Document:

Exhibit 10.1

 

EXECUTION VERSION

 

REORGANIZATION AGREEMENT

 

Dated as of June 29, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

Pages

 

	Article I DEFINITIONS	1
		1.1	Certain Defined Terms	1
		1.2	Terms Defined Elsewhere in this Agreement	4
		1.3	Other Definitional and Interpretative Provisions	5
	 	 	 	 
	Article II THE REORGANIZATION	5
		2.1	Transactions	5
		2.2	Consent to Reorganization Transactions	11
		2.3	No Liabilities in Event of Termination; Certain Covenants	11
	 	 	 	 
	Article III REPRESENTATIONS AND WARRANTIES	12
		3.1	Representations and Warranties	12
	 	 	 	 
	Article IV MISCELLANEOUS	13
		4.1	Amendments and Waivers	13
		4.2	Successors and Assigns	13
		4.3	Notices	13
		4.4	Further Assurances	14
		4.5	Entire Agreement	14
		4.6	Governing Law	14
		4.7	Jurisdiction	14
		4.8	WAIVER OF JURY TRIAL	15
		4.9	Severability	15
		4.10	Enforcement	15
		4.11	Counterparts; Facsimile Signatures	15
		4.12	Expenses	15

 

    i 

     

    

 

REORGANIZATION AGREEMENT

 

REORGANIZATION AGREEMENT (this “Agreement”),
dated as of June 29, 2021, by and among Clear Secure, Inc., a Delaware corporation (“Pubco”), Alclear Holdings, LLC,
a Delaware limited liability company (the “Company”), Alclear Investments, LLC, a Delaware limited liability company
(“Alclear Investments Stockholder”), Alclear Investments II, LLC, a Delaware limited liability company (“Alclear
Investments II Stockholder”), Alclear Management Pooling Vehicle, LLC, a Delaware limited liability company (“Pooling
LLC”), each Exercising Warrant Holder, each Exchanging Warrant Holder, each Non-Exchanging Warrant Holder, each Blocker Merger
Sub, each Blocker Entity and each of the individuals designated as “Blocker Entity Members” on the signature pages hereto.

 

RECITALS

 

WHEREAS, the Board of Directors of Pubco (the “Board”)
has determined to effect an underwritten initial public offering (the “IPO”) of Pubco’s Class A Common Stock;

 

WHEREAS, the parties hereto desire to effect the
Reorganization Transactions in contemplation of the IPO;

 

WHEREAS, in connection with the consummation of the
Reorganization Transactions and the IPO, the applicable parties hereto intend to enter into the Reorganization Documents; and

 

WHEREAS, the Pre-Reclassification Company LLC Agreement
contemplates that, in connection with an initial public offering, the Company may undertake a reorganization to provide for, among other
things, the exchange of the membership interests in the Company for common equity securities of a newly-formed corporation that will act
as the managing member of the Company and whose only material assets are the membership interests of the Company.

 

NOW, THEREFORE, in consideration of the foregoing
recitals and of the mutual promises hereinafter set forth, the parties hereto hereby agree as follows:

 

Article I

 

DEFINITIONS

 

1.1         
Certain Defined Terms.

 

(a)           
Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Pre-Reclassification Company
LLC Agreement.

 

(b)           
As used herein, the following terms shall have the following meanings:

 

     

     

    

 

“Blocker Entities” means each
of the entities identified as “Blocker Entities” on Schedule VI hereto.

 

“Blocker Merger Subs” means each
of the entities identified as “Blocker Merger Subs” on Schedule VI hereto.

 

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

 

“Class A Common Stock” shall mean
Class A Common Stock, par value $0.00001 per share, of Pubco, having the rights set forth in the Second Amended and Restated Certificate
of Incorporation.

 

“Class B Common Stock” shall mean
Class B Common Stock, par value $0.00001 per share, of Pubco, having the rights set forth in the Second Amended and Restated Certificate
of Incorporation.

 

“Class C Common Stock” shall mean
Class C Common Stock, par value $0.00001 per share, of Pubco, having the rights set forth in the Second Amended and Restated Certificate
of Incorporation.

 

“Class D Common Stock” shall mean
Class D Common Stock, par value $0.00001 per share, of Pubco, having the rights set forth in the Second Amended and Restated Certificate
of Incorporation.

 

“Common Stock” means, collectively,
the Class A Common Stock, Class B Common Stock, Class C Common Stock and Class D Common Stock.

 

“Company Common Units” means (i)
prior to effectiveness of the Post-Reclassification Company LLC Agreement, “Capital Units”, as such term is defined in the
Pre-Reclassification Company LLC Agreement and (ii) as of and following effectiveness of the Post-Reclassification Company LLC Agreement,
 “Common Units”, as such term is defined in the Post-Reclassification Company LLC Agreement.

 

“Company Member Schedule” means
the then-current Schedule A to the Pre-Reclassification Company LLC Agreement (as may be amended or restated from time to time).

 

“Company RSUs” means the Restricted
Stock Units granted by the Company under the MIP and outstanding immediately prior to the Pricing, which represent the right to receive
Class C Units following vesting.

 

“Discounted Price” means (i) the
IPO Price Per Share less (ii) the underwriting discount per share paid to the underwriters in the IPO.

 

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

 

    2

     

    

 

“Form 8-A Effective Time” means
the date and time on which the Registration Statement becomes effective, which will occur after the Pricing, on such date and at such
time as determined by Pubco.

 

“GA Collections” means General
Atlantic (AC) Collections, L.P.

 

“GA Collections 2” means General
Atlantic (AC) Collections 2, L.P.

 

“IPO Closing” means the initial
closing of the sale of the Class A Common Stock in the IPO.

 

“IPO Offering Expenses” means
the amount of any IPO offering expenses borne by Pubco (as agreed in writing by Pubco and the Company, for which email shall be sufficient),
but excluding the underwriting discount per share in the IPO, which offering expenses shall be the responsibility of the Company pursuant
to Section 2.1(c).

 

“IPO Price Per Share” means the
per share public offering price for the Class A Common Stock.

 

“MIP” means the Alclear Holdings,
LLC Amended and Restated Equity Incentive Plan, as the same may be amended from time to time.

 

“Offering Amount” means an amount
equal to the product of (i) the IPO Price Per Share multiplied by (ii) the number of shares of Class A Common Stock sold at the
IPO Closing.

 

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

 

“Pre-Reclassification Company LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of the Company, dated as of October 1, 2020.

 

“Pooling LLC Agreement” means
the Operating Agreement of Pooling, dated as of December 30, 2016.

 

“Pooling Member” means “Member”,
as such term is defined in the Pooling LLC Agreement.

 

“Pricing” means such date and
time as the Board or the pricing committee thereof determines to price the IPO.

 

“Registration Statement” means
the registration statement on Form 8-A filed by Pubco under the Exchange Act with the SEC to register the Class A Common Stock.

 

    3

     

    

 

“Reorganization Documents” means
each of the documents attached as an exhibit hereto and all other agreements and documents entered into in connection with the Reorganization
Transactions.

 

“SEC” means the Securities and
Exchange Commission.

