Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is dated as of December 6, 2021 (the “Effective Date”), by and among Vacasa,
Inc., a Delaware corporation (the “Company”) and each of the persons listed under the heading “Holders”
on the signature pages attached hereto (the “Holders,” and each individually, a “Holder”).

 

RECITALS

 

WHEREAS, certain of the Holders
previously entered into that certain Registration Rights Agreement dated as of April 13, 2021 (the “Initial Agreement”)
with TPG Pace Solutions Corp., a Cayman Islands exempted company, which shall be merged with and into the Company in connection with the
Transactions (as defined herein) (“Pace”), and TPG Pace Solutions Sponsor, Series LLC, a Delaware series limited liability
company;

 

WHEREAS, pursuant to the Initial
Agreement, Pace granted certain registration rights with respect to, among other things, certain of its Class A ordinary shares, par value
$0.0001 per share;

 

WHEREAS, the merger of Pace
into the Company in connection with the Transactions is intended to qualify as a reorganization under section 368(a)(1)(F) of the Internal
Revenue Code;

 

WHEREAS, pursuant to the terms
and subject to the conditions set forth in that certain Business Combination Agreement, dated as of July 28, 2021 (as it may be amended,
restated or otherwise modified from time to time, the “Transaction Agreement”), the Pace shareholders (“Pace
Shareholders”), through a series of transactions, shall receive shares of Class A Common Stock of the Company which will, in
turn, own equity interests of Vacasa Holdings LLC, a Delaware limited liability company (“Vacasa”) (such transactions,
and all other transactions contemplated by the Transaction Agreement, together, the “Transactions”);

 

WHEREAS, in connection with
the foregoing, the parties hereto now desire to execute this Agreement, as contemplated by the Transaction Agreement, to terminate and
replace the Initial Agreement (with respect to the Holders party thereto) upon the closing of the Transactions (the “Closing”)
and to set forth the further rights and obligations created hereby.

 

NOW, THEREFORE, the parties
hereto, in consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, hereby agree as follows:

 

SECTION 1.               
DEFINITIONS

 

As used in this Agreement,
and unless the context requires a different meaning, the following terms have the meanings indicated:

 

“Affiliate”
shall mean, with respect to any person, any other person that, directly or indirectly, through one or more intermediaries, controls
or is controlled by, or is under common control with, another person; provided that the Company and its subsidiaries will not
be deemed to be Affiliates of any holder of Registrable Securities. The term “control” and its derivatives with
respect to any person mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such person, whether through the ownership of voting securities, by contract or otherwise.

  

     

     

    

 

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

 

“Applicable Exchange”
means the securities exchange or market on which the Shares are then listed or quoted.

 

“Block Trade”
has the meaning set forth in Section 3.3.

 

“Business Day”
is any Monday, Tuesday, Wednesday, Thursday or Friday other than a day on which banks and other financial institutions are authorized
or required to be closed for business in the State of New York.

 

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

 

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

 

“Closing”
has the meaning set forth in the recitals to this Agreement.

 

“Common Units”
means a “Unit” as defined in the Vacasa LLCA.

 

“Company”
has the meaning set forth in the Preamble and includes the Company’s successors by recapitalization, merger, consolidation, spin-off,
reorganization or similar transaction.

 

“Company Certificate
of Incorporation” means the Amended and Restated Certificate of Incorporation of the Company.

 

“Demand Registration
Notice” has the meaning set forth in Section 2.1(a).

 

“Demand Registration
Statement” has the meaning set forth in Section 2.1(a).

 

“Demanding Holder”
or “Demanding Holders” has the meaning set forth in Section 2.1(a).

 

“$” means
United States dollars.

 

“Earn Out Shares”
shall mean shares of Class G Common Stock of the Company that are convertible into shares of Class A Common Stock upon certain triggering
events, as set forth in the Company Certificate of Incorporation.

 

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

 

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

 

“Financial Counterparty”
has the meaning set forth in Section 3.3.

 

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

 

“Form S-1”
means a Registration Statement on Form S-1.

 

“Form S-3”
means a Registration Statement on Form S-3 or any similar short-form registration that may be available at such time.

 

“Holder”
or “Holders” has the meaning set forth in the Preamble for so long as such person or entity holds any Registrable Securities.

 

“Holder Indemnified
Party” has the meaning set forth in Section 7.1.

 

“Indemnified Party”
has the meaning set forth in Section 7.3.

 

“Indemnifying Party”
has the meaning set forth in Section 7.3.

 

“Initial Agreement”
has the meaning set forth in the recitals to this Agreement.

 

“Initiating Holder”
has the meaning set forth in Section 4.2.

 

“Level Equity Holders”
means LEGP I VCS, LLC, LEGP II VCS, LLC, LEVEL EQUITY OPPORTUNITIES FUND 2015, L.P., LEVEL EQUITY OPPORTUNITIES FUND 2018, L.P., Level
Equity - VCS Investors, LLC, and LEGP II AIV(B), L.P. so long as such Holders continue to hold Registrable Securities.

 

“Lock-up Period”
means (a) with respect to TPG Sponsor and its Permitted Transferees, the Lock-up Periods as defined in that certain Amendment to Letter
Agreement, dated as of July 28, 2021, by and among Pace, TPG Sponsor and the parties thereto (the “Amendment to Letter Agreement”),
and (b) with respect to the Vacasa Holders and their respective Permitted Transferees, the Lock-up Period as defined in the Bylaws of
the Company.

 

“Lock-up Provisions”
has the meaning set forth in Section 6.5(a).

 

“Major Investors”
means TPG Sponsor, the Silver Lake Holders, the Riverwood Holders, the Level Equity Holders and Mossytree.

 

“Mossytree”
means Mossytree Inc., an Oregon corporation.

 

“Offer Notice”
has the meaning set forth in Section 2.1(a).

 

“Opt-Out Request”
has the meaning set forth in Section 10.1(b).

 

“Other Coordinated
Offering” has the meaning set forth in Section 3.3.

 

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

 

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“Permitted
Transferee” of a Holder shall mean, (a) with respect to the TPG Sponsor and its Permitted Transferees, (i) prior to the
expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities
pursuant to Section 1(c) of the Amendment to Letter Agreement, and (ii) after the expiration of the Lock-up Period, any person or
entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance with any applicable
agreement between such Holder and/or its Permitted Transferees and the Company and any transferee thereafter; and (b) with respect
to the Vacasa Holders and their respective Permitted Transferees, (i) prior to the expiration of the Lock-up Period, any person or
entity to whom such Holder is permitted to transfer such Registrable Securities pursuant to Section 7.11(ii) of the Bylaws of the
Company, and (ii) after the expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such
Registrable Securities, subject to and in accordance with any applicable agreement between such Holder and/or its Permitted
Transferees and the Company and any transferee thereafter.

 

“Piggyback Registration
Statement” has the meaning set forth in Section 4.1.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all materials incorporated by reference in such prospectus.

 

“Registrable
Securities” shall mean, with respect to any Holder, (a)(i) the Shares held by such Holder immediately following the
Closing (including Shares acquired on the Effective Date or issuable upon the exercise, conversion, exchange or redemption of any
other security therefor, which security is held by such Holder immediately following the Closing, provided that (x) any
Shares issuable upon the exercise, conversion, exchange or redemption of another security will not constitute Registrable Securities
unless and until such other security has become vested, and (y) the Shares issuable upon the conversion of the Earnout Shares will
not constitute Registrable Securities unless and until such Earnout Shares have converted into Shares in accordance with the
applicable provisions of the Company Certificate of Incorporation), (ii) Shares issued by the Company in connection with (x) the
redemption by Vacasa of Common Units owned by any Holder or (y) at the election of the Company, in a direct exchange for Common
Units owned by any Holder, in each case, in accordance with the terms of the Vacasa LLCA and the Company Certificate of
Incorporation, and (iii) any outstanding Shares acquired by a Holder following the date of this Agreement to the extent such
securities are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as
defined in Rule 144) of the Company, and (b) any other equity security of the Company issued or issuable upon the exercise,
conversion, exchange or redemption of any of the securities referred to in the foregoing clause (a) by way of a stock dividend or
stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or
otherwise; provided, however, that, as to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when: (i) such securities shall have been disposed of pursuant to any offering, sale or exchange in accordance with a
Registration Statement or have been sold or otherwise transferred pursuant to Rule 144 or Rule 145 (or any successor provisions)
under the Securities Act or in any other transaction in which the purchaser does not receive “restricted securities” (as
that term is defined for purposes of Rule 144); (ii) such securities shall have been transferred to a transferee that has not agreed
in writing and for the benefit of the Company to be bound by the terms and conditions of this Agreement; (iii) such securities have
been repurchased by the Company or a subsidiary of the Company, (iv) such securities shall have ceased to be outstanding, or (v) (x)
such securities, together with all other securities of such class held by such Holder and its Affiliates, are eligible for sale in a
single transaction pursuant to Rule 144 (or any successor provision) without volume limitation or other restrictions on transfer
thereunder, and (y) the Registrable Securities held by such Holder and its Affiliates constitute less than two percent (2%) of the
issued and outstanding shares of Class A Common Stock (which percentage will be calculated assuming that all Common Units redeemable
for shares of Class A Common Stock pursuant to the terms of the Vacasa LLCA have been so redeemed (without regard to any timing,
vesting or other restrictions on redemptions contained therein). Notwithstanding anything to the contrary hereunder, if a Holder
and/or its Affiliates then hold shares of Class B Common Stock, then each share of Class B Common Stock shall be deemed to have a
value equal to the value of one share of Class A Common Stock for all purposes under this Agreement, including for purposes of
determining satisfaction with the various value thresholds set forth in Section 2 of this Agreement; provided, it is
understood and agreed, that under no circumstances will the Company be obligated to register shares of Class B Common Stock.

 

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“Registration Expenses”
shall mean all expenses incurred in connection with the preparation, printing and distribution of any Registration Statement and Prospectus
and all amendments and supplements thereto, and any and all expenses incident to the performance by the Company of its registration obligations
pursuant to this Agreement, including: (i) all registration, qualification and filing fees incurred by the Company, including all fees
and expenses with respect to filings required to be made with the Applicable Exchange (or such other securities exchange or market on
which the Shares are then listed or quoted) or FINRA; (ii) fees and expenses of compliance with securities or “blue sky” laws;
(iii) reasonable fees and disbursements of counsel for the Company and reasonable fees and expenses of independent registered public accountants
retained by the Company (including the expenses associated with the delivery by such independent registered public accountants of a comfort
letter or comfort letters, and expenses of any special audits incident to or required by any such registration); (iv) all internal expenses
of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties); (v) the fees
and expenses of any person, including special experts, retained by the Company in connection with the preparation of any Registration
Statement; and (viii) the reasonable and documented fees and disbursements, not to exceed $75,000, of one special legal counsel to represent
all of the Holders participating in any such registration. For purposes of clarity, Registration Expenses shall not include any fees and
disbursements to underwriters or other Financial Counterparties not customarily paid by the issuers of securities in an offering, including
underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities.

 

“Registration Statement”
and “Prospectus” refer, as applicable, to the Shelf Registration Statement and related prospectus (including any preliminary
prospectus), the Demand Registration Statement and related prospectus (including any preliminary prospectus) or the Piggyback Registration
Statement and related prospectus (including any preliminary prospectus), whichever is utilized by the Company to satisfy the Holders’
registration rights pursuant to this Agreement, including, in each case, any documents incorporated therein by reference.

 

“Riverwood Holders”
means RW Vacasa AIV LP, RW Industrious Blocker LP, Riverwood Capital Partners II (Parallel-B) L.P., RCP III Vacasa AIV, L.P., RCP III
Blocker Feeder LP, Riverwood Capital Partners III (Parallel-B) L.P., RCP III (A) Blocker Feeder LP and RCP III (A) Vacasa AIV L.P., so
long as such Holders continue to hold Registrable Securities.

 

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“Rule 144”
has the meaning set forth in Section 2.1(a).

 

“S-3 Registration
Statement” has the meaning set forth in Section 3.1(b).

 

“SEC” shall
mean the United States Securities and Exchange Commission.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Shares”
means shares of the Class A Common Stock.

 

“Shelf Registration
Statement” has the meaning set forth in Section 3.1(a).

 

“Silver Lake Holders”
means SLP Venice Holdings, L.P. and SLP V Venice Feeder I, L.P., so long as such Holders continue to hold Registrable Securities.

 

“Stockholders Agreement”
means the Stockholders Agreement, dated as of December 6, 2021, by and among the Company and TPG Sponsor, the Silver Lake Holders, the
Riverwood Holders, the Level Equity Holders and Mossytree, as the same may be amended, restated, supplemented or otherwise modified from
time to time.

 

“Suspension Event”
has the meaning set forth in Section 5.1.

 

“Takedown Holder”
has the meaning set forth in Section 3.1(c).

 

“Takedown Offer Notice”
has the meaning set forth in Section 3.1(d).

 

“Takedown Request
Notice” has the meaning set forth in Section 3.1(d).

 

“TPG Sponsor”
means TPG Pace Solutions Sponsor, Series LLC, a Delaware series limited liability company.

 

“Transaction”
has the meaning set forth in the recitals to this Agreement.

 

“Transaction Agreement”
has the meaning set forth in the recitals to this Agreement.

 

“Transfer Restriction
Period” means the “Transfer Restriction Period” as defined in the Stockholders Agreement.

 

“Underwritten Demand
Registration” has the meaning set forth in Section 2.1(b).

 

“Underwritten Shelf
Takedown” has the meaning set forth in Section 3.1(c).

 

“Vacasa”
has the meaning set forth in the recitals to this Agreement.

 

“Vacasa Holders”
means the Silver Lake Holders, the Riverwood Holders, the Level Equity Holders and Mossytree.

 

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“Vacasa LLCA”
means the Fourth Amended and Restated Limited Liability Company Agreement of Vacasa.

 

SECTION 2.               
DEMAND REGISTRATION RIGHTS

 

2.1             
Demand Rights.

 

(a)               At
any time, and from time to time, any Major Investor or group of Major Investors, as the case may be (each, in such case, a
 “Demanding Holder”), may deliver to the Company a written notice (a “Demand Registration
Notice”) informing the Company of its, or their, desire to have, after the expiration of any lock-up to which the
Registrable Securities are subject (and, during the Transfer Restriction Period, subject to the provisions of Article III of the
Stockholders Agreement), some or all of its, or their, Registrable Securities registered for sale. Each Demand Registration Notice
shall specify (x) the kind and aggregate amount of Registrable Securities to be registered, and (y) the intended method or methods
of disposition thereof including pursuant to an underwritten public offering. Upon receipt of the Demand Registration Notice, if the
Company has not already caused such Registrable Securities to be registered on a Shelf Registration Statement that the Company then
has on file with, and has been declared effective by, the SEC and that remains in effect and not subject to any stop order,
injunction or other order or requirement of the SEC (in which event the Company shall be deemed to have satisfied its registration
obligation under this Section 2.1), then the Company will use its commercially reasonable efforts to cause to be filed with
the SEC as soon as reasonably practicable after receiving the Demand Registration Notice, but in no event more than forty five (45)
calendar days (or thirty (30) calendar days in the case of an S-3 Registration Statement pursuant to Section 3.1(b))
following receipt of such notice, a registration statement and related prospectus that complies as to form and substance in all
material respects with applicable SEC rules providing for the sale by such Demanding Holder, or group of Demanding Holders, and any
other Holders that elect to register their Registrable Securities as provided below, of all of the Registrable Securities requested
to be registered by such Holders (the “Demand Registration Statement”), and, unless such Demand Registration
Statement is an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities Act), agrees
(subject to Sections 5.1 and 6.2 hereof) to use commercially reasonable efforts to cause the Demand Registration
Statement to be declared effective by the SEC as soon as reasonably practicable following the filing thereof. The Company shall give
written notice of the proposed filing of the Demand Registration Statement to all Holders holding Registrable Securities as soon as
reasonably practicable (but in no event less than ten (10) calendar days before the anticipated filing date, provided the
Company receives the Demand Registration Notice at least five (5) calendar days prior thereto), and such notice shall offer to such
Holders the opportunity to participate in such Demand Registration Statement (the “Offer Notice”) and to register
such number of Registrable Securities as each such Holder may request. Holders who wish to include their Registrable Securities in
the Demand Registration Statement must notify the Company in writing within three (3) calendar days of receiving the Offer Notice
and include in such written notice the information requested by the Company in the Offer Notice. Subject to Section 5.1
hereof, the Company agrees to use commercially reasonable efforts to keep any Demand Registration Statement continuously effective
(including the preparation and filing of any amendments and supplements necessary for that purpose) until the earlier of (a) the
date on which all Registrable Securities covered by such Demand Registration Statement have been sold, and (b) the date as of which
the securities covered by such Demand Registration Statement have ceased to be Registrable Securities.

 

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(b)              
If a Demanding Holder intends to distribute the Registrable Securities covered by the Demand Registration Notice by means of an
underwritten offering (the “Underwritten Demand Registration”), it shall so advise the Company as a part of the Demand
Registration Notice; provided that any Demanding Holder(s) will be entitled to request an Underwritten Demand Registration only
if the total offering price of the Shares to be sold in such offering (before deduction of underwriting discounts) is reasonably expected
to exceed, in the aggregate, $75 million. All Holders proposing to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Holders
initiating the Demand Registration Statement, and subject to the approval of the Company. Notwithstanding any other provision of this
Section 2.1, if the managing underwriter or underwriters advises the Company that in the opinion of such underwriter(s), the distribution
of all of the Registrable Securities requested to be registered would materially and adversely affect the proposed offering price, timing,
distribution method or probability of success of such offering, then the number of Registrable Securities that may be included in such
registration shall be allocated (A) first, to the Demanding Holders and the other Holders electing to register their Registrable Securities
pursuant to the Offer Notice, on a pro rata basis based on the relative number of Registrable Securities then held by each such Holder;
provided that any such amount thereby allocated to each such Holder that exceeds such Holder’s request shall be reallocated among
the other Holders in like manner, as applicable; and (B) second, to the other persons proposing to register securities in such registration,
if any; provided, however, that the number of Registrable Securities to be included in such underwriting shall not be reduced unless all
other securities are entirely excluded from such underwriting. Any Registrable Securities excluded or withdrawn from such underwritten
offering shall be withdrawn from the registration.

 

2.2             
The Company shall not be obligated to effect (i) more than one (1) Demand Registration Statement during any six-month period, or
(ii) any Demand Registration Statement at any time there is an effective Shelf Registration Statement on file with the SEC pursuant to
Section 3.1. Notwithstanding anything to the contrary set forth herein, the Company is not obligated to take any action to effect
any Demand Registration Statement upon receipt of a Demand Registration Notice if a Piggyback Registration Statement was declared effective
or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days.

 

SECTION 3.               
Shelf Registration.

 

3.1             
Shelf Registration Statement

 

(a)               The
Company agrees to use commercially reasonable efforts to submit to or file with the SEC within thirty (30) days after the Closing
Date a registration statement on Form S-1 or such other form of registration statement as is then available to effect a registration
under the Securities Act permitting the offer and resale of Registrable Securities from time to time under Rule 415 under the
Securities Act (the “Shelf Registration Statement”), and shall use its commercially reasonable efforts to cause
the Shelf Registration Statement to be declared effective by the SEC as soon as practicable after the filing thereof but no later
than the earlier of (a) the 90th calendar day (or 120th calendar day if the SEC notifies the Company that it will
 “review” the Registration Statement) following the Closing; and the 10th business day after the date the Company is
notified (orally or in writing, whichever is earlier) by the SEC that the Shelf Registration Statement will not be
 “reviewed” or will not be subject to further review. A Registration Statement filed pursuant to this Section 3.1
shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, any Holder
pursuant to its review of such Registration Statement under Section 6.1(k) of this Agreement. The Company shall use its
commercially reasonable efforts to effect any such Shelf Registration Statement and to keep it continuously effective until such
date on which the securities covered by such Shelf Registration Statement are no longer Registrable Securities. During the period
that the Shelf Registration Statement is effective, the Company shall supplement or make amendments to the Shelf Registration
Statement to the extent necessary to ensure that such Shelf Registration Statement is available or, if not available, that another
Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all securities
covered by such Shelf Registration Statement have ceased to be Registrable Securities.

 

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(b)              
With respect to a Demand Registration Notice to be delivered at any time after the first date on which the Company is eligible
to file a registration statement under the Securities Act on Form S-3 or such similar or successor form as may be appropriate (an “S-3
Registration Statement”), a Demanding Holder may include in the Demand Registration Notice a request that the Company effect
an S-3 Registration Statement. In such event, the Company shall be required to effect an S-3 Registration Statement, subject to the conditions
and in accordance with the terms hereof, unless at the time of such request, Form S-3 or such similar or successor form is not available
to the Company for such offering.

