Document:

Exhibit 10.9

	
  

  	
  EXECUTION
  VERSION AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT This
  AMENDMENT NO. 2, dated as of October 14, 2014 (this “Amendment”), is entered
  into by and among Neff LLC, a Delaware limited liability company (“Parent
  Borrower”), Neff Holdings LLC, a Delaware limited liability company
  (“Holdings”), Neff Rental LLC, a Delaware limited liability company, Bank of
  America, N.A., as administrative agent (in such capacity, “Agent”), and each
  of the financial institutions on the signature pages hereto in its capacity
  as a Lender under the Credit Agreement (as defined below), and amends that
  certain Amended and Restated Senior Secured Credit Agreement, dated as of
  October 1, 2010 and as amended and restated as of November 20, 2013 (as amended
  by that Amendment No. 1 to Amended and Restated Credit Agreement, dated as of
  June 9, 2014, and as the same may be further amended, restated, amended and
  restated, supplemented or otherwise modified from time to time prior to the
  date hereof, the “Credit Agreement”), by and among Parent Borrower, Holdings,
  the other Credit Parties party thereto, the Agent, the Lenders from time to
  time party thereto and the other parties thereto. Capitalized terms used and
  not otherwise defined herein shall have the respective meanings set forth in
  the Credit Agreement. PRELIMINARY STATEMENTS (1) WHEREAS, Parent Borrower,
  the other Credit Parties, the Agent and the Lenders have entered into the
  Credit Agreement; (2) WHEREAS, Parent Borrower, the other Credit Parties, the
  Agent and certain Lenders wish to amend the Credit Agreement as set forth in
  Section 2 below and provide the confirmations set forth in Section 5 below;
  (3) WHEREAS, pursuant to Section 9.2 of the Credit Agreement Parent Borrower
  may, with the consent of the Agent and the Requisite Lenders, amend the
  Credit Agreement as set forth in Section 2 below; and (4) WHEREAS, the
  Requisite Lenders are willing to consent to the amendments set forth in
  Section 2 below and provide the confirmations set forth in Section 5(b)
  below. NOW, THEREFORE, in consideration of the mutual covenants and
  agreements herein contained and for other good and valuable consideration,
  the sufficiency and receipt of which are hereby acknowledged, the parties
  hereto hereby agree as follows: Section 1. Defined Terms; References. Unless
  otherwise specifically defined herein, each capitalized term used herein that
  is not otherwise defined shall have the respective meaning assigned to such
  term in the Credit Agreement. Each reference contained in any Loan Document
  to “hereof”, “hereunder”, “herein” and “hereby” and each other similar
  reference and each reference contained in any Loan Document to “this
  Agreement” and each other similar reference, and each reference contained in
  any Loan Document to any other Loan Document or “thereunder”, “thereof” or
  other similar reference to such other Loan Document, shall, in each case
  after the Amendment No. 2 Operative Date (as defined in Section 4 of this
  Amendment), refer to such Loan Document or such other Loan Document as
  amended by this Amendment. Section 2. Amendments. With effect from the
  Amendment No. 2 Operative Date: 

  

 

	
  

  	
  2 (a) Section
  1.5(c)(iii) of the Credit Agreement shall be and hereby is amended by
  deleting the text of such Section in its entirety and inserting in lieu
  thereof “[Reserved]”. (b) Section 2.9(c)(ii) of the Credit Agreement shall be
  and hereby is amended by deleting the proviso at the end thereof and
  inserting in lieu thereof: “provided, however, that after delivery by Agent
  of a control notice or similar notice as set forth in this clause (ii), (A)
  if the applicable Event of Default causing such delivery has been cured or
  (B) if such control notice or similar notice was delivered as a result of the
  Excess Availability thresholds set forth in this clause (ii), if Excess
  Availability is greater than or equal to the greater of (I) 12.5% of the
  aggregate Revolving Loan Commitments then in effect and (II) $35.0 million
  for a period of thirty (30) consecutive days (a “Cash Dominion Reversal
  Event”), then in the case of clause (A) or (B) Agent shall within one (1)
  Business Day thereof rescind such control notice or similar notice and
  instruct the applicable depositary institution, securities intermediary or
  commodities intermediary that all amounts on deposit in or credited to the
  applicable accounts shall cease to be transferred to the Concentration
  Account and shall be immediately available to the applicable Credit Party.”
  (c) Section 3.1(j) of the Credit Agreement shall be and hereby is amended by
  deleting the text of such Section in its entirety and inserting in lieu
  thereof text as follows: “unsecured Indebtedness in an aggregate principal
  amount not to exceed $50,000,000 at any one time outstanding so long as no
  cash interest or amortization payments are made on, or required with respect
  to, such Indebtedness and such Indebtedness has a final maturity date at
  least six months after the Commitment Termination Date;”. (d) Section 3.5 of
  the Credit Agreement shall be and hereby is amended as follows: (i) By
  inserting immediately before the semicolon at the end of clause (a) thereof
  the text “and Permitted Tax Receivable Payments”. (ii) By deleting the text
  appearing in clause (e) thereof in its entirety and inserting in lieu thereof
  the following: “Parent Borrower may make Restricted Payments to Holdings, and
  Holdings may make Restricted Payments to any Qualifying IPO Issuer, in the
  minimum amount necessary to enable Holdings or such Qualifying IPO Issuer to
  make repurchases of Stock deemed to occur upon the exercise of stock options
  if such Stock represents a portion of the exercise price thereof or the
  minimum amount of taxes due upon such exercises;”. 

  

 

	
  

  	
  3 (iii) (A) By
  deleting “and” at the end of clause (i) thereof, (B) replacing the period at
  the end of clause (j) thereof with “; and”, and (C) adding a new clause (k)
  at the end of such Section as follows: “(k) to the extent the Holdings LLC
  Agreement requires, (i) to reimburse Neff Corporation for expenses incurred
  on behalf or directly for the benefit of Holdings and its Subsidiaries,
  including without limitation expenses incurred in connection with the Neff
  Corporation Qualifying IPO, (ii) if any member of Holdings exercises its
  right to have its units in Holdings redeemed in accordance with the Holdings
  LLC Agreement, Holdings may make Restricted Payments in connection with such
  redemption in the form of any cash or Stock contributed to Holdings by Neff
  Corporation for such purpose, and (iii) in accordance with the Holdings LLC
  Agreement, Holdings shall be permitted to (A) undertake all actions,
  including, without limitation, a reclassification, distribution, division or
  recapitalization, with respect to its common units, to maintain at all times
  a one-to-one ratio between the number of common units owned by Neff
  Corporation and the number of outstanding shares of Class A common stock of
  Neff Corporation (disregarding, for purposes of maintaining the one-to-one
  ratio, such Stock of Neff Corporation as provided in the Holdings LLC Agreement);
  provided that, in the case of any action pursuant to this clause (k)(iii)(A)
  involving a distribution or other transfer by Holdings of cash or assets
  (other than Stock of Holdings), such distribution or other transfer is then
  permitted pursuant one or more other clauses of this Section 3.5, and (B)
  issue, transfer or deliver from treasury stock any units of Holdings to Neff
  Corporation.”. (e) Section 3.6(a) of the Credit Agreement shall be and hereby
  is amended by adding a proviso at the end thereof as follows: “provided that
  Holdings shall be permitted to amend and restate its limited liability
  company operating agreement on or before the closing date of the Neff
  Corporation Qualifying IPO substantially in the form attached as Exhibit B to
  Amendment No. 2;”. (f) Section 3.8(b) of the Credit Agreement shall be and
  hereby is amended by deleting the text appearing in clause (i) thereof in its
  entirety and inserting in lieu thereof the following: “(i) (x) reasonable
  fees and compensation paid to, and indemnity provided on behalf of, officers,
  directors, managers, members, employees or consultants of Holdings, Parent
  Borrower or any of its Subsidiaries as determined in good faith by Parent
  Borrower’s Board of Directors or senior management, (y) incentive bonuses and
  other compensation, if any, paid to employees and/or members of the Board of
  Directors of any of the Credit Parties in connection with the 2014 Loan
  Transactions and (z) incentive bonuses and other compensation, if any, paid
  to employees and/or members of the Board of Directors of any of the Credit
  Parties 

  

 

	
  

  	
  4 in connection
  with the Neff Corporation Qualifying IPO or under any Neff Holdings LLC 2014
  Bonus Plan;”. (g) Section 3.8(b) of the Credit Agreement shall be and hereby
  is amended by (i) deleting “and” at the end of clause (v) thereof, (ii)
  deleting the period at the end of clause (vi) thereof and inserting in lieu
  thereof “; and”, and (iii) adding a new clause (vii) to the end thereof as
  follows: “(vii) (A) in connection with a Neff Corporation Qualifying IPO, the
  entry into the Holdings LLC Agreement, the Tax Receivable Agreement, the IPO
  Common Unit Purchase Agreement and the Amended Neff Holdings LLC Management
  Equity Plan, and (B) Affiliate Transactions arising from the performance of such
  agreements (including pursuant to any amendment to such Contractual
  Obligations or documentation replacing such Contractual Obligations to the
  extent that such amendment or agreement is permitted hereunder and is not
  more disadvantageous to the applicable Credit Party or the Lenders in any
  material respect than the original Contractual Obligation).”. (h) Section
  3.9(a) of the Credit Agreement shall be and hereby is amended by deleting
  such clause in its entirety and inserting in lieu thereof the following: “(a)
  Holdings shall not engage in any business or activity other than (i) being a
  guarantor with respect to the Obligations under the Loan Documents and
  performing its Obligations thereunder and a guarantor with respect to the
  obligations under the Second Lien Loans and any Parity Lien Debt and
  performing its obligations thereunder and the security and other documents
  executed in connection therewith, (ii) holding shares of the Stock of Parent
  Borrower, (iii) paying taxes, (iv) preparing reports to Governmental
  Authorities and to the holders of its Stock, (v) holding meetings of its
  Board of Directors and/or the holders of its Stock, preparing company records
  and other company activities required to maintain its separate company
  structure, (vi) entry into and performance of its obligations under the Neff
  Holdings LLC 2014 Bonus Plans and Amended Neff Holdings Management Equity
  Plan, (vii) entry into and performance of its obligations under the Holdings
  LLC Agreement, the Tax Receivable Agreement and the IPO Common Unit Purchase
  Agreement and (viii) any activities reasonably related thereto.”. (i) Section
  3.18 of the Credit Agreement shall be and hereby is amended by (i) deleting
  “or” at the end of clause (a) in the first sentence thereof and replacing it
  with “,”, (ii) adding “or” at the end of clause (b)(y)(2) in the first
  sentence thereof and (iii) adding a new clause (c) to the end of the first
  sentence thereof as follows: “(c) such Indebtedness is prepaid (including any
  consent fees and/or prepayment premiums payable in connection therewith) with
  the proceeds from a Neff Corporation Qualifying IPO or, thereafter, with the
  net proceeds from any other public offering of common equity securities by
  Neff Corporation (including in each case any “green shoe” or over-allotment
  option in connection therewith) that are applied by Neff Corporation to
  purchase common units of Holdings 

  

 

	
  

  	
  5 (provided
  that payment of interest, customary breakage fees, and reimbursement of
  expenses of the Second Lien Agent in connection with such prepayment may be
  paid out of other funds of the Credit Parties)”. (j) Section 4.1 of the
  Credit Agreement shall be and hereby is amended by deleting the first full
  paragraph following clause (n) of such Section in its entirety and inserting
  in lieu thereof the following: “Notwithstanding anything to the contrary set
  forth in this Section 4.1 or in any other provision of this Agreement that
  refers to this Section 4.1 or any clause hereof, the obligations of the
  Parent Borrower set forth in clauses (a), (b) and (c) of this Section 4.1 may
  be satisfied by furnishing the applicable financial information required by
  such clause with respect to Neff Corporation and its Subsidiaries on a
  consolidated basis in lieu of furnishing the applicable financial information
  required by such clause with respect to Parent Borrower and its Subsidiaries
  on a consolidated basis; provided, that to the extent such financial
  information relates to Neff Corporation and its Subsidiaries, such
  information is accompanied by consolidating information that explains in
  reasonable detail the differences between the information relating to such
  Neff Corporation and its Subsidiaries (other than Holdings and its
  Subsidiaries), on the one hand, and the information relating to Holdings and
  its Subsidiaries on a consolidated basis, on the other hand. Documents
  required to be delivered pursuant to Section 4.1(a), (b), (c) or (h) (to the
  extent any such documents are included in materials otherwise filed with the
  SEC) may be delivered electronically and if so delivered, shall be deemed to
  have been delivered on the date (i) on which Parent Borrower posts such
  documents, or provides a link thereto on Parent Borrower’s website on the
  Internet at the website address listed in Section 9.3; (ii) on which Neff
  Corporation electronically files such documents with the U.S. Securities and
  Exchange Commission and they become publicly available on
  www.sec.gov/edgar/searchedgar/companysearch.html (or any successor website
  maintained by such agency); or (iii) on which such documents are posted on
  Parent Borrower’s behalf on an Internet or intranet website, if any, to which
  each Lender and the Agent have access (whether a commercial, third-party
  website or whether sponsored by the Agent); provided that (i) Parent Borrower
  shall deliver paper copies of such documents to the Agent or any Lender that
  requests Parent Borrower to deliver such paper copies until a written request
  to cease delivering paper copies is given by the Agent or such Lender and
  (ii) any such posting shall only be deemed delivered when Parent Borrower
  shall notify the Agent (by facsimile or electronic mail) of the posting of
  any such documents and provide to the Agent by electronic mail electronic
  versions (i.e., soft copies) of such documents. Notwithstanding anything
  contained herein, in every instance Parent Borrower shall be required to
  provide paper copies of the Compliance and Pricing Certificates required by
  Section 4.1(m) to the Agent. Except for such Compliance and Pricing Certificates,
  the Agent shall have no obligation to request the delivery or to maintain
  copies of the documents referred to above, and in any event shall have no
  responsibility to monitor compliance by Parent Borrower with any such 

  

 

	
  

  	
  6 request for
  delivery, and each Lender shall be solely responsible for requesting delivery
  to it or maintaining its copies of such documents.” (k) Section 5.4(b)(iv) of
  the Credit Agreement shall be and hereby is amended by deleting such Section
  in its entirety and inserting in lieu thereof the following: “(iv) each
  Credit Party is, and at the time of delivery of the Pledged Stock (as defined
  in the Security Agreement) to Agent will be, the sole holder of record and,
  other than Wayzata (or, after the Neff Corporation Qualifying IPO, Neff
  Corporation), the sole beneficial owner of such pledged Collateral pledged by
  each Credit Party free and clear of any Lien thereon or affecting the title
  thereto, except for any Lien created by this Agreement or any of the
  Collateral Documents in favor of the Agent for the benefit of the Agent and
  Lenders and the Permitted Encumbrances;”. (l) Annex A to the Credit Agreement
  shall be and hereby is amended by: (i) Deleting the definition of “Change of
  Control” appearing therein in its entirety and inserting in lieu thereof the
  following: ““Change of Control” means any event, transaction or occurrence as
  a result of which: (a) at any time prior to the consummation of a Qualifying
  IPO, the Permitted Holders cease to “beneficially own” (within the meaning of
  Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934) and control
  all of the voting rights associated with ownership of more than fifty percent
  (50%) of the outstanding Stock of Holdings having ordinary voting power on a
  fully diluted basis; or (b) at any time as of or after the consummation of a
  Qualifying IPO, (A) any “person” or “group” (within the meaning of Sections
  13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any
  employee benefit plan of such person and its subsidiaries, and any person or
  entity acting in its capacity as trustee, agent or other fiduciary or
  administrator of any such plan, and excluding the Permitted Holders) shall
  become the “beneficial owner” (within the meaning of Rules 13d-3 and 13d-5
  under the Securities Exchange Act of 1934), directly or indirectly, of
  outstanding Voting Stock of the Qualifying IPO Issuer entitling such “person”
  or “group” to cast more than thirty-five percent (35%) of the votes eligible
  to be cast in an election of directors, managing members or general partners,
  as applicable, of the Qualifying IPO Issuer and (B) the Permitted Holders
  shall own outstanding Voting Stock of the Qualifying IPO Issuer having a
  lesser percentage of the votes eligible to be cast in such an 

  

 

	
  

  	
  7 election of
  the Qualifying IPO Issuer at such time than the “person” or “group” in the
  foregoing clause (A); or (c) Holdings ceases to own and control all of the
  voting rights associated with all of the outstanding Stock of Parent
  Borrower.”. (ii) Deleting the definition of “Continuing Director” appearing
  therein in its entirety. (iii) Deleting the definition of “Qualifying IPO
  Issuer” appearing therein in its entirety and inserting in lieu thereof the
  following: ““Qualifying IPO Issuer” means Holdings or a corporation or other
  legal entity which either (a) owns, directly or indirectly, 100% of the
  outstanding Stock of Holdings or (b) is the sole managing member of Holdings.
  For the avoidance of doubt, upon consummation of the Neff Corporation
  Qualifying IPO, Neff Corporation shall be a Qualifying IPO Issuer.”. (iv)
  Deleting clause (a)(xvi) of the definition of “Consolidated EBITDA” appearing
  therein in its entirety and inserting in lieu thereof the following: “(xvi)
  fees, expenses and other amounts payable by any Credit Party in connection
  with its performance, or payable or reimbursable to Neff Corporation in
  connection with its performance, of its obligations under the Tax Receivable
  Agreement and the IPO Common Unit Purchase Agreement,”. (v) Further amending
  the definition of “Consolidated EBITDA” by (i) deleting “and” at the end of
  clause (a)(xvii) thereof and replacing it with “,”, (ii) adding “and” at the
  end of clause (a)(xviii) thereof and (iii) adding a new clause (a)(xix) as
  follows: “(xix) any fees, costs, expenses or charges related to, or arising
  in connection with, the Neff Corporation Qualifying IPO, Amendment No. 2 or
  Second Lien Amendment No. 1 (including, without limitation, (A) payment of
  consent fees to lenders, (B) payment of prepayment premium and breakage costs
  to lenders, (C) any incentive bonuses and other compensation, if any, paid or
  payable to employees and/or members of the Board of Directors of any of the
  Credit Parties in connection with the Neff Corporation Qualifying IPO or under
  any Neff Holdings LLC 2014 Bonus Plan, (D) filing fees and exchange listing
  fees, (E) “roadshow” expenses, printer costs and other offering expenses and
  (F) underwriter discounts and commissions)”. 

  

 

	
  

  	
  8 (vi) Deleting
  clause (b)(iv) of the definition of “Fixed Charge Coverage Ratio” appearing
  therein in its entirety and inserting in lieu thereof the following: “(iv)
  Restricted Payments paid by Holdings and its Subsidiaries after the
  Restatement Effective Date pursuant to Sections 3.5(a), (e), (f), (i) and
  (k)(i) (with respect to (k)(i), solely to the extent that such Restricted
  Payment is related to an expense of Neff Corporation that is an expense item
  that, if such payment were made by the Parent Borrower or its Subsidiaries
  and deducted in the calculation of Consolidated Net Income, such payment
  would be added back in the calculation of Consolidated EBITDA.”. (vii)
  Deleting the definition of “Stock” appearing therein in its entirety and
  inserting in lieu thereof the following: ““Stock” means all shares, options,
  warrants, general or limited partnership interests, membership interests or
  other equivalents (regardless of how designated) of or in a corporation,
  partnership, limited liability company or equivalent entity whether voting or
  nonvoting, including common stock, preferred stock, common units, preferred
  units, units or any other “equity security” (as such term is defined in Rule
  3a11-1 of the General Rules and Regulations promulgated by the Securities and
  Exchange Commission under the Securities Exchange Act of 1934).”. (viii)
  Deleting the definition of “Tax Distributions” appearing therein in its
  entirety and inserting in lieu thereof the following: ““Tax Distributions”
  means: (1) for so long as for U.S. federal income tax purposes, Parent Borrower
  is taxed as a partnership or disregarded entity and is not wholly owned
  (directly or indirectly) by a corporate parent, (A) with respect to any
  taxable year ending after the Closing Date, cash distributions to fund the
  assumed income tax liabilities of the direct or indirect equity owners of
  Parent Borrower (including estimated tax liabilities) in respect of the
  income of Parent Borrower for such taxable year, in an aggregate amount equal
  to the excess of (a) the product of (x) the net taxable income of Parent
  Borrower (treating Parent Borrower as a taxable entity, and calculated (i) by
  including in such net taxable income Parent Borrower’s distributive share of
  all tax items attributable to Parent Borrower and any Subsidiary of Parent
  Borrower taxed as a partnership or disregarded entity for U.S. federal income
  tax purposes, and (ii) without regard to any adjustments pursuant to Section
  734 of the Code that arises on or after the Qualifying IPO or any adjustments
  pursuant to Section 743 of the Code) for the taxable year in question,
  reduced by any cumulative net taxable loss with respect to any prior taxable
  year ending after the Closing Date to the extent such prior net taxable loss
  (I) is of a character (ordinary or 

  

 

	
  

  	
  9 capital) that
  would permit such loss to be deducted against the income of the taxable year
  in question and (II) was not previously taken into account in determining the
  assumed income tax liabilities for any prior taxable year, and (y) the
  highest combined marginal federal and applicable state and/or local income
  tax rate (taking into account the deductibility of state and local income
  taxes for U.S. federal income tax purposes and the character of the taxable
  income in question (i.e., long term capital gain, qualified dividend income, etc.))
  applicable to an individual United States citizen or corporation (whichever
  is higher) residing in New York, New York for the taxable year in question
  (or portion thereof), over (b) in the case of any taxable year beginning
  prior to the Closing Date, the aggregate amount of assumed estimated tax
  payments that should have been made under Section 6654 of the Code prior to
  the Closing Date (based on the assumption that all of the owners are
  individual or corporate residents of New York, New York (which results in a
  higher applicable combined marginal federal and applicable state and/or local
  income tax rate), calculated in a manner consistent with the calculation in
  clause (y) above); provided that, for the avoidance of doubt, in the event of
  any tax audit adjustment or other tax assessment or the filing of an amended
  tax return that results in additional taxable income of Parent Borrower
  (treating Parent Borrower as a taxable entity), the Tax Distributions with
  respect to such taxable year ending on or after the Closing Date shall be
  recalculated by giving effect to such adjustment, assessment or amended tax
  return (for the avoidance of doubt, taking into account interest and
  penalties), in a manner consistent with the calculation in clause (B) below)
  and (B) with respect to any taxable year ending prior to the Closing Date,
  cash distributions to pay the assumed income tax liabilities of the direct or
  indirect equity owners of Parent Borrower in respect of the income of Parent
  Borrower for such taxable year, in an aggregate amount equal to the sum of
  (i) the product of (I) any additional taxable income of Parent Borrower
  (calculated in a manner consistent with the calculation in clause (A) above)
  for such taxable year resulting from a tax audit adjustment or other tax
  assessment or the filing of an amended tax return made after the Closing Date
  and (II) the highest combined marginal federal and applicable state and/or
  local income tax rate (taking into account the deductibility of state and
  local income taxes for U.S. federal income tax purposes and the character of
  the taxable income in question (i.e., long term capital gain, qualified
  dividend income, etc.)) applicable to an individual United States citizen or
  corporation (whichever is higher) residing in New York, New York for the
  taxable year in question plus (ii) interest and penalties relating to such
  tax audit adjustment, assessment or amended tax return, (2) with respect to
  any taxable period for which Parent Borrower or any of its Subsidiaries is a
  member of a consolidated, combined or similar income, franchise or other
  state and/or local tax group of which Holdings or its direct or indirect
  parent is the common parent (a “Tax Group”), or for which Parent Borrower is
  a partnership or 

  

 

	
  

  	
  10 disregarded
  entity that is wholly owned (directly or indirectly) by a corporate parent (a
  “Corporate Parent”), cash distributions to pay the portion of the Tax Group’s
  or Corporate Parent’s actual cash income, franchise or other state and/or
  local tax liability attributable to Parent Borrower and/or its Subsidiaries,
  in an amount not to exceed the income, franchise or other state and/or local
  tax liability that would have been payable by Parent Borrower and/or such
  Subsidiaries if such entities had always been taxable on a stand-alone basis
  (reduced by any such income, franchise or other state and/or local taxes paid
  or to be paid directly by Parent Borrower or its Subsidiaries), and (3) cash
  distributions to pay any taxes of Holdings not described in clause (1) or (2)
  above, provided that the aggregate payments pursuant to this clause (3) shall
  not exceed $250,000 per calendar year.”. (m) Annex A to the Credit Agreement
  shall be and hereby is amended by inserting the following definitions in
  appropriate alphabetical order: “Amended Neff Holdings LLC Management Equity
  Plan” means the Amended Neff Holdings LLC Management Equity Plan as in effect
  on the Amendment No. 2 Operative Date substantially in the form attached to
  Amendment No. 2 as Exhibit E as further amended from time to time in any
  manner that the Borrower reasonably determines is not adverse to the
  interests of the Agent or the Lenders. “Amendment No. 2” means that certain
  Amendment No. 2 to Amended and Restated Credit Agreement, dated as of the
  Amendment No. 2 Effective Date, among the Agent, the Lenders party thereto,
  Holdings and Borrowers. “Amendment No. 2 Effective Date” means October 14,
  2014. “Amendment No. 2 Operative Date” has the meaning set forth in Amendment
  No. 2. “Holdings LLC Agreement” means the Second Amended and Restated Limited
  Liability Company Agreement as in effect on the Amendment No. 2 Operative
  Date substantially in the form attached to Amendment No. 2 as Exhibit B as
  further amended from time to time in any manner that the Borrower reasonably
  determines is not adverse to the interests of the Agent or the Lenders. “IPO
  Common Unit Purchase Agreement” means the IPO Common Unit Purchase Agreement
  as in effect on the Amendment No. 2 Operative Date substantially in the form
  attached to Amendment No. 2 as Exhibit C as amended from time to time in any
  manner that the Borrower reasonably determines is not adverse to the
  interests of the Agent or the Lenders. “Neff Corporation” means Neff
  Corporation, a Delaware corporation formed at the direction of Wayzata for
  the purposes of effecting a Qualifying IPO, together with its successors and
  assigns. 