 

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

 

“Unvested Company Common Units”
means any Company Common Unit resulting from the reclassification below of any Profit Units that, prior to the Pricing, had not met the
contractual vesting provisions set forth in the award agreement under the MIP pursuant to which such interests were originally granted.

 

1.2         
Terms Defined Elsewhere in this Agreement(a). Each of the following terms is defined in the Section set forth opposite such
term:

 

	Term	Section
	Agreement	Preamble
	Blocker Merger Agreements	2.1(b)(xi)
	Blocker Mergers	2.1(b)(xi)
	Board	Recitals
	Class C Shares	2.1(b)(xi)
	Class C Subscriber	2.1(b)(xi)
	Class C Subscription Agreements	2.1(b)(xi)
	Class D Shares	2.1(b)(xiv)
	Class D Subscription Agreements	2.1(b)(xiv)
	Company	Preamble
	Company Member Schedule	2.1(b)(iii)
	e-mail	4.3
	Exchange Agreement	2.1(b)(xv)
	Exchanging Warrant Holders	2.1(b)(i)
	Exercising Warrant Holders	2.1(b)(i)
	Hypothetical Liquidation Value	2.1(b)(iii)
	IPO	Recitals
	Pooling LLC	Preamble
	Pooling Redemption	2.1(b)(vii)
	Post-Reclassification Company LLC Agreement	2.1(b)(iii)
	Post-Reclassification Company Members	2.1(b)(xiii)
	Pubco	Preamble
	Pubco RSUs	2.1(b)(iv)
	Reorganization Transaction	2.1
	Reorganization Transactions	2.1
	Second Amended and Restated Certificate of Incorporation	2.1(a)(i)

  

    4

     

    

 

1.3         
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

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

 

Article II

 

THE REORGANIZATION

 

2.1         
Transactions. Subject to the terms and conditions hereinafter set forth, and on the basis of and in reliance upon the representations,
warranties, covenants and agreements set forth herein, the parties hereto shall take the actions described in this Section 2.1
(each, a “Reorganization Transaction” and, collectively, the “Reorganization Transactions”) in the
following sequence (and, unless provided herein to the contrary, no step or sub-step in the sequence shall commence until the immediately
preceding step or sub-step has been completed in its entirety):

 

(a)           
On or prior to the Pricing, the applicable parties shall have taken the actions set forth below (or caused such actions to take
place):

 

(i)             
Pubco shall adopt and file with the Secretary of State of the State of Delaware an amended and restated certificate of incorporation
of Pubco, in the form attached hereto as Exhibit A (the “Second Amended and Restated Certificate of Incorporation”).

 

(ii)             The Board shall adopt amended and restated by-laws of Pubco in the form attached hereto as Exhibit B.

 

(iii)            The
persons identified on Schedule I hereto shall each (x) resign from Alclear Investments Stockholder and thereupon, in
accordance with Section 18-604 of the Delaware Limited Liability Company Act, shall receive from Alclear Investments Stockholder
membership interests in the Company representing the fair value of each resigning person’s interests in Alclear Investments
Stockholder as of immediately prior to such resignation and (y) thereafter contribute to Alclear Investments II Stockholder such
membership interests in the Company in exchange for interests in Alclear Investments II Stockholder.

 

    5

     

    

 

(b)          
Immediately following Pricing and prior to the Form 8-A Effective Time, the applicable parties shall take the actions set forth
below (or cause such actions to take place):

 

(i)             
To the extent not previously exercised, expired or terminated in accordance with their terms, (x) the holders of Company warrants
identified under Section (A) of Schedule II hereto shall exercise all of their vested Company warrants for Class B Units (the “Exercising
Warrant Holders”); (y) Pubco and the holders of unvested Company warrants identified under Section (B) of Schedule II
hereto (the “Exchanging Warrant Holders”), shall exchange all such warrants for new Pubco warrants representing the
right to receive a number of Class A Common Stock based on the Hypothetical Liquidation Value of the Units underlying such warrants, and
on the same economic terms and subject to the same other terms and conditions as the Company warrants and (z) the warrants identified
under Section (C) of Schedule II hereto shall continue to remain outstanding and remain exercisable into Class B Units in accordance
with their terms (until such time as such warrants are exercisable by the holders thereof (the “Non-Exchanging Warrant Holders”)
into Company Common Units in accordance with their Hypothetical Liquidation Value).

 

(ii)             If
not completed prior to the Pricing, GA Collections and GA Collections 2, together with certain of their affiliates, shall undertake an
internal restructuring, as described on Exhibit C hereto.

 

(iii)            The
Company shall: (x) reclassify all Units outstanding or reserved for issuance, in each case, as of immediately prior to the Form 8-A
Effective Time into the number of Company Common Units, in the aggregate, set forth on Schedule III hereto, which Schedule
shall be based on such Units being reclassified into a number of Company Common Units (rounded up or down to the nearest whole
number) having a value equal to the amount that would have been distributed in respect thereof pursuant to ARTICLE VII of the
Pre-Reclassification Company LLC Agreement had the Company been liquidated on the date of the Form 8-A Effective Time and gross
proceeds from such liquidation been distributed to the members of the Company immediately prior to the Form 8-A Effective Time
pursuant to ARTICLE VII of the Pre-Reclassification Company LLC Agreement in an aggregate amount equal to the total equity value of
all Units immediately prior to the Form 8-A Effective Time that is implied by the IPO Price Per Share (with respect to each Unit,
its “Hypothetical Liquidation Value”) and in a manner that optimizes the capital structure of the Company to
facilitate the IPO, provided that any Company Common Units that were reclassified from unvested Profit Units will continue to
be subject to vesting on the same terms as set forth in the original award agreements under the MIP; (y) amend and restate its
limited liability company agreement in the form attached hereto as Exhibit D (the “Post-Reclassification Company LLC
Agreement”) so that, among other things, (I) Pubco shall become the sole managing member of the Company and
(II) after giving effect to the reclassification described in clause (iii)(x) above, each of the Persons listed on the Company
Member Schedule shall be or become members of the Company and shall own the number of Company Common Units set forth opposite such
Post-Reclassification Company Member’s name on the Company Member Schedule; and (z) as soon as reasonably practicable, provide
written notice to each Post-Reclassification Company Member setting forth the Hypothetical Liquidation Value attributable to the
Units previously held thereby and the resulting number of Company Common Units then owned thereby.

 

    6

     

    

 

(iv)            Pooling
LLC shall reclassify each Capital Unit and Profit Unit (as each such term is defined in the Pooling LLC Agreement) outstanding as of
the Pricing into a number of Pooling LLC Common Units equal to the number of Company Common Units into which such Capital Unit and Profit
Unit (as each such term is defined in the Pooling LLC Agreement), as the case may be, shall be reclassified pursuant to Section 2.1(b)(iii),
provided that all such Pooling LLC Common Units which result from the reclassification of Profit Units in Pooling LLC that remained
subject to contractual vesting conditions, as set forth in the award agreement under the MIP pursuant to which such interests were originally
granted, will continue to be subject to the same vesting conditions.

