Document:

Exhibit
10.1

 

 

 

FUNDAMENTAL
GLOBAL ASSET MANAGEMENT, LLC

 

AMENDED
AND RESTATED

LIMITED
LIABILITY COMPANY AGREEMENT

 

Dated
as of: August 6, 2021

 

 

 

INTERESTS
IN THE COMPANY MAY ONLY BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED SUBJECT TO THE LIMITATIONS AND RESTRICTIONS SET FORTH HEREIN AND
ONLY IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS.

 

    	 

    	 

    

 

FUNDAMENTAL
GLOBAL ASSET MANAGEMENT, LLC

AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

TABLE
OF CONTENTS

 

	ARTICLE
    I FORMATION OF THE COMPANY	1
	Section
    1.1.	Formation
    of the Company	1
	Section
    1.2.	Name	1
	Section
    1.3.	Business
of the Company	1
	Section
    1.4.	Location
of Principal Place of Business	1
	Section
    1.5.	Registered
Agent	1
	Section
    1.6.	Term	1
	 	 	 
	ARTICLE
    II DEFINITIONS	2
	 	 	 
	ARTICLE
    III CAPITAL CONTRIBUTIONS	6
	Section
    3.1.	Capital
Contributions	6
	Section
    3.2.	No
Interest Paid on Capital Contribution(s)	7
	Section
    3.3.	Withdrawal
and Return of Capital Contribution(s)	7
	Section
    3.4.	Form
of Capital Contributions	7
	 	 	 
	ARTICLE
    IV ALLOCATIONS	7
	Section
    4.1.	Allocation
of Net Income and Net Loss	7
	Section
    4.2.	Other
Allocation Provisions	8
	Section
    4.3.	Allocations
for Income Tax Purposes	8
	Section
    4.4.	Withholding	9
	 	 	 
	ARTICLE
    V DISTRIBUTIONS	9
	Section
    5.1.	Distributions
Generally	9
	Section
    5.2.	Tax
    Distributions	10
	Section
    5.3.	Limitations
on Distributions	10
	Section
    5.4.	Reserves	10
	 	 	 
	ARTICLE
    VI BOOKS OF ACCOUNT, RECORDS AND REPORTS; FISCAL YEAR	11
	Section
    6.1.	Books
and Records	11
	Section
    6.2.	Reports	11
	Section
    6.3.	Fiscal
Year	11
	 	 	 
	ARTICLE
    VII POWERS, RIGHTS AND DUTIES OF THE MEMBERS	11
	Section
    7.1.	Limitations	11
	Section
    7.2.	Liability	11
	Section
    7.3.	Priority	11
	 	 	 
	ARTICLE
    VIII POWERS, RIGHTS AND DUTIES OF THE BOARD	12
	Section
    8.1.	Authority	12
	Section
    8.2.	Appointment
    and Term of Managers	12
	Section
    8.3.	Meetings;
    Quorum; Voting	12
	Section
    8.4.	Officers,
    Agents and Employees; Committees of the Board	13
	Section
    8.5.	Company
    Funds	13
	Section
    8.6.	Other
    Activities; Transactions with Affiliates	13
	Section
    8.7.	Limits
    on the Power of the Board	15
	Section
    8.8.	Tax
    Audits	16
	Section
    8.9.	Exculpation	16
	Section
    8.10.	Indemnification
of the Members	17
	Section
    8.11.	Expenses	17

 

    	 

    	 

    

 

	ARTICLE
    IX TRANSFERS OF INTERESTS BY MEMBERS	18
	Section
    9.1.	General    	18
	Section
    9.2.	Consequences
of Transfers Generally	18
	Section
    9.3.	Transferee
to Succeed to Transferor’s Capital Account	19
	Section
    9.4.	Right
    of First Refusal	19
	Section
    9.5.	Additional
Filings	19
	 	 	 
	ARTICLE
    X WITHDRAWAL OF MEMBERS; TERMINATION OF THE COMPANY; LIQUIDATION AND DISTRIBUTION OF ASSETS	19
	Section
    10.1.	Withdrawal
or Removal of Members	19
	Section
    10.2.	Dissolution
of the Company	19
	Section
    10.3.	Distribution
in Liquidation	20
	Section
    10.4.	Final
Statement of Assets and Liabilities	21
	Section
    10.5.	No
Deficit Restoration Obligation	21
	Section
    10.6.	Termination
of the Company	21
	 	 	
	ARTICLE
    XI ADMISSION OF ADDITIONAL MEMBERS	21
	Section
    11.1.	Admission
of Additional Members	21
	 	 	
	ARTICLE
    XII NOTICES AND VOTING	22
	Section
    12.1.	Notices	22
	Section
    12.2.	Voting	22
	 	 	
	ARTICLE
    XIII AMENDMENT OF AGREEMENT	22
	Section
    13.1.	Amendments	22
	Section
    13.2.	Amendment
of Certificate	22
	 	 	 
	ARTICLE
    XIV MISCELLANEOUS	22
	Section
    14.1.	Entire
Agreement	22
	Section
    14.2.	Applicable
Law	22
	Section
    14.3.	Effect	22
	Section
    14.4.	Survival	23
	Section
    14.5.	Pronouns
and Number	23
	Section
    14.6.	Captions	23
	Section
    14.7.	Partial
Enforceability	23
	Section
    14.8.	Counterparts	23
	Section
    14.9.	Construction	23
	Section
    14.10.	Waiver
of Partition	23
	Section
    14.11.	Submission
    to Jurisdiction	23
	Section
    14.12.	Waiver
    of Trial by Jury	24
	Section
    14.13.	Force
    Majeure	24
	Section
    14.14.	Further
    Assurances	24
	Section
    14.15.	No
Third Party Beneficiaries	24
	 	 	
	Schedule
    A 	-        Members; Percentage
    Interests	 

 

    	ii

    	 

    

 

FUNDAMENTAL
GLOBAL ASSET MANAGEMENT, LLC

 

AMENDED
AND RESTATED lIMITED LIABILITY COMPANY AGREEMENT

 

This
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”)
of FUNDAMENTAL GLOBAL ASSET MANAGEMENT, LLC, a Delaware limited liability company (the “Company”), is made this August
6, 2021, by and between FG Financial Group, Inc., a Delaware corporation (“FGF”), and Fundamental Global, LLC, a Delaware
limited liability company (“FG”). This Agreement amends and restates in its entirety the Limited Liability Company Agreement
of the Company dated March 31, 2020. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in Article
II.

 

WHEREAS,
the Company was organized under the Act pursuant to a Certificate of Formation filed with the Secretary of State of the State of Delaware
on March 23, 2020 (the “Certificate”).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

FORMATION
OF THE COMPANY

 

Section
1.1.Formation of the Company. The Company was formed as a limited liability
company under the Act by the filing of the Certificate with the Office of the Secretary of State of the State of Delaware on March 23,
2020. The Company shall accomplish all filing, recording, publishing and other acts necessary or appropriate for compliance with all
requirements for operation of the Company as a limited liability company under this Agreement and the Act and under all other laws of
the State of Delaware and such other jurisdictions in which the Board determines that the Company may conduct business. Each Person admitted
to the Company as a Member shall promptly execute all relevant certificates and other documents, as the Board shall request.

 

Section
1.2.Name. The name of the Company is “Fundamental Global Asset Management, LLC” as such name may be
modified from time to time by the Board following notice to all Members.

 

Section
1.3.Business of the Company. Subject to the limitations on the activities of the Company otherwise specified in
this Agreement, the business of the Company shall be the conduct of any business or activity that may be conducted by a limited
liability company organized pursuant to the Act, including without limitation (a) to sponsor, capitalize and provide strategic
advice to Underlying Managers in connection with the launch and/or growth of their asset management business and the investment
products they sponsor and (b) except as otherwise limited herein, to enter into, make and perform all contracts and other
undertakings, and engage in all activities and transactions incidental to or necessary or advisable to the carrying out of the
foregoing objectives and purposes. All property owned by the Company, real or personal, tangible or intangible, shall be deemed to
be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. FGF and FG intend to
operate the Company as a joint venture to carry out the business of the Company.

 

Section
1.4.Location of Principal Place of Business. The location of the principal place of business of the Company shall
be 108 Gateway Boulevard, Suite 204, Mooresville, North Carolina 28117 or such other location as may be determined by the Board. In
addition, the Company may maintain such other offices as the Board may deem advisable at any other place or places within or without
the United States.

 

Section
1.5.Registered Agent. The registered agent for the Company shall be Corporation Service Company, 251 Little Falls
Drive, Wilmington, Delaware 19808 or such other registered agent as the Board may, from time to time upon written notice to the
Members, designate.

 

Section
1.6.Term. The term of the Company commenced upon the filing of the Certificate with the Secretary of State of the
State of Delaware, and the Company shall remain in existence until terminated in accordance with Article X.

 

    	 

    	 

    

 

ARTICLE
II

DEFINITIONS

 

“Accounting
Period” means, in the case of the initial Accounting Period, the period that begins on the date hereof and ends at the close
of business on the first Adjustment Date and, in the case of any subsequent Accounting Period, the period that begins at the opening
of business on the day immediately following an Adjustment Date and ends at the close of business on the immediately following Adjustment
Date or, in the event that the Company is terminated, such date of termination.

 

“Act”
means the Delaware Limited Liability Company Act, 6 Del. Code §18-101 et seq., as amended from time to time (or any succeeding law).

 

“Additional
Member” has the meaning set forth in Section 11.1(a).

 

“Adjustment
Date” means (i) the last day of a Fiscal Year or (ii) any other date that the Board reasonably determines is necessary or appropriate
to be an Adjustment Date in order to accurately reflect the economic relationship of the Members.

 

“Affiliate”
means, with respect to a specified Person, any Person directly or indirectly Controlling, Controlled by or under common Control with
the specified Person.

 

“Board”
means the Board of Managers of the Company, formed pursuant to Section 8.2.

 

“Book
Value” means, with respect to any asset of the Company as of any date, such asset’s adjusted basis for Federal income
tax purposes as of such date, except as follows: (i) the initial Book Value of any Company asset contributed by a Member to the Company
shall be the fair value of such Company asset on the date of such contribution (i.e., its Contribution Value); (ii) on the date
immediately preceding the admission of an additional Member to the Company or otherwise in the Tax Matters Partner’s reasonable
discretion in accordance with Regulation §1.704-1(b)(2)(iv)(f), the Book Value of each asset of the Company may be adjusted to equal
its fair value (as determined by the Board) on such date; and (iii) if the Book Value of an asset has been determined pursuant to clauses
(i) or (ii) above, such Book Value shall thereafter be adjusted by the depreciation, cost recovery and amortization attributable
to such asset, assuming that the adjusted basis for Federal income tax purposes of such asset was equal to its Book Value determined
pursuant to the methodology described in Regulation §1.704-1(b)(2)(iv)(g)(3).

 

“Business
Day” means any day on which the NASDAQ is open for regular trading and on which commercial banks in North Carolina and Florida
are open for business.

 

    	2

    	 

    

 

“Capital
Account” means, with respect to each Member, the single and separate account established and maintained for such Member on
the books of the Company in compliance with Regulation §§ 1.704-1(b)(2)(iv) and 1.704-2, as amended. Subject to the preceding
sentence, each Member’s Capital Account shall initially equal the amount of cash initially contributed by such Member to the Company.
Throughout the term of the Company, each Member’s Capital Account will be (i) increased by (A) the amount of income and gains of
the Company allocated to such Member pursuant to Article IV and (B) the amount of any cash or the Contribution Value of any property
subsequently contributed by such Member to the Company and (ii) decreased by (A) the amount of losses and deductions of the Company allocated
to such Member pursuant to Article IV and (B) the amount of cash and the Distribution Value of any other property distributed
to such Member by the Company pursuant to Article V or Article X.

