Document:

Exhibit 10.2

 

 

 

 

 

 

REGISTRATION
RIGHTS AGREEMENT

BY AND among

Wayne Farms, Inc.

and

Certain Stockholders

Dated as of [●], 2015

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I EFFECTIVENESS	1
	Section 1.1   Effectiveness	1
	ARTICLE II DEFINITIONS	2
	Section 2.1   Definitions	2
	Section 2.2   Other Interpretive Provisions	6
	ARTICLE III REGISTRATION RIGHTS	6
	Section 3.1   Demand Registration	6
	Section 3.2   Shelf Registration	9
	Section 3.3   Piggyback Registration	12
	Section 3.4   Lock-Up Agreements	13
	Section 3.5   Registration Procedures	14
	Section 3.6   Underwritten Offerings	20
	Section 3.7   No Inconsistent Agreements; Additional Rights	21
	Section 3.8   Registration Expenses	22
	Section 3.9   Indemnification	22
	Section 3.10   Rules 144 and 144A and Regulation S	24
	Section 3.11   Existing Registration Statements	25
	ARTICLE IV MISCELLANEOUS	25
	Section 4.1   Authority; Effect	25
	Section 4.2   Notices	25
	Section 4.3   Termination and Effect of Termination	26
	Section 4.4   Permitted Transferees	26
	Section 4.5   Remedies	27
	Section 4.6   Amendments	27
	Section 4.7   Governing Law	27
	Section 4.8   Consent to Jurisdiction	27
	Section 4.9   WAIVER OF JURY TRIAL	28
	Section 4.10   Merger; Binding Effect, Etc.	28
	Section 4.11   Counterparts	28
	Section 4.12   Severability	28
	Section 4.13   No Recourse	28

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This REGISTRATION RIGHTS AGREEMENT (as it
may be amended from time to time in accordance with the terms hereof, this “Agreement”), dated as of [●],
2015, is made by and among:

 

i.Wayne Farms, Inc., a Delaware corporation
(the “Company”);

 

ii.Wayne Farms Holdings LLC, a Delaware
limited liability company (together with its Affiliates who are Permitted Transferees that become party hereto, the “Principal
Investor”); and

 

iii.such other Persons, if any, that
from time to time become party hereto as holders of Registrable Securities pursuant to Section 4.4 in their capacity as Permitted
Transferees (“Permitted Transferees” and, together with the Principal Investor, the “Holders”).

 

RECITALS

 

WHEREAS, in connection with the initial
public offering (the “IPO”) by the Company of its shares of the Company’s Class A common stock, par value
$0.00001 per share (the “Class A Common Stock”), the Company has effected a series of reorganization transactions
described in the Registration Statement on Form S-1 (Registration No. 333-202797) (the “Reorganization Transactions”);

 

WHEREAS, after giving effect to the Reorganization
Transactions, the Principal Investor owns limited liability company interests in Wayne Farms LLC, a Delaware limited liability
company, designated as “Company Class B Common Units” (“Class B Units”) and shares of the Company’s
Class B common stock, par value $0.00001 per share (the “Class B Common Stock” and together with the Class A
Common Stock, the “Common Stock”); and such Class B Units, subject to certain restrictions, are exchangeable
from time to time at the option of the holder thereof for shares of Class A Common Stock pursuant to the terms of the LLC Agreement
(as defined herein);

 

WHEREAS, the parties believe that it is
in the best interests of the Company and the other parties hereto to set forth their agreements regarding registration rights with
respect to the Common Stock and certain other matters following the IPO.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

EFFECTIVENESS

 

Section 1.1           
Effectiveness. This Agreement shall become effective upon the closing of the IPO.

 

    	 

    	 

    

ARTICLE II

DEFINITIONS

 

Section 2.1           
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Adverse Disclosure”
means public disclosure of material non-public information that, in the good faith judgment of the Board of Directors of the Company,
after consultation with outside counsel to the Company: (i) would be required to be made in any Registration Statement filed
with the SEC by the Company so that such Registration Statement, from and after its effective date, does not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued
use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing
publicly.

 

“Affiliate” means, with
respect to any specified Person, (a) any Person that directly or indirectly through one or more intermediaries controls, or
is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is
a natural Person, a Member of the Immediate Family of such Person; provided, that the Company and each of its subsidiaries
shall be deemed not to be Affiliates of the Principal Investor. As used in this definition, the term “control” means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

“Agreement” shall have
the meaning set forth in the Preamble.

 

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

 

“Class A Common Stock”
shall have the meaning set forth in the Recitals.

 

“Class B Common Stock”
shall have the meaning set forth in the Recitals.

 

“Class B Units”
shall have the meaning set forth in the Recitals.

 

“Common Stock” shall
have the meaning set forth in the Recitals.

 

“Company” shall have
the meaning set forth in the preamble to this Agreement.

 

“Demand Notice” shall
have the meaning set forth in Section 3.1.3.

 

“Demand Registration”
shall have the meaning set forth in Section 3.1.1(a).

 

“Demand Registration Request”
shall have the meaning set forth in Section 3.1.1(a).

 

“Demand Registration Statement”
shall have the meaning set forth in Section 3.1.1(c).

 

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“Demand Suspension” shall
have the meaning set forth in Section 3.1.6.

 

“Demanding Holder” means
a Qualified Holder after exercising its right to request a Demand Registration pursuant to Section 3.1.

 

“Exchange” means the
exchange of Class B Units for shares of Class A Common Stock pursuant to the LLC Agreement.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Holders” shall have
the meaning set forth in the preamble to this Agreement.

 

“IPO” shall have the
meaning set forth in the Recitals.

 

“Issuer Free Writing Prospectus”
means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of the Registrable
Securities.

 

“Issuer Shares” means
the shares of Common Stock or other equity securities of the Company, and any securities into which such shares of Common Stock
or other equity securities shall have been changed or any securities resulting from any reclassification or recapitalization of
such shares of Common Stock or other equity securities.

 

“LLC Agreement” means
the Second Amended and Restated Limited Liability Company Agreement of Wayne Farms LLC, dated as of [●], 2015, as amended,
supplemented or restated, in each case in accordance with its terms.

 

“Loss” shall have the
meaning set forth in Section 3.9.1.

 

“Member of the Immediate Family”
means, with respect to any Person who is a natural person, (a) each parent, spouse (but not including a former spouse or a
spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trustee,
solely in his or her capacity as trustee, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries.

 

“Participation Conditions”
shall have the meaning set forth in Section 3.2.5(b).

 

“Permitted Transferee”
shall have the meaning set forth in Section 4.4.

 

“Person” means any individual,
partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity
or division, or any government, governmental department or agency or political subdivision thereof.

 

“Piggyback Notice” shall
have the meaning set forth in Section 3.3.1.

 

“Piggyback Registration”
shall have the meaning set forth in Section 3.3.1.

 

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“Potential Takedown Participant”
shall have the meaning set forth in Section 3.2.5(b).

 

“Principal Investor”
shall have the meaning set forth in the preamble to this Agreement.

 

“Pro Rata Portion” means,
with respect to each Holder requesting that its shares be registered pursuant to a Demand Registration or sold in a Public Offering,
a number of such shares equal to the aggregate number of Registrable Securities to be registered in such Demand Registration or
sold in such Public Offering (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction,
the numerator of which is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the
aggregate number of Registrable Securities held by all Holders requesting that their Registrable Securities be registered in such
Demand Registration or sold in such Public Offering.

 

“Prospectus” means (i) the
prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus.

 

“Public Offering” means
the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement under the Securities Act
(other than a Registration Statement on Form S-4 or Form S-8 or any successor form).

 

“Qualified Holder” shall
mean any Holder who is a Principal Investor or any other Holders who, individually or collectively, propose to register under the
Securities Act at least 1% of the then-outstanding Common Stock.

 

“Registrable Securities”
means (i) all shares of Class A Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible
security (including shares of Class A Common Stock issuable upon Exchange) and (ii) all shares of Class A Common Stock directly
or indirectly issued or issuable with respect to the securities referred to in clause (i) above by way of unit or stock dividend
or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other
reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (x) a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such
securities shall have been disposed of in accordance with such Registration Statement, (y) such securities shall have been
Transferred to the public pursuant to Rule 144, or (z) such securities shall have ceased to be outstanding.

 

“Registration” means
registration under the Securities Act of the offer and sale to the public of any Issuer Shares under a Registration Statement.
The terms “register”, “registered” and “registering” shall have correlative
meanings.

 

“Registration Expenses”
shall have the meaning set forth in Section 3.8.

 

“Registration Statement”
means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the
related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and
all exhibits and all material incorporated by reference in such registration statement other than a registration statement (and
related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto.

 

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“Representatives” means,
with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“Requisite Investor Approval”
means the approval of the Principal Investor; provided, that, for purposes of this definition, the Principal Investor shall
be deemed to have approved an action to the extent that the Principal Investor or its Affiliates holding a majority of the Issuer
Shares held by the Principal Investor and its Affiliates vote in favor of, or provide their written consent to, such action.

 

“Reorganization Transactions”
shall have the meaning set forth in the Recitals.

 

“Rule 144” means Rule
144 under the Securities Act (or any successor Rule).

 

“SEC” means the Securities
and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 

“Securities Act” means
the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as
the same shall be in effect from time to time.

 

“Shelf Period” shall
have the meaning set forth in Section 3.2.3.

 

“Shelf Registration”
shall have the meaning set forth in Section 3.2.1(a).

 

“Shelf Registration Notice”
shall have the meaning set forth in Section 3.2.2.

 

“Shelf Registration Request”
shall have the meaning set forth in Section 3.2.1(a).

 

“Shelf Registration Statement”
shall have the meaning set forth in Section 3.2.1(a).

 

“Shelf Suspension” shall
have the meaning set forth in Section 3.2.4.

 

“Shelf Takedown Notice”
shall have the meaning set forth in Section 3.2.5(b).

 

“Shelf Takedown Request”
shall have the meaning set forth in Section 3.2.5(a).

 

“Transfer” means, with
respect to any Registrable Security, any interest therein, or any other securities or equity interests, a direct or indirect transfer,
sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an
option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial
process or otherwise. “Transferred” shall have a correlative meaning.

 

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“Underwritten Shelf Takedown”
means an underwritten Public Offering pursuant to an effective Shelf Registration Statement.

 

“WKSI” means any Securities
Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at the most recent eligibility
determination date specified in paragraph (2) of that definition.

 

Section 2.2           
Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms.

 

(b)              
The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement
as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement
unless otherwise specified.

 

(c)               
The term “including” is not limiting and means “including without limitation.”

 

(d)              
The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

(e)               
Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

ARTICLE III

REGISTRATION RIGHTS

 

The Company will perform and comply, and
cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder
will perform and comply with such of the following provisions as are applicable to such Holder.

 

Section 3.1           
Demand Registration.