  

 

	
  

  	
  11 “Neff
  Corporation Qualifying IPO” means a Qualifying IPO of Neff Corporation in
  connection with which (a) Holdings amends and restates its limited liability
  operating agreement substantially in the form of Exhibit B to Amendment No.
  2, (b) Neff Corporation applies all or a portion of the net proceeds from
  such Qualifying IPO to purchase common units of Holdings, and (c) Neff
  Corporation becomes the sole managing member of Holdings. “Neff Holdings LLC
  2014 Bonus Plans” means each of (a) the Neff Holdings LLC 2014 Management
  Special Bonus Plan, effective June 1, 2014, (b) the Neff Holdings LLC Amended
  and Restated Sale Transaction Bonus Plan, effective as of June 1, 2014 and as
  the same was further amended on or prior to the Amendment No. 2 Operative
  Date in connection with the Neff Corporation Qualifying IPO, and (c) the Neff
  Holdings LLC Incentive Bonus Plan, as in effect on or prior to the Amendment
  No. 2 Operative Date. “Permitted Tax Receivable Payment” means the aggregate
  amount of any accelerated lump sum amounts payable pursuant to the Tax
  Receivable Agreement by reason of any early termination of the Tax Receivable
  Agreement as a result of or in connection with the occurrence of a Change of
  Control that has been waived by the Requisite Lenders. “Second Lien Agent”
  means Credit Suisse AG, in its capacity as administrative and collateral
  agent under the Second Lien Credit Agreement, together with its successors
  and assigns. “Second Lien Amendment No. 1” means that certain Amendment No. 1
  to Second Lien Credit Agreement, to be dated and effective prior to or
  simultaneous with the Neff Corporation Qualifying IPO, by and among Parent
  Borrower, Holdings, the other Credit Parties that are party thereto, the
  Second Lien Agent and the Second Lien Lenders that are party thereto, which
  amends the Second Lien Credit Agreement. “Second Lien Lenders” means each of
  the “Lenders” as defined in the Second Lien Credit Agreement. “Second Lien
  Loan Repayment Amount” means the sum of (a) the aggregate principal amount of
  the Second Lien Loans prepaid with a portion of the net proceeds of from a
  Qualifying IPO received by the Credit Parties, plus (b) a 2.00% prepayment premium
  on the principal amount of Second Lien Loans repaid pursuant to the foregoing
  clause (a), plus (c) accrued and unpaid interest in respect of the principal
  amount of Second Lien Loans repaid pursuant to the foregoing clause (a), plus
  (d) solely to the extent ascertainable as of the date of pricing of the Neff
  Corporation Qualifying IPO, customary LIBOR breakage fees payable to the
  Second Lien Lenders in respect of the principal amount of Second Lien Loans
  repaid pursuant to the foregoing clause (a), plus (e) consent fees payable to
  the Second Lien Lenders, plus (f) solely to the extent ascertainable as of
  the date of pricing the Neff Corporation Qualifying IPO, expenses payable to 

  

 

	
  

  	
  12 counsel to
  the Second Lien Agent in connection with the amendment to the Second Lien
  Credit Agreement. “Tax Receivable Agreement” means the Tax Receivable
  Agreement as in effect on the Amendment No. 2 Operative Date substantially in
  the form attached to Amendment No. 2 as Exhibit D as amended from time to
  time in any manner that the Borrower reasonably determines is not adverse to
  the interests of the Agent or the Lenders. “Voting Stock” means, with respect
  to any Person, any class or classes of Stock of such Person that entitles the
  holders thereof to vote in the election of directors, managing members or
  general partners, as the case may be, of such Person. Section 3.
  Representations. Holdings, Parent Borrower and each other Credit Party
  represents and warrants that immediately prior to and after giving effect to
  the effectiveness of this Amendment (i) the representations and warranties
  set forth in Section 5 of the Credit Agreement or any other Loan Document
  will be true and correct in all material respects (except to the extent any
  such representation or warranty is qualified by “materially”, “Material
  Adverse Effect” or a similar term, in which case such representation and
  warranty shall be true and correct in all respects) on and as of the
  Amendment No. 2 Effective Date and the Amendment No. 2 Operative Date, except
  in each case to the extent that such representations and warranties expressly
  relate to an earlier date, in which case they shall be true and correct in
  all material respects (except to the extent any such representation or
  warranty is qualified by “materially”, “Material Adverse Effect” or a similar
  term, in which case such representation and warranty shall be true and
  correct in all respects) as of such earlier date and (ii) no Default or Event
  of Default shall have occurred and be continuing under the Credit Agreement
  on the Amendment No. 2 Effective Date or on the Amendment No. 2 Operative
  Date. Section 4. Conditions to Effectiveness; Operation of Amendments and
  Confirmations. (a) This Amendment No. 2 shall become effective on the date
  (the “Amendment No. 2 Effective Date”) when, and only when, each of the
  following conditions shall have been satisfied to the reasonable satisfaction
  of the Administrative Agent (or waived by the Administrative Agent in its
  sole discretion): (i) Execution of Counterparts. The Agent shall have
  received from Holdings, Parent Borrower, each other Credit Party and the
  Requisite Lenders under the Credit Agreement an original counterpart of this
  Amendment signed by such party or a facsimile or electronic (i.e., “.pdf” or
  “.tif”) copy of such signed original counterpart. (ii) Officer’s Certificate.
  Parent Borrower shall have delivered to the Agent duly executed copies of a
  certificate of an authorized officer of Parent Borrower, dated the Amendment
  No. 2 Effective Date, certifying on behalf of Parent Borrower that as of the
  Amendment No. 2 Effective Date and after giving effect to this Amendment (i)
  the representations and warranties in this Amendment and the Credit Agreement
  are accurate, true and correct in all 

  

 

	
  

  	
  13 material respects
  and (ii) no Default or Event of Default has occurred or is continuing. (iii)
  Expenses. The Agent shall have received all reasonable and documented fees
  and invoiced out-of-pocket expenses (including reasonable and documented
  expenses of counsel) due and payable by Holdings or Parent Borrower under
  Section 1.3(e) of the Credit Agreement or otherwise on or prior to the
  Amendment No. 2 Effective Date to the extent an invoice has been submitted to
  the Parent Borrower therefor. (b) Notwithstanding the fact that this
  Amendment No. 2 has become effective on the Amendment No. 2 Effective Date,
  the amendments set forth in Section 2 and consents set forth in Section 5(b)
  shall become operative only on the date on or prior to April 30, 2015 (the
  “Amendment No. 2 Operative Date”) when, and only when, each of the following
  conditions shall have been satisfied to the reasonable satisfaction of the
  Administrative Agent (or waived by the Administrative Agent in its sole
  discretion) and once operative, the provisions in Section 2 and Section 5(b)
  shall then be deemed to have occurred substantially simultaneous with the
  events contemplated therein and in Section 5(b): (i) Officer’s Certificate.
  Parent Borrower shall have delivered to the Agent duly executed copies of a certificate
  of an authorized officer of Parent Borrower, dated the Amendment No. 2
  Operative Date, certifying on behalf of Parent Borrower that as of the
  Amendment No. 2 Operative Date and after giving effect to this Amendment (i)
  the representations and warranties in this Amendment and the Credit Agreement
  are accurate, true and correct in all material respects, (ii) no Default or
  Event of Default has occurred or is continuing and (iii) the Neff Corporation
  Qualifying IPO has closed or will close substantially simultaneous with the
  operation of the amendments set forth in Section 2 of this Amendment. (ii)
  Minimum Availability. On the Amendment No. 2 Operative Date (after giving
  effect to this Amendment and the operation of the amendments and consents
  herein), (i) Borrowers shall have Excess Availability of at least
  $150,000,000, calculated on a pro forma basis after giving effect to the
  consummation of the Neff Corporation Qualifying IPO and the application of a
  portion of the net proceeds therefrom to repay Loans and to prepay Second
  Lien Loans and (ii) Parent Borrower shall have delivered a certificate to the
  Agent setting forth the Second Lien Loan Repayment Amount (as defined in the
  Credit Agreement as amended hereby) and setting forth the calculation thereof
  (which calculation shall be reasonably acceptable to the Agent). (iii)
  Amendment Fee. The Parent Borrower shall have paid to each Lender consenting
  to this Amendment prior to Noon (New York City time) on October 8, 2014, a
  nonrefundable cash fee (the “Amendment Fee”) in U.S. dollars equal to five
  basis points of the Revolving Loan Commitments held by such Lender as of the
  Amendment No. 2 Effective Date. Such payment of the 

  

 

	
  

  	
  14 Amendment
  Fee shall be made to the Agent for further distribution of the Lenders
  entitled thereto. (iv) Expenses. The Agent shall have received all reasonable
  and documented fees and invoiced out-of-pocket expenses (including reasonable
  and documented expenses of counsel) due and payable by Holdings or Parent
  Borrower under Section 1.3(e) of the Credit Agreement or otherwise on or
  prior to the Amendment No. 2 Operative Date to the extent an invoice has been
  submitted to the Parent Borrower therefor. For the avoidance of doubt, the
  operation of Section 2 and Section 5(b) are contingent upon the closing of
  the Neff Corporation Qualifying IPO and the satisfaction of the other
  conditions precedent set forth in this Section 4(b), and this Amendment shall
  lapse and have no effect if the Neff Corporation Qualifying IPO has not
  occurred and the other conditions set forth in this Section 4(b) have not
  been satisfied on or before April 30, 2015. Section 5. Confirmation of Loan
  Documents; Lender Consents. (a) The Credit Parties hereby confirm that the
  Collateral Documents and the obligations of such parties under the Loan
  Documents continue in full force and effect and shall not be affected by this
  Amendment, except as expressly provided herein. Each of the Credit Parties
  hereby further ratifies and reaffirms the validity and enforceability of all
  of the Liens and security interests heretofore granted, pursuant to and in
  connection with the Collateral Documents, to the Agent, as collateral
  security for the Obligations under the Loan Documents in accordance with
  their respective terms, and acknowledges that all of such Liens and security
  interests, and all Collateral heretofore pledged as security for such
  Obligations, continue to be and remain collateral for such obligations from
  and after the date hereof. (b) Notwithstanding anything set forth in the
  Credit Agreement, subject to the conditions set forth in Section 4 of this
  Amendment, each of the Lenders hereby consents to: (i) the prepayment by the
  Credit Parties of the Second Lien Loans with a portion of the net proceeds of
  from the Neff Corporation Qualifying IPO received by the Credit Parties; (ii)
  the payment by the Credit Parties to the Second Lien Lenders of a 2.00%
  prepayment premium on the principal amount of Second Lien Loans repaid
  pursuant to the foregoing clause (a) with a portion of the net proceeds of
  from Neff Corporation Qualifying IPO received by the Credit Parties; (iii)
  the payment by the Credit Parties of accrued and unpaid interest in respect
  of the principal amount of Second Lien Loans repaid pursuant to the foregoing
  clause (a), whether out of the proceeds from Neff Corporation Qualifying IPO
  received by the Credit Parties or otherwise; 

  

 

	
  

  	
  15 (iv) the
  payment by the Credit Parties of customary LIBOR breakage fees payable to the
  Second Lien Lenders in respect of the principal amount of Second Lien Loans
  repaid pursuant to the foregoing clause (a), whether out of the proceeds from
  Neff Corporation Qualifying IPO received by the Credit Parties or otherwise;
  (v) the payment by the Credit Parties of consent fees payable to the Second
  Lien Lenders not to exceed $287,500 in the aggregate out of the proceeds from
  Neff Corporation Qualifying IPO received by the Credit Parties; (vi) the
  payment by the Credit Parties of expenses payable to counsel to the Second
  Lien Agent in connection with the amendment to the Second Lien Credit
  Agreement whether out of the proceeds from Neff Corporation Qualifying IPO
  received by the Credit Parties or otherwise; (vii) the entry by the Credit
  Parties into the Second Lien Amendment No. 1 substantially in the form
  attached hereto as Exhibit A; (viii) the amendment and restatement of the
  Holdings limited liability company operating agreement substantially in the
  form attached hereto as Exhibit B; (ix) the entry by Holdings into the IPO
  Common Unit Purchase Agreement substantially in the form attached hereto as
  Exhibit C; (x) the entry by Holdings into the Tax Receivable Agreement
  substantially in the form attached hereto as Exhibit D; (xi) the entry by
  Holdings into the Amended Neff Holdings LLC Management Equity Plan
  substantially in the form attached hereto as Exhibit E; and (xii) all
  transactions directly related to the foregoing clauses (i) through (xi). (c)
  Upon the Amendment No. 2 Effective Date this Amendment shall constitute a
  Loan Document. The execution, delivery, and performance of this Amendment
  shall not operate, except as expressly set forth herein, as a waiver of,
  consent to, or a modification or amendment of, any right, power, or remedy of
  Agent or any Lender under the Credit Agreement or any other Loan Document.
  Except for the amendments to the Credit Agreement and the consents expressly
  set forth herein, the Credit Agreement and the other Loan Documents shall
  remain unchanged and in full force and effect. The amendments and consents
  set forth herein shall, except to the extent they become operative on the
  Amendment No. 2 Operative Date, (i) neither excuse future non-compliance with
  the Loan Documents nor operate as a waiver of any Default or Event of
  Default, (ii) not operate as a consent to any matter under the Loan Documents
  except as expressly set forth herein and (iii) not be construed as an
  indication that the Lenders will agree to any other amendments or give any
  other consents or waivers with respect to the Credit Agreement or the other
  Loan Documents 

  

 

	
  

  	
  16 that may be
  requested by the Credit Parties; it being understood that the agreement of
  any other amendments or giving of any other consents or waivers which may
  hereafter be requested by the Credit Parties remains in the sole and absolute
  discretion of Agent and the Lenders. Section 6. Certain Consequences Of
  Effectiveness. On and after the Amendment No. 2 Operative Date, the rights
  and obligations of the parties to the Credit Agreement and each other Loan
  Document shall be governed by the Credit Agreement as amended hereby;
  provided that the provisions of Section 2 and Section 5(b) of this Amendment
  shall not become operative (and this Amendment shall lapse and have no
  effect) unless and until the Neff Corporation Qualifying IPO and the other
  conditions precedent set forth in Section 4(b) hereof have occurred on or
  before April 30, 2015. To the extent that this Amendment has become effective
  and the provisions hereof have become operative, the Credit Agreement and the
  other Loan Documents, as specifically amended hereby, are, and shall continue
  to be, in full force and effect and are hereby ratified and confirmed in all
  respects. Section 7. Severability. Any provision of this Amendment held to be
  invalid, illegal or unenforceable in any jurisdiction shall, as to such
  jurisdiction, be ineffective to the extent of such invalidity, illegality or
  unenforceability without affecting the validity, legality and enforceability
  of the remaining provisions hereof; and the invalidity of a particular
  provision in a particular jurisdiction shall not invalidate such provision in
  any other jurisdiction. Section 8. Governing Law; Jurisdiction; Service of
  Process. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND
  ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.
  PARENT BORROWER AND EACH CREDIT PARTY HEREBY CONSENT TO THE EXCLUSIVE
  JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN NEW YORK COUNTY,
  STATE OF NEW YORK AND IRREVOCABLY AGREE THAT, SUBJECT TO AGENT’S ELECTION,
  ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AMENDMENT SHALL
  BE LITIGATED IN SUCH COURTS. PARENT BORROWER AND EACH CREDIT PARTY EXPRESSLY
  SUBMIT AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY
  DEFENSE OF FORUM NON CONVENIENS. PARENT BORROWER AND EACH CREDIT PARTY HEREBY
  WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREE THAT ALL SUCH SERVICE
  OF PROCESS MAY BE MADE UPON PARENT BORROWER AND SUCH CREDIT PARTIES BY
  CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO PARENT
  BORROWER, AT THE ADDRESS SET FORTH IN SECTION 9.3 OF THE CREDIT AGREEMENT AND
  SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN
  POSTED. Section 9. Waiver of Jury Trial. PARENT BORROWER, EACH CREDIT PARTY,
  AGENT, EACH LENDER AND EACH OTHER PARTY HERETO HEREBY WAIVE THEIR RESPECTIVE
  RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
  OUT OF THIS AMENDMENT. PARENT BORROWER, EACH CREDIT PARTY, AGENT, EACH LENDER
  AND EACH OTHER PARTY HERETO ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
  INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON
  THIS WAIVER IN 

  

 

	
  

  	
  17 ENTERING
  INTO THIS AMENDMENT AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS
  RELATED FUTURE DEALINGS. Section 10. Counterparts. This Amendment may be
  executed in counterparts (and by different parties hereto on different
  counterparts), each of which shall constitute an original, but all of which
  when taken together shall constitute a single contract. Delivery by facsimile
  or email of an executed counterpart of a signature page to this Amendment
  shall be effective as delivery of an original executed counterpart of this
  Amendment. Section 11. Certain Tax Matters. For purposes of determining
  withholding Taxes imposed under the Foreign Account Tax Compliance Act
  (FATCA), from and after the Amendment No. 2 Effective Date, the Borrower and
  the Administrative Agent shall treat (and the Lenders hereby authorize the
  Administrative Agent to treat) the Loans as not qualifying as a
  "grandfathered obligation" within the meaning of Treasury
  Regulation Section 1.1471-2(b)(2)(i). 

  

 

	
  

  	
  IN WITNESS
  WHEREOF, the parties hereto have caused this Amendment to be duly executed as
  of the date first above written. NEFF LLC, as Parent Borrower By: Name: Mark
  Irion Title: Chief Financial Officer NEFF HOLDINGS LLC, as Holdings and a Credit
  Party By: Name: Mark Irion Title: Chief Financial Officer NEFF RENTAL LLC, as
  Borrower By: Name: Mark Irion Title: Chief Financial Officer [Signature Page
  to Amendment No. 2 to Amended and Restated Credit Agreement]

   

  

 

 

	
  

  	
  BANK OF
  AMERICA, N.A., as Agent and as a Lender: By: Name: Dennis S. Losin Title:
  Senior Vice President [Signature Page to Amendment No. 2 to Amended and
  Restated Credit Agreement]

  

 

	
  

  	
  RBS CITIZENS
  BUSINESS CAPITAL, a division of RBS Asset Finance, Inc., as a Lender: By:
  Name: James H. Herzog Jr Tile: Senior Vice President [Signature Page to
  Amendment No. 2 to Amended and Restated Credit Agreement]

  

 

	
  

  	
  SUNTRUST BANK,
  as a Lender: By Name: Alex Smith Title: Vice President [Signature Page to
  Amendment No. 2 to Amended and Restated Credit Agreement]

  

 

	
  

  	
  CIT FINANCE
  LLC, as a Lender: By: Name: Rence M. Singer Title: Managing Director [Signature
  Page to Amendment No. 2 to Amended and Restated Credit Agreement]

  

 

	
  

  	
  PNC BANK,
  NATIONAL ASSOCIATION, as a Lender: By: Name: Steven J. Chalmers Title: Vice
  President [Signature Page to Amendment No. 2 to Amended and Restated Credit
  Agreement]

  

 

	
  

  	
  [LENDER], as a
  Lender: By: Name: Title: Regions Bank Brucc Kasper Attorney in Fact

  

 

	
  

  	
  JFIN BUSINESS
  CREDIT FUND I LLC, as a Lender: By: Name: J. Paul McDonnell Title: Managing
  Director [Signature Page to Amendment No. 2 to Amended and Restated Credit
  Agreement]

  

 

	
  

  	
  CREDIT SUISSE
  AG, CAYMAN ISLANDS BRANCH, as a Lender: By: Name: Mikhail Faybusovich Title:
  Authorized Signatory By: Name: Samuel Miller Title: Authorized Signatory
  [Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement]

  

 

	
  

  	
  WELLS FARGO
  CAPITAL FINANCE, LLC, as a Lender: By: Name: Kevin S. Fong Title: Authorized
  Signatory [Signature Page to Amendment No. 2 to Amended and Restated Credit
  Agreement]

  

 

	
  

  	
  EXHIBIT A FORM
  OF SECOND LIEN AMENDMENT NO. 1 [see attached] 

  

 

	
  

  	
  EXECUTION
  VERSION #86420060v14 AMENDMENT NO. 1 TO SECOND LIEN CREDIT AGREEMENT This
  AMENDMENT NO. 1, dated as of October 14, 2014 (this “Amendment”), is entered
  into by and among Neff LLC, a Delaware limited liability company (“Parent”),
  Neff Holdings LLC, a Delaware limited liability company (“Holdings”), Neff
  Rental LLC, a Delaware limited liability company (the “Borrower”), Credit
  Suisse, AG, as administrative agent (in such capacity, “Administrative
  Agent”), and each of the financial institutions on the signature pages hereto
  in its capacity as a Lender under the Credit Agreement (as defined below),
  and amends that certain Second Lien Credit Agreement, dated as of June 9,
  2014 (as the same may be amended, restated, amended and restated,
  supplemented or otherwise modified from time to time prior to the date
  hereof, the “Credit Agreement”), by and among Parent, Borrower, Holdings, the
  Administrative Agent, the Lenders from time to time party thereto and the
  other parties thereto. PRELIMINARY STATEMENTS (1) WHEREAS, Parent, Borrower,
  Holdings, the Administrative Agent and the Lenders have entered into the
  Credit Agreement; (2) WHEREAS, Parent, Borrower, Holdings, the Administrative
  Agent and certain Lenders wish to amend the Credit Agreement as set forth in
  Section 2 below and provide the confirmations set forth in Section 5 below;
  (3) WHEREAS, pursuant to Section 9.08 of the Credit Agreement Borrower may,
  with the consent of the Administrative Agent and the Required Lenders, amend
  the Credit Agreement as set forth in Section 2 below; and (4) WHEREAS, the
  Required Lenders are willing to consent to the amendments set forth in Section
  2 below and provide the confirmations set forth in Section 5(b) below. NOW,
  THEREFORE, in consideration of the mutual covenants and agreements herein
  contained and for other good and valuable consideration, the sufficiency and
  receipt of which are hereby acknowledged, the parties hereto hereby agree as
  follows: Section 1. Defined Terms; References. Unless otherwise specifically
  defined herein, each capitalized term used herein that is not otherwise
  defined shall have the respective meaning assigned to such term in the Credit
  Agreement. Each reference contained in any Loan Document to “hereof”,
  “hereunder”, “herein” and “hereby” and each other similar reference and each
  reference contained in any Loan Document to “this Agreement” and each other
  similar reference, and each reference contained in any Loan Document to any
  other Loan Document or “thereunder”, “thereof” or other similar reference to
  such other Loan Document, shall, in each case after the Amendment No. 1
  Operative Date (as defined in Section 4 of this Amendment), refer to such
  Loan Document or such other Loan Document as amended by this Amendment.
  Section 2. Amendments. With effect from the Amendment No. 1 Operative Date:
  (a) Section 6.01(j) of the Credit Agreement shall be and hereby is amended by
  deleting the text of such Section in its entirety and inserting in lieu
  thereof text as follows: 