 

(v)             All
Company RSUs shall be substituted with restricted stock units for Class A Common Stock (“PubCo RSUs”) through (x)
the cancellation by the Company of all Company RSUs and (y) the grant by PubCo of PubCo RSUs subject to the same vesting terms as applied
to the cancelled Company RSUs. PubCo shall provide written notice to each recipient of substituted PubCo RSUs setting forth the number
of shares of Class A Common Stock subject to such PubCo RSUs.

 

(vi)           
(x) Alclear Investments Stockholder shall make a capital contribution of 851,787 Company Common Units to Pubco in exchange for
the issuance by Pubco of 851,787 shares of Class B Common Stock and (y) Alclear Investments II Stockholder shall make a capital contribution
of 190,447 Company Common Units to Pubco in exchange for the issuance by Pubco of 190,447 shares of Class B Common Stock.

 

    7

     

    

 

 

(vii)         
Pooling LLC shall redeem all of its interests held by the persons identified on Schedule IV hereto in exchange for the number
of Company Common Units identified on such Schedule IV hereto (the “Pooling Redemption”).

 

(viii)       
Following the Pooling Redemption, Pooling LLC shall make a capital contribution of all of its Company Common Units to Pubco in
exchange for the issuance by Pubco of an equal number of shares of Class A Common Stock; provided, that all shares of Class A Common
Stock received in exchange for Unvested Company Common Units received in the reclassification described in clause (iii)(x) above shall
remain subject to the same vesting conditions as were applicable to the interests in the Company from which such Unvested Company Common
Units were reclassified, as set forth in the award agreement under the MIP pursuant to which such interests were originally granted.

 

(ix)           Immediately prior to the Form 8-A Effective Time, after giving effect to the reclassification described in clause (iii)(x) above,
the Company and Pubco shall exchange all of the Company Common Units other than those held by the persons identified on Schedule V
hereto for an equal number of Class A Common Stock; provided, that all shares of Class A Common Stock received in exchange for
Unvested Company Common Units received in the reclassification described in clause (iii)(x) above shall remain subject to the same vesting
conditions as were applicable to the interests in the Company from which such Unvested Company Common Units were reclassified, as set
forth in the award agreement under the MIP pursuant to which such interests were originally granted.

 

(x)             The
Company shall sell to Pubco, and Pubco shall repurchase from the Company, all of the Company’s outstanding shares of common stock
in Pubco for $100 (prior to giving effect to the Blocker Merger Agreements, the Class C Subscription Agreements and the Class D Subscription
Agreements).

 

(xi)            On
or prior to the date hereof, the Company shall have formed each of the Blocker Merger Subs. Pursuant to merger agreements, each in the
form attached hereto as Exhibit E (the “Blocker Merger Agreements”), each Blocker Merger Sub shall merge with
and into its respective Blocker Entity simultaneously, with such Blocker Entity continuing as the surviving company of such merger and
becoming a wholly-owned subsidiary of Pubco, and the owners of each Blocker Entity shall receive the number of shares of Class A Common
Stock equal to the number of Company Common Units set forth opposite such Blocker Entity’s name on the Company Member Schedule
(the mergers described in this Section 2.1(b)(xi), the “Blocker Mergers”).

 

    8 

     

    

 

(xii)         Substantially
concurrently following each Blocker Merger, the surviving Blocker Entity thereof shall merge into Pubco sequentially in the order described
on Schedule VI hereto, with Pubco surviving each such merger.

 

(xiii)       
Immediately following the Blocker Mergers, as a condition to receiving Company Common Units in the reclassification described in
clause (iii)(x) above, each holder of Company Common Units after the consummation of transactions contemplated by clauses (vii)-(xii)
(the “Post-Reclassification Company Members”) other than Pubco, Alclear Investments Stockholder and Alclear Investments
II Stockholder shall enter into a Subscription Agreement in the form attached hereto as Exhibit F (collectively, the “Class
C Subscription Agreements”), whereby such Post-Reclassification Company Member (each, a “Class C Subscriber”)
shall subscribe for, and Pubco shall issue to each such Class C Subscriber upon a cash payment therefor in an amount equal to $0.00001
par value per share, the number of shares of Class C Common Stock (the “Class C Shares”) equal to the number of Company
Common Units set forth opposite such Post-Reclassification Company Member’s name on the Company Member Schedule.

 

(xiv)        
Immediately following the Blocker Mergers, as a condition to receiving Company Common Units in the reclassification described in
clause (iii)(x) above, Alclear Investments Stockholder and Alclear Investments II Stockholder shall each enter into a Subscription Agreement
in the form attached hereto as Exhibit G (the “Class D Subscription Agreements”), whereby Alclear Investments
Stockholder and Alclear Investments II Stockholder shall subscribe for, and Pubco shall issue to Alclear Investments Stockholder and Alclear
Investments II Stockholder upon a cash payment therefor in an amount equal to $0.00001 par value per share, the number of shares of Class
D Common Stock (the “Class D Shares”) equal to the number of Company Common Units set forth opposite Alclear Investments
Stockholder’s and Alclear Investments II Stockholder’s respective name on the Company Member Schedule.

 

(xv)          
As a condition to receiving Company Common Units in the reclassification described in clause (iii)(x) above, each of the Post-Reclassification
Company Members shall enter into an Exchange Agreement with the Company and Pubco in the form attached hereto as Exhibit H (the
 “Exchange Agreement”), whereby each such Post-Reclassification Company Member shall be permitted to exchange with Pubco
its Company Common Units and shares of Class C Common Stock or Class D Common Stock, as the case may be, for shares of Class A Common
Stock or Class B Common Stock, as applicable.

 

    9 

     

    

 

(xvi)        As
a condition to entering into the Exchange Agreement, Pubco and the Post-Reclassification Company Members shall enter into a Tax Receivable
Agreement in the form attached hereto as Exhibit I.

 

(xvii)     
The Company shall amend the MIP as set forth on Exhibit J.

 

(xviii)    
Pubco, the Post-Reclassification Company Members (other than Pubco), Alclear Investments Stockholder and Alclear Investments II
Stockholder shall enter into a Registration Rights Agreement in the form attached hereto as Exhibit K.

 

(xix)        
Pooling LLC shall make a distribution to the remaining Pooling Members of the shares of Class A Common Stock issued to Pooling
LLC pursuant to clause (vii) above; provided, that any such shares of Class A Common Stock which resulted from the reclassification
of Profit Units that, prior to the Pricing, remained subject to the contractual vesting terms pursuant to the original award agreement
with respect to such Profit Units will continue to be subject to the same vesting conditions.

 

(c)              
Immediately following the IPO Closing, Pubco shall acquire from the Company, at a price per Company Common Unit equal to the IPO
Price Per Share (such that the Company shall be responsible for the underwriting discount per share paid in the IPO Closing with respect
to the Offering Amount) an aggregate number of Company Common Units equal to the number of shares of Class A Common Stock so purchased
in the IPO Closing; provided that for administrative convenience and subject to the following sentence, the net amount per Company
Common Unit paid to the Company by Pubco shall be the Discounted Price. The aggregate purchase price for such Company Common Units will
be paid in cash by Pubco to, or at the direction of, the Company; provided that Pubco may reduce the amount paid thereby by the
amount of any IPO Offering Expenses borne by Pubco and not otherwise reimbursed.

