Document:

vitalnonceoexecutiveamen

                                                                                                               VITAL THERAPIES, INC.                               AMENDMENT NO. 1 TO               CHANGE OF CONTROL AND SEVERANCE AGREEMENT         This Amendment No. 1 to Change of Control and Severance Agreement (this “Amendment”)  is made and effective as of [                    ] (the “Amendment Effective Date”), and amends that certain  Change of Control and Severance Agreement, dated as of [                  ] (the “Agreement”), by and among  Vital Therapies, Inc., a Delaware corporation (the “Company”), and [                   ] (“Executive”).   Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the  Agreement.                                        RECITALS         WHEREAS, the Company desires to amend the terms and conditions of the Agreement in  order to maximize the opportunity and probability of closing a transaction whereby the Company  would merge with another entity and be the surviving corporation;         WHEREAS, Executive is willing to amend the terms and conditions of the Agreement and  terminate  certain  outstanding  stock  options in  exchange  for  the issuance of  Restricted Stock  Units  pursuant  to the  Company’s  2014  Equity  Incentive  Plan on  the  terms  communicated  to  Executive  herewith; and         WHEREAS, pursuant to Section 10(d) of the Agreement, the terms of the Agreement may be  amended with the written consent of the Company and Executive.         NOW,  THEREFORE,  in  consideration  of  the  mutual  covenants  and  agreements  set  forth  herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, the parties hereto, intending to be legally bound, agree as follows:         1.    Amendment and  Restatement  of  Section  3(a).  Section  3(a)  of  the  Agreement  is  hereby amended and restated as follows:               (a)   Termination without Cause or Resignation for Good Reason Unrelated to a  Change of Control.  If the Company terminates Executive’s employment with the Company  without Cause (excluding death or Disability) or if Executive resigns from such employment for  Good Reason, and, in each case, such termination occurs outside of the Change of Control Period,  then subject to Section 4, Executive will receive the following:                       (i)  Accrued  Compensation.   The  Company  will  pay  Executive  all  Accrued Compensation.                       (ii)  Severance Payment.  Executive will receive a lump-sum payment (less  applicable withholding taxes) equal to six (6) months of Executive’s annual base salary as in effect  immediately  prior  to  Executive’s  termination  date.  The  severance  will  be  paid,  less  applicable  withholdings, on the sixty-first (61st) day following Executive’s termination of employment (subject       

 

to any delay as may be required by Section 4(c)).                     (iii) Continuation  Coverage.   If  Executive  elects  continuation  coverage  pursuant  to  the  Consolidated  Omnibus  Budget  Reconciliation  Act  of  1985,  as  amended  (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s  eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such  coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the  earlier of (A) a period of six (6) months from the date of termination or (B) the date upon which  Executive and/or Executive’s eligible dependents are no longer eligible for COBRA continuation  coverage.  The  reimbursements  will  be  made  by  the  Company  to  Executive  consistent  with the  Company’s  normal  expense  reimbursement  policy.   Notwithstanding  the  first  sentence  of  this  Section 3(a)(iii), if the Company determines in its sole discretion that it cannot provide the foregoing  benefit  without  potentially  violating,  or  being  subject to  an  excise  tax  under,  applicable  law  (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in  lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given  month (except as provided by the following sentence), in an amount equal to the monthly COBRA  premium  that  Executive  would  be  required  to  pay  to  continue  the  group  health  coverage  for  Executive and/or Executive’s eligible dependents in effect on the termination of employment date  (which  amount  will  be  based  on  the  premium  for  the  first  month  of  COBRA  coverage),  which  payments will be made regardless of whether Executive and/or Executive’s eligible dependents elect  COBRA continuation coverage and will commence on the month following Executive’s termination  of  employment  and  will  end  on  the  earlier  of  (x) the  date  upon  which  Executive  obtains  other  employment or (y) the date the Company has paid an amount equal to six (6) payments.  Any such  taxable monthly payments that otherwise would have been paid to Executive within the sixty (60)  days  following  Executive’s  termination  date  instead  will  be  paid  on  the  sixty-first  (61st)  day  following Executive’s termination of employment, with any remaining payments paid as provided  in the prior sentence (subject to any delay as may be required by Section 4(c)).  For the avoidance of  doubt,  the  taxable  payments  in  lieu  of  COBRA  reimbursements  may  be  used  for  any  purpose,  including,  but  not  limited  to  continuation  coverage  under  COBRA,  and  will be  subject  to  all  applicable tax withholdings.                       (iv)  Accelerated Vesting of Equity Awards.  One hundred percent (100%)  of Executive’s then-outstanding and unvested Equity Awards will become vested in full.         2.    Amendment and  Restatement  of  Section  3(b).  Section  3(b) of  the  Agreement is  hereby amended and restated as follows:               (b)   Termination without Cause or Resignation for Good Reason in Connection  with a Change of Control.  If the Company terminates Executive’s employment with the Company  without Cause (excluding death or Disability) or if Executive resigns from such employment for  Good Reason, and, in each case, such termination occurs during the Change of Control Period, then  subject to Section 4, Executive will receive the following:                       (i)  Accrued  Compensation.  The  Company  will  pay  Executive  all  Accrued Compensation.                       (ii)  Severance Payment.  Executive will receive a lump-sum payment (less  applicable withholding taxes) equal to twelve (12) months of Executive’s annual base salary as in                                           -2-    

 

effect  immediately  prior  to  Executive’s  termination  date  or,  if  greater,  at  the  level  in  effect  immediately prior to the Change of Control less the ascribed value of all restricted stock units granted  to the Executive as of the date approved by the Compensation Committee of the Board of Directors  of $0.255 per unit.  The severance will be paid, less applicable withholdings, on the sixty-first (61st)  day following Executive’s termination of employment (subject to any delay as may be required by  Section 4(c)).  For the avoidance of doubt, if (x) Executive incurred a termination prior to a Change  of Control that qualifies Executive for severance payments under Section 3(a)(ii); and (y) a Change  of Control occurs within the six (6) months following Executive’s termination of employment that  qualifies  Executive  for  the  superior  benefits  under  this  Section  3(b)(ii),  then  Executive  shall  be  entitled to a lump-sum payment of the amount calculated under this Section 3(b)(ii), less amounts  already paid under Section 3(a)(ii).  If the calculation above results in the ascribed value of the RSUs  in  excess  of  the  payment  due  under  this  Section  3(b)(ii),  such  excess  amount  shall  reduce  the  payments to be made under Section 3(b)(iii) by such excess amount.  Provided further, that if the  Company cannot timely distribute freely tradable shares of common stock pursuant to the applicable  restricted stock unit award agreement then the Company shall within three (3) business days pay the  Executive a lump-sum payment (less applicable withholding taxes) equal to the value of such shares  not delivered using the closing market price of the Company’s common stock on the date the shares  were to have been delivered                     (iii) Bonus Payment.  Executive will receive a lump-sum payment equal to  one hundred percent (100%) of the higher of (A) the greater of (x) Executive’s target bonus as in  effect for the fiscal year in which the Change of Control occurs or (y) Executive’s target bonus as in  effect for the fiscal year in which Executive’s termination of employment occurs, or (B) Executive’s  actual bonus for performance during the calendar year prior to the calendar year during which the  termination of employment occurs, less any excess amount related to the ascribed value of the RSUs  carried over from Section 3(b)(ii) above.  For avoidance of doubt, the amount paid to Executive  pursuant to this Section 3(b)(iii) will not be prorated based on the actual amount of time Executive  is employed by the Company during the fiscal year (or the relevant performance period if something  different than a fiscal year) during which the termination occurs.  The bonus payment will be paid,  less  applicable  withholdings,  on  the  sixty-first  (61st)  day  following  Executive’s  termination  of  employment (subject to any delay as may be required by Section 4(c)).                     (iv)  Continuation  Coverage.   If  Executive  elects  continuation  coverage  pursuant  to  COBRA  within  the  time  period  prescribed  pursuant  to  COBRA  for  Executive  and  Executive’s  eligible  dependents,  then  the  Company  will  reimburse  Executive  for  the  COBRA  premiums  for  such  coverage  (at  the  coverage  levels  in  effect  immediately  prior  to  Executive’s  termination) until the earlier of (A) a period of twelve (12) months from the date of termination or  (B) the date upon which Executive and/or Executive’s eligible dependents become covered under  similar plans.  The reimbursements will be made by the Company to Executive consistent with the  Company’s  normal  expense  reimbursement  policy.   Notwithstanding  the  first sentence  of  this  Section 3(b)(iv), if the Company determines in its sole discretion that it cannot provide the foregoing  benefit  without  potentially  violating,  or  being  subject  to  an  excise  tax  under,  applicable  law  (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in  lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given  month (except as provided by the following sentence), in an amount equal to the monthly COBRA  premium that Executive would be required to pay to continue Executive’s group health coverage in  effect on the termination of employment date (which amount will be based on the premium for the                                           -3-    

 

first month of COBRA coverage), which payments will be made regardless of whether Executive  elects  COBRA  continuation  coverage  and  will  commence  on  the  month  following  Executive’s  termination of employment and will end on the earlier of (x) the date upon which Executive obtains  other employment or (y) the date the Company has paid an amount equal to twelve (12) payments.   Any such payments that otherwise would have been paid to Executive within the sixty (60) days  following Executive’s termination date instead will be paid on the sixty-first (61st) day following  Executive’s termination of employment, with any remaining payments paid as provided in the prior  sentence (subject to any delay as may be required by Section 4(c)).  For the avoidance of doubt, the  taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but  not  limited  to  continuation  coverage  under  COBRA,  and  will  be  subject  to  all  applicable  tax  withholdings.                     (v)   Accelerated Vesting of Equity Awards.  One hundred percent (100%)  of Executive’s then-outstanding and unvested Equity Awards will become vested in full.         3.    Amendment and  Restatement  of  Section  6(c).  Section  6(c)  of  the  Agreement  is  hereby amended and restated as follows:                        (c) Change of Control Period.  “Change of Control Period” will mean the           period beginning on the date six (6) months prior to, and ending on the date that is twelve           (12) months following, a Change of Control.         4.    No Other Amendments.  No amendments are made other than those expressly set  forth in this Amendment, and all provisions of the Agreement unaffected by this Amendment remain  in full force and effect.  In the event of a conflict between the Agreement and this Amendment, this  Amendment shall control.                 5.    Entire Agreement.  This Amendment and the documents referred to herein constitute  the entire agreement among the parties with respect to the subject matter of this Amendment and no  party shall be liable or bound to any other party in any manner by any warranties, representations or  covenants except as specifically set forth herein or therein.  Except as amended by this Amendment,  the Agreement shall remain in full force and effect.                 6.    Severability.  If  one  or  more  provisions  of  this  Amendment  are  held  to  be  unenforceable under applicable law, such provision shall be excluded from this Amendment and the  balance of the Amendment shall be interpreted as if such provision were so excluded and shall be  enforceable in accordance with its terms.                 7.    Counterparts.  This Amendment may be executed in two or more counterparts, each  of which shall be deemed an original, but all of which together shall constitute one and the same  instrument.                 8.    Titles and Subtitles.  The titles  and subtitles used in  this  Amendment are used for  convenience only and are not to be considered in construing or interpreting this Amendment.                                                   -4-    

 

      9.    Choice of Law.  The  validity,  interpretation,  construction  and  performance  of  this  Amendment will be governed by the laws of the State of California (with the exception of its conflict  of laws provisions).  Any claims or legal actions by one party against the other arising out of the  relationship between the parties contemplated herein (whether or not arising under this Amendment)  will be commenced or maintained in  any state  or federal  court located in  the jurisdiction where  Executive resides, and Executive and the Company hereby submit to the jurisdiction and venue of  any such court.                 10.   Deadline.  This Amendment shall become null and void if not executed by 15 days  from the approval date by the Compensation Committee of the Company’s Board of Directors.                         [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]                                            -5-    

 

                                                                                          IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to  Change of Control and Severance Agreement as of the Amendment Effective Date.   COMPANY                             VITAL THERAPIES, INC.                                       By:                                                                              Title:                                                                           Date:                                                                               EXECUTIVE                                                                                                            Title:                                                                           Date:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      [Signature Page of Amendment No. 1 to the Change of Control and Severance Agreement]Exhibit 10.1

    

    

    AMENDED AND RESTATED

     

      

    LIMITED LIABILITY COMPANY AGREEMENT

     

      

    OF

     

      

    NEW FORTRESS INTERMEDIATE LLC

     

      

    DATED AS OF          ,
        2019

     

      

    THE LIMITED LIABILITY COMPANY INTERESTS IN NEW FORTRESS INTERMEDIATE LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
        AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  SUCH INTERESTS MUST BE
        ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE
        SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THE LIMITED
        LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE
        APPLICABLE MEMBER.  THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

    

    
      
        

    

    
    Table of Contents

    

    

    	
            ARTICLE I DEFINITIONS

          	
            2

          
	 	 
	
            Section 1.1

          	
            Definitions

          	
            2

          
	
            Section 1.2

          	
            Interpretive Provisions

          	
            15

          
	 	 
	
            ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY

          	
            16

          
	 	 
	
            Section 2.1

          	
            Formation

          	
            16

          
	
            Section 2.2

          	
            Filing

          	
            16

          
	
            Section 2.3

          	
            Name

          	
            16

          
	
            Section 2.4

          	
            Registered Office; Registered Agent

          	
            16

          
	
            Section 2.5

          	
            Principal Place of Business

          	
            16

          
	
            Section 2.6

          	
            Purpose; Powers

          	
            16

          
	
            Section 2.7

          	
            Term

          	
            16

          
	
            Section 2.8

          	
            Intent

          	
            17

          
	 	 
	
            ARTICLE III CLOSING TRANSACTIONS

          	
            17

          
	 	 
	
            Section 3.1

          	
            Reorganization Transactions

          	
            17

          
	 	 
	
            ARTICLE IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

          	
            17

          
	 	 
	
            Section 4.1

          	
            Authorized Units; General Provisions With Respect to Units

          	
            17

          
	
            Section 4.2

          	
            Voting Rights

          	
            20

          
	
            Section 4.3

          	
            Capital Contributions; Unit Ownership

          	
            20

          
	
            Section 4.4

          	
            Capital Accounts

          	
            21

          
	
            Section 4.5

          	
            Other Matters

          	
            21

          
	
            Section 4.6

          	
            Redemption of Units

          	
            22

          
	 	 
	
            ARTICLE V ALLOCATIONS OF PROFITS AND LOSSES

          	
            30

          
	 	 
	
            Section 5.1

          	
            Profits and Losses

          	
            30

          
	
            Section 5.2

          	
            Special Allocations

          	
            31

          
	
            Section 5.3

          	
            Allocations for Tax Purposes in General

          	
            33

          
	
            Section 5.4

          	
            Income Tax Allocations with Respect to Depletable Properties

          	
            34

          
	
            Section 5.5

          	
            Other Allocation Rules

          	
            35

          
	 	 
	
            ARTICLE VI DISTRIBUTIONS

          	
            36

          
	 	 
	
            Section 6.1

          	
            Distributions

          	
            36

          
	
            Section 6.2

          	
            Tax-Related Distributions

          	
            37

          
	
            Section 6.3

          	
            Distribution Upon Withdrawal

          	 39

          
	
            Section 6.4

          	
            Issuance of New Equity Securities

          	 39

          

    
      i

      
        

    

    
    	
            ARTICLE VII MANAGEMENT

          	
            39

          
	 	 
	
            Section 7.1

          	
            The Managing Member; Fiduciary Duties

          	
            39

          
	
            Section 7.2

          	
            Officers

          	
            39

          
	
            Section 7.3

          	
            Warranted Reliance by Officers on Others

          	
            40

          
	
            Section 7.4

          	
            Indemnification

          	
            41

          
	
            Section 7.5

          	
            Maintenance of Insurance or Other Financial Arrangements

          	
            41

          
	
            Section 7.6

          	
            Resignation or Termination of Managing Member

          	
            41

          
	
            Section 7.7

          	
            No Inconsistent Obligations

          	
            42

          
	
            Section 7.8

          	
            Reclassification Events of PubCo

          	
            42

          
	
            Section 7.9

          	
            Certain Costs and Expenses

          	
            42

          
	 	 
	
            ARTICLE VIII ROLE OF MEMBERS

          	
            43

          
	 	 
