Document:

EX-10.1

 Exhibit 10.1 

FOURTH AMENDED AND RESTATED 

PARTNERSHIP AGREEMENT 
 of 

FORTRESS WORLDWIDE TRANSPORTATION AND 

INFRASTRUCTURE GENERAL PARTNERSHIP 
  

 
 Dated as of
            , 2015 
  

 
 THE PARTNERSHIP INTERESTS OF
FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIP MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND THE TERMS AND CONDITIONS OF THIS
PARTNERSHIP AGREEMENT. 

 Table of Contents 
  

									
	 		 		 		Page	 
		
	 ARTICLE I Definitions
		 	2	  
		
	 ARTICLE II General Provisions
		 	6	  
				
			 2.1
		 Name
		 	6	  
				
			 2.2
		 Organizational Certificates and Other Filings
		 	6	  
				
			 2.3
		 Purpose and Powers; Authority
		 	6	  
				
			 2.4
		 Principal Place of Business
		 	7	  
				
			 2.5
		 Registered Office and Registered Agent
		 	7	  
				
			 2.6
		 Term
		 	7	  
				
			 2.7
		 Fiscal Year
		 	7	  
		
	 ARTICLE III Capital Contributions, Capital Accounts and Allocations
		 	7	  
				
			 3.1
		 Capital Contributions
		 	7	  
				
			 3.2
		 Capital Accounts
		 	8	  
				
			 3.3
		 Allocations to the Partners
		 	9	  
				
			 3.4
		 Negative Capital Accounts
		 	11	  
		
	 ARTICLE IV Withdrawals, Allocations and Distributions
		 	11	  
				
			 4.1
		 Withdrawal of Capital
		 	11	  
				
			 4.2
		 Income Incentive Allocation
		 	11	  
				
			 4.3
		 General Distribution Provisions
		 	12	  
				
			 4.4
		 Restricted Distributions
		 	13	  
				
			 4.5
		 Withholding
		 	13	  
		
	 ARTICLE V Management
		 	14	  
				
			 5.1
		 Relationship Among the Operating Partner, the Fortress Partner, the Manager and the Partners
		 	14	  
				
			 5.2
		 Indemnification, Advances and Insurance
		 	14	  

  
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	ARTICLE VI Expenses		 	16	  
				
			6.1		 Operating Expenses
		 	16	  
		
	 ARTICLE VII Books and Records and Reports to Partners; Certain Tax Elections
		 	16	  
				
			7.1		 Records and Accounting
		 	16	  
				
			7.2		 Safe Harbor Election and Forfeiture Allocations
		 	16	  
		
	ARTICLE VIII Transfers, Admissions, Withdrawals and Default		 	17	  
				
			8.1		 Transfer, Withdrawal, Removal or Termination of the Fortress Partner
		 	17	  
				
			8.2		 Additional Partners
		 	18	  
				
			8.3		 Admissions and Withdrawals Generally
		 	18	  
				
			8.4		 Obligations and Rights of a Prior Fortress Partner
		 	18	  
		
	ARTICLE IX Term and Dissolution of the Partnership		 	19	  
				
			9.1		 Term
		 	19	  
				
			9.2		 Winding-Up
		 	19	  
				
			9.3		 Final Distribution
		 	19	  
		
	ARTICLE X Miscellaneous		 	20	  
				
			10.1		 Amendments
		 	20	  
				
			10.2		 Entire Agreement
		 	20	  
				
			10.3		 Severability
		 	20	  
				
			10.4		 Notices
		 	20	  
				
			10.5		 Governing Law, Waiver of Jury Trial and Waiver of Partition
		 	21	  
				
			10.6		 Successors and Assigns
		 	21	  
				
			10.7		 Counterparts
		 	21	  
				
			10.8		 Certain Rules of Construction
		 	21	  
				
			10.9		 Further Assurances
		 	22	  
				
			10.10		 Use of the Name “Fortress”
		 	22	  
				
			10.11		 Anti-Money Laundering
		 	22	  

  
 ii 

 FOURTH AMENDED AND RESTATED 

PARTNERSHIP AGREEMENT 
 OF 

FORTRESS WORLDWIDE TRANSPORTATION AND 

INFRASTRUCTURE GENERAL PARTNERSHIP 

(A Delaware Partnership) 
 This
FOURTH AMENDED AND RESTATED PARTNERSHIP AGREEMENT of Fortress Worldwide Transportation and Infrastructure General Partnership, a Delaware partnership (the “Partnership”), is made as of the     th day of
            , 2015, by and among Fortress Worldwide Transportation and Infrastructure Master GP LLC, a Delaware limited liability company, as the Fortress Partner (as defined below),
Fortress Transportation and Infrastructure Investors LLC, a Delaware limited liability company (the “Operating Partner”), and each Person admitted as a partner following the date hereof in accordance with the terms of this Agreement
(each of the foregoing, a “Partner” and, collectively, the “Partners”), and has been executed for the purpose of continuing the Partnership pursuant to the provisions of the Partnership Act (as defined below) and on
the terms set out herein. 
 W I T N E S S E T H: 

WHEREAS, the Fortress Partner and Fortress Worldwide Transportation and Infrastructure Investors LP, a Delaware limited partnership (the
“Initial Operating Partner”), established the Partnership pursuant to the Partnership Agreement of Fortress Worldwide Transportation and Infrastructure General Partnership, dated as of May 9, 2011 (the “Original
Partnership Agreement”), which was amended and restated pursuant to the Amended and Restated Partnership Agreement of the Partnership, dated as of June 23, 2011 (the “First A&R Agreement”), which was further
amended and restated pursuant to the Second Amended and Restated Partnership Agreement of the Partnership, dated as of February 13, 2012 (as amended, the “Second A&R Agreement”), and which was further amended and restated
pursuant to the Third Amended and Restated Partnership Agreement of the Partnership, dated as of May 19, 2014 (as amended, the “Third A&R Agreement”); 

WHEREAS, a Statement of Partnership Existence of the Partnership, dated as of May 9, 2011 (as the same may be amended, restated or
otherwise modified from time to time, the “Statement”), was executed by the Initial Operating Partner and filed in the office of the Secretary of State of the State of Delaware on May 9, 2011; 

WHEREAS, the Operating Partner has been formed prior to the date hereof for the purpose of investing in, and, together with the Fortress
Partner, operating the assets of, the Partnership in accordance with the Operating Partner’s Second Amended and Restated Limited Liability Company Agreement, dated as of             ,
2015 (including all annexes, exhibits and schedules thereto, as amended or restated from time to time, the “Operating Agreement”); 

 WHEREAS, the Partners desire to amend and restate the Third A&R Agreement in its entirety
pursuant to Section 10.1 thereof, and the terms and conditions contained therein are hereby amended and restated in their entirety as hereinafter set forth; 

NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties
hereto agree that the Third A&R Agreement is hereby amended and restated in its entirety as follows: 
 ARTICLE I 

Definitions 
 As used
herein, the following terms shall have the following meanings and all such terms which relate to accounting matters shall be interpreted in accordance with GAAP (as defined below) except as otherwise specifically provided herein: 

Affiliate: When used with reference to a specified Person, means, with respect to such Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

Agreement: This Fourth Amended and Restated Partnership Agreement, including the annexes, exhibits and schedules hereto, as the same
may be amended or restated from time to time. 
 Business Day: Monday through Friday of each week, except that a legal holiday
recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day. 

Capital Account: As defined in Section 3.2(a). 

Capital Contribution: With respect to any Partner, at any time, the amount of capital contributed to the Partnership by such Partner,
including capital contributed with respect to specified operating expenses and amounts deemed recontributed pursuant to Section 4.2(c). 

Capital Gains Incentive Allocation: As defined in Section 4.2(b). 

Carrying Value: With respect to any asset, the asset’s adjusted basis for United States federal income tax purposes, except that
the Carrying Values of all Partnership assets may, in the discretion of the Operating Partner, be adjusted to equal their respective Fair Values, on the occurrence of any event described in Section 3.2(d). Upon an adjustment to the Carrying
Value (i) (A) for Capital Account maintenance purposes and for purposes of computing Net Income and Net Loss it shall be as though the asset were sold at Fair Value, and gain or loss shall be allocated to Capital Accounts pursuant to
Section 3.3 as though the proceeds of such sale had been distributed, and (B) thereafter Net Income and Net Loss shall be determined using Carrying Value as adjusted pursuant to clause (A) immediately foregoing; and (ii) of any
Partnership 

  
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property subject to depreciation, cost recovery or amortization, any further deductions for such depreciation, cost recovery or other amortization attributable to such property shall for purposes
of Capital Account maintenance equal an amount that bears the same ratio to the Carrying Value at the beginning of such year or other period as the United States federal income tax depreciation, amortization or other cost recovery deduction for such
year or other period bears to the property’s adjusted tax basis at the beginning of such year or other period; provided that where such property has no remaining tax basis at the beginning of such year or other period, deductions for
depreciation, cost recovery or other amortization attributable to such property for purposes of Capital Account maintenance shall be computed using any reasonable method as selected by the Operating Partner. 

Code: The United States Internal Revenue Code of 1986, as amended. 

Compensatory Interest: As defined in Section 7.2(a). 

Delaware Act: The Delaware Limited Liability Company Act, 6 Del. C. Section 18-101, et seq., as amended, supplemented or restated
from time to time, and any successor to such statute. 
 DGCL: The General Corporation Law of the State of Delaware, 8 Del. C.
Section 101, et seq., as amended, supplemented or restated from time to time, and any successor to such statute. 
 Dissolution
Sale: All sales and liquidations by or on behalf of the Partnership of its assets in connection with or in contemplation of the winding-up of the Partnership. 

dollars and $: Unless otherwise specified the term dollars and references to dollar amounts using the symbol “$” are
to be construed as meaning United States dollars. 
 Event of Dissolution: As defined in Section 9.1. 

Fair Value: As determined in accordance with Section 4.6. 

