Document:

Exhibit 10.5

 

EXCHANGE AGREEMENT

 

between

 

RCS CAPITAL CORPORATION

 

and

 

RCAP HOLDINGS, LLC

 

Dated as of [           ], 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 Definitions	2

 

	Section 1.01.	Definitions.  As used in this Agreement, the following terms shall have the following meanings:	2

 

	Section 1.02.	Other Definitional and Interpretative Provisions.  For the purposes of this Agreement, the words “it,” “he,” “his” or “himself” shall be interpreted to include the masculine, feminine and corporate, other entity or trust form.  The words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.  Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import.  “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.  References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof.  References to any Person include the successors and permitted assigns of that Person.  References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.	5

 

	ARTICLE 2 Exchange	6

 

	Section 2.01.	Exchanges.  (a)  Permissible Exchanges.  (i) Upon the terms and subject to the conditions of this Article 2, RCAP may elect to Exchange from time to time, in one or more Exchanges, up to one hundred percent (100%) of its Operating Subsidiaries Group Units by delivering an Exchange Request to the Corporation.	6

 

	Section 2.02.	Reservation of Class A Shares; Listing.  The Corporation shall at all times reserve and keep available out of its authorized but unissued Class A Shares, solely for the purpose of issuance upon an Exchange, such number of Class A Shares as shall be issuable upon any such Exchange; provided that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Exchange by delivery of purchased Class A Shares (which may or may not be held in the treasury of the Corporation).  If any Class A Shares require registration with or approval of any Governmental Entity under any federal or state law before such Class A Shares may be issued upon an Exchange, the Corporation shall cause such Class A Shares to be duly registered or approved, as the case may be.  The Corporation shall list the Class A Shares required to be delivered upon any such Exchange prior to such delivery upon each national securities exchange upon which the outstanding Class A Shares are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities laws).  The Corporation covenants that all Class A Shares issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable.	9

 

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	Section 2.03.	Additional Covenants of the Parties.	9

 

	Section 2.04.	Expiration.  In the event that an Operating Subsidiary is dissolved, liquidated or wound up pursuant to its respective LLC Agreement or otherwise, references in this Agreement to “Operating Subsidiaries Group Units” shall be deemed to no longer to refer to the Class B Units of such Operating Subsidiary.	10

 

	Section 2.05.	Extraordinary Events.	10

 

	ARTICLE 3 Other Agreements; Miscellaneous	11

 

	Section 3.02.	Expenses.  Each party hereto shall bear his or its own expenses in connection with the consummation of any of the transactions contemplated hereby, whether or not any such transaction is ultimately consummated, except that the Corporation shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any certificate is to be issued pursuant to Section 2.01(e)(vi) in a name other than that of RCAP, then the Person or Persons requesting the issuance thereof shall pay to the Corporation the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange (but only to the extent such amount arises as a result of such certificate being issued in a name other than that of RCAP) or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid or is not payable.	11

 

	Section 3.03.	Notices.  All notices, requests, consents and other communications hereunder (each, a “Notice”) to any party shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 3.03) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set forth below or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties:	11

 

	Section 3.04.	Joinder by Transferees.  If RCAP validly transfers after the date hereof any or all of its Operating Subsidiaries Group Units and corresponding Class B Shares to any other Person in a transaction not in contravention of, and in accordance with, the LLC Agreements and this Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporation.  Upon execution of any such joinder, such transferee shall, with respect to such transferred Operating Subsidiaries Group Units and Class B Shares, be entitled to all of the rights and bound by each of the obligations applicable to the relevant transferor hereunder; provided, however, that the transferor shall remain entitled to all of the rights and bound by each of the obligations with respect to Operating Subsidiaries Group Units and Class B Shares that were not so transferred.	12

 

    	 

    	 

    

 

	Section 3.05.	Severability.  The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.  If any provision of this Agreement, or the application thereof to any Person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.	12

 

	Section 3.06.	Counterparts.  This Agreement may be executed (including by facsimile transmission with counterpart pages) in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being understood that both parties need not sign the same counterpart.	12

 

	Section 3.07.	Entire Agreement; No Third Party Beneficiaries.  This Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto and any transferees or assignees thereof, any rights or remedies hereunder.	13

 

	Section 3.08.	Further Assurances.  Each party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein.	13

 

	Section 3.09.	Injunctive Relief.  Each party hereto acknowledges and agrees that the remedy at law for any breach of the covenants and agreements contained in this Agreement, including Articles 2 and 3, would be inadequate and that for any breach of such covenants and agreements, any non-breaching party shall, in addition to other remedies as may be available to it at law or in equity, or as provided for in this Agreement, be entitled to an injunction, restraining order, specific performance or other equitable relief (including, restraining the breaching party from committing or continuing to commit any violation of the covenants or agreements), without the necessity of posting a bond or furnishing other security.  Each party hereto agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate.	13

 

    	 

    	 

    

 

	Section 3.10.	Governing Law.  This Agreement shall be governed by, construed and enforced in accordance with the law of the State of New York, without regard to the conflicts of law rules of such state.	13

 

	Section 3.11.	Consent to Jurisdiction.  The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in any state or federal court in The City of New York, Borough of Manhattan, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient form.  Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 3.03 shall be deemed effective service of process on such party.	13

 

	Section 3.12.	WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.	13

 

	Section 3.13.	Amendments; Waivers.  (a) Subject to the following sentence, (i) no provision of this Agreement may be amended unless such amendment is approved in writing by all the parties hereto, and (ii) no provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective.  Notwithstanding anything to the contrary contained herein, the approval of any subsequent assignees or transferees of RCAP in accordance with Section 3.14 shall not be required for any amendment or waiver of any provision of this Agreement unless this Agreement is being amended (or a provision thereof is being waived) so as to disproportionately adversely affect such assignees or transferees (in which case such amendment or waiver shall require the approval of such assignees or transferees holding a majority of the outstanding Group Equity Interests then held by the assignees or transferees so disproportionately adversely affected).	14

 

    	 

    	 

    

 

	Section 3.14.	Assignment.  Neither this Agreement nor any of the rights or obligations hereunder shall be transferred or assigned (whether in whole or in part and by contract, operation of law or otherwise) by the Corporation without the prior written consent of RCAP.  RCAP may, upon notice to the Corporation and in accordance with Section 3.04, transfer or assign (whether in whole or in part) any and all rights granted hereunder.  This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors, permitted assigns and transferees.	14

 

	Section 3.15.	Tax Treatment.  The parties to this Agreement intend that, to the extent this Agreement imposes obligations upon a particular LLC Agreement, this Agreement shall be treated as part of such LLC Agreement pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder.  Except as otherwise required by applicable law:  (a) the parties shall report an Exchange consummated hereunder as a taxable sale of Operating Subsidiaries Group Units by RCAP to the Corporation (in conjunction with an associated cancellation of Class B Shares); and (b) no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority.	14

 

    	 

    	 

    

 

This EXCHANGE AGREEMENT dated as of [ ],
2013, is entered into between RCS Capital Corporation, a Delaware corporation (the “Corporation”), and RCAP
Holdings, LLC, a Delaware limited liability company (“RCAP”).

 

WHEREAS, in connection with the closing
of the IPO (as defined herein), the Corporation intends to consummate the transactions described in the Registration Statement
on Form S-1 filed with the Commission (as defined herein) on February 22, 2013, as amended heretofore (Registration No. 333-186819),
including, among other things, the issuance of its Class A Shares (as defined herein) to the public;

 

WHEREAS, immediately prior to the closing
of the IPO, the Corporation will issue its Class B Shares (as defined herein) to RCAP.

 

WHEREAS, immediately following the IPO,
the Corporation will own: (i) the number of Class A Units of Realty Capital Securities, LLC, a Delaware limited liability company,
set forth opposite its name on Schedule A hereto; (ii) the number of Class A Units of RCS Advisory Services, LLC, a Delaware
limited liability company, set forth opposite its name on Schedule A hereto; and (iii) the number of Class A Units of American
National Stock Transfer, LLC, a Delaware limited liability company, set forth opposite its name on Schedule A hereto (Realty
Capital Securities, LLC, RCS Advisory Services, LLC, American National Stock Transfer, LLC and their respective successors thereto,
collectively, referred to herein as the “Operating Subsidiaries”);

 

WHEREAS, immediately following the IPO,
RCAP will own: (i) the number of Class B Units of Realty Capital Securities, LLC set forth opposite its name on Schedule A
hereto; (ii) the number of Class B Units of RCS Advisory Services, LLC set forth opposite its name on Schedule A hereto;
and (iii) the number of Class B Units of American National Stock Transfer, LLC set forth opposite its name on Schedule A
hereto, all of which units are paired together in denominations of one unit of each Operating Subsidiary (referred to herein as
an “Operating Subsidiaries Group Unit”);

 

WHEREAS, the parties hereto desire to provide
for the post-IPO exchange of Operating Subsidiaries Group Units for Class A Shares of the Corporation, on the terms and subject
to the conditions set forth herein;

 

WHEREAS, the Corporation shall have no obligation
to acquire any Operating Subsidiaries Group Unit from RCAP unless RCAP exercises its Exchange Right (as defined herein) with respect
to such Operating Subsidiaries Group Unit; and

 

WHEREAS, the parties intend that an Exchange
(as defined herein) consummated hereunder be treated for U.S. Federal income tax purposes, to the extent permitted by law, as a
taxable sale of Operating Subsidiaries Group Units.

 

NOW, THEREFORE, in consideration of the
mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

    	 

    	 

    

 

ARTICLE
1

Definitions

 

Section 1.01.      Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

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

 

“Agreement” means this
Exchange Agreement, as it may be amended from time to time in accordance with the terms hereof.

 

“Board” means the Board
of Directors of the Corporation.

