Document:

Form of Amended and Restated Limited Liability Company Agreement - Banyan

  
 Exhibit 10.9

  
  
 BANYAN CAPITAL PARTNERS, LLC 
 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 
 Dated as of [Closing Date], 2010 
  

 

  
 TABLE OF CONTENTS

  

							
	 	  	 	  	Page	 
	 ARTICLE I            DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1.
	  	 Definitions
	  	 	1	  
			
	 SECTION 1.2.
	  	 Terms Generally
	  	 	9	  
		
	 ARTICLE II            GENERAL PROVISIONS
	  	 	10	  
			
	 SECTION 2.1.
	  	 Formation
	  	 	10	  
			
	 SECTION 2.2.
	  	 Members and Interests
	  	 	10	  
			
	 SECTION 2.3.
	  	 Name
	  	 	10	  
			
	 SECTION 2.4.
	  	 Limitation of Liability
	  	 	10	  
			
	 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 COMPANY
	  	 	13	  
			
	 SECTION 3.1.
	  	 Management
	  	 	13	  
			
	 SECTION 3.2.
	  	 Certain Duties and Obligations of the Managing Member
	  	 	14	  
			
	 SECTION 3.3.
	  	 Officers
	  	 	16	  
			
	 SECTION 3.4.
	  	 Exculpation and Indemnification
	  	 	16	  
		
	 ARTICLE IV            CAPITAL CONTRIBUTIONS; INTERESTS;
LOANS; ALLOCATIONS; DISTRIBUTIONS; 
	  	 	17	  
	
                      
  EXPENSES
	  			
			
	 SECTION 4.1.
	  	 Capital Contributions
	  	 	17	  
			
	 SECTION 4.2.
	  	 Additional Capital Contributions
	  	 	17	  
			
	 SECTION 4.3.
	  	 Interests
	  	 	17	  
			
	 SECTION 4.4.
	  	 Additional Classes of Interests
	  	 	18	  
			
	 SECTION 4.5.
	  	 Fund Contributions
	  	 	18	  
			
	 SECTION 4.6.
	  	 Capital Accounts
	  	 	19	  
			
	 SECTION 4.7.
	  	 Allocations
	  	 	19	  
			
	 SECTION 4.8.
	  	 Distributions
	  	 	22	  
			
	 SECTION 4.9.
	  	 Expenses
	  	 	24	  
			
	 SECTION 4.10.
	  	 Profits Interest
	  	 	24	  

  
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	 ARTICLE V            BOOKS AND REPORTS; TAX
MATTERS
	  	 	24	  
			
	 SECTION 5.1.
	  	General Accounting Matters	  	 	24	  
			
	 SECTION 5.2.
	  	Fiscal Year	  	 	25	  
			
	 SECTION 5.3.
	  	Certain Tax Matters	  	 	25	  
			
	 SECTION 5.4.
	  	Section 754 Election	  	 	26	  
			
	 SECTION 5.5.
	  	Inspection Rights	  	 	26	  
		
	 ARTICLE VI            DISSOLUTION
	  	 	26	  
			
	 SECTION 6.1.
	  	Dissolution	  	 	26	  
			
	 SECTION 6.2.
	  	Winding-up	  	 	26	  
			
	 SECTION 6.3.
	  	Final Distribution	  	 	27	  
			
	 SECTION 6.4.
	  	No Obligation to Restore Capital Accounts	  	 	27	  
		
	 ARTICLE VII            TRANSFER OF MEMBERS’
INTERESTS
	  	 	27	  
			
	 SECTION 7.1.
	  	Transfer of Members’ Interests	  	 	27	  
			
	 SECTION 7.2.
	  	Other Transfer Provisions	  	 	29	  
		
	 ARTICLE VIII            ADDITIONAL MEMBERS; REMOVAL AND
WITHDRAWAL OF MEMBERS
	  	 	30	  
			
	 SECTION 8.1.
	  	Admission of Additional Members; Allocation of Sharing Percentages	  	 	30	  
			
	 SECTION 8.2.
	  	Removal and Withdrawal of Members	  	 	30	  
			
	 SECTION 8.3.
	  	Call Right for Cause, Cessation of Duties, and Involuntary Transfer	  	 	31	  
			
	 SECTION 8.4.
	  	Payment Calculation	  	 	32	  
		
	 ARTICLE IX            MISCELLANEOUS
	  	 	33	  
			
	 SECTION 9.1.
	  	Jurisdiction	  	 	33	  
			
	 SECTION 9.2.
	  	Governing Law	  	 	33	  
			
	 SECTION 9.3.
	  	Successors and Assigns	  	 	33	  
			
	 SECTION 9.4.
	  	Confidentiality	  	 	33	  
			
	 SECTION 9.5.
	  	Notices	  	 	34	  
			
	 SECTION 9.6.
	  	Counterparts	  	 	34	  
			
	 SECTION 9.7.
	  	Entire Agreement	  	 	35	  
			
	 SECTION 9.8.
	  	Amendments	  	 	35	  
			
	 SECTION 9.9.
	  	Titles	  	 	35	  
			
	 SECTION 9.10.
	  	Representations, Warranties and Covenants	  	 	36	  

  
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	 SECTION 9.11.
	  	Division of Property	  	 	37	  
			
	 SECTION 9.12.
	  	Restrictive Covenants of the Members Relating to Post-Termination Period	  	 	37	  
			
	 SECTION 9.13.
	  	Irreparable Harm	  	 	38	  
			
	 SECTION 9.14.
	  	Partnership Tax Treatment	  	 	38	  
			
	 SECTION 9.15.
	  	Severability	  	 	38	  
			
	 SECTION 9.16.
	  	 Survival
	  	 	39	  

  
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 BANYAN CAPITAL
PARTNERS, LLC 
 This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Banyan Capital Partners, LLC (the
“Company”), dated as of [Closing Date], 2010 is entered into by and among Aveon Holdings I L.P., Banyan Equity Management, LLC (“BEM”), Laurence R. Benedict and such other parties as may from time to time be
admitted as Members of the Company. 
 The Company was formed on February 20, 2004 pursuant to a Certificate of Formation,
which was filed in the office of the Secretary of State of the State of Delaware (the “Certificate of Formation”). 
 In order to amend and restate the Company’s existing Limited Liability Company Agreement to reflect certain changes thereto, the parties wish to enter into this Amended and Restated Limited Liability
Company 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 Limited Liability Company Act, 6 Del. C. §
18-101 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 Person directly or
indirectly controlling, controlled by or under common control with such Person. 
 “Agreement” means this
Amended and Restated Limited Liability Company Agreement of the Company, as it may be amended, supplemented, modified or restated from time to time. 
 “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 Company. 
 “Assignee” has the meaning set forth in Section 7.2(b). 

“BEM” has the meaning set forth in the preliminary recitals hereto. 

  
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 “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. 
 “Capital Account” has the meaning set forth in Section 4.6(a) and shall, with respect to a Member, include all of such Member’s sub-accounts. 

“Capital Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any
property (other than cash) contributed to the Company with respect to the Interest held or purchased by such Member. 

“Capital Net Income (Loss)” means any net income (loss) of the Company attributable solely to the Company’s capital
investment in interests or shares, as applicable, of the Funds as funded by the Fund Contributions of the Members, but excluding Fund Net Income and Other Net Income (Loss). 
 “Cause” means the occurrence or existence of any of the following with respect to a Member: 
 (a) subject to written notice from the Company and an opportunity to cure within 10 days of such notice, the willful and continued failure by such Member to substantially perform such Member’s duties
with the Company or any of its Affiliates in such Member’s established position therewith so long as he or she remains in such position; 
 (b) subject to written notice from the Company and an opportunity to cure within 10 days of such notice, breach of any of such Member’s material obligations (x) hereunder, or (y) under any
other agreement between such Member and the Company or any of its Affiliates; 
 (c) the conviction of, or plea
of guilty or nolo contendere by, such Member in respect of (i) any felony (other than a felony related to motor-vehicle violations where no custodial penalties are involved) or (ii) any material violation of any securities
laws; 
 (d) any willful misconduct that has had a material adverse effect on (i) such Member’s ability
to function as an employee of the Company, taking into account the services required of such Member or (ii) the business and/or reputation of the Company, the Funds or any of their respective Affiliates; or 

(e) the perpetration by such Member of fraud against the Company, the Funds or any of their respective Affiliates.

 “Certificate of Formation” has the meaning set forth in the Preliminary Statement hereto. 

“Classes” means the classes into which the Interests in the Company or other Company securities created in accordance
with Section 4.4 may be classified or divided 

  
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from time to time by the Managing Member 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 Managing Member in accordance with this Agreement, shall be deemed to be a class, subclass or group of limited liability company interests in the Company. 

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

“Company” has the meaning set forth in the Preliminary Statement hereto. 

“Composite” means the Aveon Multi-Strategy Composite Fund, or other composite fund created by Aveon Holdings I, LP or
its affiliates. 
 “Composite Base Asset Amount” means an additional allocation of up to one hundred million
($100,000,000) in assets under management in the Funds invested in the Funds by the Composite and not designated by the Managing Member, in its sole discretion, to be a component of Applicable AUM. 

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

“Fiscal Period” means a calendar quarter or any other period reasonably chosen by the Managing Member. 

“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. 