	
            Section 8.1

          	
            Rights or Powers

          	
            43

          
	
            Section 8.2

          	
            Voting

          	
            43

          
	
            Section 8.3

          	
            Various Capacities

          	
            43

          
	
            Section 8.4

          	
            Investment Opportunities

          	
            44

          
	 	 
	
            ARTICLE IX TRANSFERS OF INTERESTS

          	
            44

          
	 	 
	
            Section 9.1

          	
            Restrictions on Transfer

          	
            44

          
	
            Section 9.2

          	
            Notice of Transfer

          	
            45

          
	
            Section 9.3

          	
            Transferee Members

          	
            46

          
	
            Section 9.4

          	
            Legend

          	
            46

          
	 	 
	
            ARTICLE X ACCOUNTING; CERTAIN TAX MATTERS

          	 47

          
	 	 
	
            Section 10.1

          	
            Books of Account

          	 47

          
	
            Section 10.2

          	
            Tax Elections

          	 47

          
	
            Section 10.3

          	
            Tax Returns; Information

          	 48

          
	
            Section 10.4

          	
            Company Representative

          	 48

          
	
            Section 10.5

          	
            Withholding Tax Payments and Obligations

          	 49

          
	 	 
	
            ARTICLE XI DISSOLUTION AND TERMINATION

          	
            50

          
	 	 
	
            Section 11.1

          	
            Liquidating Events

          	
            50

          
	
            Section 11.2

          	
            Bankruptcy

          	
            51

          
	
            Section 11.3

          	
            Procedure

          	
            51

          
	
            Section 11.4

          	
            Rights of Members

          	
            52

          
	
            Section 11.5

          	
            Notices of Dissolution

          	
            52

          
	
            Section 11.6

          	
            Reasonable Time for Winding Up

          	
            52

          
	
            Section 11.7

          	
            No Deficit Restoration

          	
            52

          

    
      ii

      
        

    

    	
            ARTICLE XII GENERAL

          	
            53

          
	 	 
	
            Section 12.1

          	
            Amendments; Waivers

          	
            53

          
	
            Section 12.2

          	
            Further Assurances

          	
            53

          
	
            Section 12.3

          	
            Successors and Assigns

          	
            54

          
	
            Section 12.4

          	
            Certain Representations by Members

          	
            54

          
	
            Section 12.5

          	
            Entire Agreement

          	
            54

          
	
            Section 12.6

          	
            Rights of Members Independent

          	
            54

          
	
            Section 12.7

          	
            Governing Law

          	
            54

          
	
            Section 12.8

          	
            Jurisdiction and Venue

          	
            54

          
	
            Section 12.9

          	
            Headings

          	
            55

          
	
            Section 12.10

          	
            Counterparts

          	
            55

          
	
            Section 12.11

          	
            Notices

          	
            55

          
	
            Section 12.12

          	
            Representation By Counsel; Interpretation

          	
            56

          
	
            Section 12.13

          	
            Severability

          	
            56

          
	
            Section 12.14

          	
            Expenses

          	
            56

          
	
            Section 12.15

          	
            Waiver of Jury Trial

          	
            56

          
	
            Section 12.16

          	
            No Third Party Beneficiaries

          	
            56

          

    

    

    

    

    

    

    
      iii

      
        

    

    AMENDED AND RESTATED

     

      

    LIMITED LIABILITY COMPANY AGREEMENT

     

      

    OF

     

      

    NEW FORTRESS INTERMEDIATE LLC

     

      

    This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time to time,
        this “Agreement”) is entered into as of          , 2019, by and among New Fortress Intermediate LLC, a Delaware limited liability company
        (the “Company”), New Fortress Energy LLC, a Delaware limited liability company (“PubCo”), NFE Sub LLC, a Delaware limited liability company (“NFE Sub”), and each
        other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act.  Capitalized terms used herein and not otherwise defined have the respective meanings set forth in Section 1.1.

     

      

    RECITALS

     

      

    WHEREAS, the
        Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware on          , 2019 and was originally governed by a Limited Liability Company Agreement dated as of          , 2019
        (the “Existing LLC Agreement”);

     

      

    WHEREAS, as of the
        date hereof, the Members of the Company consist of New Fortress Energy Holdings and NFE Sub;

     

      

    WHEREAS, NFE Sub is
        a wholly owned subsidiary of PubCo;

     

      

    WHEREAS, pursuant
        to Article III of this Agreement, the Company shall be recapitalized;

     

      

    WHEREAS, it is
        contemplated that PubCo will, subject to the approval of its board of directors, issue          Class A Shares to the public for cash in the initial underwritten public offering of its limited liability company interests (the “IPO”);

     

      

    WHEREAS, if the IPO
        is consummated, (i) PubCo will contribute all of the net proceeds received by it from the IPO and Class B Shares to NFE Sub and (ii) NFE Sub will in turn contribute to the Company all of such net proceeds of the IPO and Class B Shares in exchange
        for a number of Units equal to the number of Class A Shares issued in the IPO and the Company will then distribute such Class B Shares to New Fortress Energy Holdings;

     

      

    WHEREAS, each Unit
        (other than any Unit held by the PubCo Holdings Group) may be redeemed, at the election of the holder of such Unit (together with the surrender and delivery by such holder of one Class B Share), for one Class A Share in accordance with the terms
        and conditions of this Agreement;

    
      
        

    

    
    WHEREAS, the
        Members of the Company desire that NFE Sub become the sole managing Member of the Company (in its capacity as managing Member as well as in any other capacity, the “Managing Member”);

     

      

    WHEREAS, the
        Members of the Company desire to amend and restate the Existing LLC Agreement and adopt this Agreement; and

     

      

    WHEREAS, this
        Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof.

     

      

    NOW THEREFORE, in
        consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Existing LLC Agreement is hereby
        amended and restated and the parties hereby agree as follows:

     

      

    ARTICLE I

        

        DEFINITIONS

     

      

    Section 1.1 Definitions.  As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:

     

      

    “5% Holder”
        means any Member that is a 5% Owner.

     

      

    “5% Owner”
        means any Person that (i) together with its Affiliates,  directly or indirectly, has a pecuniary interest in at least five percent (5%) of the Units outstanding at the time of the IPO (other than through PubCo), except for any member of the PubCo
        Holdings Group, or (ii) is an Additional Permitted Transferee.

     

      

    “10b5-1 Plan”
        is defined in Section 4.6(a)(ii).

     

      

    “10b5-1 Plan Redemption
            Date” means the first Business Day of each calendar month in the twelve (12) month period with respect to which any Eligible Member exercises a Redemption right under Section 4.6(a)(ii).

     

      

    “10b5-1 Plan Redemption
            Right Exercise” is defined in Section 4.6(a)(ii).

     
     

      

    “Act” means
        the Delaware Limited Liability Company Act, 6 Del.  C. § 18-101, et seq., as amended from time to time (or any corresponding provisions of succeeding law).

     

      

    “Action”
        means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

     

      

    “Additional Permitted
            Transferee” means a trust or family limited partnership (i) established by or for the benefit of any Person described in clause (i) of the
        definition of “5% Owner” and (ii) of which only such Person and his or her immediate family members are beneficiaries or partners.

    
      2

      
        

    

    “Adjusted Basis”
        has the meaning given such term in Section 1011 of the Code.

     

      

    “Additional Tax
            Distribution Amount” means, for a Member with respect to a Tax Distribution Date, an amount equal to the excess (not to be less than zero) of (A) such Member’s Assumed Tax Liability for the last Fiscal Year ending prior to such Tax
        Distribution Date (in the case of any Tax Distribution Date described in clause (b) of the definition thereof) or an estimate of such Member’s Assumed Tax
        Liability as of the end of the quarterly portion of a Fiscal Year ending immediately prior to such Tax Distribution Date (in the case of any Tax Distribution Date described in clause (a) of the definition thereof), minus (B) the sum of (x) all distributions previously made to such Member
        pursuant to Section 6.1(a) during such Fiscal Year, (y) all distributions previously made to such Member pursuant to Section 6.2 with respect to such Fiscal Year, and (z) any distribution reasonably expected to be made to such Member pursuant to Section 6.2(a) at least five Business Days prior to the due date for the payment of taxes with respect to such Tax Distribution Date that is taken into account in the determination of available cash for purposes of Section 6.2(b). For purposes of this definition, each distribution under Section
          6.1(a) shall first be considered to have been made in the prior Fiscal Year to the extent (i) such distribution is made before the Tax Distribution Date
        described in clause (b) of the definition thereof with respect to such prior Fiscal Year and (ii) the amount distributable on such Tax Distribution Date is
        otherwise positive for any Member.

     

      

    “Adjusted Capital
            Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end of any Fiscal Year or other taxable period, with the following adjustments:

     

      

    
      
        	

              	(a)	
                credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and
                    1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and

              

      

    

    
      
        
           

            

          
            	 	
                    (b)

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

                  

          

        

      

    

  

  

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

   

    

  “Affiliate”
      means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person.  For these purposes, “control” means the possession, direct or indirect, of the power to direct
      or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; provided
      that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or any of its Subsidiaries shall be deemed an Affiliate of any Member.

   

    

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

  
    3

    
      

  

  “Assumed Tax Liability”
      means, with respect to any Member for any Fiscal Year or other taxable period shorter than a Fiscal Year, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with the receipt of a guaranteed payment
      for services by such Member or the Redemption or Transfer of any Units held by such Member) allocated by the Company to such Member in such Fiscal Year or other taxable period, less the U.S. federal taxable loss allocated by the Company to such Member in such Fiscal Year or other taxable period (taking into account for purposes of clause (a), (x) adjustments and allocations under Sections 704(c), 734 and 743 of the Code, (y) items determined at the Member level with respect to Depletable Properties owned by the Company, as if such items
      were allocated at the Company level and (z) any applicable limitations on the deductibility of capital losses); multiplied by (b) the highest
      applicable U.S. federal, state and local income tax rate (including any tax rate imposed on “net investment income” by Section 1411 of the Code and taking into account any applicable deduction under Section 199A of the Code) applicable to an
      individual or, if higher, a corporation, resident in New York, New York, with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.)
      during such Fiscal Year or other taxable period.  NFI Holdings, in consultation with the Company Representative, shall reasonably determine the Assumed Tax Liability for each Member based on such assumptions and adjustments as NFI Holdings, in
      consultation with the Company Representative, deems necessary or appropriate, including adjustments on account of the resolution of tax audits.

   

    

  “beneficially own”
      and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act.

   

    

  “Board” means
      the board of directors of PubCo.

   

    

  “Business Day”
      means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the City of New York.

   

    

  “Business Opportunities
          Exempt Party” is defined in Section 8.4.

   

    

  “Call Election Notice”
      is defined in Section 4.6(f)(ii).

   

    

  “Call Right”
      is defined in Section 4.6(f)(i).

   

    

  “Capital Account”
      means, with respect to any Member, the Capital Account maintained for such Member in accordance with Section 4.4.

   

    

  “Capital Contribution”
      means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed to the Company by such Member.  Any reference to the Capital Contribution of a Member will include any Capital
      Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect of Units Transferred to such Member.

   

    

  “Cash Election”
      is defined in Section 4.6(a)(iv) and shall also include any election by a member of the PubCo Holdings Group to purchase Units for cash pursuant to an
      exercise of the Call Right set forth in Section 4.6(g).

  
    4

    
      

  

  “Cash Election Amount” means, with respect to a particular Redemption for which a Cash Election has been made, an amount of cash equal to the product
        of (a) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (b) the Unit Redemption Price.

   

    

  “Chief Executive Officer”
      means the person appointed as the Chief Executive Officer of the Company by the Managing Member pursuant to Section 7.2(a).

   

    

  “Class A Shares”
      means, as applicable, (a) the Class A Shares representing limited liability company interests of PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any
      other Person or cash or other property that become payable in consideration for the Class A Shares or into which the Class A Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

   

    

  “Class B Shares”
      means, as applicable, (a) the Class B Shares representing limited liability company interests of PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any
      other Person or cash or other property that become payable in consideration for the Class B Shares or into which the Class B Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

   

    

  “Closing Date Capital
          Account Balance” means, with respect to any Member, the positive Capital Account balance of such Member as of the date hereof after giving effect to the IPO and related transactions, the amount or deemed value of which will be set
      forth by the Company on Exhibit A within 180 calendar days following the execution of this Agreement.

   

    

  “Code” means
      the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

   

    

  “Commission”
      means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

   

    

  “Company” is
      defined in the preamble to this Agreement.

   

    

  “Company Level Taxes”
      means any federal, state, or local taxes, additions to tax, penalties, and interest payable by the Company or any of its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state, or local
      tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules.

   

    

  “Company Minimum Gain”
      has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).  It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury
      Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with
      reference to such Gross Asset Value.

  
    5

    
      

  

  “Company Representative”
      has the meaning assigned to the term “partnership representative” in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder, as appointed pursuant to Section 10.4.

   

    

  “Contribution
        Agreement” means that certain Contribution Agreement, dated           ,
      2019, by and among the New Fortress Energy Holdings, NFE Atlantic, PubCo, NFE Sub and the Company.

   

    

  “Contract”
      means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

   

    

  “control”
      (including the terms “controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the
      power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract, credit arrangement or otherwise.

   

    

  “Covered Audit Adjustment”
      means an adjustment to any partnership-related item (within the meaning of Section 6241(2)(B) of the Code) to the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Code or any analogous provision of
      state or local Law.

   

    

  “Covered Person”
      is defined in Section 7.4.

   

    

  “Debt Securities”
      means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable into Equity Securities of PubCo.

   

    

  “Depletable Property”
      means each separate oil and gas property as defined in Code Section 614.

   

    

  “Depreciation”
      means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization, or other cost recovery deduction (excluding depletion) allowable with respect to an asset for such Fiscal Year or other taxable period, except
      that (a) with respect to any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations
      Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and (b)
      with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount which bears the
      same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S. federal income
      tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the
      Company Representative.

  
    6

    
      

  

  “DGCL” means
      the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding law).

   

    

  “Discount”
      means any underwriters’ discounts or commissions and brokers’ fees or commissions, including, for the avoidance of doubt, any deferred discounts or commissions and brokers’ fees or commissions payable in connection with or as a result of any Public
      Offering.

   

    

  “Effective Time”
      means 12:01 a.m. Central Daylight Time on the date of the initial closing of the IPO.

   

    

  “Eligible Member”
      is defined in Section 4.6(a)(i).

   

    

  “Equity Securities”
      means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or
      equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however
      designated) of corporate stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing.

   

    

  “ERISA” means
      the Employee Retirement Security Act of 1974, as amended.

   

    

  “Excess Tax Amount”
      is defined in Section 10.5(c).

   

    

  “Exchange Act”
      means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law).

   

    

  “Existing LLC Agreement”
      is defined in the recitals to this Agreement.

   

    

  “Fair Market Value”
      means the fair market value of any property as determined in Good Faith by the Managing Member after taking into account such factors as the Managing Member shall deem appropriate.

   

    

  “Federal Bankruptcy Code”
      means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

   

    

   “Fiscal Year”
      means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for U.S. federal income tax purposes, another fiscal year is required.  The Company shall have the same fiscal year for U.S. federal income tax
      purposes and for accounting purposes.

   

    

  “GAAP” means
      U.S. generally accepted accounting principles at the time.

   

    

  “Good Faith”
      means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe such
      Person’s conduct was unlawful.

  
    7

    
      

  

  “Governmental Entity”
      means any federal, national, supranational, state, provincial, local, foreign or other government, governmental, stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

   

    

  “Gross Asset Value”
      means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax purposes (which, in the case of any Depletable Property, shall be determined pursuant to Treasury Regulations Section 1.613A-3(e)(3)(iii)(c)), except as follows:

   

    

  
    
      	

            	(a)	
              the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset as of the date of such
                  contribution;

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of
                      the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of Treasury
                      Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or existing
                      Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s);
                      or (v) any other event to the extent determined by the Company Representative to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations
                      Section 1.704-1(b)(2)(iv)(q); provided, however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be
                      made only if the Company Representative reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company.  If any noncompensatory options are outstanding
                      upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value
                  of such asset on the date of such distribution;

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted
                      Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations
                      Section 1.704-1(b)(2)(iv)(m) and subsection (g) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however,
                      that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Company Representative determines that an adjustment pursuant to subsection (b) of this definition is necessary or
                      appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d); and

                

        

        
          8

          
            

        

      

    

  

  
    
      	

            	(e)	
              if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to subsections (a), (b) or (d) of

                  this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits, Losses, Simulated Depletion and other items
                  allocated pursuant to Article V.