  

 

	
  

  	
  2 #86420060v14
  “unsecured Indebtedness in an aggregate principal amount not to exceed
  $50,000,000 at any one time outstanding so long as no cash interest or
  amortization payments are made on, or required with respect to, such
  Indebtedness and such Indebtedness has a final maturity date at least six
  months after the Latest Maturity Date;”. (b) Section 6.04(a) of the Credit
  Agreement shall be and hereby is amended as follows: (i) By deleting the text
  appearing in clause (iii) thereof in its entirety and inserting in lieu
  thereof the following: “so long as no Default or Event of Default shall have
  occurred and be continuing or would result therefrom, (A) Parent may make a
  Restricted Payment to Holdings to allow Holdings to, and Holdings may (and
  Holdings may make Restricted Payments to any Qualifying IPO Issuer to allow
  such Qualifying IPO Issuer to), purchase, redeem or otherwise acquire or
  retire for value Equity Interests of Holdings, Parent or the Borrower (or
  such Qualifying IPO Issuer) deemed to occur upon the exercise of stock
  options, warrants, rights to acquire Equity Interests or other convertible
  securities to the extent such Equity Interests represent a portion of the
  exercise or exchange price thereof and (B) Parent may make a Restricted
  Payment to Holdings to allow Holdings to, and Holdings may (and Holdings may
  make Restricted Payments to any Qualifying IPO Issuer to allow such
  Qualifying IPO Issuer to), purchase, redeem or otherwise acquire or retire
  for value Equity Interests of Holdings, Parent or the Borrower (or such
  Qualifying IPO Issuer) made in lieu of withholding taxes in connection with
  any exercise or exchange of stock options, warrants or other similar
  rights;”. (ii) (A) By deleting “and” at the end of clause (vi) thereof, (B)
  by deleting the period at the end of clause (vii) thereof and inserting in
  lieu thereof the text “and Permitted Tax Receivable Payments; and” and (C)
  adding a new clause (viii) at the end of such Section as follows: “(viii) to
  the extent the Holdings LLC Agreement requires, (I) to reimburse Neff
  Corporation for expenses incurred on behalf or directly for the benefit of
  Holdings and its Subsidiaries, including without limitation expenses incurred
  in connection with the Neff Corporation Qualifying IPO, (II) if any member of
  Holdings exercises its right to have its units in Holdings redeemed in
  accordance with the Holdings LLC Agreement, Holdings may make Restricted Payments
  in connection with such redemption in the form of any cash or Stock
  contributed to Holdings by Neff Corporation for such purpose, and (III) in
  accordance with the Holdings LLC Agreement, Holdings shall be permitted to
  (A) undertake all actions, including, without limitation, a reclassification,
  distribution, division or recapitalization, with respect to its common units,
  to maintain 

  

 

	
  

  	
  3 #86420060v14
  at all times a one-to-one ratio between the number of common units owned by
  Neff Corporation and the number of outstanding shares of Class A common stock
  of Neff Corporation (disregarding, for purposes of maintaining the one-to-one
  ratio, such Stock of Neff Corporation as provided in the Holdings LLC
  Agreement); provided that, in the case of any action pursuant to this clause
  (viii)(III)(A) involving a distribution or other transfer by Holdings of cash
  or assets (other than Equity Interests of Holdings), such distribution or
  other transfer is then permitted pursuant one or more other clauses of this
  proviso to Section 6.04(a), and (B) issue, transfer or deliver from treasury
  stock any units of Holdings to Neff Corporation.”. (c) Section 6.11(b) of the
  Credit Agreement shall be and hereby is amended by adding a proviso at the
  end thereof as follows: “provided that Holdings shall be permitted to amend
  and restate its limited liability company operating agreement on or before
  the closing date of the Neff Corporation Qualifying IPO substantially in the
  form attached as Exhibit B to Amendment No. 1;”. (d) Section 6.11(c) of the
  Credit Agreement shall be and hereby is amended by adding a new proviso at
  the end thereof as follows: “provided that the Loan Parties shall be
  permitted to enter into that certain Revolving Credit Facility Amendment No.
  2 on or before the closing date of the Neff Corporation Qualifying IPO
  substantially in the form attached as Exhibit A to Amendment No. 1;”. (e)
  Section 6.16 of the Credit Agreement shall be and hereby is amended by (i)
  deleting “and” at the end of clause (i) thereof, (ii) deleting the period at
  the end of clause (j) thereof and inserting in lieu thereof “; and”, and
  (iii) adding a new clause (k) to the end thereof as follows: “(k) (A) in
  connection with a Neff Corporation Qualifying IPO, the entry into the
  Holdings LLC Agreement, the Tax Receivable Agreement, the IPO Common Unit
  Purchase Agreement and the Amended Neff Holdings LLC Management Equity Plan,
  and (B) transactions arising from the performance of such agreements
  (including pursuant to any amendment to such agreements or documentation
  replacing such agreements to the extent that such amendment or agreement is
  permitted hereunder and is not more disadvantageous to the applicable Loan
  Party or the Lenders in any material respect than the original agreement).”.
  (f) Section 6.19 of the Credit Agreement shall be and hereby is amended by
  deleting clause (i) thereof in its entirety and inserting in lieu thereof the
  following: “(i) With respect to Holdings, engage in any business activities
  or have any assets or liabilities other than its ownership of the Equity
  Interests of Parent and 

  

 

	
  

  	
  4 #86420060v14
  activities and liabilities incidental thereto, including its liabilities
  pursuant to the Guarantee and Collateral Agreement and the Pledge Agreement;
  provided Holdings may (1) incur Indebtedness and Liens and make Restricted
  Payments to the extent permitted by the other Sections of this Article 6, (2)
  enter into and perform its obligations under the Neff Holdings LLC 2014 Bonus
  Plans and the Amended Neff Holdings LLC Management Equity Plan, (3) enter
  into and perform of its obligations under the Holdings LLC Agreement, the Tax
  Receivable Agreement and the IPO Common Unit Purchase Agreement and (4) any
  activities reasonably related thereto; provided, further that Holdings will not
  create, incur, assume or permit to exist any Lien (other than (1) Liens
  created under the Loan Documents and (2) Liens of a type described in clause
  (c), (d), (g), (j)(i), (j)(ii), (j)(vi), (j)(vii), (j)(viii), (k) (it being
  understood that such Lien will be terminated substantially concurrently with
  the consummation of the Transactions) and (u) of Section 6.02) on any Equity
  Interests issued by Parent, and”. (g) Section 5.04 of the Credit Agreement
  shall be and hereby is amended by inserting two new paragraphs immediately
  following clause (n) of such Section as follows: “Notwithstanding anything to
  the contrary set forth in this Section 5.04 or in any other provision of this
  Agreement that refers to this Section 5.04 or any clause hereof, the
  obligations of Holdings, Parent and Borrower set forth in clauses (a) and (b)
  of this Section 5.04 may be satisfied by furnishing the applicable financial
  information required by such clause with respect to Neff Corporation and its
  Subsidiaries on a consolidated basis in lieu of furnishing the applicable
  financial information required by such clause with respect to Holdings and
  its Subsidiaries on a consolidated basis; provided, that to the extent such
  financial information relates to Neff Corporation and its Subsidiaries, such
  information is accompanied by consolidating information that explains in
  reasonable detail the differences between the information relating to such
  Neff Corporation and its Subsidiaries (other than Holdings and its
  Subsidiaries), on the one hand, and the information relating to Holdings and
  its Subsidiaries on a consolidated basis, on the other hand. Documents
  required to be delivered pursuant to Section 5.04(a), (b) or (g) (to the
  extent any such documents are included in materials otherwise filed with the
  SEC) may be delivered electronically and if so delivered, shall be deemed to
  have been delivered on the date (i) on which Holdings, Parent or Borrower
  posts such documents, or provides a link thereto on Holdings’, Parent’s or
  Borrower’s website on the Internet at www.neffcorp.com; (ii) on which Neff
  Corporation electronically files such documents with the U.S. Securities and
  Exchange Commission and they become publicly available on
  www.sec.gov/edgar/searchedgar/companysearch.html (or any successor website
  maintained by such agency); or (iii) on which such documents are posted on
  Holding’s, Parent’s or Borrower’s behalf on an Internet or intranet website,
  if any, to which each Lender and the Administrative Agent have access
  (whether a 

  

 

	
  

  	
  5 #86420060v14
  commercial, third-party website or whether sponsored by the Administrative
  Agent); provided that (i) Borrower shall deliver paper copies of such
  documents to the Administrative Agent or any Lender that requests Borrower to
  deliver such paper copies until a written request to cease delivering paper
  copies is given by the Administrative Agent or such Lender and (ii) any such
  posting shall only be deemed delivered when Borrower shall notify the
  Administrative Agent (by facsimile or electronic mail) of the posting of any
  such documents and provide to the Agent by electronic mail electronic
  versions (i.e., soft copies) of such documents. Notwithstanding anything
  contained herein, in every instance Borrower shall be required to provide
  paper copies of the Compliance Certificates required by Section 5.04(d) to
  the Administrative Agent. Except for such Compliance Certificates, the
  Administrative Agent shall have no obligation to request the delivery or to
  maintain copies of the documents referred to above, and in any event shall
  have no responsibility to monitor compliance by Borrower with any such
  request for delivery, and each Lender shall be solely responsible for
  requesting delivery to it or maintaining its copies of such documents.” (h)
  Section 1.01 of the Credit Agreement shall be and hereby is amended by: (i)
  Deleting the definition of “Change of Control” appearing therein in its
  entirety and inserting in lieu thereof the following: ““Change of Control”
  shall mean the occurrence of any of the following events: (a) at any time
  prior to the consummation of a Qualifying IPO, the Permitted Investors cease
  to “beneficially own” (within the meaning of Rules 13d-3 and 13d-5 under the
  Exchange Act), or to have the power to vote or direct the voting of, Voting Stock
  of Holdings representing more than fifty percent (50%) of the voting power of
  the total outstanding Voting Stock of Holdings; (b) at any time as of or
  after the consummation of a Qualifying IPO, (i) any “person” or “group”
  (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but
  excluding any employee benefit plan of such person and its subsidiaries, and
  any person or entity acting in its capacity as trustee, agent or other
  fiduciary or administrator of any such plan, and excluding the Permitted
  Investors) shall become the “beneficial owner” (within the meaning of Rules
  13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Voting
  Stock of the Qualifying IPO Issuer entitling such “person” or “group” to cast
  more than thirty-five percent (35%) of the votes eligible to be cast in an
  election of directors, managing members or general partners, as applicable,
  of the Qualifying IPO Issuer and (ii) the Permitted Investors shall own
  outstanding Voting Stock of the Qualifying IPO Issuer having a lesser
  percentage of the votes eligible to be cast in such an election of the
  Qualifying IPO Issuer at such time than the “person” or “group” in the
  foregoing clause (i); 

  

 

	
  

  	
  6 #86420060v14
  (c) Holdings ceases to own and control, directly or indirectly, all of the
  voting rights associated with all of the outstanding Equity Interests of
  Parent and Borrower; or (d) a “Change of Control” shall occur under and as
  defined in the Revolving Credit Facility Documentation.”. (ii) Deleting the
  definition of “Continuing Director” appearing therein in its entirety. (iii)
  Deleting the definition of “Qualifying IPO Issuer” appearing therein in its
  entirety and inserting in lieu thereof the following: ““Qualifying IPO
  Issuer” means Holdings or a corporation or other legal entity which either
  (a) owns, directly or indirectly, 100% of the outstanding Stock of Holdings
  or (b) is the sole managing member of Holdings. For the avoidance of doubt,
  upon consummation of the Neff Corporation Qualifying IPO, Neff Corporation
  shall be a Qualifying IPO Issuer.”. (iv) Amending the definition of
  “Consolidated EBITDA” appearing therein by (A) deleting “and” appearing at
  the end of clause (a)(xiii) thereof and inserting in lieu thereof “,” and (B)
  inserting two new clauses immediately after the end of clause (a)(xiv)
  thereof and immediately before the words “and minus” following the end of
  clause (a)(xiv), as follows: “, (xv) fees, expenses and other amounts payable
  by any Loan Party in connection with its performance, or payable or
  reimbursable to Neff Corporation in connection with its performance, of its
  obligations under the Tax Receivable Agreement and the IPO Common Unit
  Purchase Agreement and (xvi) any fees, costs, expenses or charges related to,
  or arising in connection with, the Neff Corporation Qualifying IPO, Amendment
  No. 1 or Revolving Credit Facility Amendment No. 2 (including, without
  limitation, (A) payment of consent fees to lenders, (B) payment of prepayment
  premium and breakage costs to lenders, (C) any incentive bonuses and other
  compensation, if any, paid or payable to employees and/or members of the
  board of directors of any of the Loan Parties in connection with the Neff
  Corporation Qualifying IPO or under any Neff Holdings LLC 2014 Bonus Plans,
  (D) filing fees and exchange listing fees, (E) “roadshow” expenses, printer
  costs and other offering expenses and (F) underwriter discounts and
  commissions),”. (v) By deleting the definition of “Permitted Tax
  Distributions” appearing therein in its entirety and inserting in lieu
  thereof the following: ““Permitted Tax Distributions” shall mean: 

  

 

	
  

  	
  7 #86420060v14
  (1) for so long as for U.S. federal income tax purposes Parent is taxed as a
  partnership or disregarded entity and is not wholly owned (directly or
  indirectly) by a corporate parent, (A) with respect to any taxable year
  ending after the Closing Date, cash distributions to fund the assumed income
  tax liabilities of the direct or indirect equity owners of Parent (including
  estimated tax liabilities) in respect of the income of Parent for such
  taxable year, in an aggregate amount equal to the excess of (a) the product
  of (x) the net taxable income of Parent (treating Parent as a taxable entity,
  and calculated (i) by including in such net taxable income Parent’s distributive
  share of all tax items attributable to Parent and any Subsidiary of Parent
  taxed as a partnership or disregarded entity for U.S. federal income tax
  purposes, and (ii) without regard to any adjustments pursuant to Section 734
  of the Code that arises on or after the Qualifying IPO or any adjustments
  pursuant to Section 743 of the Code) for the taxable year in question,
  reduced by any cumulative net taxable loss with respect to any prior taxable
  year ending after the Closing Date to the extent such prior net taxable loss
  (I) is of a character (ordinary or capital) that would permit such loss to be
  deducted against the income of the taxable year in question and (II) was not
  previously taken into account in determining the assumed income tax liabilities
  for any prior taxable year and (y) the highest combined marginal federal and
  applicable state and/or local income tax rate (taking into account the
  deductibility of state and local income taxes for U.S. federal income tax
  purposes and the character of the taxable income in question (i.e., long term
  capital gain, qualified dividend income, etc.)) applicable to an individual
  United States citizen or corporation (whichever is higher) residing in New
  York, New York for the taxable year in question (or portion thereof), over
  (b) in the case of any taxable year beginning prior to the Closing Date, the
  aggregate amount of assumed estimated tax payments that should have been made
  under Section 6654 of the Code prior to the Closing Date (based on the
  assumption that all of the owners are individual or corporate residents of
  New York, New York (which results in a higher applicable combined marginal
  federal and applicable state and/or local income tax rate), calculated in a
  manner consistent with the calculation in clause (y) above); provided that,
  for the avoidance of doubt, in the event of any tax audit adjustment or other
  tax assessment or the filing of an amended tax return that results in
  additional taxable income of Parent (treating Parent as a taxable entity), the
  Permitted Tax Distributions with respect to such taxable year ending on or
  after the Closing Date shall be recalculated by giving effect to such
  adjustment, assessment or amended tax return (for the avoidance of doubt,
  taking into account interest and penalties), in a manner consistent with the
  calculation in clause (B) below) and (B) with respect to any taxable year
  ending prior to the Closing Date, cash distributions to pay the assumed
  income tax liabilities of the direct or indirect equity owners of Parent in
  respect of the income of Parent for such taxable year, in an aggregate amount
  equal to the sum of (i) the product of (I) any additional taxable income of
  Parent (calculated in a 

  

 

	
  

  	
  8 #86420060v14
  manner consistent with the calculation in clause (A) above) for such taxable
  year resulting from a tax audit adjustment or other tax assessment or the
  filing of an amended tax return made after the Closing Date and (II) the
  highest combined marginal federal and applicable state and/or local income
  tax rate (taking into account the deductibility of state and local income
  taxes for U.S. federal income tax purposes and the character of the taxable
  income in question (i.e., long term capital gain, qualified dividend income,
  etc.)) applicable to an individual United States citizen or corporation
  (whichever is higher) residing in New York, New York for the taxable year in
  question plus (ii) interest and penalties relating to such tax audit
  adjustment, assessment or amended tax return, (2) with respect to any taxable
  period for which Parent or any of its Subsidiaries is a member of a
  consolidated, combined or similar income, franchise or other state and/or
  local tax group of which Holdings or its direct or indirect parent is the
  common parent (a “Tax Group”), or for which Parent is a partnership or
  disregarded entity that is wholly owned (directly or indirectly) by a
  corporate parent (a “Corporate Parent”), cash distributions to pay the
  portion of the Tax Group’s or Corporate Parent’s actual cash income, franchise
  or other state and/or local tax liability attributable to Parent and/or its
  Subsidiaries, in an amount not to exceed the income, franchise or other state
  and/or local tax liability that would have been payable by Parent and/or such
  Subsidiaries if such entities had always been taxable on a stand-alone basis
  (reduced by any such income, franchise or other state and/or local taxes paid
  or to be paid directly by Parent or its Subsidiaries), and (3) cash
  distributions to pay any taxes of Holdings not described in clause (1) or (2)
  above, provided that the aggregate payments pursuant to this clause (3) shall
  not exceed $250,000 per calendar year.”. (vi) By deleting the definition of
  “Voting Stock” appearing therein in its entirety and inserting in lieu
  thereof the following: ““Voting Stock” shall mean, with respect to any
  Person, any class or classes of Stock of such Person that entitles the
  holders thereof to vote in the election of directors, managing members or
  general partners, as the case may be, of such Person.” (i) Section 1.01 of
  the Credit Agreement shall be and hereby is amended by inserting the
  following definitions in appropriate alphabetical order: “Amended Neff
  Holdings LLC Management Equity Plan” means the Amended Neff Holdings LLC
  Management Equity Plan as in effect on the Amendment No. 1 Operative Date
  substantially in the form attached to Amendment No. 1 as Exhibit E as further
  amended from time to time in any manner that the Borrower reasonably
  determines is not adverse to the interests of the Administrative Agent or the
  Lenders. 

  

 

	
  

  	
  9 #86420060v14
  “Amendment No. 1” means that certain Amendment No. 1 to Second Lien Credit
  Agreement, dated as of the Amendment No. 1 Effective Date, among the
  Administrative Agent, the Lenders party thereto, Holdings, Parent and the
  Borrower. “Amendment No. 1 Effective Date” means October 14, 2014. “Amendment
  No. 1 Operative Date” has the meaning set forth in Amendment No. 1. “Holdings
  LLC Agreement” means the Second Amended and Restated Limited Liability
  Company Agreement as in effect on the Amendment No. 1 Operative Date
  substantially in the form attached to Amendment No. 1 as Exhibit B as further
  amended from time to time in any manner that the Borrower reasonably
  determines is not adverse to the interests of the Administrative Agent or the
  Lenders. “IPO Common Unit Purchase Agreement” means the IPO Common Unit
  Purchase Agreement as in effect on the Amendment No. 1 Operative Date
  substantially in the form attached to Amendment No. 1 as Exhibit C as amended
  from time to time in any manner that the Borrower reasonably determines is
  not adverse to the interests of the Administrative Agent or the Lenders.
  “Neff Corporation” means Neff Corporation, a Delaware corporation formed at
  the direction of Wayzata for the purposes of effecting a Qualifying IPO,
  together with its successors and assigns. “Neff Corporation Qualifying IPO”
  means a Qualifying IPO of Neff Corporation in connection with which (a)
  Holdings amends and restates its limited liability operating agreement substantially
  in the form of Exhibit B to Amendment No. 1, (b) Neff Corporation applies all
  or a portion of the net proceeds from such Qualifying IPO to purchase common
  units of Holdings, and (c) Neff Corporation becomes the sole managing member
  of Holdings. “Neff Holdings LLC 2014 Bonus Plans” means each of (a) the Neff
  Holdings LLC 2014 Management Special Bonus Plan, effective June 1, 2014, (b)
  the Neff Holdings LLC Amended and Restated Sale Transaction Bonus Plan,
  effective as of June 1, 2014 and as the same was further amended on or prior
  to the Amendment No. 1 Operative Date in connection with the Neff Corporation
  Qualifying IPO, and (c) the Neff Holdings LLC Incentive Bonus Plan, as in
  effect on or prior to the Amendment No. 1 Operative Date. “Permitted Tax Receivable
  Payment” means the aggregate amount of any accelerated lump sum amounts
  payable pursuant to the Tax Receivable Agreement by reason of any early
  termination of the Tax Receivable Agreement as a result of or in connection
  with the occurrence of a Change of Control that has been waived by the
  Required Lenders. 

