Document:

Exhibit 10.7 

 

Second
Amended and Restated

 

Limited
Liability Company Agreement

of

 

ZVV
Media Partners, LLC

 

a
Delaware limited liability company

 

 

MEMBERSHIP
INTERESTS IN ZVV MEDIA PARTNERS, LLC HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED
UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. SUCH MEMBEERSHIP INTERESTS MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED, PLEDGED
OR HYPOTHECATED UNLESS SUCH SALE OR OTHER TRANSFER, PLEDGE OR HYPOTHECATION IS REGISTERED OR QUALIFIED UNDER FEDERAL AND APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION AND QUALIFICATION IS AVAILABLE. ANY TRANSFER OF THE MEMBEERSHIP INTERESTS IS FURTHER
SUBJECT TO OTHER RESTRICTIONS, TERMS, AND CONDITIONS SET FORTH HEREIN.

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I DEFINITIONS	2
	1.1.	Defined
    Terms	2
	1.2.	Rules
    of Construction	8
	ARTICLE
    II ORGANIZATIONAL MATTERS	9
	2.1.	Formation	9
	2.2.	Name	9
	2.3.	Term	9
	2.4.	Principal
    Office; Registered Agent	9
	2.5.	Purpose
    of Company	10
	2.6.	Liability
    of Members	10
	2.7.	Title
    to Property	10
	ARTICLE
    III CAPITAL CONTRIBUTIONS AND MEMBERSHIP INTERESTS	10
	3.1.	Membership
    Interests; Capital Contributions	10
	3.2.	Additional
    Capital Contributions	11
	3.3.	Capital
    Accounts	11
	3.4.	No
    Interest	12
	3.5.	No
    Withdrawal	12
	3.6.	Loans
    from Members or Affiliates	12
	3.7.	Interest
    of Creditors	12
	3.8.	Membership
    Interests	12
	3.9.	Membership
    Interests Uncertificated	12
	ARTICLE
    IV MEMBERS	12
	4.1.	Admission
    of Additional Members	13
	4.2.	Meetings
    of Members; Action by Written Consent	13
	4.3.	Voting
    by Members	13
	4.4.	Members
    Are Not Agents	13
	4.5.	No
    Withdrawal	14
	4.6.	Confidentiality	14
	ARTICLE
    V MANAGEMENT AND CONTROL OF THE COMPANY	15
	5.1.	Board	15
	5.2.	Officers.	17
	5.3.	Limitations
    on Authority	18
	5.4.	Remuneration
    of Officers and Managers	18

 

    	 

    	 

    

 

TABLE
OF CONTENTS (cont.)

 

	5.5.	Competing
    Activities	18
	ARTICLE
    VI DUTIES, EXCULPATION, AND INDEMNIFICATION	19
	6.1.	Exculpation
    of Covered Persons.	19
	6.2.	Liabilities
    and Duties	19
	6.3.	Indemnification	20
	ARTICLE
    VII ALLOCATIONS OF NET PROFITS AND NET LOSSES	22
	7.1.	Book
    Allocations of Net Profits and Net Losses.	22
	7.2.	Regulatory
    Allocations	22
	7.3.	Curative
    Allocations	24
	7.4.	Excess
    Nonrecourse Liabilities	24
	7.5.	Tax
    Allocations	24
	7.6.	Reporting
    and Information Obligations of Members	24
	ARTICLE
    VIII DISTRIBUTIONS	25
	8.1.	Distributions
    by the Company to Members	25
	8.2.	Withholding
    Tax Payments and Obligations	26
	ARTICLE
    IX TRANSFERS OF INTERESTS	27
	9.1.	Transfers
    of Interests In General	27
	9.2.	Drag-Along
    Rights	28
	9.3.	Call
    Right	30
	9.4.	Invalid
    Transfers	31
	9.5.	Effective
    Date of Transfers	31
	9.6.	Effect
    of Transfers	31
	9.7.	Substitution
    of Members	31
	ARTICLE
    X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	32
	10.1.	Books
    and Records	32
	10.2.	Delivery
    to Members and Inspection	32
	10.3.	Tax
    Returns	32
	10.4.	Other
    Filings	32
	10.5.	Bank
    Accounts	33
	10.6.	Accounting
    Decisions and Reliance on Others	33
	10.7.	Tax
    Matters	33
	ARTICLE
    XI DISSOLUTION AND WINDING UP	34
	11.1.	Dissolution	34
	11.2.	Winding
    Up	35
	11.3.	No
    Deficit Restoration Obligation	35

 

    	-ii-

    	 

    

 

TABLE
OF CONTENTS (cont.)

 

	11.4.	Distributions
    in Kind	35
	11.5.	Limitations
    on Payments Made in Dissolution	35
	11.6.	Certificate
    of Cancellation	35
	11.7.	Termination	35
	11.8.	No
    Action for Dissolution	36
	11.9.	Bankruptcy	36
	ARTICLE
    XII MISCELLANEOUS	36
	12.1.	Complete
    Agreement	36
	12.2.	Binding
    Effect	36
	12.3.	Parties
    in Interest	36
	12.4.	Statutory
    References	36
	12.5.	Headings	36
	12.6.	References
    to this Agreement	36
	12.7.	Governing
    Law	36
	12.8.	Consent
    To Exclusive Jurisdiction	36
	12.9.	Severability	37
	12.10.	Additional
    Documents and Acts	37
	12.11.	Notices	37
	12.12.	Amendments	38
	12.13.	No
    Interest in Company Property, Waiver of Action for Partition	38
	12.14.	Remedies
    Cumulative	38
	12.15.	Survival	38
	12.16.	Counterparts	38

 

    	-iii-

    	 

    

 

TABLE
OF CONTENTS (cont.)

 

SCHEDULES
AND EXHIBITS

 

	Schedule
    A:	Members/Addresses;
    Initial Unreturned Capital; Membership Interests
	Exhibit
    A:	Form
    of Adoption Agreement
	Exhibit
    B:	Form
    of Spousal Consent

 

    	-iv-

    	 

    

 

Second
Amended and Restated 

 

Limited
Liability Company Agreement

 

of

 

ZVV
Media Partners, LLC

 

a
Delaware limited liability company

 

This
Second Amended and Restated Limited Liability Company Agreement (this “Agreement”) of ZVV Media Partners, LLC, a Delaware
limited liability company (the “Company”), is made and entered into effective as of July __, 2021 (the “Effective
Date”), by and among the Company, Vinco Ventures, Inc., a Nevada corporation (the “Vinco Member”), and ZASH
Global Media and Entertainment Corporation, a Delaware corporation (the “ZASH Member” and, together with the Vinco
Member, the “Members”), with reference to the following facts:

 

WHEREAS,
the Company was formed upon the filing and acceptance of Articles of Organization (the “Nevada Articles”) with the
Secretary of State of the State of Nevada on January 24, 2021.

 

WHEREAS,
the original Members of the Company entered into that certain Limited Liability Company Agreement of the Company dated as of January
27, 2021 (the “Original LLC Agreement”).

 

WHEREAS,
the Company was converted to a Delaware limited liability company upon the filing and acceptance of (a) Articles of Conversion (the “Nevada
Articles of Conversion”) with the Secretary of State of the State of Nevada and (b) a Certificate of Conversion and a Certificate
of Formation (as amended or restated from time to time, the “Certificate”) with the Secretary of State of the State
of Delaware on May 28, 2021.

 

WHEREAS,
the Members of the Company entered into that certain Amended and Restated Limited Liability Company Agreement of the Company dated as
of May 28, 2021 (the “A&R LLC Agreement), which amended and restated the Original LLC Agreement in its entirety.

 

WHEREAS,
the Vinco Member, the ZASH Member and the Company intend to become parties to, or otherwise signors for, debt financing provided by Hudson
Bay Master Fund, LTD., the proceeds from which will be utilized to fund all or substantially all of the Vinco Member’s Capital
Contribution to the Company ( the “Debt Financing”).

 

WHEREAS,
the transaction documents for the Debt Financing shall contain representations, warranties, covenants and other conditions (“Financing
Documents”) that will have a direct effect on certain terms in the A&R LLC Operating Agreement relating to, among other
things, repayment of capital contributions, making distributions, selling assets, and the taking of certain other actions.

 

WHEREAS,
the original Members of the Company desire to amend and restate the A&R LLC Agreement to establish the Members rights and responsibilities
to be consistent with, and not in violation of, the obligations of Vinco Member, the ZASH Member and the Company under the Financing
Documents, while the Debt Financing is outstanding.

 

NOW,
THEREFORE, in consideration of the mutual promises made herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Members, intending to be legally bound, hereby agree that the A&R LLC Agreement is hereby amended
and restated as follows:

 

    	-1-

    	 

    

 

ARTICLE
I

DEFINITIONS

 

1.1.
Defined Terms. When used in this Agreement, unless the context otherwise requires, the following terms have the meanings
set forth below:

 

“Act”
means the Delaware Limited Liability Company Act, codified in the Delaware General Corporation Law Section 18-101, et seq.

 

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

 

(a)
Credit to such Capital Account any amounts that such Member is obligated to restore pursuant to any provision of this Agreement, or is
treated as obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c), or is deemed to be obligated to restore pursuant
to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 

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

 

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

 

“Affiliate”
means, as to a Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such
Person. The term “control” (including the terms “controlling,” “controlled by” and “under common
control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and polices
of a Person, whether through the ownership of voting equity, by contract, or otherwise.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Assumed
Tax Rate” means the highest effective combined marginal United States federal, state and local income tax rate applicable to
individuals resident in Los Angeles, California, taking into account the deductibility of state and local taxes for federal income tax
purposes and the tax character of the income, but without taking into account the alternative minimum tax or any limitations on deductions
or separate tax attributes that may be applicable to a Member and not including self-employment or similar taxes.

 

“Available
Cash” means the amount of cash held by the Company, less (a) all current liabilities of the Company, and (b) reasonable working
capital and other amounts determined by the Board to be necessary for the operation of the business of the Company, including amounts
necessary to place into reserves for customary and usual claims with respect to the Business.

 

“Bankruptcy”
means, with respect to any Person, (a) the filing of an application by such Person for, or such Person’s consent to, the appointment
of a trustee, receiver, or custodian of its assets; (b) the entry of an order for relief with respect to such Person in proceedings under
the United States Bankruptcy Code, as amended or superseded from time to time; (c) the making by such Person of a general assignment
for the benefit of creditors; (d) the entry of an order, judgment or decree by any court of competent jurisdiction appointing a trustee,
receiver or custodian of the assets of such Person unless the proceedings and the trustee, receiver or custodian appointed are dismissed
within one hundred twenty (120) calendar days; or (e) the failure by such Person generally to pay such Person’s debts as the debts
become due within the meaning of Section 303(h)(1) of the United States Bankruptcy Code, as determined by the Bankruptcy Court, or the
admission in writing of such Person’s inability to pay its debts as they become due.

 

    	-2-

    	 

    

 

“Board”
has the meaning set forth in Section 5.1.1.

 

“Business”
has the meaning set forth in Section 2.1.2.

 

“Business
Day” means any day that is not a Saturday, a Sunday or other day on which commercial banking institutions in Los Angeles are
authorized or obligated by law or order to be closed.

 

“Call
Price” has the meaning set forth in Section 9.3.2.

 

“Called
Members” has the meaning set forth in Section 9.3.1.

 

“Capital
Account” means, with respect to a Member, the capital account that the Company establishes and maintains for such Member pursuant
to Section 3.3.

 

“Capital
Contribution” means a contribution in cash and the Gross Asset Value of other property contributed to the capital of the Company
with respect to a Member’s Membership Interest.

 

“Certificate”
has the meaning set forth in the Recitals.

 

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

 

“Company”
has the meaning set forth in the preamble hereto.

 

“Company
Minimum Gain” has the meaning ascribed to the term “partnership minimum gain” in Regulations Section 1.704-2(b)(2)
and 1.704-2(d).

 

“Confidential
Information” has the meaning set forth in Section 4.6.

 

“Contribution
Agreements” means, collectively, (i) that certain Contribution Agreement dated as of the Effective Date by and between the
Company and the Vinco Member, and (ii) that certain Contribution Agreement dated as of the Effective Date by and between the Company
and the ZASH Member.

 

“Covered
Person” has the meaning set forth in Section 6.1.1.

 

“Debt
Financing” has the meaning set forth in the Recitals.

 

“Depreciation”
means, for each Fiscal Year, an amount equal to the depreciation, amortization or other cost recovery deductions allowable for federal
income tax purposes with respect to an asset for such Fiscal Year, except that:

 

(a)
with respect to any asset whose Gross Asset Value differs from its adjusted tax basis for federal income tax purposes at the beginning
of such Fiscal Year and which difference is being eliminated by the use of the “remedial method” as defined in Regulations
Section 1.704-3(d), Depreciation for such Fiscal Year will be the amount of book basis recovered for such Fiscal Year under Regulations
Section 1.704-3(d)(2), and

 

    	-3-

    	 

    

 

(b)
with respect to any other asset whose Gross Asset Value differs from its adjusted basis for federal income tax purposes at the beginning
of such Fiscal Year, Depreciation will be “book depreciation, depletion or amortization” as determined under Section 1.704-1(b)(2)(iv)(g)(3)
of the Regulations; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such
Fiscal Year equals zero, then Depreciation will be determined with reference to such beginning Gross Asset Value using any reasonable
method selected by the Board and consistently applied.

 

“Dissolution
Event” has the meaning set forth in Section 11.1.

 

“Drag-Along
Consideration” has the meaning set forth in Section 9.2.1.

 

“Drag-Along
Notice” has the meaning set forth in Section 9.2.1.

 

“Drag-Along
Objection” has the meaning set forth in Section 9.2.2.

 

“Drag-Along
Rights” has the meaning set forth in Section 9.2.1.

 

“Drag-Along
Transaction” has the meaning set forth in Section 9.2.1.

 

“Dragged
Members” has the meaning set forth in Section 9.2.1.

 

“Economic
Interest” means a Person’s right to share in the income, gains, losses, deductions, credit or similar items of, and to
receive distributions from, the Company, and expressly does not include any other rights of a Member, including the right to vote, participate
in the management of the Company, as applicable, or the right to information concerning the business and affairs the Company.

 

“Effective
Date” has the meaning set forth in the preamble hereto.

 

“Fair
Market Value” means the gross fair market value of any property determined as determined by the Board in good faith (with expert
input from a third party appraiser if so determined by the Board) and in making such determination, it may, but need not, rely on the
opinion of qualified third party appraisers.

 

“Final
Valuation Report” has the meaning set forth in Section 9.2.2(b).

 

“Fiscal
Year” means the Company’s fiscal year, which will be the calendar year, or any portion of such period for which the Company
is required by the Code to allocate Net Profits, Net Losses or other items of Company income, gain, loss or deduction pursuant hereto,
or such other period otherwise required by law.

 

“Gross
Asset Value” means with respect to any asset of the Company (other than cash), the asset’s adjusted basis for federal
income tax purposes, except as follows:

 

(a)
The initial Gross Asset Value of any asset contributed by a Member to the Company will be the gross Fair Market Value of such asset;

 

    	-4-

    	 

    

 

(b)
The Gross Asset Value of all the Company’s assets will be adjusted to equal their respective gross Fair Market Values (taking Code
Section 7701(g) into account) as of the following times: (i) the acquisition of an interest or an additional interest in the Company
by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company
to a Member of more than a de minimis amount of property or money as consideration for an interest in the Company; (iii) the grant
of an interest in the Company as consideration for the provision of services to or for the benefit of the Company; (iv) under generally
accepted industry accounting practices, provided substantially all of the Company’s property (excluding money) consists of stock,
securities, commodities, options, warrants, futures, or similar instruments that are readily tradable on an established securities market;
(v) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and (vi) in connection with the issuance
by the partnership of a noncompensatory option within the meaning of Regulations Section 1.721-2(f) (other than an option for a de minimis
partnership interest within the meaning of Regulations Section 1.704-1(b)(2)(ii)(f)(5)(iv); provided, however, that adjustments pursuant
to clauses (i), (ii), (iii) and (iv) above will be made only if the Board determines that such adjustments
are necessary or appropriate to reflect the relative economic interests of the Members in the Company;

 

(c)
The Gross Asset Value of any Company asset distributed to a Member will be the gross Fair Market Value (taking Code Section 7701(g) into
account) of such asset on the date of distribution;

 

(d)
The Gross Asset Values of the Company’s assets will 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 Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (a) of the definition of “Net
Profits” and “Net Losses” or Section 7.2.6; provided, however, that Gross Asset Values may not be adjusted pursuant
to this paragraph (d) to the extent that an adjustment pursuant to paragraph (b) is required in connection with a transaction
that would otherwise result in an adjustment pursuant to this paragraph (d); and

 

(e)
If the Gross Asset Value of an asset has been determined or adjusted pursuant to paragraphs (a), (b), or (d), then
the Gross Asset Value will thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing
Net Profits and Net Losses.

 

“Incapacitated”
means, as to any natural person, the death, adjudication of incompetence, or insanity of such person.

 

“Independent
Third Party” means with respect to any Member, any Person who is not the Company or an Affiliate of such Member.

 

“Liquidation
Value” means in connection with any proposed transaction and with respect to the Membership Interest of each Member, a value
equal to the amount that would be distributed in respect of such Membership Interest if an amount equal to the value of one hundred percent
(100%) of the equity of the Company implied by the consideration to be paid by the proposed purchaser in the proposed transaction, as
determined by the Board in good faith (with expert input from a third party appraiser if so determined by the Board), were distributed
to the Members in accordance with Section 11.2.3 at such time.

 

“Losses”
has the meaning set forth in Section 6.3.1.

 

“Manager”
means any Person holding the office of Manager as selected pursuant to Section 5.1.4.

 

“Member”
means each Person who (a) is an initial signatory to this Agreement, or (b) has been admitted to the Company as a Member in accordance
with this Agreement.

 

    	-5-

    	 

    

 

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

 

“Member
Nonrecourse Debt Minimum Gain” has the meaning given the term “partner nonrecourse debt minimum gain” in Regulations
Section 1.704-2(i)(2).

 

“Member
Nonrecourse Deductions” has the meaning given the term “partner nonrecourse deductions” in Regulations Section
1.704-2(i).

 

“Member
Vote” means the affirmative vote of Members holding a majority of the outstanding Membership Interests made at a meeting of
the Members or by written consent in accordance with Section 4.2.

 

“Membership
Interest” means a Member’s entire interest in the Company, which may be expressed as a percentage, including the Member’s
right to share in income, gains, losses, deductions, credits or similar items of, and to receive distributions from, the Company pursuant
to this Agreement and the Act, the right to vote or participate in the management of the Company to the extent herein provided or as
specifically required by the Act, and the right to receive information concerning the business and affairs of the Company pursuant to
this Agreement and the Act.

