Document:

Exhibit 10.2

 

INVESTOR RIGHTS AGREEMENT

dated as of

[_______], 2015

among

VTV THERAPEUTICS INC.

and

VTV THERAPEUTICS HOLDINGS LLC

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

Page

 

	ARTICLE
    1 Definitions
	Section
    1.01.   Definitions	1
	Section
    1.02.   Other Definitional and Interpretative Provisions	7
	ARTICLE
    2 Registration Rights
	Section
    2.01.   Demand Registration	7
	Section
    2.02.   Shelf and Piggyback Registration	11
	Section
    2.03.   Lock-Up Agreements	16
	Section
    2.04.   Registration Procedures	17
	Section
    2.05.   Indemnification by the Company	21
	Section
    2.06.   Indemnification by Registering Stockholders	22
	Section
    2.07.   Conduct of Indemnification Proceedings	22
	Section
    2.08.   Contribution	23
	Section
    2.09.   Participation in Public Offering	24
	Section
    2.10.   Other Indemnification	24
	Section
    2.11.   Cooperation by the Company	24
	Section
    2.12.   Transfer of Registration Rights	24
	Section
    2.13.   Limitations on Subsequent Registration Rights	24
	Section
    2.14.   Free Writing Prospectuses	25
	Section
    2.15.   Information from Registering Stockholders; Obligations of Registering Stockholders	25
	ARTICLE
    3 Board of Directors
	Section
    3.01.   Board of Directors	26
	Section
    3.02.   Termination of Holdings’ Rights	27
	ARTICLE
    4 Termination
	Section
    4.01.   Termination	28
	

    	 

    	 

    

	ARTICLE
    5 Miscellaneous
	Section
    5.01.   Successors and Assigns	29
	Section
    5.02.   Notices	29
	Section
    5.03.   Amendments and Waivers	30
	Section
    5.04.   Governing Law	30
	Section
    5.05.   Jurisdiction	30
	Section
    5.06.   WAIVER OF JURY TRIAL	30
	Section
    5.07.   Specific Enforcement	31
	Section
    5.08.   Counterparts; Effectiveness; Third Party Beneficiaries	31
	Section
    5.09.   Entire Agreement	31
	Section
    5.10.   Severability	31
	Section
    5.11.   Sophisticated Parties; Advice of Counsel	31
	Section
    5.12.   Certificate of Incorporation Supersedes	31

 

Exhibit A        Joinder Agreement 

Schedule 1     Plan of Distribution

 

    	 

    	 

    

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT dated as
of [_____], 2015 (this “Agreement”) among (i) vTv Therapeutics Inc., a Delaware corporation (the “Company”),
(ii) vTv Therapeutics Holdings LLC, a Delaware limited liability company (“Holdings”), and (iii) other stockholders
party hereto from time to time.

 

W I T N E S S E T H:

 

WHEREAS, in connection with the initial
public offering of the Company and the related reorganization transactions, Holdings has received [____] shares of Class B common
stock, par value $0.01, of the Company; and

 

WHEREAS, the parties hereto are entering
into this Agreement to provide (i) certain registration rights under the Securities Act and applicable state securities laws to
each Stockholder (as defined below) with respect to Registrable Securities (as defined below) each may hold and (ii) certain governance
rights to Holdings.

 

NOW, THEREFORE, in consideration of the
covenants and agreements contained herein, the parties hereto agree as follows:

 

ARTICLE
1

Definitions

 

Section 1.01.     
Definitions. (a) As used herein, the following terms have the following meanings:

 

“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person;
provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason
of any investment in the Company. For the purpose of this definition, the term “control” (including, with correlative
meanings, the terms “controlling”, “controlled by” and “under common control with”),
as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Applicable
Governance Rules” means applicable federal and state securities laws and the rules of NASDAQ relating to the Board and
the corporate governance of the Company, including, without limitation, Rule 10A-3 of the Exchange Act and Rule 5600 of the NASDAQ
Stock Market Rules, in each case, subject to applicable phase-in periods.

 

“Automatic Shelf Registration Statement”
means an “automatic shelf registration statement” as defined in Rule 405 promulgated under the Securities Act.

 

“beneficial ownership”
and “beneficially own” and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

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

 

    	 

    	 

    

 

“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.

 

“By-laws” means the Amended
and Restated By-laws of the Company, as the same may be amended, supplemented and or restated from time to time.

 

“Certificate of Incorporation”
means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended, modified or restated from
time to time.

 

“Charter”
means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended, supplemented and/or restated
from time to time.

 

“Class A Common Stock”
means the Class A common stock, par value $0.01 per share, of the Company.

 

“Class B Common Stock”
means the Class B common stock, par value $0.01 per share, of the Company.

 

“Company Securities”
means (i) the Class A Common Stock, (ii) any securities of the Company or any successor or assign of the Company into which such
Class A Common Stock is reclassified or reconstituted or into which such Class A Common Stock is converted or otherwise exchanged
in connection with a split or combination of shares, recapitalization, merger, sale of assets, consolidation or other reorganization
or otherwise or (iii) any securities received as a dividend or a distribution in respect of the securities described in clauses
(i) or (ii) above.

 

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

 

“Exchange Agreement”
means the Exchange Agreement, dated as of the date hereof, by and among the Company, vTv Therapeutics LLC, Holdings and any other
Person that becomes a “Holder” thereunder.

 

“Exchange Securities”
means, together, the Nonvoting Common Units of vTv Therapeutics LLC and shares of Class B Common Stock.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act relating to the Registrable
Securities included in the applicable Registration Statement.

 

“Hedging Counterparty”
means a broker-dealer registered under Section 15(b) of the Exchange Act or an Affiliate thereof.

 

“Hedging Transaction”
means any transaction involving a security linked to the Registrable Class Securities or any security that would be deemed to be
a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable
Class Securities or transaction (even if not a security) which would (were it a security) be considered such a derivative security,
or which transfers some or all of the economic risk of ownership of the Registrable Class Securities, including any forward contract,
equity swap, put or call, put or call equivalent position, collar, non-recourse loan, sale of exchangeable security or similar
transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions:

 

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(i)   transactions by a Stockholder
in which a Hedging Counterparty engages in short sales of Registrable Class Securities pursuant to a prospectus and may use Registrable
Securities to close out its short position;

 

(ii)   transactions pursuant
to which a Stockholder sells short Registrable Class Securities pursuant to a prospectus and delivers Registrable Securities to
close out its short position;

 

(iii)   transactions by a Stockholder
in which the Stockholder delivers, in a transaction exempt from registration under the Securities Act, Registrable Securities to
the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities pursuant to a prospectus
or an exemption from registration under the Securities Act; and

 

(iv)   a loan or pledge of Registrable
Securities to a Hedging Counterparty who may then become a selling stockholder and sell the loaned shares or, in an event of default
in the case of a pledge, sell the pledged shares, in each case, in a public transaction pursuant to a prospectus.

 

“Independent Director”
means a director who qualifies as an “independent director” of the Company under the NASDAQ Stock Market Rules.

 

“Initial Public Offering”
means the initial underwritten public offering of the Class A Common Stock of the Company on [________], 2015.

 

“MacAndrews Party” means
each of Holdings, MacAndrews & Forbes Incorporated and M&F TTP Holdings LLC and each of their respective Affiliates (other
than the Company and its Subsidiaries).

 

“MacAndrews Stockholder”
means each MacAndrews Party that is a Stockholder.

 

“Person” means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof, and shall include any successor (by merger or otherwise) thereto.

 

“Public Offering” means
an underwritten public offering of Registrable Securities (or in the case of the Company, Company Securities) pursuant to an effective
registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any
similar or successor form under the Securities Act.

 

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“Registering Stockholder”
means, with respect to any Registration Statement, each Stockholder whose Registrable Securities are or are to be registered pursuant
to such Registration Statement.

 

“Registrable Class Securities”
means the Registrable Securities and any other securities of the Company that are of the same class as the relevant Registrable
Securities.

 

“Registrable Securities”
means, at any time, any Company Securities beneficially owned (whether beneficially owned as of the date hereof or hereinafter
beneficially owned) by a Stockholder until (i) a registration statement covering such securities has been declared effective by
the SEC and such securities have been disposed of pursuant to such effective registration statement, (ii) such securities are
sold pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act, (iii) such securities are otherwise
transferred, assigned, sold, conveyed or otherwise disposed of and thereafter such securities may be resold without subsequent
registration under the Securities Act or (iv) with respect to any such securities held by any single Stockholder (or group of
Stockholders that are aggregated for purposes of Rule 144), all of such securities held by any Stockholder or group of Stockholders
are able to be sold in a single transaction pursuant to Rule 144 (or any similar provisions then in force) and such securities
of such Stockholder (or group of Stockholder) represent no more than 2.5% of the relevant class of Company Securities. Upon written
request to the Company, Holdings may, from time to time, designate as additional Registrable Securities an aggregate of up to
[_________] shares (which number shall be subject to adjustment to take account of any splits, combinations, share dividends or
other similar transactions affecting the Company Securities) of Company Securities that have been issued or are issuable upon
exchange of Exchange Securities that are beneficially owned by parties other than Stockholders. For the avoidance of doubt, in
connection with any designation pursuant to the preceding sentence, parties other than Stockholders will not have any rights,
benefits, remedies, obligations, or liabilities under this Agreement.

 

 

“Registration Expenses”
means any and all expenses incident to the performance of or compliance with any registration or marketing of Registrable Securities,
regardless of whether such Registration Statement is declared effective, including all (i) registration and filing fees, and all
other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer
quotation system, (ii) fees and expenses incurred in complying with any securities or “blue sky” laws (including reasonable
fees and disbursements of counsel in connection with “blue sky” qualifications of the Registrable Securities as may
be set forth in any underwriting agreement), (iii) expenses in connection with the preparation, printing, mailing and delivery
of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto,
(iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its
officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company
and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating
to any comfort letters or costs associated with the delivery by independent certified public accountants of any “comfort”
letters requested pursuant to Section 2.04(h) or any special audits incidental to or required by any registration or qualification),
(vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration, (viii)
reasonable fees, out-of-pocket costs and expenses of one firm of counsel selected by the holder(s) of a majority of the Registrable
Securities covered by each Registration Statement (the “Holders’ Counsel”), (ix) fees and expenses in
connection with any review by the FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses
of any qualified independent underwriter, including the reasonable fees and expenses of any counsel thereto, (x) fees and disbursements
of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions
attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting
agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection
with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and
expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating
to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing
or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities,
including expenses relating to any presentations to rating agencies, (xv) all out-of pocket costs and expenses incurred by the
Company or its appropriate officers in connection with their compliance with Section 2.04(m) and (xvi) any liability insurance
or other premiums for insurance obtained in connection with any Demand Registration, Piggyback Registration or Shelf Registration
pursuant to the terms of this Agreement.

 

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“Registration Statement”
means any registration statement of the Company under the Securities Act that covers any of the Registrable Securities pursuant
to the provisions of this Agreement.

 

“Requesting Stockholder”
means, with respect to any Demand Registration or Shelf Registration, any Stockholder holding any Registrable Securities initially
making the request for such Demand Registration or Shelf Registration.

 

“Rule 144” means Rule
144 promulgated under the Securities Act.

 

“SEC” means the U.S.
Securities and Exchange Commission or any successor governmental agency.

 

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

 

“Shares” means shares
of Common Stock.

 

“Shelf Registered Securities”
means any Registrable Securities whose offer and sale is registered pursuant to a Registration Statement filed in connection with
a Shelf Registration (including an Automatic Shelf Registration Statement).

 

“Specified Period” means
90 days; provided that such period may be extended as may be reasonably requested by the managing or co-managing underwriter
of a registered offering required hereunder to accommodate regulatory restrictions on (i) the publication or other distribution
of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in
the FINRA rules or any successor provisions or amendments thereto.

 

“Stockholder” means at
any time, (i) each MacAndrews Party beneficially owning Company Securities or Exchange Securities and (ii) any Person (other than
the Company) who shall be a party to or bound by this Agreement (including any permitted transferee or assignee of a MacAndrews
Party) pursuant to Section 2.12, so long as such Person shall beneficially own any Company Securities.

 

“Subsidiary” means, with
respect to any Person, any entity of which securities or other ownership interests having ordinary voting power to elect a majority
of the board of directors or other persons performing similar functions at the time are directly or indirectly owned by such Person.

 

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

 

	
        Term

         
	
        Section

         

	Alternative Transaction	2.02(d)
	Audit Committee Independent Director	3.01(a)(ii)
	Committees	3.01(c)
	Company	Preamble
	Damages	2.05
	Demand Registration	2.01(a)
	Determination Date	2.02(f)
	
        Holdings
	
        Preamble

	Holdings Nominee	3.01(a)(i)
	Holders’ Counsel	1.01(a), 

Definition of 

“Registration 

Expenses”
	Indemnified Party	2.07
	Indemnifying Party	2.07
	Independent Director	3.01(c)(ii)
	Inspectors	2.04(g)
	Issuer Free Writing Prospectus	2.14
	Maximum Offering Size	2.01(e)
	Piggyback Registration	2.02(h)(i)
	Records	2.04(g)
	Registration Actions	2.01(f)
	Requested Shelf Registered Securities	2.02(b)
	Shelf Public Offering	2.02(b)
	Shelf Public Offering Notice	2.02(b)
	Shelf Public Offering Request	2.02(b)
	Shelf Public Offering Requesting Stockholder	2.02(b)
	Shelf Registration	2.02(a)
	Stockholder Parties	2.05
	Suspension Notice	2.01(f)
	Suspension Period	2.01(f)
	Well-Known Seasoned Issuer	2.02(f)

 

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Section 1.02.     
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof. References to Articles, Sections, 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 Person include the successors and permitted assigns of that Person. References from
or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to
laws, rules, regulations and forms shall be deemed to be references to such laws, rules, regulations and forms as amended, succeeded
or replaced.

