Document:

MEMBERSHIP INTEREST PURCHASE AGREEMENT

This MEMBERSHIP INTEREST PURCHASE AGREEMENT ("Agreement") dated as of this ____ day of January, 2017 ("Effective Date"), is entered into by and among Corporate Center Sunset, LLC, a Delaware limited liability company (the "Buyer"), Stable Properties CC, LLC, a Nevada limited liability company (the "Company"), and Par 3 Nevada, LLC a Nevada limited liability company ("Seller") (collectively Seller, Buyer, and the Company are the "Parties").

W I T N E S S E T H:

WHEREAS, Seller owns 12.5% of the membership interests of the Company (the "Seller Membership Interests").

WHEREAS, Company is the 100% owner of all membership interests in and to each Building Owner (defined below) (each being a "Building Owner Membership Interest", collectively the "Building Owner Membership Interests"):

i. CC Building I LLC, a Delaware limited liability company ("Building I"), which owns an undivided fee simple interest in approximately 3.18 acres of improved real property located at 8880 West Sunset Road, Las Vegas, Nevada, and bearing Assessor Parcel Number 163-32-810-002, as more particularly described on Exhibit "A-1".

ii. CC Building II LLC, a Delaware limited liability company ("Building II") which owns that certain real property located at 8860 W. Sunset Road, Las Vegas, Nevada 89148, bearing Assessor Parcel Number 163-32-810-003 as more particularly described on Exhibit "A-2".

iii. CC Building III LLC, a Delaware limited liability company ("Building III") which owns that certain real property located at 8930 W. Sunset Road, Las Vegas, Nevada 89148, bearing Assessor Parcel Number 163-32-810-004 as more particularly described on Exhibit "A-3".

iv. CC Building IV LLC, a Delaware limited liability company ("Building IV") which owns that certain real property located at 8945 W. Post Road, Las Vegas, Nevada 89148, bearing Assessor Parcel Number 163-32-810-005 as more particularly described on Exhibit "A-4".

v. CC Building V LLC, a Delaware limited liability company ("Building V") which owns that certain real property located at 8905 W. Post Road, Las Vegas, Nevada 89148, bearing Assessor Parcel Number 163-32-810-006 as more particularly described on Exhibit "A-5".

vi. CC Building VI LLC, a Delaware limited liability company ("Building VI") which owns that certain real property located at 8925 W. Post Road, Las Vegas, Nevada 89148, bearing Assessor Parcel Number 163-32-810-007 as more particularly described on Exhibit "A-6".

(Collectively Building I, Building II, Building III, Building IV, Building V, and Building VI is the "Building Owner" and the real property owned by each Building Owner is collectively the "Property")

WHEREAS, Buyer's related and affiliated entities ("Prior Owner") were the immediate prior owners of the Property currently held by the Building Owner.

 WHEREAS, Buyer, by separate agreement with DT Grat CS, LLC, a Nevada limited liability company ("DT") has the right to purchase the remaining 87.5% of the membership interests in the Company ("DT Purchase Agreement").

WHEREAS, Seller desires to sell, transfer and convey the Seller Membership Interests and/or Building Owner Membership Interests, as applicable, to Buyer, and Buyer desires to accept such sale, transfer and conveyance, upon and subject to the terms and conditions set forth in this Agreement.

WHEREAS, this Agreement sets forth the terms and conditions to which the Parties have agreed.

NOW, THEREFORE, in consideration of the premises and the mutual covenants, agreements, representations and warranties herein contained, the Parties, intending to be legally bound hereby, agree as follows:

ARTICLE I

Purchase and Sale of the Seller Membership Interests

1.1 Purchase and Sale.  On and subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Buyer shall purchase, as applicable, from: (i) the Seller and the Seller shall sell, transfer and assign, convey and deliver to the Buyer, the Seller Membership Interests and/or (ii) the Company and the Company shall sell, transfer and assign, convey and deliver to the Buyer, the Building Owner Membership Interests, free and clear of all liens, pledges, claims, security interests, encumbrances, or charges (collectively the "Interest Liens").  Buyer shall have no right or obligation to purchase the Seller Membership Interests or the Building Ownership Membership Interests unless Buyer has purchased the DT 87.5% interest or building owner membership interests, as applicable, pursuant to the DT Purchase Agreement.

1.2 Purchase Price, Prorations and Adjustments and Deposit.

(a) Purchase Price.

(i) On the terms and subject to the conditions of this Agreement, the purchase price for the Seller Membership Interests which shall be paid by Buyer to Seller at Closing shall be $2,034,000.00 (the "Purchase Price"). At Closing the Purchase Price shall be paid by Buyer to Seller and the Seller Membership Interests owned by Seller in Company shall be assigned and conveyed to Buyer.

(ii) If Buyer elects to purchase any Building Owner Membership Interest from Seller in accordance with this Agreement then Buyer shall pay to Company at the Closing of each Building Owner Membership Interest all proceeds, up to the Purchase Price, after satisfaction of the DT Purchase Agreement, the Company shall be authorized to pay such proceeds to Seller and the particular Building Owner Membership Interest owned by Company shall be assigned and conveyed to Buyer.

		(iii)	
Upon Buyer's consummation and satisfaction of all purchases contemplated by the DT Purchase Agreement, Seller shall be entitled to a preferred return any accrued and unpaid preferred return which is the amount equal to 8% per annum on the Purchase Price.

So long as such document and recording does not violate, in any manner, any existing loan agreement related to the Property, upon Buyer's payment to DT of the Non-Refundable Payment pursuant to the DT Purchase Agreement Buyer may record a memorandum of this Agreement or a notice of its right to acquire the Property.

ARTICLE II

Closing

2.1   Closing.  The closing of the transactions provided for in this Agreement (the "Closing") shall take place as set forth below:

(a) Seller Membership Interests.  The Closing for the Seller Membership Interests shall occur at noon Pacific Time on the Company Closing Date at the offices of Lawyer's Title, 1401 N. Green Valley Parkway, Suite 100, Henderson, NV 89074, Attention Debbie Novotny ("Escrow Agent") with all deliveries to be made in escrow to the Escrow Agent on or prior to the Company Closing Date without the requirement for personal appearance by any representative of Building Owner, Seller or Company.  The Closing of the Seller Membership Interests shall occur no later than January 28, 2020 (unless extended pursuant to Section 1.2(b), or such other date as the parties may mutually determine, or automatically upon the application of Section 10.10 of the DT Purchase Agreement (the "Company Closing Date").  Should Buyer wish to close on the Seller's Membership Interests prior to the Company Closing Date, Buyer must provide a minimum of ten (10) Business Day written notice to Seller of the earlier Company Closing Date.

If Buyer shall fail to close the transaction contemplated by this Agreement on or before the Company Closing Date then it shall have no further rights to purchase the Seller Membership Interest or Building Owner Membership Interest. Notwithstanding, Buyer shall have the one-time unilateral option to extend the Company Closing Date by one (1) year upon giving Seller at least three (3) business day advance written notice.  During this extended Company Closing Date period, the preferred return under Section 1.2(a)(iii) shall increase to 10%.

(b) Building Owner Membership Interest.  If Buyer desires to exercise its right to purchase any Building Owner Membership Interest then Buyer shall provide such notice as required by Article IX and the Closing for the Building Owner Membership Interest shall occur no later than noon Pacific Time on the Building Closing Date (which shall coincide with the Company Closing Date, including any extension) at the offices of Escrow Agent with all deliveries to be made in escrow to the Escrow Agent on or prior to the Building Closing Date without the requirement for a personal appearance by any representative of Building Owner, Seller or Company.  Should Buyer wish to close on a Building Owner Membership Interest prior to the Building Closing Date, Buyer must provide a minimum of ten (10) Business Day written notice to Seller of the earlier Building Closing Date.

2.2   Prorations.  Prorations and adjustments with respect to the Company, Building Owner and Property shall be made as of the Company Closing Date and Building Closing Date, as applicable, with all income and expenses being prorated according to period of ownership, Seller taking all income and expenses through the Company Closing Date and Building Closing Date, as applicable, and Buyer thereafter. Income and expenses related to the Property including state, county and municipal real estate taxes, and other assessments (if any) for the Property, utilities and insurance shall be adjusted in cash at Closing.  All tenant deposits and any escrow accounts shall remain an asset of the Company/Building Owner.

ARTICLE III

Representations and Warranties of Seller

Seller represents and warrants to and agrees with Buyer as to the matters set forth below as of both the Execution Date and as of the Closing Date (unless another date is explicitly set forth below):

3.1 Leases.

3.1.1 Lease Schedule.  The schedule attached hereto as Exhibit "E" (the "Lease Schedule") is true, correct and complete with respect to:  (a) the leases, licenses, tenancies and other occupancy agreements (whether written or oral) now in effect at the Property (collectively, the "Leases"); (b) the identities of the tenants under the Leases (collectively, the "Tenants"); (c) any delinquencies under the Leases; (d) the units occupied by the Tenants; (e) the commencement and expiration dates of the Leases; (f) the monthly rents payable thereunder (including any future rent concessions); (g) any outstanding agreements, written or oral, to amend or otherwise modify any Leases; (h) the security deposits and prepaid rents that have been paid by any Tenants; (i) any repairs and/or improvements necessary for unoccupied units at the Project to become "market ready" and be in a rentable condition; and (j) the amounts of any tenant improvement allowance or other monetary obligations owed by Seller to any tenants.

3.1.2 Delivery of Leases.  True, correct and complete copies of all Leases and all amendments, guarantees and other documents relating thereto shall be delivered to Buyer.

3.1.3 Security Deposits.  Except as set forth on the Lease Schedule, there are no security deposits held by the landlord under any of the Leases, and there are no arrearages in rent or additional rent under any of the Leases.

3.1.4 Services to Tenants.  All of the services required to be supplied by Seller to each Tenant are presently being supplied and will continue to be supplied through the Closing Date, and Seller has received no notice of any failure of Seller to supply any of said services to any Tenant.  Seller has had no notice from any Tenant of any items of work to be completed pursuant to any of the Leases, and Seller has no knowledge of any such work to be done except as may otherwise be set forth on the Lease Schedule.  No Tenant is entitled to any additional work during the term of its Lease, including, without limitation, the painting of the leased premises, except as may otherwise be set forth on the Lease Schedule.

3.1.5 No Tenant Disputes.  Seller has not received from any Tenant any notice to cancel, renew or extend any Lease or supply any additional services to any Tenant, except as may otherwise be set forth on the Lease Schedule, nor has any reason to believe any Tenant shall cancel any Lease.  Seller has not received any notification from any Tenant that it disputes Seller's interpretation of any of the provisions of its Lease, nor has any reason to believe that any Tenant disputes or shall dispute Seller's interpretation of any of the provisions of its Lease.

3.1.6 No Violations.  To Seller's knowledge, the occupancy of each Tenant is valid and legal and does not violate any law, rule or regulation of any governmental authority having jurisdiction thereof.

3.1.7 No Pre-Paid Rent.  Except as set forth on the Lease Schedule, no Tenant has paid any rent for more than one (1) month in advance.

3.1.8 No Rent Concessions.  Except as set forth on the Lease Schedule, no Tenant is entitled to any rent concessions or other offsets against any rent payable by such Tenant after the Execution Date.