            

    

  

   

    

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

   

    

  “Investment Company Act”
      is defined in Section 8.1(b).

   

    

  “Interest”
      means the entire interest of a Member in the Company, including the Units and all of such Member’s rights, powers and privileges under this Agreement and the Act.

   

    

  “IPO” is
      defined in the recitals to this Agreement.

   

    

  “Law” means
      any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law).

   

    

  “Legal Action”
      is defined in Section 12.8.

   

    

  “Liability”
      means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted.

   

    

  “Liquidating Event”
      is defined in Section 11.1.

   

    

  “Managing Member”
      is defined in the recitals to this Agreement.

   

    

  “Member” means
      any Person that executes this Agreement as a Member, and any other Person admitted to the Company as an additional or substituted Member, that has not made a disposition of such Person’s entire Interest.

   

    

  “Member Minimum Gain”
      has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations Section 1.704-2(i).  It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain
      shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections 1.704-2(d) and 1.704-2(g)(3).

  
    9

    
      

  

  “Member Nonrecourse Debt”
      has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

   

    

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

   

    

  “National Securities
          Exchange” means an exchange registered with the Commission under the Exchange Act.

   

    

  “New Fortress Energy
          Holdings” means New Fortress Energy Holdings LLC, a Delaware limited liability company.

   

    

  “NFE Atlantic”
      means NFE Atlantic Holdings LLC, a Delaware limited liability company.

   

    

  “NFE Sub” is
      defined in the recitals to this Agreement.

   

    

  “NFI Holdings”
      means NFI E&N Holdings LLC, a Delaware limited liability company.

   

    

  “Nonrecourse Deductions”
      has the meaning assigned that term in Treasury Regulations Section 1.704-2(b).

   

    

  “Nonrecourse Liability”
      is defined in Treasury Regulations Section 1.704-2(b)(3).

   

    

  “Officer”
      means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.

   

    

  “Option” means the option to purchase an
      additional           Class A Shares  granted by PubCo to the underwriters for the IPO as described in PubCo’s registration statement on Form S-1 (Registration
      No. 333-228339), initially filed with the Commission on November 9, 2018.

   

    

  “Partnership Tax Audit
          Rules” means Sections 6221 through 6241 of the Code, as amended, together with any final or temporary Treasury Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any
      analogous provision of state or local tax Law).

   

    

  “Permitted Holder”
      is defined in Section 4.6(a)(i).

   

    

  “Person” means
      any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange
      Act.

   

    

  “Permitted Transferee”
      means, with respect to any Member, (i) any Affiliate of such Member, (ii) any partner, shareholder or member of such Member or any successor of such Persons, (iii) any successor entity of such Member, and (iv) any Person established for the benefit
      of, and beneficially owned solely by, such Member.

  
    10

    
      

  

  “Plan Asset Regulations”
      means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time.

   

    

  “Primary B Shares”
      is defined in Section 3.1(b).

   

    

  “Prime Rate”
      means, on any date of determination, a rate per annum equal to the rate of interest most recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks.

   

    

  “Proceeding”
      is defined in Section 7.4.

   

    

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

   

    

  
    
      	

            	(a)	
              any income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or Losses shall be added
                  to such taxable income or loss;

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations
                      Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such
                      taxable income or loss;

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of the definition of Gross Asset Value above, the amount
                  of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the
                  disposition of such asset and shall, except to the extent allocated pursuant to Section 5.2, be taken into account for purposes of computing
                  Profits or Losses;

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  gain or loss resulting from any disposition of Company assets (other than Depletable Property) with respect to which gain or loss is recognized for U.S.
                      federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value;

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              gain resulting from any disposition of Depletable Property with respect to which gain is recognized for U.S. federal income tax purposes shall be treated as
                  being equal to the corresponding Simulated Gain;

            

    

  

  
    
      
         

          

        
          	 	
                  (f)

                	
                  in lieu of the depreciation, amortization and other cost recovery deductions (excluding depletion) taken into account in computing such taxable income or
                      loss, there shall be taken into account Depreciation;

                

        

        
          11

          
            

        

      

    

  

  
    
      	

            	(g)	
              to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury Regulations
                  Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other
                  than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis)
                  from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

            

    

  

  
    
      

      

      
        
          	 	
                  (h)

                	
                  any items of income, gain, loss or deduction which are specifically allocated pursuant to the provisions of Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above.

                

        

      

    

  

   

    

  “Property”
      means all real and personal property owned by the Company from time to time, including both tangible and intangible property.

   

    

  “PubCo” is
      defined in the recitals to this Agreement.

   

    

  “PubCo Holdings Group”
      means PubCo, NFE Sub, and each other Subsidiary of PubCo (other than the Company and its Subsidiaries).

   

    

  “PubCo Shares”
      means all classes and series of limited liability company interests of PubCo, including the Class A Shares and the Class B Shares.

   

    

  “Public Offering”
      means an underwritten offering and sale of Equity Securities to the public pursuant to a registration statement, including a “bought” deal or “overnight” public offering.

   

    

  “Quarterly Redemption
          Date” means the first Business Day of the third calendar month in each calendar quarter, unless otherwise determined by the Board or a committee thereof from time to time, provided that (a) the Managing Member shall provide written notice to the Members upon the changing of any such date at least thirty (30) calendar days prior to the earlier of the scheduled Quarterly
      Redemption Date and the new Quarterly Redemption Date, and (b) if any announced date falls on a date that is not a Business Day, the Quarterly Redemption Date shall be the next Business Day.

   

    

  “Reclassification Event”
      means any of the following: (a) any reclassification or recapitalization of PubCo Shares (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any
      transaction subject to Section 4.1(g)), (b) any merger, consolidation or other combination involving PubCo, or (c) any sale, conveyance, lease, or other
      disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of which holders of PubCo Shares shall be entitled to receive cash, securities or other property for their
      PubCo Shares.

  
    12

    
      

  

  “Redeeming Member”
      means any Member participating in a particular Redemption, including any Eligible Member and any other Member entitled to participate pursuant to Section 4.6.

   

    

  “Redemption”
      is defined in Section 4.6(a)(i).

   

    

  “Redemption Contingency”
      is defined in Section 4.6(a)(iii)(C).

   

    

  “Redemption Date”
      means (a) in the case of a Redemption pursuant to Section 4.6(a)(i)(A), the Quarterly Redemption Date, (b) in the case of a Redemption pursuant to Section 4.6(a)(i)(B), Section 4.6(a)(i)(C) or Section 4.6(a)(i)(D), the date stated in the Redemption Notice or the date on which a Redemption Contingency that is specified in the Redemption Notice is
      satisfied, and (c) in the case of a Redemption pursuant to Section 4.6(a)(ii), the 10b5-1 Plan Redemption Date.

   

    

  “Redemption Notice”
      is defined in Section 4.6(a)(iii).

   

    

  “Redemption Notice Date”
      is defined in Section 4.6(a)(iii).

   

    

  “Regulatory Allocations”
      is defined in Section 5.2(i).

   

    

  “Securities Act”
      means the Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law).

   

    

  “Shareholders’ Agreement”
      means that certain Shareholders Agreement, dated          , 2019, by and among PubCo and New Fortress Energy Holdings.

   

    

  “Simulated Basis”
      means the Gross Asset Value of any Depletable Property. The Simulated Basis of each Depletable Property shall be allocated to each Member pro rata, in accordance with the number of Units owned by such Member as of the time such Depletable Property is
      acquired by the Company (and any additions to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis shall be allocated among the Members in a manner designed to cause the Members’ proportionate shares of
      such Simulated Basis to be in accordance with their proportionate ownership of Units as determined at the time of any such additions), and shall be reallocated among the Members pro rata, in accordance with the number of Units owned by such Member as
      determined immediately following the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b)
      of the definition of Gross Asset Value.

   

    

  “Simulated Depletion”
      means, with respect to each Depletable Property, a depletion allowance computed in accordance with federal income tax principles (as if the Simulated Basis of the property were its Adjusted Basis) and in the manner specified in the Treasury
      Regulations Section 1.704-1(b)(2)(iv)(k)(2). For purposes of computing Simulated Depletion with respect to any Depletable Property, the Simulated Basis of such property shall be deemed to be the Gross Asset Value of such property, and in no event
      shall such allowance, in the aggregate, exceed such Simulated Basis.

  
    13

    
      

  

  “Simulated Gain”
      means the amount of gain realized from the sale or other disposition of Depletable Property as calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2).

   

    

  “Simulated Loss”
      means the amount of loss realized from the sale or other disposition of Depletable Property as calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2).

   

    

  “Subsidiary”
      means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar
      managing body or (b) beneficially owns, directly or indirectly, a majority of such Person’s Equity Securities.

   

    

  “Tax Contribution
          Obligation” is defined in Section 10.5(c).

   

    

  “Tax Distribution Date”
      means any date that is five Business Days prior to (a) each date on which quarterly estimated U.S. federal income tax payments are required to be made by calendar year individual taxpayers and (b) each due date for the U.S. federal income tax return
      of an individual calendar year taxpayer (without regard to extensions).

   

    

  “Tax Offset”
      is defined in Section 10.5(c).

   

    

  “Trading Day”
      means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Shares are listed or admitted to trading is open for the transaction of business (unless such trading shall have been
      suspended for the entire day).

   

    

  “Transfer”
      means, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by
      operation of law or otherwise), transfer, sale, pledge or hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily, directly or indirectly (whether through a change of control of the Transferor or any Person that
      controls the Transferor, the issuance or transfer of Equity Securities of the Transferor or any Person that controls the Transferor, by operation of law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of.  The terms
      “Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings.

   

    

  “Transfer Agent”
      is defined in Section 4.6(a)(ii).

   

    

  “Treasury Regulations”
      means pronouncements, as amended from time to time, or their successor pronouncements, which clarify, interpret and apply the provisions of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury.

   

    

  “Uniform Commercial Code”
      means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of Delaware.

   

    

  “Units” means
      the Units issued hereunder and shall also include any Equity Security of the Company issued in respect of or in exchange for Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation,
      conversion or reorganization.

  
    14

    
      

  

  “Unit Redemption Price” means, with respect to a particular Redemption for which a Cash Election has been made, (a) if the Class A Shares trade on a securities exchange or automated or electronic quotation system, an amount equal to the closing price for a
        Class A Share on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Shares trade, as reported by Bloomberg, L.P., or its successor, on the last full Trading Day immediately prior to the
        Redemption Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Shares and (b) if the Class A Shares no longer trade on a securities exchange or
        automated or electronic quotation system, an amount equal to the fair market value of one Class A Share, as determined by the Managing Member in good faith, that would be obtained in an arms’ length transaction for cash between an informed and
        willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller; provided, however, that if PubCo conducts a Public Offering to fund any Cash Election Amount as permitted by this Agreement, then the Unit Redemption Price shall be net of each Redeeming Member’s
      pro rata share of any Discount in connection with such Public Offering.

   

    

  “Unit Reinvestment Price”
      means, for a particular contribution on a Tax Distribution Date, an amount equal to (a) the Unit Redemption Price, as determined by
      substituting “Tax Distribution Date” for “Redemption Date,” minus (b) the quotient of (i) the total distributions made on such Tax Distribution
      Date divided by (ii) the total number of Units outstanding as of such Tax Distribution Date (without taking into account any Units issued on such
      Tax Distribution Date pursuant to Section 6.2(c)), provided
      that, for the avoidance of doubt, as used in this definition, the term Unit Redemption Price shall be applied as if the Discount is zero.

   

    

  “Winding-Up Member”
      is defined in Section 11.3(a).

   

    

  Section 1.2 Interpretive Provisions.  For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

   

    

  
    
      	

            	(a)	
              the terms defined in Section 1.1 are applicable to the singular as well as
                  the plural forms of such terms;

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in
                  United States dollars;

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or
                      Schedule to, this Agreement unless otherwise indicated;

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”;

            

    

  

  
    
      
         

          

        
          	 	
                  (f)

                	
                  “or” is not exclusive;

                

        

        
          15

          
            

        

      

    

  

  
    
      	

            	(g)	
              pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

            

    

  

  
    
      

      

      
        
          	 	
                  (h)

                	
                  the words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any
                      particular provision of this Agreement.

                

        

      

    

  

   

    

  ARTICLE II

      

      ORGANIZATION OF THE LIMITED LIABILITY COMPANY

   

    

  Section 2.1 Formation.  The Company has been formed as a limited liability company subject to the provisions of the Act upon the terms, provisions and conditions set forth in
      this Agreement.

   

    

  Section 2.2 Filing.  The Company’s Certificate of Formation has been filed with the Secretary of State of the State of Delaware in accordance with the Act.  The Members shall
      execute such further documents (including amendments to such Certificate of Formation) and take such further action as is appropriate to comply with the requirements of Law for the formation or operation of a limited liability company in Delaware and
      in all states and counties where the Company may conduct its business.

   

    

  Section 2.3 Name.  The name of the Company is “NEW FORTRESS INTERMEDIATE LLC” and all business of the Company shall be conducted in such name or, in the discretion of the
      Managing Member, under any other name.

   

    

  Section 2.4 Registered Office; Registered Agent.  The location of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, Delaware
      19801, or at such other place as the Managing Member from time to time may select.  The name and address for service of process on the Company in the State of Delaware are The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801,
      or such other qualified Person as the Managing Member may designate from time to time and its business address.

   

    

  Section 2.5 Principal Place of Business.  The principal place of business of the Company shall be located in such place as is determined by the Managing Member from time to
      time.

   

    

  Section 2.6 Purpose; Powers.  The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which limited
      liability companies may be formed under the Act.  The Company shall have the power and authority to take any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the
      accomplishment of the foregoing purpose.

   

    

  Section 2.7 Term.  The term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of the Secretary of State of the
      State of Delaware in accordance with the Act and shall continue indefinitely.  The Company may be dissolved and its affairs wound up only in accordance with Article XI.

  
    16

    
      

  

  Section 2.8 Intent.  It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership” for U.S. federal and state
      income tax purposes.  It is also the intent of the Members that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code.  Neither the Company nor any Member shall take any action
      inconsistent with the express intent of the parties hereto as set forth in this Section 2.8.

   

    

  ARTICLE III

      

      CLOSING TRANSACTIONS

  Section 3.1 Reorganization Transactions.

   

    

  
    
      	

            	(a)	
              Pursuant to the Contribution Agreement, the Members, among others, agreed that, on the date of, but at a time prior to, the initial close of the IPO, (i) the
                  Existing LLC Agreement shall be amended and restated and this Agreement shall be adopted and (ii) New Fortress Energy Holdings will contribute its membership interests in NFE Atlantic to the Company in exchange for the issuance of Units.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Immediately following the initial closing of the IPO, (i) PubCo shall contribute to NFE Sub the net proceeds received by PubCo in connection with such
                      initial closing and Class B Shares (the “Primary B Shares”) and (ii) NFE Sub will in turn contribute to the Company such net
                      proceeds of the initial closing and such Primary B Shares in exchange for the issuance of Units.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              Immediately following the contributions described in Section 3.1(b) of this
                  Agreement, the Company shall distribute to each of the Members (other than PubCo), pro rata, in accordance with the number of Units
                  owned by each Member, the Primary B Shares.

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  Immediately following any closing of the issuance and sale of Class A Shares pursuant to the Option, PubCo shall contribute all of the net proceeds received
                      by it pursuant to such Option exercise to NFE Sub, and NFE Sub shall in turn contribute such net proceeds to the Company in exchange for a number of Units equal to the number of Class A Shares issued and sold by PubCo pursuant to such
                      Option exercise.

                

        

      

    

  

  

  

  ARTICLE IV

      

      OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

   

    

  Section 4.1 Authorized Units; General Provisions With Respect to Units.

   

    

  
    
      	

            	(a)	
              Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity Securities as
                  the Managing Member shall determine in accordance with Section 4.3.  Each authorized Unit may be issued pursuant to such agreements as the
                  Managing Member shall approve, including pursuant to options and warrants.  The Company may reissue any Units that have been repurchased or acquired by the Company.

