, at the Early
Termination Date, there are Common Units that have not been Exchanged, then each such Common Unit shall be deemed to be Exchanged
for the Market Value of the number of shares of Class A Common Stock and the amount of cash that would be transferred if the
Exchange occurred on the Early Termination Date, (6) any payment obligations pursuant to this Agreement will be satisfied on the
date that any Tax Return to which such payment obligation relates is required to be filed excluding any extensions and (7) any
Subsidiary Stock will be disposed of on the fifteenth anniversary of the IPO Date in a fully taxable transaction for U.S. federal
income tax purposes (or, if later, on the Early Termination Date); provided, that if any Subsidiary Stock is disposed of in
connection with a Change of Control, such Subsidiary Stock shall be deemed to be sold at the time of such Change of Control.

 

    9

     

    

 

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

 

	Term	 	Section
	Agreement	 	Preamble
	Amended Schedule	 	2.03(b)
	Class A Common Stock	 	Recitals
	Class B Common Stock	 	Recitals
	Class C Common Stock	 	Recitals
	Class D Common Stock	 	Recitals
	Code	 	Recitals
	Common Units	 	Recitals
	Contribution	 	Recitals
	Corporate Taxpayer	 	Preamble
	Depreciation	 	1.01
	Dispute	 	7.03(a)
	Early Termination Effective Date	 	4.02
	Early Termination Notice	 	4.02
	Early Termination Payment	 	4.03(b)
	Early Termination Schedule	 	4.02
	e-mail	 	7.01
	Exchange Basis Schedule	 	2.01
	Exchange Date	 	Recitals
	Expert	 	7.09
	Interest Amount	 	3.01(b)
	Material Objection Notice	 	4.02
	Member	 	Preamble
	Net Tax Benefit	 	3.01(b)
	Objection Notice	 	2.03(a)
	OpCo	 	Recitals
	Reconciliation Dispute	 	7.09
	Reconciliation Procedures	 	2.03(a)
	Senior Obligations	 	5.01
	Tax Benefit Payment	 	3.01(b)
	Tax Benefit Schedule	 	2.02(a)

 

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

 

Article II

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.01       
Basis Adjustment. Within 90 calendar days after the filing of the U.S. federal income tax return of the Corporate
Taxpayer for each Taxable Year in which any Exchange has been effected by any Member, the Corporate Taxpayer shall deliver to such Member
and to the Member Representative a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail necessary
to perform the calculations required by this Agreement, including with respect to each Exchanging party, (i) the Non-Stepped Up Tax Basis
of the Reference Assets as of each applicable Exchange Date, (ii) the Basis Adjustments with respect to the Reference Assets as a result
of the Exchanges effected in such Taxable Year, calculated (x) in the aggregate, (y) solely with respect to Exchanges by such Member and
(z) in the case of a Basis Adjustment under Section 734(b) of the Code solely with respect to the amount that is available to the Corporate
Taxpayer in such Taxable Year, (iii) the period (or periods) over which the Reference Assets are amortizable and/or depreciable and (iv)
the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable.

 

Section 2.02       
Realized Tax Benefit and Realized Tax Detriment.

 

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

 

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

 

Section 2.03       
Procedures, Amendments.

 

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

 

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

 

Article III

TAX BENEFIT PAYMENTS

 

Section 3.01       
Payments.

 

(a)               Within
five (5) Business Days after a Tax Benefit Schedule with respect to a Taxable Year is delivered to a Member and the Member
Representative pursuant to this Agreement becomes final in accordance with Section 2.03(a), the Corporate Taxpayer shall pay to each
Member for such Taxable Year the Tax Benefit Payment in the amount determined pursuant to Section 3.01(b).  Each such Tax
Benefit Payment to a Member shall be made by wire transfer of immediately available funds to the bank account previously designated
by such Member to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such Member.  For the avoidance
of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including federal estimated income tax
payments. Notwithstanding anything to the contrary in this Agreement, with respect to each Exchange by or with respect to any
Member, if such Member notifies the Corporate Taxpayer in writing of a stated maximum selling price (within the meaning of Treasury
Regulations Section 15A.453-1(c)(2)), then the amount of the consideration received in connection with such Exchange and the
aggregate Tax Benefit Payments to such Member in respect of such Exchange (other than amounts accounted for as interest under the
Code) shall not exceed such stated maximum selling price.

 

(b)              
A “Tax Benefit Payment” means, with respect to a Member, an amount, not less than zero, equal to the
sum of the amount of the Net Tax Benefit Attributable to such Member and the related Interest Amount.  For the avoidance of doubt,
for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration for the
acquisition of Common Units in Exchanges, unless otherwise required by law. Subject to Section 3.03(a), the “Net Tax Benefit”
for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of
such Taxable Year over the sum of the total amount of Tax Benefit Payments previously made under this Section 3.01 (excluding payments
attributable to Interest Amounts); provided, for the avoidance of doubt, that such Member shall not be required to return any portion
of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the amount of the Net
Tax Benefit Attributable to such Member calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate
Taxpayer Return with respect to Taxes for such Taxable Year until the Payment Date of the applicable Tax Benefit Payment. Notwithstanding
anything to the contrary in this Agreement, after any lump-sum payment under Article IV in respect of present or future Tax attributes
subject to this Agreement, the Tax Benefit Payment, Net Tax Benefit and components thereof shall be calculated without taking into account
any such attributes or any such lump-sum payment.

 

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

 

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Article IV

TERMINATION

 

Section 4.01       
Termination, Early Termination and Breach of Agreement.

 

(a)              
Unless terminated earlier pursuant to Section 4.01(b) or Section 4.01(c), this Agreement will terminate when there is no
further potential for a Tax Benefit Payment pursuant to this Agreement. Tax Benefit Payments under this Agreement are not conditioned
on any Member retaining an interest in the Corporate Taxpayer or OpCo (or any successor thereto).

 

(b)               The
Corporate Taxpayer may terminate this Agreement with respect to (i) all amounts payable to the Members and with respect to all of
the Common Units held (or previously held and exchanged) by all Members at any time by paying to each Member the Early Termination
Payment in respect of such Member or (ii) the amount payable to any Member having a Percentage Interest of less than 5% by paying to
any such individual Member the Early Termination Payment in respect of such Member; provided, however, that this
Agreement shall only terminate pursuant to this Section 4.01(b) upon the receipt of the Early Termination Payment by all Members;
and provided, further, that the Corporate Taxpayer may withdraw any notice to execute its termination rights under
this Section 4.01(b) prior to the time at which any Early Termination Payment has been paid.  Upon payment of the Early
Termination Payment by the Corporate Taxpayer in accordance with this Section 4.01(b), neither the Members nor the Corporate
Taxpayer shall have any further payment obligations under this Agreement, other than for any (1) Tax Benefit Payment agreed to by
the Corporate Taxpayer and a Member as due and payable but unpaid as of the Early Termination Notice and (2) Tax Benefit Payment due
for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount
described in clause (2) is included in the Early Termination Payment).  If an Exchange occurs after the Corporate Taxpayer
makes the Early Termination Payment pursuant to this Section 4.01(b), the Corporate Taxpayer shall have no obligations under this
Agreement with respect to such Exchange.

 

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

 

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

 

Section 4.03       
Payment upon Early Termination.

 

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

 

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

 

Section 4.04        Change
of Control. In connection with any Change of Control, unless otherwise waived or directed in writing by the Member
Representative, all obligations hereunder with respect to such Member shall be accelerated and such obligations shall be calculated
as if an Early Termination Notice had been delivered on the date of such Change of Control and shall include, but not be limited to,
(1) the Early Termination Payment to such Member calculated as if an Early Termination Notice had been delivered on the date of such
Change of Control, (2) any Tax Benefit Payment agreed to by the Corporate Taxpayer and such Member as due and payable but unpaid as
of the date of such Change of Control, and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the date of
such Change of Control; provided, that procedures similar to the procedures of Section 4.02 shall apply with respect to the
determination of the amount payable by the Corporate Taxpayer pursuant to this sentence.

 

Article V

 

SUBORDINATION AND LATE
PAYMENTS

 

Section 5.01       
Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or
Early Termination Payment required to be made by the Corporate Taxpayer to any Member under this Agreement shall rank subordinate and
junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu
with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations.  To the extent that any
payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.01 and the terms of
agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of Members and the Corporate
Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance with the terms of
the Senior Obligations. The Corporate Taxpayer shall use commercially reasonable efforts not to enter into any agreement if a principal
purpose of such agreement is to restrict in any material respect the amounts payable hereunder.

 

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Section 5.02       
Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early Termination
Payment not made to the applicable Member when due under the terms of this Agreement shall be payable together with any interest thereon,
computed at the Default Rate and commencing from the date on which such Tax Benefit Payment or Early Termination Payment was due and payable.

 

Article VI

 

NO DISPUTES; CONSISTENCY;
COOPERATION

 

Section 6.01        Participation
in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided herein, and except as provided in
the LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning
the Corporate Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or
settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the Member Representative
of, and keep the Member Representative reasonably informed with respect to, the portion of any audit of the Corporate Taxpayer and
OpCo by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of a Member under this
Agreement, and shall provide to the Member Representative reasonable opportunity to provide information and other input to the
Corporate Taxpayer, OpCo and their respective advisors concerning the conduct of any such portion of such audit; provided, however,
that the Corporate Taxpayer and OpCo shall not be required to take any action that is inconsistent with any provision of the LLC
Agreement; provided, further, that the Corporate Taxpayer shall not settle or fail to contest any issue pertaining to
Taxes or Tax matters where such settlement or failure to contest would reasonably be expected to materially adversely affect the
Members’ rights and obligations under this Agreement without the written consent of the Member Representative, such consent
not to be unreasonably withheld, conditioned, or delayed.

 

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

 

Section 6.03       
Cooperation. Each of the Corporate Taxpayer and each Member shall (a) furnish to the other party in a timely manner
such information, documents and other materials as the other party may reasonably request for purposes of making any determination or
computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination
or controversy with any Taxing Authority, (b) make itself available to the other party and its Representative to provide explanations
of documents and materials and such other information as the other party or its Representative may reasonably request in connection with
any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporate Taxpayer
shall reimburse the applicable Member for any reasonable third-party costs and expenses incurred pursuant to this Section 6.03. The Corporate
Taxpayer shall not, without the prior written consent of the Member Representative, take any action that has the primary purpose of circumventing
the achievement or attainment of any Tax Benefit Payment or Early Termination Payment under this Agreement.

 

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Article VII

 

MISCELLANEOUS

 

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

 

If to the Corporate Taxpayer, to: 

 

Clear Secure, Inc.

65 East 55th Street, 17th Floor

New York, NY 10022

Attention: Matthew Levine, General Counsel and Chief Privacy Officer

With copies (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Facsimile No.: (212) 757-3990

Attention:    Brian M. Janson

E-mail:           bjanson@paulweiss.com

 

If to the applicable Member, to the address,
facsimile number or e-mail address specified for such party on the Member Schedule to the LLC Agreement.

 

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

 

Section 7.02       
Binding Effect; Benefit; Assignment.

 

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

 

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

 

Section 7.03       
Resolution of Disputes.

 

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

 

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

 

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

 

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

 

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

 

Section 7.05       
Entire Agreement. This Agreement and the other Reorganization Documents (as such term is defined in the LLC Agreement)
constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. Except to the extent
provided in Section 3.03, nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party
hereto.

 

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

 

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

 

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

 

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

 

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

 

    20

     

    

 

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

 

(a)              
 If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated
income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions
of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments
and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole (including,
for the avoidance of doubt, by treating any direct or indirect transfer of one or more Reference Assets or Common Units to a corporation
with which the Corporate Taxpayer files a consolidated Tax Return pursuant to Section 1501 of the Code as an Exchange which gives rise
to a Basis Adjustment).

 

(b)              
If the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers one or more Reference Assets
to a Person treated as a corporation for U.S. federal income tax purposes (with which the Corporate Taxpayer does not file a consolidated
Tax Return pursuant to Section 1501 of the Code), such transferor, for purposes of calculating the amount of any Tax Benefits Payment
due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration
deemed to be received by the Corporate Taxpayer, shall be equal to the fair market value of the transferred asset plus the amount of debt
to which such asset is subject, in the case of a transfer of an encumbered asset. For purposes of this Section 7.11(b), a transfer of
a partnership interest shall be treated as a transfer of the transferring partner’s applicable share of each of the assets and liabilities
of that partnership. Notwithstanding anything to the contrary set forth herein, if the Corporate Taxpayer or any member of a group described
in Section 7.11(a) transfers its assets pursuant to a transaction that qualifies as a “reorganization” (within the meaning
of Section 368(a) of the Code) in which such entity does not survive or pursuant to any other transaction to which Section 381(a) of the
Code applies (other than any such reorganization or any such other transaction, in each case, pursuant to which such entity transfers
assets to a corporation with which the Corporate Taxpayer or any member of the group described in Section 7.11(a) (other than any such
member being transferred in such reorganization or other transaction) does not file a consolidated Tax Return pursuant to Section 1501
of the Code), the transfer will not cause such entity to be treated as having transferred any assets to a corporation (or a Person classified
as a corporation for U.S. federal income tax purposes) pursuant to this Section 7.11(b).

 

Section 7.12       
Confidentiality. Section 11.10 (Confidentiality) of the LLC Agreement as of the date of this Agreement shall
apply to any information of the Corporate Taxpayer provided to the Members and their assignees pursuant to this Agreement.

 

Section 7.13        Change
in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a Member
reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment
under this Agreement) recognized by such Member (or direct or indirect equity holders in such Member) upon an Exchange to be treated
as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or
would have other material adverse tax consequences to the Corporate Taxpayer or such Member or any direct or indirect owner of a
Member, then at the election of such Member and to the extent specified by such Member, this Agreement (i) shall cease to have
further effect with respect to such Member, (ii) shall not apply to an Exchange occurring after a date specified by such Member, or
(iii) shall otherwise be amended in a manner determined by such Member; provided, that such amendment shall not result in an
increase in payments under this Agreement to such Member at any time as compared to the amounts and times of payments that would
have been due to such Member in the absence of such amendment.