 

Section 3.1.1.   
Request for Demand Registration.

 

		(a)	Following the effective date of this agreement, any one or more of the Qualified Holders shall have the right to make a written
request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of
the Registrable Securities held by such Qualified Holders. Any such Registration pursuant to a Demand Registration Request shall
hereinafter be referred to as a “Demand Registration.”

 

		(b)	Each Demand Registration Request shall specify (x) the kind and aggregate amount of Registrable Securities to be registered,
and (y) the intended method or methods of disposition thereof.

 

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		(c)	Upon receipt of the Demand Registration Request, the Company shall as promptly as practicable file a Registration Statement
(a “Demand Registration Statement”), as specified in the Demand Registration Request for such Demand Registration,
relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly
declared effective under the Securities Act.

 

Section 3.1.2.   
Limitation on Demand Registrations. The Company shall not be obligated to take any action to effect any Demand Registration
(i) less than one hundred and eighty (180) days following the effectiveness of the IPO or (ii) if a Demand Registration
was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise
consented to by the Company’s Board of Directors).

 

Section 3.1.3.   
Demand Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1 (but in no event
more than three (3) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”)
of any such Demand Registration Request to all other Holders and the Demand Notice shall offer each such Holder the opportunity
to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. The Company
shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written
requests for inclusion therein within two (2) Business Days after the date that the Demand Notice was delivered.

 

Section 3.1.4.   
Demand Withdrawal. A Demanding Holder and any other Holder that has requested its Registrable Securities be included
in a Demand Registration pursuant to Section 3.1.3 may withdraw all or any portion of its Registrable Securities included
in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Demand Registration
Statement. Upon receipt of a notice to such effect from a Demanding Holder (or if there is more than one Demanding Holder, from
all such Demanding Holders) with respect to all of the Registrable Securities included by such Demanding Holder(s) in such Demand
Registration, the Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement.

 

Section 3.1.5.   
Effective Registration. The Company shall use reasonable best efforts to cause the Demand Registration Statement
to become effective and remain effective for not less than one hundred eighty (180) days (or such shorter period as will terminate
when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn), or, if such Demand
Registration Statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter
or underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter
or dealer.

 

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Section 3.1.6.   
Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration
Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement
(a “Demand Suspension”); provided, however, that the Company shall not be permitted to exercise
a Demand Suspension for a period exceeding thirty (30) days on any one occasion or for more than ninety (90) days in the aggregate
during any twelve (12)-month period. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus
in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred
to above. The Company shall immediately notify the Holders in writing upon the termination of any Demand Suspension, amend or supplement
the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of
copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary,
supplement or make amendments to the Demand Registration Statement, if required by the registration form used by the Company for
the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations
promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included
in such Demand Registration Statement.

 

Section 3.1.7.   
Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of
a proposed underwritten Public Offering of the Registrable Securities included in a Demand Registration, advise the Company in
writing that, in its or their opinion, the number of securities requested to be included in such Demand Registration exceeds the
number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution
of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall
be in the case of any Demand Registration (x) first, allocated to each Holder that has requested to participate in such Demand
Registration an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or
sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second,
and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion
of such managing underwriter or underwriters can be sold without having such adverse effect; provided, however, that
Registrable Securities held by a Principal Investor shall not be subject to reduction pursuant to this Section 3.1.7 without
its prior consent.

 

Section 3.1.8.   
Resale Rights. In the event that a Holder requests to participate in a Registration pursuant to this Section 3.1
in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale
by such partners or members, if requested by such Holder.

 

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Section 3.2           
Shelf Registration.

 

Section 3.2.1.   
Request for Shelf Registration.

 

		(a)	Upon the written request of one or more Qualified Holders from time to time following the effective date of this agreement
(a “Shelf Registration Request”), the Company shall promptly file with the SEC a shelf Registration Statement
pursuant to Rule 415(a)(1)(x) under the Securities Act (“Shelf Registration Statement”) relating to the offer
and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected
by such Holders and set forth in the Shelf Registration Statement and the Company shall use its reasonable best efforts to cause
such Shelf Registration Statement to promptly become effective under the Securities Act. Any such Registration pursuant to a Shelf
Registration Request shall hereinafter be referred to as a “Shelf Registration.”

 

		(b)	If on the date of the Shelf Registration Request: (i) the Company is a WKSI, then the Shelf Registration Request may request
Registration of an unspecified amount of Registrable Securities; and (ii) the Company is not a WKSI, then the Shelf Registration
Request shall specify the aggregate amount of Registrable Securities to be registered. The Company shall provide to any Holder,
at such Holder’s request, the information necessary to determine the Company’s status as a WKSI upon request.

 

Section 3.2.2.   
Shelf Registration Notice. Promptly upon receipt of a Shelf Registration Request (but in no event more than three
(3) Business Days thereafter), the Company shall deliver a written notice (a “Shelf Registration Notice”)
of any such request to all other Holders, which notice shall specify, if applicable, the amount of Registrable Securities to be
registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include in the Shelf Registration
that number of Registrable Securities as each such Holder may request in writing. The Company shall include in such Shelf Registration
all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within two
(2) Business Days after the date that the Shelf Registration Notice has been delivered.

 

Section 3.2.3.   
Continued Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf Registration Statement
continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement
to be usable by Holders until the earlier of: (i) the date as of which all Registrable Securities have been sold pursuant
to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to
the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date
as of which all included securities have otherwise ceased to be Registrable Securities (such period of effectiveness, the “Shelf
Period”). Subject to Section 3.2.4, the Company shall be deemed not to have used its reasonable best efforts to
keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to
take any action that would result in Holders of the Registrable Securities covered thereby not being able to offer and sell any
Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is
required by applicable law. The Company shall not include in a Shelf Registration Statement any securities to be offered and sold
for the Company’s own account without the prior approval of the Principal Investor if any Registrable Securities of the Principal
Investor are included in such Shelf Registration Statement.

 

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Section 3.2.4.   
Suspension of Registration. If the continued use of such Shelf Registration Statement at any time would require the
Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend
use of the Shelf Registration Statement (a “Shelf Suspension”); provided, however, that the Company
shall not be permitted to exercise a Shelf Suspension for a period exceeding thirty (30) days on any one occasion or for more than
ninety (90) days in the aggregate during any twelve (12)-month period. In the case of a Shelf Suspension, the Holders agree to
suspend use of the applicable Prospectus and in connection with any sale or purchase of, or offer to sell or purchase, Registrable
Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the
termination of any Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement
or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may
reasonably request. The Company shall, if necessary, supplement or make amendments to the Shelf Registration Statement, if required
by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration
form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders.

 

Section 3.2.5.   
Shelf Takedown.

 

		(a)	At any time during which the Company has an effective Shelf Registration Statement, by notice to the Company specifying the
intended method or methods of disposition thereof, any Principal Investor or Holders of Registrable Securities included in such
Registration Statement representing at least one percent (1%) of the then-outstanding Common Stock may make a written request
(a “Shelf Takedown Request”) to the Company to effect a Public Offering, including an Underwritten Shelf Takedown,
of all or a portion of such Holder’s Registrable Securities that are covered by such Shelf Registration Statement, and as
soon as practicable the Company shall amend or supplement the Shelf Registration Statement for such purpose.

 

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		(b)	Promptly upon receipt of a Shelf Takedown Request (but in no event more than three (3) Business Days thereafter) for any
Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder
with Registrable Securities covered by the applicable Shelf Registration Statement, or to all other Holders if such Registration
Statement is undesignated (each a “Potential Takedown Participant”). The Shelf Takedown Notice shall offer each
such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown that number of Registrable Securities
as each such Potential Takedown Participant may request in writing. The Company shall include in the Underwritten Shelf Takedown
all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within two
(2) Business Days after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s
participation in an Underwritten Shelf Takedown shall be on the same terms as the Holders who made the Shelf Takedown Request.
Any Potential Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be binding on the Potential
Takedown Participant, except that such participation may be conditioned on the Underwritten Shelf Takedown being completed within
ten (10) Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions)
to such Potential Takedown Participant of not less than ninety percent (90%) of the closing price for the shares on their principal
trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate (the
“Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation
Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown and as to the
timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.5 shall be determined
by the Holders of a majority of the Registrable Securities offered by the Holders who made the applicable Shelf Takedown Request.

 

		(c)	The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or
an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise consented to by the Company’s
Board of Directors).

 

Section 3.2.6.   
Priority of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters of a proposed
Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number
of securities requested to be included in the proposed Underwritten Shelf Takedown exceeds the number that can be sold in such
Underwritten Shelf Takedown without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, the number of Registrable Securities to be included in such offering
shall be (x) first, allocated to each Holder that has requested to participate in such Underwritten Shelf Takedown an amount
equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and
(ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities
referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter
or underwriters can be sold without having such adverse effect; provided, however, that Registrable Securities held
by a Principal Investor shall not be subject to reduction pursuant to this Section 3.2.6 without its prior consent.

 

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Section 3.2.7.   
Resale Rights. In the event that a Holder elects to request a Registration pursuant to this Section 3.2 in connection
with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale by such partners
or members, if requested by the Holder.

 

Section 3.3           
Piggyback Registration.

 

Section 3.3.1.   
Participation. If the Company at any time proposes to file a Registration Statement under the Securities Act or to
conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other
Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a Registration on Form S-4 or Form S-8 or
any successor form to such Forms, (iii) a Registration of securities solely relating to an offering and sale to employees
or directors of the Company or its subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement
or (iv) pursuant to a rights offering), then, as soon as practicable (but in no event less than ten (10) Business Days prior
to the proposed date of filing of such Registration Statement or, in the case of any such Public Offering, the anticipated pricing
or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public
Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration
Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing
(a “Piggyback Registration”). Subject to Section 3.3.2, the Company shall include in such Registration
Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be included therein within
two (2) Business Days after the receipt by such Holder of any such notice; provided, however, that if at any
time after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration
Statement filed in connection with such Registration, or the pricing or trade date of such Public Offering, the Company shall determine
for any reason not to register or sell or to delay Registration or the sale of such securities, the Company shall give written
notice of such determination to each Holder and, thereupon, (i) in the case of a determination not to register or sell, shall
be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering
(but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights
of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or
an Underwritten Shelf Takedown under Section 3.2, as the case may be, and (ii) in the case of a determination to delay
Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may
be, shall be permitted to delay registering or selling any Registrable Securities, for the same period as the delay in registering
or selling such other securities. If the offering pursuant to such Registration Statement or Public Offering is to be underwritten,
then each Holder making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall
make such arrangements with the managing underwriter or underwriters so that each such Holder may, participate in such underwritten
offering. If the offering pursuant to such Registration Statement or Public Offering is to be on any other basis, then each Holder
making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall make such arrangements
so that each such Holder may, participate in such offering on such basis. Any Holder shall have the right to withdraw all or part
of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company
of its request to withdraw; provided, that such request must be made in writing prior to the effectiveness of such Registration
Statement or, in the case of a Public Offering, at least two (2) Business Days prior to the earlier of the anticipated filing
of the “red herring” Prospectus, if applicable, and the anticipated pricing or trade date.