 

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

 

“Change of Control” means:
(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, as
in effect on date the IPO is consummated), other than RCAP, (i) is or becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, as in effect on the date the IPO is consummated), directly or indirectly, of 50%
or more of the voting stock of the Corporation or, in the context of a consolidation, merger or other corporate reorganization
in which the Corporation is not the surviving entity, 50% or more of the voting stock generally entitled to elect directors of
such surviving entity (or in the case of a triangular merger, of the parent entity of such surviving entity), or (ii) has obtained
the power (whether or not exercised) to elect a majority of the Board or the board of directors (or equivalent governing body)
of any of the Corporation’s successors; (b) the Board or the board of directors (or equivalent governing body) of any successor
of the Corporation shall cease to consist of a majority of the Continuing Directors; or (d) the sale, assignment, conveyance, transfer,
lease or other disposition (directly or indirectly, whether by way of merger, asset sale, equity sale, consolidation or otherwise),
in one or a series of related transactions, of 50% or more of the value of the Operating Subsidiaries taken as a whole to any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, as in effect on the date the IPO
is consummated) other than (i) to the Corporation, any Controlled Affiliate of the Corporation, RCAP or any Affiliate of RCAP,
or (ii) pursuant to the Reorganization. As used herein, the term “Reorganization” shall mean a transaction or
series of related transactions pursuant to which an entity (the ownership interests of which are held by the same Persons and in
the same relative proportions as the ownership interests of the Operating Subsidiaries immediately prior to the transaction(s))
is interposed as the direct owner of all ownership interests of the Operating Subsidiaries.

 

“Class A Shares” means
shares of Class A common stock, par value $0.001 per share, of the Corporation.

 

“Class B Shares” means
shares of Class B common stock, par value $0.001 per share, of the Corporation.

 

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“Closing” means the closing
of an Exchange pursuant to Section 2.01.

 

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

 

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

 

“Continuing Directors”
means the directors of the Corporation on the date of the pricing of the IPO and each other director of the Corporation if such
director’s election or nomination for election to the Board or the board of directors (or equivalent governing body) of any
successor of the Corporation is approved or recommended by a majority of the then-Continuing Directors.

 

“Control” (and any form
thereof, including “Controlled by” and “Controlled”) 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.

 

“Corporation” has the
meaning set forth in the preamble to this Agreement.

 

“Exchange,” when used
as a noun, means the exchange from time to time by RCAP of one or more Operating Subsidiaries Group Units for Class A Shares as
described in Section 2.01. “Exchange,” when used as a verb and “Exchanging,” when
used as an adjective, shall have correlative meanings.

 

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

 

“Exchange Rate” shall
be 1 Operating Subsidiaries Group Unit for 1 Class A Share.

 

“Exchange Request” means
an written notice to the Corporation, delivered at least 20 days in advance of any Exchange, setting forth the number of Operating
Subsidiaries Group Units to be Exchanged for Class A Shares and the number of Class B Shares to be concurrently delivered to the
Corporation for cancellation, as described in Section 2.01(a) of this Agreement.

 

“Exchange Right” means
RCAP’s right to exchange from time to time one or more Operating Subsidiaries Group Units for Class A Shares pursuant to
Section 2.01 of this Agreement.

 

“Extraordinary Event”
shall mean any of the following: (i) a Change of Control; (ii) if the Corporation conducts any business, either directly, or indirectly
through any Person (other than (A) the Operating Subsidiaries, (B) the Operating Subsidiaries’ wholly owned subsidiaries
and (C) the Operating Subsidiaries’ non-wholly owned subsidiaries, provided that, in the case of this clause (C),
none of the other direct or indirect holders of any equity securities or other equity interests of such subsidiary is an Affiliate
Controlled by the Corporation or in which the Corporation owns (directly or indirectly) equity interests (in each case other than
through the Operating Subsidiaries)); (iii) if any Operating Subsidiary is dissolved, liquidated or wound up (whether pursuant
to its respective LLC Agreement or otherwise); or (iv) the occurrence of any breach by the Corporation of any Transaction Document
to which RCAP is a party that (A) materially and adversely affects RCAP and (B) if capable of being cured, is not cured by the
Corporation within 30 days of the Corporation’s receipt of written notice specifying such breach.

 

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“Extraordinary Event Notice”
has the meaning set forth in Section 2.05.

 

“Fiscal Quarter” means
each fiscal quarter ending on the last day of each of March, June, September and December of any Fiscal Year.

 

“Fiscal Year” means the
fiscal year ending on December 31 of each calendar year.

 

“Governmental Entity”
means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality,
domestic or foreign, and any subdivision thereof.

 

“Group Equity Interests”
means, collectively, the Class A Shares, the Class B Shares, the Class A Units of each of the Operating Subsidiaries and the Class
B Units of each of the Operating Subsidiaries.

 

“IPO” means the initial
public offering of Class A Shares.

 

“Liens” means any and
all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations,
understandings or arrangements or other restrictions on title or transfer of any nature whatsoever.

 

“LLC Agreements” means,
collectively, (a) the Amended and Restated Limited Liability Company Agreement of Realty Capital Securities, LLC; (b) the Amended
and Restated Limited Liability Company Agreement of RCS Advisory Services, LLC; and (c) the Amended and Restated Limited Liability
Company Agreement of American National Stock Transfer, LLC, as they may each be amended from time to time in accordance with the
terms thereof.

 

“Lock-Up Agreement” means
the Lock-Up Agreement entered into by RCAP in connection with the IPO.

 

“Lock-Up Period” means
the Lock-Up Period under and as defined in RCAP’s Lock-Up Agreement.

 

“Notice” has the meaning
set forth in Section 3.03.

 

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

 

“Operating Subsidiaries Group Unit”
has the meaning set forth in the recitals to this Agreement, and includes any such Operating Subsidiaries Group Unit acquired after
the date of this Agreement.

 

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

 

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

 

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“Registration Rights Agreement”
means that certain Registration Rights Agreement dated as of [         ], 2013, among the Corporation and the other parties named therein,
as the same may be amended from time to time in accordance with the terms thereof.

 

“Restricted Class A Shares”
has the meaning set forth in Section 3.01.

 

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

 

“Tax Receivable Agreement”
means that certain Tax Receivable Agreement dated as of [        ], 2013, among the Corporation, RCAP and the Operating Subsidiaries,
as the same may be amended from time to time in accordance with the terms thereof.

 

“Transaction Documents”
means this Agreement, the LLC Agreements, the Registration Rights Agreement and the Tax Receivable Agreement.

 

“Transfer,” when used
as a verb, means, with respect to any Class A Shares, to directly or indirectly pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise
transfer or dispose of, directly or indirectly, any of such Class A Shares, or to enter into any swap or other arrangement that
transfers to another Person, in whole or in part, any of the economic consequences of ownership of such Class A Shares, whether
any such transaction is to be settled by delivery of Class A Shares, other securities, cash or otherwise. “Transfer,”
when used as a noun, shall have a correlative meaning.

 

“Transfer Agent” has
the meaning set forth in Section 2.01(e)(i).

 

Section 1.02.      Other
Definitional and Interpretative Provisions. For the purposes of this Agreement, the words “it,” “he,”
“his” or “himself” shall be interpreted to include the masculine, feminine and corporate, other entity
or trust form. The words “hereof,” “herein” and “hereunder” and words of like import used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein
are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. Any singular
term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,”
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of
that Person. References from or through any date mean, unless otherwise specified, from and including or through and including,
respectively.

 

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ARTICLE
2

Exchange

 

Section 2.01.      Exchanges.
(a) Permissible Exchanges. (i) Upon the terms and subject to the conditions of this Article 2, RCAP may elect to
Exchange from time to time, in one or more Exchanges, up to one hundred percent (100%) of its Operating Subsidiaries Group Units
by delivering an Exchange Request to the Corporation.

 

(ii)      RCAP
may revoke an Exchange Request with respect to any or all of the Operating Subsidiaries Group Units set forth therein by delivery
of a notice to such effect to the Corporation at any time prior to the Closing for any reason. RCAP shall further be entitled to
delay the Closing of the requested Exchange pursuant to this Section 2.01(a)(ii) upon the occurrence of one or more of the
following events (with the date of such Closing to be determined pursuant to Section 2.01(c)): (A) the registration statement
pursuant to which the Class A Shares to be acquired by RCAP at or immediately following the Closing shall have ceased to be effective;
(B) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement
necessary to effect such sale; (C) the Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness
of a registration statement (whether pursuant to the Registration Rights Agreement or otherwise), and such deferral, delay or suspension
shall affect the ability of RCAP to register its Class A Shares at or immediately following the Closing; (D) the Corporation shall
have disclosed to RCAP any material non-public information concerning the Corporation, the receipt of which results in RCAP being
prohibited from selling Class A Shares at or immediately following the Closing without disclosure of such information (and the
Corporation does not permit disclosure); (E) any stop order relating to the registration statement pursuant to which the Class
A Shares were to be registered by RCAP at or immediately following the Closing shall have been issued by the Commission; (F) the
Closing, or the closing of the registered offering or the effectiveness of any registration, shall have been delayed; (G) there
shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A
Shares are then traded; (H) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental
Entity that restrains or prohibits the Exchange of Operating Subsidiaries Group Units for Class A Shares, the concurrent transfer
of Class B Shares for cancellation, the concurrent issuance of Class A Units of the Operating Subsidiaries to the Corporation (as
described in Section 2.01(d)(iv)) or the registration or sale of any Class A Shares pursuant to a registration statement;
or (I) the Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights
Agreement, and such failure shall have affected the ability of RCAP to consummate the registration or sale of Class A Shares in
a manner not expressly contemplated under clauses (A) through (H) above.

 

(iii)      Each
Exchange Request shall set forth the number of Operating Subsidiaries Group Units that RCAP wishes to Exchange for Class A Shares
at the applicable Closing and the number of Class B Shares to be delivered for cancellation at the Closing (which shall be equal
to the number of Operating Subsidiaries Group Units to be Exchanged). If any Exchange Request is made in connection with a contemplated
underwritten offering of Class A Shares and such underwritten offering includes any option being granted to the underwriters or
any other Person to acquire an additional number of Class A Shares in connection with such offering, then (A) each Exchange Request
related to Operating Subsidiaries Group Units to be Exchanged for Class A Shares that will be included in such underwritten offering
shall also specify the maximum number of additional Operating Subsidiaries Group Units that RCAP desires to have Exchanged only
in the event that such option is exercised (it being understood that (x) the party exercising such option may have the right to
do so in part, in which case the additional Operating Subsidiaries Group Units Exchanged in connection with such offering will
be limited to the amount necessary to fulfill the delivery obligation with respect to the Class A Shares that are actually to be
acquired upon exercise of such option, and (y) the allocation of Class A Shares to be acquired pursuant to an exercise of any such
option among the Persons participating in such offering may not be known at the time of the delivery of the original Exchange Request,
in which case the maximum number of additional Operating Subsidiaries Group Units to potentially be Exchanged will be communicated
to the Corporation pursuant to a supplement to the Exchange Request delivered promptly following the time at which such determination
is made, which supplement to the Exchange Request need not be delivered 20 days in advance of the applicable Exchange) and (B)
the Closing of the Exchange of any additional Operating Subsidiaries Group Units to fulfill RCAP’s delivery obligation with
respect to the Class A Shares that are to be acquired upon exercise of any such option will occur immediately prior to the time
that delivery of the Class A Shares is to be made.