Final Distribution: The distribution described in Section 9.3. 

First A&R Agreement: As defined in the recitals hereto. 

Fortress: Fortress Parent and its subsidiaries (excluding, for the avoidance of doubt, Investment Fund Affiliates). 

Fortress Affiliates: The Manager, the Fortress Partner, Fortress Parent, existing or future investment funds or accounts managed by the
Manager, and their respective Affiliates. 
 Fortress Parent: Fortress Investment Group LLC, a Delaware limited liability company,
and any successor thereto. 
 Fortress Partner: Fortress Worldwide Transportation and Infrastructure Master GP LLC, a Delaware
limited liability company, and/or any transferee or successor admitted pursuant to the terms hereof, in each case in its capacity as the Fortress Partner pursuant to the terms hereof. 

  
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 GAAP: Generally accepted accounting principles in the United States, as in effect on the
date of this Agreement. 
 Income Incentive Allocation: As defined in Section 4.2(a). 

Indemnified Person: (a) Each Person defined as an “Indemnified Person” in the Operating Agreement and
(b) (i) the Partnership, the Operating Partner, the Fortress Partner, the Manager, Fortress and the Affiliates of any of them and (ii) the officers, directors, members (other than the members of the Operating Partner exclusively in
such capacity), principals, shareholders (other than the shareholders of the Operating Partner exclusively in such capacity), controlling Persons, representatives, partners, managers, employees, consultants, agents, affiliates and assigns of any
Person in item (b)(i) above. 
 Initial Operating Partner: As defined in the recitals hereto. 

Interest: The interest of a Partner in the Partnership. 

Investment Fund Affiliates: Any Pooled Investment Vehicle that is an Affiliate of the Fortress Partner or the Manager. 

IPO: As defined in the Operating Agreement. 

IPO Date: The date of the IPO. 

Management Agreement: The Management Agreement, dated as of             ,
2015, by and between the Operating Partner, the Partnership and the Manager, including all annexes, exhibits and schedules thereto, as amended or restated from time to time. 

Management Fee: As defined in the Management Agreement. 

Manager: FIG LLC, a Delaware limited liability company, and/or any assignee or successor, in each case in its capacity as manager under
the Management Agreement. 
 Net Income or Net Loss: For each fiscal year or other period, an amount equal to the
Partnership’s taxable income or loss for United States federal income tax purposes for such year or other period, determined in accordance with Section 703 of the Code, with the following adjustments: 

(i) all items of income, gain, loss or deduction allocated pursuant to Sections 3.3 (b) and (e) shall not be taken into account in
computing such taxable income or loss; 
 (ii) except for items included in subparagraph (i) above, any income of the Partnership that
is exempt from United States federal income taxation and is not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition shall be added to such taxable income or loss; and 

  
 4 

 (iii) except for items included in subparagraph (i) above, any expenditures of the
Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition, shall, for purposes of Capital Account maintenance, be
treated as items of deduction, subtracted from such taxable income or loss and allocated among the Partners pursuant to Section 3.3(a). 

Operating Agreement: As defined in the recitals hereto. 

Operating Partner: As defined in the preamble hereto. 

Original Partnership Agreement: As defined in the recitals hereto. 

Partners: As defined in the preamble hereto. 

Partnership: As defined in the preamble hereto. 

Partnership Act: The Delaware Revised Uniform Partnership Act, 6 Del. C. §§ 15-101, et. seq., as amended, modified or
re-enacted from time to time. 
 Person: Any individual, partnership, corporation, limited liability company, joint venture,
joint-stock company, unincorporated organization or association, trust (including the trustees thereof, in their capacity as such), any federal, state or local government and any agency, department or political subdivision thereof. 

Pooled Investment Vehicle: Any investment vehicle formed for the purpose of investing capital contributed by multiple investors in
multiple investments. 
 Pre-Incentive Allocation Net Income: With respect to a calendar quarter, the Operating Partner’s net
income attributable to members during such quarter calculated in accordance with GAAP, but excluding the Operating Partner’s pro rata portion, as applicable, of the following (without duplication): (i) gains and losses, realized or
unrealized, (ii) the non-cash portion of any equity-based compensation expense, (iii) the one-time impact of any non-capitalized acquisition-related expenses, including transaction and integration expenses, provided that such amounts are
capitalized and amortized in respect of such acquisition and such amortization is included in the calculation of pre-incentive allocation net income, (iv) any non-cash portion of the provision for income taxes, net of cash payments for income
taxes and (v) any other amounts approved by the Independent Directors upon reasonable request by the Manager. For the avoidance of doubt, amounts paid to the Fortress Partner as an Income Incentive Distribution or a Capital Gains Incentive
Distribution during such quarter shall be excluded in computing Pre-Incentive Allocation Net Income. 
 Proposed Rules: As defined in
Section 7.2(a). 
 Safe Harbor Election: As defined in Section 7.2(a). 

Second A&R Agreement: As defined in the recitals hereto. 

  
 5 

 Statement: As defined in the recitals hereto. 

Third A&R Agreement: As defined in the recitals hereto. 

Transfer: Assign, pledge, hypothecate, sell, exchange or otherwise transfer or encumber all or a portion of the legal or beneficial
interest, whether by contract, operation of law or otherwise, and whether accomplished directly or indirectly, including through any option, forward, swap, structured note or any other hedging or derivative transaction. 

Treasury Regulations: The income tax regulations promulgated under the Code, as the same may be hereafter amended from time to time or
any successor or successors thereto. 
 ARTICLE II 

General Provisions 
 2.1
Name. The name of the Partnership shall be “Fortress Worldwide Transportation and Infrastructure General Partnership.” The Partnership’s business may be conducted under any other name or names as determined by the Operating
Partner. The Operating Partner may change the name of the Partnership at any time, and from time to time, and shall provide notice to each other Partner of any change in the name of the Partnership. 

2.2 Organizational Certificates and Other Filings. The Partners shall promptly execute all certificates and other documents, and any
amendments or renewals of such certificates and other documents as thereafter reasonably required, consistent with the terms of this Agreement, necessary to accomplish all filing, recording, publishing and other acts of similar nature as may be
appropriate to comply with all requirements for (a) continuation and operation of the Partnership as a partnership under the laws of the State of Delaware, (b) the operation of the Partnership as a partnership in all jurisdictions where
the Partnership proposes to operate (c) the organization and formation of any investment vehicle established to facilitate the investment objectives of the Partnership and (d) all other filings required under any applicable law, rule or
regulation to be made by the Partnership. The Operating Partner is hereby authorized to (i) execute, file and record (as may be required by the Partnership Act) such statements, amendments and other documents and maintain such statutory
registers and partnership records as are or become necessary or advisable in connection with the operation of the Partnership; and (ii) take all steps which in its discretion it considers necessary or advisable to allow the Partnership to
conduct business in any jurisdiction where the Partnership conducts business. 
 2.3 Purpose and Powers; Authority. The purposes of
the Partnership shall be to (a) promote, conduct or engage in, directly or indirectly, any business, purpose or activity that lawfully may be conducted by a partnership organized pursuant to the Partnership Act, (b) acquire, hold and
dispose of interests in any corporation, partnership, joint venture, limited liability company or other entity, and, in connection therewith, to exercise all of the rights and powers conferred upon the Partnership 

  
 6 

 
with respect to its interests therein, and (c) conduct any and all activities related or incidental to the foregoing purposes. The Partnership shall be empowered to do any and all acts and
things necessary and appropriate for the furtherance and accomplishment of the purposes described in Section 2.3. To the extent permitted pursuant to the terms hereof and except as otherwise agreed in writing by the Partners, any Partner is
authorized to act for and bind the Partnership in the ordinary course of the Partnership’s business. 
 2.4 Principal Place of
Business. The Partnership shall maintain its office and principal place of business at, and its business shall principally be conducted from, 1345 Avenue of the Americas, 46th Floor, New York,
New York 10105, or such place or places inside the United States as the Operating Partner may decide. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the Operating Partner determines to
be necessary or appropriate. 
 2.5 Registered Office and Registered Agent. Unless and until changed by the Operating Partner, the
address of the Partnership’s registered office in the State of Delaware is The Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. Unless and until changed by the Operating Partner, the name and address
of the Partnership’s registered agent for service of process in the State of Delaware is The Corporation Trust Company, The Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. 

2.6 Term. The term of the Partnership commenced upon filing of the Statement with the office of the Secretary of State for the State of
Delaware and shall continue indefinitely unless the Partnership is earlier dissolved pursuant to Section 9.1. 
 2.7 Fiscal
Year. The fiscal year for tax and financial reporting purposes of the Partnership shall be a calendar year ending December 31 unless otherwise required by the Code or other applicable law. 

ARTICLE III 
 Capital
Contributions, Capital Accounts and Allocations 
 3.1 Capital Contributions. (a) The Partners shall make Capital
Contributions to the Partnership as mutually agreed from time to time by the Partners. 
 (b) Other than as set forth in this Article III,
no Partner shall be entitled to any interest or compensation by reason of its Capital Contributions or by reason of serving as a Partner. No Partner shall be required to lend any funds to the Partnership. 

  
 7 

 3.2 Capital Accounts. (a) The Partnership shall maintain a separate capital account
(a “Capital Account”) for each Partner. Such Capital Account shall be increased by: 
 (i) the cash amount of all Capital
Contributions made by such Partner to the Partnership pursuant to this Agreement; and 
 (ii) such Partner’s allocable share of Net
Income and any special allocations of income or gain pursuant to Section 3.3(b) or (d); 
 and decreased by: 

(i) the amount of cash and the Fair Value of any property (reduced by any liabilities secured by the property or otherwise
treated as assumed by the Partner under the Code) distributed to such Partner by the Partnership pursuant to this Agreement; and 

(ii) such Partner’s allocable share of Net Loss and any special allocations of loss or deduction pursuant to
Section 3.3(b) or (d); 
 and otherwise maintained in accordance with the rules of Treasury Regulations Sections 1.704-1 and 1.704-2. 

