Document:

EX-10.1

 Exhibit 10.1 
  

 
  

TAX RECEIVABLE AGREEMENT 
 by and
among 
 BRIDGE INVESTMENT GROUP HOLDINGS INC. 

BRIDGE INVESTMENT GROUP HOLDINGS LLC 

and 
 THE MEMBERS (AS DEFINED
HEREIN) 
 FROM TIME TO TIME PARTY HERETO 

Dated as of ___________, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

		
	 Definitions
	  	 	2	 
			
	 SECTION 1.1.
	 	Definitions	  	 	2	 
	 SECTION 1.2.
	 	Rules of Construction	  	 	11	 
	
	ARTICLE II	  

		
	 Determination of Realized Tax Benefit
	  	 	12	 
			
	 SECTION 2.1.
	 	Basis Adjustments; Bridge Holdings 754 Election	  	 	12	 
	 SECTION 2.2.
	 	Basis Schedules	  	 	12	 
	 SECTION 2.3.
	 	Tax Benefit Schedules	  	 	12	 
	 SECTION 2.4.
	 	Procedures; Amendments	  	 	13	 
	
	ARTICLE III	  

		
	 Tax Benefit Payments
	  	 	14	 
			
	 SECTION 3.1.
	 	Timing and Amount of Tax Benefit Payments	  	 	14	 
	 SECTION 3.2.
	 	No Duplicative Payments	  	 	16	 
	 SECTION 3.3.
	 	Pro-Ration of Payments as Between the Members	  	 	16	 
	 SECTION 3.4.
	 	Overpayments	  	 	16	 
	
	ARTICLE IV	  

		
	 Termination
	  	 	17	 
			
	 SECTION 4.1.
	 	Early Termination of Agreement; Acceleration Events	  	 	17	 
	 SECTION 4.2.
	 	Early Termination Notice	  	 	18	 
	 SECTION 4.3.
	 	Payment upon Early Termination	  	 	18	 
	
	ARTICLE V	  

		
	 Subordination and Late Payments
	  	 	19	 
			
	 SECTION 5.1.
	 	Subordination	  	 	19	 
	 SECTION 5.2.
	 	Late Payments by the Corporation	  	 	19	 
	ARTICLE VI	  

		
	 Tax Matters; Consistency; Cooperation
	  	 	19	 

  
 i 

							
	 SECTION 6.1.
	 	Participation in the Corporation’s and Bridge Holdings’ Tax Matters	  	 	19	 
	 SECTION 6.2.
	 	Consistency	  	 	20	 
	 SECTION 6.3.
	 	Cooperation	  	 	20	 
	
	ARTICLE VII	  

		
	 Miscellaneous
	  	 	20	 
			
	 SECTION 7.1.
	 	Notices	  	 	20	 
	 SECTION 7.2.
	 	Counterparts	  	 	21	 
	 SECTION 7.3.
	 	Entire Agreement; No Third-Party Beneficiaries	  	 	21	 
	 SECTION 7.4.
	 	Severability	  	 	21	 
	 SECTION 7.5.
	 	Assignments; Amendments; Successors; No Waiver	  	 	21	 
	 SECTION 7.6.
	 	Titles and Subtitles	  	 	22	 
	 SECTION 7.7.
	 	Resolution of Disputes; Governing Law	  	 	22	 
	 SECTION 7.8.
	 	Reconciliation Procedures	  	 	24	 
	 SECTION 7.9.
	 	Withholding	  	 	25	 
	 SECTION 7.10.
	 	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	  	 	25	 
	 SECTION 7.11.
	 	Confidentiality	  	 	26	 
	 SECTION 7.12.
	 	Change in Law	  	 	26	 
	 SECTION 7.13.
	 	Interest Rate Limitation	  	 	27	 
	 SECTION 7.14.
	 	Independent Nature of Rights and Obligations	  	 	27	 

 Exhibits 
  

					
	Exhibit A	  	 -
	  	 Form of Joinder Agreement

  

  
 ii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of ___________, 2021 is hereby entered into by and
among Bridge Investment Group Holdings Inc., a Delaware corporation (the “Corporation”), Bridge Investment Group Holdings LLC, a Delaware limited liability company (“Bridge Holdings”), and each of the Members (as
defined herein). 
 RECITALS 

WHEREAS, Bridge Holdings is treated as a partnership for U.S. Federal income tax purposes; 

WHEREAS, immediately prior to the consummation of the IPO, Bridge Holdings entered into the Operating Agreement (as defined
herein) wherein Bridge Holdings recapitalized all existing ownership interests in Bridge Holdings into membership interests in the form of Units (as defined herein) (the “Recapitalization”); 

WHEREAS, each of the members of Bridge Holdings as of the date hereof (such members (other than the Corporation), together
with each other Person who becomes party hereto by satisfying the Joinder Requirement, the “Members”) own Units; 

WHEREAS, the Corporation is the managing member of Bridge Holdings; 

WHEREAS, on the date hereof, the Corporation issued shares of its Class A Common Stock in an initial public offering of
its Class A Common Stock (the “IPO”); 
 WHEREAS, immediately following the consummation of the IPO,
the Corporation acquired newly issued Units from Bridge Holdings using the net proceeds from the IPO (the “Unit Purchase”); 

WHEREAS, immediately following the consummation of the Unit Purchase, Bridge Holdings used a portion of the net proceeds from
the IPO received in connection with the Unit Purchase to redeem certain of the Units held by the Members (the “IPO Unit Redemption”); 

WHEREAS, as a result of the IPO Unit Redemption, the Corporation may be entitled to utilize (or otherwise be entitled to the
benefits arising out of) Exchange Covered Tax Assets (as defined herein); 
 WHEREAS, the Operating Agreement (as defined
herein) provides each Member a redemption right pursuant to which each Member may cause Bridge Holdings to redeem all or a portion of its Units from time to time for shares of Class A Common Stock or, at the Corporation’s option, cash (a
“Redemption”), subject to the Corporation’s right, in its sole discretion, to elect to effect a direct exchange of cash or shares of Class A Common Stock for such Units between the Corporation and the applicable Member in
lieu of such a Redemption (a “Direct Exchange”) and as a result of any such Redemption or Direct Exchange 
  

 the Corporation may be entitled to utilize (or otherwise be entitled to the benefits arising
out of) the Exchange Covered Tax Assets; 
 WHEREAS, Bridge Holdings and certain of its Subsidiaries (as defined herein)
that is treated as a partnership for U.S. Federal income tax purposes will have in effect an election under Section 754 of the Code (as defined herein) for the Taxable Year (as defined herein) in which any Exchange (as defined herein) occurs,
which election will cause any such Exchange to result in an adjustment to the Corporation’s proportionate share of the tax basis of the assets owned by Bridge Holdings and such Subsidiaries; and 

WHEREAS, the parties to this Agreement desire to provide for certain payments and make certain arrangements with respect to
any tax benefits to be derived by the Corporation as the result of Exchange Covered Tax Assets (as defined herein) and the making of payments under this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, the parties
hereto agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.1. Definitions. As used in this Agreement, the terms set forth in this Article I
shall have the following meanings (such meanings to be equally applicable to (i) the singular and plural, (ii) the active and passive and (iii) for defined terms that are nouns, the verified forms of the terms defined). 

“Actual Tax Liability” means, with respect to any Taxable Year, the liability for Covered Taxes of the
Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year or (b) if applicable, determined in accordance with a Determination; provided, that for purposes of determining Actual Tax Liability, the Corporation
shall use the Assumed State and Local Tax Rate for purposes of determining liabilities for all state and local Covered Taxes (including, for the avoidance of doubt, the federal benefit with respect to such state and local Covered Taxes). 

“Advisory Firm” means an accounting firm that is nationally recognized as being expert in Covered Tax
matters, selected by the Corporation. 
 “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means SOFR plus 100 basis points. 

“Agreement” is defined in the preamble. 

“Amended Schedule” is defined in Section 2.4(b). 

  
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 “Amount Realized” means, with respect to any Exchange at
any time, the sum of (i) the Market Value of the shares of Class A Common Stock or the amount of cash (as applicable) transferred to a Member pursuant to such Exchange, (ii) the amount of payments made pursuant to this Agreement with
respect to such Exchange (but excluding any portions thereof attributable to Imputed Interest) and (iii) the amount of liabilities allocated to the Units acquired pursuant to the Exchange under Section 752 of the Code. 

“Assumed State and Local Tax Rate” means the tax rate equal to the product of (i) the Corporation’s
income tax apportionment factor for each state and local jurisdiction in which the Corporation or Bridge Holdings files income or franchise tax returns for the relevant Taxable Year and (ii) the highest corporate income and franchise tax
rate(s) for each such state and local jurisdiction in which the Corporation or Bridge Holdings files income tax returns for each relevant Taxable Year. 

“Attributable” is defined in Section 3.1(b)(i). 

“Audit Committee” means the audit committee of the Board. 

“Basis Adjustment” means the increase or decrease to, or the Corporation’s proportionate share of, the
tax basis of the Reference Assets under Section 732, 734(b), 743(b) or 1012 of the Code (or any similar provisions of state, local or foreign tax Law) as a result of any Exchange or any payment made under this Agreement. For purposes of
determining the Corporation’s proportionate share of the tax basis of the Reference Assets with respect to the Units transferred in an Exchange under Treasury Regulations Section 1.743-1(b) (or any
similar provisions of state, local or foreign tax Law), the consideration paid by the Corporation for such Units shall be the Amount Realized. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from
an Exchange of one or more Units is to be determined as if any Pre-Exchange Transfer of such Units had not occurred. 

“Basis Schedule” is defined in Section 2.2. 

“Beneficial Owner” means, with respect to any security, a Person who directly or indirectly, through any
contract, arrangement, understanding, relationship or otherwise, has or shares (i) voting power, which includes the power to vote, or to direct the voting of, with respect to such security or (ii) investment power, which includes the power
to dispose of, or to direct the disposition of, such security. 
 “Board” means the Board of Directors of
the Corporation. 
 “Bridge Holdings” is defined in the preamble to this Agreement. 

“Bridge Holdings Group” means Bridge Holdings and each of its direct or indirect Subsidiaries that is treated
as a partnership or disregarded entity for applicable tax purposes (but excluding any such Subsidiary that is directly or indirectly held by any entity treated as a corporation for applicable tax purposes (other than the Corporation)). 