            

    

  

  
    
      
        
          17

          
            

        

        
          	 	
                  (b)

                	
                  Except to the extent explicitly provided otherwise herein (including Section
                        4.3), each outstanding Unit shall be identical.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              Initially, none of the Units will be represented by certificates.  If the Managing Member determines that it is in the interest of the Company to issue
                  certificates representing the Units, certificates will be issued and the Units will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for
                  purposes of the Uniform Commercial Code.  Nothing contained in this Section 4.1(c) shall be deemed to authorize or permit any Member to Transfer
                  its Units except as otherwise permitted under this Agreement.

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  The total number of Units issued and outstanding and held by the Members is set forth on Exhibit A (as amended from time to time in accordance with the terms of this Agreement) as of the date set forth therein.

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              If, at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of PubCo (other than Class B Shares), (i) the Company shall
                  concurrently issue to PubCo one Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Shares) corresponding to the Equity Securities issued by PubCo, and
                  with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights as
                  those of such Equity Securities of PubCo to be issued and (ii) PubCo shall concurrently contribute to the Company the net proceeds (in
                  cash or other property, as the case may be), if any, received by PubCo for such Class A Share or other Equity Security; provided, however, that if PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than PubCo) of a number
                  of Units (and Class B Shares) equal to the number of Class A Shares so issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have been issued for cash to fund such an acquisition by
                  PubCo pursuant to a Cash Election, PubCo shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred to such Member as consideration for such acquisition as required pursuant to Section 4.6(a)(iv). For the avoidance of doubt, if PubCo issues any Class A Shares or other Equity Security for cash to be used to fund the acquisition
                  by any member of the PubCo Holdings Group of any Person or the assets of any Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the PubCo Holdings Group shall be required to
                  contribute such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries. Notwithstanding the foregoing, this Section
                      4.1(e) shall not apply to the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights plan (and upon any redemption of Units
                  for Class A Shares, such Class A Shares will be issued together with a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of
                  PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of
                  such rights, warrants, options or other rights or property.  Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to
                  the PubCo Holdings Group unless substantially simultaneously therewith the PubCo Holdings Group issues or sells an equal number of newly-issued Class A Shares of PubCo to another Person, and (y) the Company may not issue any other Equity
                  Securities of the Company to the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group issues or sells, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of
                  the PubCo Holdings Group with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by the PubCo
                  Holdings Group) and other economic rights as those of such Equity Securities of the Company.  If at any time any member of the PubCo Holdings Group issues Debt Securities, such member of the PubCo Holdings Group shall transfer to the
                  Company (in a manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly or indirectly
                  burdens the Company with the repayment of the Debt Securities.  In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are issued,
                  (1) the corresponding Equity Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to PubCo as
                  contemplated by the first sentence of this Section 4.1(e), and (2) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo
                  from any such exercise.

            

    

  

  
    
      
        
          18

          
            

        

        
          	 	
                  (f)

                	
                  No member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (i) except pursuant to Section 4.6, any Class A Shares (including upon forfeiture of any unvested Class A Shares) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires
                      from the PubCo Holdings Group an equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the
                      PubCo Holdings Group an equal number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into
                      account differences as a result of any tax or other liabilities borne by the PubCo Holdings Group) and other economic rights as those of such Equity Securities of PubCo for the same price per security.  The Company may not redeem,
                      repurchase or otherwise acquire (x) except pursuant to Section 4.6, any Units from the PubCo Holdings Group unless substantially
                      simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per security from holders thereof, or (y) any other Equity Securities of the Company from the
                      PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of PubCo of a corresponding class or
                      series with substantially the same rights to dividends and distributions (including distribution upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by the PubCo Holdings Group) and
                      other economic rights as those of such Equity Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in connection with the redemption or repurchase of any Class A Shares or other
                      Equity Securities of the PubCo Holdings Group consists (in whole or in part) of Class A Shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant),
                      then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.

                

        

         

          

      

    

  

  
    
      	

            	(g)	
              Except pursuant to Section 4.1(i) or as provided in or Section 6.2(c), the Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification,
                  recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the
                  outstanding PubCo Shares, with corresponding changes made with respect to any other exchangeable or convertible securities.  Unless in connection with any action taken pursuant to Section 4.1(i), PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity
                  split, reclassification, recapitalization or otherwise) of the outstanding PubCo Shares unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect
                  to any other exchangeable or convertible securities.

            

    

  

  
    
      
         

          

        
          	 	
                  (h)

                	
                  Notwithstanding any other provision of this Agreement, the Company may redeem Units from the PubCo Holdings Group for cash to fund any acquisition by the
                      PubCo Holdings Group of another Person or the assets and liabilities of such Person, provided that promptly after such redemption
                      and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly, such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of
                      Units equal to the number of Units so redeemed.

                

        

         

          

      

    

  

  
    
      	

            	(i)	
              Notwithstanding any other provision of this Agreement (including Section 4.1(e)),

                  if the PubCo Holdings Group acquires or holds any material amount of cash in excess of any monetary obligations PubCo reasonably anticipates, PubCo may, in its sole discretion, use or cause to be used such excess cash amount in such
                  manner, and make such adjustments to or take such other actions with respect to the capitalization of PubCo and the Company, as PubCo (including in its capacity as the Managing Member) in Good Faith determines to be fair and reasonable to
                  the holders of PubCo Shares and to the Members and to preserve the intended economic effect of this Section 4.1, Section 4.6, and the other provisions hereof; provided that, if the
                  PubCo Holdings Group contributes any such excess cash to the Company in exchange for Units, the number of Units issued to the PubCo Holdings Group shall be determined consistent with the provisions of Section 6.2(c).

            

    

  

  
    19

    
      

  

  Section 4.2 Voting Rights.  No Member has any voting right except with respect to those matters specifically reserved for a Member vote under the Act and for matters
      expressly requiring the approval of Members under this Agreement.  Except as otherwise required by the Act, each Unit will entitle the holder thereof to one vote on all matters to be voted on by the Members.  Except as otherwise expressly provided in
      this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

   

    

  Section 4.3 Capital Contributions; Unit Ownership.

   

    

  
    
      	

            	(a)	
              Capital Contributions.  Except as otherwise set forth in
                  Section 4.1(e) with respect to the obligations of PubCo, no Member shall be required to make additional Capital Contributions.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Issuance of Additional Units or Interests.  Except
                      as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize and cause the Company to issue on such terms (including price) as may be determined by the Managing Member (i) subject to the
                      limitations of Section 4.1, additional Units or other Equity Securities in the Company (including creating preferred interests or other classes or
                      series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other
                      securities or interests convertible or exchangeable for Units or other Equity Securities in the Company; provided that, at any
                      time following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or
                      instruments deemed necessary or desirable in the discretion of the Managing Member.  Upon such issuance and execution, such Person shall be admitted as a Member of the Company.  In that event, the Managing Member shall amend Exhibit A to reflect such additional issuances.  Subject to Section
                          12.1, the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or such
                      other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units or other Equity Securities in the Company
                      pursuant to this Section 4.3(b); provided
                      that, notwithstanding the foregoing, the Managing Member shall have the right to amend this Agreement as set forth in this sentence without the approval of any other Person (including any Member) and notwithstanding any other
                      provision of this Agreement (including Section 12.1) if such amendment is necessary, and then only to the extent necessary, in order to
                      consummate any offering of PubCo Shares or other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity Securities of the Company as set forth in
                      such amendment are substantially similar to those applicable to such PubCo Shares or other Equity Securities of PubCo.

                

        

      

    

  

  
    20

    
      

  

  Section 4.4 Capital Accounts.  A Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and,
      to the extent consistent with such regulations, the other provisions of this Agreement.  Each Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the
      amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or
      required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses pursuant to Section 5.1 and any
      other items of deduction or loss allocated to such Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of
      any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv).  In the event
      of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(a)(v)),
      the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

   

    

  Section 4.5 Other Matters.

   

    

  
    
      	

            	(a)	
              No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of the Managing Member.  Under
                  circumstances requiring a return of any Capital Contributions, no Member has the right to receive property other than cash.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital Account, or for
                      services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise provided in Section 6.2,
                      Section 7.9 or as otherwise contemplated by this Agreement.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this Agreement or required
                  by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any of the other Members, the creditors of the Company, or any other third party, for any debt or Liability of the Company, whether arising
                  in contract, tort or otherwise, solely by reason of being a Member of the Company.

            

    

  

  
    
      
        
          21

          
            

        

        
          	 	
                  (d)

                	
                  Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member’s Capital Account, to lend any funds to
                      the Company or, except as otherwise set forth herein, to make any additional contributions or payments to the Company.

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              The Company shall not be obligated to repay any Capital Contributions of any Member.

            

    

  

   

    

  Section 4.6 Redemption of Units.

   

    

  (a)

   

    

  (i)

   

    

  
    
      	

            	(A)	
              Upon the terms and subject to the conditions set forth in this Section 4.6,
                  any 5% Holder, such other Members as permitted by a committee of the Board (such other Members, each a “Permitted Holder”) and
                  any Permitted Transferee (collectively, the “Eligible Members”) shall be entitled to cause the Company to redeem all or a
                  portion of such Member’s Units (together with the surrender and delivery of the same number of Class B Shares) for an equivalent number of Class A Shares (a “Redemption”) or, at the Company’s election made in accordance with Section 4.6(a)(iv), cash equal to the Cash
                  Election Amount calculated with respect to such Redemption. Absent the prior written consent of the Managing Member, and subject to Section 4.6(i),
                  with respect to each Redemption, the Redeeming Members shall be (A) required to redeem at least a number of Units equal to, in the aggregate, the lesser of      Units or Units with a value of at least $10.0 million at the time of
                  Redemption, or solely with respect to any Redeeming Member that is a 5% Holder, all of the Units held at such time by such 5% Holder and (B) permitted to effect a Redemption of Units no more frequently than once per calendar quarter on
                  the Quarterly Redemption Date for such calendar quarter under this Section 4.6(a)(i)(A). If any Eligible Member exercises the Redemption right
                  pursuant to this Section 4.6(a)(i)(A), then any other Member shall be entitled to participate in such Redemption, provided that such other Member participates with respect to all Units held by such other Member, and subject to Section 4.6(a)(vi).

            

    

  

  
    
      
         

          

        
          	 	
                  (B)

                	
                  Subject to Section 4.6(i), each of the Eligible Members, excluding the
                      Permitted Holders, may exercise its Redemption right at any time with respect to at least a number of Units equal to the lesser of Units or Units with a value of at least $50.0 million at the time of Redemption. If any Eligible Member
                      exercises the Redemption right pursuant to this Section 4.6(a)(i)(B), then any other Member shall be entitled to participate in such
                      Redemption, provided that such other Member participates with respect to all Units held by such other Member, and subject to Section 4.6(a)(vi).

                

        

        
          22

          
            

        

      

    

  

  
    
      	

            	(C)	
              Subject to Section 4.6(i), the Eligible Members, excluding the
                  Permitted Holders, may exercise the Redemption right with respect to at least a number of Units equal to, in the aggregate, the lesser of        Units or        Units with a value of at least $10.0 million at the time of Redemption, if such Redemption right is exercised in connection with a valid exercise of
                  such 5% Holder’s rights to have the Class A Shares issuable in connection with such Redemption to participate in an offering of securities by PubCo.

            

    

  

  
    
      
         

          

        
          	 	
                  (D)

                	
                  In addition to Redemptions permitted by Section 4.6(a)(i)(A), Section 4.6(a)(i)(B) or Section 4.6(a)(i)(C), and
                      subject to Section 4.6(i), any direct or indirect owner of NFI Holdings (or Affiliate thereof) that is a 5% Holder may exercise the Redemption right
                      with respect to at least        Units, in the aggregate, not more
                      than once per calendar year with a Redemption Date one (1) Business Day after the Redemption Notice Date; provided, however, such
                      exercise of the Redemption right pursuant to this Section 4.6(a)(i)(D) shall be permitted only to the extent that PubCo and/or the Company
                      have sufficient capacity to reasonably pay the Cash Election Amount within eight (8) calendar days of the applicable Redemption Notice Date, taking into account available cash of PubCo and the Company (as calculated consistent with Section 6.2(b)) and the reasonably estimated net cash proceeds of any potential equity offerings that could reasonably be completed within such
                      eight-day period.

                

        

         

          

      

    

  

  
    
      	

            	(ii)	
              Each Eligible Member, excluding the Permitted Holders, may establish a written plan for trading Class A Shares in compliance with Rule 10b5-1(c) of the Exchange
                  Act (a “10b5-1 Plan”). Each such Eligible Member may, no more than once with respect to any twelve (12) month period, exercise
                  the Redemption right in connection with any such 10b5-1 Plan (each such exercise, a “10b5-1 Plan Redemption Right Exercise”)
                  with respect to at least        Units, provided that (A) the Units subject to such 10b5-1 Plan Redemption Right Exercise shall be in a number reasonably expected by such Eligible Member to provide
                  Class A Shares to be sold under such 10b5-1 Plan(s) and (B) the Units subject to such 10b5-1 Plan Redemption Right Exercise shall either, at the election of such Eligible Member (x) be redeemed in an equal amount on each 10b5-1 Plan
                  Redemption Date during such twelve (12) month period or (y) all be redeemed at one time on the first 10b5-1 Plan Redemption Date following such 10b5-1 Plan Redemption Right Exercise. The        Unit threshold described above shall be determined with respect to a new 10b5-1 Plan Redemption Right Exercise
                  by taking into account any Units to be redeemed (x) pursuant to any other 10b5-1 Plan Redemption Right Exercise that is then in effect (or contemporaneously entered into) and (y) during the twelve (12) month period with respect to which
                  such new 10b5-1 Plan Redemption Right Exercise applies. If any Eligible Member exercises the Redemption right pursuant to this Section 4.6(a)(ii),
                  then any other Member shall be entitled to participate in the first such Redemption during a calendar quarter, provided that such
                  other Member participates with respect to all Units held by such other Member, and subject to Section 4.6(a)(vi).

            

    

  

  
    
      
        
          23

          
            

        

        
          	 	
                  (iii)

                	
                  In order to exercise any Redemption right under Section 4.6(a)(i)
                      or Section 4.6(a)(ii), the Redeeming Member shall provide written notice (the “Redemption Notice”) to the Company, with a copy to PubCo (the date of delivery of such Redemption Notice, the “Redemption Notice Date”), stating:

                

        

         

          

      

    

  

  
    
      	

            	(A)	
              the number of Units (together with the surrender and delivery of an equal number of Class B Shares) the Redeeming Member elects to have the Company redeem;

            

    

  

  
    
      
         

          

        
          	 	
                  (B)

                	
                  if the Class A Shares to be received are to be issued other than in the name of the Redeeming Member, the name(s) of the Person(s) in whose name or on whose
                      order the Class A Shares are to be issued;

                

        

         

          

      

    

  

  
    
      	

            	(C)	
              whether the exercise of the Redemption right is to be contingent (including as to timing) upon the closing of a Public Offering of the Class A Shares for which
                  the Units will be redeemed or the closing of an announced merger, consolidation or other transaction or event to which PubCo is a party in which the Class A Shares would be exchanged or converted or become exchangeable for or convertible
                  into cash or other securities or property (such contingency, a “Redemption Contingency”);

            

    

  

  
    
      
         

          

        
          	 	
                  (D)

                	
                  pursuant to which section of this Agreement the Redemption right is being exercised;

                

        

         

          

      

    

  

  
    
      	

            	(E)	
              if the Redemption right is being exercised pursuant to Section 4.6(a)(ii),
                  (x) the first 10b5-1 Plan Redemption Date and (y) whether such Redeeming Member elects for such Redemptions to occur in an equal amount on each 10b5-1 Plan Redemption Date during the relevant twelve (12) month period or at one time on the
                  first 10b5-1 Plan Redemption Date following such 10b5-1 Plan Redemption Right Exercise; and

            

    

  

  
    
      
         

          

        
          	 	
                  (F)

                	
                  if the Redemption right is being exercised pursuant to Section 4.6(a)(i)(B)
                      or Section 4.6(a)(i)(D), the intended Redemption Date.