“Fund Allocation Net Income” means any net income of the Company from the Funds that is attributable solely to the
performance allocation, or other incentive allocation, allocated to the Company from Banyan Capital Fund, L.P. and any incentive fee 

  
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paid by Banyan Capital Fund Limited pursuant to any investment management agreement and paid or assigned to the Company (prior to the deduction of third party marketer fees as in effect on the
date of this Agreement), but (for the avoidance of doubt) 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 Company from the Funds that is attributable solely to the management fees paid or allocated by the Funds pursuant to investment
management agreements to which the Funds are parties or the Governing and Offering Documents and paid or assigned to the Company (prior to the deduction of third party marketer fees as in effect on the date of this Agreement), but (for the avoidance
of doubt) 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 Members, legal, accounting and other professional fees and expenses of the
Company. 
 Fund Net Income means Fund Allocation Net Income and Fund Fee Net Income, taken together. 

“Funds” means, individually, each of (i) Banyan Capital Fund, L.P. and any successors thereto; (ii) Banyan
Capital Fund Limited, for so long as Company is a party to an investment advisory agreement with Banyan Capital Fund Limited and BEM, and any successors thereto; and (iii) Banyan Capital Master Fund Limited for so long as Company is a party to
an investment advisory agreement with Banyan Capital Master Fund Limited and BEM, and any successors thereto; and when used, collectively, the individual Funds are the Funds. 
 “Governing and Offering Documents” means (i) the Partnership Agreement and the Confidential Private Offering Memorandum, as supplemented or amended, of Banyan Capital Fund, L.P. and
(ii) the Confidential Private Offering Memorandum, as applicable, as supplemented or amended, and the Memorandum and Articles of Association for each of Banyan Capital Fund Limited and Banyan Capital Master Fund Limited. 

“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 Member to the Company shall be the gross
Fair Market Value of such asset; 
 (b) the Gross Asset Values of all Company assets shall be adjusted to equal their respective
gross Fair Market Values as of the following times: (i) the acquisition of an additional Interest by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member
of more than a de minimis amount of property as consideration for an Interest; (iii) the issuance by the Company of Interests that are Profits Interests; and (iv) the liquidation of the Company 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 

  
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the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(c) the Gross Asset Value of any Company asset distributed to any Member 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 Company assets shall be increased (or decreased) to
reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (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 Managing Member 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. 
 “Interest” means the entire limited liability company interest held by a Member in the Company at
any particular time, including the right of such Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all the terms and provisions of this
Agreement. 
 “Majority in Interest” means the majority of Interests based on the Sharing Percentages of
Members in respect of Fund Net Income. 
 “Managing Member” means Aveon Holdings I L.P., for so long as it
remains the Managing Member as provided hereunder, and/or any other Member designated as such as provided hereunder. The Managing Member shall be considered a “manager” within the meaning of §18-101(10) of the Act. 

“Member” means each of the persons listed as a Member on the books and records of the Company (including the Managing
Member and the Non-Managing Members) and any Person admitted to the Company as an additional or substituted Member of the Company in accordance with the provisions of this Agreement, in each case for so long as such Person remains a Member as
provided hereunder. 
 “Net Capital Appreciation” has the meaning set forth in the Third Amended and Restated
Limited Partnership Agreement of Banyan Capital Fund, LP, as amended. 
 “Net Income (Loss)” means Capital Net
Income (Loss), Fund Net Income and Other Net Income (Loss). 

  
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 “Non-Managing
Member” means any Member other than the Managing Member. 
 “Operating Reserve” means such amount as
is determined by the unanimous consent of the Members, on an annual basis or otherwise, to be necessary or prudent for the Company to maintain in cash or cash equivalents or other money market instruments in order to satisfy the Company’s
accrued or anticipated expenses or other obligations and otherwise to meet the operational needs of the Company’s business; provided, that such amount shall not be greater than five percent (5%) of the previous Fiscal
Year’s Other Net Income. 
 “Other Net Income (Loss)” for any Fiscal Period means the net income or net
loss of the Company 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 Company, 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 Company 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 Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Other Net Income or Other Net Loss, shall be subtracted from such taxable income or loss; 
 (d) in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of the definition of Gross Asset Value, 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; 

(e) gain or loss resulting from any disposition of Company 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
Managing Member may create separate categories of Other Net Income (Loss) with respect to the separate categories of net income or net loss of the Company in which the Members have different Sharing Percentages. 

  
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 “Permanent
Disability” of a Member, means any physical or mental inability to perform all or substantially all of such Member’s duties with respect to the Company or any of its Affiliates for a period of 180 consecutive days as reasonably
determined by the Managing Member. 
 “Person” has the meaning set forth in Section 9.12. 

“Profits Interest” shall mean an interest in the future profits of the Company 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 Members, whether parties hereto as of the date hereof or admitted after the date hereof, consent to the Company taking all actions, including amending this Agreement, to the extent necessary or appropriate to
cause any interest designated by the Managing Member 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 Members to be respected even if such Interests are subject to risk of forfeiture, including any action required by the Company under Revenue Procedure 2001-43, unless superseded by Notice 2005-43, in which
case, such consent shall allow the Company 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 May 27, 2010, among the Managing Member, the Company
and the sellers named therein, as amended from time to time. 
 “Regular Base Asset Amount” means, in respect
of Banyan Capital Fund, LP, Banyan Capital Fund Limited and Banyan Capital Master Fund Limited (and subject to items (i) and (ii) of this definition), six hundred million dollars ($600,000,000) of collective assets under management;
provided that: 
 (i) if on the Closing Date (as defined in the Purchase Agreement) the combined assets
under management in the Funds (excluding any assets invested in the Funds by the Composite immediately prior to the Closing Date) are less than five hundred fifty million dollars ($550,000,000), then the Regular Base Asset Amount shall be the
combined amount of assets under management in the Funds on the Closing Date plus an additional fifty million dollars ($50,000,000); and 
 (ii) assets of Laurence R. Benedict or any deferred fee to which BEM is entitled that are invested in the Funds, and other assets in the Funds in respect of which the Company is not entitled to management
fees, incentive fees or 

  
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allocations, carried interests or other similar forms of compensation, shall not be included in the calculation of the Regular Base Asset Amount. 

“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 Member, such Member’s percentage interest in the Company’s Fund
Allocation Net Income, Fund Fee Net Income, Capital Net Income (Loss) and/or Other Net Income (Loss), as applicable, or any other component or category thereof as set forth in such Member’s Admission Letter (if any) or the books and records of
the Company, as such percentage may be modified from time to time in accordance herewith. As of the execution date of this Agreement, (a) with respect to Fund Fee Net Income (other than with respect to investments in the Funds by the Composite
that are subject to parts (d) and (e) of this sentence) on Applicable AUM (as defined below) up to the Regular Base Asset Amount, the Managing Member’s Sharing Percentage shall be thirty percent (30%) and the Non-Managing
Members’ Sharing Percentage shall be the balance of the Fund Fee Net Income (after the deduction of third party marketer fees as in effect on the date of this Agreement); (b) with respect to the Fund Allocation Net Income on Applicable AUM
up to the Regular Base Asset Amount, the Managing Member’s Sharing Percentage shall be 6/35s of the thirty-five percent (35%) incentive tier of Fund Allocation Net Income and the Non-Managing Members’ Sharing Percentage shall be the
balance of the Fund Allocation Net Income (after the deduction of third party marketer fees as in effect on the date of this Agreement); (c) with respect to Fund Fee Net Income and Fund Allocation Net Income not allocated to the Managing Member
pursuant to parts (a) or (b) of this sentence (other than with respect to investments in the Funds by the Composite that are subject to parts (d) and (e) of this sentence), the Managing Member’s Sharing Percentage shall be
zero (0%) and the Non-Managing Members’ Sharing Percentage shall be one hundred percent (100%) (after the deduction of third party marketer fees as in effect on the date of this Agreement); (d) with respect to any management fee or
incentive fee or allocation paid in respect of investments in the Funds by the Composite (unless designated by the Managing Member, in its sole discretion, to be part of Applicable AUM) up to the Composite Base Asset Amount, the Managing
Member’s Sharing Percentage shall be thirty percent (30%) and the Non-Managing Members’ Sharing Percentage shall be seventy percent (70%); and (e) with respect to any management fee or incentive fee or allocation paid in respect
of investments in the Funds by the Composite (unless designated by the Managing Member, in its sole discretion, to be part of Applicable AUM) above the Composite Base Asset Amount, the Managing Member’s Sharing Percentage shall be zero (0%) and
the Non-Managing Members’ Sharing Percentage shall be one hundred percent (100%). “Applicable AUM” means the combined assets under management (subject to the exclusion set forth in item (ii) of the definition of Regular
Base Asset Amount) up to the 

  
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Regular Base Asset Amount (but not including investments by the Composite unless such investments are designated to be a component of Applicable AUM by the Managing Member in its sole discretion)
as calculated as of the last day of any fiscal quarter or Fiscal Year of the Funds (provided, that, in connection with calculating Applicable AUM, (1) the Managing Member 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 (but only for the purpose of the calculation of the Sharing Percentage with respect to Fund Fee Net Income or Fund Allocation Net Income) 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 Company and (2), if an
individual subscriber account which has been included in Applicable AUM in the applicable Fiscal Year is redeemed during such Fiscal Year, then immediately following such redemption, the Managing Member shall have the right to substitute one or more
new individual subscriber accounts to replace such redeemed individual subscriber account (except that, in either case, the Managing Member shall not have the right to make any such substitution if the individual subscriber account to be replaced is
subject to a high watermark)). For the avoidance of doubt, in regard to the calculation of Applicable AUM as provided herein, if the Managing Member replaces individual subscriber accounts with investments from the Composite, the amount of assets
under management used to determine the Composite Base Asset Amount shall be decreased by that same amount and new assets under management invested in the Composite shall thereafter be included until the Composite Base Asset Amount is once again met.

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

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

“Terminating Member” 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). 