  
 3 

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

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

(i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange
Act (excluding any (A) employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), (B) “person” or
“group” who, on the date of the consummation of the IPO, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities or
(C) any “group” formed after the IPO that includes members who collectively, as of the IPO, are the Beneficial Owners of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s
then outstanding voting securities) becomes the “beneficial owner” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of shares of Class A Common Stock, Class B Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than 50% of the voting power of all of
the outstanding shares of capital stock of the Corporation entitled to vote; 
 (ii) the stockholders of the
Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated a transaction or series of related transactions for the sale, lease, exchange or other disposition, directly or indirectly, by the
Corporation of all or substantially all of the Corporation’s assets (including a sale of all or substantially all of the assets of Bridge Holdings); or 

(iii) the Corporation ceases to be the sole managing member of Bridge Holdings. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any
transaction or series of related transactions immediately following which the beneficial owners of the Class A Common Stock, Class B Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation
immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of
the assets of the Corporation immediately following such transaction or series of transactions. 

“Class A Common Stock” means the Class A common stock, par value $0.01 per share, of
the Corporation. 
 “Class B Common Stock” means the Class B common stock, par
value $0.01 per share, of the Corporation. 
 “Code” means the U.S. Internal Revenue Code of 1986, as
amended. Unless the context requires otherwise, any reference herein to a specific section of the Code shall be 

  
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deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period. 

“Control” means the direct or indirect possession of the power to direct or cause the direction of the
management or policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

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

“Covered Taxes” means any U.S. Federal, state and local and foreign taxes, assessments or similar charges
that are based on or measured with respect to net income or profits and any interest imposed in respect thereof under applicable Law. 

“Cumulative Net Realized Tax Benefit” is defined in Section 3.1(b)(iii). 

“Default Rate” means SOFR plus 500 basis points. 

“Default Rate Interest” is defined in Section 5.2. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or any
similar provisions of state, local or foreign tax Law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for
tax. 
 “Direct Exchange” is defined in the recitals to this Agreement. 

“Dispute” is defined in Section 7.7(a). 

“Early Termination Effective Date” means (i) with respect to an early termination pursuant to
Section 4.1(a), the date an Early Termination Notice is delivered, (ii) with respect to an early termination pursuant to Section 4.1(b), the date of the applicable Change of Control and
(iii) with respect to an early termination pursuant to Section 4.1(c), the date of the applicable Material Breach. 

“Early Termination Notice” is defined in Section 4.2(a). 

“Early Termination Payment” is defined in Section 4.3(b). 

“Early Termination Reference Date” is defined in Section 4.2(b). 

“Early Termination Schedule” is defined in Section 4.2(b). 

“Exchange” means (i) any Direct Exchange, (ii) any Redemption, (iii) any transaction using
proceeds from the IPO or the Over-Allotment Option (as defined in the Operating Agreement), including the IPO Unit Redemption, that results in a Basis Adjustment or (iv) any distribution (including a deemed distribution) by Bridge Holdings to a
Member that results in a Basis Adjustment. 

  
 5 

 “Exchange Act” means the Securities and Exchange Act of
1934, as amended, and applicable rules and regulations thereunder, and any successor to such statute, rules or regulations. 

“Exchange Date” means the date of any Exchange. 

“Exchange Covered Tax Assets” means (i) existing Tax basis (including, for the avoidance of doubt, any
basis adjustment described in Section 734 of the Code or Section 1.743-1(h) of the Treasury Regulations) in the Reference Assets, determined (A) as of immediately prior to an Exchange, that is
allocable to the Units being exchanged by the relevant Member and acquired by the Corporation in connection with the relevant Exchange and (B) determined without regard to any dilutive or antidilutive effect of any contribution to or
distribution from Bridge Holdings after the relevant Exchange, (ii) Basis Adjustments and (iii) Imputed Interest reasonably determined to be allocable to payments pursuant to this Agreement arising from the items described in clause
(i) and (ii). The determination of the portion of existing Tax basis, including, for the avoidance of doubt, any basis adjustment described in Section 1.743-1(h) of the Treasury Regulations, in the
Reference Assets that is allocable to Units being exchanged by the Member (and payments made hereunder with respect to such Tax basis) shall be determined in good faith by the Corporation in consultation with the Advisory Firm, it being understood
that any Tax basis described in Section 1.743-1(h) of the Treasury Regulations shall be allocable to Units held by the member of the LLC (or its predecessor) for whom the associated basis adjustment
pursuant to Section 743(b) of the Code was made; provided, that in no event will the portions of existing Tax basis in the Reference Assets that are included as Exchange Covered Tax Assets exceed one hundred percent (100%) of the existing Tax
basis in the Reference Assets that is allocable to the Corporation at any time. For the avoidance of doubt, Exchange Covered Tax Assets shall include any carryforwards, carrybacks or similar attributes that are attributable to the Tax items
described in clauses (i)-(iii). Notwithstanding anything to the contrary, to the extent the Corporation reasonably determines (in consultation with the Advisory Firm and the Members) that the administrative burden and costs associated with
calculating the Exchange Covered Tax Assets with respect to any Subsidiary of Bridge Holdings would materially outweigh the Tax Benefit Payment attributable to such Exchange Covered Tax Assets, the Corporation shall be permitted to determine that
such Exchange Covered Tax Assets shall not be treated as Exchange Covered Tax Assets for all purposes of this Agreement. 

“Expert” is defined in Section 7.8(a). 

“Final Payment Date” means any date on which a Payment is required to be made pursuant to this Agreement. The
Final Payment Date in respect of (i) a Tax Benefit Payment is determined pursuant to Section 3.1(a) and (ii) an Early Termination Payment is determined pursuant to Section 4.3(a). 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the hypothetical liability of the
Corporation that would arise in respect of Covered Taxes, using the same methods, elections, conventions and similar practices used on the actual relevant Tax Returns of the Corporation but calculated without taking into account the Exchange Covered
Tax Assets; provided, that for purposes of determining the Hypothetical Tax Liability, the 

  
 6 

 
combined tax rate for U.S. state and local Covered Taxes (including for purposes of determining the federal benefit with respect to such state and local Covered Taxes) shall be the Assumed State
and Local Tax Rate and the Corporation shall be entitled to make reasonable simplifying assumptions in making any determinations contemplated by this definition. 

“Imputed Interest” means any interest imputed under Section 483, 1272 or 1274 or any other provision of
the Code or any similar provisions of state, local or foreign tax Law with respect to the Corporation’s payment obligations under this Agreement. 

“Independent Directors” means the members of the Board who are “independent” under the standards of
the principal U.S. securities exchange on which the Class A Common Stock is traded or quoted. 
 “Interest
Amount” is defined in Section 3.1(b)(vi). 
 “IPO” is defined in the
recitals to this Agreement. 
 “IPO Unit Redemption” is defined in the recitals to this Agreement. 

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

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit A
to this Agreement. 
 “Joinder Requirement” is defined in Section 7.5(a). 

“Law” means all laws, statutes, ordinances, rules and regulations of the U.S., any foreign country and each
state, commonwealth, city, county, municipality, regulatory or self-regulatory body, agency or other political subdivision thereof. 

“Market Value” means the Class A Common Unit Redemption Price, as defined in the Operating Agreement.

 “Material Breach” means the (i) material breach by the Corporation of a material obligation under
this Agreement or (ii) the rejection of this Agreement by operation of law in a case commenced in bankruptcy or otherwise. 

“Member Approval” means written approval by Members whose rights under this Agreement are attributable to at
least 50% of the Units outstanding (excluding any Units held by the Corporation) immediately after the Unit Purchase (as appropriately adjusted for any subsequent changes to the number of outstanding Units). For purposes of this definition, a
Member’s rights under this Agreement shall be attributed to Units as of the time of a determination of Member Approval. For the avoidance of doubt, (i) an Exchanged Unit shall be attributed only to the Member entitled to receive Tax
Benefit Payments with respect to such Exchanged Unit (i.e., the Member who Exchanged the Unit or the assignee of such Member’s rights hereunder) and (ii) an outstanding Unit that has not been Exchanged shall be attributed only to
the Member (or, if applicable, the assignee of its rights hereunder) entitled to receive Tax Benefit Payments upon the Exchange of such Unit. 

  
 7 

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

 “Net Tax Benefit” is defined in Section 3.1(b)(ii). 

“Objection Notice” is defined in Section 2.4(a)(ii). 

“Operating Agreement” means that certain Fifth Amended and Restated Limited Liability Company Agreement of
Bridge Holdings, dated as of the date hereof, as such agreement may be further amended, restated, supplemented or otherwise modified from time to time. 

“Parties” means the parties named on the signature pages to this agreement and each additional party that
satisfies the Joinder Requirement, in each case with their respective successors and assigns. 
 “Payment”
means any Tax Benefit Payment or Early Termination Payment and in each case, unless otherwise specified, refers to the entire amount of such Payment or any portion thereof. 

“Permitted Transferee” means a holder of Units pursuant to any transfer of such Units permitted by the
Operating Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture,
limited liability company, estate, trust, business association, organization, governmental entity or other entity. 

“Pre-Exchange Transfer” means any transfer (or deemed transfer) of
one or more Units (i) that occurs after the consummation of the IPO but prior to an Exchange of such Units and (ii) to which Section 743(b) of the Code applies, excluding the IPO Unit Redemption. 

“Realized Tax Benefit” is defined in Section 3.1(b)(iv). 

“Realized Tax Detriment” is defined in Section 3.1(b)(v). 

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

“Reconciliation Dispute” is defined in Section 7.8(a). 

“Reconciliation Procedures” is defined in Section 7.8(a). 

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

“Reference Asset” means any asset of any member of the Bridge Holdings Group on the relevant date of
determination under this Agreement (including at the time of an Exchange and the IPO, as applicable). A Reference Asset also includes any asset the tax basis of which is determined, in whole or in part, by reference to the tax basis of an asset that
is described in the preceding sentence, including “substituted basis property” within the meaning of Section 7701(a)(42) of the Code. 

  
 8 

 “Schedule” means any of the following: (i) a Basis
Schedule, (ii) a Tax Benefit Schedule, (iii) an Early Termination Schedule and (iv) any Amended Schedule. 

“Senior Obligations” is defined in Section 5.1. 

“SOFR” means the Secured Overnight Financing Rate, as reported by the Wall Street Journal. 

“Subsidiary” means, with respect to any Person and as of any determination date, any other Person as to which
such first Person (i) owns, directly or indirectly, or otherwise controls, more than 50% of the voting power or other similar interests of such other Person or (ii) is the sole general partner interest, or managing member or similar
interest, of such other Person. 
 “Tax Benefit Payment” is defined in
Section 3.1(b). 
 “Tax Benefit Schedule” is defined in
Section 2.3(a). 
 “Tax Return” means any return, declaration, report or similar
statement filed or required to be filed with respect to taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated tax. 