                

        

        
          24

          
            

        

      

    

  

  With respect to the exercise of the Redemption right pursuant to Section 4.6(a)(i)(A), such Redemption Notice shall be delivered to the Company, PubCo and New Fortress Energy Holdings (if New Fortress Energy Holdings is not the Redeeming Member), at least ten (10) calendar
      days prior to the Quarterly Redemption Date. With respect to the exercise of the Redemption right pursuant to Section 4.6(a)(i)(B), such Redemption Notice
      shall be delivered to the Company at least five (5) Business Days prior to the Redemption Date stated in such Redemption Notice; provided, however,
      such Redemption Notice may be delivered to the Company up to three (3) Business Days prior to the Redemption Date stated in such Redemption Notice if the Redeeming Member waives any rights to revoke the Redemption Notice under Section 4.6(b)(i). With respect to the exercise of the Redemption right pursuant to Section
          4.6(a)(i)(C), such Redemption Notice shall be delivered to the Company reasonably promptly after the Redeeming Member’s receipt of notice of any applicable offering.  With respect to the exercise of the Redemption right pursuant to Section 4.6(a)(ii), such Redemption Notice shall be delivered to the Company at least five (5) Business Days prior to the first 10b5-1 Plan Redemption Date as
      stated in such Redemption Notice. If the Units to be redeemed (or the Class B Shares to be transferred and surrendered) by the Redeeming Member are represented by a certificate or certificates, prior to the Redemption Date, the Redeeming Member shall
      also present and surrender such certificate or certificates representing such Units (or Class B Shares) during normal business hours at the principal executive offices of the Company, or if any agent for the registration or transfer of Class A Shares
      is then duly appointed and acting (the “Transfer Agent”), at the office of the Transfer Agent.  If required by the Managing Member, any
      certificate for Units and any certificate for Class B Shares (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of transfer, in forms reasonably satisfactory to the Managing Member and the
      Transfer Agent, duly executed by the Redeeming Member or the Redeeming Member’s duly authorized representative.

   

    

  
    
      	

            	(iv)	
              Upon receipt of a Redemption Notice and in connection with any Redemption in connection with a 10b5-1 Plan, the Company shall be entitled to elect (a “Cash Election”) to settle the Redemption by delivering to the Redeeming Member, in lieu of all, but not less than all, of the
                  applicable number of Class A Shares that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption.  In order to make a Cash Election with respect to a Redemption, the Company must
                  provide written notice of such election to the Redeeming Member (with a copy to PubCo) prior to 1:00 p.m., New York time, on the date that is two (2) Business Days prior to the Redemption Date.  If the Company fails to provide such
                  written notice prior to such time, it shall not be entitled to make a Cash Election with respect to such Redemption. Notwithstanding the foregoing, (x) with respect to the exercise of the Redemption right pursuant to Section 4.6(a)(i)(C), the Company shall be entitled make the Cash Election by providing written notice reasonably promptly after receiving the
                  Redemption Notice, and (y) with respect to the exercise of the Redemption right pursuant to Section 4.6(a)(i)(D), the Company shall be entitled
                  make the Cash Election without providing written notice to NFI Holdings.  In addition to the foregoing, a Cash Election with respect to a Redemption in connection with a 10b5-1 Plan shall be made on a quarterly basis, on the date that is
                  two (2) Business Days prior to the first 10b5-1 Plan Redemption Date in such calendar quarter, and shall apply to all Redemptions in connection with such 10b5-1 Plan that occur in such calendar quarter.

            

    

  

  
    
      
        
          25

          
            

        

        
          	 	
                  (v)

                	
                  For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and PubCo (and any other member of the
                      PubCo Holdings Group, as applicable) agree to treat each Redemption or, in the event any member of the PubCo Holdings Group exercises the Call Right, each transaction between the Redeeming Member and such member of the PubCo Holdings
                      Group, as a sale of the Redeeming Member’s Units (together with the same number of Class B Shares) to PubCo or any other participating member of the PubCo Holdings Group in exchange for Class A Shares or cash, as applicable.

                

        

         

          

      

    

  

  
    
      	

            	(vi)	
              If an Eligible Member exercises the Redemption right pursuant to Section
                      4.6(a)(i)(A) or Section 4.6(a)(ii) in which other Members are entitled to participate, then the Company shall promptly notify all
                  other Members of such Redemption as soon as reasonably practicable in advance of the anticipated Redemption Date (the “Piggyback Redemption
                      Notice”), but in any case, at least one (1) Business Day before the associated request for inclusion from such other Members would be due pursuant to this Section 4.6(a)(vi); provided that, in the case of an exercise of the Redemption right pursuant to Section 4.6(a)(ii), the Company shall only be required to give a Piggyback Redemption Notice once per calendar year, as soon as reasonably practicable
                  after entry to a 10b5-1 Plan with respect to such year. The Company shall use commercially reasonable efforts to redeem on the Redemption Date for any Redemption in which other Members are entitled to participate, such Units for which the
                  Company has received a written request for inclusion (and any other documents or other items that the Managing Member reasonably requests): (A) with respect to a Redemption under Section 4.6(a)(i)(A), at least seven (7) calendar days prior to such Redemption Date and (B) with respect to a Redemption under Section 4.6(a)(ii), within one (1) Business Day of receipt of the Piggyback Redemption Notice but in no event later than three (3) Business Days prior to the applicable Redemption Date. With respect to a Redemption
                  under Section 4.6(a)(i)(B), (x) a Member may deliver at any time an irrevocable written request for inclusion in any Redemption under Section
                      4.6(a)(i)(B), and the Company shall use commercially reasonable efforts to redeem such Member’s Units on the next Redemption Date, if any, for a Redemption under Section 4.6(a)(i)(B), provided such Member delivers to the Company any other documents or
                  other items that the Managing Member reasonably requests, and (y) the Company shall notify any Member that has timely provided a valid request under this Section
                    4.6(a)(vi) for inclusion in any such Redemption reasonably in advance of the relevant Redemption Date and shall specify what documents and/or items are needed from such Member in connection with such Redemption. The Company shall
                  not be required to include in such Redemption a Member’s Units in the event such Member does not request for inclusion all of the Units held by such Member or if the Redemption of any such Units is not practical to effect on the same
                  Redemption Date.

            

    

  

  
    26

    
      

  

  (b)

   

    

  
    
      	

            	(i)	
              Subject to the satisfaction of any Redemption Contingency that is specified in the relevant Redemption Notice, the Redemption shall be completed on the
                  Redemption Date and such Class A Shares issuable upon the Redemption, or, if a Cash Election has been made, the Cash Election Amount shall be delivered to the Redeeming Member, as applicable, as soon as reasonably practicable on or
                  following the Redemption Date. Unless a valid Cash Election has been made, a Redemption Notice in connection with the exercise of the Redemption right pursuant to Section 4.6(a)(i)(A) or Section 4.6(a)(i)(B) may be revoked at any time prior to the date that is three (3) Business Days
                  prior to the Redemption Date (except, for the avoidance of doubt, if the Redeeming Member has waived such revocation right with respect of a Redemption under Section

                      4.6(a)(i)(B) pursuant to Section 4.6(a)(iii)). If a valid revocation pursuant to this Section 4.6(b)(i) causes the total number of Units to be redeemed in connection with the exercise of the Redemption right pursuant to Section 4.6(a)(i)(A) or Section 4.6(a)(i)(B) to be less than the minimum number of
                  Units required to be redeemed under Section 4.6(a)(i)(A) or Section
                      4.6(a)(i)(B), as applicable, then such Redemption shall be cancelled with respect to all Units. With respect to the exercise of the Redemption right pursuant to Section 4.6(a)(ii), each Redeeming Member may revoke such Redemption once per calendar quarter by written election at least three (3) Business Days prior to the 10b5-1 Plan Redemption Date for the first month of
                  such quarter, provided that, such revocation will apply to all Units that would be otherwise by redeemed in connection with such
                  10b5-1 Plan during such calendar quarter, and such 10b5-1 Plan has been established for at least one calendar quarter.  

            

    

  

  
    
      

      

      
        
          	 	
                  (ii)

                	
                  Unless a member of the PubCo Holdings Group has elected the Call Right pursuant to Section 4.6(f), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Units to be redeemed (and a
                      corresponding number of Class B Shares) to the Company, in each case free and clear of all liens and encumbrances, (B) PubCo, directly or indirectly through any other member(s) of the PubCo Holdings Group, shall contribute to the
                      Company the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) and, as described in Section 4.1(e), the Company shall issue to PubCo or such other member(s) of the PubCo Holdings Group, as applicable, a number of Units or other Equity Securities of
                      the Company as consideration for such contribution, (C) the Company shall (x) cancel the redeemed Units, (y) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference
                      (if any) between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (ii)(A) of this Section 4.6(b) and the number of redeemed Units, and (D) PubCo shall cancel the surrendered Class B Shares.  Notwithstanding any other provisions of
                      this Agreement to the contrary, in the event that the Company makes a valid Cash Election, PubCo shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of the Discount) from
                      the sale by PubCo of a number of Class A Shares equal to the number of Units and Class B Shares to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s Capital Account (or the Capital Account(s) of the other member(s) of the PubCo Holdings Group, as applicable)
                      shall be increased by the amount of such Discount in accordance with Section 7.9;  provided further, that the contribution of such net proceeds shall in no event affect the Redeeming Member’s right to receive the Cash Election Amount.

                

        

        
          27

          
            

        

      

    

  

  
    
      	

            	(c)	
              If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the Class A Shares are converted or
                  changed into another security, securities or other property (other than as a result of a subdivision or combination or any transaction subject to Section
                      4.1(g)), or (ii) except in connection with actions taken with respect to the capitalization of PubCo or the Company pursuant to Section 4.1(i),
                  PubCo, by dividend or otherwise, distributes to all holders of the Class A Shares evidences of its Indebtedness or assets, including securities (including Class A Shares and any rights, options or warrants to all holders of the Class A
                  Shares to subscribe for or to purchase or to otherwise acquire Class A Shares, or other securities or rights convertible into, exchangeable for or exercisable for Class A Shares) but excluding (A) any cash dividend or distribution, or (B)
                  any such distribution of Indebtedness or assets, in either case (A) or (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the Class A Shares or the Cash Election Amount, as
                  applicable, each Member shall be entitled to receive the amount of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such
                  reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, 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 Shares are
                  converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above), this Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such
                  security or other property.  This Agreement shall apply to the Units held by the Members as of the date hereof, as well as any Units hereafter acquired by a Member.

            

    

  

  
    
      

      

      
        
          	 	
                  (d)

                	
                  PubCo covenants that all Class A Shares that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and
                      non-assessable.  In addition, for so long as the Class A Shares are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all Class A Shares issued upon a Redemption to be listed on such
                      National Securities Exchange at the time of such issuance.

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              The issuance of Class A Shares upon a Redemption shall be made without charge to the Redeeming Member for any stamp or other similar tax in respect of such
                  issuance; provided, however,
                  that if any such Class A Shares are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in whose name the shares are to be issued shall pay to PubCo the amount of any tax that may be payable in
                  respect of any transfer involved in such issuance or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable.  The Company and each member of the PubCo Holdings Group shall be entitled to
                  deduct and withhold from any consideration payable or otherwise deliverable upon a Redemption such amounts as may be required to be deducted or withheld therefrom under the Code or any provision of applicable Law, and to the extent
                  deduction and withholding is required, such deduction and withholding may be taken in Class A Shares. To the extent such amounts are so deducted or withheld and paid over to the relevant governmental authority, such amounts shall be
                  treated for all purposes under this Agreement as having been paid to the Redeeming Member and, if withholding is taken in Class A Shares, the relevant withholding party shall be treated as having sold such Class A Shares on behalf of such
                  Redeeming Member for an amount of cash equal to the fair market value thereof at the time of such deemed sale and paid such cash proceeds to the appropriate governmental authority.  Notwithstanding the foregoing, in the event any
                  deduction or withholding is required upon the issuance of Class A Shares, the relevant withholding party may require the Redeeming Member to pay to the relevant withholding party promptly, and in any no event later than 10 Business Days
                  after the Redemption Date, cash equal to the amount of any such required deduction or withholding.

            

    

  

  
    28

    
      

  

  (f)

   

    

  
    
      	

            	(i)	
              Notwithstanding anything to the contrary in this Section 4.6 a
                  Redeeming Member shall be deemed to have offered to sell its Units as described in the Redemption Notice to each member of the PubCo Holdings Group, and any member of the PubCo Holdings Group may, in its sole discretion, by means of
                  delivery of a Call Election Notice in accordance with, and subject to the terms of, this Section 4.6(f), elect to purchase directly and acquire such
                  Units (together with the surrender and delivery of the same number of Class B Shares) on the Redemption Date by paying to the Redeeming Member (or, on the Redeeming Member’s written order, its designee) that number of Class A Shares the
                  Redeeming Member (or its designees) would otherwise receive pursuant to Section 4.6(a)(i) or, at the election of such member of the PubCo Holdings Group,
                  an amount of cash equal to the Cash Election Amount of such Class A Shares (the “Call Right”), whereupon such member of the
                  PubCo Holdings Group shall acquire the Units offered for redemption by the Redeeming Member (together with the surrender and delivery of the same number of Class B Shares to PubCo for cancellation).  Such member of the PubCo Holdings
                  Group shall be treated for all purposes of this Agreement as the owner of such Units; provided that if the Cash Election Amount is
                  funded other than through the issuance of Class A Shares, such Units will be reclassified into another Equity Security of the Company if the Managing Member determines such reclassification is necessary.

            

    

  

  
    
      

      

      
        
          	 	
                  (ii)

                	
                  Each member of the PubCo Holdings Group may, at any time prior to the Redemption Date, in its sole discretion deliver written notice (a “Call Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise the Call Right.  A Call
                      Election Notice may be revoked by the applicable member of the PubCo Holdings Group at any time; provided that any such
                      revocation does not prejudice the ability of the parties to consummate a Redemption on the Redemption Date.  Except as otherwise provided by this Section
                          4.6(f), an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if PubCo had not delivered a Call Election Notice.

                

        

         

          

      

    

  

  
    
      	

            	(g)	
              No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units redeemed pursuant to such Redemption in respect
                  of a record date that occurs prior to the Redemption Date for such Redemption.  For the avoidance of doubt, no Redeeming Member or a Person designated by a Redeeming Member to receive Class A Shares, shall be entitled to receive, with
                  respect to such record date, distributions or dividends both on Units redeemed by the Company from such Redeeming Member and on Class A Shares received by such Redeeming Member, or other Person so designated, if applicable, in such
                  Redemption.

            

    

  

  
    
      

      

      
        
          	 	
                  (h)

                	
                  Any Units acquired by the Company under this Section 4.6 and
                      transferred by the Company to any member of the PubCo Holdings Group shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company.  Notwithstanding any other provision of this Agreement, the
                      applicable member(s) of the PubCo Holdings Group shall be automatically admitted as a Member of the Company with respect to any Units or other Equity Securities in the Company it receives under this Agreement (including under this Section 4.6 in connection with any Redemption).

                

        

        
          29

          
            

        

      

    

  

  
    
      	

            	(i)	
              The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority procedures for
                  Redemptions), to the extent it determines, in its sole discretion, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the
                  meaning of Section 7704 of the Code.  Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in its sole discretion, that such Redemption is necessary or
                  appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code.  Upon delivery of any notice by the Managing Member to such Member or group of Members
                  requiring such Redemption, such Member or group of Members shall exchange, subject to exercise by any member of the PubCo Holdings Group of the Call Right pursuant to Section 4.6(f)(i), all of their Units effective as of the date specified in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.6 and otherwise in accordance with the requirements set forth in such notice.

            

    

  

   

    

  ARTICLE V

      

      ALLOCATIONS OF PROFITS AND LOSSES

   

    

  Section 5.1 Profits and Losses.  After giving effect to the allocations under Section 5.2
      and subject to Section 5.4, Profits and Losses (and, to the extent determined by the Company Representative to be necessary and appropriate to achieve the
      resulting Capital Account balances described below, any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members
      during such Fiscal Year or other taxable period in a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all
      distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to
      Section 11.3(b) if all assets of the Company on hand at the end of such Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all
      liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and all remaining or resulting cash was distributed,
      in accordance with Section 11.3(b), to the Members immediately after making such allocation, minus (ii) such Member’s share of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to
      contribute to the Company, computed immediately after the hypothetical sale of assets.

  
    30

    
      

  

  Section 5.2 Special Allocations.