(b) In the event any Interest in the Partnership is transferred in accordance with the terms of this Agreement, the transferee shall succeed
to the Capital Account of the transferor to the extent such Capital Account relates to the transferred Interest except to the extent provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(m). 

(c) Immediately prior to the distribution of any property (other than cash) to a Partner, the Capital Account of each Partner shall be
increased or decreased, as the case may be, to reflect the manner in which the unrealized income, gain, loss and deduction inherent in such property (that has not previously been reflected in the Capital Accounts of the Partners) would be allocated
among the Partners if there were a taxable disposition of such property for its Fair Value. 
 (d) The Capital Account of each Partner may,
in the discretion of the Operating Partner, be increased or decreased, as the case may be, upon the conditions set forth in subsections (i) through (iv) of this Section 3.2(d), to reflect the manner in which the unrealized income,
gain, loss and deduction inherent in all of the Partnership’s property (that has not previously been reflected in the Capital Accounts of the Partners) would be allocated among the Partners if there were a taxable disposition of all such
property for its Fair Value immediately prior to any of the following: 
 (i) a contribution of money or other property (other than a
de minimis amount) to the Partnership by a new or existing Partner as consideration for an Interest in the Partnership, or 

  
 8 

 (ii) a distribution of money or other property (other than a de minimis amount) by
the Partnership to a retiring or continuing Partner as consideration for an Interest in the Partnership, or 
 (iii) the liquidation of the
Partnership for federal income tax purposes within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g), or 
 (iv) any
other event specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(f). 
 3.3 Allocations to the Partners. 

(a) Subject to Sections 3.3(b) and 3.3(c), Net Income, and Net Loss for any fiscal year shall be allocated proportionately among the Partners
in a manner such that the Capital Account of each Partner, immediately after giving effect to such allocation, is, as nearly as possible, equal to the amount of distributions that hypothetically would be made to such Partner during such fiscal year
pursuant or by reference to Section 4.2, if (i) the Partnership were dissolved and terminated; (ii) its affairs were wound up and each Partnership asset was sold for cash equal to its Carrying Value (except that any Portfolio
Investment that is disposed of during such fiscal year shall be treated as if sold for an amount of cash equal to the sum of (x) the amount of any net cash proceeds actually received by the Partnership in connection with such disposition and
(y) the Carrying Value of any property actually received by the Partnership in connection with such disposition); (iii) all Partnership liabilities were satisfied (other than liabilities the discharge of which would give rise to a
deduction for U.S. federal income tax purposes and limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability); and (iv) the net assets of the Partnership were distributed in accordance with
Section 4.2, to the Partners immediately after giving effect to such allocation. The Operating Partner may, in its discretion, make such other assumptions (whether or not consistent with the above assumptions) as it deems necessary or
appropriate in order to effectuate the intended economic arrangement of the Partners. 
 (b) The following special allocations shall be made
in the following order and prior to any other allocations under this Section 3.3: 
 (i) Minimum Gain Chargeback.
Notwithstanding any other provision of this Section 3.3, if there is a net decrease in partnership minimum gain (as defined in Treasury Regulations Sections 1.704-2(b)(2) and (d)) during any fiscal year, each Partner shall be specially
allocated items of Partnership income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to such Partner’s share of the net decrease in partnership minimum gain, determined in accordance with Treasury
Regulations Sections 1.704-2(f) and (g). This subsection 3.3(b)(i) is intended to comply with the minimum gain chargeback requirement in such section of the Treasury Regulations and shall be interpreted consistently therewith; 

(ii) Partner Minimum Gain Chargeback. Notwithstanding any other provision of this Section 3.3, if there is a net decrease in
partnership nonrecourse debt minimum gain attributable to a Partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(i)) 

  
 9 

 
during any fiscal year, the Partners shall be specially allocated items of Partnership income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to such
Partner’s share of the net decrease in partner nonrecourse debt minimum gain attributable to such partner nonrecourse debt, determined in accordance with Treasury Regulations Section 1.704-2(i). This Section 3.3(b)(ii) is intended to
comply with the minimum gain chargeback requirement in such section of the Treasury Regulations and shall be interpreted consistently therewith; 

(iii) Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations, or distributions described
in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to each such Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, the deficit, if any, in such Partner’s Capital Account (as determined under Treasury Regulations Section 1.704-1) as quickly as possible, provided that an allocation pursuant to this Section 3.3(b)(iii) shall be
made only if and to the extent that such Partner would have such Capital Account deficit (as determined after crediting such Capital Account for any amounts that the Fortress Partner is obligated to restore or that any Partner is deemed obligated to
restore) after all other allocations provided for in this Section 3.3 have been tentatively made as if this Section 3.3(b)(iii) were not in this Agreement; and 

(iv) Nonrecourse Deductions. Nonrecourse deductions, as defined in Treasury Regulations Section 1.704-2, shall be allocated among
the Partners (including the Fortress Partner) in the manner determined by the tax matters partner. 
 (c) Loss Allocation Limitation.

 (i) No allocation of Net Loss (or items thereof) shall be made to any Partner to the extent that such allocation would create or increase
a deficit in such Partner’s Capital Account (as determined after debiting such Capital Account for the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4),(5) and (6) and crediting such Capital Account for any
amounts that such Partner is obligated to restore or is deemed obligated to restore pursuant to Treasury Regulations Section 1.704-2); and 

(ii) Subsequent allocations pursuant to this Section 3.3 shall be made so that the net amount of any items allocated to each Partner
shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such special allocations pursuant to Section 3.3(b) had not occurred, or the allocations resulting from the limitation in
Section 3.3(c)(i) had not occurred, including by allocating Net Income to the Fortress Partner to reverse any allocation pursuant to Section 3.3(c)(i). 

(d) Any non-cash items of Net Income or Net Loss shall be allocated as if such non-cash items were distributable pursuant to Section 4.2
or Section 4.4. 
 (e) If the allocations provided in Section 3.3(a) are modified pursuant to Section 3.3(b), allocations
thereunder for subsequent periods shall be adjusted so as to reverse the effect of such modifications on the Capital Accounts of the Partners as rapidly as possible but without causing this Agreement to fail to comply with the Treasury Regulations
under Section 704 of the Code. 

  
 10 

 (f) Net Income and Net Loss shall generally be determined on each disposition of an investment or
on such other basis as determined by the Operating Partner using any permissible or required method under the Code as long as such alternate method is required by the Code or does not have an adverse effect on the Partners. 

(g) [Reserved] 
 (h)
Allocations for Tax Purposes. Items of income, gain, loss, deduction and credit realized by the Partnership shall, for each fiscal year, be allocated, for federal, state and local income tax purposes, among the Partners in the same manner as
the Net Income, Net Loss, Portfolio Investment Gain or Portfolio Investment Loss of which such items are components were allocated, subject, however, to any adjustment required to comply with Treasury Regulations Section 1.704-1(b). In the case
of any Partnership asset the Carrying Value of which differs from its adjusted tax basis for United States federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated for United States federal income
tax purposes, as reasonably determined by the Operating Partner, in accordance with the principles of Sections 704(b) and (c) of the Code so as to take account of the difference between Carrying Value and adjusted tax basis of such asset. 

3.4 Negative Capital Accounts. Except as may be required by law, no Partner shall be required to reimburse the Partnership for any
negative balance in such Partner’s Capital Account. 
 ARTICLE IV 

Withdrawals, Allocations and Distributions 

4.1 Withdrawal of Capital. The Operating Partner shall have the right to withdraw capital from the Partnership by providing the
Fortress Partner with 5 Business Days’ advance notice, which notice shall be deemed waived in respect of capital withdrawn by the Operating Partner for the purpose of funding distributions to its shareholders or members or for the purpose of
funding ordinary course expenses and costs of the Operating Partner, provided, however that before any amount is withdrawn by the Operating Partner (other than in respect of ordinary course expenses and costs of the Operating Partner) the Incentive
Income Distribution and the Capital Gains Income Distribution will be determined by, and paid to, the Fortress Partner immediately prior to the withdrawal by the Operating Partner. Distributions of Partnership assets that are provided for in this
Agreement shall be made only to Persons who, according to the books and records of the Partnership, are the holders of record of Interests in the Partnership on the date determined by the Operating Partner as of which the Partners are entitled to
any such distributions. 
 4.2 Incentive Allocations. 

(a) Income Incentive Allocation. The Fortress Partner will be allocated and paid an income incentive distribution (an “Income
Incentive Allocation”) with respect to Pre-Incentive Allocation Net Income in each calendar quarter as follows, provided, however, for any period of less than three months the amount paid as an Income Incentive Allocation shall be prorated
to reflect such shorter period. 
 (i) No Income Incentive Allocation in any calendar quarter in which Pre-Incentive Allocation Net Income,
expressed as a rate of return on the average value of the 

  
 11 

 
Operating Partner’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such amount
is being calculated ), does not exceed 2.0% for such quarter (8.0% annualized); 
 (ii) 100% of Pre-Incentive Allocation Net Income with
respect to that portion of such Pre-Incentive Allocation Net Income, if any, that expressed as a rate of return on the average value of the Operating Partner’s net equity capital at the end of the two most recently completed calendar quarters
(including, for the avoidance of doubt, the quarter with respect to which such amount is being calculated ), equals or exceeds 2.00% but does not exceed 2.2223% for such quarter; and 

(iii) 10% of Pre-Incentive Allocation Net Income with respect to that portion of such Pre-Incentive Allocation Net Income, if any, that,
expressed as a rate of return on the average value of the Operating Partner’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such
amount is being calculated ), exceeds 2.2223% . 
 (b) Capital Gains Incentive Allocation. The Fortress Partner shall be allocated
and paid a capital gains incentive allocation (a “Capital Gains Incentive Allocation”) in arrears as of the end of each calendar year equal to 10.0% of the Operating Partner’s pro rata share of cumulative realized gains from
the IPO Date through the end of such calendar year, net of the Operating Partner’s pro rata share of the following, without duplication, (i) any cumulative realized or unrealized losses and the cumulative non-cash portion of equity-based
compensation expenses, in each case, for such period and (ii) all realized gains upon which prior performance-based Capital Gains Incentive Allocations were previously paid to the General Partner. 