“Taxable Year” means a taxable year of the Corporation as defined in Section 441(b) of the Code or any
similar provisions of U.S. state or local tax Law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is filed), ending on or after the closing date of the IPO. 

“Taxing Authority” means any national, federal, state, county, municipal or local government, or any
subdivision, agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to tax matters. 

“Treasury Regulations” means the final, temporary and (to the extent they can be relied upon) proposed
regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) and as in effect for the relevant taxable period. 

“U.S.” means the United States of America. 

“Unit Purchase” is defined in the recitals to this Agreement. 

“Units” means Common Units, as defined in the Operating Agreement. 

“Valuation Assumptions” means, as of an Early Termination Effective Date, the assumptions that: 

(i) in each Taxable Year ending on or after such Early Termination Effective Date, the Corporation will have
taxable income sufficient to fully use the 

  
 9 

 
deductions arising from the Exchange Covered Tax Assets during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would
result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available; 

(ii) the U.S. Federal income tax rates that will be in effect for each such Taxable Year will be those
specified for each such Taxable Year by the Code and other applicable Law as in effect on the Early Termination Effective Date, except to the extent any change to such tax rates for such Taxable Year have already been enacted into Law and the
combined U.S. state and local income tax rates shall be the Assumed State and Local Tax Rate; 
 (iii) all
taxable income of the Corporation will be subject to the maximum applicable tax rates for each Covered Tax throughout the relevant period; provided, that the combined tax rate for U.S. state and local income taxes shall be the Assumed State
and Local Tax Rate; 
 (iv) any loss carryovers or carrybacks generated by any Exchange Covered Tax Assets
(including any Basis Adjustments or Imputed Interest generated as a result of payments made or deemed to be made under this Agreement) and available (taking into account any known and applicable limitations) as of the date of the Early Termination
Schedule will be used by the Corporation ratably in each of the 5 consecutive Taxable Years beginning with the Taxable Year that includes the date of the Early Termination Schedule (but, in the case of any such carryover or carryback that has less
than 5 remaining Taxable Years, ratably through the scheduled expiration date of such carryover or carryback) (by way of example, if on the date of the Early Termination Schedule the Corporation had $100 of net operating losses, $20 of such net
operating losses would be used in each of the 5 consecutive Taxable Years beginning in the Taxable Year of such Early Termination Schedule); 

(v) any non-amortizable assets will be disposed of on the fifteenth
anniversary of the earlier of (A) the applicable Exchange and (B) the Early Termination Effective Date; 

(vi) if, on the Early Termination Effective Date, any Member has Units that have not been Exchanged, then such
Units shall be deemed to be Exchanged for the Market Value of the shares of Class A Common Stock or the amount of cash that would be received by such Member had such Units actually been Exchanged on the Early Termination Effective Date; 

(vii) any future payment obligations pursuant to this Agreement that are used to calculate the Early
Termination Payment will be satisfied on the date that any Tax Return to which any such payment obligation relates is required to be filed excluding any extensions; and 

  
 10 

 (viii) with respect to Taxable Years ending prior to the
Early Termination Effective Date, any unpaid Tax Benefit Payments and any applicable Default Rate Interest will be paid. 

“Voluntary Early Termination” is defined in Section 4.2(a)(i). 

SECTION 1.2. Rules of Construction. Unless otherwise specified herein: 

(a) For purposes of interpretation of this Agreement: 

(i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision thereof. 

(ii) Unless specified otherwise, references to an Article, Section or clause refer to the appropriate Article,
Section or clause in this Agreement. 
 (iii) References to dollars or “$” refer to the lawful
currency of the U.S. 
 (iv) The terms “include” or “including” are by way of example and
not limitation and shall be deemed followed by the words “without limitation”. 
 (v) The term
“or”, when used in a list of two or more items, means “and/or” and may indicate any combination of the items. 

(vi) The term “documents” includes any and all instruments, documents, agreements, certificates,
notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (b)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each mean “to but excluding” and the word
“through” means “to and including.” 
 (c) Section headings herein are included for convenience of
reference only and shall not affect the interpretation of this Agreement. 
 (d) Unless otherwise expressly provided herein,
(i) references to organizational documents (including the Operating Agreement), agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements
and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted hereby, and (ii) references to any Law (including the Code and the Treasury Regulations)
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

  
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 ARTICLE II 

Determination of Realized Tax Benefit 

SECTION 2.1. Basis Adjustments; Bridge Holdings 754 Election. 

(a) Basis Adjustments. The Parties acknowledge and agree that (i) each Redemption and the IPO Unit Redemption shall
be treated as a direct purchase of Units by the Corporation from the applicable Member pursuant to Section 707(a)(2)(B) of the Code (or any similar provisions of applicable state, local or foreign tax Law) (i.e., equivalent to a Direct
Exchange) and (ii) each Exchange will give rise to Basis Adjustments. 
 (b) Bridge Holdings
Section 754 Election. The Corporation shall cause Bridge Holdings and certain of its Subsidiaries (as reasonably determined by the Corporation) that is treated as a partnership for U.S. Federal income tax purposes to have in
effect an election under Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for each Taxable Year. The Corporation shall take commercially reasonable efforts to cause each Person in which Bridge
Holdings owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year as reasonably determined by the Corporation. 

SECTION 2.2. Basis Schedules. Within 150 calendar days after the filing of the U.S. Federal income Tax Return of the
Corporation for each relevant Taxable Year, the Corporation shall deliver to the Members a schedule showing, in reasonable detail, (i) the Exchange Covered Tax Assets that are available for use by the Corporation with respect to such Taxable
Year with respect to each Member that has effected an Exchange (including the Basis Adjustments with respect to the Reference Assets resulting from Exchanges effected in such Taxable Year and the periods over which such Basis Adjustments are
amortizable or depreciable), (ii) the portion of the Exchange Covered Tax Assets that are available for use by the Corporation in future Taxable Years with respect to each Member that has effected an Exchange and (iii) any limitations on the
ability of the Corporation to utilize any Exchange Covered Tax Assets under applicable Laws (including as a result of the operation of Section 382 of the Code or Section 383 of the Code) Member (such schedule, a “Basis
Schedule”). A Basis Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a) and may be amended by the Parties pursuant to the procedures set forth in
Section 2.4(b). 
 SECTION 2.3. Tax Benefit Schedules. 

(a) Tax Benefit Schedule. Within 150 calendar days after the filing of the U.S. Federal income Tax Return of the
Corporation for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Members a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year (a “Tax Benefit Schedule”). A Tax Benefit Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a) and may be amended by
the Parties pursuant to the procedures set forth in Section 2.4(b). 

  
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 (b) Applicable Principles. Subject to the provisions hereunder, the
Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Actual Tax Liability of the Corporation for such Taxable Year attributable to the Exchange Covered Tax Assets, as determined
using a “with and without” methodology described in Section 2.4(a). Carryovers or carrybacks of any tax item attributable to any of the Exchange Covered Tax Assets shall be considered to be subject to the rules of
the Code and the Treasury Regulations, and the appropriate provisions of state, local and foreign tax Law, governing the use, limitation or expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any tax item
includes a portion that is attributable to any Tax Attribute (a “TRA Portion”) and another portion that is not attributable to any Tax Attribute (a “Non-TRA Portion”), such
portions shall be considered to be used in accordance with the “with and without” methodology so that (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of
any TRA Portion (with the TRA Portion being applied on a proportionate basis consistent with the provisions of Section 3.3(a)) and (ii) in the case of a carryback of a Non-TRA
Portion, such carryback shall not affect the original “with and without” calculation made in the prior Taxable Year. Except with respect to the portion of any Payment attributable to Imputed Interest, all Tax Benefit Payments and payments
of Default Rate Interest attributable to the Covered Tax Assets will be treated as subsequent upward purchase price adjustments in respect such Exchange that give rise to additional Basis Adjustments for the Corporation unless otherwise required by
applicable Law. 
 SECTION 2.4. Procedures; Amendments. 

(a) Procedures. Each time the Corporation delivers a Schedule to the Members under this Agreement, the Corporation
shall, with respect to such Schedule, also (i) deliver to the Members supporting schedules and work papers, as determined by the Corporation or as reasonably requested by any Member, that provide a reasonable level of detail regarding relevant
data and calculations and (ii) allow the Members and their advisors to have reasonable access to the appropriate representatives, as determined by the Corporation or as reasonably requested by the Members, at the Corporation or the Advisory
Firm in connection with a review of relevant information. Without limiting the generality of the preceding sentence, the Corporation shall ensure that any Tax Benefit Schedule that is delivered to the Members, along with any supporting schedules and
work papers, provides a reasonably detailed presentation of the calculations of the Actual Tax Liability for the relevant Taxable Year and the Hypothetical Tax Liability for such Taxable Year, and identifies any material assumptions or operating
procedures or principles that were used for purposes of such calculations. A Schedule will become final and binding on the Members 30 calendar days from the date on which the Members first received the applicable Schedule unless a Member,
within such period, provides the Corporation with written notice of a material objection (made in good faith) to such Schedule and sets forth in reasonable detail such Member’s material objection (an “Objection Notice”). If the
Parties, for any reason, are unable to resolve the issues raised in such Objection Notice within 30 calendar days after receipt by the Corporation of the Objection Notice, the Corporation and the applicable Member shall employ the Reconciliation
Procedures described in Section 7.8 and the finalization of the Schedule will be conducted in accordance therewith. 

  
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 (b) Amended Schedule. A Schedule (other than an Early Termination
Schedule) for any Taxable Year may only and shall be amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in such Schedule identified as a result of the
receipt of additional factual information relating to a Taxable Year after the date such Schedule was originally provided to the Members, (iii) to comply with an Expert’s determination under the Reconciliation Procedures, (iv) to
reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryover or carryback of a loss or other tax item to such Taxable Year or (v) to reflect a change in the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule in its amended form, an “Amended Schedule”). The Corporation shall provide any Amended Schedule to the
applicable Members within 30 calendar days of the occurrence of an event referred to in any of clauses (i) through (v) of the preceding sentence, and the delivery and finalization of any such Amended Schedule shall, for the
avoidance of doubt, be subject to the procedures described in Section 2.4(a). 
 ARTICLE III 

Tax Benefit Payments 

SECTION 3.1. Timing and Amount of Tax Benefit Payments. 