   

    

  
    
      	

            	(a)	
              Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year or other taxable period.  The amount of Nonrecourse
                  Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any
                  distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations
                  Section 1.704-2(d).

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic risk of loss
                      with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i).  If more than one Member bears the economic risk of loss for such
                      Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the economic risk of loss.  This Section 5.2(b) is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other
                  taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members
                  under this Section 5.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period
                  in an amount equal to such Member’s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)).  This section is intended to constitute a minimum gain
                  chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  Notwithstanding any other provision of this Agreement except Section 5.2(c),
                      if there is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have
                      sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(d)), each Member shall be
                      specially allocated items of Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)).  This
                      section is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

                

        

        
          31

          
            

        

      

    

  

  
    
      	

            	(e)	
              Notwithstanding any provision hereof to the contrary except Section 5.2(a)
                  and Section 5.2(b), no Losses or other items of loss or expense shall be allocated to any Member to the extent that such allocation would cause
                  such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period.  All Losses and other items of loss and expense in excess of the
                  limitation set forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to
                  their relative positive Capital Accounts but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit.

            

    

  

  
    
      
         

          

        
          	 	
                  (f)

                	
                  Notwithstanding any provision hereof to the contrary except Section 5.2(c)
                      and Section 5.2(d), in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5)
                      or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to
                      such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been tentatively made as if this Section 5.2(f)
                      were not in this Agreement.  This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations
                      Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

                

        

         

          

      

    

  

  
    
      	

            	(g)	
              If any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable period that is in excess of the sum of (i) the amount
                  that such Member is obligated to restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be
                  specially allocated items of Company income and gain and Simulated Gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for in this Article V have been made as if Section 5.2(f) and this Section 5.2(g) were not in this Agreement.

            

    

  

  
    
      
         

          

        
          	 	
                  (h)

                	
                  To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required, pursuant to Treasury
                      Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member’s Interest in the Company, the amount of
                      such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the
                      Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such section applies or to the Member to whom
                      such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

                

        

        
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            	(i)	
              Simulated Depletion for each Depletable Property, and Simulated Loss for Depletable Property upon the disposition of such Depletable Property, shall be
                  allocated among the Members in proportion to their shares of Simulated Basis in such Depletable Property.

            

    

  

  
    
      
         

          

        
          	 	
                  (j)

                	
                  The allocations set forth in Sections 5.2(a) through Section 5.2(i) (the “Regulatory Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2.  Notwithstanding any
                      other provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations)
                      shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each
                      Member should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred.  This Section
                          5.2(j) is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent
                      therewith.

                

        

         

          

      

    

  

  
    
      	

            	(k)	
              Items of income, gain, loss, expense or credit resulting from a Covered Audit Adjustment shall be allocated to the Members in accordance with the applicable
                  provisions of the Partnership Tax Audit Rules.

            

    

  

   

    

  Section 5.3 Allocations for Tax Purposes in General.

   

    

  
    
      	

            	(a)	
              Except as otherwise provided in this Section 5.3 or Section 5.4, each item of income, gain, loss and deduction of
                  the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Sections 5.1 and 5.2.

            

    

  

  
    
      

      

      
        
          	 	
                  (b)

                	
                  In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code
                      Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property
                      having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such
                      method or methods determined by the Company Representative to be appropriate and in accordance with the applicable Treasury Regulations; provided,
                      that the Company Representative will use the “traditional method with curative allocations,” with the curative allocations applied
                      only to sale gain, under Treasury Regulations Section 1.704-3(c) with respect to the assets owned by the Company at the time of the IPO.

                

        

        
          33

          
            

        

      

    

  

  
    
      	

            	(c)	
              Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5,
                  to the Members who received the benefit of such deductions, and (ii) recapture of credits shall be allocated to the Members in accordance with applicable law.

            

    

  

  
    
      

      

      
        
          	 	
                  (d)

                	
                  Allocations pursuant to this Section 5.3 are solely for purposes
                      of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this
                      Agreement.

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital Account reallocation is required under Treasury
                  Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations
                  Section 1.704-1(b)(4)(x).

            

    

  

   

    

  Section 5.4 Income Tax Allocations with Respect to Depletable Properties.

   

    

  
    
      	

            	(a)	
              Cost and percentage depletion deductions with respect to any Depletable Property shall be computed separately by the Members rather than the Company. For
                  purposes of such computations, the federal income tax basis of each Depletable Property shall be allocated to each Member pro rata, in accordance with the number of Units owned by such Member as of the time such Depletable Property is
                  acquired by the Company (and any additions to such federal income tax basis resulting from expenditures required to be capitalized in such basis shall be allocated among the Members in a manner designed to cause the Members’ proportionate
                  shares of such adjusted federal income tax basis to be in accordance with their proportionate ownership of Units as determined at the time of any such additions), and shall be reallocated among the Members pro rata, in accordance with the
                  number of Units owned by such Member as determined immediately following the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b) of the definition of
                  Gross Asset Value. The Company shall inform each Member of such Member’s allocable share of the federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable Property by the Company, any
                  adjustment resulting from expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  For purposes of the separate computation of gain or loss by each Member on the taxable disposition of Depletable Property, the amount realized from such
                      disposition shall be allocated (i) first, to the Members in an amount equal to the Simulated Basis in such Depletable Property in proportion to their allocable shares thereof and (ii) second, any remaining amount realized shall be
                      allocated consistent with the allocation of Simulated Gains.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              The allocations described in this Section 5.4 are intended to be
                  applied in accordance with the Members’ “interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided that the
                  Members understand and agree that the Company Representative may authorize special allocations of federal income tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences
                  between Simulated Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the principles outlined in Section 5.3(b). The provisions of this Section 5.4(c) and the other provisions of this Agreement relating to
                  allocations under Code Section 613A(c)(7)(D) are intended to comply with Treasury Regulations Section 1.704-1(b)(4)(v) and shall be interpreted and applied in a manner consistent with such Treasury Regulations.

            

    

  

  
    
      
        
          34

          
            

        

        
          	 	
                  (d)

                	
                  Each Member, with the assistance of the Company, shall separately keep records of its share of the adjusted tax basis in each Depletable Property, adjust
                      such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the computation of its gain or loss on
                      the disposition of such property by the Company. Upon the reasonable request of the Company, each Member shall advise the Company of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto,
                      both as computed in accordance with the provisions of this subsection for purposes of allowing the Company to make adjustments to the tax basis of its assets as a result of certain transfers of interests in the Company or
                      distributions by the Company. The Company may rely on such information and, if it is not provided by the Member, may make such reasonable assumptions as it shall determine with respect thereto.

                

        

         

          

      

    

  

  Section 5.5 Other Allocation Rules.

   

    

  
    
      	

            	(a)	
              The Members are aware of the income tax consequences of the allocations made by this Article V and the economic impact of the allocations on the amounts receivable by them under this Agreement.  The Members hereby agree to be bound by the provisions of this Article V in reporting their share of Company income and loss for income tax purposes.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  The provisions regarding the establishment and maintenance for each Member of a Capital Account and the allocations set forth herein are intended to comply
                      with the Treasury Regulations and to reflect the intended economic entitlement of the Members.  If the Company Representative determines, that the application of these provisions would result in non-compliance with the Treasury
                      Regulations or would be inconsistent with the intended economic entitlement of the Members, the Company Representative is authorized to make any appropriate adjustments to such provisions.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall be allocated between the
                  Transferor and the Transferee based on the portion of the Fiscal Year or other taxable period during which each was recognized as the owner of such interest, without regard to the results of Company operations during any particular
                  portion of that year and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; provided,

                    however, that this allocation must be made in accordance with a method determined by the Company Representative and permissible under Code Section 706 and the Treasury Regulations thereunder.

            

    

  

  
    
      
        
          35

          
            

        

        
          	 	
                  (d)

                	
                  The Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3),
                      shall be allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member.

                

        

         

          

      

    

  

  ARTICLE VI

      

      DISTRIBUTIONS

  Section 6.1 Distributions.

   

    

  
    
      	

            	(a)	
              Distributions.  To the extent permitted by applicable Law and
                  hereunder, and except as otherwise provided in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally
                  available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be
                  made to the Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of doubt,
                  repurchases or redemptions made in accordance with Section 4.1(f) or payments made in accordance with Sections 7.4 or 7.9
                  need not be on a pro rata basis), in accordance with the number of Units owned by each Member as of the close of business on such
                  record date; provided, however,
                  that the Managing Member shall have the obligation to make distributions as set forth in Sections 6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision herein to the contrary, no
                  distributions shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Act.  For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment
                  obligations when due.  Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1, the
                  Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Successors.  For purposes of determining the amount of
                      distributions, each Member shall be treated as having made the Capital Contributions and as having received the distributions made to or received by its predecessors in respect of any of such Member’s Units.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              Distributions In-Kind.  Except as otherwise provided in this
                  Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member.  To the extent that the Company distributes property in-kind to the Members, the Company shall be
                  treated as making a distribution equal to the Fair Market Value of such property for purposes of Section 6.1(a) and such property shall be treated
                  as if it were sold for an amount equal to its Fair Market Value.  Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in accordance with Sections 5.1 and 5.2.

            

    

  

  
    36

    
      

  

  Section 6.2 Tax-Related Distributions.

   

    

  
    
      	

            	(a)	
              The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make distributions out of legally available funds to
                  all Members on a pro rata basis in accordance with Section

                      6.1, at such times and in such amounts as the Managing Member reasonably determines is necessary to enable the PubCo Holdings Group, in the aggregate, to timely satisfy any and all U.S. federal, state and local and non-U.S.
                  tax obligations (including any Company Level Taxes, but excluding any obligations to remit any withholdings withheld from payments to third parties) owed by the PubCo Holdings Group, in the aggregate.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  The Company shall, subject to any restrictions contained in any agreement to which the Company is bound and the Managing Member’s Good Faith determination
                      as to the amount of the Company’s available cash (for the avoidance of doubt, taking into account any distributions reasonably expected to be made pursuant to Section 6.2(a) reasonably contemporaneously with such Tax Distribution Date), make distributions out of legally available funds on such Tax Distribution Date, to all Members on a pro rata basis in accordance with Section 6.1 to the extent
                      required to cause (x) any 5% Holder, (y) any Member in which a 5% Owner (or any Affiliate thereof) holds a direct or indirect interest, provided
                      that such Member has notified the Company of such status (unless the Company is otherwise aware of such status), and (z) each other Member (other than any member of the PubCo Holdings Group) who on such Tax Distribution Date holds
                      (together with its Affiliates) at least five percent (5%) of the then-outstanding Units to receive a distribution at least equal to such Member’s Additional Tax Distribution Amount with respect to such Tax Distribution Date, provided that, to the extent that the Managing Member determines in Good Faith that the Company does not have sufficient available cash, the amount of any distributions otherwise required to be made on such Tax Distribution
                      Date shall be decreased as among the Members on a pro rata basis in accordance with the relative amount of the distribution that otherwise would be required to be made to each Member pursuant to such clause; provided

                        further that, for purposes of this Section 6.2(b), the amount of the Company’s available cash shall be determined by taking into account the following:  (A) all Indebtedness, obligations and anticipated borrowing needs of the Company
                        and its Subsidiaries, including planned or reasonably contemplated capital expenditures, contractual obligations (including restrictions on distributions under, or required payments with respect to, any credit facilities and other
                        Indebtedness), (B) the extent to which the Company and its Subsidiaries may commercially reasonably draw on any undrawn lines of credit or other Indebtedness (considering, for the avoidance of doubt, the cost and other terms of such
                        Indebtedness, the desired leverage ratio and net cash flow of the Company, the Company’s ability to repay any additional borrowing, and any other factors the Managing Member may deem appropriate in its Good Faith discretion), and
                        (C) such reserves and available undrawn lines of credit as the Managing Member determines in its Good Faith discretion to be necessary and appropriate.

                

        

        
          37

          
            

        

      

    

  

  (c)

   

    

  
    
      	

            	(i)	
              Each member of the PubCo Holdings Group and each 5% Holder, if such Member so elects in writing at least 15 Business Days in advance of a Tax Distribution Date,
                  shall be entitled to make a cash contribution to the Company, in an amount not greater than the amount of cash received by such Member pursuant to Section 6.2(b) on such Tax Distribution Date, in exchange for the issuance by the Company to
                    such Member of a number of Units equal to (i) the amount of cash contributed to the Company divided by (ii) the Unit
                  Reinvestment Price as of such Tax Distribution Date; provided that to the extent any such contribution would give rise to the
                  issuance of fractional Units pursuant to the foregoing formula, but taking into account any recapitalization of Units pursuant to Section 6.2(c)(ii),
                  such cash shall be retained by the contributing Member and no fractional Units shall be issued.  Any such contribution and issuance of Units shall be made on such Tax Distribution Date.

            

    

  

  
    
      
         

          

        
          	 	
                  (ii)

                	
                  Effective at the end of such Tax Distribution Date, the Company shall recapitalize its Units (by reverse Unit split or otherwise) to the extent necessary to
                      cause the aggregate number of Units held by the PubCo Holdings Group to equal the number of Class A Shares outstanding, and the Company, NFE Sub and PubCo, as applicable, shall make adjustments to the number of Class B Shares
                      outstanding (including, for the avoidance of doubt, the issuance of new Class B Shares) as may be necessary or appropriate such that each Member (other than any member of the PubCo Holdings Group) holds one Class B Share per Unit held
                      by such Member after taking into account such recapitalization.

                

        

         

          

      

    

  

  
    
      	

            	(iii)	
              To the extent that the Company makes a material distribution pursuant to Section

                      6.2(a), the Company shall provide notice to member of the PubCo Holdings Group and each 5% Holder reasonably in advance of such distribution, and the provisions of Sections 6.2(c)(i) and (ii) shall apply in respect of such distribution as if it were made on a Tax
                  Distribution Date pursuant to Section 6.2(b).

            

    

  

  
    
      
         

          

        
          	 	
                  (iv)

                	
                  For U.S. federal income (and applicable state and local) tax purposes, any contribution by a Member pursuant to this Section 6.2(c) shall not be treated as a contribution in exchange for the issuance of new Units, but instead the distribution to such Member pursuant to Section 6.2(a) or Section 6.2(b), as applicable, shall be treated as having been reduced by the amount of such contribution.

                

        

        
          38

          
            

        

      

    

  

  Section 6.3 Distribution Upon Withdrawal.  No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a
      result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

   

    

  Section 6.4 Issuance of New Equity Securities.  This Article VI shall be subject to
      and, to the extent necessary, amended to reflect the issuance by the Company of any additional Equity Securities.

   

    

  ARTICLE VII

      

      MANAGEMENT

   

    

  Section 7.1 The Managing Member; Fiduciary Duties.

   

    

  
    
      	

            	(a)	
              NFE Sub shall be the sole Managing Member of the Company.  Except as otherwise required by Law, (i) the Managing Member shall have full and complete charge of
                  all affairs of the Company, (ii) the management and control of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business,
                  activities and operations of the Company (including the incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member (in their capacity as such)
                  shall not participate in the control, management, direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing Member
                      acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders
                      of such corporation.  The Members acknowledge that the Managing Member will take action through its board of directors, and that the members of the Managing Member’s board of directors will owe comparable fiduciary duties to the
                      stockholders of the Managing Member.

                

        

         

          

      

    

  

  Section 7.2 Officers.

   

    

  
    
      	

            	(a)	
              The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance of services
                  for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and active management of the business of the Company
                      and its Subsidiaries and will see that all orders of the Managing Member are carried into effect.  The Chief Executive Officer will report to the Managing Member and have the general powers and duties of management usually vested in
                      the office of president and chief executive officer of a corporation organized under the DGCL, subject to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this
                      Agreement.  The Chief Executive Officer will have the power to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and
                      executed, and except where the signing and execution thereof will be expressly delegated by the Managing Member to some other Officer or agent of the Company.

                

        

        
          39

          
            

        

      

    

  

  
    
      	

            	(c)	
              Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include a president, one or more vice presidents, a
                  secretary, one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member
                  deems appropriate.  Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment.  Any individual may hold any number of
                  offices, and an Officer may, but need not, be a Member of the Company.  The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member.