 

(d)              
If at any time following the IPO Closing the underwriters exercise their option to purchase additional shares of Class A Common
Stock from Pubco, Pubco shall acquire from the Company, at a price per Company Common Unit equal to the IPO Price Per Share (such that
the Company shall be responsible for the underwriting discount per share paid with respect thereto), an aggregate number of additional
Company Common Units equal to the number of additional shares of Class A Common Stock so purchased by the underwriters; provided
that for administrative convenience and subject to the following sentence, the net amount per Company Common Unit paid to the Company
by Pubco shall be the Discounted Price. The aggregate purchase price for such Company Common Units will be paid in cash by Pubco to, or
at the direction of, the Company; provided that Pubco may reduce the amount paid thereby by the amount of any additional IPO Offering
Expenses borne by Pubco and not otherwise reimbursed (whether pursuant to Section 2.1(c) or otherwise).

 

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2.2           Consent to Reorganization Transactions.

 

(a)              
Each of the parties hereto hereby acknowledges, agrees and consents to all of the Reorganization Transactions. Each of the parties
hereto shall take all reasonable action necessary or appropriate in order to effect, or cause to be effected, to the extent within its
control, each of the Reorganization Transactions and the IPO.

 

(b)              
The parties hereto shall deliver to each other, as applicable, prior to or at the Form 8-A Effective Time, each of the Reorganization
Documents to which it is a party, together with any other documents and instruments necessary or appropriate to be delivered in connection
with the Reorganization Transactions.

 

2.3           No
Liabilities in Event of Termination; Certain Covenants(a).

 

(a)              
In the event that the IPO is abandoned or, unless the Board, the Company, Alclear Investments Stockholder and Alclear Investments
II Stockholder otherwise agree, the IPO Closing has not occurred by September 1, 2021, (a) this Agreement shall automatically terminate
and be of no further force or effect except for this Section 2.3 and Sections 4.1-4.12 and (b) there shall
be no liability on the part of any of the parties hereto, except that such termination shall not preclude any party from pursuing judicial
remedies for damages and/or other relief as a result of the breach by the other parties of any representation, warranty, covenant or agreement
contained herein prior to such termination.

 

(b)              
In the event that this Agreement is terminated for any reason after the consummation of any Reorganization Transaction, but prior
to the consummation of all of the Reorganization Transactions, the parties agree, as applicable, to cooperate and work in good faith to
execute and deliver such agreements and consents and amend such documents and to effect such transactions or actions as may be necessary
to re-establish the rights, preferences and privileges that the parties hereto had prior to the consummation of the Reorganization Transactions,
or any part thereof, including, without limitation, voting any and all securities owned by such party in favor of any amendment to any
organizational document and in favor of any transaction or action necessary to re-establish such rights, powers and privileges and causing
to be filed all necessary documents with any governmental authority necessary to reestablish such rights, preferences and privileges (it
being understood and agreed that if such termination occurs subsequent to the events described in Section 2.1(b)(iii) hereof, the
parties agree to amend the Post-Reclassification LLC Agreement so that the governance, transfer restrictions, liquidity rights and other
related provisions therein with respect to Pubco, Pubco’s subsidiaries and Pubco’s and the Company’s securities correspond
in all substantive respects with the provisions contained in the Pre-Reclassification Company LLC Agreement as in effect on the date hereof).

 

(c)               For
the avoidance of doubt, each party hereto acknowledges and agrees that until the consummation of the Reorganization Transactions:
(i) the parties hereto shall not receive or lose any voting, governance or similar rights in connection with this Agreement or the
Reorganization Transactions and (ii) the rights of the parties hereto under the Pre-Reclassification Company LLC Agreement shall not
be effected.

 

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Article III

 

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties. Each party hereto hereby represents and warrants to all of the other parties hereto as follows:

 

(a)              
The execution, delivery and performance by such party of this Agreement and of the applicable Reorganization Documents, to the
extent a party thereto, has been or prior to the Form 8-A Effective Time will be duly authorized by all necessary action. If such party
is not an individual, such party is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization
or incorporation;

 

(b)              
Such party has or prior to the Form 8-A Effective Time will have the requisite power, authority, legal right and, if such party
is an individual, legal capacity, to execute and deliver this Agreement and each of the Reorganization Documents, to the extent a party
thereto, and to consummate the transactions contemplated hereby and thereby, as the case may be;

 

(c)              
This Agreement and each of the Reorganization Documents to which it is a party has been (or when executed will be) duly executed
and delivered by such party and constitutes the legal, valid and binding obligation of such party, enforceable against such party in accordance
with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding
in equity or at law) and (iii) an implied covenant of good faith and fair dealing; and

 

(d)              
Neither the execution, delivery and performance by such party of this Agreement and the applicable Reorganization Documents, to
the extent a party thereto, nor the consummation by such party of the transactions contemplated hereby, nor compliance by such party with
the terms and provisions hereof, will, directly or indirectly (with or without notice or lapse of time or both), (i) if such party is
not an individual, contravene or conflict with, or result in a breach or termination of, or constitute a default under (or with notice
or lapse of time or both, result in the breach or termination of or constitute a default under) the organizational documents of such party,
(ii) constitute a violation by such party of any existing requirement of law applicable to such party or any of its properties, rights
or assets or (iii) require the consent or approval of any Person, except, in the case of the foregoing clauses (ii) and (iii), as would
not reasonably be expected to result in, individually or in the aggregate, a material adverse effect on the ability of such party to consummate
the transactions contemplated by this Agreement.

 

    12 

     

    

 

Article IV

 

MISCELLANEOUS

 

4.1           Amendments and Waivers. This Agreement (including the Exhibits) may be modified, amended or waived only with the written
approval of Pubco, the Company, Alclear Investments Stockholder and Alclear Investments II Stockholder; provided, however,
that any modification, amendment or waiver that would affect any other party hereto in a manner materially and disproportionately adverse
to such party shall be effective against such party so materially and adversely affected only with the prior written consent of such party,
such consent not to be unreasonably withheld or delayed. The failure of any party to enforce any of the provisions of this Agreement shall
in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every
provision of this Agreement in accordance with its terms. Notwithstanding anything to the contrary in this Section 4.1, nothing
in this Section 4.1 shall be deemed to contradict the provisions of Section 2.3 hereof.

 

4.2           Successors
and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective
successors and permitted assigns.

 

4.3           Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including electronic mail (“e-mail”)
transmission, so long as a receipt of such e-mail is requested and not received by automated response). All such notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business
Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding
Business Day in the place of receipt. All such notices, requests and other communications to any party hereunder shall be given to such
party as follows:

 

If to Pubco, the Company, Alclear Investments Stockholder,
Alclear Investments II Stockholder, Pooling LLC or any Blocker Merger Sub, addressed to it at:

Clear Secure, Inc.