  

 

	
  

  	
  10 #86420060v14
  “Revolving Credit Facility Amendment No. 2” means that certain Amendment No.
  2 to Amended and Restated Credit Agreement, to be dated and effective prior
  to or simultaneous with the Neff Corporation Qualifying IPO, by and among
  Holdings, Parent, the Borrower, the Revolving Agent and the Revolving Lenders
  that are party thereto, which amends the Revolving Credit Facility.
  “Revolving Lenders” means each of the “Lenders” as defined in the Revolving
  Credit Facility. “Tax Receivable Agreement” means the Tax Receivable
  Agreement as in effect on the Amendment No. 1 Operative Date substantially in
  the form attached to Amendment No. 1 as Exhibit D as amended from time to
  time in any manner that the Borrower reasonably determines is not adverse to
  the interests of the Administrative Agent or the Lenders. Section 3.
  Representations. Holdings, Parent, Borrower and each other Loan Party
  represents and warrants that immediately prior to and after giving effect to
  the effectiveness of this Amendment (i) the representations and warranties
  set forth in Article 3 of the Credit Agreement or any other Loan Document
  will be true and correct in all material respects (except to the extent any
  such representation or warranty is qualified by “materially”, “Material
  Adverse Effect” or a similar term, in which case such representation and
  warranty shall be true and correct in all respects) on and as of the
  Amendment No. 1 Effective Date and the Amendment No. 1 Operative Date, except
  in each case to the extent that such representations and warranties expressly
  relate to an earlier date, in which case they shall be true and correct in
  all material respects (except to the extent any such representation or warranty
  is qualified by “materially”, “Material Adverse Effect” or a similar term, in
  which case such representation and warranty shall be true and correct in all
  respects) as of such earlier date and (ii) no Default or Event of Default
  shall have occurred and be continuing under the Credit Agreement on the
  Amendment No. 1 Effective Date or on the Amendment No. 1 Operative Date.
  Section 4. Conditions to Effectiveness; Operation of Amendments and
  Confirmations. (a) This Amendment No. 1 shall become effective on the date
  (the “Amendment No. 1 Effective Date”) when, and only when, each of the
  following conditions shall have been satisfied to the reasonable satisfaction
  of the Administrative Agent (or waived by the Administrative Agent in its
  sole discretion): (i) Execution of Counterparts. The Administrative Agent
  shall have received from Holdings, Parent, Borrower, each other Loan Party
  and the Required Lenders under the Credit Agreement an original counterpart
  of this Amendment signed by such party or a facsimile or electronic (i.e.,
  “.pdf” or “.tif”) copy of such signed original counterpart. (ii) Officer’s
  Certificate. Borrower shall have delivered to the Administrative Agent duly
  executed copies of a certificate of an authorized officer of Borrower, dated
  the Amendment No. 1 Effective Date, certifying on behalf of Borrower that (i)
  as of the Amendment No. 1 Effective Date and after giving 

  

 

	
  

  	
  11 #86420060v14
  effect to this Amendment, the representations and warranties in this
  Amendment and the Credit Agreement are accurate, true and correct in all
  material respects and (ii) no Default or Event of Default has occurred or is
  continuing. (iii) Expenses. The Administrative Agent shall have received all
  reasonable and documented fees and invoiced out-of-pocket expenses (including
  reasonable and documented expenses of counsel) due and payable by Holdings,
  Parent or Borrower under Section 9.05(a) of the Credit Agreement or otherwise
  on or prior to the Amendment No. 1 Effective Date to the extent an invoice
  has been submitted to the Borrower therefor. (b) Notwithstanding the fact
  that this Amendment No. 1 has become effective on the Amendment No. 1
  Effective Date, the amendments set forth in Section 2 and consents set forth
  in Section 5(b) shall become operative only on the date on or prior to April
  30, 2015 (the “Amendment No. 1 Operative Date”) when, and only when, each of
  the following conditions shall have been satisfied to the reasonable
  satisfaction of the Administrative Agent (or waived by the Administrative Agent
  in its sole discretion) and once operative, the provisions in Section 2 and
  Section 5(b) shall then be deemed to have occurred substantially simultaneous
  with the events contemplated therein and in Section 5(b): (i) Officer’s
  Certificate. Borrower shall have delivered to the Administrative Agent duly
  executed copies of a certificate of an authorized officer of Borrower, dated
  the Amendment No. 1 Operative Date, certifying on behalf of Borrower that (i)
  as of the Amendment No. 1 Operative Date and after giving effect to this
  Amendment, the representations and warranties in this Amendment and the
  Credit Agreement are accurate, true and correct in all material respects,
  (ii) no Default or Event of Default has occurred or is continuing and (iii)
  the Neff Corporation Qualifying IPO has closed or will close substantially
  simultaneous with the operation of the amendments set forth in Section 2 of
  this Amendment. (ii) Prepayment of Indebtedness. On the Amendment No. 1
  Operative Date (after giving effect to this Amendment and the operation of
  the amendments and consents herein), (i) substantially simultaneous with the
  consummation of the Neff Corporation Qualifying IPO, the Borrower shall have
  repaid or prepaid Indebtedness in an aggregate principal amount not less than
  the greater of (x) $75,000,000 and (y) the aggregate net proceeds of the Neff
  Corporation Qualifying IPO (excluding any exercise of the over-allotment
  option) received by Holdings (and not otherwise applied, substantially
  concurrently with the consummation of the Neff Corporation Qualifying IPO, to
  redeem the Stock of Holdings from the Permitted Investors in lieu of the
  direct purchase of such Stock by Neff Corporation), net of premium, interest,
  breakage costs, consent fees, other fees and expenses incurred in connection
  with the repayment of such Indebtedness or in connection with this Amendment
  or the Revolving Credit Facility Amendment No. 2; provided that, (x) in the
  case of any revolving 

  

 

	
  

  	
  12 #86420060v14
  Indebtedness, commitments in respect thereof need not be terminated, and (y)
  not less than $50,000,000 of such repayment or prepayment, as applicable,
  shall be applied to prepay Loans (together with amounts required by the
  Credit Agreement to be paid upon such prepayment) and (ii) Borrower shall
  have delivered a certificate to the Administrative Agent setting forth the
  following (which calculation shall be reasonably acceptable to the
  Administrative Agent): the sum of (a) the aggregate principal amount of the
  Loans prepaid with a portion of the net proceeds of from a Qualifying IPO
  received by the Loan Parties, plus (b) a 2.00% prepayment premium on the
  principal amount of Loans repaid pursuant to the foregoing clause (a), plus
  (c) accrued and unpaid interest in respect of the principal amount of Loans
  repaid pursuant to the foregoing clause (a), plus (d) solely to the extent
  ascertainable as of the date of pricing of the Neff Corporation Qualifying
  IPO, customary LIBOR breakage fees payable to the Lenders in respect of the
  principal amount of Loans repaid pursuant to the foregoing clause (a), plus
  (e) consent fees payable to the Lenders, plus (f) solely to the extent
  ascertainable as of the date of pricing the Neff Corporation Qualifying IPO,
  expenses payable to counsel to the Administrative Agent in connection with
  this Amendment No. 1. (iii) Amendment Fee. The Borrower shall have paid to
  each Lender consenting to this Amendment prior to 3:00 p.m. (New York City
  time) on October 10, 2014, a nonrefundable cash fee (the “Amendment Fee”) in
  U.S. dollars equal to five basis points of the Loans held by such Lender as
  of the Amendment No. 1 Effective Date. Such payment of the Amendment Fee
  shall be made to the Administrative Agent for further distribution of the
  Lenders entitled thereto. (iv) Expenses. The Administrative Agent shall have
  received all reasonable and documented fees and invoiced out-of-pocket
  expenses (including reasonable and documented expenses of counsel) due and
  payable by Holdings, Parent or Borrower under Section 9.05(a) of the Credit Agreement
  or otherwise on or prior to the Amendment No. 1 Operative Date to the extent
  an invoice has been submitted to the Borrower therefor. For the avoidance of
  doubt, the operation of Section 2 and Section 5(b) are contingent upon the
  closing of the Neff Corporation Qualifying IPO and the satisfaction of the
  other conditions precedent set forth in this Section 4(b), and this Amendment
  shall lapse and have no effect if the Neff Corporation Qualifying IPO has not
  occurred and the other conditions set forth in this Section 4(b) have not
  been satisfied on or before April 30, 2015. Section 5. Confirmation of Loan
  Documents; Lender Consents. (a) The Loan Parties hereby confirm that the
  Collateral Documents and the obligations of such parties under the Loan Documents
  continue in full force and effect and shall not be affected by this
  Amendment, except as expressly provided herein. Each of the Loan Parties
  hereby further ratifies and reaffirms the validity and enforceability of 

  

 

	
  

  	
  13 #86420060v14
  all of the Liens and security interests heretofore granted, pursuant to and
  in connection with the Collateral Documents, to the Administrative Agent, as
  collateral security for the Obligations under the Loan Documents in
  accordance with their respective terms, and acknowledges that all of such
  Liens and security interests, and all Collateral heretofore pledged as
  security for such Obligations, continue to be and remain collateral for such
  obligations from and after the date hereof. (b) Notwithstanding anything set
  forth in the Credit Agreement, subject to the conditions set forth in Section
  4 of this Amendment, each of the Lenders hereby consents to: (i) the entry by
  the Loan Parties into the Revolving Credit Facility Amendment No. 2
  substantially in the form attached hereto as Exhibit A; (ii) the amendment
  and restatement of the Holdings limited liability company operating agreement
  substantially in the form attached hereto as Exhibit B; (iii) the entry by
  Holdings into the IPO Common Unit Purchase Agreement substantially in the
  form attached hereto as Exhibit C; (iv) the entry by Holdings into the Tax
  Receivable Agreement substantially in the form attached hereto as Exhibit D;
  (v) the entry by Holdings into the Amended Neff Holdings LLC Management
  Equity Plan substantially in the form attached hereto as Exhibit E; and (vi)
  all transactions directly related to the foregoing clauses (i) through (v).
  (c) Upon the Amendment No. 1 Effective Date this Amendment shall constitute a
  Loan Document. The execution, delivery, and performance of this Amendment
  shall not operate, except as expressly set forth herein, as a waiver of,
  consent to, or a modification or amendment of, any right, power, or remedy of
  Administrative Agent or any Lender under the Credit Agreement or any other Loan
  Document. Except for the amendments to the Credit Agreement and the consents
  expressly set forth herein, the Credit Agreement and the other Loan Documents
  shall remain unchanged and in full force and effect. The amendments and
  consents set forth herein shall, except to the extent they become operative
  on the Amendment No. 1 Operative Date, (i) neither excuse future
  non-compliance with the Loan Documents nor operate as a waiver of any Default
  or Event of Default, (ii) not operate as a consent to any matter under the
  Loan Documents except as expressly set forth herein and (iii) not be
  construed as an indication that the Lenders will agree to any other
  amendments or give any other consents or waivers with respect to the Credit
  Agreement or the other Loan Documents that may be requested by the Loan
  Parties; it being understood that the agreement of any other amendments or
  giving of any other consents or waivers 

  

 

	
  

  	
  14 #86420060v14
  which may hereafter be requested by the Loan Parties remains in the sole and
  absolute discretion of Administrative Agent and the Lenders. Section 6.
  Certain Consequences Of Effectiveness. On and after the Amendment No. 1
  Operative Date, the rights and obligations of the parties to the Credit
  Agreement and each other Loan Document shall be governed by the Credit
  Agreement as amended hereby; provided that the provisions of Section 2 and
  Section 5(b) of this Amendment shall not become operative (and this Amendment
  shall lapse and have no effect) unless and until the Neff Corporation Qualifying
  IPO and the other conditions precedent set forth in Section 4(b) hereof have
  occurred on or before April 30, 2015. To the extent that this Amendment has
  become effective and the provisions hereof have become operative, the Credit
  Agreement and the other Loan Documents, as specifically amended hereby, are,
  and shall continue to be, in full force and effect and are hereby ratified
  and confirmed in all respects. Section 7. Severability. In the event any one
  or more of the provisions contained in this Amendment should be held invalid,
  illegal or unenforceable in any respect, the validity, legality and
  enforceability of the remaining provisions contained herein shall not in any
  way be affected or impaired thereby (it being understood that the invalidity
  of a particular provision in a particular jurisdiction shall not in and of
  itself affect the validity of such provision in any other jurisdiction). The
  parties shall endeavor in good-faith negotiations to replace the invalid,
  illegal or unenforceable provisions with valid provisions the economic effect
  of which comes as close as possible to that of the invalid, illegal or
  unenforceable provisions. Section 8. Governing Law; Jurisdiction; Service of
  Process. (a) THIS AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF
  ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF
  OR RELATING TO THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
  GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. (b) BORROWER AND EACH LOAN
  PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE
  ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN
  LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY
  AGENT, ANY LENDER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING
  TO THIS AMENDMENT OR THE TRANSACTIONS RELATING HERETO, IN ANY FORUM OTHER
  THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY IN THE
  BOROUGH OF MANHATTAN, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
  DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF
  THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND
  AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR
  PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO
  THE EXTENT PERMITTED BY APPLICABLE LAW, SUCH FEDERAL COURT. NOTHING IN THIS
  AMENDMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE
  COLLATERAL AGENT OR ANY LENDER MAY 

  

 

	
  

  	
  15 #86420060v14
  OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THE CREDIT
  AGREEMENT OR THE OTHER LOAN DOCUMENTS AGAINST HOLDINGS, PARENT, THE BORROWER
  OR THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION. (c)
  HOLDINGS, PARENT AND THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY
  WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY
  OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY
  SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT IN
  ANY NEW YORK STATE OR FEDERAL COURT. EACH OF THE PARTIES HERETO HEREBY
  IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN
  INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY
  SUCH COURT. (d) EACH PARTY TO THIS AMENDMENT IRREVOCABLY CONSENTS TO SERVICE
  OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 9.01 OF THE CREDIT
  AGREEMENT. NOTHING IN THIS AMENDMENT WILL AFFECT THE RIGHT OF ANY PARTY TO
  THIS AMENDMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. Section
  9. Waiver of Jury Trial. BORROWER, EACH LOAN PARTY, ADMINISTRATIVE AGENT,
  EACH LENDER AND EACH OTHER PARTY HERETO HEREBY WAIVE, TO THE FULLEST EXTENT
  PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
  RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
  CONNECTION WITH THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS. BORROWER,
  EACH LOAN PARTY, ADMINISTRATIVE AGENT, EACH LENDER AND EACH OTHER PARTY
  HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
  PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
  NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
  ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
  INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
  CERTIFICATIONS IN THIS SECTION 9. Section 10. Counterparts. This Amendment
  may be executed in counterparts (and by different parties hereto on different
  counterparts), each of which shall constitute an original, but all of which
  when taken together shall constitute a single contract. Delivery of an
  executed signature page to this Amendment by facsimile transmission or in
  electronic (i.e., “pdf” or “tif”) format shall be as effective as delivery of
  a manually signed counterpart of this Amendment. Section 11. Certain Tax
  Matters. For purposes of determining withholding Taxes imposed under the
  Foreign Account Tax Compliance Act (FATCA), from and after the Amendment No.
  1 Effective Date, the Borrower and the Administrative Agent shall treat (and
  the Lenders hereby authorize the Administrative Agent to treat) the Loans as
  not qualifying as a "grandfathered obligation" within the meaning
  of Treasury Regulation Section 1.1471-2(b)(2)(i). 

  

 

 

	
  

  	
  #86420060v14 IN
  WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
  executed as of the date first above written. NEFF LLC, as Parent and a Loan
  Party By: Name: Mark Irion Title: Chief Financial Officer NEFF HOLDINGS LLC,
  as Holdings and a Loan Party By: Name: Mark Irion Title: Chief Financial
  Officer NEFF RENTAL LLC, as Borrower and a Loan Party By: Name: Mark Irion
  Title: Chief Financial Officer 

  

 

	
  

  	
  #86420060v14
  CREDIT SUISSE, AG, as Administrative Agent: By: Name: Title: 

  

 

	
  

  	
  #86420060v14
  [LENDER], as a Lender: By: Name: Title: 

  

 

	
  

  	
  #86420060v14
  EXHIBIT A FORM OF REVOLVING CREDIT FACILITY AMENDMENT NO. 2 [see attached] 

  

 

	
  

  	
  #86420060v14
  EXHIBIT B FORM OF HOLDINGS LLC AGREEMENT [see attached] 

  

 

	
  

  	
  #86420060v14
  EXHIBIT C FORM OF IPO COMMON UNIT PURCHASE AGREEMENT [see attached] 

  

 

	
  

  	
  #86420060v14
  EXHIBIT D FORM OF TAX RECEIVABLE AGREEMENT [see attached] 

  

 

	
  

  	
  #86420060v14
  EXHIBIT E FORM OF AMENDED NEFF HOLDINGS LLC MANAGEMENT EQUITY PLAN [see
  attached] 

  

 

	
  

  	
  EXHIBIT B FORM
  OF HOLDINGS LLC AGREEMENT [see attached] 

  

 

 

	
  

  	
  12 NY\6520040.7
  DRAFT 10-14-2014 voting interests thereof are at the time owned or
  controlled, directly or indirectly, by any Person or one or more Subsidiaries
  of that Person or a combination thereof. For purposes hereof, references to a
  “Subsidiary” of the Company shall be given effect only at such times that the
  Company has one or more Subsidiaries, and, unless otherwise indicated, the
  term “Subsidiary” refers to a Subsidiary of the Company. “Substituted Member”
  means a Person that is admitted as a Member to the Company pursuant to
  Section 12.01. “Tax Distribution Date” has the meaning set forth in Section
  4.01(b)(i). “Tax Distributions” has the meaning set forth in Section
  4.01(b)(i). “Tax Matters Partner” has the meaning set forth in Section 9.03.
  “Tax Receivable Agreement” means that certain Tax Receivable Agreement, dated
  as the date hereof, by and among the Corporation, on the one hand, and the
  Original Members, on the other hand (together with any joinder thereto from
  time to time executed by any LLC Optionee and/or by any successor or assign
  to any party to such agreement). “Taxable Year” means the Company’s
  accounting period for U.S. federal income tax purposes determined pursuant to
  Section 9.02. “Trading Day” means a day on which the Stock Exchange or such
  other principal United States securities exchange on which the Class A Common
  Stock is listed or admitted to trading is open for the transaction of
  business (unless such trading shall have been suspended for the entire day).
  “Transfer” (and, with a correlative meaning, “Transferring”) means any sale,
  transfer, assignment, pledge, encumbrance or other disposition of (whether
  directly or indirectly, whether with or without consideration and whether
  voluntarily or involuntarily or by operation of Law) (a) any interest (legal
  or beneficial) in any Equity Securities or (b) any equity or other interest
  (legal or beneficial) in any Member if substantially all of the assets of
  such Member consist solely of Units. “Treasury Regulations” means the income
  tax regulations promulgated under the Code and any corresponding provisions
  of succeeding regulations. “Underwriting Agreement” means the Underwriting
  Agreement, dated as of [ ], 2014, by and among the Corporation, the Company,
  Morgan Stanley & Co. LLC and Jefferies LLC. “Unit” means a Company
  Interest of a Member or a permitted Assignee in the Company representing a
  fractional part of the Company Interests of all Members and Assignees as may
  be established by the Manager from time to time in accordance with Section
  3.02; provided, however, that any class or group of Units issued shall have
  the relative rights, powers and duties set forth in this Agreement, and the
  Company Interest represented by such class or group of Units shall be
  determined in accordance with such relative rights, powers and duties. 

  

 

	
  

  	
  13 NY\6520040.7
  DRAFT 10-14-2014 “Unitholder” means a Common Unitholder and any Member who is
  the registered holder of any other class of Units, if any. “Unvested
  Corporate Shares” means shares of Class A Common Stock issued pursuant to the
  Corporate Omnibus Incentive Plan that are not Vested Corporate Shares.
  “Value” means (a) for any Stock Option Plan, the Market Price for the trading
  day immediately preceding the date of exercise of a stock option under such
  Stock Option Plan and (b) for any Equity Plan other than a Stock Option Plan,
  the Market Price for the trading day immediately preceding the Vesting Date.
  “Vested Corporate Shares” has the meaning set forth in Section 3.04(c)(ii).
  “Vesting Date” has the meaning set forth in Section 3.11(c)(ii). “Voting
  Units” means (a) the Common Units and (b) any other Units other than Units
  that by their express terms do not entitle the record holder thereof to vote
  on any matter presented to the Members generally under this Agreement for
  approval. “Wayzata” has the meaning set forth in the recitals to this
  Agreement. “Wayzata Offshore” has the meaning set forth in the recitals to
  this Agreement. ARTICLE II. ORGANIZATIONAL MATTERS Section 2.01 Formation of
  Company. The Company was formed on May 12, 2010 pursuant to the provisions of
  the Delaware Act. Section 2.02 Second Amended and Restated Limited Liability
  Company Agreement. The Members hereby execute this Agreement for the purpose
  of establishing the affairs of the Company and the conduct of its business in
  accordance with the provisions of the Delaware Act. The Members hereby agree
  that during the term of the Company set forth in Section 2.06 the rights and
  obligations of the Members with respect to the Company will be determined in
  accordance with the terms and conditions of this Agreement and the Delaware
  Act. On any matter upon which this Agreement is silent, the Delaware Act
  shall control. No provision of this Agreement shall be in violation of the
  Delaware Act and to the extent any provision of this Agreement is in
  violation of the Delaware Act, such provision shall be void and of no effect
  to the extent of such violation without affecting the validity of the other
  provisions of this Agreement; provided, however, that where the Delaware Act
  provides that a provision of the Delaware Act shall apply “unless otherwise
  provided in a limited liability company agreement” or words of similar
  effect, the provisions of this Agreement shall in each instance control; provided
  further, that notwithstanding the foregoing, Section 18-210 of the Delaware
  Act shall not apply or be incorporated into this Agreement. Section 2.03
  Name. The name of the Company shall be “Neff Holdings LLC.” The Manager in
  its sole discretion may change the name of the Company at any time and from
  time to time. Notification of any such change shall be given to all of the
  Members and, to the extent 

  

 

	
  

  	
  14 NY\6520040.7
  DRAFT 10-14-2014 practicable, to all of the holders of any Equity Securities
  then outstanding. The Company’s business may be conducted under its name
  and/or any other name or names deemed advisable by the Manager. Section 2.04
  Purpose. The primary business and purpose of the Company shall be to engage
  in such activities as are permitted under the Delaware Act and determined
  from time to time by the Manager in accordance with the terms and conditions
  of this Agreement. Section 2.05 Principal Office; Registered Office. The
  principal office of the Company shall be at 3750 N.W. 87th Avenue, Suite 400,
  Miami, Florida 33178, or such other place as the Manager may from time to
  time designate. The address of the registered office of the Company in the
  State of Delaware shall be c/o The Corporation Trust Company, 1209 Orange
  Street, in the City of Wilmington, County of New Castle, 19801, and the
  registered agent for service of process on the Company in the State of
  Delaware at such registered office shall be The Corporation Trust Company.
  The Manager may from time to time change the Company’s registered agent and
  registered office in the State of Delaware. Section 2.06 Term. The term of
  the Company commenced upon the filing of the Certificate in accordance with
  the Delaware Act and shall continue in existence until termination and
  dissolution of the Company in accordance with the provisions of Article XIV.
  Section 2.07 No State-Law Partnership. The Members intend that the Company
  not be a partnership (including, without limitation, a limited partnership)
  or joint venture, and that no Member be a partner or joint venturer of any
  other Member by virtue of this Agreement, for any purposes other than as set
  forth in the last sentence of this Section 2.07, and neither this Agreement
  nor any other document entered into by the Company or any Member relating to the
  subject matter hereof shall be construed to suggest otherwise. The Members
  intend that the Company shall be treated as a partnership for U.S. federal
  and, if applicable, state or local income tax purposes, and that each Member
  and the Company shall file all tax returns and shall otherwise take all tax
  and financial reporting positions in a manner consistent with such treatment.
  ARTICLE III. MEMBERS; UNITS; CAPITALIZATION Section 3.01 Members. (a) Each of
  the Original Members previously was admitted as a Member to the Company
  pursuant to the First A&R LLC Agreement and shall remain a Member of the
  Company upon the Effective Time. At the Effective Time and concurrently with
  the IPO Common Unit Purchase, the Corporation shall be admitted to the Company
  as a Member. In accordance with Section 12.02, from time to time on or after
  the date of this Agreement, upon each LLC Option Exercise the applicable LLC
  Optionee shall be admitted to the Company as an Additional Member. (b) The
  Company shall maintain a schedule setting forth: (i) the name and address of
  each Member; (ii) the aggregate number of outstanding Units and the number
  and class of Units held by each Member; (iii) the aggregate amount of cash
  Capital Contributions that have been 

  

 

	
  