 

    21

     

    

 

Section 7.14        Member
Representative. By executing this Agreement, each of the Members shall be deemed to have irrevocably constituted the Member
Representative as his, her or its agent and attorney in fact with full power of substitution to act from and after the date hereof
and to do any and all things and execute any and all documents on behalf of such Members which may be necessary, convenient or
appropriate to facilitate any matters under this Agreement, including but not limited to: (i) execution of the documents and
certificates required pursuant to this Agreement; (ii) except to the extent specifically provided in this Agreement receipt and
forwarding of notices and communications pursuant to this Agreement; (iii) administration of the provisions of this
Agreement; (iv) any and all consents, waivers, amendments or modifications deemed by the Member Representative, in its sole and
absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may be
necessary or appropriate in connection therewith; (v) amending this Agreement or any of the instruments to be delivered to the
Corporate Taxpayer pursuant to this Agreement; (vi) taking actions the Member Representative is expressly authorized to take
pursuant to the other provisions of this Agreement; (vii) negotiating and compromising, on behalf of such Members, any dispute
that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or any other
agreement contemplated hereby and executing, on behalf of such Members, any settlement agreement, release or other document with
respect to such dispute or remedy; and (viii) engaging attorneys, accountants, agents or consultants on behalf of such Members
in connection with this Agreement or any other agreement contemplated hereby and paying any fees related thereto. The Member
Representative may resign upon thirty (30) days’ written notice to the Corporate Taxpayer. All reasonable, documented
out-of-pocket costs and expenses incurred by the Member Representative in its capacity as such shall be promptly reimbursed by the
Corporate Taxpayer upon invoice and reasonable support therefor by the Member Representative. To the fullest extent permitted by
law, none of the Member Representative, any of its Affiliates, or any of the Member Representative’s or Affiliate’s
directors, officers, employees or other agents (each a “Covered Person”) shall be liable, responsible or
accountable in damages or otherwise to any Member, OpCo or the Corporate Taxpayer for damages arising from any action taken or
omitted to be taken by the Member Representative or any other Person with respect to OpCo or the Corporate Taxpayer, except in the
case of any action or omission which constitutes, with respect to such Person, willful misconduct or fraud. Each of the Covered
Persons may consult with legal counsel, accountants, and other experts selected by it, and any act or omission suffered or taken by
it on behalf of OpCo or the Corporate Taxpayer or in furtherance of the interests of OpCo or the Corporate Taxpayer in good faith in
reliance upon and in accordance with the advice of such counsel, accountants, or other experts shall create a rebuttable presumption
of the good faith and due care of such Covered Person with respect to such act or omission; provided, that such counsel,
accountants, or other experts were selected with reasonable care. Each of the Covered Persons may rely in good faith upon, and shall
have no liability to OpCo, the Corporate Taxpayer or the Members for acting or refraining from acting upon, any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. Each Covered Person
shall not be liable for, and shall be indemnified by the Corporate Taxpayer for, any liability, loss, damage, penalty or fine
incurred by the Covered Persons (and any cost or expense incurred by the Covered Persons in connection therewith and herewith and
not previously reimbursed pursuant to this Section 7.14) arising out of or in connection with the acceptance or administration of
its duties under this Agreement, and such liability, loss, damage, penalty, fine, cost or expense shall be treated as an expense
subject to reimbursement pursuant to the provisions of this Section 7.14, except to the extent that any such liability, loss,
damage, penalty, fine, cost or expense is the proximate result of the willful misconduct or fraud of the Covered Person.

 

    22

     

    

 

Section 7.15       
Partnership Agreement. This Agreement shall be treated as part of the partnership agreement of OpCo as described
in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

[Remainder of Page Intentionally
Left Blank]

 

    23

     

    

 

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

 

	 	CORPORATE TAXPAYER:
	 	 	 
	 	CLEAR SECURE, INC.
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title: Chief Executive Officer

 

[Signature Page to Tax Receivable Agreement]

 

    

     

    

 

	 	MEMBERS:
	 	 
	 	ALCLEAR INVESTMENTS, LLC 
	 	 
	 	 
	 	By:
	 	Title:
	 	 
	 	[Others]

 

[Signature Page to Tax Receivable Agreement]

 

    

     

    

 

Exhibit A

Form of Joinder

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

	 	[PERMITTED TRANSFEREE]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Address for notices:Exhibit 10.5

 

 

SECOND AMENDED AND RESTATED

OPERATING AGREEMENT

of

ALCLEAR HOLDINGS, LLC

Dated as [●], 2021

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	Article I DEFINITIONS AND USAGE	1
		Section 1.01   Definitions	1
		Section 1.02   Other Definitional and Interpretative Provisions	12
	Article II THE COMPANY	12
		Section 2.01   Formation	12
		Section 2.02   Name	13
		Section 2.03   Term	13
		Section 2.04   Registered Agent and Registered Office	13
		Section 2.05   Purposes	13
		Section 2.06   Powers of the Company	13
		Section 2.07   Partnership Tax Status	13
		Section 2.08   Regulation of Internal Affairs	13
		Section 2.09   Ownership of Property	14
		Section 2.10   Subsidiaries	14
	Article III UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS	14
		Section 3.01   Units; Admission of Members	14
		Section 3.02   Substitute Members and Additional Members	15
		Section 3.03   Tax and Accounting Information	15
		Section 3.04   Books and Records	17
	Article IV CLEAR SECURE OWNERSHIP; RESTRICTIONS ON CLEAR SECURE STOCK	17
		Section 4.01   Clear Secure Ownership	17
		Section 4.02   Restrictions on Clear Secure Common Stock	18
	Article V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS	21
		Section 5.01   Capital Contributions	21
		Section 5.02   Capital Accounts	21
		Section 5.03   Amounts and Priority of Distributions	23
		Section 5.04   Allocations	25
		Section 5.05   Other Allocation Rules	28
		Section 5.06   Tax Withholding; Withholding Advances	29
	Article VI CERTAIN TAX MATTERS	30
		Section 6.01   Partnership Representative	30
		Section 6.02   Section 754 Election	31

 

    i 

     

    

 

	Article VII MANAGEMENT OF THE COMPANY	32
		Section 7.01   Management by the Managing Member	32
		Section 7.02   Withdrawal of the Managing Member	32
		Section 7.03   Decisions by the Members	32
		Section 7.04   Fiduciary Duties	33
		Section 7.05   Officers	34
	Article VIII TRANSFERS OF INTERESTS	35
		Section 8.01   Restrictions on Transfers	35
		Section 8.02   Certain Permitted Transfers	36
		Section 8.03   Registration of Transfers	37
	Article IX OTHER AGREEMENTS	37
		Section 9.01   Noncompete	37
		Section 9.02   Nonsolicitation	37
	Article X LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION	38
		Section 10.01   Limitation on Liability	38
		Section 10.02   Exculpation and Indemnification	38
	Article XI DISSOLUTION AND TERMINATION	41
		Section 11.01   Dissolution	41
		Section 11.02   Winding Up of the Company	41
		Section 11.03   Termination	42
		Section 11.04   Survival	42
	Article XII MISCELLANEOUS	42
		Section 12.01   Expenses	42
		Section 12.02   Further Assurances	43
		Section 12.03   Notices	43
		Section 12.04   Binding Effect; Benefit; Assignment	43
		Section 12.05   Jurisdiction	43
		Section 12.06   Counterparts	44
		Section 12.07   Entire Agreement	44
		Section 12.08   Severability	44
		Section 12.09   Amendment	45
		Section 12.10   Confidentiality	46
		Section 12.11   Governing Law	47

 

	Schedule A	 Common Units

 

    ii 

     

    

 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT (this
 “Agreement”) OF ALCLEAR HOLDINGS, LLC, a Delaware limited liability company (the “Company”), dated
as of [●], 2021, by and among the Company, Clear Secure, Inc., a Delaware corporation (“Clear Secure”), and the
other Persons listed on the signature pages hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Company has been heretofore formed as
a limited liability company under the Delaware Act (as defined below) pursuant to a certificate of formation which was executed and filed
with the Secretary of State of the State of Delaware on January 21, 2010;

 

WHEREAS, Alclear entered into the initial Operating
Agreement of the Company, dated as of January 22, 2010 (the “Initial Operating Agreement”);

 

WHEREAS, the Initial Operating Agreement was amended
and restated in its entirety by the Amended and Restated Operating Agreement of the Company, dated as of November 22, 2019, by and among
the Company and certain members party thereto (the “A&R Operating Agreement”);

 

WHEREAS, pursuant to the terms of that certain Reorganization
Agreement (the “Reorganization Agreement”), dated as of the date hereof, by and among the Company, Clear Secure and
the other Persons listed on the signature pages thereto, the parties thereto have agreed to consummate the reorganization of the Company
contemplated by Section 9.9 of the A&R Operating Agreement and to take the other actions contemplated in such Reorganization Agreement
(collectively, the “Reorganization”); and

 

WHEREAS, the Company and Clear Secure desire to enter
into this Agreement to make the modifications hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein made and other good and valuable consideration, the parties hereto hereby agree, to amend and restate the A&R
Operating Agreement in its entirety as follows:

 

Article I

DEFINITIONS AND USAGE

 

Section 1.01       
Definitions.

 

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

 

    

     

    

 

“Additional Member” means any
Person admitted as a Member of the Company pursuant to Section 3.02 in connection with the new issuance of Units to such Person.

 

“Adjusted Capital Account Deficit”
means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal
Year, after giving effect to the following adjustments:

 

(i)       Credit
to such Capital Account any amounts that such Member is deemed to be obligated to restore pursuant to the penultimate sentence in Treasury
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 

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

 

The foregoing 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 directly or indirectly controlling, controlled by, or under common control with such Person; provided
that no Member nor any Affiliate of any Member shall be deemed to be an Affiliate of any other Member or any of its Affiliates solely
by virtue of such Members’ Units.

 

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

 

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

 

“Capital Account” means the capital
account established and maintained for each Member pursuant to Section 5.02.

 

“Capital Contribution” means,
with respect to any Member, the amount of money and the initial Carrying Value of any Property (other than money) contributed to the Company.

 

    2

     

    

 

“Carrying Value” means with respect
to any Property (other than money), such Property’s adjusted basis for U.S. federal income tax purposes, except as follows:

 

(i)       The
initial Carrying Value of any such Property contributed by a Member to the Company shall be the gross fair market value of such Property,
as reasonably determined by the Managing Member;

 

(ii)       The
Carrying Values of all such Properties shall be adjusted to equal their respective gross fair market values (taking Section 7701(g)
of the Code into account), as reasonably determined by the Managing Member, at the time of any Revaluation pursuant to Section 5.02(c);

 

(iii)       The
Carrying Value of any item of such Properties distributed to any Member shall be adjusted to equal the gross fair market value (taking
Section 7701(g) of the Code into account) of such Property on the date of distribution as reasonably determined by the Managing Member;
and

 

(iv)       The
Carrying Values of such Properties shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such Properties
pursuant to Code Section 734(b) or Code Section 743(b), 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 subparagraph (vi) of
the definition of “Net Income” and “Net Loss” or Section 5.04(b)(vi); provided, however,
that Carrying Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to subparagraph (ii) is
required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv). If the Carrying
Value of such Property has been determined or adjusted pursuant to subparagraph (i), (ii) or (iv), such Carrying Value shall
thereafter be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Net Income and Net
Loss.

 

“Class A Common Stock” means Class
A common stock, $0.00001 par value per share, of Clear Secure.

 

“Class B Common Stock” means Class
B common stock, $0.00001 par value per share, of Clear Secure.

 

“Class C Common Stock” means Class
C common stock, $0.00001 par value per share, of Clear Secure.

 

“Class D Common Stock” means Class
D common stock, $0.00001 par value per share, of Clear Secure.

 

“Clear Secure Common Stock” means
all classes and series of common stock of Clear Secure, including the Class A Common Stock, Class B Common Stock, Class C Common Stock
and Class D Common Stock.

 

“Clear Secure Equity Plan” means
the Clear Secure, Inc. 2021 Omnibus Incentive Plan, as the same may be amended from time to time.

 

    3

     

    

 

“Clear Secure Member” means (i)
Clear Secure and (ii) any Subsidiary of Clear Secure (other than the Company and its Subsidiaries) that is a Member.

 

“Clear Secure Subscription Agreements”
means those certain Subscription Agreements by and between Clear Secure and each of the Non-Clear Secure Members as of the date hereof.

 

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

 

“Common Unit” means a common limited
liability company interest in the Company.

 

“Company Business” means business
of providing secure biometric identification services for travel and other secure identification applications, as conducted by the Company
and its subsidiaries from time to time.

 

“Company Minimum Gain” means “partnership
minimum gain,” as defined in Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d).

 

“Control” including the terms
 “controlling,” “controlled by” and “under common control with,” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the
ownership of voting stock, by contract, or otherwise.

 

“Covered Person” means (i) each
Member or an Affiliate thereof, in each case in such capacity, (ii) each officer, director, shareholder, member, partner, employee,
representative, agent or trustee of a Member or an Affiliate thereof, in all cases in such capacity and (iii) each officer, director,
shareholder (other than any public shareholder of Clear Secure that is not a Member), member, partner, employee, representative, agent
or trustee of the Managing Member, Clear Secure (in the event Clear Secure is not the Managing Member), the Company or an Affiliate controlled
thereby, in all cases in such capacity.

 

“Delaware Act” means the Delaware
Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq.

 

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

 

    4

     

    

 

“DGCL” means the General Corporation
Law of the State of Delaware, as amended from time to time.

 

“Equity Securities” means, with
respect to any Person, any (i) membership interests or shares of capital stock, (ii) equity, ownership, voting, profit or participation
interests or (iii) similar rights or securities in such Person or any of its Subsidiaries, or any rights or securities convertible
into or exchangeable for, options or other rights to acquire from such Person or any of its Subsidiaries, or obligation on the part of
such Person or any of its Subsidiaries to issue, any of the foregoing.

 

“Exchange Agreement” means the
Exchange Agreement, dated as of the date hereof, by and among Clear Secure, the Company and the holders of Common Units and shares of
Class C Common Stock and Class D Common Stock from time to time party thereto.

 

“Family Member” means, with respect
to any natural person, the spouse, domestic partner, parents, grandparents, lineal descendants, siblings of such person or such person’s
spouse and lineal descendants of siblings of such person or such person’s spouse. Lineal descendants shall include adopted persons
(but only so long as they are adopted during minority), former spouses or former domestic partners of such person.

 

“FINRA” means the Financial Industry
Regulatory Authority, Inc.

 

“Fiscal Year” means the Company’s
fiscal year, which shall initially be the calendar year and which may be changed from time to time as determined by the Managing Member.

 

“Form 8-A Effective Time” has
the meaning set forth in the Reorganization Agreement.

 

“Founder Post-IPO Members” means
Alclear Investments, LLC, a Delaware limited liability company, and Alclear Investments II, LLC, a Delaware limited liability company.

 

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

 

“Highest Member Tax Amount” means
the Member receiving the greatest proportionate allocation of taxable income attributable to its ownership of the Company in the applicable
tax period (or portion thereof) (including as a result of the application of Section 704(c) of the Code or otherwise), and calculated
by multiplying (x) the aggregate taxable income allocated to such Member  (excluding the tax consequences resulting from
any adjustment under Sections 743(b) and 734(b) of the Code in such applicable taxable period (or portion thereof), by (y) the Tax Rate.

 

“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.

 

    5

     

    

 

“IPO” means the initial underwritten
public offering of Clear Secure.

 

“Managing Member” means (i) Clear
Secure so long as Clear Secure has not withdrawn as the Managing Member pursuant to Section 7.02 and (ii) any successor
thereof appointed as Managing Member in accordance with Section 7.02.