(a) Timing of Payments. Subject to Sections 3.2 and 3.3, by the date that is
5 Business Days following the date on which each Tax Benefit Schedule becomes final in accordance with Section 2.4(a) (such date, the “Final Payment Date” in respect of any Tax Benefit Payment), the
Corporation shall pay in full to each relevant Member the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank
account or accounts designated by such Member. For the avoidance of doubt, no Member shall be required under any circumstances to return any Payment or any Default Rate Interest paid by the Corporation to such Member. 

(b) Amount of Payments. For purposes of this Agreement, a “Tax Benefit Payment” with respect to any
Member means an amount equal to the sum of the Net Tax Benefit that is Attributable to such Member and the Interest Amount. No Tax Benefit Payment shall be calculated or made in respect of any estimated tax payments, including any estimated U.S.
Federal income tax payments. 
 (i) Attributable. A Net Tax Benefit that is
“Attributable” to a Member with respect to any Exchange Covered Tax Assets shall be determined separately with respect to each Member and each Exchange undertaken by or with respect such Member in an amount equal to the total
Exchange Covered Tax Assets relating to the Units Exchanged by or with respect to such Member. 
 (ii) Net
Tax Benefit. The “Net Tax Benefit” with respect to a Member for a Taxable Year equals the amount of the excess, if any, of (A) 85% of the Cumulative Net Realized Tax Benefit Attributable to such Member as of the end of such

  
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Taxable Year over (B) the aggregate amount of all Tax Benefit Payments previously made to such Member under this Section 3.1 (excluding payments attributable to
Interest Amounts). 
 (iii) Cumulative Net Realized Tax Benefit. The “Cumulative Net Realized
Tax Benefit” for a Taxable Year equals the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same
period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

(iv) Realized Tax Benefit. The “Realized Tax Benefit” for a Taxable Year equals the
excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability for such Taxable Year. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

(v) Realized Tax Detriment. The “Realized Tax Detriment” for a Taxable Year equals the
excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

(vi) Interest Amount. The “Interest Amount” in respect of a Member equals interest on
the unpaid amount of the Net Tax Benefit with respect to such Member for a Taxable Year, calculated at the Agreed Rate from the due date (without extensions) for filing the U.S. Federal income Tax Return of the Corporation for such Taxable Year
until the earlier of (A) the date on which no remaining Tax Benefit Payment to the Member is due in respect of such Net Tax Benefit and (B) the applicable Final Payment Date. 

(vii) The Members acknowledge and agree that, as of the date of this Agreement and as of the date of any future
Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. Federal income or other applicable tax purposes. Notwithstanding anything to the contrary in this Agreement,
the stated maximum selling price (within the meaning of Treasury Regulation 15A.453-1(c)(2)) with respect to any transfer of Units by a Member pursuant to an Exchange shall not exceed the sum of (I) the
value of the Class A Common Stock or the amount of cash delivered to the Member, in each case, in the Exchange plus (II) the amount, if any, set forth in the Redemption Notice (as defined in the Operating Agreement) delivered by such
Member to Bridge Holdings with respect to the relevant Redemption or Exchange, and the aggregate Payments under this Agreement to such Member (other than amounts accounted for as interest under the Code) shall not exceed the amount described in this
clause (II). 

  
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 SECTION 3.2. No Duplicative Payments. It is intended that the
provisions hereunder will not result in the duplicative payment of any amount that may be required under this Agreement, and the provisions hereunder shall be consistently interpreted and applied in accordance with that intent. 

SECTION 3.3. Pro-Ration of Payments as Between the Members. 

(a) Insufficient Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary,
if the aggregate potential Covered Tax benefit of the Corporation as calculated with respect to the Exchange Covered Tax Assets (in each case, without regard to the Taxable Year of origination) is limited in a particular Taxable Year because the
Corporation does not have sufficient actual taxable income, then the available Covered Tax benefit for the Corporation shall be allocated among the Members in proportion to the respective Tax Benefit Payment that would have been payable if the
Corporation had sufficient taxable income. For example, if the Corporation had $200 of aggregate potential Covered Tax benefits with respect to the Exchange Covered Tax Assets in a particular Taxable Year (with $50 of such Covered Tax benefits
Attributable to Member A and $150 Attributable to Member B), such that Member A would have been entitled to a Tax Benefit Payment of $42.50 and Member B would have been entitled to a Tax Benefit Payment of $127.50 if the Corporation had sufficient
actual taxable income, and if the Corporation instead had insufficient actual taxable income in such Taxable Year, such that the Covered Tax benefit was limited to $100, then $25 of the aggregate $100 actual Covered Tax benefit for the Corporation
for such Taxable Year would be allocated to Member A and $75 would be allocated to Member B, such that Member A would receive a Tax Benefit Payment of $21.25 and Member B would receive a Tax Benefit Payment of $63.75. 

(b) Late Payments. If for any reason the Corporation is not able to fully satisfy its payment obligations to make all
Tax Benefit Payments due in respect of a particular Taxable Year, then (i) Default Rate Interest will accrue pursuant to Section 5.2, (ii) the Corporation shall pay the available amount of such Tax Benefit Payments
(and any applicable Default Rate Interest) in respect of such Taxable Year to each Member pro rata in line with Section 3.3(a) and (iii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax
Benefit Payments (and any applicable Default Rate Interest) to all Members in respect of all prior Taxable Years have been made in full. 

SECTION 3.4. Overpayments. Subject to the procedures described in Section 2.4(a), to the
extent the Corporation makes a payment to a Member in respect of a particular Taxable Year under Section 3.1(a) in an amount in excess of the amount of such payment that should have been made to such Member in respect of
such Taxable Year (taking into account Section 3.3) under the terms of this Agreement, then such Member shall not receive further payments under Section 3.1(a) until such Member has foregone an
amount of payments equal to such excess; provided, that for the avoidance of the doubt, no Member shall be required to return any payment paid by the Corporation to such Member. 

  
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 ARTICLE IV 

Termination 

SECTION 4.1. Early Termination of Agreement; Acceleration Events. 

(a) Corporation’s Early Termination Right. With the written approval of a majority of the Independent
Directors, the Corporation may terminate this Agreement, as and to the extent provided herein, by paying in full each and every Member the Early Termination Payment (along with any applicable Default Rate Interest) due to such Member. 

(b) Acceleration upon Change of Control. In the event of a Change of Control, the Early Termination Payment (calculated
as if an Early Termination Notice had been delivered on the date of the Change of Control) shall become due and payable in accordance with Section 4.3 and the Agreement shall terminate, as and to the extent provided herein.

 (c) Acceleration upon Breach of Agreement. In the event of a Material Breach, the Early Termination Payment
(calculated as if an Early Termination Notice had been delivered on the date of the Material Breach) shall become due and payable in accordance with Section 4.3 and the Agreement shall terminate, as and to the extent
provided herein. Subject to the next sentence, the Corporation’s failure to make a Payment (along with any applicable Default Rate Interest) within 90 calendar days of the applicable Final Payment Date shall be deemed to constitute a Material
Breach. To the extent that any Tax Benefit Payment is not made by the date that is 90 calendar days after the relevant Final Payment Date because the Corporation (i) is prohibited from making such payment under
Section 5.1 or the terms of any agreement governing any Senior Obligations or (ii) does not have, and cannot take commercially reasonable actions to obtain, sufficient funds to make such payment, such failure will not
constitute a Material Breach; provided that (A) such payment obligation nevertheless will accrue for the benefit of the Members, (B) the Corporation shall promptly (and in any event, within 5 Business Days) pay the entirety
of the unpaid amount (along with any applicable Default Rate Interest) once the Corporation is not prohibited from making such payment under Section 5.1 or the terms of the agreements governing the Senior Obligations and
the Corporation has sufficient funds to make such payment and (C) the failure of the Corporation to comply with the foregoing clause (B) will constitute a Material Breach; provided further that that the interest provisions of
Section 5.2 shall apply to such late payment (unless the Corporation does not have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations, in which case
Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate). It shall be a Material Breach if the Corporation makes any distribution of cash or other property (other than shares of Class A
Common Stock) to its stockholders or uses cash or other property to repurchase any capital stock of the Corporation (including Class A Common Stock), in each case, before (x) all Tax Benefit Payments (along with any applicable Default Rate
Interest) that are due and payable as of the date the Corporation enters into a binding commitment to make such distribution or repurchase have been paid or (y) sufficient funds for the payment of all Tax Benefits Payments (along with any
applicable Default Rate Interest) that are due and payable on the date of the distribution or repurchase have been reserved therefor. The Corporation shall use commercially reasonable efforts to (1) obtain sufficient available funds for the
purpose of making Tax Benefit 

  
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Payments under this Agreement and (2) avoid entering into any agreements that could be reasonably anticipated to materially delay the timing of the making of any Tax Benefit Payments under
this Agreement. 
 (d) In the case of a termination pursuant to any of the foregoing paragraphs (a),
(b) or (c), upon the Corporation’s payment in full of the Early Termination Payment (along with any applicable Default Rate Interest) to each Member, the Corporation shall have no further payment obligations under this Agreement other than
with respect to any Tax Benefit Payments (along with any applicable Default Rate Interest) in respect of any Taxable Year ending prior to the Early Termination Effective Date, and such payment obligations shall survive the termination of, and be
calculated and paid in accordance with, this Agreement. If an Exchange subsequently occurs with respect to Units for which the Corporation has paid the Early Termination Payment in full, the Corporation shall have no obligations under this Agreement
with respect to such Exchange. 
 SECTION 4.2. Early Termination Notice.  

(a) If (i) the Corporation chooses to exercise its termination right under Section 4.1(a)
(“Voluntary Early Termination”), (ii) a Change of Control occurs or (iii) a Material Breach occurs, the Corporation shall, in each case, deliver to the Members a reasonably detailed notice of the Corporation’s decision to
exercise such right or the occurrence of such event, as applicable (an “Early Termination Notice”). In the case of an Early Termination Notice delivered with respect to a Voluntary Early Termination, the Corporation may withdraw
such Early Termination Notice and rescind its Voluntary Early Termination at any time prior to the time at which any Early Termination Payment is paid. 

(b) The Corporation shall deliver a schedule showing in reasonable detail the calculation of the Early Termination Payment (an
“Early Termination Schedule”) (i) simultaneously with the delivery of an Early Termination Notice or (ii) in the case of a termination pursuant to Section 4.1(b) or
Section 4.1(c), as soon as reasonably practicable following the occurrence of the Change of Control or Material Breach giving rise to such termination. The date on which such Early Termination Schedule becomes final in
accordance with Section 2.4(a) shall be the “Early Termination Reference Date”. 

