Document:

Form of Amended and Restated Limited Partnership Agreement - Glenrock

  
 Exhibit 10.15

 EXECUTION COPY 
  

 
 GLENROCK ASSET MANAGEMENT
ASSOCIATES, LP 
 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 Dated as of
[            ], 2010 
  

 

  
 TABLE OF CONTENTS

  

					
	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
		
	 SECTION 1.1.     Definitions.
	  	 	1	  
	 SECTION 1.2.     Terms Generally.
	  	 	10	  
		
	 ARTICLE II General Provisions
	  	 	10	  
		
	 SECTION 2.1.     Formation.
	  	 	10	  
	 SECTION 2.2.     Partners and Interests.
	  	 	10	  
	 SECTION 2.3.     Name.
	  	 	11	  
	 SECTION 2.4.     Limitation of Liability.
	  	 	11	  
	 SECTION 2.5.     Term.
	  	 	11	  
	 SECTION 2.6.     Purpose; Powers.
	  	 	11	  
	 SECTION 2.7.     Registered Office and Registered Agent; Places of Business.
	  	 	13	  
		
	 ARTICLE III Management and Operation of the Partnership
	  	 	13	  
		
	 SECTION 3.1.     Management.
	  	 	13	  
	 SECTION 3.2.     Certain Duties and Obligations of the General Partner.
	  	 	14	  
	 SECTION 3.3.     Officers.
	  	 	16	  
	 SECTION 3.4.     Exculpation and Indemnification.
	  	 	16	  
		
	 ARTICLE IV Capital Contributions; Interests; Loans; Allocations; Distributions; Expenses
	  	 	18	  
		
	 SECTION 4.1.     Capital Contributions.
	  	 	18	  
	 SECTION 4.2.     Additional Capital Contributions.
	  	 	18	  
	 SECTION 4.3.     Interests.
	  	 	18	  
	 SECTION 4.4.     Additional Classes of Interests.
	  	 	19	  
	 SECTION 4.5.     Fund Contributions.
	  	 	19	  
	 SECTION 4.6.     Capital Accounts.
	  	 	19	  
	 SECTION 4.7.     Allocations.
	  	 	20	  
	 SECTION 4.8.     Distributions.
	  	 	23	  
	 SECTION 4.9.     Expenses.
	  	 	24	  
	 SECTION 4.10.   Profits Interest.
	  	 	24	  
		
	 ARTICLE V Books and Reports; Tax Matters
	  	 	25	  
		
	 SECTION 5.1.     General Accounting Matters.
	  	 	25	  
	 SECTION 5.2.     Fiscal Year.
	  	 	26	  
	 SECTION 5.3.     Certain Tax Matters.
	  	 	26	  
	 SECTION 5.4.     Section 754 Election.
	  	 	27	  
	 SECTION 5.5.     Inspection Rights.
	  	 	27	  

  
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	 ARTICLE VI Dissolution
	  	 	27	  
		
	 SECTION 6.1.     Dissolution.
	  	 	27	  
	 SECTION 6.2.     Winding-up.
	  	 	28	  
	 SECTION 6.3.     Final Distribution.
	  	 	28	  
	 SECTION 6.4.     No Obligation to Restore Capital Accounts.
	  	 	29	  
		
	 ARTICLE VII Transfer of Partners’ Interests
	  	 	29	  
		
	 SECTION 7.1.     Transfer of Partners’ Interests.
	  	 	29	  
	 SECTION 7.2.     Other Transfer Provisions.
	  	 	32	  
		
	 ARTICLE VIII Additional Partners; Removal and Withdrawal of Partners
	  	 	33	  
		
	 SECTION 8.1.     Admission of Additional Partners; Allocation of Sharing Percentages.
	  	 	33	  
	 SECTION 8.2.     Removal and Withdrawal of Partners.
	  	 	33	  
	 SECTION 8.3.     Release Events; Removal of the General Partner.
	  	 	34	  
		
	 ARTICLE IX Miscellaneous
	  	 	36	  
		
	 SECTION 9.1.     Jurisdiction.
	  	 	36	  
	 SECTION 9.2.     Governing Law.
	  	 	36	  
	 SECTION 9.3.     Successors and Assigns.
	  	 	36	  
	 SECTION 9.4.     Confidentiality.(a)
	  	 	37	  
	 SECTION 9.5.     Notices.
	  	 	38	  
	 SECTION 9.6.     Counterparts.
	  	 	38	  
	 SECTION 9.7.     Entire Agreement.
	  	 	38	  
	 SECTION 9.8.     Amendments.
	  	 	38	  
	 SECTION 9.9.     Titles.
	  	 	39	  
	 SECTION 9.10.   Representations, Warranties and Covenants.
	  	 	39	  
	 SECTION 9.11.   Division of Property.
	  	 	41	  
	 SECTION 9.12.   Irreparable Harm.
	  	 	41	  
	 SECTION 9.13.   Partnership Tax Treatment
	  	 	41	  
	 SECTION 9.14.   Severability.
	  	 	41	  
	 SECTION 9.15.   Survival.
	  	 	42	  

  
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 GLENROCK ASSET
MANAGEMENT ASSOCIATES, LP 
 This AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT of GLENROCK ASSET
MANAGEMENT ASSOCIATES, LP (the “Partnership”), dated as of [Date], 2010 is entered into by and among Aveon Holdings I L.P. as the initial general partner (hereinafter referred to as the “General Partner”) and
the persons who have become parties to this Agreement by affixing their names hereto as Limited Partners and executing a counterpart hereto as of the date hereof (all of whom are hereinafter sometimes collectively referred to in their capacity as
limited partners of the Partnership as the “Limited Partners” and each of whom is hereinafter sometimes referred to individually as a “Limited Partner”) and such other parties as may from time to time be admitted as Partners (as
herein defined) of the Partnership. 
 The Partnership was formed on August 31, 1994 pursuant to a Certificate of Limited
Partnership, which was filed in the office of the Secretary of State of the State of Delaware (the “Certificate of Limited Partnership”). 
 In order to amend and restate the Partnership’s existing Limited Partnership Agreement to reflect certain changes thereto, the parties wish to enter into this Amended and Restated Limited Partnership
Agreement as hereinafter set forth. In consideration of the mutual covenants herein expressed, the parties hereto hereby agree as follows: 
 ARTICLE I 
 Definitions 

SECTION 1.1. Definitions. 
 Unless the context otherwise requires, the following terms shall have the following meanings for purposes of this Agreement: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. § 17-101 et seq., as it may be amended from time to time, and any successor to such statute.

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

“Admission Letter” has the meaning set forth in Section 8.1(c). 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with such first Person. The term “control” (including its correlative meanings “controlled by” and “under common control with”) means possession,
directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or other ownership interests, by contract, or otherwise). For avoidance of doubt and without limitation, none of the
Excluded Funds shall be considered 

 
Affiliates of Glenrock, Glenrock Holdings, LLC or Budris (or any of their respective Affiliates) for purposes of this Agreement. 

“Agreement” means this Amended and Restated Limited Partnership Agreement of the Partnership, as it may be amended,
supplemented, modified or restated from time to time. 
 “Applicable AUM” means the combined assets under
management, as calculated as of the last day of any fiscal quarter or Fiscal Year, of the Funds (provided, that, in connection with calculating the first $600 million of Applicable AUM, in respect of the assets under management of the Funds,
(1) the General Partner shall have the right, exercisable once a year on December 31 of a Fiscal Year for the following Fiscal Year’s Applicable AUM, to replace (only for the purpose of the calculation of the Sharing Percentage) any
individual subscriber accounts that are not full management fee or incentive fee or allocation paying assets under management of the Funds with individual subscriber accounts that pay higher management fees and incentive fees or allocations to the
Partnership and (2) if an individual subscriber account which has been included in the first $600 million of Applicable AUM in the applicable Fiscal Year is redeemed during such Fiscal Year, then immediately following such redemption, the
General Partner will have the right to substitute (only for the purpose of the calculation of the Sharing Percentage) one or more new individual subscriber accounts to replace such redeemed individual subscriber account, except that, in either case,
the General Partner shall not have the right to make any such substitution if the individual subscriber account that will be used as the replacement subscriber account is subject to a high watermark). 

“Applicable AUM Amount” means $600 million of Applicable AUM. 

“Applicable Law” means any law, rule or regulation (including those of any self-regulatory organization) or any
agreement with any governmental authority or agency applicable to and legally binding on the Partnership. 

“Assignee” has the meaning set forth in Section 7.2(b). 

“Budris” means Mark Budris. 
 “Business Day” means any day other than a Saturday, Sunday or any days on which banks in New York City are required or authorized to close. 

“Buy-Sell Agreement” means that certain Buy-Sell Agreement, of even date herewith, among Budris, Katz and their
respective affiliates. 
 “Capital Account” has the meaning set forth in Section 4.6(a) and shall, with
respect to a Partner, include all of such Partner’s sub-accounts. 
 “Capital Contribution” means, with
respect to any Partner, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed to the Partnership with respect to the Interest held or purchased by such Partner. 

  
 2 

  
 “Capital Net
Income (Loss)” means any net income (loss) of the Partnership attributable solely to the Partnership’s capital investment in interests or shares, as applicable, of the Funds as funded by the Fund Contributions of the Partners, but
excluding Fund Net Income (Loss) and Other Net Income (Loss). 
 “Cause” means the occurrence or existence of
any of the following with respect to a Partner: 
 (a) such Partner engages in any action constituting either civil or criminal
fraud against the Partnership or the Funds as determined in a non-appealable final judgment of a court of competent jurisdiction, which results in the imposition of any civil or criminal penalty or disqualification imposed by the Securities and
Exchange Commission or any other governmental agency or self regulatory organization having jurisdiction over the business conducted by the Partnership, in each case that is reasonably likely to have a material adverse effect on the business and/or
reputation of the Partnership or the Funds; 
 (b) the conviction of such Partner of a felony, any crime involving financial
dishonesty or the imposition of any material civil or criminal penalty or disqualification imposed by the Securities and Exchange Commission or any other governmental agency or self regulatory organization having jurisdiction over the business
conducted by the Partnership, in each case that is reasonably likely to have a material adverse effect on the business and/or reputation of the Partnership or the Funds; and 
 (c) subject to written notice from the General Partner to a Partner which specifies in reasonable detail the nature of the breach or failure to act and which gives such Partner an opportunity to cure
within ten (10) days of such notice: (i) the willful and continued failure by such Partner to substantially perform such Partner’s duties with the Partnership as set forth in such Partner’s Admission Letter or in this Agreement,
or (ii) a breach by such Partner of any of such Partner’s material obligations under this Agreement, the Purchase Agreement, the Admission Letter or any other agreement between such Partner and the Company or the Funds, and such breach has
had or could reasonably be expected to have a material adverse impact on the Partnership or the Funds. 
 “Certificate
of Limited Partnership” has the meaning set forth in the Preliminary Statement hereto. 
 “Change of
Control” means any of the following: 
 (a) if the General Partner (including any Affiliate to which the General
Partner shall have transferred its Interest) transfers in the aggregate more than fifty percent (50%) of the Interest owned by such Person on, or subsequent to, the date of this Agreement to any party that is not an Affiliate of the General
Partner (it being understood that a change of control of any such Affiliate such that it ceases to be an Affiliate of the General Partner shall be deemed a transfer for purposes of this provision); or 

(b) the beneficial owners of the General Partner (including any Affiliate to which the General Partner shall have transferred its
Interest) cease to beneficially own and control at least a majority of the issued and outstanding equity interests of the General 

  
 3 

 
Partner entitled to vote for the election of members of the governing body of such General Partner, on a fully diluted basis. For this purpose, the terms “beneficially own” and
“beneficial ownership” shall have the meanings set forth in the Securities Exchange Act and the rules and regulations promulgated thereunder. 
 “Classes” means the classes into which the Interests in the Partnership or other Partnership securities created in accordance with Section 4.4 may be classified or divided from time
to time by the General Partner pursuant to the provisions of this Agreement. For all purposes hereunder and under the Act, only such Classes or subclasses expressly established under this Agreement, including by the General Partner in accordance
with this Agreement, shall be deemed to be a class, subclass or group of partnership interests in the Partnership. 

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

“Covered Person” has the meaning set forth in Section 3.4(a). 

“Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery
deduction allowable with respect to an asset for such Fiscal Year, except that if the Gross Asset Value of an asset differs from its Adjusted Basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount
which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning Adjusted Basis; provided, however, that
if the Adjusted Basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General
Partner. 
 “Excluded Funds” means, each of (i) Nippon Renewal Partners, LP, (ii) Nippon Renewal
Partners, Ltd., (iii) Reynard Asset Management Inc., (iv) Reynard American Partners, LP, and (v) Reynard International Partners, Ltd. and any successors thereto. 

“Fair Market Value” means the fair market value of any property as determined in good faith by the General Partner,
after taking into account such factors as the General Partner shall deem appropriate. 
 “Fiscal Period” means
a calendar quarter or any other period chosen by the General Partner. 
 “Fiscal Year” has the meaning set
forth in Section 5.2. 
 “Fund Capital Accounts” has the meaning set forth in Section 4.6(b).

 “Fund Contribution” has the meaning set forth in Section 4.5. 

  
 4 

  
 “Fund
Allocation Net Income” means any net income of the Partnership of the Funds that is attributable solely to the incentive allocation allocable to the Partnership from the Funds in accordance with the governing documents of the Funds, but
excluding any Fund Fee Net Income, Capital Net Income (Loss) and Other Net Income (Loss). 
 “Fund Fee Net
Income” means any net income of the Partnership of the Funds that is attributable solely to the management fees and incentive fees allocable to the Partnership from the Funds in accordance with the governing documents of the Funds, but
excluding any Fund Allocation Net Income, Capital Net Income (Loss) and Other Net Income (Loss), net of those expenses incurred in the preparation of reports to the Partners, legal, accounting, tax preparation and other professional fees and
expenses of the Partnership and any fees paid to third party marketers (i) as set forth in agreements in effect as of the date hereof and set forth in the Company Disclosure Letter (as defined and attached to the Purchase Agreement) or
(ii) pursuant to written agreements with third-party marketers entered into and effective from time to time hereafter in the ordinary course of the Partnership’s business, which such agreements with third-party marketers may be entered
into by Glenrock on behalf of the Partnership and will be subject to the review (but not approval) of the General Partner. 