3.2 Existing Contracts.  The Contracts Schedule is true, correct and complete with respect to all service, maintenance, repair, management, supply and other contracts (including, without limitation, all Service Contracts and Loan Documents) applicable to the Property.  Except as set forth on the Contracts Schedule, neither Seller nor any agent of Seller has executed any service, maintenance, repair, management, supply or other contracts (including, without limitation, any Service Contracts) which would be binding on Buyer after the Closing, unless the same are cancelable without premium or penalty on notice of 30 days or less. Neither the Seller nor any other party is in default under, or in breach or violation of, any Service Contract, Lease, any Loan Documents, or other agreement to which Seller is a party and which is related to the Property, and no event has occurred which, with the giving of notice or passage of time or both would constitute a default under any Service Contract, Lease, any Loan Documents or other agreement to which Seller is a party and which is related to the Property.

3.3 Insurance.  There are currently in effect such insurance policies for the Property as are customarily maintained with respect to similar properties.  True, correct and complete copies of all insurance policies maintained by Seller with respect to the Property shall be made available to Buyer as part of the Property Documents.  All premiums due on such insurance policies have been paid by Seller and Seller will maintain such insurance policies from the Execution Date through the Closing Date or earlier termination of this Agreement.  Seller has not received and has no knowledge of any notice or request from any insurance company requesting the performance of any work or alteration with respect to the Property.  Seller has received no notice from any insurance company concerning, nor is Seller aware of, any defects or inadequacies in the Property, which, if not corrected, would result in the termination of insurance coverage or increase its cost.

3.4 Litigation.  There are no actions, suits or proceedings before any judicial or quasi-judicial body, by or with any governmental authority or other third party, pending, or to Seller's knowledge, threatened, against or affecting all or any portion of the Property or Seller's ownership, rights, use, development or maintenance thereof, and, to Seller's knowledge, there is no basis for any such action.  No attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings are pending, or, to Seller's knowledge, threatened, against Seller, or that may adversely affect the Property.

3.5 Compliance with Laws.  The Property is in full compliance with all existing laws, rules, regulations, ordinances and orders of all applicable federal, state, city and other governmental authorities in effect as of the Execution Date (collectively, "Laws"), including, without limitation all Laws with respect to zoning, building, fire, life safety, health codes and sanitation.  Seller has received no notice of, and has no knowledge of, nor has any reason to believe that there is, any condition currently or previously existing on the Property or any portion thereof which may give rise to any violation of any existing Law applicable to the Property if it were disclosed to the authorities having jurisdiction over the Property.

3.6 Condemnation; Special Assessments.  Seller has no knowledge of any pending or contemplated condemnation, eminent domain or similar proceeding or special assessment which would affect the Property or any part thereof in any way whatsoever.

3.7 Toxic or Hazardous Materials.  As of the Closing Date, Seller shall be in full compliance with all applicable federal, state, local and foreign laws and regulations relating to pollution or protection of human health or the environment, including, without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of "Materials of Environmental Concern" (as defined below), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, "Environmental Laws") relating to the Property, which compliance includes, but is not limited to, the possession and compliance therewith by Seller of all permits and other governmental authorizations required under applicable Environmental Laws.  Seller shall not have received any notice, whether from a governmental authority, citizens group, employee or other person or entity, that alleges that, Seller is not in such full compliance with Environmental Laws and there shall be no circumstances that may prevent or interfere with such full compliance in the future.  As of the Closing Date, there shall be no claim, action, cause of action, investigation or notice (written or oral) by any person or entity alleging potential liability (including, without limitation, potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property damages, personal injuries, or penalties) arising out of, based on or resulting from (i) the manufacture, treatment, processing, distribution, use, transport, handling, deposit, storage, disposal, leaking or other presence, or release into the environment of any Material of Environmental Concern in, at, on, under, from or about any location on the Property, or (ii) circumstances forming the basis of any violation or alleged violation of any Environmental Law ("Environmental Claims"), pending or, to Seller's knowledge, threatened with regard to the Property.  As of the Closing Date, there shall be no actions, activities, circumstances, conditions, events or incidents relating to the Property, including, without limitation, the manufacture, generation, treatment, processing, distribution, use, transport, handling, deposit, storage, disposal, leaking, or other presence or release of any chemicals, pollutants, contaminants, wastes, toxic or hazardous substances, petroleum and petroleum products, asbestos or asbestos-containing materials, polychlorinated biphenyls, lead or lead-based paints or materials, radon, or mold, fungi, yeast or other similar biological agents that may have an adverse effect on human health, or which is otherwise subject to Environmental Laws (collectively, "Material of Environmental Concern"), that could form the basis of any Environmental Claim against Seller or against any person or entity, including, without limitation, persons or entities whose liability for such Environmental Claims Seller may have retained or assumed either contractually or by operation of law.  Without in any way limiting the generality of the foregoing, (a) Seller has not, nor, to the knowledge of Seller, has any Tenant or other third party, stored, disposed of or arranged for the disposal of any Material of Environmental Concern on the Property, (b) there are no underground storage tanks located on the Property, (c) to Seller's knowledge, there are no Environmental Claims or circumstances in the vicinity of the Property relating to environmental contamination or clean-up affecting or compromising the value of the Property, and (d) Seller has provided to Buyer all assessments, reports, data, results of investigations or audits, or other information that is in the possession of or reasonably available to Seller relating to the environmental matters at or the environmental condition of the Property.

3.8 Disclosure. Seller has disclosed to Buyer all information relating to the Property that could reasonably be expected to have a material adverse effect on the Property, including, but not limited to, the accurate size of the Land Parcel.  In addition, except as disclosed herein, and for amounts to be paid from Escrow at the Closing, there are no liabilities, obligations or amounts due with respect to the Property.

3.9 No Conflicts.  The execution and delivery of this Agreement by Seller, the consummation of the transactions herein contemplated, and compliance with the terms of this Agreement by Seller will not conflict with, or, with or without notice or the passage of time or both, result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, deed of trust, mortgage, loan agreement, or other document, instrument or agreement, oral or written, to which Seller is a party or by which Seller or its assets are bound, or any applicable regulation of any governmental agency, or any judgment, order or decree of any court having jurisdiction over Seller or all or any portion of the Property.

3.10 Due Organization; Consents.  Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware, with its principal place of business in the State of Nevada.  All requisite action has been taken by Seller in connection with entering into this Agreement, and will be taken prior to the Closing in connection with, the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.

3.11 Absence of Violations or Conflicts.  The execution and delivery by Seller, of this Agreement and the other Seller Agreements (as defined below), the consummation by the Seller of the transactions contemplated herein and therein, and the performance by or compliance with the obligations hereunder or thereunder will not constitute a violation of, be in conflict with, constitute a default under, or result in the creation or imposition of any lien in, upon or with respect to the Seller Membership Interests under (a) any term or provision of the formation documents or organizational documents (including all amendments) of the Seller, (b) any judgment, decree or order of any court, administrative agency or commission or other governmental or quasi-governmental authority or instrumentality, domestic or foreign, international, provincial, federal, state, county or local ("Governmental Entity"), (c) any written agreement, commitment or understanding to which  Seller is a party or to which its respective assets or liabilities are subject or bound, or (d) any statutes, common laws, rules, ordinances, regulations, codes, orders, judgments, injunctions, writs, decrees, governmental guidelines or interpretations having the force of laws or bylaws, in each case, of a Governmental Entity ("Laws").

3.13    Authority and Status.  Seller, has the full power and authority to enter into, and perform its obligations under, this Agreement and the other agreements, documents and instruments entered into by such person in connection with this Agreement (this Agreement together with such other agreements, documents and instruments collectively, the "Seller Agreements") without the consent of any person, entity or court, agency or authority.  The Seller Agreements constitute, or will, when executed and delivered, constitute the valid and legally binding obligations of Seller, enforceable against it in accordance with their respective terms. Seller's Authority; Validity of Agreements. Seller has full right, power and authority to sell, transfer and convey the Membership Interest to Buyer as provided in this Agreement, to carry out its obligations hereunder and to execute, deliver and perform, and enter into and consummate, all of the documents and transactions contemplated by this Agreement. This Agreement is, and all instruments, documents and agreements to be executed by Seller in connection herewith shall be, duly authorized, executed and delivered by Seller and shall be valid, binding and enforceable obligations of Seller.

3.14 Material Misstatements or Omissions.  No representations or warranties by Seller in this Agreement, nor any document, exhibit, statement, certificate or schedule heretofore or hereinafter furnished to Buyer by Seller pursuant hereto, or in connection with the transactions contemplated hereby, contains or will contain any untrue statement of a material fact, or omits or will omit to state any material fact necessary to make the statements or facts contained therein not misleading.

3.15 Taxes.  All business, occupation, income, sales, use and other similar taxes imposed with respect to all or any portion of the Company, Building Owners or Property or the operation thereof for its currently intended purpose, which are due and payable by Seller have been paid in full, or will be paid in full by Seller as and when such taxes become due and payable.  Seller has timely and properly filed (or timely requested extensions with respect to) all federal, state, local and foreign tax returns, reports and forms for which it is or has been required to file with respect to the operation, use and ownership of the Company, Building Owners or Property and, all such returns, reports and forms are (or were at the time of their filing) true, correct and complete in all material respects.

3.16 Non-Foreign Status.  Seller is not a foreign person as defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended.

3.17 Membership Interest. Seller is, and at Closing shall be, the sole legal and beneficial owner of the Membership Interest, free and clear of all liens, security interests, assignments, options, taxes and adverse claims of title of any kind or character.  Seller has not sold, transferred, or encumbered any or all of the Membership Interest. Seller has, or prior to Closing shall have, the full and sufficient right at law and in equity to transfer and assign the Membership Interest and is transferring and assigning the Membership Interest to the Purchaser free and clear of any and all right, title, or interest of any other person whatsoever.  Seller holds all of the Seller Membership Interests free and clear of all Interest Liens excluding therefrom at all times the terms, conditions, restrictions and provisions of the operating agreement of the Company.

3.18 Title to Membership Interests. No act or inaction of Seller has caused the Building Owner Membership Interest to incur any Interest Liens other than, at all times, the terms, conditions, restrictions and provisions of the operating agreement of each Building Owner.

3.19 No Brokers.  Seller has not employed any broker or finder or incurred any liability for any broker's fees, commissions or finder's fees in connection with the transactions contemplated by this Agreement.

3.20 Solvency.  Seller has not: (1) made a general assignment of a its assets for the benefit of creditors; (2) filed any voluntary petition in bankruptcy or, to Seller's Knowledge, suffered the filing of any involuntary petition in bankruptcy by its creditors; (3) suffered the appointment of a receiver to take possession of all, or substantially all, of its assets; (4) suffered the attachment or other judicial seizure of all, or substantially all, of its assets; (5) admitted in writing its inability to pay its debts as they come due; or (6) made an offer of settlement, extension or composition to its creditors generally.

3.21 Anti-Money Laundering Laws and Regulations.  The sale by Seller of the Seller's Membership Interest pursuant to the terms hereof shall not, directly or indirectly, result in the contravention of any applicable anti-money laundering laws and regulations.