 

“Merger”
means the transaction contemplated pursuant to that certain Agreement and Plan of Merger and Reorganization to be executed by the Vinco
Member and the ZASH Member no later than June 24, 2021.

“Merger
Deadline” means September 30, 2021, if the Merger has not been consummated prior to such date.

 

“Net
Profits” and “Net Losses” means, for each Fiscal Year, an amount equal to the Company’s taxable income
or loss for such Fiscal Year, 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) are included in taxable income or loss), with the following
adjustments:

 

(a)
any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net
Losses pursuant to this definition are 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 Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to
this definition are subtracted from such taxable income or loss;

 

(c)
in the event the Gross Asset Value of any Company asset is adjusted pursuant to paragraph (b) or (c) of the definition
of Gross Asset Value, the amount of such adjustment is taken into account as gain (if the adjustment increases the Gross Asset Value
of the asset) or loss (if the adjustment decreases the Gross Asset Value of the asset) from the disposition of such asset and are taken
into account for purposes of computing Net Profits or Net Losses;

 

(d)
gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes
is computed by reference to the Gross Asset Value of the property disposed of, rather than such property’s adjusted tax basis;

 

    	-6-

    	 

    

 

(e)
in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss,
Depreciation is taken into account for such Fiscal Year or other period, computed in accordance with the definition thereof;

 

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

 

(g)
notwithstanding any other provision of this definition, any items that are specially allocated pursuant to Section 7.2 are not
taken into account in computing Net Profits or Net Losses. Instead, the amounts of the items of Company income, gain, loss or deduction
available to be specially allocated pursuant to Section 7.2 hereof are determined by applying rules analogous to those set forth
in clauses(a) through (f) above.

The
foregoing definition of Net Profits and Net Losses is intended to comply with the provisions of Regulations Section 1.704-1(b) and is
to be interpreted consistently therewith. In the event the Board determines that it is prudent to modify the manner in which Net Profits
and Net Losses are computed in order to comply with such Regulations, the Board may make such modification.

 

“Nevada
Act” means the Nevada Limited Liability Company Act, codified in the Nevada Revised Statutes Chapter 86.

 

“Nevada
Articles” has the meaning set forth in the Recitals.

 

 

“Nevada
Articles of Conversion” has the meaning set forth in the Recitals.

 

“Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1).

 

“Nonrecourse
Liability” has the meaning set forth in Regulations Section 1.704-2(b)(3).

 

“Original
LLC Agreement” has the meaning set forth in the Recitals.

 

“Partnership
Audit Rules” means the partnership audit rules contained in the Bipartisan Budget Act of 2015 and enacted as Sections 6221
through 6241 of the Code.

 

“Partnership
Representative” has the meaning set forth in Section 10.7.2.

 

“Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, P.L. 107-56, as amended.

 

“Person”
means any natural or legal person, including any individual, general partnership, limited partnership, limited liability company, limited
liability partnership, corporation, trust, estate, association or other entity.

 

“Regulations”
means the final or temporary United States federal income tax regulations promulgated under the Code as such Regulations may amended
from time to time.

 

    	-7-

    	 

    

 

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

 

“Transfer”
means any direct or indirect sale, transfer, assignment, hypothecation, encumbrance or other disposition, whether voluntary or involuntary,
whether by gift, bequest or otherwise. In the case of a hypothecation, encumbrance or other collateral assignment, the Transfer is deemed
to occur both at the time of the initial collateral assignment and at any collateral assignee’s sale or a sale by any secured creditor.
A Transfer of a direct or indirect ownership interest in any Person will constitute a Transfer of a corresponding portion of any ownership
interest or asset held by such Person.

 

“Unreturned
Capital” means with respect to any Member as of any date, the excess, if any, of (a) the aggregate Capital Contributions made
by such Member, over (b) the aggregate amount of cash and the Gross Asset Value (net of any liabilities secured by any such distributed
property) of any property distributed to such Member pursuant to Section 8.1.1(a)(i) or Section 11.2.3 (or by reference
to such Sections) on or prior to such date.

 

“Unreturned
Capital Shortfall” has the meaning set forth in Section 9.2.2.

 

“Valuation
Firm” has the meaning set forth in Section 9.2.2.

 

“Valuation
Parties” has the meaning set forth in Section 9.2.2.

 

“Vinco
Managers” has the meaning set forth in Section 5.1.1.

 

“Vinco
Member” has the meaning set forth in the Recitals.

 

“Vinco
Valuation Report” has the meaning set forth in Section 9.2.2.

 

“ZASH
Managers” has the meaning set forth in Section 5.1.1.

 

“ZASH
Member” has the meaning set forth in the Recitals.

 

“ZASH
Valuation Report” has the meaning set forth in Section 9.2.2(a).

 

1.2.
Rules of Construction. Unless the context otherwise clearly requires:

 

1.2.1
whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms;

 

1.2.2
the singular includes the plural and the plural includes the singular;

 

1.2.3
the words “include,” “includes” and “including” are to be deemed to be followed by the phrase “without
limitation”;

 

1.2.4
any definition of or reference to any agreement, instrument, schedule, exhibit or other document herein is to be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modification set forth herein);

 

1.2.5
any reference to any law herein is to be construed as referring to such Law as from time to time amended;

 

    	-8-

    	 

    

 

1.2.6
any reference herein to any Person, or to any Person in a specified capacity, is to be construed to include such Person’s successors
and assigns or such Person’s successors in such capacity, as the case may be; and

 

1.2.7
the words “herein,” “hereunder” and other words of similar import refer to this Agreement as a whole and not
to any particular Section, clause or other subdivision.

 

ARTICLE
II

ORGANIZATIONAL MATTERS

 

2.1.
Formation.

 

2.1.1
The Company was formed as a Nevada limited liability company under the laws of the State of Nevada on January 24, 2021, by the execution
and filing of the Nevada Articles by an authorized person within the meaning of the Nevada Act, with the Nevada Secretary of State, which
execution, delivery, and filing are hereby ratified and confirmed. The Company was converted to a Delaware limited liability company
upon the filing and acceptance of (a) the Nevada Articles of Conversion with the Secretary of State of the State of Nevada and (b) the
Certificate by an authorized person within the meaning of the Act with the Secretary of State of the State of Delaware, which execution,
delivery, and filing are hereby ratified and confirmed. The rights and liabilities of the Members are as described in the Act and this
Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision of this Agreement than
they would be in the absence of such provision, this Agreement, to the extent permitted by the Act, controls.

 

2.1.2
The Company was formed for the purpose of performing all business to be determined by the Members (the “Business”).

 

2.1.3
The Board must maintain a record of the name, mailing address, and Membership Interest held by each Member in the books and records of
the Company and on Schedule A attached hereto. The Company is hereby authorized and directed to update its books and records and
Schedule A hereto from time to time as necessary to accurately reflect the information therein, and the update of any such information
resulting from an event accomplished in accordance with this Agreement will not constitute an amendment to this Agreement. Any reference
in this Agreement to Schedule A is a reference to Schedule A as amended and in effect from time to time.

 

2.2.
Name. The name of the Company is “ZVV Media Partners, LLC.” The business and affairs of the Company may be
conducted under that name or, upon compliance with applicable laws, any other name that the Board may deem appropriate or advisable.
The Company is authorized to file any fictitious name certificates and similar filings, and any amendments thereto, that the Board deems
appropriate or advisable.

 

2.3.
Term. The term of the Company commenced on the date of the filing of the Nevada Articles with the Nevada Secretary of State and
will continue until the Company is dissolved in accordance with the provisions of this Agreement.

 

2.4.
Principal Office; Registered Agent. The principal office of the Company is at 1 West Broad Street, Suite 1004, Bethlehem,
PA 18018, or such other location approved by the Board. The Company must continuously maintain a registered agent and registered office
in the State of Delaware as required by the Act. The registered agent of the Company in the State of Delaware is as stated in the Certificate
or as otherwise determined by the Board.

 

    	-9-

    	 

    

 

2.5.
Purpose of Company. The nature of the business or purposes to be conducted or promoted by the Company is to engage in the
Business and such other activities directly related to the Business as may be necessary, advisable or appropriate in the opinion of the
Board in furtherance of the Business, and exercise any powers permitted to be exercised by limited liability companies organized under
the Act.

 

2.6.
Liability of Members.

 

2.6.1
Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, are solely the debts, obligations and liabilities of the Company, and no Member will be obligated personally for any such
debt, obligation or liability of the Company solely by reason of being a Member of the Company. Except as otherwise expressly required
herein or by law, a Member, in its capacity as such, will have no liability in respect of claims against the Company in excess of (a)
the amount of its Capital Contributions, (b) its share of any assets and undistributed profits of the Company, and (c) the amount of
any distributions wrongfully distributed to it. No Member will be required to lend any funds to the Company or, after its Capital Contribution
has been funded, subject to the provisions of Section 2.6.2 and Section 8.2.2, to make any further Capital Contributions
to the Company or to repay to the Company, any Member, or any creditor of the Company all or any portion of any negative amount of such
Member’s Capital Account. No Member will be required to guarantee or pledge any assets as security for any debts, liabilities,
or other obligations of the Company.

 

2.6.2
If any Member receives or is deemed to have received a distribution from the Company pursuant to ARTICLE VIII or otherwise, and
the aggregate of such distributions exceeds the distributions to which such Member is otherwise entitled pursuant to this Agreement,
such Member will be obligated, as provided in ARTICLE VIII, to repay such excess to the Company.

 

2.6.3
To the fullest extent permitted by law, in exercising any of its or their voting rights, rights to direct and consent or any other rights
as a Member hereunder or under the Act, subject to the terms and conditions of this Agreement, a Member or Members, as the case may be,
(a) will not, except as may be expressly provided herein with respect to any particular matter, have any obligation or duty otherwise
existing at law, in equity or otherwise, to any Person (including any other Member or the Company) or to consider or take into account
the interests of any Person (including any other Member or the Company) and (b) will not be liable to any Person for any action taken
by it or them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to
whether such action or inaction benefits or adversely affects any Member, the Company or any other Person, except for any liability to
which such Member may be subject to the extent that the same results from such Member’s taking or directing an action, or failing
to take or direct an action, in violation of the express terms of this Agreement.

 

2.7.
Title to Property. All property of the Company must be owned by the Company as an entity and no Member may have any ownership
interest in such property in its individual name. Each Member’s Membership Interest in the Company will be personal property for
all purposes.

 

ARTICLE
III

CAPITAL CONTRIBUTIONS AND MEMBERSHIP INTERESTS

 

3.1.
Membership Interests; Capital Contributions. As of the Effective Date, and subject to having made or making when due the
additional Capital Contributions to the Company pursuant to the Contribution Agreements, each Member has (or shall have) the initial
Unreturned Capital and has received the Membership Interest set forth opposite such Member’s name on Schedule A attached
hereto. The Members (a) have made Capital Contributions to the Company pursuant to that certain Contribution Agreement dated as of January
19, 2021, by and among the Company, the Vinco Member, and the ZASH Member, and (b) are making certain additional Capital Contributions
to the Company pursuant to the Contribution Agreements.

 

    	-10-

    	 

    

 

3.2.
Additional Capital Contributions.

 

3.2.1
Except as may be explicitly agreed in writing by the Member and the Company, no Member is required to make any additional Capital Contributions
to the Company.

 

3.2.2
If the Board determines that additional Capital Contributions are necessary or appropriate for the conduct of the Company’s business
and affairs, including, without limitation, expansion or diversification thereof, the Members may be permitted from time to time to make
additional Capital Contributions, but no Member can be required to make any such additional Capital Contributions. The Board may determine
all material aspects of any such additional Capital Contribution, including the class of such Membership Interests, the amount and nature
of the consideration to be paid for additional Membership Interests issued in respect thereof, the resulting dilution of interest to
be incurred by other Members and the extent to which the Member or other Person making the Capital Contribution will participate in the
Net Profits, Net Losses and distributions of the Company. The Membership Interest of each Member must be updated upon the issuance of
additional Membership Interests or the admission of an additional Member in connection herewith and must be reflected on the books and
records of the Company and Schedule A hereto, as amended from time to time, and such changes adopted in accordance with this Agreement
will not be an amendment to this Agreement and are not subject to Section 12.12 hereof.

 

3.3.
Capital Accounts. The Company must establish separate Capital Accounts for each Member. The Board will determine and maintain
each Capital Account in accordance with Regulations Section 1.704-1(b)(2)(iv) and, pursuant thereto, the following provisions apply:

 

3.3.1
To each Member’s Capital Account there will be credited such Member’s Capital Contributions, such Member’s allocated
share of Net Profits and any items in the nature of income or gain that are specially allocated to such Member pursuant to Section
7.2, and the amount of any Company liabilities assumed by such Member or that are secured by any property distributed to such Member.
The principal amount of a promissory note that is not readily traded on an established securities market and that is contributed to the
Company by the maker of the note (or a Member related to the maker of the note within the meaning of Regulations Section 1.704-1(b)(2)(ii)(c))
will not be included in the Capital Account of any Member until the Company makes a taxable disposition of the note or until (and to
the extent) principal payments are made on the note, all in accordance with Regulations Section 1.704-1(b)(2)(iv)(d) (2).

 

3.3.2
To each Member’s Capital Account there will be debited the amount of cash and the Gross Asset Value of any property distributed
to such Member pursuant to any provision of this Agreement, such Member’s allocated share of Net Losses and items thereof, any
items in the nature of expenses or losses that are specially allocated to such Member pursuant to Section 7.2, and the amount
of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member to the Company;

 

3.3.3
In the event all or a portion of a Member’s Membership Interest is Transferred in accordance with the terms of this Agreement,
the transferee will succeed to the Capital Account of the transferor to the extent it relates to the transferred Membership Interest;
and

 

3.3.4
In determining the amount of any liability for purposes of Section 3.3.1 and Section 3.3.2, Code Section 752(c) and any
other applicable provisions of the Code and the Regulations will be taken into account.

 

    	-11-

    	 

    

 

The
foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply
with Regulations Section 1.704-1(b), and will be interpreted and applied in a manner consistent with such Regulations. In the event the
Board determines that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed
in order to comply with such Regulations, the Board may cause the Company to make such modification; provided, however, that no such
modification has a material adverse effect upon any Member’s economic entitlement under this Agreement.

 

3.4.
No Interest. No Member is entitled to receive or demand any interest or other payments on such Member’s Capital Contributions
or on the balance of any Capital Account.

 

3.5.
No Withdrawal. No Member has the right to withdraw such Member’s Capital Contributions or to demand or receive property
of the Company or any distribution in return for such Member’s Capital Contributions, except as may be specifically provided in
this Agreement or as required by applicable law.

 

3.6.
Loans from Members or Affiliates. If necessary to pay expenses or obligations of the Company, the Company may borrow amounts from
any Member or Affiliate of any Member at such times and on such terms as determined by the Board. No such loan will constitute additional
capital or entitle the lending Member to an increased share of the Net Profits or Net Losses. Prior to the Merger Deadline, no loan,
including loans from Members or Affiliates, may be secured by any assets of the Company without the prior written consent of the Vinco
Managers.

 

3.7.
Interest of Creditors. A creditor (including a Member or Affiliate of a Member) who makes a recourse or nonrecourse loan
to the Company will not have or acquire at any time as a result of making the loan, any direct or indirect interest in the profits, capital
or property of the Company other than as a secured creditor to the extent such loan is secured.

 

3.8.
Membership Interests.

 

3.8.1
General. Membership Interests may be split into one or more classes or series, having such rights, preferences, privileges and
obligations as approved by the Board. There is initially one (1) class of Membership Interests. The Company as determined by the Board
may issue Membership Interests at any time and from time to time, including additional classes or series of Membership Interests having
rights, preferences and privileges senior to or on parity with one or more of the existing classes or series of Membership Interests.
The Board may split or combine the number of Membership Interests into additional or fewer Membership Interests, with all Membership
Interest economic terms and voting rights to be adjusted so as to not affect the overall economic and voting relationships among the
Members as a result of such split or combination. For avoidance of doubt, any amendment to this Agreement documenting any of the foregoing
will not be an amendment to this Agreement subject to Section 12.12.

 

3.9.
Membership Interests Uncertificated. The Membership Interests of the Company are initially not certificated. If so determined
by the Board, the Membership Interests of the Company may be certificated.

 

    	-12-

    	 

    

 

ARTICLE
IV

MEMBERS

 

4.1.
Admission of Additional Members. No additional Members may be admitted as Members unless approved by the Board (which, prior to
the Merger Deadline, must include all of the Vinco Managers); provided, that the admission of Members upon a Transfer of Membership Interests
will be governed by Section 9.1. No additional Member will become a Member until such additional Member has complied with the
terms and conditions of this Agreement, including, without limitation, agreeing to be bound by the terms and conditions hereof pursuant
to an Adoption Agreement substantially in the form attached hereto as Exhibit A, or in such other form as approved by the Board.

 

4.2.
Meetings of Members; Action by Written Consent.

 

4.2.1
No annual or regular meetings of the Members as such are required; however, if convened, meetings of the Members may be held at
such date, time and place as the Board or as the Member or Members who properly noticed such meeting, as the case may be, may fix from
time to time. At any meeting of the Members, the chairman (or, if there is no chairman, an individual appointed by the Members) will
preside at the meeting and will act as the secretary or appoint another individual to act as secretary of the meeting. The secretary
of the meeting must prepare written minutes of the meeting, which are to be maintained in the books and records of the Company.

 

4.2.2
A meeting of the Members may be called at any time by the Board for the purpose of addressing any matter on which the vote, consent or
approval of the Members is required or permitted under this Agreement.

 

4.2.3
Notice of any meeting of the Members must be sent or otherwise given by the Board to the Members in accordance with this Agreement not
less than two (2) or more than sixty (60) calendar days before the date of the meeting. The notice must specify the place, date and hour
of the meeting and the general nature of the business to be transacted. Except as the Members may otherwise agree by Member Vote, no
business other than that described in the notice may be transacted at the meeting.

 

4.2.4
Attendance in person (or telephonically) of a Member at a meeting will constitute a waiver of notice of that meeting, except when the
Member objects at the beginning of the meeting to the transaction of any business because the meeting is not duly called or convened.
Attendance at a meeting by a Member is not a waiver of any right to object to the consideration of matters not included in the notice
of the meeting if that objection is expressly made at the meeting. Neither the business to be transacted nor the purpose of any meeting
of the Members need be specified in any written waiver of notice. The Members may participate in any meeting of the Members by means
of conference telephone or similar means as long as all Members can hear one another. The Company must provide a means of participating
by a method described in the prior sentence upon request of any Member. A Member so participating will be deemed to be present in person
at the meeting.

 

4.2.5
Any action that can be taken at a meeting of the Members may be taken without a meeting if a consent in writing setting forth the action
so taken is signed and delivered to the Company by Members representing not less than the minimum vote necessary under this Agreement
to approve the action.