  	
  15 NY\6520040.7
  DRAFT 10-14-2014 made by the Members with respect to their Units; and (iv)
  the Fair Market Value of any property other than cash contributed by the
  Members with respect to their Units (including, if applicable, a description
  and the amount of any liability assumed by the Company or to which
  contributed property is subject) (such schedule, the “Schedule of Members”).
  The applicable Schedule of Members in effect as of the Effective Time is set
  forth as Schedule 1 to this Agreement. The Schedule of Members shall be the
  definitive record of ownership of each Unit of the Company and all relevant
  information with respect to each Member. The Company shall be entitled to
  recognize the exclusive right of a Person registered on its records as the
  owner of Units for all purposes and shall not be bound to recognize any
  equitable or other claim to or interest in Units on the part of any other
  Person, whether or not it shall have express or other notice thereof, except
  as otherwise provided by the Delaware Act. (c) No Member shall be required
  or, except as approved by the Manager pursuant to Section 6.01 and in
  accordance with the other provisions of this Agreement, permitted to loan any
  money or property to the Company or borrow any money or property from the
  Company. Section 3.02 Units. Interests in the Company shall be represented by
  Units, or such other securities of the Company, in each case as the Manager
  may establish in its discretion in accordance with the terms and subject to
  the restrictions hereof. Immediately after the Effective Time, the Units will
  be comprised of a single class of Common Units (with an aggregate of [ ]
  Common Units being authorized for issuance by the Company). To the extent
  required pursuant to Section 3.04(a), the Manager may create one or more
  classes or series of Common Units or preferred Units solely to the extent
  they are in the aggregate substantially equivalent to a class of common stock
  of the Corporation or class or series of preferred stock of the Corporation;
  provided that as long as there are any Members of the Company (other than the
  Corporation) or any LLC Optionees with respect to outstanding LLC Options,
  then no such new class or series of Units may deprive such Members or LLC
  Optionees of, or dilute or reduce, the pro rata share of all Company
  Interests they would have received or to which they would have been entitled
  (including on a pro forma basis for the exercise of LLC Options) if such new
  class or series of Units had not been created except to the extent (and
  solely to the extent) the Company actually receives cash in an aggregate
  amount, or other property with a Fair Market Value in an aggregate amount,
  equal to the pro rata share allocated to such new class or series of Units
  and the number thereof issued by the Company. Section 3.03 Recapitalization
  and Split; the Corporation’s Capital Contribution; the Corporation’s Purchase
  of Common Units; Redemptions. (a) Recapitalization and Split. In connection
  with the Recapitalization, immediately upon the Effective Time, the aggregate
  number of 9,200,000 Original Class A Units that were issued and outstanding
  and held by the Original Members prior to the execution and effectiveness of
  this Agreement are hereby converted into an aggregate of [ ] Common Units.
  The number of Common Units received by each Original Member reflect a [__]:1
  ([_______________] to one) split of each Unit evidencing a common Company
  Interest previously held by each Original Member and reflected on Schedule A
  to, and in other applicable provisions of, the First A&R LLC Agreement.
  In connection with the Recapitalization, immediately upon the Effective Time,
  the aggregate number of 778,374 Original Class B Units that were underlying
  option grants to the Original LLC Optionees prior to the execution and 

  

 

	
  

  	
  16 NY\6520040.7
  DRAFT 10-14-2014 effectiveness of this Agreement are hereby converted into an
  aggregate of [ ] Common Units. The number of Common Units underlying each
  grant to an Original LLC Optionee will reflect a [__]:1 ([_______________] to
  one) split of each Unit evidencing a common Company Interest previously
  underlying the grant to such Original LLC Optionee and reflected in the
  applicable grant documentation under the Original Management Equity Plan and
  the applicable Original Award Agreement. (b) The Corporation’s Common Unit
  Purchase. Following the Recapitalization, immediately upon the Effective
  Time, the Corporation will contribute the IPO Net Proceeds to the Company in
  exchange for [ ] Common Units pursuant to the IPO Common Unit Purchase
  Agreement (the “IPO Common Unit Purchase”). The IPO Common Unit Purchase
  shall be reflected on the Schedule of Members. Section 3.04 Authorization and
  Issuance of Additional Units. (a) The Company shall undertake all actions,
  including, without limitation, a reclassification, distribution, division or
  recapitalization, with respect to the Common Units, to maintain at all times
  a one-to-one ratio between the number of Common Units owned by the
  Corporation and the number of outstanding shares of Class A Common Stock, disregarding,
  for purposes of maintaining the one-to-one ratio, (i) Unvested Corporate
  Shares, (ii) treasury stock or (iii) preferred stock or other debt or equity
  securities (including without limitation warrants, options or rights) issued
  by the Corporation that are convertible into or exercisable or exchangeable
  for Class A Common Stock (except to the extent the net proceeds from such
  other securities, including any exercise or purchase price payable upon
  conversion, exercise or exchange thereof, has been contributed by the
  Corporation to the equity capital of the Company). In the event the
  Corporation issues, transfers or delivers from treasury stock or repurchases
  Class A Common Stock in a transaction not contemplated in this Agreement, the
  Manager shall have the authority to take all actions such that, after giving
  effect to all such issuances, transfers, delivers or repurchases, the number
  of outstanding Common Units owned by the Corporation will equal on a
  one-for-one basis the number of outstanding shares of Class A Common Stock.
  In the event the Corporation issues, transfers or delivers from treasury
  stock or repurchases or redeems the Corporation’s preferred stock in a
  transaction not contemplated in this Agreement, the Manager shall have the
  authority to take all actions such that, after giving effect to all such
  issuances, transfers, deliveries repurchases or redemptions, the Corporation
  holds (in the case of any issuance, transfer or delivery) or ceases to hold
  (in the case of any repurchase or redemption) equity interests in the Company
  which (in the good faith determination by the Manager) are in the aggregate
  substantially equivalent to the outstanding preferred stock of the
  Corporation so issued, transferred, delivered, repurchased or redeemed. The
  Company shall not undertake any subdivision (by any Common Unit split, Common
  Unit distribution, reclassification, recapitalization or similar event) or
  combination (by reverse Common Unit split, reclassification, recapitalization
  or similar event) of the Common Units that is not accompanied by an identical
  subdivision or combination of Class A Common Stock to maintain at all times a
  one-to-one ratio between the number of Common Units owned by the Corporation
  and the number of outstanding shares of Class A Common Stock, unless such
  action is necessary to maintain at all times a oneto- one ratio between the
  number of Common Units owned by the Corporation and the number of outstanding
  shares of Class A Common Stock as contemplated by the first sentence of this
  Section 3.04(a). 

  

 

	
  

  	
  17 NY\6520040.7
  DRAFT 10-14-2014 (b) The Company shall only be permitted to issue additional
  Units or other Equity Securities in the Company to the Persons and on the
  terms and conditions provided for in Section 3.02, this Section 3.04, Section
  3.10, Section 3.11 and Section 3.12. Subject to the foregoing, the Manager
  may cause the Company to issue additional Common Units authorized under this
  Agreement at such times and upon such terms as the Manager shall determine
  and the Manager shall amend this Agreement as necessary in connection with
  the issuance of additional Common Units and admission of additional Members
  under this Section 3.04. Section 3.05 Repurchase or Redemption of shares of
  Class A Common Stock. If, at any time, any shares of Class A Common Stock are
  repurchased or redeemed (whether by exercise of a put or call, automatically
  or by means of another arrangement) by the Corporation for cash, then the
  Manager shall cause the Company, immediately prior to such repurchase or
  redemption of Class A Common Stock, to redeem a corresponding number of
  Common Units held by the Corporation, at an aggregate redemption price equal
  to the aggregate purchase or redemption price of the shares of Class A Common
  Stock being repurchased or redeemed by the Corporation (plus any expenses
  related thereto) and upon such other terms as are the same for the shares of
  Class A Common Stock being repurchased or redeemed by the Corporation.
  Section 3.06 Certificates Representing Units; Lost, Stolen or Destroyed
  Certificates; Registration and Transfer of Units. (a) Units shall not be
  certificated unless otherwise determined by the Manager. If the Manager
  determines that one or more Units shall be certificated, each such
  certificate shall be signed by or in the name of the Company, by the Chief
  Executive Officer and any other officer designated by the Manager,
  representing the number of Units held by such holder. Such certificate shall
  be in such form (and shall contain such legends) as the Manager may
  determine. Any or all of such signatures on any certificate representing one
  or more Units may be a facsimile, engraved or printed, to the extent
  permitted by applicable Law. The Manager agrees that it shall not elect to
  treat any Unit as a “security” within the meaning of Article 8 of the Uniform
  Commercial Code unless thereafter all Units then outstanding are represented
  by one or more certificates. (b) If Units are certificated, the Manager may
  direct that a new certificate representing one or more Units be issued in
  place of any certificate theretofore issued by the Company alleged to have
  been lost, stolen or destroyed, upon delivery to the Manager of an affidavit
  of the owner or owners of such certificate, setting forth such allegation.
  The Manager may require the owner of such lost, stolen or destroyed
  certificate, or such owner’s legal representative, to give the Company a bond
  sufficient to indemnify it against any claim that may be made against it on
  account of the alleged loss, theft or destruction of any such certificate or
  the issuance of any such new certificate. (c) Upon surrender to the Company
  or the transfer agent of the Company, if any, of a certificate for one or
  more Units, duly endorsed or accompanied by appropriate evidence of succession,
  assignment or authority to transfer, in compliance with the provisions
  hereof, the Company shall issue a new certificate representing one or more
  Units to the Person entitled thereto, cancel the old certificate and record
  the transaction upon its books. Subject to the 

  

 

	
  

  	
  18 NY\6520040.7
  DRAFT 10-14-2014 provisions of this Agreement, the Manager may prescribe such
  additional rules and regulations as it may deem appropriate relating to the
  issue, Transfer and registration of Units. Section 3.07 Negative Capital
  Accounts. No Member shall be required to pay to any other Member or the
  Company any deficit or negative balance which may exist from time to time in
  such Member’s Capital Account (including upon and after dissolution of the
  Company). Section 3.08 No Withdrawal. No Person shall be entitled to withdraw
  any part of such Person’s Capital Contribution or Capital Account or to
  receive any Distribution from the Company, except as expressly provided in
  this Agreement. Section 3.09 Loans From Members. Loans by Members to the
  Company shall not be considered Capital Contributions. Subject to the
  provisions of Section 3.01(c), the amount of any such advances shall be a
  debt of the Company to such Member and shall be payable or collectible in
  accordance with the terms and conditions upon which such advances are made.
  Section 3.10 LLC Option Exercises. If at any time or from time to time, in
  connection with any LLC Option, the LLC Optionee exercises its LLC Option in
  whole or in part: (a) If such LLC Optionee is not a Member as of the date of
  such exercise, such LLC Optionee shall execute and deliver to the Manager a
  Joinder to this Agreement whereby such LLC Optionee shall agree to become a
  Member under this Agreement, entitled to all of the rights and privileges and
  subject to all of the agreements and responsibilities of a Member hereunder
  from and after the date of such Joinder. (b) Notwithstanding the foregoing,
  if the LLC Optionee, in its capacity as a prospective Member hereunder as a
  result of such LLC Option exercise, intends to simultaneously exercise its
  Redemption Rights with respect to all (but not less than all) of the Common
  Units to be received as by such LLC Optionee as a result of such exercise,
  then: (i) the actions described in subsection (a) of this Section 3.10 shall
  be deemed to have occurred (including that such LLC Optionee shall be deemed
  to have become a Member for the period of time between such exercise and such
  Redemption) without requiring the actual execution of a Joinder or the actual
  issuance and delivery to the LLC Optionee of the applicable number of Common
  Units; and (ii) such LLC Optionee may proceed to exercise all of the rights
  of a Member with respect to a Redemption under Article XI hereof of up to the
  number of Common Units that such LLC Optionee is entitled to receive (and
  deemed to have received) as a result of such exercise. (e) Anti-dilution
  adjustments. For all purposes of this Section 3.10, the number of Common
  Units (or in connection with simultaneous Redemption, the number of shares of
  Class A Common Stock in lieu of Common Units) shall be determined after
  giving effect to all antidilution or similar adjustments that are applicable,
  as of the date of exercise, to the LLC Option being exercised the Original
  Management Equity Plan or applicable Original Award Agreement. Section 3.11
  Corporate Stock Option Plans. 

  

 

	
  

  	
  19 NY\6520040.7
  DRAFT 10-14-2014 (a) Options Granted to Persons other than LLC Employees. If
  at any time or from time to time, in connection with any Stock Option Plan, a
  stock option granted over shares of Class A Common Stock to a Person other
  than an LLC Employee is duly exercised: (i) The Corporation shall, as soon as
  practicable after such exercise, make a Capital Contribution to the Company
  in an amount equal to the exercise price paid to the Corporation by such
  exercising Person in connection with the exercise of such stock option. (ii)
  Notwithstanding the amount of the Capital Contribution actually made pursuant
  to Section 3.11(a)(i), the Corporation shall be deemed to have contributed to
  the Company as a Capital Contribution, in lieu of the Capital Contribution
  actually made and in consideration of additional Common Units, an amount
  equal to the Value of a share of Class A Common Stock as of the date of such
  exercise multiplied by the number of shares of Class A Common Stock then
  being issued by the Corporation in connection with the exercise of such stock
  option. (iii) The Corporation shall receive in exchange for such Capital
  Contributions (as deemed made under 3.11(a)(ii)), a corresponding number of
  Units of a class correlative to the class of Equity Securities for which such
  stock options were granted. (b) Options Granted to LLC Employees. If at any
  time or from time to time, in connection with any Stock Option Plan, a stock
  option granted over shares of Class A Common Stock to an LLC Employee is duly
  exercised: (i) The Corporation shall sell to the Optionee, and the Optionee
  shall purchase from the Corporation, for a cash price per share equal to the
  Value of a share of Class A Common Stock at the time of the exercise, the
  number of shares of Class A Common Stock equal to the quotient of (x) the
  exercise price payable by the Optionee in connection with the exercise of
  such stock option divided by (y) the Value of a share of Class A Common Stock
  at the time of such exercise. (ii) The Corporation shall sell to the Company
  (or if the Optionee is an employee of, or other service provider to, a
  Subsidiary, the Corporation shall sell to such Subsidiary), and the Company
  (or such Subsidiary, as applicable) shall purchase from the Corporation, a
  number of shares of Class A Common Stock equal to the excess of (x) the
  number of shares of Class A Common Stock as to which such stock option is
  being exercised over (y) the number of shares of Class A Common Stock sold
  pursuant to Section 3.11(b)(i) hereof. The purchase price per share of Class
  A Common Stock for such sale of shares of Class A Common Stock to the Company
  (or such Subsidiary) shall be the Value of a share of Class A Common Stock as
  of the date of exercise of such stock option. (iii) The Company shall
  transfer to the Optionee (or if the Optionee is an employee of, or other
  service provider to, a Subsidiary, the Subsidiary shall transfer to the
  Optionee) at no additional cost to such LLC Employee and as additional 

  

 

	
  

  	
  20 NY\6520040.7
  DRAFT 10-14-2014 compensation to such LLC Employee, the number of shares of
  Class A Common Stock described in Section 3.11(b)(ii). (iv) The Corporation
  shall, as soon as practicable after such exercise, make a Capital
  Contribution to the Company in an amount equal to all proceeds received (from
  whatever source, but excluding any payment in respect of payroll taxes or
  other withholdings) by the Corporation in connection with the exercise of
  such stock option. The Corporation shall receive for such Capital
  Contribution, a number Units equal to the number of shares of Class A Common
  Stock for which such option was exercised. (c) Restricted Stock Granted to
  LLC Employees. If at any time or from time to time, in connection with any
  Equity Plan (other than a Stock Option Plan), any shares of Class A Common
  Stock are issued to an LLC Employee (including any shares of Class A Common
  Stock that are subject to forfeiture in the event such LLC Employee
  terminates his employment by the Company or any Subsidiary) in consideration
  for services performed for the Company or any Subsidiary: (i) The Corporation
  shall issue such number of shares of Class A Common Stock as are to be issued
  to the LLC Employee in accordance with the Equity Plan; (ii) On the date
  (such date, the “Vesting Date”) that the Value of such shares is includible
  in taxable income of the LLC Employee, the following events will be deemed to
  have occurred: (a) the Corporation shall be deemed to have sold such shares
  of Class A Common Stock to the Company (or if the LLC Employee is an employee
  of, or other service provider to, a Subsidiary, to such Subsidiary) for a
  purchase price equal to the Value of such shares of Class A Common Stock, (b)
  the Company (or such Subsidiary) shall be deemed to have delivered such
  shares of Class A Common Stock to the LLC Employee, (c) the Corporation shall
  be deemed to have contributed the purchase price for such shares of Class A
  Common Stock to the Company as a Capital Contribution, and (d) in the case
  where the LLC Employee is an employee of a Subsidiary, the Company shall be
  deemed to have contributed such amount to the capital of the Subsidiary; and
  (iii) The Company shall issue to the Corporation on the Vesting Date a number
  of Units equal to the number of shares of Class A Common Stock issued under
  Section 3.11(c)(i) in consideration for a Capital Contribution in cash in an
  amount equal to the product of (x) the number of such newly issued Units multiplied
  by (y) the Value of a share of Class A Common Stock. (d) Future Stock
  Incentive Plans. Nothing in this Agreement shall be construed or applied to
  preclude or restrain the Corporation from adopting, modifying or terminating
  stock incentive plans for the benefit of employees, directors or other
  business associates of the Corporation, the Company or any of their
  Affiliates. The Members acknowledge and agree that, in the event that any
  such plan is adopted, modified or terminated by the Corporation, amendments
  to this Section 3.11 may become necessary or advisable and that any approval
  or consent to any such amendments requested by the Corporation shall be
  deemed granted by the Members. 

  

 

	
  

  	
  21 NY\6520040.7
  DRAFT 10-14-2014 (e) Anti-dilution adjustments. For all purposes of this
  Section 3.11, the number of shares of Class A Common Stock and the
  corresponding number of Common Units shall be determined after giving effect
  to all anti-dilution or similar adjustments that are applicable, as of the
  date of exercise or vesting, to the option, warrant, restricted stock or
  other equity interest that is being exercised or becomes vested under the
  applicable Stock Option Plan or other Equity Plan and applicable award or
  grant documentation. Section 3.12 Dividend Reinvestment Plan, Cash Option
  Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be
  provided in this Article III, all amounts received or deemed received by the
  Corporation in respect of any dividend reinvestment plan, cash option
  purchase plan, stock incentive or other stock or subscription plan or
  agreement, either (a) shall be utilized by the Corporation to effect open
  market purchases of shares of Class A Common Stock, or (b) if the Corporation
  elects instead to issue new shares of Class A Common Stock with respect to
  such amounts, shall be contributed by the Corporation to the Company in
  exchange for additional Units. Upon such contribution, the Company will issue
  to the Corporation a number of Units equal to the number of new shares of
  Class A Common Stock so issued. ARTICLE IV. DISTRIBUTIONS Section 4.01
  Distributions. (a) Distributable Cash; Other Distributions. To the extent
  permitted by applicable Law and hereunder, Distributions to Members may be
  declared by the Manager out of Distributable Cash or other funds or property
  legally available therefor in such amounts and on such terms (including the
  payment dates of such Distributions) as the Manager shall determine using
  such record date as the Manager may designate; such Distributions shall be
  made to the Members as of the close of business on such record date on a pro
  rata basis in accordance with each Member’s Percentage Interest as of the
  close of business on such record date; provided, however, that the Manager
  shall have the obligation to make Distributions as set forth in Sections
  4.01(b) and 14.02; and provided further that, notwithstanding any other
  provision herein to the contrary, no Distributions shall be made to any
  Member to the extent such Distribution would render the Company insolvent.
  For purposes of the foregoing sentence, insolvency means the inability of the
  Company to meet its payment obligations when due. Promptly following the
  designation of a record date and the declaration of a Distribution pursuant to
  this Section 4.01(a), the Manager shall give notice to each Member of the
  record date, the amount and the terms of the Distribution and the payment
  date thereof. In furtherance of the foregoing, it is intended that the
  Manager shall, to the extent permitted by applicable Law and hereunder, have
  the right in its sole discretion to make Distributions to the Members
  pursuant to this Section 4.01(a) in such amounts as shall enable the
  Corporation to pay dividends or to meet its obligations, including its obligations
  pursuant to the Tax Receivable Agreement (to the extent such obligations are
  not otherwise able to be satisfied as a result of Tax Distributions required
  to be made pursuant to Section 4.01(b)). (b) Tax Distributions. 

  

 

	
  

  	
  22 NY\6520040.7
  DRAFT 10-14-2014 (i) On or about each date (a “Tax Distribution Date”) that
  is [ten (10)] Business Days prior to (i) each date on which estimated U.S.
  federal income tax payments are required to be made by calendar year
  individual taxpayers (or, if earlier, the date on which estimated U.S.
  federal income tax payments are required for the Corporation) and (ii) each
  due date for the U.S. federal income tax return of an individual calendar
  year taxpayer (without regard to extensions) (or, if earlier, the due date
  for the U.S. federal income tax return of the Corporation, as determined
  without regard to extensions), the Company shall be required to make a
  Distribution to each Member of cash in an amount equal to the excess of such
  Member’s Assumed Tax Liability, if any, for such taxable period over the
  Distributions previously made to such Member pursuant to this Section 4.01(b)
  with respect to such taxable period (the “Tax Distributions”). (ii) To the
  extent a Member otherwise would be entitled to receive less than its Percentage
  Interest of the aggregate Tax Distributions to be paid pursuant to this
  Section 4.01(b) on any given date, the Tax Distributions to such Member shall
  be increased to ensure that all Distributions made pursuant to this Section
  4.01(b) are made pro rata in accordance with Percentage Interests. If, on a
  Tax Distribution Date, there are insufficient funds on hand to distribute to
  the Members the full amount of the Tax Distributions to which such Members
  are otherwise entitled, Distributions pursuant to this Section 4.01(b) shall
  be made to the Members to the extent of available funds in accordance with
  their Percentage Interests and the Company shall make future Tax
  Distributions as soon as funds become available sufficient to pay the
  remaining portion of the Tax Distributions to which such Members are
  otherwise entitled. (iii) In the event of any audit by, or similar event
  with, a taxing authority that affects the calculation of any Member’s Assumed
  Tax Liability for any taxable year, or in the event the Company files an
  amended tax return, each Member’s Assumed Tax Liability with respect to such
  year shall be recalculated by giving effect to such event (for the avoidance
  of doubt, taking into account interest or penalties). Any shortfall in the
  amount of Tax Distributions the Members and former Members received for the
  relevant taxable years based on such recalculated Assumed Tax Liability
  promptly shall be distributed to such Members and the successors of such
  former Members, except, for the avoidance of doubt, to the extent
  Distributions were made to such Members and former Members pursuant to
  Section 4.01(a) and this Section 4.01(b) in the relevant taxable years
  sufficient to cover such shortfall. (iv) Notwithstanding the foregoing,
  Distributions pursuant to this Section 4.01(b), if any, shall be made to a
  Member only to the extent all previous Distributions to such Member pursuant
  to Section 4.01(a) during the Fiscal Year are less than the Distributions
  such Member otherwise would have been entitled to receive during such Fiscal
  Year pursuant to this Section 4.01(b). Section 4.02 Restricted Distributions.
  Notwithstanding any provision to the contrary contained in this Agreement,
  the Company shall not make any Distribution to any Member on account of any
  Company Interest if such Distribution would violate any applicable Law or the
  terms of the Credit Agreements. 

  

 

	
  

  	
  23 NY\6520040.7
  DRAFT 10-14-2014 ARTICLE V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS
  Section 5.01 Capital Accounts. (a) The Company shall maintain a separate
  Capital Account for each Member according to the rules of Treasury Regulation
  Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the
  discretion of the Manager), upon the occurrence of the events specified in
  Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the
  Capital Accounts in accordance with the rules of such Treasury Regulation and
  Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of
  Company property. Upon the exercise by any LLC Optionee of its LLC Option,
  such LLC Optionee’s initial Capital Account shall be equal to the sum of (i)
  the exercise price paid by such LLC Optionee to the Company in connection
  with such exercise and (ii) the amount included in such LLC Optionee’s
  compensation income under Code Section 83 as a result of such exercise. (b)
  For purposes of computing the amount of any item of Company income, gain,
  loss or deduction to be allocated pursuant to this Article V and to be
  reflected in the Capital Accounts of the Members, the determination,
  recognition and classification of any such item shall be the same as its
  determination, recognition and classification for U.S. federal income tax
  purposes (including any method of depreciation, cost recovery or amortization
  used for this purpose); provided, however, that: (i) The computation of all
  items of income, gain, loss and deduction shall include those items described
  in Code Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and Treasury
  Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such
  items are not includable in gross income or are not deductible for U.S.
  federal income tax purposes. (ii) If the Book Value of any Company property
  is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(f), the
  amount of such adjustment shall be taken into account as gain or loss from
  the disposition of such property. (iii) Items of income, gain, loss or
  deduction attributable to the disposition of Company property having a Book
  Value that differs from its adjusted basis for tax purposes shall be computed
  by reference to the Book Value of such property. (iv) Items of depreciation,
  amortization and other cost recovery deductions with respect to Company
  property having a Book Value that differs from its adjusted basis for tax
  purposes shall be computed by reference to the property’s Book Value in
  accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g). (v) To the
  extent an adjustment to the adjusted tax basis of any Company asset pursuant
  to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury
  Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
  determining Capital Accounts, the amount of such adjustment to the Capital
  Accounts shall be treated as an item of gain (if the adjustment increases the
  basis of the asset) or loss (if the adjustment decreases such basis). 