3.22 Survival. All of the representations and warranties of Seller set forth in this Agreement shall be true upon the Execution Date, shall be deemed to be repeated at and as of the Closing Date and shall survive the delivery of the Assignment of Membership Interest and the Closing. Except as expressly set forth herein, Seller hereby represents and warrants to the Buyer as of the date hereof and, subject to this Article III, on the Company Closing Date, and acknowledge and confirm that the Buyer is relying upon such representations and warranties in connection with the purchase of the Seller Membership Interests.

3.10 Solvency.  Seller has not: (1) made a general assignment of a its assets for the benefit of creditors; (2) filed any voluntary petition in bankruptcy or, to Seller's Knowledge, suffered the filing of any involuntary petition in bankruptcy by its creditors; (3) suffered the appointment of a receiver to take possession of all, or substantially all, of its assets; (4) suffered the attachment or other judicial seizure of all, or substantially all, of its assets; (5) admitted in writing its inability to pay its debts as they come due; or (6) made an offer of settlement, extension or composition to its creditors generally. 

3.11 Anti-Money Laundering Laws and Regulations.  The sale by Seller of the Seller's Membership Interest pursuant to the terms hereof shall not, directly or indirectly, result in the contravention of any applicable anti-money laundering laws and regulations.

Except as set forth below, all representations and warranties made by Seller set forth in this Agreement and/or in any of the other transaction documents shall survive the Closing

ARTICLE IV

Covenants

4.1   Property Title Report.  Attached hereto as Exhibit B is an updated title report ("Title Report") concerning the Property.  Between the date hereof and the Closing, the Company shall not permit any new liens or encumbrances, not otherwise identified on the Title Report or pursuant to that certain Declaration of Covenant, Condition and Restrictions and Reservation of Easements for Village Business Park (Book 20070730, Instrument No. 0004196, of Official Records), to be placed against the Property without the express written consent of Buyer which consent shall not be unreasonably withheld, conditioned or delayed.  If a new lien or encumbrance, not otherwise disclosed on the Title Report, is placed against the Property between the date hereof and the Closing, without the express written consent of Buyer and which is not caused by Buyer, then Company shall cure such matter on or before the Closing.

4.2   Conduct of Business Prior to the Closing Date.

(a) The Company and the Property shall be operated in the ordinary/customary course of business; provided, however, (1) the Company shall not and the Company shall not cause any Building Owner to enter into or amend, (i) any new contract or agreement that is not terminable with thirty (30) days prior written notice, without the express written consent of Buyer or (ii) from the Effective Date up to and including the Closing, any lease for the Property without the express written consent of Buyer which shall not be unreasonably withheld, conditioned or delayed.  The limitation provided in Section 4.2(a)(ii) shall expire should Buyer fail to complete all purchases contemplated by the DT Purchase Agreement by the closing date provided therein.

(b) As of the Effective Date until Closing or earlier termination of this Agreement, Seller shall add or cause to be added Buyer to the disclosure list so that Buyer will be distributed the financial statements concerning the Property prepared by property manager when distributed by property manager; provided, however, neither Seller, Company nor Building Owner makes any representations or warranties as to the truthfulness or accuracy of such financial statements.

4.3   Insurance.  The Company shall cause, up to and including the Company Closing Date and Building Closing Date, as applicable, the existing policies of insurance with respect to the Property to be maintained in full force and effect by Building Owner, except as to the Property related to the Building Owner Membership Interest(s) that may be sold to Buyer under Article IX before Closing.

4.4   Confidentiality.  At all times from and after the Company Closing Date and Building Closing Date, each of the Parties shall keep secret and maintain in confidence, and shall not use for its benefit or for the benefit of others, any Confidential Information (and any information that would be deemed Confidential Information except that such information is in the public domain in whole or in part due to action of any Seller following the Closing or Company following a Partial Sale Closing Date).  The foregoing shall not prohibit disclosure of such information (i) as is required by Law, provided that (A) such Party informs the other Party in writing of such requirement or obligation prior to its disclosure so that a protective order or other appropriate remedy may be obtained by the non-disclosing Party, and (B) disclosure is thereafter made only to the extent to which the disclosing Party is obligated, but not further or otherwise, (ii) as is necessary to prepare Tax Returns (including Tax Returns of the Seller or of any of their Affiliates) or other filings with Governmental Entities or to defend or object to any reassessment of Taxes, (iii) as is necessary for the Parties (or its representatives) to prepare and disclose, as may be required, accounting statements or (iv) to assert or protect any rights of a Party hereunder or under any applicable Law.  For purposes hereof, "Confidential Information" means any information concerning the business and affairs of the Company that is known to such Party, prior to the Closing or becomes known to a Party following the Closing in connection with this Agreement except for any such information (i) that is already available to the public or (ii) becomes available to the public not in violation of this Section of this Agreement. This section shall not include any information Buyer or its parent companies are required to file with the Securities and Exchange Commission concerning its participation in this transaction.

4.5   Further Assurances.  After the Company Closing Date and Building Closing Date, each of the Parties will, at its non-material expense, execute and do all such further deeds, acts, things, and assurances that may be requisite in the opinion of counsel for the other Party for carrying out the intention of, or facilitating the performance of, the terms of this Agreement.

In the event of a conflict with any Company or Property related covenant in this Article IV and the DT Purchase Agreement the DT Purchase Agreement shall control.

ARTICLE V

Indemnity

5.1  Buyer hereby agrees to indemnify, protect, defend and hold Seller and Company harmless from and against any claim, demand, obligation, loss, cost, damage, liability, judgment or expense (including, without limitation, reasonable attorneys' fees, charges and disbursements, which shall be reimbursed and paid as and when incurred)(collectively, "Claims"), arising out of or in connection with (a) the breach of any of Buyer's representations or warranties set forth herein, (b) the breach of any of Buyer's covenants or agreements set forth herein, (c) the ownership, operation or maintenance of the Property after any Closing or (d) the operation of the Company, the Property and Building Owner after any Closing.

5.2  Seller hereby agrees to indemnify, protect, defend and hold Buyer harmless from and against any Claims arising out of or in connection with (a) the breach of any of Seller's representations or warranties set forth herein, (b) the breach of any of Seller's covenants or agreements set forth herein, unless Buyer has actual knowledge of any breach prior subject to Closing, does not notify Seller of any such breach and demand Seller remedy it, and Buyer continues through Closing to complete the transactions contemplated in this Agreement, (c) the ownership, operation or maintenance of the Property at or prior to the Closing or (d) the operation of the Company or Building Owner on or prior to the Closing.

5.3   Subject to Article III, each of the parties agrees that if it is required to provide indemnification hereunder (the "indemnifying party"), it shall reimburse the indemnified party (the "indemnified party") promptly upon request, for all losses incurred by such indemnified party, as and when they are incurred, including, but not limited to, reasonable attorneys', accountants' and other professionals' fees and expenses and court costs; provided, the indemnifying party receives a written undertaking from such indemnified party, to reimburse the indemnifying party for any payments made by the indemnifying party to such indemnified party if it is finally determined in such action or proceeding that such indemnified party is not entitled to indemnification hereunder.

The provisions of this Article V shall survive indefinitely any closing or termination of this Agreement and shall not be merged into the closing documents.

ARTICLE VI

Closing Conditions

6.1 Conditions to Obligations of the Buyer.  The obligation of the Buyer to effect the transactions contemplated hereby is also subject to the satisfaction or waiver by the Buyer, in writing, at or prior to the Company Closing Date or Building Closing Date of the following conditions:

(a) Representations and Warranties.  Subject to Article III, the representations and warranties of the Seller shall be true and correct in all material respects on and as of the Company Closing Date and Building Closing Date, as though made on and as of the Closing Date, or Building Closing Date, as applicable, (except that representations and warranties that by their terms speak specifically as of the date of this Agreement or another date shall be true and correct as of such date).

(b) Performance of Obligations of Seller.  Seller shall have complied in all material respects with the covenants and agreements to be performed by or complied with under this Agreement at or prior to the Company Closing Date and Building Closing Date, as applicable.

(c) Consents.  Any consents required for the Closing or Partial Sale, shall have been obtained and any required notices and filings shall have been made.

(d) Closing Deliveries.  Each of the items required to be executed and delivered to Escrow Agent pursuant to Sections 7.1 and 7.3, as applicable, shall have been so executed and delivered to Escrow Agent.

(e) Purchase of DT Interests.  Buyer shall have purchased all of the DT membership interests and/or building ownership interests.

6.2   Conditions to Obligations of the Seller.  The obligation of the Seller to effect the transactions contemplated hereby is also subject to the satisfaction or waiver by the Seller, in writing, at or prior to the Closing Date, of the following conditions:

(a) Representations and Warranties.  The representations and warranties of Buyer set forth in this Agreement shall be true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date.

(b) Performance of Obligations of Buyer.  Buyer shall have performed in all material respects the obligations required to be performed by it under this Agreement at or prior to the Closing Date.

(c) Closing Deliveries.  Each of the items required to be executed and delivered to the Escrow Agent pursuant to Section 7.2 shall have been so executed and delivered to Escrow Agent.

(d) Purchase Price.  Buyer shall have tendered via wire transfer the Purchase Price in accordance with Section 1.2 hereto.

6.3   Conditions to Obligations of the Company.  The obligation of the Company to effect the transactions contemplated hereby is also subject to the satisfaction or waiver by the Company, in writing, at or prior to the Partial Sale Closing Date for the Building Owner Membership Interest(s) subject to said Partial Sale Closing Date, of the following conditions:

(a) Representations and Warranties.  The representations and warranties of Buyer set forth in this Agreement shall be true and correct in all material respects on and as of the Partial Sale Closing Date as though made on and as of the Partial Sale Closing Date.

(b) Performance of Obligations of Buyer.  Buyer shall have performed in all material respects the obligations required to be performed by it under this Agreement at or prior to the Partial Sale Closing Date.

(c) Closing Deliveries.  Each of the items required to be executed and delivered to Escrow Agent pursuant to Section 7.3 shall have been so executed and delivered to Escrow Agent.

(d) Purchase Price.  Buyer shall have tendered via wire transfer that portion of the Purchase Price in accordance with Article VII hereto.

(e) Purchase of Building Owner Interests.  Buyer shall have purchased, or will purchase contemporaneously at Closing, for that particular Property the Building owner interests pursuant to the DT Purchase Agreement.

6.4   Termination.  This Agreement may be terminated as follows:

(a) This Agreement may be terminated and the transactions contemplated by it abandoned by written notice from Buyer to Seller, or from Seller to Buyer, in the event of a material breach by Seller, Company, or Buyer, as applicable, of any representation, warranty, covenant, or agreement contained in this Agreement which cannot be cured within thirty (30) days (a "Cure Period").

(b) by mutual written consent of the Buyer and Seller.

(c) in accordance with the terms and conditions of this Agreement.

ARTICLE VII

Closing Documents

7.1   Delivery of Closing Documents by the Seller.  On or before the Company Closing Date, the Seller will deliver to Escrow Agent the Assignment and Assumption Agreement attached hereto as Exhibit C, a mutually approved joint closing statement and such other consents and documents as are necessary, and approved by the Parties, to consummate the transaction contemplated hereby.