 

“Member” means any Person named
as a Member of the Company on the Member Schedule and the books and records of the Company, as the same may be amended from time
to time to reflect any Person admitted as an Additional Member or a Substitute Member, for so long as such Person continues to be a Member
of the Company.

 

“Member Nonrecourse Debt” has
the same meaning as the term “partner nonrecourse debt” in Treasury Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse Debt Minimum Gain”
means an amount with respect to each “partner nonrecourse debt” (as defined in Treasury Regulation Section 1.704-2(b)(4))
equal to the Company Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined
in Treasury Regulation Section 1.752-1(a)(2)) determined in accordance with Treasury Regulation Section 1.704-2(i)(3).

 

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

 

“MIP” means Alclear Holdings,
LLC Amended and Restated Equity Incentive Plan and the applicable individual award agreement thereunder.

 

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

 

(i)       Any
income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition of “Net Income” and “Net Loss” shall be added to such taxable income or loss;

 

(ii)       Any
expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) of the Code
expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in
computing Net Income and Net Loss pursuant to this definition of “Net Income” and “Net Loss,” shall be
treated as deductible items;

 

    6

     

    

 

(iii)       In
the event the Carrying Value of any Company asset is adjusted pursuant to subparagraphs (ii) or (iii) of the definition of “Carrying
Value,” the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Carrying Value of the
asset) or an item of loss (if the adjustment decreases the Carrying Value of the asset) from the disposition of such asset and shall be
taken into account, immediately prior to the event giving rise to such adjustment, for purposes of computing Net Income or Net Loss;

 

(iv)       Gain
or loss resulting from any disposition of Property with respect to which gain or loss is recognized for U.S. federal income tax purposes
shall be computed by reference to the Carrying Value of the Property disposed of, notwithstanding that the adjusted tax basis of such
Property differs from its Carrying Value;

 

(v)       In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation;

 

(vi)       To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) of the Code is required, pursuant
to Treasury Regulations Section 1.704-(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result
of a distribution other than in liquidation of a Member’s 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 loss (if the adjustment decreases such basis) from the disposition
of such asset and shall be taken into account for purposes of computing Net Income or Net Loss; and

 

(vii)       Notwithstanding
any other provision of this definition, any items that are specially allocated pursuant to Section 5.04(b), Section 5.04(c)
and Section 5.04(d) shall not be taken into account in computing Net Income and Net Loss.

 

The amounts of the items of Company income, gain,
loss, or deduction available to be specially allocated pursuant to Section 5.04(b), Section 5.04(c) and Section 5.04(d)
shall be determined by applying rules analogous to those set forth in subparagraphs (i) through (vi) above.

 

“Non-Clear Secure Member” means
any Member that is not a Clear Secure Member.

 

“Nonrecourse Deductions” has the
meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c).

 

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

 

    7

     

    

 

“Partnership Audit Provisions”
means Title XI, Section 1101, of the Bipartisan Budget Act of 2015, P.L. 114-74 (together with any subsequent amendments thereto, Treasury
Regulations promulgated thereunder, and published administrative interpretations thereof, and any comparable provisions of state or local
tax law).

 

“Percentage Interest” means, with
respect to any Member, a fractional amount, expressed as a percentage: (i) the numerator of which is the aggregate number of Common
Units owned of record thereby (excluding any Unvested Common Units) and (ii) the denominator of which is the aggregate number of
Common Units issued and outstanding (excluding any Unvested Common Units). The sum of the outstanding Percentage Interests of all Members
shall at all times equal 100%.

 

“Permitted Transfer” means any
Transfer to any Permitted Transferee.

 

“Permitted Transferee” means,
with respect to any Member, (i) any Affiliate of such Member, (ii) a donee of Units who is a member of the family of such Member or any
trust for the benefit of any such family member or (iii) a transferee of Units who receives such Units by will or the laws of descent
and distribution. For purposes of this definition, the word “family” shall include any spouse, lineal ancestor or descendant,
brother or sister. Notwithstanding the foregoing, in no event shall any Person that directly or indirectly competes with the Company (as
determined by the Managing Member) in the Company Business constitute a Permitted Transferee.

 

“Person” means any individual,
corporation, partnership, unincorporated association or other entity.

 

“Prime Rate” means the rate of
interest from time to time identified by JP Morgan Chase, N.A. as being its “prime” or “reference” rate.

 

“Property” means an interest of
any kind in any real, personal or intellectual (or mixed) property, including cash, and any improvements thereto, and shall include both
tangible and intangible property.

 

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of the date hereof, by and among Clear Secure and the other parties thereto.

 

“Regulatory Agency” means the
SEC, FINRA and any other regulatory authority or body (including any state or provincial securities authority and any self-regulatory
organization) with jurisdiction over the Company or any of its Subsidiaries.

 

“Relative Percentage Interest”
means, with respect to any Member relative to another Member or Members, a fractional amount, expressed as a percentage, the numerator
of which is the Percentage Interest of such Member; and the denominator of which is (x) the Percentage Interest of such Member plus
(y) the aggregate Percentage Interest of such other Member or Members.

 

    8

     

    

 

“Reorganization Date Capital Account Balance”
means, with respect to any Member, the positive Capital Account balance of such Member as of immediately following the Reorganization,
the amount or deemed value of which is set forth on the Member Schedule.

 

“Reorganization Documents” means
the Reorganization Agreement, this Agreement, the Tax Receivable Agreement, the Exchange Agreement, the Registration Rights Agreement,
the Clear Secure Subscription Agreement and the MIP.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Subsidiary” means, with respect
to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more
than 50% of the total voting power of Equity Securities or other ownership interests entitled (without regard to the occurrence of any
contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar
functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof.

 

“Substitute Member” means any
Person admitted as a Member of the Company pursuant to Section 3.02 in connection with the Transfer of then-existing Units
to such Person.

 

“Tax Amount” means the Highest
Member Tax Amount divided by the Percentage Interest of the Member described in the definition of “Highest Member Tax Amount”.

 

“Tax Distribution” means a distribution
made by the Company pursuant to Section 5.03(e)(i) or Section 5.03(e)(iii) or a distribution made by the Company
pursuant to another provision of Section 5.03 but designated as a Tax Distribution pursuant to Section 5.03(e)(ii).

 

“Tax Distribution Amount” means,
with respect to a Member’s Units, whichever of the following applies with respect to the applicable Tax Distribution, in each case
in amount not less than zero:

 

(i)       With
respect to a Tax Distribution pursuant to Section 5.03(e)(i), the excess, if any, of (A) such Member’s
required annualized income installment for such estimated payment date under Section 6655(e) of the Code, assuming that (x)
such Member is a corporation (which assumption, for the avoidance of doubt, shall not affect the determination of the Tax Rate),
(y) Section 6655(e)(2)(C)(ii) is in effect and (z) such Member’s only income is from the Company, which
amount shall be calculated based on the projections believed by the Managing Member in good faith to be, reasonable projections of
the product of (1) the Tax Amount and (2) such Member’s Percentage Interest over (B) the aggregate amount of Tax
Distributions designated by the Company pursuant to Section 5.03(e)(ii) with respect to such Units since the date
of the previous Tax Distribution pursuant to Section 5.03(e)(i) (or if no such Tax Distribution was required to be
made, the date such Tax Distribution would have been made pursuant to Section 5.03(e)(i)).

 

    9

     

    

 

 

(ii)       With
respect to the designation of an amount as a Tax Distribution pursuant to Section 5.03(e)(ii), the product of (x) the
Tax Amount projected, in the good faith belief of the Managing Member, during the period since the date of the previous Tax Distribution
(or, if more recent, the date that the previous Tax Distribution pursuant to Section 5.03(e)(i) would have been made
or, in the case of the first distribution pursuant to Section 5.03(b), the date of this Agreement) and (y) such Member’s
Percentage Interest.

 

(iii)       With
respect to an entire Fiscal Year to be calculated for purposes of Section 5.03(e)(iii), the excess, if any, of (A) the
product of (x) the Tax Amount for the relevant Fiscal Year and (y) such Member’s Percentage Interest, over (B) the
aggregate amount of Tax Distributions (other than Tax Distributions under Section 5.03(e)(iii) with respect to a prior Fiscal
Year) with respect to such Units made with respect to such Fiscal Year.

 

“Tax Rate” means the highest marginal
federal, state and local tax rate for an individual or corporation that is resident in New York City or California (whichever is higher)
applicable to ordinary income, qualified dividend income or capital gains, as appropriate, taking into account the holding period of the
assets disposed of and the year in which the taxable net income is recognized by the Company, and taking into account the deductibility
of state and local income taxes as applicable at the time for U.S. federal income tax purposes and any limitations thereon including pursuant
to Section 68 of the Code or Section 164 of the Code, which Tax Rate shall be the same for all Members.

 

“Tax Receivable Agreement” means
the Tax Receivable Agreement, dated as of [●], 2021, by and among Clear Secure, Alclear Investments, LLC, Alclear Investments II,
LLC and the other parties thereto.

 

“Transfer” of a Unit means,
directly or indirectly, any sale, assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or
encumbrance of such Unit or any legal or beneficial interest in such Unit, in whole or in part, whether or not for value and whether
voluntary or involuntary or by operation of Applicable Law, and shall include all matters deemed to constitute a Transfer under Article VIII; provided, however,
that the following shall not be considered a “Transfer”: (i) the pledge of Units by a Member that creates a mere
security interest in such Units pursuant to a bona fide loan or indebtedness transaction so long as such Member continues to
exercise sole voting control over such pledged Units; provided, however, that a foreclosure on such Units or other
similar action by the pledgee shall constitute a “Transfer”; or (ii) the fact that the spouse of any Member possesses or
obtains an interest in such Member’s Units arising solely by reason of the application of the community property laws of any
jurisdiction, so long as no other event or circumstance shall exist or have occurred that constitutes a “Transfer” of
such Units. The terms “Transferred”, “Transferring”, “Transferor”,
 “Transferee” and “Transferable” have meanings correlative to the foregoing.

 

    10

     

    

 

“Treasury Regulations” mean the
regulations promulgated under the Code, as amended from time to time.

 

“Units” means Common Units or
any other class of limited liability interests in the Company designated by the Company after the date hereof in accordance with this
Agreement; provided that any type, class or series of Units shall have the designations, preferences or special rights set forth
or referenced in this Agreement, and the membership interests of the Company represented by such type, class or series of Units shall
be determined in accordance with such designations, preferences or special rights.

 

“Unvested Common Unit” means,
on any date of determination, any Common Unit held by a Member that is not “vested” in accordance with the MIP.

 

“Unvested Member” means any Member
that is a holder of Unvested Common Units in such Member’s capacity as a holder of such Unvested Common Units.

 

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

 

	Term	Section
	A&R Operating Agreement	Recitals
	Agreement	Preamble
	Clear Secure	Preamble
	Company	Preamble
	Confidential Information	12.10(b)
	Controlled Entities	10.02(e)
	Dissolution Event	11.01(c)
	Economic Clear Secure Security	4.01(a)
	e-mail	12.03
	Expenses	10.02(e)
	GAAP	3.03(b)
	Imputed Underpayment Amount	6.01(b)
	Indemnification Sources	10.02(e)
	Indemnitee-Related Entities	10.02(e)(i)
	Initial Operating Agreement	Recitals
	Jointly Indemnifiable Claims	10.02(e)(ii)
	Member Parties	12.10(a)
	Noncompete Term	9.01
	Officers	7.05(a)
	Process Agent	12.05(b)
	Regulatory Allocations	5.04(c)
	Reorganization	Recitals
	Reorganization Agreement	Recitals
	Restricted Person	9.01
	Revaluation	5.02(c)
	Withholding Advances	5.06(b)

 

    11

     

    

 

Section 1.02            
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.
References to Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement unless otherwise specified.
All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in
full herein. Any capitalized terms used in any Schedule but not otherwise defined therein, shall have the meaning as defined in this
Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words
 “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed
by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. The word
 “or” shall be disjunctive but not exclusive. “Writing”, “written” and comparable terms refer to printing,
typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed
to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any agreement
or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof
and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date
mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws”
or to a particular statute or law shall be deemed also to include any Applicable Law. As used in this Agreement, all references to “majority
in interest” and phrases of similar import shall be deemed to refer to such percentage or fraction of interest based on the Relative
Percentage Interests of the Members subject to such determination. Unless otherwise expressly provided herein, when any approval, consent
or other matter requires any action or approval of any group of Members, including any holders of any class of Units, such approval, consent
or other matter shall require the approval of a majority in interest of such group of Members. Except to the extent otherwise expressly
provided herein, all references to any Member shall be deemed to refer solely to such Person in its capacity as such Member and not in
any other capacity.

 

Article II

THE COMPANY

 

Section 2.01             Formation.
The Company was formed upon the filing of the certificate of formation of the Company with the Secretary of State of the State of
Delaware on January 21, 2010. The Managing Member or an “authorized person” within the meaning of the Delaware Act shall
file and record any amendments or restatements to the certificate of formation of the Company and such other certificates and
documents (and any amendments or restatements thereof) as may be required under the laws of the State of Delaware and of any other
jurisdiction in which the Company may conduct business. The authorized officer or representative shall, on request, provide any
Member with copies of each such document as filed and recorded. The Members hereby agree that the Company and its Subsidiaries shall
be governed by the terms and conditions of this Agreement and, except as provided herein, the Delaware Act.

 

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Section 2.02            
Name. The name of the Company shall be Alclear Holdings, LLC; provided that the Managing Member may change
the name of the Company to such other name as the Managing Member shall determine in its sole discretion, and shall have the authority
to execute, acknowledge, deliver, file and record such further certificates, amendments, instruments and documents, and to do all such
other acts and things, as may be required by Applicable Law or as, in the reasonable judgment of the Managing Member, may be necessary
or advisable to effect such change.

 

Section 2.03            
Term. The Company shall have perpetual existence unless sooner dissolved and its affairs wound up as provided in
Article XI.

 

Section 2.04            
Registered Agent and Registered Office. The name of the registered agent of the Company for service of process on
the Company in the State of Delaware shall be Corporation Service Company, and the address of such registered agent and the address of
the registered office of the Company in the State of Delaware shall be 2711 Centerville Road, Suite 400, Wilmington, New Castle County,
Delaware, 19808. Such office and such agent may be changed to such place within the State of Delaware and any successor registered agent,
respectively, as may be determined from time to time by the Managing Member in accordance with the Delaware Act.

 

Section 2.05            
Purposes. The primary business and purpose of the Company shall be to engage in such activities as are permitted
under the Delaware Act and determined from time to time by the Managing Member in accordance with the terms and conditions of this Agreement.

 

Section 2.06              Powers
of the Company. The Company shall have the power and authority to take any and all actions necessary, appropriate or advisable to
or for the furtherance of the purposes set forth in Section 2.05.

 

Section 2.07              Partnership
Tax Status. The Members intend that the Company shall be treated as a partnership for federal, state and local income tax purposes
to the extent such treatment is available, and agree to take (or refrain from taking) such actions as may be necessary to receive and
maintain such treatment and refrain from taking any actions inconsistent thereof.