65 East 55th Street, 17th Floor

New York, New York, 10022

Attention: Matthew Levine, General Counsel and Chief Privacy Officer

E-mail:

 

With copies (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	Attention:	 Brian M. Janson
	 	Brian Scrivani
	E-mail:	bjanson@paulweiss.com
	 	bscrivani@paulweiss.com

 

If to any Exercising Warrant Holder, Exchanging Warrant Holder,
Non-Exchanging Warrant Holder, Blocker Entity or Blocker Entity Member, addressed to it at the last-known address of such Person.

 

If to any other party, at the address or e-mail address
specified for such party on the Company Member Schedule or to such other address or e-mail address as such party may hereafter specify
for the purpose by notice to the other parties hereto.

 

    13 

     

    

 

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

 

4.5           Entire
Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the Reorganization Documents, embodies the
complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any
prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter
hereof in any way.

 

4.6           Governing
Law. This Agreement shall be governed in all respects by the laws of the State of Delaware, without regard to the conflicts of law
rules of such State that would result in the application of the laws of any other State.

 

4.7           Jurisdiction.
The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its affiliates
or against any party or any of its affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction,
any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents
to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such
suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party
as provided in Section 4.3 shall be deemed effective service of process on such party.

 

    14 

     

    

 

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

 

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

 

4.10         Enforcement.
Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting
any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other
equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions
hereof.

 

4.11         Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. This Agreement may be executed by facsimile, e-mail or .pdf format signature(s).

 

4.12         Expenses.
Unless otherwise provided in the Reorganization Documents, all costs and expenses incurred in connection with the negotiation and execution
of this Agreement and the transactions contemplated by this Agreement shall be paid by the party incurring such cost or expense.

 

    15 

     

    

 

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

 

	 	CLEAR SECURE, INC.
	 	 
	 	By:	/s/ Caryn Seidman-Becker
	 	 	Name: Caryn Seidman-Becker
	 	 	Title: Chief Executive Officer
	 	 
	 	ALCLEAR HOLDINGS, LLC
	 	 
	 	By:	/s/ Caryn Seidman-Becker
	 	 	Name: Caryn Seidman-Becker
	 	 	Title: Chief Executive Officer

 

[Signature Page to the Reorganization Agreement]

 

     

     

    

 

	 	ALCLEAR INVESTMENTS, LLC
	 	 
	 	By:	/s/ Caryn Seidman-Becker
	 	 	Name: Caryn Seidman-Becker
	 	 	Title: Manager

 

[Signature Page to the Reorganization Agreement]

 

     

     

    

 

	 	ALCLEAR INVESTMENTS II, LLC
	 	 
	 	By:	 /s/ Kenneth L. Cornick
	 	 	Name: Kenneth L. Cornick
	 	 	Title: Manager

 

[Signature Page to the Reorganization Agreement] 

 

     

     

    

 

	 	ALCLEAR MANAGEMENT POOLING VEHICLE,
    LLC

 

		By:	/s/ Kenneth L. Cornick
	 		Name: Kenneth L. Cornick
	 		Title: President

 

[Signature Page to the Reorganization
Agreement]

 

     

     

    

 

	 	32 EQUITY LLC 
	 	 	 
	 	By:	/s/ Joe Siclare
	 		Name: Joe Siclare
	 		Title: CFO
	 	 	 
	 	NFL PROPERTIES LLC
	 	 
	 	By:	/s/ Anthony Cardillo                               
 
	 		Name: Anthony Cardillo
	 		Title: SVP Finance & Accounting

 

	/s/ JQ	/s/
    MDM
	Approved by Finance	
    Approved – NFL Legal & Business Affairs

     

     

  

[Signature Page to the Reorganization
Agreement]

 

     

     

    

 

	 	SAFELY LLC
	 	 
	 	By:	/s/ Marcia Turner                               
	 	 	Name: Marcia Turner
	 	 	Title: Authorized Representative

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	BROWNSTEIN HYATT FARBER SCHRECK, LLP
	 	 
	 	By:	/s/ Norman Brownstein                          
	 	 	 Name: Norman Brownstein

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	LIBERTY CLEAR HOLDINGS, LLC
	 	By: Liberty Media Corporation, its Sole Member
Manager
	 	 
	 	By:	/s/ Josef Hoelscher                               
	 	 	 Name: Josef Hoelscher
	 	 	 Title: VP Corporate Development

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	BLOCKER ENTITIES:
	 	 
	 	ALCLEAR NHF
    LLC
	 	By: T. Rowe
    Price New Horizons Fund, Inc., Member
	 	 
	 	By:	/s/
    Joshua K. Spencer        
	 	Name: Joshua K.
    Spencer
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR NHT
    LLC
	 	By: T. Rowe
    Price New Horizons Trust, Member
	 	By: T. Rowe
    Price Trust Company, Trustee
	 	 
	 	By:	/s/
    Joshua K. Spencer        
	 	Name: Joshua K.
    Spencer
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR USET
    LLC
	 	By: T. Rowe
    Price U.S. Equities Trust, Member
	 	By: T. Rowe
    Price Trust Company, Trustee
	 	 
	 	By:	/s/
    Joshua K. Spencer        
	 	Name: Joshua K.
    Spencer
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR SCSF,
    LLC
	 	By: T. Rowe
    Price Small-Cap Stock Fund, Inc., Member
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR SCI,
    LLC
	 	By: T. Rowe Price Institutional Small-Cap Stock Fund, Member
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	ALCLEAR PSIF,
    LLC
	 	By: T. Rowe
    Price Personal Strategy Income Fund, Member
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR PSBF,
    LLC
	 	By: T. Rowe
    Price Personal Strategy Balanced Fund, Member
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR PSGF,
    LLC
	 	By: T. Rowe
    Price Personal Strategy Growth Fund, Member
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR PSBP,
    LLC
	 	By: T. Rowe
    Price Personal Strategy Balanced Portfolio, Member
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President
	 	 
	 	ALCLEAR SCST,
    LLC
	 	By: U.S. Small-Cap
    Stock Trust, Member
	 	By: T. Rowe
    Price Trust Company, Trustee
	 	 
	 	By:	/s/
    Francisco Alonso          
	 	Name: Francisco
    Alonso
	 	Title:   Vice
    President

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	ALCLEAR SCCET, LLC
	 	By: U.S. Small-Cap Core Equity Trust, Member
	 	By: T. Rowe Price Trust Company, Trustee
	 	 
	 	By:	/s/ Francisco
    Alonso          
	 	Name: Francisco Alonso
	 	Title:   Vice President
	 	 
	 	ALCLEAR SCVF, LLC
	 	By: T. Rowe Price Small-Cap Value Fund, Inc.,
    Member
	 	 
	 	By:	/s/ J David Wagner            
	 	Name: J David Wagner
	 	Title:   Vice President
	 	 
	 	ALCLEAR SCVET, LLC
	 	By: U.S. Small-Cap Stock Trust, Member
	 	By: T. Rowe Price Trust Company, Trustee
	 	 
	 	By:	/s/ J David Wagner            
	 	Name: J David Wagner
	 	Title:   Vice President

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	DCP ALCLEAR LLC
	 	By: Durable Capital Master Fund LP
	 	By: Durable Capital Partners LP, as investment
    manager
	 	 
	 	By:	/s/ Julie Jack                     
	 	Name: Julie Jack
	 	Title:   Authorized Person

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	BOND CLEARME INC.
	 	 