 

(c)              
At any time and from time to time after the effectiveness of a Shelf Registration Statement or S-3 Registration Statement (and,
during the Transfer Restriction Period, subject to the provisions of Article III of the Stockholders Agreement), any Holder with Registrable
Securities included on such Shelf Registration Statement or S-3 Registration Statement (a “Takedown Holder”) may request
to sell all or any portion of its Registrable Securities included thereon in an underwritten offering that is registered pursuant to such
Shelf Registration Statement or S-3 Registration Statement (an “Underwritten Shelf Takedown”); provided that
such Takedown Holder(s) will be entitled to make such request only if (x) the total offering price of the Shares to be sold in such offering
(before deduction of underwriting discounts) is reasonably expected to exceed, in the aggregate, $50 million or (y) the Shares to be sold
in such offering will not exceed $50 million but represent all of the remaining Registrable Securities held by the Takedown Holder(s).
Notwithstanding the foregoing, the Company shall only be obligated to effect one Underwritten Shelf Takedown within any 90-day period.
Any requests for an Underwritten Shelf Takedown shall be made by giving written notice to the Company (a “Takedown Request Notice”).
The Takedown Request Notice shall specify the approximate number of Registrable Securities to be sold in the Underwritten Shelf Takedown.
Within five (5) calendar days after receipt of any Takedown Request Notice, the Company shall give written notice of the requested Underwritten
Shelf Takedown (the “Takedown Offer Notice”) to all other Holders and, subject to the provisions of Section 3.1(e)
hereof, shall include in the Underwritten Shelf Takedown all Registrable Securities with respect to which the Company has received written
requests for inclusion therein within three (3) calendar days after sending the Takedown Offer Notice.

 

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(d)              
 Notwithstanding any other provision of this Section 3.1, if the managing underwriter or underwriters advises the Company
that in the opinion of such underwriter(s), the distribution of all of the Registrable Securities requested to be sold in an Underwritten
Shelf Takedown would materially and adversely affect the proposed offering price, timing, distribution method or probability of success
of such offering, then the number of Registrable Securities that may be included in such Underwritten Shelf Takedown shall be allocated
(A) first, to the Takedown Holders and the other Holders electing to sell their Registrable Securities pursuant to the Takedown Offer
Notice, on a pro rata basis based on the relative number of Registrable Securities then held by each such Holder; provided that
any such amount thereby allocated to each such Holder that exceeds such Holder’s request shall be reallocated among the other Holders
in like manner, as applicable; and (B) second, to the other persons proposing to sell securities in such Underwritten Shelf Takedown,
if any; provided, however, that the number of Registrable Securities to be included in such Underwritten Shelf Takedown shall not
be reduced unless all other securities are entirely excluded from such Underwritten Shelf Takedown.

 

3.2             
Selection of Underwriter. A Demanding Holder or Takedown Holder shall have the right to select the underwriter or
underwriters to administer any Underwritten Demand Registration offering or Underwritten Shelf Takedown under a Demand Registration Statement,
including any Shelf Registration Statement or S-3 Registration Statement; provided that such underwriter or underwriters shall be reasonably
acceptable to the Company.

 

3.3             
Block Trades; Other Coordinated Offerings. Notwithstanding anything contained in this Section 3, at any time
and from time to time when an effective Shelf Registration Statement is on file with the SEC, in the event a Takedown Holder wishes to
engage in (a) a sale of Registrable Securities in an underwritten transaction requiring the involvement of the Company but not involving
(i) any “roadshow” or (ii) a lock-up agreement of more than sixty (60) days to which the Company is a party (including, for
the avoidance of doubt, any lock-up or clear market covenant contained in the underwriting agreement for such transaction), and which
is commonly known as a “block trade” (but excluding, for the avoidance of doubt, any such sale where the involvement required
of the Company primarily relates to the removal of restrictive legends on the Registrable Securities sold in such transaction) (a “Block
Trade”), or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution
agent, whether as agent or principal, requiring the involvement of the Company (but excluding, for the avoidance of doubt, any such offering
or sale where the involvement required of the Company primarily relates to the removal of restrictive legends on the Registrable Securities
sold in such transaction) (an “Other Coordinated Offering”), (1) the Takedown Holder shall (i) give at least five
Business Days’ prior notice in writing of such transaction to the Company and (ii) identify the potential underwriter(s), broker(s),
sales agent(s), placement agent(s) or other applicable financial counterparties (each, a “Financial Counterparty”),
as applicable, in such notice; and (2) the Company shall reasonably cooperate with such requesting Holder or Holders to the extent it
is reasonably able to effect such Block Trade or Other Coordinated Offering; provided that the Takedown Holders representing a
majority of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable
efforts to work with the Company and any Financial Counterparty prior to making such request in order to facilitate the preparation of
the registration statement, prospectus and other documentation related to the Block Trade or Other Coordinated Offering. No Holder will
have the right to participate in any Block Trade or Other Coordinated Offering that is initiated by another Holder; provided that, during
the Transfer Restriction Period, the right of any Holder that is a party to the Stockholders Agreement to participate in any Block Trade
or Other Coordinated Offering initiated by another Holder that is a party to the Stockholders Agreement will be governed by Section 3.2(b)
of the Stockholders Agreement. Notwithstanding the foregoing, the Company will have no obligations to be involved in any Block Trade
or Other Coordinated Offering pursuant to this Section 3.3 unless the proposed Block Trade or Other Coordinated Offering shall be for
(x) at least $50 million in expected gross proceeds (in the aggregate in the case of any at-the-market offering program) or (y) all remaining
Registrable Securities then held by the Takedown Holder(s). A Holder in the aggregate may demand no more than four (4) Block Trades or
Other Coordinated Offerings in any twelve (12) month period. For the avoidance of doubt, a Block Trade or Other Coordinated Offering
shall not constitute an Underwritten Shelf Takedown. The Holders of a majority of the Registrable Securities being sold in any Block
Trade or Other Coordinated Offering shall select the Financial Counterparties to administer such Block Trade or Other Coordinated Offering;
provided that such Financial Counterparties shall be reasonably acceptable to the Company.

 

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SECTION 4.               
INCIDENTAL OR “PIGGY-BACK” REGISTRATION

 

4.1             
Piggy-Back Rights. If the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of its Shares, whether to be sold by the Company or by one or more selling security holders, other than (a) a Demand Registration
Statement (in which case the ability of a Holder to participate in such Registration Statement shall be governed by Section 2)
or (b) a registration statement (i) on Form S-8 or any successor form to Form S-8 or in connection with any employee or director welfare,
benefit or compensation plan, (ii) in connection with an exchange offer or an offering of securities exclusively to existing security
holders of the Company or its subsidiaries, (iii) relating to a transaction pursuant to Rule 145 under the Securities Act or any successor
rule thereto, (iv) for an offering of debt that is convertible into equity securities of the Company or (v) for a dividend reinvestment
plan, the Company shall give written notice of the proposed registration to all Holders holding Registrable Securities at least ten (10)
calendar days prior to the proposed filing of the Registration Statement. Each Holder holding Registrable Securities shall have the right
to request that all or any part of its Registrable Securities be included in the Registration Statement by giving written notice to the
Company within three (3) calendar days after receipt of the foregoing notice by the Company. Subject to the provisions of Sections
4.2, 4.3 and 6.2, the Company will include all such Registrable Securities requested to be included by the Holders in
the Piggyback Registration Statement. For purposes of this Agreement, any registration statement of the Company in which Registrable Securities
are included pursuant to this Section 4 shall be referred to as a “Piggyback Registration Statement.”

 

4.2              Withdrawal
of Exercise of Rights. Any Holder of Registrable Securities shall have the right to withdraw all or a portion of its
Registrable Securities from a Piggyback Registration Statement for any or no reason whatsoever upon written notification to the
Company and the underwriter or underwriters (if any) of his, her or its intention to withdraw such Registrable Securities from such
Piggyback Registration Statement prior to (a) in the case of a Piggyback Registration Statement not involving an underwritten
offering, the effectiveness of the applicable Registration Statement or (b) in the case of a Piggyback Registration Statement
involving an underwritten offering, prior to the filing of the applicable “red herring” prospectus or prospectus
supplement with respect to such Piggyback Registration used for marketing such offering. The Company (whether on its own good faith
determination or as a result of a request for withdrawal by any other holder of securities that initiated such registration (an
 “Initiating Holder”)) shall determine for any reason not to proceed with the proposed registration and the
Company may at its election (or the election of such Initiating Holder(s), as applicable) give written notice of such determination
to the Holders and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such
registration (but not from its obligation to pay the Registration Expenses incurred in connection therewith).

 

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4.3             
Underwritten Offering. If a registration pursuant to this Section 4 involves an underwritten offering and
the managing underwriter or underwriters advises the Company in writing that, in the opinion of such underwriter(s), the number of securities
which the Company and the holders of the Registrable Securities and any other persons intend to include in such registration exceeds the
largest number of securities that can be sold in such offering without having an adverse effect on such offering (including the price
at which such securities can be sold or the timing, distribution method or probability of success of such offering), then the number of
such securities to be included in such registration shall be reduced to such extent, and the Company will include in such registration
such maximum number of securities as follows: (a) first, all of the securities the Company proposes to sell for its own account, if any;
provided that the registration of such securities was initiated by the Company with respect to securities intended to be registered
for sale for its own account; (b) second, such number of Registrable Securities requested to be included in such registration by the Holders
which, in the opinion of such managing underwriter(s) can be sold without having the adverse effect described above, which number of Registrable
Securities shall be allocated pro rata among such Holders on the basis of the relative number of Registrable Securities then held by each
such Holder; provided that any such amount thereby allocated to each such Holder that exceeds such Holder’s request shall
be reallocated among the other Holders in like manner, as applicable; and (c) third, such other securities requested to be included in
such registration, which, in the opinion of such managing underwriter(s) can be sold without having the adverse effect described above.

 

4.4             
Selection of Underwriter. Except to the extent Section 3.2 applies, Registrable Securities proposed to be
registered and sold under this Section 4 pursuant to an underwritten offering for the account of the Holders holding Registrable
Securities shall be sold to one or more prospective underwriters selected by the Company, provided that such underwriter(s) shall be reasonably
acceptable to the Holders participating in such offering, and on the terms and subject to the conditions of one or more underwriting agreements
negotiated between the Company, the Holders participating in such offering and any other Holders demanding registration and the prospective
underwriters.

 

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SECTION 5.               
SUSPENSION OF OFFERING

 

5.1             
Suspension of Offering.

 

(a)              
Notwithstanding the provisions of Section 2 or 4, the Company shall be entitled to postpone the filing or effectiveness
of a Registration Statement, and from time to time to require Holders not to sell under the Registration Statement or to suspend the
effectiveness thereof, if (a) the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event
has occurred or circumstances exist, which negotiation, consummation, event or circumstances a majority of the Company’s board
of directors reasonably believes, upon the advice of outside legal counsel, would require additional disclosure by the Company in the
Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure
of which in the Registration Statement would be expected, in the reasonable determination of a majority of the Company’s board
of directors, upon the advice of outside legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure
requirements (each such circumstance, a “Suspension Event”) or (b) such filing, effectiveness or sales would
require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the
Company’s control; provided, however, that the Company may not delay or suspend the Registration Statement pursuant
to the foregoing clause on more than two occasions or for more than sixty (60) consecutive calendar days, or more than one hundred and
twenty (120) total calendar days, in each case, during any 12-month period. Upon receipt of any written notice from the Company of the
happening of any of the events described in this Section 5.1 during the period that the Registration Statement is effective or if as
a result of a Suspension Event the Registration Statement or related Prospectus contains any untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made (in the case of the Prospectus) not misleading, each Holder agrees that (a) it will immediately discontinue offers
and sales of the Registrable Securities under the Registration Statement until (i) the Holder receives copies of a supplemental or amended
Prospectus (which the Company agrees to prepare as soon as practicable) that corrects the misstatement(s) or omission(s) referred to
above and receives notice that any post-effective amendment has become effective, or (ii) unless otherwise notified by the Company that
it may resume such offers and sales, and (b) it will maintain the confidentiality of any information included in such written notice
delivered by the Company in accordance with Section 10.1. If so directed by the Company, each Holder will deliver to the Company
or, in each such Holder’s sole discretion, destroy all copies of the Prospectus covering the Registrable Securities in such Holder’s
possession. In the event it provides written notice of a Suspension Event to the Holders, the Company agrees to concurrently provide
a copy of such written notice to ControlRoom@tpg.com.

 

(b)              
In addition, (i) during the period starting with the date that is ninety (90) days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date ninety (90) days after the effective date of, a Company-initiated registration, and
provided that the Company continues to actively employ, in good faith, all reasonable efforts to maintain the effectiveness of the applicable
Shelf Registration Statement, or (ii) if, pursuant to Section 2.1(c) or 3.1(c), Holders have requested an Underwritten
Demand Registration or an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters
to firmly underwrite such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other
registered offering pursuant to Section 2.1(c), 3.1(c) or 3.3. 

 

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SECTION 6.               
REGISTRATION PROCEDURES

 

6.1             
Obligations of the Company. When the Company is required to effect the registration of Registrable Securities under
the Securities Act pursuant to this Agreement, the Company shall as expeditiously as possible:

 

(a)              
use commercially reasonable efforts to register or qualify the Registrable Securities by the time the applicable Registration Statement
is declared effective by the SEC under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder
may reasonably request in writing (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such
registration or qualification), to keep each such registration or qualification effective during the period such Registration Statement
is required to be kept effective pursuant to this Agreement, and to do any and all other similar acts and things which may be reasonably
necessary or advisable to enable the Holders to consummate the disposition of the Registrable Securities owned by the Holders in each
such jurisdiction; provided, however, that the Company shall not be required to (i) qualify generally to do business in
any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for
this Agreement, (ii) take any action that would cause it to become subject to any taxation in any jurisdiction where it would not otherwise
be subject to such taxation or (iii) take any action that would subject it to the general service of process in any jurisdiction where
it is not then so subject;

 

(b)              
prepare and file with the SEC such amendments and supplements to the Registration Statement and the Prospectus used in connection
therewith as may be necessary (i) to keep such Registration Statement effective and (ii) to comply with the provisions of the Securities
Act with respect to the disposition of the Registrable Securities covered by such Registration Statement, in each case for such time as
is contemplated in the applicable provisions above;

 

(c)              
promptly furnish, without charge, to the Holders such number of copies of the Registration Statement, each amendment and supplement
thereto (in each case including all exhibits), and the Prospectus included in such Registration Statement (including each preliminary
Prospectus) in conformity with the requirements of the Securities Act, the documents incorporated by reference in such Registration Statement
or Prospectus, and such other documents as the Holders may reasonably request to facilitate the public sale or other disposition of the
Registrable Securities owned by the Holders;

 

(d)              
reasonably cooperate with the Holders to facilitate the timely preparation and delivery of certificates and/or book entry notations
representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates and/or book
entry notations shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for
resale under the Securities Act, and to enable such Registrable Securities to be in such denominations and registered in such names as
any such Holder may request in writing;

 

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(e)               promptly
notify the Holders upon receiving notice or otherwise obtaining knowledge of: (i) when the Registration Statement, any pre-effective
amendment, the Prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has
been filed, and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective,
(ii) the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation or
threat of any proceedings for that purpose, (iii) any delisting or pending delisting of the Shares by any national securities
exchange or market on which the Shares are then listed or quoted, and (iv) the receipt by the Company of any notification with
respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky”
laws of any jurisdiction or the initiation of any proceeding for such purpose;

 

(f)               
use commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement,
and, if any such order suspending the effectiveness of a Registration Statement is issued, shall promptly use commercially reasonable
efforts to obtain the withdrawal of such order at the earliest possible moment;

 

(g)              
until the expiration of the period during which the Company is required to maintain the effectiveness of the applicable Registration
Statement as set forth in the applicable sections hereof, promptly notify the Holders: (i) of the existence of any fact of which the Company
is aware or the happening of any event that has resulted, or could reasonably be expected to result, in (A) the Registration Statement,
as is then in effect, containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein
or necessary to make any statements therein not misleading or (B) the Prospectus included in such Registration Statement including an
untrue statement of a material fact or omitting to state a material fact necessary in order to make any statements therein, in the light
of the circumstances under which they were made, not misleading, and (ii) of the Company’s reasonable determination that a post-effective
amendment to the Registration Statement would be appropriate or that there exist circumstances not yet disclosed to the public which make
further sales under such Registration Statement inadvisable pending such disclosure and post-effective amendment;

 

(h)              
if any event or occurrence giving rise to an obligation of the Company to notify the Holders pursuant to Section 6.1(g)
takes place, subject to Section 5.1, the Company shall prepare and, to the extent the exemption from prospectus delivery requirements
in Rule 172 under the Securities Act is not available, furnish to the Holders a reasonable number of copies of a supplement or post-effective
amendment to such Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required
document, and shall use commercially reasonable efforts to have such supplement or amendment declared effective, if required, as soon
as practicable following the filing thereof, so that (i) such Registration Statement shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
and (ii) as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus shall not
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading;

 

(i)                 use
commercially reasonable efforts to cause all such Registrable Securities to be listed or quoted on the national securities exchange
or market on which the Shares are then listed or quoted, if the listing or quotation of such Registrable Securities is then
permitted under the rules of such national securities exchange or market;

 

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(j)                
if requested by any Holder participating in an offering of Registrable Securities, as soon as practicable after such request, but
in no event later than five (5) calendar days after such request, incorporate in a prospectus supplement or post-effective amendment such
information concerning the Holder or the intended method of distribution as the Holder reasonably requests to be included therein and
is reasonably necessary to permit the sale of the Registrable Securities pursuant to the Registration Statement, including information
with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other material terms of
the offering of the Registrable Securities to be sold in such offering; provided, however, that the Company shall not be
obligated to include in any such prospectus supplement or post-effective amendment any requested information that is not required by the
rules of the SEC and is unreasonable in scope compared with the Company’s most recent prospectus or prospectus supplement used in
connection with a primary or secondary offering of equity securities by the Company;

 

(k)              
in connection with the preparation and filing of any Registration Statement, the Company will give the Holders offering and selling
thereunder and their respective counsels the opportunity to review and provide comments on such Registration Statement prior to the filing
of such Registration Statement, each Prospectus included therein or filed with the SEC, and each amendment thereof or supplement thereto
(excluding any exhibits thereto, any filing made under the Exchange Act that is to be incorporated by reference therein, and any amendments
or supplements that do not make any material change in the information related to the Company) (provided that the Company shall
not file any such Registration Statement that includes Registrable Securities or any amendment thereto, or any related prospectus or any
supplement thereto, to which the Holders of such Registrable Securities or the managing underwriter or underwriters, if any, shall reasonably
object in writing), and give each of them such opportunities to discuss the business of the Company and its subsidiaries with its officers,
its counsel and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion of
the Holder’s and such underwriters’ respective counsel, to conduct a reasonable due diligence investigation within the meaning
of the Securities Act; provided, however, that such Holders and underwriters agree to confidentiality arrangements in form and
substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

(l)                
provide a transfer agent and registrar, which may be a single entity, and a CUSIP number for the Registrable Securities not later
than the effective date of the first Registration Statement filed hereunder;

 

(m)             enter
into an underwriting agreement in customary form and substance reasonably satisfactory to the Company, the Holders and the managing
underwriter or underwriters of the public offering of Registrable Securities, if the offering is to be underwritten, in whole or in
part; provided that the Holders may, at their option, require that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement be conditions precedent to the obligations of the Holders. The Holders shall
not be required to make any representations or warranties to or agreement with the Company or the underwriters other than
representations, warranties or agreements regarding the Holders and their intended method of distribution and any other
representation or warranty required by law. The Company will use its commercially reasonable efforts to make available senior
executives of the Company to participate in customary “roadshow” presentations, as the Holders and/or the managing
underwriters may reasonably request; provided that the Company shall not be required to make senior executives available to
participate in any such presentation in connection with any offering of Registrable Securities with aggregate gross proceeds of less
than $50 million;

 

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(n)              
furnish, at the request of a Holder on the date that any Registrable Securities are to be delivered to the underwriters for sale
in connection with a registration pursuant to this Agreement, if such Shares are being sold through underwriters, or, if such Shares are
not being sold through underwriters, on the date that the Registration Statement with respect to such Shares becomes effective, (i) an
opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily
given to underwriters, if any, to such Holder, (ii) a negative assurance letter, dated such date, of the counsel representing the Company,
in the form and substance as is customarily given to underwriters, if any, to such Holder, and (iii) a letter dated such date, from the
independent registered public accountants of the Company who have audited the Company’s financial statements included in such Registration
Statement, in form and substance as is customarily given by independent registered public accountants to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and to such Holder (subject to the underwriters and such Holder providing such
certification or representation reasonably requested by the Company’s independent registered public accountants and the Company’s
counsel);

 

(o)              
make available to the Holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months,
but not more than 18 months, beginning with the first month of the first fiscal quarter after the effective date of the applicable Registration
Statement, which earnings statement shall satisfy the provisions of Section 10(a) of the Securities Act, including Rule 158 promulgated
thereunder or any successor rule; provided that such requirement will be deemed to be satisfied if the Company timely files complete
and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities
Act or any successor rule thereto;

 

(p)              
reasonably cooperate with each selling Holder and each underwriter participating in the disposition of such Registrable Securities
and their respective counsel in connection with filings required to be made with FINRA, if any; and

 

(q)              
take all other reasonable actions necessary to expedite and facilitate disposition by the Holders of the Registrable Securities
pursuant to the applicable Registration Statement.