“Fund Net Income” means Fund Allocation Net Income and Fund Fee Net Income, taken together. 

“Funds” means (i) Glenrock Global Partners (QP), L.P and any successors thereto; (ii) Glenrock Global Partners
(AI), LP, and any successors thereto, (iii) Glenrock Global Partners (BVI), LTD, and any successors thereto, for so long as Company is a party to an investment advisory agreement with Glenrock Global Partners (BVI), LTD and Glenrock, Inc. and
any successors thereto, and (iv) Glenrock Global Partners (BVI) Master Fund, LP, and any successors thereto, for so long as the Company is a party to an investment advisory agreement with Glenrock Global Partners (BVI) Master Fund, LP, and
Glenrock, Inc. and any successors thereto; and when used, collectively, the individual Funds are the Funds. 
 “General
Partner” means Aveon Holdings I L.P., for so long as it remains the General Partner as provided hereunder, and/or any other Partner designated as such as provided hereunder. 

“Glenrock” means Glenrock, Inc., a Delaware corporation, or any successor thereto. 

“Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for federal income tax purposes,
except as follows: 
 (a) the initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the
gross Fair Market Value of such asset; 
 (b) the Gross Asset Values of all Partnership assets shall be adjusted to equal their
respective gross Fair Market Values as of the following times: (i) the acquisition of an additional Interest by any new or existing Partner in exchange for more than a de 

  
 5 

 
minimis Capital Contribution; (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of property as consideration for an Interest; (iii) the issuance by
the Partnership of Interests that are Profits Interests; and (iv) the liquidation of the Partnership within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that adjustments pursuant to
clauses (i), (ii) and (iii) above shall be made only if the General Partner reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(c) the Gross Asset Value of any Partnership asset distributed to any Partner shall be adjusted to equal the gross Fair Market Value of
such asset on the date of distribution; and 
 (d) the Gross Asset Values of Partnership assets shall be increased (or
decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (f) in the definition of “Other Net Income” and “Other Net Losses” and Section 4.6; provided, however, that Gross Asset Values shall
not be adjusted pursuant to this subsection to the extent the General Partner determines that an adjustment pursuant to subsection (b) of this definition is necessary or appropriate in connection with a transaction that would otherwise result
in an adjustment pursuant to this subsection (d). 
 If the Gross Asset Value of an asset has been determined or adjusted
pursuant to subsections (a), (b) or (d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Other Net
Income or Other Net Loss. 
 “Immediate Family” shall mean, with respect to any natural person, (a) such
person and such person’s spouse, parents, grandparents, children, grandchildren, more remote issue and siblings (in each case whether adoptive or biological), (b) such person’s former spouse(s) and current spouses of such
person’s children, grandchildren and siblings (in each case whether adoptive or biological), and (c) estates, trusts, partnerships and other entities of which a material portion of the interests are held directly or indirectly by or for
the benefit of the foregoing. 
 “Interest” means the entire partnership interest held by a Partner in the
Partnership at any particular time, including the right of such Partner to any and all benefits to which a Partner may be entitled as provided in this Agreement, together with the obligations of such Partner to comply with all the terms and
provisions of this Agreement. 
 “Katz” means Michael Katz. 

“Limited Partner” means any Partner other than the General Partner. 

“Majority in Interest” means the majority of Interests based on the Sharing Percentages of Partners in respect of Fund
Net Income (Loss). 

  
 6 

  

“Partner” means each of the persons listed as a Partner on the books and records of the Partnership (including the
General Partner and the Limited Partners) and any Person admitted to the Partnership as an additional or substituted Partner of the Partnership in accordance with the provisions of this Agreement, in each case for so long as such Person remains a
Partner as provided hereunder. 
 “Partnership” has the meaning set forth in the Preliminary Statement hereto.

 “Permitted Transferee” has the meaning set forth in Section 7.1(b). 

“Net Income (Loss)” means Capital Net Income (Loss), Fund Net Income and Other Net Income (Loss). 

“Operating Reserve” means such amount as is reasonably determined by Glenrock on an annual basis or otherwise, to be
necessary or prudent for the Partnership to maintain in cash or cash equivalents or other money market instruments in order to satisfy the Partnership’s accrued or anticipated expenses or other obligations and otherwise to meet the operational
needs of the Partnership’s business; provided, that (i) no part of the Operating Reserve may be used, directly or indirectly, to pay the fees or expenses of a Member or an Affiliate of any Member, and (ii) such amount
shall not be greater than the greater of One Hundred Thousand Dollars ($100,000) or five percent (5%) of the previous Fiscal Year’s Net Income without the consent of the General Partner, not to be unreasonably withheld, delayed or
conditioned. 
 “Other Net Income (Loss)” for any Fiscal Period means the net income or net loss of the
Partnership for such Fiscal Period (other than Capital Net Income (Loss) or Fund Net Income) as determined on an accrual basis after deduction for expenses of the Partnership, in accordance with Code Section 703(a) (for this purpose, all items
of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a) any depreciation, amortization and/or cost recovery deductions with respect to any asset shall be deemed to be equal to the
Depreciation available with respect to such asset; 
 (b) any income or gain of the Partnership that is exempt from federal
income tax and not otherwise taken into account in computing Other Net Income or Other Net Loss shall be added to such taxable income or loss; 
 (c) any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Other Net Income or Loss, shall be subtracted from such taxable income or loss; 
 (d) in the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or (c) of the definition of Gross Asset Value, the amount of such adjustment shall be taken
into account as gain or loss from the disposition of such asset for purposes of computing Other Net Income or Other Net Loss; 

  
 7 

  
 (e) gain or loss
resulting from any disposition of Partnership assets with respect to which gain or loss is recognized for federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the
adjusted tax basis of such asset differs from its Gross Asset Value; and 
 (f) any items of income, gain, loss or deduction
which are specifically allocated pursuant to the provisions of Section 4.7(e) through (k) shall not be taken into account in computing Other Net Income or Other Net Loss for any taxable year. 

The General Partner may create separate categories of Other Net Income (Loss) with respect to the separate categories of net income or
net loss of the Partnership in which the Partners have different Sharing Percentages. 
 “Permanent Disability”
of a Partner, means any physical or mental inability to perform all or substantially all of such Partner’s duties with respect to the Partnership or any of its Affiliates for a period of 180 consecutive days as reasonably determined by the
General Partner. 
 “Person” means any individual, firm, partnership, joint venture, association, corporation,
other business organization, entity or enterprise. 
 “Profits Interest” shall mean an interest in the future
profits of the Partnership satisfying the requirements for a partnership profits interest transferred in connection with the performance of services, as set forth in IRS Revenue Procedures 93-27 and 2001-43, or any future IRS guidance or other
authority that supplements or supersedes the foregoing Revenue Procedures; provided that all Partners, whether parties hereto as of the date hereof or admitted after the date hereof, consent to the Partnership taking all actions, including
amending this Agreement, to the extent necessary or appropriate to cause any interest designated by the General Partner as a “profits interest” to be treated as Profits Interests for all United States federal income tax purposes, to be
valued based on liquidation value or similar principles and to permit allocations of income to be made to such Partners to be respected even if such Interests are subject to risk of forfeiture, including any action required by the Partnership under
Revenue Procedure 2001-43, unless superseded by Notice 2005-43, in which case, such consent shall allow the Partnership to take any and all actions as may be necessary or desirable pursuant to such notice, final or temporary regulations that may be
promulgated to bring into effect the Proposed Treasury Regulations (Prop. Treas. Reg. §§ 1.83-3, 1.704-1, 1.706-3, 1.707-1, 1.721-1, 1.761-1) set forth in the notice of proposed rulemaking (REG–105346–03), and any similar or
related authority. 
 “Proposed ROFR Sale” has the meaning set forth in Section 7.1(b)(i). 

“Proposed ROFR Transferee” has the meaning set forth in Section 7.1(b)(ii). 

“Purchase Agreement” means the Purchase Agreement, dated as of [Date], among the General Partner, the Partnership and
the sellers named therein, as amended from time to time. 
 “Release Events” has the meaning set forth in
Section 8.3(c). 

  
 8 

  
 “Restricted
Period” has the meaning set forth in Section 9.12. 
 “Right of First Refusal” has the meaning
set forth in Section 7.1(b)(i). 
 “ROFR Notice” has the meaning set forth in Section 7.1(b)(ii).

 “ROFR Period” has the meaning set forth in Section 7.1(b)(iii). 

“ROFR Purchase Notice” has the meaning set forth in Section 7.1(b)(iii). 

“Sharing Percentage” means, with respect to a Partner, such Partner’s percentage interest in the Partnership’s
Fund Allocation Net Income, Fund Fee Net Income, Capital Net Income (Loss) and/or Other Net Income (Loss), as applicable, or any component or category thereof as set forth in the books and records of the Partnership, as such percentage may be
modified from time to time in accordance herewith. As of the execution date of this Agreement, with respect to Fund Net Income, the General Partner’s Sharing Percentage is 30% (the “General Partner FNI Sharing Percentage”) and
the aggregate Limited Partner’s Sharing Percentage is 70%, collectively (the “Limited Partners FNI Sharing Percentage”); provided, that the General Partner FNI Sharing Percentage with respect to Fund Net Income
attributable to that portion of Applicable AUM (as defined below) in excess of $600 million shall be 0%, and the Limited Partners FNI Sharing Percentage thereof shall be 100%. For the avoidance of doubt, the General Partner is entitled to 30% of
Fund Net Income attributable to Applicable AUM up to or equal to the first $600 million of Applicable AUM, but is not entitled to any Fund Net Income attributable to that portion of Applicable AUM that exceeds $600 million. 

“Tax Matters Partner” has the meaning set forth in Section 5.3. 

“Terminating Event” has the meaning set forth in Section 8.3(a). 

“Terminating Partner” has the meaning set forth in Section 8.3(a). 

“Termination Date” has the meaning set forth in Section 8.3(a). 

“Transfer” means any assignment, sale, exchange, transfer, pledge, encumbrance, hypothecation or other disposition of
all or any part of an Interest. 
 “Treasury Regulations” means pronouncements, as amended from time to time,
or their successor pronouncements, which clarify, interpret and apply the provisions of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury. 

“Withholding Tax Advances” has the meaning set forth in Section 4.7(h). 

  
 9 

  

SECTION 1.2. Terms Generally. 
 The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The term “person” includes individuals, partnerships, limited liability companies, joint ventures, corporations, trusts, governments (or agencies or political subdivisions thereof) and other associations and
entities. Unless the context requires otherwise, the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” To the maximum extent permitted by law,
whenever in this Agreement a Person is permitted or required to make a decision in its “sole and absolute discretion” or under a grant of similar authority or latitude, the Person shall be entitled to consider any interests and factors as
it desires, including its own interests, and shall not be obliged to consider interests of any other Person. Notwithstanding any other provision of this Agreement to the contrary, no provision hereof shall be deemed to eliminate a Partner’s
implied contractual covenant of good faith and fair dealing and no provision of this Agreement shall be deemed to limit or eliminate the liability of any Partner for any act or omission that constitutes a bad faith violation of the implied
contractual covenant of good faith and fair dealing. 
 ARTICLE II 

General Provisions 
 SECTION 2.1. Formation. 
 The Partnership has been formed under the
provisions of the Act for the purposes and on the terms set forth in this Agreement pursuant to the filing of the Certificate of Limited Partnership of the Partnership with the Secretary of State of the State of Delaware. The General Partner is
hereby designated as the general partner of the Partnership and, subject to the terms and conditions contained herein, is authorized to execute, deliver and file, any amendments or restatements of the Certificate of Limited Partnership and any other
certificates necessary, and to take all action necessary, for the Partnership (i) to form or qualify to conduct the business of the Partnership under the laws of any jurisdiction in which the Partnership is doing business and to continue in
effect such formation or qualification and (ii) to protect the limited liability of the Limited Partners under the laws of any jurisdiction in which the Partnership is doing business. 

SECTION 2.2. Partners and Interests. 

The name, address and Interests of each Partner are set forth on the books and records of the Partnership. The Partners as of the date
hereof are as set forth on the signature page hereto. The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights,
duties and liabilities as provided herein. 

  
 10 

  

SECTION 2.3. Name. 
 The Partnership shall conduct its activities under the name of “GLENROCK ASSET MANAGEMENT ASSOCIATES, L.P.” 

SECTION 2.4. Limitation of Liability. 