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause,
                      by the Managing Member.  Any Officer may resign at any time by giving written notice to the Managing Member.  Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice;
                      and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective.  Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the
                      Officer is a party.  A vacancy in any office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

                

        

         

          

      

    

  

  Section 7.3 Warranted Reliance by Officers on Others.  In exercising their authority and performing their duties under this Agreement, the Officers shall be entitled to rely
      on information, opinions, reports, or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance to be unwarranted:

   

    

  
    
      	

            	(a)	
              one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent in the matters presented;
                  and

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  any attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be within such Person’s professional or expert
                      competence.

                

        

        
          40

          
            

        

      

    

  

  Section 7.4 Indemnification.  The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law as it presently exists or may hereafter be
      amended, any person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) by reason of the fact that he, or a person for whom he is the legal representative, is or was a Manager entitled to indemnification
      under the Existing LLC Agreement, a Member, an Officer, or acting as the Managing Member or Company Representative of the Company or, while a Manager entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, or acting as
      the, Managing Member or Company Representative of the Company, is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited liability company or of a corporation, partnership, joint
      venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a “Covered Person”),
      whether the basis of such Proceeding is alleged action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent, against all
      expenses, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such
      Proceeding. The Company shall, to the fullest extent not prohibited by applicable Law as it presently exists or may hereafter be amended, pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance
      of its final disposition; provided, however,
      that to the extent required by applicable Law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be
      ultimately determined by final judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this Section

          7.4 or otherwise. The rights to indemnification and advancement of expenses under this Section 7.4 shall be contract rights and such rights
      shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs, executors and administrators.  Notwithstanding the foregoing provisions of this Section 7.4, except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a Covered
      Person in connection with a  Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.

   

    

  Section 7.5 Maintenance of Insurance or Other Financial Arrangements.  In compliance with applicable Law, the Company (with the approval of the Managing Member) may purchase
      and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer, employee or agent of
      another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out
      of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

   

    

  Section 7.6 Resignation or Termination of Managing Member.  NFE Sub shall not, by any means, resign as, cease to be or be replaced as Managing Member except in compliance
      with this Section 7.6.  No termination or replacement of NFE Sub as Managing Member shall be effective unless proper provision is made, in compliance with
      this Agreement, so that the obligations of NFE Sub, its successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect.  No appointment of a Person other
      than NFE Sub (or its successor, as applicable) as Managing Member shall be effective unless NFE Sub (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable
      by such other Members against NFE Sub (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) NFE Sub to comply with all NFE Sub’s obligations under this Agreement (including its obligations under Section 4.6) other than those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing
      Member’s obligations under this Agreement.

  
    41

    
      

  

  Section 7.7 No Inconsistent Obligations.  The Managing Member represents that it does not have any contracts, other agreements, duties or obligations that are inconsistent
      with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants that, except as permitted by Section 7.1, it
      will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations.

   

    

  Section 7.8 Reclassification Events of PubCo.  If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent
      necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional agreements, to ensure that,
      following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in Section 4.6 provide that each Unit
      (together with the surrender and delivery of one Class B Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one Class A Share becomes exchangeable for or converted into as a result of
      the Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption.  PubCo shall not consummate or agree to consummate any Reclassification Event unless
      the successor Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement.

   

    

  Section 7.9 Certain Costs and Expenses.  The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company and its
      Subsidiaries (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and conducting, or otherwise
      related to, the activities of the Company and (ii) in the sole discretion of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the Managing Member.  To the extent that the Managing Member determines in its sole discretion that any costs, fees or expenses of any member  of the PubCo
      Holdings Group are related to the business and affairs of such member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also
      relate to other activities of such member), the Managing Member may cause the Company to pay or bear all expenses of such member, including, without limitation, costs of securities offerings not borne directly by Members, board of directors
      compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income tax obligations of any member of the PubCo Holdings Group.  Notwithstanding the foregoing, the PubCo Holdings Group shall bear any reasonable, documented out-of-pocket cost
      or expense incurred by the Company that is related, as determined by the Managing Member, to the calculation of any adjustments under Section 743(b) of the Code with respect to the PubCo Holdings Group’s interest in the Company, either by (at the
      Managing Member’s option) (x) the PubCo Holdings Group’s reimbursing the Company for any such costs and expenses out of excess cash on hand or (y) the Company’s making a distribution to all Members pursuant to Section 6.1(a) such that the PubCo Holdings Group would (but for this clause (y)) receive a
      distribution equal to the amount of any such costs and expenses, but reducing such distribution to PubCo by the amount of any such costs and expenses.  In the event that (i) Class A Shares or other Equity Securities of PubCo were sold to underwriters
      in any Public Offering after the Effective Time, in each case, at a price per share that is lower than the price per share for which such Class A Shares or other Equity Securities of PubCo are sold to the public in such Public Offering after taking
      into account any Discounts and (ii) the proceeds from such Public Offering are used to fund the Cash Election Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the PubCo Holdings Group for such
      Discount by treating such Discount as an additional Capital Contribution made by the relevant member of the PubCo Holdings Group to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.6(b)(ii), and increasing such member’s Capital Account by the amount of such Discount. For the avoidance of doubt, any payments made to or on behalf of the Managing Member or any
      other Member of the PubCo Holdings Group pursuant to this Section 7.9 shall not be treated as a distribution pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company.

  
    42

    
      

  

  ARTICLE VIII

      

      ROLE OF MEMBERS

   

    

  Section 8.1 Rights or Powers.

   

    

  
    
      	

            	(a)	
              Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of
                  the Company or its business and affairs or to act for or bind the Company in any way.  Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent
                  with this Agreement, in the Act.  A Member, any Affiliate thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company.  The
                  existence of these relationships and acting in such capacities will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited
                  liability of the Member.  Except as specifically provided herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business, transact any
                  business in the Company’s name or have the power to sign documents for or otherwise bind the Company.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  The Company shall promptly (but in any event within three business days) notify the Members in writing if, to the Company’s knowledge, for any reason, it
                      would be an “investment company” within the meaning of the Investment Company Act of 1940 (the “Investment Company Act”), as
                      amended, but for the exceptions provided in Section 3(c)(1) or 3(c)(7) thereunder.

                

        

      

    

  

   

    

  Section 8.2 Voting.

   

    

  
    
      	

            	(a)	
              Meetings of the Members may be called upon the written request of Members holding at least 50% of the outstanding Units.  Such request shall state the location
                  of the meeting and the nature of the business to be transacted at the meeting.  Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting. 
                  Members may vote in person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting.  Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent
                  may be given at a meeting of the Members or may be given in accordance with the procedure prescribed in this Section 8.2.  Except as otherwise
                  expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including waiving
                      notice of any meeting, or voting or participating at a meeting.  Every proxy must be signed by such Member or its attorney-in-fact.  No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise
                      provided in the proxy.  Every proxy shall be revocable at the pleasure of the Member executing it.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing Member deems
                  appropriate.

            

    

  

  
    
      
         

          

        
          	 	
                  (d)

                	
                  Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval is necessary consent
                      thereto in writing.

                

        

      

    

  

   

    

  Section 8.3 Various Capacities.  The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities, including as a
      Member and as the Company Representative.

  
    43

    
      

  

  Section 8.4 Investment Opportunities.  To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to
      any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective subsidiaries), any of their respective affiliates (other than the Company, the Managing Member or any of their respective subsidiaries), or
      any of their respective officers, directors, agents, shareholders, members, and partners  (each, a “Business Opportunities Exempt Party”). 
      The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt Party.  No Business
      Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate or offer such opportunity to
      the Company.  No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities
      Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal.  Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to
      have notice of and consented to the provisions of this Section 8.4.  Neither the alteration, amendment or repeal of this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this Section 8.4,
      shall eliminate or reduce the effect of this Section 8.4 in respect of any business opportunity first identified or any other matter occurring, or any cause
      of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to such alteration, amendment, repeal or adoption.

   

    

  ARTICLE IX

      

      TRANSFERS OF INTERESTS

   

    

  Section 9.1 Restrictions on Transfer.

   

    

  
    
      	

            	(a)	
              Except as provided in Section 4.6 or Section 9.1(b), no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior written consent, which consent shall be granted or
                  withheld in the Managing Member’s sole discretion; provided, however, that such consent shall not be unreasonably withheld, conditioned or delayed in the case of a Transfer to a 5% Owner or Subsidiary thereof (or any other entity through which a 5% Owner
                  indirectly holds its interest in the Company solely for purposes of a substantially contemporaneous transfer to such 5% Owner or Subsidiary thereof). If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section
                      9.1(a), involuntarily, by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion
                  thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in
                  writing to such admission, which consent shall be granted or withheld in the Managing Member’s sole discretion.  Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall be null and void and of no force or effect whatsoever.  For the avoidance of doubt, the restrictions on Transfer contained in this
                  Article IX shall not apply to the Transfer of any limited liability company interests of the Managing Member; provided that no Class B Shares may be Transferred unless a corresponding number of Units are Transferred therewith in accordance with this Agreement.

            

    

  

  
    
      
        
          44

          
            

        

        
          	 	
                  (b)

                	
                  Without the Managing Member’s consent, a Member may Transfer all or a portion of its Units (together with the same number of Class B Shares) to a Permitted
                      Transferee; provided that to the extent such Permitted Transferee fails to deliver (and has not previously delivered) a
                      Redemption Notice with respect to such Units to the Company within ten (10) Business Days after such Transfer, or such Redemption for any reason is not completed in accordance with Section 4.6, such Permitted Transferee shall Transfer such Units (and Class B Shares) back to the applicable Member, unless such Transfer is otherwise permitted pursuant to Section 9.1(a). In addition, a Member may Transfer all or a portion of its Units (together with the same number of Class B Shares) to a Permitted
                      Transferee or to an Additional Permitted Transferee; provided that such Units (and Class B Shares) are ultimately Transferred to
                      such Additional Permitted Transferee.  In the case of multiple immediately successive Transfers, the provisions of this Section 9.1(b) shall
                      apply mutatis mutandis to any Permitted Transferee as though such Permitted Transferee were admitted as a Member.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              In addition to any other restrictions on Transfer herein contained, including the provisions of this Article IX, in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests; (ii) if such Transfer (A)
                  would be considered to be effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Treasury Regulations Section 1.7704-1, (B) would result in the
                  Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the
                  Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or a successor provision or to be classified as a corporation pursuant to the Code or successor of the Code; (iii) if such Transfer
                  would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3 (14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of the
                  Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the
                  Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of such Interests or any Equity Securities issued upon any exchange of such Interests, pursuant to any applicable U.S. federal or state
                  securities Laws; or (vi) if such Transfer subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law).  Any attempted or purported Transfer of all or
                  a portion of a Member’s Interests in violation of this Section 9.1(c) shall be null and void and of no force or effect whatsoever.

            

    

  

   

    

  Section 9.2 Notice of Transfer.

   

    

  
    
      	

            	(a)	
              Other than in connection with Transfers made pursuant to Section 4.6,
                  each Member shall, after complying with the provisions of this Agreement, but in any event no later than three (3) Business Days following any Transfer of Interests, give written notice to the Company of such Transfer.  Each such notice
                  shall describe the manner and circumstances of the Transfer.

            

    

  

  
    
      
        
          45

          
            

        

        
          	 	
                  (b)

                	
                  A Member making a Transfer permitted by this Agreement shall (i) no later than three (3) Business Days following such Transfer, deliver to the Company an
                      affidavit of non-foreign status with respect to such Member that satisfies the requirements of Section 1446(f)(2) of the Code, or (ii) no more than fifteen (15) Business Days following such Transfer, provide to the Company proof that
                      the transferee Member has properly withheld and remitted to the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by Section 1446(f) of the Code.

                

        

      

    

  

   

    

  Section 9.3 Transferee Members.  A Transferee of Interests pursuant to this Article IX
      shall have the right to become a Member only if (i) the requirements of this Article IX are met, (ii) such Transferee executes an instrument reasonably
      satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under or relating to this Agreement, (iii) such Transferee
      represents that the Transfer was made in accordance with all applicable securities Laws, (iv) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or
      proposed Transfer of a Member’s Interest, whether or not consummated and (v) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably
      satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member’s Interest.  Unless agreed to in
      writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between
      the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand.  Written notice of the admission of a Member shall be sent promptly by the Company to each remaining
      Member.

   

    

  Section 9.4 Legend.  Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:

   

    

  “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933.

   

    

  THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
      THEREFROM UNDER SUCH ACT.

   

    

  THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE AMENDED AND
      RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF NEW FORTRESS INTERMEDIATE LLC DATED AS OF          , 2019 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL
      BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

  
    46

    
      

  

  ARTICLE X

      

      ACCOUNTING; CERTAIN TAX MATTERS

   

    

  Section 10.1 Books of Account.  The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full and correct entries shall be
      made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP.

   

    

  Section 10.2 Tax Elections.

   

    

  
    
      	

            	(a)	
              The Company and any eligible Subsidiary may make an election (or continue a previously made election) pursuant to Section 754 of the Code for the taxable year
                  of the Company that includes the date hereof and shall not thereafter revoke such election.  In addition, the Company shall make the following elections on the appropriate forms or tax returns, if permitted under the Code or applicable
                  law:

            

    

  

  
    
      
         

          

        
          	 	
                  i.

                	
                  to adopt the calendar year as the Company’s Fiscal Year;

                

        

         

          

      

    

  

  
    
      	

            	ii.	
              to adopt the accrual method of accounting for U.S. federal income tax purposes;

            

    

  

  
    
      
         

          

        
          	 	
                  iii.

                	
                  to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code;

                

        

         

          

      

    

  

  
    
      	

            	iv.	
              except where the Company Representative elects to apply Section 10.5(e), to
                  elect out of the application of the partnership-level audit and adjustment rules of the Partnership Tax Audit Rules by making an election under Section 6226(a) of the Code, commonly known as the “push out” election, or any analogous
                  election under state or local tax law, if applicable; and

            

    

  

  
    
      
         

          

        
          	 	
                  v.

                	
                  except as otherwise provided herein, any other election the Company Representative may deem appropriate and in the best interests of the Company.

                

        

         

          

      

    

  

  
    
      	

            	(b)	
              Upon request of the Company Representative, each Member shall cooperate in Good Faith with the Company in connection with the Company’s efforts to make any
                  election pursuant to this Section 10.2.

            

    

  

  
    47

    
      

  

  Section 10.3 Tax Returns; Information.  The Company Representative shall arrange for the preparation and timely filing of all income and other tax and informational returns of
      the Company at the sole cost and expense of the Company (except as set forth in Section 7.9). For any taxable period (or portion thereof) during which any 5%
      Owner, NFI Holdings or any of their respective Affiliates held any direct or indirect interest (other than through PubCo) in the Company, 14 days prior to filing the U.S. federal income tax return of the Company, the Company Representative shall
      provide a copy of the Company’s draft of such tax return to NFI Holdings for its review and comment.  The Company Representative shall consider any comments from NFI Holdings in Good Faith.  The Company Representative shall furnish to each Member a
      copy of each approved return and statement, together with any schedules (including Schedule K-1) or other information which a Member may require in connection with such Member’s own tax affairs as soon as practicable after the end of each Fiscal
      Year.  Each Member acknowledges and agrees that such Member may be required to file tax returns on an extended basis. The Members agree to (a) take all actions reasonably requested by the Company or the Company Representative to comply with the
      Partnership Tax Audit Rules, including where applicable, filing amended returns as provided in Sections 6225 or 6226 of the Code and providing confirmation thereof to the Company Representative and (b) furnish to the Company (i) all reasonably
      requested certificates or statements relating to the tax matters of the Company (including without limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its possession
      relating to the Company’s operations that is reasonably necessary to enable the Company’s tax returns to be prepared and timely filed.