	 	By:	/s/ Paul Vronsky                     
	 	Name: Paul Vronsky
	 	Title:   Director

 

[Signature
                                            Page to the Reorganization Agreement]

 

     

     

    

 

	 	RG CLEAR HOLDINGS, INC.
	 	 
	 	By:	/s/ Steven J. Murray
	 	Name:	Steven J. Murray
	 	Its:	President

 

[Signature Page to the Reorganization
Agreement]

 

     

     

    

 

	 	GENERAL ATLANTIC (AC)
	 	COLLECTIONS, L.P.
	 	 
	 	By: General Atlantic (SPV) GP, LLC, its
	 	general partner
	 	 
	 	By: General Atlantic, LLC, its sole member

 

	 	By:	/s/
    J. Frank Brown
	 	Name:	J. Frank Brown
	 	Title:	Managing Director

 

	 	GENERAL ATLANTIC (AC)
	 	COLLECTIONS 2, L.P.
	 	 
	 	By: General Atlantic (SPV) GP, LLC, its
	 	general partner
	 	 
	 	By: General Atlantic, LLC, its sole member

 

	 	By:	/s/
    J. Frank Brown
	 	Name:	J. Frank Brown
	 	Title:	Managing Director

 

[Signature Page to the Reorganization
Agreement]

 

     

     

    

 

	 	BLOCKER MERGER SUBS:
	 	 
	 	CLEAR MERGER SUB 1, INC.
	 	 
	 	By: 	/s/
    Matthew Levine
	 	Name: 	Matthew Levine
	 	Title: 	President

 

	 	CLEAR MERGER SUB 2, INC.
	 	 
	 	By: 	/s/
    Matthew Levine
	 	Name: 	Matthew Levine
	 	Title: 	President

 

	 	CLEAR MERGER SUB 3, INC.
	 	 
	 	By: 	/s/
    Matthew Levine 
	 	Name: 	Matthew Levine
	 	Title: 	President

 

	 	CLEAR MERGER SUB 4, INC.
	 	 
	 	By: 	/s/
    Matthew Levine 
	 	Name: 	Matthew Levine
	 	Title: 	President

 

	 	CLEAR MERGER SUB 5, INC.
	 	 
	 	By: 	/s/
    Matthew Levine
	 	Name: 	Matthew Levine
	 	Title: 	President

 

	 	CLEAR MERGER SUB 6, INC.
	 	 
	 	By: 	/s/
    Matthew Levine
	 	Name: 	Matthew Levine
	 	Title: 	President

 

	 	CLEAR MERGER SUB 7, INC.
	 	 
	 	By: 	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title: 	President

 

[Signature Page to the Reorganization
Agreement]

 

     

     

    

 

	 	CLEAR MERGER SUB 8, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 9, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 10, INC.
	 	 
	 	By: /	/s/
    Matthew Levine 
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 11, INC.
	 	 
	 	By: /	/s/
    Matthew Levine 
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 12, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 13, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 14, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

[Signature Page to the Reorganization
Agreement]

 

     

     

    

 

	 	CLEAR MERGER SUB 15, INC.
	 	 
	 	By: 	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 16, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 17, INC.
	 	 
	 	By:	/s/
    Matthew Levine 
	 	Name:	Matthew Levine
	 	Title:	President

 

	 	CLEAR MERGER SUB 18, INC.
	 	 
	 	By:	/s/
    Matthew Levine
	 	Name:	Matthew Levine
	 	Title:	President

 

[Signature Page to the Reorganization
Agreement] 

 

     

     

    

 

	 	BLOCKER MERGER SUB MEMBERS:
	 	 
	 	T. ROWE PRICE NEW HORIZONS FUND,
    INC.
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE NEW HORIZONS TRUST
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE TRUST COMPANY
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE U.S. EQUITIES TRUST
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE SMALL-CAP STOCK
    FUND, INC.
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

[Signature Page to the Reorganization
Agreement] 

 

     

     

    

 

	 	T. ROWE PRICE INSTITUTIONAL SMALL-CAP
    STOCK FUND
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE PERSONAL STRATEGY
    INCOME FUND
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE PERSONAL STRATEGY
    BALANCED FUND
	 	 
	 	By:	/s/
    Andrew Baek 
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE PERSONAL STRATEGY
    GROWTH FUND
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	T. ROWE PRICE PERSONAL STRATEGY
    BALANCED PORTFOLIO
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

[Signature Page to the Reorganization
Agreement] 

 

     

     

    

 

	 	T. ROWE PRICE SMALL-CAP VALUE
    FUND, INC.
	 	 
	 	By:	/s/
    Andrew Baek 
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

[Signature
Page to the Reorganization Agreement]

 

     

     

    

 

	 	U.S. SMALL-CAP STOCK TRUST
	 	 
	 	By:	/s/
    Andrew Baek 
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

	 	U.S. SMALL-CAP CORE EQUITY TRUST
	 	 
	 	By:	/s/
    Andrew Baek
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel

 

[Signature
Page to the Reorganization Agreement] 

 

     

     

    

 

	 	DURABLE CAPITAL MASTER FUND LP
	 	 
	 	By :	Durable Capital Partners LP, as investment
    manager
	 	 
	 	By:	/s/ Julie Jack
	 	Name:	Julie Jack
	 	Title:	Authorized Person

 

	 	DURABLE CAPITAL PARTNERS LP
	 	 
	 	By: 	/s/
    Julie Jack
	 	Name: 	Julie Jack
	 	Title: 	Authorized Person

 

[Signature Page to the Reorganization
Agreement]Exhibit 10.2

 

 

AMENDED
AND RESTATED

OPERATING AGREEMENT

of

ALCLEAR HOLDINGS, LLC

Dated as of June 29, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page

	 	 
	Article I DEFINITIONS AND USAGE	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitional and Interpretative Provisions	12
	 	 	 
	Article II THE COMPANY	13
	 	 	 
	Section 2.01	Formation	13
	Section 2.02	Name	13
	Section 2.03	Term	13
	Section 2.04	Registered Agent and Registered Office	13
	Section 2.05	Purposes	13
	Section 2.06	Powers of the Company	13
	Section 2.07	Partnership Tax Status	13
	Section 2.08	Regulation of Internal Affairs	13
	Section 2.09	Ownership of Property	14
	Section 2.10	Subsidiaries	13
	 	 	 
	Article III UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS	14
	 	 	 
	Section 3.01	Units; Admission of Members	14
	Section 3.02	Substitute Members and Additional Members	15
	Section 3.03	Tax and Accounting Information	15
	Section 3.04	Books and Records	17
	 	 	 
	Article IV CLEAR SECURE OWNERSHIP; RESTRICTIONS ON CLEAR SECURE STOCK	17
	 	 	 
	Section 4.01	Clear Secure Ownership	17
	Section 4.02	Restrictions on Clear Secure Common Stock	18
	 	 	 