(a) The General Partner shall have liability for the repayment and discharge of all debts and obligations of the Partnership. Except as
provided in the Act, or as expressly provided in this Agreement, or as a Partner shall otherwise expressly agree in writing in an Admission Letter or otherwise, no Limited Partner of the Partnership shall be obligated personally for any debt,
obligation or liability of the Partnership or of any other Partner solely by reason of being a Limited Partner of the Partnership; provided, however, that nothing contained in this Section 2.4(a) shall eliminate the implied
contractual covenant of good faith and fair dealing. 
 In no event shall any Partner (i) be obligated to make any capital
contribution or payment to or on behalf of the Partnership or (ii) have any liability to return distributions received by such Partner from the Partnership, in each case except as (x) otherwise specifically provided in this Agreement or
other related agreements, (y) such Partner shall otherwise expressly agree in writing or (z) may be required by applicable law. 
 SECTION 2.5. Term. 
 The existence of the Partnership commenced on the
date of filing of the Certificate of Limited Partnership and shall continue unless and until the Partnership is dissolved, wound up and terminated in accordance with Article VI. No Partner shall have the right to, and each Partner hereby agrees not
to, withdraw from the Partnership, nor to dissolve, terminate or liquidate, or to petition a court for the dissolution, termination or liquidation of, the Partnership, in each case except as expressly provided in this Agreement, and except with the
consent of the General Partner in its sole and absolute discretion, no Partner at any time shall have the right to petition or to take any action to subject Partnership assets or any part thereof to the authority of any court or other governmental
body in connection with any bankruptcy, insolvency, receivership or similar proceeding. 
 SECTION
2.6. Purpose; Powers. 
 (a) The purpose of the Partnership shall be, directly or indirectly through subsidiaries or
Affiliates, (i) to act as a manager and/or investment manager or advisor with respect to and make investments in any of the Funds, as appropriate, (ii) to engage in any other lawful business under the Act and applicable law as determined
by the General Partner, and (iii) to do all things necessary or incidental thereto. 
 (b) Except as expressly provided
herein, in furtherance of its purposes as stated in Section 2.6(a), the Partnership shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, directly or indirectly through subsidiaries or Affiliates, and
alone or with others, including the following: 

  
 11 

  
 (i) to
facilitate the carrying out of any and all purposes of any of the Funds, as appropriate, and to perform all acts and enter into and perform all contracts and other undertakings which the Company may deem necessary or advisable or incidental thereto,
including the exercise of all powers of the general partner of Glenrock Global Partners (AI), LP, Glenrock Global Partners (QP), LP, and Glenrock Global Partners (BVI) Master Fund, LP and as the investment manager to any other Funds as set forth in
the respective partnership, operating or other governing agreements of such Funds, as the same may be modified or amended from time to time; 
 (ii) to render investment, asset management, financial advisory and/or other services to the Funds, as appropriate; 
 (iii) to acquire, hold, manage, own, sell, transfer, convey, assign, exchange, mortgage, pledge or otherwise dispose of, grant options with respect to and otherwise deal in and exercise all rights,
powers, privileges and other incidents of ownership or possession with respect to all securities and other property, including the voting of securities, the approval of a restructuring of an investment in securities, participation in arrangements
with creditors, the institution and settlement or compromise of suits and administrative proceedings and other similar matters and to execute all documents and make all representations, admissions and waivers in connection therewith; 

(iv) to invest and reinvest cash assets of the Partnership in any investments and securities, including the Funds and
money-market or other short-term investments; 
 (v) to have and maintain one or more offices within or without
the State of Delaware or the Commonwealth of Massachusetts and, in connection therewith, to rent or acquire office space, engage personnel and do such other acts and things as may be advisable or necessary in connection with the maintenance of such
office or offices; 
 (vi) to open, maintain and close bank accounts and draw checks and other orders for the
payment of moneys and to open, maintain and close accounts with brokers, custodians and others; 
 (vii) to
engage employees and appoint officers (with such titles and delegated responsibilities as may be specified herein or determined by the General Partner), accountants, sub-advisors, auditors, custodians, consultants, attorneys and any and all other
agents and assistants, both professional and nonprofessional, including Partners and their Affiliates, and to compensate them as may be necessary or advisable; 
 (viii) to form or cause to be formed and to own the stock of one or more corporations, whether foreign or domestic, and to form or cause to be 

  
 12 

 
formed and to participate in partnerships, limited liability companies and joint ventures, whether foreign or domestic, solely with the consent of all Partners; 

(ix) to enter into, make and perform all contracts, agreements and other undertakings as may be deemed necessary or
advisable or incident to carrying out its purposes; 
 (x) to sue, prosecute, settle or compromise all claims
against third parties, to compromise, settle or accept judgment of claims against the Partnership, and to execute all documents and make all representations, admissions and waivers in connection therewith; 

(xi) to borrow money from or make loans to any person, including any Partner (on such terms as may be agreed from time to
time), or other extensions of credit to (either on a secured or unsecured basis or with or without recourse) any person or to guarantee loans or other extensions of credit for any purpose, solely with the consent of all Partners; 

(xii) to distribute, subject to the terms of this Agreement, at any time and from time to time to Partners cash,
securities, investments or other property of the Partnership, or any combination thereof; and 
 (xiii) to take
such other actions necessary or incidental thereto as may be permitted under applicable law. 
 SECTION
2.7. Registered Office and Registered Agent; Places of Business. 
 (a) The Partnership shall maintain a registered
office at The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, or at such other office as may from time to time be determined by the General Partner. The name and address of the Partnership’s
registered agent for service of process in the State of Delaware as of the date of this Agreement is The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The General Partner may at any time change
the Partnership’s registered agent for service of process. 
 (b) The Partnership shall maintain offices and principal
places of business at such places as may from time to time be determined by the General Partner. 
 ARTICLE III 

Management and Operation of the Partnership 

SECTION 3.1. Management. 
 (a) Except as otherwise provided herein or as set forth in any Admission Letter of a Limited Partner, the management and control of the business and affairs of the

  
 13 

 
Partnership shall be vested exclusively in the General Partner. Except as set forth in Section 8.3 of this Agreement, the General Partner shall not be replaced as General Partner without its
prior written consent. 
 (b) Except as expressly provided in this Agreement or as set forth in any Admission Letter of a
Limited Partner, the Limited Partners shall have no right or power to act for or bind the Partnership or otherwise vote with respect thereto. A Partner or an agent of a Partner may also be a partner, shareholder, employee, agent, director or officer
of the Partnership or any of its Affiliates and may act on behalf of the Partnership in such capacity to the extent authorized to do so in such capacity. 
 (c) The General Partner may delegate to one or more Limited Partners and/or officers the right to have such responsibilities and exercise such power and authority as the General Partner shall specify.
Each Partner so authorized shall have only the powers and authority delegated to it by the General Partner pursuant to an Admission Letter or otherwise. As of the date of this Agreement, the General Partner has entered into an Admission Letter with
Glenrock, the terms of which are herein incorporated by reference. 
 The General Partner may designate operating or other
committees comprised of the Partners, each of which shall have the authority of the General Partner to the extent the General Partner provides and such responsibilities as the General Partner so determines. Each committee of the Partnership shall
serve at the pleasure of the General Partner. 
 SECTION 3.2. Certain Duties and Obligations of the
General Partner. 
 (a) The General Partner shall take all action which may be necessary or appropriate on its part for the
(i) formation and continuation of the Partnership as a Limited Partnership under the Act and (ii) development, maintenance, preservation and operation of the business of the Partnership in accordance with the provisions of this Agreement
and applicable laws and regulations. 
 (b) The General Partner shall take (and each Partner shall cooperate in connection
therewith and approves of the General Partner taking on such Partner’s behalf) all action which is reasonably necessary to (i) form or qualify the Partnership to conduct the business in which the Partnership is engaged under the laws of
any jurisdiction in which the Partnership is doing business and to continue in effect such formation or qualification and (ii) protect the limited liability of the Partners pursuant to the terms of this Agreement and as applicable under the
laws of any jurisdiction in which the Partnership is doing business 
 (c) The General Partner shall be responsible for the
following duties, which duties may be delegated to any other Partner of the Partnership pursuant to the terms and conditions of an Admission Letter: 
 (i) Advise the Partnership as to the investment and trading activities of the Funds and provide certain investment management and advisory services related thereto in accordance with the investment
objectives of the Funds, as set forth in the Funds’ respective Governing and Offering 

  
 14 

 
Documents (as defined below), which the terms of such Governing and Offering Documents may not be supplemented, modified, amended or restated in any manner without the consent of Glenrock;

 (ii) Make all investment decisions for the Funds, it being understood that the Partnership has furnished to
the Partners a copy of the Funds’ respective Governing and Offering Documents and will from time to time furnish the Partners with copies of any amendments thereto, and until such amendments are delivered to the Partners, matters therein stated
shall not be binding on the Partners; 
 (iii) Conform at all times all investments of the Funds in accordance
with the requirements imposed by (i) any provision of applicable law, and (ii) the provisions of each Fund’s respective Governing and Offering Documents; 

(iv) Furnish continuous investment management to the Funds; 

(v) Endeavor to keep the capital of the Funds invested to such extent as it deems advisable from time to time but it may,
if it deems advisable, maintain any portion of the assets of the Funds in cash, whereby such investments and reinvestments of the capital of the Funds, including the purchase or sale of any securities or the borrowing of any funds on behalf of the
Funds, either on a secured or unsecured basis, shall be based on such research and inquiries as the Partners and shall be exclusively within the control and discretion of the General Partner or its designees; 

(vi) All communications with the investors in the Funds, consistent with past practice, and as are reasonably necessary
and appropriate in the course of and in furtherance of the conduct of the business of the Partnership and the Funds and as required by the Governing and Offering Documents of the Funds. 
 For purposes of this Section 3.2(c), “Governing and Offering Documents” shall mean a collective reference to (i) the Limited Partnership Agreement and the Confidential Private Offering
Memorandum, as supplemented or amended, of each of Glenrock Global Partners (AI), LP, Glenrock Global Partners (QP), LP, Glenrock Global Partners (BVI) Master Fund, LP; and (ii) the Confidential Private Offering Memorandum, as applicable, as
supplemented or amended, and the Memorandum and Articles of Association of Glenrock Global Partners (BVI), LTD, as supplemented or amended. 
 (d) Additionally, the General Partner’s duties shall include but not be limited to the following, which duties may be delegated with respect to the Funds to any other Partner of the Partnership
pursuant to the terms and conditions of an Admission Letter: 
 (i) purchase, hold, sell, sell short, cover and
otherwise deal in securities and financial instruments of any sort and rights therein, including restricted and privately issued securities, on margin or otherwise; 

  
 15 

  
 (ii)
write, purchase, hold, sell and otherwise deal in put and call options of any sort and in any combination thereof; 
 (iii) purchase, hold, sell and otherwise deal in commodities, commodity contracts, commodity futures, financial futures (including index futures) and options in respect thereof (but the applicable Partner
will not do so until, to the extent required, it has registered as a commodity pool operator with the U.S. Commodity Futures Trading Commission or has been advised by counsel that registration is not required); 

(iv) purchase, hold, sell and otherwise deal in currencies, options thereon and rights therein, including forward foreign
currency exchange contracts; 
 (v) purchase, hold, sell and otherwise deal in swap contracts, partnership
interests, interests in other investment companies or any other financial instruments that exist now or are hereafter created; 
 (vi) conduct margin accounts with brokers; to open, maintain and close bank accounts and draw checks or other orders for the payment of moneys; to pledge securities for loans and effect borrowings from
brokers, banks and other financial institutions; and 
 (vii) enter into, make and perform any other contracts,
agreements or other undertakings it may deem advisable in conducting the business of the Funds, including, but not limited to, contracts, agreements or other undertakings with persons, firms or corporations affiliated with the Partner, as may be
necessary or proper in connection with the performance of the Partner’s duties hereunder; and day to day management, administration and operation of the business of the Partnership, including the exercise of all powers of the Partnership in
connection with duties in Section 3.2(d). 
 SECTION 3.3. Officers. 

Subject to the direction of the General Partner (and as expressly set forth herein), the day-to-day administration of the business of the
Partnership shall be carried out by employees, agents and Partners who may be designated as officers, with titles including “president,” “vice president,” “treasurer,” “secretary,” “director,”
“chief administrative officer”, “chief compliance officer”, “chief financial officer,” and “chief investment officer,” as and to the extent authorized by the General Partner, which discretion may be delegated
to any other Partner of the Partnership pursuant to the terms and conditions of an Admission Letter. The officers of the Partnership shall have such titles and powers and perform such duties as shall be determined from time to time by the General
Partner (or its designee) and otherwise as shall customarily pertain to such offices or be determined from time to time by the General Partner (or its designee). Any number of offices may be held by the same person. 

SECTION 3.4. Exculpation and Indemnification. 

  
 16 

  
 (a) No Partner (or any
member, shareholder, officer, director, manager or agent of a Partner), tax matters partner, officer or director of the Partnership or its Affiliates (individually, a “Covered Person” and collectively, the “Covered
Persons”) shall be liable to the Partnership or any Partner for (i) any act or omission (in relation to the Partnership, this Agreement, any related document or any transaction or investment contemplated hereby or thereby) taken or
omitted in good faith by a Covered Person and in the reasonable belief that such act or omission is in, or is not contrary to, the best interests of the Partnership and is within the scope of authority granted to such Covered Person, unless such act
or omission resulted from fraud, bad faith, willful misconduct, gross negligence, or a willful breach of this Agreement or any related document by such Covered Person (as determined in a final non-appealable judgment of a court of competent
jurisdiction) and except that nothing herein shall constitute a waiver or limitation of any rights which a Partner or the Partnership may have under applicable securities laws or of any rights under other laws which may not be waived or
(ii) any mistake, negligence, dishonesty or bad faith of any broker or other agent of the Partnership or any of its Affiliates selected and monitored thereby with reasonable care. 