4.3 General Distribution Provisions. 

(a) Any cash distributed to the Partners pursuant to Article IV shall be made in dollars unless otherwise agreed to by the Partner receiving
such distribution. 
 (b) [Reserved]. 

(c) For purposes of this Agreement (other than for purposes of calculating foreign currency gain or loss for purposes of Sections 985-989 of
the Code), whenever an amount is to be converted from one currency to another, it shall be converted at the prevailing exchange rate for such conversion at the close of business on the date of such calculation (or the next preceding Business Day if
such date of calculation is not a Business Day), as reasonably determined by the Operating Partner. 
 (d) Upon the request of the Fortress
Partner, the Operating Partner may, but shall not be obligated to, in any fiscal year of the Partnership make distributions of cash held by the Partnership to the Fortress Partner, in amounts intended to enable the Fortress Partner (or any Person
whose tax liability is determined by reference to the Fortress Partner’s income) to 

  
 12 

 
discharge its United States federal, state and local income tax liabilities arising from the allocations made (or to be made) pursuant to Section 3.3. The amount distributable pursuant to
this Section 4.3(d) shall be determined by the Operating Partner, taking into account the maximum combined United States federal, New York State and New York City tax rate applicable to individuals or corporations (whichever is higher) on
ordinary income, qualified dividend income and capital gain (taking into account the applicable holding period), as the case may be, and otherwise based on such reasonable assumptions as the Operating Partner determines in good faith to be
appropriate. The aggregate amount distributable to the Fortress Partner pursuant to this Section 4.3(d) in any fiscal year of the Partnership shall be reduced by all previous amounts distributed to the Fortress Partner pursuant to this
Section 4.3(d) and Section 4.2 in such fiscal year. The amount distributable to the Fortress Partner pursuant to any clause of Section 4.2 shall be reduced by the amount distributed to such Partner pursuant to this
Section 4.3(d), and the amount so distributed under this Section 4.3(d) shall be deemed to have been distributed to the extent of such reduction pursuant to such clause of Section 4.2 for purposes of making the calculations required
by Section 4.2. 
 4.4 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the
Partnership shall not make a distribution to any Partner on account of its Interest in the Partnership if such distribution would violate any provisions of the Partnership Act or other applicable law. 

4.5 Withholding. Notwithstanding any other provision of this Agreement, each Partner hereby authorizes the Partnership (and any
Affiliate controlled by the Partnership) to withhold and to pay over, or otherwise pay, any withholding or other similar taxes payable by the Partnership (or such Affiliate) (pursuant to the Code or any provision of United States federal, state or
local or non-U.S. tax law) with respect to a Partner or as a result of such Partner’s participation in the Partnership (including as a result of a distribution in kind). If and to the extent that the Partnership (or such Affiliate) shall be
required to withhold or pay any such withholding taxes or other similar taxes attributable to a Partner from amounts paid to a Partner, such Partner shall be deemed for all purposes of this Agreement to have received a payment from the Partnership
as of the time that such withholding or other similar tax is required to be paid, which payment shall be deemed to be a distribution pursuant to Section 4.2 with respect to such Partner’s Interest to the extent that a Partner (or any
successor to such Partner’s Interest) would have received a cash distribution with respect to such Partner but for such withholding. 

  
 13 

 ARTICLE V 

Management 
 5.1
Relationship Among the Operating Partner, the Fortress Partner, the Manager and the Partners. Except as expressly limited by the provisions of this Agreement and the Partnership Act, the Partners shall have the full, exclusive and absolute
right, power and authority to manage and control the Partnership and the property, assets, affairs and business thereof. Except as so expressly limited, the Partners shall have all of the rights, powers and authority conferred upon it by law or
under the provisions of this Agreement. The Fortress Partner shall continue to serve until incapacitated or removed, in accordance with the express provisions of this Agreement. The day-to-day administrative management and operation of the
Partnership and its business shall be vested in the Operating Partner, subject to the terms and provisions of this Agreement. The Operating Partner shall, in its discretion, exercise all powers necessary and convenient for the purposes of the
Partnership, but subject to the limitations and restrictions expressly set forth herein, including those set out in Section 2.3 and this Section 5.1, on behalf and in the name of the Partnership. The Operating Partner is designated, and is
specifically authorized to act as, the “tax matters partner” under the Code and in any similar capacity under state, local or foreign law. Notwithstanding anything to the contrary contained herein, the acts of the Operating Partner in
carrying on the business of the Partnership as authorized herein shall bind the Partnership. 
 5.2 Indemnification, Advances and
Insurance. 
 (a) Indemnification. The Partnership shall indemnify any Indemnified Person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Partnership), by reason of the fact that such Indemnified
Person is or was within the category of persons constituting Indemnified Persons of the Partnership, or is or was within the category of persons constituting Indemnified Persons of the Partnership serving at the request of the Partnership as a
director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by
such Indemnified Person in connection with such action, suit or proceeding, provided that such Indemnified Person shall not be indemnified and held harmless if there has been a final and non-appealable judgment entered by a court of competent
jurisdiction determining that, in respect of the matter for which the Indemnified Person is seeking indemnification, the Indemnified Person has acted in bad faith or engaged in fraud or willful misconduct or, with respect to any criminal action or
proceeding acted with knowledge that such Indemnified Person’s conduct was unlawful. 
 (b) Expenses Payable in Advance.
Expenses (including attorneys’ fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Partnership in advance of the final disposition of such
action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Partnership as authorized in
this Section 5.2. Such expenses (including attorneys’ fees) may be so paid upon such terms and conditions, if any, as the Partnership deems appropriate. 

  
 14 

 (c) Non-exclusivity of Indemnification and Advancement of Expenses. The indemnification
and advancement of expenses provided by, or granted pursuant to, this Section 5.2 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, any
agreement, vote of Members or disinterested directors of the Operating Partner or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, it being the policy of the
Partnership that indemnification of the persons specified in subsection (a) of this Section 5.2 shall be made to the fullest extent permitted by law. The provisions of this Section 5.2 shall not be deemed to preclude the
indemnification of any person who is not specified in subsection (a) of this Section 5.2 but whom the Partnership would have the power or obligation to indemnify under the provisions of the DGCL, if the Partnership were a Delaware
corporation, the Delaware Act or otherwise. 
 (d) Insurance. The Partnership may purchase and maintain insurance on behalf of any
Person entitled to indemnification under this Section 5.2 against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such Person’s status as such, whether or not the Partnership
would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section 5.2. 
 (e)
Certain Definitions. For purposes of this Section 5.2, references to the “Partnership” shall include, in addition to the resulting company, any constituent company (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so that any person who is or was a director or officer of such constituent company, or is or was a
director or officer of such constituent company serving at the request of such constituent company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same
position under the provisions of this Section 5.2 with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. For purposes of this
Section 5.2, references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Partnership” shall include any service as a
director, officer, employee or agent of the Partnership that imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries. 

(f) Survival of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or granted
pursuant to, this Section 5.2 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be an Indemnified Person and shall inure to the benefit of the heirs, executors and administrators of such a
person. 
 (g) Indemnification of Employees and Agents. The Partnership may, to the extent authorized from time to time by the
Operating Partner, provide rights to indemnification and to the advancement of expenses to employees and agents of the Partnership and the Manager similar to those conferred in this Section 5.2 to Indemnified Persons. 

  
 15 

 ARTICLE VI 

Expenses 
 6.1
Operating Expenses. (a) The Partnership shall bear or be charged with all of its own operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. 

(b) To the extent any operating expenses of the Partnership not specifically required to be borne by the Manager pursuant to the Management
Agreement are paid by the Manager, the Fortress Partner or any Affiliate thereof from its own funds, as the case may be, such operating expenses shall be reimbursed by the Partnership. The Partnership will reimburse the Manager and its Affiliates
for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to
outside professionals or consultants on an arm’s length basis. The amount of operating expenses to be borne by the Partnership is not subject to any maximum amount. For the avoidance of doubt, to the extent the Partnership forms intermediate
investment vehicles in connection with the making, holding and/or disposing of an investment, the costs and expenses of such vehicles shall be deemed to be costs and expenses of the Partnership for all purposes of this Agreement. 

ARTICLE VII 
 Books and Records
and Reports to Partners; Certain Tax Elections 
 7.1 Records and Accounting. The Operating Partner shall keep or cause to be
kept at the principal office of the Partnership appropriate books and records with respect to the Partnership’s business, including all books and records necessary to provide to the Partners any information required to be provided pursuant to
this Agreement. Any books and records maintained by or on behalf of the Partnership in the regular course of its business, including the record of the Partners, books of account and records of Partnership proceedings, may be kept on, or be in the
form of, computer disks, hard drives, punch cards, magnetic tape, photographs, micrographics or any other information storage device; provided, that the books and records so maintained are convertible into clearly legible written form within a
reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with GAAP. 

7.2 Safe Harbor Election and Forfeiture Allocations. (a) The Operating Partner is hereby authorized and directed to cause the
Partnership to make an election to value the Fortress Partner interest of the Fortress Partner received as compensation for services to the Partnership (the “Compensatory Interest”) at liquidation value (the “Safe Harbor
Election”), as the same may be permitted pursuant to or in accordance with the finally promulgated successor rules to Proposed Treasury Regulations Section 1.83-3(l) and IRS Notice 2005-43 (collectively, the “Proposed
Rules”). The Operating Partner shall cause the Partnership to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations and elections as to allocation periods) necessary or appropriate to
effectuate and maintain the Safe Harbor Election. 