7.2   Delivery of Closing Documents by the Buyer.  On or before the Company Closing Date and Building Closing Date, as applicable, the Buyer will deliver to Escrow Agent the Assignment and Assumption Agreement attached hereto as Exhibit C and a mutually approved joint closing statement and such other consents and documents as are necessary, and approved by the Parties, to consummate the transaction contemplated hereby.

7.3   Delivery of Closing Documents by the Company.  On or before the Building Closing Date, the Company will deliver to Escrow Agent the Assignment and Assumption Agreement similar in form to the one attached hereto as Exhibit C, a mutually approved joint closing statement and such other consents and documents as are necessary, and approved by the Parties, to consummate the Partial Sale contemplated hereby.

ARTICLE VIII

Miscellaneous

8.1   Notices.  All notices provided for hereunder shall be in writing and shall be deemed to be given:

(a) When delivered to the individual, or to an officer of the company, to which the notice is directed;

(b) Three (3) days after the same has been deposited in the United States mail, sent Certified or Registered mail with Return Receipt Requested, postage prepaid and addressed as provided in this Section; or

(c) When delivered by a generally recognized overnight delivery service (including United States Express Mail) and with all charges prepaid by the sender addressed as provided in this Section.

(d) When delivered by electronic mail if delivery is also accomplished within one (1) business day via a generally recognized overnight delivery service (including United States Express Mail) and with all charges prepaid by the sender addressed as provided in this Section.  Notices shall be directed as follows:

(1) if to Buyer:

CORPORATE CENTER SUNSET, LLC

8880 W. Sunset Road, Suite 200

Las Vegas, NV 89148

Attention: Michael Shustek

mike@mvpreits.com

with a copy to:

Craig D. Burr, Esq.

8880 W. Sunset Road, Suite 210

Las Vegas, NV 89148

craig@craigburr.com

(2) if to Seller or Company

Par 3 Nevada LLC

8880 W. Sunset Road, Third Floor

Las Vegas, Nevada 89148

ATTN: Lance Bradford

lance@llbradford.com

		(4)	
if to Escrow Agent:

Lawyers Title

1401 N. Green Valley Parkway, Suite 100

Henderson, NV 89074

 Attention:  Debbie Novotny

debbie.novotny@ltic.com

Telephone: (702) 868-2324

 Facsimile: (702) 441-0695

or at such other place or places or to such other person or persons as shall be designated by like notice by any party hereto.

8.2   Expenses.  Each party hereto shall pay its own expenses, including without limitation, fees and expenses of its agents, representatives, counsel, auditors, and accountants, incidental to the preparation and carrying out of this Agreement.

8.3 Parties in Interest.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.  This Agreement shall not be assigned by any party hereto without the prior written consent of the other parties.  Nothing in this Agreement, expressed or implied, is intended to confer upon any third person any rights or remedies under or by reason of this Agreement.

8.4 Legal Fees and Costs.  In the event of any disputes or controversies arising from the Agreement or its interpretation, each party shall pay its own costs and expenses including without limitation legal fees and costs incurred in connection with same.

8.5   Entire Agreement; Amendment.

(a) This Agreement together with the other agreements provided for herein embody the whole agreement of the parties.  There are no promises, terms, conditions, or obligations other than those contained herein.  All previous negotiations between the parties, either verbal or written, not herein contained are hereby withdrawn and annulled.  This Agreement shall supersede all previous communications, representations, or agreements, either verbal or written, between the parties hereto.

(b) This Agreement may not be amended except by an instrument in writing signed on behalf of all the Parties hereto.

8.6   Captions; Counterparts.  The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  No provision of this Agreement will be interpreted in favor of, or against, either of the parties to this Agreement by reason of the extent to which any such party or its counsel participated in the drafting thereof or by reason of the extent to which any such provision is inconsistent with any prior draft hereof or thereof.

8.7   Governing Law; Venue.  This Agreement shall be construed and enforced in accordance with the internal substantive laws of the State of Nevada, without regard to its principles of conflict of laws.  The courts of Clark County, Nevada, shall have sole and exclusive jurisdiction over any action or proceeding brought under or pursuant to this Agreement.

8.8   Severability.  If a court of competent jurisdiction or an arbitrator should find any term or provision of this Agreement to be unenforceable and invalid by reason of being overly broad, the parties agree that the court shall limit the scope or duration of such provision to the maximum enforceable scope or duration allowed by law.  Any term or provision deemed by a court of competent jurisdiction to be unenforceable and invalid for any other reason shall be severed from this Agreement, and the remainder of this Agreement shall continue in full force and effect.  Time is of the essence with regard to this Agreement.

8.9   Counterparts and Facsimile Signatures.  The parties may execute this Agreement in two or more counterparts, which shall, in the aggregate, be deemed signed by all of the parties.  Each counterpart shall be deemed an original instrument as against any party who signed it.  A facsimile signature by any party shall be acceptable and shall result in this Agreement being valid and enforceable against such party.

8.10   Dispute Resolution. Any controversy, dispute, or claim of any nature arising out of, in connection with, or in relation to the interpretation, performance, enforcement or breach of this Agreement (and any closing document executed in connection herewith), including any claim based on contract, tort or statute, shall be resolved at the written request of any party to this Agreement by binding arbitration.  The arbitration shall be administered in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association.  Any matter to be settled by arbitration shall be submitted to the American Arbitration Association in Clark County, Nevada.  The parties shall attempt to designate one arbitrator from the American Arbitration Association.  If they are unable to do so within thirty (30) days after written demand therefor, then the American Arbitration Association shall designate an arbitrator.  The arbitration shall be final and binding, and enforceable in any court of competent jurisdiction.  Notwithstanding anything to the contrary contained herein, this Section shall not prevent Buyer, Company or Seller from seeking and obtaining equitable relief on a temporary or permanent basis, including, without limitation, a temporary restraining order, a preliminary or permanent injunction, specific performance, or similar equitable relief, from a court of competent jurisdiction located in the state in which the Property is located (to which all parties hereto consent to venue and jurisdiction) by instituting a legal action or other court proceeding in order to protect or enforce the rights of such party under this Agreement or to prevent irreparable harm and injury.  The court's jurisdiction over any such equitable matter, however, shall be expressly limited only to the temporary, preliminary, or permanent equitable relief sought; all other claims initiated under this Agreement between the parties hereto shall be determined through final and binding arbitration in accordance with the terms of this Section.

SELLER, COMPANY AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS SECTION 8.10, AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS.

_________________   _________________

Seller's Initials Company's Initials Buyer's Initials

ARTICLE IX

Partial Purchase Rights

9.1 At any time prior to the Closing Date, and pursuant to the DT Purchase Agreement, Buyer may purchase any one or more Building Owner Membership Interest from Company (a "Partial Sale"), with any Partial Sale requiring the simultaneous purchase of any Building Owner which is jointly mortgaged under the same or a cross-collateralized loan (Buildings II and VI).  Once DT no longer owns any membership interest in the Company, Seller shall receive the net proceeds of all remaining Building sales, until the Purchase Price is paid in full.

(signature page to follow)

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

BUYER:

CORPORATE CENTER SUNSET, LLC, a Delaware limited liability company

By:___________________________________

        Print Name: ___________________________

        Print Title: ____________________________

COMPANY:

STABLE PROPERTIES CC, LLC,

a Nevada limited liability company

By: DT GRAT CS, LLC

Its: Manager

By: 

      Dennis Troesh, Manager

SELLER:

Par 3 Nevada, LLC, a

Nevada limited liability company

Escrow Agent:  

___________________________ By: 

___________________________ Its: Manager

Schedule of Exhibits:

Exhibits A-1 – A-6 - Legal Descriptions

Exhibit B- Title Report

Exhibit C- Assignment and Assumption Agreement

Exhibit D – Company Operating Agreement

Exhibit E-Leases

Exhibit A-1

Legal Description

Exhibit A-2

Legal Description

Exhibit A-3

Legal Description

Exhibit A-4

Legal Description

Exhibit A-5

Legal Description

Exhibit A-6

Legal Description

EXHIBIT B

Title Report

Exhibit C

ASSIGNMENT AND ASSUMPTION OF SELLER MEMBERSHIP INTEREST

THIS ASSIGNMENT AND ASSUMPTION OF SELLER MEMBERSHIP INTEREST (this "Agreement") is dated as of ____________________ ____, 201___ (the "Effective Date"), by and between _________________________, a  ("Seller"), and ________________________________, a ______________________ ("Purchaser").

RECITALS

A. Seller owns a twelve and 50/100 percent (12.50%) membership interest in Stable Properties CC, LLC, a Nevada limited liability company (the "Company").

B. The Company is a limited liability company formed under the laws of the State of Nevada pursuant to the terms of a Certificate of Formation and is governed by that certain Second Amended and Restated Operating Agreement of the Company, dated as of April 8, 2016 (as amended, the "Operating Agreement") attached hereto as Exhibit D.

C. The Company is the fee owner of certain Property (as such term is defined in the Purchase Agreement).

D. This Agreement is executed pursuant to that certain MEMBERSHIP INTEREST PURCHASE AGREEMENT among Seller and Purchaser (the "Purchase Agreement").  This Agreement may use the capitalized terms used in the Purchase Agreement. Pursuant to the Purchase Agreement, Seller has agreed to sell to Purchaser and Purchaser has agreed to purchase from Seller, all of Seller's twelve and 50/100 percent (12.50%) membership interest (the "Membership Interest") in the Company.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein set forth, and other valuable consideration, receipt of which is hereby acknowledged, Seller and Purchaser hereby agree as follows:

1. Assignment and Withdrawal from the Company.  Seller hereby conveys to Purchaser all of Seller's right, title and interest in and to the Membership Interest so that upon the Effective Date, Purchaser is admitted as a member of the Company, Seller withdraws as a member from the Company, and Purchaser shall own twelve and 50/100 percent (12.50%) of the membership interests in the Company.  Purchaser hereby accepts

2. the Membership Interest subject at all times to the terms and conditions of the Operating Agreement and agrees to be bound by its terms.

3. Amendment to Operating Agreement.  As of the Effective Date, this Agreement shall amend the Operating Agreement to reflect that Seller has withdrawn from the Company as a member and that Purchaser owns the Membership Interest.

4. Assumption of Liability.  Purchaser agrees to be bound by the terms of the Operating Agreement and, except to the extent expressly set forth in the Purchase Agreement, assumes and agrees to pay and discharge when and as due all liabilities, obligations and responsibilities of Seller to the Company arising from and after the Effective Date.

5. Further Assurances.  The parties hereto and each of them agree at the time and from time to time to execute any and all documents reasonably requested by the other to carry out the intent of this Agreement.

6. Incorporation.  The terms, conditions and provisions of the Purchase Agreement, including without limitation the indemnity obligations, are hereby incorporated herein as if fully rewritten.

7. Governing Laws.  The validity, meaning and effect of this Agreement shall be determined in accordance with the laws of the State of Nevada applicable to contracts to be performed therein.

8. Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one agreement.

9. Binding Effect.  This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns.  The provisions of this Agreement are intended to survive the sale of the Membership Interest.  This Agreement may not be amended other than by a written agreement signed by all the parties hereto.  The terms of this Agreement shall survive the assignment of the Membership Interests herein.

[Signature page follows.]