 

“Capital
Call Notice” has the meaning set forth in Section 3.1(e).

 

“Capital
Contribution” means a contribution to the capital of the Company.

 

“Capital
Income” and “Capital Loss,” respectively, of the Company for any Accounting Period means the Net Income
or Net Loss for such Accounting Period that is attributable, in the reasonable determination of the Board, to amounts earned or lost
by the Company, as applicable, on capital provided by the Company to a Sponsored Fund on a pro rata basis (not taking into account
any Revenue Share Proceeds or any earnings related to any Revenue Share Proceeds that have not been withdrawn by, or distributed to,
the Company from a Sponsored Fund or an Underlying Manager) with other investors in such Sponsored Fund based on the Company’s
capital in such Sponsored Fund, together with any amounts earned on any Returned Capital while retained by the Company (and reduced by
any amounts lost on any Returned Capital while retained by the Company).

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time (or any succeeding law).

 

“Contribution
Value” means the fair value of any property (as determined by the Board) (net of liabilities secured by such property that
the Company is treated as assuming or taking subject to pursuant to the provisions of section 752 of the Code) contributed or deemed
contributed by a Member to the Company.

 

“Control”
means the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through ownership
or voting of Securities or other voting ownership interests, by contract or otherwise. “Controlled” or “Controlling”
shall have correlative meanings.

 

“Distribution
Value” means the fair value of a Company asset (as determined by the Board) distributed to a Member by the Company (net of
liabilities secured by such distributed asset that such Member is treated as assuming or taking subject to pursuant to the provisions
of section 752 of the Code).

 

“Fiscal
Year” has the meaning set forth in Section 6.3.

 

“Indemnified
Party” has the meaning set forth in Section 8.10(a).

 

“Interest”
means the entire ownership interest of a Member in the Company at any particular time, including without limitation such Member’s
interest in the capital, profits and losses of, and in any distributions from, the Company.

 

    	3

    	 

    

 

“Liquidator”
has the meaning set forth in Section 10.2(b).

 

“Manager”
means each Person appointed as a Manager pursuant to Section 8.2.

 

“Member”
means each Person listed as a Member on Schedule A hereto, each Person admitted as a substituted Member pursuant to Article
IX, each Person admitted as an Additional Member pursuant to Article XI and, with respect to those provisions of this Agreement
concerning a Member’s rights to receive a share of profits or other distributions as well as the return of a Member’s Capital
Contribution, any Transferee in respect of a Member’s Interest (except that a Transferee who is not admitted as a substituted Member
shall have only those rights specified by the Act that are consistent with the terms of this Agreement).

 

“Net
Income” and “Net Loss,” respectively, of the Company for any period means the income or loss of the Company
for such period as determined (a) in the case of any income, gain, loss, expense, appreciation or depreciation allocated to the Company
by an Underlying Manager or a Sponsored Fund, in the same manner as net income, net profits or net capital appreciation and net expense,
net loss or net capital depreciation are determined pursuant to the applicable governing documents of the Underlying Manager or Sponsored
Fund and (b) in the case of all other income or loss of the Company, in accordance with the method of accounting followed by the Company
for Federal income tax purposes, including, for all purposes, any income exempt from tax and any expenditures of the Company which are
described in Code section 705(a)(2)(B); provided, however, that in determining Net Income and Net Loss and every item entering
into the computation thereof, solely for the purpose of adjusting the Capital Accounts of the Members (and not for tax purposes), (i)
any income, gain, loss or deduction attributable to the disposition of any Company asset shall be computed as if the adjusted basis of
such Company asset on the date of such disposition equaled its Book Value as of such date, (ii) if any Company asset is distributed in
kind to a Member, the difference between its value and its Book Value on the date of such distribution shall be treated as gain or loss
to the Company and (iii) any depreciation, cost recovery and amortization as to any Company asset shall be computed by assuming that
the adjusted basis of such Company asset equaled its Book Value determined under the methodology described in Regulation §1.704-1(b)(2)(iv)(g)(3);
and provided, further, that any item (computed with the adjustments in the preceding proviso) allocated under Section
4.2 shall be excluded from the computation of Net Income and Net Loss.

 

“Partnership
Representative” has the meaning set forth in Section 8.8(b).

 

“Percentage
Interest” means, with respect to any Member, the percentage set forth opposite such Member’s name on Schedule A
hereto under the column headed “Percentage Interest”.

 

“Person”
means any individual, partnership, limited liability company, association, corporation, trust or other entity.

 

“Presumed
Applicable Tax Rate” means, with respect to any Fiscal Year and net income or capital gain recognized during such Fiscal Year,
the highest effective combined United States federal, state and local income tax rate applicable to net income or capital gain recognized
during such Fiscal Year by a natural person residing in North Carolina, taxable at the highest marginal United States Federal income
tax rate and the highest marginal North Carolina income tax rates, taking into account the nature of such net income or capital gain
and the holding period of the assets the disposition of which gave rise to the capital gain.

 

“Presumed
Tax Liability” for any Member for any Fiscal Year means an amount equal to the tax liability of such Member with respect to
net income and capital gain allocated to such Member with respect to such Fiscal Year assuming such income was taxable at the Presumed
Applicable Tax Rates associated with such income and giving effect to the deductions and capital losses allocated to such Member during
such Fiscal Year.

 

    	4

    	 

    

 

“Regulation”
means a Treasury Regulation promulgated under the Code. 

 

“Returned
Capital” means amounts received by the Company that, in the reasonable determination of the Board, represent a return of capital
provided by the Company to a Sponsored Fund or earnings allocated to the Company on a pro rata basis (not taking into account any Revenue
Share Proceeds or any earnings related to any Revenue Share Proceeds that have not been withdrawn by, or distributed to, the Company
from a Sponsored Fund or an Underlying Manager) with other investors in such Sponsored Fund based on the Company’s capital in such
Sponsored Fund, together with any amounts earned on such received amounts while retained by the Company (and reduced by any amounts lost
on any such received amounts while retained by the Company).

 

“Revenue
Share Proceeds” means, with respect to an Underlying Manager, amounts paid or distributed to the Company by such Underlying
Manager and/or its Affiliates in connection with any profits or other “carried interest” in respect of the relevant Sponsored
Fund(s) (including any proceeds received from revenue shares or ownership interests in such Underlying Manager).

 

“Security”
or “Securities” means securities and other financial instruments of United States and foreign entities, including,
without limitation, capital stock; shares of beneficial interest; partnership interests and similar financial instruments; interests
in equipment (including, without limitation, ships, airplanes, containers, railcars and other leasable equipment), real estate and real
estate-related and other assets; royalties and interests in royalties; litigation claims; intellectual property; bonds, notes and debentures
(whether subordinated, convertible or otherwise); commodities; currencies; interest rate, currency, commodity, equity and other derivative
products, including, without limitation, (i) futures contracts, (ii) swaps, options, warrants, caps, collars, floors and forward rate
agreements, (iii) spot and forward currency transactions and (iv) agreements relating to or securing such transactions; equipment lease
certificates; equipment trust certificates; loans; accounts and notes receivable and payable held by trade or other creditors; trade
acceptances; contract and other claims; executory contracts; participations; mutual funds; money market funds; obligations of the United
States, any state thereof, foreign governments and instrumentalities of any of them; commercial paper; certificates of deposit; bankers’
acceptances; trust receipts; and other obligations and instruments or evidences of indebtedness of whatever kind or nature; in each case,
of any Person, corporation, government or other entity whatsoever, whether or not publicly traded or readily marketable.

 

“SF
Seed Capital” means the amount of capital required to be contributed, directly or indirectly through an Underlying Manager,
to a Sponsored Fund in connection with a Sponsored Fund Transaction.

 

“SF
Seed Capital Contribution” means, with respect to each Sponsored Fund and each Member, the Capital Contributions made to the
Company pursuant to Section 3.1(b) to fund the SF Seed Capital requirements of such Sponsored Fund.

 

“SF
Working Capital” means the amount of capital required to be contributed to the Company in connection with a Sponsored Fund
Transaction that does not constitute SF Seed Capital, which working capital may be used to acquire interests in an Underlying Manager
or to extend a working capital facility to an Underlying Manager in connection with such Sponsored Fund Transaction.

 

    	5

    	 

    

 

“SF
Working Capital Contribution” means, with respect to any Sponsored Fund Transaction and each Member, the Capital Contributions
made to the Company pursuant to Section 3.1(c) to fund the SF Working Capital requirements of the Underlying Manager in connection
with such Sponsored Fund Transaction.

 

“Sponsored
Fund” means, with respect to each Underlying Manager, each investment fund, investment vehicle, separately managed account
or similar arrangement sponsored by the Underlying Manager in respect of which the Company is, directly or indirectly, entitled to Returned
Capital and/or Revenue Share Proceeds.

 

“Sponsored
Fund Transaction” means a transaction pursuant to which the Company, directly or indirectly, provides SF Seed Capital, SF Working
Capital and/or strategic assistance to an Underlying Manager in connection with the launch of a Sponsored Fund and/or launch and/or growth
of the Underlying Manager’s business in exchange for Returned Capital and/or Revenue Share Proceeds.

 

“Tax
Matters Partner” has the meaning set forth in Section 8.8.

 

“Transfer,”
“Transferee” and “Transferor” have the respective meanings set forth in Section 9.1(a).

 

“Underlying
Manager” means an investment manager or adviser that has entered into a Sponsored Fund Transaction with the Company.

 

“Void
Transfer” has the meaning set forth in Section 9.1(a).

 

ARTICLE
III

CAPITAL
CONTRIBUTIONS

 

Section
3.1.Capital Contributions.

 

(a)       Operating
Capital Contributions. Upon the determination by the Board that the Company requires additional capital other than any SF Seed Capital
or SF Working Capital, the Members shall contribute an amount equal to such additional capital requirement in proportion to their Percentage
Interests (“Operating Capital Contributions”).

 

(b)       SF
Seed Capital Contributions. Upon the determination by the Board that the Company requires SF Seed Capital in respect of a Sponsored
Fund, unless otherwise agreed, FGF shall contribute an amount to the Company equal to 100% of such SF Seed Capital requirement. To the
extent that the Company is required to return any Returned Capital related to a Sponsored Fund pursuant to the governing documents of
such Sponsored Fund or related Underlying Manager, each Member shall return such Returned Capital in the same proportions that they were
distributed to such Member pursuant to Section 5.1(a).

 

(c)       SF
Working Capital Contributions. Upon the determination by the Board that the Company requires SF Working Capital in respect of a Sponsored
Fund, unless otherwise agreed, FGF shall contribute an amount to the Company equal to 100% of such SF Working Capital requirement.

 

(d)       Underlying
Manager Clawback Amounts. To the extent that the Members have received distributions of Revenue Share Proceeds pursuant to Section
5.1(b) that are attributable to a Sponsored Fund and the Company is obligated to return distributions, indirectly through an Underlying
Manager, to such Sponsored Fund with respect to a clawback obligation or other liability (including any indemnification obligations in
respect of such Sponsored Fund but not including any contribution obligations to fund investments or expenses (other than, for the avoidance
of doubt, any such other liabilities) of such Sponsored Fund in connection with any SF Seed Capital Contribution requirements and, in
each case, as required pursuant to the governing documentation of such Sponsored Fund) in excess of any reserves maintained therefor
by the Company pursuant to Section 5.4, the Members shall contribute to the Company an amount equal to 100% of the amount required
to be returned to such Sponsored Fund, but only in proportion to the amount of distributions with respect to such Sponsored Fund previously
received by such Members (i.e., severally, not jointly); provided, that no Member shall be obligated to contribute an amount in
excess of the aggregate amount of such distributions with respect to such Sponsored Fund previously received by such Member (less any
Presumed Tax Liability with respect to such distributions and less any amounts previously contributed by such Member with respect to
such Sponsored Fund pursuant to this Section 3.1(d)).