  
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 (b) Any such Safe Harbor Election shall be binding on the Partnership and on all of its Partners
(including, for purposes of this Section 7.2(b), any person to whom a Compensatory Interest is transferred in connection with the performance of services) with respect to all transfers of Compensatory Interests thereafter made by the
Partnership while a Safe Harbor Election is in effect. A Safe Harbor Election once made may be revoked by the Operating Partner as permitted by the Proposed Rules or any applicable rule. 

(c) Each Partner, by signing this Agreement or by accepting such transfer, hereby agrees to comply with all requirements of the Safe Harbor
Election with respect to the Compensatory Interest while the Safe Harbor Election remains effective. 
 (d) The Operating Partner shall file
or cause the Partnership to file all returns, reports and other documentation as may be required to perfect and maintain the Safe Harbor Election with respect to transfers of any Compensatory Interest. 

(e) The Operating Partner is hereby authorized and empowered, without further vote or action of the Partners, to amend this Agreement as
necessary to comply with the Proposed Rules or any rule, in order to provide for a Safe Harbor Election and the ability to maintain or revoke the same, and shall have the authority to execute any such amendment by and on behalf of each Partner. Any
undertakings by the Partners necessary to enable or preserve a Safe Harbor Election may be reflected in such amendments and to the extent so reflected shall be binding on each Partner, respectively; provided, however, that such
amendments are not reasonably likely to have a material adverse effect on the rights and obligations of the Partners. 
 (f) Each Partner
agrees to cooperate with the Operating Partner to perfect and maintain any Safe Harbor Election, and to timely execute and deliver any documentation with respect thereto reasonably requested by the Operating Partner. 

(g) No transfer, assignment or other disposition of any Interest in the Partnership by a Partner shall be effective unless prior to such
transfer, assignment or disposition the transferee, assignee or intended recipient of such Interest shall have agreed in writing to be bound by the provisions of this Section 7.2, in form and substance satisfactory to the Partner. 

ARTICLE VIII 
 Transfers,
Admissions, Withdrawals and Default 
 8.1 Transfer, Withdrawal, Removal or Termination of the Fortress Partner. (a) The
Fortress Partner, without the prior written consent of the Operating Partner, shall have no right to Transfer its Interests, and the Fortress Partner shall not have the right to withdraw. The foregoing or any other provision hereof to the contrary
notwithstanding, a Transfer by the Fortress Partner of its Interest to an entity whose business and operations are managed or supervised by Mr. Wesley R. Edens shall not be considered violations of this Section 8.1 or any other
provision of this Agreement and are expressly permitted without the consent of the Operating Partner. The Operating Partner shall have no right to remove the Fortress Partner from the Partnership except as otherwise expressly provided herein. 

  
 17 

 (b) [Reserved]. 

(c) The Fortress Partner shall cease to be a Partner of the Partnership upon the termination of the Management Agreement. Upon termination of
the Management Agreement pursuant to Section 13 or Section 15(b) the Partnership shall be required to promptly allocate and pay to the Fortress Partner an amount equal to the incentive allocations that would be allocated and paid to the
Fortress Partner pursuant to Section 4.2 hereof if the Partnership’s assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of
the underlying investments). In addition, after the termination of the Management Agreement, neither the Fortress Partner nor its successors-in-interest shall have any of the powers, obligations or liabilities of a Partner of the Partnership under
this Agreement or under applicable law arising after the date of such termination. 
 (d) [Reserved]. 

(e) If the Fortress Partner shall be removed or shall withdraw as a Partner, a successor Partner may be admitted or named as a Partner of the
Partnership prior to such removal or withdrawal with the consent of the Operating Partner. 
 The Fortress Partner shall reasonably cooperate to facilitate
the substitution of any successor Partner, and, except in the case of a removal as a result of the termination of the Management Agreement pursuant to Section 8.1(c), shall be reimbursed for its reasonable costs and expenses relating thereto.
The Partners (or any one or more of them) may Transfer to any successor Partner a portion of their Interest in the Partnership in order to effectuate such substitution. 

8.2 Additional Partners. The Partners may agree to admit any additional Partner to the Partnership. In order to become an additional
Partner, such Person shall execute and deliver a counterpart signature page to this Agreement (or such other instrument as shall establish that such Person shall be bound by and a party to this Agreement) and such other documentation as the
Operating Partner may specify. 
 8.3 Admissions and Withdrawals Generally. Except as provided herein, no Partner shall have the
right to withdraw from the Partnership and no Person may be admitted to the Partnership as a Partner. 
 8.4 Obligations and Rights of a
Prior Fortress Partner. In the event that the Fortress Partner is removed, withdraws or transfers all of its Interest in the Partnership other than in accordance with the terms of this Agreement, such Fortress Partner shall have no further
obligation or liability as a Fortress Partner of the Partnership pursuant to this Agreement with respect to or in connection with any obligations or liabilities arising from and after such removal, withdrawal or transfer, and all such future 

  
 18 

 
obligations and liabilities shall automatically cease and terminate and be of no further force or effect with respect to the Fortress Partner; provided, however, that nothing
contained herein shall be deemed to relieve the Fortress Partner of any obligations or liabilities (i) arising prior to such removal or withdrawal or (ii) resulting from a dissolution of the Partnership caused by the act of the Fortress
Partner where liability is imposed upon the Fortress Partner by law or by the provisions of this Agreement. 
 ARTICLE IX 

Term and Dissolution of the Partnership 

9.1 Term. The Partnership shall continue indefinitely until the Partnership is dissolved, which dissolution shall occur upon the first
of any of the following events (each an “Event of Dissolution”): 
 (a) the entry of a decree of judicial dissolution under the
Partnership Act; or 
 (b) a written determination by the Fortress Partner and the Operating Partner that the Partnership should be
dissolved. 
 9.2 Winding-Up. Upon the occurrence of an Event of Dissolution, the Partnership shall be wound up and liquidated as
promptly as business circumstances allow. The Fortress Partner or, if there is no Fortress Partner, a liquidator who may be appointed by the Operating Partner, shall proceed with the Dissolution Sale and the Final Distribution. In the Dissolution
Sale, the Fortress Partner or such liquidator shall use its commercially reasonable efforts to reduce to cash and cash equivalent items at Fair Value such assets of the Partnership as the Fortress Partner or such liquidator shall deem it advisable
to sell, subject to any tax or other legal considerations. The foregoing notwithstanding, the Fortress Partner shall not administer any Dissolution Sale or Final Distribution if the Fortress Partner had previously been removed as Fortress Partner,
if the Fortress Partner had withdrawn as the Fortress Partner in violation of the provisions hereof. 
 9.3 Final Distribution.
Subject to the Partnership Act, after the Dissolution Sale, the proceeds thereof and the other assets of the Partnership (including restricted securities) shall be distributed in one or more installments in the following order of priority: 

(a) To creditors of the Partnership (including, if applicable, the Fortress Partner and its Affiliates and the Manager), to the extent
otherwise permitted by law, in satisfaction of liabilities of the Partnership, including the expenses of the winding-up, liquidation and dissolution of the Partnership (whether by payment or the making of reasonable provision for payment thereof).

 (b) The remaining proceeds, if any, plus any remaining assets of the Partnership, shall be applied and distributed to the Partners in
accordance with Section 4.2. For purposes of the 

  
 19 

 
application of this Section 9.3(b) and determining Capital Accounts on dissolution, all realized and unrealized gains, losses and accrued income and deductions of the Partnership shall be
treated as realized and recognized immediately before the date of distribution and shall be allocated among the Capital Accounts of the Partners in accordance with Section 3.3. 

ARTICLE X 
 Miscellaneous

 10.1 Amendments. Except as required by law, this Agreement and the Statement may only be amended with the written consent of
the Partners. 
 10.2 Entire Agreement. This Agreement constitutes the entire agreement among the Partners with respect to the
subject matter hereof and thereof and supersedes any prior agreement, and any understanding among or between them with respect to such subject matter. 

10.3 Severability. Each provision of this Agreement shall be considered severable and if for any reason any provision which is not
essential to the effectuation of the basic purposes of the Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable and contrary to the Partnership Act or existing or future applicable law, such invalidity shall
not impair the operation of or affect those provisions of this Agreement which are valid. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the requirements of any
applicable law, and in the event such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable provisions. 

10.4 Notices. All notices, requests, demands and other communications hereunder shall be deemed to have been duly given if sent to such
Partner’s business address set forth in the Partnership’s books and records; or to such other address as such Partner shall have last designated by notice to the Partnership, and in the case of a change in address by the Fortress Partner,
by notice to the Operating Partner. Any notice shall be deemed to have been duly given if personally delivered or sent by overnight mail or courier, by email or by facsimile transmission confirmed by letter, and shall be deemed received, unless
earlier received, (i) if sent by overnight mail or courier, when actually received, (ii) if sent by facsimile transmission, on the date sent, provided that confirmatory notice is sent promptly thereafter by overnight mail or
courier, postage prepaid, and (iii) if delivered by hand or email, on the date of receipt. 