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

	
SELLER:

 

	
__________________,

a __________________

 

By:  

 Name:

Title:

 

	
PURCHASER:

	
_______________________________,

a ________________________________

 

By:  

 Name:  ______________________

Title:  ______________________

 

EXHIBIT D

Operating AgreementExhibit

EXHIBIT 10.3

FORM OF 
 
EXCHANGE AGREEMENT
This EXCHANGE AGREEMENT (this “Agreement”), dated as of [__________], 2017, is hereby entered into by and among Hamilton Lane Incorporated, a Delaware corporation (the “Corporation”), Hamilton Lane Advisors, L.L.C., a Pennsylvania limited liability company (the “Company”), and the Company Unitholders (as defined herein).
RECITALS
WHEREAS, in connection with the closing of its initial public offering (the “IPO”) of Class A Common Stock (as defined herein), the Corporation intends to consummate the transactions described in the Registration Statement on Form S-1, as amended (Registration No. 333-[_____]); and
WHEREAS, the parties hereto desire to provide for the exchange of Company Exchangeable Units (as defined herein) for cash or shares of Class A Common Stock, on the terms and subject to the conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1    Definitions. The following capitalized terms shall have the meanings specified in this Section 1.1. Other terms are defined in the text of this Agreement and those terms shall have the meanings respectively ascribed to them.
“Advisory Firm” means any accounting firm or law firm, in each case that is nationally recognized as being expert in tax matters and that is agreed to by the Board.
“Agreement” has the meaning set forth in the Preamble.
“Beneficial Ownership” (including correlative terms) shall have the meaning ascribed to that term in Rule 13d-3 promulgated under the Exchange Act.
“Board” means the board of directors of the Corporation.
“Business Day” means any day, other than a Saturday, Sunday or any other day on which commercial banks located in New York City, New York or Philadelphia, Pennsylvania are authorized or required to close.
“Cash Settlement” means immediately available funds in U.S. dollars in an amount equal to the product of (x) the number of shares of Class A Common Stock that would otherwise 

be delivered to a Company Unitholder in an Exchange pursuant to Section 2.1, multiplied by (y) the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal or its successor, for each of the three (3) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Exchange Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the amount specified in clause (y) shall be determined in good faith by a majority of the directors of the Corporation that do not have an interest in the Company Exchangeable Units and shares of Class B Common Stock being Exchanged.
A “Change of Control” means the occurrence of any of the following events:
(i)     any Person (other than a member of the Ownership Group or a Permitted Transferee) or any group of Persons (other than a group of all whose members are members of the Ownership Group or Permitted Transferees thereof) acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange Act, or any successor provisions thereto, becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities; or 
(ii)     the following individuals cease for any reason to constitute a majority of the number of directors of the Corporation then serving: individuals who, on the IPO Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the Board or nomination for election by the Corporation’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the IPO Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or 
(iii)     there is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary of the Corporation with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the members of the Board immediately prior to the merger or consolidation do not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a subsidiary, the ultimate parent thereof, or (y) all of the Persons who were the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation; or 
(iv)     the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation, or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation  

[Signature Page to Exchange Agreement]

 of all or substantially all of the Corporation’s assets, other than the sale or other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are Beneficially Owned by stockholders of the Corporation in substantially the same proportions as their Beneficial Ownership of such securities of the Corporation immediately prior to such sale. 
 “ Change of Control Exchange ” has the meaning set forth in  Section 2.1(b)(i) . 
 “ Change of Control Exchange Date ” has the meaning set forth in  Section 2.1(b)(iii) . 
“Class A Common Stock” means the Class A Common Stock, par value $0.001 per share, of the Corporation.
“Class B Common Stock” means the Class B Common Stock, par value $0.001 per share, of the Corporation.
“Code” means the Internal Revenue Code of 1986, as amended.
“Company” has the meaning set forth in the Preamble.
“Company Class B Unit” means (i) each Class B Unit (as such term is defined in the LLC Agreement) issued as of the date hereof after giving effect to all transactions contemplated to occur by Section 3.2 of the LLC Agreement and (ii) each Class B Unit or other interest in the Company that may be issued by the Company in the future that is designated by the Company as a “Company Class B Unit,” including any interest converted into or exchanged for a Company Class B Unit.
“Company Class C Unit” means (i) each Class C Unit (as such term is defined in the LLC Agreement) issued as of the date hereof after giving effect to all transactions contemplated to occur by Section 3.2 of the LLC Agreement and (ii) each Class C Unit or other interest in the Company that may be issued by the Company in the future that is designated by the Company as a “Company Class C Unit,” including any interest converted into or exchanged for a Company Class C Unit.
“Company Exchangeable Unit” means each Company Class B Unit and each Company Class C Unit.
“Company Units” means all units, including Class A Units (as such term is defined in the LLC Agreement), Company Class B Units and Company Class C Units, issued by the Company and outstanding from time to time.
“Company Unitholder” means each holder of one or more Company Exchangeable Units that is a party hereto as of the date hereof or that becomes a party to this Agreement pursuant to Section 4.1.
 “ Contribution Notice ” has the meaning set forth in  Section 2.1(a)(iv) . 

[Signature Page to Exchange Agreement]

“Corporation” has the meaning set forth in the Preamble.
“Exchange” has the meaning set forth in Section 2.1(a)(i).
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
 “ Exchange Consideration ” shall mean: in the case of any Exchange, the number of shares of Class A Common Stock that is equal to the product of the number of Company Exchangeable Units surrendered in the Exchange multiplied by the Exchange Rate, or the Cash Settlement, plus, in the case of an Exchange of Class B Units (except an Exchange in connection with a Change of Control pursuant to  Section 2.1(b)) , the amount that is equal to $0.001 multiplied by the number of Class B shares of Common Stock included in the Exchange. 
“Exchange Date” has the meaning set forth in Section 2.1(a)(ii).
“Exchange Notice” has the meaning set forth in Section 2.1(a)(ii).
“Exchange Rate” means, in respect of any Exchange, a ratio, the numerator of which shall be the number of shares of Class A Common Stock outstanding immediately prior to the Exchange and the denominator of which shall be the number of Company Units owned by the Corporation immediately prior to the Exchange. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2.
“HLAI” means HLA Investments, LLC, a Delaware limited liability company.
“IPO” has the meaning set forth in the Recitals.
 “ IPO Date ” means the effective date of the registration statement pursuant to which the Class A Common Stock of the Corporation is sold in an IPO. 
 “ LLC Agreement ” means the Fourth Amended and Restated Limited Liability Company Agreement of the Company, dated as of the date hereof, as the same may be further amended or restated from time to time in accordance with the terms thereof. 
 “ Managing Member ” has the meaning set forth in the LLC Agreement. 
“Notice” has the meaning set forth in Section 4.2.
 “ Ownership Group ” means the parties to the Stockholders Agreement, dated and effective as of the Effective Date, among the Company, the Corporation and certain Company Unitholders. 
“Permitted Transferee” has the meaning set forth in Section 4.1.
“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

[Signature Page to Exchange Agreement]

“Post-IPO Company Units” means the number of Company Units outstanding after giving effect to the completion of the IPO (after taking into account the delivery of shares of Class A Common Stock to the underwriters in respect of any overallotment option) and the related issuance of Company Units to the Corporation by the Company in exchange for a portion of the proceeds therefrom, as such number of Company Units may be equitably adjusted to reflect any dividend, split, subdivision or combination of shares, or reclassification, recapitalization, merger, consolidation or other reorganization of or with respect to the Company Units occurring subsequent to such time.
“Retraction Notice” has the meaning set forth in Section 2.1(a)(vi).
“SEC” means the United States Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
 “ Senior Unitholder ” means any member of the Board, executive officer of the Company, or employee of the Company or HLA with the title of Managing Director or Principal (or their equivalents), each as of the time of the relevant Exchange. 
 “ Senior Unitholder Restriction ” means that no Senior Unitholder may Exchange (i) any Company Exchangeable Units until the first anniversary of the Effective Date, (ii) more than one third (1/3) of such Senior Unitholder’s Company Exchangeable Units until the second anniversary of the Effective Date, and (iii) more than two thirds (2/3) of such Senior Unitholder’s Company Exchangeable Units until the third anniversary of the Effective Date. The number of Company Exchangeable Units and the relevant fractions will be calculated based on the number of Company Units held on the Effective Date.  
“Takeover Laws” has the meaning set forth in Section 3.1.
“Tax Receivable Agreement” means that certain Tax Receivable Agreement, dated on or about the date hereof, among the Corporation, the Company and the HLA Members (as defined therein), as the same may be further amended or restated from time to time in accordance with the terms thereof.
“Trading Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

[Signature Page to Exchange Agreement]

ARTICLE II
EXCHANGES
 Section 2.1      Exchange of Company Exchangeable Units for Class A Common Stock . 
(a)    Elective Exchanges.
(i)     Subject to  Section 2.1(c) , and otherwise upon the terms and subject to the conditions hereof and of the LLC Agreement, each Company Unitholder shall have the right from time to time (but subject to the Senior Unitholder Restriction, in the case of Senior Unitholders) to surrender Company Exchangeable Units, and, for each Company Class B Unit surrendered, a corresponding share of Class B Common Stock (in each case, free and clear of all liens, encumbrances, rights of first refusal and similar restrictions, except for those arising under this Agreement and the LLC Agreement) to the Company and to thereby cause the Company to deliver to that Company Unitholder (or its designee) the Exchange Consideration as set forth herein (an “ Exchange ”). 
(ii)     For the avoidance of doubt, and notwithstanding anything else in this Agreement or the LLC Agreement to the contrary: (A) no Exchange of Class B Units may be made without a concurrent Exchange of an equivalent number of shares of Class B Common Stock; (B) the Corporation may elect to settle an Exchange, in whole or in part, by delivery of the Cash Settlement as to all or any portion of the total number of Company Exchangeable Units being surrendered and delivery of Class A Common Stock as to any remaining portion not satisfied by the Cash Settlement; (C) the Board (or a committee to which the Board has delegated such authority) may, in its sole discretion, deny or limit, in whole or in part, any Exchange that fails to comply with any requirements therefor that the Corporation, the Company, or the Board may have established, or that, if effected, would adversely affect the trading market in the Company's Common Stock. In particular, a Company Unitholder shall not be entitled to an Exchange, and the Corporation and Company shall have the right to refuse to honor any request for an Exchange, at any time or during any period if the Corporation or the Company determines based on the advice of counsel that such Exchange (x) would be prohibited by law or regulation (including, without limitation, the unavailability of a registration of such Exchange under the Securities Act or an exemption from the registration requirements thereof) or (y) would not be permitted under any agreement with the Corporation, the Company or any of their subsidiaries to which the applicable Company Unitholder is party (including, without limitation, the LLC Agreement) or (solely in the case of an Exchange requested by an officer, director or other personnel of the Corporation, the Company or any of their subsidiaries) any written policies of the Corporation related to restrictions on trading applicable to its officers, directors or other personnel. 
 (iii)      A Company Unitholder shall exercise its right to an Exchange of Company Exchangeable Units and, in the case of Company Class B Units, a corresponding number of shares of Class B Common Stock, as set forth in  Section 2.1(a)  by delivering to the Company, with a contemporaneous copy delivered to the Corporation, in each case during normal business hours at the principal executive offices of the Company and the Corporation, respectively, (A) a written election of exchange in respect of the Company Exchangeable Units to be exchanged  