 

Notwithstanding the foregoing,
the Company shall not be required to provide any documents or information to an underwriter or other Financial Counterparty if such underwriter
or other Financial Counterparty has not then been named with respect to the applicable offering as an underwriter or other Financial Counterparty,
as applicable.

 

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6.2             
 Obligations of the Holders. In connection with any Registration Statement utilized by the Company to satisfy the
provisions of this Agreement, each Holder agrees to reasonably cooperate with the Company in connection with the preparation of the Registration
Statement, and each Holder agrees that such cooperation shall include (a) responding within five (5) calendar days to any written request
by the Company to provide or verify information regarding the Holder or the Holder’s Registrable Securities (including the proposed
manner of sale) that may be required to be included in any such Registration Statement pursuant to the rules and regulations of the SEC,
and (b) providing in a timely manner information regarding the proposed distribution by the Holder of the Registrable Securities and such
other information as may be requested by the Company from time to time in connection with the preparation of and for inclusion in any
Registration Statement and related Prospectus. The Company may exclude from such Registration Statement or sale the Registrable Securities
of any such Holder if the Company determines, based on the advice of counsel, that such information is necessary to effect the registration
and such Holder fails to furnish such information within a reasonable time after receiving such request.

 

6.3             
Participation in Underwritten Registrations and Other Offerings. No Holder may participate in any underwritten registration,
Underwritten Shelf Takedown, Block Trade or Other Coordinated Offering hereunder unless such Holder (a) agrees to sell its Registrable
Securities on the basis provided in the applicable underwriting, sales, distribution or placement arrangements (which shall include a
customary form of underwriting, sales agent, distribution or other agreement, as applicable) and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting, sales agent, distribution or other agreements (as applicable) and other documents in customary
form as reasonably required under the terms of such arrangements; provided, however, that, in the case of each of (a) and
(b) above, if the provisions of such underwriting, sales, distribution, placement or other arrangements, or the terms or provisions of
such questionnaires, powers of attorney, indemnities, agreements or other documents, are less favorable in any respect to such Holder
than to any other person or entity that is party to such arrangements, then the Company shall use commercially reasonable efforts to cause
the parties to such arrangements to amend such arrangements so that such Holder receives the benefit of any provisions thereof that are
more favorable to any other person or entity that is party thereto. If any Holder does not approve of the terms of such arrangements,
such Holder may elect to withdraw from such offering by providing written notice to the Company and the underwriter or other Financial
Counterparty; provided that such withdrawal must take place prior to the filing of the applicable “red herring” prospectus
or prospectus supplement with respect to such underwritten registration, Underwritten Shelf Takedown, Block Trade or Other Coordinated
Offering, as the case may be.

 

6.4             
Offers and Sales. All offers and sales by a Holder under any Registration Statement shall be completed within the
period during which the Registration Statement is required to remain effective pursuant to the applicable provision above and not the
subject of any stop order, injunction or other order of the SEC. Upon expiration of such period, no Holder will offer or sell the Registrable
Securities under the Registration Statement. If directed in writing by the Company, each Holder will return or, in each such Holder’s
sole discretion destroy, all undistributed copies of the applicable Prospectus in its possession upon the expiration of such period.

 

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6.5             
 Lock-up Provisions.

 

(a)              
Each Vacasa Holder hereby acknowledges and agrees that it is subject to the lock-up provisions set forth in Section 7.11 of the
Bylaws of the Company (the “Lock-up Provisions”).

 

(b)              
The Company hereby agrees that it will use reasonable best efforts to enforce the Lock-up Provisions during the Lock-up Period
(as defined therein), including through the issuance of stop-transfer instructions to the Company’s transfer agent with respect
to any transaction the Company reasonably believes would constitute a breach of such Lock-up Provisions.

 

6.6             
 Market Standoff. Except to the extent Section 3.9of the Stockholders Agreement otherwise applies with respect to
any Holder, if requested by the managing underwriter(s) in connection with any underwritten public offering of securities of the Company,
other than a Block Trade or Other Coordinated Offering, each Holder shall agree not to effect any sale or distribution, including any
sale pursuant to Rule 144, of any Shares, and not to effect any sale or distribution of other securities of the Company or of any securities
convertible into or exchangeable or exercisable (directly or indirectly) for any other securities of the Company (in each case, other
than as part of such underwritten public offering), in each case, during the seven calendar days prior to, and during such period as the
managing underwriter(s) may require (not to exceed ninety (90) calendar days) beginning on the pricing date of the sale of such securities
pursuant to such an effective registration statement, except as expressly permitted by such lock-up agreement or in the event the managing
underwriter(s) otherwise agree; provided that all executive officers and directors of the Company are bound by and have entered
into substantially similar lock-up agreements; and provided further that the foregoing provisions shall only be applicable to such
Holders if such lock-up agreement contains a provision (which may, for the avoidance of doubt, be subject to customary exceptions and
qualifications) that all such Holders, officers and directors are treated similarly with respect to any release prior to the termination
of the lock-up period such that if any such persons are released, then all Holders shall also be released to the same extent on a pro
rata basis.

 

SECTION 7.               
INDEMNIFICATION; CONTRIBUTION

 

7.1             
Indemnification by the Company.

 

(a)               The
Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Holder, such Holder’s partners,
members, managers, officers, directors, employees, agents, Affiliates, and representatives, and each person, if any, who controls
any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an
 “Holder Indemnified Party”), from and against: (i) any and all loss, liability, claim, damage, judgment and
expense whatsoever, as incurred (including reasonable and documented fees and disbursements of counsel to such Holders of one law
firm (and one firm of local counsel)), arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement pursuant to which the Registrable Securities were registered under the Securities Act,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto, or arising out of or based upon any omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of the Prospectus or any preliminary Prospectus or, in each case, any amendment thereof or supplement
thereto, in light of the circumstances under which such statements were made); and (ii) any violation by the Company of the
Securities Act or any rule or regulation promulgated under the Securities Act applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration.

 

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(b)              
The Company shall promptly reimburse the Holder Indemnified Party for any legal (subject to the limitations set forth in paragraph
(a) of this Section 7.1) and any other expenses reasonably incurred by such Holder Indemnified Party in connection with investigating
and defending any such loss, liability, claim, damage, judgment or expense provided, however, that the indemnity provided
pursuant to Sections 7.1 and 7.3 does not apply to any Holder with respect to any loss, liability, claim, damage, judgment
or expense to the extent arising out of (i) any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement
(or any amendment thereto) or the Prospectus or any preliminary Prospectus (or, in each case, any amendment or supplement thereto), (ii)
such Holder’s failure to deliver an amended or supplemental Prospectus furnished to such Holder by the Company, if required by law
to have been delivered, if such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery occurred,
(iii) such Holder’s violation of the federal securities laws (including Regulation M) or (iv) such Holder’s failure to sell
the Registrable Securities in accordance with the plan of distribution contained in the prospectus.

 

7.2              Indemnification
by Holder. Each Holder severally and not jointly agrees to indemnify and hold harmless, to the extent permitted by law, the
Company, and each of its directors and officers (including each director and officer of the Company who signed a Registration
Statement), employees, agents, Affiliates, representatives, and each person, if any, who controls the Company within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all loss, liability, claim, damage,
judgment and expense whatsoever, as incurred (including reasonable and documented fees and disbursements of counsel), arising out of
or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement pursuant
to which the Registrable Securities of such Holder were registered under the Securities Act, Prospectus or preliminary Prospectus or
any amendment thereof or supplement thereto, or arising out of or based upon any omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of the
Prospectus or any preliminary Prospectus or, in each case, any amendment thereof or supplement thereto, in light of the
circumstances under which such statements were made), provided, however, that a Holder shall only be liable under the
indemnity provided pursuant to Sections 7.2 and 7.3 with respect to any loss, liability, claim, damage, judgment or
expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon
and in conformity with written information furnished to the Company by or on behalf of such Holder expressly for use in the
Registration Statement (or any amendment thereto) or the Prospectus or any preliminary Prospectus (or, in each case, any amendment
or supplement thereto). Notwithstanding the provisions of Sections 7.1 through 7.3, in no event shall the aggregate
amount payable by a Holder and any permitted assignee by way of indemnity under Sections 7.2 and 7.3 exceed the amount
of the aggregate net cash proceeds (after deducting underwriting discounts and commissions but before deducting other expenses)
actually received by such Holder or such permitted assignee, as the case may be, from sales of the Registrable Securities of such
Holder under the Registration Statement that is the subject of the indemnification claim.

 

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7.3             
Conduct of Indemnification Proceedings. An indemnified party hereunder (the “Indemnified Party”)
shall give reasonably prompt written notice to the indemnifying party (the “Indemnifying Party”) of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify the Indemnifying Party (a) shall
not relieve it from any liability which it may have under the indemnity provisions of Section 7.1 or 7.2 above, unless and
only to the extent it did not otherwise learn of such action and the lack of notice by the Indemnified Party results in the forfeiture
by the Indemnifying Party of substantial rights and defenses, and (b) shall not, in any event, relieve the Indemnifying Party from any
obligations to any Indemnified Party other than the indemnification obligation provided under Section 7.1 or 7.2 above.
If the Indemnifying Party so elects within a reasonable time after receipt of such notice, the Indemnifying Party may assume the defense
of such action or proceeding at such Indemnifying Party’s own expense with counsel chosen by the Indemnifying Party and approved
by the Indemnified Party, which approval shall not be unreasonably withheld or delayed; provided, however, that the Indemnifying
Party will not settle, compromise or consent to the entry of any judgment with respect to any such action or proceeding without the written
consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed) unless such settlement, compromise or consent
secures the unconditional release of the Indemnified Party; and provided further, that, if the Indemnified Party reasonably determines
that a conflict of interest exists where it is advisable for the Indemnified Party to be represented by separate counsel (but no more
than one such separate counsel, which counsel is reasonably acceptable to the Indemnifying Party) or that, upon advice of counsel, there
may be legal defenses available to the Indemnified Party which are different from or in addition to those available to the Indemnifying
Party, then the Indemnifying Party shall not be entitled to assume such defense and the Indemnified Party shall be entitled to separate
counsel (but no more than one such separate counsel, which counsel is reasonably acceptable to the Indemnifying Party) at the Indemnifying
Party’s expense. If the Indemnifying Party is not entitled to assume the defense of such action or proceeding as a result of the
second proviso to the preceding sentence or does not assume such defense, the Indemnifying Party’s counsel shall be entitled to
conduct the Indemnifying Party’s defense and counsel for the Indemnified Party shall be entitled to conduct the defense of the Indemnified
Party, it being understood that each such counsel will cooperate with the other to conduct the defense of such action or proceeding as
efficiently as possible. If the Indemnifying Party is not so entitled to assume the defense of such action or does not assume such defense,
after having received the notice referred to in the first sentence of this Section 7.3, the Indemnifying Party will pay the reasonable
and documented fees and expenses of counsel for the Indemnified Party (but no more than one such counsel). In such event, however, the
Indemnifying Party will not be liable for any settlement effected without the written consent of the Indemnifying Party, which consent
shall not be unreasonably withheld or delayed. If an Indemnifying Party is entitled to assume, and assumes, the defense of such action
or proceeding in accordance with this Section 7.3, the Indemnifying Party shall not be liable for any fees and expenses of counsel
for the Indemnified Party incurred thereafter in connection with such action or proceeding.

 

    21

     

    

 

7.4             
 Contribution.

 

(a)              
In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Sections
7.1 through 7.3 is for any reason held to be unenforceable by the Indemnified Party although applicable in accordance with
its terms, the Indemnified Party and the Indemnifying Party shall contribute to the aggregate losses, liabilities, claims, damages and
expenses of the nature contemplated by such indemnity agreement incurred by the Indemnified Party and the Indemnifying Party, in such
proportion as is appropriate to reflect the relative fault of the Indemnified Party on the one hand and the Indemnifying Party on the
other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities, or expenses. The
relative fault of the Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether the action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
has been made by, or relates to information supplied by, the Indemnifying Party or the Indemnified Party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such action.

 

(b)              
The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 7.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding paragraph. Notwithstanding the provisions of this Section 7.4, a Holder shall not be required to contribute
any amount (together with the amount of any indemnification payments made by such Holder pursuant to Section 7.2) in excess of
the amount of the aggregate net cash proceeds (after deducting underwriting discounts and commissions but before deducting expenses) actually
received by such Holder from sales of the Registrable Securities of such Holder under the Registration Statement that is the subject of
the indemnification claim.

 

(c)              
Notwithstanding the foregoing, no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 7.4, each person, if any, who controls a Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, and any of such Holder’s partners, members, officers, directors, employees or agents, shall
have the same rights to contribution as such Holder, and each director, officer, employee or agent of the Company, and each person, if
any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall
have the same rights to contribution as the Company.

 

SECTION 8.               
EXPENSES

 

8.1             
Expenses. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities
pursuant to Section 2 or 4. Each Holder shall be responsible for the payment of any and all brokerage and sales commissions,
underwriting discounts, fees and disbursements of the Holder’s counsel that are not Registration Expenses, accountants and other
advisors, and any transfer taxes relating to the sale or disposition of the Registrable Securities by such Holder pursuant to any Registration
Statement or otherwise.

 

    22

     

    

 

SECTION 9.               
RULE 144 REPORTING

 

9.1             
Rule 144 Reporting. With a view to making available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant
to a registration statement, if the Shares of the Company are registered under the Exchange Act, the Company agrees to: (A) file with
the SEC all reports and other documents required of the Company under Section 13(a) or 15(d) of the Exchange Act (at any time after it
has become subject to such reporting requirements); and (B) furnish to any Holder, so long as the Holder owns any Registrable Securities,
upon request, (i) a written statement by the Company that it has complied with the reporting requirements of the Exchange Act (at any
time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold
pursuant to a registration statement (at any time after it so qualifies) and (ii) such other information as may be reasonably requested
by any Holder in order to avail itself of any rule or regulation of the SEC which permits the selling of any such securities without registration
or pursuant to such form.

 

SECTION 10.           
CONFIDENTIALITY

 

10.1         
Confidentiality.

 

(a)               To
the extent that the information and other material in connection with the registration rights contemplated in this Agreement (in any
case, whether furnished before, on or after the date hereof) constitutes or contains confidential business, financial or other
information of the Company or the Holders or their respective Affiliates, each Holder covenants for itself and its directors,
officers, employees and shareholders that it will (i) maintain the confidentiality of such information and, to the extent such
Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to
protect confidential information of third parties delivered to such Holder, and (ii) use due care to prevent its officers,
directors, partners, employees, counsel, accountants and other representatives from disclosing such information to persons other
than to their respective authorized employees, counsel, accountants, advisers, shareholders, partners, limited partners or members
(or proposed shareholders, partners, limited partners or members or advisers of such persons), and other authorized representatives; provided,
in each case, that any disclosure of confidential information to any of the foregoing persons shall be permitted solely to the
extent such disclosure reasonably relates to the evaluation by such Holder of a potential exercise of its rights under this
Agreement or the sale of any Registrable Securities in connection therewith, and that such person agrees to keep such information
confidential in accordance with the terms hereof; provided, further, that each Holder may disclose or deliver any
information or other material disclosed to or received by it if such Holder is advised by its counsel that such disclosure or
delivery is required by law, regulation or judicial or administrative order or process and in any such instance the Holder making
such disclosure shall promptly notify the Company of such disclosure (to the extent such Holder is legally permitted to give such
notice) and shall use reasonable efforts to consult with the Company prior to making any such disclosure. Notwithstanding the
foregoing, a Holder will be permitted to disclose any information or other material disclosed to or received by it hereunder and not
be required to provide the aforementioned notice, if such disclosure is in connection with (i) such Holder’s reporting
obligations pursuant to Section 13 or Section 16 of the Exchange Act or (ii) a routine audit by a regulatory or
self-regulatory authority that maintains jurisdiction over the Holder; provided, however, that such Holder agrees, in
the case of (ii) in the preceding clause, to undertake to file an appropriate request seeking to have any information disclosed in
connection with such routine audit treated confidentially. For purposes of this Section 10.1, “due care” means at
least the same level of care that such Holder would use to protect the confidentiality of its own sensitive or proprietary
information. This Section 10.1 shall not apply to information that is or becomes publicly available (other than to a person
who by breach of this Agreement has caused such information to become publicly available).

 

    23

     

    

 

(b)              
Each Holder shall have the right, at any time and from time to time (including after receiving information regarding any potential
offering), to elect to not receive any notice that the Company or any other Holders are otherwise required to deliver pursuant to this
Agreement by delivering to the Company a written statement signed by such Holder that it does not want to receive any notices hereunder
(an “Opt-Out Request”), in which case, and notwithstanding anything to the contrary in this Agreement, the Company
and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders
hereunder to the extent that the Company or such other Holders reasonably expect would result in a Holder acquiring material non-public
information within the meaning of Regulation FD promulgated under the Exchange Act (which may include, solely by way of illustration,
the fact that an offering of the Company’s securities is pending or the number of the Company’s securities or the identity
of the selling Holders). An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect
indefinitely. A Holder who previously has given the Company an Opt-Out Request may revoke such request by providing written notice to
the Company at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Requests; provided
that each Holder shall use commercially reasonable efforts to minimize the administrative burden on the Company arising in connection
with any such Opt-Out Requests.

 

SECTION 11.           
MISCELLANEOUS

 

11.1         
[Reserved].

 

11.2         
Notices. Notices to the Company and to the Holders shall be sent to their respective addresses as set forth on Schedule
I attached to this Agreement. The Company or any Holder may require notices to be sent to a different address by giving notice to
the other parties in accordance with this Section 11.2. Any notice or other communication required or permitted hereunder shall
be in writing and shall be deemed to have been given (a) upon receipt if and when delivered personally, sent by facsimile transmission
(the confirmation being deemed conclusive evidence of such delivery), electronic mail (“e-mail”) transmission (provided a
receipt of such e-mail is requested and received) or by courier service, or (b) two (2) calendar days after being sent by registered or
certified mail (postage prepaid, return receipt requested), to such parties at such address.

 

11.3          Public
Announcements and Other Disclosure. No Holder shall make any press release, public announcement or other disclosure with
respect to this Agreement without obtaining the prior written consent of the Company, except if such Holder is advised by its
internal or external counsel that such disclosure is required by law or by the regulations of any securities exchange or national
market system upon which the securities of any such Holder shall be listed or quoted; provided, that in the case of
any such disclosure required by law or regulation, the Holder making such disclosure shall promptly notify the Company of such
disclosure (to the extent such Holder is legally permitted to give such notice) and shall use reasonable efforts to consult with the
Company prior to making any such disclosure. For the avoidance of doubt, this Section 11.3 will not apply to any press release,
public announcement or other disclosure of any confidential business, financial or other information of the Company, the disclosure
of which will be governed solely by the provisions of Section 10.1.

 

    24

     

    

 

11.4         
Headings and Interpretation. All section and subsection headings in this Agreement are for convenience of reference
only and are not intended to qualify the meaning, construction or scope of any of the provisions hereof. The Holders hereby disclaim any
defense or assertion in any litigation or arbitration that any ambiguity herein should be construed against the draftsman.