  
 20 

 10.5 Governing Law, Waiver of Jury Trial and Waiver of Partition. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. THE COURTS OF THE STATE OF DELAWARE SHALL HAVE, AND NO OTHER COURTS SHALL HAVE, JURISDICTION OVER ANY ACTION, SUIT OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT, AND THE OPERATING PARTNER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY HAVE, WHETHER NOW OR IN THE FUTURE, TO THE LAYING OF VENUE IN, OR TO THE JURISDICTION
OF, ANY AND EACH OF SUCH COURTS FOR THE PURPOSES OF ANY SUCH SUIT, ACTION, PROCEEDING OR JUDGMENT, AND FURTHER AGREES TO WAIVE ANY CLAIM THAT ANY SUCH SUIT, ACTION, PROCEEDING OR JUDGMENT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND THE OPERATING
PARTNER HEREBY SUBJECTS ITSELF TO SUCH JURISDICTION. SUBJECT TO APPLICABLE LAW, THE PARTIES HEREBY AGREE THAT NO PUNITIVE OR CONSEQUENTIAL DAMAGES SHALL BE AWARDED TO THE OPERATING PARTNER IN ANY SUCH ACTION, SUIT OR PROCEEDING. TO THE EXTENT
PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 

EACH OF THE PARTNERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS THAT SUCH PARTNER MAY HAVE TO MAINTAIN ANY ACTION FOR PARTITION OF ANY OF
THE PARTNERSHIP’S PROPERTY. 
 10.6 Successors and Assigns. Except with respect to the rights of Indemnified Persons, none of
the provisions of this Agreement shall be for the benefit of or enforceable by the creditors of the Partnership, and this Agreement shall be binding upon and inure to the benefit of the Partners and their legal representatives, successors and
permitted assigns. 
 10.7 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall constitute
one and the same instrument. 
 10.8 Certain Rules of Construction. The section headings in this Agreement are for convenience of
reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. As used herein, masculine pronouns shall include the feminine and neuter, and the singular shall be deemed to include the plural and
vice versa. If any time period set forth herein shall expire on a day which is not a Business Day, such time period shall be automatically extended to the first Business Day immediately following the non-Business Day on which such time period would
otherwise expire. The term “including” as used herein shall mean “including, without limitation,” unless the context otherwise requires. Whenever in this Agreement the Fortress 

  
 21 

 
Partner, Operating Partner or any of their respective Affiliates is permitted or required to make a decision or to take (or not take) an action (i) in its “discretion,” such
Person’s exercise of discretion shall be the sole and absolute exercise of a right that may be exercised, granted or withheld without regard to any other matter or fact; or (ii) in its “good faith” or under another express
standard, such Person shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or otherwise.

 10.9 Further Assurances. Each Partner agrees to take any and all action necessary or appropriate for the accomplishment of the
purposes of the Partnership set forth in Section 2.3 hereof. 
 10.10 Use of the Name “Fortress”. Fortress Parent has
consented to the use by the Partnership of the identifying word or name “Fortress” in the name of the Partnership. Such consent is conditioned upon a Fortress Affiliate being the Fortress Partner and upon the employment of a Fortress
Affiliate as the manager (pursuant to contractual delegation by the Manager or otherwise) of the Partnership’s or the Operating Partner’s assets. The name or identifying word “Fortress” may be used from time to time in other
connections and for other purposes by Fortress Affiliates and by any Person authorized by Fortress Parent or its Affiliates. The Fortress Partner may require the Partnership to cease using “Fortress” in the name of the Partnership if a
Fortress Affiliate is no longer the Fortress Partner for any reason. 
 10.11 Anti-Money Laundering. Notwithstanding any other
provision of this Agreement to the contrary, the Operating Partner, in its own name and on behalf of the Partnership, shall be authorized without the consent of any Person, including any other Partner, to take such action as it determines in good
faith to be necessary or advisable to comply with any anti-money laundering or anti-terrorist laws, rules, regulations, directives or special measures. 

[Remainder of page intentionally left blank] 

  
 22 

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

					
	FORTRESS PARTNER:
	
	FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE MASTER GP LLC
		
	By:		  

			Name:		[                    ]
			Title:		[                    ]
	
	OPERATING PARTNER:
	
	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
		
	By:		  

			Name:		[                    ]
			Title:		[                    ]

 FOURTH AMENDED AND RESTATED PARTNERSHIP AGREEMENT OF FORTRESS 

WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIPEX-10.2

 Exhibit 10.2 

MANAGEMENT AND ADVISORY AGREEMENT 

dated as of                     , 2015

 between 

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC 

and 
 FIG LLC 

 TABLE OF CONTENTS 

Page 
  

							
	SECTION 1.		 DEFINITIONS
		 	1	  
	SECTION 2.		 APPOINTMENT AND DUTIES OF THE MANAGER
		 	2	  
	SECTION 3.		 DEVOTION OF TIME; ADDITIONAL ACTIVITIES
		 	6	  
	SECTION 4.		 AGENCY
		 	7	  
	SECTION 5.		 BANK ACCOUNTS
		 	7	  
	SECTION 6.		 RECORDS; CONFIDENTIALITY
		 	7	  
	SECTION 7.		 OBLIGATIONS OF MANAGER; RESTRICTIONS
		 	8	  
	SECTION 8.		 COMPENSATION
		 	8	  
	SECTION 9.		 EXPENSES OF THE COMPANY
		 	9	  
	SECTION 10.		 CALCULATIONS OF EXPENSES
		 	10	  
	SECTION 11.		 LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION
		 	10	  
	SECTION 12.		 NO JOINT VENTURE
		 	11	  
	SECTION 13.		 TERM; TERMINATION
		 	11	  
	SECTION 14.		 ASSIGNMENT
		 	12	  
	SECTION 15.		 TERMINATION FOR CAUSE
		 	13	  
	SECTION 16.		 ACTION UPON TERMINATION
		 	13	  
	SECTION 17.		 RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST
		 	14	  
	SECTION 18.		 NOTICES
		 	14	  
	SECTION 19.		 BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS
		 	15	  
	SECTION 20.		 ENTIRE AGREEMENT
		 	15	  
	SECTION 21.		 CONTROLLING LAW
		 	15	  
	SECTION 22.		 INDULGENCES, NOT WAIVERS
		 	15	  
	SECTION 23.		 TITLES NOT TO AFFECT INTERPRETATION
		 	16	  
	SECTION 24.		 EXECUTION IN COUNTERPARTS
		 	16	  
	SECTION 25.		 PROVISIONS SEPARABLE
		 	16	  
	SECTION 26.		 GENDER
		 	16	  

  
 i 

 MANAGEMENT AND ADVISORY AGREEMENT 

THIS MANAGEMENT AND ADVISORY AGREEMENT, is made as of
                , 2015 (the “Agreement”) by and among FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, a Delaware limited liability company (the
“Company”), and FIG LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 

W I T N E S S E T H: 
 WHEREAS,
the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities of or available to the Manager and to have the Manager undertake the duties and responsibilities hereinafter set forth, on
behalf of the Company, as provided in this Agreement; and 
 WHEREAS, the Manager is willing to render such services on the terms and
conditions hereinafter set forth. 
 NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL AGREEMENTS HEREIN SET FORTH, THE PARTIES HERETO AGREE AS
FOLLOWS: 
 SECTION 1. DEFINITIONS. 

The following terms have the meanings assigned to them: 

(a) “Acquisitions” means asset acquisitions by the Company and its Subsidiaries. 

(b) “Agreement” means this Management and Advisory Agreement, as amended from time to time. 

(c) “Board of Directors” means the Board of Directors of the Company. 

(d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Common Share” means a common share representing a limited liability company interest of the Company now or hereafter authorized
and designated as common shares of the Company. 
 (f) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(g) “GAAP” means generally accepted accounting principles in the United States, as in effect on the date of this Agreement. 

(h) “Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a corporation,
certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating agreement in the case of a limited liability company, or, in each case,
comparable governing documents. 

  
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 (i) “Independent Directors” means the members of the Board of Directors who are not
officers or employees of the Manager. 
 (j) “Investment Company Act” means the Investment Company Act of 1940, as amended. 

(k) “Subsidiary” means any subsidiary of the Company and any partnership, the general or operating partner of which is the Company
or any subsidiary of the Company and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 

SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 

(a) The Company hereby appoints the Manager to manage the assets and day-to-day operations of the Company and its Subsidiaries subject to the
further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager except
to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third
parties. 
 (b) The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and its Subsidiaries, at
all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority identified herein and
delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and its Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations of the
Company as may be appropriate, including, without limitation: 
 (i) serving as the Company’s consultant with respect to the periodic
review of the acquisition criteria and parameters for Acquisitions, borrowings, financing transactions, and operations; 
 (ii)
investigation, analysis, valuation and selection of Acquisition opportunities; 
 (iii) with respect to prospective Acquisitions by the
Company and dispositions of assets, conducting negotiations with brokers, sellers and purchasers and their respective agents and representatives, investment bankers and owners of privately and publicly held companies; 

(iv) engaging and supervising independent contractors that provide services relating to the Company or any of its Subsidiaries or the
Company’s assets, including, but not limited to, investment banking, legal or regulatory advisory, tax advisory, due diligence, accounting advisory, securities brokerage, brokerage, and other financial, brokerage and consulting services as the
Manager determines from time to time is advisable; 

  
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 (v) negotiating the sale, exchange or other disposition of any asset; 

(vi) coordinating and managing operations of any joint venture or co-investment interests held by the Company or any of its Subsidiaries and
conducting all matters with the joint venture or co-investment partners; 
 (vii) coordinating and supervising, all matters related to the
Company’s or any of its Subsidiaries’ assets, including the leasing and/or sale and management of such assets and retaining agents, managers or other advisors in connection with such coordination and supervision; 

(viii) providing executive and administrative personnel, office space and office services required in rendering services to the Company; 

(ix) administering the day-to-day operations of the Company and its Subsidiaries and performing and supervising the performance of such other
administrative functions necessary in the management of the Company and its Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and the payment of the Company’s
debts and obligations and maintenance of appropriate computer services to perform such administrative functions; 
 (x) communicating with
the past, current and prospective holders of any equity or debt securities of the Company and its Subsidiaries as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain
effective relations with such holders; 
 (xi) counseling the Company in connection with policy decisions to be made by the Board of
Directors; 
 (xii) evaluating and recommending to the Board of Directors modifications to any hedging strategies in effect on the date
hereof and engaging in hedging activities, consistent with such strategies, as in effect from time to time; 
 (xiii) counseling the Company
regarding the maintenance of its exemption from the Investment Company Act and monitoring compliance with the requirements for maintaining an exemption from that Act; 