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 

  
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“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 discretion” or
“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 Member'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 Member 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 Company 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
Formation of the Company with the Secretary of State of the State of Delaware. The Managing Member is hereby designated as an authorized person, within the meaning of the Act, to execute, deliver and file, any amendments or restatements of the
Certificate of Formation and any other certificates necessary, and to take all action necessary, for the Company (i) to form or qualify to conduct the business of the Company under the laws of any jurisdiction in which the Company is doing
business and to continue in effect such formation or qualification and (ii) to protect the limited liability of the Members under the laws of any jurisdiction in which the Company is doing business. 

SECTION 2.2. Members and Interests. The name, address and Interests of each Member are set forth on the books and records of
the Company. The Members as of the date hereof are as set forth on the signature page hereto. The rights, duties and liabilities of the Members shall be as provided in the Act, except as is otherwise expressly provided herein, and the Members
consent to the variation of such rights, duties and liabilities as provided herein. 
 SECTION 2.3. Name. The
Company shall conduct its activities under the name of “Banyan Capital Partners, LLC.” 
 SECTION
2.4. Limitation of Liability. 
 (a) Except as provided in the Act, or as expressly provided in this Agreement, or
as a Member shall otherwise expressly agree in writing in an Admission Letter or otherwise, no Member of the Company shall be obligated personally for any debt, obligation or liability of the Company or of any other Member solely by reason of being
a Member of the Company. Notwithstanding any other provision of this Agreement or any duty otherwise existing at law, in equity or otherwise, the parties hereby agree that the Managing Member and its Affiliates, shall, to the maximum extent
permitted by law, including Section 18-1101(c) of the Act, owe no duties (including fiduciary duties) to the Company, the other Members or any other Person bound by this Agreement; provided,

  
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however, that nothing contained in this Section 2.4(a) shall eliminate the implied contractual covenant of good faith and fair dealing with respect to a Member’s obligations
under this Agreement. 
 (b) In no event shall any Member (i) be obligated to make any capital contribution or payment to
or on behalf of the Company or (ii) have any liability to return distributions received by such Member from the Company, in each case except as (x) otherwise specifically provided in this Agreement or other related agreements,
(y) such Member shall otherwise expressly agree in writing or (z) may be required by applicable law. 
 SECTION
2.5. Term. The existence of the Company commenced on the date of filing of the Certificate of Formation and shall continue unless and until the Company is dissolved, wound up and terminated in accordance with Article VI. No Member shall
have the right to, and each Member hereby agrees not to, withdraw from the Company, nor to dissolve, terminate or liquidate, or to petition a court for the dissolution, termination or liquidation of, the Company, in each case except as expressly
provided in this Agreement, and except with the consent of the Managing Member in its sole and absolute discretion, no Member at any time shall have the right to petition or to take any action to subject Company 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 Company shall
be, directly or indirectly through subsidiaries or Affiliates, to (i) act as the general partner of Banyan Capital Fund, L.P., (ii) act as a manager and/or investment manager or advisor with respect to and make investments in any of the
Funds, as appropriate, and (iii) 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 Company 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: 
 (i) to carry out 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 Banyan Capital Fund, L.P.
and as the investment manager to any other Funds as set forth in the respective partnership, operating or other governing agreements of such Funds; 
 (ii) to render investment, asset management, financial advisory, investment banking and other services to the Funds; 

(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 

  
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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 Company 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 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 Managing Member), accountants, sub-advisors, auditors, custodians, consultants, attorneys and any and all other agents and
assistants, both professional and nonprofessional, including Members 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 formed and to participate in partnerships, limited liability
companies and joint ventures, whether foreign or domestic, solely with the consent of all Members; 
 (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 Company, 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 Member (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 Members; 

  
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 (xii)
to distribute, subject to the terms of this Agreement, at any time and from time to time to Members cash, securities, investments or other property of the Company, 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 Company 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 Managing Member. The name and address of the Company’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 Managing Member may at any time change the Company’s registered agent for service of process. 

(b) The initial principal place of business of the Company shall be at 30 Doaks Lane, Marblehead, MA 01945. The Company shall maintain
offices and principal places of business at such places as may from time to time be determined by the Managing Member. 
 ARTICLE
III 
 Management and Operation of the Company 
 SECTION 3.1. Management. 
 (a) Except as otherwise provided herein, the
management and control of the business and affairs of the Company shall be vested exclusively in the Managing Member. Notwithstanding any other provision otherwise contained herein, the Managing Member shall not be replaced as Managing Member
without its prior written consent. 
 (b) Except as expressly provided in this Agreement, the Non-Managing Members shall have no
right or power to act for or bind the Company or otherwise vote with respect thereto. A Member or an agent of a Member may also be a member, partner, shareholder, employee, agent, director or officer of the Company or any of its Affiliates and may
act on behalf of the Company in such capacity to the extent authorized to do so in such capacity. 
 (c) Except as may be
expressly approved in writing by the Managing Member, each Non-Managing Member shall devote as much of its professional time as is commercially reasonable to operate the business and activities of the Company or BEM and to provide investment
management services to the Funds. 
 (d) The Managing Member may delegate to one or more Non-Managing Members and/or officers
the right to have such responsibilities and exercise such power and authority as the Managing Member shall specify. Each Member so authorized shall have 

  
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only the power specifically delegated to it by the Managing Member pursuant to an Admission Letter or otherwise. 
 (e) The Managing Member may designate operating or other committees comprised of the Members, each of which shall have the authority of the Managing Member to the extent the Managing Member provides and
such responsibilities as the Managing Member so determines. Each committee of the Company shall serve at the pleasure of the Managing Member. 
 SECTION 3.2. Certain Duties and Obligations of the Managing Member. 

(a) The Managing Member shall take all action which may be necessary or appropriate on its part for the (i) formation and
continuation of the Company as a limited liability company under the Act and (ii) development, maintenance, preservation and operation of the business of the Company in accordance with the provisions of this Agreement and applicable laws and
regulations. 
 (b) The Managing Member shall take (and each Member shall cooperate in connection therewith and approves of the
Managing Member taking on such Member’s behalf) all action which is reasonably necessary to (i) form or qualify the Company to conduct the business in which the Company is engaged under the laws of any jurisdiction in which the Company is
doing business and to continue in effect such formation or qualification and (ii) protect the limited liability of the Members pursuant to the terms of this Agreement and as applicable under the laws of any jurisdiction in which the Company is
doing business 
 (c) The Managing Member shall be responsible for the following duties: 

(i) (A) Advise the Company 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 Documents, (B) charge to the Funds (subject to such consent rights as
may inhere in the Funds’ investors) a management fee of at least one percent (1%) per annum and an incentive allocation or fee with a first tier of no less than thirty-five percent (35%) and (C), if and to the extent required, consent
to the amendment of the Governing and Offering Documents to reflect changes in administrative services or fees (subject to the minimum amounts specified in the preceding item (B)); 

(ii) Make all investment decisions for the Funds, it being understood that the Company has furnished to the Members a copy
of the Funds’ respective Governing and Offering Documents, as the same may be modified or amended from time to time by the Company, and will from time to time furnish the Members with copies of any amendments thereto, and until such amendments
are delivered to the Members, matters therein stated shall not be binding on the Members; 

  
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 (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 Members shall deem advisable and shall be exclusively within the control and discretion of the Managing Member or its designees. 

(d) Additionally, the Managing Member’s duties shall include but not be limited to the following, which duties may be delegated with
respect to the Funds to any other Member of the Company 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; 
 (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 Managing Member and the applicable Member 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 on the basis of an exemption that has been perfected through any regulatory filing that is so required to do so); 

(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, manage, maintain, act as signatory and close bank accounts and draw checks or other orders for the payment of moneys; and pledge securities for loans
and effect borrowings from brokers, banks and other financial institutions; and 

  
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 (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 Member, as may be necessary or proper in connection with the performance of the Member’s duties hereunder. 
 SECTION 3.3. Officers. Subject to the direction of the Managing Member (and as expressly set forth herein), the day-to-day administration of the business of the Company shall be carried out by
employees, agents or Members 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 Managing Member. The officers of the Company shall have such titles and powers and perform
such duties as shall be determined from time to time by the Managing Member and otherwise as shall customarily pertain to such offices or be determined from time to time by the Managing Member. Any number of offices may be held by the same person.

 SECTION 3.4. Exculpation and Indemnification. 

(a) Except as set forth in any Admission Letter with respect to a Member, no Member nor any member, partner, tax matters partner, officer
or director of a Member, the Company or its Affiliates (individually, a “Covered Person” and collectively, the “Covered Persons”) shall be liable to the Company or any Member for (i) any act or omission (in
relation to the Company, 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 Company and is within the scope of authority granted to such Covered Person, unless such act or omission is determined by a court or arbitrator in a final judgment not subject to further appeal to have resulted
from fraud, bad faith, willful misconduct, gross negligence, or a willful breach of this Agreement or any related document by such Covered Person and except that nothing herein shall constitute a waiver or limitation of any rights which a Member or
the Company 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 Company or any of its Affiliates
selected and monitored thereby with reasonable care. 
 (b) Except as set forth in any Admission Letter with respect to a
Member, to the fullest extent permitted by law, the Company 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 Company or which relates to or arises out of or in connection with the Company, its property, business or 

  
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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 and nothing herein shall constitute a waiver or limitation of any rights which a Member or the Company 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 of the Managing Member, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written undertaking by or on behalf of the
Covered Person to repay such amount to the extent that it shall be determined 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 Company or to any Member, such Covered Person
acting under this Agreement shall not be liable to the Company or to any Member for its good faith reliance on the provisions of this Agreement. 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 Members 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 Member may otherwise expressly agree in writing, the debts, liabilities and
obligations of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for any such debt, liability or obligation of the
Company solely by reason of being a Covered Person. 
 ARTICLE IV 

Capital Contributions; Interests; 
 Loans; Allocations; Distributions; Expenses 
 SECTION 4.1. Capital
Contributions. Each Member has made the Capital Contribution to the Company in the amounts set forth in the books and records of the Company, which Capital Contribution may be zero. 