 

4.3.
Voting by Members. The Members, acting solely in their capacities as Members, have the right to vote on, consent to or otherwise
approve only those matters as to which this Agreement specifically requires such approval. Except as otherwise specifically provided
in this Agreement, references herein to the determination, consent, approval or vote of the Members means the approval of the Members
by Member Vote.

 

4.4.
Members Are Not Agents. No Member acting solely in the capacity of a Member is an agent of the Company, nor can any Member
acting solely in the capacity of a Member bind the Company or execute any instrument on behalf of the Company.

 

    	-13-

    	 

    

 

4.5.
No Withdrawal. Except as provided in this Section 4.5 or in ARTICLE IX, no Member may withdraw, retire or
resign from the Company without approval of the Board. A Member that resigns and withdraws pursuant to this Section 4.5 forfeits
all economic, voting and other rights in any Membership Interests or the Company and will not receive (for the purposes of Section 18-604
of the Act or otherwise) any cash, property or other distribution upon such resignation and withdrawal unless otherwise determined by
the Board.

 

4.6.
Confidentiality.

 

4.6.1
Each Member acknowledges that during the term of this Agreement, it will have access to and become acquainted with trade secrets, proprietary
information and confidential information belonging to the Company and its Affiliates that are not generally known to the public, including,
but not limited to, information concerning business plans, financial statements and other information provided pursuant to this Agreement,
operating practices and methods, expansion plans, strategic plans, marketing plans, personnel information, contracts, customer lists
or other business documents that the Company treats as confidential, in any format whatsoever (including oral, written, electronic or
any other form or medium) (collectively, “Confidential Information”). In addition, each Member acknowledges that:
(i) the Company has invested, and continues to invest, substantial time, expense and specialized knowledge in developing its Confidential
Information; (ii) the Confidential Information provides the Company with a competitive advantage over others in the marketplace; and
(iii) the Company would be irreparably harmed if the Confidential Information were disclosed to competitors or made available to the
public. Without limiting the applicability of any other agreement to which any Member is subject, no Member shall, without the Board’s
consent, directly or indirectly, disclose or use (other than solely for the purposes of such Member monitoring and analyzing its investment
in the Company) at any time, including, without limitation, use for personal, commercial or proprietary advantage or profit, any Confidential
Information of which such Member is or becomes aware. Each Member in possession of Confidential Information shall take all appropriate
steps to safeguard such information and to protect it against disclosure, misuse, espionage, loss and theft.

 

4.6.2
Nothing contained in this Section 4.6 shall prevent any Member from disclosing Confidential Information: (i) upon the order of
any court or administrative agency; (ii) upon the request or demand of any regulatory agency or authority having jurisdiction over such
Member; (iii) to the extent compelled by legal process or required or requested pursuant to subpoena, interrogatories or other discovery
requests; (iv) to the extent necessary in connection with the exercise of any remedy hereunder; (v) to any other Member; (vi) to such
Member’s employees, agents, representatives and advisors who, in the reasonable judgment of such Member, need to know such Confidential
Information and agree to be bound by the provisions of this Section 4.6 as if a Member (provided that the Member will remain liable
for any breach of this Section 4.6 by any such Person); or (vii) to any transferee of Membership Interests permitted in accordance
with this Agreement, as long as such transferee agrees to be bound by the provisions of this Section 4.6 as if a Member(provided
that the Member will remain liable for any breach of this Section 4.6 by any such Person); provided, that in the case of clause
(i), (ii) or (iii), such Member shall notify the Board of the proposed disclosure as far in advance of such disclosure as practicable
(but in no event make any such disclosure before notifying the Board) and use reasonable efforts to ensure that any Confidential Information
so disclosed is accorded confidential treatment satisfactory to the Company, when and if available.

 

4.6.3
The restrictions of Section 4.6 shall not apply to Confidential Information that: (i) is or becomes generally available to the
public other than as a result of a disclosure by a Member in violation of this Agreement; (ii) is or has been independently developed
or conceived by such Member without use of Confidential Information; or (iii) becomes available to such Member or any of its employees,
agents, representatives and advisors on a non-confidential basis from a source other than the Company, any other Member or any of their
respective employees, agents, representatives and advisors, provided, that such source is not known by the receiving Member to be bound
by a confidentiality agreement regarding the Company.

 

    	-14-

    	 

    

 

4.6.4
The obligations of each Member under this Section 4.6 shall survive (i) the termination, dissolution, liquidation and winding
up of the Company, (ii) the withdrawal of such Member from the Company, and (iii) such Member’s Transfer of its Membership Interest.

 

4.6.5
The Members hereby acknowledge that the provisions of Section 4.6 are reasonable and necessary to protect the legitimate interests
of the Company and that any violation of such provisions would result in irreparable injury to the Company. In the event of a violation
of the provisions of this Section 4.6, the Members further agree that the Company shall, in addition to all other remedies available
to it, be entitled to equitable relief by way of injunction and any other legal or equitable remedies without any requirement to post
bond.

 

ARTICLE
V

MANAGEMENT AND CONTROL OF THE COMPANY

 

5.1.
Board.

 

5.1.1
Management by Board of Managers. Subject to the provisions of this Agreement (including, without limitation, Sections 5.1.4(c)
and 5.3) a board of managers (the “Board”), and only the Board, is authorized to manage the business, property
and affairs of the Company and to exercise any and all powers of the Company. Subject to Section 5.1.4(c), the Vinco Member will
have the right to designate two (2) Managers (the “Vinco Managers”) to the Board, and the ZASH Member will have the
right to designate three (3) Managers (the “ZASH Managers”) to the Board. The Board will be a “manager”
within the meaning of the Act. Each Manager shall be a natural person but need not be a Member or an Affiliate of a Member.

 

5.1.2
Agency Authority of Managers. Subject to the provisions of this Agreement, only the Managers, acting in their capacities as the
Managers, have the authority to endorse checks, drafts and other evidences of indebtedness made payable to the order of the Company or
to sign checks, drafts and other instruments obligating the Company to pay money, or sign agreements or other documents in the name of
or on behalf of the Company; provided, however, the Board may by a written resolution grant such authority to any other Person subject
to any restrictions pursuant to the written authorization of the Board, which authorization may be general or specific.

 

5.1.3
Term. Each Manager will hold office for a term commencing on the date of designation (or in the case of an initial Manager, commencing
on the Effective Date) and expiring upon the earlier of (i) the date on which the Manager is removed or (ii) the date on which the Manager
resigns.

 

5.1.4
Selection of Managers.

 

(a)
Initial Managers. The initial Vinco Managers are Chris Ferguson and Brett Vroman. The initial ZASH Managers are Theodore Farnsworth,
Roderick Vanderbilt, and Lisa King.

 

(b)
Resignation. A Manager may resign at any time by giving written notice to the Members of the Company. The resignation of a Manager
will take effect upon receipt of that notice or at such later time as may be specified in the notice; and, unless otherwise specified
in the notice, the acceptance of the resignation is not necessary to make it effective. If a Manager becomes Incapacitated, the Manager
will be deemed to have resigned. The resignation of a Manager will not affect the Manager’s rights, if any, as a Member and will
not by itself constitute a withdrawal of a Member. Upon the resignation of a Manager, a new Manager may be appointed by the Member entitled
to appoint such Manager.

 

    	-15-

    	 

    

 

(c)
Removal.

 

(i)
Each Manager may be removed at any time, with or without cause, by the Member(s) entitled to appoint such Manager.

 

(ii)
Any removal of a Manager will be without prejudice to the rights, if any, of the Manager and the Company under any contract to which
the Manager is a party, and shall not affect the Manager’s rights as a Member or constitute its withdrawal as a Member, except
as otherwise provided in this Agreement or any other contract with the Manager.

 

5.1.5
Meetings; Place of Meetings; Telephonic Participation. Meetings of the Board may be held at such times and places as the Board
may from time to time by resolution designate or as shall be designated by the Person or Persons calling the meeting in the notice or
waiver of notice of any such meeting. Meetings of the Board shall be held whenever called by a Manager. Notice of the time and place
of each such meeting, shall be sent by electronic mail sent to and received by each member of the Board not less than forty-eight (48)
hours before the date on which the meeting is to be held. Notice of any meeting of the Board shall not be required to be given to any
member of the Board who waives such notice in writing or who is present at such meeting, except a member who shall attend such meeting
for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened. At the request of any Manager, any or all Managers may participate in any meeting of the Board by means
of conference telephone or similar communications equipment pursuant to which all persons participating in the meeting of the Board can
hear each other, and such participation shall constitute presence in person at such meeting.

 

5.1.6
Manner of Acting and Quorum. Except as otherwise provided in this Agreement or the Act, the presence of at least a majority of
all Managers shall be required to constitute a quorum for the transaction of business at any meeting of the Board. The Board shall act
only as a Board, and the individual Managers shall have no power to act on behalf of or bind the Company in their capacity as a Manager
(except for certain limited circumstances expressly provided herein). All matters shall be deemed approved by the Board at any meeting
duly called and held, a quorum being present, by the affirmative vote of a majority of the members of the Board then present.

 

5.1.7
Action Without Meeting. Any action required or permitted to be taken or which may be taken at any meeting of the Board may be
taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all of the Managers. Such written consent
shall be filed with the minutes of proceedings of the Board.

 

5.1.8
Actions Requiring Unanimous Board Approval Prior to the Merger Deadline. Prior to the Merger Deadline (for the avoidance of doubt,
this Section 5.1.8 shall have no effect from and after the Merger Deadline) and while the Debt Financing is outstanding, the Board
shall not cause the Company to, and the Company shall not, take any of the following actions without the unanimous approval of the Managers:

 

(a)
materially amend, alter or repeal the Certificate, this Agreement, or any other organizational or governance documents of the Company;

 

(b)
create any new class of Membership Interests or change the rights or preferences of any of the Company’s existing Membership Interests;

 

    	-16-

    	 

    

 

(c)
issue additional Membership Interests;

 

(d)
admit any other Person as an additional member;

 

(e)
agree to or effectuate any merger, consolidation or reorganization with any other Person;

 

(f)
take any action to dissolve, liquidate or wind-up the Company;

 

(g)
enter into any debt arrangement that involves creating a lien on any assets of the Company;

 

(h)
replace the chief financial officer or equivalent of the Company;

 

(i)
effect any voluntary filing of a petition for Bankruptcy or reorganization in respect of the Company, or any similar action under applicable
laws and regulations; or

 

(j)
enter into any commitment to take any of the actions described in this Section 5.1.8.

 

5.1.9
Actions Requiring Unanimous Board Approval After the Merger Deadline. From and after the Merger Deadline, and while the Debt Financing
is outstanding, the Board shall not cause the Company to, and the Company shall not, take any of the following actions without the unanimous
approval of the Managers:

 

(a)
materially amend, alter or repeal the Certificate, this Agreement, or any other organizational or governance documents of the Company
in a manner that is materially and disproportionately adverse to the Vinco Member as compared with all other Members;

 

(b)
replace the chief financial officer or equivalent of the Company;

 

(c)
effect any voluntary filing of a petition for Bankruptcy or reorganization in respect of the Company, or any similar action under applicable
laws and regulations;

 

(d)
take any action which would disproportionately dilute the interest of the Vinco Member as compared with all other Members; or

 

(e)
enter into any commitment to take any of the actions described in this Section 5.1.9.

 

5.2.
Officers.

 

5.2.1
Appointment of Officers. The Board may from time to time appoint (and subsequently remove) individuals to act on behalf of the
Company as officers of the Company within the meaning of Section 18-407 of the Act to conduct the day-to-day management of the Company
with such general or specific authority as the Board may specify and are permitted or authorized in this Agreement. The officers of the
Company may include, but are not limited to, a Chairman, a Chief Executive Officer, President, Vice President, Secretary, Chief Financial
Officer and Chief Operating Officer, or any co-officer of the any of the foregoing. The officers will serve at the pleasure of the Board,
subject to any rights of such officers under any employment contract. The officers may exercise such powers and perform such duties,
as are determined from time to time by approval of the Board and as permitted or authorized in this Agreement. Any individual may hold
any number of offices. An officer need not be a Member.

 

    	-17-

    	 

    

 

5.2.2
Removal, Resignation, and Filling of Vacancy of Officers. Any officer may be removed, either with or without cause, by the Board
at any time. Any officer may resign at any time by giving written notice to the Board. Any resignation will take effect on the date of
the receipt of that notice by the Board or at any later time specified in that notice; and, unless otherwise specified in that notice,
the acceptance of the resignation is not necessary to make it effective. Any resignation or removal is without prejudice to the rights,
if any, of the parties 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 may be filled, if at all, by the Board.

 

5.2.3
Signing Authority of Officers. Subject to any restrictions imposed by the Board and this Agreement, any officer, acting alone,
is authorized to endorse checks, drafts and other evidences of indebtedness made payable to the order of the Company, but only for the
purpose of deposit into the Company’s accounts. Officers of the Company are authorized to sign checks, drafts, or other instruments
obligating the Company to pay money, and to sign contracts and other obligations on behalf of the Company, but only to the extent expressly
provided in and subject to any restrictions contained in a written authorization of the Board, which authorization may be general or
specific.

 

5.3.
Limitations on Authority. No Manager or officer is authorized to do any act in contravention of this Agreement or possess
Company property in its capacity as officer or Manager, or assign rights in Company property other than for Company purposes.

 

5.4.
Remuneration of Officers and Managers. The officers and Managers of the Company may be entitled to remuneration for providing
services to the Company and will be entitled to reimbursement of reasonable out-of-pocket business expenses, all as determined by the
Board or as set forth in any employment or service agreement with such officer or Manager, which agreement must be approved by the Managers.

 

5.5.
Competing Activities. Notwithstanding any provision of the Agreement, (i) any Manager or Member may engage or invest in,
independently or with others, any business activity of any type or description, including, without limitation, those that might be the
same as or similar to the Company’s business and that might be in direct or indirect competition with the Company; (ii) neither
the Company nor any Member or Manager have any right in or to such other ventures or activities or to the income or proceeds derived
therefrom; (iii) neither any Manager nor any Member is obligated to present any investment opportunity or prospective economic advantage
to the Company, even if the opportunity is of the character that, if presented to the Company, could be taken by the Company; and (iv)
each Manager and each Member has the right to hold any investment opportunity or prospective economic advantage for such Manager’s
or such Member’s own account or to recommend such opportunity to Persons other than the Company. Each Member and Manager acknowledges
that (except as provided in any individual contract) the other Members and Managers might own or manage other businesses, including businesses
that may compete with the Company for the time of any Manager or any Member. Except for any rights or claims under any individual contract,
each Member and Manager hereby waives any and all rights and claims that the Member or Manager may otherwise have against any Manager
or any Member as a result of any such permitted activities. However, neither any Manager nor any Member is permitted to utilize the Company’s
assets for any competing activities or businesses.

 

    	-18-

    	 

    

 

ARTICLE
VI

DUTIES, EXCULPATION, AND INDEMNIFICATION

 

6.1.
Exculpation of Covered Persons.

 

6.1.1
Covered Persons. As used herein, the term “Covered Person” means
(i) each Member, (ii) each Manager; (iii) each officer, director, stockholder, partner, member, manager, Affiliate, employee, trustee,
agent or representative of each Member and Manager, and each of their Affiliates; and (iv) each officer, employee, agent or representative
of the Company.

 

6.1.2
Standard of Care. No Covered Person will be liable to the Company or any other Covered
Person for any loss, damage or claim incurred by reason of any action taken or omitted to be taken by such Covered Person in good faith
reliance on the provisions of this Agreement, so long as such action or omission does not constitute fraud, gross negligence, willful
misconduct or a material breach of this Agreement by such Covered Person or is not made in knowing violation of the provisions of this
Agreement.

 

6.1.3
Good Faith Reliance. A Covered Person will be fully protected in relying in good
faith upon the records of the Company and upon such information, opinions, reports or statements (including financial statements and
information, opinions, reports or statements as to the value or amount of the assets, liabilities, Net Profits or Net Losses of the Company
or any facts pertinent to the existence and amount of assets from which distributions might properly be paid) of the following Persons
or groups that the Covered Person does not have actual knowledge to be false: (i) another Member; (ii) a Manager or one or more officers
or employees of the Company; (iii) any attorney, independent accountant, appraiser or other expert or professional employed or engaged
by or on behalf of the Company; or (iv) any other Person selected in good faith by or on behalf of the Company, in each case as to matters
that such relying Person reasonably believes to be within such other Person’s professional or expert competence. The preceding
sentence in no way limits any Person’s right to rely on information to the extent provided in § 18-406 of the Act.

 

6.1.4
Standard of Good Faith. Whenever in this Agreement a Covered Person is permitted or required to make a decision in such Covered
Person’s “good faith,” such Covered Person must act under such express standard and will not be subject to any other
or different standard imposed by this Agreement or any other applicable law.

 

6.2.
Liabilities and Duties.

 

6.2.1
Limitation of Liability; Waiver of Duties. This Agreement is not intended to, and does not, create or impose any fiduciary duty
on any Member or Manager. Furthermore, each of the Members and the Company hereby waives any and all fiduciary duties that, absent such
waiver, may be implied by applicable law, and in doing so, acknowledges and agrees that the duties and obligations of each Member and
Manager to each other and to the Company are only as expressly set forth in this Agreement. The provisions of this Agreement, to the
extent that they restrict the duties and liabilities of a Member or Manager otherwise existing at law or in equity, are agreed by the
Members to replace such other duties and liabilities of the Members and Managers.

 

6.2.2
Member and Manager Decisions. Whenever in this Agreement a Member or Manager is permitted or required to make a decision, such
Member or Manager is entitled to consider only such interests and factors as such Member or Manager desires, including its own interests,
and has no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person.

 

    	-19-

    	 

    

 

6.3.
Indemnification.

 

6.3.1
Indemnification. To the fullest extent permitted by the Act, as the same now exists
or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement, only to the
extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Act permitted
the Company to provide prior to such amendment, substitution or replacement), the Company must indemnify, hold harmless, defend, pay
and reimburse any Covered Person against any and all losses, claims, damages, judgments, fines or liabilities, including reasonable legal
fees or other expenses incurred in investigating or defending against such losses, claims, damages, judgments, fines or liabilities,
and any amounts expended in settlement of any claims (collectively, “Losses”) to which such Covered Person may become
subject by reason of:

 

(a)
any act or omission or alleged act or omission performed or omitted to be performed on behalf of the Company or any direct or indirect
subsidiary of the Company in connection with the Business of the Company; or

 

(b)
such Covered Person being or acting in connection with the Business of the Company as a Member, stockholder, Affiliate, Manager, director,
officer, employee or agent of the Company, any Member, any Manager, or any of their respective Affiliates, or that such Covered Person
is or was serving at the request of the Company as a member, manager, director, officer, trustee, employee or agent of any Person including
the Company;

 

provided,
that (x) such Covered Person acted in good faith and in a manner believed by such Covered Person to be in, or not opposed to, the best
interests of the Company and, with respect to any criminal proceeding, had no reasonable cause to believe such Covered Person’s
conduct was unlawful, (y) such Covered Person’s conduct did not constitute fraud, gross negligence, willful misconduct or a material
breach of this Agreement by such Covered Person or a knowing violation of the provisions of this Agreement, and (z) the Loss does not
result from a proceeding or claim initiated or asserted by the Company or any other Member against such Covered Person. In connection
with the foregoing, the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
contendere or its equivalent, will not, of itself, create a presumption that the Covered Person did not act in good faith or, with
respect to any criminal proceeding, had reasonable cause to believe that such Covered Person’s conduct was unlawful, or that the
Covered Person’s conduct constituted fraud, gross negligence, willful misconduct or a knowing violation or material breach of this
Agreement.