(b) To the fullest extent permitted by law, the Partnership shall indemnify and save harmless (but only to the extent of its assets) each
Covered Person from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable
expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, arising from any and all claims, demands, actions, suits or proceedings, civil, criminal,
administrative or investigative, in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of its management of the affairs of the Partnership or which relates to or arises out of or in connection
with the Partnership, its property, business or affairs. A Covered Person shall not be entitled to indemnification under this Section 3.4 with respect to any claim, issue or matter in which such Covered Person has engaged in fraud, bad faith,
willful misconduct, gross negligence, or a willful breach of this Agreement or any related document by such Covered Person (as determined in a final non-appealable judgment of a court of competent jurisdiction) and nothing herein shall constitute a
waiver or limitation of any rights which a Partner or the Partnership may have under applicable securities laws or of rights under other laws which may not be waived. To the fullest extent permitted by law, expenses (including legal fees) incurred
by a Covered Person in defending any claim, demand, action, suit or proceeding may, with the approval (not to be unreasonable withheld, delayed or conditions) of the General Partner and Glenrock, from time to time, be advanced by the Partnership
prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Partnership of a written undertaking by or on behalf of the Covered Person to repay such amount to the extent that it shall be determined (in a
final non-appealable judgment of a court of competent jurisdiction) that the Covered Person is not entitled to be indemnified as authorized in this Section. 
 (c) To the extent that, at law, in equity or otherwise, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to any Partner, such Covered Person
acting under this Agreement (including any Admission 

  
 17 

 
Letter) shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement or any Admission Letter. The provisions of this Agreement, to the
extent that they expand or restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity or otherwise, are agreed by the Partners to modify to that extent such other duties and liabilities of such Covered Person.

 (d) Except as otherwise provided by the Act or as a Partner may otherwise expressly agree in writing, the debts, liabilities
and obligations of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and no Covered Person shall be obligated personally for any such debt, liability or
obligation of the Partnership solely by reason of being a Covered Person. 
 (e) The indemnification and advancement of expenses
provided by, or granted pursuant to, the foregoing subsections of this Section shall not be deemed exclusive of and shall be in addition to any other rights to indemnification or advancement of expenses that such Person may be entitled to under any
agreement (including an Admission Letter), vote of Partners or otherwise. 
 (f) The Partnership shall, at its expense, purchase
and maintain directors and officers (or similar) insurance on behalf of the Covered Persons on commercially reasonable terms and amounts. 
 ARTICLE IV 
 Capital Contributions; Interests; 

Loans; Allocations; Distributions; Expenses 

SECTION 4.1. Capital Contributions. 

Each Partner has made the Capital Contribution to the Partnership in the amounts set forth in the books and records of the Partnership,
which Capital Contribution may be zero. 
 SECTION 4.2. Additional Capital Contributions.

 No Partner shall be obligated to make any additional Capital Contributions to the Partnership, except with the prior written
consent of any such Partner. 
 SECTION 4.3. Interests. 

The Sharing Percentages for each Partner with respect to each category of Net Income (Loss) are set forth in the books and records of the
Partnership, but are subject to modification as set forth herein. 

  
 18 

  

SECTION 4.4. Additional Classes of Interests. 

The General Partner, with the consent of a Majority in Interest of the Limited Partners, may establish other Classes of Interests of the
General Partner or Limited Partners, other equity interests in the Partnership or other Partnership securities from time to time in accordance with such procedures and subject to such conditions and restrictions and with such rights, obligations,
powers, designations, preferences and other terms, which may be senior to any then existing or future Classes of Interests, other equity interests in the Partners. Subject to the consent requirement in this Section 4.4, the General Partner is
authorized (i) to issue any Interests, other equity interests in the Partnership or other Partnership securities of any such newly established Class or any existing Class and (ii) to amend this Agreement to reflect the creation of any such
new Class, the issuance of Interests, other equity interests in the Partnership or other Partnership securities associated with such Class, and the admission of any Person as a Partner which has received Interests or other equity interests of any
such Class, in accordance with Sections 8.1, 8.2 and 9.8. 
 SECTION 4.5. Fund Contributions.

 (a) Each Partner has made a Capital Contribution (through its investment in the Partnership) to the Funds, as applicable, in
the amounts set forth in the books and records of the Partnership for each such Partner (the “Fund Contribution”), which Capital Contribution may be zero. Each Partner’s Fund Contribution shall also include the Fund Net Income
allocated to its Capital Account that is attributable to such Partner’s share of incentive allocation allocable to the Partnership from the Funds that is retained in the Funds as if it were an investment in such Fund. 

(b) Each Partner’s (other than Aveon Holdings I, L.P.) Fund Contributions shall not be charged any management fee or incentive
allocation or fee, regardless as to which Fund the Fund Contribution is made. 
 SECTION 4.6. Capital
Accounts. 
 (a) There shall be established for each Partner on the books of the Partnership a capital account which shall
be maintained in accordance with the provisions of Treasury Regulation §§ 1.704-1(b), 1.704-2 and 1.704-3 (the “Capital Account”). The foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with these Treasury Regulations and shall be interpreted and applied in a manner consistent with such Treasury Regulations. The Capital Account balance of each Partner shall be an amount equal
to the difference between (i) the sum of such Partner’s Capital Contributions to the Partnership and any Net Income of the Partnership allocated to such Partner and (ii) the sum of any Net Loss of the Partnership allocated to such
Partner and distributions made to such Partner. 
 (b) The General Partner may, in its sole and absolute discretion, create one
or more separate subaccounts with respect to each Partner’s Capital Account. There shall be established on the books of the Partnership one or more “Fund Capital Accounts” which shall be a sub-account of a Partner’s
Capital Account. The Fund Capital Account 

  
 19 

 
balance of each Partner shall be an amount equal to the Fund Contributions made by such Partner, through its investment in the Partnership, to such Fund and any Capital Net Income allocated to
such Partner pursuant to Section 4.7(d), less any Capital Net Loss allocated to such Partner pursuant to Section 4.7(d) and any distributions made to such Partner from such Partner’s Fund Capital Account pursuant to
Section 4.8(b). 
 SECTION 4.7. Allocations. 

(a) The Partnership’s Net Income and Net Loss, if any, for each Fiscal Year shall be determined in accordance with
Section 704(b) of the Code and the regulations thereunder, under the method of accounting selected by the General Partner. If Partners are admitted to the Partnership or withdraw from the Partnership on different dates during any Fiscal Year,
the Net Income or Net Loss allocated among the Partners for each such Fiscal Year shall be allocated in accordance with Section 706 of the Code, using any convention permitted by law and selected by the General Partner. 

(b) The Partnership’s Other Net Income, if any, for each Fiscal Year shall be allocated among the Partners as follows: 

(i) First, to the Partners up to, and in proportion to, an amount equal to the excess, if any, of (1) the
aggregate amount of Other Net Losses allocated to such Partners pursuant to Section 4.7(c)(ii) of this Agreement, over (2) the aggregate amount allocated to such Partners pursuant to this clause (i) in prior Fiscal Years; 

(ii) Second, to the Partners up to, and in proportion to, an amount equal to the excess, if any, of (1) the
aggregate amount of Other Net Losses allocated to such Partners pursuant to Section 4.7(c)(i) of this Agreement, over (2) the aggregate amount allocated to such Partners pursuant to this clause (ii) in prior Fiscal Years; and

 (iii) Third, to the Partners in proportion to their respective Sharing Percentages for Other Net Income
for such Fiscal Year (with appropriate adjustments, as determined by the General Partner, to take account of admissions and withdrawals of Partners during Fiscal Year). 
 (c) The Partnership’s Other Net Losses, if any, for each Fiscal Year shall be allocated among the Partners as follows: 

(i) First, to the Partners up to, and in proportion to, the amount of their positive Capital Account balances (calculated
without reference to any Fund Capital Accounts); and 
 (ii) Second, in accordance with their respective Sharing
Percentages for Other Net Losses for such Fiscal Year (with appropriate adjustments, as determined by the General Partner, to take into account admissions and withdrawals of Partners during such Fiscal Year). 

  
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 (d) Notwithstanding
the foregoing, (i) any Capital Net Income or Capital Net Loss allocated by any Fund to the Partnership for each Fiscal Year shall be allocated among the Partners in proportion to the Fund Capital Account balances of such Partners with respect
to such Fund as of the first day of such Fiscal Year (with appropriate adjustments, as determined by the General Partner, if contributions or withdrawals are made during such Fiscal Year), and (ii) any Fund Fee Net Income or Fund Allocation Net
Income allocated or paid to the Partnership shall be allocated to the Partners in accordance with their respective Sharing Percentages for Fund Fee Net Income and Fund Allocation Net Income for such Fiscal Year. 

(e) Notwithstanding anything herein to the contrary, in the event any Partner unexpectedly receives any adjustments, allocations or
distributions described in paragraphs (b)(2)(ii)(d)(4), (5) or (6) of Treasury Regulations Section 1.704-1, there shall be specially allocated to such Partner such items of Partnership income and gain, at such times and in such
amounts as will eliminate as quickly as possible that portion of any deficit in its Capital Account caused or increased by such adjustments, allocations or distributions. 
 (f) Notwithstanding any other provision of this Article IV, if there is a net decrease in Partnership minimum gain or Partner nonrecourse debt minimum gain (determined in accordance with the principles of
Treasury Regulation Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their
respective shares of such net decrease during such year, determined pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulation
Section 1.704-2(f). This paragraph (f) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations and shall be interpreted consistently therewith, including that no chargeback shall be required to the
extent of the exceptions provided in Treasury Regulation Sections 1.704-2(f) and 1.704-2(i)(4). 
 (g) To the extent permitted
by the Code and the Treasury Regulations thereunder, any special allocations of items of income or gain pursuant to Section 4.7(e) or 4.7(f) shall be taken into account in computing subsequent allocations of Net Income (Loss) pursuant to this
Section 4.7 so that the net amount allocated to the Partners pursuant to this Section 4.7 shall, to the extent possible, be equal to the net amounts that would have been allocated to each such Partner pursuant to the provisions of this
Section 4.7 if the allocations pursuant to Sections 4.7(e) and 4.7(f) had not occurred. 
 (h) To the extent the
Partnership is required by law to withhold or to make tax payments (including back-up withholding) on behalf of or with respect to any Partner (“Withholding Tax Advances”), the General Partner may cause the Partnership to withhold
such amounts and make such tax payments as are required. All Withholding Tax Advances made on behalf of a Partner, plus interest thereon at a rate equal to the prime rate in the Wall Street Journal, Eastern Edition on the date of such Withholding
Tax Advance plus 2.0% per annum, shall, at the option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Withholding Tax Advances were made (such payment not to constitute a Capital
Contribution to the Partnership), or (ii) be repaid 

  
 21 

 
by reducing the amount of any current distribution that would otherwise have been made to such Partner, but if there is no such current distribution or such distribution is not sufficient for
that purpose, any such shortfall shall be paid as provided in clause (i) above. Whenever repayment of a Withholding Tax Advance is made by a Partner as described in clause (ii) above, for all other purposes of this Agreement such Partner
shall be treated as having received the full amount of all distributions that would otherwise have been made to such Partner, unreduced by the amount of such Withholding Tax Advance and any interest thereon. 

(i) If any Interest in the Partnership is Transferred or otherwise adjusted during any Fiscal Period in compliance with the provisions of
this Agreement, each item of income, gain, loss, expense, deduction and credit and all other items attributable to such Interest for such period shall be divided and allocated between the transferor Partner and the transferee Partner by taking into
account their varying Interests during such period in accordance with Section 706(d) of the Code, using any conventions permitted by law and approved by the affected Partners. All distributions on or before the date of such Transfer shall be
made to the transferor Partner, and all distributions thereafter shall be made to the transferee Partner. 
 (j) To the extent
an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of that adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset), and such gain or loss
shall be specially allocated to the Partners in the manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to that Treasury Regulation. 

(k) The General Partner shall have the power to amend the manner in which Capital Accounts are calculated or any allocations thereto are
made if it reasonably determines that such amendment is necessary to comply with Treasury Regulation Section 1.704-1(b). 

(l) For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall be allocated among the Partners in
any manner, as reasonably determined by the General Partner that reflects equitably amounts credited or debited to each Partner’s Capital Account for the current and prior Fiscal Periods. In this regard, the General Partner may cause the
Partnership to specially allocate additional items of ordinary income or loss or capital gain (including short-term capital gain) or loss to a Partner withdrawing all or part of its Capital Account insofar as is possible to reduce the difference, if
any, between the aggregate amounts allocated to such Partner’s Capital Account and the aggregate amount of tax items allocated to such Partner. For purposes of the foregoing, the General Partner may determine that an equitable method of
allocation includes an allocation (i) pro rata based upon the relative differences between amounts allocated to the Capital Accounts and the aggregate amounts of tax items allocated to the relevant Partners, or (ii) solely to the relevant
Partners with the greatest such differences (taking into account such allocations). These allocations shall be made pursuant to the 

  
 22 

 
general principles of Sections 704(b) and 704(c) of the Code and in accordance with any temporary or final regulations adopted thereunder. 