 

Section 2.08            
Regulation of Internal Affairs. The internal affairs of the Company and the conduct of its business shall be regulated
by this Agreement, and to the extent not provided for herein, shall be determined by the Managing Member.

 

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Section 2.09            
Ownership of Property. Legal title to all Property, conveyed to, or held by the Company or its Subsidiaries shall
reside in the Company or its Subsidiaries and shall be conveyed only in the name of the Company or its Subsidiaries and no Member or
any other Person, individually, shall have any ownership of such Property.

 

Section 2.10            
Subsidiaries. The Company shall cause the business and affairs of each of the Subsidiaries to be managed by the Managing
Member in accordance with and in a manner consistent with this Agreement.

 

Article III

UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS

 

Section 3.01             
Units; Admission of Members.

 

(a)              
Effective upon the Reorganization, pursuant to Section 2.1(b)(iii) of the Reorganization Agreement, (i) Clear
Secure has been admitted to the Company as the Managing Member and (ii) the Company has hereby reclassified all membership interests
of the Company outstanding as of immediately prior to the Form 8-A Effective Time into the number of Common Units, in the aggregate, set
forth on Schedule A (the “Member Schedule”). The Member Schedule shall be maintained by the Managing Member
on behalf of the Company in accordance with this Agreement and, upon any subsequent update to the Member Schedule, the Managing Member
shall promptly deliver a copy of such updated Member Schedule to each Member. When any Units or other Equity Securities of the Company
are issued, repurchased, redeemed, converted or Transferred in accordance with this Agreement, the Member Schedule shall be amended by
the Managing Member to reflect such issuance, repurchase, redemption or Transfer, the admission of additional or substitute Members and
the resulting Percentage Interest of each Member. Following the date hereof, no Person shall be admitted as a Member and no additional
Units shall be issued except as expressly provided herein.

 

(b)              
The Managing Member may cause the Company to authorize and issue from time to time such other Units or other Equity Securities
of any type, class or series and having the designations, preferences or special rights as may be determined the Managing Member. Such
Units or other Equity Securities may be issued pursuant to such agreements as the Managing Member shall approve with respect to Persons
employed by or otherwise performing services for the Company or any of its Subsidiaries, other equity compensation agreements, options
or warrants. When any such other Units or other Equity Securities are authorized and issued, the Member Schedule and this Agreement
shall be amended by the Managing Member to reflect such additional issuances and resulting dilution, which shall be borne pro rata by
all Members based on their Common Units.

 

(c)               Unvested
Common Units shall be subject to the terms of the MIP, and the Managing Member shall have sole and absolute discretion to interpret
and administer the MIP and to adopt such amendments thereto or otherwise determine the terms and conditions of such Unvested Common
Units in accordance with this Agreement. Distributions shall not be made in respect of Unvested Common Units. Unvested Common Units
that fail to vest and are forfeited by the applicable Unvested Member shall be cancelled by the Company (and the corresponding
shares of Class C Common Stock or Class D Common Stock, as applicable, constituting the remainder of any Paired Interests in which
such Unvested Common Units were included shall be cancelled by Clear Secure, in each case for no consideration) and shall not be
entitled to any distributions pursuant to Section 5.03.

 

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Section 3.02            
Substitute Members and Additional Members.

 

(a)              
No Transferee of any Units or Person to whom any Units are issued pursuant to this Agreement shall be admitted as a Member
hereunder or acquire any rights hereunder, including any class voting rights or the right to receive distributions and allocations in
respect of the Transferred or issued Units, as applicable, unless (i) such Units are Transferred or issued in compliance with the
provisions of this Agreement (including Article VIII) and (ii) such Transferee or recipient shall have executed and delivered
to the Company such instruments as the Managing Member deems necessary or desirable, in its reasonable discretion, to effectuate the admission
of such Transferee or recipient as a Member and to confirm the agreement of such Transferee or recipient to be bound by all the terms
and provisions of this Agreement. Upon complying with the immediately preceding sentence, without the need for any further action of any
Person, a Transferee or recipient shall be deemed admitted to the Company as a Member. A Substitute Member shall enjoy the same rights,
and be subject to the same obligations, as the Transferor; provided that such Transferor shall not be relieved of any obligation
or liability hereunder arising prior to the consummation of such Transfer but shall be relieved of all future obligations with respect
to the Units so Transferred. As promptly as practicable after the admission of any Person as a Member, the books and records of the Company
shall be changed to reflect such admission of a Substitute Member or Additional Member. In the event of any admission of a Substitute
Member or Additional Member pursuant to this Section 3.02(a), this Agreement shall be deemed amended to reflect such admission,
and any formal amendment of this Agreement (including the Member Schedule) in connection therewith shall only require execution by the
Company and such Substitute Member or Additional Member, as applicable, to be effective.

 

(b)              
If a Member shall Transfer all (but not less than all) its Units, the Member shall thereupon cease to be a Member of the
Company.

 

Section 3.03             
Tax and Accounting Information.

 

(a)              
Accounting Decisions and Reliance on Others. All decisions as to accounting matters, except as otherwise specifically
set forth herein, shall be made by the Managing Member in accordance with Applicable Law and with accounting methods followed for U.S.
federal income tax purposes. In making such decisions, the Managing Member may rely upon the advice of the independent accountants of
the Company.

 

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(b)              
 Records and Accounting Maintained. The books and records of the Company shall be kept, and the financial position
and the results of its operations recorded, in all material respects in accordance with United States generally accepted accounting principles
as in effect from time to time (“GAAP”). The Fiscal Year of the Company shall be used for financial reporting and for
U.S. federal income tax purposes.

 

(c)              
Financial Reports.

 

(i)                
The books and records of the Company shall be audited as of the end of each Fiscal Year by the same accounting firm that
audits the books and records of Clear Secure (or, if such firm declines to perform such audit, by an accounting firm selected by the Managing
Member).

 

(ii)             
In the event neither Clear Secure nor the Company is required to file an annual report on Form 10-K or quarterly report
on Form 10-Q, the Company shall deliver, or cause to be delivered, the following to each Member:

 

(A)            
not later than ninety (90) days after the end of each fiscal year of the Company, a copy of the audited consolidated balance
sheet of the Company and its Subsidiaries as of the end of such fiscal year and the related statements of operations and cash flows for
such fiscal year, setting forth in each case in comparative form the figures for the previous year, all in reasonable detail; and

 

(B)             
not later than forty five (45) days or such later time as permitted under applicable securities law after the end of each
of the first three fiscal quarters of each fiscal year, the unaudited consolidated balance sheet of the Company and its Subsidiaries,
and the related statements of operations and cash flows for such quarter and for the period commencing on the first day of the fiscal
year and ending on the last day of such quarter.

 

(d)              
Tax Returns.

 

(i)                
The Company shall timely cause to be prepared by an accounting firm selected by the Managing Member all federal, state,
local and foreign tax returns (including information returns) of the Company and its Subsidiaries, which may be required by a jurisdiction
in which the Company and its Subsidiaries operate or conduct business for each year or period for which such returns are required to be
filed and shall cause such returns to be timely filed. Copies of the Company’s tax returns shall be kept at the Company’s
principal place of business or at such other place as the Partnership Representative shall determine and shall be available for inspection
by the Members or their duly authorized representatives during regular business hours; and

 

(ii)              The
Company shall furnish to each Member (a) as soon as practicable after the end of each Fiscal Year, all information concerning
the Company and its Subsidiaries required for the preparation of tax returns of such Members (or any beneficial owner(s) of such
Member), including a report (including Schedule K-1), indicating each Member’s share of the Company’s taxable
income, gain, credits, losses and deductions for such year, in sufficient detail to enable such Member to prepare its federal, state
and other tax returns, (b) as soon as reasonably possible after the close of the relevant fiscal period, but in no event later
than ten days prior to the date an estimated tax payment is due, such information concerning the Company as is required to enable
such Member (or any beneficial owner of such Member) to pay estimated taxes and (c) as soon as reasonably possible after a
request by such Member, such other information concerning the Company and its Subsidiaries that is reasonably requested by such
Member for compliance with its tax obligations (or the tax obligations of any beneficial owner(s) of such Member) or for tax
planning purposes.

 

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(e)              
Inconsistent Positions. No Member shall take a position on its income tax return with respect to any item of Company
income, gain, deduction, loss or credit that is different from the position taken on the Company’s income tax return with respect
to such item unless such Member notifies the Company of the different position the Member desires to take and the Company’s regular
tax advisors, after consulting with the Member, are unable to provide an opinion that (after taking into account all of the relevant facts
and circumstances) the arguments in favor of the Company’s position outweigh the arguments in favor of the Member’s position.

 

Section 3.04       
Books and Records. The Company shall keep full and accurate books of account and other records of the Company at
its principal place of business. No Member (other than the Managing Member) shall have any right to inspect the books and records of Clear
Secure, the Company or any of its Subsidiaries.

 

Article IV

CLEAR SECURE OWNERSHIP; RESTRICTIONS ON CLEAR SECURE STOCK

 

Section 4.01             
Clear Secure Ownership.

 

(a)               If
at any time Clear Secure issues a share of Class A Common Stock or Class B Common Stock or any other Equity Security of Clear Secure
entitled to any economic rights (including in the IPO) (an “Economic Clear Secure Security”) with regard thereto
(other than Class C Common Stock, Class D Common Stock or other Equity Security of Clear Secure not entitled to any economic rights
with respect thereto), (i) the Company shall issue to Clear Secure one Common Unit (if Clear Secure issues a share of Class A
Common Stock or Class B Common Stock) or such other Equity Security of the Company (if Clear Secure issues an Economic Clear Secure
Security other than Class A Common Stock or Class B Common Stock) corresponding to the Economic Clear Secure Security, and with
substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as
those of such Economic Clear Secure Security and (ii) the net proceeds received by Clear Secure with respect to the
corresponding Economic Clear Secure Security, if any, shall be concurrently contributed to the Company; provided, however,
that if Clear Secure issues any Economic Clear Secure Securities, some or all of the net proceeds of which are to be used to fund
expenses or other obligations of Clear Secure for which Clear Secure would be permitted a distribution pursuant to Section 5.03(c),
then Clear Secure shall not be required to transfer such net proceeds to the Company which are used or will be used to fund such
expenses or obligations, and provided, further, that if Clear Secure issues any shares of Class A Common Stock or
Class B Common Stock in order to purchase or fund the purchase from a Non-Clear Secure Member of a number of Common Units (and
shares of Class C Common Stock or Class D Common Stock, as applicable) or to purchase or fund the purchase of shares of Class A
Common Stock or Class B Common Stock, in each case equal to the number of shares of Class A Common Stock or Class B Common Stock
issued, then the Company shall not issue any new Common Units in connection therewith and Clear Secure shall not be required to
transfer such net proceeds to the Company (it being understood that such net proceeds shall instead be transferred to such Non-Clear
Secure Member as consideration for such purchase).

 

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(b)              
Notwithstanding Section 4.01(a), this Article IV shall not apply (i) to the issuance and distribution
to holders of shares of Clear Secure Common Stock of rights to purchase Equity Securities of Clear Secure under a “poison pill”
or similar shareholders rights plan (it being understood that upon exchange of Paired Interests for Class A Common Stock or Class B Common
Stock, as the case may be, pursuant to the Exchange Agreement, such Class A Common Stock or Class B Common Stock, as the case may be,
will be issued together with a corresponding right) or (ii) to the issuance under the Clear Secure Equity Plan or Clear Secure’s
other employee benefit plans of any warrants, options or other rights to acquire Equity Securities of Clear Secure or rights or property
that may be converted into or settled in Equity Securities of Clear Secure, but shall in each of the foregoing cases apply to the issuance
of Equity Securities of Clear Secure in connection with the exercise or settlement of such rights, warrants, options or other rights or
property.

 

Section 4.02             
Restrictions on Clear Secure Common Stock.

 

(a)              
Except as otherwise determined by the Managing Member in accordance with Section 4.02(d), (i) the Company
may not issue any additional Common Units to Clear Secure or any of its Subsidiaries unless substantially simultaneously therewith Clear
Secure or such Subsidiary issues or sells an equal number of shares of Class A Common Stock or Class B Common Stock to another Person
and (ii) the Company may not issue any other Equity Securities of the Company to Clear Secure or any of its Subsidiaries unless substantially
simultaneously, Clear Secure or such Subsidiary issues or sells, to another Person, an equal number of shares of a new class or series
of Equity Securities of Clear Secure or such Subsidiary with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Equity Securities of the Company.

 

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(b)               Except
as otherwise determined by the Managing Member in accordance with Section 4.02(d), (i) Clear Secure or any of its
Subsidiaries may not redeem, repurchase or otherwise acquire any shares of Class A Common Stock or Class B Common Stock unless
substantially simultaneously the Company redeems, repurchases or otherwise acquires from Clear Secure an equal number of Units for
the same price per security (or, if Clear Secure uses funds received from distributions from the Company or the net proceeds from an
issuance of Class A Common Stock or Class B Common Stock to fund such redemption, repurchase or acquisition, then the Company shall
cancel an equal number of Units for no consideration) and (ii) Clear Secure or any of its Subsidiaries may not redeem or
repurchase any other Equity Securities of Clear Secure unless substantially simultaneously, the Company redeems or repurchases from
Clear Secure 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) or other economic rights as those of such Equity
Securities of Clear Secure for the same price per security (or, if Clear Secure uses funds received from distributions from the
Company or the net proceeds from an issuance of Equity Securities other than Class A Common Stock or Class B Common Stock to fund
such redemption, repurchase or acquisition, then the Company shall cancel an equal number of its corresponding Equity Securities for
no consideration). Except as otherwise determined by the Managing Member in accordance with Section 4.02(d):
(x) the Company may not redeem, repurchase or otherwise acquire Common Units from Clear Secure or any of its Subsidiaries
unless substantially simultaneously Clear Secure or such Subsidiary redeems, repurchases or otherwise acquires an equal number of
Class A Common Stock or Class B Common Stock for the same price per security from holders thereof (except that if the Company
cancels Common Units for no consideration as described in Section 4.02(b)(i), then the price per security need not be
the same) and (y) the Company may not redeem, repurchase or otherwise acquire any other Equity Securities of the Company from
Clear Secure or any of its Subsidiaries unless substantially simultaneously Clear Secure or such Subsidiary redeems, repurchases or
otherwise acquires for the same price per security an equal number of Equity Securities of Clear Secure of a corresponding class or
series with substantially the same rights to dividends and distributions (including dividends and distributions upon liquidation)
and other economic rights as those of such Equity Securities of Clear Secure (except that if the Company cancels Equity Securities
for no consideration as described in Section 4.02(b)(ii), then the price per security need not be the same).
Notwithstanding the immediately preceding sentence, to the extent that any consideration payable to Clear Secure in connection with
the redemption or repurchase of any shares or other Equity Securities of Clear Secure or any of its Subsidiaries consists (in whole
or in part) of shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless
exercise of an option or warrant), then redemption or repurchase of the corresponding Common Units or other Equity Securities of the
Company shall be effectuated in an equivalent manner (except if the Company cancels Common Units or other Equity Securities for no
consideration as described in this Section 4.02(b)).