 

11.5         
Entire Agreement; Amendment. This Agreement (including all schedules and all agreements entered into pursuant hereto)
constitutes the entire and only agreement among the parties hereto concerning the subject matter hereof and thereof, and supersedes any
prior agreements or understandings concerning the subject matter hereof and thereof. From and after the Closing, the provisions of the
Initial Agreement granting registration rights to the Holders party thereto are superseded and replaced in their entirety with this Agreement.
Any oral statements or representations or prior written matter with respect thereto not contained herein shall have no force and effect.
Except as otherwise expressly provided in this Agreement, compliance with any of the provisions, covenants or conditions set forth in
this Agreement may be waived, or any of such provisions, covenants or conditions may be amended, modified or discharged, upon the written
consent of (a) the Company and (b) the Holders that, at the time of such waiver, amendment, modification or discharge, hold a majority
of the Registrable Securities; provided that any such waiver, amendment or modification that adversely affects one or more Holders,
each solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the
other Holders (in such capacity) will also require the consent of the Holders so adversely affected. Neither the waiver by any of the
parties hereto of a breach or a default under any of the provisions of this Agreement, nor the failure of any of the parties, on one or
more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter be
construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges
hereunder.

 

11.6          Assignment;
Successors and Assigns. This Agreement and the rights granted hereunder may not be assigned by any Holder without the
written consent of the Company; provided, however, that the rights to cause the Company to register Registrable
Securities pursuant to this Agreement may be assigned by a Holder to a Permitted Transferee of such Holder’s Registrable
Securities; provided that such transferee or assignee agrees in writing to be bound by and subject to the terms and
conditions of this Agreement and the transferor shall have delivered to the Company no later than thirty (30) days following the
date of the assignment, written notification of such transfer setting forth the name of the transferor, the name and address of the
transferee, and the number of Registrable Securities so transferred. No such assignment by any Holder shall be binding upon or
obligate the Company unless and until the Company has received written notice of such assignment, as provided in the preceding
sentence, and (ii) the written agreement of the transferee, in a form reasonably satisfactory to the Company, to be bound by the
terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). This
Agreement shall be binding upon, and inure to the benefit of, the parties hereto, their successors, heirs, legatees, devisees,
permitted assigns, legal representatives, executors and administrators, except as otherwise provided herein. Notwithstanding
anything to the contrary set forth herein, prior to the expiration of the applicable Lock-up Period with respect to the Registrable
Securities, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in
part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee or as otherwise
permitted pursuant to the terms of the applicable lock-up.

 

    25

     

    

 

11.7         
Saving Clause. If any provision of this Agreement, or the application of such provision to any person or circumstance,
is held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as
to which it is held invalid, shall not be affected thereby. If the operation of any provision of this Agreement would contravene the provisions
of any applicable law, such provision shall be void and ineffectual. In the event that applicable law is subsequently amended or interpreted
in such a way to make any provision of this Agreement that was formerly invalid valid, such provision shall be considered to be valid
from the effective date of such interpretation or amendment.

 

11.8         
Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one agreement,
binding on all the parties hereto, even though all parties are not signatory to the original or the same counterpart.

 

11.9         
Representations. Each of the parties hereto, as to itself only, represents that this Agreement has been duly authorized
and executed by it and that all necessary corporate actions have been taken by it for this Agreement to be enforceable against it under
all applicable laws. Each party hereto, as to itself only, further represents that all persons signing this Agreement on such party’s
behalf have been duly authorized to do so.

 

11.10     
Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without application of the conflict of laws principles thereof.

 

11.11     
Service of Process and Venue. Each of the parties hereto (a) consents to submit itself to the personal jurisdiction
of the Chancery Court of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt
to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (c) agrees that it will not
bring any action relating to this Agreement in any court other than any court of the United States located in the State of Delaware. Each
of the parties hereto hereby agrees that service of any process, summons, notice or document by U.S. registered mail pursuant to Section
11.2 hereof shall be effective service of process for any suit or proceeding in connection with this Agreement. Nothing herein contained
shall be deemed to affect the right of any party to serve process in any manner permitted by applicable law.

 

    26

     

    

 

11.12     
 Waiver of Jury Trial. THE PARTIES EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL
BY JURY OF ANY PROCEEDING, CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH PROCEEDING, CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.12.

 

11.13     
Specific Performance. The parties hereto agree that irreparable damage would occur in the event the provisions of
this Agreement were not performed in accordance with the terms hereof, and that the Holders and the Company shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law or equity.

 

11.14     
No Third Party Beneficiaries. It is the explicit intention of the parties hereto that no person or entity other than
the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against any of the parties hereto,
and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable
only by, the parties hereto or their respective successors, heirs, executors, administrators, legal representatives and permitted assigns.

 

11.15     
General Interpretive Principles. For purposes of this Agreement, except as otherwise expressly provided or unless
the context otherwise requires:

 

(a)              
the terms defined in this Agreement include the plural as well as the singular, and the use of any gender or neuter form herein
shall be deemed to include the other gender and the neuter form;

 

(b)              
references herein to “Sections”, “subsections,” “paragraphs”, and other subdivisions without
reference to a document are to designated Sections, subsections, paragraphs and other subdivisions of this Agreement;

 

    27

     

    

 

(c)              
 a reference to a paragraph without further reference to a Section is a reference to such paragraph as contained in the same Section
in which the reference appears, and this rule shall also apply to other subdivisions;

 

(d)              
the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular provision;

 

(e)              
the term “include”, “includes” or “including” shall be deemed to be followed by the words “without
limitation”; and

 

(f)               
the term “person” means any individual, corporation, partnership, limited liability company or series thereof, association,
joint venture, an association, a joint stock company, trust, unincorporated organization, governmental or political subdivision or agency,
or any other entity of whatever nature.

 

11.16     
Termination. This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations
of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest
to occur of (a) the mutual written agreement of each of the parties hereto to terminate this Agreement and (b) such date as there are
no remaining Registrable Securities. The provisions of Article IV will survive any termination.

 

11.17     
Termination of Initial Agreement. Upon this Agreement coming into effect at the Effective Time (as defined in the
Transaction Agreement), the Initial Agreement, shall be amended in full with its terms replaced by the terms hereof pursuant to Section
5.6 of the Initial Agreement, and the parties thereto shall take all necessary actions and cooperate with the Company to ensure that
the Initial Agreement is terminated without any further liability.

 

11.18     
No Inconsistent Agreements; Additional Rights. The Company is not currently a party to any agreement (other than
the Initial Agreement, which will be terminated on the Effective Date, and the subscription agreements and forward purchase agreements
entered into by Pace and the Company with certain investors in connection with the Transactions) with respect to its securities that grants
any person any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any other person,
which rights are superior to the registration rights granted to the Holders by this Agreement.

 

11.19     
Holder Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of
Registrable Securities held by such Holder in order for the Company to make determinations hereunder.

 

[Signature Page Follows]

 

    28

     

    

 

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

 

	 	COMPANY:
	 	 
	 	VACASA, INC.
	 	 
	 	By:	/s/ Matt Roberts 
	 	Name:	Matt Roberts
	 	Title: 	Chief Executive Officer

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]

 

     

     

    

 

	 	HOLDERS:
	 	 
	 	TPG PACE SOLUTIONS SPONSOR, SERIES LLC
	 	 
	 	By:	/s/ Michael LaGatta
	 	Name:	Michael LaGatta
	 	Title:	Vice President

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]

 

     

     

    

 

	 	VACASA HOLDERS:
	 	 
	 	 	 
	 	SLP V VENICE FEEDER I
	 	 
	 	By:	Silver Lake Technology Associates V, L.P.
	 	By:	SLTA V (GP), L.L.C.
	 	By:	Silver Lake Group, L.L.C.
	 	 	 
	 	 	 
	 	By:	/s/ Andrew J. Schader
	 	Name:	Andrew J. Schader
	 	Title:	Managing Director and General Counsel
	 	 	 
	 	 	 
	 	SLP VENICE HOLDINGS, LP.
	 	 
	 	By:	SLP V Aggregator GP, L.L.C.
	 	By:	Silver Lake Technology Associates V, L.P.
	 	By:	SLTA V (GP), L.L.C.
	 	By:	Silver Lake Group, L.L.C.
	 	 	 
	 	 	 
	 	By:	/s/ Andrew J. Schader
	 	Name:	Andrew J. Schader
	 	Title:	Managing Director and General Counsel

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]

 

     

     

    

 

	 	VACASA HOLDERS:
	 	 	 
	 	 	 
	 	LEVEL EQUITY OPPORTUNITIES FUND 2015, L.P.
	 	 
	 	By:	Level Equity Partners II (GP), L.P.,
	 	 	its general partner
	 	By:	Level Equity Associates II, LLC,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer
	 	 	 
	 	 	 
	 	LEVEL EQUITY OPPORTUNITIES FUND 2018, L.P.
	 	 
	 	By:	Level Equity Partners IV (GP), L.P.,
	 	 	its general partner
	 	By:	Level Equity Associates IV, LLC,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer
	 	 	 

 

[Signature Page to Registration Rights Agreement of Vacasa, Inc.]

 

     

     

    

 

	 	LEGP II AIV(B), L.P.
	 	 
	 	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer
	 	 	 
	 	 	 
	 	LEGP I VCS, LLC
	 	 
	 	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Vice President
	 	 	 
	 	 	 
	 	LEGP II VCS, LLC
	 	 
	 	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Vice President
	 	 	 
	 	 	 
	 	LEVEL EQUITY-VCS INVESTORS, LLC
	 	 
	 	By:	Level Equity Management, LLC,
	 	 	its manager
	 	 	 
	 	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]

 

     

     

    

 

	 	VACASA HOLDERS:
	 	 
	 	 	 
	 	RW VACASA AIV L.P.
	 	 
	 	By:	Riverwood Capital II L.P.,
	 	 	its general partner
	 	By:	Riverwood Capital GP II Ltd.,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey T. Parks
	 	Name:	Jeffrey T. Parks
	 	Title:	Director
	 	 	 
	 	 	 
	 	RW INDUSTRIOUS BLOCKER L.P.
	 	 
	 	By:	Riverwood Capital II L.P.,
	 	 	its general partner
	 	By:	Riverwood Capital GP II Ltd.,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey T. Parks
	 	Name:	Jeffrey T. Parks
	 	Title:	Director
	 	 	 
	 	 	 
	 	RIVERWOOD CAPITAL PARTNERS II (PARALLEL-B) L.P.
	 	 
	 	By:	Riverwood Capital III L.P.,
	 	 	its general partner
	 	By:	Riverwood Capital GP III Ltd.,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey T. Parks
	 	Name:	Jeffrey T. Parks
	 	Title:	Director

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]

 

     

     

    

 

	 	RCP III (A) BLOCKER FEEDER L.P.
	 	 
	 	By:	Riverwood Capital II L.P.,
	 	 	its general partner
	 	By:	Riverwood Capital GP II Ltd.,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey T. Parks
	 	Name:	Jeffrey T. Parks
	 	Title:	Director
	 	 	 
	 	RCP III (A) VACASA AIV L.P.
	 	 
	 	By:	Riverwood Capital III L.P.,
	 	 	its general partner
	 	By:	Riverwood Capital GP III Ltd.,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey T. Parks
	 	Name:	Jeffrey T. Parks
	 	Title:	Director

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]

 

     

     

    

 

	 	VACASA HOLDERS:
	 	 
	 	 
	 	MOSSYTREE INC.
	 	 
	 	 
	 	By:	/s/ Eric Breon
	 	Name: Eric Breon
	 	Title: President

 

[Signature Page to Registration Rights Agreement
of Vacasa, Inc.]Exhibit 10.3

 

 

 

TAX RECEIVABLE AGREEMENT

 

by and among

 

VACASA, INC.,

 

VACASA HOLDINGS LLC,

 

the several EXCHANGE TRA PARTIES (as defined
herein),

 

the several REORGANIZATION TRA PARTIES (as defined
herein),

 

REPRESENTATIVE (as defined herein),

 

and

 

OTHER PERSONS FROM TIME TO TIME PARTY HERETO

 

Dated as of December 6, 2021

 

 

 

    

     

    

 

CONTENTS

 

Page

 

	Article I. DEFINITIONS	2
	 	 
	Section 1.1	Definitions	2
	Section 1.2	Rules of Construction	10
	 	 	 
	Article II. DETERMINATION OF REALIZED TAX BENEFIT	11
	 	 
	Section 2.1	Attribute Schedule	11
	Section 2.2	Tax Benefit Schedule	11
	Section 2.3	Procedures, Amendments	12
	 	 	 
	Article III. TAX BENEFIT PAYMENTS	13
	 	 
	Section 3.1	Timing and Amount of Tax Benefit Payments	13
	Section 3.2	No Duplicative Payments	14
	Section 3.3	Pro Rata Payments	14
	 	 	 
	Article IV. TERMINATION	15
	 	 
	Section 4.1	Early Termination of Agreement; Breach of Agreement	15
	Section 4.2	Early Termination Notice	17
	Section 4.3	Payment upon Early Termination	17
	 	 	 
	Article V. SUBORDINATION AND LATE PAYMENTS	18
	 	 
	Section 5.1	Subordination	18
	Section 5.2	Late Payments by the Corporation	18
	 	 	 
	Article VI. TAX MATTERS; CONSISTENCY; COOPERATION	18
	 	 
	Section 6.1	Participation in the Corporation’s and the LLC’s Tax Matters	18
	Section 6.2	Consistency	18
	Section 6.3	Cooperation	19
	 	 	 
	Article VII. MISCELLANEOUS	20
	 	 
	Section 7.1	Notices	20
	Section 7.2	Counterparts; Electronic Signature	21
	Section 7.3	Entire Agreement; No Third-Party Beneficiaries	21
	Section 7.4	Governing Law	21
	Section 7.5	Severability	21
	Section 7.6	Assignments; Amendments; Successors; No Waiver	21
	Section 7.7	Resolution of Disputes	23
	Section 7.8	Reconciliation	24

 

    i

     

    

 

	Section 7.9	Representative	24
	Section 7.10	Withholding	24
	Section 7.11	Transfers of Corporate Assets	25
	Section 7.12	Confidentiality	26
	Section 7.13	Change in Law	27
	Section 7.14	Interest Rate Limitation	27
	Section 7.15	Independent Nature of Rights and Obligations	27
	Section 7.16	LLC Agreement	27
	Section 7.17	Tax Characterization and Elections	28
	Section 7.18	Payment Amounts	28

 

Annexes and Exhibits

 

	Annex A	-	Blocker Entities
	Annex B	-	Exchange TRA Parties
	Annex C	-	Reorganization TRA Parties
	Exhibit A	-	Form of Joinder Agreement
	Exhibit B	-	Net Tax Benefit Splits

 

    ii

     

    

 

TAX RECEIVABLE
AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated December 6, 2021, is hereby entered into by and among Vacasa, Inc., a Delaware corporation (the “Corporation”),
Vacasa Holdings LLC, a Delaware limited liability company (the “LLC”), each of the Exchange TRA Parties from time to
time party hereto, each of the Reorganization TRA Parties from time to time party hereto, and the Representative (as defined below). Capitalized
terms used but not otherwise defined herein have the respective meanings set forth in Section 1.01.

 

RECITALS

 

WHEREAS, the Reorganization
TRA Parties were previously owners of the Blocker Entities, and as a result of their previous ownership of the Blocker Entities, the Reorganization
TRA Parties previously indirectly held equity interests in the LLC (the “Units”) through the Blocker Entities;

 

WHEREAS, the Exchange TRA
Parties hold (or prior to an Exchange will hold) Units;

 

WHEREAS, the Blocker Entities
were each classified as corporations for U.S. federal income Tax purposes;

 

WHEREAS, as a result of certain
reorganization transactions undertaken in connection with the Business Combination Agreement, the Blocker Entities were merged with and
into the Corporation, with the Corporation surviving (the “Reorganization”);

 

WHEREAS, as a result of the
Reorganization, the Corporation may be entitled to utilize (or otherwise be entitled to the benefits arising out of) the Pre-Reorganization
Covered Tax Assets;

 

WHEREAS, in connection with
the transactions contemplated by the Business Combination Agreement, certain of the TRA Parties may transfer Units to the Corporation
in taxable transactions, and whereas on and after the date hereof, pursuant to, and subject to the provisions of, the LLC Agreement and
any other applicable documentation, each Exchange TRA Party has the right from time to time to require the LLC to redeem (a “Redemption”)
all or a portion of such TRA Party’s Units, which Redemption would be effected, at the Corporation’s election in its sole
discretion, for cash (to be paid by the LLC), or by the Corporation effecting a direct exchange (a “Direct Exchange”)
of Class A Common Stock for such Units, and as a result of such sales, Redemptions or Direct Exchanges, the Corporation may be entitled
to utilize (or otherwise be entitled to the benefits arising out of) the Exchange Covered Tax Assets;

 

WHEREAS, the income, gain,
loss, expense, deduction and other Tax items of the Corporation may be affected by the Pre-Reorganization Covered Tax Assets and the Exchange
Covered Tax Assets;

 

WHEREAS, the parties to this
Agreement desire to make certain arrangements with respect to the effects of the Pre-Reorganization Covered Tax Assets and the Exchange
Covered Tax Assets;

 

    1

     

    

 

NOW, THEREFORE, in connection
with 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 1.1         Definitions.
As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally
applicable to both (i) the singular and plural and (ii) the active and passive forms of the terms defined).

 

“Actual
Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal, state and local income Taxes
of (i) the Corporation and (ii) without duplication, the LLC, but in the case of this clause (ii) only with respect to
U.S. federal, state and local income Taxes imposed on the LLC and allocable to the Corporation; provided, that the actual liability
for Taxes described in clauses (i) and (ii) shall be calculated (a) assuming that Subsequently Acquired TRA Attributes
do not exist, (b) for purposes of calculating the state and local Actual Tax Liability of the Corporation, using the U.S. federal
taxable income of the Corporation used in determining the U.S. federal income Actual Tax Liability of the Corporation for the Taxable
Year (for the avoidance of doubt taking into account the application of clause (c) below) multiplied by the Assumed State and Local
Tax Rate, and (c) assuming, 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 Corporation for U.S. federal income Tax purposes.

 

“Advance
Payment” is defined in Section 3.1(b) of this Agreement.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, such first Person.

 

“Agreed
Rate” means a per annum rate of LIBOR plus 100 basis points.

 

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

 

“Amended
Schedule” is defined in Section 2.3(b) of this Agreement.

 

“Assumed State and
Local Tax Rate” means the Tax rate equal to the sum of the product of (x) the LLC’s income and franchise Tax apportionment
rate(s) for each state and local jurisdiction in which the LLC 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 LLC 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 U.S. federal income Tax benefit received by the Corporation with respect to
state and local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (a) the Corporation’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)). At the Corporation’s election, the Corporation shall be entitled to determine the Assumed State and Local Tax
Rate for a given Taxable Year as of January 1 of the relevant Taxable Year based on good faith estimates of its expected apportionment
rates for such Taxable Year and on the Tax rates in effect in relevant jurisdictions as of January 1 of the relevant Taxable Year.

 

    2

     

    

 

“Attributable”
is defined in Section 3.1(b) of this Agreement.

 

“Attribute Schedule”
is defined in Section 2.1 of this Agreement.

 

“Basis Adjustment”
means the increase or decrease to the Tax basis of, or the Corporation’s share of, the Tax basis of the Reference Assets (i) under
Sections 734(b), 743(b) and 754 of the Code and, in each case, the comparable sections of U.S. state and local Tax law (in situations
where, following an Exchange, the LLC remains in existence as an entity for Tax purposes) and (ii) under Sections 732, 734(b) and
1012 of the Code and, in each case, the comparable sections of U.S. state and local Tax law (in situations where, as a result of one or
more Exchanges, the LLC becomes an entity that is disregarded as separate from its owner for Tax purposes), in each case, as a result
of any Exchange and any payments made under this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis
Adjustment resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units
and as if any such Pre-Exchange Transfer had not occurred.

 

“Blocker Entities”
means the entities listed on Annex A.

 

“Board”
has the meaning set forth in the Corporation’s certificate of incorporation (as amended).

 

“Business Day”
means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of New York or is a day on which
banking institutions located in New York are closed.

 

“Change of Control”
has the meaning given to the term “PubCo Approved Change of Control” in the LLC Agreement.

 

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

 

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

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“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 other agreement.