 

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(iv)      In
the Exchange Request, RCAP shall represent that it owns the Operating Subsidiaries Group Units and Class B Shares to be delivered
at the applicable Closing pursuant to Section 2.01(e)(i) and Section 2.01(e)(ii), free and clear of all Liens, except
as may be set forth therein and other than transfer restrictions imposed by or under applicable securities laws, the LLC Agreements
and this Agreement. If there are any Liens identified in the Exchange Request (other than transfer restrictions imposed by or under
applicable securities laws, the LLC Agreements and this Agreement), RCAP shall covenant that RCAP will deliver at the applicable
Closing evidence reasonably satisfactory to the Corporation that all such Liens have been released.

 

(v)      No
Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of any Operating
Subsidiary, such Exchange would pose a material risk that such Operating Subsidiary would be a “publicly traded partnership”
as defined in Section 7704 of the Code.

 

(vi)      Each
Exchange pursuant to this Section 2.01(a) shall be at the Exchange Rate in effect at the applicable Closing.

 

(b)          Relative
Value Determination. Promptly following the delivery of an Exchange Request pursuant to Section 2.01(a), the Audit Committee
of the Board shall, in good faith, make a written determination of the relative value of each Operating Subsidiary as of the applicable
Closing date and the parties hereto agree to be bound by such determination, including for tax reporting purposes; provided,
however, that if the Operating Subsidiaries shall have received a valuation or an opinion from a financial advisor of national
reputation regarding such relative values dated within 90 days of the applicable Closing date, and the Audit Committee of the Board
shall have determined in its good faith judgment that no material change has occurred, or is expected to occur prior to the Closing,
with respect to the Operating Subsidiaries, the Operating Subsidiaries may elect to use such valuation or opinion for purposes
of this Section 2.01(b) and the parties hereto agree to be bound by such valuation or opinion, including for tax reporting
purposes.

 

    	7

    	 

    

 

(c)          Closing.
(i) If an Exchange Request has been delivered pursuant to Section 2.01(a)(i), then (subject to Section 2.01(d)) the
Closing of such Exchange shall occur on the date that is the later of: (A) the fifth Business Day following the last Business Day
of the Fiscal Quarter during which such Exchange Request has been delivered; and (B) the fifth Business Day following the date
on which the conditions giving rise to any delay pursuant to Section 2.01(a)(ii) cease to exist. Subject to the immediately
preceding sentence, the parties shall effect the Closing at such time, at such place, and in such manner, as they shall agree in
writing.

 

(ii)      At
each Closing: (A) all rights of RCAP, as holder of the Operating Subsidiaries Group Units being Exchanged, shall terminate; (B)
the Class B Shares delivered at the Closing shall be automatically cancelled on the books and records of the Corporation and shall
no longer be deemed to be issued and outstanding capital stock of the Corporation; and (C) RCAP shall be treated for all purposes
as the holder of the Class A Shares delivered at the Closing.

 

(d)          Closing
Conditions. (i) The obligation of any of the parties to consummate an Exchange pursuant to this Section 2.01 shall be
subject to: (A) the condition that there shall be no injunction, restraining order or decree of any nature of any Governmental
Entity that is then in effect that restrains or prohibits the Exchange of Operating Subsidiaries Group Units for Class A Shares
or the transfer of Class B Shares for cancellation; and (B) the condition that the Exchange would not require an application for
approval in accordance with Rule 1017 promulgated by the Financial Industry Regulatory Authority (or any successor agency) (unless
such approval has previously been obtained).

 

(ii)      The
obligation of the Corporation to consummate an Exchange pursuant to this Section 2.01 shall be subject to the delivery by
RCAP of the items specified in clauses (i), (ii) and (iii) of Section 2.01(e).

 

(e)          Closing
Deliveries. At or prior to each Closing:

 

(i)      to
the extent that RCAP’s Class B Units are certificated, RCAP shall deliver to the Corporation certificates representing the
number of Class B Units that, collectively, comprise the Operating Subsidiaries Group Units to be Exchanged for Class A Shares
as specified in the applicable Exchange Request (or an affidavit of loss in lieu thereof in customary form, but without any requirement
to post a bond or furnish any other security), accompanied by unit powers, in form reasonably satisfactory to the corporate secretary
of the Corporation (the “Transfer Agent”), duly executed in blank by RCAP or its duly authorized attorney;

 

(ii)      RCAP
shall deliver to the Corporation for cancellation one or more certificates representing a number of Class B Shares equal to the
number of Operating Subsidiaries Group Units specified in the applicable Exchange Request, subject to adjustment based on the
Exchange Rate in effect at the applicable Closing (or an affidavit of loss in lieu thereof in customary form, but without any
requirement to post a bond or furnish any other security), accompanied by stock powers, in form reasonably satisfactory to the
Transfer Agent, duly executed in blank by RCAP or its duly authorized attorney;

 

    	8

    	 

    

 

(iii)      if
applicable, RCAP shall deliver evidence reasonably satisfactory to the Corporation that all Liens on its Operating Subsidiaries
Group Units and Class B Shares delivered pursuant to Sections 2.01(e)(i) and 2.01(e)(ii) have been released (other
than transfer restrictions imposed by or under applicable securities laws, the LLC Agreements and this Agreement);

 

(iv)      if
RCAP delivers to the Corporation, pursuant to either Section 2.01(e)(i) or 2.01(e)(ii), a certificate representing
a number of Class B Units or Class B Shares that is greater than the number of Operating Subsidiaries Group Units or Class B Shares
specified in the applicable Exchange Request, the Corporation will deliver (and, if applicable, cause the Operating Subsidiaries
to deliver) to RCAP certificates representing the excess Class B Units or Class B Shares, as applicable;

 

(v)      each
Operating Subsidiary shall deliver to the Corporation a certificate (or other indicia of ownership) representing the number of
Class A Units of such Operating Subsidiary equal to the number of Class B Units of such Operating Subsidiary that were Exchanged
and thereafter automatically converted, in accordance with Section 3.02(b) of such Operating Subsidiary’s LLC Agreement,
into Class B Units; and

 

(vi)      the
Corporation shall deliver to RCAP a certificate representing the number of Class A Shares that RCAP is entitled to receive for
Operating Subsidiaries Group Units in the Exchange.

 

Section 2.02.      Reservation
of Class A Shares; Listing. The Corporation shall at all times reserve and keep available out of its authorized but unissued
Class A Shares, solely for the purpose of issuance upon an Exchange, such number of Class A Shares as shall be issuable upon any
such Exchange; provided, however, that nothing contained herein shall be construed to preclude the Corporation from
satisfying its obligations in respect of any such Exchange by delivery of purchased Class A Shares (which may or may not be held
in the treasury of the Corporation). If any Class A Shares require registration with or approval of any Governmental Entity under
any federal or state law before such Class A Shares may be issued upon an Exchange, the Corporation shall cause such Class A Shares
to be duly registered or approved, as the case may be. The Corporation shall list the Class A Shares required to be delivered
upon any such Exchange prior to such delivery upon each national securities exchange upon which the outstanding Class A Shares
are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under
applicable securities laws). The Corporation covenants that all Class A Shares issued upon an Exchange will, upon issuance, be
validly issued, fully paid and non-assessable.

 

Section 2.03.      Additional
Covenants of the Parties. 

 

(a)      Any
subdivision (by any stock split, unit split, stock dividend, unit distribution, reclassification, reorganization, recapitalization
or otherwise) or combination (by reverse stock split, reverse unit split, reclassification, reorganization, recapitalization or
otherwise) of a class, series or type of Group Equity Interest shall be accompanied by an identical subdivision or combination,
as applicable, of the other classes, series or types of Group Equity Interests.

 

    	9

    	 

    

 

(b)      The
Corporation shall, and shall cause the Operating Subsidiaries to, comply with their respective obligations under Sections 3.02(c),
3.02(d), 3.02(e) and 3.03 of each LLC Agreement.

 

(c)      It
is intention of the parties to preserve their relative ownership of the Group Equity Interests. In furtherance of the foregoing,
the parties agree that any Transfer of units of an Operating Subsidiary to a transferee thereof shall be accompanied by the simultaneous
Transfer of an equal number of the same class, series or type of units of the other Operating Subsidiaries to such transferee.

 

(d)      This
Agreement shall apply to, mutatis mutandis ̧ and all references to any Group Equity Interest shall be deemed to refer
to, any securities (other than securities issued in respect of such Group Equity Interest by reason or any dividend, distribution
or other similar transaction) which may be issued in respect of, in exchange for or in substitution of such Group Equity Interest,
by reason of any split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other
than an Exchange) or other similar transaction.

 

Section 2.04.      Expiration.
If an Operating Subsidiary is dissolved, liquidated or wound up pursuant to its respective LLC Agreement or
otherwise, references in this Agreement to “Operating Subsidiaries Group Units” shall be deemed to no longer to refer
to the Class B Units of such Operating Subsidiary.

 

Section 2.05.      Extraordinary
Events.

 

(a)      To
the extent the Corporation has knowledge of any event that has resulted or could reasonably be expected to result in the occurrence
of an Extraordinary Event, the Corporation shall provide RCAP with prompt written notice of such event and, in the
case of the Extraordinary Events described in clauses (i), (ii) or (iii) of the definition of an Extraordinary Event, shall provide
such notice at least 30 days prior to the occurrence of such Extraordinary Event to the extent practicable (any such notice, an
“Extraordinary Event Notice”). RCAP agrees to maintain the confidentiality of any information provided to it
pursuant an Extraordinary Event Notice; provided, however, that RCAP may disclose such information if it is legally
compelled to do so.

 

(b)      If
the Corporation enters into a merger or other acquisition agreement the consummation of which will constitute an Extraordinary
Event, the Corporation shall cause such agreement to provide that RCAP shall be permitted to Exchange the Operating Subsidiaries
Group Units held by RCAP for Class A Shares immediately prior to the closing of the merger or other acquisition agreement in order
for RCAP to be able to receive the amount and type of consideration payable pursuant to such merger or other acquisition agreement
to holders of Class A Shares. If any Person commences a tender offer or exchange offer for any of the outstanding shares of the
Corporation’s stock the consummation of which will constitute an Extraordinary Event, the Corporation shall, at the request
of RCAP, use reasonable best efforts to cause such Person to provide that the terms of such offer shall permit RCAP to Exchange
its Operating Subsidiaries Group Units for Class A Shares at any time prior to the expiration of such tender offer or exchange
offer in order for RCAP to participate in such tender offer or exchange offer.