 

(c)               The
Company shall not in any manner effect any subdivision (by any stock or unit split, stock or unit dividend or distribution,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification,
reorganization, recapitalization or otherwise) of the outstanding Common Units unless accompanied by a substantively identical
subdivision or combination, as applicable, of the outstanding Clear Secure Common Stock, with corresponding changes made with
respect to any other exchangeable or convertible securities. Clear Secure shall not in any manner effect any subdivision (by any
stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or
combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the outstanding
Clear Secure Common Stock unless accompanied by a substantively identical subdivision or combination, as applicable, of the
outstanding Common Units, with corresponding changes made with respect to any other exchangeable or convertible securities.

 

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(d)              
Notwithstanding anything to the contrary in this Article IV:

 

(i)                
if at any time the Managing Member shall determine that any debt instrument of Clear Secure, the Company or its Subsidiaries
shall not permit Clear Secure or the Company to comply with the provisions of Section 4.02(a) or Section 4.02(b)
in connection with the issuance, redemption or repurchase of any shares of Class A Common Stock or Class B Common Stock or other Equity
Securities of Clear Secure or any of its Subsidiaries or any Units or other Equity Securities of the Company, then the Managing Member
may in good faith implement an economically equivalent alternative arrangement without complying with such provisions;

 

(ii)             
if (x) Clear Secure incurs any indebtedness and desires to transfer the proceeds of such indebtedness to the Company
and (y) Clear Secure is unable to lend the proceeds of such indebtedness to the Company on an equivalent basis because of restrictions
in any debt instrument of Clear Secure, the Company or its Subsidiaries, then notwithstanding Section 4.02(a) or Section 4.02(b),
the Managing Member may in good faith implement an economically equivalent alternative arrangement in connection with the transfer of
proceeds to the Company using non-participating preferred Equity Securities of the Company without complying with such provisions; and

 

(iii)           
If Clear Secure receives a distribution pursuant to Section 5.03 and Clear Secure subsequently contributes any
of the amounts received to the Company, the Managing Member may take any reasonable action to properly reflect the changes in the Members’
economic interests in the Company including by making appropriate adjustments to the number of Common Units held by the Members other
than Clear Secure in order to proportionally reduce the respective Percentage Interests held by the Members other than Clear Secure.

 

(e)               In
the event any adjustment pursuant to this Agreement in the number of Common Units held by a Member results (x) in a decrease in the
number of Common Units held by a Member that constitute a portion of a Paired Interest, concurrently with such decrease, such Member
shall surrender the number of shares of Class C Common Stock or Class D Common Stock, as the case may be, constituting the remainder
of such Paired Interest (which, as of the date hereof, would be one share of Class C Common Stock or Class D Common Stock, as the
case may be) to Clear Secure or (y) in an increase in the number of Common Units held by a Member that constitute a portion of a
Paired Interest, concurrently with such increase, Clear Secure shall issue the number of shares of Class C Common Stock or Class D
Common Stock, as the case may be, constituting the remainder of such Paired Interest (which, as of the date hereof, would be one
share of Class C Common Stock or Class D Common Stock, as the case may be) to such Member.

 

    20

     

    

 

Article V

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

DISTRIBUTIONS; ALLOCATIONS

 

Section 5.01            
Capital Contributions.

 

(a)              
From and after the date hereof, no Member shall have any obligation to the Company, to any other Member or to any creditor
of the Company to make any further Capital Contribution, except as expressly provided in Section 4.01(a).

 

(b)              
Except as expressly provided herein, no Member, in its capacity as a Member, shall have the right to receive any cash or
any other property of the Company.

 

Section 5.02            
Capital Accounts.

 

(a)              
Maintenance of Capital Accounts. The Company shall maintain a Capital Account for each Member on the books of the
Company in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with
such provisions, the following provisions:

 

(i)                
Each Member listed on the Member Schedule shall be credited with the Reorganization Date Capital Account Balance set
forth on the Member Schedule. The Member Schedule shall be amended by the Managing Member after the closing of the IPO and from time
to time to reflect adjustments to the Members’ Capital Accounts made in accordance with Sections 5.02(a)(ii), 5.02(a)(iii),
5.02(a)(iv), 5.02(c) or otherwise.

 

(ii)             
To each Member’s Capital Account there shall be credited: (A) such Member’s Capital Contributions, (B) such
Member’s distributive share of Net Income and any item in the nature of income or gain that is allocated pursuant to Section 5.04
and (C) the amount of any Company liabilities assumed by such Member or that are secured by any Property distributed to such Member.

 

(iii)           
To each Member’s Capital Account there shall be debited: (A) the amount of money and the Carrying Value of any
Property distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive share of Net
Loss and any items in the nature of expenses or losses that are allocated to such Member pursuant to Section 5.04 and (C) the
amount of any liabilities of such Member assumed by the Company or that are secured by any Property contributed by such Member to the
Company.

 

(iv)            
 In determining the amount of any liability for purposes of subparagraphs (ii) and (iii) above there shall be
taken into account Section 752(c) of the Code and any other applicable provisions of the Code and the Treasury Regulations.

 

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The foregoing provisions and the other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be
interpreted and applied in a manner consistent with such Treasury Regulations. In the event that the Managing Member shall reasonably
determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are maintained (including
debits or credits relating to liabilities that are secured by contributed or distributed Property or that are assumed by the Company or
the Members), the Managing Member may make such modification so long as such modification will not have any effect on the amounts distributed
to any Person pursuant to Article XI upon the dissolution of the Company. The Managing Member also shall (i) make any
adjustments that are necessary or appropriate to maintain equality between Capital Accounts of the Members and the amount of capital reflected
on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)
and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply
with Treasury Regulations Section 1.704-1(b).

 

(b)              
Succession to Capital Accounts. In the event any Person becomes a Substitute Member in accordance with the provisions
of this Agreement, such Substitute Member shall succeed to the Capital Account of the former Member to the extent such Capital Account
relates to the Transferred Units.

 

(c)              
Adjustments of Capital Accounts. The Company shall revalue the Capital Accounts of the Members in accordance with
Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (a “Revaluation”) at the following times: (i) immediately
prior to the contribution of more than a de minimis amount of money or other property to the Company by a new or existing Member
as consideration for one or more Units; (ii) the distribution by the Company to a Member of more than a de minimis amount
of property in respect of one or more Units; (iii) the issuance by the Company of more than a de minimis amount of Units as
consideration for the provision of services to or for the benefit of the Company (as described in Treasury Regulations Section 1.704-1(b)(2)(iv)(f)(5)(iii));
and (iv) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided,
however, that adjustments pursuant to clauses (i), (ii) and (iii) above shall be made only if the Managing Member
reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interest of the Members.

 

(d)               No
Member shall be entitled to withdraw capital or receive distributions except as specifically provided herein. A Member shall have no
obligation to the Company, to any other Member or to any creditor of the Company to restore any negative balance in the Capital
Account of such Member. Except as expressly provided elsewhere herein, no interest shall be paid on the balance in any
Member’s Capital Account.

 

    22

     

    

 

(e)              
Whenever it is necessary for purposes of this Agreement to determine a Member’s Capital Account on a per Unit basis,
such amount shall be determined by dividing the Capital Account of such Member attributable to the applicable class of Units held of record
by such Member by the number of Units of such class held of record by such Member.

 

Section 5.03             
Amounts and Priority of Distributions.

 

(a)              
Distributions Generally. Except as otherwise provided in Section 11.02, distributions shall be made to
the Members as set forth in this Section 5.03, at such times and in such amounts as the Managing Member, in its sole discretion,
shall determine.

 

(b)              
Distributions to the Members. Subject to Section 5.03(e), at such times and in such amounts as the Managing
Member, in its sole discretion, shall determine, distributions shall be made to the Members in proportion to their respective Percentage
Interests.

 

(c)               Clear
Secure Distributions. Notwithstanding the provisions of Section 5.03(b), the Managing Member, in its sole
discretion, may authorize that (i) cash be paid to Clear Secure (which payment shall be made without pro rata distributions to
the other Members) in exchange for the redemption, repurchase or other acquisition of Units held by Clear Secure to the extent that
such cash payment is used to redeem, repurchase or otherwise acquire an equal number of shares of Class A Common Stock or Class B
Common Stock in accordance with Section 4.02(b) and (ii) to the extent that the Managing Member determines that
expenses or other obligations of Clear Secure are related to its role as the Managing Member or the business and affairs of Clear
Secure that are conducted through the Company or any of the Company’s direct or indirect Subsidiaries, cash (and, for the
avoidance of doubt, only cash) distributions may be made to Clear Secure (which distributions shall be made without pro rata
distributions to the other Members) in amounts required for Clear Secure to pay (w) operating, administrative and other similar
costs incurred by Clear Secure, including payments in respect of Indebtedness and preferred stock, to the extent the proceeds are
used or will be used by Clear Secure to pay expenses or other obligations described in this clause (ii) (in either case only to
the extent economically equivalent Indebtedness or Equity Securities of the Company were not issued to Clear Secure), payments
representing interest with respect to payments not made when due under the terms of the Tax Receivable Agreement and payments
pursuant to any legal, tax, accounting and other professional fees and expenses (but, for the avoidance of doubt, excluding any tax
liabilities of Clear Secure), (x) any judgments, settlements, penalties, fines or other costs and expenses in respect of any
claims against, or any litigation or proceedings involving, Clear Secure, (y) fees and expenses (including any underwriting
discounts and commissions) related to any securities offering, investment or acquisition transaction (whether or not successful)
authorized by the board of directors of Clear Secure and (z) other fees and expenses in connection with the maintenance of the
existence of Clear Secure (including any costs or expenses associated with being a public company listed on a national securities
exchange). For the avoidance of doubt, distributions made under this Section 5.03(c) may not be used to pay or
facilitate dividends or distributions on the Clear Secure Common Stock and must be used solely for one of the express purposes set
forth under clause (i) or (ii) of the immediately preceding sentence.

 

    23

     

    

 

(d)              
Distributions in Kind. Any distributions in kind shall be made at such times and in such amounts as the Managing
Member, in its sole discretion, shall determine based on their fair market value as determined by the Managing Member in the same proportions
as if distributed in accordance with Section 5.03(b), with all Members participating in proportion to their respective Percentage
Interests. If cash and property are to be distributed in kind simultaneously, the Company shall distribute such cash and property in kind
in the same proportion to each Member. For the purposes of this Section 5.03(d), if any such distribution in kind includes
securities, distributions to the Members shall be deemed proportionate notwithstanding that the securities distributed to holders of Common
Units that are included in Paired Interests with shares of Class D Common Stock have not more than twenty times the voting power of any
securities distributed to holders of Common Units that are included in Paired Interests with shares of Class C Common Stock, so long as
such securities issued to the holders of Common Units that are included in Paired Interests with shares of Class D Common stock remain
subject to automatic conversion on terms no more favorable to such holders than those set forth in Article IV, Section G of the certificate
of incorporation of Clear Secure.

 

(e)              
Tax Distributions.

 

(i)                
Notwithstanding any other provision of this Section 5.03 to the contrary, to the extent permitted by Applicable
Law and consistent with the Company’s obligations to its creditors as reasonably determined by the Managing Member, the Company
shall make cash distributions by wire transfer of immediately available funds pursuant to this Section 5.03(e)(i) to the Members
with respect to their Units in proportion to their respective Percentage Interests at least two Business Days prior to the date on which
any U.S. federal corporate estimated tax payments are due, in an amount equal to such Member’s Tax Distribution Amount, if any;
provided that the Managing Member shall have no liability to any Member in connection with any underpayment of estimated taxes,
so long as cash distributions are made in accordance with this Section 5.03(e)(i) and the Tax Distribution Amounts are
determined as provided in paragraph (i) of the definition of Tax Distribution Amount.

 

(ii)              On
any date that the Company makes a distribution to the Members with respect to their Units under a provision of Section 5.03 other
than this Section 5.03(e), if the Tax Distribution Amount is greater than zero, the Company shall designate all or a
portion of such distribution as a Tax Distribution with respect to a Member’s Units to the extent of the Tax Distribution
Amount with respect to such Member’s Units as of such date (but not to exceed the amount of such distribution). For the
avoidance of doubt, such designation shall be performed with respect to all Members with respect to which there is a Tax
Distribution Amount as of such date.

 

    24

     

    

 

(iii)           
Notwithstanding any other provision of this Section 5.03 to the contrary, if the Tax Distribution Amount for
such Fiscal Year is greater than zero, to the extent permitted by Applicable Law and consistent with the Company’s obligations to
its creditors as reasonably determined by the Managing Member, the Company shall make additional distributions under this Section 5.03(e)(iii)
to the extent of such Tax Distribution Amount for such Fiscal Year as soon as reasonably practicable after the end of such Fiscal Year
(or as soon as reasonably practicable after any event that subsequently adjusts the taxable income of such Fiscal Year).

 

(iv)            
Under no circumstances shall Tax Distributions reduce the amount otherwise distributable to any Member pursuant to this
Section 5.03 (other than this Section 5.03(e)) after taking into account the effect of Tax Distributions on the
amount of cash or other assets available for distribution by the Company.

 

(f)               
Pre-IPO Tax Distribution. Notwithstanding Section 5.03(b), before any other distributions are distributed
to the Members by the Company, unless already made prior to the date hereof, the Company shall distribute to certain Members and former
Members an amount of cash sufficient to fund tax obligations of such Members and former Members for periods prior to the date hereof.

 

(g)              
Assignment. The Founder Post-IPO Members shall have the right to assign to any Transferee of Common Units, pursuant
to a Transfer made in compliance with this Agreement, the right to receive any portion of the amounts distributable or otherwise payable
to such Member pursuant to Section 5.03(b).

 

Section 5.04            
Allocations.

 

(a)              
Net Income and Net Loss. Except as otherwise provided in this Agreement, and after giving effect to the special allocations
set forth in Section 5.04(b), Section 5.04(c) and Section 5.04(d), Net Income and Net Loss (and, to
the extent necessary, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated among the Capital
Accounts of the Members pro rata in accordance with their respective Percentage Interests. Notwithstanding the foregoing, the Managing
Member shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations
are made in accordance with a Member’s interest in the Company.

 

(b)              
Special Allocations. The following special allocations shall be made in the following order:

 

(i)                 Minimum
Gain Chargeback. Except as otherwise provided in Treasury Regulations Section 1.704-2(f), notwithstanding any other
provision of this Article V, if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member
shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in
an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury
Regulations Section 1.704-2(g). Allocations pursuant to the immediately preceding sentence shall be made in proportion to the
respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in
accordance with Treasury Regulations Section 1.704-2(f)(6) and 1.704-2(j)(2). This Section 5.04(b)(i) is intended
to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted
consistently therewith.