SECTION 4.3. Payment upon Early Termination. 

(a) Timing of Payment. By the date that is 5 Business Days after the Early Termination Reference Date (such date, the
“Final Payment Date” in respect of the Early Termination Payment), the Corporation shall pay in full to each Member an amount equal to the Early Termination Payment applicable to such Member. Such Early Termination Payment shall be
made by the Corporation by wire transfer of immediately available funds to a bank account or accounts designated by the applicable Member. 

(b) Amount of Payment. The “Early Termination Payment” payable to a Member pursuant to
Section 4.3(a) shall equal the present value, discounted at the Agreed Rate and determined as of the Early Termination Reference Date, of all Tax Benefit Payments (other than any Tax Benefit Payments in respect of Taxable
Years ending prior to the Early 

  
 18 

 
Termination Effective Date) that would be required to be paid by the Corporation to such Member, beginning from the Early Termination Effective Date and using the Valuation Assumptions. For the
avoidance of doubt, an Early Termination Payment shall be made to each Member in accordance with this Agreement, regardless of whether a Member has Exchanged all of its Units as of the Early Termination Effective Date. 

ARTICLE V 

Subordination and Late Payments 

SECTION 5.1. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any payment required
to be made by the Corporation to the Members under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations owed in respect of indebtedness for
borrowed money of the Corporation (other than, for the avoidance of doubt, any trade payables, intercompany debt or other similar obligations) (“Senior Obligations”) and shall rank pari passu in right of payment with all
current or future obligations of the Corporation that are not Senior Obligations. 
 SECTION 5.2. Late Payments by the
Corporation. Subject to the second proviso in the third sentence of Section 4.1(c), the amount of any Payment not made to any Member by the applicable Final Payment Date shall be payable together with “Default
Rate Interest”, calculated at the Default Rate and accruing on the amount of the unpaid Payment from the applicable Final Payment Date until the date on which the Corporation makes such Payment to such Member. 

ARTICLE VI 
 Tax
Matters; Consistency; Cooperation 
 SECTION 6.1. Participation in the Corporation’s and Bridge
Holdings’ Tax Matters. Except as otherwise provided herein or in Article IX of the Operating Agreement, the Corporation shall have full responsibility for, and sole discretion over, all tax matters concerning the Corporation
and Bridge Holdings, including preparing, filing or amending any Tax Return and defending, contesting or settling any issue pertaining to taxes. Notwithstanding the foregoing, (i) the Corporation shall notify the relevant Members of, and keep
them reasonably informed with respect to, the portion of any audit by any Taxing Authority of the Corporation, Bridge Holdings or any of Bridge Holdings’ Subsidiaries, the outcome of which is reasonably expected to materially and adversely
affect such Members’ rights and obligations under this Agreement and (ii) the Members shall have the right to participate in and to monitor at their own expense (but, for the avoidance of doubt, not to control) any such issue in any such
Tax audit. To the extent there is a conflict between this Agreement and the Operating Agreement as it relates to tax matters concerning Covered Taxes and the Corporation and 

  
 19 

 
Bridge Holdings, including preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes, this Agreement shall control. 

SECTION 6.2. Consistency. Except upon the written advice of the Advisory Firm, all calculations and determinations made
hereunder, including any Basis Adjustments, the Schedules and the determination of any Realized Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies and positions taken by the Corporation and Bridge
Holdings on their respective Tax Returns. Each Member shall prepare its Tax Returns in a manner consistent with the terms of this Agreement and any related calculations or determinations made hereunder, including the terms of
Section 2.1 and the Schedules provided to each such Member, except as otherwise required by Law. In the event that an Advisory Firm is replaced with another Advisory Firm acceptable to the Audit Committee, the Members shall
cause such replacement Advisory Firm to perform its services necessitated by this Agreement using procedures and methodologies consistent with those of the previous Advisory Firm, unless otherwise required by Law or unless the Corporation and all of
the Members agree to the use of other procedures and methodologies. 
 SECTION 6.3. Cooperation. 

(a) Each Member shall (i) furnish to the Corporation in a timely manner such information, documents and other materials as
the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return of Bridge Holdings or any of its Subsidiaries or contesting or defending any
related audit, examination or controversy with any Taxing Authority, (ii) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its
representatives may reasonably request in connection with any of the matters described in clause (i) above and (iii) reasonably cooperate in connection with any such matter. 

(b) The Corporation shall reimburse the Members for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to Section 6.3(a). 

ARTICLE VII 

Miscellaneous 

SECTION 7.1. Notices. All notices, requests, consents and other communications required or permitted hereunder shall be
in writing and (i) delivered personally, (ii) sent by e-mail or (iii) sent by overnight courier, in each case, addressed as follows: 

If to the Corporation, to: 

Bridge Investment Group Holdings Inc. 

111 E. Sego Lily Drive, Suite 400 

Salt Lake City, UT 84070 

  
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 If to any Member, to the address and
e-mail address specified on such Member’s signature page to the applicable Joinder or otherwise on file with the Corporation or Bridge Holdings. 

Any Party may change its address, fax number or e-mail address by giving each of the other Party
written notice thereof in the manner set forth above. 
 SECTION 7.2. Counterparts. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Members and delivered to the other Members, it being understood that all
Members need not sign the same counterpart. Delivery of an executed signature page to this Agreement by e-mail transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 SECTION 7.3. Entire Agreement; No Third-Party Beneficiaries. This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and their respective
successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

SECTION 7.4. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any Law or public policy, all other terms and provisions hereunder shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of
the Parties as closely as possible in an acceptable manner. 
 SECTION 7.5. Assignments; Amendments; Successors; No
Waiver. 
 (a) Assignment. No Member may assign, sell, pledge or otherwise alienate or transfer any interest in
this Agreement, including the right to receive any payments under this Agreement, to any Person without such Person executing and delivering a Joinder agreeing to succeed to the applicable portion of such Member’s interest in this Agreement and
to become a Party for all purposes of this Agreement (the “Joinder Requirement”); provided, that the Members’ approval and consent rights described in Section 6.1 shall not be transferrable or
assignable to any Person (other than Permitted Transferees) without the prior written consent of the Corporation, not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, if any Member sells, exchanges, distributes or
otherwise transfers Units to any Person (other than the Corporation or Bridge Holdings) in accordance with the terms of the Operating Agreement, such Member shall have the option to assign to the transferee of such Units its rights under this
Agreement with respect to such transferred Units; provided that such transferee has satisfied the Joinder Requirement. For the avoidance of doubt, if a Member transfers Units in accordance with the terms of the Operating Agreement but does

  
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not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such Member shall continue to be entitled to receive the Tax Benefit Payments
arising in respect of a subsequent Exchange of such Units (and any such transferred Units shall be separately identified, so as to facilitate the determination of payments hereunder). The Corporation may not assign any of its rights or obligations
under this Agreement to any Person without Member Approval (and any purported assignment without such consent shall be null and void). 

(b) Amendments. No provision of this Agreement may be amended unless such amendment is approved in writing by the
Corporation with Member Approval; provided that amendment of the definition of Change of Control will also require the written approval of a majority of the Independent Directors; provided further that, to the extent any
amendment would materially, adversely and disproportionately affect a Member with respect to any rights under this Agreement, such amendment shall require the written approval of such affected Member. 

(c) Successors. Except as provided in Section 7.5(a), all of the terms and provisions
hereunder shall be binding upon, and shall inure to the benefit of and be enforceable by, the Parties and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any
direct or indirect successor (whether by equity purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

(d) Waiver. No provision of this Agreement may be waived unless such waiver is in writing and signed by the Party
against whom the waiver is to be effective. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall
constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 
 SECTION 7.6. Titles and
Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

SECTION 7.7. Resolution of Disputes; Governing Law. 

(a) Except for Reconciliation Disputes subject to Section 7.8, any and all disputes which cannot be
settled after good faith negotiation within 30 calendar days, including any ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this Section 7.7 or Section 7.8) (each, a “Dispute”) shall
be finally resolved by arbitration in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by the majority vote of a panel of three
arbitrators, of which the Corporation shall designate one arbitrator and the Members that are party to such Dispute shall designate one arbitrator, in each case in 

  
 22 

 
accordance with the “screened” appointment procedure provided in Resolution Rule 5.4. In addition to monetary damages, the arbitrators shall be empowered and permitted to award
equitable relief, including an injunction and specific performance of any obligation under this Agreement. The arbitrators are not empowered to award damages in excess of compensatory damages, and each Member hereby irrevocably waives any right to
recover punitive, exemplary or similar damages with respect to any Dispute. Any award shall be the sole and exclusive remedy between the Members regarding any claims, counterclaims, issues or accounting presented to the arbitrators. The arbitration
shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of the arbitration shall be New
York, New York. 
 (b) Notwithstanding the provisions of paragraph (a) above, any Party may bring
an action or special proceeding in any court of competent jurisdiction for the purpose of compelling another Party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder or enforcing an arbitration award and, for
the purposes of this paragraph (b), each Party (i) expressly consents to the application of paragraphs (c) and (d) of this Section 7.7 to any such action or
proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions hereunder would be difficult to calculate and that remedies at law would be inadequate. 

(c) This Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the internal Laws
of the State of New York, without giving effect to the conflict of laws rules thereof. Subject to this Section 7.7 and Section 7.8, the Parties agree that any suit or proceeding in connection with,
arising out of or relating to this Agreement shall be instituted only in a New York state court (or U.S. Federal court) located in New York, New York, and the Parties, for the purpose of any such suit or proceeding, irrevocably consent and submit to
the exclusive personal jurisdiction and venue of any such court in any such suit or proceeding. Each Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by Law. 
 (d) Each Party irrevocably and unconditionally waives, to the fullest
extent permitted by Law, (i) any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in
Section 7.7(b) or 7.7(c) and (ii) the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 

(e) Each Party irrevocably consents to service of process by means of notice in the manner provided for in
Section 7.1. Nothing in this Agreement shall affect the right of any Party to serve process in any other manner permitted by Law. 

(f) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND WITH THE ADVICE OF ITS COUNSEL, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING, WHETHER A CLAIM, 

  
 23 

 
COUNTERCLAIM, CROSS-CLAIM, OR THIRD PARTY CLAIM, DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). 
 SECTION 7.8. Reconciliation Procedures. 