 

    	10

    	 

    

 

ARTICLE
3

Other Agreements; Miscellaneous

 

Section 3.01.      The Corporation will not,
and will not cause or permit any Operating Subsidiary to, by issue or sale of securities or other voluntary action or inaction,
avoid or seek to avoid the observance or performance of any of the terms of this Agreement. Each party hereto further agrees to
use its commercially reasonable efforts to cause the Operating Subsidiaries to cooperate and to take such actions as may be required
in order to give effect to and carry out the transactions contemplated herein.

 

Section 3.02.      Expenses.
Each party hereto shall bear his or its own expenses in connection with the consummation of any of the transactions contemplated
hereby, whether or not any such transaction is ultimately consummated, except that the Corporation shall bear any transfer taxes,
stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however,
that if any certificate is to be issued pursuant to Section 2.01(e)(vi) in a name other than that of RCAP, then the Person
or Persons requesting the issuance thereof shall pay to the Corporation the amount of any transfer taxes, stamp taxes or duties,
or other similar taxes in connection with, or arising by reason of, such Exchange (but only to the extent such amount arises as
a result of such certificate being issued in a name other than that of RCAP) or shall establish to the reasonable satisfaction
of the Corporation that such tax has been paid or is not payable.

 

Section 3.03.      Notices.
All notices, requests, consents and other communications hereunder (each, a “Notice”) to any party shall
be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided
in this Section 3.03) or nationally recognized overnight courier, addressed to such party at the address or facsimile number
set forth below or such other address or facsimile number as may hereafter be designated in writing by such party to the other
parties:

 

(a)         If
to the Corporation:

 

405 Park Ave., 15th Floor

New York, NY 10022

Facsimile: (212) 415-6567

Attention: Legal Counsel

 

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

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Facsimile: (212) 969-2900

Attention:    Peter M. Fass, Esq.

      James P. Gerkis, Esq.

 

    	11

    	 

    

 

(b)if
to RCAP, to:

 

405 Park Ave., 15th Floor

New York, NY 10022

Facsimile: (212) 415-6567

Attention: Legal Counsel

 

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

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Facsimile: (212) 969-2900

Attention:      Peter M. Fass, Esq.

        James P. Gerkis, Esq.

 

Each Notice shall be deemed received on
the date of receipt by the recipient thereof, if received prior to 5:00 p.m. in the place of receipt and such day is a Business
Day; otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

 

Section 3.04.Joinder
by Transferees. If RCAP validly transfers after the date hereof any or all of its Operating Subsidiaries Group Units and corresponding
Class B Shares to any other Person in a transaction not in contravention of, and in accordance with, the LLC Agreements and this
Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in form and substance
reasonably satisfactory to the Corporation. Upon execution of any such joinder, such transferee shall, with respect to such transferred
Operating Subsidiaries Group Units and Class B Shares, be entitled to all of the rights and bound by each of the obligations applicable
to the relevant transferor hereunder; provided, however, that the transferor shall remain entitled to all of the
rights and bound by each of the obligations with respect to Operating Subsidiaries Group Units and Class B Shares that were not
so transferred.

 

Section 3.05.Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof
to any Person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of
such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other
Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability
affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

Section 3.06.Counterparts.
This Agreement may be executed (including by facsimile transmission with counterpart pages) in one or more counterparts, each
of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being
understood that both parties need not sign the same counterpart.

 

    	12

    	 

    

 

Section 3.07.Entire
Agreement; No Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement and supersedes all other
prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to
confer upon any Person, other than the parties hereto and any transferees or assignees thereof, any rights or remedies hereunder.

 

Section 3.08.Further
Assurances. Each party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions
as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated
herein.

 

Section 3.09.Injunctive
Relief. Each party hereto acknowledges and agrees that the remedy at law for any breach of the covenants and agreements contained
in this Agreement, including Articles 2 and 3, would be inadequate and that for any breach of such covenants and
agreements, any non-breaching party shall, in addition to other remedies as may be available to it at law or in equity, or as provided
for in this Agreement, be entitled to an injunction, restraining order, specific performance or other equitable relief (including,
restraining the breaching party from committing or continuing to commit any violation of the covenants or agreements), without
the necessity of posting a bond or furnishing other security. Each party hereto agrees that proof shall not be required that monetary
damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate.

 

Section 3.10.Governing
Law. This Agreement shall be governed by, construed and enforced in accordance with the law of the State of New York, without
regard to the conflicts of law rules of such state.

 

Section 3.11.Consent
to Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based
on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in
any state or federal court in The City of New York, Borough of Manhattan, so long as one of such courts shall have subject matter
jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to
have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court
has been brought in an inconvenient form. Process in any such suit, action or proceeding may be served on any party anywhere in
the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 3.03 shall
be deemed effective service of process on such party.

 

Section 3.12.WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	13

    	 

    

 

Section 3.13.Amendments;
Waivers.  (a) Subject to the following sentence, (i) no provision of this Agreement may be amended unless such amendment
is approved in writing by all the parties hereto, and (ii) no provision of this Agreement may be waived unless such waiver is in
writing and signed by the party against whom the waiver is to be effective. Notwithstanding anything to the contrary contained
herein, the approval of any subsequent assignees or transferees of RCAP in accordance with Section 3.14 shall not be required
for any amendment or waiver of any provision of this Agreement unless this Agreement is being amended (or a provision thereof is
being waived) so as to disproportionately adversely affect such assignees or transferees (in which case such amendment or waiver
shall require the approval of such assignees or transferees holding a majority of the outstanding Group Equity Interests then held
by the assignees or transferees so disproportionately adversely affected).

 

(b)No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
law.

 

Section 3.14.Assignment.
Neither this Agreement nor any of the rights or obligations hereunder shall be transferred or assigned (whether in whole or
in part and by contract, operation of law or otherwise) by the Corporation without the prior written consent of RCAP. RCAP may,
upon notice to the Corporation and in accordance with Section 3.04, transfer or assign (whether in whole or in part) any
and all rights granted hereunder. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties
and their respective successors, permitted assigns and transferees.

 

Section 3.15.Tax
Treatment. The parties to this Agreement intend that, to the extent this Agreement imposes obligations upon a particular LLC
Agreement, this Agreement shall be treated as part of such LLC Agreement pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h)
and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise required by applicable law: (a) the parties
shall report an Exchange consummated hereunder as a taxable sale of Operating Subsidiaries Group Units by RCAP to the Corporation
(in conjunction with an associated cancellation of Class B Shares); and (b) no party shall take a contrary position on any income
tax return, amendment thereof or communication with a taxing authority.

 

[Signature page follows.]

 

    	14

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

[Signature pages to come.]

 

    	 

    	 

    

 

SCHEDULE A

 

	 	 	Number of Units of
 Realty Capital
 Securities, LLC
 Owned
 Immediately
 Following the IPO	 	 	Number of Units of
 RCS Advisory
 Services, LLC Owned
 Immediately
 Following the IPO	 	 	Number of Units of
 American National 

Stock Transfer, LLC 
 Owned
 Immediately
 Following the IPO	 
	RCS Capital Corporation	 	 	[       ]	 	 	 	[       ]	 	 	 	[       ]	 
	RCAP Holdings, LLC	 	 	[       ]	 	 	 	[       ]	 	 	 	[       ]Exhibit 10.6

 

TAX RECEIVABLE AGREEMENT

 

Among

 

RCS CAPITAL CORPORATION,

 

RCAP HOLDINGS, LLC

 

REALTY CAPITAL SECURITIES, LLC,

 

RCS ADVISORY SERVICES, LLC, and

 

AMERICAN NATIONAL STOCK TRANSFER, LLC

 

 

 

Dated as of [           ],
2013

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1
	Definitions
	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitional and Interpretative Provisions	8
	 	 	 
	ARTICLE 2
	Determination of Cumulative Realized Tax Benefit
	 	 	 
	Section 2.01.	Basis Adjustment.	9
	Section 2.02.	Exchange Basis Schedule	9
	Section 2.03.	Tax Benefit Schedule	9
	Section 2.04.	Procedures, Amendments	10
	 	 	 
	ARTICLE 3
	Tax Benefit Payments
	 	 	 
	Section 3.01.	Payments	11
	Section 3.02.	No Duplicative Payments	11
	Section 3.03.	Pro Rata Payments	11
	 	 	 
	ARTICLE 4
	Termination
	 	 	 
	Section 4.01.	Early Termination and Breach of Agreement	12
	Section 4.02.	Early Termination Notice	13
	Section 4.03.	Payment upon Early Termination	13
	 	 	 
	ARTICLE 5
	Subordination and Late Payments
	 	 	 
	Section 5.01.	Subordination	13
	Section 5.02.	Late Payments by the Corporation	13
	 	 	 
	ARTICLE 6
	No Disputes; Consistency; Cooperation
	 	 	 
	Section 6.01.	Principal Participation in the Corporation and the Operating Subsidiaries’s Tax Matters	13
	Section 6.02.	Consistency	14
	Section 6.03.	Cooperation	14

 

    	i

    	 

    

 

	ARTICLE 7
	Miscellaneous
	 	 	 
	Section 7.01.	Notices	14
	Section 7.02.	Counterparts	16
	Section 7.03.	Entire Agreement; No Third-Party Beneficiaries	16
	Section 7.04.	Governing Law	16
	Section 7.05.	Severability	16
	Section 7.06.	Successors; Assignment; Amendments; Waivers	16
	Section 7.07.	Titles and Subtitles	17
	Section 7.08.	Resolution of Disputes	18
	Section 7.09.	Reconciliation	19
	Section 7.10.	Withholding	20
	Section 7.11.	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	20
	Section 7.12.	Confidentiality	20
	Section 7.13.	LLC Agreement	21
	Section 7.14.	Partnerships	21

 

    	ii

    	 

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT dated as of
[                ], 2013 (as amended from time
to time, this “Agreement”) is entered into among RCS Capital Corporation, a Delaware corporation (the “Corporation”),
RCAP Holdings, LLC, a Delaware limited liability company (“RCAP Holdings”), Realty Capital Securities, LLC,
a Delaware limited liability company, RCS Advisory Services, LLC, a Delaware limited liability company, and American National Stock
Transfer, LLC, a Delaware limited liability company.