  

 

	
  

  	
  24 NY\6520040.7
  DRAFT 10-14-2014 Section 5.02 Allocations. Except as otherwise provided in
  Section 5.03 and Section 5.04, Net Profits and Net Losses for any Fiscal Year
  or Fiscal Period shall be allocated among the Capital Accounts of the Members
  pro rata in accordance with their respective Percentage Interests. For the
  avoidance of doubt, in accordance with Code Section 706(d)(1), any deductions
  resulting from the exercise by any LLC Optionee of its LLC Option shall be
  allocated under a closing of the books method to the Members who were Members
  of the Company in the Fiscal Period ending on the day immediately prior the
  day of such exercise. Section 5.03 Regulatory Allocations. (a) Losses
  attributable to partner nonrecourse debt (as defined in Treasury Regulation
  Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury
  Regulation Section 1.704-2(i). If there is a net decrease during a Taxable
  Year in partner nonrecourse debt minimum gain (as defined in Treasury
  Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and, if
  necessary, for subsequent Taxable Years) shall be allocated to the Members in
  the amounts and of such character as determined according to Treasury
  Regulation Section 1.704-2(i)(4). (b) Nonrecourse deductions (as determined
  according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year
  shall be allocated pro rata among the Members in accordance with their
  Percentage Interests. Except as otherwise provided in Section 4.03(a), if
  there is a net decrease in the Minimum Gain during any Taxable Year, each
  Member shall be allocated Profits for such Taxable Year (and, if necessary,
  for subsequent Taxable Years) in the amounts and of such character as
  determined according to Treasury Regulation Section 1.704-2(f). This Section
  5.03(b) is intended to be a minimum gain chargeback provision that complies
  with the requirements of Treasury Regulation Section 1.704-2(f), and shall be
  interpreted in a manner consistent therewith. (c) If any Member that
  unexpectedly receives an adjustment, allocation or Distribution described in
  Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an
  Adjusted Capital Account Deficit as of the end of any Taxable Year, computed
  after the application of Sections 5.03(a) and 5.03(b) but before the
  application of any other provision of this Article V, then Profits for such
  Taxable Year shall be allocated to such Member in proportion to, and to the
  extent of, such Adjusted Capital Account Deficit. This Section 5.03(c) is
  intended to be a qualified income offset provision as described in Treasury
  Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner
  consistent therewith. (d) If the allocation of Net Losses to a Member as
  provided in Section 5.02 would create or increase an Adjusted Capital Account
  Deficit, there shall be allocated to such Member only that amount of Losses
  as will not create or increase an Adjusted Capital Account Deficit. The Net
  Losses that would, absent the application of the preceding sentence,
  otherwise be allocated to such Member shall be allocated to the other Members
  in accordance with their relative Percentage Interests, subject to this
  Section 5.03(d). (e) Profits and Losses described in Section 5.01(b)(v) shall
  be allocated in a manner consistent with the manner that the adjustments to
  the Capital Accounts are required to be made pursuant to Treasury Regulation
  Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

  

 

	
  

  	
  25 NY\6520040.7
  DRAFT 10-14-2014 (f) The allocations set forth in Section 5.03(a) through and
  including Section 5.03(e) (the “Regulatory Allocations”) are intended to
  comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the
  Treasury Regulations. The Regulatory Allocations may not be consistent with
  the manner in which the Members intend to allocate Profit and Loss of the
  Company or make Distributions. Accordingly, notwithstanding the other provisions
  of this Article V, but subject to the Regulatory Allocations, income, gain,
  deduction and loss shall be reallocated among the Members so as to eliminate
  the effect of the Regulatory Allocations and thereby cause the respective
  Capital Accounts of the Members to be in the amounts (or as close thereto as
  possible) they would have been if Profit and Loss (and such other items of
  income, gain, deduction and loss) had been allocated without reference to the
  Regulatory Allocations. In general, the Members anticipate that this will be
  accomplished by specially allocating other Profit and Loss (and such other
  items of income, gain, deduction and loss) among the Members so that the net
  amount of the Regulatory Allocations and such special allocations to each
  such Member is zero. In addition, if in any Fiscal Year or Fiscal Period
  there is a decrease in partnership minimum gain, or in partner nonrecourse
  debt minimum gain, and application of the minimum gain chargeback
  requirements set forth in Section 5.03(a) or Section 5.03(b) would cause a
  distortion in the economic arrangement among the Members, the Members may, if
  they do not expect that the Company will have sufficient other income to
  correct such distortion, request the Internal Revenue Service to waive either
  or both of such minimum gain chargeback requirements. If such request is
  granted, this Agreement shall be applied in such instance as if it did not
  contain such minimum gain chargeback requirement. Section 5.04 Final
  Allocations. Notwithstanding any contrary provision in this Agreement except
  Section 5.03, the Manager shall make appropriate adjustments to allocations
  of Profits and Losses to (or, if necessary, allocate items of gross income,
  gain, loss or deduction of the Company among) the Members upon the
  liquidation of the Company (within the meaning of Section 1.704
  1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially
  all the Units (whether by sale or exchange or merger) or sale of all or
  substantially all the assets of the Company, such that, to the maximum extent
  possible, the Capital Accounts of the Members are proportionate to their
  Percentage Interests. In each case, such adjustments or allocations shall
  occur, to the maximum extent possible, in the Fiscal Year of the event
  requiring such adjustments or allocations. Section 5.05 Tax Allocations. (a)
  The income, gains, losses, deductions and credits of the Company will be
  allocated, for federal, state and local income tax purposes, among the
  Members in accordance with the allocation of such income, gains, losses,
  deductions and credits among the Members for computing their Capital
  Accounts; provided that if any such allocation is not permitted by the Code
  or other applicable Law, the Company’s subsequent income, gains, losses,
  deductions and credits will be allocated among the Members so as to reflect
  as nearly as possible the allocation set forth herein in computing their
  Capital Accounts. (b) Items of Company taxable income, gain, loss and
  deduction with respect to any property contributed to the capital of the
  Company shall be allocated among the Members in accordance with Code Section
  704(c) so as to take account of any variation between the adjusted 

  

 

	
  

  	
  26 NY\6520040.7
  DRAFT 10-14-2014 basis of such property to the Company for federal income tax
  purposes and its Book Value using the traditional method, as described in
  Treasury Regulations Section 1.704-3(b). (c) If the Book Value of any Company
  asset is adjusted pursuant to Section 5.01(b), subsequent allocations of items
  of taxable income, gain, loss and deduction with respect to such asset shall
  take account of any variation between the adjusted basis of such asset for
  federal income tax purposes and its Book Value in the same manner as under
  Code Section 704(c) using the traditional method, as described in Treasury
  Regulations Section 1.704-3(b). (d) Allocations of tax credits, tax credit
  recapture, and any items related thereto shall be allocated to the Members
  pro rata as determined by the Manager taking into account the principles of
  Treasury Regulation Section 1.704-1(b)(4)(ii). (e) For purposes of
  determining a Member’s pro rata share of the Company’s “excess nonrecourse
  liabilities” within the meaning of Treasury Regulation Section 1.752-3(a)(3),
  each Member’s interest in income and gain shall be in proportion to the Units
  held by such Member. (f) Allocations pursuant to this Section 5.05 are solely
  for purposes of federal, state and local taxes and shall not affect, or in
  any way be taken into account in computing, any Member’s Capital Account or
  share of Profits, Losses, Distributions or other Company items pursuant to
  any provision of this Agreement. Section 5.06 Indemnification and
  Reimbursement for Payments on Behalf of a Member. If the Company is obligated
  to pay any amount to a Governmental Entity (or otherwise makes a payment to a
  Governmental Entity) that is specifically attributable to a Member or a
  Member’s status as such (including federal withholding taxes, state personal
  property taxes and state unincorporated business taxes, but excluding
  payments such as professional association fees and the like made voluntarily
  by the Company on behalf of any Member based upon such Member’s status as an
  employee of the Company), then such Person shall indemnify the Company in
  full for the entire amount paid (including interest, penalties and related
  expenses). The Manager may offset Distributions to which a Person is
  otherwise entitled under this Agreement against such Person’s obligation to
  indemnify the Company under this Section 5.06. A Member’s obligation to make
  contributions to the Company under this Section 5.06 shall survive the
  termination, dissolution, liquidation and winding up of the Company, and for
  purposes of this Section 5.06, the Company shall be treated as continuing in
  existence. The Company may pursue and enforce all rights and remedies it may
  have against each Member under this Section 5.06, including instituting a
  lawsuit to collect such contribution with interest calculated at a rate per
  annum equal to the sum of the Base Rate plus [300] basis points (but not in
  excess of the highest rate per annum permitted by Law). ARTICLE VI.
  MANAGEMENT Section 6.01 Authority of Manager. (a) Except for situations in
  which the approval of any Member(s) is specifically required by this
  Agreement, (i) all management powers over the business and affairs of the
  Company shall be exclusively vested in the Corporation, as the sole managing
  member of the 

  

 

	
  

  	
  27 NY\6520040.7
  DRAFT 10-14-2014 Company (the Corporation, in such capacity, the “Manager”)
  and (ii) the Manager shall conduct, direct and exercise full control over all
  activities of the Company. The Manager shall be the “manager” of the Company
  for the purposes of the Delaware Act. Except as otherwise expressly provided
  for herein and subject to the other provisions of this Agreement, the Members
  hereby consent to the exercise by the Manager of all such powers and rights
  conferred on the Members by the Delaware Act with respect to the management
  and control of the Company. The Corporation may not be removed as a Manager
  except as provided in Section 6.04. Any Manager that is properly removed
  pursuant to Section 6.04 shall be replaced in the manner provided in Section
  6.05. The Original Members terminate as of the Effective Time the “Board”
  previously established in order to conduct the business of the Company
  pursuant to the First A&R LLC Agreement (as such term was previously
  defined in the First A&R LLC Agreement). (b) The day-to-day business and
  operations of the Company shall be overseen and implemented by officers of
  the Company (each, an “Officer” and collectively, the “Officers”), subject to
  the limitations imposed by the Manager. An Officer may, but need not, be a
  Member. Each Officer shall be appointed by the Manager and shall hold office
  until his or her successor shall be duly designated and shall qualify or
  until his or her death or until he shall resign or shall have been removed in
  the manner hereinafter provided. Any one Person may hold more than one office.
  Subject to the other provisions in this Agreement (including in Section 6.08
  below), the salaries or other compensation, if any, of the Officers of the
  Company shall be fixed from time to time by the Manager. The authority and
  responsibility of the Officers shall include, but not be limited to, such
  duties as the Manager may, from time to time, delegate to them and the
  carrying out of the Company’s business and affairs on a day-today basis. The
  existing Officers of the Company as of the Effective Time shall remain in
  their respective positions and shall be deemed to have been appointed by the
  Manager. All Officers shall be, and shall be deemed to be, officers and
  employees of the Company. An Officer may also perform one or more roles as an
  officer of the Manager. (c) The Manager shall have the power and authority to
  effectuate the sale, lease, transfer, exchange or other disposition of any,
  all or substantially all of the assets of the Company (including the exercise
  or grant of any conversion, option, privilege or subscription right or any
  other right available in connection with any assets at any time held by the
  Company) or the merger, consolidation, reorganization or other combination of
  the Company with or into another entity. Section 6.02 Actions of the Manager.
  The Manager may act through any Officer or through any other Person or
  Persons to whom authority and duties have been delegated pursuant to Section
  6.08. Section 6.03 Resignation. The Manager may resign at any time by giving
  written notice to the Members. Unless otherwise specified in the notice, the
  resignation shall take effect upon receipt thereof by the Members, and the
  acceptance of the resignation shall not be necessary to make it effective.
  Section 6.04 Removal. The Manager may only be removed by the Corporation. 

  

 

	
  

  	
  28 NY\6520040.7
  DRAFT 10-14-2014 Section 6.05 Vacancies. Vacancies in the position of Manager
  occurring for any reason shall be filled by the Corporation (or, if the
  Corporation has ceased to exist without any successor or assign, then by the
  holders of a majority in interest of the voting capital stock of the
  Corporation immediately prior to such cessation). Section 6.06 Transactions
  Between Company and Manager. The Manager may cause the Company to contract
  and deal with the Manager, or any Affiliate of the Manager, provided such
  contracts and dealings are on terms comparable to and competitive with those
  available to the Company from others dealing at arm’s length or are approved
  by the Members and otherwise are permitted by the Credit Agreements. The
  Members hereby approve the IPO Common Unit Purchase Agreement. Section 6.07
  Reimbursement for Expenses. The Manager shall not be compensated for its
  services as Manager of the Company except as expressly provided in this Agreement
  or as otherwise approved by the Members (other than the Manager) holding a
  majority of the Voting Units (excluding Voting Units held by the Manager)
  then outstanding. The Members acknowledge and agree that, upon consummation
  of the IPO, the Manager’s Class A Common Stock will be publicly traded and
  therefore the Manager will have access to the public capital markets and that
  such status and the services performed by the Manager will inure to the
  benefit of the Company and all Members; therefore, the Manager shall be
  reimbursed by the Company for any reasonable out-of-pocket expenses incurred
  on behalf of the Company, including without limitation all fees, expenses and
  costs associated with the IPO and all fees, expenses and costs of being a
  public company (including without limitation public reporting obligations,
  proxy statements, stockholder meetings, stock exchange fees, transfer agent
  fees, SEC and FINRA filing fees and offering expenses) and maintaining its
  corporate existence. In the event that shares of Class A Common Stock are
  sold to underwriters in the IPO (or in any subsequent public offering) at a
  price per share that is lower than the price per share for which such shares
  of Class A Common Stock are sold to the public in the IPO (or in such subsequent
  public offering) after taking into account underwriters’ discounts or
  commissions and brokers’ fees or commissions (such difference, the
  “Discount”), the Company shall reimburse the Manager for such Discount by
  treating such Discount as an additional Capital Contribution made by the
  Manager to the Company and increasing the Manager’s Capital Account by the
  amount of such Discount. To the extent practicable, expenses incurred by the
  Manager on behalf of or for the benefit of the Company shall be billed
  directly to and paid by the Company and, if and to the extent any
  reimbursements to the Manager or any of its Affiliates by the Company
  pursuant to this Section 6.07 constitute gross income to such Person (as
  opposed to the repayment of advances made by such Person on behalf of the
  Company), such amounts shall be treated as “guaranteed payments” within the
  meaning of Code Section 707(c) and shall not be treated as distributions for
  purposes of computing the Members’ Capital Accounts. Section 6.08 Delegation
  of Authority. The Manager (a) may, from time to time, delegate to one or more
  Persons such authority and duties as the Manager may deem advisable, and (b)
  may assign titles (including, without limitation, chief executive officer,
  president, chief executive officer, chief financial officers, chief operating
  officer, vice president, secretary, assistant secretary, treasurer or
  assistant treasurer) and delegate certain authority and duties to such
  Persons as the same may be amended, restated or otherwise modified from time
  to time. Any number of titles may be held by the same individual. The
  salaries or other compensation, if 

  

 

	
  

  	
  29 NY\6520040.7
  DRAFT 10-14-2014 any, of such agents of the Company shall be fixed from time
  to time by the Manager, subject to the other provisions in this Agreement.
  Section 6.09 Limitation of Liability of Manager. (a) Except as otherwise
  provided herein or in an agreement entered into by such Person and the
  Company, neither the Manager nor any of the Manager’s Affiliates shall be
  liable to the Company or to any Member that is not the Manager for any act or
  omission performed or omitted by the Manager in its capacity as the sole
  managing member of the Company pursuant to authority granted to the Manager
  by this Agreement; provided, however, that, except as otherwise provided
  herein, such limitation of liability shall not apply to the extent the act or
  omission was attributable to the Manager’s gross negligence, willful
  misconduct or knowing violation of Law or for any present or future breaches
  of any representations, warranties or covenants by the Manager or its
  Affiliates contained herein or in the other agreements with the Company. The
  Manager may exercise any of the powers granted to it by this Agreement and
  perform any of the duties imposed upon it hereunder either directly or by or
  through its agents, and shall not be responsible for any misconduct or
  negligence on the part of any such agent (so long as such agent was selected
  in good faith and with reasonable care). The Manager shall be entitled to
  rely upon the advice of legal counsel, independent public accountants and
  other experts, including financial advisors, and any act of or failure to act
  by the Manager in good faith reliance on such advice shall in no event subject
  the Manager to liability to the Company or any Member that is not the
  Manager. (b) Whenever this Agreement or any other agreement contemplated
  herein provides that the Manager shall act in a manner which is, or provide
  terms which are, “fair and reasonable” to the Company or any Member that is
  not the Manager, the Manager shall determine such appropriate action or
  provide such terms considering, in each case, the relative interests of each
  party to such agreement, transaction or situation and the benefits and
  burdens relating to such interests, any customary or accepted industry
  practices, and any applicable United States generally accepted accounting
  practices or principles. (c) Whenever in this Agreement or any other
  agreement contemplated herein, the Manager is permitted or required to take
  any action or to make a decision in its “sole discretion” or “discretion,”
  with “complete discretion” or under a grant of similar authority or latitude,
  the Manager shall be entitled to consider such interests and factors as it
  desires, including its own interests, and shall, to the fullest extent
  permitted by applicable Law, have no duty or obligation to give any
  consideration to any interest of or factors affecting the Company or other
  Members. (d) Whenever in this Agreement the Manager is permitted or required
  to take any action or to make a decision in its “good faith” or under another
  express standard, the Manager shall act under such express standard and, to
  the extent permitted by applicable Law, shall not be subject to any other or
  different standards imposed by this Agreement or any other agreement
  contemplated herein, and, notwithstanding anything contained herein to the
  contrary, so long as the Manager acts in good faith, the resolution, action
  or terms so made, taken or provided by the Manager shall not constitute a
  breach of this Agreement or any other agreement contemplated herein or impose
  liability upon the Manager or any of the Manager’s Affiliates. 

  

 

	
  

  	
  30 NY\6520040.7
  DRAFT 10-14-2014 Section 6.10 Investment Company Act. The Manager shall use
  its best efforts to ensure that the Company shall not be subject to
  registration as an investment company pursuant to the Investment Company Act.
  Section 6.11 Outside Activities of the Manager. The Manager shall not,
  directly or indirectly, enter into or conduct any business or operations,
  other than in connection with (a) the ownership, acquisition and disposition
  of Common Units, (b) the management of the business and affairs of the
  Company and its Subsidiaries, (c) the operation of the Manager as a reporting
  company with a class (or classes) of securities registered under Section 12
  of the Exchange Act and listed on a securities exchange, (d) the offering,
  sale, syndication, private placement or public offering of stock, bonds,
  securities or other interests, (e) financing or refinancing of any type
  related to the Company, its Subsidiaries or their assets or activities, and
  (f) such activities as are incidental to the foregoing; provided, however,
  that, except as otherwise provided herein, the net proceeds of any financing
  raised by the Manager pursuant to the preceding clauses (d) and (e) shall be
  made available to the Company, whether as Capital Contributions, loans or
  otherwise, as appropriate, and, provided further, that the Manager may, in
  its sole and absolute discretion, from time to time hold or acquire assets in
  its own name or otherwise other than through the Company and its Subsidiaries
  so long as the Manager takes commercially reasonable measures to ensure that
  the economic benefits and burdens of such assets are otherwise vested in the
  Company or its Subsidiaries, through assignment, mortgage loan or otherwise
  or, if it is not commercially reasonable to vest such economic interests in
  the Company or any of its Subsidiaries, the Members shall negotiate in good
  faith to amend this Agreement to reflect such activities and the direct
  ownership of assets by the Manager. Nothing contained herein shall be deemed
  to prohibit the Manager from executing any guarantee of indebtedness of the
  Company or its Subsidiaries. ARTICLE VII. RIGHTS AND OBLIGATIONS OF MEMBERS
  Section 7.01 Limitation of Liability and Duties of Members. (a) Except as
  provided in this Agreement or in the Delaware Act, the debts, obligations and
  liabilities of the Company, whether arising in contract, tort or otherwise,
  shall be solely the debts, obligations and liabilities of the Company and no
  Member (including without limitation, the Manager) shall be obligated
  personally for any such debts, obligation or liability solely by reason of
  being a Member or acting as the Manager of the Company. Except as otherwise
  provided in this Agreement, a Member’s liability (in its capacity as such)
  for Company liabilities and Losses shall be limited to the Company’s assets.
  Notwithstanding anything contained herein to the contrary, the failure of the
  Company to observe any formalities or requirements relating to the exercise
  of its powers or management of its business and affairs under this Agreement
  or the Delaware Act shall not be grounds for imposing personal liability on
  the Members for liabilities of the Company. (b) In accordance with the
  Delaware Act and the laws of the State of Delaware, a Member may, under
  certain circumstances, be required to return amounts previously distributed
  to such Member. It is the intent of the Members that no Distribution to any
  Member pursuant to Article IV shall be deemed a return of money or other
  property paid or distributed in violation of 

  

 

	
  

  	
  31 NY\6520040.7
  DRAFT 10-14-2014 the Delaware Act. The payment of any such money or
  Distribution of any such property to a Member shall be deemed to be a
  compromise within the meaning of Section 18-502(b) of the Act, and, to the
  fullest extent permitted by Law, any Member receiving any such money or
  property shall not be required to return any such money or property to the
  Company or any other Person. However, if any court of competent jurisdiction
  holds that, notwithstanding the provisions of this Agreement, any Member is
  obligated to make any such payment, such obligation shall be the obligation
  of such Member and not of any other Member. (c) Notwithstanding any other
  provision of this Agreement, to the extent that, at law or in equity, any
  Member (or any Member’s Affiliate or any manager, managing member, general
  partner, director, officer, employee, agent, fiduciary or trustee of any
  Member or of any Affiliate of a Member) has duties (including fiduciary
  duties) to the Company, to the Manager, to another Member, to any Person who
  acquires an interest in a Company Interest or to any other Person bound by
  this Agreement, all such duties (including fiduciary duties) are hereby
  eliminated, to the fullest extent permitted by law, and replaced with the
  duties or standards expressly set forth herein, if any. The elimination of
  duties (including fiduciary duties) to the Company, the Manager, each of the
  Members, each other Person who acquires an interest in a Company Interest and
  each other Person bound by this Agreement and replacement thereof with the
  duties or standards expressly set forth herein, if any, are approved by the
  Company, the Manager, each of the Members, each other Person who acquires an
  interest in a Company Interest and each other Person bound by this Agreement.
  Section 7.02 Lack of Authority. No Member, other than the Manager or a duly
  appointed Officer, in each case in its capacity as such, has the authority or
  power to act for or on behalf of the Company, to do any act that would be
  binding on the Company or to make any expenditure on behalf of the Company.
  The Members hereby consent to the exercise by the Manager of the powers
  conferred on them by Law and this Agreement. Section 7.03 No Right of
  Partition. No Member, other than the Manager, shall have the right to seek or
  obtain partition by court decree or operation of Law of any Company property,
  or the right to own or use particular or individual assets of the Company.
  Section 7.04 Indemnification. (a) Subject to Section 5.06, the Company hereby
  agrees to indemnify and hold harmless any Person (each an “Indemnified
  Person”) to the fullest extent permitted under the Delaware Act, as the same
  now exists or may hereafter be amended, substituted or replaced (but, in the
  case of any such amendment, substitution or replacement only to the extent
  that such amendment, substitution or replacement permits the Company to
  provide broader indemnification rights than the Company is providing
  immediately prior to such amendment), against all expenses, liabilities and
  losses (including attorneys’ fees, judgments, fines, excise taxes or
  penalties) reasonably incurred or suffered by such Person (or one or more of
  such Person’s Affiliates) by reason of the fact that such Person is or was a
  Member or is or was serving as the Manager, Officer, employee or other agent
  of the Company or is or was serving at the request of the Company as a
  manager, officer, director, principal, member, employee or agent of another
  corporation, partnership, joint venture, limited liability company, trust or
  other enterprise; provided, however, that no Indemnified Person shall be
  indemnified for any expenses, 