 

ARTICLE
2

Registration Rights

 

Section 2.01.     
Demand Registration. (a) At any time following the Initial Public Offering, any Stockholder may give a written
request to the Company to effect the registration under the Securities Act (other than pursuant to a registration statement on
Form S-4 or S-8 or any similar or successor form under the Securities Act) of all or any portion of such Requesting Stockholder’s
Registrable Securities, which written request shall specify the number of Registrable Securities to be registered and the intended
method of disposition thereof. Such registration may be for the offering of the Stockholder’s Registrable Securities on a
delayed or continuous basis under Rule 415 under the Securities Act. At any time the Company is eligible for use of Form S-3ASR,
such registration shall occur on such form. Upon the receipt of such written request, the Company shall promptly give notice (via
facsimile or electronic transmission) of such requested registration (each such registration shall be referred to herein as a “Demand
Registration”) at least 10 Business Days prior to the anticipated filing date of the Registration Statement relating
to such Demand Registration to any other Stockholders. Thereafter, the Company shall use its commercially reasonable efforts to
effect, as soon as possible, the registration under the Securities Act of:

 

(i)                
all Registrable Securities for which the Requesting Stockholder has requested registration under this Section
2.01;

 

(ii)               
all other Registrable Securities of the same class or series as those requested to be registered by the Requesting
Stockholder that any other Stockholder have requested the Company to register by request received by the Company within 10 Business
Days after such Stockholders receive the Company’s notice of the Demand Registration; and

 

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(iii)            
any Company Securities to be offered or sold by the Company;

 

all to the extent necessary to permit
the disposition (in accordance with the intended methods thereof as described in the Requesting Stockholder’s written
request) of the Registrable Securities so to be registered; provided that, subject to Section 2.01(d), the
Company shall not be obligated to effect (1) any such Demand Registration (i) within the Specified Period after the effective
date of any other registration statement of the Company in connection with which Stockholders were given Piggyback
Registration rights (other than a registration statement filed in connection with an employee benefit plan or business
combination transaction or a registration statement on Form S-4 or S-8) or (ii) in accordance with Section 2.01(f),
(2) any Demand Registration if the aggregate proceeds expected to be received from the sale of the Registrable Securities
requested to be included in such Demand Registration is less than $25,000,000 (other than with respect to the registration of
the exchange of the Exchange Securities for shares of Class A Common Stock pursuant to the Exchange Agreement) or (3) any
Demand Registration requested by a Stockholder other than the MacAndrews Stockholders if the Company has completed three
Demand Registrations after the date hereof as a result of requests by Stockholders other than MacAndrews Stockholders
pursuant to this Section 2.01(a). A Requesting Stockholder may require any Demand Registration that involves a Public
Offering of at least $25,000,000 to be conducted as an underwritten offering. Notwithstanding the foregoing, a Requesting
Stockholder may request that a Demand Registration take the form of a primary offering by the Company of Class A Common
Stock, whose net proceeds shall be used by the Company, pursuant to the Exchange Agreement, to pay cash in exchange for the
Exchange Securities that underlie the Registrable Securities proposed to be registered pursuant to such Demand
Registration, in which case, (i) the Demand Registration shall cover the primary sale of the number of shares of Class A
Common Stock requested by the Requesting Stockholder, (ii) the Requesting Holder shall exercise its right, pursuant to
Section 2.02 of the Exchange Agreement, to exchange the number of Exchange Securities that is equal to the number of shares
of Class A Common Stock sold in such Public Offering, contingent on (among other things) the closing of such Public Offering
and receipt by the Company of net proceeds therefrom, (iii) upon receipt of the net proceeds from such Public Offering, the
Company shall elect, pursuant to Section 2.01 of the Exchange Agreement, to exchange such net proceeds for the number of
Exchange Securities equal to the number of shares of Class A Common Stock sold pursuant to such Public Offering and (iv)
except where the context otherwise requires, references to “Registrable Securities” with respect to such Demand
Registration shall be to such shares of Class A Common Stock requested to be offered in such Pubic Offering. In addition, to
the extent requested by a Stockholder and agreed by the MacAndrews Stockholders, such Stockholder may request that the Demand
Registration cover the exchange of the Exchange Securities for shares of Class A Common Stock pursuant to the Exchange
Agreement instead of the resale of the Registrable Securities.

 

(b)              
Promptly after the expiration of the 10 Business Day period referred to in Section 2.01(a)(ii), the Company
will notify all Registering Stockholders of the identities of the other Registering Stockholders and the number of shares of Registrable
Securities requested to be included in the Demand Registration. At any time prior to the effective date of the Registration Statement
relating to such Demand Registration, the Requesting Stockholder may upon notice to the Company, revoke such request in whole or
in part with respect to the number of shares of Registrable Securities requested to be included in such Registration Statement,
without liability to any of the other Registering Stockholders.

 

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(c)               
The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless
of whether such Demand Registration becomes effective.

 

(d)              
A Demand Registration shall not be deemed to have occurred or have been completed for purposes of Section 2.01(a):

 

(i)                
unless the Registration Statement relating thereto (A) has become effective under the Securities Act and (B) has
remained continuously effective for a period of at least (x) 180 days (or such shorter period in which all Registrable Securities
of the Registering Stockholders included in such registration have actually been sold thereunder) or (y) with respect to a Shelf
Registration, until the date set forth in Section 2.04(a); provided that such Registration Statement shall not be
considered a Demand Registration if, after such Registration Statement becomes effective, (1) such Registration Statement is interfered
with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court and (2) less
than 75% of the Registrable Securities included in such Registration Statement have been sold thereunder; or

 

(ii)              
if the Maximum Offering Size is reduced in accordance with Section 2.01(e) such that less than 66 2/3%
of the Registrable Securities of the Requesting Stockholder sought to be included in such registration are included.

 

(e)               
If a Demand Registration involves a Public Offering and the lead managing underwriter advises the Company and the
Requesting Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such registration
(including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number
of shares that can be sold without having a material and adverse effect on such offering, including the price at which such shares
can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed
below, up to the Maximum Offering Size:

 

(i)                
first, all Registrable Securities requested to be registered by the Requesting Stockholder and all other Registering
Stockholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, to give first priority to the inclusion
of the Registrable Securities of the Requesting Stockholder and, thereafter, pro rata among the remaining Registering Stockholders
on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each
such Registering Stockholder);

 

(ii)              
second, any securities proposed to be registered by the Company; and

 

(iii)             
third, any securities proposed to be registered for the account of any other Persons, with such priorities among
them as the Company shall determine.

 

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(f)               
Notwithstanding anything to the contrary contained in this Agreement, but subject to the limitation set forth in
the next succeeding paragraph, the Company shall be entitled to suspend its obligation to file (but not the preparation of) any
Registration Statement in connection with a Demand Registration and any Shelf Registration, file any amendment to such a Registration
Statement, furnish any supplement or amendment to a prospectus included in such a Registration Statement, make any other filing
with the SEC, cause such a Registration Statement or other filing with the SEC to become or remain effective or take any similar
action (collectively, “Registration Actions”) upon (i) the issuance by the SEC of a stop order suspending the
effectiveness of any such Registration Statement or the initiation of proceedings with respect to such a Registration Statement
under Section 8(d) or 8(e) of the Securities Act, (ii) the Board’s determination, in its good faith judgment, that any
such Registration Action should not be taken because it would reasonably be expected to materially interfere with or require the
public disclosure of any material corporate development or plan, including any material financing, securities offering, acquisition,
disposition, corporate reorganization or merger or other transaction involving the Company or any of its Subsidiaries or (iii)
the Company possessing material non-public information the disclosure of which the Board determines, in its good faith judgment,
would reasonably be expected to not be in the best interests of the Company. Upon the occurrence of any of the conditions described
in (i), (ii) or (iii) above, the Company shall give prompt notice of such suspension (and whether such action is being taken pursuant
to (i), (ii) or (iii) above) (a “Suspension Notice”) to the Stockholders. Upon the termination of such condition,
the Company shall give prompt notice thereof to the Stockholders and shall promptly proceed with all Registration Actions that
were suspended pursuant to this paragraph.

 

The Company may only suspend Registration
Actions pursuant to the preceding paragraph on two occasions during any one-year period for a reasonable time specified in the
Suspension Notice but not exceeding an aggregate of 90 days (which period may not be extended or renewed) (each such occasion,
a “Suspension Period”). Each Suspension Period shall be deemed to begin on the date the relevant Suspension
Notice is given to the Stockholders and shall be deemed to end on the earlier to occur of (i) the date on which the Company gives
the Stockholders a notice that the Suspension Period has terminated and (ii) the date on which the number of days during which
a Suspension Period has been in effect exceeds the 90-day period. If the filing of any Demand Registration is suspended pursuant
to this Section 2.01(f), once the Suspension Period ends the Requesting Stockholder may request a new Demand Registration.
Notwithstanding anything to the contrary in this Agreement, the Company shall not be in breach of, or failed to comply with, any
obligation under this Agreement where the Company acts or omits to take any action in order to comply with applicable law, any
interpretation of the staff of the SEC or any order or decree of any court or governmental agency.

 

(g)              
The Company shall have no obligation to file a Registration Statement under this Section 2.01 or Section
2.02 or proceed with Registration Actions related thereto during any time such filing or Registration Actions are prohibited
by any applicable underwriting or lock-up agreement to which the Company is a party relating to the Initial Public Offering or
an offering pursuant to a Registration Statement.

 

    	10

    	 

    

 

Section 2.02.     
Shelf and Piggyback Registration. (a) At any time when (i) the Company is eligible for use of Form S-3 in
connection with a secondary public offering of its equity securities and (ii) a Shelf Registration on a Form S-3 registering Registrable
Securities for resale is not then effective (subject to any applicable Suspension Period), upon the written request of any Stockholder,
the Company shall use its commercially reasonable efforts to register, under the Securities Act on Form S-3 for an offering on
a delayed or continuous basis pursuant to Rule 415 promulgated under the Securities Act (a “Shelf Registration”),
the offer and sale of all or a portion of the Registrable Securities owned by such Requesting Stockholder. Upon the receipt of
such written request, the Company shall promptly give notice (via facsimile or electronic transmission) of such requested Shelf
Registration at least 10 Business Days prior to the anticipated filing date of such Shelf Registration to the other Stockholders,
and such notice shall describe the proposed Shelf Registration, the intended method of disposition of such Registrable Securities
and any other information that at the time would be appropriate to include in such notice, and offer such Stockholders the opportunity
to register the number of Registrable Securities as each such Stockholder may request in writing to the Company, given within 10
Business Days after such Stockholders receive the Company’s notice of the Shelf Registration. The “Plan of Distribution”
section of such Shelf Registration shall permit all lawful means of disposition of Registrable Securities, including firm-commitment
underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases or sales by brokers
and sales not involving a public offering.  With respect to each Shelf Registration, the Company shall, subject to
any Suspension Period, (i) as promptly as practicable after the written request of the Requesting Stockholder, file a Registration
Statement and (ii) use its commercially reasonable efforts to cause such Registration Statement to be declared effective as promptly
as practicable, and remain effective until the date set forth in Section 2.04(a)(ii). No Stockholder shall be entitled to
include any of its Registrable Securities in a Shelf Registration unless such Stockholder has complied with Section 2.15.
The Company shall not be required to amend a Shelf Registration (or the related prospectus) to add or change the disclosure regarding
selling securityholders during any Suspension Period. The obligations set forth in this Section 2.02(a) shall not apply
if the Company has a currently effective Automatic Shelf Registration Statement covering all Registrable Securities in accordance
with Section 2.02(f) and has otherwise complied with its obligations pursuant to this Agreement.

 

(b)              
Upon written request by a Requesting Stockholder holding Shelf Registered Securities (such Stockholder, the “Shelf
Public Offering Requesting Stockholder”), which request (the “Shelf Public Offering Request”) shall
specify the class or series and amount of such Shelf Public Offering Requesting Stockholder’s Shelf Registered Securities
to be sold (the “Requested Shelf Registered Securities”), the Company shall (subject to any Suspension Period)
perform its obligations hereunder with respect to the sale of such Requested Shelf Registered Securities in the form of a firm
commitment underwritten public offering (unless otherwise consented to by the Shelf Public Offering Requesting Stockholder) (a
“Shelf Public Offering”) if the aggregate proceeds expected to be received from the sale of the Requested Shelf
Registered Securities equals or exceeds $25,000,000. Promptly upon receipt of a Shelf Public Offering Request, the Company shall
provide notice (the “Shelf Public Offering Notice”) of such proposed Shelf Public Offering (which notice
shall state the material terms of such proposed Shelf Public Offering, to the extent known, as well as the identity of the Shelf
Public Offering Requesting Stockholder) to the other Stockholders holding Shelf Registered Securities. Such other Stockholders
may, by written request to the Company and the Shelf Public Offering Requesting Stockholder, within two Business Days after receipt
of such Shelf Public Offering Notice, include up to all of their Shelf Registered Securities of the same class or series as the
Requested Shelf Registered Securities in such proposed Shelf Public Offering; provided, that any such Shelf Registered Securities
shall be sold subject to the same terms as are applicable to the Shelf Registered Securities of the Shelf Public Offering Requesting
Stockholder. No Stockholder shall be entitled to include any of its Registrable Securities in a Shelf Public Offering unless such
Stockholder has complied with Section 2.15. The lead managing underwriter or underwriters selected for such Shelf Public
Offering shall be selected in accordance with Section 2.04(f)(i).