 

6.3.2
Permissive Indemnification. Subject to the mandatory indemnification obligations of the Company set forth in Section 6.3.1,
upon approval of the Board, the Company may, but is not obligated to, indemnify any Person for Losses incurred by reason of such Person
being a Covered Person or in connection with any matter related to the Company.

 

6.3.3
Control of Defense. Upon a Covered Person’s discovery of any claim, lawsuit
or other proceeding relating to any Losses for which such Covered Person may be indemnified pursuant to this Section 6.3, the
Covered Person must give prompt written notice to the Company of such claim, lawsuit or proceeding, provided, that the failure
of the Covered Person to provide such notice will not relieve the Company of any indemnification obligation under this Section 6.3,
unless the Company has been materially prejudiced thereby. The Company may participate in or assume the defense of any such claim, lawsuit
or proceeding at its own expense. After notice from the Company to the Covered Person of its election to assume the defense of any such
claim, lawsuit or proceeding, the Company will not be liable to the Covered Person under this Agreement or otherwise for any legal or
other expenses subsequently incurred by the Covered Person in connection with investigating, preparing to defend or defending any such
claim, lawsuit or other proceeding. If the Company does not elect (or fails to elect) to assume the defense of any such claim, lawsuit
or proceeding, the Covered Person will have the right to assume the defense of such claim, lawsuit or proceeding as it deems appropriate,
but it may not settle any such claim, lawsuit or proceeding without the consent of the Company (which consent may not be unreasonably
withheld, conditioned or delayed).

 

    	-20-

    	 

    

 

6.3.4
Reimbursement. The Company must promptly reimburse (and/or advance to the extent
reasonably required) each Covered Person for reasonable legal or other expenses (as incurred) of such Covered Person in connection with
investigating, preparing to defend or defending any claim, lawsuit or other proceeding relating to any Losses for which such Covered
Person may be indemnified pursuant to Section 6.3.1; provided that if such Covered Person agrees in writing that if it is finally
judicially determined that such Covered Person is not entitled to the indemnification provided by Section 6.3.1, then such Covered
Person will promptly reimburse the Company for any reimbursed or advanced expenses.

 

6.3.5
Entitlement to Indemnity. The indemnification provided by this Section 6.3
is not exclusive of any other rights to indemnification to which those seeking indemnification may be entitled under any agreement or
otherwise. The provisions of this Section 6.3 will continue to afford protection to each Covered Person regardless of whether
such Covered Person remains in the position or capacity pursuant to which such Covered Person became entitled to indemnification under
this Section 6.3 and will inure to the benefit of the executors, administrators, legatees and distributees of such Covered Person.

 

6.3.6
Insurance. The Company may purchase, at its expense, insurance to cover Losses covered
by the foregoing indemnification provisions and to otherwise cover Losses for any breach or alleged breach by any Covered Person of such
Covered Person’s duties in such amount and with such deductibles as the Board may reasonably determine; provided, that the failure
to obtain such insurance will not affect the right to indemnification of any Covered Person under the indemnification provisions contained
herein, including the right to be reimbursed or advanced expenses or otherwise indemnified for Losses hereunder. If any Covered Person
recovers any amounts in respect of any Losses from any insurance coverage, then such Covered Person must, to the extent that such recovery
is duplicative, reimburse the Company for any amounts previously paid to such Covered Person by the Company in respect of such Losses.

 

6.3.7
Funding of Indemnification Obligation. Notwithstanding anything contained herein
to the contrary, any indemnity by the Company relating to the matters covered in this Section 6.3 must be provided out of and
to the extent of Company assets only, and no Member (unless such Member otherwise agrees in writing) has personal liability on account
thereof or is required to make additional Capital Contributions to help satisfy such indemnity by the Company.

 

6.3.8
Savings Clause. If this Section 6.3 or any portion hereof is invalidated on
any ground by any court of competent jurisdiction, then the Company must nevertheless indemnify and hold harmless each Covered Person
pursuant to this Section 6.3 to the fullest extent permitted by any applicable portion of this Section 6.3 that has not
been invalidated and to the fullest extent permitted by applicable law.

 

6.3.9
Amendment. The provisions of this Section 6.3 constitute a contract between
the Company, on the one hand, and each Covered Person who serves in such capacity at any time while this Section 6.3 is in effect,
on the other hand, pursuant to which the Company and each such Covered Person intend to be legally bound. No amendment, modification
or repeal of this Section 6.3 that adversely affects the rights of a Covered Person to indemnification for Losses incurred or
relating to a state of facts existing prior to such amendment, modification or repeal will apply in such a way as to eliminate or reduce
such Covered Person’s entitlement to indemnification for such Losses without the Covered Person’s prior written consent.

 

    	-21-

    	 

    

 

6.4.
Survival. The provisions of this ARTICLE VI will survive the dissolution,
liquidation, winding up and termination of the Company.

 

ARTICLE
VII

ALLOCATIONS OF NET PROFITS AND NET LOSSES

 

7.1.
Book Allocations of Net Profits and Net Losses.

 

7.1.1
Generally. Except as provided in Section 7.2, Net Profits and Net Losses (but not gross items of income, gain, loss or
deduction, unless otherwise determined by the Board) for each Fiscal Year will, after giving effect to all Capital Account adjustments
attributable to the Capital Contributions and distributions, and all allocations pursuant to Section 7.2, made during such Fiscal
Year, be allocated among the Members such that the Adjusted Capital Account of each Member, immediately after making such allocation
is, as nearly as possible, equal (proportionately) to the distributions that would be made to such Member pursuant to Section 11.2.3
if (i) the Company were dissolved, (ii) its affairs wound up and its assets sold for cash equal to their Gross Asset Values, (iii)
all Company liabilities were satisfied (limited with respect to each Nonrecourse Liability to the Gross Asset Values of the assets securing
such liability) and (iv) the remaining assets of the Company were distributed in accordance with Section 11.2.3 immediately after
making such allocations.

 

7.1.2
Allocations in Respect of Transferred Membership Interests. If during any Fiscal Year any Membership Interests are Transferred,
any additional Membership Interests are issued by reason of the admission of a new Member or otherwise, any Membership Interests are
redeemed, or there is any other change to the Membership Interests, then each item of income, gain, loss, deduction or credit of the
Company for that Fiscal Year will be allocated among the Members, as determined by the Board in accordance with any method permitted
by Code Section 706(d) and the Regulations thereunder in order to take into account the Members’ varying interests in the Company
during the Fiscal Year.

 

7.1.3
Limitation on Allocation of Net Losses. Notwithstanding any other provision contained in Section 7.1, Net Losses and individual
items of loss or deduction may not be allocated to a Member to the extent the allocation would result in a deficit balance in the Member’s
Adjusted Capital Account at the end of any Fiscal Year. Any such items in excess of this limitation will be allocated as follows:

 

(a)
First, among the other Members who would not have a deficit balance in their Adjusted Capital Accounts, pro rata, in proportion
to their Adjusted Capital Account until the Adjusted Capital Account balances of all the Members have been reduced to zero; and

 

(b)
Thereafter, to all the Members, pro rata, in proportion to their respective rights to distributions under Section 8.1.1(a)(ii).

 

7.2.
Regulatory Allocations. The following special allocations will be made in the following order:

 

7.2.1
Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding any other provision of
this ARTICLE VII, if there is a net decrease in Company Minimum Gain during any Fiscal Year, then each Member will be specially
allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) to the extent required by
Regulations Section 1.704-2(f). Allocations pursuant to the previous sentence will be made in proportion to the respective amounts required
to be allocated to each Member pursuant thereto. This Section 7.2.1 is intended to comply with the minimum gain chargeback requirement
contained in Regulations Section 1.704-2(f) and is to be interpreted consistently therewith.

 

    	-22-

    	 

    

 

7.2.2
Member Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4), notwithstanding any other provision
of this ARTICLE VII, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt
during any Fiscal Year, then each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse
Debt (determined in accordance with Regulations Section 1.704-2(i)(5)) will be specially allocated items of Company income and gain for
such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to that portion of such Member’s share of the
net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations
Section 1.704-2(i)(4). Allocations pursuant to the previous sentence will be made in proportion to the amounts required to be allocated
to each Member pursuant thereto. The items to be so allocated will be determined in accordance with Regulations Section 1.704-2(i)(4)
and 1.704-2(j)(2). This Section 7.2.2 is intended to comply with the minimum gain chargeback requirement contained in Regulations
Section 1.704-2(i)(4) and is to be interpreted consistently therewith.

 

7.2.3
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described
in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) and such Member has a deficit Adjusted Capital Account, items of Company income
and gain will be specially allocated to each such Member in an amount and manner sufficient to eliminate any deficit in the Adjusted
Capital Account deficit of such Member as quickly as possible, provided that an allocation pursuant to this Section 7.2.3 will
be made only if and to the extent that such Member would have a deficit Adjusted Capital Account balance after all other allocations
provided for in this ARTICLE VII have been tentatively made as if this Section 7.2.3 were not in the Agreement. This Section
7.2.3 is intended to be a “qualified income offset” as that term is used in Regulations Section 1.704-1(b)(2)(ii)(d)
and is to be interpreted consistently therewith.

 

7.2.4
Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year will be specially allocated to the Member
who bears the economic risk of loss with respect to the Member Nonrecourse Debt or other liability to which such Member Nonrecourse Deductions
are attributable in accordance with Regulations Section 1.704-2(i) and Regulations Section 1.704-1(b).

 

7.2.5
Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year will be allocated to the Members in accordance with their respective
rights to distributions under Section 8.1.1(a)(ii).

 

7.2.6
Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b)
or Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts,
the amount of such adjustment to Capital Accounts will be treated as an item of gain (if the adjustment increases the basis of the asset)
or loss (if the adjustment decreases such basis), and such gain or loss will be specially allocated to the Members in a manner consistent
with that which their Capital Accounts are required to be adjusted pursuant to Regulations Section 1.704-1(b)(2)(iv)(m).

 

    	-23-

    	 

    

 

7.3.
Curative Allocations. The allocations set forth in Section 7.2 (the “Regulatory Allocations”) are intended
to comply with certain requirements of Regulations Section 1.704-1(b). The Regulatory Allocations may not be consistent with the manner
in which the Members intend to divide distributions from the Company. Accordingly, it is the intent of the Members that, to the extent
possible, all Regulatory Allocations will be offset either with other Regulatory Allocations or with special allocations of other items
of Company income, gain, loss, or deduction pursuant to this Section 7.3. Therefore, notwithstanding any other provision of this
ARTICLE VII other than the Regulatory Allocations, the Board must cause to be made such offsetting special allocations of Company
income, gain, loss, or deduction in whatever manner the Board determines appropriate so that, after such offsetting allocations are made,
a Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had
if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 7.1. In
exercising discretion under this Section 7.3, the Board may take into account any future Regulatory Allocations under Section
7.2.1 and Section 7.2.2 that, although not yet made, are likely to offset other Regulatory Allocations previously made.

 

7.4.
Excess Nonrecourse Liabilities. For the purpose of determining each Member’s share of “excess nonrecourse liabilities,”
if any, of the Company within the meaning of Regulations Section 1.752-3(a)(3) and 1.707-5(a)(2)(ii), and solely for such purpose, the
Members’ interests in Company profits will be determined, pro rata, in proportion to their respective rights to distributions under
Section 8.1.1(a)(ii).

 

7.5.
Tax Allocations. Allocations pursuant to this Section 7.5 are solely for purposes of United States federal, state and local
taxes and will neither affect nor be taken in account in computing, any Member’s Capital Account or share of Net Profits, Net Losses,
distributions or other items pursuant to any provision of this Agreement.

 

7.5.1
General Allocations. Except as otherwise provided in this Section 7.5, each item of Company income, gain, loss or deduction
for federal income tax purposes will be allocated among the Members in the same manner as such items are allocated for book purposes
pursuant to this ARTICLE VII. Notwithstanding the foregoing, the Board will have the power to make such allocations for United
States federal, state and local income tax purposes as may be necessary to maintain “substantial economic effect” or to ensure
that such allocations are in accordance with each “partner’s interest in the partnership,” in each case within the
meaning of Code Section 704(b) and the Regulations thereunder.

 

7.5.2
Code Section 704(c) Allocations. If any Company property is subject to Code Section 704(c) or is reflected in the Capital Accounts
of the Members and on the books of the Company at a value that differs from the adjusted tax basis of such property, then the tax items
with respect to such property will, in accordance with the requirements of Regulations Section 1.704-1(b)(4)(i), be shared among the
Members in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its value in the
same manner as variations between the adjusted tax basis and Fair Market Value of property contributed to the Company are taken into
account in determining the Members’ share of tax items under Code Section 704(c). The Board is authorized to choose any reasonable
method permitted by the Regulations issued pursuant to Code Section 704(c) to account for such differences.

 

7.5.3
Tax Credits. Tax credits will be allocated among the Members in accordance with Regulations Section 1.704-1(b)(4)(ii).

 

7.6.
Reporting and Information Obligations of Members. The Members are aware of the income tax consequences of the allocations
made by this ARTICLE VII and hereby agree to be bound by the provisions of this ARTICLE VII in reporting their shares of
Company income and loss for income tax purposes. Each Member agrees to provide the Company any information or documentation within the
possession of the Member that is reasonably requested by the Company for the purposes of preparing any tax form or other governmental
filing promptly upon written request from the Company.

 

    	-24-

    	 

    

 

ARTICLE
VIII

DISTRIBUTIONS

 

8.1.
Distributions by the Company to Members.

 

8.1.1
Distributions.

 

(a)
General. Subject to (1) applicable law, (2) any limitations contained in Section 8.1, (3) the Company’s obligation
to make Tax Distributions pursuant to Section 8.1.1(a), and (4) the Company’s obligation not to make distributions to the
Members for so long as the Debt Financing remains outstanding in accordance with the Financing Documents and Section 8.2.5 distributions
may be made at such times and in such amounts as the Board (which, prior to the Merger Deadline, must include all of the Vinco Managers)
may determine. Except as provided in Section 11.2.3 with respect to distributions in connection with a Dissolution Event, all
distributions must be made to the Members as follows:

 

(i)
First, to the Members, pro rata in proportion to their respective Unreturned Capital, until the Unreturned Capital of each Member
is reduced to zero; and

 

(ii)
Thereafter, to the Members pro rata on the basis of 75% to the ZASH Member and 25% to the Vinco Member.

 

(b)
Tax Distributions. Subject to Sections 8.1.1(c) through Section 8.1.5, to the extent of Available Cash, the Company
must make distributions (“Tax Distributions”) each Fiscal Year to the Members pro rata in proportion to the Tax Shortfall
of each in an amount sufficient to provide each Member a distribution that is at least equal to such Member’s Tax Shortfall. The
“Tax Shortfall” for these purposes means with respect to each Member the amount, if any, of (i) the aggregate Federal,
state and local tax income tax liabilities attributable to all allocations of net taxable income and gain (not including amounts treated
as guaranteed payments), net of the tax benefit of allocations of Company loss, deduction and credit, to the Member for such Fiscal Year,
as determined in good faith by the Board on the basis of the Assumed Tax Rate, reduced (but not to an amount below zero) by (ii) all
distributions made to the Member by the Company during such Fiscal Year pursuant to Section 8.1.1(a) (including amounts distributed
under this Section 8.1.1(a) treated as distributions of amounts under Section 8.1.1(a)). Tax Distributions must be made
quarterly (on or about fifteen (15) days prior to the earliest estimated tax due date (determined without reference to any extension
thereof)) applicable to any Member at such time in amounts intended to match the Members’ estimated tax liabilities. Upon the filing
of the Company’s tax return for such Fiscal Year, (a) the Company must distribute to each Member the amount of any deficiency in
the Tax Distributions for such Fiscal Year or (b) the amount of any excess Tax Distributions for such Fiscal Year will be credited against
future Tax Distributions or, if requested by the Board, promptly returned to the Company. Tax Distributions will be treated as preliminary
distributions of, and will offset, future distributions by the Company to the Members pursuant to (or made by reference to) Section
8.1.1(a) or Section 11.2.3. If Available Cash is not sufficient to pay the entire amount of the Tax Distribution in any Fiscal
Year in respect of all Membership Interests, any Available Cash must, unless otherwise determined by the Board in its sole and absolute
discretion, be distributed to the Members pro rata in proportion to the Tax Shortfall of each Member.

 

    	-25-

    	 

    

 

(c)
Tax Distribution Adjustments. In the event that (i) there is any audit adjustment by a taxing authority affecting the amount of
taxable income allocated or required to be allocated to the Members in any Fiscal Year or (ii) the Company files an amended tax return
having such effect, the aggregate amount of Tax Distributions that should have been made with respect to such year will be recalculated
by giving effect to such audit adjustment or changes reflected in the amended return, as applicable (treating any interest or penalties
incurred by any of the Members in connection therewith as an addition to the assumed tax liability of such Members), and the Members
will be entitled to an additional Tax Distribution or (in the discretion of the Board) must refund any overpayment required as a result
of such audit adjustment or amended return. No former Member will be entitled to Tax Distributions or be required to refund any overpayment
resulting from an audit adjustment or amended return for any reason after ceasing to be a Member.

 

8.1.2
Distributees; Liability for Distributions. All distributions made pursuant to this ARTICLE VIII will be made only to the
Persons who, according to the books and records of the Company, hold the Membership Interests in respect of which such distributions
are made on the actual date of distribution. None of the Company, the Managers or any Member or officer will have any liability as a
result of making distributions in accordance with this ARTICLE VIII.

 

8.1.3
Form of Distributions. A Member, regardless of the nature of the Member’s Capital Contributions, has no right to demand
and receive any distribution from the Company. No Member may be compelled to accept from the Company a distribution of any asset in kind
in lieu of a proportionate distribution of money being made to other Members.

 

8.1.4
Return of Distributions. No Member will be obligated to return any distribution to the Company or pay the amount of any distribution
for the account of the Company or to any creditor of the Company except (i) for distributions made in violation of the Act or this Agreement,
(ii) as otherwise required by law, (iii) if such Member is deemed to receive distributions in an aggregate amount that exceeds the distributions
to which such Member is otherwise entitled to receive pursuant to this Agreement and (iv) as required under Section 8.2.