 

    	6

    	 

    

 

(e)       Capital
Contributions shall be made from time to time no later than 12:00 noon (New York time) on the fifth Business Day following written notice
from the Company (a “Capital Call Notice”) of the amounts to be contributed by each Member and the general purposes
to which such contributions will be applied.

 

(f)       Except
as specified in Section 3.1, no Member shall at any time be required, and no Member shall have any right, to make any additional
Capital Contributions, except as may be required by law or as otherwise specified in this Agreement.

 

Section
3.2.No Interest Paid on Capital Contribution(s). No Member shall be entitled to interest on or with respect to
such Member’s Capital Contribution(s).

 

Section
3.3.Withdrawal and Return of Capital Contribution(s). Except as provided in this Agreement, no Member
shall be entitled to withdraw any part of such Member’s Capital Contribution(s) or to receive any distributions from the
Company.

 

Section
3.4.Form of Capital Contributions. All Capital Contributions shall be made in immediately available funds in U.S.
dollars.

 

ARTICLE
IV

ALLOCATIONS

 

Section
4.1.Allocation of Net Income and Net Loss. The Members agree to treat the Company as a partnership and the Members as partners
for Federal income tax purposes. Except as provided in Section 4.2, the Company’s Net Income or Net Loss, as the case may be, and
each item of income, gain, loss and deduction entering into the computation thereof, for each Accounting Period shall be allocated as
follows:

 

(a)       Capital
Income (Loss). Capital Income or Capital Loss, as the case may be, and each related item of income, gain, loss and deduction, for
each Accounting Period that is attributable to any Sponsored Fund shall be allocated to the Members in proportion to their respective
SF Seed Capital Contributions with respect to such Sponsored Fund at the beginning of such Accounting Period.

 

(b)       Other
Net Income and Net Loss. Net Income or Net Loss, as the case may be, and each related item of income, gain, loss and deduction (not
including any Capital Income or Capital Loss or any items of income, gain, loss and deduction related thereto), for any Fiscal Year shall
be allocated among the Members in a manner such that the Capital Account of each Member, immediately after giving effect to such allocation
as increased by the amount of such Member’s share of partnership minimum gain (as defined in Regulation § 1.704-2(g)(1) and
(3)) and the amount of such Member’s share of partner nonrecourse debt minimum gain (as defined in Regulation § 1.704-2(i)(5)),
is, as nearly as possible, equal (proportionately) to the amount of distributions that would be made to such Member during such Fiscal
Year pursuant to Section 5.1, if at the end of such Fiscal Year (i) the Company were dissolved and terminated, (ii) its affairs
were wound up and each Company asset was sold for cash equal to its Book Value, (iii) all Company liabilities were satisfied (limited
with respect to each nonrecourse liability to the Book Value of the assets securing such liability), and (iv) the net assets of the Company
were distributed in accordance with Section 5.1 to the Members immediately after giving effect to such allocation. The Tax Matters
Partner may, in its reasonable discretion, make such other assumptions as it deems necessary or appropriate in order to effectuate the
intended economic arrangement of the Members.

 

    	7

    	 

    

 

Section
4.2.Other Allocation Provisions.

 

(a)       The
allocations set forth in this Agreement are intended to comply with Code sections 704(b) and 704(c) and the Regulations promulgated thereunder.
If the Tax Matters Partner in its reasonable discretion determines that any allocations of items of Company income, gain, loss, deduction,
and credit pursuant to this Agreement do not satisfy the requirements of such provisions (including the non-recourse deductions requirement
of the Regulation §1.704-2(i), the minimum gain chargeback requirement of Regulation §1.704-2(f), and the qualified income
offset requirement of Regulation §1.704-1(b)(ii)(d)), then notwithstanding anything to the contrary contained in this Agreement,
such items of income, gain, loss, deduction or credit shall be allocated in such manner as the Tax Matters Partner reasonably determines
to be required by such provisions. To the extent that the Tax Matters Partner reasonably determines that it would be permissible under
Code sections 704(b) and (c) and the Regulations thereunder to make allocations in a subsequent year to offset the effects of the allocations
in the preceding sentence, the Tax Matters Partner shall be permitted to do so. If a Member unexpectedly receives any adjustments, allocations
or distributions described in Regulation §1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such Member has a Capital Account deficit,
items of income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate such deficit as
quickly as possible.

 

(b)       Except
to the extent otherwise required by the Code and Regulations, if an Interest or part thereof is Transferred in any Fiscal Year, the items
of income, gain, loss, deduction and credit allocable to such Interest for such Fiscal Year shall be apportioned between the transferor
and the transferee in proportion to the number of days in such Fiscal Year the Interest is held by each of them, except that, if they
agree between themselves and so notify the Tax Matters Partner within 30 days after the transfer, then at their option and expense, (i)
all items or (ii) extraordinary items, including capital gains and losses, may be allocated to the Person who held the Interest on the
date such items were realized or incurred by the Company.

 

Section
4.3.Allocations for Income Tax Purposes. The income, gains, losses, deductions and credits of the Company for Federal, state
and local income tax purposes shall be allocated in the same manner as the corresponding items included in the computation of Net Income
and Net Loss were allocated pursuant to Sections 4.1 and 4.2; provided that solely for Federal, state and local income and franchise
tax purposes and not for book or Capital Account purposes, income, gain, loss and deduction with respect to property properly carried
on the Company’s books at a value other than its tax basis shall be allocated in accordance with the requirements of Code section
704(c) and Regulation § 1.704-3. Notwithstanding the foregoing, the Tax Matters Partner in its reasonable discretion shall make
such allocations solely for tax purposes as may be needed to ensure that allocations are in accordance with the interests of the Members,
within the meaning of the Code and Regulations.

 

    	8

    	 

    

 

Section
4.4.Withholding. To the extent that the Company is required to withhold and pay over any amounts to any
governmental authority with respect to distributions or allocations to any Member, the amount withheld shall be treated as a
distribution to that Member. In the event of any claimed over-withholding, Members shall be limited to an action against the
applicable jurisdiction and not against the Company (unless the Company has not yet paid such amounts over to such jurisdiction). If
any amount required to be withheld was not, in fact, actually withheld from one or more distributions, the Company may (i) require
such Member to reimburse the Company for the corresponding withholding payments made by the Company or (ii) reduce any subsequent
distributions to such Member by the amount of such withholding payments, in each case plus reasonable interest. Each Member agrees
to furnish the Company with such documentation as shall reasonably be requested by the Company to assist it in determining the
extent of, and in fulfilling, its withholding obligations. Each Member will indemnify the Tax Matters Partner and the Company
against any losses and liabilities (including interest and penalties) related to any withholding obligations with respect to
allocations or distributions made to such Member by the Company. At the request of any Member, the Company will use commercially
reasonable efforts to take such action as is requested to minimize the amount that the Company is required to withhold with respect
to such Member; provided, that the foregoing shall not be deemed to prohibit the Company from making distributions.

 

ARTICLE
V

DISTRIBUTIONS

 

Section
5.1.Distributions Generally. Subject to Sections 5.2, 5.3 and 5.4, the Company shall make distributions to the Members at
such times and in such amounts as the Board shall determine, in its sole discretion, as follows:

 

(a)Returned
Capital.Returned Capital attributable to any Sponsored Fund shall be distributed to the Members in proportion to their respective
SF Seed Capital Contributions with respect to such Sponsored Fund.

 

(b)       Revenue
Share Proceeds. Revenue Share Proceeds with respect to any Underlying Manager and the related Sponsored Fund Transaction shall be
distributed to the Members as follows:

 

(i)       first,
100% to each Member in proportion to its Operating Capital Contributions until such Member has received pursuant to this Section 5.1(b)(i)
cumulative distributions (taking into account all prior distributions made or deemed made to such Member pursuant to this clause
(i)) equal to its aggregate Operating Capital Contributions;

 

(ii)       second,
100% to each Member in proportion to its SF Working Capital Contributions with respect to such Underlying Manager and Sponsored Fund
Transaction until such Member has received pursuant to this Section 5.1(b)(ii) cumulative distributions (taking into account all
prior distributions made or deemed made to such Member pursuant to this clause (ii)) equal to its aggregate SF Working Capital Contributions;

 

(iii)       third,
100% to each Member until it has received, without duplication, distributions pursuant to this Section 5.1(b)(iii) equal to a
five percent (5%) per annum cumulative return, compounded annually on the weighted daily average of the unreturned amounts set forth
in clause (ii) above; and

 

(iv)       thereafter,
to the Members in proportion to their Percentage Interests.

 

    	9

    	 

    

 

In
the event that distributions are made in kind, each Member shall receive its pro rata share of such distribution in kind, and
such distribution shall be based on the amount such Member would have received if the asset being distributed were liquidated for its
Distribution Value, unless otherwise agreed between the Board and such Member.

 

Section
5.2.Tax Distributions. Subject to the limitations on distributions set forth herein (including Sections 5.3 and 5.4),
the Company shall, to the extent of available cash, make tax distributions (“Tax Distributions”) to each Member with
respect to each Fiscal Year, in an aggregate amount equal to the sum of:

 

(a)       the
excess of (i) the aggregate Presumed Tax Liability of such Member for such Fiscal Year attributable to Capital Income allocated to such
Member over (ii) the aggregate amount of distributions of Returned Capital to such Member during such Fiscal Year (not including any
Tax Distribution with respect to a prior Fiscal Year); and

 

(b)       the
excess of (i) the aggregate Presumed Tax Liability of such Member for such Fiscal Year attributable to Net Income (other than Capital
Income) allocated to such Member over (ii) the aggregate amount of Revenue Share Proceeds distributed to such Member during such Fiscal
Year (not including any Tax Distribution with respect to a prior Fiscal Year).

 

Any
distributions pursuant to clause (a) shall be deemed to be advances of distributions to be made pursuant to Section 5.1(a)
and any distributions pursuant to clause (b) shall be deemed to be advances of distributions to be made pursuant to Section
5.1(b).

 

Section
5.3.Limitations on Distributions. 

 

(a)       Notwithstanding
anything herein to the contrary:

 

(i)       no
distribution shall be made that would violate the Act or other applicable law; and

 

(ii)       no
distribution shall be made that would violate the terms of any agreement or any other instrument to which the Company is a party.

 

(b)       The
Company shall make all such distributions as soon as such distributions are no longer prohibited by Section 5.3(a).

 

Section
5.4.Reserves. The Board may cause the Company to establish such reserves as the Board deems reasonably necessary for any contingent
or unforeseen Company liabilities (including any “clawback” obligation of the Company to recontribute profits previously
distributed from an Underlying Manager). For the avoidance of doubt, any reserves shall be applied on a pro rata basis among the
Members based on the amounts otherwise distributable to them. At the expiration of such period as shall be deemed advisable by the Board,
the balance remaining in any reserve account(s) shall be distributed to the Members who, in the reasonable determination of the Board,
would have received such amounts had they not been reserved in the first instance.

 

    	10

    	 

    

 

ARTICLE
VI

BOOKS OF ACCOUNT, RECORDS

AND REPORTS; FISCAL YEAR

 

Section
6.1.Books and Records. The Company shall keep proper and complete records and books of account in which shall be entered fully
and accurately all transactions and other matters relating to the Company’s business as are customarily entered into records and
books of account maintained by Persons engaged in businesses of a like character, including the Capital Account established for each
Member. The Company books and records shall be kept in accordance with generally accepted accounting principles in the United States
(or such other method as may be approved by the Board). The Company books and records shall at all times be maintained at the principal
office of the Company and shall be open during reasonable business hours to the inspection and examination of the Members or their duly
authorized representatives for any proper purpose relating to their status as Members at the sole cost and expense of the inspecting
or examining Member and upon reasonably advance notice. The Company shall maintain at its principal office and make available to the
Members or their duly authorized representatives a list of the names and addresses of all Members.