 

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Section 3.3.2.   
Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed offering of Registrable
Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their
opinion, the number of securities that such Holders and any other Persons intend to include in such offering exceeds the number
that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution
of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall
be (i) first, one hundred percent (100%) of the securities that the Company or (subject to Section 3.7) any Person (other
than a Holder) exercising a contractual right to demand Registration, as the case may be, proposes to sell, and (ii) second,
and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in
the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be
allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (i) the
number of such Registrable Securities requested to be sold by such Holder, and (ii) a number of such shares equal to such
Holder’s Pro Rata Portion and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have
been included in such Registration, any other securities eligible for inclusion in such Registration.

 

Section 3.3.3.   
No Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a request under
this Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company
of its obligations under Sections 3.1 and 3.2.

 

Section 3.4         Lock-Up
Agreements. In connection with each Registration or sale of Registrable Securities pursuant to Section 3.1, 3.2 or 3.3
conducted as an underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute and deliver
a “lock-up” agreement with the underwriter(s) of such Public Offering in the same form as is entered into by the
Principal Investor with the underwriter(s) of such Public Offering.

 

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Section 3.5           
Registration Procedures.

 

Section 3.5.1.   
Requirements. In connection with the Company’s obligations under Sections 3.1, 3.2 and 3.3, the Company
shall use its reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance
with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith
the Company shall:

 

		(a)	prepare the required Registration Statement, including all exhibits and financial statements required under the Securities
Act to be filed therewith, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto,
(x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement,
copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders
and their respective counsel, (y) make such changes in such documents concerning the Holders prior to the filing thereof as
such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under Section 3.3,
not file any Registration Statement or Prospectus or amendments or supplements thereto to which the Principal Investor, or the
underwriters, if any, shall reasonably object;

 

		(b)	prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements
to the Prospectus as may be (x) reasonably requested by the Principal Investor with Registrable Securities covered by such
Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information
relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by
this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all
securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition
by the sellers thereof set forth in such Registration Statement;

 

		(c)	notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice
in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by
the Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and
when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC,
or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement
or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or
any other correspondence with the SEC relating to, or which may affect, the Registration, (c) of the issuance by the SEC of
any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority
preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for
such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement
cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose;

 

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		(d)	promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of
the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration
Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make
the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which
they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information
contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or
supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, as promptly as reasonably
practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter
or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus, which shall correct such misstatement
or omission or effect such compliance;

 

		(e)	to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files
any Shelf Registration Statement, and to the extent requested by the Holders whose Registrable Securities are included in such
Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required
by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the
initial offering of the securities by the Holders) in order to ensure that the Holders may be added to such Shelf Registration
Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment;

 

		(f)	use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing
or suspending the use of any preliminary or final Prospectus;

 

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		(g)	promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information
as the managing underwriter or underwriters and the Holders of a majority of Registrable Securities being sold agree should be
included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings
of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after
being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment;

 

		(h)	furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter
may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto,
including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those
incorporated by reference);

 

		(i)	deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including
each preliminary prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may
reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being
understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling
Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus
or any amendment or supplement thereto);

 

		(j)	on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to
register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective
counsel, in connection with the Registration or qualification of such Registrable Securities for offer and sale under the securities
or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters,
if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary
or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or Section 3.2,
as applicable, provided, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any
such jurisdiction where it is not then so subject;

 

		(k)	cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation
and delivery of certificates (or dematerialized evidence of ownership) representing Registrable Securities to be sold and not bearing
any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the
applicable Holder or managing underwriters may request at least two (2) Business Days prior to any delivery of such Registrable
Securities;

 

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		(l)	use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers
thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

		(m)	not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities
and make all arrangements necessary for the Registrable Securities to be eligible for deposit with The Depository Trust Company;

 

		(n)	make such representations and warranties to the Holders whose Registrable Securities are being registered, and their underwriters
or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering
then being undertaken;

 

		(o)	enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions
as the participating Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate
the Registration and disposition of such Registrable Securities;

 

		(p)	in the case of an underwritten Public Offering, obtain for delivery to the Holders participating in such Public Offering and
to the underwriter or underwriters, if any, an opinion or opinions (including a “negative assurance” or “disclosure
letter”) from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form,
scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their
respective counsel;

 

		(q)	in the case of an underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or underwriters,
with copies to the Holders participating in the Public Offering or sale, a comfort letter from the Company’s independent
certified public accountants or independent auditors (and, if necessary, any other independent certified public accountants or
independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration Statement) and a letter from any other expert named in
the Registration Statement in customary form and covering such matters of the type customarily covered by such letters as the managing
underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the
closing under the underwriting agreement;

    	17

    	 

    

 

		(r)	cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

		(s)	use its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was filed, make
available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a)
of the Securities Act and the rules and regulations promulgated thereunder;

 

		(t)	provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable
Registration Statement from and after a date not later than the effective date of such Registration Statement;

 

		(u)	use its best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each
securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation
system on which any of the Company’s equity securities are then quoted;

 

		(v)	make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed
by the Principal Investor (or, if the Principal Investor is not participating in the Registration Statement, by the majority of
the Holders covered by the applicable Registration Statement), by any underwriter participating in any disposition to be effected
pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any such underwriter,
all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the
Company’s officers, directors and employees and the independent public accountants who have certified its financial statements
to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such
Person in connection with such Registration Statement; provided, however, that any such Person gaining access to
information regarding the Company pursuant to this Section 3.5.1 (v) shall agree to hold in strict confidence and shall
not make any disclosure or use any information regarding the Company that the Company determines in good faith to be confidential,
and of which determination such Person is notified, unless (a) the release of such information is requested or required (by
deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process), (b) disclosure
of such information, in the opinion of counsel to such Person, is otherwise required by law, (c) such information is or becomes
publicly known other than through a breach of this Agreement or any other agreement of which such Person has knowledge, (d) such
information is or becomes available to such Person on a nonconfidential basis from a source other than the Company or (e) such
information is independently developed by such Person;

 

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		(w)	in the case of a marketed Public Offering, cause the senior executive officers of the Company to participate in the customary
“road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such
offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary
selling efforts related thereto;

 

		(x)	take no direct or indirect action prohibited by Regulation M under the Exchange Act;

 

		(y)	take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any Registration complies
in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby,
is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related Prospectus,
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; and

 

		(z)	take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition
of such Registrable Securities in accordance with the terms of this Agreement.

 

Section 3.5.2.   
Company Information Requests. The Company may require each seller of Registrable Securities as to which any Registration
or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other
information relating to such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably
request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who
unreasonably fails to furnish such information within a reasonable time after receiving such request. Each Holder agrees to furnish
such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with
the provisions of this Agreement.

 

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Section 3.5.3.   
Discontinuing Registration. Each Holder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 3.5.1(d), such Holder will forthwith discontinue disposition of Registrable
Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 3.5.1 (d) or until such Holder is advised in writing by the Company that the use of
the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference
in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of
the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall
give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall
be extended by the number of days during the period from and including the date of the giving of such notice to and including the
date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented
or amended Prospectus contemplated by Section 3.5.1(d) or is advised in writing by the Company that the use of the Prospectus
may be resumed.

 

Section 3.6           
Underwritten Offerings.

 

Section 3.6.1.   
Shelf and Demand Registration. If requested by the underwriters for any underwritten Public Offering, pursuant to
a Registration or sale under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters,
such agreement to be reasonably satisfactory in substance and form to each of the Company, the Principal Investor and the underwriters,
and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements
of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 3.9. The Holders
of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation
of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof.
Such Holders shall be parties to such underwriting agreement, which underwriting agreement shall: (i) contain such representations
and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Holders as are customarily
made by issuers to selling stockholders in public offerings similar to the applicable offering; and (ii) provide that any
or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also shall be conditions
precedent to the obligations of such Holders. Any such Holder shall not be required to make any representations or warranties to
or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder,
such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations
required to be made by the Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed
such Holder’s net proceeds from such offering.

 

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Section 3.6.2.   
Piggyback Registrations. If the Company proposes to register or sell any of its securities under the Securities Act
as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall,
if requested by any Holder pursuant to Section 3.3 and, subject to the provisions of Section 3.3.2, use its reasonable
best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such
Registration or sale all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to
be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such
underwriters shall be parties to the underwriting agreement between the Company and such underwriters, which underwriting agreement
shall (i) contain such representations and warranties by, and the other agreements on the part of, the Company to and for
the benefit of such Holders as are customarily made by issuers to selling stockholders in secondary public offerings and (ii) provide
that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also shall
be conditions precedent to the obligations of such Holders. Any such Holder shall not be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding
such Holder, such Holder’s title to the Registrable Securities and such Holder’s intended method of distribution or
any other representations required to be made by the Holder under applicable law, and the aggregate amount of the liability of
such Holder shall not exceed such Holder’s net proceeds from such offering.

 

Section 3.6.3.   
Participation in Underwritten Registrations. Subject to the provisions of Section 3.6.1 and Section 3.6.2
above, no Person may participate in any underwritten Public Offering, hereunder unless such Person (i) agrees to sell such
Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents required under the terms of such underwriting arrangements.

 

Section 3.6.4.   
Selection of Underwriters. In the case of an underwritten Public Offering, under Sections 3.1 or 3.2, the managing
underwriter or underwriters to administer the offering shall be determined by the Principal Investor if the Principal Investor
is participating in such Public Offering, or by the Holders of a majority of the Registrable Securities included in such Public
Offering if the Principal Investor is not participating in such Public Offering; provided, that such underwriter or underwriters
shall be reasonably acceptable to the Company.

 

Section 3.7           
No Inconsistent Agreements; Additional Rights. Neither the Company nor any of its subsidiaries shall hereafter enter
into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders by this Agreement. Without Requisite Investor Approval, neither the
Company nor any of its subsidiaries shall enter into any agreement granting registration or similar rights to any Person, and the
Company hereby represents and warrants that, as of the date hereof, no registration or similar rights have been granted to any
other Person other than pursuant to this Agreement.