 

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

 

    3

     

    

 

“Credit Event”
means: (a) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Corporation or the LLC or any of its Subsidiaries that directly or indirectly owns substantially all
assets of the business carried on by PubCo, or their debts, or of a substantial part of their assets, under any U.S. federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Corporation or the LLC or any of its Subsidiaries that directly or indirectly
owns substantially all assets of the business carried on by PubCo or for a substantial part of their assets, and, in any such case, such
proceeding or petition shall continue undismissed for sixty (60) calendar days or an order or decree approving or ordering any of the
foregoing shall be entered; or (b) the Corporation or the LLC or any of its Subsidiaries that directly or indirectly owns substantially
all assets of the business carried on by PubCo shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any U.S. federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (a) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Corporation or the LLC or any of its Subsidiaries that directly or indirectly owns substantially
all assets of the business carried on by PubCo or for a substantial part of its assets, (iv) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing.

 

“Credit Event Notice”
is defined in Section 4.1(d) of this Agreement.

 

“Cumulative Net Realized
Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation,
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 based on the most recent Tax Benefit Schedules or Amended Schedules, if any,
in existence at the time of such determination; provided, that, for the avoidance of doubt, the computation of the Cumulative Net
Realized Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits and/or Realized
Tax Detriments.

 

“Default Rate”
means a per annum rate of 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 law, as applicable, or any
other event (including the execution of IRS Form 870-AD), including a settlement with the applicable Taxing Authority, that finally
and conclusively establishes the amount of any liability for Tax and shall also include the acquiescence of the Corporation to the amount
of any assessed liability for Tax.

 

“Direct Exchange”
is defined in the recitals to this Agreement.

 

“Dispute”
is defined in Section 7.7(a) of this Agreement.

 

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

 

    4

     

    

 

“Early Termination
Effective Date” is defined in Section 4.2 of this Agreement.

 

“Early Termination
Notice” is defined in Section 4.2 of this Agreement.

 

“Early Termination
Payment” is defined in Section 4.3(b) of this Agreement.

 

“Early Termination
Rate” means the lesser of (i) 6.50% per annum, compounded annually, and (ii) LIBOR plus 150 basis points.

 

“Early Termination
Schedule” is defined in Section 4.2 of this Agreement.

 

“Exchange”
means any Direct Exchange or Redemption. For purposes of this Agreement, sales of Units made on or around the date of this Agreement by
the TRA Parties to the Corporation in exchange for cash shall constitute Exchanges (including, for the avoidance of doubt, those sales
made by the TRA Parties pursuant to the terms of the Business Combination Agreement).

 

“Exchange Covered
Tax Assets” means, with respect to the Exchange TRA Parties, (i) existing Tax basis in the Reference Assets (other than
cash, cash equivalents, receivables, inventory, and prepaid amounts), determined as of immediately prior to an Exchange, that is allocable
to the Units being exchanged by such Exchange TRA Party and acquired by the Corporation in connection with the relevant Exchange, (ii) Basis
Adjustments, and (iii) Imputed Interest. The determination of the portion of the aggregate existing Tax basis in the Reference Assets
and accompanying Basis Adjustments that is allocable to Units being exchanged by the Exchange TRA Party (and payments made hereunder with
respect to such Tax basis) shall be determined in good faith by the Corporation in consultation with its Tax Return preparer (which Tax
Return preparer shall be a nationally recognized third-party accounting firm). For the avoidance of doubt, Exchange Covered Tax Assets
shall include any carryforwards or similar attributes that are attributable to the Tax items described in clauses (i) through (iii).

 

“Exchange TRA Parties”
means the Persons listed on Annex B.

 

“Executive Director”
has the meaning set forth in the Corporation’s certificate of incorporation (as amended).

 

“Expert”
is defined in Section 7.8 of this Agreement.

 

“Hypothetical Tax
Liability” means, with respect to any Taxable Year, the hypothetical liability for U.S. federal, state and local income Taxes
of (i) the Corporation and (ii) without duplication, the LLC, but in the case of this clause (ii) only with respect to
U.S. federal, state and local income Taxes imposed on the LLC and allocable to the Corporation, in each case using the same methods, elections,
conventions, and practices used on the relevant Corporation Tax Return, but (a) calculated without taking into account the Pre-Reorganization
Covered Tax Assets and the Exchange Covered Tax Assets (including, for the avoidance of doubt, any carryforward or carryback of any Tax
item attributable to the Pre-Reorganization Covered Tax Assets and the Exchange Covered Tax Assets), (b) for purposes of calculating
the state and local Hypothetical Tax Liability of the Corporation, using the hypothetical U.S. federal taxable income of the Corporation
used in determining the hypothetical liability for U.S. federal income Taxes of the Corporation for the Taxable Year multiplied by the
Assumed State and Local Tax Rate, and (c) assuming, for purposes of calculating the hypothetical 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 Corporation for
U.S. federal income Tax purposes. Furthermore, the Hypothetical Tax Liability shall be calculated assuming that the Subsequently Acquired
TRA Attributes do not exist.

 

    5

     

    

 

“Imputed Interest”
in respect of a TRA Party means any interest imputed under the provisions of the Code with respect to the Corporation’s payment
obligations in respect of such TRA Party under this Agreement.

 

“Interest Amount”
is defined in Section 3.1(b) of this Agreement.

 

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

 

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

 

“LIBOR”
means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that
displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is
quoted by another source selected by the Corporation as an authorized information vendor for the purpose of displaying rates at which
U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at
approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of such period as the London interbank offered
rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if (i) there shall at any time, for any
reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, (ii) the Corporation,
acting reasonably and in good faith, has made a determination that LIBOR is no longer a widely recognized benchmark rate for newly originated
loans in the U.S. loan market in U.S. dollars or (iii) the applicable supervisor or administrator (if any) of LIBOR has made a public
statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans in the U.S. loan
market in U.S. dollars, a comparable replacement rate determined by the Corporation reasonably and in good faith at such time, which determination
shall be conclusive absent manifest error); provided, that at no time shall LIBOR be less than zero percent (0%).

 

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

 

“LLC Agreement”
means that certain Limited Liability Company Agreement of the LLC, dated as of the date hereof, as such agreement may be further amended,
restated, supplemented and/or otherwise modified from time to time.

 

“Market Value”
means the Common Unit Redemption Price, as defined in the LLC Agreement, determined as of an Early Termination Date (treating such Early
Termination Date as a Redemption Date).

 

“Maximum Rate”
is defined in Section 7.14 of this Agreement.

 

    6

     

    

 

“Net Tax Benefit”
is defined in Section 3.1(b) of this Agreement.

 

“Objection Notice”
is defined in Section 2.3(a) of this Agreement.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization,
governmental entity or other entity (or series thereof, to the extent such series is treated as a separate entity for U.S. federal income
Tax purposes).

 

“Pre-Exchange Transfer”
means any transfer of one or more Units (including upon the death of a Member) (i) that prior to a Redemption or Direct Exchange
of such Units and (ii) to which Section 743(b) of the Code applies.

 

“Pre-Reorganization
Covered Tax Assets” means, with respect to a Reorganization TRA Party, (i) any net operating loss carryforwards, disallowed
business interest expense carryforwards under Section 163(j) of the Code, or Tax credit carryforwards, in each case, attributable
to the Blocker Entity previously owned by such Reorganization TRA Party that are available to offset income or gain of the Corporation
earned for periods (or portions thereof) beginning after the Reorganization; (ii) existing Tax basis in the Reference Assets (other
than cash, cash equivalents, receivables, inventory, and prepaid amounts), determined as of immediately prior to the Reorganization (including
for this purpose, without duplication, any adjustments under Section 743(b) of the Code), that is attributable to Units previously
owned by such Blocker Entity and acquired by the Corporation in connection with the Reorganization; and (iii) Imputed Interest. The
determination of the portion of existing Tax basis in the Reference Assets that is allocable to Units previously owned by an applicable
Blocker Entity (and payments made hereunder with respect to such Tax basis) shall be determined in good faith by the Corporation in consultation
with its Tax Return preparer (which Tax Return preparer shall be a nationally recognized third-party accounting firm). For the avoidance
of doubt, Pre-Reorganization Covered Tax Assets shall include any carryforwards, carrybacks or similar attributes that are attributable
to the Tax items described in clauses (i) and (iii).

 

“Realized Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. 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 until there has been a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. 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.

 

“Reconciliation Dispute”
is defined in Section 7.8 of this Agreement.

 

“Reconciliation Procedures”
is defined in Section 2.3(a) of this Agreement.

 

    7

     

    

 

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

 

“Reference Asset”
means any tangible or intangible asset (including for this purpose any items of deferred revenue and any adjustments under Section 481
of the Code) of the LLC or any of its successors or assigns, and any asset held by any entities in which the LLC owns a direct or indirect
equity interest that are treated as a partnership or disregarded entity for U.S. federal income Tax purposes (but only to the extent such
entities are held directly or only through other entities treated as partnerships or disregarded entities) for purposes of the applicable
Tax, as of the relevant date. 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.

 

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

 

“Reorganization TRA
Parties” means the persons listed on Annex C.

 

“Representative”
means SLP Venice Holdings, L.P., a Delaware limited partnership.

 

“Rules”
is defined in Section 7.7(a) of this Agreement.

 

“Schedule”
means any of the following: (i) an Attribute Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early Termination Schedule,
and, in each case, any amendments thereto.

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“Subsequently Acquired
TRA Attributes” means, except as otherwise determined by the Board (with the approval of the Representative), any net operating
losses, Tax basis or other Tax attributes to which any of the Corporation, the LLC or any entity in which they hold a direct or indirect
equity interest become entitled as a result of a transaction (other than any Exchanges undertaken by an Exchange TRA Party) after the
date of this Agreement to the extent such net operating losses, Tax basis and other Tax attributes are subject to a Tax receivable agreement
(or comparable agreement) entered into by the Corporation or any of its Affiliates pursuant to which any member of the Corporation is
obligated to pay over amounts with respect to Tax benefits resulting from such net operating losses or other Tax attributes.

 

“Subsidiary”
means, with respect to any Person and as of the date of any determination, any other Person as to which such Person, owns, directly or
indirectly, or otherwise controls, more than fifty percent (50%) of the voting power or other similar interests, or the sole general partner
interest, or managing member or similar interest, of such Person.

 

“Tax Benefit Payment”
is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit Schedule”
is defined in Section 2.2(a) of this Agreement.

 

“Tax Return”
means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes (including any attached
schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.

 

    8

     

    

 

“Taxable Year”
means a taxable year of the Corporation under the Code or comparable sections of U.S. state or local Tax law, as applicable (and, therefore,
for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the
closing date of the Reorganization.

 

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

 

“Taxing Authority”
means any national, U.S. federal, state, county, municipal, or other local government, or any subdivision, agency, commission or authority
thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to Tax
matters.

 

“TRA Parties”
means the Exchange TRA Parties and the Reorganization TRA Parties.

 

“Business Combination
Agreement” means that certain Business Combination Agreement, dated as of July 28, 2021, by and among TPG Pace Solutions
Corp., an exempted company incorporated in the Cayman Islands, the Blocker Merger Subs (as defined therein), the Blockers (as defined
therein), including Turnkey Vacations, Inc., Vacasa, Inc., a Delaware corporation and wholly-owned subsidiary of the Company,
Vacasa Holdings LLC, a Delaware limited liability company, and, solely for the purpose of Section 12.2 of the Business Combination
Agreement, the Blocker Holders (as defined therein).

 

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

 

“U.S.”
means the United States of America.

 

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

 

“Valuation Assumptions”
means, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date:

 

(1)        the
Corporation will have taxable income and gain sufficient to fully use the Pre-Reorganization Covered Tax Assets and the Exchange Covered
Tax Assets (including any Pre-Reorganization Covered Tax Assets or Exchange Covered Tax Assets that are net operating losses, excess interest
deduction, or credit carryforwards or carryovers (determined as of the Early Termination Date) during such Taxable Year or in the earliest
future Taxable Year in which such deductions or other attributes would become available;

 

(2)        the
U.S. federal income Tax rates and the state and local Tax rates (for purposes of calculating the Assumed State and Local Tax Rate) 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;

 

    9

     

    

 

(3)        all
taxable income of the Corporation 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 (that have not already been disposed of) will be disposed of in a fully taxable transaction on the fifth (5th)
anniversary of the Early Termination Date;

 

(5)        if,
on the Early Termination Date, any Exchange TRA Party has Units that have not been Exchanged, then such Units shall be deemed to be Exchanged
for the Market Value that would be received by such Exchange TRA Party if such Units had been Exchanged on the Early Termination Date,
and such Exchange TRA Party shall be deemed to receive the amount of cash such Exchange TRA Party would have been entitled to pursuant
to Section 4.3(a) had such Units actually been Exchanged on the Early Termination Date; and

 

(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.

 

Section 1.2         Rules of
Construction. Unless otherwise specified herein:

 

(a)           The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)           For
purposes of interpretation of this Agreement:

 

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

 

(ii)        References
in this Agreement to a Schedule, Article, Section, paragraph, clause or sub-clause refer to the appropriate Schedule to, or Article,
Section, paragraph, clause or subclause in this Agreement.

 

(iii)       References
in this Agreement to dollars or “$” refer to the lawful currency of the U.S.

 

(iv)       The
term “including” is by way of example and not limitation.

 

(v)        The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements
and other writings, however evidenced, whether in physical or electronic form.

 

(c)           In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including;” the words “to” and “until” each mean “to but excluding;” and the word “through”
means “to and including.”

 

    10

     

    

 

(d)           Article,
section and subsection headings and titles herein are included for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

(e)           Unless
otherwise expressly provided herein, (a) references to organization documents (including the LLC Agreement), agreements (including
this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements
and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications
are permitted hereby; and (b) references to any law (including the Code and the Treasury Regulations) shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.

 

Article II.

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.1         Attribute
Schedule. Following the date of this Agreement, within ninety (90) calendar days after the filing of IRS Form 1120 (or any successor
form) of the Corporation for each Taxable Year while this Agreement is still in effect, the Corporation shall deliver to the Representative
a schedule (the “Attribute Schedule”) that shows, in reasonable detail, (i) the Pre-Reorganization Covered Tax
Assets that are available for use by the Corporation with respect to each Reorganization TRA Party with respect to such Taxable Year
and the portion of the Pre-Reorganization Covered Tax Assets that are available for use by the Corporation with respect to each Reorganization
TRA Party with respect to future Taxable Years; (ii) the Exchange Covered Tax Assets that are available for use by the Corporation
with respect to such Taxable Year with respect to each Exchange TRA Party that has effected an Exchange (including the Basis Adjustments
with respect to the Reference Assets resulting from Exchanges effected in such Taxable Year and the periods over which such Basis Adjustments
are amortizable or depreciable), and the portion of the Exchange Covered Tax Assets that are available for use by the Corporation with
respect to each Exchange TRA Party that has effected an Exchange in future Taxable Years. The Attribute Schedule shall also list any
limitations on the ability of the Corporation to utilize any Pre-Reorganization Covered Tax Assets or Exchange Covered Tax Assets under
applicable laws (including as a result of the operation of Section 382 of the Code or Section 383 of the Code). All costs and
expenses incurred in connection with the provision and preparation of the Attribute Schedules and Tax Benefits Schedules under this Agreement
shall be borne by the LLC.

 

Section 2.2         Tax
Benefit Schedule.

 

(a)           Tax
Benefit Schedule. Within ninety (90) calendar days after the filing of the IRS Form 1120 (or any successor form) of the Corporation
for any Taxable Year while this Agreement is still in effect, the Corporation shall provide to the Representative a schedule showing,
in reasonable detail, the calculation of the Tax Benefit Payment in respect of each TRA Party for such Taxable Year and the calculation
of the Realized Tax Benefit and Realized Tax Detriment and the components thereof for such Taxable Year (a “Tax Benefit Schedule”).
Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject
to the procedures set forth in Section 2.3(b)).

 

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(b)           Applicable
Principles. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any period, carryovers or carrybacks
of any Tax item attributable to the Pre-Reorganization Covered Tax Assets and the Exchange Tax Assets shall be considered to be subject
to the rules of the Code and the Treasury Regulations, 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 a Pre-Reorganization
Covered Tax Asset or an Exchange Covered Tax Asset and another portion that is not, such respective portions shall be considered to be
used in accordance with the “with and without” methodology. For the avoidance of doubt, the Corporation shall be entitled
to make reasonable simplifying assumptions in making determinations contemplated by this Agreement, including reasonable assumptions
regarding basis recovery periods based on available balance sheet information and including the assumption that the Assumed State and
Local Tax Rate is to be applied against the amount of taxable income of the Corporation for U.S. federal income Tax purposes that is
used in calculating the Actual Tax Liability and the Hypothetical Tax Liability (and the parties hereby agree that the Corporation’s
determination of the Realized Tax Benefit and Realized Tax Detriment with respect to U.S. state and local Taxes will not take into account
jurisdiction-specific U.S. state and local adjustments to the U.S. federal taxable income base or to the U.S. federal rules regarding
the utilization of Tax attribute carryovers).

 

Section 2.3         Procedures,
Amendments.

 

(a)            Procedure.
Every time the Corporation delivers to the Representative a Schedule under this Agreement, including any Amended Schedule delivered pursuant
to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver
to the Representative schedules, valuation reports, if any, and work papers, or other information reasonably requested by the Representative,
providing reasonable detail regarding the preparation of the Schedule, and (y) allow the Representative reasonable access at no
cost to the appropriate representatives of the Corporation, as requested by the Representative, in connection with the review of such
Schedule. Without limiting the application of the preceding sentence, each time the Corporation delivers to the Representative a Tax
Benefit Schedule, in addition to the Tax Benefit Schedule duly completed, the Corporation shall deliver to the Representative a reasonably
detailed calculation of the applicable Hypothetical Tax Liability, the reasonably detailed calculation of the applicable Actual Tax Liability,
as well as any other work papers reasonably requested by the Representative. An applicable Schedule or amendment thereto shall become
final and binding on all parties thirty (30) calendar days after the first date on which the Representative has received the applicable
Schedule or amendment thereto unless the Representative (i) provides the Corporation 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 last such waiver is received by the Corporation. If the Corporation and the Representative, for any reason, are unable to successfully
resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporation of an Objection Notice,
then the Corporation and the Representative shall employ the reconciliation procedures described in Section 7.8 of this Agreement
(the “Reconciliation Procedures”).

 

(b)           Amended
Schedule. The applicable Attribute Schedule or Tax Benefit Schedule for any Taxable Year may be amended from time to time by the
Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified
after the date the Schedule was provided to the Representative, (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, or (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
(any such Schedule, an “Amended Schedule”). The Attribute Schedule shall be appropriately amended by the Corporation
and the Representative to the extent that, as a result of a Determination, the Corporation is required to calculate its Tax liability
in a manner inconsistent with the Attribute Schedule. The Corporation shall provide an Amended Schedule to the Representative within
sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (v) of the first sentence of this
Section 2.3(b).

 

    12

     

    

 

 

Article III.

TAX BENEFIT PAYMENTS

 

Section 3.1            Timing
and Amount of Tax Benefit Payments.

 

(a)            Within
five (5) Business Days after a Tax Benefit Schedule delivered to the Representative becomes final in accordance with Section 2.3(a),
the Corporation shall pay or cause to be paid to each TRA Party for such Taxable Year an amount equal to the excess, if any, of (i) the
Tax Benefit Payment in respect of such TRA Party for such Taxable Year determined pursuant to Section 3.1(b) over (ii) the
aggregate amount of Advance Payments previously made to such TRA Party in respect of such Taxable Year; provided, that if the
Corporation makes Advance Payments, it shall make Advance Payments to all parties eligible to receive payments under this Tax Receivable
Agreement with respect to a particular Taxable Year in proportion to their respective amount of anticipated payments under this Tax Receivable
Agreement in respect of such Taxable Year. Each such Tax Benefit Payment or such Advance Payment shall be made by wire transfer of immediately
available funds to the bank account previously designed by such TRA Party to the Corporation or as otherwise agreed by the Corporation
and such TRA Party.

 

(b)            Payments.
A “Tax Benefit Payment” in respect of a TRA Party means an amount, not less than zero, equal to the sum of the portion
of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto.

 

(i)         Attributable.
A Net Tax Benefit is “Attributable” to a Reorganization TRA Party to the extent that it is derived from a Pre-Reorganization
Covered Tax Asset with respect to the Blocker Entity (or Units owned by such Blocker Entity) that was previously owned by such Reorganization
TRA Party (in the case of a Blocker Entity with respect to which there is more than one Reorganization TRA Party, with the Net Tax Benefit
apportioned to such Blocker Entity split among such Reorganization TRA Parties in a manner consistent with Exhibit B). A Net Tax
Benefit is “Attributable” to an Exchange TRA Party to the extent that it is derived from an Exchange Covered Tax Asset
with respect to Units that were Exchanged by such TRA Party.