 

    	11

    	 

    

 

(c)               
In a Shelf Public Offering, if the lead managing underwriter advises the Company and the Shelf Public Offering Requesting
Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such Shelf Public Offering
(including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the Maximum Offering
Size, the Company shall include in such Shelf Public Offering, in the priority listed below, up to the Maximum Offering Size:

 

(i)                
first, all Shelf Registered Securities requested to be included in the Shelf Public Offering by the Shelf Public
Offering Requesting Stockholder and all other Stockholders, pro rata on the basis of the relative number of shares of Shelf Registered
Securities so requested to be included in the Shelf Public Offering by each such Stockholder;

 

(ii)              
second, any securities proposed to be included in the Shelf Public Offering by the Company; and

 

(iii)             
third, any securities proposed to be included in the Shelf Public Offering for the account of any other Persons,
with such priorities among them as the Company shall determine.

 

(d)              
The Company shall use its commercially reasonable efforts to cooperate in a timely manner with any request of the
Stockholders in respect of any block trade, hedging transaction or other transaction that is registered pursuant to a Shelf Registration
that is not a firm commitment underwritten offering (each, an “Alternative Transaction”), including, without
limitation, entering into customary agreements with respect to such Alternative Transactions (and providing customary representations,
warranties, covenants and indemnities in such agreements) as well as providing other reasonable assistance in respect of such Alternative
Transactions of the type applicable to a Public Offering subject to Section 2.04, to the extent customary for such transactions.
The Company shall bear all Registration Expenses in connection with any Shelf Registration, any Shelf Public Offering or any other
transaction (including any Alternative Transaction) registered under a Shelf Registration pursuant to this Section 2.02,
whether or not such Shelf Registration becomes effective or such Shelf Public Offering or other transactions is completed; provided,
however, that if the Shelf Public Offering Requesting Stockholder revokes its request in whole with respect to a Shelf Public
Offering, then the Shelf Public Offering Requesting Stockholder shall reimburse the Company for and/or pay directly all Registration
Expenses incurred relating to such Shelf Public Offering.

 

(e)               
After the Registration Statement with respect to a Shelf Registration is declared effective but subject to the Suspension
Period, upon written request by one or more Stockholders (which written request shall specify the amount of such Stockholders’
Registrable Securities to be registered), the Company shall, as promptly as practicable after receiving such request, (i) if it
is eligible for use of Form S-3 in connection with a secondary public offering of its equity securities, or if such Registration
Statement is an Automatic Shelf Registration Statement, file a prospectus supplement to include such Stockholders as selling stockholders
in such Registration Statement or (ii) if it is not eligible for use of Form S-3 in connection with a secondary public offering
of its equity securities, and the Registrable Securities requested to be registered represent more than 5% of the outstanding Registrable
Securities and the aggregate proceeds expected to be received from the sale thereof is at least $10,000,000, file a post-effective
amendment to the Registration Statement to include such Stockholders in such Shelf Registration and use commercially reasonable
efforts to have such post-effective amendment declared effective.

 

    	12

    	 

    

 

(f)               
Upon the Company becoming aware that it is a “Well-Known Seasoned Issuer” (as defined in Rule 405 under
the Securities Act), (i) the Company shall give written notice to all of the Stockholders as promptly as practicable but in no
event later than 20 Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company
has become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as practicable and subject to any Suspension Period,
register, under an Automatic Shelf Registration Statement, the sale of all of the Registrable Securities in accordance with the
terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement
as promptly as practicable, but in no event later than 15 Business Days after it becomes a Well-Known Seasoned Issuer, and to cause
such Automatic Shelf Registration Statement to remain effective thereafter until the date set forth in Section 2.04(a)(ii).
The Company shall give written notice of filing such Registration Statement to all of the Stockholders as promptly as practicable
thereafter. The Company shall not be required to include any Stockholder as a selling stockholder in any Registration Statement
or prospectus unless such Stockholder has complied with Section 2.15. At any time after the filing of an Automatic Shelf
Registration Statement by the Company, if it is reasonably likely that it will no longer be a Well-Known Seasoned Issuer as of
a future determination date (the “Determination Date”), at least 30 days prior to such Determination Date, the
Company shall (A) give written notice thereof to all of the Stockholders as promptly as practicable but in no event later than
10 Business Days prior to such Determination Date and (B) if the Company is eligible to file a Registration Statement on Form S-3
with respect to a secondary public offering of its equity securities, file a Registration Statement on Form S-3 with respect to
a Shelf Registration in accordance with Section 2.02(a), treating all selling stockholders identified as such in the Automatic
Shelf Registration Statement (and amendments or supplements thereto) as Requesting Stockholders and use all commercially reasonable
efforts to have such Registration Statement declared effective prior to the Determination Date. Any registration pursuant to this
Section 2.02(f) shall be deemed a Shelf Registration for purposes of this Agreement.

 

(g)              
Notwithstanding anything to the contrary, no Shelf Registration pursuant to this Section 2.02 shall be deemed
a Demand Registration for purposes of Section 2.01.

 

    	13

    	 

    
(h)              
Piggyback Registration.

 

(i)                
If the Company proposes to register any Company Securities under the Securities Act (other than a registration on
Form S-8 or S-4 relating to Shares or any other class of Company Securities issuable upon exercise of employee stock options or
in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by
the Company of another Person) other than in connection with a rights offering, whether or not for sale for its own account, the
Company shall each such time give prompt notice (via facsimile or electronic transmission) at least 10 Business Days prior to the
anticipated filing date of the registration statement relating to such registration to each Stockholder, which notice shall set
forth such Stockholder’s rights under this Section 2.02 and shall offer such Stockholder the opportunity to include
in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered
as each such Stockholder may request (a “Piggyback Registration”), subject to the provisions of Section 2.02(h)(ii).
Upon the request of any such Stockholder made within 10 Business Days after the receipt of notice from the Company regarding a
Piggyback Registration (which request shall specify the number of Registrable Securities intended to be registered by such Stockholder),
the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable
Securities that the Company has been so requested to register by all such Requesting Stockholders, to the extent requisite to permit
the disposition of the Registrable Securities so to be registered in accordance with the plan of distribution intended by the Company
for such registration statement; provided that (i) if such registration involves a Public Offering, all such Registering
Stockholders requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters
selected as provided in Section 2.04(f)(i) on the same terms and conditions as apply to the Company and (ii) if, at any
time after giving notice of its intention to register any Company Securities pursuant to this Section 2.02(h) and prior
to the effective date of the registration statement filed in connection with such registration, the Company shall determine for
any reason not to register such securities, the Company shall give notice to all Registering Stockholders and, thereupon, shall
be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration effected
under this Section 2.02 shall relieve the Company of its obligations to effect a Demand Registration or Shelf Registration
to the extent required by Section 2.01. The Company shall pay all Registration Expenses in connection with each Piggyback
Registration.

 

(ii)              
If a Piggyback Registration involves a Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in Section 2.01(e) shall apply) and the lead managing underwriter
advises the Company that, in its view, the number of Registrable Securities that the Company and such Registering Stockholders
intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the
following priority, up to the Maximum Offering Size:

 

    	14

    	 

    

 

(A)            
first, so much of the Registrable Securities proposed to be registered for the account of the Company as would not
cause the offering to exceed the Maximum Offering Size;

 

(B)             
second, all Registrable Securities requested to be included in such registration by any Registering Stockholders
pursuant to this Section 2.02 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata
among such Stockholders on the basis of the relative number of shares of Registrable Securities so requested to be included in
such registration by each such Stockholder); and

 

(C)             
third, any securities proposed to be registered for the account of any other Persons with such priorities among them
as the Company shall determine.

 

(i)                
Hedging Transactions.

 

(i)                
The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of Holders’
Counsel, it is necessary or desirable to register under the Securities Act such Hedging Transaction or sales or transfers (whether
short or long) of Registrable Class Securities in connection therewith, then the Company shall use its commercially reasonable
efforts to take such actions (which may include, among other things, the filing of a post-effective amendment to a Registration
Statement to include additional or changed information that is material or is otherwise required to be disclosed, including a description
of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates
as underwriters or potential underwriters, if applicable, or any change to the plan of distribution) as may reasonably be required
to register such Hedging Transaction or sales or transfers of Registrable Class Securities in connection therewith under the Securities
Act in a manner consistent with the rights and obligations of the Company hereunder with respect to the registration of Registrable
Securities. Any information provided by the Stockholders regarding the Hedging Transaction that is included in a Registration Statement,
prospectus or Free Writing Prospectus pursuant to this Section 2.02(h) shall be deemed to be information provided by the
Registering Stockholders pursuant to such Registration Statement for purposes of Section 2.15.

 

(ii)              
All Registration Statements in which Stockholders may include Registrable Securities under this Agreement shall be
subject to the provisions of this Section 2.02(h), and the registration of Registrable Class Securities thereunder pursuant
to this Section 2.02(h) shall be subject to the provisions of this Agreement applicable to any such Registration Statements;
provided, however, that the selection of any Hedging Counterparty shall not be subject to Section 2.04(f),
but the Hedging Counterparty shall be selected by the holders of a majority of the Registrable Class Securities subject to the
Hedging Transaction that are proposed to be included in such Registration Statement.

 

    	15

    	 

    

 

(iii)            
If in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate thereof is (or may be considered)
an underwriter or selling stockholder, then it shall be required to provide customary indemnities to the Company regarding the
plan of distribution and like matters.

 

(iv)            
The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption),
in each Registration Statement, and any related prospectus (to the extent such inclusion is permitted under applicable SEC regulations
and is consistent with comments received from the SEC during any SEC review of the Registration Statement), language substantially
in the form of Schedule 1 hereto and to include in each prospectus supplement filed in connection with any proposed Hedging
Transaction language mutually agreed upon by the Company, the relevant Stockholders and the Hedging Counterparty describing such
Hedging Transaction.

 

Section 2.03.     
Lock-Up Agreements. (a) Each Stockholder hereby agrees that it will not effect any public sale or distribution
(including sales pursuant to Rule 144) of Registrable Securities, (i) during (A) the 10 days prior to and the 90-day period beginning
on the effective date of the registration of such Registrable Securities in connection with a Public Offering (which period following
the effective date may, in each case, be extended as reasonably requested by the underwriters participating in such Public Offering
to accommodate regulatory restrictions on (I) the publication or other distribution of research reports and (II) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in the FINRA rules or any successor provisions or amendments
thereto) or (B) such shorter period as the underwriters participating in such Public Offering may require, and (ii) upon notice
from the Company of the commencement of a Public Offering in connection with any Shelf Registration, during (A) 10 days prior to
and the 90-day period beginning on the date of commencement of such Public Offering or (B) such shorter period as the underwriters
participating in such Public Offering may require, in each case except as part of such Public Offering. Each Stockholder agrees
to execute a lock-up agreement in favor of the underwriters in form and substance reasonably acceptable to the Company and the
underwriters to such effect and, in any event, that the underwriters in any relevant offering shall be third party beneficiaries
of this Section 2.03(a). The lock-up agreement to be executed by each Stockholder pursuant to this Section 2.03(a)
shall be no less favorable to such Stockholder than the lock-up agreements (or provisions in any underwriting agreement) executed
by the Company or any of the executive officers or directors of the Company pursuant to Section 2.03(b).

 

(b)              
The Company shall not effect any public sale or distribution of Registrable Securities (except pursuant to registrations
on Form S-8 or Form S-4), (i) with respect to any Public Offering pursuant to a Demand Registration or any Piggyback Registration
in which the holders of Registrable Securities are participating, during (A) the 10 days prior to and the 90-day period beginning
on the effective date of such registration (which period following the effective date may, in each case, be extended as reasonably
requested by the underwriters participating in such Public Offering to accommodate regulatory restrictions on (I) the publication
or other distribution of research reports and (II) analyst recommendations and opinions, including, but not limited to, the restrictions
contained in the FINRA rules or any successor provisions or amendments thereto) or (B) such shorter period as the underwriters
participating in such Public Offering may require, and (ii) upon notice from any holder(s) of Registrable Securities subject to
a Shelf Registration that such holder(s) intend to effect a Public Offering of Registrable Securities pursuant to such Shelf Registration
(upon receipt of which, the Company will promptly notify all other Stockholders of the date of commencement of such Public Offering),
during (A) the 10 days prior to and the 90-day period beginning on the date of commencement of such Public Offering and (B) such
shorter period as the underwriters participating in such Public Offering may require), in each case except as part of such Public
Offering. To the extent required by any underwriter participating in such Public Offering, the Company shall use commercially reasonable
efforts to cause its executive officers and directors to execute customary lock-up agreements in connection with such Public Offering,
which lock-up agreements shall not have a duration shorter than that of the lock-up agreement or provisions applicable to the Company.

 

    	16

    	 

    

 

Section 2.04.     
Registration Procedures. Whenever a Stockholder requests that any Registrable Securities be registered pursuant
to Section 2.01 or 2.02, subject to the provisions of such Sections, the Company shall use its commercially reasonable
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition
thereof as soon as reasonably practicable, and, in connection with any such request:

 

(a)               
The Company shall as soon as reasonably practicable prepare and file with the SEC a Registration Statement on any
form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available
for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof,
and use its commercially reasonable efforts to cause such filed Registration Statement to become and remain effective for a period
of (i) not less than 180 days (or, if sooner, until all Registrable Securities have been sold under such Registration Statement),
or (ii) in the case of a Shelf Registration, until the earlier of the date (x) on which all of the securities covered by such Shelf
Registration are no longer Registrable Securities and (y) on which the Company cannot extend the effectiveness of such Shelf
Registration because it is no longer eligible for use of Form S-3; subject in each case to any Suspension Period.