(a) In the event that the Corporation and any Member are unable to resolve a disagreement with respect to a Schedule prepared
in accordance with the procedures set forth in Section 2.4 or Section 4.2, as applicable, within the relevant time period designated in this Agreement (a “Reconciliation Dispute”),
the procedures described in this paragraph (the “Reconciliation Procedures”) will apply. The applicable Members shall, within 15 calendar days of the commencement of a Reconciliation Dispute, mutually select a nationally
recognized expert in the particular area of disagreement (the “Expert”) and submit the Reconciliation Dispute to such Expert for determination. The Expert shall be a partner or principal in a nationally recognized accounting firm,
and unless the Corporation and such Member agree otherwise, the Expert (and its employing firm) shall not have any material relationship with the Corporation or such Member or other actual or potential conflict of interest. If the applicable Parties
are unable to agree on an Expert within such 15 calendar-day time period, the selection of an Expert shall be treated as a Dispute subject to Section 7.7 and an arbitration panel
shall pick an Expert from a nationally recognized accounting firm that does not have any material relationship with the applicable Parties or other actual or potential conflict of interest. The Expert shall resolve any matter relating to (i) a
Basis Schedule, Early Termination Schedule or an amendment to either within 30 calendar days and (ii) a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each
case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement)
or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid by the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon
resolution. The Expert shall finally determine any Reconciliation Dispute, and its determinations pursuant to this Section 7.8(a) shall be binding on the applicable Parties and may be entered and enforced in any court
having competent jurisdiction. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.8 or a Dispute within the meaning of Section 7.7 shall be decided
and resolved as a Dispute subject to the procedures set forth in Section 7.7. 
 (b) Subject to the
next sentence, the applicable Parties shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the Member’s position, in which case the Corporation shall reimburse the Member for any reasonable and
documented out-of-pocket costs and expenses in such proceeding or (ii) the Expert adopts the Corporation’s position, in which case the Members shall reimburse
the Corporation for any reasonable and documented out-of-pocket costs and expenses in such proceeding. The costs and expenses relating to the engagement of such Expert
or amending any Tax Return shall be borne by the Corporation. 

  
 24 

 SECTION 7.9. Withholding. The Corporation and its Affiliates shall be
entitled to deduct and withhold from any payment that is payable to any Member pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment by applicable Law. To the extent
that amounts are so deducted and withheld and paid over to the appropriate Taxing Authority by the Corporation, such deducted and withheld amounts shall be treated for all purposes of this Agreement as having been paid by the Corporation to the
relevant Member in respect of whom the deduction and withholding was made. Each Member shall promptly provide the Corporation with any applicable tax forms and certifications reasonably requested by the Corporation in connection with determining
whether any such deductions and withholdings are required by applicable Law. 
 SECTION 7.10. Admission of the
Corporation into a Consolidated Group; Transfers of Corporate Assets. 
 (a) If the Corporation is or becomes a member of
an affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Section 1501 or other applicable sections of the Code governing affiliated or consolidated groups, or any corresponding provisions of
state, local or foreign tax Law, then (i) the provisions of this Agreement shall be applied with respect to the group as a whole, and (ii) Payments and other applicable items hereunder shall be computed with reference to the consolidated
taxable income of the group as a whole. 
 (b) If the Corporation or any member of the Bridge Holdings Group transfers one or
more Reference Assets to a Person treated as a corporation for U.S. Federal income tax purposes (with which the Corporation does not file a consolidated Tax Return pursuant to Section 1501 of the Code), such transferor, for purposes of
calculating the amount of any Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed to be received by the Corporation or Bridge Holdings Group
member, as the applicable transferor, shall be equal to the fair market value of the transferred asset plus the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset. For purposes of this
Section 7.10, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s applicable share of each of the assets and liabilities of that partnership. Notwithstanding anything to
the contrary set forth herein, if the Corporation or any member of a group described in Section 7.10(a) transfers its assets pursuant to a transaction that qualifies as a “reorganization” (within the meaning of
Section 368(a) of the Code) in which such entity does not survive, pursuant to a contribution described in Section 351(a) of the Code or pursuant to any other transaction to which Section 381(a) of the Code applies (other than any
such reorganization or any such other transaction, in each case, pursuant to which such entity transfers assets to a corporation with which the Corporation or any member of the group described in Section 7.10(a) (excluding
any such member being transferred in such reorganization or other transaction) does not file a consolidated Tax Return pursuant to Section 1501 of the Code), the transfer will not cause such entity to be treated as having transferred any assets
to a corporation (or a Person classified as a corporation for U.S. Federal income tax purposes) pursuant to this Section 7.10(b). 

  
 25 

 SECTION 7.11. Confidentiality. Each Member and each of its respective
assignees acknowledges and agrees that the information of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by Law or legal process or to enforce the
terms of this Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any other Person any confidential information, acquired pursuant to this Agreement, of the Corporation or its controlled Affiliates or their
successors. This Section 7.11 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its controlled Affiliates, becomes public knowledge (except as a result of an act
of any Member in violation of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the extent necessary for a Member to prosecute or defend claims arising under or relating to this Agreement and
(iii) the disclosure of information to the extent necessary for a Member to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by
any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the Members and each of their assignees (and each employee, representative or other agent of the Members or their assignees, as applicable) may
disclose at their discretion to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the Corporation, the Members and any of their transactions, and all materials of any kind (including tax opinions or other
tax analyses) that are provided to the Members relating to such tax treatment and tax structure. If a Member or an assignee commits, or threatens to commit, a breach of any of the provisions of this Section 7.11, the
Corporation shall have the right and remedy to have the provisions of this Section 7.11 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or
other security, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Corporation or any of its controlled Affiliates and that money damages alone will not provide an adequate remedy to such
Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at Law or in equity. 

SECTION 7.12. Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or
proposed change in Law, a Member reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Member (or direct or indirect equity holders
in such Member) in connection with any Exchange to be treated as ordinary income (other than with respect to assets described in Section 751(a) of the Code) rather than capital gain (or otherwise taxed at ordinary income rates) for
U.S. Federal income tax purposes or would have other material adverse tax consequences to such Member or any direct or indirect owner of such Member, then, at the written election of such Member in its sole discretion (in an instrument signed
by such Member and delivered to the Corporation) and to the extent specified therein by such Member, this Agreement shall cease to have further effect and shall not apply to an Exchange occurring after a date specified by such Member, or may be
amended in a manner reasonably determined by such Member; provided that such amendment shall not result in an increase in any payments owed by the Corporation under this Agreement 

  
 26 

 
at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

SECTION 7.13. Interest Rate Limitation. Notwithstanding anything to the contrary contained herein, the interest paid or
agreed to be paid hereunder with respect to amounts due to any Member hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
any Member shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the applicable payment (but in each case exclusive of any component thereof comprising interest) or, if it exceeds such unpaid non-interest amount, refunded to the Corporation. In determining whether the interest contracted for, charged or received by any Member exceeds the Maximum Rate, such Member may, to the extent permitted by
applicable Law, (i) characterize any payment that is not principal as an expense, fee or premium rather than interest, (ii) exclude voluntary prepayments and the effects thereof or (iii) amortize, prorate, allocate and spread in equal
or unequal parts the total amount of interest throughout the contemplated term of the payment obligations owed by the Corporation to such Member hereunder. Notwithstanding the foregoing, it is the intention of the Parties to conform strictly to any
applicable usury Laws. 
 SECTION 7.14. Independent Nature of Rights and Obligations. The rights and obligations of
each Member hereunder are several and not joint with the rights and obligations of any other Person. A Member shall not be responsible in any way for the performance of the obligations of any other Person hereunder, nor shall a Member have the right
to enforce the rights or obligations of any other Person hereunder (other than obligations of the Corporation). The obligations of a Member hereunder are solely for the benefit of, and shall be enforceable solely by, the Corporation. Nothing
contained herein or in any other agreement or document delivered in connection herewith, and no action taken by any Member pursuant hereto or thereto, shall be deemed to constitute the Members acting as a partnership, association, joint venture or
any other kind of entity, or create a presumption that the Members are in any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated hereby. 

[Signature Page Follows this Page] 

  
 27 

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
on their behalf this Agreement as of the date first written above. 
  

					
	 CORPORATION:

		
		 	 BRIDGE INVESTMENT GROUP HOLDINGS INC.

			
		 	 By:
	 	
                  
                           

			
		 	 Name:
	 	
		 	 Title:
	 	
	
	 BRIDGE HOLDINGS:

		
		 	 BRIDGE INVESTMENT GROUP HOLDINGS LLC

			
		 	 By:
	 	  

			
		 	 Name:
	 	
		 	 Title:
	 	

 [Signature Page to Tax Receivable Agreement] 

 
							
	MEMBERS:
				
		 	 [•]
	 		 	
		 		 	 By:
	 	
                  
                   

				
		 	 Name:
	 		 	
		 	 Title:
	 		 	
				
		 	 [•]
	 		 	
		 		 	 By:
	 	  

				
		 	 Name:
	 		 	
		 	 Title:
	 		 	
				
		 	 [•]
	 		 	
		 		 	 By:
	 	  

				
		 	 Name:
	 		 	
		 	 Title:
	 		 	
				
		 	 [•]
	 		 	
		 		 	 By:
	 	  

				
		 	 Name:
	 		 	
		 	 Title:
	 		 	

 [Signature Page to Tax Receivable Agreement] 

 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of _______________, 20___ (this “Joinder”), is delivered pursuant to that
certain Tax Receivable Agreement, dated as of ______________, 20___ (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Tax Receivable Agreement”), by and among Bridge Investment
Group Holdings Inc., a Delaware corporation (the “Corporation”), Bridge Investment Group Holdings LLC, a Delaware limited liability company (“Bridge Holdings”), and each of the Members from time to time party
thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Tax Receivable Agreement. 
  

	 	1.	 Joinder to the Tax Receivable Agreement. The undersigned hereby represents and warrants to the
Corporation that, as of the date hereof, the undersigned has been assigned an interest in the Tax Receivable Agreement from a Member. 

  

	 	2.	 Joinder to the Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and
delivery hereof to the Corporation, the undersigned hereby is and hereafter will be a Member under the Tax Receivable Agreement, with all the rights, privileges and responsibilities of a party thereunder. The undersigned hereby agrees that it shall
comply with and be fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date thereof. 

  

	 	3.	 Incorporation by Reference. All terms and conditions of the Tax Receivable Agreement are hereby
incorporated by reference in this Joinder as if set forth herein in full. 

  

	 	4.	 Address. All notices under the Tax Receivable Agreement to the undersigned shall be direct to:

 [Name] 

[Address] 

[City, State, Zip Code] 

Attn: 

Facsimile: 

E-mail: 

[Signature Page Follows this Page] 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Joinder as of the day and year first above written. 
  