 

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(ii)           Net
Tax Benefit. The “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of eighty-five
percent (85%) of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the sum of the total amount of payments
previously made under Section 3.1(a) (excluding payments attributable to Interest Amounts) and the Advance Payments previously
made under Section 3.1(b) of this Agreement (excluding payments attributable to Interest Amounts); provided, for the
avoidance of doubt, that (1) a TRA Party shall not be required to return any portion of any previously made Tax Benefit Payment
or Advance Payment it receives under this Agreement; (2) no amounts due to a TRA Party under this Agreement shall be escrowed; and
(3) no TRA Party shall be required to make a payment to the Corporation on account of a Realized Tax Detriment.

 

(iii)           Interest
Amount. The “Interest Amount” in respect of the TRA Party shall equal the interest on the amount of the unpaid
Net Tax Benefit Attributable to such TRA Party for a Taxable Year, which interest shall accrue on any unpaid Net Tax Benefit from and
after the due date (without extensions) for filing the IRS Form 1120 (or any successor form) for the Corporation for such Taxable
Year, calculated at the Agreed Rate, until the date such unpaid amounts are paid. 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 in the Reorganization or Exchange, as
applicable, unless otherwise required by law.

 

(iv)         Advance
Payments. In respect of a TRA Party for a Taxable Year, “Advance Payments” means the payments made by the Corporation
to such TRA Party as an advance of such TRA Party’s anticipated Tax Benefit Payment for such Taxable Year. The Corporation shall
be entitled at its option to make Advance Payments. Notwithstanding anything to the contrary in this Agreement, after any lump-sum payment
under Article IV of this Agreement in respect of present or future Pre-Reorganization Covered Tax Assets or Exchange Covered Tax
Assets, such Pre-Reorganization Covered Tax Assets or Exchange Covered Tax Assets shall no longer be considered Pre-Reorganization Covered
Tax Assets or Exchange Covered Tax Assets for purposes of determining Tax Benefit Payments or the Net Tax Benefit.

 

Section 3.2             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 consistent with such intent.

 

Section 3.3             Pro
Rata Payments.

 

(a)            Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate amount of the Tax benefit to the Corporation from the
reduction in Tax Liability as a result of the Pre-Reorganization Covered Tax Assets and the Exchange Covered Tax Assets is limited in
a particular Taxable Year because the Corporation does not have sufficient taxable income to fully utilize available deductions and other
attributes, the Net Tax Benefit giving rise to Tax Benefit Payments shall be allocated among the TRA Parties in proportion to the respective
amounts of Tax Benefit Payments that would have been paid under this Agreement if the Corporation had sufficient taxable income so that
there were no such limitation; provided, that, for the avoidance of doubt, for purposes of allocating among the TRA Parties the
aggregate Tax Benefit Payments payable under this Agreement with respect to any Taxable Year, the operation of this Section 3.3(a) with
respect to any prior Taxable Years shall be taken into account. Consistent with the foregoing, the Attribute Schedule for a given Taxable
Year shall reflect the operation of this Section 3.3(a) in respect of previous Taxable Years, with the Pre-Reorganization Covered
Tax Assets and Exchange Covered Tax Assets described in such Attribute Schedule that are attributable to a TRA Party being adjusted to
reflect payments received in respect of such Pre-Reorganization Covered Tax Assets and Exchange Covered Tax Assets (the intention of
the parties being to avoid duplicative payments and maintain records sufficient to allow the Corporation to allocate Tax Benefit Payments
consistent with the terms of this Section 3.3(a)).

 

    14 

     

    

 

(b)            After
taking into account Section 3.3(a), if for any reason the Corporation does not fully satisfy its payment obligations to make Tax
Benefit Payments due under this Agreement in respect of a particular Taxable Year (for example, as a result of having insufficient cash
to make the Tax Benefit Payments due hereunder), then the Corporation and the TRA Parties agree that (i) the Corporation shall make
payments due hereunder to the TRA Parties in respect of a Taxable Year in the same proportion as such payments would have been made if
the relevant payment had been made in full by the Corporation, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable
Year until all Tax Benefit Payments in respect of prior Taxable Years have been paid.

 

(c)          To
the extent the Corporation makes a payment to a TRA Party in respect of a particular Taxable Year under Section 3.1(a) of this
Agreement (taking into account Section 3.3(a) and (b)) in an amount in excess of the amount of such payment that should have
been made to the TRA Party in respect of such Taxable Year, then (i) the TRA Party shall not receive further payments under Section 3.1(a) until
the TRA Party has foregone an amount of payments equal to such excess and (ii) the Corporation shall pay the amount of the TRA Party’s
foregone payments to other TRA Parties (to the extent applicable) in a manner such that each of the other TRA Parties, to the extent
possible, shall have received aggregate payments under Section 3.1(a) and (b) in the amount it would have received if
there had been no excess payment to the TRA Party.

 

Article IV.

TERMINATION

 

Section 4.1             Early
Termination of Agreement; Breach of Agreement.

 

(a)            With
the prior written approval of the Board, the Corporation may terminate this Agreement with respect to all amounts payable to the TRA
Parties at any time by paying to each TRA Party the Early Termination Payment in respect of the TRA Party; provided, however,
that (i) this Agreement shall only terminate pursuant to this Section 4.1(a) upon the receipt in full of the Early Termination
Payment by the TRA Parties; (ii) the Corporation shall deliver an Early Termination Notice only if it is able to make all required
Early Termination Payments under this Agreement; and (iii) the Corporation may withdraw any notice to execute its termination rights
under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid.

 

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(b)            In
the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of a failure to make
any payment within three (3) months of the date when due, as a result of the failure to honor any other material obligation required
hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise,
and the Corporation fails to cure such breach within twenty (20) Business Days of a TRA Party informing the Corporation of such breach,
then, at the election of the Representative, subject to the following proviso, 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, for the avoidance
of doubt, shall include, but not be limited to, (i) the Early Termination Payments calculated as if an Early Termination Notice
had been delivered on the date of such breach; (ii) any prior Tax Benefit Payments that are due and payable under this Agreement
but that still remain unpaid as of the date of such acceleration; and (iii) any Tax Benefit Payments due for the Taxable Year ending
with or including such date (except to the extent that such amount is included in the Early Termination Payments); provided, that
if the Representative makes such election, then such election shall be binding on all TRA Parties. Procedures similar to the procedures
of Section 4.2 shall apply, mutatis mutandis, with respect to the determination of the amounts payable by the Corporation
pursuant to this Section 4.1(b). Notwithstanding the foregoing, in the event that the Corporation breaches this Agreement, the Representative
shall be entitled to elect on behalf of each of the TRA Parties to receive the amounts referred to in clause (b) of this Section 4.1
or to seek specific performance of the terms of this Agreement. Notwithstanding anything in this Agreement to the contrary, it shall
not be a breach of a material obligation of this Agreement if the Corporation fails to make any Tax Benefit Payment when due to the extent
that the Corporation has insufficient funds to make such payment despite using reasonable best efforts to obtain funds to make such payment
(including by causing the LLC or any other Subsidiaries of the LLC to distribute or lend funds to facilitate such payment, and by accessing
any revolving credit facilities or other sources of available credit to fund any such amounts); provided, that (x) the interest
provisions of Section 5.2 shall apply to such late payment, and (y) solely with respect to a Tax Benefit Payment, if the Corporation
does not have sufficient cash to make such payment as a result of limitations imposed by existing credit agreements to which the LLC
is a party, which limitations are effective as of the date of this Agreement, Section 5.2 shall apply, but the Default Rate shall
be replaced by the Agreed Rate.

 

(c)           In
connection with a Change of Control, all obligations hereunder with respect to the TRA Parties shall be accelerated. The Corporation
hereby agrees to provide twenty (20) calendar days prior written notice to each TRA Party of a Change of Control and all obligations
under this Agreement with respect to the TRA Parties shall be accelerated and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of the Change of Control, and shall include, but not be limited to, (i) the Early Termination
Payments calculated as if an Early Termination Notice had been delivered on the date of the Change of Control; (ii) any prior Tax
Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date of such acceleration; and
(iii) any Tax Benefit Payments due for the Taxable Year ending with or including such date (except to the extent that such amount
is included in the Early Termination Payments). Procedures similar to the procedures of Section 4.2 shall apply, mutatis mutandis,
with respect to the determination of the amounts payable by the Corporation.

 

(d)            Upon
the occurrence of an event described in clauses (a) or (b) in the definition of Credit Event, then, at the election of the
Representative, all obligations hereunder shall be accelerated and become immediately due and payable, and such obligations shall be
calculated as if an Early Termination Notice had been delivered on the date of the Credit Event and, for the avoidance of doubt, shall
include, but not be limited to, (i) the Early Termination Payments calculated as if an Early Termination Notice had been delivered
on the date of the Credit Event; (ii) any prior Tax Benefit Payments that are due and payable under this Agreement but that still
remain unpaid as of the date of such acceleration; and (iii) any Tax Benefit Payments due for the Taxable Year ending with or including
such date (except to the extent that such amount is included in the Early Termination Payments).

 

    16 

     

    

 

Section 4.2          Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.1(a) above, the
Corporation shall deliver to the Representative notice of such intention to exercise such right (“Early Termination Notice”).
In addition, if (i) the Corporation chooses to exercise its right of early termination under Section 4.1(a) above, (ii) the
obligations under this Agreement are accelerated under Section 4.1(c) above, or (iii) the Representative exercises its
right to terminate this Agreement under Section 4.1(b) or (d) above, the Corporation shall deliver to the Representative
a schedule (the “Early Termination Schedule”) showing in reasonable detail the calculation of the Early Termination
Payment due to each TRA Party. Such Early Termination Schedule shall become final and binding on all parties consistent with the procedures
described in Section 2.3(a). The date on which the Early Termination Schedule becomes final shall be the “Early Termination
Effective Date.”

 

Section 4.3            Payment
upon Early Termination.

 

(a)            Within
three (3) calendar days after an Early Termination Effective Date, the Corporation shall pay to each TRA Party an amount equal to
the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds
to a bank account or accounts designated by such TRA Party or as otherwise agreed by the Corporation and such TRA Party or, in the absence
of such designation or agreement, by check mailed to the last mailing address provided by such TRA Party to the Corporation.

 

(b)            “Early
Termination Payment” in respect of a TRA Party shall equal (i) the present value, discounted at the Early Termination
Rate, as of the date of the Early Termination Notice, of all Tax Benefit Payments in respect of such TRA Party that would be required
to be paid by the Corporation beginning from the date of the Early Termination Notice and applying the Valuation Assumptions, plus (ii) any Tax Benefit Payment agreed to by the Corporation and the Representative as due and payable with respect to such TRA
Party that is unpaid as of the date of the Early Termination Notice, plus (iii) any Tax Benefit Payment due and payable with
respect to such TRA Party for a Taxable Year ending prior to the date of the Early Termination Notice, plus (iv) (without
duplication) interest accruing on the amounts described in clauses (i) through (iii) (which shall include interest accruing
on the amount described in clause (i) from the date of the Early Termination Notice).

 

(c)            Upon
the payment of the Early Termination Payment by the Corporation to a TRA Party, the Corporation shall not have any further payment obligations
under this Agreement in respect of such TRA Party.

 

    17 

     

    

 

Article V.

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1           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 Corporation 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 owed in respect of secured or unsecured indebtedness for borrowed money
of the Corporation (“Senior Obligations”) and shall rank pari passu in right of payment with all current or
future unsecured obligations of the Corporation 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 5.1 and the terms of the agreements governing
Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the applicable TRA Parties and the Corporation
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. Except as otherwise determined by the Board (with the approval of the Representative), payments under any tax receivable
agreement (or similar agreement) entered into by the Corporation, the LLC, or their Subsidiaries after the date hereof shall be subordinate
to all payments owed pursuant to this Agreement, and no such payments shall be made (i) for so long as the Corporation has any unpaid
obligation pursuant this Agreement; and (ii) with respect to any particular Taxable Year governed by such tax receivable agreement
until payments with respect to such Taxable Year under this Agreement have been determined and (if any) paid.

 

Section 5.2            Late
Payments by the Corporation. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or other payment
under this Agreement not made to the TRA Parties 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, Early Termination Payment or other
payment was due and payable.

 

Article VI.

TAX MATTERS; CONSISTENCY; COOPERATION

 

Section 6.1             Participation
in the Corporation’s and the LLC’s Tax Matters. Except as otherwise provided herein, the Corporation shall have full
responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the LLC and its Subsidiaries, including
the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes; provided,
however, that (i) the Corporation shall notify the Representative of, and keep it reasonably informed with respect to, the
portion of any audit of the Corporation, the LLC or any of their Subsidiaries the outcome of which can reasonably be expected to affect
the rights and obligations of the TRA Parties under this Agreement, and shall provide to the Representative reasonable opportunity to
provide information and other input to the Corporation, the LLC and their Subsidiaries concerning the conduct of any such portion of
such audit, which information and other input the Corporation, the LLC and their Subsidiaries, as applicable, shall consider in good
faith; and (ii) without the Representative’s prior written consent, the Corporation or the LLC or any of its Subsidiaries
shall not settle, compromise or abandon any audit, assessment, action, claim, examination or other proceeding, file or amend any Tax
Return, or otherwise take any action, in each case, that is reasonably expected to materially and adversely affect the TRA Parties’
rights and obligations under this Agreement without the consent of the Representative, such consent not to be unreasonably withheld or
delayed.

 

Section 6.2            Consistency.
The Corporation, the LLC and the TRA Parties agree to report and cause to be reported for all purposes, including U.S. 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 in any Schedule finalized consistent with the terms of this Agreement, unless otherwise
required by law.

 

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Section 6.3             Cooperation.
Each of the TRA Parties shall (a) furnish to the Corporation in a timely manner such information, documents and other materials
in its possession as the Corporation 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 Corporation and its representatives to provide explanations of documents and materials and such
other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in
clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporation shall reimburse each
such TRA Party for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to this Section 6.3. The Corporation
shall, and shall cause each of its Subsidiaries to, (i) use commercially reasonable efforts to utilize Pre-Reorganization Covered
Tax Assets and Exchange Covered Tax Assets available to it as soon as possible under applicable Law (which may include filing claims
for tax refunds) and (ii) not, without the prior written consent of the Representative, take any action that has the primary purposes
of avoiding the use of or reducing utilization of Pre-Reorganization Covered Tax Assets or the Exchange Covered Tax Assets available
to it. Upon the request of any TRA Party, the Corporation shall cooperate in taking any action reasonably requested by such TRA Party
in connection with its Tax or financial reporting and/or the consummation of any assignment or transfer of any of its rights and/or obligations
under this Agreement, including without limitation, providing any information or executing any documentation. At the request of the Representative,
the Corporation shall promptly provide a schedule showing in reasonable detail (i) the Corporation’s good faith projections
of its taxable income and gain for the current Taxable Year and the succeeding five (5) Taxable Years, (ii) the Corporation’s
good faith projections of the payments to be made to each TRA Party pursuant to this Agreement (assuming, in the case of an Exchange
TRA Party that has Units that have not been Exchanged, that such Units are deemed exchange for the Market Value that such Exchange TRA
Party would have received if such Units were exchanged, based on reasonable assumptions utilized by the Corporation) and (iii) such
other information reasonably requested by the Representative (giving appropriate consideration to avoiding unduly burdensome obligations
of the Corporation arising from requests under this clause (iii), and provided that requests for information described in clauses (i) and
(ii) may be made no more than once in any calendar year). Notwithstanding Section 7.12, the Representative (or applicable TRA
Party ) may provide such schedule to prospective transferees of its right pursuant to this Agreement, provided that the Corporation may
require a prospective transferee to execute a customary non-disclosure agreement prior to receiving such schedule.

 

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Article VII.

MISCELLANEOUS

 

Section 7.1             Notices.
All notices, requests, consents and other communications hereunder shall be in writing and shall be given (and shall be deemed to have
been duly given upon receipt) by delivery in person, by courier service, by electronic mail (delivery receipt requested) or by certified
or registered mail (postage prepaid, return receipt requested) to the respective parties hereto at the following addresses (or at such
other address for a party as shall be as specified in a notice given in accordance with this Section 7.1). All notices hereunder
shall be delivered 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 Corporation or
the LLC, to:

 

Vacasa Holdings LLC

850 NW 13th Ave

Portland, OR 97209

Attention: Lisa Jurika, Chief Legal Officer

E-mail: ####

 

with a copy (which shall
not constitute notice to the Corporation or the LLC) to:

 

Latham &
Watkins LLP

1271 Avenue of the Americas

New York, NY 10020

	 	Attention:	Justin Hamill
	 	 	Eric Schwartzman
	 		Nicholas Luongo
	 	E-mail:	####

 

If to the Representative:

 

SLP
Venice Holdings, L.P.

c/o Silver Lake Management Company V, L.L.C.

55 Hudson Yards

550 West 34th Street, 40th Floor

New York, NY 10001

		Attention:     	Andy Schader & Jennifer Gautier
		E-mail:     	####

 

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

 

Ropes &
Gray LLP

1211 Avenue of the Americas

New York, NY 10036

		Attention:	Eric Issadore
			Adam Greenwood
		E-mail:	####

 

Any party may change its address or e-mail address
by giving each of the other parties written notice thereof in the manner set forth above.

 

    20 

     

    

 

Section 7.2             Counterparts;
Electronic Signature. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the
other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to
this Agreement by electronic delivery (i.e., by email of a PDF signature page) shall be as effective as delivery of a manually signed
counterpart of this Agreement and shall constitute and original for all purposes. The parties hereto hereby agree that this Agreement
may be executed by way of electronic signatures and that the electronic signature has the same binding effect as a physical signature.
For the avoidance of doubt, the parties hereto further agree that this Agreement, or any part thereof, shall not be denied legal effect,
validity or enforceability solely on the ground that it is in the form of an electronic record.

 

Section 7.3           Entire
Agreement; No Third-Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon
and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement.

 

Section 7.4             Governing
Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the
conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.5             Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all
other terms and provisions of this Agreement shall nevertheless remain in full force and effect 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 determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto 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 greatest extent possible.

 

Section 7.6             Assignments;
Amendments; Successors; No Waiver.

 

(a)            Assignments.
Each TRA Party may assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement, including the right to receive
any Tax Benefit Payments under this Agreement, to any Person; provided, that such Person executes and delivers a Joinder agreeing
to succeed to the applicable portion of such TRA Party’s interest in this Agreement and to become a party for all purposes of this
Agreement. For the avoidance of doubt, if a TRA Party transfers Units in accordance with the terms of the LLC Agreement but does not
assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such TRA Party shall continue
to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units (and any such transferred
Units shall be separately identified, so as to facilitate the determination of Tax Benefit Payments hereunder). The Corporation may not
assign any of its rights or obligations under this Agreement to any Person (other than any direct or indirect successor (whether by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation) without the prior written
consent of the Representative (and any purported assignment without such consent shall be null and void).

 

    21 

     

    

 

(b)            Amendments.
No provision of this Agreement may be amended unless such amendment is approved in writing by each of (i) the Board; and (ii) the
TRA Parties who collectively would be entitled to receive at least a majority of any Early Termination Payments that would be hypothetically
payable to all TRA Parties (assuming all equity interests in the LLC that have redemption rights under the LLC Agreement are redeemed
and exchanged for shares of Class A Common Stock at such time and using the Valuation Assumptions). Notwithstanding the foregoing,
(x) no provision of this Agreement may be amended in a manner that has a disproportionate material and adverse effect on the Exchange
TRA Parties, on the one hand, or the Reorganization TRA Parties, on the other hand, without the consent of TRA Parties of the relevant
class that are entitled to receive at least a majority of the Early Termination Payments payable to such TRA Parties of such class (assuming
all equity interests in the LLC that have redemption rights under the LLC Agreement are redeemed and exchanged for shares of Class A
Common Stock and using the Valuation Assumptions) without such TRA Parties’ consent; (y) no provision of this Agreement may
be amended in a manner that has a disproportionate material and adverse effect on any TRA Party without the consent of the Representative
and (z) no provision of this Agreement may be amended in a manner that has a disproportionate material and adverse effect on any
Exchange TRA Party relative to any other Exchange TRA Party, or on any Reorganization TRA Party relative to any other Reorganization
TRA Party, without the consent of such adversely affected Exchange TRA Party or Reorganization TRA Party, as the case may be.

 

(c)            Successors.
Except as provided in Section 7.6(a), all of the terms and provisions of this Agreement shall be binding upon, and shall inure to
the benefit of and be enforceable by, the parties hereto and their respective successors, assigns, heirs, executors, administrators and
legal representatives. The Corporation 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 Corporation, by written agreement, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such
succession had taken place.