 

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Section 3.8           
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement
shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with
filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities
or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with
blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone,
facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible
for deposit with The Depository Trust Company and of printing Prospectuses), (iv) all fees and disbursements of counsel for
the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of
the Company (including the expenses of any special audit and comfort letters required by or incident to such performance), (v) Securities
Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on
any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable
rating agency fees with respect to the Registrable Securities, (viii) all reasonable fees and disbursements of legal counsel
for the Holders (who shall be selected by the Principal Investor if the Principal Investor is participating in the relevant Registration,
or by the Holders of a majority of the Registrable Securities included in the relevant Registration if the Principal Investor is
not participating), (ix) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities,
(x) all fees and expenses incurred in connection with the distribution or Transfer of Registrable Securities to or by a Holder
or its Permitted Transferees, (xi) all fees and expenses of any special experts or other Persons retained by the Company in
connection with any Registration or sale, (xii) all of the Company’s internal expenses (including all salaries and expenses
of its officers and employees performing legal or accounting duties) and (xiii) all expenses related to the “roadshow”
for any underwritten Public Offering (including the reasonable out-of-pocket expenses of the Principal Investor), including all
travel, meals and lodging. All such expenses are referred to herein as “Registration Expenses”. The Company
shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an
offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable
to the sale of Registrable Securities.

 

Section 3.9           
Indemnification.

 

Section 3.9.1.   
Indemnification by the Company. The Company shall indemnify and hold harmless, to the full extent permitted by law,
each Holder, each shareholder, member, limited or general partner thereof, each shareholder, member, limited or general partner
of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders,
employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such
Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims,
damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss”
and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a
material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the
Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement
thereto or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf of the Company
or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case
of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any
violation or alleged violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation
applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration,
disclosure document or other document or report; provided, that no selling Holder shall be entitled to indemnification pursuant
to this Section 3.9.1 in respect of any untrue statement or omission contained in any information furnished in writing by
such selling Holder to the Company specifically for inclusion in a Registration Statement that has not been corrected in a subsequent
writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. This indemnity
shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities
by such Holder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within
the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification
of the indemnified parties.

 

    	22

    	 

    

Section 3.9.2.   
 Indemnification by the Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and
hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the
Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any
untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold
under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or
supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus,
in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that
such untrue statement or omission is contained in any information furnished in writing by such selling Holder to the Company specifically
for inclusion in such Registration Statement that has not been corrected in a subsequent writing prior to or concurrently with
the sale of the Registrable Securities to the Person asserting the claim. In no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder from the sale of Registrable
Securities giving rise to such indemnification obligation less any amounts paid by such Holder pursuant to Section 3.9.4 and
any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale.
The Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as provided above (with appropriate modification)
with respect to information furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement.

 

Section 3.9.3.   
 Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or
failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent,
if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however,
that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the
indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume
the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification
hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded
(based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different
from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person (based
upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such
claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel
at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on
behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle
such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of
such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to
any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It
is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9.3, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements
or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment
of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has
reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from
or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist
(based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each
of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or
counsels.

 

    	23

    	 

    

Section 3.9.4.   
 Contribution. If for any reason the indemnification provided for in Section 3.9.1 and Section 3.9.2 is
unavailable to an indemnified party (other than as a result of exceptions contained in Section 3.9.1 and Section 3.9.2)
or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid or
payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements
or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration
Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party
on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant
to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in this Section 3.9.4. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred
to in Sections 3.9.1 and 3.9.2 shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 3.9.4, in connection with any Registration Statement filed by the Company,
a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the net proceeds received by
such holder under the sale of Registrable Securities giving rise to such contribution obligation less any amounts paid by such
Holder pursuant to Section 3.9.2 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting
agreement, if any, related to such sale. If indemnification is available under this Section 3.9, the indemnifying parties
shall indemnify each indemnified party to the full extent provided in Sections 3.9.1 and 3.9.2 hereof without regard to the
provisions of this Section 3.9.4. The remedies provided for in this Section 3.9 are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

 

Section 3.10       
Rules 144 and 144A and Regulation S. The Company shall file the reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file
such reports, it will, upon the request of any Holder, make publicly available such necessary information for so long as necessary
to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities
Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and the Company
will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted
by this Agreement and within the limitation of the exemptions provided by (i) Rules 144, 144A or Regulation S under the Securities
Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC.
Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with
such requirements and, if not, the specifics thereof.

 

    	24

    	 

    

Section 3.11       
Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and
regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement
become effective by a specified date by designating, by notice to the Holders, a Registration Statement that previously has been
filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such
obligation, and all references to any such obligation shall be construed accordingly; provided, that such previously filed
Registration Statement may be amended or, subject to applicable securities laws, supplemented to add the number of Registrable
Securities, and, to the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration
Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other
Registration Statements by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having
such Registration Statements become effective, designated a previously filed or effective Registration Statement as the relevant
Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer
to such designated Registration Statement, as amended.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.1           
Authority; Effect. Each party hereto represents and warrants to and agrees with each other party that the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf
of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This
Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto,
or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be
jointly and severally liable for all obligations of each such party pursuant to this Agreement.

 

Section 4.2           
Notices. Any notices, requests, demands and other communications required or permitted in this Agreement shall be
effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight
courier, in each case, addressed as follows:

 

If to the Company to:

Wayne Farms, Inc.

4110 Continental Drive

Oakwood, GA 30566

(770) 538-2127

Attention: General Counsel

Facsimile:770-538-2164

E-mail:Barb.Mistarz@waynefarms.com

 

    	25

    	 

    

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019

Attention: Raphael M. Russo

                     Steven
J. Williams

Facsimile: (212) 492-0309

E-mail: rrusso@paulweiss.com

             swilliams@paulweiss.com

 

If to the Principal Investor
to:

c/o Continental Grain Company

767 Fifth Avenue, 15th Floor

New York, NY 10153

Attention: General Counsel 

Facsimile: 212-207-5381

E-mail:
michael.mayberry@conti.com

 

Unless otherwise specified herein, such
notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) on
the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business
Day thereafter and (iii) two (2) Business Days after being sent by overnight courier. Each of the parties hereto shall
be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto.

 

Section 4.3           
Termination and Effect of Termination. This Agreement shall terminate upon the date on which no Holder holds any
Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination
under this Agreement shall relieve any Person of liability for breach prior to termination. In the event this Agreement is terminated,
each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with
respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination.

 

Section 4.4           
Permitted Transferees. The rights of a Holder hereunder may be assigned (but only with all related obligations as
set forth below) in connection with a Transfer of Class B Units or Registrable Securities effected in accordance with the terms
of the LLC Agreement and this Agreement to a Person who, if not already a Holder, has delivered to the Company a written acknowledgment
and agreement in form and substance reasonably satisfactory to the Company that such Person will be bound by, and will be a party
to, this Agreement (a “Permitted Transferee”). A Permitted Transferee to whom rights are transferred pursuant to this
Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4.

 

    	26

    	 

    

Section 4.5           
Remedies. The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event
of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any
breach of this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be entitled
to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including
preliminary or temporary relief) as may be appropriate in the circumstances. No delay of or omission in the exercise of any right,
power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair
any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of
any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be
deemed a waiver of any other breach or default occurring before or after that waiver.

 

Section 4.6           
Amendments. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver
of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may
be waived, only by an agreement in writing signed by the Company and the Principal Investor if at the time the Principal Investor
is a Holder of any Registrable Securities (or if the Principal Investor is no longer a Holder, then by the Holders of a majority
of the then-outstanding Registrable Securities). Each such amendment, modification, extension or termination shall be binding upon
each party hereto and each other Holder. In addition, each party hereto may waive any right hereunder by an instrument in writing
signed by such party.

 

Section 4.7           
Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject
matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York
without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive
laws of any other jurisdiction.

 

Section 4.8           
Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the purpose of any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law,
and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise,
in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper,
or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees
not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or
investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before
one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal
of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any
court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing,
to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification
rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause
(i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment
of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process
in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified
mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual
notice.

 

    	27

    	 

    

Section 4.9           
WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY
WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM
IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION
ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES
THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE
RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

Section 4.10       
Merger; Binding Effect, Etc. This Agreement constitutes the entire agreement of the parties with respect to its subject
matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter,
and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors
and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective
rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties
hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void.

 

Section 4.11       
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one instrument.

 

Section 4.12       
Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in
any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof
should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other
provision hereof.

 

Section 4.13       
No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Holder
covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with
this Agreement shall be had against any current or future director, officer, employee, general or limited partner or member of
any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or
employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner
or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason
of such obligations or their creation.

 

[Signature pages follow]

 

    	28

    	 

    

IN WITNESS WHEREOF, each of the undersigned
has duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative thereunto
duly authorized) under seal as of the date first above written.

 

	 	Wayne Farms, Inc.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 		Title:	 

 

 

 

[Signature Page to Registration Rights Agreement]

    	 

    	 

    

 

	 	Wayne Farms Holdings LLC	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]Exhibit 10.3 

	 

 

TAX
RECEIVABLE AGREEMENT

 

among

 

WAYNE FARMS, INC.,

 

and

 

THE
PERSONS NAMED HEREIN 

 

 

 

Dated
as of [_________ ___], 2015

 

 

 

	 

  

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	 	2
	 	 	 	 
	Section 1.01	Definitions	 	2
	 	 	 
	ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT	 	10
	 	 	 	 
	Section 2.01	Tax Basis Schedule	 	10
	Section 2.02	Realized Tax Benefit and Realized Tax Detriment	 	10
	Section 2.03	Procedures, Amendments	 	11
	 	 	 
	ARTICLE III TAX BENEFIT PAYMENTS	 	12
	 	 	 	 
	Section 3.01	Payments	 	12
	Section 3.02	No Duplicative Payments	 	13
	 	 	 
	ARTICLE IV TERMINATION	 	13
	 	 	 	 
	Section 4.01	Termination, Early Termination and Breach of Agreement	 	13
	Section 4.02	Early Termination Notice	 	15
	Section 4.03	Payment upon Early Termination	 	15
	 	 	 
	ARTICLE V SUBORDINATION AND LATE PAYMENTS	 	16
	 	 	 	 
	Section 5.01	Subordination	 	16
	Section 5.02	Late Payments by the Corporate Taxpayer	 	16
	 	 	 
	ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION	 	16
	 	 	 	 
	Section 6.01	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	 	16
	Section 6.02	Consistency	 	16
	Section 6.03	Cooperation	 	17
	 	 	 
	ARTICLE VII MISCELLANEOUS	 	17
	 	 	 	 
	Section 7.01	Notices	 	17
	Section 7.02	Binding Effect; Benefit; Assignment	 	18
	Section 7.03	Resolution of Disputes	 	19
	Section 7.04	Counterparts	 	20
	Section 7.05	Entire Agreement	 	20
	Section 7.06	Severability	 	20
	Section 7.07	Amendment	 	20
	Section 7.08	Governing Law	 	21
	Section 7.09	Reconciliation	 	21
	Section 7.10	Withholding	 	21

 

    	i

    	 

    

 

	 	 	 	 
	Section 7.11	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	 	22
	Section 7.12	Partnership Agreement	 	22

 

    	ii

    	 

    

 

TAX
RECEIVABLE AGREEMENT 

 

This
TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated
as of [_________ ___], 2015, is hereby entered into by and among Wayne Farms, Inc., a Delaware corporation (the “Corporate
Taxpayer”), Wayne Farms LLC, a Delaware limited liability company (“OpCo”), each of the undersigned
parties hereto identified as a “Member” and each of the successors and assigns thereto.