 

    25

     

    

 

(ii)             
Member Nonrecourse Debt Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4),
notwithstanding any other provision of this Article V, if there is a net decrease in Member Nonrecourse Debt Minimum Gain
attributable to a Member Nonrecourse Debt during any Fiscal Year, each Member who has a share of the Member Nonrecourse Debt Minimum Gain
attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall
be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount
equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse
Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated
shall be determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.04(b)(ii)
is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and shall be
interpreted consistently therewith.

 

(iii)           
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions
described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(6),
items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent
required by the Treasury Regulations, the Adjusted Capital Account Deficit of the Member as promptly as possible; provided that
an allocation pursuant to this Section 5.04(b)(iii) shall be made only if and to the extent that the 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 5.04(b)(iii) were not in the Agreement.

 

(iv)            
Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Members in
a manner determined by the Managing Member consistent with Treasury Regulations Sections 1.704-2(b) and 1.704-2(c).

 

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(v)              
 Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated
to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions
are attributable in accordance with Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(j)(1).

 

(vi)            
Section 754 Adjustments. (A) To the extent an adjustment to the adjusted tax basis of any Company asset
pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4),
to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest
in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of such asset)
or loss (if the adjustment decreases the basis of such asset) from the disposition of the asset and shall be taken into account for purposes
of computing Net Income and Net Loss, and further (B) to the extent an adjustment to the adjusted tax basis of any Company asset
pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2)
or Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution
to a Member in complete liquidation of such Member’s interest in the Company, the amount of such adjustment to Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis)
and such gain or loss shall be specially allocated to such Members in accordance with their interests in the Company in the event Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

(c)              
Curative Allocations. The allocations set forth in Section 5.04(b)(i) through Section 5.04(b)(vi)
and Section 5.04(d) (the “Regulatory Allocations”) are intended to comply with certain requirements of
the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either
with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this
Section 5.04(c). Therefore, notwithstanding any other provision of this Article V (other than the Regulatory Allocations),
the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines
appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible,
equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company
items were allocated pursuant to Section 5.04.

 

(d)               Loss
Limitation. Net Loss (or individual items of loss or deduction) allocated pursuant to Section 5.04 hereof shall not
exceed the maximum amount of Net Loss (or individual items of loss or deduction) that can be allocated without causing any Member to
have an Adjusted Capital Account Deficit at the end of any Fiscal Year. In the event some but not all of the Members would have
Adjusted Capital Account Deficits as a consequence of an allocation of Net Loss (or individual items of loss or deduction) pursuant
to Section 5.04 hereof, the limitation set forth in this Section 5.04(d) shall be applied on a Member by
Member basis and Net Loss (or individual items of loss or deduction) not allocable to any Member as a result of such limitation
shall be allocated to the other Members in accordance with the positive balances in such Member’s Capital Accounts so as to
allocate the maximum permissible Net Loss to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). Any
reallocation of Net Loss pursuant to this Section 5.04(d) shall be subject to chargeback pursuant to the curative
allocation provision of Section 5.04(c).

 

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Section 5.05            
Other Allocation Rules.

 

(a)              
Interim Allocations Due to Percentage Adjustment. If a Percentage Interest is the subject of a Transfer or the Members’
interests in the Company change pursuant to the terms of the Agreement during any Fiscal Year, the amount of Net Income and Net Loss (or
items thereof) to be allocated to the Members for such entire Fiscal Year shall be allocated to the portion of such Fiscal Year which
precedes the date of such Transfer or change (and if there shall have been a prior Transfer or change in such Fiscal Year, which commences
on the date of such prior Transfer or change) and to the portion of such Fiscal Year which occurs on and after the date of such Transfer
or change (and if there shall be a subsequent Transfer or change in such Fiscal Year, which precedes the date of such subsequent Transfer
or change), in accordance with a pro rata allocation unless the Managing Member elects to use an interim closing of the books, and the
amounts of the items so allocated to each such portion shall be credited or charged to the Members in accordance with Section 5.04
as in effect during each such portion of the Fiscal Year in question. Such allocation shall be in accordance with Section 706 of
the Code and the regulations thereunder and made without regard to the date, amount or receipt of any distributions that may have been
made with respect to the transferred Percentage Interest to the extent consistent with Section 706 of the Code and the regulations
thereunder. As of the date of such Transfer, the Transferee shall succeed to the Capital Account of the Transferor with respect to the
transferred Units.

 

(b)               Tax
Allocations: Code Section 704(c). For U.S. federal, state and local income tax purposes, items of income, gain, loss,
deduction and credit shall be allocated to the Partners in accordance with the allocations of the corresponding items for Capital
Account purposes under Section 5.04, except that in accordance with Section 704(c) of the Code and the Treasury
Regulations thereunder, income, gain, loss, and deduction with respect to any Property contributed to the capital of the Company and
with respect to reverse Code Section 704(c) allocations described in Treasury Regulations 1.704-3(a)(6) shall, solely for tax
purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such Property to the
Company for U.S. federal income tax purposes and its initial Carrying Value or its Carrying Value determined pursuant to Treasury
Regulation 1.704-1(b)(2)(iv)(f) (computed in accordance with the definition of Carrying Value) using the traditional allocation
method under Treasury Regulation 1.704-3(b). Any elections or other decisions relating to such allocations shall be made by the
Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 5.05(b),
Section 704(c) of the Code (and the principles thereof), and Treasury Regulation 1.704-1(b)(4)(i) are solely for
purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any
Member’s Capital Account or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this
Agreement.

 

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(c)              
Modification of Allocations. The allocations set forth in Section 5.04 and Section 5.05 are
intended to comply with certain requirements of the Treasury Regulations. Notwithstanding the other provisions of this Article V,
the Managing Member shall be authorized to make, in its reasonable discretion, appropriate amendments to the allocations of Net Income
and Net Loss (and to individual items of income, gain, loss, deduction and credit) pursuant to this Agreement (i) in order to comply with
Section 704 of the Code or applicable Treasury Regulations, (ii) to allocate properly Net Income and Net Loss (and individual items of
income, gain, loss, deduction and credit) to those Members that bear the economic burden or benefit associated therewith and (iii) to
cause the Members to achieve the objectives underlying this Agreement as reasonably determined by the Managing Member

 

Section 5.06             
Tax Withholding; Withholding Advances.

 

(a)              
Tax Withholding.

 

(i)                
If requested by the Managing Member, each Member shall, if able to do so, deliver to the Managing Member: (A) an
affidavit in form satisfactory to the Company that the applicable Member (or its partners, as the case may be) is not subject to withholding
under the provisions of any Applicable Law; (B) any certificate that the Company
may reasonably request with respect to any such laws; or (C) any other form or
instrument reasonably requested by the Company relating to any Member’s status under such law. In the event that a Member fails
or is unable to deliver to the Company an affidavit described in subclause (A) of this clause (i), the Company may withhold
amounts from such Member in accordance with Section 5.06(b).

 

(ii)             
After receipt of a written request of any Member, the Company shall provide such information to such Member and take such
other action as may be reasonably necessary to assist such Member in making any necessary filings, applications or elections to obtain
any available exemption from, or any available refund of, any withholding imposed by any foreign taxing authority with respect to amounts
distributable or items of income allocable to such Member hereunder to the extent not adverse to the Company or any Member. In addition,
the Company shall, at the request of any Member, make or cause to be made (or cause the Company to make) any such filings, applications
or elections; provided that any such requesting Member shall cooperate with the Company, with respect to any such filing, application
or election to the extent reasonably determined by the Company and that any filing fees, taxes or other out-of-pocket expenses reasonably
incurred and related thereto shall be paid and borne by such requesting Member or, if there is more than one requesting Member, by such
requesting Members in accordance with their Relative Percentage Interests.

 

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(b)              
Withholding Advances. To the extent the Company is required by Applicable Law to withhold or to make tax payments
on behalf of or with respect to any Member (e.g., backup withholding) (“Withholding Advances”), the Company may withhold
such amounts and make such tax payments as so required.

 

(c)              
Repayment of Withholding Advances. All Withholding Advances made on behalf of a Member, plus interest thereon at
a rate equal to the Prime Rate as of the date of such Withholding Advances plus 2.0% per annum, shall (i) be
paid on demand by the Member on whose behalf such Withholding Advances were made (it being understood that no such payment shall increase
such Member’s Capital Account), or (ii) with the consent of the Managing
Member and the affected Member be repaid by reducing the amount of the current or next succeeding distribution or distributions that
would otherwise have been made to such Member or, if such distributions are not sufficient for that purpose, by so reducing the proceeds
of liquidation otherwise payable to such Member. Whenever repayment of a Withholding Advance by a Member is made as described in clause (ii) of
this Section 5.06(c), for all other purposes of this Agreement such Member shall be treated as having received all distributions
(whether before or upon any Dissolution Event) unreduced by the amount of such Withholding Advance and interest thereon.

 

(d)              
Withholding Advances — Reimbursement of Liabilities. Each Member hereby agrees to reimburse the Company for
any liability with respect to Withholding Advances (including interest thereon) required or made on behalf of or with respect to such
Member (including penalties imposed with respect thereto).

 

Article VI

 

CERTAIN
TAX MATTERS

 

Section 6.01      Partnership Representative.

 

(a)               The
 “Partnership Representative” (as such term is defined under Partnership Audit Provisions) of the Company shall be
selected by the Managing Member with the initial Partnership Representative being Clear Secure. The Partnership 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 the Partnership Representative. The Partnership
Representative is authorized to take, and shall determine in its sole discretion whether or not the Company will take, such actions
and execute and file all statements and forms on behalf of the Company that are approved by the Managing Member and are permitted or
required by the applicable provisions of the Partnership Audit Provisions (including a “push-out” election under Section
6226 of the Code or any analogous election under state or local tax Law). Each Member agrees to cooperate with the Partnership
Representative and to use commercially reasonable efforts to do or refrain from doing any or all things requested by the Partnership
Representative (including paying any and all resulting taxes, additions to tax, penalties and interest in a timely fashion) in
connection with  any examination of the Company’s affairs by any federal, state, or local tax authorities, including
resulting administrative and judicial proceedings. 

 

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(b)              
In the event that the Partnership Representative has not caused the Company to make a “push-out” election pursuant
to Section 6226 of the Partnership Audit Provisions, then any “imputed underpayment” (as determined in accordance with Section
6225 of the Partnership Audit Provisions) or partnership adjustment that does not give rise to an imputed underpayment shall be apportioned
among the Members of the Company for the taxable year in which the adjustment is finalized in such manner as may be necessary (as determined
by the Partnership Representative in good faith) so that, to the maximum extent possible, the tax and economic consequences of the imputed
underpayment or other partnership adjustment and any associated interest and penalties (any such amount, an “Imputed Underpayment
Amount”) are borne by the Members based upon their Percentage Interests in the Company for the reviewed year. Imputed Underpayment
Amounts also shall include any imputed underpayment within the meaning of Section 6225 of the Partnership Audit Provisions paid (or payable)
by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct or indirect
interest other than through entities treated as corporations for U.S. federal income tax purposes to the extent that the Company bears
the economic burden of such amounts, whether by Applicable Law or contract. 

 

(c)              
Each Member agrees to indemnify and hold harmless the Company from and against any liability with respect to such Member’s
share of any tax deficiency paid or payable by the Company that is allocable to the Member as determined in accordance with Section 6.01(b)
with respect to an audited or reviewed taxable year for which such Member was a partner in the Company. Any obligation of a Member pursuant
to this Section 6.01(c) shall be implemented through adjustments to distributions otherwise payable to such Member as determined
in accordance with Section 5.03; provided, however, that, at the written request of the Partnership Representative, each
Member or former Member may be required to contribute to the Company such Member’s Imputed Underpayment Amount imposed on and paid
by the Company; provided, further, that if a Member or former Member individually directly pays, pursuant to the Partnership Audit
Provisions, any such Imputed Underpayment Amount, then such payment shall reduce any offset to distribution or required capital contribution
of such Member or former Member. Any amount withheld from distributions pursuant to this Section 6.01(c) shall be treated
as an amount distributed to such Member or former Member for all purposes under this Agreement. For the avoidance of doubt, the obligations
of a Member set forth in this Section 6.01(c) shall survive the withdrawal of a Member from the Company or any Transfer of
a Member’s interest.

 

Section 6.02      Section 754 Election. The Company has previously made or will make a timely election under Section 754
of the Code (and a corresponding election under state and local law) effective starting with the taxable year ended December 31,
2020, and the Managing Member shall not take any action to revoke such election.

 

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Article VII

 

MANAGEMENT
OF THE COMPANY

 

Section 7.01      Management by the Managing Member. Except as otherwise specifically set forth in this Agreement, the Managing Member
shall be deemed to be a “manager” for purposes of applying the Delaware Act. Except as expressly provided in this Agreement
or the Delaware Act, the day-to-day business and affairs of the Company and its Subsidiaries shall be managed, operated and controlled
by the Managing Member in accordance with the terms of this Agreement and no other Members shall have management authority or rights over
the Company or its Subsidiaries. The Managing Member is, to the extent of its rights and powers set forth in this Agreement, an agent
of the Company for the purpose of the Company’s and its Subsidiaries’ business, and the actions of the Managing Member taken
in accordance with such rights and powers, shall bind the Company (and no other Members shall have such right). Except as expressly provided
in this Agreement, the Managing Member shall have all necessary powers to carry out the purposes, business, and objectives of the Company
and its Subsidiaries. The Managing Member may delegate to Members, employees, officers or agents of the Company or any Subsidiary in its
discretion the authority to sign agreements and other documents on behalf of the Company or any Subsidiary.

 

Section 7.02       
Withdrawal of the Managing Member. Clear Secure may withdraw as the Managing
Member and appoint as its successor at any time upon written notice to the Company (i) any wholly-owned Subsidiary of Clear Secure,
(ii) any Person of which Clear Secure is a wholly-owned Subsidiary, (iii) any Person into which Clear Secure is merged or consolidated
or (iv) any transferee of all or substantially all of the assets of Clear Secure, which withdrawal and replacement shall be effective
upon the delivery of such notice. No appointment of a Person other than Clear Secure (or its successor, as applicable) as Managing Member
shall be effective unless Clear Secure (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 the new Managing Member, to cause the new Managing
Member to comply with all the Managing Member’s obligations under this Agreement and the Exchange Agreement.

 

Section 7.03      Decisions by the Members.

 

(a)              
Other than the Managing Member, the Members shall take no part in the management of the Company’s business, shall
transact no business for the Company and shall have no power to act for or to bind the Company; provided, however, that
the Company may engage any Member or principal, partner, member, shareholder or interest holder thereof as an employee, independent contractor
or consultant to the Company, in which event the duties and liabilities of such individual or firm with respect to the Company as an employee,
independent contractor or consultant shall be governed by the terms of such engagement with the Company.