 

RECITALS

 

WHEREAS, RCAP Holdings holds Operating Subsidiaries
Group Units in each of the Operating Subsidiaries, each of which is treated as a partnership for U.S. federal income tax purposes;

 

WHEREAS, as a result of any exchange of
Operating Subsidiaries Group Units for Class A Shares of the Corporation in the future pursuant to and in accordance with the Exchange
Agreement (as such terms are defined below) (an “Exchange”, and each such date an Exchange occurs, an “Exchange
Date”), with concurrent cancellation of an equal number of Class B Shares of the Corporation, the Corporation is expected
to incur lower Tax (as defined below) liabilities on an ongoing basis with respect to the operations of the Operating Subsidiaries;

 

WHEREAS, the Operating Subsidiaries and
any of their direct and indirect subsidiaries that are treated as partnerships for U.S. federal income tax purposes have or will
have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”),
for each Taxable Year (as defined below) in which an Exchange occurs, which election is expected to result in an adjustment to
the Tax basis of the assets owned by the Operating Subsidiaries and such subsidiaries, solely with respect to the Corporation;
and

 

WHEREAS, the parties to this Agreement desire
to make certain arrangements to share any tax benefits realized by the Corporation as a result of any Exchange.

 

NOW, THEREFORE, in consideration of the
foregoing and the respective covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which hereby are acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE
1

Definitions

 

Section 1.01.    Definitions.
As used in this Agreement, the terms set forth in this Article 1 shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

 

“Advisory Firm” means
WeiserMazars, LLP, or any other accounting firm that is nationally recognized as being expert in Tax matters and that is appointed
by the Board and is reasonably acceptable to the Principals.

 

    	 

    	 

    

 

“Advisory Firm Letter”
means a letter from the Advisory Firm stating that the relevant schedule, notice or other information to be provided by the Corporation
to the Applicable Principal and all supporting schedules and work papers were prepared by the Corporation in good faith.

 

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

 

“Agreed Rate” means
LIBOR plus 100 basis points.

 

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

 

“Amended Schedule” is
defined in Section 2.04(b).

 

“Applicable Principal”
means in respect of that portion of any Tax Benefit Payment that arises from an Exchange or a deemed Exchange pursuant to clause
(v) of the definition of “Valuation Assumptions”, the Exchanging Principal or Principal deemed to Exchange,
as applicable.

 

“Basis Adjustment” means
the adjustment to the Tax basis of an Exchange Asset as a result of an Exchange and the payments made pursuant to this Agreement,
as calculated under Section 2.01, under Section 732(b) of the Code (in a situation where, as a result of one or more Exchanges,
an Operating Subsidiary becomes an entity that is disregarded as separate from its owner for Tax purposes) or Sections 743(b) and
754 of the Code (including in situations where, following an Exchange, an Operating Subsidiary remains in existence as an entity
for Tax purposes) or otherwise, as applicable, and, in each case, comparable sections of state, local and foreign Tax laws. Notwithstanding
any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Operating Subsidiaries
Group Units shall be determined without regard to any Pre-Exchange Transfer of such Operating Subsidiaries Group Units and as if
any such Pre-Exchange Transfer had not occurred.

 

A “Beneficial Owner”
of a security means a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment
power, which includes the power to dispose of, or to direct the disposition of, such security. The terms “Beneficially
Own” and “Beneficial Ownership” shall have correlative meanings.

 

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

 

“Business Day” means
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.

 

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

 

    	2

    	 

    

 

(i)          any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, as in effect
on the date the IPO is consummated) other than RCAP Holdings and its Affiliates:

 

(A)         is
or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, as in effect on the
date the IPO is consummated), directly or indirectly, of 50% or more of the voting stock of the Corporation or, in the context
of a consolidation, merger or other corporate reorganization in which the Corporation is not the surviving entity, 50% or more
of the voting stock generally entitled to elect directors of such surviving entity (or in the case of a triangular merger, of the
parent entity of such surviving entity), calculated on a fully diluted basis; or

 

(B)         has
obtained the power (whether or not exercised) to elect a majority of the Board or the board of directors (or equivalent governing
body) of any of the Corporation’ successors;

 

(ii)         the
Board or the board of directors (or equivalent governing body) of any successor of the Corporation shall cease to consist of a
majority of Continuing Directors;

 

(iii)        the
sale, assignment, conveyance, transfer, lease or other disposition (directly or indirectly, whether by way of merger, asset sale,
equity sale, consolidation or otherwise), in one or a series of related transactions, of 50% or more of the value of the Operating
Subsidiaries taken as a whole to any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act, as in effect on the date the IPO is consummated) other than (i) to the Corporation, any Controlled Affiliate
of the Corporation, RCAP Holdings or any Affiliate of RCAP Holdings, or (ii) pursuant to the Reorganization. As used herein, the
term “Reorganization” shall mean a transaction or series of related transactions pursuant to which an entity
(the ownership interests of which are held by the same Persons and in the same relative proportions as the ownership interests
of the Operating Subsidiaries immediately prior to the transaction(s)) is interposed as the direct owner of all ownership interests
of the Operating Subsidiaries.

 

“Class A Shares” means
shares of Class A common stock, par value $0.001 per share, of the Corporation.

 

“Class B Shares” means
shares of Class B common stock, par value $0.001 per share, of the Corporation.

 

“Code” is defined in
the Recitals of this Agreement.

 

“Continuing Directors”
means the directors of the Corporation on the date of the pricing of the IPO and each other director of the Corporation if such
director’s election or nomination for election to the Corporation’s board of directors is approved by a majority of
the then Continuing Directors.

 

“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.

 

    	3

    	 

    

 

“Corporation” is defined
in the Preamble of this Agreement.

 

“Corporation Return”
means the U.S. federal, state, local and/or foreign Tax Return, as applicable, of the Corporation filed with respect to Taxes for
any Taxable Year.

 

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

 

“Default Rate” means
LIBOR plus 300 basis points.

 

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

 

“Dispute” is defined
in Section 7.08(a).

 

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

 

“Early Termination Notice”
is defined in Section 4.02.

 

“Early Termination Schedule”
is defined in Section 4.02.

 

“Early Termination Payment”
is defined in Section 4.03(b).

 

“Early Termination Rate”
means the long-term Treasury rate in effect on the applicable date.

 

“Exchange” is defined
in the Recitals of this Agreement; “Exchanged” and “Exchanging” shall have correlative meanings.

 

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

 

“Exchange Agreement”
means the Exchange Agreement dated as of [         ], 2013, between the Corporation
and RCAP Holdings, as the same may be amended from time to time in accordance with the terms thereof.

 

“Exchange Assets” means
assets held by any of the Operating Subsidiaries, or by any of their respective direct or indirect subsidiaries that is treated
as a partnership or disregarded entity for purposes of the applicable Tax, at the time of an Exchange.

 

“Exchange Basis Schedule”
is defined in Section 2.02.

 

“Exchange Date” is defined
in the Recitals of this Agreement.

 

    	4

    	 

    

 

“Exchange Payment” is
defined in Section 5.01.

 

“Expert” is defined in
Section 7.09.

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Operating Subsidiaries, but only with
respect to income realized by the Operating Subsidiaries the Tax liability for which is allocable to the Corporation for such Taxable
Year using the same methods, elections, conventions and similar practices used on the relevant Corporation Return) but using the
Non-Stepped Up Tax Basis instead of the Tax basis reflecting the Basis Adjustments of the Exchange Assets and excluding any deduction
attributable to Imputed Interest.

 

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

 

“Initiating Party” is
defined in Section 7.08(a).

 

“IPO” means the initial
public offering of the Class A Shares that is being consummated on the date hereof.

 

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

 

“LIBOR” means for each
month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum reported, on the date two
days prior to the first day of such month, as published by Reuters (or other commercially available source providing quotations
of LIBOR) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof).

 

“LLC Agreements” means,
collectively, (a) the Second Amended and Restated Limited Liability Company Agreement of Realty Capital Securities, LLC dated as
of [      ], 2013; (b) the Amended and Restated Limited Liability Company Agreement of RCS Advisory Services, LLC dated as of [     ], 2013;
and (c) the Amended and Restated Limited Liability Company Agreement of American National Stock Transfer, LLC dated as of [       ],
2013, as they may each be amended from time to time in accordance with the terms thereof.

 

“Market Value” means,
with respect to the Class A Shares, on any given date: (i) if the Class A Shares are listed for trading on the New York Stock Exchange,
the closing sale price per share of the Class A Shares on the New York Stock Exchange on that date (or, if no closing sale price
is reported, the last reported sale price), (ii) if the Class A Shares are not listed for trading on the New York Stock Exchange,
the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite
transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Exchange Act, on which the
Class A Shares are listed, (iii) if the Class A Shares are not so listed on a national securities exchange, the last quoted bid
price for the Class A Shares on that date in the over-the-counter market as reported by OTC Markets Group, Inc. or a similar organization,
or (iv) if the Class A Shares are not so quoted by OTC Markets Group, Inc. or a similar organization such value as the Board, in
its sole discretion, shall determine in good faith.

 

    	5

    	 

    

 

“Material Objection Notice”
has the meaning set forth in Section 4.02.

 

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

 

“Notice” is defined in
Section 7.01.

 

“Objection Notice” is
defined in Section 2.04(a).

 

“Operating Subsidiaries”
means (i) Realty Capital Securities, LLC, (ii) RCS Advisory Services, LLC, and (iii) American National Stock Transfer, LLC, each
a Delaware limited liability company.

 

“Operating Subsidiaries Group Unit”
has the meaning set forth in the Exchange Agreement.

 

“Panel” is defined
in Section 7.08(a).

 

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

 

“Permitted Transferee”
shall mean any of the Permitted Transferees (as defined in the LLC Agreements).

 

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

 

“Pre-Exchange Transfer”
means any transfer (including upon the death of a member) of one or more Operating Subsidiaries Group Units (i) that occurs prior
to an Exchange of such Operating Subsidiaries Group Units, and (ii) to which Section 743(b) of the Code applies.

 

“Principal” means each
of RCAP Holdings and any other Person that becomes a Principal pursuant to Section 7.06.

 

“Realized Tax Benefit”
means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of the Hypothetical Tax Liability over the actual
liability for Taxes of the Corporation (or the Operating Subsidiaries, but only with respect to income realized by the Operating
Subsidiaries the Tax liability for which is allocable to the Corporation for such Taxable Year using the same methods, elections,
conventions and similar practices used on the relevant Corporation Return), determined, for the avoidance of doubt, using the “with
or without” methodology. If all or a portion of the actual liability for Taxes of the Corporation (or the Operating Subsidiaries,
but only with respect to income realized by the Operating Subsidiaries the Tax liability for which is allocable to the Corporation
for such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Corporation Return)
for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included
in determining the Realized Tax Benefit unless and until there has been a Determination.