 

Section
6.2.Reports. The Company shall send to each Person who was a Member at any time during each Fiscal Year as soon as
reasonably practicable following the end of such Fiscal Year a report setting forth in sufficient detail such information as shall enable
such Person to prepare its federal income tax returns in accordance with the applicable laws, rules and regulations then prevailing.

 

Section
6.3.Fiscal Year. The fiscal year of the Company (the “Fiscal Year”) shall be the calendar year; provided that
the first Fiscal Year began on the date that the Certificate was filed with the Secretary of State of the State of Delaware, and the
last Fiscal Year shall end on the date on which the Company is terminated.

 

ARTICLE
VII

POWERS, RIGHTS AND DUTIES OF THE MEMBERS

 

Section
7.1.Limitations. Except as expressly required by the Act or as expressly provided in this Agreement, the Members shall not
participate in the management or control of the Company’s business nor shall they transact any business for the Company, nor shall
they have the power to act for or bind the Company, or otherwise vote on any matter affecting the Company or its business, said powers
being vested solely and exclusively in the Board and the Persons, if any, to whom the Board delegates such powers in accordance with
the provisions of this Agreement.

 

Section
7.2.Liability. Subject to the provisions of the Act, no Member shall be liable for the repayment, satisfaction or discharge
of any liabilities of the Company except to the extent of the balance of its Capital Account.

 

Section
7.3.Priority. Except as otherwise set forth in this Agreement, no Member shall have priority over any other Member as to Company
property, allocations or distributions.

 

    	11

    	 

    

 

ARTICLE
VIII

POWERS, RIGHTS AND DUTIES OF THE BOARD

 

Section
8.1.Authority. Subject to the limitations provided in this Agreement and except as specifically contemplated by this Agreement,
the Board shall have exclusive and complete authority and discretion to manage the operations and affairs of the Company and to make
all decisions regarding the business of the Company. Except as otherwise specifically provided herein, the Board shall have all rights
and powers in the management of the Company business to do any and all other acts and things necessary, proper, convenient or advisable
to effectuate the purposes of this Agreement. Each Person that is appointed as a Manager is hereby designated as a “manager”
of the Company for purposes of the Act. Any action taken by the Board collectively in accordance with this Article VIII shall constitute
the act of and serve to bind the Company. Except as set forth herein or unless expressly authorized by the Board pursuant to Section
8.3, no action taken by any Manager individually shall constitute the act of or serve to bind the Company. In dealing with the Board
acting on behalf of the Company, no Person shall be required to inquire into the authority of such Board to bind the Company. Persons
dealing with the Company are entitled to rely conclusively on the power and authority of the Board as set forth in this Agreement. 

 

Section
8.2.Appointment and Term of Managers. The Board shall consist of four Managers. FG and FGF shall each have the right to appoint
two of the four Managers (the “Managers”). The Board shall from time to time by majority vote elect one or more Chairmen
of the Board (each, a “Chairman of the Board”) who shall preside at all meetings of the Board and shall have such other powers
and duties as may be delegated to him or her by the Board. Each Manager shall hold office from the time of his, her or its appointment
until his, her or its resignation or removal. Any Member appointing a Manager may at any time with or without cause remove any Manager
appointed by it and may appoint a successor Manager by written notice to the other Member. Any Manager may resign at any time upon written
notice to the Company. Any such resignation shall take effect at the time specified therein or, if the time be not specified, upon receipt
thereof, and the acceptance of such resignation, unless required by the terms thereof, shall not be necessary to make such resignation
effective. Managers may receive compensation for services to the Company in their capacities as Managers or otherwise in such manner
and in such amounts as may be fixed from time to time by the unanimous approval of the Members. Managers shall be reimbursed by the Company
for any reasonable out-of-pocket expenses incurred in connection with attending any meeting of the Board. 

 

Section
8.3.Meetings; Quorum; Voting.

 

(a)       Meetings
of the Board, regular or special, may be held at any place within or without the State of Delaware. Managers may participate in a meeting
of the Board by means of conference telephone or similar communications equipment by means of which all persons participating in the
meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting. The Board
may fix times and places for regular meetings of the Board and no notice of such meetings need be given. A special meeting of the Board
shall be held whenever called by any Manager then in office, at such time and place as shall be specified in the notice or waiver thereof.
Notice of each special meeting and the purpose thereof shall be given by the person calling the meeting to each Manager personally or
by faxing and telephoning the same not later than three Business Days before the meeting.

 

(b)       Managers
having the ability to approve a certain action pursuant to the voting requirements of Section 8.3(c) shall constitute a quorum
of the Board for the purposes of taking such action. Any action required or permitted to be taken at any meeting of the Board may be
taken without a meeting if Managers having the ability to approve a certain action pursuant to the voting requirements of Section
8.3(c) to take such action on behalf of the Company consent thereto in writing; provided that any request for such a written consent
is simultaneously delivered to all Managers.

 

    	12

    	 

    

 

(c)       Except
as otherwise expressly provided by this Agreement, any proposed vote, consent or action by the Board shall require the favorable vote,
consent or approval of a majority of the Managers.

 

(d)       Each
Manager entitled to vote at a meeting of the Board may authorize another person or persons to act for him or her by proxy. Each proxy
shall be signed by the Manager giving such proxy.

 

Section
8.4.Officers, Agents and Employees; Committees of the Board. 

 

(a)       Appointment
and Term of Office. The Board may appoint, and may delegate power to appoint, such officers, agents and employees as it may deem
necessary or proper, who shall hold their offices or positions for such terms, have such authority and perform such duties as may from
time to time be determined by or pursuant to authorization of the Board. Except as may otherwise be prescribed by the Board in a particular
case, all such officers, agents and employees shall hold their offices at the pleasure of the Board for an unlimited term and need not
be reappointed annually or at any other periodic interval. Any action taken by an officer, agent or employee of the Company pursuant
to authorization of the Board shall constitute the act of and serve to bind the Company. Persons dealing with the Company are entitled
to rely conclusively on authority of such officers, agents or employees set forth in the authorization of the Board.

 

(b)       Resignation
and Removal. Any officer may resign at any time upon written notice to the Company. Unless otherwise agreed, any officer, agent or
employee of the Company may be removed by the Board with or without cause at any time.

 

(c)       Committees
of the Board. The Board may from time to time designate one or more committees, each committee to consist of one or more Managers
of the Company. The Board may designate one or more Managers as alternate members of any committee, who may replace any absent or disqualified
member at any meeting of the committee. Any such committee, to the extent provided in the resolution of the Board, shall have and may
exercise all the powers and authority of the Board in the management of the business and affairs of the Company and may take any action
required or permitted to be taken by the Board under this Agreement; provided, that, unless otherwise set forth in a board resolution,
the Managers on such committee would have the ability to cause the Board to take such action pursuant to the voting requirements of Section
8.3. Any such committee may adopt rules governing the method of calling and time and place of holding its meetings. Managers that
are not members of a specific committee of the Board shall have the right to attend meetings of such committee but will have no right
to vote on any matter presented at any such meeting. Any or all members of any such committee may be removed, with or without cause,
by resolution of the Board.

 

Section
8.5.Company Funds. Company funds shall be held in the name of the Company and shall not be commingled with those of any other
Person. Company funds shall be used only for the business of the Company.

 

Section
8.6.Other Activities; Transactions with Affiliates. 

 

(a)       None
of the Members, Managers or any of their respective Affiliates shall be required to manage the Company as its, his or her sole and exclusive
function. Except as set forth in Section 8.6(b), nothing contained in this Agreement shall be deemed to preclude any Member or
Manager or any shareholder, Affiliate, officer, director, member, employee or agent of any Member or Manager from engaging in or pursuing,
directly or indirectly, any interest in other business ventures of every kind, nature or description, independently or with others, whether
such ventures are competitive with the business of the Company or otherwise, and, without limiting the foregoing but subject to Section
8.6(b), each Member, Manager and any shareholder, Affiliate, officer, director, member, employee or agent of any Member or Manager
shall be entitled to serve as the general partner (or the equivalent) of or manage any other partnership, company or account of any kind
whether or not such other partnership, company or account engages in the same activities as the activities of the Company. Each Member
authorizes, consents to and approves of such present and future activities by such Persons. Neither the Company nor any Member shall
have any right by virtue of this Agreement or the Company relationship created hereby in or to other ventures or activities of the other
Members or to the income or proceeds derived therefrom.

 

    	13

    	 

    

 

(b)       Neither
FG nor any of its Affiliates shall participate in a transaction that would otherwise constitute a Sponsored Fund Transaction (an “Opportunity”)
other than through the Company, unless FG has first presented the Opportunity to the Company and either the Board or FGF has rejected
the Opportunity. Notwithstanding the foregoing, if the Opportunity requires in excess of $5 million in SF Seed Capital, FG may offer
amounts in excess of $5 million to a third party (including Affiliates or beneficial owners of FG); provided, that the terms offered
to such third party are no more favorable than the terms offered to the Company, unless the third party invests more capital in the Opportunity
than the Company.

 

(c)       Nothing
in this Agreement shall preclude the Company from contracting for the performance of services by or purchasing or leasing any property
from any Member or any Affiliate of a Member, provided that either (i) the transaction has been approved by the Members and the compensation,
price or rental therefor is competitive with the compensation, price or rental paid to other Persons in the area engaged in the business
of rendering comparable services or selling or leasing comparable property that could reasonably be made available to the Company or
(ii) the transaction is contemplated by this Agreement. Nothing herein contained shall be construed as a guarantee by any such Member
of the performance by any such Affiliate of its obligations under any contract between any such Affiliate and the Company. Subject to
the provisions of this Section 8.6 and Section 8.7, any Member and any Affiliate of a Member may be employed or retained
by the Company in any capacity. Except as provided in this Section 8.6 and in Section 8.7, the validity of any transaction,
agreement or payment involving the Company and any Member or any Affiliate of a Member otherwise permitted by this Agreement shall not
be affected by reason of the relationship between any Member and such Affiliate or the approval of such transaction, agreement or payment
by the Members.

 

(d)       It
is acknowledged and understood that Affiliates of FG are currently engaged in the business of managing private investment funds, and
as a result, that situations may arise in which the interests of the Company, on the one hand, may conflict with the interests of FG
and its Affiliates, on the other hand. No activity by FG or any of its Affiliates in connection with managing private investment funds
(including with respect to the allocation of investment opportunities) shall be considered a violation of any duty (including any fiduciary
duty) that may be owed by FG (or any of its designated Managers) to the Company or FGF. Without limiting the generality of the foregoing,
it is understood and agreed that it is intended that (1) Underlying Managers will engage one or more Affiliates of FG to provide trade
execution and other fund management services and shall compensate such Affiliates of FG in a manner approved by the Board (including
a majority of the Managers appointed by FGF), (2) Underlying Managers may be Affiliates of FG and (3) portfolio managers of Underlying
Managers may be employees of an Affiliate of FG. In connection with any conflict of interest (including any affiliate transaction) that
is not contemplated by this Agreement and that involves a transaction between the Company or an Underlying Manager, on the one hand,
and FG or one of its Affiliates, on the other hand, FG may consult the Board with respect to any such conflict of interest. Provided
that FG fully discloses all material facts related to such conflict, if the Board (including a majority of the Managers appointed by
FGF) waives any such conflict of interest or prescribes standards or procedures with which FG and/or its Affiliates comply, then neither
FG (or any of its designated Managers) shall have any liability to the Company or FGF for any actions giving rise to such conflict of
interest.