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 substantially in the form of Exhibit A hereto (an “ Exchange Notice ”), duly executed by such Company Unitholder, (B) any certificates in such Company Unitholder’s possession representing such Company Exchangeable Units, (C) if applicable, any stock certificates in such Company Unitholder’s possession representing the shares of Class B Common Stock required to be surrendered in connection with an Exchange of Class B Units, and (D) such other information, documents or instruments as either the Company or the Corporation may reasonably require in connection with the Exchange. After the items specified in clauses (A)-(D) of the first sentence of this  Section 2.1(a)(iii)  have been delivered to the Company, and unless such Company Unitholder timely has delivered a Retraction Notice pursuant to  Section 2.1(a)(v)  or the Company has refused to honor the request in full pursuant to  Section 2.1(a)(ii) , the Company will effect the Exchange in accordance with its then-current policies and inform the Company Unitholder of the effective date of such Exchange (the “ Exchange Date ”). On the Exchange Date, all rights of the exchanging Company Unitholder as a holder of the Company Exchangeable Units and shares of Class B Common Stock that are subject to the Exchange shall cease, and unless the Corporation has elected Cash Settlement as to all Company Exchangeable Units tendered, such Company Unitholder (or its designee) shall be treated for all purposes as having become the record holder of the shares of Class A Common Stock to be received by the exchanging Company Unitholder in respect of such Exchange.  
 (iv)      At least two Business Days before the Exchange Date, the Corporation shall give written notice (the “ Contribution Notice ”) to the Company (with a copy to the exchanging Company Unitholders) of its intended settlement method;  provided  that if the Corporation does not timely deliver a Contribution Notice, the Corporation shall be deemed not to have elected the Cash Settlement method. 
 (v)      Notwithstanding anything herein to the contrary, (x) a Company Unitholder may withdraw or amend its Exchange Notice, in whole or in part, at any time prior to 5:00 p.m. New York City time, on the Business Day immediately prior to the Exchange Date by giving written notice (the “ Retraction Notice ”) to the Company (with a copy to the Corporation) specifying (A) the number and class of withdrawn Company Exchangeable Units and, as to Company Class B Units, the corresponding number of shares of Class B Common Stock and (B) if any, the number and class of Company Exchangeable Units and, as to Company Class B Units, the corresponding number of shares of Class B Common Stock, as to which the Exchange Notice remains in effect, and (y) a Company Unitholder may specify, in an applicable Exchange Notice, that the Exchange is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering, Change of Control transaction or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination. The timely delivery of a Retraction Notice indicating an entire withdrawal of the Exchange Notice pursuant to clause (x) above and, in respect of clause (y) above, the termination of the transaction or event prior to the consummation thereof, shall, in either case, terminate all of the exchanging Company Unitholder’s, Company’s and Corporation’s rights and obligations under this  Section 2.1(a)  arising from that particular Exchange Notice, and all actions taken to effect the Exchange contemplated by that Exchange Notice shall be deemed rescinded. 

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 (b)      Change of Control . In connection with a Change of Control, and subject to any approval of the Change of Control by the holders of Class A Common Stock and Class B Common Stock that may be required under the terms of the certificate of incorporation of the Corporation or relevant agreement, or by applicable law: 
(i)    The Corporation shall have the right to require any Company Unitholder to Exchange some or all of that Company Unitholder’s Company Exchangeable Units and, in the case of Class B Units, a corresponding number of shares of Class B Common Stock (in each case, free and clear of all liens, encumbrances, rights of first refusal and the like) with the Corporation in exchange for the delivery to the exchanging Company Unitholder (or its designee) of a number of shares of Class A Common Stock that is equal to the product of the number of Company Exchangeable Units surrendered multiplied by the Exchange Rate (a “Change of Control Exchange”); provided that, if the Corporation requires the Company Unitholders to Exchange fewer than all of their outstanding Company Exchangeable Units and, as to Company Class B Units, Class B Common Stock, each Company Unitholder’s participation in the required Exchange shall be reduced pro rata. For the avoidance of doubt, any Company Exchangeable Units and, as to Company Class B Units, Class B Common Stock held by a Company Unitholder that are not Exchanged pursuant to a Change of Control Exchange may thereafter be Exchanged by such Company Unitholder pursuant to Section 2.1(a) subject to and in accordance with the terms thereof.
(ii)    The election of the Corporation pursuant to this Section 2.1(b) shall be at the sole discretion of the Corporation upon the approval thereof by a majority of the Board (or a committee to which the Board has delegated such authority).
 (iii)      Any Exchange pursuant to this  Section 2.1(b)  shall be effective immediately prior to the consummation of the Change of Control (and, for the avoidance of doubt, shall not be effective if such Change of Control is not consummated) (the “ Change of Control Exchange Date ”). From and after the Change of Control Exchange Date, (x) the Company Exchangeable Units and, as to Company Class B Units, shares of Class B Common Stock Exchanged pursuant to this  Section 2.1(b)  shall be deemed to be transferred to the Corporation on the Change of Control Exchange Date and (y) the exchanging Company Unitholder shall cease to have any rights with respect to the Company Exchangeable Units and, as to Company Class B Units, shares of Class B Common Stock Exchanged pursuant to this  Section 2.1(b)  (other than the right to receive shares of Class A Common Stock pursuant to  Section 2.1(b)(i)  upon compliance with its obligations under  Section 2.1(b)(v) ). 
 (iv)      The Corporation shall provide written notice of an expected Change of Control to all Company Unitholders within the earlier of (x) five Business Days following the execution of the agreement with respect to such Change of Control and (y) 10 Business Days before the proposed date upon which the contemplated Change of Control is to be effected, indicating in such notice such information as may reasonably describe the Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for Company Units and shares of Class B Common Stock or shares of Class A Common Stock, as applicable, in the Change of Control (which consideration shall be the same whether paid for (x) Company Units and shares of Class B Common Stock or (y) shares of Class A Common Stock), any election with respect  

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 to types of consideration that a holder of Company Exchangeable Units and shares of Class B Common Stock or shares of Class A Common Stock, as applicable, shall be entitled to make in connection with the Change of Control, the percentage of total Company Exchangeable Units and shares of Class B Common Stock or shares of Class A Common Stock, as applicable, to be transferred to the acquirer by all stockholders in the Change of Control, and the number of Company Exchangeable Units and shares of Class B Common Stock held by each Company Unitholder that the Corporation intends to require to be Exchanged for shares of Class A Common Stock in connection with the Change of Control. The Corporation shall update such notice from time to time to reflect any material changes to the information contained in it. The Corporation may satisfy any such notice and update requirements described in the preceding two sentences by providing such information on a Form 8-K, Schedule TO, Schedule 14D-9 or similar form filed with the SEC.  
(v)    On or prior to the Change of Control Exchange Date, the Company Unitholder shall deliver to the Corporation with a contemporaneous copy delivered to the Company, in each case during normal business hours at the principal executive offices of the Company and the Corporation, respectively:  (A) an Exchange Notice, duly executed by such Company Unitholder, (B) any certificates in such Company Unitholder’s possession representing all Company Exchangeable Units being surrendered by the Company Unitholder, (C) if applicable, any stock certificates in such Company Unitholder’s possession representing all shares of Class B Common Stock being surrendered by the Company Unitholder, and (D) such other information, documents, and instruments as the Corporation or the Company may require.
 (c)      Exchange Consideration . On the Exchange Date or Change of Control Exchange Date, as applicable, provided the Company Unitholder has satisfied its obligations under  Section 2.1(a)(ii)  or  Section 2.1(b)(v) , as applicable, the Company or the Corporation, as applicable, shall deliver or cause to be delivered to such Company Unitholder (or its designee), at the address set forth on the applicable Exchange Notice, either certificates representing the number of shares of Class A Common Stock deliverable upon the applicable Exchange, registered in the name of the relevant exchanging Company Unitholder (or its designee) or, if the Corporation has so elected, the Cash Settlement, as applicable. Notwithstanding the foregoing, the Corporation shall have the right but not the obligation (in lieu of the Company) to have the Corporation acquire the Company Exchangeable Units and, as to Company Class B Units, Class B Common Stock any Company Unitholder is requesting to be exchanged pursuant to  Section 2.1(a)  or the Corporation is requiring to be exchanged pursuant to  Section 2.1(b)  directly from such Company Unitholder in exchange for shares of Class A Common Stock or, in the case of an exchange pursuant to  Section 2.1(a) , at the option of the Corporation, the Cash Settlement. If an exchanging Company Unitholder receives the shares of Class A Common Stock or the Cash Settlement that such Company Unitholder is entitled to receive in connection with an Exchange pursuant to  Section 2.1(a)  from the Corporation pursuant to this  Section 2.1(c) , the Company Unitholder shall have no further right to receive shares of Class A Common Stock from the Company in connection with that Exchange. Notwithstanding anything set forth in this  Section 2.1(c)  to the contrary, to the extent the Class A Common Stock is settled through the facilities of The Depository Trust Company, the Company or the Corporation will, upon the written instruction of an exchanging Company Unitholder, deliver the shares of Class A Common Stock deliverable to such exchanging Company Unitholder through the facilities of The Depository Trust Company to the account of the participant of The Depository Trust Company  

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 designated by such exchanging Company Unitholder in the Exchange Notice. Upon a Company Unitholder exercising its right to Exchange or the occurrence of a Change of Control Exchange, the Company or the Corporation, as applicable, shall take such actions as (A) may be required to ensure that such Company Unitholder receives the shares of Class A Common Stock or the Cash Settlement that such exchanging Company Unitholder is entitled to receive in connection with such Exchange pursuant to this  Section 2.1 , and (B) may be reasonably within its control that would cause such Exchange to be treated for purposes of the Tax Receivable Agreement as an “Exchange” (as such term is defined in the Tax Receivable Agreement). 
 (d)     Cancellation of Class B Common Stock. For clarity, any Exchange of Company Class B Units shall be accompanied by and conditioned on the surrender to the Company of an equal number of shares of Class B Common Stock. Any shares of Class B Common Stock surrendered in an Exchange shall automatically be deemed cancelled without any action on the part of any Person, including the Corporation. Any such cancelled shares of Class B Common Stock shall no longer be outstanding, and all rights with respect to such shares shall automatically cease and terminate, other than the right to receive from the Corporation a cash payment equal to the aggregate par value of such shares.
 (e)     Expenses. Subject to any other arrangement or agreement among the Company and an applicable Company Unitholder, the Corporation, the Company, and each exchanging Company Unitholder shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that the Corporation shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the Company Unitholder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Company Unitholder) or the Cash Settlement is to be paid to a Person other than the Company Unitholder that requested the Exchange, then such Company Unitholder or the Person in whose name such shares are to be delivered or to whom the Cash Settlement is to be paid shall pay to the Corporation the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid or is not payable.
 (f)      Publicly Traded Partnership . Notwithstanding anything to the contrary herein, if the Board or the Managing Member of the Company, as applicable, obtains a written opinion from an Advisory Firm that interests in the Company do not meet the requirements of Treasury Regulation Section 1.7704-1(h), the Corporation or the Company, as applicable, will impose such restrictions on Exchanges as the Corporation or the Company, as applicable, may reasonably determine to be necessary or advisable so that the Company is not treated as a “publicly traded partnership” under Section 7704 of the Code. Notwithstanding anything to the contrary herein, no Exchange shall be permitted (and, if attempted, shall be void  ab initio ) if the Corporation or the Company obtains a written opinion from an Advisory Firm that such an Exchange would pose a material risk that the Company would be a “publicly traded partnership” under Section 7704 of the Code. 