 

RECITALS

 

WHEREAS,
OpCo is classified as a partnership for U.S. federal income tax purposes;

 

WHEREAS,
the Corporate Taxpayer is classified as an association taxable as a corporation for U.S. federal income tax purposes;

 

WHEREAS,
the Member holds Class B common units in OpCo (the “Class B Common Units”);

 

WHEREAS,
the Corporate Taxpayer used the net proceeds from the transactions described in the registration statement on Form S-1 initially
filed with the Securities and Exchange Commission on March 16, 2015 (Registration No. 333-202797), as amended prior to the date
hereof, including the initial public offering of shares of Class A common stock, $0.00001 par value per share (“Class
A Common Stock”) by the Corporate Taxpayer (the “IPO”), to acquire newly-issued Class A common units
in OpCo (the “Class A Common Units”) directly from OpCo (the “Capital Contribution”), which
proceeds will be used to retire certain indebtedness of OpCo, to make a distribution to the Member, to pay the fees and expenses
from the IPO, and for general corporate purposes;

 

WHEREAS,
under the terms of the Second Amended and Restated Limited Liability Company Agreement of OpCo, dated as of [___] (as amended
from time to time, the “LLC Agreement”) the Member may exchange Class B Common Units, either for shares of
Class A Common Stock, on a one-for-one basis, or cash (based on the market price of the shares of the Class A Common Stock), at
the Corporate Taxpayer’s option.

 

WHEREAS,
OpCo and each of its direct and indirect subsidiaries classified as a partnership for U.S. federal income tax purposes will have
in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”),
for the Taxable Year (as defined below) in which an Exchange (as defined below) occurs, which election is intended to result in
an adjustment to the tax basis of the assets owned by OpCo (solely with respect to the Corporate Taxpayer) at the time of an Exchange
(such time, the “Exchange Date”) by reason of the Exchange and the receipt of
certain payments under this Agreement;

 

WHEREAS,
the income, gain, loss, expense and other Tax (as defined below) items of the Corporate Taxpayer may be affected by the Tax Assets
(as defined below); and

 

    	 

    	 

    

 

WHEREAS,
the parties to this Agreement desire to make certain arrangements with respect to the effect of the Tax Assets on the actual liability
for Taxes of the Corporate Taxpayer.

 

NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

 

Article I

DEFINITIONS

 

Section 1.01 
Definitions.

 

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

 

“Agreed
Rate” means LIBOR plus 100 basis points.

 

“Applicable
Member” means any Member to whom any portion of a Realized Tax Benefit may be Attributable under this Agreement.

 

“Attributable”
means, with respect to any Applicable Member, the portion of any Realized Tax Benefit of the Corporate Taxpayer that is “attributable”
to such Applicable Member, which shall be determined by reference to the Tax Assets giving rise to the Realized Tax Benefit, under
the following principles:

 

(i) 
Any Realized Tax Benefit arising from a deduction to the
Corporate Taxpayer with respect to a Taxable Year for the depreciation, amortization or other similar deductions for recovery
of cost or basis (“Depreciation”) arising in respect of a Basis Adjustment to a Reference Asset resulting from
an Exchange is Attributable to the Applicable Member to the extent that the ratio of all Depreciation for the Taxable Year in
respect of Basis Adjustments resulting from all Exchanges by the Applicable Member bears to the aggregate of all Depreciation
for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by the Applicable Members.

 

(ii) Any Realized Tax Benefit arising from the disposition of
a Reference Asset is Attributable to the Applicable Member to the extent that the ratio of all Basis Adjustments (to the extent
not previously giving rise to Realized Tax Benefits) resulting from all Exchanges by the Applicable Member with respect to such
Reference Asset bears to the aggregate of all Basis Adjustments (to the extent not previously giving rise to Realized Tax Benefits)
with respect to such Reference Asset.

 

(iii) Any Realized Tax Benefit arising from a deduction to the
Corporate Taxpayer with respect to a Taxable Year in respect of Imputed Interest is Attributable to the Applicable Member that
is required to include Imputed Interest in income (without regard to whether such Member is actually subject to tax thereon).

 

    	2

    	 

    

 

(iv)
Any Realized Tax Benefit with respect to a Taxable Year
arising from a Section 704(c) Allocation is Attributable to the Applicable Member to the extent such Section 704(c) Allocation
results in (i) income or gain allocated to the Applicable Member or (ii) deduction or loss allocated to the Corporate Taxpayer
to the extent (A) such income or gain would otherwise have been allocated to the Corporate Taxpayer or (B) such deduction or loss
would otherwise have been allocated to the Applicable Member, in each case if OpCo were not required to make such Section 704(c)
Allocation.

 

(v)
For the avoidance of doubt, in the case of a Basis Adjustment
arising under Section 734(b) of the Code with respect to an Exchange, depreciation, amortization or other similar deductions for
recovery of cost of basis shall constitute Depreciation only to the extent that such depreciation, amortization or other similar
deductions may produce a Realized Tax Benefit (and not to the extent that such depreciation, amortization or other similar deductions
may be for the benefit of a Person other than the Corporate Taxpayer), as reasonably determined by the Corporate Taxpayer.

 

“Basis
Adjustment” means the adjustment to the Non-Stepped Up Tax Basis of a Reference Asset under Sections 732, 755 and 1012
of the Code and the Treasury Regulations promulgated thereunder (in situations where, as a result of one or more Exchanges, OpCo
becomes classified as an entity that is disregarded as separate from its owner for U.S. federal income tax purposes) or under
Sections 734(b), 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder (in situations where, following
an Exchange, OpCo remains in existence as an entity for U.S. federal income tax purposes) and, in each case, comparable sections
of state and local tax laws, as a result of (i) an Exchange and (ii) certain of the payments made pursuant to this Agreement.
For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Common Units shall be
determined without regard to any Pre-Exchange Transfer of such Common Units and as if any such Pre-Exchange Transfer had not occurred.

 

“Beneficial
Owner” of a security is 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, such security and/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 Corporate Taxpayer.

 

“Book-Tax
Disparity” means, with respect to any Reference Asset, as of the date of the Capital Contribution, the difference between
zero and the Gross Asset Value (as defined in the LLC Agreement) of such Reference Asset for U.S. federal income tax purposes
as of such date.

 

“Business
Day” shall have the meaning ascribed to such term in the LLC Agreement.

 

    	3

    	 

    

 

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

 

(i)any
Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the
Securities and Exchange Act of 1934, or any successor provisions thereto, excluding any Permitted Transferee or any group of Permitted
Transferees of a Member, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing
more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or

 

(ii)the
following individuals cease for any reason to constitute a majority of the number of directors of the Corporate Taxpayer then
serving: individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the Board
or nomination for election by the Corporate Taxpayer’s shareholders was approved or recommended by a vote of at least a
majority of the directors then still in office who either were directors on the IPO Date or whose appointment, election or nomination
for election was previously so approved or recommended by the directors referred to in this clause (ii); or

 

(iii)there
is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately
after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation
does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company
is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such
merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the
then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a
Subsidiary, the ultimate parent thereof; or

 

(iv)the
shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there
is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the
Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other disposition
by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the
combined voting power of the voting securities of which are owned or beneficially owned, directly or indirectly, by shareholders
of the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior
to such sale.

 

Notwithstanding
the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed
to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which
the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns all
or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions.

 

    	4

    	 

    

 

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

 

“Corporate
Taxpayer Return” means the federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed
with respect to Taxes of any Taxable Year.

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years
of the Corporate Taxpayer, 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.

 

“Default
Rate” means LIBOR plus 500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state and local 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 and shall also include the acquiescence of the Corporate Taxpayer to the amount of any assessed liability
for Tax.

 

“Early
Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early
Termination Rate” means the lesser of (i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 100 basis points.

 

“Exchange”
means an acquisition of Common Units or a purchase of Common Units by OpCo or the Corporate Taxpayer, including by way of an exchange
of stock of the Corporate Taxpayer for Common Units pursuant to the LLC Agreement, in each case occurring on or after the date
of this Agreement.

 

“Governmental
Authority” means the government of any nation, state, territory, city, locality or other political subdivision thereof,
any entity or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government,
including any court, quasi-governmental authority, self-regulatory organization, commission, tribunal, agency or any political
or other subdivision, department, board, bureau, or branch or official of any of the foregoing.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii)
without duplication, OpCo, but only with respect to Taxes imposed on OpCo or its Subsidiaries and allocable to the Corporate Taxpayer
(or to the other members of the consolidated group of which the Corporate Taxpayer is the parent), in each case using the same
methods, elections, conventions and similar practices used on the relevant Corporate Taxpayer Return, but (w) using the Non-Stepped
Up Tax Basis as reflected on the Tax Basis Schedule, including amendments thereto for the Taxable Year, (x) excluding any deduction
attributable to Imputed Interest for the Taxable Year, (y) allocating the Company’s items of income, gain, loss, and deduction
as if Section 704(c) and the principles thereof had not applied to such allocations, and (z) using appropriate conventions for
calculation of state and local Taxes (including, without limitation, calculation of state and local taxable income in the same
manner as federal taxable income, and the use of an assumed combined state and local tax rate of 5 (five) percent), provided that
such conventions are applied in the same manner to compute actual state and local Taxes for purpose of this Agreement.

 

    	5

    	 

    

 

“Imputed
Interest” shall mean (x) any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and
any similar provision of state and local tax law with respect to the Corporate Taxpayer’s payment obligations under this
Agreement, and (y) the payments, which shall be deductible under Section 707(c) of the Code (and such deduction shall be
allocated solely to the Corporate Taxpayer), made by OpCo under this Agreement in respect of Realized Tax Benefit arising from
Section 704(c) Allocations.

 

“IPO
Date” means the closing date of the IPO.

 

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

 

“LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first
day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters
Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered
rates for United States dollar deposits for such period.

 

“Non-Stepped
Up Tax Basis” means, (x) with respect to any Reference Asset at any time, the Tax basis that such asset would have had
at such time if no Basis Adjustments had been made and (y) with respect to a Reference Asset that is depreciable for U.S. federal
income tax purposes and that was treated for U.S. federal income tax purposes as contributed to OpCo by a Member other than the
Corporate Taxpayer, treating such Reference Asset as having an adjusted basis of zero at all times.

 

“Payment
Date” means any date on which a payment is required to be made pursuant to this 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 (including upon the death of a Member) or distribution in respect of one or more Common
Units (i) that occurs prior to an Exchange of such Common Units, and (ii) to which Section 743(b) or 734(b) of the Code applies. 