 

    	14

    	 

    

 

Section
8.7.Limits on the Power of the Board. Anything in this Agreement to the contrary notwithstanding, no action shall be taken
by the Board, or by any Manager, officer, agent or employee of the Company, without the written consent or ratification of the specific
act by all of the Members, which would cause or permit the Company to:

 

(a)       enter
into a Sponsored Fund Transaction, including agreeing to fund any SF Seed Capital and/or SF Working Capital requirements in connection
therewith;

 

(b)       start
or acquire a new business (other than in connection with a Sponsored Fund Transaction approved in accordance Section 8.7(a));

 

(c)       admit
a new Member to the Company other than in accordance with Article IX or require any Operating Capital Contributions by the Members;

 

(d)       remove
any Member from the Company;

 

(e)       make
any fundamental corporate changes to the Company’s structure (including any recapitalization or other restructuring thereof);

 

(f)       merge
or consolidate with or into, or sell substantially all of its assets to, any other Person.

 

(g)       commence
(or agree to settle) any legal action on behalf of the Company;

 

(h)       modify
the accounting procedures or internal controls of the Company;

 

(i)       change
the tax classification of the Company for U.S. tax purposes;

 

(j)       make
any public statements about the Company;

 

(k)       make
any material changes to the scope or nature of the Company’s business;

 

(l)       amend
and restate any employment agreements or service contracts in respect of the Company;

 

(m)       acquire
another business;

 

(n)       settle
or compromise any audit or litigation relating to the Company’s tax matters;

 

(o)       enter
into any agreement that is or purports to be binding upon any Member;

 

(p)       enter
into any transactions or agreements with any Member or its Affiliates except as contemplated by this Agreement; and

 

(q)       amend
this Agreement in accordance with Section 13.1.

 

    	15

    	 

    

 

Section
8.8.Tax Audits.

 

(a)       
For purposes of this Agreement, the “Tax Matters Partner” shall be FGF as long as it remains a Member. The Board shall
have the authority to appoint a replacement or successor Tax Matters Partner. To the extent authorized or permitted under applicable
law, the Tax Matters Partner (with the consent of the Board) shall represent the Company and each Member in connection with any audit
or other tax proceeding relating to the Company’s affairs. The Tax Matters Partner shall notify the Members and keep them reasonably
informed in the event of any material audit or tax proceeding. Each Member agrees to cooperate with the Tax Matters Partner and the Board
and to do or refrain from doing any and all such things reasonably required by the Tax Matters Partner or the Board to conduct such proceedings

 

(b)       For
purposes of the Code provisions enacted under the Bipartisan Budget Act of 2015 (and any Regulations or administrative guidance promulgated
thereunder), the Tax Matters Partner (with the consent of the Board) is hereby authorized to (i) allocate any audit adjustments or assessments
among the Members (or former Members) as it reasonably determines to be appropriate and permitted under such provisions; and (ii) make
(or cause to be made) any election available to the Company under such provisions, including to issue statements of adjustment (under
Section 6226(a) of such provisions) reflecting such allocations to any person who was a Member during the taxable year under audit. Any
imputed underpayment amount allocated to a Member (or former Member) as a result of such audit shall be treated as an amount deemed distributed
to, and indemnifiable by, such Member, consistent with Section 4.4 hereof. The Tax Matters Partner shall act as the “Partnership
Representative” for each taxable year of the Company in accordance with Code section 6223(a). The Partnership Representative
shall have the sole authority to participate in any Federal income tax audit, or litigation stemming from an audit, of such taxable year.
Subject to Section 8.7(n), actions taken and decisions made by the Partnership Representative (with the consent of the Board)
shall be binding upon the Company and each Member. All reasonable expenses incurred by the Partnership Representative or the Board in
connection with any tax audit, investigation, settlement or review shall be borne by the Company. The provisions of this Section 8.8(b)
shall survive the termination of a Member’s Interest, this Agreement, and the Company, and shall remain binding on each Member
for the period of time necessary to resolve with the Internal Revenue Service all income tax matters relating to the Company and for
Members to satisfy their indemnification obligations, if any.

 

Section
8.9.Exculpation. No Manager, Member, officer, agent or employee of the Company nor any of their respective Affiliates (other
than the Company) shall be liable for the return of any portion of the Capital Contributions (or any return thereon) of any Member. The
return of such Capital Contributions (or any return thereon) shall be made solely from the Company’s assets. No Manager, Member,
officer, agent or employee of the Company shall be required to pay to the Company or to any Member any deficit in the Capital Account
of any Member upon dissolution of the Company or otherwise. No Member shall have the right to demand or receive property other than cash
in respect of its Interest. No Manager, Member, officer, agent or employee of the Company nor any of their respective Affiliates shall
be personally liable, responsible or accountable in damages or otherwise to the Company or any Member for any claims, demands, costs,
liabilities and expenses, including amounts paid in satisfaction of judgments, awards, settlement, in compromise or as fines and penalties,
and reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened
action, proceeding or claim incurred (“Losses”) as a result of any act or failure to act by such Person on behalf of the
Company that such Person reasonably believed at the time was in the best interests of the Company unless there has been a determination
by a final decision on the merits by a court or other body of competent jurisdiction that such Losses resulted from such Person’s
bad faith, fraud, gross negligence, reckless disregard or willful misconduct.

 

    	16

    	 

    

 

Section
8.10.Indemnification of the Members. 

 

(a)       The
Company shall indemnify and hold harmless the Managers, the Members, their Affiliates and their respective members, partners, officers,
directors, employees and agents (each, an “Indemnified Party”), from and against any Losses suffered or sustained
by an Indemnified Party, by reason of any acts, omissions or alleged acts or omissions arising out of such Indemnified Party’s
activities on behalf of the Company or in furtherance of the interests of the Company, except that the Company shall not be responsible
under this Section 8.10(a) to an Indemnified Party for any Losses to the extent such Losses have been determined by a final decision
on the merits by a court or other body of competent jurisdiction to have resulted from such Indemnified Party’s bad faith, fraud,
gross negligence, reckless disregard or willful misconduct. Notwithstanding the indemnification provided in this Section 8.10,
the Company may, but shall not be obligated to, carry such liability insurance for its Managers and officers as the Board determines
necessary or appropriate.

 

(b)       Expenses
(including attorneys’ fees) incurred by an Indemnified Party in a civil or criminal action, suit or proceeding shall be paid by
the Company in advance of the final disposition of such action, suit or proceeding, as incurred; provided that if an Indemnified
Party is advanced such expenses and it is later determined that such Indemnified Party was not entitled to indemnification with respect
to such action, suit or proceeding, then such Indemnified Party shall reimburse the Company for such advances; and provided, further,
such expenses shall be advanced by the Company only upon the execution and delivery by the Indemnified Party of a recourse promissory
note, in a principal amount equal to the amount of the requested advance, to the Company, having a payment date of 10 Business Days following
the final disposition of the action, suit or proceeding with respect to which such advance is being requested in order to secure the
return following final disposition of the action, suit or proceeding with respect to which such advance is being requested, of any amount
which represents an advance of expenses for which the Indemnified Party is not entitled to indemnification under this Section 8.10.

 

(c)       No
Indemnified Party shall be entitled to any punitive, consequential, special, or exemplary damages.

 

(d)       All
covered Losses shall be net of insurance recoveries from insurance policies of the Company to the extent that any proceeds of such policies,
less any costs, expenses or premiums incurred by the Company in connection therewith, are distributed by the Company to an Indemnified
Party.

 

Section
8.11.Expenses. The Company shall pay all expenses related to the operations of the Company. Each Member shall be entitled
to reimbursement (without interest) for any such documented expenses paid by such Member for or on behalf of the Company.

 

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ARTICLE
IX

TRANSFERS OF INTERESTS BY MEMBERS

 

Section
9.1.General.

 

(a)       No
Member may sell, assign, pledge or in any manner dispose of, or create, or suffer the creation of, a security interest in or any encumbrance
on all or any portion of its Interest (any such act being referred to as a “Transfer,” any Person who effects a Transfer
being referred to as a “Transferor” and any Person to which a Transfer is effected being referred to as a “Transferee”),
without the prior written consent of the other Members, which consent may be given or withheld in the other Members’ sole discretion
and may include such terms and conditions as the other Members may deem appropriate in its sole discretion; provided that a Member
shall have the right to Transfer 100% of its Interest to an Affiliate thereof without the consent of any other Member. In connection
with any Transfer, the Transferor shall deliver to the Company and the Board a fully executed copy of certain transfer documents relating
to the Transfer, in form and substance satisfactory to the Board, executed by both the Transferor and the Transferee, and the agreement
in writing of the Transferee to (i) be bound by any terms imposed upon such Transfer by the other Members and by the terms of this Agreement;
and (ii) assume all obligations of the Transferor under this Agreement relating to the Interest that is the subject of such Transfer.
No Transfer of an Interest shall be effective until such date as all requirements of this Article IX in respect thereof have been
satisfied. Any Transfer or purported Transfer not made in accordance with this Agreement (a “Void Transfer”) shall
be null and void and of no force or effect whatsoever. Any amounts otherwise distributable to a Member pursuant to Article V,
in respect of a direct or indirect interest in the Company that has been Transferred in violation of this Section 9.1(a), may
be withheld by the Company following the occurrence of a Void Transfer until the Void Transfer has been rescinded, whereupon the amount
withheld shall be distributed without interest to the Member that initially made such Void Transfer.

 

(b)       A
Transferee shall be admitted to the Company as a substituted Member upon the request of the Transferor and the approval of the Board.
Unless a Transferee is admitted as a substituted Member pursuant to this Section 9.1(b), such Transferee shall have none of the
powers of a Member hereunder and shall only have such rights of an assignee under the Act as are consistent with the other terms and
provisions of this Agreement.

 

(c)       Upon
the Transfer of the entire Interest of a Member and effective upon the admission of such Member’s Transferee(s) to the Company
pursuant to Section 9.1(b) above, the Transferor shall be deemed to have withdrawn from the Company as a Member.

 

(d)       The
Company shall reflect each Transfer and admission authorized under this Article IX in the books and records of the Company, including
Schedule A hereto.

 

(e)       Notwithstanding
anything in this Agreement to the contrary, no Member may Transfer an Interest if such Transfer would (i) violate or cause the Company
to violate any applicable Federal or state securities law, rule or regulation (or conflict with any applicable exemption from registration
under such securities law), (ii) cause the Company to be treated as an association taxable as a corporation for Federal income tax purposes,
(iii) cause the Company to fail to qualify for the safe harbor from “publicly traded partnership” status set forth in Regulations
§1.7704-1(h) or (iv) require the Company to register as an investment company under the Investment Company Act of 1940, as amended.
Any such purported Transfer shall be null and void and of no force or effect whatsoever.

 

Section
9.2.Consequences of Transfers Generally.

 

(a)       In
the event of any Transfer permitted under this Article IX, the Transferor and the Interest that is the subject of such Transfer
shall remain subject to all of the terms and provisions of this Agreement, and the Transferee shall hold such Interest subject to all
unperformed obligations of the Transferor and shall agree in writing to the foregoing if requested to do so by the Board. Any successor
or Transferee hereunder shall be subject to and bound by all the terms and provisions of this Agreement as if a Member originally a party
to this Agreement.

 

(b)       Unless
a Transferee becomes a substituted Member, such Transferee shall have no right to obtain or require any information concerning, or any
account of, Company transactions, or to inspect the Company’s books, or to vote on Company matters. Such a Transfer shall entitle
the Transferee only to receive the share of distributions, income and losses to which the transferring Member otherwise would be entitled.
Each Member agrees that such Member will, upon request of the Board, execute such certificates or other documents and perform such other
acts as the Board may deem necessary or advisable after a Transfer of all or a part of that Member’s Interest (whether or not the
Transferee becomes a substituted Member) to preserve the limited liability of the Members under the laws of the jurisdictions in which
the Company is doing business.

 

    	18

    	 

    

 

(c)       Neither
the Transfer of an Interest nor the admission of a substituted Member shall be cause for dissolution of the Company.