SECTION 4.2. Additional Capital Contributions. No Member shall be obligated to make any additional Capital Contributions to
the Company, except with the prior written consent of any such Member. 
 SECTION 4.3. Interests. 

(a) The Sharing Percentages for each Member with respect to each category of Net Income (Loss) are set forth in the books and records of
the Company or in such Member’s Admission Letter (if any). Except as set forth in an Admission Letter 

  
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executed by Laurence R. Benedict, Laurence R. Benedict shall receive the Sharing Percentage of all Non-Managing Members. 
 (b) The Company’s obligation to make payments to any Non-Managing Member that performs duties pursuant to Sections 3.1(d), 3.2(c) and (d) of this Agreement in an amount up to that Member’s
Sharing Percentage in Fund Allocation Net Income and Fund Fee Net Income is hereby secured by, and the Company hereby grants, a first lien security interest in all cash held in the Company’s account that receives the Fund Allocation Net Income
and Fund Fee Net Income, and the Company hereby authorizes such Non-Managing Member to file a financing statement with the Delaware Secretary of State, and in such other jurisdictions as may be advisable, to perfect such security interest and shall
cooperate with such Member to the extent reasonably required to enter into such deposit control and related agreements as may be requested by such Non-Managing Member. 
 SECTION 4.4. Additional Classes of Interests. The Members, by unanimous consent, may establish other Classes of Interests, other equity interests in the Company or other Company 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 Company. Subject to the unanimous consent reference in this Section 4.4, the Managing Member is authorized (i) to issue any Interests, other equity interests in the Company or other Company
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 Company or other Company securities
associated with such Class, and the admission of any Person as a Member 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 Member has made a Capital Contribution (through its investment in the Company) to the Funds, as applicable, in the amounts set forth in the books and records of the Company for each such Member
(the “Fund Contribution”). Each Member’s Fund Contribution shall also include the Fund Net Income allocated to its Capital Account that is attributable to such Member’s share of management fees and incentive allocations
allocable to the Company from the Funds that is retained in the Funds as if it were an investment in such Fund. 
 (b) Each
Member’s Fund Contribution shall not be charged any management fee or incentive allocation or fee, regardless of to which Fund the Fund Contribution is made. 
 (c) Each Member, subject to other contractual obligations of such Member and to any applicable provisions of the Governing and Offering Documents, may withdraw its Fund Contributions at any time.

  
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 SECTION
4.6. Capital Accounts. 
 (a) There shall be established for each Member on the books of the Company 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 Member shall be an
amount equal to the difference between (i) the sum of such Member’s Capital Contributions to the Company and any Net Income of the Company allocated to such Member and (ii) the sum of any Net Loss of the Company allocated to such
Member and distributions made to such Member. 
 (b) The Managing Member may, in its sole discretion, create one or more
separate subaccounts with respect to each Member’s Capital Account. There shall be established on the books of the Company one or more “Fund Capital Accounts” which shall be a sub-account of a Member’s Capital Account. The
Fund Capital Account balance of each Member shall be an amount equal to the Fund Contributions made by such Member, through its investment in the Company, to such Fund and any Capital Net Income allocated to such Member pursuant to
Section 4.7(d), less any Capital Net Loss allocated to such Member pursuant to Section 4.7(d) and any distributions made to such Member from such Member’s Fund Capital Account pursuant to Section 4.8(b). 

SECTION 4.7. Allocations. 
 (a) The Company’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 reasonably selected by the Managing Member. If Members are admitted to the Company or withdraw from the Company on different dates during any Fiscal Year, the Net Income or Net Loss allocated among the Members for each such Fiscal Year
shall be allocated in accordance with Section 706 of the Code, using any convention permitted by law and reasonably selected by the Managing Member in its reasonable discretion. 

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

(i) First, to the Members 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 Members pursuant to Section 4.7(c)(ii) of this Agreement, over (2) the aggregate amount allocated to such Members pursuant to this clause (i) in prior Fiscal Years; 

(ii) Second, to the Members 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 Members pursuant to Section 4.7(c)(i) of this Agreement, over (2) the 

  
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aggregate amount allocated to such Members pursuant to this clause (ii) in prior Fiscal Years; and 
 (iii) Third, to the Members in proportion to their respective Sharing Percentages for Other Net Income for such Fiscal Year (with appropriate adjustments, as determined by the Managing Member, to
take account of admissions and withdrawals of Members during Fiscal Year). 
 (c) The Company’s Other Net Losses, if any,
for each Fiscal Year shall be allocated among the Members as follows: 
 (i) First, to the Members 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 Managing Member, to take into
account admissions and withdrawals of Members during such Fiscal Year). 
 (d) Notwithstanding the foregoing, (i) any
Capital Net Income or Capital Net Loss allocated by any Fund to the Company for each Fiscal Year shall be allocated among the Members in proportion to the Fund Capital Account balances of such Members with respect to such Fund as of the first day of
such Fiscal Year (with appropriate adjustments, as determined by the Managing Member, if contributions or withdrawals are made during such Fiscal Year), and (ii) any Fund Net Income allocated or paid to the Company shall be allocated to the
Members in accordance with their respective Sharing Percentages for Fund Net Income for such Fiscal Year. 
 (e) Notwithstanding
anything herein to the contrary, in the event any Member 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 Member such items of Company 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
Company minimum gain or Member 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 Company taxable year, the Members shall be allocated items of Company
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 

  
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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 Members 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 Member 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 Company is required by law to withhold or to make tax payments (including back-up withholding) on behalf of or with
respect to any Member (“Withholding Tax Advances”), the Managing Member may cause the Company to withhold such amounts and make such tax payments as are required. All Withholding Tax Advances made on behalf of a Member, 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 Managing Member, (i) be promptly paid to the
Company by the Member on whose behalf such Withholding Tax Advances were made (such payment not to constitute a Capital Contribution to the Company), or (ii) be repaid by reducing the amount of any current distribution that would otherwise have
been made to such Member, 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 Member as described in clause (ii) above, for all other purposes of this Agreement such Member shall be treated as having received the full amount of all distributions that would otherwise have been made to such Member, unreduced by
the amount of such Withholding Tax Advance and any interest thereon. 
 (i) If any Interest in the Company 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 Member and the transferee Member 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 Members. All distributions on or before the date of such Transfer shall be made to the transferor Member, and all distributions thereafter shall be made to the transferee Member. 

(j) To the extent an adjustment to the adjusted tax basis of any Company 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 Members in the manner consistent with the manner in which their Capital
Accounts are required to be adjusted pursuant to that Treasury Regulation. 

  
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 (k) The Managing
Member 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 Company shall be allocated among the
Members in any manner, as reasonably determined by the Managing Member that reflects equitably amounts credited or debited to each Member’s Capital Account for the current and prior Fiscal Periods. In this regard, the Managing Member may cause
the Company to specially allocate additional items of ordinary income or loss or capital gain (including short-term capital gain) or loss to a Member 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 Member’s Capital Account and the aggregate amount of tax items allocated to such Member. For purposes of the foregoing, the Managing Member 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 Members, or (ii) solely to the relevant
Members with the greatest such differences (taking into account such allocations). These allocations shall be made pursuant to the 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 Company pursuant to contractual obligations to third parties
entered into in regard to the responsibilities set forth in Section 3.2(d)(vii) herein and the establishment of the Operating Reserve, the Company shall make distributions of available cash or other property to the Members at such times and in
such amounts as are reasonably determined by the Managing Member, but in any event in regard to distributions of Fund Fee Net Income or Fund Allocation Net Income within thirty (30) days from their receipt. Distributions of cash or other
property shall be allocated among the Members in a manner that takes into account their respective Sharing Percentages for Other Net Income and Fund Net Income, as the Managing Member reasonably determines, based on the source of such available cash
or other property; provided, that the Managing Member may allocate all or a portion of such amount among the Members 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, but provided further that no amount to which the Non-Managing Members are entitled pursuant to their Sharing Percentage shall be
reallocated to any other Member. Notwithstanding the previous two sentences, upon a Member’s request, the Company will use commercially reasonable efforts, based upon the potential cash flow requirements of the Company, to make a cash
distribution, at least annually, from the Company in such amounts sufficient to pay such Member’s (or, in the case of a pass-through entity, the direct or indirect equity owners of such Members) aggregate federal, state and local income tax
liabilities (including estimated taxes) with respect to such Member’s allocable share of the Company’s annual taxable income, to the extent not previously distributed. Such distributions shall be treated

  
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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 Company receives a distribution from a Fund related to Capital
Net Income (Loss), such amounts shall be credited to the Fund Capital Accounts and such amounts shall be distributed by the Company to the Members in accordance with the Members’ respective Fund Capital Account balances (before taking into
account such distribution from such Fund) attributable to such Fund. 
 (c) Each Member shall furnish the Company 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 Member represents and warrants that any such information and forms furnished by him
shall be true and accurate. Each Member agrees to pay, and to indemnify the Company and the other Members 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 Member’s share of Company income) or distributions, transfers or payments to such Member. To the extent the indemnifying Member is otherwise entitled to distributions from the Company, such
damages, costs and expenses may be paid by the Company out of amounts that would otherwise be distributed to such Member. For purposes of this Agreement any such payment shall be deemed to be a distribution to such Member (and in the case of any
such tax that is imposed upon the Company, the Member shall be deemed to have recontributed such amount to the Company). In all other events, such Member shall make such payment directly from its own funds. 