 

    	6

    	 

    

 

“Realized
Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability
for Taxes of (i) the Corporate Taxpayer and (ii) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and
allocable to the Corporate Taxpayer (or to the other members of the consolidated group of which the Corporate Taxpayer is the
parent) for such Taxable Year.  If all or a portion of the actual liability for such Taxes for the Taxable Year arises as
a result of an audit 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.

 

“Realized
Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for Taxes of (i) the Corporate
Taxpayer and (ii) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer
(or to the other members of the consolidated group of which the Corporate Taxpayer is the parent) for such Taxable Year, over
the Hypothetical Tax Liability for such Taxable Year.  If all or a portion of the actual liability for such Taxes for the
Taxable Year arises as a result of an audit 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.

 

“Reference
Asset” means an asset that is held by OpCo, or by any of its direct or indirect subsidiaries classified as a partnership
or disregarded entity for purposes of the applicable Tax, (x) at the time of an Exchange or (y) with respect to a Reference
Asset that is depreciable for U.S. federal income tax purposes and that was treated for U.S. federal income tax purposes as contributed
to OpCo by a Member other than the Corporate Taxpayer regardless of whether held by OpCo at the time of an Exchange. A Reference
Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect
to a Reference Asset.

 

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

 

“Section
704(c) Allocations” means, in accordance with Treasury Regulation Section 1.704-3 and the principles thereof, allocations
of items of taxable income, gain, loss and deduction to take into account any Book-Tax Disparity of any Reference Asset on the
date of the Capital Contribution using the traditional method as described in Treasury Regulation Section 1.704-3(b).

 

“Subsidiaries”
shall have the meaning ascribed to such term in the LLC Agreement.

 

“Tax
Assets” means (i) the Basis Adjustments, (ii) Imputed Interest, and (iii) Section 704(c) Allocations.

 

“Tax
Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration
of estimated Tax.

 

“Taxable
Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section
of 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 made), ending on or after the IPO Date. 

 

    	7

    	 

    

 

“Taxes”
means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect
to net income or profits, and any interest related to such Tax.

 

“Taxing
Authority” shall mean any domestic, federal, national, state, county or municipal or other local government, any subdivision,
agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority
exercising Tax regulatory authority.

 

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

 

“Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or
after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions
arising from the Tax Assets during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Tax Assets
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, (2) 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 law as in effect on the Early Termination Date and an assumed
combined state and local tax rate of 5 (five) percent, (3) any loss carryovers generated by deductions arising from Tax Assets
that are available as of such Early Termination Date will be utilized by the Corporate Taxpayer on a pro rata basis from the Early
Termination Date through the scheduled expiration date of such loss carryovers, (4) any non-amortizable assets will be disposed
of on the fifteenth anniversary of the applicable Basis Adjustment; provided, that in the event of a Change of Control,
such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than such fifteenth
anniversary), and (5) if, at the Early Termination Date, there are Common Units that have not been Exchanged, then each such Common
Unit shall be deemed to be Exchanged for the Value of the number of shares of Class A Common Stock and the amount of cash that
would be transferred if the Exchange occurred on the Early Termination Date.

 

“Value”
shall have the meaning ascribed to such term in the LLC Agreement.

 

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

 

	Term	 		Section
	Agreement	 	Preamble
	Amended Schedule	 	2.03(b)
	Capital
        Contribution

        Class
        A Common Stock
	 	Recitals

        Recitals

	Class
        A Common Units

        
	 	

        Recitals

 

    	8

    	 

    

 

	Term	 		Section
	

        Class
        B Common Units
	 	

        Recitals

	Code	 	Recitals
	Corporate Taxpayer	 	Preamble
	Dispute	 	7.03(a)
	Early Termination
    Effective Date	 	4.02
	Early Termination
    Notice	 	4.02
	Early Termination
    Payment	 	4.03(b)
	Early Termination
    Schedule	 	4.02
	e-mail	 	7.01
	Exchange Date	 	Recitals
	Expert	 	7.09
	IPO

        LLC
Agreement

        Material
        Objection Notice
	 	Recitals

        Recitals

        4.02

	Members	 	Preamble
	Net Tax Benefit	 	3.01(b)
	Objection Notice	 	2.03(a)
	OpCo	 	Recitals
	Payment
Deferral Amount

        Reconciliation
        Dispute
	 	3.01(b)

        7.09

	Reconciliation
    Procedures	 	2.03(a)
	Senior Obligations	 	5.01
	Tax
Basis Schedule

        Tax
        Benefit Payment
	 	2.01

        3.01(b)

	Tax Benefit
    Schedule	 	2.02(a)

 

(c)
Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience
of reference only and shall be ignored in the construction or interpretation hereof. References to Articles and Sections are to
Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include
the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not
they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References
to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated
thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from
time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns
of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including,
respectively.

 

    	9

    	 

    

 

Article II

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.01
Tax Basis Schedule. Within 120 calendar days after the
filing of the U.S. federal income tax return of the Corporate Taxpayer for each relevant Taxable Year, the Corporate Taxpayer
shall deliver to each relevant Member a schedule (the “Tax
Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement,
including with respect to each applicable party, (i) the Non-Stepped Up Tax Basis of the Reference Assets as of each applicable
Exchange Date, (ii) the Basis Adjustments with respect to the Reference Assets as a result of the Exchanges effected in such Taxable
Year, calculated (x) in the aggregate, (y) solely with respect to Exchanges by such Member and (z) in the case of a Basis Adjustment
under Section 734(b) of the Code solely with respect to the amount that is available to the Corporate Taxpayer in such Taxable
Year, (iii) allocations of OpCo’s items of income, gain, loss and depreciation that would be made using the Non-Stepped
Up Basis of the Reference Assets, (iv) the Section 704(c) Allocations, (v) the period (or periods) over which the Reference Assets
are amortizable and/or depreciable, (vi) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable,
(vii) Imputed Interest defined each of clause (x) and clause (y) of the definition of that term, and (viii)
the Payment Deferral Amount.

 

Section 2.02 Realized Tax Benefit and Realized Tax Detriment.

 

(a) Tax Benefit Schedule. Within 120 calendar days after
the filing of the U.S. federal income tax return of the Corporate Taxpayer for any Taxable Year in which there is a Realized Tax
Benefit or Realized Tax Detriment a portion of which is Attributable to a Member, the Corporate Taxpayer shall provide to such
Member a schedule showing, in reasonable detail and, at the request of such Member, including, with respect to each separate Exchange
(if applicable), the calculation of the Realized Tax Benefit or Realized Tax Detriment and the portion Attributable to such Member
for such Taxable Year (a “Tax Benefit Schedule”).
The Tax Benefit Schedule will become final as provided in Section 2.03(a) and may be amended as provided in Section 2.03(b) (subject
to the procedures set forth in Section 2.03(b)). 

 

(b) Applicable Principles. The Realized Tax Benefit
or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the actual liability for Taxes
of the Corporate Taxpayer for such Taxable Year attributable to the Tax Assets, determined using a “with and without”
methodology. For the avoidance of doubt, the actual liability for Taxes will take into account the deduction of the portion of
the Tax Benefit Payments that must be accounted for as interest under the Code based upon the characterization of Tax Benefit
Payments as additional consideration payable by the Corporate Taxpayer for the Common Units acquired in an Exchange. Carryovers
or carrybacks of any Tax item attributable to the Tax Assets shall be considered to be subject to the rules of the Code and the
Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing
the use, limitation and 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 the Tax Assets and another portion that is not, such portions shall be considered to
be used in accordance with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments
attributable to the Basis Adjustments (other than amounts accounted for as Imputed Interest) will (A) be treated as subsequent
upward purchase price adjustments that give rise to further Basis Adjustments to Reference Assets for the Corporate Taxpayer and
(B) have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment,
and (ii) as a result, such additional Basis Adjustments will be incorporated into the then-current year calculation and into future
year calculations, as appropriate. The parties further agree that, for the avoidance of doubt, amounts accounted for as Imputed
Interest may give rise to additional Tax Benefit Payments in the then-current and/or future years.

 

    	10

    	 

    

 

Section 2.03 Procedures,
Amendments.

 

(a) Procedure. Every time the Corporate Taxpayer delivers
to a Member an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section 2.03(b)
and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver to such
Member schedules, valuation reports (if any), and work papers, as determined by the Corporate Taxpayer or requested by such Member,
providing reasonable detail regarding the preparation of the Schedule and (y) allow such Member reasonable access at no cost to
the appropriate representatives at the Corporate Taxpayer, as determined by the Corporate Taxpayer or requested by such Member,
in connection with a review of such Schedule. Without limiting the application of the preceding sentence, each time the Corporate
Taxpayer delivers to a Member a Tax Benefit Schedule, in addition to the Tax Benefit Schedule duly completed, the Corporate Taxpayer
shall deliver to such Member the Corporate Taxpayer Return, the reasonably detailed calculation by the Corporate Taxpayer of the
Hypothetical Tax Liability, the reasonably detailed calculation by the Corporate Taxpayer of the actual Tax liability, as well
as any other work papers as determined by the Corporate Taxpayer or requested by such Member. An applicable Schedule or amendment
thereto shall become final and binding on all parties 30 calendar days from the first date on which the Member has received the
applicable Schedule or amendment thereto unless such Member (i) within 30 calendar days after receiving an applicable Schedule
or amendment thereto, provides the Corporate Taxpayer with notice of a material objection to such Schedule (“Objection
Notice”) made in good faith or (ii) provides a written waiver of such right of any Objection Notice within the period
described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received
by the Corporate Taxpayer. If the parties, for any reason, are unable to successfully resolve the issues raised in the Objection
Notice within 30 calendar days after receipt by the Corporate Taxpayer of an Objection Notice, the Corporate Taxpayer and the
applicable Member shall employ the reconciliation procedures as described in Section 7.09 (the “Reconciliation
Procedures”).

 

(b) Amended Schedule. The applicable Schedule for any
Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such
Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information
relating to a Taxable Year after the date the Schedule was provided to the applicable Member, (iii) to comply with the 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 carryback or carryforward of a loss or other tax item to such Taxable Year, (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, or (vi) to adjust the Tax Basis Schedule to take into account payments made pursuant to this Agreement
(any such Schedule, an “Amended Schedule”).
The Corporate Taxpayer shall provide an Amended Schedule to each Member within 30 calendar days of the occurrence of an event
referenced in clauses (i) through (vi) of the preceding sentence.

  

    	11

    	 

    

 

Article III

TAX BENEFIT PAYMENTS

 

Section 3.01 Payments.