 

(b)              
Prior to filing a Registration Statement or related prospectus or any amendment or supplement thereto (including
any documents incorporated by reference therein), or before using any Free Writing Prospectus, the Company shall provide to each
Registering Stockholder, the Holders’ Counsel and each underwriter, if any, with an adequate and appropriate opportunity
to review and comment on such Registration Statement, each prospectus included therein (and each amendment or supplement thereto)
and each Free Writing Prospectus proposed to be filed with the SEC, and thereafter the Company shall furnish to such Registering
Stockholder, the Holders’ Counsel and underwriter, if any, such number of copies of such Registration Statement, each amendment
and supplement thereto filed with the SEC (in each case including all exhibits thereto and documents incorporated by reference
therein), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus)
and any other prospectus filed under Rule 424, Rule 430A, Rule 430B or Rule 430C under the Securities Act and such other documents
as such Registering Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Registering Stockholder; provided, however, that in no event shall the Company be required
to provide to any Person any materials, information or document required to be filed by the Company pursuant to the Exchange Act
prior to its filing other than in connection with a Public Offering. In addition, the Company shall, as expeditiously as practicable,
keep Holders’ Counsel advised in writing as to the initiation and progress of any registration under Sections 2.01
and 2.02 and provide Holders’ Counsel with copies of all correspondence (including any comment letter) with the SEC,
any self regulatory organization or other governmental agency in connection with any such Registration Statement. Each Registering
Stockholder shall have the right to request that the Company modify any information contained in such Registration Statement, amendment
and supplement thereto pertaining to such Registering Stockholder and the Company shall use its commercially reasonable efforts
to comply with such request; provided, however, that the Company shall not have any obligation so to modify any information
if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

 

    	17

    	 

    

 

(c)               
After the filing of the Registration Statement, the Company shall (i) cause the related prospectus to be supplemented
by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii)
comply with the provisions of the Securities Act applicable to the Company with respect to the disposition of all Registrable Securities
covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the
Registering Stockholder thereof set forth in such Registration Statement or supplement to such prospectus and (iii) promptly notify
each Registering Stockholder holding Registrable Securities covered by such Registration Statement and the Holders’ Counsel
of any stop order issued or threatened by the SEC or any state securities commission and take all commercially reasonable actions
required to prevent the entry of such stop order or to remove it if entered.

 

(d)              
The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered
by such Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as any Registering Stockholder holding such Registrable Securities reasonably (in light of such Registering Stockholder’s
intended plan of distribution) requests, and continue such registration or qualification in effect in such jurisdiction for the
shortest of (A) as long as permissible pursuant to the laws of such jurisdiction, (B) as long as any such Registering Stockholder
requests or (C) until all such Registrable Securities are sold and (ii) cause such Registrable Securities to be registered with
or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of
the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Registering Stockholder
to consummate the disposition of the Registrable Securities owned by such Registering Stockholder; provided that the Company
shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 2.04(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service
of process in any such jurisdiction.

 

(e)               
The Company shall promptly notify each Registering Stockholder holding such Registrable Securities covered by such
Registration Statement (i) at any time when a prospectus relating thereto is required to be delivered under the Securities Act,
upon the discovery that, or upon the occurrence of an event as a result of which, the preparation of a supplement or amendment
to such prospectus is required so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading and the Company shall promptly (subject to any applicable Suspension Period) prepare
and make available to each Registering Stockholder and file with the SEC any such supplement or amendment, (ii) as soon as
the Company becomes aware of any request by the SEC or any Federal or state governmental authority for amendments or supplements
to a Registration Statement or related prospectus covering Registrable Securities or for additional information relating thereto,
(iii) as soon as the Company becomes aware of the issuance or threatened issuance by the SEC of any stop order suspending
or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities or (iv) of the receipt
by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.

 

    	18

    	 

    

 

(f)               
(i) The Registering Stockholders holding a majority of the Registrable Securities to be included in a Demand Registration
or intended to be sold pursuant to a Public Offering pursuant to a “take down” under a Shelf Registration shall have
the right to select an underwriter or underwriters in connection with such Public Offering or “take down” (as the case
may be) (which underwriter or underwriters may include any Affiliate of any Registering Stockholder so long as including such Affiliate
would not require the separate engagement of a qualified independent underwriter with respect to such offering), subject to the
Company’s approval (which shall not be unreasonably withheld, conditioned or delayed) and (ii) the Company shall select an
underwriter or underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall
enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including,
if required, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting
arrangements with the FINRA.

 

(g)              
Subject to confidentiality arrangements customarily applicable to underwriters and the Registering Stockholders,
the Company shall make available for inspection by any Registering Stockholder and any underwriter participating in any disposition
pursuant to a Registration Statement being filed by the Company pursuant to this Section
2.04 and any attorney, accountant or other professional retained by any such Stockholder or underwriter (collectively,
the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their
due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any Inspectors in connection with such Registration Statement.

 

(h)              
The Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a signed counterpart,
addressed to such Registering Stockholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort
letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters
of the kind customarily covered by opinions or comfort letters, as the case may be, any Registering Stockholder or the lead managing
underwriter therefor reasonably requests.

 

    	19

    	 

    

 

(i)                
The Company shall otherwise comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably available, an earnings statement or such other document that shall satisfy the provisions
of Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder.

 

(j)                
The Company may require each Registering Stockholder promptly to furnish in writing to the Company such information
regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other
information as may be reasonably required in connection with such registration.

 

(k)               
Each Registering Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 2.04(e), such Stockholder shall forthwith discontinue disposition of Registrable Securities
pursuant to the Registration Statement (including any Shelf Registration) covering such Registrable Securities until such Stockholder’s
receipt of (i) copies of the supplemented or amended prospectus from the Company or (ii) further notice from the Company that distribution
can proceed without an amended or supplemented prospectus, and, in the circumstances described in clause (i), if so directed
by the Company, such Stockholder shall deliver to the Company all copies, other than any permanent file copies then in such Stockholder’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company
shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective
(including the period referred to in Section 2.04(a)) by the number of days during the period from and including the date
of the giving of notice pursuant to Section 2.04(e) to the date when the Company shall (x) make available to such Stockholder
a prospectus supplemented or amended to conform with the requirements of Section 2.04(e) or (y) deliver to such Stockholder
the notice described in clause (ii).

 

(l)                
The Company shall use its commercially reasonable efforts to list all Registrable Securities of any class or series
covered by such Registration Statement on any national securities exchange on which any of the Registrable Securities of such class
or series are then listed or traded.

 

(m)              
Upon written request (which notice shall be given with reasonable advance notice) to the Company by Registering Stockholders
holding a majority of the Registrable Securities being sold in such offering, the Company shall have appropriate officers of the
Company (i) upon reasonable request and at reasonable times prepare and make presentations at any “road shows” and
before analysts and rating agencies, as the case may be, provided that officers of the Company shall not be required to
participate in “road shows” within 60 days of the completion of a prior Public Offering with a “road show,”
(ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use its commercially reasonable efforts
to cooperate as requested by the underwriters in the offering, marketing or selling of the Registrable Securities.

 

(n)              
The Company shall as soon as possible following its actual knowledge thereof, notify each Registering Stockholder:
(A) when a prospectus, any prospectus supplement, a Registration Statement or a post-effective amendment to a Registration Statement
has been filed with the SEC, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective; (B) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to
a Registration Statement, a related prospectus (including a Free Writing Prospectus) or for any other additional information; or
(C) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceedings
for such purpose.

 

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(o)              
The Company shall reasonably cooperate with each Registering Stockholder and each underwriter participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made by FINRA.

 

(p)              
The Company shall take all other steps reasonably necessary to effect the registration of such Registrable Securities
and reasonably cooperate with the holders of such Registrable Securities to facilitate the disposition of such Registrable Securities.

 

(q)               
The Company shall, within the deadlines specified by the Securities Act, make all required filings of all prospectuses
(including any Free Writing Prospectus) with the SEC and make all required filing fee payments in respect of any Registration Statement
or related prospectus used under this Agreement (and any offering covered hereby).

 

(r)                
The Company shall, if such registration is pursuant to a Registration Statement on Form S-3 or any similar short-form
registration, include in such Registration Statement such additional information for marketing purposes as the managing underwriter
with respect to an underwritten public offering reasonably requests.

 

(s)                
To the extent a Registering Stockholder wishes to register on a Registration Statement the resale of Registrable
Securities to be received upon the exchange of Exchange Securities pursuant to the Exchange Agreement, if required by applicable
law, rule or regulation, each such Registering Stockholder shall exchange its Exchange Securities for shares of Class A Common
Stock or commit to make such exchange prior to the filing of the relevant Registration Statement (or such later time as may be
permitted under applicable law, rule or regulation).

 

Section 2.05.     
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Registering Stockholder
holding Registrable Securities covered by a Registration Statement, its partners, Affiliates, stockholders, members, officers,
directors, employees, partners and agents, and each Person, if any, who controls such Registering Stockholder within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, “Stockholder Parties”)
from and against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation
and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement
or allegedly untrue statement of a material fact contained in any Registration Statement or prospectus relating to the Registrable
Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary
prospectus or Free Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to
be a part of any prospectus under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided,
however, that the Company shall not be liable to any Stockholder Party for any Damages that are caused by or related to any
such untrue statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to
the Company by or on behalf of such Registering Stockholder expressly for use therein. The Company also agrees to indemnify and
hold harmless any underwriters of the Registrable Securities, their respective officers and directors and each Person who controls
any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same
basis as that of the indemnification of the Registering Stockholders provided in this Section 2.05.

 

    	21

    	 

    

 

Section 2.06.     
Indemnification by Registering Stockholders. Each Registering Stockholder holding Registrable Securities included
in any Registration Statement agrees, severally but not jointly, to indemnify and hold harmless (i) the Company, (ii) each Person,
if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
(iii) each other Registering Stockholder participating in any offering of Registrable Securities and (iv) the respective partners,
Affiliates, stockholders, members, officers, directors, employees, partners and agents of each of the Persons specified in clauses
(i) through (iii) from and against all Damages to the same extent as the foregoing indemnity from the Company to such
Registering Stockholder, but only with respect to information furnished in writing by or on behalf of such Registering Stockholder
expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement
thereto, or any preliminary prospectus or Free Writing Prospectus relating to the Registrable Securities (including any information
that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act). Each Registering Stockholder also
agrees to indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors and
each Person who controls any underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act on substantially the same basis as that of the indemnification of the Company and the other Registering Stockholders provided
in this Section 2.06. As a condition to including Registrable Securities in any Registration Statement filed in accordance
with Article 2, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any
underwriter to indemnify and hold the Company harmless to the extent customarily provided by underwriters with respect to similar
securities and offerings. No Registering Stockholder shall be liable under this Section 2.06 for any Damages in excess of
the net proceeds (after deducting the underwriters’ discounts and commissions) realized by such Registering Stockholder in
the sale of Registrable Securities of such Registering Stockholder to which such Damages relate.

 

Section 2.07.     
Conduct of Indemnification Proceedings. If any proceeding (including any investigation by any governmental
authority) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 2.05
or 2.06, such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity
may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all reasonable
fees and expenses; provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve
the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by
such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed to the retention of such counsel; (ii) in the reasonable judgment of such Indemnified Party, representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them; or (iii)
the Indemnified Party shall have reasonably concluded (based on the advice of counsel) that there may
be legal defenses available to it that are different from or in addition to those available to the Indemnifying Party. It
is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall
not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time
for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed promptly after receipt of a invoice setting
forth such fees and expenses in reasonable detail. In the case of any such separate firm for the Indemnified Parties, such firm
shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff,
the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any Damages (to the extent obligated
herein) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party
shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such proceeding.

 

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Section 2.08.     
Contribution. If the indemnification provided for in Section 2.05 or 2.06 is unavailable to
the Indemnified Parties or insufficient in respect of any Damages caused by or relating to any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended
or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Free
Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus
under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, then each such Indemnifying Party,
in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result
of such Damages in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified
Parties in connection with such actions which resulted in such Damages, as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and the Indemnified Parties shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action.

 

The parties agree that it would not be just
and equitable if contribution pursuant to this Section 2.08 were determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by a party as a result of the Damages referred to in the preceding paragraph shall be deemed to include,
subject to the limitations set forth in Sections 2.05 and 2.06, any legal or other expenses reasonably incurred by
a party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section
2.08, no Registering Stockholder shall be required to contribute any amount in excess of the net proceeds (after deducting
the underwriters’ discounts and commissions) received by such Registering Stockholder in the offering. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. Each Registering Stockholder’s obligation to contribute
pursuant to this Section 2.08 is several in the proportion that the net proceeds of the offering received by such Registering
Stockholder bears to the net total proceeds of the offering received by all such Registering Stockholders and not joint.

 

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Section 2.09.     
Participation in Public Offering. No Stockholder may participate in any Public Offering hereunder unless such
Stockholder (i) agrees to sell such Stockholder’s Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements and the provisions of this Agreement in respect of registration rights.