 

Section
9.3.Transferee to Succeed to Transferor’s Capital Account. Any Transferee pursuant to the provisions of this Article
IX shall succeed to the Capital Account (or portion thereof) so Transferred to such Person.

 

Section
9.4.Right of First Refusal. In the event that any Member intends to Transfer all or a portion of its Interests to a third
party pursuant to Section 9.1, except for Transfers to such Member’s Affiliates, such Member shall, subject to any additional
notice period as may be required by the following sentence, first provide the Board with thirty (30) days’ written notice setting
forth the terms and conditions of such Transfer prior to making such offer. During such thirty (30) day period, such Member shall provide
the other Members with thirty (30) days’ written notice prior to making the Transfer (the “ROFR Notice”). During
such thirty (30) day period (the “ROFR Period”), such Members shall have the exclusive right to negotiate the sale
or transfer of all or any portion such Interests for their own account. If such sale or transfer of Interests is not agreed within the
ROFR Period, such Member may then offer and sell such Interests to a third party. Within two (2) days after the expiration of the ROFR
Period, the selling Member shall provide a notice to the Company and each Member setting forth the final proposed amount of Interests
to be sold to a third party after the exercise of rights by the Members pursuant to this Section 9.4.

 

Section
9.5.Additional Filings. Upon acceptance of a Transferee for admission as a substituted Member under Section 9.1(b), the Company
shall cause to be executed, filed and recorded with the appropriate governmental agencies such documents (including amendments to this
Agreement, if necessary) as are required to accomplish such admission.

 

ARTICLE
X

WITHDRAWAL OF MEMBERS; TERMINATION OF THE COMPANY;

LIQUIDATION AND DISTRIBUTION OF ASSETS

 

Section
10.1.Withdrawal or Removal of Members. Subject to the provisions of Article IX, no Member shall at any time retire or withdraw
from the Company. Any Member retiring or withdrawing in contravention of this Section 10.1 shall indemnify, defend and hold harmless
the Company and all other Members from and against any losses, expenses, judgments, fines, settlements or damages suffered or incurred
by the Company or any other Member arising out of or resulting from such retirement or withdrawal. No transfer of all or a portion of
a Member’s interest in accordance with Article IX shall constitute a retirement or withdrawal within the meaning of this Section
10.1.

 

Section
10.2.Dissolution of the Company. 

 

    	19

    	 

    

 

(a)       Except
as expressly provided herein or as otherwise required by the Act, the Members shall have no power to dissolve the Company. The Company
shall be dissolved, wound up and terminated as provided herein upon the first to occur of the following:

 

(i)       the
bankruptcy or dissolution of either Member;

 

(ii)       entry
of a decree of judicial dissolution of the Company under Section 18-802 of the Act; or

 

(iii)       the
determination to do so by either Member following 180 days’ prior written notice given to the other Member.

 

(b)       In
the event of the dissolution of the Company, a liquidating agent or committee appointed by the Board (the “Liquidator”),
shall commence to wind up the affairs of the Company and to liquidate the Company’s assets. The Members shall continue to share
all income, losses and distributions of the Company during the period of liquidation in accordance with Articles IV and V.
The Liquidator shall have full right and discretion to determine the time, manner and terms of any sale or sales of Company assets pursuant
to such liquidation, giving due regard to the activity and condition of the relevant markets and general financial and economic conditions.

 

(c)       The
Liquidator shall have all of the rights and powers with respect to the assets and liabilities of the Company in connection with the liquidation
and termination of the Company that the Board would have with respect to such assets and liabilities during the term of the Company,
and the Liquidator is hereby expressly authorized and empowered to execute any and all documents that the Liquidator considers to be
necessary or advisable in order to effectuate the liquidation and termination of the Company and the transfer of any assets belonging
to the Company.

 

(d)       Notwithstanding
the foregoing, if the Liquidator is not a Member, it shall not be deemed a Member and shall not have any of the interests in the Company
of a Member; and the Liquidator shall be compensated by the Company for its services to the Company at normal, customary and competitive
rates.

 

Section
10.3.Distribution in Liquidation.

 

(a)       The
Liquidator shall, as soon as practicable following an event giving rise to the dissolution, winding up and termination of the Company,
wind up the affairs of the Company and sell and/or distribute the assets of the Company. The assets of the Company shall be applied in
the following order of priority:

 

(i)       first,
to pay the costs and expenses of the dissolution, winding up and termination of the Company;

 

(ii)       second,
to creditors of the Company (other than any Members in their capacity as Members but including any liabilities to the Members for any
expenses of the Company paid by the Members or their Affiliates, to the extent the Members are entitled to reimbursement hereunder) in
the order of priority provided by law;

 

(iii)       third,
to establish reserves reasonably adequate to meet any and all contingent or unforeseen liabilities or obligations of the Company; provided,
however, that all or part of the balance of such reserves shall be distributed as hereinafter provided from time to time as the Liquidator
may deem appropriate in view of the satisfaction, elimination or reduction of such contingencies and obligations and the reserves deemed
prudent by the Liquidator to cover unforeseen liabilities;

 

(iv)       fourth,
to the Members for loans, if any, made by them to the Company; and

 

(v)       fifth,
to the Members in accordance with Section 5.1.

 

(b)       If
the Liquidator determines that Company assets other than cash are to be distributed, then the fair value of such assets shall be determined.
Any such assets shall be retained or distributed by the Liquidator as follows:

 

    	20

    	 

    

 

(i)       The
Liquidator shall retain assets belonging to the Company having a value (net of any associated liabilities) equal to the amount by which
the net proceeds of the Company’s assets are insufficient to satisfy the requirements of paragraphs (i), (ii), (iii) and
(iv) of Section 10.3(a); and

 

(i)       The
remaining assets belonging to the Company shall be distributed to the Members in the manner specified in paragraph (v) of Section
10.3(a).

 

The
Liquidator shall distribute to each Member its allocable share of each asset belonging to the Company that is distributed in kind unless
all Members otherwise agree. Any distributions in kind shall be subject to such conditions relating to the disposition and management
thereof as the Liquidator deems reasonable and equitable.

 

Section
10.4.Final Statement of Assets and Liabilities. Within a
reasonable time following the completion of the liquidation of the Company’s assets, the Liquidator shall deliver to each of the
Members a statement, audited by the Company’s accountant, which shall set forth the assets and liabilities of the Company as of
the date of complete liquidation and the distributions due or made to each Member’s from the Company pursuant to Section 10.3.

 

Section
10.5.No Deficit Restoration Obligation. Notwithstanding
any other provision of this Agreement to the contrary, no Member shall have any liability to restore any deficit in its Capital Account,
whether upon liquidation of the Company or otherwise. In addition, no allocation to any Member of any loss shall create any asset of
or obligation to the Company, even if such allocation creates or increases a deficit in such Member’s Capital Account; and no Member
shall be obligated to pay the amount of any such deficit to or for the account of the Company or any creditor of the Company. The obligations
of any Member to make Capital Contributions pursuant to Article III are for the exclusive benefit of the Company and not of any creditor
of the Company.

 

Section
10.6.Termination of the Company. The Company shall terminate
when all property owned by the Company shall have been disposed of and the assets of the Company shall have been distributed as provided
in Section 10.3. The Liquidator shall then execute and cause to be filed a certificate of cancellation of the Company.

 

ARTICLE
XI

ADMISSION OF ADDITIONAL MEMBERS

 

Section
11.1.Admission of Additional Members. One or more Persons may be admitted as additional Members (each, an “Additional
Member”), upon such terms as the Board shall determine in its sole discretion, only with the prior written approval of all of the
Members. Each Additional Member shall execute such documentation as may be requested by the Board pursuant to which such Additional Member
agrees to be bound by the terms and provisions of this Agreement. The Company shall reflect each admission authorized under this Article
XI by preparing an amendment to this Agreement, including Schedule A, dated as of the date of such admission to reflect such admission.

 

    	21

    	 

    

 

ARTICLE
XII

NOTICES AND VOTING

 

Section
12.1.Notices. All notices, demands or requests required or permitted under this Agreement must be in writing, and shall be
made by hand delivery, certified mail, Federal Express or a similarly reputable overnight courier service or other electronic means to
the address set forth on Schedule A hereto for the Member receiving such notice, demand or request, but any Member may designate a different
address by a notice similarly given to the Company and each other Member. Any such notice or communication shall be deemed given: (a)
when delivered by hand, if delivered on a Business Day; (b) the next Business Day after delivery by hand if delivered by hand on a day
that is not a Business Day; (c) four Business Days after being deposited in the United States mail by certified mail; (d) on the next
Business Day after being deposited for next day delivery with Federal Express or by a similar reputable overnight courier service; (e)
when receipt is confirmed, if faxed or delivered by other electronic means on a Business Day; and (f) the next Business Day after the
day on which receipt is confirmed, if faxed or delivered by other electronic means on a day that is not a Business Day. 

 

Section
12.2.Voting. Any action requiring the affirmative vote of the Members under this Agreement may, unless otherwise specified
herein, be taken by vote at a meeting or, in lieu thereof, by written consent of the Members holding the required Percentage Interests
for such affirmative vote.

 

ARTICLE
XIII

AMENDMENT OF AGREEMENT

 

Section
13.1.Amendments. No amendments may be made to this Agreement except in writing executed by all of the Members.

 

Section
13.2.Amendment of Certificate. In the event that this Agreement is amended pursuant to this Article XIII, the Company shall,
to the extent that the Board deems necessary or advisable, amend the Certificate to reflect any such change.

 

ARTICLE
XIV

MISCELLANEOUS

 

Section
14.1.Entire Agreement. This Agreement (including the schedules and exhibits hereto) constitutes the entire agreement among
the Members with respect to the subject matter hereof. The foregoing supersede any prior agreements or understandings among the Members
with respect to the subject matter hereof, and the foregoing may not be modified or amended in any manner other than as set forth herein.

 

Section
14.2.Applicable Law. This Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance
with the law of the State of Delaware, without regard to the conflicts of law provisions thereof.

 

Section
14.3.Effect. Except as herein otherwise specifically provided, this Agreement shall be binding upon and inure to the benefit
of the parties hereto, the Persons indemnified hereunder and their legal representatives, successors and permitted assigns.

 

    	22

    	 

    

 

Section
14.4.Survival. The indemnity and dispute resolution provisions hereof shall survive the termination of this Agreement and
the dissolution of the Company, as shall the obligation to settle accounts hereunder.

 

Section
14.5.Pronouns and Number. Wherever from the context it appears appropriate, each term stated in either the singular or the
plural shall include the singular and the plural, and pronouns stated in any of the masculine, feminine or neuter shall include the masculine,
feminine and neuter.

 

Section
14.6.Captions. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit
or extend the scope or intent of this Agreement or any provision hereof.

 

Section
14.7.Partial Enforceability. If any provision of this Agreement, or the application of such provision to any Person or circumstance,
shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those
to which it is held invalid, shall not be affected thereby.

 

Section
14.8.Counterparts. This Agreement may contain more than one counterpart of the signature page and this Agreement may be executed
by the affixing of the signatures of each of the Members to one of such counterpart signature pages. All of such counterpart signatures
pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature
page.

 

Section 14.9. Construction.
The language in all parts of this Agreement shall be in all cases construed simply according to its fair meaning and not strictly
for or against any Person. 

 

Section
14.10.Waiver of Partition. The Members hereby agree that the Company’s assets are not and will not be suitable for partition.
Accordingly, each of the Members hereby irrevocably waives any and all rights that such Member might otherwise have to maintain any action
for the partition of any of such assets.

 

Section
14.11.Submission to Jurisdiction.