 

(a) Within five (5) Business Days after all of the Tax Benefit
Schedules with respect to a Taxable Year are delivered to a Member pursuant to this Agreement, (i) the Corporate Taxpayer shall
pay to each Member for such Taxable Year the portion of the Tax Benefit Payment in the amount determined pursuant to Section 3.01(b)
that is attributable to an Exchange or Imputed Interest described in clause (x) of the definition of “Imputed Interest,”
and (ii) the Corporate Taxpayer shall pay or cause to be paid in the manner set forth in Section 4.8 of the LLC Agreement to each
Member for such Taxable Year the portion of the Tax Benefit Payment in the amount determined pursuant to Section 3.01(b) that
is attributable to Section 704(c) Allocations or Imputed Interest described in clause (y) of the definition of “Imputed
Interest.”  Each such Tax Benefit Payment to a Member shall be made by wire transfer of immediately available funds
to the bank account previously designated by such Member to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer
and such Member.  For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments,
including federal estimated income tax payments. Notwithstanding anything herein to the contrary, a Member may elect by written
notice to the Corporate Taxpayer in connection with the applicable Exchange that in no event shall the aggregate Tax Benefit Payments
in respect of such Exchange (other than amounts accounted for as interest under the Code) exceed 50% of the amount equal to the
sum of (A) the cash, excluding any Tax Benefit Payments, and (B) the Value of the Class A Shares, received by such Member on such
Exchange.

 

(b) A “Tax
Benefit Payment” in respect of a Member, means an amount, not less than zero, equal to the sum of the amount of the
Net Tax Benefit Attributable to such Member and the related Payment Deferral Amount.  For the avoidance of doubt, for Tax
purposes, the Payment Deferral Amount shall not be treated as interest for U.S. federal income tax purposes but instead shall
be treated as additional consideration for the acquisition of Common Units in Exchanges or additional payments referred to in
clause (y) of the definition of “Imputed Interest,” unless otherwise required by law. Subject to Section 3.03(a),
the “Net Tax Benefit” for a Taxable
Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable
Year over the total amount of Tax Benefit Payments previously made under this Section 3.01 (excluding payments attributable to
Payment Deferral Amounts); provided, for the avoidance of doubt, that such Member shall not be required to return any portion
of any previously made Tax Benefit Payment. The “Payment
Deferral Amount” shall equal the interest that would be due on the amount of the Net Tax Benefit Attributable to such
Member calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with respect
to Taxes for such Taxable Year until the Payment Date of the applicable Tax Benefit Payment if the amount of such Net Tax Benefit
Attributable to such Member were treated as indebtedness for U.S. federal income tax purposes. Notwithstanding the foregoing,
unless the Member elects to receive the lump-sum payment pursuant to the following sentence, for each Taxable Year ending on or
after the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to the Common Units that were Exchanged
(i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by
utilizing Valuation Assumptions (1) and (3), substituting in each case the terms “the closing date of a Change of Control”
for an “Early Termination Date.” In connection with any Change of Control (other than a Change of Control caused solely
by the electing Member), at the election of a Member, all obligations hereunder with respect to such Member shall be accelerated,
and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such election and
shall include, but not be limited to, (1) the Early Termination Payment to such Member calculated as if an Early Termination Notice
had been delivered on the date of such election, (2) any Tax Benefit Payment agreed to by the Corporate Taxpayer and such Member
as due and payable but unpaid as of the date of such Member’s election, and (3) any Tax Benefit Payment due for the Taxable
Year ending with or including the date of such Member’s election; provided, that procedures similar to the procedures
of Section 4.02 shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this
sentence.

 

    	12

    	 

    

 

Section 3.02 No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement.  The provisions of this Agreement shall be construed
in the appropriate manner to ensure such intentions are realized.

 

Article IV

TERMINATION

 

Section 4.01 Termination, Early Termination and Breach of Agreement.

 

(a) Unless terminated earlier pursuant to Section 4.01(b) or
Section 4.01(c), this Agreement will terminate when there is no further potential for a Tax Benefit Payment pursuant to this Agreement.

 

(b) The Corporate Taxpayer may terminate this Agreement with
respect to all amounts payable to the Members and with respect to all of the Common Units held (or previously held and exchanged)
by all Members at any time by paying to each Member the Early Termination Payment in respect of such Member; provided,
however, that this Agreement shall only terminate pursuant to this Section 4.01(b) upon the receipt of the Early Termination
Payment by all Members; and provided, further, that the Corporate Taxpayer may withdraw any notice to execute its
termination rights under this Section 4.01(b) prior to the time at which any Early Termination Payment has been paid.  Upon
payment of the Early Termination Payment by the Corporate Taxpayer in accordance with this Section 4.01(b), neither the Members
nor the Corporate Taxpayer shall have any further payment obligations under this Agreement, other than for any (1) Tax Benefit
Payment agreed to by the Corporate Taxpayer and a Member as due and payable but unpaid as of the Early Termination Notice and
(2) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to
the extent that the amount described in clause (2) is included in the Early Termination Payment).  If an Exchange occurs
after the Corporate Taxpayer makes the Early Termination Payment pursuant to this Section 4.01(b), the Corporate Taxpayer shall
have no obligations under this Agreement with respect to such Exchange. If the Corporate Taxpayer terminates, or proposes to terminate,
this Agreement by making, or proposing to make (or cause to be made), the Early Termination Payment to the Members, then each
Member that is a party to this Agreement may elect to cause the Corporate Taxpayer to make an Early Termination Payment to such
Member under this Agreement; provided that the procedures of this Article IV shall apply to such Early Termination Payment as
if the Corporate Taxpayer had delivered an Early Termination Notice to such electing Members; provided further that a Member may
elect to receive an Early Termination Payment pursuant to this sentence notwithstanding the fact that not all Members under this
Agreement elect to receive such a payment.

  

    	13

    	 

    

 

(c) In the event that the Corporate Taxpayer breaches any of
its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any
other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced
under the Bankruptcy Code or otherwise, and does not cure such breach within ninety (90) days of receipt of notice of such breach,
then all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice
had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payment calculated
as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by the Corporate
Taxpayer and any Members as due and payable but unpaid as of the date of a breach, and (3) any Tax Benefit Payment due for the
Taxable Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.02
shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence. 
Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, the Members shall be entitled
to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific performance of the terms hereof. 
The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such payment
is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that
it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this
Agreement within three months of the date such payment is due. Except to the extent that the Corporate Taxpayer has received distributions
from OpCo, the Corporate Taxpayer shall not be required to make any payment pursuant to this Agreement. Notwithstanding anything
in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any payment
due pursuant to this Agreement when due to the extent the Corporate Taxpayer has insufficient funds to make such payment; provided
that the interest provisions of Section 5.02 shall apply to such late payment (unless the Corporate Taxpayer does not have
sufficient cash to make such payment as a result of limitations imposed by credit agreements to which the Corporate Taxpayer or
its Subsidiaries, as applicable, is a party, in which case Section 5.02 shall apply, but the Default Rate shall be replaced by
the Agreed Rate); provided, further, that the Corporate Taxpayer shall promptly (and in any event, within two (2)
Business Days), pay all such unpaid payments, together with accrued and unpaid interest thereon, immediately following such time
that the Corporate Taxpayer has, and to the extent the Corporate Taxpayer has, sufficient funds to make such payment, and the
failure of the Corporate Taxpayer to do so shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and
cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the Corporate Taxpayer shall be deemed
to be funds sufficient and available to pay such unpaid payments, together with any accrued and unpaid interest thereon.

 

    	14

    	 

    

 

(d) The undersigned hereby acknowledge and agree that the timing,
amounts and aggregate value of Tax Benefit Payments pursuant to this Agreement are not reasonably ascertainable.

 

Section 4.02 Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under
Section 4.01(b) above, the Corporate Taxpayer shall deliver to each Member notice of such intention to exercise such right (“Early
Termination Notice”) and a schedule (the “Early Termination Schedule”)
specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of
the Early Termination Payment for such Member. The Early Termination Schedule shall become final and binding on such Member thirty
(30) calendar days from the first date on which such Member has received such Schedule or amendment thereto unless such Member
(i) within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporate Taxpayer with notice
of a material objection to such Schedule made in good faith (“Material Objection
Notice”) or (ii) provides a written waiver of such right of a Material Objection Notice within the period described
in clause (i) above, in which case such Schedule becomes binding on the date the waiver is received by the Corporate Taxpayer
(such thirty (30) calendar day date as modified, if at all, by clauses (i) or (ii), the “Early
Termination Effective Date”). If the Corporate Taxpayer and such Member, for any reason, are unable to successfully
resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material
Objection Notice, the Corporate Taxpayer and such Member shall employ the Reconciliation Procedures. 

 

Section 4.03 Payment upon Early Termination.

 

(a) Within three (3) Business Days after the Early Termination
Effective Date, the Corporate Taxpayer shall pay to each Member an amount equal to the Early Termination Payment in respect of
such Member. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated
by such Member or as otherwise agreed by the Corporate Taxpayer and such Member. For
the avoidance of doubt, the portion of any Early Termination Payment to be made by the Corporate Taxpayer shall be determined
in the same manner as such determination is made with respect to Tax Benefit Payments pursuant to Section 3.01(a).

 

(b)  “Early
Termination Payment” in respect of a Member shall equal the present value, discounted at the Early Termination Rate
as of the Early Termination Effective Date, of all Tax Benefit Payments in respect of such Member that would be required to be
paid by the Corporate Taxpayer beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. 

  

    	15

    	 

    

 

Article V

SUBORDINATION AND LATE PAYMENTS

 

Section 5.01 Subordination. Notwithstanding any other provision
of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to be made by the Corporate Taxpayer
to any Member 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 in respect of indebtedness for borrowed money of the Corporate Taxpayer or its Subsidiaries,
as applicable (“Senior
Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that
are not Senior Obligations. 

 

Section 5.02 Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early
Termination Payment not made to the applicable Member when due under the terms of this Agreement shall be payable together with
any interest thereon, computed at the Default Rate and commencing from the date on which such Tax Benefit Payment or Early Termination
Payment was due and payable. The Corporate Taxpayer shall promptly (and in any event, within two (2) Business Days), pay all unpaid
Tax Benefit Payments and Early Termination Payments, together with accrued and unpaid interest thereon, immediately following
such time that it has, and to the extent that it has, sufficient funds to make such payment. For the avoidance of doubt, all cash
and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the Corporate Taxpayer shall
be deemed to be funds sufficient and available to pay unpaid Tax Benefit Payments and Early Termination Payments, together with
any accrued and unpaid interest thereon.

 

Article VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.01 Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided
herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate
Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue
pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify a Member of, and keep such Member reasonably
informed with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing Authority the outcome of which
is reasonably expected to affect the rights and obligations of such Member under this Agreement, and shall provide to such Member
reasonable opportunity to provide information and other input to the Corporate Taxpayer, OpCo and their respective advisors concerning
the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo shall not
be required to take any action that is inconsistent with any provision of the LLC Agreement.