   

    

  Section 10.4 Company Representative.  The Managing Member is specially authorized and appointed to act as the Company Representative (and in any similar capacity under state
      or local Law) at the sole cost and expense of the Company (except as set forth in Section 7.9).  In acting as the Company Representative, the Managing Member
      shall act, to the maximum extent possible, to cause income, gain, loss, deduction, credit of the Company and adjustments thereto, to be allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the
      Company could have effectively made an election under Section 6221(b) of the Code (commonly known as the “election out”) or similar state or local provision with respect to the taxable period at issue. The Company Representative may retain, at the
      Company’s expense, such outside counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative.  With respect to any taxable period (or portion
      thereof) during which any 5% Owner, NFI Holdings or any of their respective Affiliates held any direct or indirect interest (other than through PubCo) in the Company:  (a) the Company Representative shall (i) consult with NFI Holdings and consider in
      Good Faith its recommendation prior to taking any material action in its capacity as the Company Representative under this Agreement, (ii) keep NFI Holdings informed of the status of any audit or other proceeding relating to the tax matters of the
      Company, and (iii) give prompt written notice to NFI Holdings of any material notices it receives from any taxing authority concerning Company tax matters, including any notice of audit, any notice of action with respect to a revenue agent’s report,
      any notice of a 30-day appeal letter and any notice of a deficiency in tax; and (b) neither the Company Representative nor the Company shall settle or compromise any such audit or other proceeding without NFI Holdings’ prior written consent, such
      consent not to be unreasonably withheld, conditioned, or delayed.

  
    48

    
      

  

  
  Section 10.5 Withholding Tax Payments and Obligations.

   

  
  
    
      	

            	(a)	
              Withholding Tax Payments. Each of the Company and its Subsidiaries
                  may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or
                  with respect to such Member any amount of U.S. federal, state or local or non-U.S. taxes that the Company Representative determines, in Good Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to
                  any amount distributable or allocable to such Member pursuant to this Agreement.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Tax Audits. To the extent that any income tax is paid by the
                      Company or any of its Subsidiaries as a result of an audit or other proceeding with respect to such tax and the Company Representative determines, in Good Faith, that such tax specifically relates to one or more particular Members
                      (including any Company Level Taxes), such tax shall be treated as an amount of taxes withheld or paid with respect to such Member pursuant to this Section

                          10.5. Notwithstanding any provision to the contrary in this Section 10.5, the payment by the Company of Company Level Taxes
                      shall, consistent with the Partnership Tax Audit Rules, be treated as the payment of a Company obligation and shall be treated as paid with respect to a Member to the extent the deduction with respect to such payment is allocated to
                      such Member pursuant to Section 5.2(k), and such payment shall not be treated as a withholding from distributions, allocations, or portions
                      thereof with respect to a Member.

                

        

         

          

      

    

  

  
    
      	

            	(c)	
              Tax Contribution and Indemnity Obligation. Any amounts withheld or
                  paid with respect to a Member pursuant to Section 10.5(a) or (b)
                  shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a “Tax Offset”);

                  provided that the amount of any distribution subject to a Tax Offset shall be treated as having been distributed to such Member
                  pursuant to Section 6.1, Section 6.2 or Section 11.3(b)(iii) at the time such Tax Offset is made. To the extent that (i) there is a payment of Company Level Taxes relating to a Member or (ii)
                  the amount of such Tax Offset exceeds the distributions to which such Member is entitled during the same Fiscal Year as such withholding or payment (“Excess Tax Amount”), the amount of such (i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Company Representative, give rise to an obligation of such
                  Member to make a capital contribution to the Company (a “Tax Contribution Obligation”), which Tax Contribution Obligation shall
                  be immediately due and payable. In the event a Member defaults with respect to its obligation under the prior sentence, the Company shall be entitled to offset the amount of a Member’s Tax Contribution Obligation against distributions to
                  which such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution Obligation has been contributed to the Company or has been recovered through offset against distributions, and any such offset shall
                  not reduce such Member’s Capital Account. Any contribution by a Member with respect to a Tax Contribution Obligation shall increase such Member’s Capital Account but shall not reduce the amount (if any) that a Member is otherwise
                  obligated to contribute to the Company.  Each Member hereby unconditionally and irrevocably grants to the Company a security interest in such Member’s Units to secure such Member’s obligation to pay the Company any amounts required to be
                  paid pursuant to this Section 10.5. Each Member shall take such actions as the Company may reasonably request in order to perfect or enforce the
                  security interest created hereunder. Each Member hereby agrees to indemnify and hold harmless the Company, the other Members and the Company Representative from and against any liability (including any liability for Company Level Taxes)
                  with respect to income attributable to or distributions or other payments to such Member.

            

    

  

  
    
      
        
          49

          
            

        

        
          	 	
                  (d)

                	
                  Continued Obligations of Former Members.  Any Person who ceases
                      to be a Member shall be deemed to be a Member solely for purposes of this Section 10.5, and the obligations of a Member pursuant to this Section 10.5 shall survive until thirty (30) days after the closing of the applicable statute of limitations on assessment with respect to the taxes
                      withheld or paid by the Company or a Subsidiary that relate to the period during which such Person was actually a Member.

                

        

         

          

      

    

  

  
    
      	

            	(e)	
              Company Representative Discretion Regarding Recovery of Taxes. 
                  Notwithstanding the foregoing, the Company Representative may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect to a Member under this Section 10.5 if the Company Representative determines, in its reasonable discretion, that such a decision would be in the best interests of the Members (e.g., where the cost of recovering the
                  amount of taxes withheld or paid with respect to such Member is not justified in light of the amount that may be recovered from such Member).

            

    

  

   

    

  ARTICLE XI

      

      DISSOLUTION AND TERMINATION

   

    

  Section 11.1 Liquidating Events.  The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following (each, a “Liquidating Event”):

   

    

  
    
      	

            	(a)	
              The sale of all or substantially all of the assets of the Company; and

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  The determination of the Managing Member to dissolve, wind up, and liquidate the Company.

                

        

      

    

  

   

    

  The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a
      dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections (a) and (b) above.  If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members
      hereby agree to continue the business of the Company without a winding up or liquidation.  In the event of a dissolution pursuant to Section 11.1(b), the
      relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance
      with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a treatment other than as described above.

  
    50

    
      

  

  Section 11.2 Bankruptcy.  For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall
      take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with
      respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of ninety (90) consecutive days; or (b) a Member shall admit in writing of its inability to pay its debts when
      due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition, application, answer,
      consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed
      for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of ninety (90) consecutive days or any
      bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a period of
      ninety (90) consecutive days.

   

    

  Section 11.3 Procedure.

   

    

  
    
      	

            	(a)	
              In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate the Company’s
                  investments; provided that if a Member is in bankruptcy or dissolved, another Member, who shall be the Managing Member (“Winding-Up Member”) shall commence to wind up the affairs of the Company and, subject to Section 11.4(a), such Winding-Up Member shall have full right and unlimited discretion to determine in Good Faith the time, manner and terms of any sale or sales of the
                  Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and economic conditions.  The Members shall continue to share profits, losses and
                  distributions during the period of liquidation in the same manner and proportion as though the Company had not dissolved.  The Company shall engage in no further business except as may be necessary, in the reasonable discretion of the
                  Managing Member or the Winding-Up Member, as applicable, to preserve the value of the Company’s assets during the period of dissolution and liquidation.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in Article V, the proceeds of the liquidation and any other funds of the Company shall be distributed in the following order of priority:

                

        

         

          

      

    

  

  
    
      	

            	(i)	
              First, to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether third parties or Members), in the order of priority as
                  provided by Law, except any obligations to the Members in respect of their Capital Accounts;

            

    

  

  
    
      
        
          51

          
            

        

        
          	 	
                  (ii)

                	
                  Second, to set up such cash reserves which the Managing Member reasonably deems necessary for contingent or unforeseen Liabilities or future payments
                      described in Section 11.3(b)(i) (which reserves when they become unnecessary shall be distributed in accordance with the provisions of
                      subsection (iii), below); and

                

        

         

          

      

    

  

  
    
      	

            	(iii)	
              Third, the balance to the Members, pro rata in
                  accordance with the number of Units owned by each Member.

            

    

  

  
    
      
         

          

        
          	 	
                  (c)

                	
                  Except as provided in Section 11.4(a), no Member shall have any right
                      to demand or receive property other than cash upon dissolution and termination of the Company.

                

        

         

          

      

    

  

  
    
      	

            	(d)	
              Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing Member or the
                  Winding-Up Member, as the case may be, shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and all other documents required to effectuate the dissolution and termination of the
                  Company.

            

    

  

   

    

  Section 11.4 Rights of Members.

   

    

  
    
      	

            	(a)	
              Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital Contributions,
                      and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions or allocations.

                

        

      

    

  

   

    

  Section 11.5 Notices of Dissolution.  In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of Section 11.1, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with
      whom the Company regularly conducts business (as determined in the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.

   

    

  Section 11.6 Reasonable Time for Winding Up.  A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of
      its assets in order to minimize any losses that might otherwise result from such winding up.

   

    

  Section 11.7 No Deficit Restoration.  No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly understood that the
      distribution of liquidation proceeds shall be made solely from existing Company assets.

  
    52

    
      

  

  ARTICLE XII

      

      GENERAL

   

    

  Section 12.1 Amendments; Waivers.

   

    

  
    
      	

            	(a)	
              The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger, consolidation or other business combination to
                  which the Company is a party) with the approval of the Managing Member and each Member who at such time holds (together with its Affiliates) at least five percent (5%) of the then-outstanding Units; provided, however, that no amendment to this Agreement
                  may:

            

    

  

  
    
      
         

          

        
          	 	
                  i.

                	
                  modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each such
                      affected Member; or

                

        

         

          

      

    

  

  
    
      	

            	ii.	
              materially alter or change any rights, preferences or privileges of any Interests in a manner that is different or prejudicial relative to any other Interests,
                  without the approval of a majority in interest of the Members holding the Interests affected in such a different or prejudicial manner.

            

    

  

  
    
      
         

          

        
          	 	
                  (b)

                	
                  Notwithstanding the foregoing subsection (a), the Managing Member, acting alone, may amend this Agreement, including Exhibit A, (i) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or Equity Securities, as provided by the terms of this
                      Agreement, and, subject to Section 12.1(a), subdivisions or combinations of Units made in compliance with Section 4.1(g), (ii) to the minimum extent necessary to comply with or administer in an equitable manner the Partnership Tax Audit Rules in any manner determined by the
                      Managing Member and (iii) as necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code.

                

        

         

          

      

    

  

  
    
      	

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

            

    

  

   

    

  Section 12.2 Further Assurances.  Each party agrees that it will from time to time, upon the reasonable request of another party, execute such documents and instruments and
      take such further action as may be required to accomplish the purposes of this Agreement.

   

    

  Section 12.3 Successors and Assigns.  All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors and assigns, but
      shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms hereof.  No party may assign its rights hereunder except as herein
      expressly permitted.

  
    53

    
      

  

  Section 12.4 Certain Representations by Members.  Each Member, by executing this Agreement and becoming a Member, whether by making a Capital Contribution, by admission in
      connection with a permitted Transfer, or otherwise, represents and warrants to the Company and the Managing Member, as of the date of its admission as a Member, that such Member (or, if such Member is disregarded for U.S. federal income tax purposes,
      such Member’s regarded owner for such purpose) is either: (a) not a partnership, grantor trust, or Subchapter S corporation for U.S. federal income tax purposes (e.g., an individual or a Subchapter C corporation), or (b) is a partnership, grantor
      trust, or Subchapter S corporation for U.S. federal income tax purposes, but (i) permitting the Company to satisfy the 100-partner limitation set forth in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a principal purpose of any beneficial
      owner of such Member in investing in the Company through such Member, (ii) such Member was formed for business purposes prior to or in connection with the investment by such Member in the Company or for estate planning purposes, and (iii) no
      beneficial owner of such Member has a redemption or similar right with respect to such Member that is intended to correlate to such Member’s right to Redemption pursuant to Section 4.6.

   

    

  Section 12.5 Entire Agreement.  This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and herein, including the
      Contribution Agreement, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written,
      of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

   

    

  Section 12.6 Rights of Members Independent.  The rights available to the Members under this Agreement and at Law shall be deemed to be several and not dependent on each other
      and each such right accordingly shall be construed as complete in itself and not by reference to any other such right.  Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and no
      such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

   

    

  Section 12.7 Governing Law.  This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted by any party with
      respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State
      and without regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal Law or are governed as a matter of controlling Law by the Law of the jurisdiction of organization of the respective parties.

   

    

  Section 12.8 Jurisdiction and Venue.  The parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the District of Delaware or the
      Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement.  The
      parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action.  Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such
      Legal Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail.  Nothing in
      this Section 12.8 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

  
    54

    
      

  

  Section 12.9 Headings.  The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a part of this
      Agreement.

   

    

  Section 12.10 Counterparts.  This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts
      and by different parties in separate counterparts.  All of such counterparts shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have been signed
      by each party and delivered to the other party.

   

    

  Section 12.11 Notices.  Any notice or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by facsimile, by telecommunications
      mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows:

   

    

  If to the Company or the Managing Member, addressed to it at:

   

    

  New Fortress Intermediate LLC

      111 W. 19th Street, 8th Floor

      New York, NY 10011

      Facsimile:

  Electronic mail: cmacdougall@fortress.com

      Attention: Cameron D. MacDougall, Esq.

  

  

  With copies (which shall not constitute notice) to:

   

    

  New Fortress Energy LLC

      111 W. 19th Street, 8th Floor

      New York, NY 10011

      Facsimile:

  Electronic mail: cmacdougall@fortress.com

      Attention: Cameron D. MacDougall, Esq.

  

  

  Vinson & Elkins L.L.P.

      1001 Fannin, Suite 2500

      Houston, TX 77002

      Facsimile: (713) 615-5861

      Electronic mail: doelman@velaw.com

  Attention: David P. Oelman

  
    55

    
      

  

  Vinson & Elkins L.L.P.

      1001 Fannin, Suite 2500

      Houston, TX 77002

      Facsimile: (713) 751-5396

      Electronic mail: rlayne@velaw.com

  Attention: E. Ramey Layne

  

  

  or to such other address or to such other Person as either party shall have last designated by such notice to the other parties.  Each such
      notice or other communication shall be effective (i) if given by telecommunication or electronically, when transmitted to the applicable number or electronic mail address so specified in (or pursuant to) this Section 12.11 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a
      day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice is sent following the date
      three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or, if not received on a Business
      Day, on the Business Day immediately following such actual receipt.

   

    

  Section 12.12 Representation By Counsel; Interpretation.  The parties acknowledge that each party to this Agreement has been represented by counsel in connection with this
      Agreement and the transactions contemplated by this Agreement.  Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application
      and is expressly waived.

   

    

  Section 12.13 Severability.  If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of
      this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions of this
      Agreement for all parties remain valid, binding and enforceable.

   

    

  Section 12.14 Expenses.  Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this
      Agreement.

   

    

  Section 12.15 Waiver of Jury Trial.  EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER, HEREBY WAIVES TO THE FULLEST EXTENT
      PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING
      OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

   

    

  Section 12.16 No Third Party Beneficiaries.  Except as expressly provided in Section 7.4 and with respect to NFI Holdings, nothing in this Agreement, express or
      implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto.

  

  

  [Signatures on Next Page]

  
    56

    
      

  

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

   

    

   
    	
             

          	COMPANY:
	
             

          	
             

          	
             

          
	
             

          	
            NEW FORTRESS INTERMEDIATE LLC

          
	
             

          	
             

          	
             

          
	
             

          	By:	
             

          
	
             

          	Name:	
             

          
	
             

          	Title: 

          	
             

          

  

   

    

   
  Signature Page to

  Amended and Restated Limited Liability Company Agreement of

  New Fortress Intermediate LLC

  
    
      

  

   

        

  	 	MEMBERS:
	 	 	 
	 	
          NEW FORTRESS ENERGY HOLDINGS LLC

        
	 	 	 
	 	By:	 
	 	Name: 

        	 
	 	Title:	 

   

        

  Signature Page to

  Amended and Restated Limited Liability Company Agreement of

  New Fortress Intermediate LLC

  
    
      

  

   

        

  	 	PUBCO:
	 	 	 
	 	NEW FORTRESS ENERGY LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

  
    Signature Page to

    Amended and Restated Limited Liability Company Agreement of

    New Fortress Intermediate LLC

  

  
    
      

  

  

  

  	 	MANAGING MEMBER:
	 	 	 
	 	NFE SUB LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

  

  Signature Page to

  Amended and Restated Limited Liability Company Agreement of

  New Fortress Intermediate LLC

  
    
      

  

  
  EXHIBIT A

      

  

  	
          Member

        	
          Number of Units Owned

        
	
          NFE Sub LLC

        	 
	
          New Fortress Energy Holdings LLC

        	 

  

  

  A-1

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