			
	 [NAME OF NEW MEMBER]

		
	 by
	 	  

		 	 Name:

		 	 Title:

  

			
	 Acknowledged and agreed

as of the date first set forth above:

	
	 BRIDGE INVESTMENT GROUP HOLDINGS INC.

		
	 by
	 	  

		 	 Name:

		 	 Title:

 [Signature Page to Joinder Agreement]EX-10.3

 Exhibit 10.3 

STOCKHOLDERS AGREEMENT OF 

BRIDGE INVESTMENT GROUP HOLDINGS INC. 

THIS STOCKHOLDERS AGREEMENT, dated as of ____________, 2021 (as it may be amended, amended and restated or otherwise
modified from time to time in accordance with the terms hereof, this “Agreement”), is entered into by and among Bridge Investment Group Holdings Inc., a Delaware corporation (the “Corporation”) and the Persons (as
defined below) listed on Schedule A attached hereto (the “Original Members”). Certain terms used in this Agreement are defined in Section 6. 

RECITALS 

WHEREAS, each Original Member owns, directly or indirectly, outstanding limited liability company interests in
Bridge Investment Group Holdings LLC, a Delaware limited liability company (“Bridge LLC”), which limited liability company interests constitute and are defined as “Class A Common Units” pursuant to the Fifth Amended
and Restated Limited Liability Company Agreement of Bridge LLC, dated as of the date hereof, as such agreement may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time (the “LLC
Agreement”, and such limited liability company interests, the “Class A Common Units”); 

WHEREAS, the Corporation is contemplating an offering and sale of the shares of Class A common stock, par
value $0.01 per share, of the Corporation (the “Class A Common Stock”) in an underwritten initial public offering (the “IPO”) and using a portion of the net proceeds received from the IPO to
purchase Class A Common Units; 
 WHEREAS, pursuant to that certain Class A Common Unit
Subscription Agreement by and between the Corporation and Bridge LLC, dated as of the date hereof (the “Class A Common Unit Subscription Agreement”), the Corporation will hold Class A Common Units; 

WHEREAS, upon consummation of the transactions contemplated by the Class A Common Unit Subscription Agreement, it
is contemplated that the Corporation will be admitted as a member, and appointed as the sole managing member, of Bridge LLC; 

WHEREAS, in connection with, and prior to, the consummation of the IPO, it is anticipated that the Original Members,
the Corporation, Bridge LLC and certain of their respective affiliates will enter into a series of related transactions pursuant to which, among other things, the Original Members will become holders of Class B common stock, par value $0.01 per
share, of the Corporation (the “Class B Common Stock”); 
 WHEREAS, immediately
following the consummation of the IPO, the Original Members will be the record holders of shares of Class B Common Stock; and 

WHEREAS, in order to induce the Original Members (x) to approve the sale and issuance of Class A Common Units
by Bridge LLC to the Corporation and the appointment of the Corporation as the sole managing member of Bridge LLC in connection with the IPO and (y) to take such other actions as shall be necessary to effectuate the transactions related to the
IPO, the parties hereto desire to set forth their agreement with respect to the matters set forth herein in connection with their respective investments in the Corporation. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Corporation and the Original Members agree as follows: 

 AGREEMENT 

Section 1. Election of the Board of Directors. 

(a) Subject to the other provisions of this Section 1, the number of Directors constituting the full
Board shall initially be fixed at seven (7). 
 (b) Subject to this Section 1(b), the Original
Members (and together with any Permitted Transferees of the Original Members, in such capacity, the “Original Member Related Parties”) beneficially owning, directly or indirectly, in the aggregate not less than two-thirds of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares) held by the Original Members, or by which such Original Member(s) possess
voting power (including, for the avoidance of doubt, pursuant to the irrevocable proxy granted under Section 18), shall be entitled to designate for nomination by the Board in any applicable election (i) that number of
individuals, which, assuming all such individuals are successfully elected to the Board, when taken together with any incumbent Original Member Directors not standing for election in such election, would result in there being four
(4) Original Member Directors serving on the Board, and (ii) that number of individuals who satisfy the Independence Requirements, which, assuming all such individuals are successfully elected to the Board, when taken together with any
incumbent Original Member Designated Independent Director, would result in there being three (3) Original Member Designated Independent Directors serving on the Board. 

(c) Subject to the foregoing Section 1(b), each of the Original Members (and any of their respective
Permitted Transferees) hereby agrees to vote, or cause to be voted, all outstanding shares of Class A Common Stock and/or Class B Common Stock, as applicable, held by such Original Members (or any of their respective Permitted
Transferees), or by which such Original Member possesses voting power (including, for the avoidance of doubt, pursuant to the irrevocable proxy granted under Section 18), at any annual or special meeting of stockholders of
the Corporation at which Directors of the Corporation are to be elected or removed, or to take all Necessary Action to cause the election or removal of the Original Member Director(s) and the Original Member Designated Independent Directors as
Directors, as provided herein. 
 Section 2. Vacancies and Replacements. 

(a) The Original Member Related Parties beneficially owning, directly or indirectly, in the aggregate not less than two-thirds of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares) held by the Original Members, or by which such Original Member(s) possess
voting power (including, for the avoidance of doubt, pursuant to the irrevocable proxy granted under Section 18) shall have the sole right to request that one or more of their designated Directors, as applicable, tender
their resignations as Directors of the Board, in each case, with or without cause at any time, by sending a written notice to such Director and the Corporation’s Secretary stating the name of the Director or Directors whose resignation from the
Board is requested (the “Removal Notice”). If the Director subject to such Removal Notice does not resign within thirty (30) days from receipt thereof by such Director, the Original Member Related Parties, as holders of
Class A Common Stock and Class B Common Stock, the Corporation and the Board, to the fullest extent permitted by law and, with respect to the Board, subject to its fiduciary duties to the Corporation’s stockholders, shall thereafter
take all Necessary Action, including voting in accordance with Section 1 to cause the removal of such Director from the Board (and such Director shall only be removed by the parties to this Agreement in such manner as
provided herein). 
 (b) The Original Member Related Parties beneficially owning, directly or indirectly, in the aggregate
not less than two-thirds of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares) held by the Original Members, or by which such
Original 

  
 2 

 
Member(s) possess voting power (including, for the avoidance of doubt, pursuant to the irrevocable proxy granted under Section 18) shall have the exclusive right to
designate a replacement Director for nomination or election by the Board to fill vacancies created as a result of not designating their Directors initially or by death, disability, retirement, resignation, removal (with or without cause) of their
Directors, or otherwise by designating a successor for nomination or election by the Board to fill the vacancy of their Directors created thereby on the terms and subject to the conditions of Section 1. 

Section 3. Initial Directors. 

The initial Original Member Directors pursuant to Section 1(b)(i) shall be Robert Morse (as a
Class I Director), Jonathan Slager (as a Class II Director), Adam O’Farrell (as a Class III Director) and Dean Allara (as a Class III Director). The initial Original Member Designated Independent Directors pursuant to
Section 1(b)(ii) shall satisfy the Independence Requirements, and shall be Debra Martin Chase (as a Class I Director), Deborah Hopkins (as a Class II Director) and Chad Leat (as a Class III Director). Robert
Morse shall serve as the initial Chairperson of the Board (as defined in the Bylaws) for the initial term, in accordance with this Agreement and the Bylaws, after which the Chairperson of the Board shall be determined in accordance with this
Agreement and the Bylaws. 
 Section 4. Covenants of the Corporation. 

(a) The Corporation agrees to take all Necessary Action to cause (i) the Board to be comprised at least of seven
(7) Directors or such other number of Directors as the Board may determine, subject to the terms of this Agreement, the Charter or the Bylaws of the Corporation; (ii) the individuals designated in accordance with
Section 1 to be included in the slate of nominees to be elected at the next annual or special meeting of stockholders of the Corporation at which Directors are to be elected, in accordance with the Bylaws, Charter and
General Corporation Law of the State of Delaware and at each annual meeting of stockholders of the Corporation thereafter at which such Director’s term expires; (iii) the individuals designated in accordance with
Section 2(c) to fill the applicable vacancies on the Board, in accordance with the Bylaws, Charter, Securities Laws, General Corporation Law of the State of Delaware and the New York Stock Exchange rules and
(iv) Robert Morse to be the initial Chairperson of the Board. 
 (b) The Original Member Related Parties shall comply
with the requirements of the Charter and Bylaws when designating and nominating individuals as Directors, in each case, to the extent such requirements are applicable to Directors generally. Notwithstanding anything to the contrary set forth herein,
in the event that the Board determines, within sixty (60) days after compliance with the first sentence of this Section 4(b), in good faith, after consultation with outside legal counsel, that its nomination,
appointment or election of a particular Director designated in accordance with Section 1 or Section 2, as applicable, would constitute a breach of its fiduciary duties to the Corporation’s
stockholders or does not otherwise comply with any requirements of the Charter or Bylaws, then the Board shall inform the Original Member Related Parties of such determination in writing and explain in reasonable detail the basis for such
determination and shall, to the fullest extent permitted by law, nominate, appoint or elect another individual designated for nomination, election or appointment to the Board by the Original Member Related Parties (subject in each case to this
Section 4(b)). The Board and the Corporation shall, to the fullest extent permitted by law, take all Necessary Action required by this Section 4 with respect to the election of such substitute
designees to the Board. 
 Section 5. Termination. 

This Agreement shall terminate upon the earliest to occur of any one of the following events: 

  
 3 

 (a) the Original Member Related Parties ceasing to own or control
(including, for the avoidance of doubt, pursuant to the irrevocable proxy granted under Section 18) a majority in voting power of the outstanding shares of the Corporation’s stock; 

(b) the fifth (5th) anniversary of the closing of the IPO; or 

(c) the unanimous written consent of the parties hereto. 

Notwithstanding the foregoing, nothing in this Agreement shall modify, limit or otherwise affect, in any way, any and all
rights to indemnification, exculpation and/or contribution owed by any of the parties hereto, to the extent arising out of or relating to events occurring prior to the date of termination of this Agreement or the date the rights and obligations of
such party under this Agreement terminates in accordance with this Section 5. 
 Section 6.
Definitions. 
 As used in this Agreement, any term that it is not defined herein, shall have the following meanings:

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

“Bylaws” means the amended and restated bylaws of the Corporation, dated as of the date hereof, as the same
may be further amended, restated, amended and restated or otherwise modified from time to time. 