 

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(b)              
Except as expressly provided herein, neither the Members nor any class of Members shall have the power or authority to
vote, approve or consent to any matter or action taken by the Company. Except as otherwise provided herein, any proposed matter or action
subject to the vote, approval or consent of the Members or any class of Members shall require the approval of (i) a majority in interest
of the Members or such class of Members, as the case may be (by (x) resolution at a duly convened meeting of the Members or such
class of Members, as the case may be, or (y) written consent of the Members or such class of Members, as the case may be) and (ii) except
with respect to any approval or other rights expressly granted to the Founder Post-IPO Members, the Managing Member. Except as expressly
provided herein, all Members shall vote together as a single class on any matter subject to the vote, approval or consent of the Members
(but not, for the avoidance of doubt, any vote, approval or consent of any class of Members). In the case of any such approval, a majority
in interest of the Members or any class of Members, as the case may be, may call a meeting of the Members or such class of Members at
such time and place or by means of telephone or other communications facility that permits all persons participating in such meeting to
hear and speak to each other for the purpose of a vote thereon. Notice of any such meeting shall be required, which notice shall include
a brief description of the action or actions to be considered by the Members or such class of Members, as the case may be. Unless waived
by any such Member in writing, notice of any such meeting shall be given to each Member or Member of such class, as the case may be, at
least four (4) days prior thereto. Attendance or participation of a Member at a meeting shall constitute a waiver of notice of such meeting,
except when such Member attends or participates in the meeting for the express purpose of objecting at the beginning thereof to the transaction
of any business because the meeting is not properly called or convened. Any action required or permitted to be taken at any meeting of
the Members may be taken without a meeting, if a consent in writing, setting forth the actions so taken, shall be signed by Members sufficient
to approve such action pursuant to this Section 7.03(b). A copy of any such consent in writing will be provided to the Members
promptly thereafter.

 

Section 7.04     
Fiduciary Duties.

 

(a)               (i) The
Managing Member shall, in its capacity as Managing Member, and not in any other capacity, have the same fiduciary duties to the
Company and the Members as a member of the board of directors of a Delaware corporation (assuming such corporation had in its
certificate of incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by
Section 102(b)(7) of the DGCL); (ii) any member of the Board of Directors of Clear Secure that is an officer of Clear
Secure or the Company shall, in its capacity as director, and not in any other capacity, have the same fiduciary duties to Clear
Secure as a member of the board of directors of a Delaware corporation (assuming such corporation had in its certificate of
incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by
Section 102(b)(7) of the DGCL); and (iii) each Officer and each officer of Clear Secure shall, in their capacity as such,
and not in any other capacity, have the same fiduciary duties to the Company and the Members (in the case of any Officer) or Clear
Secure (in the case of any officer of Clear Secure) as an officer of a Delaware corporation (assuming such corporation had in its
certificate of incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by
Section 102(b)(7) of the DGCL). For the avoidance of doubt, the fiduciary duties described in clause (i) above shall not
be limited by the fact that the Managing Member shall be permitted to take certain actions in its sole or reasonable discretion
pursuant to the terms of this Agreement or any agreement entered into in connection herewith.

 

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(b)              
The parties 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 fiduciary duties to the stockholders of the Managing Member. The Managing Member
will use all commercially reasonable and appropriate efforts and means, as determined in good faith by the Managing Member, to minimize
any conflict of interest between the Members, on the one hand, and the stockholders of the Managing Member, on the other hand, and to
effectuate any transaction that involves or affects any of the Company, the Managing Member, the Members and/or the stockholders of the
Managing Member in a manner that does not (i) disadvantage the Members or their interests relative to the stockholders of the Managing
Member or (ii) advantage the stockholders of the Managing Member relative to the Members or (iii) treats the Members and the
stockholders of the Managing Member differently; provided that in the event of a conflict between the interests of the stockholders
of the Managing Member and the interests of the Members other than the Managing Member, such other Members agree that the Managing Member
shall discharge its fiduciary duties to such other Members by acting in the best interests of the Managing Member’s stockholders.

 

(c)              
Without prior written consent of the Non-Clear Secure Members, the Managing Member will not engage in any business activity
other than the direct or indirect management and ownership of the Company and its Subsidiaries, or own any assets (other than on a temporary
basis) other than securities of the Company and its Subsidiaries (whether directly or indirectly held) or any cash or other property or
assets distributed by or otherwise received from the Company and its Subsidiaries in accordance with this Agreement, provided that the
Managing Member may take any action (including incurring its own Indebtedness) or own any asset if it determines in good faith that such
actions or ownership are in the best interest of the Company.

 

Section 7.05      Officers.

 

(a)              
Appointment of Officers. The Managing Member may appoint individuals as officers (“Officers”)
of the Company, which may include such officers as the Managing Member determines are necessary and appropriate. No Officer need be a
Member. An individual may be appointed to more than one office.

 

(b)              
Authority of Officers. The Officers shall have the duties, rights, powers and authority as may be prescribed by the
Managing Member from time to time.

 

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(c)              
Removal, Resignation and Filling of Vacancy of Officers. The Managing Member may remove any Officer, for any reason
or for no reason, at any time. Any Officer may resign at any time by giving written notice to the Company, and such resignation shall
take effect at the date of the receipt of that notice or any later time specified in that notice; provided that, unless otherwise
specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any such resignation shall be
without prejudice to the rights, if any, of the Company or such Officer under this Agreement. A vacancy in any office because of death,
resignation, removal or otherwise shall be filled by the Managing Member.

 

Article VIII

 

TRANSFERS
OF INTERESTS

 

Section 8.01      Restrictions on Transfers.

 

(a)              
Except as expressly permitted by Section 8.02, and subject to Section 8.01(b), Section 8.01(c)
and Section 8.01(d), any underwriter lock-up agreement applicable to such Member or any other agreement between such Member
and the Company, Clear Secure or any of their controlled Affiliates, without the prior written approval of the Managing Member, no Member
shall directly or indirectly Transfer all or any part of its Units or any right or economic interest pertaining thereto, including the
right to vote or consent on any matter or to receive or have any economic interest in distributions or advances from the Company pursuant
thereto. Any such Transfer which is not in compliance with the provisions of this Agreement shall be deemed a Transfer by such Member
of Units in violation of this Agreement (and a breach of this Agreement by such Member) and shall be null and void ab initio. Notwithstanding
anything to the contrary in this Article VIII, (i) the Exchange Agreement shall govern the exchange of Paired Interests for
shares of Class A Common Stock or Class B Common Stock, and an exchange pursuant to and in accordance with the Exchange Agreement shall
not be considered a “Transfer” for purposes of this Agreement, (ii) the certificate of incorporation of Clear Secure shall
govern the conversion of Class B Common Stock to Class A Common Stock and the conversion of Class D Common Stock to Class C Common Stock,
and a conversion pursuant to and in accordance with the certificate of incorporation of Clear Secure shall not be considered a “Transfer”
for purposes of this Agreement, (iii) a Transfer of Clear Secure Common Stock constituting Registrable Securities (as such term is defined
in the Registration Rights Agreement) in accordance with the Registration Rights Agreement shall not be considered a “Transfer”
for the purposes of the Agreement and (iv) any other Transfer of shares of Class A Common Stock or Class B Common Stock shall not be considered
a “Transfer” for purposes of this Agreement.

 

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(b)              
Except as otherwise expressly provided herein, it shall be a condition precedent to any Transfer otherwise permitted or
approved pursuant to this Article VIII that:

 

(i)              the
Transferor shall have provided to the Company prior notice of such Transfer;

 

(ii)             the
Transfer shall comply with all Applicable Laws; and

 

(iii)           
with respect to any Transfer of any Common Unit that constitutes a portion of a Paired Interest, concurrently with such
Transfer, such Transferor shall also Transfer to such Transferee the number of shares of Class C Common Stock or Class D Common Stock,
as the case may be, constituting the remainder of such Paired Interest (which, as of the date hereof, would be one share of Class C Common
Stock or Class D Common Stock, as the case may be).

 

(c)              
Notwithstanding any other provision of this Agreement to the contrary, no Member shall directly or indirectly Transfer all
or any part of its Units or any right or economic interest pertaining thereto if such Transfer, in the reasonable discretion of the Managing
Member, would cause the Company to be classified as a “publicly traded partnership” as that term is defined in Section 7704
of the Code and Treasury Regulations promulgated thereunder or would result in the Company having more than one hundred (100) partners,
within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)).

 

(d)              
Any Transfer of Units pursuant to this Agreement, including this Article VIII, shall be subject to the provisions
of Section 3.01 and Section 3.02.

 

Section 8.02     
Certain Permitted Transfers. Notwithstanding anything to the contrary herein, the following Transfers shall be permitted:

 

(a)              
Any Transfer by any Member of its Units pursuant to a Clear Secure Offer (as such term is defined in the Exchange Agreement);

 

(b)              
At any time, any Permitted Transfer; provided that such Transfer, alone or together with other Transfers by any Member
and any Transferee thereof, would not result in (x) the Founder Post-IPO Members and their Transferees, in the aggregate, representing
at any time more than thirty partners or (y) all Members other than the Founder Post-IPO Members and their Transferees, in the aggregate,
representing at any time more than sixty partners, in each case, for the purposes of Treasury Regulation Section 1.7704-1(h)(1) (determined
pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3), excluding Clear Secure from the number of partners for purposes
of this Section 8.02(b); or

 

(c)               At
any time, any Transfer by any Member of Units to any Transferee (i) previously approved in writing by the Company prior to the
Reorganization or (ii) approved in writing by the Managing Member (not to be unreasonably withheld), it being understood that it
shall be reasonable for the Managing Member to withhold such consent if the Managing Member reasonably determines that such Transfer
would materially increase the risk that the Company would be classified as a “publicly traded partnership” as that term
is defined in Section 7704 of the Code and Treasury Regulations promulgated thereunder or would result in (x) the Founder Post-IPO
Members and their Transferees, in the aggregate, representing at any time more than thirty partners or (y) all Members other than
the Founder Post-IPO Members and their Transferees, in the aggregate, representing at any time, more than sixty partners, in each
case, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations
Section 1.7704-1(h)(3)).

 

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Section 8.03      Registration of Transfers. When any Units are Transferred in accordance with the terms of this Agreement, the Company
shall cause such Transfer to be registered on the books of the Company.

 

Article IX

OTHER AGREEMENTS

 

Section 9.01      Noncompete. Those certain individuals set forth on Schedule B attached hereto (each, a “Restricted
Person” and collectively, the “Restricted Persons”) shall not, directly or indirectly, compete with the Company
by producing, distributing, marketing or providing, or enter into any new agreement with any other Person to produce, distribute, market
or provide, or hold any equity or financial interest in, or participate in the management of, any other Person producing, distributing,
marketing or providing, any product or service related to the Company Business (as determined by the Managing Member), in the United States
while such Restricted Person or any Permitted Transferee thereof, directly or indirectly, beneficially owns any Units in the Company and
for a period of 12 months thereafter (the “Noncompete Term”); provided, that nothing in this Section 9.01
shall prevent a Restricted Person from holding up to a 10% passive equity or financial interest in any other Person producing, distributing,
marketing or providing, any product or service related to the Company Business in the United States if such equity or financial interest
is disclosed in writing to the Managing Member. During the Noncompete Term, no Restricted Person shall, directly or indirectly, acquire
or create any existing or future business in any new product or service related to the Company Business (as determined by the Managing
Member), in the United States other than through the Company. To the extent that a Restricted Person or any of its Affiliates engages
in any of the business activities described in this Section 9.01 as of the date of this Agreement, such Restricted Person or its
Affiliate shall, upon the request of the Managing Member, use its best efforts to integrate such activities into the Company on mutually
agreeable terms or, if such terms cannot be agreed upon, shall discontinue such activities within six months from the date hereof. The
Managing Member may from time to time in its discretion grant waivers of the restrictions contained in this Section 9.01 on a case
by case basis.

 

Section 9.02      Nonsolicitation.
During the Noncompete Term, no Restricted Person shall, directly or indirectly, without the prior written consent of the Managing
Member, induce or attempt to persuade any employee of the Company to terminate his or her employment relationship with the Company.
Notwithstanding the foregoing, no Restricted Person shall have any liability under this Section resulting from the hiring of
employees who respond to general employment advertisements; provided, that the hiring party does not prompt, instruct or
encourage such employee to respond to any such advertisement.

 

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Article X

 

LIMITATION
ON LIABILITY, EXCULPATION

AND INDEMNIFICATION

 

Section 10.01   
Limitation on Liability. The debts, obligations and liabilities of the Company, whether arising in contract, tort
or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally
for any such debt, obligation or liability of the Company; provided that the foregoing shall not alter a Member’s obligation
to return funds wrongfully distributed to it.

 

Section 10.02   
Exculpation and Indemnification.

 

(a)              
Subject to the duties of the Managing Member and Officers set forth in Section 7.04, neither the Managing Member
nor any other Covered Person described in clause (iii) of the definition thereof shall be liable, including under any legal or equitable
theory of fiduciary duty or other theory of liability, to the Company or to any other Covered Person for any losses, claims, damages or
liabilities incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company.
There shall be, and each Covered Person shall be entitled to, a presumption that such Covered Person acted in good faith.

 

(b)              
A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information,
opinions, reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within
such Person’s professional or expert competence.

 

(c)               The
Company shall indemnify, defend and hold harmless each Covered Person against any losses, claims, damages, liabilities, expenses
(including all reasonable out-of-pocket fees and expenses of counsel and other advisors), judgments, fines, settlements and other
amounts arising from any and all claims, demands, actions, suits or proceedings, in which such Covered Person may be involved or
become subject to, in connection with any matter arising out of or in connection with the Company’s business or affairs, or
this Agreement or any related document, unless such loss, claim, damage, liability, expense, judgment, fine, settlement or other
amount (i) is as a result of a Covered Person not acting in good faith on behalf of the Company or arose as a result of the
willful commission by such Covered Person of any act that is dishonest and materially injurious to the Company, (ii) results from
its contractual obligations under any Reorganization Document to be performed in a capacity other than as a Covered Person or from
the breach by such Covered Person of Section 9.01 or (iii) results from the breach by any Member (in such capacity) of
its contractual obligations under this Agreement. If any Covered Person becomes involved in any capacity in any action, suit,
proceeding or investigation in connection with any matter arising out of or in connection with the Company’s business or
affairs, or this Agreement or any related document, other than by reason of a Covered Person not acting in good faith on behalf of
the Company or by reason of the willful commission by such Covered Person of any act that is dishonest and materially injurious to
the Company, the Company shall reimburse such Covered Person for its reasonable legal and other reasonable out-of-pocket expenses
(including the cost of any investigation and preparation) as they are incurred in connection therewith; provided that such
Covered Person shall promptly repay to the Company the amount of any such reimbursed expenses paid to it if it shall be finally
judicially determined that such Covered Person was not entitled to indemnification by, or contribution from, the Company in
connection with such action, suit, proceeding or investigation. If for any reason (other than by reason of a Covered Person not
acting in good faith on behalf of the Company or by reason of the willful commission by such Covered Person of any act that is
dishonest and materially injurious to the Company) the foregoing indemnification is unavailable to such Covered Person, or
insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by such Covered Person as a result
of such loss, claim, damage, liability, expense, judgment, fine, settlement or other amount in such proportion as is appropriate to
reflect any relevant equitable considerations. There shall be, and each Covered Person shall be entitled to, a rebuttable
presumption that such Covered Person acted in good faith.