	Article V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS	21
	 	 	 
	Section 5.01	Capital Contributions	21
	Section 5.02	Capital Accounts	21
	Section 5.03	Amounts and Priority of Distributions	23
	Section 5.04	Allocations	26
	Section 5.05	Other Allocation Rules	28
	Section 5.06	Tax Withholding; Withholding Advances	29
	 	 	 
	Article VI CERTAIN TAX MATTERS	31
	 	 	 
	Section 6.01	Partnership Representative	31
	Section 6.02	Section 754 Election	32

 

    i 

     

    

 

	Article VII MANAGEMENT OF THE COMPANY	32
	 	 	 
	Section 7.01	Management by the Managing Member	32
	Section 7.02	Withdrawal of the Managing Member	33
	Section 7.03	Decisions by the Members	33
	Section 7.04	Fiduciary Duties	34
	Section 7.05	Officers	35
	 	 	 
	Article VIII TRANSFERS OF INTERESTS	35
	 	 	 
	Section 8.01	Restrictions on Transfers	35
	Section 8.02	Certain Permitted Transfers	37
	Section 8.03	Registration of Transfers	37
	 	 	 
	Article IX OTHER AGREEMENTS	38
	 	 	 
	Section 9.01	Noncompete	38
	Section 9.02	Nonsolicitation	38
	 	 	 
	Article X LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION	38
	 	 	 
	Section 10.01	Limitation on Liability	38
	Section 10.02	Exculpation and Indemnification	39
	 	 	 
	Article XI DISSOLUTION AND TERMINATION	41
	 	 	 
	Section 11.01	Dissolution	41
	Section 11.02	Winding Up of the Company	42
	Section 11.03	Termination	43
	Section 11.04	Survival	43
	 	 	 
	Article XII MISCELLANEOUS	43
	 	 	
	Section 12.01	Expenses	43
	Section 12.02	Further Assurances	43
	Section 12.03	Notices	43
	Section 12.04	Binding Effect; Benefit; Assignment	44
	Section 12.05	Jurisdiction	44
	Section 12.06	Counterparts	45
	Section 12.07	Entire Agreement	45
	Section 12.08	Severability	45
	Section 12.09	Amendment	45
	Section 12.10	Confidentiality	46
	Section 12.11	Governing Law	47

 

		Schedule	A Common Units

 

    ii 

     

    

 

 

AMENDED AND RESTATED OPERATING AGREEMENT (this “Agreement”)
OF ALCLEAR HOLDINGS, LLC, a Delaware limited liability company (the “Company”), dated as of June 29, 2021, by and among
the Company, Clear Secure, Inc., a Delaware corporation (“Clear Secure”), and the other Persons listed on the signature
pages hereto.

 

W I T N E S S E T H:

 

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

 

WHEREAS, Alclear entered into the initial Operating
Agreement of the Company, dated as of January 22, 2010 (as subsequently amended and restated on each of November 22, 2019 and October
1, 2020, the “Prior Operating Agreement”);

 

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

 

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

 

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

 

Article I

DEFINITIONS AND USAGE

 

Section 1.01       
Definitions.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2 

     

    

 

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

 

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

 

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

 

(iv)        The
Carrying Values of such Properties shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such Properties
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subparagraph (vi) of
the definition of “Net Income” and “Net Loss” or Section 5.04(b)(vi); provided, however,
that Carrying Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to subparagraph (ii) is
required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv). If the Carrying
Value of such Property has been determined or adjusted pursuant to subparagraph (i), (ii) or (iv), such Carrying Value shall
thereafter be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Net Income and Net
Loss.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9 

     

    

 

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

 

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

 

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

 

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

 

“Tax Receivable Agreement” means
the Tax Receivable Agreement, dated as of June 29, 2021, by and among Clear Secure, Alclear Investments, LLC, Alclear Investments II,
LLC and the other parties thereto.

 

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

 

    10 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    11 

     

    

 

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

 

    12 

     

    

 

Article II

THE COMPANY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13 

     

    

 

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

 

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

 

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

 

Article III

UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS

 

Section 3.01       
Units; Admission of Members.

 

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

 

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

 

    14 

     

    

 

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

 

Section 3.02       
Substitute Members and Additional Members.

 

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

 

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

 

Section 3.03       
Tax and Accounting Information.

 

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

 

    15 

     

    

 

 

 

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

 

(c)              
Financial Reports.

 

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

 

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

 

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

 

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

 

(d)              
Tax Returns.

 

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

 

    16

     

    

 

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

 

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

 

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

 

Article IV

CLEAR SECURE OWNERSHIP; RESTRICTIONS ON CLEAR SECURE STOCK

 

Section 4.01       
Clear Secure Ownership.

 

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

 

    17

     

    

 

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

 

Section 4.02       
Restrictions on Clear Secure Common Stock.

 

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

 

    18

     

    

 

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

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

    20

     

    

 

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

 

Article V

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

DISTRIBUTIONS; ALLOCATIONS

 

Section 5.01       
Capital Contributions.

 

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

 

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

 

Section 5.02       
Capital Accounts.

 

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

 

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

 

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

 

    21

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.03       
Amounts and Priority of Distributions.

 

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

 

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

 

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

 

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

 

(e)              
Tax Distributions.

 

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

 

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

 

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

 

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

 

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

 

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

 

    25

     

    

 

Section 5.04       
Allocations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.05       
Other Allocation Rules.

 

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

 

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

 

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

 

Section 5.06       
Tax Withholding; Withholding Advances.

 

(a)              
Tax Withholding.

 

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

 

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

 

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

 

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

 

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

 

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Article VI

CERTAIN TAX MATTERS

 

Section 6.01             
Partnership Representative. 

 

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

 

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

 

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

 

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

 

Article VII

MANAGEMENT OF THE COMPANY

 

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

 

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

 

Section 7.03             
Decisions by the Members.

 

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

 

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

 

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Section 7.04             
Fiduciary Duties. 

 

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

 

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

 

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

 

Section 7.05             
Officers.

 

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

 

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

 

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

 

Article VIII

TRANSFERS OF INTERESTS

 

Section 8.01             
Restrictions on Transfers.

 

    35

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Article IX

OTHER AGREEMENTS

 

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

 

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

 

Article X

LIMITATION ON LIABILITY, EXCULPATION

AND INDEMNIFICATION

 

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

 

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Section 10.02            
Exculpation and Indemnification.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article XI

DISSOLUTION AND TERMINATION

 

Section 11.01           
Dissolution.

 

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

 

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

 

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

 

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

 

(ii)          upon the approval of the Managing Member.

 

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

 

Section 11.02           
Winding Up of the Company.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article XII

MISCELLANEOUS

 

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

 

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

 

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

 

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Section 12.04           
Binding Effect; Benefit; Assignment.

 

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

 

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

 

Section 12.05            
Jurisdiction.

 

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

 

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

 

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

 

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

 

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

 

Section 12.09           
Amendment. 

 

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

 

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

 

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

 

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

 

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

 

Section 12.10           
Confidentiality.

 

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

 

(i)           such disclosure is required by Applicable Law;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[signature pages follow]

 

 

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

 

	 	ALCLEAR HOLDINGS, LLC
	 	 
	 	By: 	/s/ Caryn Seidman-Becker
	 	 	Name: Caryn Seidman-Becker
	 	 	Title: Chief Executive Officer
	 	 	 
	 	CLEAR SECURE, INC.
	 	 