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 Section 2.2      Adjustment . To the extent not reflected in an adjustment to the Exchange Rate, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, then upon any subsequent Exchange, an exchanging Company Unitholder shall be entitled to receive the amount of such security, securities or other property that such exchanging Company Unitholder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, this  Section 2.2  shall continue to be applicable,  mutatis mutandis , with respect to such security or other property. 
Section 2.3    Class A Common Stock to be Issued. 
(a)    The Corporation shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable upon all such Exchanges; provided, however, that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Exchange by delivery of unencumbered purchased shares of Class A Common Stock (which may or may not be held in the treasury of the Corporation or any subsidiary thereof).
(b)    The Corporation has taken and will take all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of the Corporation (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each director or officer of the Corporation (including directors-by-deputization) who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the Corporation upon the registration of any class of equity security of the Corporation pursuant to Section 12 of the Exchange Act.
(c)    If any Takeover Law or other similar law or regulation becomes or is deemed to become applicable to this Agreement or any of the transactions contemplated hereby, the Corporation shall use its reasonable best efforts to render such law or regulation inapplicable to all of the foregoing.
(d)    The Corporation covenants that all shares of Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable and 

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not subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or other right in favor of any Person.
Section 2.4    Withholding. 
(a)    If the Corporation or the Company shall be required to withhold any amounts by reason of any federal, state, local or foreign tax laws or regulations in respect of any Exchange, the Corporation or the Company, as the case may be, shall be entitled to take such action as it deems appropriate in order to ensure compliance with such withholding requirements, including, at its option, withholding shares of Class A Common Stock with a fair market value equal to the minimum amount of any taxes that the Corporation or the Company, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes of this Agreement as having been paid (or delivered) to the applicable Company Unitholder.
(b)    If the Corporation or the Company determines that any amounts by reason of any federal, state, local or foreign tax laws or regulations are required to be withheld in respect of any Exchange, the Corporation or the Company, as the case may be, shall use commercially reasonable efforts to promptly notify the exchanging Company Unitholder and shall consider in good faith any theories, positions or alternative arrangements that such Company Unitholder raises (reasonably in advance of the date on which the Corporation or the Company believes withholding is required) as to why withholding is not required or that may avoid the need for such withholding, provided that none of the Corporation or the Company is required to incur additional costs as a result of such obligation and this Section 2.4(b) shall not in any manner limit the authority of the Corporation or the Company to withhold taxes with respect to an exchanging Company Unitholder pursuant to Section 2.4(a).
Section 2.5    Tax Treatment. Unless otherwise required by applicable law, the parties hereto acknowledge and agree that an Exchange with the Company or the Corporation shall be treated as a direct exchange between the Corporation and the Company Unitholder for U.S. federal and applicable state and local income tax purposes. The parties hereto intend to treat any Exchange consummated hereunder as a taxable exchange for U.S. federal and applicable state and local income tax purposes except as otherwise agreed to in writing by the exchanging Company Unitholder and the Corporation. This Agreement shall be treated as part of the partnership agreement of the Company as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder.
 Section 2.6      Contribution of the Corporation . In connection with any Exchange between a Company Unitholder and the Company, the Corporation shall contribute to the Company the shares of Class A Common Stock or Cash Settlement that the Company Unitholder is entitled to receive in such Exchange. Unless the Company Unitholder has timely delivered a Retraction Notice as provided in  Section 2.1(a)(iv) , on the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date) (i) the Corporation shall make a capital contribution to the Company (in the form of the shares of Class A Common Stock or the Cash Settlement that the Company Unitholder is entitled to receive in such Exchange) required under this  Section 2.6   

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 and (ii) the Company shall issue to the Corporation a number of Company Class A Units equal to the number of Company Exchangeable Units surrendered by the Company Unitholder. The timely delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’s rights and obligations under this  Section 2.6  arising from the Exchange Notice. 
Section 2.7    Distributions. No Exchange will impair the right of an exchanging Company Unitholder to receive any distribution for periods ending on or prior to the Exchange Date for such Exchange (but for which payment had not yet been made with respect to the Company Exchangeable Units in question at the time the Exchange is consummated), in which case such exchanging Company Unitholder will retain, with respect to the Company Exchangeable Units so Exchanged, only the right to be paid such earned but unpaid distribution at the time it is paid to other Company Unitholders; provided that, for purposes of this Section 2.7, the exchanging Company Unitholder’s right to receive its pro rata portion of any distribution by the Company in respect of such periods shall not be deemed impaired to the extent that the Company has not paid the Corporation its pro rata portion of such distribution prior to the consummation of the applicable Exchange.
Section 2.8    Conclusive Nature of Determinations. All determinations, interpretations, calculations, adjustments and other actions of the Company, the Corporation, the Board (or a committee to which the Board has delegated such authority), the Managing Member or a designee of any of the foregoing that are within such Person’s authority hereunder shall be binding and conclusive on a Company Unitholder absent manifest error. In connection with any such determination, interpretation, calculation, adjustment or other action, the Company, the Corporation, the Board (or a committee to which the Board has delegated such authority), the Managing Member or the designee of any of the foregoing shall be entitled to resolve any ambiguity with respect to the manner in which such determination, interpretation, calculation, adjustment or other action is to be made or taken, and shall be entitled to interpret the provisions of this Agreement, in such a manner as it determines to be fair and equitable, and such resolution or interpretation shall be binding and conclusive on a Company Unitholder absent manifest error. 
ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section 3.1    Representations and Warranties of the Corporation. The Corporation represents and warrants that (i) it is a corporation duly incorporated and is existing and in good standing under the laws of the State of Delaware, (ii) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and to issue the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by the Corporation and the consummation by it of the transactions contemplated hereby (including the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate action on the part of the Corporation, including all actions determined by the Board to be reasonably necessary to ensure that the acquisition of shares of Class A Common Stock pursuant to an Exchange shall not be subject to any “moratorium,” “control share acquisition,” “business combination,” “fair price” or other form of anti-takeover laws and regulations of any United States jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated hereby (collectively, “Takeover Laws”) to the extent permitted by 

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applicable law, (iv) this Agreement constitutes a legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the Corporation and the consummation by the Corporation of the transactions contemplated hereby will not (A) result in a violation of the certificate of incorporation of the Corporation or the bylaws of the Corporation or (B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Corporation is a party, or (C) based on the representations to be made by each Company Unitholder pursuant to the written election in the form of Exhibit A attached hereto in connection with Exchanges made pursuant to the terms of the Agreement, result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Corporation or by which any property or asset of the Corporation is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would not reasonably be expected to have a material adverse effect on the Corporation or its business, financial condition or results of operations.
Section 3.2    Representations and Warranties of the Company. The Company represents and warrants that (i) it is a limited liability company duly formed and is existing and in good standing under the laws of the Commonwealth of Pennsylvania, (ii) it has all requisite power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company, (iv) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby will not (A) result in a violation of the certificate of formation of the Company or the LLC Agreement or (B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Company or by which any property or asset of the Company is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would not reasonably be expected to have a material adverse effect on the Company or its business, financial condition or results of operations.
Section 3.3    Representations and Warranties of the Company Unitholders. Each Company Unitholder, severally and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of organization, is existing and in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate 

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the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Company Unitholder, (iv) this Agreement constitutes a legal, valid and binding obligation of such Company Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally and (v) the execution, delivery and performance of this Agreement by such Company Unitholder and the consummation by such Company Unitholder of the transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the certificate of incorporation, bylaws or other organizational documents of such Company Unitholder, (B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Company Unitholder is a party or by which any property or asset of such Company Unitholder is bound or affected, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to such Company Unitholder, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would not in any material respect result in the unenforceability against such Company Unitholder of this Agreement.
ARTICLE IV
MISCELLANEOUS
Section 4.1    Additional Company Unitholders. If a Company Unitholder validly transfers any or all of such holder’s Company Class B Units and shares of Class B Common Stock or Company Class C Units to another Person in a transaction in accordance with, and not in contravention of, the LLC Agreement, then such transferee (each, a “Permitted Transferee”) shall be required to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a Company Unitholder hereunder. To the extent the Company issues Company Exchangeable Units in the future, then the Company shall require each holder of such Company Exchangeable Units to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a Company Unitholder hereunder. Except as set forth in this Section 4.1, a Company Unitholder may not assign or transfer any of its rights or obligations under this Agreement. No Person shall have any rights hereunder until he, she, or it has executed this Agreement.
Section 4.2    Term; Termination. This Agreement shall remain in effect (i) as to the Company and the Corporation, until the date on which no Company Class B Units or Company Class C Units remain outstanding and there exist no rights to acquire Company Exchangeable Units; and (ii) as to any Company Unitholder, until the date such Company Unitholder no longer holds or has any right to acquire Company Exchangeable Units. 
Section 4.3    Notifications. Any notice, demand, consent, election, approval, request, or other communication (collectively, a “notice”) required or permitted under this Agreement must be in writing or electronic form and either delivered personally, sent by certified or registered mail, postage prepaid, return receipt requested or sent by recognized overnight delivery service, electronically or by facsimile transmittal. A notice must be addressed:

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If to the Corporation or the Company at:
One Presidential Boulevard, 4th Floor 
Bala Cynwyd, Pennsylvania  19004  
Telephone:  (610) 617-6076 
Facsimile:  (610) 617-9854 
Attention:  General Counsel
with a copy (which shall not constitute notice to the Corporation or the Company) to:
Drinker Biddle & Reath LLP 
One Logan Square, Suite 2000 
Philadelphia, Pennsylvania 19103-6996 
Telephone:  (215) 988-2515 
Facsimile:  (215) 988-2757 
Attention:  H. John Michel, Jr.
If to any Company Unitholder, to the address and other contact information set forth in the records of the Company from time to time.
A notice delivered personally will be deemed given only when accepted or refused by the Person to whom it is delivered. A notice that is sent by mail will be deemed given:  (i) three Business Days after such notice is mailed to an address within the United States of America or (ii) seven Business Days after such notice is mailed to an address outside of the United States of America. A notice sent by recognized overnight delivery service will be deemed given when received or refused. A notice sent electronically or by facsimile shall be deemed given upon receipt of a confirmation of such transmission, unless such receipt occurs after normal business hours, in which case such notice shall be deemed given as of the next Business Day. The Company or the Corporation may designate, by notice to all of the Company Unitholders, substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees. Company Unitholders may designate, by notice to the Company and the Corporation, substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees.
Section 4.4    Complete Agreement. This Agreement, together with the LLC Agreement and the Tax Receivable Agreement, constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and thereof, and supersedes all prior agreements or arrangements (written and oral), including any prior representation, statement, condition or warranty between the parties relating to the subject matter hereof and thereof.
Section 4.5    Applicable Law; Venue; Waiver of Jury Trial. 
(a)    The parties hereto hereby agree that all questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed by this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware without giving effect to any choice of law or conflict of law provision or rule, notwithstanding that public policy in Delaware or any other forum jurisdiction might indicate 