  

 

	
  

  	
  32 NY\6520040.7
  DRAFT 10-14-2014 liabilities and losses suffered that are attributable to
  such Indemnified Person’s or its Affiliates’ gross negligence, willful misconduct
  or knowing violation of Law or for any present or future breaches of any
  representations, warranties or covenants by such Indemnified Person or its
  Affiliates contained herein or in the other agreements with the Company.
  Expenses, including attorneys’ fees, incurred by any such Indemnified Person
  in defending a proceeding shall be paid by the Company in advance of the
  final disposition of such proceeding, including any appeal therefrom, upon
  receipt of an undertaking by or on behalf of such Indemnified Person to repay
  such amount if it shall ultimately be determined that such Indemnified Person
  is not entitled to be indemnified by the Company. (b) The right to
  indemnification and the advancement of expenses conferred in this Section
  7.04 shall not be exclusive of any other right which any Person may have or
  hereafter acquire under any statute, agreement, by-law, action by the Manager
  or otherwise. (c) The Company shall maintain directors’ and officers’
  liability insurance, or substantially equivalent insurance, at its expense,
  to protect any Indemnified Person (and the investment funds, if any, they
  represent) against any expense, liability or loss described in Section
  7.04(a) whether or not the Company would have the power to indemnify such
  Indemnified Person against such expense, liability or loss under the
  provisions of this Section 7.04. The Company shall use its commercially
  reasonable efforts to purchase and maintain property, casualty and liability
  insurance in types and at levels customary for companies of similar size
  engaged in similar lines of business, as determined in good faith by the
  Manager, and the Company shall use its commercially reasonable efforts to
  purchase directors’ and officers’ liability insurance (including employment
  practices coverage) with a carrier and in an amount determined necessary or
  desirable as determined in good faith by the Manager. (d) Notwithstanding
  anything contained herein to the contrary (including in this Section 7.04),
  any indemnity by the Company relating to the matters covered in this Section
  7.04 shall be provided out of and to the extent of Company assets only and no
  Member (unless such Member otherwise agrees in writing or is found in a final
  decision by a court of competent jurisdiction to have personal liability on
  account thereof) shall have personal liability on account thereof or shall be
  required to make additional Capital Contributions to help satisfy such
  indemnity of the Company. (e) If this Section 7.04 or any portion hereof
  shall be invalidated on any ground by any court of competent jurisdiction,
  then the Company shall nevertheless indemnify and hold harmless each
  Indemnified Person pursuant to this Section 7.04 to the fullest extent
  permitted by any applicable portion of this Section 7.04 that shall not have
  been invalidated and to the fullest extent permitted by applicable Law.
  Section 7.05 Members Right to Act. For matters that require the approval of
  the Members, the Members shall act through meetings and written consents as
  described in paragraphs (a) and (b) below: (a) Except as otherwise expressly
  provided by this Agreement, acts by the Members holding a majority of the
  Units, voting together as a single class, shall be the acts of the Members.
  Any Member entitled to vote at a meeting of Members or to express consent or 

  

 

	
  

  	
  33 NY\6520040.7
  DRAFT 10-14-2014 dissent to Company action in writing without a meeting may
  authorize another person or persons to act for it by proxy. An electronic
  mail, telegram, telex, cablegram or similar transmission by the Member, or a
  photographic, photostatic, facsimile or similar reproduction of a writing
  executed by the Member shall (if stated thereon) be treated as a proxy
  executed in writing for purposes of this Section 7.05(a). No proxy shall be
  voted or acted upon after eleven months from the date thereof, unless the
  proxy provides for a longer period. A proxy shall be revocable unless the
  proxy form conspicuously states that the proxy is irrevocable and that the
  proxy is coupled with an interest. Should a proxy designate two or more
  Persons to act as proxies, unless that instrument shall provide to the
  contrary, a majority of such Persons present at any meeting at which their
  powers thereunder are to be exercised shall have and may exercise all the powers
  of voting or giving consents thereby conferred, or, if only one be present,
  then such powers may be exercised by that one; or, if an even number attend
  and a majority do not agree on any particular issue, the Company shall not be
  required to recognize such proxy with respect to such issue if such proxy
  does not specify how the votes that are the subject of such proxy are to be
  voted with respect to such issue. (b) The actions by the Members permitted
  hereunder may be taken at a meeting called by the Manager or by the Members
  holding a majority of the Units entitled to vote on such matter on at least
  [48 hours’] prior written notice to the other Members entitled to vote, which
  notice shall state the purpose or purposes for which such meeting is being called.
  The actions taken by the Members entitled to vote or consent at any meeting
  (as opposed to by written consent), however called and noticed, shall be as
  valid as though taken at a meeting duly held after regular call and notice if
  (but not until), either before, at or after the meeting, the Members entitled
  to vote or consent as to whom it was improperly held signs a written waiver
  of notice or a consent to the holding of such meeting or an approval of the
  minutes thereof. The actions by the Members entitled to vote or consent may
  be taken by vote of the Members entitled to vote or consent at a meeting or
  by written consent, so long as such consent is signed by Members having not
  less than the minimum number of Units that would be necessary to authorize or
  take such action at a meeting at which all Members entitled to vote thereon
  were present and voted. Prompt notice of the action so taken, which shall
  state the purpose or purposes for which such consent is required and may be
  delivered via email, without a meeting shall be given to those Members
  entitled to vote or consent who have not consented in writing; provided,
  however, that the failure to give any such notice shall not affect the
  validity of the action taken by such written consent. Any action taken
  pursuant to such written consent of the Members shall have the same force and
  effect as if taken by the Members at a meeting thereof. Section 7.06
  Inspection Rights. The Company shall permit each Member and each of its
  designated representatives to (i) visit and inspect any of the properties of
  the Company and its Subsidiaries, all at reasonable times and upon reasonable
  notice, (ii) examine the corporate and financial records of the Company or
  any of its Subsidiaries and make copies thereof or extracts therefrom, (iii)
  consult with the managers, officers, employees and independent accountants of
  the Company or any of its Subsidiaries concerning the affairs, finances and
  accounts of the Company or any of its Subsidiaries. The presentation of an
  executed copy of this Agreement by any Member to the Company’s independent
  accountants shall constitute the Company’s permission to its independent
  accountants to participate in discussions with such Persons and their
  respective designated representatives. 

  

 

	
  

  	
  34 NY\6520040.7
  DRAFT 10-14-2014 ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS,
  AFFIRMATIVE COVENANTS Section 8.01 Records and Accounting. The Company shall
  keep, or cause to be kept, appropriate books and records with respect to the
  Company’s business, including all books and records necessary to provide any
  information, lists and copies of documents required to be provided pursuant
  to Section 8.03 or pursuant to applicable Laws. All matters concerning (a)
  the determination of the relative amount of allocations and Distributions
  among the Members pursuant to Articles III and IV and (b) accounting
  procedures and determinations, and other determinations not specifically and
  expressly provided for by the terms of this Agreement, shall be determined by
  the Manager, whose determination shall be final and conclusive as to all of
  the Members absent manifest clerical error. Section 8.02 Fiscal Year. The
  Fiscal Year of the Company shall end on December 31 of each year or such
  other date as may be established by the Manager. Section 8.03 Reports. The
  Company shall deliver or cause to be delivered, within 90 days after the end
  of each Fiscal Year, to each Person who was a Member at any time during such
  Fiscal Year, all information reasonably necessary for the preparation of such
  Person’s United States federal and applicable state income tax returns.
  ARTICLE IX. TAX MATTERS Section 9.01 Preparation of Tax Returns. The Company
  shall arrange for the preparation and timely filing of all tax returns
  required to be filed by the Company. On or before March 15, June 15,
  September 15, and December 15 of each Fiscal Year, the Company shall send to
  each Person who was a Member at any time during the prior quarter, an
  estimate of such Member’s state tax apportionment information and allocations
  to the Members of taxable income, gains, losses, deductions and credits for
  the prior quarter, which estimate shall have been reviewed by the Company’s
  outside tax accountants. In addition, no later than the later of (i) March 15
  following the end of the prior Fiscal Year, and (ii) five (5) Business Days
  after the issuance of the final audit report for a Fiscal Year by the
  Company’s auditors, the Company shall send to each Person who was a Member at
  any time during such Fiscal Year, a statement showing such Member’s final
  state tax apportionment information and allocations to the Members of taxable
  income, gains, losses, deductions and credits for such Fiscal Year and a
  completed IRS Schedule K-1. Each Member shall notify the other Members upon
  receipt of any notice of tax examination of the Company by federal, state or
  local authorities. Subject to the terms and conditions of this Agreement, in
  its capacity as Tax Matters Partner, the Corporation shall have the authority
  to prepare the tax returns of the Company using such permissible methods and
  elections as it determines in its reasonable discretion, including without
  limitation the use of any permissible method under Section 706 of the Code
  for purposes of determining the varying Company Interests of its Members.
  Section 9.02 Tax Elections. The Taxable Year shall be the Fiscal Year set
  forth in Section 8.02. The Company shall make an election pursuant to Section
  754 of the Code, shall not thereafter revoke such election and shall make a
  new election pursuant to Section 754 to the 

  

 

	
  

  	
  35 NY\6520040.7
  DRAFT 10-14-2014 extent necessary following any “termination” of the Company
  under Section 708 of the Code. Each Member will upon request supply any
  information reasonably necessary to give proper effect to any such elections.
  Section 9.03 Tax Controversies. The Corporation is hereby designated the Tax
  Matters Partner within the meaning given to such term in Section 6231 of the
  Code (the Corporation, in such capacity, the “Tax Matters Partner”) and is
  authorized and required to represent the Company (at the Company’s expense)
  in connection with all examinations of the Company’s affairs by tax
  authorities, including resulting administrative and judicial proceedings, and
  to expend Company funds for professional services reasonably incurred in
  connection therewith. Each Member agrees to cooperate with the Company and to
  do or refrain from doing any or all things reasonably requested by the
  Company with respect to the conduct of such proceedings. The Tax Matters
  Partners shall keep all Members fully informed of the progress of any
  examinations, audits or other proceedings, and all Members shall have the
  right to participate at their expense in any such examinations, audits or
  other proceedings. Notwithstanding the foregoing, the Tax Matters Partners
  shall not settle or otherwise compromise any issue in any such examination,
  audit or other proceeding without first obtaining approval of the Manager.
  Nothing herein shall diminish, limit or restrict the rights of any Member
  under Subchapter C, Chapter 63, Subtitle F of the Code (Code Sections 6221 et
  seq.). ARTICLE X. RESTRICTIONS ON TRANSFER OF UNITS; PREEMPTIVE RIGHTS
  Section 10.01 Transfers by Members. No holder of Units may Transfer any
  interest in any Units, except Transfers (a) pursuant to and in accordance
  with Section 10.02 or (b) approved in writing by the Manager. Notwithstanding
  the foregoing, “Transfer” shall not include an event that terminates the
  existence of a Member for income tax purposes (including, without limitation,
  a change in entity classification of a Member under Treasury Regulations
  Section 301.7701-3, termination of a partnership pursuant to Code Section
  708(b)(1)(B), a sale of assets by, or liquidation of, a Member pursuant to an
  election under Code Section 338, or merger, severance, or allocation within a
  trust or among sub-trusts of a trust that is a Member), but that does not
  terminate the existence of such Member under applicable state law (or, in the
  case of a trust that is a Member, does not terminate the trusteeship of the
  fiduciaries under such trust with respect to all the Company Interests of
  such trust that is a Member). Section 10.02 Permitted Transfers. The
  restrictions contained in Section 10.01 shall not apply to any Transfer
  (each, a “Permitted Transfer”) pursuant to (i) a Change of Control
  Transaction, (ii) a Transfer by any Member to such Member’s spouse, any
  lineal ascendants or descendants or trusts or other entities in which such
  Member or Member’s spouse, lineal ascendants or descendants hold (and
  continue to hold while such trusts or other entities hold Units) 50% or more
  of such entity’s beneficial interests, (iii) pursuant to the laws of descent
  and distribution and (iv) if such Transfer is made by an Original Member, a
  Transfer to a partner, shareholder or member of such Original Member;
  provided, however, that (A) the restrictions contained in this Agreement will
  continue to apply to Units after any Permitted Transfer of such Units, and
  (B) in the case of the foregoing clauses (ii), (iii) and (iv), the
  transferees of the Units so Transferred shall agree in writing to be bound by
  the provisions of this Agreement and, the transferor will deliver a written
  notice to the Company and the Members, which notice will 

  

 

	
  

  	
  36 NY\6520040.7
  DRAFT 10-14-2014 disclose in reasonable detail the identity of the proposed
  transferee. In the case of a Permitted Transfer by any Original Member of
  Common Units to a transferee in accordance with this Section 10.02, such
  Original Member (or any subsequent transferee of such Original Member) shall
  be required to also transfer the fraction of its remaining Class B Common
  Stock ownership corresponding to the proportion of such Original Member’s (or
  subsequent transferee’s) Common Units that were transferred in the
  transaction to such transferee. All Permitted Transfers are subject to the
  additional limitations set forth in Section 10.07(b). Section 10.03
  Restricted Units Legend. The Units have not been registered under the
  Securities Act and, therefore, in addition to the other restrictions on
  Transfer contained in this Agreement, cannot be sold unless subsequently
  registered under the Securities Act or an exemption from such registration is
  then available. To the extent such Units have been certificated, each
  certificate evidencing Units and each certificate issued in exchange for or
  upon the Transfer of any Units (if such securities remain Units as defined
  herein after such Transfer) shall be stamped or otherwise imprinted with a
  legend in substantially the following form: “THE SECURITIES REPRESENTED BY
  THIS CERTIFICATE WERE ORIGINALLY ISSUED ON [ ], 2014, AND HAVE NOT BEEN
  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY
  NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
  STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE
  SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL
  RESTRICTIONS ON TRANSFER SPECIFIED IN THE SECOND AMENDED AND RESTATED LIMITED
  LIABILITY COMPANY AGREEMENT OF NEFF HOLDINGS LLC, AS MAY BE AMENDED AND
  MODIFIED FROM TIME TO TIME, AND NEFF HOLDINGS LLC RESERVES THE RIGHT TO
  REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN
  FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE
  FURNISHED BY NEFF HOLDINGS LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND
  WITHOUT CHARGE.” The Company shall imprint such legend on certificates (if
  any) evidencing Units. The legend set forth above shall be removed from the
  certificates (if any) evidencing any units which cease to be Units in
  accordance with the definition thereof. Section 10.04 Transfer. Prior to
  Transferring any Units (other than pursuant to a Change of Control
  Transaction), the Transferring Holder of Units shall cause the prospective
  Transferee to be bound by this Agreement and any other agreements executed by
  the holders of Units and relating to such Units in the aggregate
  (collectively, the “Other Agreements”), and shall cause the prospective Transferee
  to execute and deliver to the Company and the other holders of Units
  counterparts of this Agreement and any applicable Other Agreements. Any
  Transfer or attempted Transfer of any Units in violation of any provision of
  this Agreement (including any prohibited indirect Transfers) (a) shall be
  void, and (b) the Company shall not record such Transfer on its books or
  treat any purported Transferee of such Units as the owner of such securities
  for any purpose. 

  

 

 

	
  

  	
  37 NY\6520040.7
  DRAFT 10-14-2014 Section 10.05 Assignee’s Rights. (a) The Transfer of a
  Company Interest in accordance with this Agreement shall be effective as of
  the date of its assignment (assuming compliance with all of the conditions to
  such Transfer set forth herein), and such Transfer shall be shown on the
  books and records of the Company. Profits, Losses and other Company items
  shall be allocated between the transferor and the Assignee according to Code
  Section 706, using any permissible method as determined in the reasonable
  discretion of the Manager. Distributions made before the effective date of
  such Transfer shall be paid to the transferor, and Distributions made after
  such date shall be paid to the Assignee. (b) Unless and until an Assignee becomes
  a Member pursuant to Article XII, the Assignee shall not be entitled to any
  of the rights granted to a Member hereunder or under applicable Law, other
  than the rights granted specifically to Assignees pursuant to this Agreement;
  provided, however, that, without relieving the transferring Member from any
  such limitations or obligations as more fully described in Section 10.06,
  such Assignee shall be bound by any limitations and obligations of a Member
  contained herein that a Member would be bound on account of the Assignee’s
  Company Interest (including the obligation to make Capital Contributions on
  account of such Company Interest). Section 10.06 Assignor’s Rights and
  Obligations. Any Member who shall Transfer any Company Interest in a manner
  in accordance with this Agreement shall cease to be a Member with respect to
  such Units or other interest and shall no longer have any rights or
  privileges, or, except as set forth in this Section 10.06, duties,
  liabilities or obligations, of a Member with respect to such Units or other
  interest (it being understood, however, that the applicable provisions of
  Sections 6.09 and 7.04 shall continue to inure to such Person’s benefit),
  except that unless and until the Assignee (if not already a Member) is
  admitted as a Substituted Member in accordance with the provisions of Article
  XII (the “Admission Date”), (i) such assigning Member shall retain all of the
  duties, liabilities and obligations of a Member with respect to such Units or
  other interest, and (ii) the Manager may, in its sole discretion, reinstate
  all or any portion of the rights and privileges of such Member with respect
  to such Units or other interest for any period of time prior to the Admission
  Date. Nothing contained herein shall relieve any Member who Transfers any
  Units or other interest in the Company from any liability of such Member to
  the Company with respect to such Company Interest that may exist on the
  Admission Date or that is otherwise specified in the Delaware Act and
  incorporated into this Agreement or for any liability to the Company or any
  other Person for any materially false statement made by such Member (in its
  capacity as such) or for any present or future breaches of any
  representations, warranties or covenants by such Member (in its capacity as
  such) contained herein or in the other agreements with the Company. Section
  10.07 Overriding Provisions. (a) Any Transfer in violation of this Article X
  shall be null and void ab initio, and the provisions of Sections 10.05 and
  10.06 shall not apply to any such Transfers. For the avoidance of doubt, any
  Person to whom a Transfer is made or attempted in violation of this Article X
  shall not become a Member, shall not be entitled to vote on any matters
  coming before the Members and shall not have any other rights in or with
  respect to any rights of a Member of the Company. 

  

 

	
  

  	
  38 NY\6520040.7
  DRAFT 10-14-2014 The approval of any Transfer in any one or more instances
  shall not limit or waive the requirement for such approval in any other or
  future instance. The Manager shall promptly amend the Schedule of Members to
  reflect any Permitted Transfer pursuant to this Article X. (b)
  Notwithstanding anything contained herein to the contrary (including, for the
  avoidance of doubt, the provisions of Section 10.01 and Article XI and
  Article XII), in no event shall any Member Transfer any Units to the extent
  such Transfer would: (i) result in the violation of the Securities Act, or
  any other applicable federal, state or foreign Laws; (ii) cause an assignment
  under the Investment Company Act; (iii) in the reasonable determination of
  the Manager, be a violation of or a default (or an event that, with notice or
  the lapse of time or both, would constitute a default) under, or result in an
  acceleration of any indebtedness under, any promissory note, mortgage, loan
  agreement, indenture or similar instrument or agreement to which the Company
  or the Manager is a party; provided that (x) the payee or creditor to whom
  the Company or the Manager owes such obligation is not an affiliate of the
  Company or the Manager and (y) such indebtedness, individually or in the
  aggregate, has an aggregate principal amount then outstanding that is greater
  than $25,000,000; (iv) cause the Company to lose its status as a partnership
  for federal income tax purposes and, without limiting the generality of the
  foregoing, such Transfer was effected on or through an “established
  securities market” or a “secondary market or the substantial equivalent
  thereof,” as such terms are used in Section 1.7704-1 of the Treasury
  Regulations; (v) be a Transfer to a Person who is not legally competent or
  who has not achieved his or her majority under applicable Law (excluding
  trusts for the benefit of minors); (vi) cause the Company to be treated as a
  “publicly traded partnership” or to be taxed as a corporation pursuant to
  Section 7704 of the Code or successor provision of the Code; or (vii) result
  in the Company having more than one hundred (100) partners, within the
  meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant
  to the rules of Treasury Regulations Section 1.7704-1(h)(3)). ARTICLE XI.
  REDEMPTION AND EXCHANGE RIGHTS Section 11.01 Redemption Right of a Member and
  LLC Optionee. (a) Each Member (other than the Corporation) and each LLC Optionee
  (in connection with its exercise of an LLC Option) shall be entitled to cause
  the Company to redeem (a “Redemption”) its Common Units (the “Redemption
  Right”) at any time following the 

  

 

	
  

  	
  39 NY\6520040.7
  DRAFT 10-14-2014 expiration of the lock-up period under the lock-up
  agreements, dated as of [ ], 2014, executed by each Original Member and each
  Original LLC Optionee. A Member or LLC Optionee desiring to exercise its
  Redemption Right (the “Redeeming Member”) shall exercise such right by giving
  written notice (the “Redemption Notice”) to the Company with a copy to the
  Corporation. The Redemption Notice shall specify the number of Common Units
  (the “Redeemed Units”) that the Redeeming Member intends to have the Company
  redeem and a date, not less than seven (7) Business Days nor more than ten
  (10) Business Days after delivery of the Redemption Notice (unless and to the
  extent that the Manager in its sole discretion agrees in writing to waive
  such time periods), on which exercise of the Redemption Right shall be
  completed (the “Redemption Date”); provided that the Company, the Corporation
  and the Redeeming Member may change the number of Redeemed Units and/or the
  Redemption Date specified in the Redemption Notice to another number and/or
  date by mutual agreement signed in writing by each of them; provided further
  that a Redemption Notice may be conditioned on the closing of an underwritten
  distribution of the shares of Class A Common Stock that may be issued at the
  election of the Corporation in connection with such proposed Redemption.
  Unless the Redeeming Member timely has delivered a Retraction Notice as
  provided in Section 11.01(b) or has revoked or delayed a Redemption as
  provided in Section 11.01(c), on the Redemption Date (to be effective immediately
  prior to the close of business on the Redemption Date) (i) only in the case
  of an LLC Optionee, the Redeeming Member shall have completed its exercised
  of an LLC Option for a corresponding number of Units subject to the
  Redemption Notice, (ii) the Redeeming Member shall transfer and surrender the
  Redeemed Units to the Company, free and clear of all liens and encumbrances
  (which in the case of an LLC Optionee will be deemed to be delivered by the
  Company in lieu of delivery of the Units underlying the LLC Option to the LLC
  Optionee), and (ii) the Company shall (x) cancel the Redeemed Units, (y)
  transfer to the Redeeming Member the consideration to which the Redeeming
  Member is entitled under Section 11.01(b), and (z), if the Units are
  certificated, issue to the Redeeming Member a certificate for a number of
  Common Units equal to the difference (if any) between the number of Common
  Units evidenced by the certificate surrendered by the Redeeming Member
  pursuant to clause (i) of this Section 11.01(a) and the Redeemed Units. (b)
  In exercising its Redemption Right, a Redeeming Member shall be entitled to
  receive the Share Settlement or the Cash Settlement; provided that the
  Corporation shall have the option as provided in Section 11.02 and subject to
  Section 11.01(d) to select whether the redemption payment is made by means of
  a Share Settlement or a Cash Settlement. Within three (3) Business Days of
  delivery of the Redemption Notice, the Corporation shall give written notice
  (the “Contribution Notice”) to the Company (with a copy to the Redeeming
  Member) of its intended settlement method; provided that if the Corporation
  does not timely deliver a Contribution Notice, the Corporation shall be
  deemed to have elected the Share Settlement method. If the Corporation elects
  the Cash Settlement method, the Redeeming Member may retract its Redemption
  Notice by giving written notice (the “Retraction Notice”) to the Company
  (with a copy to the Corporation) within two (2) Business Days of delivery of
  the Contribution Notice. The timely delivery of a Retraction Notice shall
  terminate all of the Redeeming Member’s, Company’s and the Corporation’
  rights and obligations under this Section 11.01 arising from the Redemption
  Notice. (c) In the event the Corporation elects a Share Settlement in
  connection with a Redemption, a Redeeming Member shall be entitled to revoke
  its Redemption Notice or delay 