SECTION 4.8. Distributions. 
 (a) Subject to Section 4.8(b) and subject to any restrictions on the Partnership pursuant to written contractual obligations to third parties, including any amounts payable by the Partnership to
third-party marketers, and the establishment of the Operating Reserve, the Partnership shall make distributions of available cash or other property to the Partners at such times, but in any event, at least on an annual basis and no later than ninety
(90) days from the end of the Fiscal Year, and in such amounts as are reasonably determined by the General Partner (with the consent of Glenrock). Distributions of cash or other property shall be allocated among the Partners in accordance with
their respective Sharing Percentages for Other Net Income, Capital Net Income, Fund Allocation Net Income and Fund Fee Net Income, as the General Partner reasonably determines upon consultation with Glenrock, based on the source of such available
cash or other property; provided, that the General Partner may allocate all or a portion of such amount among the Partners based on their respective positive Capital Account balances (calculated without reference to any Fund Capital
Accounts), if it determines that such allocation would be equitable taking into account all relevant facts and circumstances. Notwithstanding the previous two sentences, upon a Partner’s request, the Partnership will use commercially
reasonable efforts, based upon the potential cash flow requirements of the Partnership, to make a cash distribution, at least annually, from the Partnership in such amounts sufficient to pay such Partner’s (or, in the case of a pass-through
entity, the direct or indirect equity owners of such Partners) aggregate federal, state and local income tax liabilities (including estimated taxes) with respect to such Partner’s allocable share of the Partnership’s annual taxable income.
Such distributions shall be treated as advances against any distributions payable under this Agreement, and subsequent distributions under this Agreement shall be reduced by the amount of such advances, until such advances are repaid in full
(without interest). 
 (b) To the extent that the Partnership receives a distribution from a Fund which represents a return of
all or any portion of a Fund Contribution, such amounts shall be applied against the Fund Capital Accounts with respect to such Fund and such amounts shall be distributed by the Partnership to the Partners in accordance with the Partners’
respective Fund Capital Account balances (before taking into account such distribution from such Fund) attributable to such Fund. 
 (c) Each Partner shall furnish the Partnership with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the obligations of
withholding tax agents. Each Partner represents and warrants that any such information and forms furnished by him shall be true and accurate in all material respects. Each Partner agrees to pay, and to indemnify the Partnership and the other
Partners from, any and all damages, costs and expenses (including any liability for any taxes of any type whatsoever, penalties, additions to tax or interest) in respect of income of (including such Partner’s share of Partnership income) or
distributions, transfers or payments to such Partner. To the extent the indemnifying Partner is otherwise 

  
 23 

 
entitled to distributions from the Partnership, such damages, costs and expenses may be paid by the Partnership out of amounts that would otherwise be distributed to such Partner. For purposes of
this Agreement any such payment shall be deemed to be a distribution to such Partner (and in the case of any such tax that is imposed upon the Partnership, the Partner shall be deemed to have recontributed such amount to the Partnership). In all
other events, such Partner shall make such payment directly from its own funds. 
 (d) No Partner shall have the right to
receive other property indirectly held through the Partnership. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not be required to make a distribution hereunder if such distribution would violate the
Act or any other applicable law. 
 SECTION 4.9. Expenses. 

Except as otherwise provided in Section 4.7(h), the Company shall be directly responsible for paying all costs and expenses incurred
in connection with the general operation of the Partnership, including any reimbursement of expenses pursuant to an Admission Letter or Advisory Agreement (as defined in the Admission Letter). 

SECTION 4.10. Profits Interest. 
 (a) It is the intention of the parties to this Agreement that distributions and allocations to any holder of an interest designated by the General Partner, upon the unanimous consent of the Partners, as a
“profits interest” shall be limited to the extent necessary so that each such interest constitutes a Profits Interest. In furtherance of the foregoing, and notwithstanding anything to the contrary in this Agreement, the General Partner
shall, if necessary, limit distributions and allocations to any holder of such an interest so that such distributions and allocations do not exceed the available profits in respect of such holder’s related Profits Interest. If any
Partner’s distributions and allocations are reduced pursuant to the preceding sentence, an amount equal to such excess distributions and allocations shall be treated as instead apportioned to the other Partners pro rata in accordance
with their Sharing Percentages, and the General Partner shall make adjustments to future distributions and allocations to the Partners as promptly as practicable so that the Partners are distributed and allocated on a cumulative basis the amount to
which they would have been entitled if this Section 4.10 had not been in effect; provided, that any future distributions and allocations pursuant to this sentence shall continue to be further subject to the provisions of this
Section 4.10. 
 (b) In furtherance of the above, Profits Interests issued as part of any incentive compensation programs
or otherwise offered for services rendered or to be rendered to the Company shall be “future profits interests” within the meaning of IRS Rev. Proc. 93-27 and such recipient shall not receive any credit to such recipient’s Capital
Account on the date the Profits Interests are issued unless the recipient pays money or property for such Profits Interests. If IRS Rev. Proc. 93-27 is replaced by the Safe Harbor Regulations, the Partnership and the Partners agree that the
Partnership shall be authorized and directed to make the Safe Harbor Election and the Partnership and each Partner (including any person to whom a Profits Interest is transferred in connection with the

  
 24 

 
performance of services) agrees to comply with all requirements of the Safe Harbor with respect to all Profits Interests in the Partnership transferred in connection with the performance of
services while the Safe Harbor Election remains effective. The General Partner is authorized to (and shall) prepare, execute and file the Safe Harbor Election. 
 (c) If IRS Rev. Proc. 93-27 is replaced or withdrawn but not with the Safe Harbor Regulations in materially the current form, the Partnership and the Partners shall, to the extent possible, endeavor to
treat the Profits Interests issued in connection with the performance of services in a manner consistent with the tax treatment noted above, including, determining the fair market value of the Profits Interests issued in connection with the
performance of services as being equal to the liquidation value of such Profits Interests on the date the Profits Interests (i) are transferrable or not subject to (or deemed not subject to) a substantial risk of forfeiture within the meaning
of Code Section 83 (including by reason of filing an election under Code Section 83(b)), whichever occurs earlier; or (ii) the date of issuance if it is determined that Section 83 does not apply to the issuance of Profits
Interests, as the case may be. The Partnership and the Partners (including any Person to whom the Profits Interests are transferred in connection with the performance of services) shall execute and file any tax election or statement necessary to
effectuate the treatment of the Profits Interests as provided in this paragraph and shall not take any position on their tax returns that is inconsistent with such treatment. 
 (d) Any Person receiving Profits Interests in connection with the performance of services shall take all steps necessary (including filing a Code Section 83(b) election if necessary) to cause such
Profits Interest to be taxed at the time of issuance as if vested for federal income tax purposes and such Person to be treated as a partner in the Partnership for purposes of receiving allocations of profits and losses and distributions for federal
income tax purposes. 
 (e) For purposes of this Limited Partnership Agreement, (i) “Safe Harbor Regulations”
means Proposed Treasury Regulations Section 1.83-3(1), issued on May 19, 2005, (ii) “Safe Harbor” means the election described in the Safe Harbor Regulation, pursuant to which a partnership and all of its partners may elect
to treat the fair market value of a Profits Interest in the partnership that is transferred in connection with the performance of services as being equal to the liquidation value of that Profits Interest; and (iii) “Safe Harbor
Election” means the election by a partnership and its partners to apply the Safe Harbor, as described in the Safe Harbor Regulation and Internal Revenue Service Notice 2005-43. 

ARTICLE V 

Books and Reports; Tax Matters 
 SECTION 5.1. General Accounting Matters. 
 (a) Net Income (Loss), or
the applicable category thereof, shall be determined by or under the direction of the General Partner (with the consent of Glenrock) at the end of each Fiscal Period and shall be allocated as described in Section 4.7. The General Partner shall
also keep or cause to be kept books and records pertaining to the Partnership’s business showing all of its assets and liabilities, receipts and disbursements, 

  
 25 

 
Net Income (Loss), Partners’ Capital Accounts, and all transactions entered into by the Partnership. A copy of such books and records of the Partnership shall be kept by the Partnership at
its principal office. The Partnership’s books of account shall be maintained in United States dollars and kept on the accrual method of accounting and otherwise in accordance with United States generally accepted accounting principles
consistently applied. Glenrock shall have regular access to the books and records of the Company upon request. 
 (b) As
promptly as possible after the close of each Fiscal Year of the Partnership, the Tax Matters Partner shall cause an examination of the financial statements of the Partnership as of the end of each such Fiscal Year to be made in accordance with
United States generally accepted auditing standards as in effect on the date thereof, and such financial statements shall be certified, by the firm of certified public accountants which serves in such capacity for the Funds. As soon as is
practicable after the close of each Fiscal Year, but, in any event, no later than 90 days following the end of each such Fiscal Year, a copy of the certified financial statements of the Partnership, including the report of such certified public
accountants, shall be furnished to each Partner and shall include, as of the end of such Fiscal Year: 
 (i) a
balance sheet of the Partnership as of the end of such period; and 
 (ii) a statement of income or loss and a
statement of Partners’ capital. 
 (c) Each Person that was a Partner at any time during a Fiscal Year shall be supplied
with such information as may be reasonably required to enable such Partner to prepare its federal, state, local and non-U.S. income tax returns based upon such Person’s status as a Partner, such other information as such Person may reasonably
request for the purpose of applying for a credit for withholding taxes and a statement as to such Partner’s Capital Account as at the close of such Fiscal Year. 

SECTION 5.2. Fiscal Year. 
 The fiscal year of the Partnership (the “Fiscal Year”) shall be the same as its taxable year, as determined pursuant to Section 706 of the Code. 

SECTION 5.3. Certain Tax Matters. 
 The Tax Matters Partner shall prepare or cause to be prepared all federal, state and local, as well as non-U.S., if any, tax returns of the Partnership for each year for which such returns are required to
be filed and, subject to the approval of the General Partner as to the content of such tax returns as it relates to the General Partner, which approval shall not be unreasonably withheld, delayed or conditioned, shall file or cause such returns to
be timely filed. The Tax Matters Partner shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the Partnership and the accounting methods and conventions under the tax laws of the United States, the
several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of such tax returns. The Tax Matters Partner 

  
 26 

 
may cause the Partnership to make or refrain from making any and all elections permitted by such tax laws. Glenrock shall act as the “tax matters partner” for purposes of
Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Tax Matters Partner shall have all of the rights, duties, powers and obligations provided for in Sections 6221 through 6232 of the Code. Each Partner agrees that
it will take no position on its individual tax returns inconsistent with the positions taken on the Partnership’s tax returns. The Tax Matters Partner will take no action which is reasonably expected to have a disproportionate material adverse
effect on one or more of the Partners unless such action is approved by such adversely affected Partners in writing (and such approval shall not be unreasonably withheld); provided that the Tax Matters Partner may take any action which is
required in accordance with written advice from qualified counsel (which advice and counsel shall be reasonably satisfactory to all of the Partners). The Tax Matters Partner will be responsible for notifying all Partners of ongoing proceedings, both
administrative and judicial, and will represent the Partnership throughout any such proceeding. The Partners will furnish the Tax Matters Partner with such information as it may reasonably request to provide the Internal Revenue Service with
sufficient information to allow proper notice to the Partners. The Tax Matters Partner will not bind any other Partner to any extension of the statute of limitations or to a settlement agreement without such Partner’s written consent, which
consent shall not be unreasonably withheld, delayed or conditioned. 
 SECTION 5.4. Section 754
Election. 
 The Partnership shall make an election described in Section 754 of the Code for the taxable year in which
the transactions contemplated by the Purchase Agreement occur and if such election has been made by the Partnership for any prior year, such election shall not be revoked. 

SECTION 5.5. Inspection Rights. 
 Except as expressly provided herein, solely to the limited extent required by the Act, each Partner shall have the right during normal business hours at the principal place of business of the Partnership,
and following at least five days’ prior written notice to the General Partner, which notice shall set forth the purpose of such Partner’s request (which purpose must be reasonably related to such Partner’s Interest), to obtain from
the Partnership only such limited information and documentation as is required to be disclosed or provided pursuant to the Act. Each Partner shall bear all expenses incurred in any examination made on behalf of such Partner. 

ARTICLE VI 

Dissolution 
 SECTION 6.1. Dissolution. 
 The Partnership shall be dissolved and its
affairs wound up (i) upon a determination by the General Partner and the Limited Partners holding a Majority in Interest to dissolve the Partnership at any time, (ii) at the option of the General Partner, if the Funds have a combined
Applicable AUM of less than Ten Million Dollars ($10 million), (iii) if at 

  
 27 

 
any time there are no Partners of the Partnership and the business of the Partnership is not continued in accordance with the Act, or (iv) upon the entry of a decree of judicial dissolution
under the Act. The death, retirement, dissolution, resignation, expulsion or bankruptcy of any Partner shall not cause the dissolution of the Partnership, and following any such event the remaining Partners shall have the right to continue the
business of the Partnership. 
 SECTION 6.2. Winding-up. 

When the Partnership is dissolved, the business and property of the Partnership shall be wound up and liquidated by the General Partner
(or its designee), it being acknowledged and agreed that if, at the time the Partnership shall be dissolved, Glenrock shall be a Limited Partner, then the General Partner shall designate Glenrock to wind up and liquidate the Partnership. The General
Partner (or its designee) shall use its reasonable best efforts to reduce to cash and cash equivalent items such assets of the Partnership as the General Partner (or its designee) shall deem it advisable to sell and to obtain fair value for such
assets (taking into account applicable tax and other legal considerations) giving the Partners the right of first refusal for the purchase of such assets. 
 SECTION 6.3. Final Distribution. 
 Within 120 calendar days after the
effective date of dissolution of the Partnership, the assets of the Partnership shall be distributed in the following manner and order: 
 (i) to the payment of the expenses of the winding-up, liquidation and dissolution of the Partnership; 
 (ii) to pay all creditors of the Partnership, other than Partners, either by the payment thereof or the making of reasonable provision therefor; 

(iii) to establish reserves, in amounts established by the General Partner (with the consent of Glenrock), to meet other
liabilities of the Partnership (other than to the Partners in respect of distributions owing to them hereunder); 

(iv) to pay, in accordance with the terms agreed among them and otherwise on a pro rata basis, all creditors of the
Partnership that are Partners, either by the payment thereof or the making of reasonable provision therefor; and 

(v) to the Partners in accordance with the positive balances in their Capital Accounts, after taking into account any
allocations under Section 4.7 for all periods ending on or before the time of such dissolution. 
 For purposes of the application of this
Section 6.3 and determining Capital Accounts on liquidation, all unrealized gains, losses and accrued income and deductions of the 

  
 28 

 
Partnership shall be treated as realized and recognized immediately before the date of such distribution. 

SECTION 6.4. No Obligation to Restore Capital Accounts. 

Except as may otherwise be provided herein or as required by law, no Partner whose Capital Account balance is a negative or deficit
amount (either during the existence of the Partnership or upon liquidation) shall have any obligation to return any amounts previously distributed to such Partner or to contribute cash or other assets to the Partnership to restore or make up the
deficit in such Partner’s impaired Capital Account; provided, however, that the General Partner shall correct any improper allocation given to any Partner from subsequent distributions made hereunder. 