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that the laws of that or any other jurisdiction should otherwise apply based on contacts with such state or otherwise.
(b)    Each of the parties hereto submits to the exclusive jurisdiction of the Court of Chancery in the State of Delaware in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding may be heard and determined in any such court. Each party hereto also agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required of any other party hereto with respect thereto. The parties hereto each agree that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding on it and may be enforced in any court to the jurisdiction of which it is subject by a suit upon such judgment.
(c)    EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.5.
Section 4.6    References to this Agreement; Headings. Unless otherwise indicated, “Sections,” “clauses” and “Exhibits” mean and refer to designated Sections, clauses, and Exhibits of this Agreement. Words such as “herein,” “hereby,” “hereinafter,” “hereof,” “hereto,” and “hereunder” refer to this Agreement as a whole, unless the context indicates otherwise. All headings in this Agreement are for convenience of reference only and are not intended to define or limit the scope or intent of this Agreement. All exhibits and schedules referred to herein, and as the same may be amended from time to time, are by this reference made a part hereof as though fully set forth herein.
Section 4.7    Binding Provisions. This Agreement is binding upon, and inures to the benefit of, the parties hereto and their respective personal and legal representatives, heirs, executors, successors and Permitted Transferees.
Section 4.8    Construction. Common nouns and pronouns and any variations thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural, as the identity 

[Signature Page to Exchange Agreement]

of the Person, Persons or other reference in the context requires. Every covenant, term and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party hereto. Any reference to any statute, law, or regulation, form or schedule shall include any amendments, modifications, or replacements thereof. Any reference to any agreement, contract or schedule, unless otherwise stated, shall include any amendments, modifications, or replacements thereof. Whenever used herein, “or” shall include both the conjunctive and disjunctive unless the context requires otherwise, “any” shall mean “one or more,” and “including” shall mean “including, without limitation.”
Section 4.9    Severability. It is expressly understood and agreed that if any provision of this Agreement or the application of any such provision to any party or circumstance shall be determined by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision to any party or circumstance other than those to which it is so determined to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by law so long as the economic or legal substance of the matters contemplated by this Agreement is not affected in any manner materially adverse to any party. If the final judgment of a court of competent jurisdiction declares or finds that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration or portion of the term or provision, or to delete specific words or phrases, and to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. If such court of competent jurisdiction does not so replace an invalid or unenforceable term or provision, the parties hereto will 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 to the end that the matters contemplated hereby are fulfilled to the fullest extent possible.
Section 4.10    Counterparts. This Agreement and any amendments may be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same document. The signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.
 Section 4.11      No Third-Party Beneficiaries . Each member of HL Management Investors, LLC and HLA Investments, LLC, on the date hereof and each of their respective Permitted Transferees is specifically intended to be a third party beneficiary of the rights to Exchange Company Exchangeable Units hereunder, subject, in each case, to their execution and delivery to the Company and the Corporation of an executed joinder to this Agreement in form and substance acceptable to the Company and the Corporation. Otherwise, this Agreement is not intended to, and does not, provide or create any rights or benefits in any Person other than the parties hereto.  
Section 4.12    Mutual Drafting. The parties hereto are sophisticated and have been advised by attorneys throughout the transactions contemplated hereby who have carefully negotiated the provisions hereof. As a consequence, the parties do not intend that the presumptions of laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be 

[Signature Page to Exchange Agreement]

applied to this Agreement or any agreement or instrument executed in connection herewith, and therefore waive their effects.
Section 4.13    Rights and Remedies Cumulative. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive the right to use any or all other remedies. Such rights and remedies are given in addition to any other rights the parties may have by law, statute, ordinance or otherwise. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition.
 Section 4.14      Amendment . The provisions of this Agreement may be amended only by the affirmative vote or written or electronic consent of each of (i) the Corporation, (ii) the Company, (iii) Company Unitholders holding a majority of the then outstanding Company Class B Units and (iv) as long as HLA Investments, LLC holds a number of Company Units that is equal to or greater than 10% of the Post-IPO Company Units, the consent of HLA Investments, LLC, as applicable;  provided  that no amendment may disproportionately and adversely affect the rights of a Company Unitholder (compared to Company Unitholders of Company Units of the same class) without the consent of such Company Unitholder;  provided further  that no amendment may disproportionately and adversely affect the rights of the Company Unitholders holding Company Class C Units (compared to Company Unitholders of Company Units generally) without the affirmative vote or written or electronic consent of Company Unitholders holding a majority of the then outstanding Company Class C Units.  
Section 4.15    Specific Performance. The parties recognize that irreparable injury will result from a breach of any provision of this Agreement and that money damages would be inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement, any party that may be injured (in addition to any other remedies that may be available to that party) shall be entitled (without the need to post any bond, surety, or other security) to one or more preliminary or permanent orders (a) restraining and enjoining any act that would constitute a breach or (b) compelling the performance of any obligation that, if not performed, would constitute a breach.
Section 4.16    Independent Nature of Company Unitholders’ Rights and Obligations. The obligations of each Company Unitholder hereunder are several and not joint with the obligations of any other Company Unitholder, and no Company Unitholder shall be responsible in any way for the performance of, or failure to perform, the obligations of any other Company Unitholder hereunder. The decision of each Company Unitholder to enter into this Agreement has been made by such Company Unitholder independently of any other Company Unitholder. Nothing contained herein, and no action taken by any Company Unitholder pursuant hereto, shall be deemed to constitute the Company Unitholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Company Unitholders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporation acknowledges that the Company Unitholders are not acting in concert or as a group, and the Corporation will not assert any such claim, with respect to such obligations or the transactions contemplated hereby.

[Signature Page to Exchange Agreement]

*                    *                    *

[Signature Page to Exchange Agreement]

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

 	
		
	HAMILTON LANE INCORPORATED 

	 
	 

	 
	 

	By:
	 

	Name:   
	 

	Title:     
	 

	 
	 

	 
	 

	HAMILTON LANE ADVISORS, L.L.C. 

	 
	 

	 
	 

	By:
	 

	Name:   
	 

	Title:     
	 

	 
	 

	 
	 

	[Company Unitholders]

	 
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

 

[Signature Page to Exchange Agreement]

EXHIBIT A
FORM OF 
EXCHANGE NOTICE
Hamilton Lane Incorporated 
One Presidential Boulevard, 4th Floor 
Bala Cynwyd, Pennsylvania  19004  
Telephone:  (610) 617-6076 
Facsimile:  (610) 617-9854 
Attention:  General Counsel
Hamilton Lane Advisors, L.L.C. 
One Presidential Boulevard, 4th Floor 
Bala Cynwyd, Pennsylvania  19004  
Telephone:  (610) 617-6076 
Facsimile:  (610) 617-9854 
Attention:  General Counsel
Reference is hereby made to the Exchange Agreement, dated as of _________, 2017 (the “Exchange Agreement”), among Hamilton Lane Incorporated, a Delaware corporation (the “Corporation”), Hamilton Lane Advisors, L.L.C., a Pennsylvania limited liability company (the “Company”), and the Company Unitholders (as defined therein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.
The undersigned Company Unitholder hereby transfers to the Company or the Corporation, as applicable, the number of Company Exchangeable Units and, as applicable, shares of Class B Common Stock set forth below in Exchange for either shares of Class A Common Stock to be issued in its name (or the name of its designee) as set forth below or, at the option of the Corporation, the Cash Settlement payable to the account set forth below, in accordance with the terms of the Exchange Agreement.
	
		
	Legal Name of Company Unitholder:
	 

	Maximum Number of Company Class B Units and shares of Class B Common Stock to be Exchanged:
	 

	Maximum Number of Company Class C Units to be Exchanged:
	 

	Limitation on Tax Benefit Payments under Section 3.01(b) of Tax Receivable Agreement:
	 

If the Company Unitholder desires the shares of Class A Common Stock be settled through the facilities of The Depositary Trust Company (“DTC”), please indicate the account of the DTC participant below.
If the Company Unitholder desires the shares of Class A Common Stock be settled through the delivery of certificates to the Company Unitholder or its designee, please indicate the following:
	
		
	Legal Name for Certificates:
	 

	Address for Delivery of Certificates:
	 

	If the Corporation elects Cash Settlement:
	 

	Account Number:
	 

	Legal Name of Account Holder:
	 

The undersigned Company Unitholder hereby represents and warrants that (i) the Company Unitholder has all requisite legal capacity and authority to execute and deliver this Exchange Notice and to perform the undersigned’s obligations hereunder; (ii) the execution and delivery of this Exchange Notice and the consummation of the Exchange have been duly authorized by all necessary corporate or other entity action on the part of the Company Unitholder; (iii) this Exchange Notice constitutes a legal, valid and binding obligation of the undersigned Company Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally; (iv) the Company Exchangeable Units and, as to Company Class B Units, shares of Class B Common Stock subject to this Exchange Notice are being transferred to the Company or the Corporation, as applicable, free and clear of any pledge, lien, security interest, encumbrance, equities or claim; (v) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Company Exchangeable Units and, as to Company Class B Units, shares of Class B Common Stock subject to this Exchange Notice is required to be obtained by the undersigned for the transfer of such Company Exchangeable Units and, as to Company Class B Units, shares of Class B Common Stock to the Company or the Corporation, as applicable; and (vi) the Company Unitholder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act, and is not acquiring the shares of Class A Common Stock with the intent to distribute them in violation of the Securities Act.
The undersigned hereby irrevocably constitutes and appoints any officer of the Company as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer the Company Units subject to this Exchange Notice and to deliver to the undersigned the shares of Class A Common Stock or the Cash Settlement to be delivered in Exchange therefor.

A-2

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Exchange Notice to be executed and delivered by the undersigned or by its duly authorized attorney.
Name:                        
Dated:                

A-3

EXHIBIT B
FORM OF 
JOINDER
This Joinder (“Joinder”) is a joinder to the Exchange Agreement, dated as of [ ], 2017 (the “Agreement”), among Hamilton Lane Incorporated, a Delaware corporation (the “Corporation”), Hamilton Lane Advisors, L.L.C., a Pennsylvania limited liability company (the “Company”), and each of the Company Unitholders from time to time party thereto. Capitalized terms used but not defined in this Joinder shall have the meanings given to them in the Agreement. The Company, the Corporation and the undersigned agree that all questions concerning the construction, validity and interpretation of this Joinder shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to any choice or conflict of law provision or rule, notwithstanding that public policy in Delaware or any other forum jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts with such state or otherwise. In the event of any conflict between this Joinder and the Agreement, the terms of this Joinder shall control.
The undersigned, having acquired shares of (i) Class B Common Stock and Company Class B Units, and/or (ii) Company Class C Units, hereby joins and enters into the Agreement. By signing and returning this Joinder to the Company and the Corporation, the undersigned (A) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a Company Unitholder contained in the Agreement, with all attendant rights, duties and obligations of a Company Unitholder thereunder and (B) makes each of the representations and warranties of a Company Unitholder set forth in Section 3.3 of the Agreement as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this Joinder by the Company and the Corporation, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement.
Unitholder Name: 

By:                     
Name:    
Title:     
Address for notices:

Copies to:

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