 

8.1.5
Distributions in Violation of Act. Notwithstanding any provision to the contrary in this Agreement, the Company will not be required
to make a distribution to any Member on account of such Member’s interest in the Company if such distribution would violate Section
18-607 of the Act or other applicable law.

 

8.2.
Withholding Tax Payments and Obligations.

 

8.2.1
Authorization to Withhold. If the Company is obligated to withhold tax with respect to any distribution or the share of any income
allocated to any Member, then the Company is hereby authorized to withhold from distributions, including Tax Distributions, to a Member,
and to pay over to any United States federal, state or local or non-United States governmental or taxing authority, any amounts required
to be so withheld pursuant to the Code, the Regulations or any provisions of state, local and non-United States law and regulations.

 

    	-26-

    	 

    

 

8.2.2
Payments by the Company. If the Company is required to withhold tax with respect to any distribution or allocation of income to
any Member, then the amount so withheld and paid over to any taxing authority will be treated for all purposes under this Agreement as
if such amount had been distributed to such Member under this ARTICLE VIII, and will reduce the amount otherwise distributable
to such Member pursuant to this ARTICLE VIII. If the amount required to be withheld and paid over to any taxing authority exceeds
the amount otherwise distributable to such Member, then this excess amount will be treated as an advance to such Member made as of the
date of payment to the applicable taxing authority. Amounts treated as advanced to any Member pursuant to this Section 8.2.2 must
be repaid by such Member to the Company within fifteen (15) calendar days after the Company gives notice to such Member making demand
therefor. Any amounts so advanced will bear interest, commencing on the date of advancement, compounded monthly on unpaid balances, at
an annual rate equal to the short-term Applicable Federal Rate as of the date of such advance. The Company may collect any unpaid advances
to a Member from any Company distributions, including any distributions under this ARTICLE VIII, that would otherwise be made
to such Member. The foregoing is not intended to in any way limit the remedies otherwise available to the Company in connection with
the collection of any unpaid advances to Members pursuant to this Section 8.2.2. Each Member agrees to indemnify and hold harmless
the Company and the other Members from and against any liability with respect to taxes, interest or penalties, except to the extent that
such amounts do not result from any act or omission thereof of such Member, that may be asserted by reason of the failure of the Company
to deduct and withhold tax on amounts distributable or allocable to such Member. Any amount payable as indemnity hereunder by any Member
will be paid promptly to the Company, and if not so paid, the Company will be entitled to retain any distribution due to such Member
for all such amounts. The amount payable as indemnity hereunder will bear interest commencing on the date on which the amount giving
rise to the indemnity was paid by the Company or the Member, compounded monthly at an annual rate equal to the short-term Applicable
Federal Rate as of such date.

 

8.2.3
Overwithholding. None of the Company, the Managers or the other Members will be liable for any excess taxes withheld in respect
of any Member’s Membership Interest. In the event of overwithholding, a Member’s sole recourse will be to apply for a refund
from the appropriate governmental authority.

 

8.2.4
Withholding and Other Tax Certifications. Each Member must provide to the Company an original Internal Revenue Service Form W-9,
W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, W-8EXP or other applicable withholding certificate, as appropriate, no later than ten (10) calendar
days after the Effective Date and thereafter from time to time as required by law or requested by the Company. In addition, each Member
must provide the Company such other certifications and documentation as are reasonably requested by the Board to reduce or eliminate
taxes imposed or withheld on payments to the Company or any of its subsidiaries or to satisfy any filing or reporting obligations of
the Company.

 

8.2.5
Notwithstanding anything to the contrary in this Agreement, the Company shall not make any distributions hereunder while the Debt Financing
is outstanding.

 

ARTICLE
IX

TRANSFERS OF INTERESTS

 

9.1.
Transfers of Interests In General.

 

9.1.1
Conditions to Transfer. Except as otherwise provided in this ARTICLE IX, no Member may Transfer all or any part of such
Member’s Membership Interest, including an Economic Interest therein, unless (i) approved by the Board (which, prior to the Merger
Deadline, must include all of the Vinco Managers), (ii) such Member complies with the provisions of this ARTICLE IX, as applicable,
and (iii) unless waived by the Board, all of the following conditions have been met:

 

(a)
the Company has received written notice of the proposed Transfer at least forty-five (45) days prior to the proposed effective date of
such Transfer setting forth the circumstances and details thereof (including, without limitation, the name of the transferee, evidence
of financial ability to consummate the Transfer, and source of funding of the purchase price);

 

(b)
the Company has (at its option) received, from or on behalf of the transferring Member (at its expense), an attorney’s written
opinion from a reputable and recognized law firm, in form and substance reasonably satisfactory to the Company, specifying the nature
and circumstances of the proposed Transfer, and based on such facts stating that the proposed Transfer will not be in violation of any
of the registration provisions of the Securities Act or any applicable state securities laws;

 

    	-27-

    	 

    

 

(c)
if the Transfer results in the transferee acquiring a Membership Interest in the Company, the Company has received from the transferee
a written agreement substantially in the form of the Adoption Agreement attached hereto as Exhibit A, or in such other form as
approved by the Board, to be bound by all of the terms and conditions of this Agreement;

 

(d)
if the Transfer results in the transferee acquiring a Membership Interest in the Company and the transferee is a natural person that
is married, the Company has received a written consent substantially in the form of the Spousal Consent attached hereto as Exhibit
B, or in such other form as approved by the Board, executed by such transferee’s spouse;

 

(e)
the Transfer will not result in the loss of any license or regulatory approval or exemption that has been obtained by the Company and
is materially useful in the conduct of its business as then being conducted or proposed to be conducted;

 

(f)
the Transfer will not result in the violation of the Patriot Act or any other applicable law or regulation;

 

(g)
the Company is reimbursed upon request for its reasonable expenses in connection with the Transfer;

 

(h)
the transferring Member is not otherwise restricted from transferring such Membership Interest pursuant to the terms of an agreement
between such Member and the Company;

 

(i)
the Transfer will not cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704
of the Code, as determined by the Board or pursuant to a ruling received from the IRS; and

 

(j)
the Transfer complies with all other applicable requirements of this Agreement.

 

9.2.
Drag-Along Rights.

 

9.2.1
Without the need to comply with any of the other provisions of this ARTICLE IX, but subject to Section 9.2.2 below, if
the Merger has not been consummated prior to the Merger Deadline, then at any time from and after the Merger Deadline, the ZASH Member
may by written notice (a “Drag-Along Notice”) to the other Members (the “Dragged Members”) cause
the Dragged Members to participate (and the Dragged Members must participate) in a bona fide sale, in a single transaction or a series
of related transactions, of all of the Membership Interests to one or more Independent Third Parties (such transaction, a “Drag-Along
Transaction,” and the right to cause the Dragged Members to participate in such Drag-Along Transaction, the “Drag-Along
Rights”). Such Drag-Along Notice must specify (a) the consideration to be received by the Members (it being agreed that the
consideration will be allocated to the Members as described in Section 9.2.7) (“Drag-Along Consideration”)
and any other material terms and conditions of the Drag-Along Transaction, (b) the identity of the other Person or Persons party to the
transaction(s), and (c) the date of completion of the Drag-Along Transaction.

 

    	-28-

    	 

    

 

9.2.2
Notwithstanding the foregoing, in the event that the Drag-Along Transaction is not approved by at least one (1) Vinco Manager, then if,
and only if, the amount of the Drag-Along Consideration which is payable to the Vinco Member from such Drag-Along Transaction is not
sufficient to reduce to zero the Vinco Member’s Unreturned Capital as of the date of such Drag-Along Notice (an “Unreturned
Capital Shortfall”), the Vinco Member shall have the right to object to the Drag-Along Transaction on such basis (the “Drag-Along
Objection”). In such case, the Vinco Member shall within ten (10) days after receipt of the Drag-Along Notice provide written
notice to the ZASH Member of its Drag-Along Objection. Upon the ZASH Member’s receipt of the Drag-Along Objection, the Vinco Member
and the ZASH Member (for the purposes of this Section 9.2, the “Valuation Parties”) shall thereafter promptly
meet and confer for a period of ten (10) days to attempt to resolve the Drag-Along Objection in good faith; provided, however, that if
the Valuation Parties are unable to reach a resolution with respect to the Drag-Along Objection, then no later than thirty (30) days
after providing its Drag-Along Objection, the Vinco Member shall provide the ZASH Member an independent valuation (which shall be prepared
at the Vinco Member’s expense) from one of the so-called “Big Four” accounting firms (each a “Valuation Firm”)
demonstrating that the fair market value of the Membership Interests of the Company if sold to another Independent Third Party would
result in the payment of consideration sufficient to eliminate an Unreturned Capital Shortfall (“Vinco Valuation Report”).
If the Vinco Member fails to timely provide a Drag-Along Objection or Vinco Valuation Report, then the ZASH Member may proceed with the
Drag-Along Transaction as set forth in this Section 9.2.

 

(a)
Upon timely receipt of the Vinco Valuation Report in accordance with Section 9.2.2 above, the ZASH Member shall have the right
in its sole discretion to (i) terminate the Drag-Along Transaction, (ii) arrange, upon the closing of the Drag-Along Transaction, for
payment to the Vinco Member of an amount sufficient to reduce to zero the Vinco Member’s Unreturned Capital as of the date of the
Drag-Along Notice, or (iii) within thirty (30) days of receipt of the Vinco Valuation Report, provide to the Vinco Member an independent
valuation (which shall be prepared at the ZASH Member’s expense) from a Valuation Firm demonstrating that the fair market value
of the Membership Interests of the Company if sold to another Independent Third Party would not result in the payment of
consideration sufficient to eliminate an Unreturned Capital Shortfall (“ZASH Valuation Report”).

 

(b)
The Vinco Member shall have a period of ten (10) days after receipt of the ZASH Valuation Report to object thereto; provided that if
the Vinco Member fails to so timely object, the ZASH Member may proceed with the Drag-Along Transaction as set forth in this Section
9.2. Within five (5) days of receipt by the ZASH Member of the Vinco Member’s timely objection to the ZASH Valuation Report,
the Valuation Parties shall require the Valuation Firms engaged by them as set forth herein to jointly agree upon and select a third
Valuation Firm to perform a valuation and analysis and to prepare and deliver to the Valuation Parties within thirty (30) days after
its engagement therefor a final, independent valuation report (the expense of which shall be borne equally by the Valuation Parties)
based on the information provided by each Valuation Firm and other information available or requested by such Valuation Firm and setting
forth the fair market value of the Membership Interests of the Company (the “Final Valuation Report”).

 

(c)
If the Final Valuation Report demonstrates that the fair market value of the Membership Interests of the Company if sold to another Independent
Third Party would result in the payment of consideration sufficient to eliminate an Unreturned Capital Shortfall, then the ZASH Member
shall have the right to (i) terminate the Drag-Along Transaction, or (ii) arrange, upon the closing of the Drag-Along Transaction, for
payment to the Vinco Member of an amount sufficient to reduce to zero the Vinco Member’s Unreturned Capital as of the date of the
Drag-Along Notice. If the Final Valuation Report demonstrates that the fair market value of the Membership Interests of the Company if
sold to another Independent Third Party would not result in the payment of consideration sufficient to eliminate an Unreturned
Capital Shortfall, then the ZASH Member may proceed with the Drag-Along Transaction as set forth in this Section 9.2.

 

9.2.3
With respect to such Drag-Along Transaction, the Dragged Members (a) will be deemed to have voted all of their Membership Interests in
favor of such Drag-Along Transaction(s), (b) will be deemed to have waived all applicable consent rights, veto rights, appraisal or dissenters’
rights, or other similar protective provisions, and (c) must take all actions and execute all documents necessary to consummate such
Drag-Along Transaction.

 

    	-29-

    	 

    

 

9.2.4
With respect to such Drag-Along Transaction, the Dragged Members will only be required to execute transaction documents specifically
related to the Transfer of the Dragged Members’ Membership Interests, provided that all representations, warranties, covenants
and indemnities will be made by the Dragged Members severally and not jointly and any indemnification obligation will be pro rata based
on the consideration received by the Dragged Members, in each case in an amount not to exceed the aggregate proceeds received by the
Dragged Members in connection with the Drag-Along Transaction.

 

9.2.5
At the closing, the Dragged Members must deliver title to the Transferred Membership Interests free and clear of liens and encumbrances.

 

9.2.6
Each Member hereby grants to the Board a limited power of attorney to execute any and all documents necessary to carry out the Drag-Along
Rights if any Member fails to execute and deliver after a reasonable period of time any document or instrument or fails to take any required
action to consummate the Drag-Along Transaction. It is expressly intended by each Member that the power of attorney granted by this Section
9.2.6 is coupled with an interest, is irrevocable, and will survive and not be affected if a Member subsequently becomes Incapacitated
(or if such Member is a corporation, partnership, trust, association, limited liability company or other legal entity, by the dissolution
or termination thereof) or by the Transfer (if any) of any of the Member’s Membership Interest.

 

9.2.7
In any Drag-Along Transaction, any proceeds payable directly to the holders of Membership Interests will be allocated (a) first to reimburse
the Managers and Members for any reasonable expenses incurred by them in furtherance of (and not in opposition to or to hinder) the consummation
of the Drag-Along Transaction, (b) with the balance to be allocated among the Membership Interests pro rata based on the relative Liquidation
Values of the Membership Interests disposed of in the Drag-Along Transaction.

 

9.3.
Call Right.

 

9.3.1
Call Right. Notwithstanding anything herein to the contrary, if the Merger has not been consummated prior to the Merger Deadline,
then at any time from and after the Merger Deadline, the ZASH Member will have the right (but will have no obligation) to purchase all
of the other Members’ Membership Interests at the Call Price (as defined below) upon written notice to such other Members (the
“Called Members”).

 

9.3.2
Call Price. The call price (the “Call Price”) of each Called Member’s Membership Interest (other than
the Vinco Member) will be an amount equal to (a) 100% of the aggregate cash (or Fair Market Value cash equivalent) Capital Contributions
made with respect to such Called Member’s Membership Interest, minus (b) the aggregate amount of cash distributions made
with respect to the Called Member’s Membership Interest under this Agreement. The Call Price of the Vinco Member’s Membership
Interest will be an amount equal to (x) 120% of the aggregate cash (or Fair Market Value cash equivalent) Capital Contributions made
with respect to the Vinco Member’s Membership Interest, minus (y) the aggregate amount of cash distributions made with respect
to the Vinco Member’s Membership Interest under this Agreement; provided, that the proceeds of such Call Price must, and will be
deemed automatically to, be used first to repay any outstanding indebtedness owed by the ZASH Member to the Vinco Member.

 

9.3.3
Closing. At the closing, (a) the ZASH Member will pay each Called Member the Call Price for the Called Member’s Membership
Interest in cash by wire transfer of immediately available funds to an account as designed by the Called Member, and (b) each Called
Member will deliver to the ZASH Member such other documents or instruments as the ZASH Member may reasonably request to effect the purchase
of the Called Member’s Membership Interest.

 

    	-30-

    	 

    

 

9.3.4
Power of Attorney. Each Called Member hereby grants to the ZASH Member a limited power of attorney to execute any and all documents
necessary to carry out the transactions contemplated by this Section 9.3 if the Called Member fails to execute and deliver after
a reasonable period of time any document or instrument or fails to take any required action to consummate such transactions. It is expressly
intended by each Called Member that the power of attorney granted by this Section 9.3.4 is coupled with an interest, is irrevocable,
and will survive and not be affected by the Incapacitation of the Called Member (or if the Called Member is a corporation, partnership,
trust, association, limited liability company or other legal entity, by the dissolution or termination thereof) or by the Transfer (if
any) of any of the Called Member’s Membership Interest.

 

9.3.5
Delegation of Rights. At the ZASH Member’s election, the ZASH Member may delegate its rights under this Section 9.3
to any other Person (including the Company) and such Person may purchase the Called Members’ Membership Interests in accordance
with this Section 9.3. In such case, as the context requires, references in this Section 9.3 to the “ZASH Member”
will be read to refer to such Person.

 

9.4.
Invalid Transfers.   Transfers in violation of this ARTICLE IX or this Agreement are null and void ab initio and of no effect
whatsoever; provided, however, that if any such Transfer is not null and void ab initio as a matter of law, the transferee of
the Transferred Membership Interest will be an “assignee” for purposes of the Act, will hold only an Economic Interest in
such Membership Interest, and will not possess or benefit from any of the other rights of a Member hereunder but will be subject to any
and all covenants, restrictions and obligations of a Member hereunder (including, without limitation, Section 4.6 and ARTICLE IX). Any
Membership Interest so Transferred in violation of this ARTICLE IX or this Agreement will, to the extent permitted by applicable law,
lose any and all voting rights, and, to the extent any voting rights may not be eliminated, the transferring Member will retain such
voting rights, if any, with respect to the Membership Interest transferred to such assignee.

 

9.5.
Effective Date of Transfers. Any Transfer permitted under the terms of this Agreement of all or any portion of a Member’s
Membership Interest will be effective no earlier than the date following the date upon which the requirements of this Agreement have
been met.

 

9.6.
Effect of Transfers. After the effective date of any Transfer of any part of a Member’s Membership Interest in accordance
with this Agreement, subject to Section 9.2, the Membership Interest (or other Economic Interest) so Transferred will continue to be
subject to the terms, provisions, and conditions of this Agreement and any further Transfers will be required to comply with all of the
terms, provisions, and conditions of this Agreement. Any transferee of all or any portion of any Membership Interest will take such Membership
Interest subject to the restrictions on Transfer imposed by this Agreement.

 

9.7.
Substitution of Members. Notwithstanding any provision to the contrary in this Agreement, a transferee of a Membership Interest
will not have the right to become a substitute Member until:

 

9.7.1
the requirements of Section 9.1 are satisfied;

 

9.7.2
such Person pays (or causes to be paid) any reasonable expenses in connection with such Person’s admission as a new Member; and

 

    	-31-

    	 

    

 

9.7.3
if such Membership Interest is certificated, the certificate representing that Membership Interest has been returned to the Company to
be reissued in the name of the transferee.

 

The
admission of a substitute Member will not result in the release of the Member who assigned the Membership Interest from any liability
that such Member may have to the Company unless otherwise agreed by the Board.

 

ARTICLE
X

BOOKS
AND RECORDS; ACCOUNTING; TAX MATTERS

 

10.1.
Books and Records. The Board must keep the books and records of the Company in a professional manner; provided, however,
to the extent appropriate under applicable tax and accounting principles, separate and corresponding records for book and tax purposes
may be maintained. The books and records of the Company must reflect all the Company transactions and must be appropriate and adequate
for the Company’s business.