 

Section 2.10.     
Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall
be given by the Company and each Registering Stockholder participating therein with respect to any required registration or other
qualification of securities under any federal or state law or regulation or governmental authority other than the Securities Act.

 

Section 2.11.     
Cooperation by the Company. At any time following the Initial Public Offering, if any Stockholder shall transfer,
assign, sell, convey or otherwise dispose of any Registrable Securities pursuant to Rule 144, the Company shall reasonably cooperate
(subject to the terms and conditions of the Certificate of Incorporation) with such Stockholder, provide to such Stockholder such
information as such Stockholder shall reasonably request and make publicly available information necessary to permit sales pursuant
to Rule 144 for so long as necessary.

 

Section 2.12.     
Transfer of Registration Rights. The rights of a Stockholder under this Article 2 may be transferred
or assigned in connection with a transfer of Registrable Securities provided that all of the following additional conditions
are satisfied: (x) such transfer or assignment is effected in accordance with applicable securities laws, (y) the Company is given
written notice by such transferor of such transfer or assignment, stating the name and address of the transferee or assignee and
identifying the amount of Registrable Securities with respect to which such rights are being transferred or assigned and (z) such
transferee or assignee executes and delivers to the Company an agreement to be bound by this Agreement in the form of Exhibit
A.

 

Section 2.13.     
Limitations on Subsequent Registration Rights. The Company agrees that it shall not enter into any agreement
with any holder or prospective holder of any securities of the Company (i) that would allow such holder or prospective holder to
include such securities in any Demand Registration, Piggyback Registration or Shelf Registration unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their
inclusion would not be on terms more favorable in the aggregate to such holder or prospective holder than this Agreement. The Company
also represents and warrants to each Stockholder that it has not prior to the date of this Agreement entered into any agreement
with respect to any of its securities granting any registration rights to any Person.

 

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Section 2.14.     
Free Writing Prospectuses. Except for a prospectus relating to Registrable Securities included in a Registration
Statement, an “Issuer Free Writing Prospectus” (as defined in Rule 433 under the Securities Act) or other materials
prepared by the Company, each Registering Stockholder represents and agrees that it (i) shall not make any offer relating
to the Registrable Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a Free
Writing Prospectus, and (ii) has not distributed and will not distribute any written materials in connection with the offer
or sale pursuant to a Registration Statement of Registrable Securities without the prior written consent of the Company and, in
connection with any Public Offering, the underwriters.

 

Section 2.15.     
Information from Registering Stockholders; Obligations of Registering Stockholders.

 

(a)               
It shall be a condition precedent to the obligations of the Company to include the Registrable Securities of any
Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement or related prospectus,
as the case may be, that such Registering Stockholder shall take the actions described in this Section 2.15.

 

(b)              
Each Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement
shall (i) furnish to the Company (as a condition precedent to such Registering Stockholder’s participation in such registration)
in writing such information with respect to such Registering Stockholder, its ownership of Company Securities and the intended
method of disposition of its Registrable Securities as the Company may reasonably request or as may be required by law or regulations
for use in connection with any related Registration Statement or prospectus (or amendment or supplement thereto) and all information
required to be disclosed in order to make the information previously furnished to the Company by such Registering Stockholder not
contain a material misstatement of fact or necessary to cause such Registration Statement or prospectus (or amendment or supplement
thereto) not to omit a material fact with respect to such Registering Stockholder necessary in order to make the statements therein
not misleading and (ii) comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply
with all applicable regulations in connection with the registration and the disposition of Registrable Securities.

 

(c)               
Each Registering Stockholder shall promptly (i) following its actual knowledge thereof, notify the Company of
the occurrence of any event that makes any statement made in a Registration Statement, prospectus, Issuer Free Writing Prospectus
or other Free Writing Prospectus regarding such Registering Stockholder untrue in any material respect or that requires the making
of any changes in a Registration Statement, prospectus or Free Writing Prospectus so that, in such regard, it shall not contain
any untrue statement of a material fact or omit any material fact required to be stated therein or necessary to make the statements
not misleading and (ii) provide the Company with such information as may be required to enable the Company to prepare a supplement
or post-effective amendment to any such Registration Statement or a supplement to such prospectus or Free Writing Prospectus.

 

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(d)              
Each Registering Stockholder shall use commercially reasonable efforts to cooperate with the Company in preparing
the applicable Registration Statement.

 

(e)               
Each Stockholder agrees that no Stockholder shall be entitled to sell any Registrable Securities pursuant to a Registration
Statement or to receive a prospectus relating thereto unless such Stockholder has furnished the Company with all information required
to be included in such Registration Statement by applicable securities laws in connection with the disposition of such Registrable
Securities as reasonably requested by the Company.

 

(f)               
Notwithstanding anything to the contrary herein, no Registering Stockholder shall be required to make any representations
or warranties to or agreements with the Company, the underwriters of any underwritten Public Offering, or any other Person in connection
with a disposition of Registrable Securities other than representations, warranties or agreements regarding such Registering Stockholder,
such Registering Stockholder's ownership of Registrable Securities and such Registering Stockholder's intended method of distribution
of Registrable Securities.

 

ARTICLE
3

Board of Directors

 

Section 3.01.     
Board of Directors.

 

(a)               
Board Nominees.  Immediately after the consummation of the Initial Public Offering, the Board shall initially
consist of six directors. The Board may increase or decrease the number of Directors, subject to the rights of Holdings under this
Agreement and Applicable Governance Rules, in accordance with the Charter and By-laws. Immediately after the consummation of the
Initial Public Offering, of such six directors:

 

(i)                
the number of directors permitted to be designated by Holdings pursuant to Section 3.02 shall be those designated
by Holdings (such persons, the “Holdings Nominees”); and

 

(ii)               
two shall be independent directors permitted by SEC rules to serve on the Company’s audit committee after applicable
phase-in periods have expired (such persons, the “Audit Committee Independent Directors”) who shall be
designated by the Board and at least one of which shall be an audit committee financial expert under the NASDAQ Stock Market Rules
or SEC rules as currently in effect.

 

In addition, within one year after the date
of the initial listing of the Class A Common Stock on NASDAQ for the Initial Public Offering, one additional Audit Committee Independent
Director shall be appointed.

 

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(b)              
Holdings Nominees. With respect to any Holdings Nominees after the date of the Initial Public Offering, Holdings
shall designate the Holdings Nominees by delivering to the Company its written statement at least (i) 10 days following their receipt
of written notice from the Company to the Holdings notifying Holdings of the setting of the date of the first annual meeting after
the date of the Initial Public Offering, in the case of the first annual meeting after the date of the Initial Public Offering,
and (ii) 60 days prior to the one year anniversary of the preceding annual meeting, in the case of subsequent annual meetings,
designating the Holdings Nominees and setting forth such Holdings Nominees’ business address, telephone number, facsimile
number and e-mail address; provided, that if Holdings shall fail to deliver such written notice, Holdings shall be deemed to have
nominated the Holdings Nominees previously designated. The Company hereby agrees that at each annual meeting of stockholders of
the Company, subject to any rights of the holders of shares of any class or series of preferred stock of the Company, the Company
shall ensure that the directors required to be nominated pursuant to this Article 3 shall be nominated at such annual meeting
and shall use its reasonable best efforts to cause the Holdings Nominees to be elected to the Board.

 

(c)               
Committees. The Board shall have a nominating and corporate governance committee, a compensation committee,
an audit committee and such other committees as the Board may determine (collectively, the “Committees”). Subject
to Section 3.02:

 

(i)                 the
audit committee shall consist of at least three Audit Committee Independent Directors, subject to the exceptions provided by
the applicable transition periods under Rule 10A-3 of the Exchange Act and the NASDAQ Stock Market Rules, and Holdings shall
have the right to designate the members thereof; and

 

(ii)               
each other Committee shall consist of at least three directors, and Holdings shall have the right to designate the
members thereof;

 

provided, however, that: (i) the
membership of each Committee shall meet the requirements of Applicable Governance Rules (after giving effect to applicable transition
periods, if any), and (ii) each Committee shall have such additional members as the Board may determine, which determination
shall be made on the recommendation of the nominating and corporate governance committee. Each Committee shall have such powers
and responsibilities as the Board may from time to time authorize.

 

(d)              
Removal and Replacement of Directors. If a vacancy is created on the Board or a Committee as a result of the
death, disability, retirement, resignation or removal of any Holdings Nominee, then Holdings shall have the right to designate
such person’s replacement. No Holdings Nominee shall be required to resign or be removed from the Board or any committee
thereof as a result of a decrease in the size of the Board or any committee thereof, except as required by Applicable Governance
Rules.

 

Section 3.02.     
Reduction and Termination of Holdings’ Rights.

 

(a)               
Board Nominees. Notwithstanding anything to the contrary in this Agreement, after the Initial Public Offering
the number of Holdings Nominees that may be designated by Holdings or any Person designated by Holdings pursuant to Section 3.01(a)(i)
shall be reduced and the number of other directors shall be increased, based on the percentage of the total Shares of the Company
then beneficially owned by the MacAndrews Stockholders so that the Holdings Nominees constitute:

 

    	27

    	 

    

 

(i)               
a majority of the directors on the Board (and if the number of directors on the Board is even, one director more
than 50% of the number of directors on the Board) if the MacAndrews Stockholders beneficially own greater than 50% of the outstanding
Shares of the Company;

 

(ii)              
one less than a majority of the directors on the Board (and if the number of directors on the Board is even, 50%
of the number of directors on the Board) if the MacAndrews Stockholders beneficially own greater than 25% but less than 50% of
the outstanding Shares of the Company;

 

(iii)            
one-third of the directors on the Board (rounded down to the nearest whole number) if the MacAndrews Stockholders
beneficially own greater than 10% but less than 25% of the outstanding Shares of the Company; and

 

(iv)            
no directors if the MacAndrews Stockholders beneficially own less than 10% of the outstanding Shares of the Company.

 

Holdings shall cause the appropriate number
of Holdings Nominees to resign as required to comply with this Section 3.02 upon the earlier to occur of (i) the date on
which the current term of the resigning Holdings Nominee ends, and (ii) 12 months from the occurrence of such event. To the extent
deemed reasonably necessary by the Board to comply with Applicable Governance Rules (including with respect to composition of committees),
Holdings shall designate Independent Directors as Holdings Nominees; provided that directors who are affiliated with a MacAndrews
Party shall not be automatically deemed not to be Independent Directors.

 

(b)              
Committees. Notwithstanding anything to the contrary in this Agreement, if the MacAndrews Stockholders beneficially
own less than 25% of the outstanding Shares of the Company, Holdings shall cease to have the rights to designate members of Committees
pursuant to Section 3.01(c).

 

ARTICLE
4

Termination

 

Section 4.01.     
Termination. This Agreement shall terminate when the MacAndrews Stockholders beneficially own less than 2.5%
of the outstanding Shares; provided, however, that any Stockholder that ceases to own beneficially any Registrable Securities
shall cease to be bound by the terms hereof other than (i) Sections 2.05, 2.06, 2.07, 2.08 and 2.10
applicable to such Stockholder with respect to any offering of Registrable Securities completed before the date such Stockholder
ceased to own any Registrable Securities) and (ii) Sections 5.01, 5.02 and 5.04 through 5.12.

 

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ARTICLE
5

Miscellaneous

 

Section 5.01.     
Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, successors, legal representatives and permitted assigns.

 

(b)              
Subject to Section 2.12, neither this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by any party.

 

(c)               
Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto,
and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement.

 

(d)              
if and to the extent Holdings is dissolved or liquidated, the MacAndrews Stockholders holding Shares shall be the
successors of Holdings, and references to “Holdings” herein shall be references to such successors of Holdings, collectively,
and the Company shall (and shall cause its Subsidiaries to) enter into such amendments and supplements hereto to effectuate the
intent of this Section 5.01(d).

 

Section 5.02.     
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile or electronic transmission) and shall be given,

 

if to the Company, to:

 

vTv Therapeutics Inc.

4170 Mendenhall Oaks Pkwy

High Point, NC 27265

Attention: Stephen L. Holcombe

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Facsimile: (212) 492-0052

Attention: Lawrence G. Wee, Esq.

if to Holdings, to:

 

c/o MacAndrews & Forbes Incorporated

35 East 62nd Street

New York, NY 10065

Facsimile: (212) 572-5695

Attention: Paul G. Savas

 

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or such other address or facsimile number as such party may
hereafter specify for the purpose by notice to the other parties hereto. All notices, requests and other communications shall be
deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such
day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have
been received until the next succeeding Business Day in the place of receipt. Any Person that becomes a Stockholder shall provide
its address and fax number to the Company, which shall promptly provide such information to each other Stockholder.

 

Section 5.03.     
Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed by the Company and Stockholders holding more than 50% of the remaining Registrable Securities;
provided that any amendment or waiver of the provisions of Article 3, to the extent adverse in any respect to Holdings,
shall require the written consent of Holdings. No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a 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 5.04.     
Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning
the relative rights of the Company and its stockholders pursuant to Article 3 hereto. All other issues and questions concerning
the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed
by, and construed in accordance with, the laws of the State of New York, without regard to the choice of law or conflicts of law
provisions that would indicate the applicability of the laws of any other jurisdiction.

 

Section 5.05.     
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 the United States District Court for the Southern District of New York or any New York State court sitting in New York
City, 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 brought in any such court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

 

Section 5.06.     
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.

 

    	30

    	 

    

 

Section 5.07.     
Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach
or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without
posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in
the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy
that may then be available.

 

Section 5.08.     
Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each initial party hereto shall have received a counterpart hereof signed by all of
the other initial parties hereto. Until and unless each initial party has received a counterpart hereof signed by the other initial
parties hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue
of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights,
benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective successors
and assigns.