ARTICLE VII 

Transfer of Partners’ Interests 
 SECTION 7.1. Transfer of Partners’ Interests. 
 (a) To the
fullest extent permitted by law, except as otherwise expressly provided herein or in the Buy-Sell Agreement, no Partner may, directly or indirectly, Transfer such Partner’s Interest in the Partnership without the prior written consent of the
General Partner and the Limited Partners holding a Majority in Interest, which may be given or withheld in their sole and absolute discretion for any reason or no reason. 
 (b) Notwithstanding the foregoing, any Partner may Transfer all or a portion of such Partner’s Interest to the following (each a “Permitted Transferee”): 

(i) an Affiliate of such Partner; 
 (ii) any member of such Partner’s Immediate Family; or 
 (iii)
any other Limited Partner. 
 provided, that in no event shall the General Partner (or any controlled Affiliate of the General
Partner) transfer less than all of its Interest. 
 (c)    (i) Notwithstanding anything to
the contrary contained herein, at any time after the second (2nd) anniversary of the date of this Agreement, the General Partner may transfer all (but not less than all) of its Interest in the Partnership, provided, that to the extent the General Partner proposes
to Transfer all (but not less than all) of its Interest in the Partnership to any unrelated Person (other than a Permitted Transferee) pursuant to a bona-fide third-party offer received by the General Partner (such proposed Transfer, a
“Proposed ROFR Sale”), the other Partners of the Partnership shall have a right of first refusal (“Right of First Refusal”) with respect to such Interest proposed to be Transferred. 

(ii) In connection with the foregoing, the General Partner shall furnish to all other Partners of the Partnership a
written notice of such 

  
 29 

 
Proposed ROFR Sale (such notice, the “ROFR Notice”). The ROFR Notice will include (1) the amount of Interest proposed to be Transferred, (2) the name and address of the
proposed Transferee (the “Proposed ROFR Transferee”), (3) the proposed amount and form of consideration with respect to the Interest proposed to be Transferred, and (4) the other material terms and conditions of the
proposed Transfer. 
 (iii) Each Partner shall have a period of thirty (30) Business Days following receipt
of the ROFR Notice (the “ROFR Period”) to exercise its Right of First Refusal and agree to purchase all or a portion of the Interest proposed to be Transferred for the price and on the terms and conditions specified in the ROFR
Notice by delivering a written notice to the General Partner (a “ROFR Purchase Notice”). Each Partner that does not deliver a ROFR Purchase Notice to the General Partner in compliance with the foregoing requirements, including the
ROFR Period, will be deemed to have waived its Right of First Refusal with respect to the Interest proposed to be Transferred. 
 (iv) If the Partners as a group propose to acquire more of the Interest than is available for purchase, then each such participating Partner shall have the right to propose to acquire its pro rata
portion of such Interest (based on relative Sharing Percentages with respect to Fund Net Income) until all such interests are accounted for; provided, that the General Partner shall not be obligated to sell any portion of the Interest
proposed to be Transferred to any other Partner unless the Partners as a group have proposed to purchase the entire Interest proposed to be Transferred. 
 (v) If, and only to the extent, the Interest proposed to be Transferred is not acquired by the other Partners within twenty (20) Business Days from the end of the ROFR Period at the price and on
the terms and conditions specified in the ROFR Notice, the General Partner may Transfer the Interest to the Proposed ROFR Transferee within 30 days after the end of the ROFR Period at the price and on the terms and conditions specified in the ROFR
Notice (and on other terms and conditions, if any, which are substantially identical to those set forth in the ROFR Notice). 
 (vi) If the General Partner wishes to Transfer the Interest to a Person at a purchase price less than that which is specified in the ROFR Notice or on terms and conditions that are not substantially
identical to those specified in such ROFR Notice, then the General Partner must first follow the procedures set forth above using such lower price and/or different terms. 

(vii) For the avoidance of doubt, any Transfer of all (but not less than all) of an Interest by the General Partner to one
or more of its Affiliates shall not be deemed to be a Proposed ROFR Sale and this Section 7.1(b) shall not apply to any such Transfer. 

  
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(d)    (i) Additionally, notwithstanding anything to the contrary contained herein, at any time after
the second (2nd) anniversary of the date of this
Agreement, any Limited Partner may transfer any portion or all of its Interest in the Partnership, provided, that to the extent the any Limited Partner proposes to Transfer any portion or all of its Interest in the Partnership (a “Selling
Limited Partner”) to any unrelated Person (other than a Permitted Transferee) pursuant to a bona-fide third-party offer received by such Partner (such proposed Transfer, a “Proposed LP-ROFR Sale”), the other Partners of the
Partnership shall have a right of first refusal (“Right of First Refusal”) with respect to such Limited Partner Interest proposed to be Transferred. 

(ii) In connection with the foregoing, the Selling Limited Partner shall furnish to all other Partners of the Partnership
a written notice of such Proposed LP-ROFR Sale (such notice, the “LP-ROFR Notice”). The LP-ROFR Notice will include (1) the amount of Limited Partner Interest proposed to be Transferred, (2) the name and address of the
proposed Transferee (the “Proposed LP-ROFR Transferee”), (3) the proposed amount and form of consideration with respect to the Limited Partner Interest proposed to be Transferred, and (4) the other material terms and
conditions of the proposed Transfer. 
 (iii) Each Partner shall have a period of thirty (30) Business Days
following receipt of the LP-ROFR Notice (the “LP-ROFR Period”) to exercise its Right of First Refusal and agree to purchase all or a portion of the Limited Partner Interest proposed to be Transferred for the price and on the terms
and conditions specified in the LP-ROFR Notice by delivering a written notice to the Selling Limited Partner, along with a copy of such written notice to the General Partner (a “LP-ROFR Purchase Notice”), provided that the Partners
other than Aveon or any of its permitted successors or assigns shall have the first right, collectively, to acquire all of the Interest proposed to be transferred pursuant to such LP-ROFR Purchaser Notice and Aveon or any of its permitted successors
or assigns shall only have a right to purchase the portion of such Interest that the other Partners elect not to purchase pursuant to the provisions of this subsection (d)(i). Each Partner that does not deliver a LP-ROFR Purchase Notice to the
Selling Limited Partner and the General Partner in compliance with the foregoing requirements, including the LP-ROFR Period, will be deemed to have waived its Right of First Refusal with respect to the Limited Partner Interest proposed to be
Transferred. 
 (iv) If the Partners as a group propose to acquire more of the Limited Partner Interest than is
available for purchase, then each such participating Partner (subject to the provisions of subparagraph (iii) above) shall have the right to propose to acquire its pro rata portion of such Limited Partner Interest (based on relative
Sharing Percentages with respect to Fund Net Income) until all such interests are accounted for; provided, that the Selling Limited Partner shall not be obligated to sell any portion of the Limited Partner Interest proposed to be Transferred
to any other Partner 

  
 31 

 
unless the Partners as a group have proposed to purchase the entire Limited Partner Interest proposed to be Transferred. 

(v) If, and only to the extent, the Limited Partner Interest proposed to be Transferred is not acquired by the other
Partners within twenty (20) Business Days from the end of the LP-ROFR Period at the price and on the terms and conditions specified in the LP-ROFR Notice, the Selling Limited Partner may Transfer the Limited Partner Interest to the LP-Proposed
ROFR Transferee within thirty (30) days after the end of the LP-ROFR Period at the price and on the terms and conditions specified in the LP-ROFR Notice (and on other terms and conditions, if any, which are substantially identical to those set
forth in the LP-ROFR Notice). 
 (vi) If the Selling Limited Partner wishes to Transfer the Limited Partner
Interest to a Person at a purchase price less than that which is specified in the LP-ROFR Notice or on terms and conditions that are not substantially identical to those specified in such LP-ROFR Notice, then the Selling Limited Partner must first
follow the procedures set forth above using such lower price and/or different terms. 
 (vii) For the avoidance
of doubt, any Transfer of any Interest by a Limited Partner to one or more of its Permitted Transferees shall not be deemed to be a LP-Proposed ROFR Sale and this Section 7.1(b) shall not apply to any such Transfer. 

(e) Unless an Assignee is admitted as a substitute Partner in accordance with Section 7.2(b) or (c), a Transfer by a Partner of all
or any part of such Partner’s Interest in the Partnership shall not release such Partner from any of such Partner’s obligations or liabilities (including such Partner’s obligations to make capital contributions hereunder, if any, and
such Partner’s share of any liability therefor), or limit the Partnership’s rights with respect to such Partner, of any nature whatsoever arising under this Agreement, and such Assignee shall be entitled only to allocations and
distributions with respect to its Interest and shall have no right to vote such Interest, to participate in the management of the Partnership or to any accounting or information concerning the affairs of the Partnership and shall not have any of the
other rights of a Partner under this Agreement. 
 (f) Nothing contained herein shall be construed to limit the rights or
obligations of the parties under the Buy-Sell Agreement. 
 SECTION 7.2. Other Transfer Provisions.

 (a) To the fullest extent permitted by law, any purported Transfer by a Partner of all or any part of its Interest in the
Partnership in violation of this Article VII shall be null and void and of no force or effect. 
 (b) Upon a Partner’s
Transfer of all or any part of such Partner’s Interest in the Partnership to any Person (other than a transfer to a Permitted Transferee under Section 7.1) (the “Assignee”) pursuant to this Article VII, such Assignee shall
be admitted 

  
 32 

 
as a substitute Partner in lieu of such transferor Partner only with the prior written consent of the General Partner and the Limited Partners holding a Majority in Interest, which consent may be
given or withheld in their sole and absolute discretion. No Transfer shall be permitted or be recognized if such Transfer would cause the Partnership (i) to be treated as a “publicly traded partnership” within the meaning of
Section 7704 of the Code and the Treasury Regulations promulgated thereunder or (ii) to be treated as an “investment company” within the meaning of the U.S. Investment Partnership Act of 1940, as amended. 

ARTICLE VIII 

Additional Partners; Removal and Withdrawal of Partners 

SECTION 8.1. Admission of Additional Partners; Allocation of Sharing Percentages. 

(a) The Partners, by consent of the General Partner and a Majority in Interest of the Limited Partners, may admit additional Partners to
the Partnership from time to time. Upon the admission of any additional Partner, such Partner shall be allocated such Sharing Percentage and shall make such Capital Contributions, if any, as are set forth in such new Partner’s Admission Letter,
and the Sharing Percentages of existing Partners shall be adjusted. In addition, the Sharing Percentage of GRECAP, LLC may be adjusted from time to time by the General Partner as directed by Glenrock, as provided in the Admission Letter under which
GRECAP, LLC was admitted as a Limited Partner, dated as of July 1, 2010. For the avoidance of doubt, neither the admittance of additional Partners nor any adjustment to the Sharing Percentage of GRECAP, LLC shall reduce the Sharing Percentage
of the General Partner or any other Partner, without the consent of the affected Partners. 
 (b) Concurrently with the
admission of any substitute or additional Partner, the Partners shall forthwith cause any necessary papers to be filed and recorded and notice to be given wherever and to the extent required showing the substitution of such transferee as a
substitute Partner in place of the transferor Partner, or the admission of an additional Partner. The admission of any Person as a substitute or additional Partner shall be conditioned upon such Person’s written acceptance and adoption of all
the terms and provisions of this Agreement. 
 (c) The General Partner (with the consent of a Majority in Interest of the
Limited Partners) may, or may cause the Partnership to, enter into separate letter agreements, including profit sharing agreements (each, an “Admission Letter”) with certain Partners with respect to Capital Contributions, Sharing
Percentages or any other matter, in each case, in a manner consistent with the terms and conditions of this Agreement. 
 SECTION 8.2. Removal and Withdrawal of Partners. 
 (a) The duties of a
Partner other than the General Partner may be terminated immediately by the General Partner for Cause. Additionally, any Partner may voluntarily withdraw from the Partnership, in whole or in part, at any time upon at least thirty
(30) days’ written notice to the Partnership subject to the terms hereof, provided that Glenrock must provide at least ninety (90) days prior written notice to withdraw. 

  
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 (b) Subject to this
Section 8.2 and Section 8.3, if a Partner voluntarily withdraws from the Partnership, in whole or in part, pursuant to Section 8.2, then within ninety (90) days following the effective date of such withdrawal, the Partnership
shall distribute to such Partner an amount in cash equal to ninety percent (90%) of such Partner’s positive Capital Account balance (or a portion thereof, as applicable) as of the effective date of such Partner’s withdrawal and any
remaining portion shall be paid, without interest, within sixty (60) days after the completion of the annual audit of the Partnership. 
 (c) From and after the effective date of the withdrawal of a Partner from the Partnership, except as expressly provided herein, such Partner shall only be a creditor of the Partnership and shall have no
rights as a Partner with respect to the withdrawn Interest and shall not have any interest in the Partnership’s items of income, gain, loss, deduction or credit, distributions or assets after the effective date of removal or withdrawal (with
respect to the withdrawn Interest). For the avoidance of doubt, upon the voluntary withdrawal of a Partner, such Partner’s Sharing Percentage shall be reduced to zero (or, in case of a partial withdrawal, shall be reduced pro rata based
on the Sharing Percentage represented by the withdrawn Interest as related to the aggregate Sharing Percentage of the relevant Partner), and the Sharing Percentage of all of the remaining Limited Partners shall be adjusted pro rata to their
respective Sharing Percentages at such time. 
 (d) Upon the termination of duties delegated to any Limited Partner, the Sharing
Percentage of the applicable Limited Partner shall not, thereafter, be amended, modified or changed, without the written consent of such Partner. 
 SECTION 8.3. Release Events; Removal of the General Partner. 
 (a)
Upon the occurrence of a Release Event with respect to the General Partner, (i) Aveon Holdings I L.P. (or its permitted successor or assign) shall immediately and automatically be removed as the General Partner of the Partnership and
(ii) Glenrock shall immediately and automatically be appointed as the General Partner of the Partnership (without compliance with the provisions of this Agreement requiring the unanimous consent of the Partners to the admission of additional
partners). Aveon Holdings I L.P shall promptly provide the Limited Partners with written notice of the occurrence of a Release Event. 
 Any such removal of Aveon Holdings I L.P. as the General Partner shall be effective upon delivery of written notice of such action to the Partners and the appointment of the new General Partner. The
removal of Aveon Holdings I L.P. as the General Partner shall in no way impair any of the obligations of such General Partner attributable to the period prior to the effective date of such removal. 