 

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

 

    22 

     

    

 

Section 7.7             Resolution
of Disputes.

 

(a)           Except
for Reconciliation Disputes subject to Section 7.8, 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 this Agreement (each, a “Dispute”) shall be
finally settled by arbitration conducted by a single arbitrator in accordance with the then-existing International Institute for Conflict
Prevention and Resolution Rules for Administered Arbitration (the “Rules”). If the parties to the Dispute fail
to agree on the selection of an arbitrator within thirty (30) calendar 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 a U.S. state, or
a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English language. Performance
under this Agreement shall continue if reasonably possible during any arbitration proceedings. The arbitrator is not empowered to award
damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar
damages with respect to any Dispute. The award shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims,
issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction
over a party or any of its assets. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq.,
and the place of the arbitration shall be New York, New York.

 

(b)            Notwithstanding
the provisions of paragraph (a), any party may bring an action or special proceeding in any court of competent jurisdiction for the purpose
of compelling another 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 party (i) expressly consents to the application of paragraph
(c) of this Section 7.7 to any such action or proceeding, and (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.
For the avoidance of doubt, this Section 7.7 shall not apply to Reconciliation Disputes to be settled in accordance with the procedures
set forth in Section 7.8.

 

(c)          Each
party irrevocably consents to service of process by means of notice in the manner provided for in Section 7.1. Nothing in this Agreement
shall affect the right of any party to serve process in any other manner permitted by law.

 

(d)         WAIVER
OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

(e)          In
the event the parties are unable to agree whether a dispute between them is a Reconciliation Dispute subject to the dispute resolution
procedure set forth in Section 7.8 or a Dispute subject to the dispute resolution procedure set forth in this Section 7.7,
such disagreement shall be decided and resolved in accordance with the procedure set forth in this Section 7.7.

 

    23 

     

    

 

Section 7.8             Reconciliation.
In the event that the Corporation and the Representative are unable to resolve a disagreement with respect to a Schedule (a “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 such parties. The Expert shall be a partner or principal in a nationally
recognized accounting firm, and unless the Corporation and the Representative agree otherwise, the Expert shall not, and the firm that
employs the Expert shall not, have any material relationship with the Corporation or the Representative or other actual or potential
conflict of interest. If the Corporation and the Representative 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 selection of an Expert shall be treated as a Dispute
subject to Section 7.7 and an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not
have any material relationship with the Corporation or the Representative or other actual or potential conflict of interest. The Expert
shall resolve any matter relating to a Schedule or an amendment thereto as soon as reasonably practicable and in any event within thirty
(30) calendar days 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 Corporation, 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 Corporation except as provided in the next
sentence. The Corporation and the Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert
entirely adopts the position of the Representative, in which case the Corporation shall reimburse the Representative for any reasonable
and documented out-of-pocket costs and expenses in such proceeding, or (ii) the Expert entirely adopts the Corporation’s position,
in which case the Representative shall reimburse the Corporation for any reasonable and documented out-of-pocket costs and expenses in
such proceeding. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.8 shall be binding on the Corporation and the TRA Parties and may be entered and enforced in any court having competent
jurisdiction.

 

Section 7.9             Representative.
Except as otherwise explicitly provided in this Agreement, the actions of the Representative pursuant to and in accordance with this
Agreement shall be binding on all TRA Parties. The Representative shall not be held liable by any of the parties hereto (or their affiliates
or assignees) for actions or omissions in exercising or failing to exercise all or any of the power and authority of the Representative
pursuant to this Agreement, except in the case of the Representative’s willful misconduct. The Representative shall be entitled
to rely on the advice of counsel, public accountants or other independent experts that it reasonably determines to be experienced in
the matter at issue, and will not be liable to any party hereto (or their affiliates or assignees) for any action taken or omitted to
be taken in good faith based on such advice.

 

Section 7.10             Withholding.
The Corporation and its Affiliates and representatives shall be entitled to deduct and withhold from any payment that is payable to any
TRA Party pursuant to this Agreement such amounts as are required to be deducted or withheld with respect to the making of such payment
in accordance with the Code or any provision of U.S. state, local or foreign tax law (including for this purpose any withholding required
by the Corporation or its affiliates that may be required in connection with the Reorganization, a Redemption or a Direct Exchange).
To the extent that amounts are so deducted or withheld and paid over to the appropriate Taxing Authority, such amounts shall be treated
for all purposes of this Agreement as having been paid by the Corporation to the relevant TRA Party. Each TRA Party shall promptly provide
the Corporation with any applicable Tax forms and certifications (including IRS Form W-9 or the applicable version of IRS Form W-8)
reasonably requested by the Corporation in connection with determining whether any such deductions and withholdings are required under
the Code or any provision of U.S. state, local or foreign tax law, including under Sections 1441, 1442, 1445 or 1446 of the Code. The
Corporation will consider in good faith any applicable certificates, forms or documentation provided by a TRA Party that in such TRA
Party’s reasonable determination reduce or eliminate any such withholding.

 

    24 

     

    

 

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

 

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

 

(b)            If
the Corporation, its successor in interest or any member of the Corporation’s U.S. federal income Tax consolidated group (as described
in Section 7.11(a)) transfers or is deemed to transfer any Unit or any Reference Asset to a transferee that is treated as a corporation
for U.S. federal income Tax purposes (other than a member of a group described in Section 7.11(a)) in a transaction other than a
fully taxable transaction for U.S. federal income tax purposes, then such transferor, for purposes of calculating the amount of any Tax
Benefit Payment or Early Termination Payment due hereunder, shall be treated as having disposed of such Unit or Reference Assets in a
wholly taxable transaction on the date of such transfer. If the LLC (or one of its Subsidiaries that is not treated as a corporation
for U.S. federal income Tax purposes) transfers (or is deemed to transfer for U.S. federal income Tax purposes) any Reference Asset to
a transferee that is treated as a corporation for U.S. federal income Tax purposes (other than a member of a group described in Section 7.11(a))
in a transaction that is not a fully taxable transaction for U.S. federal income tax purposes, then such transferor, for purposes of
calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall be treated as having disposed of
the Reference Asset in a wholly taxable transaction on the date of such transfer. The consideration deemed to be received by the transferor
(or deemed transferor) in either of the immediately preceding two sentences shall be equal to the fair market value of the transferred
asset as determined by a valuation expert mutually agreed upon by the Corporation and the Representative plus, without duplication, (i) the
amount of debt to which any such asset is subject, and (ii) the amount of debt allocated to any such asset, in the case of a transfer
of a partnership interest. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated as a transfer
of the transferring partner’s share of each of the assets and liabilities of that partnership. Notwithstanding anything to the
contrary set forth herein, if the Corporation, its successor in interest or any member of the Corporation’s U.S. federal income
Tax consolidated group (as 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 Corporation, its successor in interest or any member of
the Corporation’s U.S. federal income Tax consolidated group (other than any such member being transferred in such reorganization
or other transaction) does not file a consolidated Tax Return for U.S. federal income Tax purposes), 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 so long as the relevant successor is bound by the provisions of this Agreement.

 

    25 

     

    

 

(c)            If
the Corporation (or any member of a group described in Section 7.11(a)) transfers (or is deemed to transfer for U.S. federal income
Tax purposes) any Unit in a transaction that is wholly or partially taxable, then for purposes of calculating payments under this Agreement,
LLC shall be treated as having disposed of the portion of any Reference Asset that is indirectly transferred by the Corporation (i.e.,
taking into account the number of Units transferred) in a transaction in which all income, gain or loss, if any, is allocated to the
Corporation. The consideration deemed to be received by LLC shall be equal to the fair market value of the deemed transferred asset,
plus (i) the amount of debt to which such asset is subject and (ii) without duplication, the amount of debt allocated to such
asset, in the case of a transfer of a partnership interest.

 

Section 7.12           Confidentiality.
Each TRA Party and its assignees acknowledges and agrees that the information of the Corporation and its Affiliates provided pursuant
to this Agreement is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates,
as required by law or legal process or to enforce the terms of this Agreement, such Person shall keep and retain in the strictest confidence
and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and
successors, learned by any TRA Party heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that
has been made publicly available by the Corporation, becomes public knowledge (except as a result of an act of any TRA Party in violation
of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the extent necessary for
a TRA Party to prosecute or defend claims arising under or relating to this Agreement, (iii) the disclosure of information to the
extent necessary for a TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing
Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns, (iv) the
disclosure of financial and other information of the type typically disclosed to limited partners and prospective investors in private
equity funds affiliated with the TRA Parties and is made to the partners of, and/or prospective investors in, private equity Affiliates
of the TRA Parties and such partner or prospective investor is bound by the confidentiality provisions of a customary non-disclosure
agreement entered into with the disclosing party that covers the confidential information so disclosed, and (v) the disclosure of
information necessary to effect an assignment, sale, pledge, alienation or transfer of any interest in this Agreement pursuant to Section 7.6(a).
If a TRA Party or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12,
the Corporation shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive
relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged
and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries and
that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and
not in lieu of, any other rights and remedies available at law or in equity.

 

    26 

     

    

 

Section 7.13           Change
in Law. Notwithstanding anything herein to the contrary, if, as a result of or, in connection with an actual or proposed change in
Tax law, an Exchange TRA Party reasonably believes that the existence of this Agreement could have material adverse Tax consequences
to such Exchange TRA Party or any direct or indirect owner of such Exchange TRA Party, then at the written election of such Exchange
TRA Party in its sole discretion (in an instrument signed by such Exchange TRA Party and delivered to the Corporation) and to the extent
specified therein by such Exchange TRA Party, this Agreement shall cease to have further effect and shall not apply to an Exchange with
respect to such Exchange TRA Party occurring after a date specified by such Exchange TRA Party, or may be amended by in a manner reasonably
determined by such Exchange TRA Party; provided, that such amendment shall not result in an increase in any payments owed by the
Corporation under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence
of such amendment; provided, further, that such amendment shall not have any adverse effect on any other TRA Party.

 

Section 7.14           Independent
Nature of Rights and Obligations. The rights and obligations of the each TRA Party hereunder are several and not joint with the rights
and obligations of any other Person. A TRA Party shall not be responsible in any way for the performance of the obligations of any other
Person hereunder, nor shall a TRA Party have the right to enforce the rights or obligations of any other Person hereunder (other than
the Corporation). Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any
TRA Party pursuant hereto or thereto, shall be deemed to constitute the TRA Parties acting as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the TRA Parties are in any way acting in concert or as a group with
respect to such rights or obligations or the transactions contemplated hereby, and the Corporation acknowledges that the TRA Party are
not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations or the transactions
contemplated hereby.

 

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

 

Section 7.16            Tax
Characterization and Elections. The parties intend that (A) each Direct Exchange shall give rise to Basis Adjustments, (B) each
Redemption using cash contributed to the LLC by the Corporation shall be treated as a direct purchase of Units from the applicable Exchange
TRA Parties pursuant to Section 707(a)(2)(B) of the Code that shall give rise to Basis Adjustments, (C) payments pursuant
to this Agreement with respect to an Exchange (except with respect to amounts that constitute Imputed Interest) shall be treated as consideration
in respect of such Exchange that give rise to additional Basis Adjustments, and (D) the rights received pursuant to this Agreement
by the Reorganization TRA Parties and (without duplication) Tax Benefit Payments (excluding any amount that constitutes Imputed Interest
thereon) made in respect of a Pre-Reorganization Covered Tax Asset will be treated as non-qualifying property or money giving rise to
capital gain treatment for purposes of Section 356 of the Code received in the Reorganization. The Corporation will ensure that,
on and after the date of this Agreement and continuing through the term of this Agreement, the LLC and each of its direct and indirect
subsidiaries that they control and that is treated as a partnership for U.S. federal income Tax purposes will have in effect an election
under Section 754 of the Code. The parties hereto agree to file their income Tax Returns in a manner consistent with this Section 7.16,
except as otherwise required by a determination (within the meaning of Section 1313 of the Code).

 

    27 

     

    

 

Section 7.17           Payment
Amounts. The Corporation and the Exchange TRA Parties agree that, as of the date of this Agreement and as of the date of any future
Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for
U.S. federal income tax purposes. Notwithstanding anything to the contrary in this Agreement, if an Exchange TRA Party so notifies the
Corporation, (i) the stated maximum selling price (within the meaning of Section 15a.453-1(c)(2) of the Treasury Regulations)
with respect to a specified Exchange by such Exchange TRA Party shall not exceed two-hundred percent (200%) (or such other percentage
as the relevant party shall specify of the amount of the initial consideration received in such Exchange (which, for the avoidance of
doubt, shall include the amount of any cash and the fair market value of any Class A Common Stock received in such Exchange and
shall exclude the fair market value of any Tax Benefit Payments) and (ii) the sum of the initial consideration received in connection
with such Exchange and the aggregate Tax Benefit Payments paid to such Exchange TRA Party in respect of such Exchange (other than amounts
accounted for as interest under the Code) shall not exceed such stated maximum selling price with respect to such Exchange. For the avoidance
of doubt, this Section 7.17 shall not limit any amounts payable in connection with an Early Termination Payment.

 

[Signature Page Follows This Page]

 

    28 

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Vacasa, Inc. 
	 	 
	 	By:	/s/
    Matt Roberts
	 	Name: 	Matt Roberts
	 	Title: 	Chief Executive Officer

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Vacasa Holdings LLC
	 	 
	 	By:	/s/
    Matt Roberts
	 	Name: 	Matt Roberts
	 	Title: 	Chief Executive Officer

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
                                            WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this
                                            Agreement as of the date first written above. 

 

	 	MOSSYTREE
                                            INC.

	 	 
	 	By:	/s/
    Eric Breon
	 	Name: 	Eric Breon
	 	Title: 	President

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	SLP V VENICE FEEDER I, L.P.
	 	 
	 	By:	Silver Lake Technology Associates
    V, L.P., 

    its general partner
	 	By:	SLTA V (GP), L.L.C., 

    its general partner
	 	By:	Silver Lake Group, L.L.C., 

    its managing member

 

	 	By:	/s/
    Andrew J. Schader
	 	Name: 	Andrew J. Schader
	 	Title: 	Managing Director and General Counsel

 

	 	SLP VENICE HOLDINGS, L.P.
	 	 
	 	By:	SLP V Aggregator GP, L.L.C.
	 	By:	Silver Lake Technology Associates V, L.P.,

    its general partner
	 	By:	SLTA V (GP), L.L.C.,

    its general partner
	 	By:	Silver Lake Group, L.L.C., 

    its managing member

 

	 	By:	/s/
    Andrew J. Schader
	 	Name: 	Andrew J. Schader
	 	Title: 	Managing Director and General Counsel

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	RW VACASA AIV L.P.
	 	 
	 	By:	Riverwood Capital II L.P., 

    its general partner
	 	By:	Riverwood Capital GP II Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

	 	RW INDUSTRIOUS BLOCKER L.P.
	 	 
	 	By:	Riverwood Capital II L.P., 

    its general partner
	 	By:	Riverwood Capital GP II Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

	 	RIVERWOOD CAPITAL PARTNERS II
	 	(PARALLEL-B) L.P.
	 	 
	 	By:	Riverwood Capital II L.P., 

    its general partner
	 	By:	Riverwood Capital GP II Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

	 	RCP III VACASA AIV L.P.
	 	 
	 	By:	Riverwood Capital III L.P., 

    its general partner
	 	By :	Riverwood Capital GP III Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

	 	RCP III BLOCKER FEEDER L.P.
	 	 
	 	By:	Riverwood Capital III L.P.,

    its general partner
	 	By:	Riverwood Capital GP III Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

	 	RIVERWOOD CAPITAL PARTNERS III
	 	(PARALLEL-B) LP.
	 	 
	 	By:	Riverwood CapitaI III L.P., 

    its general partner
	 	By:	Riverwood Capital GP III Ltd.,

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	RCP III (A) BLOCKER FEEDER L.P.
	 	 
	 	By
    :	Riverwood Capital III L.P., 

    its general partner
	 	By:	Riverwood Capital GP III Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

  

	 	RCP III (A) VACASA AIV L.P.
	 	 
	 	By
    :	Riverwood Capital III L.P., 

    its general partner
	 	By:	Riverwood Capital GP III Ltd., 

    its general partner

 

	 	By:	/s/
    Jeff Parks
	 	Name:	Jeff Parks
	 	Title:	Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	LEVEL EQUITY OPPORTUNITIES FUND 2015,
    L.P.
	 	 
	 	By:	Level Equity Partners II (GP), L.P.,

    its general partner
	 	By:	Level Equity Associates II, LLC, 

    its general partner

 

	 	By:	/s/
    Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer

 

	 	LEVEL EQUITY OPPORTUNITIES FUND 2018,
    L.P.
	 	 
	 	By:	Level Equity Partners IV (GP), L.P.,
    

    its general partner
	 	By:	Level Equity Associates IV, LLC,

    its general partner

 

	 	By:	/s/
    Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

	 	LEGP II AIV(B), L.P. 
	 	 
	 	By:	/s/
    Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer
	 	 
	 	LEGP I VCS, LLC
	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer
	 	 
	 	LEGP II VCS, LLC
	 	 
	 	By:	/s/ Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer

 

	 	LEVEL EQUITY-VCS INVESTORS, LLC
	 	 
	 	By:	Level Equity Management, LLC, 

    its manager

 

	 	By:	/s/
    Nathan Linn
	 	Name:	Nathan Linn
	 	Title:	Chief Operating Officer

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	AMERICAN BANKERS INSURANCE GROUP,
    INC.
	 	 
	 	By:	/s/
    Paul Meggs
	 	Name:	Paul Meggs
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	NSG IV Blocked AIV, LP.
	 	 
	 	 
	 	By:	/s/ Marc Lederman
	 	Name:	Marc Lederman
	 	Title:	COO

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	NSG IV UNBLOCKED AIV, L.P.
	 	 
	 	 
	 	By:	/s/ Marc Lederman
	 	Name:	Marc Lederman
	 	Title:	COO

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	KEMNAY FUND INVESTORS LLC
	 	 
	 	 
	 	By:	/s/ Angie Yee-Lois A. Jeffers
	 	Name:	Angie Yee-Lois A. Jeffers
	 	Title:	Authorised Signatories

 

[Signature Page to
Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	OHANA HOLDINGS LLC
	 	 
	 	 
	 	By:	 /s/ Timothy R. Sarhatt
	 	Name:	Timothy R. Sarhatt
	 	Title:	Vice President

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

	 	Travel + Leisure Charitable Foundation
	 	 
	 	 
	 	By:	/s/ Kimberly A. Marshall
	 	Name:	Kimberly A. Marshall
	 	Title:	Chief Human Resources Officer

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	PARTNERS FOR GROWTH IV, LP
	 	 
	 	 
	 	By:	 /s/ Andrew Kahn
	 	Name:	Andrew Kahn
	 	Title:	 CEO and Managing Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused
to be executed on their
behalf this Agreement
as of the date first
written above.