 

(a)       Each
of the Members hereby irrevocably acknowledges and consents that any legal action or proceeding brought with respect to any of the obligations
arising under or relating to this Agreement may be brought in the Court of Chancery of the State of Delaware, provided that if jurisdiction
is not then available in the Court of Chancery of the State of Delaware, then any such legal action or proceeding may be brought in any
federal court located in the State of Delaware and each of the Members hereby irrevocably submits to and accepts with regard to any such
action or proceeding, for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid
courts. Each Member hereby further irrevocably waives any claim that any such courts lack jurisdiction over such Member, and agrees not
to plead or claim, in any legal action or proceeding with respect to this Agreement or the transactions contemplated hereby brought in
any of the aforesaid courts, that any such court lacks jurisdiction over such Member. Each Member irrevocably consents to the service
of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such
Member, at its address for notices set forth in Section 12.1; such service to become effective ten (10) days after such mailing.
Each Member hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead
or claim in any action or proceeding commenced hereunder or under any other documents contemplated hereby that service of process was
in any way invalid or ineffective. The foregoing shall not limit the rights of any Member to serve process in any other manner permitted
by applicable law. The foregoing consents to jurisdiction shall not constitute general consents to service of process in the State of
Delaware for any purpose except as provided above and shall not be deemed to confer rights on any Person other than the respective Members.

 

    	23

    	 

    

 

(b)       Each
of the Members hereby waives any right it may have under the laws of any jurisdiction to commence by publication any legal action or
proceeding with respect this Agreement. To the fullest extent permitted by applicable law, each of the Members hereby irrevocably waives
the objection which it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating
to this Agreement in any of the courts referred to in this Section 14.10 and hereby further irrevocably waives and agrees not
to plead or claim that any such court is not a convenient forum for any such suit, action or proceeding.

 

(c)       The
Members agree that any judgment obtained by any Member or its successors or assigns in any action, suit or proceeding referred to above
may, in the discretion of such Member (or its successors or assigns), be enforced in any jurisdiction, to the extent permitted by applicable
law.

 

(d)       The
Members agree that the remedy at law for any breach of this Agreement may be inadequate and that should any dispute arise concerning
any matter hereunder, this Agreement shall be enforceable in a court of equity by an injunction or a decree of specific performance.
Such remedies shall, however, be cumulative and nonexclusive, and shall be in addition to any other remedies which the Members may have.

 

Section
14.12.Waiver of Trial by Jury. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH MEMBER HEREBY IRREVOCABLY WAIVES ALL RIGHT
OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTER-CLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING
HEREUNDER.

 

Section
14.13.Force
Majeure. No Member shall be liable for damages resulting from delayed or defective performance when such delays arise out of causes
beyond the control and without the fault or negligence of the offending Member. Such causes may include acts of God or of the public
enemy, acts of the United States in its sovereign capacity, fires, floods, power failure, disabling strikes, epidemics, quarantine restrictions
and freight embargoes.

 

Section
14.14.Further
Assurances. Each Member shall execute such additional documents and perform such further acts as may be reasonable and necessary
to carry out the provisions of this Agreement.

 

Section
14.15.No Third Party Beneficiaries. The provisions of this Agreement are not intended to be for the benefit of any creditor
(other than a Member who is a creditor and then only in its capacity as a Member) or other Person (other than a Member (and only in its
capacity as a Member)) to whom any debts, liabilities or obligations are owed by (or who otherwise has any claim against) the Company
or any of the Members. Moreover, notwithstanding anything contained in this Agreement, no such creditor or other Person shall obtain
any rights under this Agreement or shall, by reason of this Agreement, make any claim in respect of any debt, liability or obligation
(or otherwise) against the Company or any Member.

 

[Signature
Page Follows]

 

    	24

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

 

	 	MEMBERS:
	 	 	 
	 	FUNDAMENTAL GLOBAL, LLC
	 	 	 
	 	By:
    	/s/
    Kyle Cerminara
	 	Name:	Kyle
    Cerminara
	 	Title:
    	Manager
	 	 	 
	 	fg financial group, Inc.
	 	 	 
	 	By:	/s/
    Larry G. Swets, Jr.
	 	Name:	Larry
    G. Swets, Jr.
	 	Title:	Chief
    Executive Officer

 

[Signature Page to
the Amended and Restated Limited Liability Company Agreement of 

Fundamental Global
Asset Management, LLC]

 

    	 

    	 

    

 

Schedule
A

 

Members;
Percentage Interests

 

	Member	Percentage
    Interests
	 	 
	Fundamental
                                            Global, LLC

    108
    Gateway Blvd., Suite 204

    Mooresville,
    North Carolina 28117

    
	50%
	 	 
	FG
                                            Financial Group, Inc.

    360
    Central Ave., Suite 820

    Saint
    Petersburg, FL 33701

    
	50%Exhibit10.2

 

SECOND
AMENDED AND RESTATED MANAGEMENT SERVICES AGREEMENT

 

THIS
SECOND AMENDED AND RESTATED MANAGEMENT SERVICES AGREEMENT (this “Agreement”) is made and entered into as of the 11th day
of August, 2021 (the “Effective Date”), by and between FG Financial Group, Inc. (the “Company”) and Sequoia Financial
LLC (“SF”), it being acknowledged and agreed that Hassan Raza Baqar (“Consultant” or “Mr. Baqar”)
would be providing the services described herein on behalf of SF.

 

WITNESSETH:

 

WHEREAS,
on April 1, 2020, the Company and SF entered into an Amended and Restated Management Services Agreement (the “Original Agreement)
and wish to amend and restate the Original Agreement by entering into this Agreement; and

 

WHEREAS,
Company believes that it would be beneficial to retain the services of Consultant; and

 

WHEREAS,
the parties desire to reduce the terms of such consultant relationship to writing.

 

NOW,
THEREFORE, in consideration of the foregoing and the terms, covenants, and conditions hereinafter set forth, the parties hereto, intending
to be legally bound hereby, mutually agree as follows:

 

1.
Term and Termination

 

1.1
Term. The term of this Agreement shall begin on the Effective Date and shall end twelve (12) months after the Effective Date (the “
Initial Term”), unless terminated earlier as provided by this Agreement. Unless either party provides the other with ninety (90)
day’s written notice, this Agreement will renew for a subsequent twelve (12) month period (the “Subsequent Term”, and
together with the Initial Term, the “Term”).

 

1.2
Termination by SF or Company. Subject to any notice requirements applicable under Section 3 of this Agreement, the Company may terminate
this Agreement for Cause, at any time upon fifteen (15) days’ prior written notice to SF. Either party may terminate this Agreement
for any reason with ninety (90) days prior written notice to the other. Upon any such termination, Consultant shall be entitled to only
such payment as set forth in Section 3, below. Subject to any notice requirements applicable under Section 3 of this Agreement, SF may
terminate this Agreement for Good Reason.

 

1.3
Survival. The rights and obligations contained in Section 5 (“Representations and Warranties”), and 10 (“Non-solicit
of Employees”) will survive any termination or expiration of this Agreement.

 

2.
Scope of Consulting

 

The
Company hereby confirms its engagement of Consultant, and Consultant hereby confirms his acceptance of such engagement, to act as the
Company’s Chief Financial Officer. As Chief Financial Officer, Consultant shall perform such services and duties (the “Services”)
as required by the Board of Directors and Chief Executive Officer, to whom he shall report, including but not limited to those responsibilities
set out in Appendix A of this Agreement. In the performance of the Services under this Agreement, the Company will rely on the Consultant
to provide his best efforts and as much time as necessary to provide leadership for the Company. The time devoted to accomplish the duties
hereunder shall be within the Consultant’s control and it is expected that Consultant will devote adequate time in order to provide
the Services commensurate with the position of a chief financial officer of a public company and to the reasonable satisfaction of the
Company.

 

3.
Compensation

 

3.1
In consideration of the full and faithful performance of the Services herein covenanted, the Company agrees to pay Consultant the sum
of $40,000 per month (the “Consulting Fees”). Payment for the remainder of the full Term will be provided in lumpsum to the
Consultant at the time of termination if terminated for Good Reason by Consultant. Upon a termination by either party without Cause or
Good Reason, payment for the remainder of the full Term will be provided in lumpsum to the Consultant subject to a maximum of three (3)
months. Upon termination by the Company for Cause, payment of Consulting Fees will stop immediately upon the effective date of termination.

 

    	1

     

    

 

3.2
Definitions. For purposes of this Agreement, the following definitions shall apply:

 

(a)
“Cause” shall mean that the Consultant: (a) is convicted of, or pleads nolo contendere to, any felony or other offense involving
moral turpitude or any crime related to his service, or commits any unlawful act of personal dishonesty resulting in personal enrichment
in respect of his relationship with the Company or any subsidiary or affiliate or otherwise detrimental to the Company in any material
respect; (b) fails to consistently perform the Services in good faith and to the best of his ability; provided, however, that the Company
shall not be permitted to terminate this Agreement pursuant to this clause unless it has first provided the Consultant with written notice
and an opportunity to cure such failure; (c) willfully disregards or fails to follow instructions from the Board to do any legal act
related to the Company’s business and/or the Services; (d) willfully disregards or violates material provisions of the Company’s
Code of Conduct or other corporate policies; or (e) exhibits habitual drunkenness or engages in substance abuse which in any way materially
affects his ability to perform the Services.

 

(b)
“Good Reason” shall mean that Consultant terminates this Agreement as a result of (i) (A) the Company making a material adverse
change in the terms of this Agreement, (B) a material reduction of the Consulting Fees specified in this Agreement, or (C) the Company
(or any successor thereto) materially breaching the terms of this Agreement, any of which events occurs without Consultant’s written
consent; (ii) Consultant provides written notice to the Board within the sixty (60) days immediately following such material change or
reduction; (iii) such material change or reduction is not remedied by the Company within thirty (30) days following the Company’s
receipt of such written notice; and (iv) Consultant’s termination of this Agreement is effective not later than ninety (90) days
after the expiration of such thirty (30) day cure period.

 

3.3
In addition to the foregoing, the Company shall pay all of Consultant’s reasonable expenses associated with the performance of
the duties as Chief Financial Officer. Invoices for the reimbursable expenses shall be sent to the Company no later than the tenth day
of the month following each month. The Company shall pay Consultant’s invoices within seven (7) days of the receipt thereof.

 

4.
Ownership of Work Product

 

Consultant
hereby assigns to the Company all right, title and interest in and to any work product created by Consultant, or to which Consultant
contributes, pursuant to this Agreement (the “Work Product”), including all copyrights, trademarks and other intellectual
property rights contained therein. Consultant agrees to execute, at the Company’s request and expense, all documents and other
instruments necessary or desirable to confirm such assignment. In the event that Consultant does not, for any reason, execute such documents
within a reasonable time of the Company’s request, Consultant hereby irrevocably appoints the Company as Consultant’s attorney-in-fact
for the purpose of executing such documents on Consultant’s behalf, which appointment is coupled with an interest.

 

5.
Representations and Warranties

 

Consultant
represents and warrants that: (a) Consultant has the right and unrestricted ability to assign the Work Product to the Company as set
forth in Section 4, and (b) the Work Product will not infringe upon any copyright, patent, trademark, right of publicity or privacy,
or any other proprietary right of any person, whether contractual, statutory or common law.

 

6.
Place of Work

 

It
is understood that the Services will be rendered from the Company’s offices, the Consultant’s office and at third-party locations
where appropriate.

 

7.
Independent Contractor Relationship

 

Consultant’s
relationship with the Company is that of an independent contractor, and nothing in this Agreement is intended to, or should be construed
to, create a partnership, agency, joint venture or employment relationship. Consultant will take no position with respect to or on any
tax return or application for benefits, or in any proceeding directly or indirectly involving Company, that is inconsistent with Consultant
being an independent contractor (and not an employee) of the Company. As Chief Financial Officer, Consultant shall have authority to
make binding decisions and contractual commitments on behalf of the Company consistent with the authority granted by the Board.