(b) Additionally, upon the occurrence of a Release Event, the Sharing Percentage of Aveon Holdings I L.P. (or its permitted successor or
assign) shall remain 30% (with appropriate modifications in the Sharing Percentage definition being made). Notwithstanding anything herein or in any other agreement to the contrary, the parties hereto covenant that upon determination of a Release
Event, Glenrock’s Sharing Percentage and the Sharing Percentage of Aveon Holdings I L.P., as provided for in this Section 8.3 shall 

  
 34 

 
not, thereafter, be amended, modified or changed, without the written consent of all of the parties hereto. 
 (c) “Release Event” shall mean, with respect to Aveon Holdings I L.P. (or any of its permitted successors or assigns): 

(i) a Change of Control of the General Partner or any Transfer by the General Partner of all of its Interest in the
Partnership (other than a Transfer to a Permitted Transferee); 
 (ii) the General Partner engages in any action
constituting either civil or criminal fraud against the Partnership or the Funds, or resulting in the imposition of any civil or criminal penalty or disqualification imposed by the Securities and Exchange Commission or any other governmental agency
or self regulatory organization having jurisdiction over the business conducted by the Partnership, in each case that is reasonably likely to have a material adverse effect on the business and/or reputation of the Partnership or the Funds;

 (iii) the conviction of any employee, officer or director of the General Partner of a felony, any crime
involving financial dishonesty or the imposition of any material civil or criminal penalty or disqualification imposed by the Securities and Exchange Commission or any other governmental agency or self regulatory organization having jurisdiction
over the business conducted by the Partnership, in each case that is reasonably likely to have a material adverse effect on the business and/or reputation of the Partnership or the Funds; 

(iv) the General Partner’s gross negligence, recklessness or willful misconduct in the performance of its obligations
hereunder and which gross negligence, recklessness or willful misconduct (x) has had or could reasonably be expected to have a material adverse impact on the Partnership or the Funds, and (y) is not cured within ten (10) days
following written notice to the General Partner from (i) Glenrock or (ii) a Majority in Interest of the Limited Partners (excluding for this purpose, any Limited Partners who are Affiliates, managers, members or employees of the General
Partner or otherwise hold a direct or indirect interest in the General Partner) specifying in reasonable detail the nature of such gross negligence, recklessness or willful misconduct; 

(v) the General Partner’s material breach of this Agreement (a breach being deemed to include, without limitation, a
breach of fiduciary duties owed to the Partnership) or the Purchase Agreement, which material breach (x) has had or could reasonably be expected to have a material adverse impact on the Partnership or the Funds, and (y) is not cured within
ten (10) days following written notice to the General Partner from (i) Glenrock or (ii) a Majority in Interest of the limited Partners (excluding for this purpose, any 

  
 35 

 
Limited Partners who are Affiliates, managers, members or employees of the General Partner or otherwise hold a direct or indirect interest in the General Partner) specifying in reasonable detail
the nature of the breach; 
 (vi) the voluntary or involuntary filing for bankruptcy by, or the reorganization or
insolvency of, the General Partner; or 
 (vii) the conviction of any officer, director or principal of an
investment manager or advisor (other than Glenrock) that is an investment manager in a composite fund created by the General Partner (or any of its Affiliates), of a felony, any crime involving financial dishonesty or that results in the imposition
of any civil or criminal penalty which, after any remedial actions taken by the General Partner, if any, has a material adverse effect on the business or reputation of such composite or the Partnership , or that results in the disqualification of
that investment manager or advisor by the Securities and Exchange Commission or any other governmental agency or self regulatory organization having jurisdiction over such Person or entity. 

ARTICLE IX 

Miscellaneous 
 SECTION 9.1. Jurisdiction. 
 Each Partner consents to the exclusive
jurisdiction of the United States District Court for the Southern District of New York or New York State Supreme Court located in the New York County for all purposes in connection with any action, claim or proceeding arising out of, under or in
connection with this Agreement or the transactions contemplated by this Agreement. 
 SECTION
9.2. Governing Law. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to its conflicts of law principles. In particular, the Partnership is formed pursuant to the Act, and the rights and liabilities of the Partners shall be as provided therein, except as herein otherwise expressly provided.

 SECTION 9.3. Successors and Assigns. 

This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns and, in particular, the estate of a deceased Partner shall remain liable for all of such Partner’s obligations hereunder to the extent that such obligations are not affected by such Partner’s death under the terms hereof. Nothing
in this Agreement is intended, nor shall anything herein be construed, to confer any rights, legal or equitable, in any person other than the Partners and their respective legal representatives, heirs, successors and permitted assigns. 

  
 36 

  

SECTION 9.4. Confidentiality. 
 (a) Except as set forth herein, by executing this Agreement, each Partner expressly agrees, at all times during the existence of the Partnership and thereafter and whether or not at the time a Partner of
the Partnership, without the consent of (i) the General Partner with respect to any proposed disclosure by a Limited Partner and (ii) Glenrock with respect to any proposed disclosure by the General Partner (in each case, which such consent
may be given or withheld in such Person’s sole and absolute discretion), to maintain the confidentiality of, and not to disclose to any Person, any non-public information (including, for the avoidance of doubt, information disclosed under
Section 5.1 hereof) relating to the business, financial results, clients or affairs of the Partnership and the Funds, or any of its Affiliates, except (i) to such Partner’s professional advisers who are informed of the confidential
nature of the information and with respect to which the Partner will be responsible for any disclosures by such persons in violation hereof, (ii) as required for any litigation proceeding or as required by law, by rule or regulation having the
force of law, by any regulatory or self-regulatory organization having jurisdiction or by process of law, or (iii) as is reasonably necessary and appropriate in the course of and in furtherance of the conduct of the business of the Partnership
and the Funds, including, without limitation, communications with the investors in the Funds in a manner consistent with past practice, it being hereby acknowledged and agreed that, for the avoidance of doubt, nothing contained herein (or in any
other agreement among the parties hereto) shall prohibit Glenrock from, in its sole and absolute discretion, disclosing the terms of this Agreement (including any Admission Letter) to any of the investors (or prospective investors) in the Funds.
Without limiting the foregoing and except as otherwise required by applicable law, rule or regulation having the force of law, or by any regulatory or self-regulatory organization having jurisdiction or by process of law, each Partner shall not
disclose, publish, or disseminate in any way any information relating to the financial performance, track record, investment decisions and analysis or any related information of any investment or business of the Partnership or any of its Affiliates,
individually or as a whole, without the express consent of the General Partner (which may be given or withheld in its sole and absolute discretion). 
 (b) Notwithstanding anything in this Agreement to the contrary, each Partner (and any representative or other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the Partnership or any transaction undertaken by the Partnership (including opinions or other tax analyses that are provided to it relating to such tax treatment and tax structure). However, any such information
relating to the tax treatment or tax structure is required to be kept confidential to the extent necessary to comply with any applicable federal or state securities laws. For this purpose, tax treatment and tax structure shall not include
(i) the name of, or any other identifying information regarding, the Partnership or any of the Funds (or, in each case, any affiliate thereof), (ii) any specific pricing or performance information or (iii) other nonpublic business or
financial information (including the amount of any fees, expense, rates or payments) that is not relevant to an understanding of the tax treatment or tax structure of the Partnership or any transaction undertaken by the Partnership. 

(c) The track record and all related investment information regarding the Funds shall be owned by Glenrock. However, notwithstanding anything in this
Agreement to the contrary, 

  
 37 

 
Aveon Holdings I L.P., Glenrock, Katz, Budris and their respective Affiliates, regardless of their removal, withdrawal or termination from the Partnership (including a termination by a
Terminating Event) shall be entitled to use, in the ordinary course of Business, the Funds’ track record, and such statistical or other data as is in the possession of the Partnership needed to determine the Funds track record, and provide such
information to clients and prospective clients of the Funds as presented in any private placement prospectus or memorandum or marketing material; provided, that the Partnership shall not be obligated hereby to provide any Partner or other party any
information that would be in violation of any Applicable Law. To the extent the Company, the General Partner or any Fund possesses or acquires any rights to use such information and materials; such party hereby irrevocably agrees that such
information and materials shall remain the sole property of Glenrock. 
 SECTION 9.5. Notices.

 All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed
given if delivered personally, transmitted by facsimile (and telephonically confirmed), mailed by registered or certified mail with postage prepaid and return receipt requested, or sent by commercial overnight courier, courier fees prepaid (if
available; otherwise, by the next best class of service available), to any Partner at its address or facsimile number shown in the Partnership’s books and records. 

SECTION 9.6. Counterparts. 
 This Agreement may be executed in any number of counterparts, all of which together shall constitute a single instrument. 

SECTION 9.7. Entire Agreement. 
 This Agreement, together with the Purchase Agreement (and the Ancillary Agreements (as defined in the Purchase Agreement), embodies the entire agreement and understanding of the parties hereto in respect
of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. Except as expressly provided herein, this Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter. Notwithstanding the foregoing and anything contained herein to the contrary, the Partners acknowledge and agree that any Admission Letter of
any Partner may have the effect of establishing rights under, or altering or supplementing, the terms of this Agreement with respect to such Partner and, to the extent of any conflict between the terms of this Agreement and the terms of any
Admission Letter, the terms of such Admission Letter shall govern and control. This Agreement does not create any right of employment on the part of any Partner and no Partner shall have any right (implied or otherwise) to be paid any amount
hereunder except as expressly provided for herein. 
 SECTION 9.8. Amendments. 

This Agreement may not be amended, supplemented, waived or modified, without the unanimous consent of the Partners; except for any
amendment that would not have a material adverse effect on the rights or preferences of any Class in relation to other 

  
 38 

 
Classes must be approved by the holders of not less than a Majority in Interest of the Class affected; provided, however, that the General Partner (with the consent of
(i) Glenrock or (ii) a Majority in Interest of the Limited Partners) may amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in
connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General Partner determines to be necessary or appropriate in connection with the creation, authorization or issuance of any Class of Interests or
other equity interests in the Partnership or other Partnership securities in accordance with this Agreement; (ii) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; (iii) a change in the
registered agent of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that the General Partner determines in its sole and absolute discretion to be necessary or appropriate to
address changes in U.S. federal income tax regulations, legislation or interpretation; (v) a change in the Fiscal Year or taxable year of the Partnership and any other changes that the General Partner determines to be necessary or appropriate
as a result of a change in the Fiscal Year or taxable year of the Partnership, including a change in the dates on which distributions are to be made by the Partnership, or (vi) any other change that does not have a material adverse effect on
the rights or preference of any Partner; provided, that notwithstanding the foregoing, any amendments sought to be adopted pursuant to clause (i) above relating to the issuance of any separate Class of Interests in the Partnership or
clause (ii) above relating to the admission of any new Partners of the Partnership shall require the unanimous written consent of the Partners; provided, further, that the books and records of the Partnership shall be deemed
amended from time to time to reflect the admission of a new Partner, the withdrawal or resignation of a Partner, the adjustment of the Interests resulting from any forfeiture and reallocation of Interests and the adjustment of the Interests
resulting from any Transfer or other disposition of a Interests, in each case that is made in accordance with the provisions hereof. 
 SECTION 9.9. Titles. 
 Section titles are for descriptive purposes
only and shall not control or alter the meaning of this Agreement as set forth in the text hereof. 
 SECTION
9.10. Representations, Warranties and Covenants. 
 (a) Each Partner which is not a natural person represents,
warrants and covenants to the other Partners that such Partner is duly formed and validly existing under the laws of the jurisdiction of its organization with full power and authority to perform its obligations hereunder and that the execution,
delivery and performance of this Agreement has been duly authorized by such Partner. 
 (b) Each Partner who is a natural person
represents, warrants and covenants to the other Partners that such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder. 

  
 39 

  
 (c) Each Partner
represents, warrants and covenants to the other Partners that: 
 (i) this Agreement has been duly executed and
delivered by such Partner and constitutes the valid and legally binding agreement of such Partner enforceable in accordance with its terms against such Partner subject to the effect of bankruptcy, insolvency, moratorium and other similar laws
relating to creditors’ rights generally, by general equitable principles and by an implied covenant of good faith and fair dealing; 
 (ii) the execution and delivery of this Agreement by such Partner and the performance of its duties and obligations hereunder do not result in a breach of any of the terms, conditions or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which such Partner or any Affiliate
is a party or by which it or any of its Affiliates is bound or to which its or any Affiliate’s properties are subject, or require any authorization or approval under or pursuant to any of the foregoing which has not been obtained, or violate
any statute, regulation, law, order, writ, injunction, judgment or decree to which such Partner or any Affiliate is subject; 
 (iii) such Partner is not in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance of any obligation, agreement or condition
contained in any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement, or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to
which the properties of it are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default or violation would materially adversely affect such Partner’s
ability to carry out its obligations under this Agreement; 
 (iv) there is no litigation, investigation or other
proceeding pending or, to the knowledge of such Partner, threatened against such Partner as to which there is a reasonable possibility of an adverse determination and which, if adversely determined, would materially adversely affect such
Partner’s ability to carry out its obligations under this Agreement; and 
 (v) no consent, approval or
authorization of, or filing, registration or qualification with, any court or governmental authority on the part of such Partner is required for the execution and delivery of this Agreement by such Partner and, except as may be required under
applicable securities and commodities laws in connection with the registration of the Partnership or such Partner, the performance of its obligations and duties hereunder. 