(xiv) assisting the Company in developing criteria that are specifically tailored to the Company’s investment objectives and making
available to the Company its knowledge and experience with respect to its target assets; 
 (xv) representing and making recommendations to
the Company in connection with the purchase and finance, and commitment to purchase and finance, of its target assets, and in connection with the sale and commitment to sell such assets; 

(xvi) monitoring the operating performance of the Company’s and its Subsidiaries’ assets and providing periodic reports with respect
thereto to the Board of Directors, including comparative information with respect to such operating performance, valuation and budgeted or projected operating results; 

  
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 (xvii) investing and re-investing any moneys and securities of the Company and its Subsidiaries
(including investing in short-term investments, pending investment in Acquisitions, payment of fees, costs and expenses, or payments of dividends or distributions to shareholders and partners of the Company) and advising the Company as to its
capital structure and capital raising; 
 (xviii) causing the Company to retain qualified accountants and legal counsel, as applicable, to
assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and to conduct quarterly compliance reviews with respect thereto; 

(xix) causing the Company and its Subsidiaries to qualify to do business in all applicable jurisdictions and to obtain and maintain all
appropriate licenses; 
 (xx) taking all necessary actions to enable the Company and its Subsidiaries to make required tax filings and
reports, including soliciting shareholders for required information to the extent provided by the provisions of the Code; 
 (xxi) assisting
the Company and its Subsidiaries in complying with all regulatory requirements applicable thereto in respect of its business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and
contractual undertakings and all reports and documents required under the Exchange Act; 
 (xxii) handling and resolving all claims,
disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company or any of its Subsidiaries may be involved or to which the Company or any of its Subsidiaries may be subject
arising out of the Company’s or any of its Subsidiaries’ day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 

(xxiii) using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company and its Subsidiaries to be within any
expense guidelines set by the Board of Directors from time to time; 
 (xxiv) performing such other services as may be required from time to
time for management and other activities relating to the assets of the Company and its Subsidiaries as the Board of Directors and Manager shall agree from time to time or as the Manager shall deem appropriate under the particular circumstances; 

(xxv) using commercially reasonable efforts to cause the Company to comply with all applicable laws; and 

(xxvi) traveling in connection with the performance of any services or activities relating to the Company’s and its Subsidiaries’
assets, operations, Acquisitions or investment analysis. 
 Without limiting the foregoing, the Manager will perform portfolio management
services (the “Portfolio Management Services”) on behalf of the Company with respect to Acquisitions. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other investment
opportunities in connection with, the Company’s portfolio of assets; the collection of information and the submission of reports pertaining to the Company’s 

  
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assets, general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets; acting as liaison between the Company and banking, investment
banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring services (the “Monitoring
Services”) on behalf of the Company with respect to any services provided by third parties, which the Manager determines are material to the performance of the business. 

(c) The Manager may enter into agreements with other parties, including its affiliates, including to provide the services above,
provided, that any such agreements entered into with affiliates of the Manager shall be (A) on terms no more favorable to such affiliate than could be obtained from a third party on an arm’s length basis and (B) to the extent
the same do not fall within policies approved by the Board of Directors, approved by a majority of the Independent Directors to the extent required by any Board policy. 

(d) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of accountants, legal counsel,
tax counsel, appraisers, insurers, brokers or business developers, transfer agents, registrars, developers, investment banks, financial advisors, underwriters, asset managers, banks and other lenders and others as the Manager deems necessary or
advisable in connection with the management and operations of the Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its employees or affiliates (which,
for the avoidance of doubt, includes any employees, consultants or agents or any affiliate of the Manager). The Company shall pay or reimburse the Manager or its affiliates performing such services for the cost thereof; provided, that such
costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length
basis. 
 (e) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager
shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, with respect to any investment, (i) reports and information on the Company’s operations and asset performance and (ii) other information reasonably
requested by the Company. 
 (f) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all
reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any governmental body or
agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a nationally recognized
independent accounting firm. 
 (g) The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to
review the Company’s Acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with policies approved by the Board of Directors. 

  
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 (h) Notwithstanding anything contained in this Agreement to the contrary, except to the extent
that the payment of additional monies is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this
Agreement, the Manager shall not be required to expend money (“Excess Funds”) in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager
hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s
unsatisfactory performance. 
 (i) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on
qualified experts hired by the Manager. 
 SECTION 3. DEVOTION OF TIME; ADDITIONAL ACTIVITIES. 

(a) The Manager will provide a management team, including a Chief Executive Officer and a Chief Financial Officer of the Company, to provide
the management services to be provided by the Manager to the Company hereunder. The members of such team shall devote such of their time to the management of the Company as the Board of Directors reasonably deems necessary and appropriate,
commensurate with the level of activity of the Company from time to time. 
 (b) Except to the extent set forth in clause (a) above,
nothing herein shall prevent the Manager or any of its affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other person or entity, including
investment in, or advisory service to others investing in, any type of infrastructure or equipment asset, including investments which meet the principal investment objectives of the Company. 

(c) Managers, members, partners, officers, employees and agents of the Manager or affiliates of the Manager may serve as directors, officers,
employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as from time to time amended, or by any resolutions duly adopted by the Board of Directors pursuant to the
Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company. 

SECTION 4. AGENCY. 
 The Manager
shall act as agent of the Company in making, acquiring, financing and disposing of Acquisitions, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of
professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Directors, holders of the Company’s securities or the Company’s representatives or properties.

  
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 SECTION 5. BANK ACCOUNTS. 

The Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a
“Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts; and the Manager shall from time to time render appropriate
accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 

SECTION 6. RECORDS; CONFIDENTIALITY. 

The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of
account and records shall be accessible for inspection by representatives of the Company at any time during normal business hours upon ten (10) business days advance written notice. The Manager shall keep confidential any and all non-public information obtained in connection with the services rendered under this Agreement and shall not disclose any such information to any person, except to (i) its affiliates, members, officers,
directors, employees, agents, representatives or advisors who have a need to know such information in order to carry out their duties to the Company and who have a duty to the Manager or to the Company to keep such information confidential,
(ii) to appraisers, financing sources and others in the ordinary course of the Manager’s business for the purpose of rendering services hereunder, provided that such persons agree to keep such information confidential, (iii) in
connection with any governmental or regulatory requests of the Manager and any of its affiliates, members, officers, directors, employees, agents, representatives or advisors, (v) as required by applicable law or regulation or (vi) with
the prior written consent of the Board of Directors. 
 SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 

(a) The Manager shall use commercially reasonable efforts to require each seller or transferor of assets to the Company to make such
representations and warranties regarding such assets as may, in the sole judgment made in good faith of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard
to the protection of the Company’s assets and investments. 
 (b) The Manager shall refrain from any action that, in its sole judgment
made in good faith, (i) is not in compliance with policies approved by the Board of Directors or (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or
that would otherwise not be permitted by such entity’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment
that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, officers, shareholders and employees shall not be liable to the
Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s shareholders or partners for any act or omission by the Manager, its directors, officers, shareholders or employees except as provided in
Section 11 of this Agreement. 

  
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 (c) The Manager shall at all times during the term of this Agreement (including the Original Term
and any renewal term) maintain a tangible net worth equal to or greater than $1,000,000. Additionally, during such period the Manager shall maintain “errors and omissions” insurance coverage and other insurance coverage which is
customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily
maintained by other managers or servicers of similar assets. 
 SECTION 8. COMPENSATION. 

(a) During the term of this Agreement (as the same may be extended from time to time), the Manager will receive an annual management fee (the
“Management Fee”) equal to 1.50% of the Company’s “Total Equity.” The Management Fee shall be calculated and paid monthly in arrears based upon the average of the Total Equity of the Company for the two most recently
completed months. The term “Total Equity” for any month means the equity value of the Company, determined on a consolidated basis in accordance with GAAP, but reduced proportionately in the case of a Subsidiary to the extent that the
Company owns, directly or indirectly, less than 100% of the equity interests in such Subsidiary. The Management Fee for any partial month shall be appropriately pro-rated. 

(b) The Manager shall compute each installment of the Management Fee within 15 days after the end of the month with respect to which such
installment is payable, and such installment shall be due and payable no later than the date which is 20 days after the end of the month with respect to which such installment is payable. A copy of the computations made by the Manager to calculate
such installment shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors within 90 days after the end of each calendar year. 

(c) The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this Agreement.

 (d) Upon the successful completion of an offering of Common Shares or other equity securities by the Company (including the issuance of
Common Shares as consideration in connection with an Acquisition), the Company shall pay and issue to the Manager options to purchase Common Shares in an amount equal to 10% of the number of Common Shares sold in the offering or issued in connection
with such Acquisition (or, if the issuance relates to equity securities other than Common Shares, options to purchase a number of Common Shares equal to 10% of the gross capital raised in the equity issuance, divided by the fair market value of a
Common Share as of the date of issuance), with an exercise price equal to the price per Common Share paid by the public or other ultimate purchaser in the offering or attributed to such Common Shares in connection with an Acquisition (or, in the
case of equity securities other than Common Shares, the fair market value of a Common Share as of the date of equity issuance). For the avoidance of doubt, the initial public offering of Common Shares shall not constitute an “offering” for
purposes of this Section 8(d). 

  
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 SECTION 9. EXPENSES OF THE COMPANY. 