 

10.2.
Delivery to Members and Inspection. Pursuant to Section 18-305(g) of the Act, the Members desire to restrict the rights of Members
to obtain information as otherwise provided in Section 18-305(a) of the Act. The Members agree that, except as otherwise required by
applicable law, each Member will only be entitled to information and reports to the extent provided by the Board and will not be entitled
to any other information concerning the Company or its business or affairs or the Members or their Membership Interests in the Company
whether pursuant to Section 18-305(a) of the Act or otherwise. Without limiting the generality of the foregoing, each Member agrees that
it will have no access to, and will not be entitled to know, the name and/or address (whether business, residence or mailing) of any
other Member. If, notwithstanding the foregoing restriction, any Member obtains any information concerning the Company or its business
or affairs or any other Member or such Member’s Membership Interest in the Company or any other information other than that provided
by the Board, such information will constitute “Confidential Information” and will be subject to the terms of Section 4.6.
Notwithstanding anything contained in this Agreement or the Act to the contrary, pursuant to Section 18-305(c) of the Act, the Board
will have the right to keep confidential from the Members, for such period of time as the Board deems reasonable, any information that
the Board reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Board in good faith
believes is not in the best interests of the Company or could damage the Company or its business or which the Company is required by
law or by agreement with a third party to keep confidential. The Members agree that the foregoing limitations on the information rights
of the Members are reasonable and in the best interests of the Company.

 

10.3.
Tax Returns. The Board must cause to be prepared at least annually information necessary for the preparation of the Members’
federal, state and local income tax and information returns. The Board must send or cause to be sent to each Member within ninety (90)
calendar days after the end of each taxable year, or as soon as practicable thereafter, such information as is necessary to complete
such Member’s federal and state income tax or information returns, and a copy of the Company’s federal, state and local income
tax or information returns for that year. The Board must cause all income tax and information returns for the Company to be timely filed
with the appropriate authorities.

 

10.4. Other
Filings. The Board must cause to be prepared and timely filed, with appropriate federal and state regulatory and administrative
bodies, amendments to, or restatements of, the Certificate effected in accordance with this Agreement and all reports required to be
filed by the Company with those entities under the Act or other then current applicable laws, rules, and regulations.

 

    	-32-

    	 

    

 

10.5.
Bank Accounts. Funds of the Company must be maintained in one or more separate bank accounts in the name of the Company, and must
not be permitted to be commingled in any fashion with the funds of any other Person.

 

10.6.
Accounting Decisions and Reliance on Others. All decisions as to accounting matters, except as otherwise expressly provided herein,
may be made by the Board. The Board may rely upon the advice of the Company’s accountants as to whether such decisions are in accordance
with accounting methods followed for federal income tax purposes or financial accounting purposes (as applicable).

 

10.7.
Tax Matters.

 

10.7.1 Taxation as Partnership. The Members intend that the Company initially be treated as a partnership for federal
and state income tax purposes. Unless otherwise determined by the Board, the Members must cooperate with the Company in connection with
preserving the Company’s status as a partnership for income tax purposes and hereby authorize the Company to take whatever actions
and execute whatever documents are necessary or appropriate to effectuate the foregoing. To that end, unless otherwise determined under
the immediately preceding sentence, the Members direct the Board to use commercially reasonable efforts to cause the Company to be treated,
for United States federal income tax purposes, as a partnership and not a “publicly-traded partnership” within the meaning
of Section 7704(b) of the Code or an association taxable as a corporation, including, without limitation, filing any returns, elections
or statements by the Company with the applicable United States authorities.

 

10.7.2
Partnership Representative.

 

(a)
The Company must designate itself as its own “partnership representative” for purposes of the Partnership Audit Rules and
any comparable provisions of state or local income tax laws (the “Partnership Representative”). Each Member and the
Board must take such actions as are necessary to perfect such designation.

 

(b)
The Company must appoint an individual who meets the requirements of Treasury Regulations Section 301.6223-1(b)(2) as the sole individual
through whom the Partnership Representative will act for all purposes under the Partnership Audit Rules and any comparable provisions
of state or local income tax laws (the “Designated Individual”), and each Member (and the Board) must take such actions
as are necessary to perfect such designation. The Board may replace the Designated Individual in accordance with applicable laws, rules,
and regulations. Without approval of the Board, no Person may take any action to cause the Company to elect into the Partnership Audit
Rules where such rules would not otherwise be mandatory. The initial Designated Individual is Brett Vroman.

 

(c)
The Company will have all of the rights, powers, obligations and duties of a “partnership representative” and the Designated
Individual will have all of the rights, powers, obligations and duties of a “designated individual,” each as set forth in
the Partnership Audit Rules. Notwithstanding the previous sentence, the Designated Individual must cause the Company to act at, and only
at, the direction of the Board. The Designated Individual is, to the fullest extent permitted by law, absolved from all liability for
any and all consequences to any current or former Member resulting from any action that the Designated Individual causes the Company
to take at the direction of the Board.

 

(d)
The Company must indemnify and reimburse the Designated Individual for all reasonable expenses, including legal and accounting fees,
claims, liabilities, losses and damages incurred in connection with any administrative or judicial proceeding with respect to the tax
liability of the Members. The payment of such expenses must be made before any distributions are made to the Members under this Agreement
and before any discretionary reserves are set aside by the Board.

 

    	-33-

    	 

    

 

(e)
Each Member must take all actions that the Board informs it are reasonably necessary to effect a decision of the Board with respect to
the Partnership Audit Rules, including without limitation (i) providing any information reasonably requested in connection with any tax
audit or related proceeding (which information may be freely disclosed to the Internal Revenue Service or other relevant taxing authorities),
(ii) paying all liabilities attributable to such Member as the result of an election under Code Section 6226, (iii) filing any amended
returns that the Board determines to be necessary or appropriate to reduce an imputed underpayment under Code Section 6225(c) and/or
(iv) paying all liabilities associated with such an amended return. The costs and expenses incurred by a Member in connection with the
preceding sentence (other than the Designated Individual in its capacity as such) will not be treated as Company expenses and will not
be reimbursed by the Company.

 

(f)
If any tax audit results in the imposition of a tax liability on the Company itself, the Board is authorized to allocate the economic
burden of that liability (including interest and penalties) among the Members (including both current and former Members) based upon
their interests in the Company for the “Reviewed Year” (as defined in Section 6225(d)(1) of the Code. If requested in writing
by the Board, each Member must pay to the Company the amount allocated to it under the preceding sentence within ten (10) Business Days
of notice thereof. Such payment (i) may, at the Board’s discretion, be made by withholding distributions that would otherwise be
paid to a Member, and (ii) will not be treated as a Capital Contribution for purposes of determining a Member’s Unreturned Capital
or any right to distributions hereunder.

 

(g)
Notwithstanding any other provision of this Agreement to the contrary, each Member agrees that its obligations to comply with this Section
10.7.2(g) will survive any transfer of its Membership Interest and the dissolution of the Company. Accordingly, each Person that
ceases to be a Member will, notwithstanding such divestiture, reimburse and indemnify the Company against any liability that would be
allocated to such Person under Section 10.7.2(f) if the Person were a Member at the time of determination.

 

10.7.3
Elections. Except as otherwise provided herein, the Board is authorized to make all determinations regarding whether to make any
tax election provided under the Code, or any provision of state, local or foreign tax law. The Board is, to the fullest extent permitted
by law, absolved from all liability for any and all consequences to any previously admitted or subsequently admitted Members resulting
from its making or failing to make any such election. The Board is authorized to make all decisions and other matters concerning the
computation and allocation of items of income, gain, loss, deduction and credits among the Members, and accounting procedures not specifically
and expressly provided for by the terms of this Agreement. Any determination made in accordance with this Section 10.7.2(a) by
the Board will be conclusive and binding on all Members.

 

ARTICLE
XI

DISSOLUTION
AND WINDING UP

 

11.1.
Dissolution. The Company must be dissolved, its assets disposed of, and its affairs wound up on the first to occur of the following
(each, a “Dissolution Event”):

 

11.1.1
The entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act;

 

11.1.2
A sale or disposition of substantially all of the assets of the Company (except as otherwise determined by the Board); or

 

11.1.3
The determination of the Board.

 

    	-34-

    	 

    

 

11.2.
Winding Up. Upon the occurrence of a Dissolution Event, the Company will continue solely for the purpose of winding up its affairs
in an orderly manner, liquidating its assets and satisfying the claims of its creditors. The Board will be responsible for overseeing
the winding up and liquidation of the Company, must take full account of the assets and liabilities of the Company, must either cause
its assets to be sold to any Person or distributed to a Member, and if sold, as promptly as is consistent with obtaining the Fair Market
Value thereof, must cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed, to the maximum extent
provided by law, in the following order:

 

11.2.1
First, to creditors in satisfaction of all of the Company’s debts and liabilities, whether by payment or the making of a
reasonable provision for payment thereof to the extent required by Section 18-804 of the Act other than liabilities for distribution
to Members under Section 18-601 or Section 18-604 of the Act;

 

11.2.2
Second, to the Members in satisfaction of liabilities for distribution under Section 18-601 or Section 18-604 of the Act;

 

11.2.3
Third, the remaining amount to the Members in accordance with Section 8.1.1(a).

 

All
distributions must be made not later than ninety (90) days after the end of the taxable year in which the taxable event generating the
distributions occurs.

 

11.3.
No Deficit Restoration Obligation. Notwithstanding anything to the contrary in this Agreement, upon a liquidation of the Company
(within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) or otherwise), if any Member has a negative Capital Account after giving
effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the taxable
year during which the liquidation occurs, that Member will nevertheless have no obligation to make any contribution to the capital of
the Company with respect to such negative Capital Account, and the negative balance of such Member’s Capital Account will not be
considered a debt owed by such Member to the Company or to any other Person for any purpose whatsoever.

 

11.4.
Distributions in Kind. Any non-cash asset distributed to one or more Members must first be valued at its Fair Market Value to
determine the gain or loss that would have been included in the amounts allocated pursuant to ARTICLE VII if such asset were sold
for such value. Such gain or loss must then be allocated pursuant to ARTICLE VII, and the Members’ Capital Accounts must
be adjusted to reflect such allocations. The amount distributed and charged to the Capital Account of each Member receiving an interest
in such distributed asset will be the Fair Market Value of such interest (net of any liability secured by such asset that such Member
assumes or takes subject to).

 

11.5.
Limitations on Payments Made in Dissolution. The Members may look solely to the assets of the Company for the return of their
Capital Contributions and have no right or power to demand or receive property other than cash of the Company. If the assets of the Company
remaining after payment or discharge of the debts and liabilities of the Company are insufficient to return the Members’ Capital
Contributions, the Members will have no recourse against the Company, any Manager or any Member.

 

11.6.
Certificate of Cancellation. Upon completion of the winding up of the affairs of the Company, the Board or other Person(s) winding
up the affairs of the Company, must cause to be filed in the office of, and on a form prescribed by, the Delaware Secretary of State,
a certificate of cancellation.

 

11.7.
Termination. The Company will terminate when all of the assets of the Company have been distributed in the manner provided for
in this ARTICLE XI, and the certificate of cancellation is filed in accordance with Section 11.6.

 

    	-35-

    	 

    

 

11.8.
No Action for Dissolution. Except as expressly permitted in this Agreement, a Member must not take any voluntary action that directly
causes a dissolution of the Company.

 

11.9.
Bankruptcy. The Company may not commence any voluntary Bankruptcy, or make a petition or application to any tribunal for, or consent
to the appointment of, or taking of possession by, a trustee, receiver, custodian, liquidator or similar official without a Member Vote
made in writing and given prior to such action.

 

ARTICLE
XII

MISCELLANEOUS

 

12.1.
Complete Agreement. This Agreement (including any schedules, annexes or exhibits attached hereto) and the Certificate constitute
the complete and exclusive statement of agreement among the Members with respect to the subject matter herein and therein and replace
and supersede all prior written and oral agreements or statements by and among the Members or any of them concerning the subject matter
herein and therein. No representation, statement, agreement, condition or warranty with respect to such subject matter not contained
in this Agreement and the Certificate will be binding on the Members or have any force or effect whatsoever.

 

12.2.
Binding Effect. Except as otherwise provided herein, this Agreement is binding upon and inures to the benefit of the Members,
and their respective successors and permitted assigns.

 

12.3.
Parties in Interest. Except as expressly provided in the Act, nothing in this Agreement confers any rights or remedies under or
by reason of this Agreement on any Persons other than the Covered Persons and their respective successors and permitted assigns, relieves
or discharges the obligation or liability of any third Person to any party to this Agreement, or gives any third Person any right of
subrogation or action over or against any party to this Agreement.

 

12.4.
Statutory References. Any reference to the Code, the Regulations, the Act or other statutes or laws includes all amendments, modifications
or replacements of the specific sections and provisions concerned.

 

12.5.
Headings. All headings herein are inserted only for convenience and ease of reference and are not to be considered in the construction
or interpretation of any provision of this Agreement.

 

12.6.
References to this Agreement. Numbered or lettered articles, sections and subsections herein contained refer to articles, sections
and subsections of this Agreement unless otherwise expressly stated.

 

12.7.
Governing Law. This agreement is to be enforced, governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflict of laws provisions thereof.

 

12.8.
Consent To Exclusive Jurisdiction. Except as otherwise required by §18-109(d) of the Act, each party hereto hereby irrevocably
submits to the exclusive jurisdiction of any Delaware state or United States federal court sitting in Delaware, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement, and each party hereto hereby irrevocably
agrees that all claims in respect of such action or proceeding are to be heard and determined in such Delaware state court or in such
federal court. Each party hereto irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum
to the maintenance of such an action or proceeding. Each party hereto irrevocably consents to the service of any and all process in any
such action or proceeding by the mailing of copies of such process to such party at its address specified in this agreement, including
Schedule A attached hereto (which mailing must be by certified mail). Each party hereto agrees that a final non-appealable judgment
in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.

 

    	-36-

    	 

    

 

12.9.
Severability. If any provision of this Agreement or the application of such provision to any Person or circumstance is held to
be invalid, the remainder of this Agreement or the application of such provision to Persons or circumstances other than those to which
it is held invalid are not to be affected thereby.

 

12.10.
Additional Documents and Acts. Each Member agrees to execute and deliver, from time to time, such additional documents and instruments
and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions
and conditions of this Agreement and the transactions contemplated hereby.

 

12.11.
Notices. All notices and other communications required or permitted hereunder must be in writing and will be deemed to have been
duly and sufficiently given only if (a) personally delivered with proof of delivery thereof (any notice or communication so delivered
being deemed to have been received at the time so delivered), (b) sent by Federal Express, UPS, DHL, or other similar overnight courier
(any notice or communication so delivered being deemed to have been received only when delivered), (c) sent by electronic mail, telecopier
or facsimile (any notice or communication so delivered being deemed to have been received only if a copy is also promptly delivered by
one of the other means of delivery and will be deemed to have been received (i) on the Business Day such electronic transmission is sent,
if sent prior to 4:00 p.m. (based upon the recipient’s time) on the Business Day so sent, and (ii) on the Business Day following
the day such electronic transmission is sent, if sent on a non-Business Day or on or after 4:00 p.m. (based upon the recipient’s
time) on the Business Day so sent), or (d) sent by United States registered or certified mail, postage prepaid, at a post office regularly
maintained by the United States Postal Service (any notice or communication so sent being deemed to have been received only when delivered),
in any such case addressed to the respective parties as follows:

 

If
to the Company:

 

ZVV
Media Partners, LLC

1
West Broad Street, Suite 1004

Bethlehem,
PA 18018

 

If
to a Member:

 

Vinco
Ventures Inc.

1
West Broad Street, Suite 1004

Bethlehem,
PA 18018

 

With
a copy to (such copy not to constitute notice):

 

Lucosky
Brookman LLP

101
Wood Avenue South

5th
Floor

Woodbridge,
NJ 08830

Attn:
Joseph Lucosky, Esq.

 

to
the respective address of such Member as set forth on Schedule A attached hereto.

 

    	-37-

    	 

    

 

Any
party may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving
the other parties notice in the manner herein set forth.

 

12.12.
Amendments. Except as otherwise expressly provided herein (including, without limitation, amendments to reflect the admission
of new Members, amendments in accordance with Section 3.2 or in connection with the establishment of additional classes or series
of Membership Interests under Section 3.8.1), this Agreement may be amended by, and only by, a Member Vote and the approval of
the Board; provided, however, that except for amendments expressly contemplated in this Agreement, no amendment may reduce the Capital
Account of any Member, or increase the obligations or liabilities of a Member hereunder unless such Member has consented in writing to
such amendment. The Company may amend Schedule A hereto at any time and from time to time to reflect the admission or withdrawal
of any Member or any changes in the Member’s addresses, all as contemplated by this Agreement.

 

12.13.
No Interest in Company Property, Waiver of Action for Partition. No Member has any interest in specific property of the Company.
Without limiting the foregoing, each Member irrevocably waives during the duration of the Company any right that such Member may have
to maintain any action for partition with respect to the property of the Company.

 

12.14.
Remedies Cumulative. Except as expressly provided herein, the rights, obligations and remedies created by this Agreement are cumulative
and in addition to any other rights, obligations, or remedies otherwise available at Law or in equity. Except as expressly provided herein,
nothing herein will be considered an election of remedies.

 

12.15.
Survival. The provisions of this Agreement that contemplate performance or obligations subsequent to the termination, dissolution
or winding up of the Company, will survive such termination, dissolution or winding up of the Company.

 

12.16.
Counterparts. This Agreement may be executed in separate counterparts, each of which will be deemed an original and all of which
will constitute one and the same document. Facsimile machine copies, DocuSign, electronic portable document format (PDF), and other electronic
copies of original signatures of any of the parties hereto will be binding as if they were original signatures.

 

[Remainder
of page intentionally left blank]

 

    	-38-

    	 

    

 

IN
WITNESS WHEREOF, the Company and the Members have executed this Second Amended and Restated Limited Liability Company Agreement, effective
as of the date first written above.

 

	 	THE
    COMPANY:
	 	 
	 	ZVV
    MEDIA PARTNERS, LLC
	 	 	 
	 	By:	 
	 	Name:	Roderick
    Vanderbilt
	 	Title:
    	Manager
	 	 	 
	 	By:	 
	 	Name:	Ted
    Farnsworth
	 	Title:
    	Manager
	 	 	 
	 	By:	 
	 	Name:	Lisa
    King
	 	Title:
    	Manager
	 	  	 
	 	By:	 
	 	Name:	Brett
    Vroman
	 	Title:
    	Manager
	 	 	 
	 	By:	 
	 	Name:	Chris
    Ferguson
	 	Title:
    	Manager
	 	 	 
	 	MEMBERS:
	 	 
	 	VINCO
    VENTURES, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:
    	 
	 	 	 
	 	ZASH
    GLOBAL MEDIA AND ENTERTAINMENT CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:
    	 

 

[Signature
Page to Second Amended and Restated Limited Liability Company Agreement of ZVV Media Partners, LLC]

 

    	 

    	 

    

 

SCHEDULE
A

 

MEMBER/ADDRESS;

INITIAL UNRETURNED CAPITAL; MEMBERSHIP INTERESTS

 

	Member/Address	Initial
    Unreturned Capital	Membership
    Interests
	Vinco
                                            Ventures, Inc.