 

Section 5.09.     
Entire Agreement. This Agreement, together with the Schedules and Exhibit hereto and any documents, instruments
and writings that are delivered pursuant hereto, constitutes the entire agreement among the parties with respect to the subject
matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, among the parties hereto
with respect to the subject matter of this Agreement.

 

Section 5.10.     
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, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

Section 5.11.     
Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges
that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set
forth in this Agreement and (ii) it has been fully advised and represented by legal counsel of its own independent selection
and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement.

 

Section 5.12.     
Certificate of Incorporation Supersedes. Nothing in this Agreement is intended to conflict with any provision
of the Charter or By-laws, each in effect on the date hereof and, in the event of any such conflict, the applicable provisions
of the Charter or By-laws shall supersede the conflicting provision of this Agreement. Except as provided in Article 3,
nothing in this Agreement is intended to limit or restrict in any manner whatsoever, the rights or powers of the Company under
the Charter or By-laws and the exercise of any such right or power by the Company shall not be, and shall not be construed to be,
a breach or violation of, or a default under, this Agreement or any provision hereof.

 

    	31

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	VTV THERAPEUTICS INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Investor Rights Agreement]

 

    	 

    	 

    
	 	VTV THERAPEUTICS HOLDINGS LLC
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

[Signature Page to Investor Rights Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

JOINDER TO INVESTOR RIGHTS AGREEMENT

 

This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance
with the Investor Rights Agreement dated as of _________, 2015 (the “Investor Rights Agreement”) among vTv Therapeutics
Inc. and the other parties thereto, as the same may be amended from time to time. Capitalized terms used, but not defined, herein
shall have the meaning ascribed to such terms in the Investor Rights Agreement.

 

The Joining Party hereby acknowledges, agrees
and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party to the Investor
Rights Agreement as of the date hereof and shall have all of the rights and obligations of a “Stockholder” thereunder
as if it had executed the Investor Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be
bound by, all of the terms, provisions and conditions contained in the Investor Rights Agreement.

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement as of the date written below.

 

Date: ___________ ___, ______

 

	 	[NAME OF JOINING PARTY]
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address for Notices:	 

 

    	 

    	 

    

 

SCHEDULE 1

 

Plan of Distribution

 

A selling stockholder may also enter into
hedging and/or monetization transactions. For example, a selling stockholder may:

 

		(a)	enter into transactions involving short sales of the shares of Class A common stock by underwriters, brokers, dealers or third
parties;

 

		(b)	itself sell short Class A common stock and deliver the shares to close out any short positions;

 

		(c)	enter into options, forwards or other transactions that require the selling stockholder to deliver Class A common stock to
an underwriter, broker, dealer or other third party who may then resell or otherwise transfer that common stock under this prospectus;
or

 

		(d)	loan or pledge shares of Class A common stock to an underwriter, broker, dealer or other third party who may sell the loaned
shares or, in an event of default, sell the pledged shares.Exhibit 10.3

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

of

VTV THERAPEUTICS LLC

Dated as of [__________], 2015

    	 

    	 

    

 

TABLE OF CONTENTS

 

Page

 

	Article I DEFINITIONS AND USAGE	1
	Section 1.01   Definitions	1
	Section 1.02   Other Definitional and Interpretative Provisions	11
	Article II THE COMPANY	12
	Section 2.01   Formation	12
	Section 2.02   Name	12
	Section 2.03   Term	13
	Section 2.04   Registered Agent and Registered Office	13
	Section 2.05   Purposes	13
	Section 2.06   Powers of the Company	13
	Section 2.07   Partnership Tax Status	13
	Section 2.08   Regulation of Internal Affairs	13
	Section 2.09   Ownership of Property	13
	Section 2.10   Subsidiaries	13
	Article III UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS	14
	Section 3.01   Units; Admission of Members	14
	Section 3.02   Substitute Members and Additional Members	14
	Section 3.03   Tax and Accounting Information	15
	Section 3.04   Books and Records	16
	Article IV PUBCO OWNERSHIP; RESTRICTIONS ON PUBCO STOCK	17
	Section 4.01   Pubco Ownership	17
	Section 4.02   Restrictions on Pubco Common Stock	18
	Article V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS	20
	Section 5.01   Capital Contributions	20
	Section 5.02   Capital Accounts	20
	Section 5.03   Amounts and Priority of Distributions	22
	Section 5.04   Allocations	24
	Section 5.05   Other Allocation Rules	27
	Section 5.06   Tax Withholding; Withholding Advances	27
	Article VI CERTAIN TAX MATTERS	29
	Section 6.01   Tax Matters Partner	29
	Section 6.02   Section 754 Election	29

    	i

    	 

    

	Article VII MANAGEMENT OF THE COMPANY	29
	Section 7.01   Management by the Managing Member	29
	Section 7.02   Withdrawal of the Managing Member	30
	Section 7.03   Decisions by the Members	30
	Section 7.04   [Reserved]	31
	Section 7.05   Officers	31
	Article VIII TRANSFERS OF INTERESTS	31
	Section 8.01   Restrictions on Transfers	31
	Section 8.02   Certain Permitted Transfers	32
	Section 8.03   Registration of Transfers	33
	Article IX [RESERVED]	33
	Article X LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION	33
	Section 10.01   Limitation on Liability	33
	Section 10.02   Exculpation and Indemnification	33
	Article XI DISSOLUTION AND TERMINATION	36
	Section 11.01   Dissolution	36
	Section 11.02   Winding Up of the Company	36
	Section 11.03   Termination	37
	Section 11.04   Survival	37
	Article XII MISCELLANEOUS	37
	Section 12.01   Expenses	37
	Section 12.02   Further Assurances	38
	Section 12.03   Notices	38
	Section 12.04   Binding Effect; Benefit; Assignment	38
	Section 12.05   Jurisdiction	38
	Section 12.06   WAIVER OF JURY TRIAL	39
	Section 12.07   Counterparts	39
	Section 12.08   Entire Agreement	39
	Section 12.09   Severability	40
	Section 12.10   Amendment	40
	Section 12.11   Confidentiality	41
	Section 12.12   Governing Law	42

 

Schedule A            Member Schedule

 

    	ii

    	 

    

AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT (this “Agreement”) of vTv Therapeutics LLC, a Delaware limited liability company (the “Company”),
dated as of [__________], 2015, by and among the Company, vTv Therapeutics Inc., a Delaware corporation (“Pubco”),
vTv Therapeutics Holdings LLC, a Delaware limited liability company (“Holdings”), and each other Person admitted
as a Member pursuant to Section 3.02(a) hereof.

 

W I T N E S S E T H:

 

WHEREAS, the Company has been heretofore formed
as a limited liability company under the Delaware Act (as defined below) pursuant to a certificate of formation which was executed
and filed with the Secretary of State of the State of Delaware on April 15, 2015;

 

WHEREAS, Holdings entered into the initial
Limited Liability Company Agreement of the Company, dated as of April 15, 2015 (the “Initial LLC Agreement”);
and

 

WHEREAS, pursuant to the terms of the Reorganization
Agreement (the “Reorganization Agreement”), dated as of the date hereof, by and among the Company, Pubco and
the other Persons listed on the signature pages thereto, the parties thereto have agreed to consummate the reorganization of the
Company as contemplated thereby and to take the other actions contemplated in such Reorganization Agreement (collectively, the
“Reorganization”).

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein made and other good and valuable consideration, the parties hereto hereby agree, to amend and restate
the Initial LLC Agreement in its entirety as set forth herein.

 

Article I

DEFINITIONS AND USAGE

 

Section 1.01       
Definitions.

 

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

 

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

 

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

 

    	 

    	 

    

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

 

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

 

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

 

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

 

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

 

“Available Cash Flow” means,
for any period, the Company’s consolidated net income determined in accordance with GAAP, adjusted by the Managing Member
to exclude non-cash items, extraordinary or one-time items of gain or loss, any compensation expense related to Units or other
Equity Securities issued under any management equity plan of Pubco or the Company, and, to the extent not reflected in consolidated
net income determined in accordance with GAAP, less any Reserves established during such period (including the amount of any net
increase during such period to a Reserve established in a prior period) and plus the amount of any net decrease during such period
to a Reserve established by a prior period.

 

“Business” means the business
of engaging in the discovery and development of drug candidates, including (without limitation) orally administered small molecule
drug candidates, as well as the licensing, manufacture, commercialization, distribution and sale of any drugs developed, and engaging
in such activities as are, in the Managing Member’s determination, necessary, incidental or appropriate in connection therewith,
in each case, as conducted by the Company and its Subsidiaries.

 

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

 

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

 

    	2

    	 

    

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

 

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

 

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

 

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

 

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

 

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

 

“Class A Common Stock”
means Class A common stock, $0.01 par value per share, of Pubco.

 

“Class B Common Stock”
means Class B common stock, $0.01 par value per share, of Pubco.

 

“Class M Common Units”
means the Class M Common Units of the Company, having the rights, privileges and preferences set forth herein.

 

“Class M Members” means
the Members holding Class M Common Units.

 

    	3

    	 

    

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

 

“Common Unit” means a Class
M Common Unit or Nonvoting Common Unit.

 

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

 

“Control” (including the
terms “controlling” and “controlled”), with respect to the relationship between or among
two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs
or management of such subject Person, whether through the ownership of voting securities, as trustee or executor, by contract or
otherwise.

 

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

 

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

 

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

 

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

 

“Disposition Event” means
any merger, consolidation or other business combination of Pubco, whether effectuated through one transaction or a series of related
transactions (including a tender offer followed by a merger in which the holders of Class A Common Stock receive the same consideration
per share paid in the tender offer), unless, following such transaction, all or substantially all of the holders of the voting
power of all outstanding classes of common stock of Pubco and series of preferred stock of Pubco that are generally entitled to
vote in the election of directors of Pubco prior to such transaction or series of transactions, continue to hold a majority of
the voting power of the surviving entity (or its parent) resulting from such transaction or series of transactions in substantially
the same proportions as immediately prior to such transaction or series of transaction.

 

    	4

    	 

    

“Effective Time” shall
mean the effectiveness of the Reorganization as set forth in the Reorganization Agreement.

 

“EIP” means the vTv Therapeutics
Inc. 2015 Omnibus Equity Incentive Plan, as the same may be amended from time to time.

 

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

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated
thereunder.

 

“Exchange Agreement” means
the Exchange Agreement, dated as of the date hereof, by and among Pubco, the Company, Holdings and any other Person that becomes
a “Holder” thereunder.

 

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

 

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

 

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

 

“Investor Rights Agreement”
means the Investor Rights Agreement, dated as of the date hereof, by and between Pubco and Holdings.

 

“IPO” means the initial
underwritten public offering of Pubco.

 

“Liens” means any pledge,
encumbrance, security interest, purchase option, conditional sale agreement, call or similar right.

 

    	5

    	 

    

“Managing Member” means
(i) Pubco so long as Pubco has not withdrawn as the Managing Member pursuant to Section 7.02 and (ii) any successor
thereof appointed as Managing Member in accordance with Section 7.02. The Managing Member shall hold all outstanding Class
M Common Units.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	6

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Nonvoting Common Units”
means the Nonvoting Common Units of the Company, having the rights, privileges and preferences set forth herein.

 

“Nonvoting Members” means
the Members holding Nonvoting Common Units.

 

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

 

    	7

    	 

    

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

 

“Percentage Interest” means,
with respect to any Member, a fractional amount, expressed as a percentage: (i) the numerator of which is the aggregate number
of Common Units owned of record thereby and (ii) the denominator of which is the aggregate number of Common Units issued and
outstanding. The sum of the outstanding Percentage Interests of all Members shall at all times equal 100%.“Person”
means any individual, firm, corporation, partnership, limited liability company, trust, estate, joint venture, governmental authority
or other entity.

 

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

 

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

 

“Pubco Common Stock” means
all classes and series of common stock of Pubco, including the Class A Common Stock and Class B Common Stock.

 

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

 

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

 

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

 

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

 

“Reorganization Documents”
means the Reorganization Agreement, this Agreement, the Tax Receivable Agreement, the Exchange Agreement, the Investor Rights Agreement,
and the EIP.

 

“Reserves” means, as of
any date of determination, amounts allocated by the Managing Member, in its reasonable judgment, to reserves maintained for working
capital of the Company, for contingencies of the Company, for operating expenses and debt reduction of the Company.

 

    	8

    	 

    

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

 

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

 

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

 

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

 

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

 

(i)            With respect to a Tax Distribution
pursuant to Section 5.03(e)(i), the excess, if any, of (A) such Member’s required annualized income installment
for such estimated payment date under Section 6655(e) of the Code, assuming that (w) such Member is a corporation (which assumption,
for the avoidance of doubt, shall not affect the determination of the Tax Rate), (x) Section 6655(e)(2)(C)(ii) is
in effect, (y) such Member’s only income is from the Company, and (z) the Tax Rate applies, which amount shall
be calculated based on the projections believed by the Managing Member in good faith to be, reasonable projections of the net taxable
income to be allocated to such Units pursuant to this Agreement and without regard to any adjustments pursuant to Section 704(c)
or Section 743(b) of the Code over (B) the aggregate amount of Tax Distributions designated by the Company pursuant to
Section 5.03(e)(ii) with respect to such Units since the date of the previous Tax Distribution pursuant to Section 5.03(e)(i) (or
if no such Tax Distribution was required to be made, the date such Tax Distribution would have been made pursuant to Section 5.03(e)(i)).