(d) No Member shall have the right to receive other property indirectly held through the Company. Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not be required to make a distribution hereunder if such distribution would violate the Act or any other applicable law. 

(e) Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence of the Closing, the Company shall request
the Funds' administrator (the “Administrator”) to determine the net asset value of the accounts (in the case of Banyan Capital Fund, L.P.) or shares (in the case of Banyan Capital Fund Limited) of each investor in the Funds as of
the close of business on the Closing Date (the “Closing Date Reset”). The Administrator's calculation of such amounts pursuant to the Closing Date Reset shall be final in the absence of manifest error. The Managing
Member's entitlement to its Sharing Percentages of Fund Fee Net Income and Fund Allocation Net Income shall be solely with respect to fees accruing from and after the Closing Date, calculated on an annualized basis with respect to the first such
calculation of Fund Allocation Net Income, provided that, for the avoidance of doubt, solely for purposes of computing the Managing Member's portion of the Fund Allocation Net Income (the “MMFAN Allocation”), all Loss
Recovery Accounts of Fund investors on the Closing Date shall be set at zero pursuant to the Closing Date Reset and the calculation of the MMFAN Allocation shall be made on the basis of the accrual of amounts to such Loss Recovery Accounts (if any)
based upon changes in the net asset value of such investors' accounts in relation to the Closing Date 

  
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Reset, and provided further that if the MMFAN Allocation with respect to any calculation is in excess of the proportion of Fund Allocation Net Income actually received by the Company that
would be allocated to the Managing Member as its Sharing Percentage but for the application of the Closing Date Reset (an “Excess MMFAN Allocation”), the proportion of the total Fund Allocation Net Income actually received by the
Company that is allocated to the Managing Member with respect to such calculation shall be no more than thirty-five percent (35%) and any remaining Excess MMFAN Allocation shall be carried over without interest and allocated to the Managing
Member out of Fund Allocation Net Income that is subsequently actually received by the Company (subject to the same thirty-five percent (35%) limitation) until the Managing Member has been allocated its full Excess MMFAN Allocation, and the
allocation of such Excess MMFAN shall be made with a first priority over any other allocation contained in this Agreement. 

SECTION 4.9. Expenses. Except as otherwise provided in Section 4.7(h), the Managing Member shall be directly responsible
for paying all costs and expenses incurred in connection with the general operation of the Company, except those expenses incurred in the preparation of reports to the Members, legal, accounting and other professional fees and expenses, if any, of
the Company, and legal and other expenses of BEM which arise as a result of the performance of the duties delegated to it by the Company. 
 SECTION 4.10. Profits Interest. It is the intention of the parties to this Agreement that distributions and allocations to any holder of an interest designated by the Managing Member, upon the
unanimous consent of the Members, 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 Managing Member 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 Member’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 Members pro
rata in accordance with their Sharing Percentages, and the Managing Member shall make adjustments to future distributions and allocations to the Members as promptly as practicable so that the Members 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. 
 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
Managing Member at the end of each Fiscal Period and shall be allocated as described in Section 4.7. The Managing Member shall also 

  
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keep or cause to be kept books and records pertaining to the Company’s business showing all of its assets and liabilities, receipts and disbursements, Net Income (Loss), Members’
Capital Accounts, and all transactions entered into by the Company. Such books and records of the Company shall be kept by the Company at its principal office. The Company’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. 
 (b) As promptly as possible after the close of each Fiscal Year of the Company, the Tax Matters Member shall cause an examination of the financial statements of the Company 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, 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 financial statements of the Company, including the report of such certified public accountants, shall be furnished to
each Member and shall include, as of the end of such Fiscal Year: 
 (i) a balance sheet of the Company as of the
end of such period; and 
 (ii) a statement of income or loss and a statement of Members’ capital.

 (c) Each Person that was a Member at any time during a Fiscal Year shall be supplied with such information as may be
reasonably required to enable such Member to prepare its federal, state, local and non-U.S. income tax returns based upon such Person’s status as a Member, 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 Member’s Capital Account as at the close of such Fiscal Year. 
 SECTION 5.2. Fiscal Year. The fiscal year of the Company (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 Member shall prepare or cause to be prepared all federal, state
and local, as well as non-U.S., if any, tax returns of the Company for each year for which such returns are required to be filed and shall file or cause such returns to be timely filed. The Managing Member shall reasonably determine the appropriate
treatment of each item of income, gain, loss, deduction and credit of the Company 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 Managing Member may cause the Company to make or refrain from making any and all elections permitted by such tax laws. The Managing Member shall act as the
“tax matters partner” for purposes of Section 6231(a)(7) of the Code (the “Tax Matters Member”). The Tax Matters Member shall have all of the rights, duties, powers and obligations provided for

  
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in Sections 6221 through 6232 of the Code. Each Member agrees that it will take no position on its individual tax returns inconsistent with the positions taken on the Company’s tax returns.
The Tax Matters Member will take no action which is reasonably expected to have a disproportionate material adverse effect on one or more of the Members unless such action is approved by such adversely affected Members in writing (and such approval
shall not be unreasonably withheld); provided that the Tax Matters Member 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
Members). The Tax Matters Member will be responsible for notifying all Members of ongoing proceedings, both administrative and judicial, and will represent the Company throughout any such proceeding. The Members will furnish the Tax Matters Member
with such information as it may reasonably request to provide the Internal Revenue Service with sufficient information to allow proper notice to the Members. The Tax Matters Member will not bind any other Member to any extension of the statute of
limitations or to a settlement agreement without such Member’s written consent, which consent shall not be unreasonably withheld, delayed or conditioned. 
 SECTION 5.4. Section 754 Election. The Company 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 Company for any prior year, such election shall not be revoked. 

SECTION 5.5. Inspection Rights. Each Member shall have the right during normal business hours at the principal place of
business of the Company, and following at least five days’ prior written notice to the Managing Member, which notice shall set forth the purpose of such Member’s request (which purpose must be reasonably related to such Member’s
Interest), to obtain from the Company such information and documentation concerning the Company’s operations as such Member may reasonably request. Each Member shall bear all expenses incurred in any examination made on behalf of such Member.

 ARTICLE VI 
 Dissolution 
 SECTION 6.1. Dissolution. The Company shall be
dissolved and its affairs wound up (i) upon a determination by the Managing Member to dissolve the Company at any time, (ii) at the option of the Managing Member, if the Funds have a combined Applicable AUM of less than $10 million,
(iii) if at any time there are no Members of the Company and the business of the Company is not continued in accordance with the Act, or (iv) upon the entry of a decree of judicial dissolution under Section 18-802 of the Act. The
death, retirement, dissolution, resignation, expulsion or bankruptcy of any Member shall not cause the dissolution of the Company, and following any such event the remaining Members shall have the right to continue the business of the Company.

 SECTION 6.2. Winding-up. When the Company is dissolved, the business and property of the Company shall be wound
up and liquidated by the Managing Member. 

  
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The Managing Member shall use its reasonable best efforts to reduce to cash and cash equivalent items such assets of the Company as the Managing Member 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 Members 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 Company, the assets
of the Company 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 Company; 
 (ii) to pay all creditors of the Company, other
than Members, either by the payment thereof or the making of reasonable provision therefor; 
 (iii) to establish
reserves, in amounts reasonably established by the Managing Member, to meet other liabilities of the Company (other than to the Members 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
Company that are Members, either by the payment thereof or the making of reasonable provision therefor; and 

(v) to the Members 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 Company 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
Member whose Capital Account balance is a negative or deficit amount (either during the existence of the Company or upon liquidation) shall have any obligation to return any amounts previously distributed to such Member or to contribute cash or
other assets to the Company to restore or make up the deficit in such Member’s impaired Capital Account; provided that the Managing Member shall correct any improper allocation to the Managing Member. 

ARTICLE VII 

Transfer of Members’ Interests 
 SECTION 7.1. Transfer of Members’ Interests. 
 (a) To the fullest
extent permitted by law, no Member may, directly or indirectly, Transfer such Member’s Interest in the Company (other than to one or more of its 

  
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Affiliates) without the prior written consent of the Managing Member, which may be given or withheld in its sole discretion for any reason or no reason. 

(b)             (i) Notwithstanding anything to the contrary contained
herein, to the extent the Managing Member proposes to Transfer all or a portion of its Interest in the Company to any Person other than one or more of its Affiliates (such proposed Transfer, a “Proposed ROFR Sale”), the other
Members of the Company in good standing shall have a right of first refusal (“Right of First Refusal”) with respect to such Interest proposed to be Transferred; provided that (x) if the Managing Member or any Affiliate thereof
Transfers in the aggregate more than 50% of the Managing Member’s Interest on the date of this Agreement to any party that is not an Affiliate of the Managing Member (it being understood that a change of control of any such Affiliate such that
it ceases to be an Affiliate of the Managing Member shall be deemed a transfer for purposes of this provision), BEM shall, as result of that act, become the Managing Member for all purposes regardless of whether the other Members exercise their
Right of First Refusal and the termination provisions in the BEM Admission Letter shall be terminated and of no further force or effect. 
 (ii) In connection with the foregoing, the Managing Member shall furnish to all other Members of the Company that are in good standing a written notice of such 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 Member shall have a period of 15 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 Managing Member (a “ROFR Purchase Notice”). Each Member that does not deliver a ROFR Purchase Notice to the Managing Member 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 Members as a
group propose to acquire more of the Interest than is available for purchase, then each such participating Member 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 of such Interests are accounted for; provided, that the Managing Member shall not be obligated to sell any portion of the Interest proposed to be Transferred to any other Member unless the Members as a
group have proposed to purchase the entire Interest proposed to be Transferred. 