  
 40 

  
 (d) Following the date
of this Agreement, each Partner agrees to notify the Partnership promptly upon becoming aware of a breach in any of such Partner’s representations, warranties and covenants hereunder. 

SECTION 9.11. Division of Property. 

In the event of a property settlement or separation agreement between a Partner and his or her spouse, such Partner agrees that he or she
shall use his or her best efforts to retain all of his or her Interest in the Partnership and shall reimburse his or her spouse for any Interest he or she may have in the Partnership out of funds, assets or proceeds separate and distinct from his or
her Interest in the Partnership. To the extent that such Partner is unable, despite his or her exercise of best efforts, to retain all of his or her Interest in the Partnership, such Partner shall use its best efforts to assign to his or her spouse
only the right to share in profits and losses, to receive distribution or distributions, and to receive allocation of income, gain, loss, deduction or credit or similar item to which the assigning Partner was entitled, to the extent assigned, with
the assigning Partner remaining entitled to exercise all rights and powers of a Partner hereunder; provided that any purported assignment shall be a Transfer subject to the provisions of Article VII of this Agreement. Notwithstanding the foregoing,
if a spouse or former spouse of a Partner acquires an Interest in the Partnership as a Partner as a result of any such proposed settlement or separation agreement, such spouse or former spouse hereby grants an irrevocable power of attorney (which
shall be coupled with an interest) to the assigning Partner to vote or to give or withhold such approval as such assigning Partner shall himself or herself vote or approve with respect to such matter and without the necessity of the taking of any
action by any such spouse or former spouse, and such spouse or former spouse shall be subject to the removal and withdrawal provisions set forth in Article VIII. Such power of attorney shall not be affected by the subsequent disability or incapacity
of the spouse or former spouse granting such power of attorney. 
 SECTION 9.12. Irreparable Harm.

 Each of the Partners hereby agrees that a failure to comply with the provisions of Section 9.4 or 9.12 would cause
irreparable harm to the Partnership and the other Partners, and, therefore, the Partnership and the other Partners shall be entitled to an injunction and other equitable relief in the event of any such failure to comply with the provisions of
Section 9.4 or 9.12. 
 SECTION 9.13 Partnership Tax Treatment. 

The Partners intend for the Partnership to be treated as a partnership for federal income tax purposes and no election to the contrary
shall be made. 
 SECTION 9.14. Severability. 

Each provision of this Agreement shall be considered severable and if for any reason any provision which is not essential to the
effectuation of the basic purposes of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable and contrary to the Act or existing or future applicable law, such invalidity shall not impair

  
 41 

 
the operation of or affect those provisions of this Agreement which are valid. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or
valid within the requirements of any applicable law, and in the event such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable provisions. 

SECTION 9.15. Survival. 
 The provisions of Sections 9.4, and 9.13 and this Section shall survive the expiration or termination of this Agreement. 
 [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY] 

  
 42 

  
 IN WITNESS WHEREOF,
the parties have executed this Agreement as of the day and year first written above. 
  

			
	GENERAL PARTNER:
	
	AVEON HOLDINGS I L.P.
		
	By:	 	Aveon Holdings I GP, Inc.,
		 	its General Partner
		
	By:	 	  

		 	Name:
		 	Title:

  
 43 

  
 LIMITED PARTNER
SIGNATURE PAGE 
 Executed this      day of
            , 2010 at                     . 

 

							
	INDIVIDUAL(S)	 		 	
			
	  
	 		 	  

	Signature of Subscriber	 		 	Signature of Spouse or other Joint Tenant or Tenant-in-Common, if any (Print or Type)
			
	  
	 		 	  

	 Name of Subscriber

(Print or Type)
	 		 	Signature of Spouse or other Joint Tenant or Tenant-in-Common, if any (Print or Type)
			
	CORPORATION	 		 	
			
	[                    ]	 		 	
	 Name of Corporation

(Print or Type)
	 		 	
				
	By:	 	  
	 		 	
		 	Signature of Authorized Agent	 		 	
			
	  
	 		 	
	 Name and Title of Authorized Agent
 (Print or Type)
	 		 	

  
 LIMITED PARTNER
SIGNATURE PAGE 
  

							
	PARTNERSHIP	 		 	
			
	  
	 		 	
	 Name of Partnership

(Print or Type)
	 		 	
				
	By:	 	  
	 		 	  

		 	    Signature of General Partner	 		 	Signature of Additional General Partner (if required by partnership agreement)
			
	  
	 		 	  

	 Name of General Partner
 (Print or Type)
	 		 	 Name of General Partner
 (Print
or Type)

			
	TRUST	 		 	
			
	  
	 		 	
	Name of Trust (Print or Type)	 		 	
				
	By:	 	  
	 		 	  

		 	    Signature of Trustee	 		 	Signature of Additional Trustee (if required by partnership agreement)
			
	  
	 		 	  

	 Name of Trustee

(Print or Type)
	 		 	 Name of Additional Trustee

(Print or Type)Form of Glenrock Asset Management Associates, L.P. Admission Letter

  
 Exhibit 10.16

 EXECUTION COPY 
 ADMISSION LETTER 
 [Date, 2010] 

Glenrock, Inc. 
 623 Fifth Avenue, Suite 3101

 New York, NY 10022 
 Dear
Mr. Katz: 
 Glenrock, Inc. has been admitted as a Limited Partner of Glenrock Asset Management Associates, LP (the “Partnership”
or “we”, “our”, and related cognate words) effective as of the date hereof on the terms described in this Admission Letter and the Amended and Restated Limited Partnership Agreement of the Partnership, dated [Date], 2010 (the
“Limited Partnership Agreement”). By executing this Admission Letter, and a copy of the Limited Partnership Agreement, Glenrock, Inc. hereby accepts a limited partnership interest in the Partnership. Capitalized terms not otherwise defined
in this Admission Letter are as defined in the Limited Partnership Agreement. 
 In connection with your admission as a Limited Partner of the
Partnership, Aveon Holdings I L.P., in its capacity as general partner of the Partnership (the “General Partner”), hereby delegates to you all of the rights, duties and discretion of the General Partner pursuant to Sections 2.6(b), 3.2(c),
3.2(d) and 3.3 of the Limited Partnership Agreement and as further evidenced by that certain Investment Advisory Agreement, dated [Date], 2010 by and between the Partnership, on behalf of itself and the Funds, the General Partner, the Partnership
and Glenrock, Inc. (the “Advisory Agreement”), the terms of which are by this reference incorporated herein. The delegation provided for in the immediately preceding sentence is exclusive to Glenrock, Inc. and both the Partnership and the
General Partner covenant and agree that such rights and obligations may not be delegated, in whole or in part, to, or exercised by, any other individual or entity unless and until the delegation provided herein shall have been terminated by the
General Partner as provided herein or in the Limited Partnership Agreement, or the Advisory Agreement has been terminated in accordance with the terms thereof. As a Limited Partner of the Partnership, you hereby agree to undertake the duties
enumerated in this Admission Letter, including the duties referenced in the Advisory Agreement. You agree to the delegation, and to the obligation to carry out, all of the duties required in Sections 2.6(b), 3.2(c), 3.2(d) and 3.3 of the Limited
Partnership Agreement and all of the duties and responsibilities set forth in the Advisory Agreement. 
 As further provided in the Advisory
Agreement, subject to the limitation provided below, the Partnership agrees to reimburse you for the expenses incurred in performance of your duties and responsibilities hereunder (and in the Advisory Agreement), including without limitation the
following overhead expenses: office rent; utilities; furniture and fixtures; stationery; secretarial administrative services; salaries (including employee bonuses and benefits); entertainment expenses; employee insurance; payroll taxes; legal,
compliance, accounting expenses (including third-party accounting services); organizational expenses; and research fees and expenses (including research-related travel) for Glenrock, Inc; provided, however, that (i) any such reimbursement, in
the aggregate, shall only be paid from the seventy percent (70%) of the Fund Net Income payable to the Limited Partners pursuant to the terms of the Limited Partnership Agreement, and (ii) any such reimbursement shall not be paid from the
thirty percent (30%) of Fund Net Income payable to the General Partner pursuant to the terms of the Limited Partnership Agreement. The Funds shall be charged expenses related to interest on margin accounts and other indebtedness; borrowing
charges on securities sold short; investment expenses such as commissions; custodial fees; the Funds’ pro rata share of the expenses of any related Master Fund; administrator fees and expenses; directors’ fees and expenses and any other
expenses reasonably related to the purchase, sale or transmittal of the Funds’ assets, or reasonably related to the operation of the Funds and permitted by the applicable private place memorandum and Fund organizational documents. For the
avoidance of doubt, Glenrock will not bear any of the expenses of the General Partner or the Partnership. 
 The General Partner, upon one
hundred eighty (180) days prior written notice may terminate the delegation to you of all (but not less than all) of the rights, duties and responsibilities delegated pursuant to this Admission Letter and as set forth in the Advisory Agreement,
it being acknowledged and agreed that any termination of the Advisory Agreement by the General Partner shall automatically be deemed to be a termination of the delegation hereunder. The effective date of such termination shall be the date which is
one hundred eighty (180) days after receipt by you 

 EXECUTION COPY 

 

 
of a written termination notice from the General Partner (or such earlier date following receipt of such notice as you shall determine in your sole and absolute discretion). 

You agree to report your activities hereunder in respect of your duties to the Partnership, and to the Funds, to the administrator of the Funds, and will
comply with the reporting procedures and systems of such administrator and in accordance with the Advisory Agreement. For so long as you are a Limited Partner of the Partnership and are required to perform the duties described in this Admission
Letter and the Advisory Agreement, you agree to provide to the Partnership such information regarding the operations and activities of the Funds, including, without limitation, its investments, as the Partnership may reasonably request. 

As a Limited Partner of the Partnership, your Sharing Percentage shall be as set forth in the Limited Partnership Agreement. 

Other than as expressly provided in this Admission Letter, you will not be liable for any loss or cost arising out of, or in connection with, any act or
activity undertaken (or omitted to be undertaken) in fulfillment of any obligation or responsibility under this Admission Letter and the Advisory Agreement, including, but not limited to, any such loss sustained by reason of any investment or the
sale or retention of any security or other asset of the Funds. As an inducement to your receipt of the Limited Partner interest, your agreement to the delegation of the rights and duties described above, your agreement to the other provisions of
this Admission Letter and your entry into the Advisory Agreement, the General Partner, in addition to, and not in substitution for, your rights to indemnification and exculpation pursuant to Limited Partnership Agreement, hereby agrees to cause the
Funds, jointly and severally, to the fullest extent legally permissible under the laws of the State of Delaware, to indemnify you and hold you harmless against any loss, liability or expense (including, without limitation, judgments, fines, amounts
paid or to be paid in settlement and reasonable attorneys’ fees and expenses) incurred or suffered by you in connection with the good faith performance by you of your responsibilities hereunder; provided, however, that nothing in this Admission
Letter shall be deemed to protect you against any liability to which you otherwise would be subject by reason of your gross negligence, willful misconduct, fraud or violation of applicable law as determined in a final non-appealable decision of a
court of competent jurisdiction. The General Partner further agrees, upon your request, to advance (and/or cause the Funds to advance, amounts in connection with this indemnification obligation; provided, however, that if it is later determined that
you were not entitled to be indemnified in a final non-appealable decision of a court of competent jurisdiction, then you shall promptly reimburse the Funds for all advanced amounts. 
 You agree to prohibit the Funds from approving or authorizing the use or distribution in connection with the sale of their securities of any literature or advertisement in which you are named or referred
to unless such literature or advertisement shall first be submitted to you for approval with respect thereto. 
 Except as set forth in
Section 9.4(c) of the Limited Partnership Agreement, you agree to keep the non-public information of the Funds confidential applying the same standards of confidentiality that applies to your own non-public information. Upon termination of your
duties under this Agreement, except that as provided in Section 9.4(c) of the Limited Partnership Agreement, you agree to promptly, upon demand, return to the Partnership all such records, except that you may retain copies of the Funds records
as may be required by applicable law and regulation, and provided that your confidentiality obligations set forth in this Admission Letter will continue in full force and effect with respect to such retained records not within the public domain.

 We acknowledge that, to the extent that they exist, we have received from you the Form ADV (Part I and Part II) as in effect on the date of
this Admission Letter and your privacy notice. 
 This Admission Letter shall be governed by and construed in accordance with the laws of the
State of Delaware (without regard to principles of conflicts of law). 
 If you agree with the terms of this Admission Letter, and accept a
Limited Partnership interest in the Partnership, please acknowledge your agreement below. By such signature below, you agree to be bound by all of the provisions of the Limited Partnership Agreement of the Partnership. 

 EXECUTION COPY 

 

  

									
	Very truly yours,
	
	GLENROCK ASSET MANAGEMENT ASSOCIATES, L.P.
		
	By:	 	Aveon Holdings I L.P.,
		 	        Its General Partner
				
		 	        By:	 	AVEON HOLDINGS I GP INC.,	  	
		 		 	in its capacity as General Partner of Aveon Holdings I L.P.
					
		 		 	By:	 	  
	  	
		 		 	Name:	  	
		 		 	Title:	  	
			
	By:	 	AVEON Holdings I L.P.	  	
		 	Solely in its capacity as General Partner of the Partnership	  	
				
		 	        By:	 	AVEON HOLDINGS I GP INC.,	  	
		 		 	in its capacity as General Partner of Aveon Holdings I L.P.
					
		 		 	By:	 	  
	  	
		 		 	Name:	  	
		 		 	Title:	  	

 The undersigned hereby accepts a Limited Partnership interest in the Partnership this
             day of                     , 2010. 

 

			
	GLENROCK, INC.
		
	By:	 	  

	Name:
	Title:

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