 

    	2

     

    

 

Consultant
is not and will not be considered an employee of the Company, and as a result will not be entitled to benefits based on work performed
under this Agreement provided by the Company to its employees including but not limited to life insurance, death benefits, accident or
health insurance, qualified pension or retirement plans, or any other employee benefit. Consultant hereby waives any right to said Company
employee benefits by executing this Agreement. If, notwithstanding the foregoing, Consultant is reclassified as an employee of Company,
or any affiliate of Company, by the U.S. Internal Revenue Service, the U.S. Department of Labor, or any other federal or state or foreign
agency as the result of any administrative or judicial proceeding, Consultant agrees that Consultant will not, as the result of such
reclassification, be entitled to or eligible for, on either a prospective or a retrospective basis, any employee benefits under any plans
or programs established or maintained by the Company.

 

Consultant
is solely responsible for, and will file, on a timely basis, all tax returns and payments required to be filed with, or made to, any
federal, state or local tax authority with respect to the performance of services and receipt of fees under this Agreement. Consultant
is solely responsible for, and must maintain adequate records of, expenses incurred in the course of performing services under this Agreement.
Consultant will comply with all applicable federal, state, local, and foreign laws governing self-employed individuals, including laws
requiring the payment of taxes, such as income and employment taxes, and social security, disability, and other contributions. No part
of Consultant’s compensation will be subject to withholding by the Company for the payment of any social security, federal, state
or any other employee payroll taxes. The Company will regularly report amounts paid to Consultant by filing Form 1099-MISC with the Internal
Revenue Service as required by law.

 

8.
Confidentiality and Return of Property

 

Mr.
Baqar, recognizes that the work in which he will be engaged under this Agreement is of a proprietary nature. During the Term, SF and
Consultant may have access to or become familiar with information of a confidential or proprietary nature that pertains to the business
operations of the Company, its affiliates and its and their respective clients (“Confidential Information”). Such Confidential
Information includes, but is not limited to, the following: information about clients; client relationships and prospective clients;
information about pending or completed matters; Company programs, policies, manuals and forms; Company operations; information relating
to Company employees; and any other trade secrets, inventions, know-how, processes, ideas, concepts and methodologies. Confidential Information
does not include information that (i) is or becomes generally available to the public other than as a result of disclosure by Consultant
or SF or (ii) was or becomes available to Consultant or SF on a non-confidential basis from a third party provided that such third party
is not bound by a confidentiality agreement with the Company or otherwise prohibited from transmitting the information to Consultant
or SF by a contractual, legal or fiduciary obligation to the Company with respect to the information to Consultant or SF or (iii) is,
or Consultant or SF can demonstrate was, independently acquired, developed or conceived of by Consultant or SF or any of its representatives
without reference to the Confidential Information. SF and Consultant hereby agree not to disclose any Confidential Information, directly
or indirectly, or use it in any way, either during the Term or at any time thereafter, except as required by law, rule, regulation, regulatory
body or legal process or in the performance of the Services.

 

SF
and Consultant agree that upon expiration of the Term for any reason and upon request by the Company at any time, SF and Consultant will,
as promptly as practicable, (i) return to the Company all documents, memoranda, files, computer disks or electronic storage devices,
property, data and other materials (and all copies of such materials), in any form or media sent to or produced by or on behalf of the
Company, its affiliates and/or its and their respective clients or containing Confidential Information or otherwise belonging to the
Company, its affiliates and its and their respective investments, investors or clients and (ii) delete from Consultant’s own devices
and accounts all additional electronic copies of the Confidential Information.

 

The
obligations under this Section 8 shall survive the termination of this Agreement.

 

    	3

     

    

 

9.
Outside Interests

 

The
Company acknowledges and agrees that Consultant’s provision of Services hereunder is non-exclusive and SF and Consultant currently
have multiple interests and engagements that may be conflicting or competing with the Company. SF and Consultant shall also be entitled
to enter into contracts for service or employment with other entities from time to time, subject to compliance with the terms outlined
in this Agreement and continued provision of the Services to the reasonable satisfaction of the Company. For the avoidance of doubt,
Consultant shall manage future conflicts, potential or real, between his own personal and financial interests and that of FGF, and shall
comply with the FGF conflict of interest policy as adopted and revised by the Board of Directors from time to time. Understanding that
Consultant will devote adequate time in order to provide the Services commensurate with the position of a chief financial officer of
a public company and to the reasonable satisfaction of the Company , Consultant shall be free to engage in independent consulting relationships
and pursue personal business activities unrelated to his duties at FGF to the extent consistent with the conflict of interest policy.
Schedule B provides a list of pre-existing conflicts that will be deemed to be pre-approved conflicts. Any such conflicts or related
party transactions will be communicated to the FGF Board or Audit Committee, as appropriate, and be disclosed in appropriate public documents
(e.g. Proxy Statements, 8k, 10k, etc.) Other than SPACs or other investments where FGF is a significant investor or otherwise, it is
recommended (but not required) that Consultant limit involvement on public company boards other than FGF. For the avoidance of doubt,
it is understood that Consultant is not obligated to resign from any board or officer positions identified on Appendix B and held at
the time this agreement was executed.

 

10.
Non-solicit of Employees

 

During
this Agreement, and for a period of six months immediately following its termination, SF and Consultant agree not to solicit or induce
any employee or independent contractor to terminate or breach an employment, contractual or other relationship with the Company.

 

11.
Successors and Assigns

 

Neither
SF nor Consultant may subcontract or otherwise delegate its obligations under this Agreement without the Company’s prior written
consent. Subject to the foregoing, this Agreement will be for the benefit of the Company’s successors and assigns, and will be
binding on assignees of SF and Consultant.

 

12.
Waiver

 

The
failure of either party to insist in any one or more instances upon performance of any terms or conditions of this Agreement shall not
be construed as a waiver of future performance of any such term, covenant, or condition, but the obligations of either party with respect
thereto shall continue in full force and effect.

 

13.
Notice

 

All
notices to be provided hereunder shall be in writing and delivered and mailed (or emailed) to the parties at the address (or email address)
that each party provides the other from time to time in writing.

 

14.
Indemnification

 

The
parties hereto also expressly agree that SF and Consultant, including any officer, director, partner, principal, employee, agent or other
affiliate of SF and Consultant, (each hereinafter referred to as an “Indemnitee”) shall not have any liability, responsibility
or accountability whatsoever in damages or otherwise to the shareholders of Company or to Company (including its affiliates) for any
debt, obligation, or liability of, or loss suffered by Company or its affiliates that arises out of any act or omission performed or
omitted by such Indemnitee, except to the extent of acts or omissions that constitute fraud, gross negligence, willful misconduct or
a knowing violation of law by such Indemnitee. Each Indemnitee shall be indemnified by Company, and Company hereby agrees to defend,
indemnify, pay, protect and hold harmless the Indemnitee (on the demand of and to the satisfaction of such Indemnitee), to the fullest
amount available or permitted under law, from and against any and all liabilities, obligations, losses, damages, actions, judgments,
suits, proceedings, costs, expenses and disbursements of any kind or nature arising by reason of the fact that such Indemnitee is or
was providing Services to Company (including its affiliates) or is or was serving as a director, officer or other representative of Company
or a subsidiary of Company at the request of Company except to the extent of acts or omissions that constitute fraud, gross negligence,
willful misconduct or a knowing violation of law by such Indemnitee. The foregoing indemnification includes, without limitation, all
reasonable legal fees, costs and expenses of defense, appeal and settlement of any and all suits, actions or proceedings instituted against
such Indemnitee or Company (including its affiliates) and all costs of investigation in connection therewith that may be imposed on,
incurred by or asserted against the Indemnitee or Company (including its affiliates) in any way relating to or arising out of, or alleged
to relate to or arise out of, any action or inaction on the part of Company (including its affiliates), or on the part of the Indemnitee,
except to the extent of acts or omissions that constitute fraud, gross negligence, willful misconduct or a knowing violation of law by
such Indemnitee. If any action, suit or proceeding shall be brought, filed, served, or be pending against Company (including its affiliates)
or the Indemnitee relating to or arising out of, or alleged to relate to or arise out of, any action or inaction on either of their parts,
the Indemnitee shall have the right to employ, at the sole expense of Company, separate counsel of its choice in such action, suit or
proceeding.

 

    	4

     

    

 

Any
expenses (including reasonable attorneys’ fees) incurred by any Indemnitee in defending any action, suit or proceeding shall be
paid by the Company in advance of the final disposition of such matter if such Indemnitee expressly agrees to repay in full all such
amounts if such Indemnitee shall ultimately be determined not to be entitled to indemnification under this Agreement.

 

15.
Miscellaneous

 

15.1
This Agreement is governed by the laws of the State of Delaware without reference to any conflict of laws principles that would require
the application of the laws of any other jurisdiction. Consultant irrevocably consents to the personal jurisdiction of the state and
federal courts located in Delaware for any suit or action arising from or related to this Agreement, and waives any right Consultant
may have to object to the venue of such courts. Consultant further agrees that these courts will have exclusive jurisdiction over any
such suit or action initiated by Consultant against Company.

 

15.2
This Agreement forms the complete and exclusive statement of SF’s and Consultant’s agreement with the Company concerning
the subject matter hereof. The terms in this Agreement supersede any other representations or agreements made to SF and Consultant by
any party whether oral or written. The terms of this Agreement cannot be changed without written agreement signed by SF, Consultant and
a duly authorized officer of the Company.

 

15.3
In case any provision contained in this Agreement shall, for any reason, be held invalid or unenforceable in any respect, such provision
will be construed and enforced so as to render it valid and enforceable consistent with the general intent of the parties insofar as
possible under applicable law.

 

15.4
SF’s and Consultant’s obligations under this Agreement are of a unique character that gives them particular value; breach
of any of such obligations will result in irreparable and continuing damage to the Company for which there will be no adequate remedy
at law; and, in the event of such breach, the Company will be entitled to injunctive relief and/or a decree for specific performance,
and such other and further relief as may be proper (including monetary damages if appropriate).

 

    	5

     

    

 

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

 

	Company:
     	 	Consultant:
	 	 	 
	FG
    Financial Group, Inc.  	 	Sequoia
    Financial LLC
	 	 	 
	By:	/s/
    Larry G. Swets, Jr.	 	 	/s/
    Hassan R. Baqar
	 	 	 		 
	Name:	Larry
    G. Swets, Jr.	 	By:	Hassan
    R. Baqar
	 	 	 	 	 
	Title:	Chief
    Executive Officer	 	Title:	Managing
    Member 

 

	 	Hassan R. Baqar, in his individual capacity

                                                                     (solely in regard to Sections 8, 9 and 10 of this Agreement)

	 	 	 
	 	 	/s/
    Hassan R. Baqar
	 	 	 
	 	By:	Hassan
    R. Baqar

 

    	6

     

    

 

APPENDIX
A

 

	 	-	Assist
    with the capital markets initiatives of the Company.
	 	 	 
	 	-	Assist
    with the investor relations.
	 	 	 
	 	-	Manage
    the SPAC platform activities of the Company.
	 	 	 
	 	-	Assist
    with the activities of reinsurance business.

 

    	7

     

    

 

SCHEDULE
B

 

	 	-	Ownership
    in and positions held at all currently active or future SPACs launched outside of Company’s SPAC platform. 
	 	 	 
	 	-	Consultant’s
    ownership interests in FG SPAC Partners, LP.
	 	 	 
	 	-	Ownership
    of and/or any positions held at B-Scada, Inc. or its subsidiaries.
	 	 	 
	 	-	Ownership
    of and/or any positions held at Unbounded Media Corporation or its subsidiaries.
	 	 	 
	 	-	Ownership
    of and/or any positions held at GreenFirst Forest Products Inc. or its subsidiaries.
	 	 	 
	 	-	Positions
    held at Insurance Income Strategies Ltd. or its subsidiaries.

 

    	8

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