 

Section 6.02 Consistency. 

 

(a)
The Corporate Taxpayer, OpCo and the Members agree to report and cause to be reported for all purposes, including federal,
state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Tax Assets and each Tax Benefit
Payment) in a manner consistent with that specified by the Corporate Taxpayer in any Schedule required to be provided by or on
behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law. Any dispute as to required Tax or financial
reporting shall be subject to Section 7.09.

  

    	16

    	 

    

 

(b)
The parties agree that, for Tax purposes, the portion of any Tax Benefit Payment described in clause (y) of the definition
of “Imputed Interest” shall be treated as having been (i) first, distributed to the Corporate Taxpayer pursuant to
the LLC Agreement, (ii) second, contributed by the Corporate Taxpayer to OpCo as a capital contribution, and (iii) third, paid
by OpCo to the Applicable Member as a guaranteed payment within the meaning of Section 707(c) of the Code (the deduction for which
shall be allocated solely to the Corporate Taxpayer, unless otherwise required by law).

 

(c)Notwithstanding
anything to the contrary in this Agreement, the Company shall be permitted to adopt simplifying conventions with respect to any
calculation under this Agreement.

 

Section 6.03 Cooperation. Each of the Corporate Taxpayer, OpCo and each Member shall (a) furnish to the other party in
a timely manner such information, documents and other materials as the other party may reasonably request for purposes of making
any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending
any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives
to provide explanations of documents and materials and such other information as the other party or its representatives may reasonably
request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any
such matter, and the Corporate Taxpayer shall reimburse the applicable Member for any reasonable third-party costs and expenses
incurred pursuant to this Section 6.03.

 

Article VII

MISCELLANEOUS

 

Section 7.01       
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt
of such e-mail is requested and received) and shall be given to such party as set forth below, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice:

 

	 	If
to the Corporate Taxpayer, to: 
	 	 	 
	 	Wayne
Farms, Inc.

4110 Continental Drive

Oakwood, GA 30566

	 	Telephone:	(770) 538-2127
	 	Facsimile:     	(770) 538-2164
	 	Attention:	General Counsel

 

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	 	with a copy (which shall not constitute notice to the Corporate Taxpayer) to:
	 	 	 
	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	 	Telephone:	(212) 373-3000
	 	Facsimile:	(212) 757-3990
	 	Attention:	Richard J. Bronstein
	 	 	Steven J. Williams

   

	 	If
to OpCo, to: 
	 	 	 
	 	Wayne
Farms LLC

4110 Continental Drive

Oakwood, GA 30566

	 	Telephone:   	(770) 538-2127
	 	Facsimile:	(770) 538-2164
	 	Attention:	General Counsel

  

	 	with a copy (which shall not constitute notice to OpCo) to:
	 	 	 
	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	 	Telephone:	(212) 373-3000
	 	Facsimile:	(212)
757-3990
	 	Attention:	Richard J. Bronstein

Steven J. Williams

 

If
to the applicable Member, to the address, facsimile number or e-mail address specified for such party on the Member Schedule to
the LLC Agreement.

 

All
such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed
to have been received on the next succeeding Business Day in the place of receipt.

 

Section 7.02 Binding Effect; Benefit; Assignment.

 

(a) The provisions of this Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective successors and assigns. No provision of this Agreement
is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties
hereto and their respective successors and assigns. The Corporate Taxpayer and OpCo, as applicable, shall require and cause any
direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Corporate Taxpayer or OpCo, as applicable, by written agreement, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporate Taxpayer or OpCo, as applicable, would be required to perform
if no such succession had taken place.

 

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(b) A Member may assign any of its rights under this Agreement to any Person as long as such transferee has executed
and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form of Exhibit A,
agreeing to become a “Member” for all purposes of this Agreement, except as otherwise provided in such joinder; provided,
that a Member’s rights under this Agreement shall be assignable by such Member under the procedure in this Section 7.02(b)
regardless of whether such Member continues to hold any interests in OpCo or the Corporate Taxpayer or has fully transferred any
such interests.

 

Section 7.03 Resolution of Disputes.

 

(a) Except for Reconciliation Disputes subject to Section 7.09, any and all disputes which cannot be settled amicably, 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 arbitration provision)
(each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in Delaware in
accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the Dispute
fail to agree on the selection of an arbitrator within ten (10) days of the receipt of the request for arbitration, the International
Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law in the State
of Delaware and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably
possible during any arbitration proceedings. 

 

(b) Notwithstanding
the provisions of paragraph (a), the Corporate Taxpayer and OpCo, as applicable, may bring an action or special proceeding in
any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief
in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Member
(i) expressly consents to the application of paragraph (c) of this Section 7.03 to any such action or proceeding, (ii) agrees
that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate
and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such Member for
service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall
promptly advise such Member of any such service of process, shall be deemed in every respect effective service of process upon
such Member in any such action or proceeding.

  

    	19

    	 

    

 

(c)  EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHANCERY COURT OF THE STATE OF DELAWARE OR, IF SUCH COURT
DECLINES JURISDICTION, THE COURTS OF THE STATE OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND OF THE UNITED STATES DISTRICT
COURT FOR THE DISTRICT OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND ANY APPELLATE COURT FROM ANY THEREOF, FOR THE PURPOSE
OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.03, OR ANY JUDICIAL PROCEEDING ANCILLARY
TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial
proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in
aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c)
have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

 

(d) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter
may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court
referred to in the preceding paragraph of this Section 7.03 and such parties agree not to plead or claim the same.

 

Section 7.04 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 7.05 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties
with respect to the subject matter of this Agreement. Except to the extent provided in Section 3.03,
nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party hereto.

 

Section 7.06 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

 

Section 7.07 Amendment.
No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporate Taxpayer and by Persons
who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Persons entitled to Early
Termination Payments under this Agreement if the Corporate Taxpayer had exercised its right of early termination on the date of
the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any Persons pursuant
to this Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if
such amendment will have a disproportionate effect on the payments certain Persons will or may receive under this Agreement unless
all such Persons disproportionately affected consent in writing to such amendment. 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.

  

    	20

    	 

    

 

Section 7.08 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any
other State.

 

Section 7.09 Reconciliation. In the event that the Corporate Taxpayer and a Member are unable to resolve a disagreement
with respect to the matters governed by Sections 2.03, 3.01(b), 4.02 and 6.02 within the relevant period designated in this Agreement
(“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted
for determination to a nationally recognized expert (the “Expert”) in the particular
area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized
accounting or law firm, and unless the Corporate Taxpayer and such Member agree otherwise, the Expert shall not, and the firm
that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or such Member or other actual or
potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by
the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of
Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Tax Basis Schedule or an amendment thereto
or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating
to a Tax Benefit Schedule or an amendment thereto within fifteen (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 on the date prescribed
by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon
resolution.  The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by
the Corporate Taxpayer, except as provided in the next sentence.  The Corporate Taxpayer and such Member shall bear their
own costs and expenses of such proceeding, unless (i) the Expert substantially adopts such Member’s position, in which case
the Corporate Taxpayer shall reimburse such Member for any reasonable out-of-pocket costs and expenses in such proceeding, or
(ii) the Expert substantially adopts the Corporate Taxpayer’s position, in which case such Member shall reimburse the Corporate
Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding.  Any dispute as to whether a dispute is
a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert.  The Expert shall finally
determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the
Corporate Taxpayer and such Member and may be entered and enforced in any court having jurisdiction. 

 

    	21

    	 

    

 

Section 7.10 Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant
to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code
or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate
Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having
been paid to the applicable Member.

 

Section 7.11 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets. 

 

(a) If the Corporate Taxpayer is or becomes a member of an
affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et seq.
of the Code or any corresponding provisions of state or local law, then: (i) the provisions of this Agreement shall be applied
with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder
shall be computed with reference to the consolidated taxable income of the group as a whole.

 

(b) If any entity that is obligated to make a Tax Benefit Payment
or Early Termination Payment hereunder transfers one or more assets to a corporation (or a Person classified as a corporation
for U.S. federal income tax purposes) with which such entity does not file a consolidated tax return pursuant to Section 1501
of the Code, such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g.,
calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated
as having disposed of such asset in a fully taxable transaction on the date of such contribution.  The consideration deemed
to be received by such entity shall be equal to the fair market value of the contributed asset. For purposes of this Section 7.11,
a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets
and liabilities of that partnership.

 

Section 7.12 Partnership Agreement. This Agreement shall be treated as part of the partnership agreement of OpCo as described
in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

[Remainder
of Page Intentionally Left Blank]

 

    	22

    	 

    

 

IN
WITNESS WHEREOF, the Corporate Taxpayer, OpCo, and each Member set forth below have duly executed this Agreement as of the date
first written above.  

	 	 	 	 
	 	CORPORATE TAXPAYER:	 
	 	 	 
	 	WAYNE FARMS, INC.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	WAYNE FARMS LLC	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

 

Signature
Page to Tax Receivable Agreement

 

    	 

    	 

    

 

	 	 	 	 
	 	MEMBERS:	 
	 	 	 
	 	WAYNE
FARMS HOLDINGS LLC	 
	 	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Tax Receivable Agreement

 

    	  

    	 

    

 

Exhibit
A

Form
of Joinder

 

This
JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of ____________, by and
among Wayne Farms, Inc., a Delaware corporation (the “Corporate Taxpayer”), and ______________ (“Permitted
Transferee”).

 

WHEREAS,
on ____________, Permitted Transferee acquired (the “Acquisition”) [___ Common Units][the right to receive
any and all payments that may become due and payable under the Tax Receivable Agreement with respect to ___ Common Units that
were previously Exchanged and are described in greater detail in Annex A to this Joinder] (collectively, “Interests”
and, together with all other interests hereinafter acquired by the Permitted Transferee from Transferor, the “Acquired
Interests”) from ______________ (“Transferor”); and

 

WHEREAS,
Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant
to Section 7.02(b) of the Tax Receivable Agreement, dated as of [_________ ___], 2015, by and among the Corporate Taxpayer and
each Member (as defined therein) (the “Tax Receivable Agreement”).

 

NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

 

Section
1.01Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall
have the respective meanings set forth in the Tax Receivable Agreement.

 

Section
1.02Joinder. Permitted Transferee hereby acknowledges and agrees to become a “Member” (as defined in the
Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement. Permitted Transferee hereby acknowledges the terms
of Section 7.02(b) of the Tax Receivable Agreement and agrees to be bound by Section 7.12 of the Tax Receivable Agreement.

 

Section
1.03Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted
Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance
with Section 7.01 of the Tax Receivable Agreement.

 

Section
1.04Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

 

 

    	 

    	 

    

IN
WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as of the date first above written.

 

	 	 	 	 
	 	[PERMITTED
TRANSFEREE]	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address
for notices:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]