 

	 	/s/ Paul Gorman
	 	Paul Gorman

 

[Signature Page to
Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Jody Odowick
	 	 Jody Odowick

 

[Signature Page to
Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Chris Terrill
	 	Chris Terrill

 

[Signature Page to
Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Mike Dodson
	 	Mike Dodson

 

[Signature Page to
Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	VACASA EMPLOYEE HOLDINGS LLC
	 	 
	 	 
	 	By:	/s/
    Matt Roberts
	 	Name: 	Matt Roberts
	 	Title: 	Chief Executive Officer

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/
    Mike Xenakis
	 	Mike Xenakis

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/
    Matt Roberts
	 	Matt Roberts

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/  Lisa Jurinka 
	 	Lisa Jurinka

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Jeff Flitton
	 	Jeff Flitton

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Bob Milne
	 	Bob Milne

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Jim Grube
	 	Jim Grube

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Jamie Cohen
	 	Jamie Cohen

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Craig Smith
	 	Craig Smith

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	/s/ Chad Cohen
	 	Chad Cohen

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	1999 Goldreyer Family Irrevocable Trust
	 	 	 
	 	By:	/s/ 
    Brian Wood
	 	Name: 	Brian Wood
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
     Adam Chibib
	 	Name: 	Adam Chibib
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
    Adam Kohen
	 	Name: 	Adam Kohen
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Adams Street 2013 Direct Fund LP
	 	By:	ASP 2013 Direct Management LP its General Partner
	 	By:	ASP 2013 Direct Management LLC its General Partner
	 	By:	Adams Street Partners, LLC its Managing Member
	 	 	 
	 	By:	/s/
    Jeffrey T. Diehl
	 	Name: 	Jeffrey T. Diehl
	 	Title: 	Managing Partner

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Adams Street 2014 Direct Fund LP
	 	By:	ASP 2014 Direct Management LP its General Partner
	 	By:	ASP 2014 Direct Management LLC its General Partner
	 	By:	Adams Street Partners, LLC its Managing Member
	 	 	 

	 	By:	/s/
    Jeffrey T. Diehl
	 	Name: 	Jeffrey T. Diehl
	 	Title: 	Managing Partner

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Adams Street 2015 Direct
    Venture/Growth Fund LP
	 	By:	ASP 2015 Direct Management LP its General Partner
	 	By:	ASP 2015 Direct Management LLC its General Partner
	 	By:	Adams Street Partners, LLC its Managing Member
	 	 	 

	 	By:	/s/
    Jeffrey T. Diehl
	 	Name: 	Jeffrey T. Diehl
	 	Title: 	Managing Partner

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Adams Street 2016 Direct
    Venture/Growth Fund LP
	 	By:	ASP 2016 Direct Management LP its General Partner
	 	By:	ASP 2016 Direct Management LLC its General Partner
	 	By:	Adams Street Partners, LLC its Managing Member
	 	 	 

	 	By:	/s/
    Jeffrey T. Diehl
	 	Name: 	Jeffrey T. Diehl
	 	Title: 	Managing Partner

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Adams Street 2017 Direct
    Venture/Growth Fund LP
	 	By:	ASP 2017 Direct Management LP its General Partner
	 	By:	ASP 2017 Direct Management LLC its General Partner
	 	By:	Adams Street Partners, LLC its Managing Member
	 	 	 

	 	By:	/s/
    Jeffrey T. Diehl
	 	Name: 	Jeffrey T. Diehl
	 	Title: 	Managing Partner

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Adams Street Venture/Growth Fund VI LP
	 	By:	ASP VG Management VI LP its General Partner
	 	By:	ASP VG Management VI LLC its General Partner
	 	By:	Adams Street Partners, LLC its Managing Member
	 	 	 

	 	By:	/s/
    Jeffrey T. Diehl
	 	Name: 	Jeffrey T. Diehl
	 	Title: 	Managing Partner

 
[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
     Ai Lin Rachael Hyde
	 	Name: 	Ai Lin Rachael Hyde
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	AK Holdings LLC
	 	 
	 	By:	/s/ Pradeep Singh
	 	Name: 	Pradeep Singh
	 	Title: 	Manager

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/
    Alexis de Belloy
	 	Name: 	Alexis de Belloy
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/
    Allison McGuirk
	 	Name: 	Allison McGuirk
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2 BL, LLC
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2 N, LLC
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2 P-FIO, LLC
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2 P-M, LLC
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2 P-MSF, LLC
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2 V, LLC
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 2, L.P.
	 	By: Altos Hybrid 2 GP, LLC
	 	Its: General Partner
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 3 B, LLC
	 	By: Altos Hybrid 3  GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 3 GS, LLC
	 	By: Altos Hybrid  3 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 3 I, LLC
	 	By: Altos Hybrid  3 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 3 M, LLC
	 	By: Altos Hybrid 3  GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid 3 T, LLC
	 	By: Altos Hybrid  3 GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid BF, LLC
	 	By: Altos Hybrid GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid BL, LLC
	 	By: Altos Hybrid GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid D, LLC
	 	By: Altos Hybrid GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid G, LLC
	 	By: Altos Hybrid GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid I, LLC
	 	By: Altos Hybrid GP, LLC
	 	Its: Manager
	 	 
	 	/s/ Anthony P.
Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Altos Hybrid, L.P.
	 	By: Altos Hybrid GP, LLC
	 	Its: General Partner
	 	 
	 	/s/ Anthony P. Lee
	 	Anthony P. Lee
	 	Managing Director

 

[Signature Page to Tax Receivable Agreement]

   

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Amanda Hartfield
	 	Name: 	Amanda Hartfield
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

  

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Andrew Friedrich
	 	Name: 	Andrew Friedrich
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Ann Molina
	 	Name: 	Ann Molina
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Avni Doshi
	 	Name: 	Avni Doshi
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Banczak Children's 2020 Gift Trust
	 	 
	 	By:	/s/ Eric Goldreyer
	 	Name: 	Eric Goldreyer
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Beth A. Birnbaum Revocable Trust
	 	 
	 	By:	/s/ Beth Birnbaum
	 	Name: 	Beth Birnbaum
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Brad Diseker
	 	Name: 	Brad Diseker
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Brandon Calley
	 	Name: 	Brandon Calley
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Brian Megless
	 	Name: 	Brian Megless
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

  

     

     

    

  

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Brionna Guerrero
	 	Name:
    	Brionna Guerrero
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Brock cooper
	 	Name:
    	Brock cooper
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Bryan Byrne
	 	Name:
    	Bryan Byrne
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Caitlin Roan
	 	Name:
    	Caitlin Roan
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/
    Calvin Larson
	 	Name:
    	Calvin
    Larson
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Carey Shindler
	 	Name:
    	Carey Shindler
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Carl Shepherd
	 	Name:
    	Carl Shepherd
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Chelsea Knudsen
	 	Name:
    	Chelsea Knudsen
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Chelsea Vernon
	 	Name:
    	Chelsea Vernon
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Chris Bender
	 	Name:
    	Chris Bender
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Christina McElroy
	 	Name: 	Christina McElroy
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be
executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Christopher kennedy
	 	Name: 	Christopher kennedy
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Christopher Lopez-Renteria
	 	Name: 	Christopher Lopez-Renteria
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Clayton Massey
	 	Name: 	Clayton Massey
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Cody Mikel
	 	Name: 	Cody Mikel
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Courtney O’Connor
	 	Name: 	Courtney O’Connor
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Crystal bradstreet
	 	Name: 	Crystal bradstreet
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Daniel Lampe
	 	Name: 	Daniel Lampe
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Darren Osti
	 	Name: 	Darren Osti
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their
behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Dennis Kashkin
	 	Name: 	Dennis Kashkin
	 	Title: 	

 

[Signature Page to Tax Receivable
Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Desiree Tien
	 	Name: 	Desiree Tien
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Dome Patrol, LLC 
	 	 
	 	 
	 	By:	/s/
    Sean Greenberg
	 	Name: 	Sean Greenberg
	 	Title: 	Manager

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Doug Squires
	 	Name: 	Doug Squires
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Dunn Family Trust U/A 7/01/2001 
	 	 
	 	 
	 	By:	/s/
    Timothy J. Dunn
	 	Name: 	Timothy J. Dunn
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Duygu Dagli
	 	Name: 	Duygu Dagli
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Eduardo Batlle
	 	Name: 	Eduardo Batlle
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	ELG 2020 Lifetime Family Trust 
	 	 
	 	 
	 	By:	/s/
    Eric Goldreyer
	 	Name: 	Eric Goldreyer
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Elizabeth Mahon Mulhern
	 	Name: 	Elizabeth Mahon Mulhern
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Elizabeth Mertens
	 	Name: 	Elizabeth Mertens
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Elizabeth Morin
	 	Name: 	Elizabeth Morin
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Emily Breaker
	 	Name: 	Emily Breaker
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Erik Frain
	 	Name: 	Erik Frain
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Erik Waldo
	 	Name: 	Erik Waldo
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Francesca Watson-McFeely
	 	Name: 	Francesca Watson-McFeely
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Geoffrey Grigsby
	 	Name: 	Geoffrey Grigsby
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Grant Clark
	 	Name: 	Grant Clark
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Grant Davis
	 	Name: 	Grant Davis
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	Greenspring Secondaries Fund II, L.P. 
	 	 
	 	 
	 	By:	/s/ Eric Thompson
	 	Name: 	Eric Thompson
	 	Title: 	Chief Operating Officer

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Greg Bohn
	 	Name: 	Greg Bohn
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Greg Mrva
	 	Name: 	Greg Mrva
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Gregory Slyngstad
	 	 Name:	Gregory Slyngstad
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Gregg Abernathy
	 	Name:	Gregg Abernathy
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	The Gregg Brockway and Anna Brockway 2004 Revocable Trust
	 	 
	 	 
	 	By:	/s/ Gregg Brockway
	 	Name:	Gregg Brockway
	 	Title:	 Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	
/s/ Gregory Papadin
	 	Name:	
Gregory Papadin
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Harmony Partners III, L.P.
	 	 
	 	 
	 	By:	/s/ Mark Lotke
	 	Name:	Mark Lotke
	 	Title:	Managing Partner

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Howard Story
	 	Name:	Howard Story
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	The J. Paul Getty Trust
	 	 
	 	 
	 	By:	/s/ James Williams
	 	Name:	James Williams
	 	Title:	Vice-President and Chief Investment Officer

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Jacob Surface
	 	Name:	Jacob Surface
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ James McKee
	 	Name:	James McKee
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ James A Wertz
	 	Name:	James A Wertz
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jana Harden
	 	Name: 	Jana Harden
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jason Gueco
	 	Name: 	Jason Gueco
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jason Wilson
	 	Name: 	Jason Wilson
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jeff O'Brien
	 	Name: 	Jeff O'Brien
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jennifer Gallardo
	 	Name: 	Jennifer Gallardo
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jennifer Kinsella
	 	Name: 	Jennifer Kinsella
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jessica Davis
	 	Name: 	Jessica Davis
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	JetBlue Technology Ventures, L.L.C.
	 	 
	 	 
	 	By:	/s/
    Amy Burr
	 	Name: 	Amy Burr
	 	Title: 	President

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Jill Baggett
	 	Name: 	Jill Baggett
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written
above.

 

	 	By:	/s/
    Joel Berner
	 	Name: 	Joel Berner
	 	Title: 	

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Joey levin
	 	Name: 	Joey levin
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    John Banczak
	 	Name: 	John Banczak
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	John Banczak 2014 Irrevocable Trust
	 	 
	 	By:	/s/
    Heather Banczak
	 	Name: 	Heather Banczak
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    John Janco
	 	Name: 	John Janco
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
    John Jensen
	 	Name: 	John Jensen
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    John Roediger
	 	Name: 	John Roediger
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Jonathan Wood
	 	Name: 	Jonathan Wood
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Jonathan Maher
	 	Name: 	Jonathan Maher
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Jonathan Schreck
	 	Name: 	Jonathan Schreck
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/
    Jonathan P Simmons
	 	Name: 	Jonathan P Simmons
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Jose Ochoa
	 	Name: 	Jose Ochoa
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

  

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Joseph Mathews
	 	Name: 	Joseph Mathews
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Joseph Peter Slaga
	 	Name: 	Joseph Peter Slaga
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

   

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Joshua Cronin
	 	Name: 	Joshua Cronin
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

  

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Joshua Caswell
	 	Name: 	Joshua Caswell
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Joshua Ewing
	 	Name: 	Joshua Ewing
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Julie Overton
	 	Name: 	Julie Overton
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Justin Hunt
	 	Name: 	Justin Hunt
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Justin Jurist
	 	Name: 	Justin Jurist
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Karen Bodu
	 	Name: 	Karen Bodu
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/
    Karina Mullen
	 	Name:
    	Karina Mullen
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Kary Guthrie
	 	Name:
    	Kary Guthrie
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Kathryn Isaacson
	 	Name:
    	Kathryn Isaacson
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Keith Amaker
	 	Name:
    	Keith Amaker
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Kenneth Wilson
	 	Name:
    	Kenneth Wilson
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Kurt Engert
	 	Name:
    	Kurt Engert
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Kristen
    Okuniewski
	 	Name:
    	Kristen Okuniewski

	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Lauren Luft
	 	Name:
    	Lauren Luft
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Lennis Raynell Pugh
	 	Name:
    	Lennis Raynell Pugh
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Lisa Huynh
	 	Name:
    	Lisa Huynh
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Luke Marino
	 	Name: 	Luke Marino
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Mallory Harpel
	 	Name: 	Mallory Harpel
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Mark Giannelli
	 	Name: 	Mark Giannelli
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Brian R. Cruver
	 	Name: 	Brian R. Cruver
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Matthew Gregory
	 	Name: 	Matthew Gregory
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Melissa Cadwallader
	 	Name: 	Melissa Cadwallader
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Melissa Meron
	 	Name: 	Melissa Meron
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Meni Koulakiotis
	 	Name: 	Meni Koulakiotis
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Michael Adler
	 	Name: 	Michael Adler
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Michael Joseph
	 	Name: 	Michael Joseph
	 	Title: 	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Michael Stephens
	 	Name: 	Michael Stephens
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Michael Viglione
	 	Name: 	Michael Viglione
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Molly Rupprecht
	 	Name: 	Molly Rupprecht
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

  

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Morgan Flager
	 	Name: 	Morgan Flager
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Nichole McHugh
	 	Name: 	Nichole McHugh
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Nicole Prentice Williams
	 	Name: 	Nicole Prentice Williams
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Paul Azevedo
	 	Name: 	Paul Azevedo
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Paulina Kathryn Clark

 

	 	By:	/s/ Thomas J. Clark
	 	Name: 	Thomas J. Clark
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	By:	/s/ Perrine Coursen
	 	Name: 	Perrine Coursen
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above. 

 

	 	Peterson Capital Partners LP

 

	 	By:	/s/ Karl Peterson
	 	Name: 	Karl Peterson
	 	Title: 	President

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN
WITNESS WHEREOF,
the undersigned
have executed
or caused
to be executed on their behalf
this Agreement as of
the date first written
above.

 

	 	By:	/s/
    Rami Legha
	 	Name: 	Rami Legha
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF,
the undersigned
have executed
or caused
to be executed on their behalf
this Agreement as of
the date first written
above.

 

	 	By:	/s/
    Ramona Bieber
	 	Name: 	Ramona Bieber
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
WITNESS WHEREOF,
the undersigned
have executed
or caused
to be executed on their behalf
this Agreement as of
the date first written
above.

 

	 	By:	/s/
    Richard Ibeh
	 	Name: 	Richard Ibeh
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
WITNESS WHEREOF,
the undersigned
have executed
or caused
to be executed on their behalf
this Agreement as of
the date first written
above.

 

	 	By:	/s/
    Richard N. Barton
	 	Name: 	Richard N. Barton
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF,
the undersigned
have executed
or caused
to be executed on their behalf
this Agreement as of
the date first written
above.

 

	 	By:	/s/
    Ricky Nagaoka
	 	Name: 	Ricky Nagaoka
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
WITNESS WHEREOF,
the undersigned
have executed
or caused
to be executed on their behalf
this Agreement as of
the date first written
above.

 

	 	By:	/s/
    Robert butts
	 	Name: 	Robert butts
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
                                                                                                          WITNESS WHEREOF, the undersigned have executed or caused
                                                                                                          to be executed on their
                                                                                                          behalf this Agreement
                                                                                                          as of the date first
                                                                                                          written above.

 

	 	By:	/s/
    Robert W Greyber
	 	Name: 	Robert W Greyber
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
                                                                                                          WITNESS WHEREOF, the undersigned have executed or caused
                                                                                                          to be executed on their
                                                                                                          behalf this Agreement
                                                                                                          as of the date first
                                                                                                          written above.

 

	 	By:	/s/
    Robert Hohman
	 	Name: 	Robert Hohman
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
                                                                                                          WITNESS WHEREOF, the undersigned have executed or caused
                                                                                                          to be executed on their
                                                                                                          behalf this Agreement
                                                                                                          as of the date first
                                                                                                          written above.

 

	 	By:	/s/
    Ronald Nagy
	 	Name: 	Ronald Nagy
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 
IN
                                                                                                          WITNESS WHEREOF, the undersigned have executed or caused
                                                                                                          to be executed on their
                                                                                                          behalf this Agreement
                                                                                                          as of the date first
                                                                                                          written above.

 

	 	By:	/s/
    Russ Sach
	 	Name: 	Russ Sach
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Russ T Sach Revokable Trust - May 26, 2006
	 	 
	 	By:	/s/ Russell T. Sach
	 	Name:
    	Russell T. Sach
	 	Title:
    	Trustee

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Ryan Kowtun
	 	Name:
    	Ryan Kowtun
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Sarah Carter
	 	Name:
    	Sarah Carter
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Scott Gerber
	 	Name:
    	Scott Gerber
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Scott Hintz
	 	Name:
    	Scott Hintz
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Shari E Schroder
	 	Name:
    	Shari E Schroder
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Silverton Partners IV, L.P.
	 	 	 
	 	By:	/s/ Morgan Flager
	 	Name:
    	Morgan Flager
	 	Title:
    	General Partner

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Spencer Rascoff
	 	Name:
    	Spencer Rascoff
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Stacey Conrad
	 	Name:
    	Stacey Conrad
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Susie Lee
	 	Name:
    	Susie Lee
	 	Title:
    	

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Tatiana Gebing
	 	Name:	Tatiana Gebing
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Taylor Kelly
	 	Name:	Taylor Kelly
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	The Fitzpatrick Brockway Trust U/A DTD 2/13/2007
	 	 
	 	 
	 	By:	/s/ Gregg Brockway
	 	Name:	Gregg Brockway
	 	 Title:	Trustee

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	The Oliver Brockway Trust U/A DTD 2/13/2007
	 	 
	 	 
	 	By:	/s/ Gregg Brockway
	 	Name:	Gregg Brockway
	 	 Title:	Trustee

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	The Phoebe Brockway Trust U/A DTD 2/13/2007
	 	 
	 	 
	 	By:	/s/ Gregg Brockway
	 	Name:	Gregg Brockway
	 	 Title:	Trustee

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Thomas J. Clark
	 	Name:	Thomas Clark
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Thomas Joseph Clark, II UTMA/TX No. 660-11151
	 	 
	 	 
	 	By:	/s/ Thomas J. Clark
	 	Name:	Thomas J. Clark
	 	Title:	Trustee

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Tim MacDonald
	 	Name:	Tim MacDonald
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Tyler Herschap
	 	Name:	Tyler Herschap
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Vanessa Escobedo Barba
	 	Name:	Vanessa Escobedo Barba
	 	Title:	 

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
    Vicki Brown
	 	Name: 	Vicki Brown
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
    Victoria Davis
	 	Name: 	Victoria Davis
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
    Wesley Walker
	 	Name: 	Wesley Walker
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	William Franklin Investments, LLC
	 	 	 
	 	By:	/s/
    Ronald   Dollens
	 	Name: 	Ronald W. Dollens
	 	Title: 	Member

 

[Signature Page to Tax Receivable Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 

 

 

	 	By:	/s/
    Yakini Stephens
	 	Name: 	Yakini Stephens
	 	Title: 	

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Conner Keele
	 	Name: 	Conner Keele
	 	Title: 	 

  

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above.

 

	 	Comerica Ventures Incorporated
	 	 	      
	 	By:	/s/ LaReeda Rentie               
	 	Name: 	LaReeda Rentie           
	 	Title: 	Vice President       

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above.

 

	 	By:	/s/ Lauren Frazier
	 	Name: 	Lauren Frazier
	 	Title: 	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above.

 

	 	Marketdriver, LLC
	 	 	      
	 	By:	/s/ Brian R. Cruver
	 	Name: 	Brian R. Cruver
	 	Title: 	Manager

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	Russ T Sach Revocable Trust - May 26, 2006
	 	 	      
	 	By:	/s/ Russell T. Sach
	 	Name: 	Russell T. Sach
	 	Title: 	Trustee

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

Exhibit A

 

FORM OF
JOINDER AGREEMENT

 

This JOINDER AGREEMENT, dated
as of _________________, 20___ (this “Joinder”), is delivered pursuant to that certain Tax Receivable Agreement, dated
as of [December 6, 2021] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Tax
Receivable Agreement”) by and among Vacasa, Inc., a Delaware corporation (the “Corporation”), Vacasa
Holdings LLC, a Delaware limited liability company (the “LLC”), and the other persons from time to time party thereto.
Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Tax Receivable Agreement.

 

1.            Joinder
to the Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof to the Corporation, the
undersigned hereby is and hereafter will be a [Reorganization/Exchange] TRA Party under the Tax Receivable Agreement and a party thereto,
with all the rights, privileges and responsibilities of a [Reorganization/Exchange] TRA Party thereunder. The undersigned hereby agrees
that it shall comply with and be fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of
the date thereof.

 

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

 

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

 

[Name]

[Address]

[City, State, Zip Code]

Attn:

 

E-mail:

 

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

 

	 	[NAME OF NEW PARTY]
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

Acknowledged and agreed

as of the date first set forth above:

 

[●]

 

	By:	 	 

	Name:	 
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]