    1
    West Broad Street

    Suite
    1004

    Bethlehem,
    PA 18018

    Attention:
    Chief Executive Officer

     

    With
    a copy, which shall not constitute notice, to:

     

    Lucosky
    Brookman LLP

    101
    Wood Avenue South

    Woodbridge,
    New Jersey 08830

    Attention:
    Joseph M. Lucosky

    Email:
    jlucosky@lucbro.com
	$125,000,000	50%
	ZASH
                                            Global Media and Entertainment Corporation

    24
    Aspen Park Blvd

    East
    Syracuse, NJ 13057

    Attention:
    Chief Executive Officer

     

    With
    a copy, which shall not constitute notice, to:

     

    DLA
    Piper LLP (US)

    2000
    Avenue of the Stars

    Suite
    400 North Tower

    Los
    Angeles, California 90067

    Attention:
    Tom K. Ara, Esq.

    E-mail:
    tom.ara@us.dlapiper.com
	An
    amount equal to the average of the “low” and the “high” “Equity Value” allocated to ZASH with
    respect to Lomotif Private Limited which equals a value of $338 million for the Zash Initial Unreturned Capital Account as
    set forth in the Fairness Opinion of Gemini Valuation Services dated as of March 28, 2020.	50%
	Total	 	100%

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF ADOPTION AGREEMENT

 

    	 

    	 

    

 

ADOPTION
AGREEMENT

 

This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned (the “Member”) pursuant
to the terms of that certain Second Amended and Restated Limited Liability Company Agreement of ZVV Media Partners, LLC (the “Company”),
dated as of [_____ __], 2021, by and among the Members named therein (as such agreement may be amended or supplemented from time to time,
the “Agreement”). Capitalized terms used but not defined herein have the respective meanings ascribed to such terms
in the Agreement. By the execution of this Adoption Agreement, the Member signing below agrees as follows:

 

1.
Acknowledgment. The Member acknowledges that such Member is acquiring a Membership Interest in the Company, subject to the terms
and conditions of the Agreement.

 

2.
Agreement. The Member (i) agrees that the Membership Interest acquired by the Member will be bound by and subject to the terms
of the Agreement, and (ii) hereby adopts the Agreement with the same force and effect as if the Member were originally a party thereto.

 

3.
Notice. Any notice required or permitted by the Agreement may be given to the Member at the address listed beside the Member’s
signature below.

 

EXECUTED
AND DATED this ______ day of _________________, ____.

 

	MEMBER:	 
	 	 	 
	Name
    of Member:	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Printed
    Name:	 	 
	 	 	 
	Title
    (if applicable):	 	 
	 	 	 
	Address:
    	 	 
	 	 	 

 

	Accepted and Agreed:	 
	 	 	 
	ZVV Media Partners, LLC	 
	 	 	 
	By:
    	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT
B 

 

FORM
OF SPOUSAL CONSENT

 

    	 

    	 

    

 

SPOUSAL
CONSENT

 

I,
________________________, am the spouse of ________________________, a member of ZVV Media Partners, LLC, a Delaware limited liability
company (the “Company”), and I acknowledge and agree as follows:

 

1.
I have received and read the Second Amended and Restated Limited Liability Company Agreement of the Company dated as of [_____ __], 2021
(the “Agreement”). Capitalized terms used herein but not defined have the meaning ascribed to them in the Agreement.

 

2.
I am aware that by the provisions of the Agreement (including, without limitation, Article IX of the Agreement) my spouse grants to the
Company and/or the other Members of the Company certain rights with respect to the Transfer of his/her Membership Interest in the Company,
including my community property interest or quasi-community property interest therein, if any, on the occurrence of certain events in
accordance with the terms and provisions of the Agreement.

 

3.
I hereby consent to and approve of all of the terms and conditions of the Agreement, including, without limitation, those terms, conditions
and obligations relating to the Transfer of Membership Interests as set forth in Article IX of the Agreement, and agree that my spouse’s
Membership Interest and my interest in them are subject to the terms and conditions of the Agreement and that I will take no action at
any time to hinder operation of the Agreement with respect to such Transfer provisions with respect to the Membership Interest or my
interest in the same.

 

4.
I have read and understand this Spouse Consent and have signed it voluntarily after having the opportunity to consult with an attorney
of my choice.

 

	 	Date:
    	 
	 	Signature:	 
	 	Name:	 

 

    	 

    	 

    

 

EXHIBIT
C

 

GEMINI
FAIRNESS OPINION LETTEREX-10.1

 Exhibit 10.1 

INSTRUCTURE HOLDINGS, INC. 
  

 
 2021 OMNIBUS
INCENTIVE PLAN 
  
  

ARTICLE I 
 PURPOSE

 The purpose of this Instructure Holdings, Inc. 2021 Omnibus Incentive Plan is to promote the success of the Company’s business
for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain, and reward such individuals and strengthen the mutuality
of interests between such individuals and the Company’s stockholders. The Plan is effective as of the date set forth in Article XV. 

ARTICLE II 
 DEFINITIONS

 For purposes of the Plan, the following terms shall have the following meanings: 

2.1 “Affiliate” means a corporation or other entity controlled by, controlling, or under control
with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person, means the possession, directly or indirectly, of the power
to direct or cause the direction of management and policies of such person, whether through the ownership of voting or other securities, by contract or otherwise. 

2.2 “Applicable Law” means the requirements relating to the administration of equity-based awards
and the related shares under U.S. state corporate law, U.S. federal and state securities laws, the rules of any stock exchange or quotation system on which the shares are listed or quoted, and any other applicable laws, including tax laws, of any
U.S. or non-U.S. jurisdictions where Awards are, or will be, granted under the Plan. 
 2.3
“Award” means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award, Other Stock-Based Award, or Cash Award. All Awards shall be
granted by, confirmed by, and subject to the terms of a written or electronic agreement executed by the Company and the Participant. 

2.4 “Award Agreement” means the written or electronic agreement, contract, certificate, or other
instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of the Plan. 

  
 1 

 2.5 “Board” means the Board of Directors of the
Company. 
 2.6 “Cash Award” means an Award granted pursuant to Section 10.3 of the Plan
and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion. 

2.7 “Cause” means, unless otherwise determined by the Committee in the applicable Award
Agreement, with respect to a Participant’s Termination of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect
between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such agreement in effect but it does not define “cause” (or words of like import)), the Participant’s (i) commission
of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) substantial
and repeated failure to perform duties as reasonably directed by the person to whom the Participant reports; (iii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace,
embarrassment, or disrepute; (iv) gross negligence or willful misconduct with respect to the Company or an Affiliate; (v) material violation of the Company’s written policies or codes of conduct, including written policies related to
discrimination, harassment, performance of illegal or unethical activities, or ethical misconduct; or (vi) any breach of any non-competition, non-solicitation, no-hire, or confidentiality covenant between the Participant and the Company or an Affiliate; or (b) in the case where there is an employment agreement, offer letter, consulting agreement, change in control
agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement;
provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control, such definition of “cause” shall not apply until a change in control (as defined in
such agreement) actually takes place and then only with regard to a termination thereafter. 
 2.8 “Change in
Control” means and includes each of the following, unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant
approved by the Committee: 
 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than
the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of
the Company’s then outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined in Section 2.8(b); 

  
 2 

 (b) a merger, reorganization, or consolidation of the Company or in which equity securities
of the Company are issued (each, a “Business Combination”), other than a merger, reorganization or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its direct or indirect Parent) more than 50% of the combined voting power of the voting securities of the Company or such surviving
entity (or, as applicable, a direct or indirect Parent of the Company or such surviving entity) outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company’s then outstanding securities
shall not constitute a Change in Control; or a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its direct or indirect Parent) more than 50% of the combined voting power of the voting securities of the Company or
such surviving entity (or, as applicable, a direct or indirect Parent of the Company or such surviving entity) outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement
a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company’s then outstanding securities
shall not constitute a Change in Control; 
 (c) during the period of two (2) consecutive years, individuals who, at the beginning of
such period, constitute the Board together with any new director(s) (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2.8(a) or (b)) whose election by the
Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two
(2) year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(d) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially
all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, 50% or more of the combined voting power of the
outstanding voting securities of the Company at the time of the sale. 
 For purposes of this Section 2.8, acquisitions of securities of the Company by
Thoma Bravo, L.P., any of its respective affiliates, or any investment vehicle or fund controlled by or managed by, or otherwise affiliated with Thoma Bravo, L.P., shall not constitute a Change in Control. Notwithstanding the foregoing, with respect
to any Award that is characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award
unless such event is also a “change in ownership,” a “change in effective control,” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the
Code. 

  
 3 

 2.9 “Change in Control Price” means the highest
price per Share paid in any transaction related to a Change in Control of the Company. 
 2.10
“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury
regulation promulgated thereunder. 
 2.11 “Committee” means any committee of the Board duly
authorized by the Board to administer the Plan; provided, however, that unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. If no committee is duly authorized by the Board to
administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the Plan. The Board may abolish any Committee or re-vest in itself any previously delegated
authority from time to time, and will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law. 

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

2.13 “Company” means Instructure Holdings, Inc., a Delaware corporation, and its successors by
operation of law. 
 2.14 “Consultant” means any natural person who is an advisor or consultant
to the Company or any of its Affiliates. 
 2.15 “Disability” means, unless otherwise
determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment, provided, however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability
shall be determined by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company
or any Affiliate and may require the Participant to obtain a formal opinion from one or more mutually agreeable physicians. 
 2.16
“Dividend Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of dividends paid on Shares. 

2.17 “Effective Date” means the effective date of the Plan as defined in Article XV. 

2.18 “Eligible Employees” means each employee of the Company or any of its Affiliates. An
employee on a leave of absence may be an Eligible Employee. 

  
 4 

 2.19 “Eligible Individual” means an Eligible
Employee, Non-Employee Director, Consultant, other advisors, and individuals expected to become service providers of the Company or any of its Affiliates who is designated by the Committee in its discretion as
eligible to receive Awards subject to the conditions set forth herein. 
 2.20 “Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under
such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation. 

2.21 “Fair Market Value” means, for purposes of the Plan, unless otherwise required by any
applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal national securities
exchange in the United States on which it is then traded or (b) if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers
appropriate taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes of the
exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, with respect to any
Award granted on the pricing date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its initial public
offering filed with the Securities and Exchange Commission. 
 2.22 “Family Member” means
“family member” as defined in Section A.1.(a)(5) of the general instructions of Form S-8. 

2.23 “Incentive Stock Option” means any Stock Option that is awarded to an Eligible Employee who
is an employee of the Company, its Subsidiaries, or its Parents (if any) under the Plan and that is intended to be, and designated as, an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

2.24 “IPO Date” means the date of the underwriting agreement between the Company and the
underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

2.25 “Non-Employee Director” means a director or a member
of the Board of the Company who is not an employee of the Company. 
 2.26
“Non-Qualified Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option. 

  
 5 

 2.27 “Other Stock-Based Award” means an Award
under Article X of the Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Shares. 

2.28 “Parent” means any parent corporation of the Company within the meaning of
Section 424(e) of the Code. 
 2.29 “Participant” means an Eligible Individual to whom an
Award has been granted pursuant to the Plan. 
 2.30 “Performance Award” means an Award granted
to a Participant pursuant to Article IX hereof contingent upon achieving certain Performance Goals. 
 2.31
“Performance Goals” means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable. 

2.32 “Performance Period” means the designated period during which the Performance Goals must be
satisfied with respect to the Award to which the Performance Goals relate. 
 2.33 “Plan” means
this Instructure Holdings, Inc. 2021 Omnibus Incentive Plan, as amended from time to time. 
 2.34 “Qualified
Member” means a member of the Board who is (a) a “non-employee director” within the meaning of Rule 16b-3(b)(3), and (b)
“independent” under the listing standards or rules of the securities exchange upon which the Common Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or
rules. 
 2.35 “Restricted Stock” means an Award of Shares under the Plan that is subject to
restrictions under Article VIII. 
 2.36 “Restricted Stock Units” means an unfunded, unsecured right to
receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions and other restrictions. 

2.37 “Restriction Period” has the meaning set forth in Section 8.3(a) with respect to
Restricted Stock. 
 2.38 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision. 

2.39 “Section 409A of the Code” means the nonqualified deferred
compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder. 

  
 6 

 2.40 “Securities Act” means the Securities Act
of 1933, as amended, and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated
under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation. 

2.41 “Shares” means shares of Common Stock of the Company. 

2.42 “Stock Appreciation Right” shall mean the right granted pursuant to an Award granted under
Article VII. 
 2.43 “Stock Option” or “Option” means any
option to purchase Shares granted to Eligible Individuals granted pursuant to Article VI. 
 2.44
“Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 

2.45 “Ten Percent Stockholder” means a person owning stock possessing more than ten percent (10%)
of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent. 
 2.46
“Termination of Service” means the termination of the applicable Participant’s employment with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee,
(a) if a Participant’s employment or services with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee
capacity, such change in status shall not be deemed a Termination of Service with the Company and its Affiliates and (b) a Participant employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also be deemed to
have incurred a Termination of Service provided the Participant does not immediately thereafter become an employee of the Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that
constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a “Termination of Service” unless the Participant
has experienced a “separation from service” within the meaning of Section 409A of the Code. 
 ARTICLE III 

ADMINISTRATION 
 3.1
Authority of the Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under the Plan. In
particular, the Committee shall have the authority to: 
 (a) determine whether and to what extent Awards, or any combination thereof, are to
be granted hereunder to one or more Eligible Individuals; 

  
 7 

 (b) determine the number of Shares to be covered by each Award granted hereunder; 

(c) determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not
limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares relating thereto, based on such
factors, if any, as the Committee shall determine, in its sole discretion); 
 (d) determine the amount of cash to be covered by each Award
granted hereunder; 
 (e) determine whether, to what extent, and under what circumstances grants of Options and other Awards under the Plan
are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan; 
 (f)
determine whether and under what circumstances an Award may be settled in cash, Shares, other property, or a combination of the foregoing; 

(g) determine whether, to what extent and under what circumstances cash, Shares, or other property and other amounts payable with respect to
an Award under the Plan shall be deferred either automatically or at the election of the Participant; 
 (h) modify, waive, amend, or adjust
the terms and conditions of any Award, at any time or from time to time, including but not limited to Performance Goals; 
 (i) determine
whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; 
 (j) determine
whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole
discretion, following the date of the acquisition of such Award or Shares; and 
 (k) modify, extend, or renew an Award, subject to Article
XII and Section 6.3(l). 
 3.2 Guidelines. Subject to Article XII hereof, the Committee shall have the authority
to adopt, alter, and repeal such administrative rules, guidelines, and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and applicable stock exchange
rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements or sub-plans relating thereto);
and to otherwise supervise the administration of the Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem
necessary to effectuate the purpose and intent of the Plan. The Committee 

  
 8 

 
may adopt special rules, sub-plans, guidelines, and provisions for persons who are residing in or employed in, or subject to, the taxes of any domestic or
foreign jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions. 

3.3 Decisions Final. Any decision, interpretation, or other action made or taken in good faith by or at the direction of
the Company, the Board, or the Committee (or any of its members) arising out of, or in connection with, the Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding, and conclusive on the
Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns. 
 3.4
Procedures. If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall hold meetings, subject to the by-laws of the Company,
at such times and places as it shall deem advisable, including, without limitation, by telephone conference or by written consent to the extent permitted by Applicable Law. A majority of the Committee members shall constitute a quorum. All
determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all of the Committee members in accordance with the by-laws of the
Company, shall be fully effective as if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem
advisable. 
 3.5 Designation of Consultants/Liability; Delegation of Authority. 

(a) The Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the Plan
and (to the extent permitted by Applicable Law) may grant authority to officers of the Company to grant Awards and/or execute agreements or other documents on behalf of the Committee. 

(b) The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of the Plan and may
rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent shall be
paid by the Company. The Committee, its members, and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made in good faith with respect to the
Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award
granted under it. 
 (c) The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to
any officer of the Company, including the power to perform administrative functions and grant Awards; provided, that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for 

  
 9 

 
Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,” shall
be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards;
provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any
Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not executive officers of the Company or members of the Board to assist in
administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares. 

3.6 Indemnification. To the maximum extent permitted by Applicable Law and to the extent not covered by insurance
directly insuring such person, each officer or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including
reasonable fees of counsel acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest
extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent arising out of such officer’s, employee’s, member’s, or former member’s own fraud or bad faith.
Such indemnification shall be in addition to any right of indemnification the employees, officers, directors, or members or former officers, directors, or members may have under Applicable Law or under the
by-laws of the Company or any of its Affiliates. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted
to such individual under the Plan. 
 ARTICLE IV 

SHARE LIMITATION 

4.1 Shares. The aggregate number of Shares that may be issued or used for reference purposes or with respect to which
Awards may be granted under the Plan shall not exceed 18,000,000 Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized and unissued Shares or Shares held in or acquired for the treasury of the
Company or both. The number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under the Plan shall be subject to an annual increase on the first day of each calendar year beginning on the
first day of the fiscal year following the year in which the IPO Date occurs, and ending and including the first day of fiscal 2032, equal to the lesser of (a) 4% of the aggregate number of Shares outstanding on the final day of the immediately
preceding calendar year and (b) such smaller number of Shares as is determined by the Board. The aggregate number of Shares that may be issued or used with respect to any Incentive Stock Option shall not exceed 12,000,000 Shares (subject to any
increase or decrease pursuant to Section 4.1). The maximum number of Shares subject to Awards granted during a single fiscal year to any Non-Employee Director, during the fiscal year shall not exceed a
total 

  
 10 

 
value of $750,000 (calculating the value of any Awards based on the grant date fair value for financial reporting purpose); provided, however, that a
Non-Employee Director may receive Awards and cash fees with a maximum aggregate value of $1,500,000 in such Non-Employee Director’s year of appointment to the
Board. Any Award under the Plan settled in cash shall not be counted against the foregoing maximum share limitations. Any Shares subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares
to which the Award related will again be available for issuance under the Plan. 
 4.2 Substitute Awards. In connection
with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted
before such merger or consolidation by such entity or its Affiliate (“Substitute Awards”). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in the Plan.
Substitute Awards will not count against the overall share limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute
Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or
with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares
available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan
(and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under
the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Employees or Non-Employee
Directors prior to such acquisition or combination. 
 4.3 Adjustments. 

(a) The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate,
(iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the
assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding. 