 

    	6

    	 

    

 

“Realized Tax Detriment”
means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of the actual liability for Taxes of the Corporation
(or the Operating Subsidiaries, but only with respect to income realized by the Operating Subsidiaries the Tax liability for which
is allocable to the Corporation for such Taxable Year using the same methods, elections, conventions and similar practices used
on the relevant Corporation Return) over the Hypothetical Tax Liability for such Taxable Year determined, for the avoidance of
doubt, using the “with or without” methodology. If all or a portion of the actual liability for Taxes of the Corporation
(or the Operating Subsidiaries, but only with respect to income realized by the Operating Subsidiaries the Tax liability for which
is allocable to the Corporation for such Taxable Year using the same methods, elections, conventions and similar practices used
on the relevant Corporation Return) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year,
such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

 

“Reconciliation Dispute”
has the meaning set forth in Section 7.09.

 

“Reconciliation Procedures”
means those procedures set forth in Section 7.09.

 

“Responding Party” is
defined in Section 7.08(a).

 

“Schedule” means any
Exchange Basis Schedule or Tax Benefit Schedule and the Early Termination Schedule.

 

“Senior Obligations”
is defined in Section 5.01.

 

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

 

“Tax” means any and all
U.S. federal, state, local and foreign tax, assessments or similar charges that are based on or measured with respect to net income
or profits, whether as an exclusive or on an alternative basis, and any interest related to such tax.

 

“Tax Benefit Payment”
is defined in Section 3.01(b).

 

“Tax Benefit Schedule”
is defined in Section 2.03.

 

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

 

“Taxable Year” means
a Taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of state, local or foreign Tax
law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return
is prepared), in which there is a Basis Adjustment or increased depreciation, amortization or interest deductions attributable
to an Exchange.

 

    	7

    	 

    

 

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

 

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

 

“Valuation Assumptions”
means, as of an Early Termination Date, or following a Change of Control, as applicable, the assumptions that: (i) in each Taxable
Year ending on or after such Early Termination Date, the Corporation will have sufficient Taxable income to fully offset the deductions
in such Taxable Year attributable to any Basis Adjustment, increased depreciation or amortization deductions attributable to an
Exchange, and Imputed Interest; (ii) the U.S. federal income Tax rates and state, local and foreign income Tax rates that will
be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect
on the Early Termination Date; (iii) any loss carryovers generated by any Basis Adjustment or Imputed Interest and available as
of the date of the Early Termination Schedule will be used by the Corporation on a pro rata basis from the date of the Early Termination
Schedule through the scheduled expiration date of such loss carryovers; (iv) any non-amortizable assets will be disposed of on
the fifteenth anniversary of the Early Termination Date; provided, however, that, in the event of a Change of Control,
non-amortizable assets shall be deemed disposed of at the earlier of (A) the time of sale of the relevant asset and (B) as generally
provided in clause (iv) of this definition of Valuation Assumptions; and (v) if, at the Early Termination Date, there are Operating
Subsidiaries Group Units that have not been Exchanged, then each such Operating Subsidiaries Group Unit shall be deemed to be Exchanged
for the Market Value of the Class A Shares and the amount of cash that would be transferred if the Exchange occurred on the Early
Termination Date.

 

Section 1.02.    Other
Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this
Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in
and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not
otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed
to include the plural, and any plural term the singular. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of
that Person. References from or through any date mean, unless otherwise specified, from and including or through and including,
respectively.

 

    	8

    	 

    

 

ARTICLE 2

Determination
of Cumulative Realized Tax Benefit

 

Section 2.01.    Basis
Adjustment.

 

(a)      Exchange
Assets. For purposes of this Agreement, as a result of an Exchange, the Operating Subsidiaries (and any direct and indirect
subsidiary of the Operating Subsidiaries that is treated as a partnership for U.S. federal income tax purposes) shall be entitled
to a Basis Adjustment for each Exchange Asset with respect to the Corporation, the amount of which Basis Adjustment will be the
excess, if any, of: (i) the sum of (A) the Market Value of the Class A Shares, cash or the amount of any other consideration transferred
to the Applicable Principal pursuant to the Exchange as payment for the Exchanged Operating Subsidiaries Group Units, to the extent
attributable to such Exchange Assets, plus (B) the amount of payments made pursuant to this Agreement with respect to such Exchange,
to the extent attributable to such Exchange Assets, plus (C) the amount of debt and other liabilities allocated to the Operating
Subsidiaries Group Units acquired pursuant to such Exchange, to the extent attributable to such Exchange Assets; over (ii) the
Corporation’s share of the Operating Subsidiaries’ (or such subsidiary partnership’s) basis for such Exchange
Assets immediately after the Exchange, attributable to the Operating Subsidiaries Group Units exchanged, determined as if (A) the
Operating Subsidiaries (or such subsidiary partnership) were to remain in existence as an entity for Tax purposes, and (B) the
Operating Subsidiaries (or such subsidiary partnership) had not made the election provided by Section 754 of the Code.

 

(b)   
  Imputed Interest. For the avoidance of doubt, payments made under this Agreement shall not be
treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest.

 

Section 2.02.    Exchange
Basis Schedule. Within 45 calendar days after the filing of the U.S. federal income Tax return of the Corporation for each
Taxable Year, the Corporation shall deliver to each Principal a schedule (the “Exchange Basis Schedule”) that
shows, in reasonable detail, for purposes of federal income Taxes, (a) the actual unadjusted Tax basis of the Exchange Assets as
of each applicable Exchange Date, (b) the Basis Adjustment with respect to the Exchange Assets as a result of the Exchanges effected
in such Taxable Year, calculated in the aggregate, (c) the period or periods, if any, over which the Exchange Assets are amortizable
and/or depreciable, and (d) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable (which,
for non-amortizable assets, shall be based on the Valuation Assumptions). The parties expect that all or substantially all of the
Basis Adjustment with respect to the Exchange Assets will relate to good will and/or going concern value, which adjustment will
be amortized over 15 years for U.S. federal income tax purposes.

 

Section 2.03.    Tax
Benefit Schedule. Within 45 calendar days after the filing of the U.S. federal income Tax return of the Corporation for any
Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to each Principal
a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable
Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final as provided in Section 2.04(a)
and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(b)). Notwithstanding
any other provision of this Agreement, the Corporation may seek, at its own expense, an opinion from a nationally recognized law
firm regarding whether any Basis Adjustment with respect to Exchange Assets will result in any amortization or depreciation being
available to the Corporation, and the Corporation shall be permitted to rely on such opinion in creating any Tax Benefit Schedule.

 

    	9

    	 

    

 

Section 2.04.    Procedures,
Amendments.

 

(a)      Procedure.
Every time the Corporation delivers to the Applicable Principal an applicable Schedule under this Agreement, including any Amended
Schedule delivered pursuant to Section 2.04(b), but excluding any Early Termination Schedule or amended Early Termination
Schedule, the Corporation shall also (i) deliver to the Applicable Principal schedules and work papers providing reasonable detail
regarding the preparation of such Schedule and an Advisory Firm Letter supporting such Schedule and (ii) allow the Applicable Principal
reasonable access, at no cost to the Applicable Principal, to the appropriate representatives at the Corporation and the Advisory
Firm in connection with a review of such Schedule. The applicable Schedule shall become final and binding on all parties unless
the Applicable Principal, within 30 calendar days after receiving an Exchange Basis Schedule or amendment thereto or a Tax Benefit
Schedule or amendment thereto, provides the Corporation with notice of a material objection to such Schedule (“Objection
Notice”) made in good faith. If the parties, for any reason, are unable to successfully resolve the issues raised in
such notice within 30 calendar days of receipt by the Corporation of an Objection Notice with respect to such Exchange Basis Schedule
or Tax Benefit Schedule, the Corporation and the Applicable Principal shall employ the reconciliation procedures as described in
Section 7.09 (the “Reconciliation Procedures”).

 

(b)     Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection
with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the
receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to the Applicable
Principal, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material
change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward
of a loss or other Tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange
Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”).

 

    	10

    	 

    

 

 

ARTICLE 3

Tax Benefit
Payments

 

Section 3.01.    Payments.

 

(a)      Within
ten business days of a Tax Benefit Schedule that was delivered to an Applicable Principal becoming final in accordance with Section
2.04(a), the Corporation shall pay to the Applicable Principal for such Taxable Year the Tax Benefit Payment determined pursuant
to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank
account of the Applicable Principal previously designated by such Applicable Principal to the Corporation. For the avoidance of
doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including U.S. federal income Tax payments.

 

(b)      A
“Tax Benefit Payment” means an amount, not less than zero, equal to 85% of the sum of the Net Tax Benefit and
the Interest Amount. The “Net Tax Benefit” for each Taxable Year shall be an amount equal to the excess, if
any, of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments previously
made under this Section 3.01, excluding payments attributable to the Interest Amount; provided, however, that
for the avoidance of doubt, no Principal shall be required to return any portion of any previously received Tax Benefit Payment
under any circumstances. The “Interest Amount” for a given Taxable Year shall equal the interest on the Net
Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without regard to extensions) for filing the
Corporation Return with respect to Taxes for the most recently ended Taxable Year until the Payment Date. The Net Tax Benefit and
the Interest Amount shall be determined separately with respect to each separate Exchange. Notwithstanding the foregoing, for each
Taxable Year ending on or after the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to Operating
Subsidiaries Group Units that were Exchanged (i) prior to the date of such Change of Control, or (ii) on or after the date of such
Change of Control, shall be calculated by utilizing the assumptions in clauses (i), (iii) and (iv) of the definition of Valuation
Assumptions, substituting in each case the term “the closing date of a Change of Control” for an “Early Termination
Date”.

 

Section 3.02.    No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount
(including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85%
of the Corporation’s Cumulative Net Realized Tax Benefit, and the Interest Amount thereon, being paid to the Principals
pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental
results.

 

Section 3.03.    Pro
Rata Payments. For the avoidance of doubt, to the extent that (i) the Corporation’s deductions with respect to any Basis
Adjustment are limited in a particular Taxable Year or (ii) the Corporation lacks sufficient funds to satisfy or is prevented under
any credit agreement or other arrangement from satisfying its obligations to make all Tax Benefit Payments due in a particular
Taxable Year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case may be, shall be taken
into account or made for the Applicable Principal in the same proportion as Tax Benefit Payments would have been made absent the
limitations in clauses (i) and (ii) of this Section 3.03, as applicable.