	 	By: 	/s/ Caryn Seidman-Becker
	 	 	Name: Caryn Seidman-Becker
	 	 	Title: Chief Executive Officer

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	GENERAL ATLANTIC (AC) COLLECTIONS, L.P.
	 	By: General Atlantic (SPV) GP,
    LLC, its general partner
	 	By: General Atlantic, LLC, its
    sole member
	 	 
	 	By:	/s/ J. Frank Brown                                 
	 	Name: 	J. Frank Brown
	 	Title:	Managing Director
	 	 
	 	GENERAL ATLANTIC (AC)
	 	COLLECTIONS 2, L.P.
	 	By: General Atlantic (SPV) GP,
    LLC, its general partner
	 	By: General Atlantic, LLC, its
    sole member
	 	 
	 	By:	/s/ J. Frank Brown                                
	 	Name:	J. Frank Brown
	 	Title:	Managing Director

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	RG III INVESTMENTS AIV, LP
	 	 
	 	By:
    RG III Investments GP, LP
	 	Its: General Partner
	 	 
	 	By: Revolution Growth UGP III, LLC
	 	Its: General Partner
	 	 
	 	By: 	/s/ Steven J. Murray                 
	 	Name: 	Steven J. Murray
	 	Its: 	Operating Manager  

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	32 EQUITY LLC
	 	 
	 	By: 	/s/ Joe Siclare                                 
	 	Name:	 Joe Siclare
	 	Title:	 CFO  
	 	 	 
	 	NFL PROPERTIES LLC
	 	 
	 	By: 	/s/ Anthony Cardillo                                 
	 	Name: 	 Anthony Cardillo
	 	Title:	 SVP Finance & Accounting  

 

	/s/ JQ	/s/ MDM
	Approved by Finance	
    Approved – NFL Legal & Business Affairs

     

     

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	JEFFREY SAMBERG
	 	  
	 	By:	 /s/ Jeffrey Samberg                               

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	JEFFREY SAMBERG AMENDED AND
RESTATED REVOCABLE TRUST
	 	  
	 	By: 	/s/ Jeffrey Samberg                     
	 	Name: 	 Jeffrey Samberg
	 	Title: 	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	THE JEFFREY S. SAMBERG AMENDED AND RESTATED REVOCABLE TRUST INDENTURE
	 	 
	 	By:	/s/ Jeffrey Samberg                       
	 	Name: 	Jeffrey Samberg
	 	Title:	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	JOSEPH SAMBERG
	 	 
	 	By:	 /s/ Joseph Samberg                       

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

 

		LAURA SAMBERG FAINO
	 	 	 
	 	By:	/s/ Laura Samberg Faino

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		THE RPS 2020 TRUST
	 	 	 
	 	By:	/s/ Susan Podolsky
	 	Name:	Susan Podolsky
	 	Title:	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		JEFFREY SAMBERG 2013 ALCEAR HOLDINGS, LLC GRAT
	 	 	 
	 	By:	/s/ Amy Jennings
	 	Name: 	Amy Jennings
	 	Title:	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		SAMBERG FAMILY 2012 GRANTOR TRUST
	 	 	 
	 	By:	/s/ Stuart Rothstein
	 	Name: 	Stuart Rothstein
	 	Title:	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		JOSEPH SAMBERG 2013 POOLED GRAT II
	 	 	 
	 	By:	/s/ Amy Jennings
	 	Name: 	Amy Jennings
	 	Title:	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		LAURA SAMBERG FAINO 2013 POOLED GRAT II
	 	 	 
	 	By:	/s/ Susan Podolsky
	 	Name:	Susan Podolsky
	 	Title:	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		NHW VENTURES LLC
	 	 	 
	 	By:	/s/ Susan Podolsky
	 	Name:	Susan Podolsky
	 	Title:	Administrative Manager

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

		HAROLD LEVY
	 	 	 
	 	By:	/s/ Harold Levy

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

 

	 	JFI-AL, LLC
	 	 
	 	By:	 /s/ J. Robert Small
	 	Name: 	J. Robert Small
	 	Title: 	Authorized Person

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	KRT INVESTMENTS, LLC
	 	 
	 	By:	 /s/ Alan Kleinman
	 	Name:  	Alan Kleinman
	 	Title:	 Manager

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	JOHN M. MILLER
	 	 
	 	By: 	/s/ John M. Miller

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	MILLER BROS TRUST DTD 12/20/2012
	 	 
	 	 
	 	By:	 /s/ William H. Miller
	 	Name:  	William H. Miller
	 	Title: 	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	THE WILLIAM H. MILLER III LIVING
    TRUST U/A DTD 04/17/2017
	 	 
	 	By:	 /s/ William H. Miller
	 	Name:  	William H. Miller
	 	Title: 	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	WILLIAM MILLER IV
	 	 
	 	By:	 /s/ William Miller IV

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	THE WILLIAM H. MILLER IV REVOCABLE
    TRUST U/A DTD 07/29/2014
	 	 
	 	By: 	/s/ William H. Miller
	 	Name:  	William H. Miller
	 	Title: 	Trustee

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	DELTA AIR LINES, INC.
	 	 
	 	By: 	/s/ Gary Chase
	 	Name:  	Gary Chase
	 	Title: 	Senior Vice President – Business Development & Financial Planning and Interim
Co-Chief Financial Officer

 

[Signature Page to the Amended and Restated

Operating Agreement of Alclear Holdings, LLC]

 

     

     

    

 

	 	ANNOX CAPITAL, LLC
	 	 
	 	By: 	/s/
    Robert Mylod 
	 	Name: 	Robert Mylod

 

[Signature Page to the Amended and Restated

 Operating Agreement of Alclear Holdings, LLC] 

 

     

     

    

 

	 	BROTHERS BROOK, LLC
	 	 
	 	By:	/s/
    Jeffery Boyd  
	 	Name: 	Jeffery Boyd
	 	Title: 	Managing Director

 

[Signature Page to the Amended and Restated

 Operating Agreement of Alclear Holdings, LLC] 

 

     

     

    

 

	 	MICHAEL BARKIN
	 	 
	 	By:	 /s/ Michael Barkin

 

[Signature Page to the Amended and Restated

 Operating Agreement of Alclear Holdings, LLC] 

 

     

     

    

 

	 	ROBERT MYLOD
	 	 
	 	By:	/s/ Robert Mylod

 

[Signature Page to the Amended and Restated

 Operating Agreement of Alclear Holdings, LLC] 

 

     

     

    

 

	 	JEFFERY BOYD
	 	 
	 	By:	/s/ Jeffery Boyd 

 

[Signature Page to the Amended and Restated

 Operating Agreement of Alclear Holdings, LLC] 

 

     

     

    

 

	 	WINN LEVINE, LLC
	 	 
	 	By:	 /s/ Matthew Levine   
	 	 	Name: Matthew Levine
	 	 	Title:  Authorized Person

 

[Signature Page to the Amended and Restated

 Operating Agreement of Alclear Holdings, LLC]

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