  
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 (v) If,
and only to the extent, the Interest proposed to be Transferred is not acquired by the other Members within 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 Managing
Member may Transfer the Interest or a portion thereof 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 not materially more favorable to the proposed purchaser than those set forth in the ROFR Notice). 

(vi) If the Managing Member wishes to Transfer the Interest or a portion thereof to a Person at a purchase price less than
that which is specified in the ROFR Notice or on terms and conditions that are materially more favorable to the proposed purchaser, the Managing Member 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 or a portion of an Interest by the Managing Member 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. 
 (c) Unless an Assignee is admitted as a substitute Member in accordance with Section 7.2(b), a Transfer by a Member of all or any part of such Member’s Interest in the Company shall not release
such Member from any of such Member’s obligations or liabilities (including such Member’s obligations to make capital contributions hereunder, if any, and such Member’s share of any liability therefor), or limit the Company’s
rights with respect to such Member, 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 Company or to any accounting or information concerning the affairs of the Company and shall not have any of the other rights of a Member under this Agreement. 

SECTION 7.2. Other Transfer Provisions. 
 (a) To the fullest extent permitted by law, any purported Transfer by a Member of all or any part of its Interest in the Company in violation of this Article VII shall be null and void and of no force or
effect. 
 (b) Upon a Member’s Transfer of all or any part of such Member’s Interest in the Company to any Person
(including a permitted transferee under Section 7.1) (the “Assignee”) pursuant to this Article VII, such Assignee shall be admitted as a substitute Member in lieu of such transferor Member only with the prior written consent of
the Managing Member, which consent may be given or withheld in its sole and absolute discretion. No Transfer shall be permitted or be recognized if such Transfer would cause the Company (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 Company Act of 1940,
as amended. 

  
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 ARTICLE VIII

 Additional Members; Removal and Withdrawal of Members 

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

(a) The Members, solely by unanimous consent, may admit additional Members to the Company from time to time. Upon the admission of any
additional Member, such Member shall be allocated such Sharing Percentage and shall make such Capital Contributions, if any, as are set forth in such new Member’s Admission Letter, and the Sharing Percentages of existing Members (other than the
Managing Member) shall be adjusted. For the avoidance of doubt, the admittance of additional Members shall not affect the Sharing Percentage of the Managing Member or the other Members, without the consent of each of the affected Members.

 (b) Concurrently with the admission of any substitute or additional Member, the Members 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 Member in place of the transferor Member, or the admission of an additional Member. The admission
of any Person as a substitute or additional Member shall be conditioned upon such Person’s written acceptance and adoption of all the terms and provisions of this Agreement. 

(c) Subject to the other provisions of this Agreement, the Managing Member may, or may cause the Company to, enter into separate letter
agreements, including profit sharing agreements (each, an “Admission Letter”) with certain Members 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 Members. 

(a) A Member other than the Managing Member (i) may be removed immediately from the Company by the Managing Member for Cause,
(ii) shall be deemed to have withdrawn upon such Member’s bankruptcy, and (iii) shall automatically be removed from the Company when such Member is no longer actively involved in the business and affairs of the Company or its
Affiliates (which, for the avoidance of doubt, shall occur in the event that BEM is no longer a member of the Company for any reason, it being understood and acknowledged that the performance by Laurence R. Benedict of portfolio management or
executive functions on behalf of BEM constitutes such involvement) or, if such Member is employed or engaged by the Company or its Affiliates at any time, if such Member’s employment or engagement with the Company or its Affiliates terminates
(except to the extent otherwise expressly approved by the Managing Member), in the case of each of clauses (i) to (iii), subject to the terms hereof, provided that Laurence R. Benedict may be removed as a Member only if BEM is also so removed.
Additionally, any Member may voluntarily withdraw from the Company, in whole or in part, at any time upon at least thirty (30) days’ written notice to the Company subject to the terms hereof, provided that BEM 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 Member is removed or voluntarily withdraws from the Company, in whole or in part, pursuant to Section 8.2, then within thirty (30) days following the effective date of such removal or withdrawal,
the Company shall distribute to such Member an amount in cash equal to ninety percent (90%) of (i) such Member’s positive Capital Account balance (or a portion thereof, as applicable), and (ii), subject to Section 8.4, all
accrued amounts realized and owed to such Member as of the effective date of such Member’s removal or withdrawal and any remaining portion shall be paid, without interest, within thirty (30) days after the completion of the annual audit of
the Company. 
 (c) From and after the effective date of the removal or withdrawal of a Member from the Company, except as
expressly provided herein, such Member shall only be a creditor of the Company and shall have no rights as a Member with respect to the withdrawn Interest and shall not have any interest in the Company’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 withdrawal (deemed or otherwise) or removal of a Member, such Member’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 Member),
and the Sharing Percentage of all of the remaining Non-Managing Members shall be adjusted pro rata to their respective Sharing Percentages at such time. 
 SECTION 8.3. Call Right for Cause, Cessation of Duties, and Involuntary Transfer. 
 (a) Upon (i) the termination for Cause of a Non-Managing Member, (ii) the cessation of the duties and obligations set forth in any Admission Letter of a Non-Managing Member, or (iii) the
voluntary or involuntary filing for bankruptcy, dissolution, insolvency, foreclosure of any pledge or hypothecation, or by operation of law of any Non-Managing Member (each, a “Terminating Event”), the Company shall cause such
Non-Managing Member (the “Terminating Member”) to sell the entire Interest of the Terminating Member to the Company. Any such election of the Company shall be made by delivery of written notice thereof to such Terminating Member
stating the date in which the Non-Managing Members Interest in the Company is terminated (the “Termination Date”). Subject to Section 8.4, the purchase price for such interest shall be the amount, if any, in the Capital Account
for such Member and all accrued amounts realized and owed to such Non-Managing Member as of the Termination Date. 
 (b) The
closing of a purchase pursuant to this Section 8.3 shall be held at the principal office of the Company as of the Termination Date. The Terminating Member, or if applicable, the trustee or legal representative of the Terminating Member, shall
transfer to the Company (or its designee) the entire interest of the Terminating Member in the Company, free and clear of all liens, security interests and competing claims, and shall deliver to the Company (or its designee) such instruments of
assignment, transfer, release, and evidence of due authorization, execution and delivery, and absence of any liens, security interests or competing claims, as the Company shall request. Such Terminating Member

  
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shall execute and deliver at such closing such other instruments as shall be necessary, appropriate or convenient to effectuate such transfer. In the event that the Terminating Member fails to
cooperate with respect to the purchase of its Interest, such purchase shall be deemed to have occurred as of the closing of such purchase without any further act of the Terminating Member. 

(c) Subject to Section 8.4, it is the intention of the Terminating Member and the Company that all payments due to the Terminating
Member pursuant to the terms of this Agreement and made by the Company on account of the Terminating Member’s interest in accordance with this Section 8.3 shall be due and payable in immediately available funds or, if applicable, in
accordance with the provisions of Section 8.4 hereof, at the closing of such purchase and constitute payments in liquidation of such interest within the meaning of Section 736 of the Code. It is the further intention of the Terminating
Member and the Company that such payments shall be solely in exchange for the interest of the Terminating Member in the property of the Company, including the goodwill of the Company, under Section 736(b)(1) of the Code, except that amounts, if
any, attributable to unrealized receivables (as defined in Section 751(c) of the Code) of the Company as of the purchase date shall be deemed to be made under Section 736(a)(1) of the Code. 

SECTION 8.4. Payment Calculation. In the case of any removal, withdrawal or sale of Interest of BEM or Laurence R. Benedict
pursuant to either Section 8.2 or 8.3, the amounts owed and payable upon such termination, withdrawal or sale of Interest with respect to Fund Fee Net Income and Fund Allocation Net Income shall be determined and paid as follows: 

(a) In the case of Fund Fee Net Income, the amount owed and paid as specified in Section 8.2 or 8.3, as applicable, shall be the
applicable Sharing Percentage of Fund Fee Net Income accrued through the effective date of removal, withdrawal or sale of Interest (the “Effective Date”), regardless of whether the Company has actually received the payments to which
such Sharing Percentage applies on or prior to the Effective Date. 
 (b) In the case of Fund Allocation Net Income owed (but
not yet paid) to the Company by a Fund as of the Effective Date, either as a result of a withdrawal by an investor prior to the Effective Date or because the Effective Date falls after the accrual of performance or incentive fees at the end of a
Fund’s fiscal year, the Company shall pay Laurence R. Benedict (or his representative) his Sharing Percentage of such Fund Allocation Net Income promptly upon receipt of such Fund Allocation Net Income by the Company. 

(c) In the case of Fund Allocation Net Income not subject to Section 8.4(b), a special calculation (the “Special
Calculation”) shall be made as of the Effective Date (solely for purposes of calculating amounts owed under this Section 8.4(c)) of the amount of performance or incentive fees that would be payable to the Company by the Funds as Fund
Allocation Net Income if all investors who hold investments in the Funds as of the Effective Date (“Effective Date Investors”) were to withdraw their investments from the applicable Fund as of the Effective Date. Laurence R.
Benedict (or his representative) shall be entitled to receive, and the Company shall promptly pay, his Sharing Percentage of the amount calculated in the Special Calculation at the time a distribution would be payable

  
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to him pursuant to Section 4.8 (had he continued to be a Member) in respect of a subsequent withdrawal by an Effective Date Investor or, if later, when the next distribution would be payable
by the Company pursuant to Section 4.8 as of the end of a Fund’s fiscal year. 
 ARTICLE IX 

Miscellaneous 
 SECTION 9.1. Jurisdiction. Each Member 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 Company is formed pursuant to the Act, and the rights and liabilities of the Members 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 permitted successors and assigns and, in particular, the estate of a deceased Member shall remain liable for all of such Member’s obligations hereunder to the extent that such obligations are not affected by
such Member’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 Members and their respective legal
representatives, heirs, successors and permitted assigns. 
 SECTION 9.4. Confidentiality. 