 

    	11

    	 

    

 

 

ARTICLE 4

Termination

 

Section 4.01.    Early
Termination and Breach of Agreement.

 

(a)      The
Corporation may terminate this Agreement with respect to all of the Operating Subsidiaries Group Units held (or previously held
and Exchanged) by all Principals at any time by paying to the Principals the Early Termination Payment; provided, however,
that this Agreement shall terminate only upon the receipt of the Early Termination Payment by all Principals, and provided,
further, that the Corporation may withdraw any notice to execute its termination rights under this Section 4.01(a)
prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by the Corporation,
neither the Principals nor the Corporation shall have any further payment obligations under this Agreement, other than for any
(i) Tax Benefit Payment agreed by the Corporation acting in good faith and the Applicable Principal to be due and payable but unpaid
as of the Early Termination Notice and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the
Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment).
For the avoidance of doubt, if an Exchange occurs after the Corporation makes the Early Termination Payments with respect to all
Principals, the Corporation shall have no obligations under this Agreement with respect to such Exchange, and its only obligations
under this Agreement in such case shall be its obligations to all Principals under Section 4.03(a).

 

(b)      If
the Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment
when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection
of this Agreement in a case commenced under the Bankruptcy Code, Title 11, U.S.C., or otherwise, then all obligations hereunder
shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date
of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination
Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment agreed by the Corporation acting in good faith
and any Applicable Principal to be due and payable but unpaid as of the date of a breach, and (iii) any Tax Benefit Payment due
for the Taxable Year ending with or including the date of a breach. Notwithstanding the foregoing, if the Corporation breaches
this Agreement, the Principals shall be entitled to elect to receive the amounts set forth in clauses (i), (ii) and (iii) above
or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this
Agreement within three months of the date such payment is due shall be deemed to be a breach of a material obligation under this
Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under
this Agreement to make a payment due pursuant to this Agreement within three months of the date such payment is due.

 

(c)      The
Corporation, each of the Operating Subsidiaries and each of the Principals hereby acknowledge that, as of the date of this Agreement,
the aggregate value of the Tax Benefit Payments cannot reasonably be ascertained for U.S. federal income Tax or other applicable
Tax purposes.

 

    	12

    	 

    

 

Section 4.02.    Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.01 above,
the Corporation shall deliver to each present or former Principal a notice of such intention to exercise such right (“Early
Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporation’s
intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The Early Termination
Schedule shall become final and binding on all parties unless an Applicable Principal, within 30 calendar days after receiving
the Early Termination Schedule, provides the Corporation with notice of a material objection to such Schedule made in good faith
(“Material Objection Notice”). If the parties, for any reason, are unable to successfully resolve the issues
raised in such notice within 30 calendar days after receipt by the Corporation of the Material Objection Notice, the Corporation
and the relevant Principal shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement.

 

Section 4.03.    Payment
upon Early Termination.

 

(a)      Within
ten Business Days after the Early Termination Schedule has become final and binding, the Corporation shall pay to each Applicable
Principal an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of immediately available
funds to a bank account designated by the Applicable Principal.

 

(b)     The “Early Termination Payment” as of the date of the delivery of an Early Termination Schedule shall
equal with respect to the Applicable Principal the present value, discounted at the Early Termination Rate as of such date,
of all Tax Benefit Payments that would be required to be paid by the Corporation to the Applicable Principal beginning from
the Early Termination Date and assuming that the Valuation Assumptions are applied.

 

ARTICLE
5

Subordination and Late Payments

 

Section 5.01.    Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment
required to be made by the Corporation to the Principals under this Agreement (an “Exchange Payment”) shall
rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations
in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”)
and shall rank pari passu with all current or future unsecured obligations of the Corporation that are not Senior Obligations.

 

Section 5.02.    Late
Payments by the Corporation. The amount of all or any portion of any Exchange Payment not made to any Principal when due (without
regard to Section 5.01) under the terms of this Agreement shall be payable together with any interest thereon, computed
at the Default Rate and commencing from the date on which such Exchange Payment was due and payable.

 

ARTICLE
6

No Disputes; Consistency; Cooperation

 

Section 6.01.    Principal
Participation in the Corporation and the Operating Subsidiaries’s Tax Matters. Except as otherwise provided herein, the
Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the Operating
Subsidiaries, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining
to Taxes. Notwithstanding the foregoing, the Corporation shall notify each relevant Principal of, and keep such Principal reasonably
informed with respect to the portion of any audit of the Corporation and the Operating Subsidiaries by a Taxing Authority the outcome
of which is reasonably expected to affect such Principal’s rights and obligations under this Agreement, and shall provide
to such Principal reasonable opportunity to provide information and other input to the Corporation, the Operating Subsidiaries
and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the
Corporation and the Operating Subsidiaries shall not be required to take any action that is inconsistent with any provision of
the LLC Agreements.

 

    	13

    	 

    

 

Section 6.02.    Consistency.
Except upon the written advice of an Advisory Firm or unless there is a Determination to the contrary, the Corporation and
the Applicable Principal agree to report and cause to be reported for all purposes, including U.S. federal, state, local and foreign
Tax purposes and financial reporting purposes, all Tax-related items (including the Basis Adjustment and each Tax Benefit Payment)
in a manner consistent with that specified by the Corporation in any Schedule required to be provided by or on behalf of the Corporation
under this Agreement. Any Dispute concerning such advice shall be subject to the terms of Section 7.09. If an Advisory
Firm is replaced, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures
and methodologies consistent with the previous Advisory Firm, unless (a) otherwise required by law or (b) the Corporation and
the Applicable Principal agree to the use of other procedures and methodologies.

 

Section 6.03.    Cooperation.
The Applicable Principal shall (a) furnish to the Corporation in a timely manner such information, documents and other materials
as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under
this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority,
(b) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such
other information as the Corporation or its representatives may reasonably request in connection with any of the matters described
in clause (a) above, and (c) reasonably cooperate in connection with any such matter described in clause (a) above. The Corporation
shall reimburse the Applicable Principal for any reasonable third-party costs and expenses incurred pursuant to this Section
6.03.

 

ARTICLE
7

Miscellaneous

 

Section 7.01.    Notices.
Any notice, request, claim, demand, approval, consent, waiver or other communication required or permitted to be given to any
party in connection with this Agreement (each, a “Notice”) shall be in writing and shall be (a) delivered in
person, (b) sent by facsimile transmission (with the original thereof also contemporaneously given by another method specified
in this Section 7.01), (c) sent by a nationally-recognized overnight courier service, or (d) sent by certified or registered
mail (postage prepaid, return receipt requested), at the following locations (or at such other location for a party as shall be
specified to the other parties by like Notice). Any Notice shall only be duly given and effective upon receipt (or refusal of receipt).

 

    	14

    	 

    

 

If to the Corporation, to:

 

405 Park Ave., 15th Floor

New York, NY 10022

Facsimile: (212) 415-6567

Attention: Legal Counsel

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Facsimile: (212) 969-2900

	Attention:	Peter M. Fass, Esq.
	 	James P. Gerkis, Esq.

 

if to any of the Operating Subsidiaries, to:

 

405 Park Ave., 15th Floor

New York, NY 10022

Facsimile: (212) 415-6567

Attention: Legal Counsel

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Facsimile: (212) 969-2900 

	Attention:	Peter M. Fass, Esq.
	 	James P. Gerkis, Esq.

 

if to RCAP Holdings, to:

 

405 Park Ave., 15th Floor

New York, NY 10022

Facsimile: (212) 415-6567

Attention: Legal Counsel

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Facsimile: (212) 969-2900 

	Attention:	Peter M. Fass, Esq.
	 	James P. Gerkis, Esq.

 

    	15

    	 

    

 

Section 7.02.    Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in any number of
counterparts, each of which shall be deemed to be an original and all of which shall, taken together, be deemed to be one and
the same instrument.

 

Section 7.03.    Entire
Agreement; No Third-Party Beneficiaries. This Agreement constitutes the entire agreement among the parties hereto and supersedes
all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.
Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties hereto and
their respective heirs, successors, legal representatives and permitted assigns, any rights or remedies hereunder.

 

Section 7.04.    Governing
Law. This Agreement shall be governed by, construed and enforced in accordance with, the laws of the State of New York, without
regard to the conflict of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.05.    Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, all other terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in
order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.06.    Successors;
Assignment; Amendments; Waivers.

 

(a)      No
Principal may assign this Agreement to any person without the prior written consent of the Corporation; provided, however,
that (i) to the extent Operating Subsidiaries Group Units are transferred in accordance with the terms of the LLC Agreements,
the transferring Principal shall have the option to assign to the transferee of such Operating Subsidiaries Group Units the transferring
Principal’s rights under this Agreement with respect to such transferred Operating Subsidiaries Group Units, as long as
such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement,
in form and substance substantially similar to Exhibit A to this Agreement, agreeing to become a “Principal”
for all purposes of this Agreement, except as otherwise provided in such joinder, and (ii) once an Exchange has occurred, any
and all payments that may become payable to a Principal pursuant to this Agreement with respect to the Exchanged Operating Subsidiaries
Group Units may be assigned to any Person or Persons as long as any such Person has executed and delivered, or, in connection
with such assignment, executes and delivers, a joinder to this Agreement, in form and substance substantially similar to Exhibit
A to this Agreement, agreeing to be bound by Section 7.12 and acknowledging specifically the terms of Section 7.06(b).
For the avoidance of doubt, if a Principal transfers Operating Subsidiaries Group Units but does not assign to the transferee
of such Operating Subsidiaries Group Units such Principal’s rights under this Agreement with respect to such transferred
Operating Subsidiaries Group Units, such Principal shall continue to be entitled to receive the Tax Benefit Payments arising in
respect of a subsequent Exchange of such Operating Subsidiaries Group Units.

 

    	16

    	 

    

 

(b)      Notwithstanding
the provisions of Section 7.06(a), no transferee described in clause (ii) of the first sentence of Section 7.06(a)
shall have any rights under this Agreement except for the right to enforce its right to receive payments under this Agreement.

 

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

 

(d)      Except
as otherwise specifically provided herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure
to the benefit of and shall be enforceable by the parties hereto and their respective successors, permitted assigns, heirs, executors,
administrators and legal representatives. The Corporation shall require and cause any direct or indirect successor (whether by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written
agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation
would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, if a Principal
transfers its Operating Subsidiaries Group Units to a Permitted Transferee, excluding any other Principal, such Principal shall
have the right, on behalf of such transferee, to enforce the provisions of Sections 2.04, 4.02, or 6.02 with respect to such transferred
Operating Subsidiaries Group Units.