 

    	9

    	 

    

(ii)            With respect to the designation
of an amount as a Tax Distribution pursuant to Section 5.03(e)(ii), the product of (x) the net taxable income, determined
without regard to any adjustments pursuant to Section 704(c) or Section 743(b) of the Code projected, in the good faith
belief of the Managing Member, to be allocated to such Units pursuant to this Agreement during the period since the date of the
previous Tax Distribution (or, if more recent, the date that the previous Tax Distribution pursuant to Section 5.03(e)(i) would
have been made or, in the case of the first distribution pursuant to Section 5.03(b), the date of this Agreement), and (y) the
Tax Rate.

 

(iii)            With respect to an entire Fiscal
Year to be calculated for purposes of Section 5.03(e)(iii), the excess, if any, of (A) the product of (x) the net
taxable income, determined without regard to any adjustments pursuant to Section 704(c) or Section 743(b) of the Code,
allocated to such Units pursuant to this Agreement for the relevant Fiscal Year, and (y) the Tax Rate, over (B) the aggregate
amount of Tax Distributions (other than Tax Distributions under Section 5.03(e)(iii) with respect to a prior Fiscal Year)
with respect to such Units made with respect to such Fiscal Year.

 

For purposes of this Agreement, in determining
the Tax Distribution Amount of a Nonvoting Member, the taxable income allocated to such Member’s Units shall be offset by
any taxable losses (determined without regard to any adjustments pursuant to Section 704(c) or Section 743(b) of the
Code) previously allocated to such Units to the extent such losses were not allocated in the same proportion as the Member’s
Nonvoting Percentage Interests and have not previously offset taxable income in the determination of the Tax Distribution Amount.

 

“Tax Rate” means the highest
marginal tax rates for an individual or corporation that is resident in New York City applicable to ordinary income, qualified
dividend income or capital gains, as appropriate, taking into account the holding period of the assets disposed of and the year
in which the taxable net income is recognized by the Company, and taking into account the deductibility of state and local income
taxes as applicable at the time for federal income tax purposes and any limitations thereon including pursuant to Section 68
of the Code, which Tax Rate shall be the same for all Members and shall not be less than 45%.

 

“Tax Receivable Agreement”
means the Tax Receivable Agreement, dated as of the date hereof, by and among Pubco and each of the parties identified as Members
therein.

 

“Transfer” means any sale,
assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or encumbrance, direct or indirect, in
whole or in part, by operation of law or otherwise, and shall include all matters deemed to constitute a Transfer under Article VIII.
The terms “Transferred”, “Transferring”, “Transferor”, “Transferee”
and “Transferable” have meanings correlative to the foregoing.

 

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

 

    	10

    	 

    

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

 

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

 

	Term	Section
	Agreement	Preamble
	Company	Preamble
	Confidential Information	12.11(b)
	Controlled Entities	10.02(e)
	Dissolution Event	11.01(c)
	Economic Pubco Security	4.01(a)
	e-mail	12.03
	Equityholder Parties	12.11(a)
	Equityholders	12.11(a)
	Expenses	10.02(e)
	GAAP	3.03(b)
	Indemnification Sources	10.02(e)
	Indemnitee-Related Entities	10.02(e)(i)
	Initial LLC Agreement	Recitals
	Jointly Indemnifiable Claims	10.02(e)(ii)
	Member Schedule	3.01(a)
	Officers	7.05(a)
	Process Agent	12.05(b)
	Pubco	Preamble
	Regulatory Allocations	5.04(c)
	Reorganization	Recitals
	Reorganization Agreement	Recitals
	Revaluation	5.02(c)
	Tax Matters Partner	6.01
	Transferor Member	5.02(b)
	Withholding Advances	5.06(b)

 

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

 

    	11

    	 

    

Article II

THE COMPANY

 

Section 2.01       
Formation. The Company was formed upon the filing of the certificate of formation of the Company with the
Secretary of State of the State of Delaware on April 15, 2015. The authorized officer or representative, as an “authorized
person” within the meaning of the Delaware Act, shall file and record any amendments and/or restatements to the certificate
of formation of the Company and such other certificates and documents (and any amendments or restatements thereof) as may be required
under the laws of the State of Delaware and of any other jurisdiction in which the Company may conduct business. The authorized
officer or representative shall, on request, provide any Member with copies of each such document as filed and recorded. The Members
hereby agree that the Company and its Subsidiaries shall be governed by the terms and conditions of this Agreement and, except
as provided herein, the Delaware Act.

 

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

 

    	12

    	 

    

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

 

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

 

Section 2.05       
Purposes. The Company has been formed for the object and purpose of, and the nature of the business to be
conducted and promoted by the Company is to engage in the Business and to carry on any other lawful act or activities for which
limited liability companies may be organized under the Delaware Act.

 

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

 

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

 

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

 

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

 

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

 

    	13

    	 

    

Article III

UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS

 

Section 3.01       
Units; Admission of Members.

 

(a)               
Effective upon the Reorganization, pursuant to the Reorganization Agreement, (i) the Company hereby establishes a
new class of Common Units consisting of one Class M Common Unit having the terms set forth herein, and issues such Class M Common
Unit to Pubco (as Managing Member) as set forth on Schedule A (the “Member Schedule”) and (ii) the
Company hereby establishes a new class of Nonvoting Common Units having the terms set forth herein. All Membership Interests (as
defined in the Initial LLC Agreement) outstanding as of immediately prior to the Effective Time, all of which are held by Holdings,
shall be reclassified into the number of Nonvoting Common Units, in the aggregate, set forth opposite Holdings’ name on the
Member Schedule. The Member Schedule shall be maintained by the Managing Member on behalf of the Company in accordance with
this Agreement and the Managing Member shall promptly deliver a copy of the Member Schedule to any Member that so requests.
When any Units or other Equity Securities of the Company are issued, repurchased, redeemed, converted or Transferred in accordance
with this Agreement, the Member Schedule shall be amended by the Managing Member to reflect such issuance, repurchase, redemption
or Transfer, the admission of additional or substitute Members and the resulting Percentage Interest of each Member. Following
the date hereof, no Person shall be admitted as a Member and no additional Units shall be issued except as expressly provided herein.

 

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

 

Section 3.02       
Substitute Members and Additional Members.

 

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

 

    	14

    	 

    

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

 

Section 3.03       
Tax and Accounting Information.

 

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

 

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

 

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

 

(d)              
Tax Returns.

 

(i)                
The Company shall timely cause to be prepared by an accounting firm selected by the Managing Member all federal,
state, local and foreign tax returns (including information returns) of the Company and its Subsidiaries, which may be required
by a jurisdiction in which the Company and its Subsidiaries operate or conduct business for each year or period for which such
returns are required to be filed and shall cause such returns to be timely filed. Upon request of any Nonvoting Member, the Company
shall furnish to such Nonvoting Member a copy of each such tax return;

 

    	15

    	 

    

(ii)              
The Company shall furnish to each Member (a) as soon as reasonably practical after the end of each Fiscal Year,
all information concerning the Company and its Subsidiaries required for the preparation of tax returns of such Members (or any
beneficial owner(s) of such Member), including a report (including Schedule K-1), indicating each Member’s share of
the Company’s taxable income, gain, credits, losses and deductions for such year, in sufficient detail to enable such Member
to prepare its federal, state and other tax returns and (b) as soon as reasonably possible after a request by such Member,
such other information concerning the Company and its Subsidiaries that is reasonably requested by such Member for compliance with
its tax obligations (or the tax obligations of any beneficial owner(s) of such Member) or for tax planning purposes; and

 

(iii)            
So long as it holds at least a 5% Nonvoting Percentage Interest, Holdings shall be entitled to review and comment
on any tax returns or reports to be prepared pursuant to this Section 3.03(d) at least 60 days prior to the due date for the
applicable tax return or report (including extensions). Holdings shall notify the Company no later than 30 days after receipt of
a tax return or report of any changes recommended thereby to such return or report. The Company shall consider in good faith all
reasonable comments of Holdings to such tax returns or reports. If the Company does not accept any such comment, the Company shall
notify Holdings, as applicable, of that fact. If within five (5) days of such notification, Holdings requests in writing a review
of a rejected comment, the Company shall cause its regular tax advisors to review the comment and consult with Holdings. The determination
of the tax advisors following such review and consultation shall definitively determine the position taken on the Company’s
tax return or report.

 

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

 

Section 3.04       
Books and Records. The Company shall keep full and accurate books of account and other records of the Company
at its principal place of business. No Equityholder (other than the Managing Member and, so long as it holds an interest in the
Company, Holdings) shall have any right to inspect the books and records of the Company or any of its Subsidiaries.

 

    	16

    	 

    

Article IV

PUBCO OWNERSHIP; RESTRICTIONS ON PUBCO STOCK

 

Section 4.01       
Pubco Ownership.

 

(a)               
If at any time Pubco issues a share of Class A Common Stock or any other Equity Security of Pubco entitled to any
economic rights (including, without limitation, in the IPO or pursuant to equity compensation plans or outstanding options, rights,
warrants or other awards thereunder) (an “Economic Pubco Security”) with regard thereto (not including, for
the avoidance of doubt, the Class B Common Stock or other Equity Security of Pubco not entitled to any economic rights with respect
thereto), (i) the Company shall issue to Pubco one Nonvoting Common Unit (if Pubco issues a share of Class A Common Stock)
or such other Equity Security of the Company (if Pubco issues an Economic Pubco Security other than Class A Common Stock) corresponding
to the Economic Pubco Security, and with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Economic Pubco Security and (ii) the net proceeds received by
Pubco with respect to the corresponding Economic Pubco Security, if any, shall be concurrently contributed to the Company; provided,
however, that if Pubco issues any Economic Pubco Securities, some or all of the net proceeds of which are to be used to
fund expenses or other obligations of Pubco for which Pubco would be permitted a distribution pursuant to Section 5.03(c),
then Pubco shall not be required to transfer such net proceeds to the Company which are used or will be used to fund such expenses
or obligations, and provided, further, that if Pubco issues any shares of Class A Common Stock in order to purchase
or fund the purchase from a Non-Pubco Member of a number of Nonvoting Common Units (and shares of Class B Common Stock) or to purchase
or fund the purchase of shares of Class A Common Stock, in each case equal to the number of shares of Class A Common Stock issued
(including, in each case, by way of exchange), then the Company shall not issue any new Common Units in connection therewith and
Pubco shall not be required to transfer such net proceeds to the Company (it being understood that such net proceeds shall instead
be transferred to such Non-Pubco Member as consideration for such purchase).

 

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

 

    	17

    	 

    

Section 4.02       
Restrictions on Pubco Common Stock.

 

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

 

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

 

    	18

    	 

    

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

 

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

 

(i)                
if at any time the Managing Member shall determine that any debt instrument of Pubco, the Company or its Subsidiaries
shall not permit Pubco or the Company to comply with the provisions of Section 4.02(a) or Section 4.02(b) in connection
with the issuance, redemption or repurchase of any shares of Class A Common Stock or Class B Common Stock or other Equity Securities
of Pubco or any of its Subsidiaries or any Units or other Equity Securities of the Company, then the Managing Member may in good
faith implement an economically equivalent alternative arrangement without complying with such provisions; provided that
such arrangement shall also be subject to the prior written consent (not to be unreasonably withheld) of Holdings, so long as it
holds at least a 10% Nonvoting Percentage Interest; and

 

(ii)              
if (x) Pubco incurs any indebtedness and desires to transfer the proceeds of such indebtedness to the Company
and (y) Pubco is unable to lend the proceeds of such indebtedness to the Company on an equivalent basis because of restrictions
in any debt instrument of Pubco, the Company or its Subsidiaries, then notwithstanding Section 4.02(a) or Section 4.02(b),
the Managing Member may in good faith implement an economically equivalent alternative arrangement in connection with the transfer
of proceeds to the Company using non-participating preferred Equity Securities of the Company without complying with such provisions;
provided that such arrangement shall also be subject to the prior written consent (not to be unreasonably withheld) of Holdings,
so long as it holds at least a 10% Nonvoting Percentage Interest.

 

    	19

    	 

    

Article V

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

DISTRIBUTIONS; ALLOCATIONS

 

Section 5.01       
Capital Contributions.

 

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

 

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

 

Section 5.02       
Capital Accounts.

 

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

 

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

 

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

 

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

 

    	20

    	 

    

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

 

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

 

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

 

(c)               
Adjustments of Capital Accounts. The Company shall revalue the Capital Accounts of the Members in accordance
with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (a “Revaluation”) at the following times: (i) immediately
prior to the contribution of more than a de minimis amount of money or other property to the Company by a new or existing
Member as consideration for one or more Units; (ii) the distribution by the Company to a Member of more than a de minimis
amount of property in respect of one or more Units; (iii) the issuance by the Company of more than a de minimis amount
of Units as consideration for the provision of services to or for the benefit of the Company (as described in Treasury Regulations
Section 1.704-1(b)(2)(iv)(f)(5)(iii)); and (iv) the liquidation of the Company within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g) (other than a liquidation pursuant to Section 708(b)(1)(B) of the Code); provided,
however, that adjustments pursuant to clauses (i), (ii) and (iii) above shall be made only if the Managing
Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interest of the
Members.

 

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

 

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

 

Section 5.03       
Amounts and Priority of Distributions.

 

(a)               
Distributions Generally. Except as otherwise provided in Section 11.02, distributions shall be made to
the Nonvoting Members as set forth in this Section 5.03, at such times and in such amounts as the Managing Member, in its
sole discretion, shall determine. For the avoidance of doubt, subject to Section 5.03(c), the Class M Members shall not be
entitled to receive any distributions hereunder.