 

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(d)              
The obligations of the Company under Section 10.02(c) shall be satisfied solely out of and to the extent of
the Company’s assets, and no Covered Person shall have any personal liability on account thereof.

 

(e)               Given
that certain Jointly Indemnifiable Claims may arise by reason of the service of a Covered Person to the Company or as a director,
trustee, officer, partner, member, manager, employee, consultant, fiduciary or agent of other corporations, limited liability
companies, partnerships, joint ventures, trusts, employee benefit plans or other enterprises controlled by the Company
(collectively, the “Controlled Entities”), or by reason of any action alleged to have been taken or omitted in
any such capacity, the Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the
Controlled Entities to, be fully and primarily responsible for the payment to the Covered Person in respect of indemnification or
advancement of all out-of-pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees
and related disbursements) in each case, actually and reasonably incurred by or on behalf of a Covered Person in connection with
either the investigation, defense or appeal of a claim, demand, action, suit or proceeding or establishing or enforcing a right to
indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder (collectively,
 “Expenses”) in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with (as
applicable) the terms of (i) the Delaware Act, (ii) this Agreement, (iii) any other agreement between the Company or
any Controlled Entity and the Covered Person pursuant to which the Covered Person is indemnified, (iv) the laws of the
jurisdiction of incorporation or organization of any Controlled Entity or (v) the certificate of incorporation, certificate of
organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership,
certificate of qualification or other organizational or governing documents of any Controlled Entity ((i) through
(v) collectively, the “Indemnification Sources”), irrespective of any right of recovery the Covered Person
may have from the Indemnitee-Related Entities. Under no circumstance shall the Company or any Controlled Entity be entitled to any
right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Covered Person
may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Covered Person or the obligations of
the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities
shall make any payment to the Covered Person in respect of indemnification or advancement of Expenses with respect to any Jointly
Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause the Controlled Entities to, reimburse the
Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such
Indemnitee-Related Entity, (ii) to the extent not previously and fully reimbursed by the Company or any Controlled Entity
pursuant to clause (i), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding
balance of such payment to all of the rights of recovery of the Covered Person against the Company or any Controlled Entity, as
applicable, and (iii) the Covered Person shall execute all papers reasonably required and shall do all things that may be
reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the
Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and the Covered Person agree that each of
the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 10.02(e), entitled to
enforce this Section 10.02(e) as though each such Indemnitee-Related Entity were a party to this Agreement. The Company
shall cause each of the Controlled Entities to perform the terms and obligations of this Section 10.02(e) as though each
such Controlled Entity was the “Company” under this Agreement. For purposes of this Section 10.02(e), the
following terms shall have the following meanings:

 

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(i)              The term “Indemnitee-Related Entities” means any corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer under and
pursuant to an insurance policy of the Company or any Controlled Entity) from whom a Covered Person may be entitled to indemnification
or advancement of Expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification
or advancement obligation.

 

(ii)              The
term “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation, any claim,
demand, action, suit or proceeding for which the Covered Person shall be entitled to indemnification or advancement of Expenses from
both (i) the Company or any Controlled Entity pursuant to the Indemnification Sources, on the one hand, and (ii) any
Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Covered Person pursuant to
which the Covered Person is indemnified, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related
Entity or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement,
certificate of formation, certificate of limited partnership or other organizational or governing documents of any
Indemnitee-Related Entity, on the other hand.

 

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Article XI

 

DISSOLUTION
AND TERMINATION

 

Section 11.01   
Dissolution.

 

(a)              
The Company shall not be dissolved by the admission of Additional Members or Substitute Members pursuant to Section 3.02.

 

(b)              
No Member shall (i) resign from the Company prior to the dissolution and winding up of the Company except in connection
with a Transfer of Units pursuant to the terms of this Agreement or (ii) take any action to dissolve, terminate or liquidate the
Company or to require apportionment, appraisal or partition of the Company or any of its assets, or to file a bill for an accounting,
except as specifically provided in this Agreement, and each Member, to the fullest extent permitted by Applicable Law, hereby waives any
rights to take any such actions under Applicable Law, including any right to petition a court for judicial dissolution under Section 18-802
of the Delaware Act.

 

(c)              
The Company shall be dissolved and its business wound up only upon the earliest to occur of any one of the following events
(each a “Dissolution Event”):

 

(i)              The expiration of forty-five (45) days after the sale or other disposition of all or substantially all the assets of the
Company; or

 

(ii)             
upon the approval of the Managing Member.

 

(d)              
The death, retirement, resignation, expulsion, bankruptcy, insolvency or dissolution of a Member or the occurrence of any
other event that terminates the continued membership of a Member of the Company shall not in and of itself cause dissolution of the Company.

 

Section 11.02   
Winding Up of the Company.

 

(a)               The
Managing Member shall promptly notify the other Members of any Dissolution Event. Upon dissolution, the Company’s business
shall be liquidated in an orderly manner. The Managing Member shall appoint a liquidating trustee to wind up the affairs of the
Company pursuant to this Agreement. In performing its duties, the liquidating trustee is authorized to sell, distribute, exchange or
otherwise dispose of the assets of the Company in accordance with the Delaware Act and in any reasonable manner that the liquidating
trustee shall determine to be in the best interest of the Members.

 

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(b)              
The proceeds of the liquidation of the Company shall be distributed in the following order and priority:

 

(i)              first, to the creditors (including any Members or their respective Affiliates that are creditors) of the Company
in satisfaction of all of the Company’s liabilities (whether by payment or by making reasonable provision for payment thereof, including
the setting up of any reserves which are, in the judgment of the liquidating trustee, reasonably necessary therefor); and

 

(ii)             second,
to the Members in the same manner as distributions under Section 5.03(b), subject to Section 5.03(e).

 

(c)              
Distribution of Property. In the event it becomes necessary in connection with the liquidation of the Company to
make a distribution of Property in-kind, subject to the priority set forth in Section 11.02, the liquidating trustee shall
have the right to compel each Member to accept a distribution of any Property in-kind (with such Property, as a percentage of the total
liquidating distributions to such Member, corresponding as nearly as possible to such Member’s Percentage Interest), with such distribution
being based upon the amount of cash that would be distributed to such Members if such Property were sold for an amount of cash equal to
the fair market value of such Property, as determined by the liquidating trustee in good faith, subject to the last sentence of Section 5.03(d).

 

Section 11.03   
Termination. The Company shall terminate when all of the assets of the Company, after payment of or reasonable provision
for the payment of all debts and liabilities of the Company, shall have been distributed to the Members in the manner provided for in
this Article XI, and the certificate of formation of the Company shall have been cancelled in the manner required by the Delaware
Act.

 

Section 11.04   
Survival. Termination, dissolution, liquidation or winding up of the Company for any reason shall not release any
party from any liability which at the time of such termination, dissolution, liquidation or winding up already had accrued to any other
party or which thereafter may accrue in respect to any act or omission prior to such termination, dissolution, liquidation or winding
up.

 

Article XII

 

MISCELLANEOUS

 

Section 12.01   
Expenses. Other than as set forth in Section 4.12 of the Reorganization Agreement, all costs and expenses incurred
in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such cost or expense.

 

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Section 12.02   
Further Assurances. Each Member agrees to execute, acknowledge, deliver, file and record such further certificates,
amendments, instruments and documents, and to do all such other acts and things, as may be required by Applicable Law or as, in the reasonable
judgment of the Managing Member, may be necessary or advisable to carry out the intent and purposes of this Agreement.

 

Section 12.03   
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile
transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received)
and shall be given to such party at the address, facsimile number or e-mail address specified for such party on the Member Schedule hereto.
All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to
have been received on the next succeeding Business Day in the place of receipt.

 

Section 12.04   
Binding Effect; Benefit; Assignment.

 

(a)              
The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities
hereunder upon any Person other than the parties hereto and their respective successors and assigns.

 

(b)              
Except as provided in Article VIII, no Member may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the Managing Member.

 

Section 12.05   
Jurisdiction.

 

(a)              
The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its
Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not
have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably
consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue
of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such
party as provided in Section 12.03 shall be deemed effective service of process on such party.

 

    43

     

    

 

(b)              
EACH OF THE COMPANY AND THE MEMBERS HEREBY IRREVOCABLY DESIGNATES THE CORPORATION TRUST COMPANY (IN SUCH CAPACITY, THE
 “PROCESS AGENT”), WITH AN OFFICE AT CORPORATION SERVICE COMPANY, 2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON, NEW
CASTLE COUNTY, DELAWARE, 19808, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION
IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND
SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE
UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED
IN SECTION 12.03 OF THIS AGREEMENT. EACH PARTY SHALL TAKE ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SAID APPOINTMENT IN FULL
FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO THAT SUCH PARTY SHALL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE
PURPOSES IN WILMINGTON, DELAWARE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE
LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES THAT THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS OF THE STATE OF DELAWARE
AND OF THE UNITED STATES OF AMERICA.

 

Section 12.06   
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received a counterpart
hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder
(whether by virtue of any other oral or written agreement or other communication).

 

Section 12.07   
Entire Agreement. This Agreement and the other Reorganization Documents constitute the entire agreement between the
parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written,
between the parties with respect to the subject matter of this Agreement. Nothing in this Agreement shall create any third-party beneficiary
rights in favor of any Person or other party, except to the extent provided herein with respect to Indemnitee-Related Entities, each of
whom are intended third-party beneficiaries of those provisions that specifically relate to them with the right to enforce such provisions
as if they were a party hereto.

 

Section 12.08    Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a
determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the fullest extent possible.

 

    44

     

    

 

Section 12.09   
Amendment.

 

(a)              
This Agreement can be amended at any time and from time to time by the Managing Member; provided, in addition to
the approval of the Managing Member, no amendment to this Agreement may:

 

(i)               without
the prior written consent of each Founder Post-IPO Member, (x) adversely modify the limited liability of any Founder Post-IPO Member
set forth in Article V, Section 6.01(c), Section 10.01, Section 10.02 or Section 12.01,
or otherwise modify in any material respect the limited liability of any Founder Post-IPO Member, or adversely increase the liabilities
or obligations (other than de minimis liabilities or obligations) of any Founder Post-IPO Member or (y) adversely modify
the express rights of any Founder Post-IPO Member set forth in Section 3.01, Article IV, Section 5.03(e),
Section 7.03(b), Section 8.02(b) and this Section 12.09 (in the case of clause (y), only so long
as such Founder Post-IPO Member is entitled to such express rights);

 

(ii)             
adversely modify in any material respect the Units (or the rights, preferences or privileges of the Units) then held by
any Members in any materially disproportionate manner to those then held by any other Members without the prior written consent of a majority
in interest of such disproportionately affected Member or Members.

 

(b)              
For the avoidance of doubt, the Managing Member, acting alone, may amend this Agreement, including the Member Schedule,
(x) to reflect the admission of new Members or Transfers of Units, each as provided by and in accordance with, the terms of this
Agreement, (y) to effect any subdivisions or combinations of Units made in compliance with Section 4.02(c) and (z) to
issue additional Common Units or any new class of Units (whether or not pari passu with the Common Units) in accordance with the terms
of this Agreement and to provide that the Members being issued such new Units be entitled to the rights provided to the Founder Post-IPO
Members with respect to all or a portion of the provisions applicable thereto hereunder and any other rights that do not diminish or eliminate
any of the express rights of the such Founder Post-IPO Members described in Section 12.09(a)(i)(y).

 

(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.

 

    45

     

    

 

Section 12.10   
Confidentiality.

 

(a)              
Each Member shall, and shall direct those of its Affiliates and their respective directors, officers, members, stockholders,
partners, employees, attorneys, accountants, consultants, trustees and other advisors (the “Member Parties”) who have
access to Confidential Information to, keep confidential and not disclose any Confidential Information to any Person other than a Member
Party who agrees to keep such Confidential Information confidential in accordance with this Section 12.10, in each case without
the express consent, in the case of Confidential Information acquired from the Company, of the Managing Member or, in the case of Confidential
Information acquired from another Member, such other Member, unless:

 

(i)              such disclosure is required by Applicable Law;

 

(ii)             such
disclosure is reasonably required in connection with any tax audit involving the Company or any Member or its Affiliates;

 

(iii)           
such disclosure is reasonably required in connection with any litigation against or involving the Company or any Member;
or

 

(iv)            such
disclosure is reasonably required in connection with any proposed Transfer of all or any part of such Member’s Units in the Company;
provided that with respect to any such use of any Confidential Information referred to in this clause (iv), advance notice must
be given to the Managing Member so that it may require any proposed Transferee that is not a Member to enter into a confidentiality agreement
with terms substantially similar to the terms of this Section 12.10 (excluding this clause (iv)) prior to the disclosure
of such Confidential Information.

 

(b)              
“Confidential Information” means any information related to the activities of the Company, the Members
and their respective Affiliates that an Member may acquire from the Company or the Members, other than information that (i) is already
available through publicly available sources of information (other than as a result of disclosure by such Member), (ii) was available
to a Member on a non-confidential basis prior to its disclosure to such Member by the Company, or (iii) becomes available to a Member
on a non-confidential basis from a third party, provided such third party is not known by such Member, after reasonable inquiry, to be
bound by this Agreement or another confidentiality agreement with the Company. Such Confidential Information may include information that pertains
or relates to the business and affairs of any other Member or any other Company matters. Confidential Information may be used by a Member
and its Member Parties only in connection with Company matters and in connection with the maintenance of its interest in the Company.

 

(c)               In
the event that any Member or any Member Parties of such Member is required to disclose any of the Confidential Information, such
Member shall use reasonable efforts to provide the Company with prompt written notice so that the Company may seek a protective
order or other appropriate remedy or waive compliance with the provisions of this Agreement, and such Member shall use reasonable
efforts to cooperate with the Company in any effort any such Person undertakes to obtain a protective order or other remedy. In the
event that such protective order or other remedy is not obtained, or that the Company waives compliance with the provisions of this Section 12.10,
such Member and its Member Parties shall furnish only that portion of the Confidential Information that is legally required and
shall exercise all reasonable efforts to obtain reasonably reliable assurance that the Confidential Information shall be accorded
confidential treatment.

 

    46

     

    

 

(d)              
Notwithstanding anything in this Agreement to the contrary, each Member may disclose to any persons the U.S. federal income
tax treatment and tax structure of the Company and the transactions set out in the Reorganization Agreement. For this purpose, “tax
structure” is limited to any facts relevant to the U.S. federal income tax treatment of the Company and does not include information
relating to the identity of the Company or any Member.

 

Section 12.11   
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware
without giving effect to choice of law principles that would require the application of the laws of another state.

 

[signature pages follow]

 

    47

     

    

 

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

 

	 	ALCLEAR HOLDINGS, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	CLEAR
    SECURE, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to the Second Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

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