  
 11 

 (b) Subject to the provisions of Section 11.1: 

(i) If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a greater number of
Shares, or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise prices for outstanding Awards that provide for a Participant-elected exercise and the number of
Shares covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(ii) Excepting transactions covered by Section 4.3(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company’s assets or business, or other corporate transaction or event in such a manner that the Company’s outstanding Shares are
converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other property of the Company or other entity, then, subject to
the provisions of Section 11.1, (A) the aggregate number or kind of securities that thereafter may be issued under the Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted
under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as applicable), or (C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent
dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 
 (iii) If there shall occur any change
in the capital structure of the Company other than those covered by Section 4.3(b)(i) or 4.3(b)(ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of
equity securities of the Company, then the Committee shall adjust any Award and make such other adjustments to the Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(iv) The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or
non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted
accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis, or other Company public filing. 

(v) Any such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and conclusive on the
Company and all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the
requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.3 or in the
applicable Award Agreement, a Participant shall have no additional rights under the Plan by reason of any transaction or event described in this Section 4.3. 

  
 12 

 ARTICLE V 

ELIGIBILITY 
 5.1
General Eligibility. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee in its sole
discretion. 
 5.2 Incentive Stock Options. Notwithstanding the foregoing, only Eligible Employees who are employees of the
Company, its Subsidiaries, or its Parents (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in the Plan shall be determined by the Committee in
its sole discretion. 
 5.3 General Requirement. The vesting and exercise of Awards granted to a prospective Eligible
Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable. 

ARTICLE VI 
 STOCK
OPTIONS 
 6.1 Options. Stock Options may be granted alone or in addition to other Awards granted under the Plan.
Each Stock Option granted under the Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. 

6.2 Grants. The Committee shall have the authority to grant to any Eligible Employee one or more Incentive Stock Options,
Non-Qualified Stock Options, or both types of Stock Options; provided, however, that Incentive Stock Options may only be granted to an Eligible Employee who is an employee of the Company, its
Subsidiaries, or its Parents (if any). The Committee shall have the authority to grant any Consultant or Non-Employee Director one or more Non-Qualified Stock Options.
To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall
constitute a separate Non-Qualified Stock Option. 
 6.3 Terms of Options.
Options granted under the Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of the Plan, as the
Committee shall deem desirable: 
 (a) Exercise Price. The exercise price per Share subject to a Stock Option shall be determined by
the Committee at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value at
the time of grant. 

  
 13 

 (b) Stock Option Term. The term of each Stock Option shall be fixed by the Committee,
provided that no Stock Option shall be exercisable more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) after the date the Option is granted. 

(c) Exercisability. Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.3, Stock
Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The Committee may, but shall not be required to, provide for an
acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. 
 (d) Method of
Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.3(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written
notice of exercise (which may be electronic) to the Company specifying the number of Shares to be purchased. Such notice shall be accompanied by payment in full of the exercise price (which shall equal the product of such number of Shares to be
purchased multiplied by the applicable exercise price). The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth in the applicable Award Agreement. Without limiting
the foregoing, the Committee may establish payment terms for the exercise of Stock Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection with the exercise of the Stock
Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous
sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor, as provided herein, has been made or provided for. The Committee may allow, or provide in an Award Agreement,
for a Participant to elect at any time before the Participant’s Termination of Service to exercise the Stock Option as to any part or all of the Shares subject to the Stock Option before the full vesting of the Stock Option and such Shares will
be subject to the terms and conditions of Article VI and be treated as shares of Restricted Stock. Unvested Shares so exercised may be subject to any restrictions the Committee may determine. 

(e) Non-Transferability of Options. No Stock Option shall be transferable by the Participant
other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole
discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant to this Section is transferable to a Family Member in whole or in part and in such
circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently
transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a
Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement. 

  
 14 

 (f) Termination by Death or Disability. Unless otherwise provided in the applicable
Award Agreement, or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by reason of death or Disability, all Stock Options that
are held by such Participant that are vested and exercisable at the time of the Participant’s Termination of Service may be exercised by the Participant (or in the case of the Participant’s death, by the legal representative of the
Participant’s estate) at any time within a period of one (1) year from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of
a Participant’s Termination of Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant shall thereafter be exercisable, to the extent to which they were
exercisable at the time of death, for a period of one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options. 

(g) Involuntary Termination Without Cause. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the
Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by involuntary termination by the Company without Cause, all Stock Options that are held by such
Participant that are vested and exercisable at the time of the Participant’s Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination of Service, but in no
event beyond the expiration of the stated term of such Stock Options. 
 (h) Voluntary Resignation. Unless otherwise provided in the
applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is voluntary (other than a voluntary termination
described in Section 6.3(i) hereof), all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination of Service may be exercised by the Participant at any time within a
period of thirty (30) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options. 

(i) Termination for Cause. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of
grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service (x) is for Cause or (y) is a voluntary Termination of Service (as provided in Section 6.3(h)) after the occurrence of an
event that would be grounds for a Termination of Service for Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon immediately terminate and expire as of the date of such Termination of Service.

 (j) Unvested Stock Options. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time
of grant or, if no rights of the Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination of Service for any reason shall terminate and expire as of the date of such Termination of
Service. 

  
 15 

 (k) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market
Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under the Plan and/or any other stock option plan of the
Company, any Subsidiary, or any Parent exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any
Subsidiary, or any Parent at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option shall be treated as a
Non-Qualified Stock Option. Should any provision of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the
Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company. 
 (l)
Modification, Extension and Renewal of Stock Options. The Committee may (i) modify, extend, or renew outstanding Stock Options granted under the Plan (provided that the rights of a Participant are not reduced without such
Participant’s consent and provided, further that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock
Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option may not be modified to reduce
the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Article IV), unless such action is approved by the stockholders of the Company. 

(m) Other Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified Stock Option as of such
date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option exceeds the exercise price of such Non-Qualified Stock Option
on the date of expiration of such Option, subject to Section 14.4. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. 

ARTICLE VII 
 STOCK
APPRECIATION RIGHTS 
 7.1 Stock Appreciation Rights. Stock Appreciation Rights shall be subject to the terms and
conditions, not inconsistent with the Plan, determined by the Committee, and the following: 

  
 16 

 (a) Exercise Price. The exercise price per Share subject to a Stock Appreciation
Right shall be determined by the Committee at the time of grant, provided that the per share exercise price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value at the time of grant.  

(b) Term. The term of each Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than ten (10) years
after the date the right is granted. 
 (c) Exercisability. Unless otherwise provided by the Committee, Stock Appreciation Rights
granted under the Plan shall be exercised at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. If the Committee provides that any such right is exercisable subject to certain
terms and conditions, the Committee may waive those terms and conditions on the exercisability at any time at or after grant in whole or in part. 

(d) Method of Exercise. Subject to whatever installment and waiting period provisions applied under Section 7.1(c), Stock
Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by given written notice of exercise (which may be electronic) to the Company specifying the number of Stock Appreciation Rights
being exercised. 
 (e) Payment. Upon the exercise of a Stock Appreciation Right, a Participant shall be entitled to receive, for
each right exercised, up to, but no more than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market Value of one (1) Share on the date that the right is exercised
over the Fair Market Value of one (1) Share on the date that the right was awarded to the Participant. 
 (f) Termination.
Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions of the applicable Award Agreement and the Plan, upon a Participant’s Termination of Service for any
reason, Stock Appreciation Rights may remain exercisable following a Participant’s Termination of Service on the same basis as Stock Options would be exercisable following a Participant’s Termination of Service in accordance with the
provisions of Sections 6.3(f) through 6.3(j). 
 (g) Non-Transferability. No Stock
Appreciation Rights shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant. 

7.2 Automatic Exercise. The Committee may include a term or condition in an Award Agreement providing for the automatic
exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of the Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect to which the Fair Market
Value of the Shares underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to Section 14.4. 

  
 17 

 ARTICLE VIII 

RESTRICTED STOCK; RESTRICTED STOCK UNITS 

8.1 Awards of Restricted Stock and Restricted Stock Units. Shares of Restricted Stock and Restricted Stock Units may be
granted alone or in addition to other Awards granted under the Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times at which, grants of Restricted Stock and/or Restricted Stock Units shall be made, the number
of shares of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and
rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the
conditions and limitations contained in the Plan, including any vesting or forfeiture conditions during the applicable restriction period. 

The Committee may condition the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified performance
targets (including, the Performance Goals) or such other factor as the Committee may determine in its sole discretion. 
 8.2
Awards and Certificates. Restricted Stock and Restricted Stock Units granted under the Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such
additional terms and conditions not inconsistent with the terms of the Plan, as the Committee shall deem desirable: 
 (a) Restricted
Stock: 
 (i) Purchase Price. The purchase price of Restricted Stock shall be fixed by the Committee. The
purchase price for shares of Restricted Stock may be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value. 

(ii) Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares
of Restricted Stock, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and
shall, in addition to such legends required by Applicable Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

(iii) Custody. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require
that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed
stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of
the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part. 

  
 18 

 (iv) Rights as a Stockholder. Except as provided in
Section 8.3(a) and this Section 8.2(a) or as otherwise determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including,
without limitation, the right to receive dividends, the right to vote such shares, and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; provided that the Award Agreement shall
specify on what terms and conditions the applicable Participant shall be entitled to dividends payable on the Shares. 
 (v)
Lapse of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such Shares shall be delivered to the Participant. All legends shall be removed from said certificates
at the time of delivery to the Participant, except as otherwise required by Applicable Law or other limitations imposed by the Committee. 

(b) Restricted Stock Units: 

(i) Settlement. The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as
reasonably practical after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply with Section 409A of the Code. 

(ii) Right as a Stockholder. A Participant will have no rights of a stockholder with respect to Shares subject to any
Restricted Stock Unit unless and until Shares are delivered in settlement of the Restricted Stock Units. 
 (iii)
Dividend Equivalents. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the
Participant, settled in cash or Shares, and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are granted and subject to other terms and conditions as
set forth in the Award Agreement. 
 8.3 Restrictions and Conditions. 

(a) Restriction Period. (i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under the Plan or
vest in Restricted Stock Units during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a
vesting schedule and any event that would accelerate vesting of the Restricted Stock and/or 

  
 19 

 
Restricted Stock Units. Within these limits, based on service, attainment of Performance Goals pursuant to Section 8.3(a)(ii), and/or such other factors or criteria as the Committee may
determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Stock Award or Restricted
Stock Unit and/or waive the deferral limitations for all or any part of any Award. 
 (ii) If the grant of shares of Restricted Stock or
Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to each
Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are
substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions), and other similar
types of events or circumstances. 
 (b) Termination. Unless otherwise provided in the applicable Award Agreement or determined by
the Committee at grant or, if no rights of the Participant are reduced, thereafter, upon a Participant’s Termination of Service for any reason during the relevant Restriction Period, all Restricted Stock or Restricted Stock Units still subject
to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter. 

ARTICLE IX 
 PERFORMANCE
AWARDS 
 9.1 Performance Awards. The Committee may grant a Performance Award to a Participant payable upon the
attainment of specific Performance Goals either alone or in addition to other Awards granted under the Plan. The Performance Goals to be achieved during the Performance Period and the length of the Performance Period shall be determined by the
Committee upon the grant of each Performance Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable Performance Goals) need not be the same with respect to each
Participant. Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement. 

ARTICLE X 
 OTHER
STOCK-BASED AND CASH AWARDS 
 10.1 Other Stock-Based Awards. The Committee is authorized to grant to Eligible
Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely as a bonus
and not subject to restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to book value of Shares. Other
Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan. 

  
 20 

 Subject to the provisions of the Plan, the Committee shall have authority to determine the
Eligible Individuals, to whom, and the time or times at which, such Awards shall be made, the number of Shares to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Shares
under such Awards upon the completion of a specified Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine, in its sole
discretion. 
 10.2 Terms and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be evidenced
by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of the Plan, as the Committee shall deem desirable: 

(a) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the
Plan, Shares subject to Awards made under this Article X may not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance, or deferral period lapses. 

(b) Dividends. Unless otherwise determined by the Committee at the time of the grant of an Award, subject to the provisions of the
Award Agreement and the Plan, the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalents in respect of the number of Shares covered by the Award. 

(c) Vesting. Any Award under this Article X and any Shares covered by any such Award shall vest or be forfeited to the extent so
provided in the Award Agreement, as determined by the Committee, in its sole discretion. 
 (d) Price. Shares under this Article X
may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded under this Article X shall be priced, as determined by the Committee in its sole discretion. 

10.3 Cash Awards. The Committee may from time to time grant Cash Awards to Eligible Individuals in such amounts, on such
terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by Applicable Law, as it shall determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of
vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a
Cash Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder. 

  
 21 

 ARTICLE XI 

CHANGE IN CONTROL PROVISIONS 

11.1 Benefits. In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in
an Award Agreement, a Participant’s unvested Awards shall not vest automatically and a Participant’s Awards shall be treated in accordance with one or more of the following methods as determined by the Committee: 

(a) Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee
in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and
the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; provided that the Committee may decide to award
additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of
Treasury Regulation Section 1.424-1 (and any amendment thereto). 
 (b) The Committee, in its
sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess (if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards;
provided, however, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be cancelled for no consideration. 

(c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any
Other Stock-Based Award that provides for a Participant-elected exercise for any or no consideration, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to
the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in
full all of such Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in
Control, and, provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void. 

(d) Notwithstanding any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or
lapse of restrictions, of an Award at any time. 

  
 22 

 ARTICLE XII 

TERMINATION OR AMENDMENT OF PLAN 

Notwithstanding any other provision of the Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in
part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend or terminate it entirely, retroactively or otherwise; provided, however, that,
unless otherwise required by Applicable Law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination may not be impaired without the consent of such Participant
and, provided, further, that without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (i) increase the aggregate number of Shares that may be issued
under the Plan (except by operation of Section 4.1); (ii) change the classification of individuals eligible to receive Awards under the Plan; (iii) reduce the exercise price of any Stock Option or Stock Appreciation Right;
(iv) grant a new Stock Option, Stock Appreciation Right, or other Award in substitution for, or upon the cancellation of, any previously granted Stock Option or Stock Appreciation Right that has the effect of reducing the exercise price
thereof; (v) exchange any Stock Option or Stock Appreciation Right for Common Stock, cash, or other consideration when the exercise price per Share under such Stock Option or Stock Appreciation Right exceeds the Fair Market Value of a Share; or
(vi) take any other action that would be considered a “repricing” of a Stock Option or Stock Appreciation Right under the applicable listing standards of the national exchange on which the Common Stock is listed (if any).
Notwithstanding anything herein to the contrary, the Board or the Committee may amend the Plan or any Award Agreement at any time without a Participant’s consent to comply with Applicable Law, including Section 409A of the Code. The
Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall impair the rights of
any holder without the holder’s consent. 
 ARTICLE XIII 

UNFUNDED STATUS OF PLAN 

The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to
which a Participant has a fixed and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the
Company. 
 ARTICLE XIV 

GENERAL PROVISIONS 

14.1 Legend. The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under the
Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. In addition to any legend required by the Plan, the certificates for such Shares may include any

  
 23 

 
legend that the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under the Plan shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange system
upon whose system the Common Stock is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. If the Shares are held in book-entry
form, then the book-entry will indicate any restrictions on such Shares. 
 14.2 Other Plans. Nothing contained in the
Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases.

 14.3 No Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Award hereunder shall
give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall there be
a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy, or
directorship at any time. 
 14.4 Withholding of Taxes. A Participant shall be required to pay to the Company or one of
its Affiliates, as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of an Award. The Committee
may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld with respect to an Award by (a) the delivery of Shares (which are not
subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting
treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such withholding liability (or portion thereof); (b) having the Company withhold from the Shares otherwise issuable or deliverable to, or that would
otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of Shares with an aggregate Fair Market Value equal to the amount of such withholding liability; or (c) by any
other means specified in the applicable Award Agreement or otherwise determined by the Committee. 
 14.5 Fractional
Shares. No fractional Shares shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards, or other securities or property shall be used or paid in lieu of fractional Shares or whether any
fractional shares should be rounded, forfeited, or otherwise eliminated. 

  
 24 

 14.6 No Assignment of Benefits. No Award or other benefit payable under
the Plan shall, except as otherwise specifically provided by law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or
subject to the debts, contracts, liabilities, engagements, or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. 

14.7 Clawback Provisions. All Awards (including any proceeds, gains, or other economic benefit the Participant actually
or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company clawback policy, including any clawback policy adopted to comply with Applicable Law
(including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such clawback policy or the Award Agreement. 

14.8 Listing and Other Conditions. 

(a) Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored
by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares
are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected. 

(b) If at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant to an Award is or may in the
circumstances be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification
or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not
result in the imposition of excise taxes on the Company. 
 (c) Upon termination of any period of suspension under this Section 14.8,
any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have become available during the period of such
suspension, but no such suspension shall extend the term of any Award. 
 (d) A Participant shall be required to supply the Company with
certificates, representations, and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval the Company deems necessary or appropriate. 

  
 25 

 14.9 Governing Law. The Plan and actions taken in connection herewith
shall be governed and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. 

14.10 Construction. Wherever any words are used in the Plan in the masculine gender they shall be construed as though
they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so
apply. 
 14.11 Other Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes
of computing benefits under any retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other plan now or subsequently in effect under which the availability or amount of benefits is related to the level of
compensation. 
 14.12 Costs. The Company shall bear all expenses associated with administering the Plan, including
expenses of issuing Shares pursuant to Awards hereunder. 
 14.13 No Right to Same Benefits. The provisions of Awards
need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 

14.14 Death/Disability. The Committee may in its discretion require the transferee of a Participant to supply it with
written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of
an Award. The Committee may also require the agreement of the transferee to be bound by all of the terms and conditions of the Plan. 

14.15 Section 16(b) of the Exchange Act. It is the intent of the Company that the Plan satisfy, and be interpreted in a
manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any
provision of the Plan would conflict with the intent expressed in this Section 14.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

14.16 Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants
the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Shares or other consideration
under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such
other terms, conditions, rules, and procedures that the Committee deems advisable for the administration of any such deferral program. 

  
 26 

 14.17 Section 409A of the Code. The Plan and Awards are intended to
comply with or be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it
shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary, or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto.
Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and, to the extent such
provision cannot be amended to comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant
with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of the Code,
responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred
compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s
separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death of the specified
employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. 
 14.18
Successor and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator, or trustee of such estate. 

14.19 Severability of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 

14.20 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not
be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 ARTICLE XV 

EFFECTIVE DATE OF PLAN 

The Plan shall become effective on July 21, 2021, which is the date of its adoption by the Board. 

  
 27 

 ARTICLE XVI 

TERM OF PLAN 
 No Award
shall be granted pursuant to the Plan on or after the tenth (10th) anniversary of the date that the Plan is adopted, but Awards granted prior to such tenth (10th) anniversary may extend beyond that date. 

  
 28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]