 

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

 

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

 

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(d)              
Distributions in Kind. Any distributions to the Nonvoting Members in kind shall be made at such times and
in such amounts as the Managing Member, in its sole discretion, shall determine based on their fair market value as determined
by the Managing Member in the same proportions as if distributed in accordance with Section 5.03(b), with all Nonvoting Members
participating in proportion to their respective Nonvoting Percentage Interests. If cash and property are to be distributed in kind
simultaneously, the Company shall distribute such cash and property in kind in the same proportion to each Nonvoting Member.

 

(e)               
Tax Distributions.

 

(i)                
Notwithstanding any other provision of this Section 5.03 to the contrary, to the extent permitted by Applicable
Law and consistent with the Company’s obligations to its creditors as reasonably determined by the Managing Member, the Company
shall make cash distributions by wire transfer of immediately available funds pursuant to this Section 5.03(e)(i) to each
Nonvoting Member with respect to its Nonvoting Common Units at least two (2) Business Days prior to the date on which any
U.S. federal corporate estimated tax payments are due, in an amount equal to such Nonvoting Member’s Tax Distribution Amount,
if any; provided that the Managing Member shall have no liability to any Member in connection with any underpayment of estimated
taxes, so long as cash distributions are made in accordance with this Section 5.03(e)(i) and the Tax Distribution Amounts
are determined as provided in paragraph (i) of the definition of Tax Distribution Amount.

 

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

 

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

 

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

 

(f)               
Assignment. Holdings shall have the right to assign to any Transferee of Common Units, pursuant to a Transfer
made in compliance with this Agreement, the right to receive any portion of the amounts distributable or otherwise payable to Holdings
pursuant to Section 5.03(b).

 

Section 5.04       
Allocations.

 

(a)               
Net Income and Net Loss. Except as otherwise provided in this Agreement, and after giving effect to the special
allocations set forth in Section 5.04(b), Section 5.04(c) and Section 5.04(d), Net Income and Net Loss (and, to
the extent necessary, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated among the
Nonvoting Members in a manner such that the Capital Account of each Nonvoting Member, immediately after making such allocation,
is, as nearly as possible, equal to (i) the distributions that would be made to such Nonvoting Member pursuant to Section 5.03(b)
if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Company liabilities
were satisfied (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability),
and the net assets of the Company were distributed, in accordance with Section 5.03(b), to the Nonvoting Members immediately
after making such allocation, minus (ii) such Nonvoting Member’s share of Company Minimum Gain and Member Nonrecourse
Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	25

    	 

    

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

 

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

 

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

 

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Section 5.05       
Other Allocation Rules.

 

(a)               
Interim Allocations Due to Percentage Adjustment.  If a Nonvoting Percentage Interest is the subject
of a Transfer or the Nonvoting Members’ interests in the Company change pursuant to the terms of the Agreement during any
Fiscal Year, the amount of Net Income and Net Loss (or items thereof) to be allocated to the Nonvoting Members for such entire
Fiscal Year shall be allocated to the portion of such Fiscal Year which precedes the date of such Transfer or change (and if there
shall have been a prior Transfer or change in such Fiscal Year, which commences on the date of such prior Transfer or change) and
to the portion of such Fiscal Year which occurs on and after the date of such Transfer or change (and if there shall be a subsequent
Transfer or change in such Fiscal Year, which precedes the date of such subsequent Transfer or change) in accordance with Section
706 of the Code and the regulations thereunder as determined by the Managing Member and the amounts of the items so allocated to
each such portion shall be credited or charged to the Members in accordance with Section 5.04 as in effect during each such
portion of the Fiscal Year in question. As of the date of such Transfer, the Transferee Member shall succeed to the Capital Account
of the Transferor Member with respect to the transferred Units.

 

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

 

Section 5.06       
Tax Withholding; Withholding Advances.

 

(a)               
Tax Withholding.

 

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

 

    	27

    	 

    

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

 

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

 

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

 

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

 

Article VI

CERTAIN TAX MATTERS

 

Section 6.01       
Tax Matters Partner. The “Tax Matters Partner” (as such term is defined in Section 6231(a)(7)
of the Code) of the Company shall be selected by the Managing Member with the initial Tax Matters Partner being Pubco. The Tax
Matters Partner shall use its reasonable efforts to comply with the responsibilities outlined in Sections 6221 through 6233
of the Code (including the Treasury Regulations promulgated thereunder) and shall have any powers necessary to perform fully in
such capacity. The Tax Matters Partner is authorized to represent the Company before taxing authorities and courts in tax matters
affecting the Company and the Members in their capacity as such and shall keep the Members promptly informed of any such administrative
and judicial proceedings; provided that Holdings shall be entitled to participate with the Tax Matters Partner in any tax
matters that would reasonably be expected to have a materially adverse effect on Holdings (or any beneficial owners of Holdings).
The Tax Matters Partner shall be entitled to be reimbursed by the Company for all reasonable third-party costs and expenses incurred
by it in connection with any administrative or judicial proceeding affecting tax matters of the Company and the Members in their
capacity as such. The Tax Matters Partner shall not bind any Member to any settlement agreement or closing agreement without such
Member’s prior written consent. Any Member who enters into a settlement agreement with any tax authority with respect to
any Company item shall notify the Tax Matters Partner of such settlement agreement and its terms within thirty (30) days after
the date of settlement. This provision shall survive any termination of this Agreement.

 

Section 6.02       
Section 754 Election. The Company shall make a timely election under Section 754 of the Code (and a corresponding
election under state and local law) effective starting with the taxable year ended December 31, 2015, and the Managing Member shall
not take any action to revoke such election.

 

Article VII

MANAGEMENT OF THE COMPANY

 

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

 

    	29

    	 

    

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

 

Section 7.03       
Decisions by the Members.

 

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

 

(b)              
Except as expressly provided herein (including with respect to any special approval rights granted to Holdings hereunder),
no Members (other than Pubco in its capacity as the Class M Member) nor any class of Members (other than the Class M Common Units)
shall have any voting rights nor the power or authority to vote, approve or consent to any matter or action taken by the Company.
Except as otherwise provided herein, any proposed matter or action subject to the vote, approval or consent of the Members shall
require the approval of the Class M Member.

 

    	30

    	 

    

Section 7.04       
[Reserved].

 

Section 7.05       
Officers.

 

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

 

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

 

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

 

Article VIII

TRANSFERS OF INTERESTS

 

Section 8.01       
Restrictions on Transfers.

 

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

 

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

 

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

 

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

 

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

 

(c)               
Notwithstanding any other provision of this Agreement to the contrary, no Member shall directly or indirectly Transfer
all or any part of its Units or any right or economic interest pertaining thereto if such Transfer, in the reasonable discretion
of the Managing Member, would cause the Company to be classified as a “publicly traded partnership” as that term is
defined in Section 7704 of the Code and Regulations promulgated thereunder.

 

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

 

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

 

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

 

(b)              
At any time, any Transfer by any Member of Units to any Transferee approved in writing by the Managing Member (not
to be unreasonably withheld), it being understood that it shall be reasonable for the Managing Member to withhold such consent
if the Managing Member reasonably determines that such Transfer would materially increase the risk that (i) the Company would be
classified as a “publicly traded partnership” as that term is defined in Section 7704 of the Code and Regulations promulgated
thereunder or (ii) the Company would be required to register a class of securities under the Exchange Act.

 

    	32

    	 

    

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

 

Article IX

[RESERVED]

 

Article X

LIMITATION ON LIABILITY, EXCULPATION

AND INDEMNIFICATION

 

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

 

Section 10.02   
Exculpation and Indemnification.

 

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

 

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

 

    	33

    	 

    

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

 

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

 

    	34

    	 

    

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

 

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

 

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

 

    	35

    	 

    

Article XI

DISSOLUTION AND TERMINATION

 

Section 11.01   
Dissolution.

 

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

 

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

 

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

 

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

 

(ii)              
upon the approval of the Managing Member.

 

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

 

Section 11.02   
Winding Up of the Company.

 

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

 

    	36

    	 

    

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

 

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

 

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

 

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

 

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

 

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

 

Article XII

MISCELLANEOUS

 

Section 12.01   
Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such cost or expense.

 

    	37

    	 

    

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

 

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

 

Section 12.04   
Binding Effect; Benefit; Assignment.

 

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

 

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

 

Section 12.05   
Jurisdiction.

 

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

 

    	38

    	 

    

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

 

Section 12.06   
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.

 

Section 12.07   
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 12.08   
Entire Agreement. This Agreement and the Reorganization Documents constitute the entire agreement between
the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral
and written, between the parties with respect to the subject matter of this Agreement. Nothing in this Agreement shall create any
third-party beneficiary rights in favor of any Person or other party, except to the extent provided herein with respect to Indemnitee-Related
Entities, each of whom are intended third-party beneficiaries of those provisions that specifically relate to them with the right
to enforce such provisions as if they were a party hereto.

 

    	39

    	 

    

Section 12.09   
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

 

Section 12.10   
Amendment.

 

(a)               
This Agreement can be amended at any time and from time to time by the Managing Member; provided, in addition
to the approval of the Managing Member, no amendment to this Agreement may adversely modify in any material respect the Units (or
the rights, preferences or privileges of the Units) then held by any Members in any materially disproportionate manner to those
then held by any other Members without the prior written consent of a majority in interest of such disproportionately affected
Member or Members.

 

(b)              
For the avoidance of doubt: (i) the Managing Member, acting alone, may amend this Agreement, including the Member
Schedule, (x) to reflect the admission of new Members or Transfers of Units, each as provided by and in accordance with, the
terms of this Agreement, (y) to effect any subdivisions or combinations of Units made in compliance with Section 4.02(c)
and (z) to issue additional Nonvoting Common Units or any new class of Units (whether or not pari passu with the Nonvoting
Common Units) in accordance with the terms of this Agreement and to provide that the Members being issued such new Units be entitled
to the rights provided to Holdings with respect to all or a portion of the provisions applicable thereto hereunder and any other
rights that do not diminish or eliminate any of the express rights of Holdings described herein; and (ii) any merger, consolidation
or other business combination that constitutes a Disposition Event in which the Non-Pubco Members are required to exchange all
of their Paired Interests pursuant to Section 2.03(b) of the Exchange Agreement and receive consideration in such Disposition
Event in accordance with the terms of this Agreement and the Exchange Agreement as in effect immediately prior to the consummation
of such Disposition Event shall not be deemed an amendment hereof; provided, that such amendment is only effective upon
consummation of such Disposition Event.

 

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

 

    	40

    	 

    

Section 12.11   
Confidentiality.

 

(a)               
Holdings, Pubco and each other Member (collectively the “Equityholders”) shall, and shall direct
those of its Affiliates and their respective directors, officers, members, stockholders, partners, employees, attorneys, accountants,
consultants, trustees and other advisors (the “Equityholder Parties”) who have access to Confidential Information
to, keep confidential and not disclose any Confidential Information to any Person other than a Equityholder Party who agrees to
keep such Confidential Information confidential in accordance with this Section 12.11, in each case without the express consent,
in the case of Confidential Information acquired from the Company, of the Managing Member or, in the case of Confidential Information
acquired from another Equityholder, such other Equityholder, unless:

 

(i)                
such disclosure shall be required by Applicable Law;

 

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

 

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

 

(iv)            
such disclosure is reasonably required in connection with any proposed Transfer of all or any part of such Member’s
Units in the Company; provided that with respect to any such use of any Confidential Information referred to in this clause
(iv), advance notice must be given to the Managing Member so that it may require any proposed Transferee that is not a Member to
enter into a confidentiality agreement with terms substantially similar to the terms of this Section 12.11 (excluding this
clause (iv)) prior to the disclosure of such Confidential Information.

 

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

 

    	41

    	 

    

(c)               
In the event that any Equityholder or any Equityholder Parties of such Equityholder is required to disclose any of
the Confidential Information, such Equityholder shall use reasonable efforts to provide the Company with prompt written notice
so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this
Agreement, and such Equityholder shall use reasonable efforts to cooperate with the Company in any effort any such Person undertakes
to obtain a protective order or other remedy. In the event that such protective order or other remedy is not obtained, or that
the Company waives compliance with the provisions of this Section 12.11, such Equityholder and its Equityholder Parties shall
furnish only that portion of the Confidential Information that is legally required and shall exercise all reasonable efforts to
obtain reasonably reliable assurance that the Confidential Information shall be accorded confidential treatment.

 

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

 

Section 12.12   
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any
other State.

 

[signature pages follow]

 

    	42

    	 

    

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

 

	 	VTV THERAPEUTICS LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	VTV THERAPEUTICS INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	VTV THERAPEUTICS HOLDINGS LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	[Signature Page to the Amended and Restated Limited Liability Company Agreement of vTv Therapeutics LLC]

    	 

    

Schedule A

 

Member Schedule

 

	Member	Address	Class M 

Common 

Units	Nonvoting 

Common 

Units	Capital 

Account 

Balance
	Class M Member
	vTv 

Therapeutics

 Inc.	4170 Mendenhall Oaks Parkway

High Point, NC 27265

Facsimile:  (336) 841-0310

E-mail: sholcombe@vtvtherapeutics.com	1	0	--
	Nonvoting Members
	vTv 

Therapeutics

 Holdings LLC	c/o MacAndrews & Forbes Incorporated

35 East 62nd Street

New York, NY 10065

Facsimile:  (212) 572-5695

E-mail: 	0	[___]	$[___]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]