 

Section 7.07.    Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

  

    	17

    	 

    

 

Section 7.08.    Resolution
of Disputes.

 

(a)      Any
and all claims, disputes and other disagreements arising hereunder (each, a “Dispute”) which are not governed
by Section 7.09, including any ancillary claims of any party, arising out of, relating to or in connection with the validity,
negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability
of this Section 7.08 and Section 7.09) shall be governed by this Section 7.08. The parties hereto shall attempt
in good faith to resolve all Disputes by negotiation. If a Dispute between the parties hereto cannot be resolved in such manner,
such Dispute shall, at the request of any party, after providing written notice to the other party or parties to the Dispute, be
submitted to arbitration in New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association
then in effect. The proceeding shall be confidential. The party initially asserting the Dispute (the “Initiating Party”)
shall notify the other party (the “Responding Party”) of the name and address of the arbitrator chosen by the
Initiating Party and shall specifically describe the Dispute in issue to be submitted to arbitration. Within 30 days of receipt
of such notification, the Responding Party shall notify the Initiating Party of its answer to the Dispute, any counterclaim which
it wishes to assert in the arbitration and the name and address of the arbitrator chosen by the Responding Party. If the Responding
Party does not appoint an arbitrator during such 30-day period, appointment of the second arbitrator shall be made by the American
Arbitration Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator,
who shall serve as president of the panel of arbitrators (the “Panel”) thus composed. If the two arbitrators
so chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator,
the third arbitrator will be appointed by the American Arbitration Association upon the request of the arbitrators or either of
the parties. In all cases, the arbitrators must be persons who have substantial experience in tax matters and are lawyers admitted
to the practice of law in the State of New York. The arbitrators will act by majority decisions. Any decision of the arbitrators
shall (i) be rendered in writing and shall bear the signatures of at least two arbitrators, and (ii) identify the members of the
Panel, and the time and place of the award granted. Absent fraud or manifest error, any such decision of the Panel shall be final,
conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of
the arbitration shall be borne equally by the parties to the arbitration; provided, however, that each party shall pay for and
bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the arbitration. The parties
shall complete all discovery within 30 days after the Panel is composed, shall complete the presentation of evidence to the Panel
within 15 days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall
be rendered within 15 days after the completion of presentation of evidence. The parties hereto shall cause to be kept a record
of the proceedings of any matter submitted to arbitration hereunder. Performance under this Agreement shall continue if reasonably
possible during any arbitration proceedings. In addition to monetary damages, the arbitrator shall be empowered to award equitable
relief, including an injunction and specific performance of any obligation under this Agreement. The arbitrator is not empowered
to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary
or similar damages with respect to any Dispute. The award shall be the sole and exclusive remedy between the parties regarding
any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and
enforced in any court having jurisdiction over a party or any of its assets.

 

(b)      Notwithstanding
the provisions of Section 7.08(a), the Corporation may bring an action or special proceeding in any court of competent jurisdiction
for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder,
and/or enforcing an arbitration award and, for the purposes of this Section 7.08(b), each Principal (i) expressly consents to the
application of Section 7.08(c) to any such action or proceeding, (ii) agrees that proof shall not be required that monetary
damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate,
and (iii) irrevocably appoints the Corporation as such Principal’s agent for service of process in connection with any such
action or proceeding and agrees that service of process upon such agent, who shall promptly advise such Principal in writing of
any such service of process, shall be deemed in every respect effective service of process upon the Principal in any such action
or proceeding.

 

    	18

    	 

    

 

(c)      The
parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby that is brought in accordance with Section
7.08(b) shall be brought and maintained exclusively in the United States District Court for the Southern District of New York
or the Supreme Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit
to the personal jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding.
Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the
world, whether within or without the jurisdiction of any such court, by any of the methods specified for the giving of Notices
pursuant to Section 7.01. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection
or defense that it may now or hereafter have based on venue, inconvenience of forum, the lack of personal jurisdiction and the
adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section
7.01) in any suit action or proceeding brought in such courts. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING
OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 7.09.    Reconciliation.
If the Corporation and the relevant Principal are unable to resolve a disagreement with respect to the matters governed by
Sections 2.04, 4.02, and 6.02 within the relevant period designated in this Agreement (“Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized
accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall
not, have any material relationship with either the Corporation or the relevant Principal or other actual or potential conflict
of interest. If the parties are unable to agree on an Expert within 15 days of receipt by the respondent(s) of written notice of
a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert
shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an
amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto
within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to
the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the
subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement
is due, the undisputed amount shall be paid on such date and such Tax Return may be filed as prepared by the Corporation, subject
to adjustment or amendment upon resolution. If this reconciliation provision is utilized, the fees of the Expert shall be paid
in proportion to the manner in which the dispute is resolved, such that, for example, if the entire dispute is resolved in favor
of the Corporation, the relevant Principal shall pay all of the fees, or if the items in dispute are resolved 50% in favor of the
Corporation and 50% in favor of the relevant Principal, each of the Corporation and the relevant Principal shall pay 50% of the
fees of the Expert. Any Dispute as to whether a Dispute is a Reconciliation Dispute within the meaning of this Section 7.09
shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert
pursuant to this Section 7.09 shall be binding on the Corporation and the relevant Principal and may be entered and enforced
in any court having jurisdiction.

 

    	19

    	 

    

 

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

 

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

 

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

 

(b)      If
any entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a corporation with which such
entity does not file a consolidated Tax return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the
amount of any Exchange Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit
of such entity) due hereunder, shall be treated as having disposed of such asset in a fully Taxable transaction on the date of
such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed
asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii)
the amount of debt allocated to such asset, in the case of a contribution of a partnership interest.

 

Section 7.12.    Confidentiality.

 

(a)      Each
Principal and assignee acknowledges and agrees that the information of the Corporation and of its Affiliates is confidential and,
except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal
process or to enforce the terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose
to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and successors,
concerning the Operating Subsidiaries and its Affiliates and successors or the other Principals, learned by the Principal heretofore
or hereafter. This Section 7.12(a) shall not apply to (i) any information that has been made publicly available by the Corporation
or any of its Affiliates, becomes public knowledge (except as a result of an act of such Principal in violation of this Agreement)
or is generally known to the business community and (ii) the disclosure of information to the extent necessary for a Principal
to prepare and file his or her Tax returns, to respond to any inquiries regarding the same from any Taxing authority or to prosecute
or defend any action, proceeding or audit by any Taxing authority with respect to such returns. Notwithstanding anything to the
contrary herein, each Principal and assignee (and each employee, representative or other agent of such Principal or assignee, as
applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of the Corporation,
the Operating Subsidiaries, the Principals and their Affiliates, and any of their transactions, and all materials of any kind (including
opinions or other Tax analyses) that are provided to the Principals relating to such Tax treatment and Tax structure.

 

    	20

    	 

    

 

(b)      If
a Principal or assignee commits a breach, or threatens to commit a breach, of any of the provisions of Section 7.12(a),
the Corporation shall have the right and remedy to have the provisions of Section 7.12(a) specifically enforced by injunctive
relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged
and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries
or the other Principals and the accounts and funds managed by the Corporation and that money damages alone shall not provide an
adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies
available at law or in equity.

 

Section 7.13.    LLC
Agreement. To the extent this Agreement imposes obligations upon a particular Operating Subsidiary,
this Agreement shall be treated as part of the relevant LLC Agreement as described in Section 761(c) of the Code and Sections
1.704−1(b)(2)(ii)(h) and 1.761−1(c) of the Treasury Regulations.

 

Section 7.14.    Partnerships.
The Corporation hereby agrees that, to the extent it acquires a general partnership interest, managing member interest or similar
interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and
such Person shall be treated as a “partnership” for all purposes of this Agreement.

 

[Signature pages follow.]

 

    	21

    	 

    

 

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

 

	 	RCS CAPITAL CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	RCAP HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	REALTY CAPITAL SECURiTIES, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	RCS ADVISORY SERVICES, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	AMERICAN NATIONAL STOCK TRANSFER, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	 

    	 

    

 

Exhibit A

 

JOINDER

 

THIS JOINDER dated as of [       ],
2013 ) (this “Joinder”), among RCS Capital Corporation, a Delaware corporation (the “Corporation”),
Realty Capital Securities, LLC, a Delaware limited liability company, RCS Advisory Services, LLC, a Delaware limited liability
company, American National Stock Transfer, LLC, a Delaware limited liability company, and [           ]
(“Permitted Transferee”), to the Tax Receivable Agreement (as defined below).

 

WHEREAS, on [               ],
the Permitted Transferee acquired (the “Acquisition”) Operating Subsidiaries Group Units (as defined in the
Tax Receivable Agreement) and the corresponding shares of Class B common stock of the Corporation (collectively, “Interests”
and, together with all other Interests hereinafter acquired by the Permitted Transferee from Transferor and its Permitted Transferees
(as defined in the Tax Receivable Agreement dated as of [       ], 2013 (as the same may be
amended from time to time, the “Tax Receivable Agreement”), among the Corporation, the Operating Subsidiaries
and the other parties thereto), the “Acquired Interests”) from [          ]
(“Transferor”); and

 

WHEREAS, Transferor, in connection with
the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.06 of the Tax Receivable
Agreement;

 

NOW, THEREFORE, in consideration of the
foregoing and the respective covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, Permitted Transferee hereby agrees as follows:

 

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

 

Section 1.02.    Joinder.
Permitted Transferee hereby acknowledges and agrees to become a “Principal” (as defined in the Tax Receivable Agreement)
for all purposes of the Tax Receivable Agreement, including but not limited to, being bound by Sections 2.04, 4.02, 6.01, 6.02
and 7.12 of the Tax Receivable Agreement, with respect to the Acquired Interests, and any other Interests Permitted Transferee
acquires hereafter. Permitted Transferee hereby acknowledges the terms of Section 7.06(b) of the Tax Receivable Agreement.

 

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

 

    	 

    	 

    

 

Section 1.04.    Governing
Law. THIS JOINDER SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD MANDATE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

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

 

	 	[PERMITTED TRANSFEREE]
	 	 
	 	 
	 	Name:  
	 	Address:
	 	 
	 	Address for Notices:
	 	 
	 	[                             ]

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