The Company shall pay all of its expenses and shall reimburse the Manager or (for the avoidance of doubt) its affiliates for documented
expenses of the Manager or its affiliates incurred on its behalf (collectively, the “Expenses”). Expenses include all costs and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the
following: 
 (a) expenses in connection with the issuance and transaction costs incident to the acquisition, disposition and financing of
Acquisitions; 
 (b) travel and other out-of-pocket expenses incurred by managers, officers, employees and agents of the Manager or its
affiliates in connection with the sourcing, underwriting, purchase, financing, refinancing, sale or other disposition, or asset management of an Acquisition; 

(c) costs of legal, accounting, tax, auditing, underwriting, asset management, sourcing, administrative and other services rendered for the
Company by providers retained by the Manager or its affiliates or, if provided by the Manager’s or any affiliate’s employees, consultants or agents in amounts which are no greater than those which would be payable to outside professionals
or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis; 
 (d) the compensation and
expenses of the Independent Directors and the cost of liability insurance to indemnify the Company’s directors and officers; 
 (e)
compensation and expenses of the Company’s custodian and transfer agent, if any; 
 (f) costs associated with the establishment and
maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, legal fees, closing and other costs) or any securities offerings of the Company; 

(g) costs associated with any computer software or hardware that is used for the Company; 

(h) costs and expenses incurred in contracting with third parties, including affiliates of the Manager, in accordance with the terms of this
Agreement; 
 (i) all other costs and expenses relating to the Company’s business and investment operations, including, without
limitation, the costs and expenses of sourcing, underwriting, acquiring, financing, refinancing, owning, protecting, maintaining, developing, operating and disposing of Acquisitions, including appraisal, reporting, audit and legal fees; 

(j) all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable to the
insurance that the Manager elects to carry for itself and its employees; 

  
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 (k) expenses relating to any office or office facilities maintained for the Company or
Acquisitions separate from the office or offices of the Manager; 
 (l) expenses connected with the payments of interest, dividends or
distributions in cash or any other form made or caused to be made by the Board of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including, without limitation, in connection with any dividend reinvestment
plan; 
 (m) expenses connected with communications to holders of securities of the Company or its Subsidiaries and other bookkeeping and
clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and
filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange, the fees payable by
the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its shareholders and proxy materials with respect to any meeting of the shareholders of the Company; and

 (n) all other expenses actually incurred by the Manager which are reasonably necessary for the performance by the Manager of its duties
and functions under this Agreement. 
 Without regard to the amount of compensation received under this Agreement by the Manager, the Manager shall bear the
following expenses, except as expressly set forth herein: (i) wages and salaries of the Manager’s officers and employees; (ii) rent attributable to the space occupied by the Manager; and (iii) all other “overhead”
expenses of the Manager. 
 SECTION 10. CALCULATIONS OF EXPENSES. 

The Manager shall prepare a statement documenting the Expenses of the Company and the Expenses incurred by the Manager on behalf of the
Company during each calendar month, and shall deliver such statement to the Company in the ordinary course of periodic accounting. Expenses incurred by the Manager on behalf of the Company shall be reimbursed monthly to the Manager on the later of
(i) the first business day of the month immediately following the date of delivery of such statement and (ii) 10 business days after the date of delivery of such statement. 

SECTION 11. LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith
and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its members,
managers, officers and employees, sub-advisers and each other Person, if any, controlling the Manager, will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s or any Subsidiary’s shareholders or
partners for any acts or omissions by the Manager, its members, managers, officers or employees, sub-advisers or each other Person, if any, controlling the Manager pursuant to or in accordance with this Agreement, except by reason of acts
constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold the

  
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Manager, its members, managers, officers and employees, sub-advisers and each other Person, if any, controlling the Manager (each, an “Indemnified
Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts or omissions of such Indemnified
Party made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under
this Agreement. 
 (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its members, shareholders,
directors, officers and employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any
nature whatsoever (including attorneys’ fees) in respect of or arising from the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement. 

SECTION 12. NO JOINT VENTURE. 

Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such
on either of them. 
 SECTION 13. TERM; TERMINATION. 

(a) Unless terminated in accordance with Section 14 or Section 15, this Agreement shall be in effect until the date that is ten
(10) years after the date hereof (the “Original Term”). At the expiration of the Original Term and each Renewal Term (as defined below), this Agreement shall be deemed renewed automatically each year for an additional one-year period
(each, a “Renewal Term”) unless (i) a majority consisting of at least two-thirds of the Independent Directors or a simple majority of the holders of outstanding Common Shares, agree that there has been unsatisfactory performance that
is materially detrimental to the Company or (ii) a simple majority of the Independent Directors agree that the Management Fee payable to the Manager is unfair; provided, that the Company shall not have the right to terminate this Agreement
under clause (ii) if the Manager agrees to continue to provide the services under this Agreement at a fee that a simple majority of the Independent Directors have reasonably determined to be fair. If the Company elects not to renew this
Agreement at the expiration of the Original Term or any Renewal Term, the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms
set forth in this Section 13(a) of this Agreement not less than 60 days prior to the expiration of the then existing term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective
Termination Date”), not less than 60 days from the date of the notice, on which the Manager shall cease to provide services under this Agreement and this Agreement shall terminate on such date; provided, however, that in the event that such
Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate the Management Fee by delivering to the Company, no fewer than forty-five
(45) days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement. Thereupon, the Company and the
Manager shall endeavor to negotiate in good 

  
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faith the revised compensation payable to the Manager under this Agreement. Provided that the Manager and the Company agree to a revised Management Fee (or other compensation structure) within 45
days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the
Management Fee shall be the revised Management Fee (or other compensation structure) then agreed upon by the parties to this Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such
revised Management Fee promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable to agree to a revised Management Fee during such 45 day period, this Agreement shall terminate, such termination to
be effective on the date which is the later of (A) ten (10) days following the end of such 45 day period and (B) the Effective Termination Date originally set forth in the Termination Notice. 

(b) In the event that this Agreement is terminated in accordance with the provisions of Section 13(a) of this Agreement, the Company
shall pay to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to the amount of the Management Fee earned by the Manager during the period consisting of the twelve
(12) full, consecutive calendar months immediately preceding such termination. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

(c) No later than sixty (60) days prior to the expiration of the Original Term or any Renewal Term, the Manager may deliver written
notice to the Company informing it of the Manager’s intention not to renew the term, whereupon the Term of this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the expiration date of this Agreement
next following the delivery of such notice. 
 (d) If this Agreement is terminated pursuant to this Section 13, such termination shall
be without any further liability or obligation of either party to the other, except as provided in Section 13(b) and Section 16 of this Agreement. In addition, Section 11 of this Agreement shall survive termination of this Agreement.

 SECTION 14. ASSIGNMENT. 

(a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its assignment,
in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors; provided, however, that no such consent shall be required in the case of an assignment
by the Manager to an entity whose business and operations are managed or supervised by Mr. Wesley R. Edens (the “Principal”). Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the
Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such
assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to a successor to the Company (by merger, consolidation or purchase of
assets), in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 

  
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 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any
or all of its responsibilities under Section 2 of this Agreement to any of its affiliates in accordance with the terms of this Agreement or as otherwise approved by the Board, and the Company hereby consents to any such assignment and
subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts
payable to the Manager under this Agreement. 
 SECTION 15. TERMINATION FOR CAUSE. 

(a) The Company may terminate this Agreement effective upon sixty (60) days prior written notice of termination from the Company to the
Manager, without payment of any Termination Fee, if any act of fraud, misappropriation of funds, or embezzlement against the Company or other willful violation of this Agreement by the Manager in its corporate capacity (as distinguished from the
acts of any employees of the Manager which are taken without the complicity of the Principal) under this Agreement or in the event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement. 

(b) The Manager may terminate this Agreement effective upon sixty (60) days prior written notice of termination to the Company in the
event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such
default and requesting that the same be remedied in such 30 day period. 
 SECTION 16. ACTION UPON TERMINATION. 

(a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager
shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination
Fee. Upon such termination, the Manager shall forthwith: 
 (i) after deducting any accrued compensation and reimbursement for its expenses
to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 

(iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

  
 13 

 SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST. 

The Manager agrees that any money or other property of the Company or Subsidiary held by the Manager under this Agreement shall be held by the
Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a
written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this
Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than sixty (60) days following such request. The Manager shall not be liable to the
Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s shareholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property
released to the Company or any Subsidiary in accordance with the first sentence of this Section 17. The Company and any Subsidiary shall indemnify the Manager and its members, managers, officers and employees against any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this
Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 11 of this Agreement. 

SECTION 18. NOTICES. 
 Unless
expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered
against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission or email against answerback, (iv) delivery by registered or certified mail,
postage prepaid, return receipt requested, addressed as set forth below: 
  

	 	(a)	If to the Company: 

 Fortress Transportation and Infrastructure Investors LLC 

c/o FIG LLC 
 1345 Avenue of the
Americas 
 46th Floor 
 New
York, New York 10105 

	 	Attention:	Mr. Jonathan Atkeson 

	 	Attention:	Mr. Cameron MacDougall 

  
 14 

	 	(b)	If to the Manager: 

 FIG LLC 

1345 Avenue of the Americas 

46th Floor 
 New York, New York
10105 

	 	Attention:	Mr. Randal A. Nardone 

 Either party may alter the address to which communications or copies are to
be sent by giving notice of such change of address in conformity with the provisions of this Section 18 for the giving of notice. 

SECTION 19. BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns as provided in this Agreement. 
 SECTION 20. ENTIRE AGREEMENT. 

This Agreement, together with Sections [__] of the Fourth Amended and Restated Partnership Agreement of Fortress Worldwide Transportation and
Infrastructure General Partnership, contain the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing. 

SECTION 21. CONTROLLING LAW. 

This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed,
interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 

SECTION 22. INDULGENCES, NOT WAIVERS. 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to
have granted such waiver. 

  
 15 

 SECTION 23. TITLES NOT TO AFFECT INTERPRETATION. 

The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation of this Agreement. 
 SECTION 24. EXECUTION IN COUNTERPARTS. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. 
 SECTION 25. PROVISIONS SEPARABLE. 

The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

SECTION 26. GENDER. 
 Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

  
 16 

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

			
	COMPANY:
	
	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, a Delaware limited liability company
		
	By:		 
			Name:
			Title:
	
	MANAGER:
	
	 FIG LLC,
 a Delaware limited
liability company

		
	By:		 
			Name:
			Title:

 Agreed and accepted: 
  

			
	 FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIP, a Delaware general partnership

		
	By:		 
			Name:
			Title:

  
 1

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