“Charter” means the amended and restated certificate of incorporation of the Corporation, effective as of the
date hereof, as the same may be further amended, restated, amended and restated or otherwise modified from time to time. 

“Director” means a member of the Board. 

“Independence Requirements” means, with respect to a Director, an individual who meets the independence
requirements established by the Board and applicable laws, regulations and listing requirements of the New York Stock Exchange. 

“Necessary Action” means, with respect to a specified result, all commercially reasonable actions required to
cause such result that are within the power of a specified Person, including (i) voting or providing a written consent or proxy with respect to the equity securities owned by the Person obligated to undertake the necessary action,
(ii) voting in favor of the adoption of stockholders’ resolutions and amendments to the organizational documents of the Corporation, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with
governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

“Original Member Designated Independent Director” means any Director who had initially been designated for
nomination by the Original Member Related Parties in accordance with Section 1(b)(ii). 

“Original Member Director” means any Director who had initially been designated for nomination by the
Original Member Related Parties in accordance with Section 1(b)(i). 
 “Permitted
Transferees” has the meaning set forth in the LLC Agreement. 

  
 4 

 “Person” means any individual, corporation, limited
liability company, partnership, trust, joint stock company, business trust, unincorporated association, joint venture, governmental authority or other entity or organization, including a government or any subdivision or agency thereof. 

“Securities Laws” means the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as
amended, and the rules promulgated thereunder. 
 “Subsidiary” means with respect to any Person, any
corporation, limited liability company, partnership, association, trust or other form of legal entity, of which (a) such first Person directly or indirectly owns or controls at least a majority of the securities or other interests having by
their terms voting power to elect a majority of the board of directors or others performing similar functions, or (b) such first Person is a general partner or managing member (excluding partnerships in which such Person or any Subsidiary
thereof does not have a majority of the voting interests in such partnership). 
 “Underlying
Class A Shares” means all shares of Class A Common Stock issuable upon redemption of Class A Common Units in accordance with the terms and conditions of the LLC Agreement, assuming all such Class A Common
Units are redeemed for Class A Common Stock on a one-for-one basis. 

Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender;
(ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire
Agreement; (iv) the terms “Article” or “Section” refer to the specified Article or Section of this Agreement; (v) the word “including” shall mean “including, without limitation”; (vi) each defined
term has its defined meaning throughout this Agreement, whether the definition of such term appears before or after such term is used; and (vii) the word “or” shall be disjunctive but not exclusive. References to agreements and other
documents shall be deemed to include all subsequent amendments and other modifications thereto. References to statutes shall include all regulations promulgated thereunder and references to statutes or regulations shall be construed as including all
statutory and regulatory provisions consolidating, amending or replacing the statute or regulation. 
 Section 7. Choice of Law and
Venue; Waiver of Right to Jury Trial. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY
HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE
CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF A DELAWARE FEDERAL OR STATE COURT, OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE
JURISDICTION. 
 (b) IN THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN
CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF 

  
 5 

 
DELAWARE, OR IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL DIVISION), OR IF UNDER APPLICABLE LAW, SUBJECT
MATTER JURISDICTION OVER THE MATTER THAT IS THE SUBJECT OF THE ACTION OR PROCEEDING IS VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND APPELLATE COURTS FROM
ANY THEREOF, WITH RESPECT TO ALL ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT
AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION 7(B) AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS; (3) AGREE TO WAIVE TO
THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM;
(4) AGREE TO WAIVE ANY RIGHTS TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN
FOR COMMUNICATIONS TO SUCH PARTY; (6) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
 Section 8. Notices. 

Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or
refusal of receipt) and shall be in writing and delivered personally or sent by facsimile, or by electronic mail, or first class mail, or by Federal Express or other similar courier or other similar means of communication, as follows: 

(a) If to the Original Members, to the last address or email address for such Original Member on the books and records of the
Company. 
 (b) If to the Corporation, addressed as follows: 

Bridge Investment Group Holdings Inc. 

111 East Sego Lily Drive, Suite 400 

Salt Lake City, Utah 84070 

Attn: General Counsel 

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

Latham & Watkins LLP 

12670 High Bluff Drive 

San Diego, CA 92130 

Attn: Craig M. Garner, Esq. 

Facsimile: (858) 523-5450 

  
 6 

 or, in each case, to such other address or email address as such party may designate in
writing to each party by written notice given in the manner specified herein. All such communications shall be deemed to have been given, delivered or made when so delivered by hand or sent by facsimile (with confirmed transmission), on the next
business day if sent by overnight courier service (with confirmed delivery) or when received if sent by first class mail, or in the case of notice by electronic mail, when the relevant email enters the recipient’s server. 

Section 9. Assignment. 

Except as otherwise provided herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. This Agreement may not be assigned (by operation of law or otherwise) without the express prior written consent of the other parties
hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that each of the Original Members (and any subsequent Permitted Transferees thereof) is permitted to assign this Agreement to their
respective Permitted Transferees of the Class B Common Stock or Class A Common Units and each Original Member (and any such Permitted Transferee) is permitted to assign this Agreement to its respective affiliates in connection with a
transfer of the Class A Common Stock to such affiliate (or receipt by any such affiliate of Class A Common Stock pursuant to the exchange and redemption provisions of the LLC Agreement) (it being understood that no such assignment shall
relieve any such Original Member or Permitted Transferee of its obligations hereunder so long as it continues to hold Class A Common Stock, Class B Common Stock or Class A Common Units). Notwithstanding anything herein to the
contrary, each of the Original Members (and any subsequent Permitted Transferee thereof) shall cause any of their respective Permitted Transferees of the Class B Common Stock or Class A Common Units, or any of their affiliates that
receives shares of Class A Common Stock (whether through a transfer, or via the exchange and redemption provisions of the LLC Agreement), to become a party to this Agreement by executing a joinder hereto reasonably satisfactory to the
Corporation, as a pre-condition to the effectiveness of such transaction. 
 Section 10.
Amendment and Modification; Waiver of Compliance. 
 This Agreement may not be amended, modified, altered or
supplemented except by means of a written instrument executed on behalf of each of the Corporation each of the Original Members. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation,
covenant, agreement or condition herein may be waived by the party or parties entitled to the benefits thereof only by a written instrument signed by the party or parties granting such waiver, but such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

Section 11. Waiver. 

No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this Agreement, and no
delay on the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any
other or further exercise thereof or of any other power, right, privilege or remedy. 
 Section 12. Severability. 

If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction,
shall be held to be invalid or unenforceable to any extent, (i) the 

  
 7 

 
remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or
circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions
shall not be affected thereby. 
 Section 13. Counterparts. 

This Agreement may be executed in any number of counterparts and signatures may be delivered by facsimile, each of which may be
executed by less than all parties, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. 

Section 14. Further Assurances. 

At any time or from time to time after the date hereof, the parties hereto agree to cooperate with each other, and at the
request of any other party, to execute and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence or effectuate the provisions of this Agreement and to
otherwise carry out the intent of the parties hereunder. 
 Section 15. Titles and Subtitles. 

The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

 Section 16. Representations and Warranties. 

(a) Each Original Member and each Person who becomes a party to this Agreement after the date hereof, severally and not jointly
and solely with respect to itself, represents and warrants to the Corporation as of the time such party becomes a party to this Agreement that (a) if applicable, it is duly authorized to execute, deliver and perform this Agreement;
(b) this Agreement has been duly executed by such party and is a valid and binding agreement of such party, enforceable against such party in accordance with its terms; and (c) the execution, delivery and performance by such party of this
Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of time or both constitute) a default under any agreement to which such party is a party or, if applicable, the organizational documents of
such party. 
 (b) The Corporation represents and warrants to each other party hereto that (a) the Corporation is duly
authorized to execute, deliver and perform this Agreement; (b) this Agreement has been duly authorized, executed and delivered by the Corporation and is a valid and binding agreement of the Corporation, enforceable against the Corporation in
accordance with its terms; and (c) the execution, delivery and performance by the Corporation of this Agreement does not violate or conflict with or result in a breach by the Corporation of or constitute (or with notice or lapse of time or both
constitute) a default by the Corporation under the Charter or Bylaws, any existing applicable law, rule, regulation, judgment, order, or decree of any governmental authority exercising any statutory or regulatory authority of any of the foregoing,
domestic or foreign, having jurisdiction over the Corporation or any of its Subsidiaries or any of their respective properties or assets, or any agreement or instrument to which the Corporation or any of its Subsidiaries is a party or by which the
Corporation or any of its Subsidiaries or any of their respective properties or assets may be bound. 
 Section 17. No Strict
Construction. 

  
 8 

 This Agreement shall be deemed to be collectively prepared by the parties
hereto, and no ambiguity herein shall be construed for or against any party based upon the identity of the author of this Agreement or any provision hereof. 

Section 18. Appointment of Proxy. 

(a) Each of the Original Members listed on Schedule B attached hereto (each, a “Proxy Granting Member”),
individually and not jointly, hereby appoints the Original Member set forth opposite such Proxy Granting Member’s name on Schedule B hereto, as such Proxy Granting Member’s true and lawful proxy and attorney-in-fact, with full power of substitution, to vote all of such Proxy Granting Member’s outstanding shares of Class A Common Stock and/or Class B Common Stock, as applicable, held by
such Proxy Granting Member for the election and removal of Directors and for all other matters provided for in Section 1 and Section 2. The proxies and powers granted pursuant to this
Section 18 are coupled with an interest and are given to secure the performance of this Agreement. Such proxies and powers are irrevocable and binding upon each of the Proxy Granting Members and the successors, assigns,
representatives and executors thereof (each of whom is an Original Member) until the termination of this Agreement and shall revoke any and all prior proxies granted by such Proxy Granting Member with respect to the outstanding shares of
Class A Common Stock and/or Class B Common Stock, as applicable, held by such Proxy Granting Member. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Stockholders
Agreement to be executed on the day and year first above written. 
  

			
	 BRIDGE INVESTMENT GROUP HOLDINGS INC.

		
	 By:
	 	  

	 Name:
	 	 Jonathan Slager

	 Title:
	 	 Chief Executive Officer

 IN WITNESS WHEREOF, the parties hereto have caused this Stockholders
Agreement to be executed on the day and year first above written. 
  

			
	 [____________________]

	
	 By: [•],

	 its [•]

 

			
	 By:
	 	  

	 Name:

	 Title:

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Stockholders
Agreement to be executed on the day and year first above written. 
  

			
	 [____________________]

	
	 By: [•],

its [•]

 

			
	 By:
	 	  

	 Name:

	 Title:

  
 12

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