(a) Except as set forth herein, by executing this Agreement, each Member expressly agrees, at all times during the existence of the
Company and thereafter and whether or not at the time a Member of the Company, without the consent of the Managing Member (which may be given or withheld in its sole 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 Company and the Funds, or any of its Affiliates, except
(i) to such Member’s professional advisers who are informed of the confidential nature of the information and with respect to which the Member 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 Company and 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, 

  
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each Member 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 Company or any of its Affiliates, individually or as a whole, without the express consent of the Managing Member (which may be given or withheld in its sole discretion), provided that each Member
shall not disclose, publish or disseminate any information relating to the balance of any personal investment by Larry R. Benedict in the Funds without the express consent of the Managing Member and Laurence R. Benedict (which each may be given or
withheld in his or its sole discretion). Notwithstanding the foregoing, the Non-Managing Members may use such information in activities permitted by, and subject to the provisions of, Section 7.6 of the Purchase Agreement and Section 9.12
of this Agreement 
 (b) Notwithstanding anything in this Agreement to the contrary, each Member (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 Company or any transaction undertaken by the Company (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 Company 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 Company
or any transaction undertaken by the Company. 
 (c) Notwithstanding anything in this Agreement to the contrary, each Member
regardless of their removal, withdrawal or termination from the Company (including a termination by a Terminating Event) shall be entitled to use the Funds’ track record and such statistical or other data as is in the possession of the Company
needed to determine the Funds’ track record (and the Company shall provide such information in its then existing form to any such Member upon request); provided, that the Company shall not be obligated hereby to provide any Member or other
party any information that would be in violation of any Applicable Law. 
 SECTION 9.5. Notices. Whenever notice is
required or permitted by this Agreement to be given, such notice shall be in writing (including electronic mail, facsimile or similar writing) and shall be given to any Member at its address or electronic mail address or facsimile number shown in
the Company’s books and records. Each such notice shall be effective (i) if given by electronic mail or facsimile, upon electronic confirmation of receipt and (ii) if given by any other means, when delivered to and receipted for at
the address of such Member, as the case may be, specified as aforesaid. 
 SECTION 9.6. Counterparts. This Agreement
may be executed in any number of counterparts, all of which together shall constitute a single instrument. 

  
 - 34 -

  
 SECTION
9.7. Entire Agreement. This 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 Members acknowledge and agree that any Admission Letter of any Member may have the effect of establishing rights under, or altering or supplementing, the terms of this Agreement with
respect to such Member. This Agreement does not create any right of employment on the part of any Member and no Member 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 Members; provided, however, that the Managing Member may, without the written consent of any other Member or any other Person, 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 Managing Member 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 Company or other Company securities in accordance with this Agreement; (ii) the admission, substitution, withdrawal or removal of Members in accordance with
this Agreement; (iii) a change in the registered agent of the Company or the registered office of the Company; (iv) any amendment, supplement, waiver or modification that the Managing Member determines in its sole 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 Company and any other changes that the Managing Member determines to be
necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Company (so long as the fiscal years of the Funds are also changed to the same Fiscal Year of the Company), or (vi) any other change that does not have
any adverse economic effect on any Member, or a material adverse effect on any other right or preference of any Member; 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 Company or clause (ii) above relating to the admission of any new Members of the Company shall require the unanimous written consent of the Members; provided, further, that the books and
records of the Company shall be deemed amended from time to time to reflect the admission of a new Member, the withdrawal or resignation of a Member, 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 of this Agreement. 
 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. 

  
 - 35 -

  
 SECTION
9.10. Representations, Warranties and Covenants. 
 (a) Each Member which is not a natural person represents,
warrants and covenants to the other Members that such Member 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 Member. 
 (b) Each Member who is a natural person
represents, warrants and covenants to the other Members that such Member has the legal capacity to enter into this Agreement and perform such Member’s obligations hereunder. 

(c) Each Member represents, warrants and covenants to the other Members that: 

(i) this Agreement has been duly executed and delivered by such Member and constitutes the valid and legally binding
agreement of such Member enforceable in accordance with its terms against such Member 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 Member 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 Member 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 Member or any Affiliate is subject; 
 (iii) such Member 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 Member’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 Member, threatened
against such Member as to which there is a reasonable possibility of an adverse determination and which, if 

  
 - 36 -

 
adversely determined, would materially adversely affect such Member’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 Member is required for the execution and delivery of this Agreement by such Member and, except as set forth in the Purchase Agreement or as may be required under applicable securities and commodities laws in connection
with the registration of the Company or such Member, the performance of its obligations and duties hereunder. 
 (d) Following
the date of this Agreement, each Member agrees to notify the Company promptly upon becoming aware of a breach in any of such Member’s representations, warranties and covenants hereunder. 

SECTION 9.11. Division of Property. In the event of a property settlement or separation agreement between a Member and his or
her spouse, such Member agrees that he or she shall use his or her best efforts to retain all of his or her Interest in the Company and shall reimburse his or her spouse for any Interest he or she may have in the Company out of funds, assets or
proceeds separate and distinct from his or her Interest in the Company. To the extent that such Member is unable, despite his or her exercise of best efforts, to retain all of his or her Interest in the Company, such Member 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 Member was
entitled, to the extent assigned, with the assigning Member remaining entitled to exercise all rights and powers of a Member 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 Member acquires an Interest in the Company as a Member 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 Member to vote or to give or withhold such approval as such assigning Member 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. Restrictive Covenants of the Members Relating to Post-Termination Period. Except as set forth herein and further subject to additional provisions in and as limited by each Member’s Admission Letter (if any), in consideration
for being admitted as a Member hereunder, each Member except for the Managing Member hereby agrees that as of the date hereof and if such Member ceases to be a Member of the Company for any reason except for the termination of the Non-Managing
Member by the Company without Cause, then without the consent of the other Members (including for the avoidance of doubt the Managing Member) such Member will not, for a period starting as of the date hereof and continuing for three (3) years
following such termination (the “Restricted 

  
 - 37 -

 
Period”), whether on such Member’s behalf or on behalf of or in conjunction with any other person, firm, partnership, joint venture, association, corporation other business
organization, entity or enterprise whatsoever (“Person”), directly or indirectly (i) (A) hire any person, other than a clerical or secretarial person, who is employed by the Company or any Affiliate thereof (it being understood
and acknowledged, for the avoidance of doubt, that neither Laurence R. Benedict nor any other Person Affiliated with him, including but not limited to BEM, shall be considered an Affiliate of the Company for purposes of this Section 9.12) at
the time of such termination or was otherwise an agent or consultant with respect thereto (other than an external accounting firm, an external legal counsel and an external provider of administrative services), who was employed by the Company or any
Affiliate thereof at any time during the twelve (12) months prior to such termination or was otherwise an agent or consultant with respect thereto, or who at any time during the Restricted Period discontinues his or her employment, agency or
consultancy with the Company or any Affiliate thereof or (B) solicit or encourage any such person to leave the employment of the Company or any Affiliate thereof or otherwise discontinue its relationship with respect thereto; (ii) solicit
or assist in soliciting in competition with the Company or its Affiliates the business of any past investor, current investor or prospective investor under consideration by the Company or an Affiliate thereof or any client of the foregoing, to the
extent such terminated Member was notified of the relationship prior to or within a reasonable period after such termination; (iii) interfere with, or attempt to interfere with, past, current or prospective business relationships (whether
formed before or after such termination) between the Company or any of its Affiliates and their customers, clients, suppliers, partners, members or investors; or (iv) acquire a financial interest in, or otherwise become actively involved with,
any Person (or any division or controlled or controlling Affiliate of any Person) who or which engages in any business or activity that competes with the business and/or activities of the Company or any Affiliate thereof (including businesses which
the Company or any Affiliate thereof has specific plans to conduct in the future and as to which such Member is aware of such planning, and businesses in which the Company or any Affiliate thereof engaged at any time during such Member's employment)
as an employee, partner, member, shareholder, officer, director, principal, agent, trustee or consultant, provided that nothing in this Section 9.12 shall be construed to prohibit or limit any action or activity by Laurence R. Benedict
or any entity Affiliated with him that is not prohibited or limited by Section 7.6 of the Purchase Agreement. 
 SECTION
9.13. Irreparable Harm. Each of the Members hereby agrees that a failure to comply with the provisions of Section 9.4 or 9.12 would cause irreparable harm to the Company and the other Members, and, therefore, the Company and the
other Members 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 9.14. Partnership Tax Treatment. The Members intend for the Company to be treated as a partnership for federal income tax purposes and no election to the contrary shall be made.

 SECTION 9.15. 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 

  
 - 38 -

 
jurisdiction to be invalid or unenforceable and contrary to the Act or existing or future applicable law, such invalidity shall not impair 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
9.16. Survival. The provisions of Sections 9.4, 9.12, and 9.13 and this Section shall survive the expiration or termination of this Agreement. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above. 

 

							
	MANAGING MEMBER:
	
	AVEON HOLDINGS I L.P.
		
	By:	 	 Aveon Holdings I GP, Inc.,

		 	its General Partner
		
	By:	 	  

		 	 Name:
	 		 	
		 	Title:	 		 	
	
	NON- MANAGING MEMBERS:
	
	  

	Name:	 	 Laurence R. Benedict

	
	BANYAN EQUITY MANAGEMENT, LLC
		
	By:	 	  

		 	Name:	 		 	Laurence R. Benedict
		 	Title:	 		 	Manager

  
 - 39 -Form of Banyan Capital Partners, LLC Admission Letter

  
 Exhibit 10.10

 ADMISSION LETTER 
 [Closing Date], 2010 
 Banyan Equity Management, LLC 

C/O Laurence R. Benedict 

7284 West Palmetto Park Road, 3rd Floor 
 Boca
Raton, FL 33433 
 Dear Mr. Benedict: 
 Banyan Equity Management, LLC (“BEM”) has been admitted as a Non-Managing Member of Banyan Capital Partners, LLC (the “Company” or “we,” “our” and related cognate
words) effective as of the date hereof on the terms described in this Admission Letter. By executing this Admission Letter, and a copy of the Amended and Restated Operating Agreement of the Company, BEM hereby accepts membership into the Company.
Capitalized terms not otherwise defined herein are as defined in the Amended and Restated Operating Agreement of the Company dated [Closing Date], 2010 (the “Operating Agreement”). 
 As a Non-Managing Member of the Company, BEM hereby agrees to undertake certain duties as enumerated in this Admission Letter. BEM agrees to the delegation, and to the obligation to carry out, all of the
duties required in Section 3.1(d) of the Operating Agreement, or in Sections 3.2(c) and (d) of the Operating Agreement as further defined in any investment advisory agreement entered into: (i) at the discretion of the Managing Member
on behalf of the Banyan Capital Partners, LLC or (ii) between Company, BEM, and, either or both of Banyan Capital Fund Limited and Banyan Capital Master Fund Limited. 
 BEM agrees to perform the duties delegated to BEM at BEM’s own expense, including without limitation the following overhead expenses: office rent; utilities; furniture and fixtures; stationery;
secretarial administrative services; salaries; entertainment expenses; employee insurance; payroll taxes; legal, compliance, accounting expenses applicable to BEM (including third-party accounting services but not including such services for the
Funds or services applicable to the Company); BEM’s own organizational expenses (but not including such services relating to the Funds or the Company); and research fees and expenses (including research-related travel) for BEM, subject in all
cases to BEM’s right to pay for such services utilizing soft dollars as disclosed in the Funds’ offering memoranda. 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 Fund’s pro rata share of the expenses of the 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 Fund and permitted by the applicable private placement memorandum and Fund organizational documents. 

In addition to the provisions set forth in Section 8.2 of the Operating Agreement BEM may be removed as a Member of the Company (i) upon ninety
(90) days prior written notice by the Managing Member, (ii) subject to written notice from the Managing Member and an opportunity to cure within ten (10) days of such notice, for willful and continued failure to substantially perform
its duties set forth in this Admission Letter; (iii) for illegal or criminal conduct materially injurious to the Managing Member, the Company or any of the Funds; or (iv) for any act (other than a de minimis act) of fraud. 

Upon the occurrence of a Release Event (as hereinafter defined), BEM shall immediately become the Managing Member of the Company and the Existing
Managing Member (hereinafter defined) shall immediately become a Non-Managing Member of the Company. However, the Release Event shall not change, amend or alter (x) the Sharing Percentage that either BEM or Aveon Holdings I, LP, or its
Affiliates (the “Existing Managing Member”) is entitled to pursuant to the Operating Agreement or under the terms of this Admission Letter, or (y) the restrictive covenants found in Section 9.12 of the Operating Agreement (BEM
shall continue to be subject to such restrictive covenant as if it remained a Non-Managing Member). Additionally, notwithstanding anything herein or in the Operating Agreement or any other agreement to the contrary, the Sharing Percentage that BEM
is entitled as set forth in the Operating Agreement and the Sharing Percentage of the Existing Managing Member as set forth in the 

 
Operating Agreement shall not, in the future, be amended, modified or changed, without the written consent of both parties. 
 For the purposes of this Admission Letter, the term Release Event shall mean any of the following events: (i) the Existing Managing Member or any of its Affiliates no longer serves as the managing
member of the Company due to its voluntary or involuntary filing of bankruptcy, reorganization or insolvency; or (ii) the conviction of, or plea of guilty or nolo contendere by the Existing Managing Member, in respect of any
felony involving fraud or embezzlement and such conviction or plea has a material adverse effect on the business of the Company or the Funds, as evidenced by a material reduction in the Fund’s assets under management; or (iii) subject to
written notice and an opportunity to cure within thirty (30) Business Days of such notice, the Existing Managing Member takes any action that materially diminishes BEM’s delegation of authority to act on behalf of the Company as provided
herein. 
 BEM agrees to report its activities hereunder in respect of its duties to the Company, 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 terms and conditions of the advisory agreements between each of the Funds and BEM. For so long BEM is a Non-Managing Member of the
Company and are required to perform the duties described in this Admission Letter, BEM agrees to provide to the Company such information regarding the operations and activities of the Funds, including, without limitation, its investments, as the
Company may reasonably request. 
 As a Non-Managing Member of the Company and as consideration for performing the duties herein, BEM’s
Sharing Percentage of the Company’s Net Income (Loss) shall be the Sharing Percentage of the Non-Managing Member with respect to Fund Fee Net Income (Loss) as specified in the definition of “Sharing Percentage” in the Operating
Agreement. 
 If BEM deems a particular investment suitable for both the Funds and any of BEM’s other clients, BEM may allocate such
investments between the Funds and the other clients pro rata based on assets under management or in some other manner that BEM determines is fair and equitable under the circumstances to all clients, including the Funds. Where less than the
maximum desired number of shares of a particular security to be purchased is available at a favorable price, BEM agrees to allocate the shares purchased among the Funds and the other clients in an equitable manner as BEM determines. Upon securing
the agreement thereto of the current investors in the Funds and of BEM’s other clients that are managed on a pari passu basis with the Funds, BEM may also reallocate trades between the Funds and such other clients in order to equalize the
performance of the Funds and the accounts of such other clients with each other. 
 Notwithstanding anything in the Operating Agreement to the
contrary, BEM agrees to give the Company the benefit of its commercially reasonable judgment and efforts in rendering its duties hereunder and it is agreed as an inducement to BEM’s receipt of the Non-Managing Member Interest and undertaking
these duties that the Managing Member shall cause the Funds to, to the fullest extent legally permissible under the laws of the State of Delaware, indemnify and hold harmless BEM and its members, partners, officers, directors, employees and agents
(“BEM Covered Persons”) 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 a BEM
Covered Person in connection with the good faith performance by them of their responsibilities to the Funds so long as any such BEM Covered Person has not been found in a final judicial or arbitral judgment, not subject to further appeal, to have
been grossly negligent in the performance of it duties or engaged in willful misconduct, fraud or violation of applicable laws, it being understood that nothing herein shall be deemed to protect a BEM Covered Person against any liability to which
such BEM Covered Person would be subject by reason of their gross negligence, willful misconduct, fraud or from a violation of applicable law. The Managing Member will cause the Funds to, upon request, advance amounts in connection with this
indemnification obligation; provided, however, that if it is later determined that a BEM Covered Person was not entitled to be indemnified, then such BEM Covered Person shall promptly reimburse the Funds for all advanced amounts. 

Other than as provided herein, BEM 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, 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. 

  
 BEM and its officers, directors,
members, managers, agents and employees may have investments of their own, may be associated with other investment entities and managed accounts, or may be engaged in investment management for others. Such other entities or accounts may have
investment objectives or may implement investment strategies similar or different to those of the Funds. In addition, such persons may, through other investments, including other investment funds, have interests in the securities in which the Funds
invest, as well as interests in investments in which the Funds do not invest. Subject to Section 9.12 of the Operating Agreement and Section 7.6 of the Purchase Agreement, except to the extent necessary to perform BEM’s obligations
hereunder, and as set forth in Section 3.1(c) of the Operating Agreement, we do not limit or restrict such persons from rendering services of any kind to any other corporation, firm, individual or association or engaging in or devoting time and
attention to the management of any other business, including any business within the securities industry. 
 Subject to applicable law, BEM may
effect purchase and sale transactions (including swaps) between the Funds and other entities or accounts subject to the following guidelines: (i) such transactions shall be effected for cash consideration at the current market price of the
particular securities, and (ii) no extraordinary brokerage commissions or fees (i.e., except for customary transfer fees or commissions) or other remuneration shall be paid in connection with any such transaction. 

BEM agrees to make all transactions on a “best execution” basis, it being acknowledged that from the standpoint of the Funds, simultaneous
identical portfolio transactions for the Funds and other clients may tend to decrease the prices received, and increase the prices required to be paid, by the Funds for their portfolio sales and purchases. 

BEM agrees 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 BEM is named or referred to unless such literature or advertisement shall first be submitted to BEM and the Managing Member for joint approval with respect thereto. 
 BEM agrees to keep the non-public information of the Company and the Funds confidential applying the same standards of confidentiality that it applies to its own non-public information. Except as provided
in Section 9.4 of the Operating Agreement, upon termination of BEM’s duties under this Agreement, BEM agrees to promptly, upon demand, return to the Company all such records, except that BEM may retain copies for its records as may be
required by applicable law and regulation, and provided that BEM’s 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 BEM the Form ADV (Part I and Part II) as in effect on the date of
this Admission Letter and BEM’s 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 BEM agrees with the terms of this Admission Letter, and accepts membership into the Company, please acknowledge BEM’s agreement below. By such signature below, BEM
agrees to be bound by all of the provisions of the Operating Agreement of the Company. 
  

			
	Very truly yours,
	
	BANYAN CAPITAL PARTNERS, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 The undersigned hereby accepts membership into the
Company this          day of                 , 2010. 

 

			
	BANYAN EQUITY MANAGEMENT, LLC
		
	By:	 	  

	Name:	 	Laurence R. Benedict
	Title:	 	Managing Member

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