  

 

	
  

  	
  40 NY\6520040.7
  DRAFT 10-14-2014 the consummation of a Redemption if any of the following
  conditions exists: (i) any registration statement pursuant to which the
  resale of the Class A Common Stock to be registered for such Redeeming Member
  at or immediately following the consummation of the Redemption shall have
  ceased to be effective pursuant to any action or inaction by the SEC or no
  such resale registration statement has yet become effective; (ii) the
  Corporation shall have failed to cause any related prospectus to be
  supplemented by any required prospectus supplement necessary to effect such
  Redemption; (iii) the Corporation shall have exercised its right to defer,
  delay or suspend the filing or effectiveness of a registration statement and
  such deferral, delay or suspension shall affect the ability of such Redeeming
  Member to have its Class A Common Stock registered at or immediately
  following the consummation of the Redemption; (iv) the Corporation shall have
  disclosed to such Redeeming Member any material non-public information
  concerning the Corporation, the receipt of which results in such Redeeming
  Member being prohibited or restricted from selling Class A Common Stock at or
  immediately following the Redemption without disclosure of such information
  (and the Corporation does not permit disclosure); (v) any stop order relating
  to the registration statement pursuant to which the Class A Common Stock was
  to be registered by such Redeeming Member at or immediately following the
  Redemption shall have been issued by the SEC; (vi) there shall have occurred
  a material disruption in the securities markets generally or in the market or
  markets in which the Class A Common Stock is then traded; (vii) there shall
  be in effect an injunction, a restraining order or a decree of any nature of
  any Governmental Entity that restrains or prohibits the Redemption; (viii)
  the Corporation shall have failed to comply in all material respects with its
  obligations under the Registration Rights Agreement, and such failure shall
  have affected the ability of such Redeeming Member to consummate the resale
  of Class A Common Stock to be received upon such redemption pursuant to an
  effective registration statement; (ix) the Redemption Date would occur [three
  (3)] Business Days or less prior to, or during, a Black-Out Period; provided
  further, that in no event shall the Redeeming Member seeking to revoke its
  Redemption Notice or delay the consummation of such Redemption and relying on
  any of the matters contemplated in clauses (i) through (ix) above have
  controlled or intentionally influenced any facts, circumstances, or Persons
  in connection therewith (except in the good faith performance of his or her
  duties as an officer or director of the Corporation) in order to provide such
  Redeeming Member with a basis for such delay or revocation. If a Redeeming
  Member delays the consummation of a Redemption pursuant to this Section
  11.01(c), the Redemption Date shall occur on the fifth Business Day following
  the date on which the conditions giving rise to such delay cease to exist (or
  such earlier day as the Corporation, the Company and such Redeeming Member
  may agree in writing). (d) The number of shares of Class A Common Stock or
  the Redeemed Units Equivalent that a Redeeming Member is entitled to receive
  under Section 11.01(b) (whether through a Share Settlement or Cash
  Settlement) shall not be adjusted on account of any Distributions previously
  made with respect to the Redeemed Units or dividends previously paid with
  respect to Class A Common Stock; provided, however, that if a Redeeming
  Member (other than an LLC Optionee) causes the Company to redeem Redeemed
  Units and the Redemption Date occurs subsequent to the record date for any
  Distribution with respect to the Redeemed Units but prior to payment of such
  Distribution, the Redeeming Member shall be entitled to receive such
  Distribution with respect to the Redeemed Units on the date that it is made
  notwithstanding that the Redeeming Member transferred and surrendered the
  Redeemed Units to the Company prior to such date. 

  

 

	
  

  	
  41 NY\6520040.7
  DRAFT 10-14-2014 (e) In the event of a reclassification or other similar
  transaction as a result of which the shares of Class A Common Stock are
  converted into another security, then in exercising it Redemption Right a
  Redeeming Member shall be entitled to receive the amount of such security
  that the Redeeming Member would have received if such Redemption Right had
  been exercised and the Redemption Date had occurred immediately prior to the
  record date of such reclassification or other similar transaction. Section
  11.02 Election and Contribution of the Corporation. In connection with the
  exercise of a Redeeming Member’s Redemption Rights under Section 11.01(a),
  the Corporation shall contribute to the Company the consideration the
  Redeeming Member is entitled to receive under Section 11.01(b). The
  Corporation, at its option, shall determine whether to contribute, pursuant
  to Section 11.01(b), the Share Settlement or the Cash Settlement. Unless the
  Redeeming Member has timely delivered a Retraction Notice as provided in
  Section 11.01(b), or has revoked or delayed a Redemption as provided in
  Section 11.01(c), on the Redemption Date (to be effective immediately prior
  to the close of business on the Redemption Date) (i) the Corporation shall
  make its Capital Contribution to the Company (in the form of the Share
  Settlement or the Cash Settlement) required under this Section 11.02, and
  (ii) the Company shall issue to the Corporation a number of Common Units
  equal to the number of Redeemed Units surrendered by the Redeeming Member.
  Notwithstanding any other provisions of this Agreement to the contrary, in
  the event that the Corporation elects a Cash Settlement, the Corporation
  shall only be obligated to contribute to the Company an amount in respect of
  such Cash Settlement equal to the net proceeds (after deduction of any
  underwriters’ discounts or commissions and brokers’ fees or commissions) from
  the sale by the Corporation of a number of shares of Class A Common Stock
  equal to the number of Redeemed Units to be redeemed with such Cash
  Settlement provided that the Corporation’s Capital Account shall be increased
  by an amount equal to any Discount relating to such sale of shares of Class A
  Common Stock in accordance with Section 6.07. The timely delivery of a
  Retraction Notice shall terminate all of the Company’s and the Corporation’
  rights and obligations under this Section 11.02 arising from the Redemption
  Notice. Section 11.03 Exchange Right of the Corporation. (a) Notwithstanding
  anything to the contrary in this Article XI, the Corporation may, in its sole
  and absolute discretion, elect to effect on the Redemption Date the exchange
  of Redeemed Units for the Share Settlement or Cash Settlement, as the case
  may be, through a direct exchange of such Redeemed Units and such
  consideration between the Redeeming Member and the Corporation (a “Direct Exchange”).
  Upon such Direct Exchange pursuant to this Section 11.03, the Corporation
  shall acquire the Redeemed Units and shall be treated for all purposes of
  this Agreement as the owner of such Units. (b) The Corporation may, at any
  time prior to a Redemption Date, deliver written notice (an “Exchange
  Election Notice”) to the Company and the Redeeming Member setting forth its
  election to exercise its right to consummate a Direct Exchange; provided that
  such election does not prejudice the ability of the parties to consummate a
  Redemption or Direct Exchange on the Redemption Date. An Exchange Election
  Notice may be revoked by the Corporation at any time; provided that any such
  revocation does not prejudice the ability of the parties to consummate a
  Redemption or Direct Exchange on the Redemption Date. The right to 

  

 

	
  

  	
  42 NY\6520040.7
  DRAFT 10-14-2014 consummate a Direct Exchange in all events shall be
  exercisable for all the Redeemed Units that would have otherwise been subject
  to a Redemption. Except as otherwise provided by this Section 11.03, a Direct
  Exchange shall be consummated pursuant to the same timeframe and in the same
  manner as the relevant Redemption would have been consummated if the
  Corporation had not delivered an Exchange Election Notice. Section 11.04
  Reservation of shares of Class A Common Stock; Listing; Certificate of the
  Corporation. At all times the Corporation shall reserve and keep available
  out of its authorized but unissued Class A Common Stock, solely for the
  purpose of issuance upon a Redemption or Direct Exchange, such number of
  shares of Class A Common Stock as shall be issuable upon any such Redemption
  or Direct Exchange pursuant to Share Settlements; provided that nothing
  contained herein shall be construed to preclude the Corporation from
  satisfying its obligations in respect of any such Redemption or Direct
  Exchange by delivery of purchased Class A Common Stock (which may or may not
  be held in the treasury of the Corporation) or the delivery of cash pursuant
  to a Cash Settlement. The Corporation shall deliver Class A Common Stock that
  has been registered under the Securities Act with respect to any Redemption
  or Direct Exchange to the extent a registration statement is effective and
  available for such shares. The Corporation shall use its commercially
  reasonable efforts to list the Class A Common Stock required to be delivered
  upon any such Redemption or Direct Exchange prior to such delivery upon each
  national securities exchange upon which the outstanding shares of Class A
  Common Stock are listed at the time of such Redemption or Direct Exchange (it
  being understood that any such shares may be subject to transfer restrictions
  under applicable securities Laws). The Corporation covenants that all Class A
  Common Stock issued upon a Redemption or Direct Exchange will, upon issuance,
  be validly issued, fully paid and non-assessable. The provisions of this
  Article XI shall be interpreted and applied in a manner consistent with the
  corresponding provisions of the Corporation’s certificate of incorporation.
  Section 11.05 Effect of Exercise of Redemption or Exchange Right. This
  Agreement shall continue notwithstanding the consummation of a Redemption or
  Direct Exchange and all governance or other rights set forth herein shall be
  exercised by the remaining Members, LLC Optionees (to the extent of such LLC
  Optionee’s rights to exercise LLC Options and the related Redemption Right)
  and the Redeeming Member (to the extent of such Redeeming Member’s remaining
  interest in the Company). No Redemption or Direct Exchange shall relieve such
  Redeeming Member of any prior breach of this Agreement. Section 11.06 Tax
  Treatment. Unless otherwise required by applicable Law, the parties hereto
  acknowledge and agree a Redemption or a Direct Exchange, as the case may be,
  shall be treated as a direct exchange between the Corporation and the
  Redeeming Member for U.S. federal and applicable state and local income tax
  purposes. ARTICLE XII. ADMISSION OF MEMBERS Section 12.01 Substituted
  Members. Subject to the provisions of Article X hereof, in connection with
  the Permitted Transfer of a Company Interest hereunder, the transferee shall
  become a substituted Member (“Substituted Member”) on the effective date of
  such Transfer, 

  

 

	
  

  	
  43 NY\6520040.7
  DRAFT 10-14-2014 which effective date shall not be earlier than the date of
  compliance with the conditions to such Transfer, and such admission shall be
  shown on the books and records of the Company. Section 12.02 Additional
  Members. Each LLC Optionee upon exercise of an LLC Option (to the extent such
  LLC Optionee does not simultaneously exercise its Redemption Right with
  respect thereto under Article XI) and, subject to the provisions of Article X
  hereof, any other Person may be admitted to the Company as an additional
  Member (any such LLC Optionee or other Person, an “Additional Member”) only
  upon furnishing to the Manager (a) counterparts of this Agreement and any
  applicable Other Agreements and (b) such other documents or instruments as
  may be reasonably necessary or appropriate to effect such Person’s admission
  as a Member (including entering into such documents as the Manager may deem
  appropriate in its sole discretion). Such admission shall become effective on
  the date on which the Manager determines in its sole discretion that such
  conditions have been satisfied and when any such admission is shown on the
  books and records of the Company. ARTICLE XIII. WITHDRAWAL AND RESIGNATION;
  TERMINATION OF RIGHTS Section 13.01 Withdrawal and Resignation of Members. No
  Member shall have the power or right to withdraw or otherwise resign as a
  Member from the Company prior to the dissolution and winding up of the
  Company pursuant to this Article XIII. Any Member, however, that attempts to
  withdraw or otherwise resign as a Member from the Company without the prior
  written consent of the Manager upon or following the dissolution and winding
  up of the Company pursuant to this Article XIII, but prior to such Member
  receiving the full amount of Distributions from the Company to which such
  Member is entitled pursuant to this Article XIII, shall be liable to the
  Company for all damages (including all lost profits and special, indirect and
  consequential damages) directly or indirectly caused by the withdrawal or
  resignation of such Member. Upon a Transfer of all of a Member’s Units in a
  Transfer permitted by this Agreement, subject to the provisions of Section
  10.06, such Member shall cease to be a Member. Section 13.02 Termination of
  Rights of LLC Optionees. With respect to each LLC Optionee, all rights of
  such Person to exercise a Redemption Right hereunder pursuant to Article XI
  or to become a Member hereunder pursuant to Article XII, and all other rights
  afforded such Person hereunder in his or her capacity as an LLC Optionee,
  shall automatically terminate upon the expiration or other termination
  (whether as a result of exercise in full, forfeiture, death, disability,
  termination of employment or otherwise) of all LLC Options awarded by the
  Company to such Person (except to the extent the Company substantially
  simultaneously novates or reissues an LLC Option to such Person or his or her
  heirs), and upon such expiration or termination such Person shall cease to be
  an LLC Optionee hereunder. ARTICLE XIV. DISSOLUTION AND LIQUIDATION Section
  14.01 Dissolution. The Company shall not be dissolved by the admission of
  Additional Members or Substituted Members or the attempted withdrawal or
  resignation of a Member. The Company shall dissolve, and its affairs shall be
  wound up, upon: 

  

 

	
  

  	
  44 NY\6520040.7
  DRAFT 10-14-2014 (a) the unanimous decision of the Members that then hold
  Voting Units to dissolve the Company; (b) a Change of Control Transaction
  that is not approved by the Majority Members; (c) a dissolution of the
  Company under Section 18-801(4) of the Delaware Act; or (d) the entry of a
  decree of judicial dissolution of the Company under Section 18-802 of the
  Delaware Act. Except as otherwise set forth in this Article XIV, the Company
  is intended to have perpetual existence. An Event of Withdrawal shall not
  cause a dissolution of the Company and the Company shall continue in
  existence subject to the terms and conditions of this Agreement. Section
  14.02 Liquidation and Termination. On dissolution of the Company, the Manager
  shall act as liquidator or may appoint one or more Persons as liquidator. The
  liquidators shall proceed diligently to wind up the affairs of the Company
  and make final distributions as provided herein and in the Delaware Act. The
  costs of liquidation shall be borne as a Company expense. Until final
  distribution, the liquidators shall continue to operate the Company
  properties with all of the power and authority of the Manager. The steps to
  be accomplished by the liquidators are as follows: (a) as promptly as
  possible after dissolution and again after final liquidation, the liquidators
  shall cause a proper accounting to be made by a recognized firm of certified
  public accountants of the Company’s assets, liabilities and operations
  through the last day of the calendar month in which the dissolution occurs or
  the final liquidation is completed, as applicable; (b) the liquidators shall
  cause the notice described in the Delaware Act to be mailed to each known
  creditor of and claimant against the Company in the manner described
  thereunder; (c) the liquidators shall pay, satisfy or discharge from Company
  funds, or otherwise make adequate provision for payment and discharge thereof
  (including, without limitation, the establishment of a cash fund for
  contingent liabilities in such amount and for such term as the liquidators
  may reasonably determine): first, all expenses incurred in liquidation; and
  second, all of the debts, liabilities and obligations of the Company; and (d)
  all remaining assets of the Company shall be distributed to the Members in accordance
  with Article IV by the end of the Taxable Year during which the liquidation
  of the Company occurs (or, if later, by 90 days after the date of the
  liquidation). The distribution of cash and/or property to the Members in
  accordance with the provisions of this Section 14.02 and Section 14.03 below
  constitutes a complete return to the Members of their Capital Contributions,
  a complete distribution to the Members of their interest in the Company and
  all the Company’s property and constitutes a compromise to which all Members
  have consented within the meaning of the Delaware Act. To the extent that a
  Member returns funds to the Company, it has no claim against any other Member
  for those funds. 

  

 

	
  

  	
  45 NY\6520040.7
  DRAFT 10-14-2014 Section 14.03 Deferment; Distribution in Kind.
  Notwithstanding the provisions of Section 14.02, but subject to the order of
  priorities set forth therein, if upon dissolution of the Company the
  liquidators determine that an immediate sale of part or all of the Company’s
  assets would be impractical or would cause undue loss (or would otherwise not
  be beneficial) to the Members, the liquidators may, in their sole discretion,
  defer for a reasonable time the liquidation of any assets except those
  necessary to satisfy Company liabilities (other than loans to the Company by
  Members) and reserves. Subject to the order of priorities set forth in
  Section 14.02, the liquidators may, in their sole discretion, distribute to
  the Members, in lieu of cash, either (a) all or any portion of such remaining
  Company assets in-kind in accordance with the provisions of Section 14.02(d),
  (b) as tenants in common and in accordance with the provisions of Section
  14.02(d), undivided interests in all or any portion of such Company assets or
  (c) a combination of the foregoing. Any such Distributions in kind shall be
  subject to (a) such conditions relating to the disposition and management of
  such assets as the liquidators deem reasonable and equitable and (b) the
  terms and conditions of any agreements governing such assets (or the
  operation thereof or the holders thereof) at such time. Any Company assets
  distributed in kind will first be written up or down to their Fair Market
  Value, thus creating Profit or Loss (if any), which shall be allocated in
  accordance with Article V. The liquidators shall determine the Fair Market
  Value of any property distributed in accordance with the valuation procedures
  set forth in Article XV. Section 14.04 Cancellation of Certificate. On
  completion of the distribution of Company assets as provided herein, the
  Company is terminated (and the Company shall not be terminated prior to such
  time), and the Manager (or such other Person or Persons as the Delaware Act
  may require or permit) shall file a certificate of cancellation with the Secretary
  of State of Delaware, cancel any other filings made pursuant to this
  Agreement that are or should be canceled and take such other actions as may
  be necessary to terminate the Company. The Company shall be deemed to
  continue in existence for all purposes of this Agreement until it is
  terminated pursuant to this Section 14.04. Section 14.05 Reasonable Time for
  Winding Up. A reasonable time shall be allowed for the orderly winding up of
  the business and affairs of the Company and the liquidation of its assets
  pursuant to Sections 14.02 and 14.03 in order to minimize any losses
  otherwise attendant upon such winding up. Section 14.06 Return of Capital.
  The liquidators shall not be personally liable for the return of Capital
  Contributions or any portion thereof to the Members (it being understood that
  any such return shall be made solely from Company assets). ARTICLE XV.
  VALUATION Section 15.01 Determination. “Fair Market Value” of a specific
  Company asset will mean the amount which the Company would receive in an
  all-cash sale of such asset in an armslength transaction with a willing
  unaffiliated third party, with neither party having any compulsion to buy or
  sell, consummated on the day immediately preceding the date on which the
  event occurred which necessitated the determination of the Fair Market Value
  (and after giving effect to any transfer taxes payable in connection with
  such sale), as such amount is determined 

  

 

	
  

  	
  46 NY\6520040.7
  DRAFT 10-14-2014 by the Manager (or, if pursuant to Section 14.02, the
  liquidators) in its good faith judgment using all factors, information and
  data it deems to be pertinent. Section 15.02 Dispute Resolution. If any
  Member or Members dispute the accuracy of any determination of Fair Market
  Value in accordance with Section 15.01, and the Manager and such Member(s)
  are unable to agree on the determination of the Fair Market Value of any
  asset of the Company, the Manager and such Member(s) shall each select a
  nationally recognized investment banking firm experienced in valuing
  securities of closely-held companies such as the Company in the Company’s
  industry (the “Appraisers”), who shall each determine the Fair Market Value
  of the asset or the Company (as applicable) in accordance with the provisions
  of Section 15.01. The Appraisers shall be instructed to give written notice
  of their determination of the Fair Market Value of the asset or the Company
  (as applicable) within 30 days of their appointment as Appraisers. If Fair
  Market Value as determined by an Appraiser is higher than Fair Market Value
  as determined by the other Appraiser by 10% or more, and the Manager and such
  Member(s) do not otherwise agree on a Fair Market Value, the original
  Appraisers shall designate a third Appraiser meeting the same criteria used
  to select the original two. If Fair Market Value as determined by an
  Appraiser is within 10% of the Fair Market Value as determined by the other
  Appraiser (but not identical), and the Manager and such Member(s) do not
  otherwise agree on a Fair Market Value, the Manager shall select the Fair
  Market Value of one of the Appraisers. The fees and expenses of the
  Appraisers shall be borne by the Company. ARTICLE XVI. GENERAL PROVISIONS
  Section 16.01 Power of Attorney. (a) Each Member who is an individual hereby
  constitutes and appoints the Manager (or the liquidator, if applicable) with
  full power of substitution, as his true and lawful agent and
  attorney-in-fact, with full power and authority in his or its name, place and
  stead, to: (i) execute, swear to, acknowledge, deliver, file and record in
  the appropriate public offices (A) this Agreement, all certificates and other
  instruments and all amendments thereof which the Manager deems appropriate or
  necessary to form, qualify, or continue the qualification of, the Company as
  a limited liability company in the State of Delaware and in all other
  jurisdictions in which the Company may conduct business or own property; (B)
  all instruments which the Manager deems appropriate or necessary to reflect
  any amendment, change, modification or restatement of this Agreement in
  accordance with its terms; (C) all conveyances and other instruments or
  documents which the Manager deems appropriate or necessary to reflect the
  dissolution and liquidation of the Company pursuant to the terms of this
  Agreement, including a certificate of cancellation; and (D) all instruments
  relating to the admission, withdrawal or substitution of any Member pursuant
  to Article XII or XIII; and (ii) sign, execute, swear to and acknowledge all
  ballots, consents, approvals, waivers, certificates and other instruments
  appropriate or necessary, in the reasonable judgment of the Manager, to
  evidence, confirm or ratify any vote, consent, approval, agreement or other
  action which is made or given by the Members hereunder or is 

  

 

	
  

  	
  47 NY\6520040.7
  DRAFT 10-14-2014 consistent with the terms of this Agreement and/or
  appropriate or necessary (and not inconsistent with the terms of this
  Agreement), in the reasonable judgment of the Manager, to effectuate the
  terms of this Agreement. (b) The foregoing power of attorney is irrevocable
  and coupled with an interest, and shall survive the death, disability,
  incapacity, dissolution, bankruptcy, insolvency or termination of any Member
  who is an individual and the transfer of all or any portion of his or its
  Company Interest and shall extend to such Member’s heirs, successors, assigns
  and personal representatives. Section 16.02 Confidentiality. The Manager and
  each of the Members agree to hold the Company’s Confidential Information in confidence
  and may not use such information except in furtherance of the business of the
  Company or as otherwise authorized separately in writing by the Manager.
  “Confidential Information” as used herein includes, but is not limited to,
  ideas, financial product structuring, business strategies, innovations and
  materials, all aspects of the Company’s business plan, proposed operation and
  products, corporate structure, financial and organizational information,
  analyses, proposed partners, software code and system and product designs,
  employees and their identities, equity ownership, the methods and means by
  which the Company plans to conduct its business, all trade secrets,
  trademarks, tradenames and all intellectual property associated with the
  Company’s business. With respect to the Manager and each Member, Confidential
  Information does not include information or material that: (a) is rightfully
  in the possession of the Manager or each Member at the time of disclosure by
  the Company; (b) before or after it has been disclosed to the Manager or each
  Member by the Company, becomes part of public knowledge, not as a result of
  any action or inaction of the Manager or such Member, respectively, in
  violation of this Agreement; (c) is approved for release by written authorization
  of the CEO of the Company or of the Corporation; (d) is disclosed to the
  Manager or such Member or their representatives by a third party not, to the
  knowledge of the Manager or such Member, respectively, in violation of any
  obligation of confidentiality owed to the Company with respect to such
  information; or (e) is or becomes independently developed by the Manager or
  such Member or their respective representatives without use or reference to
  the Confidential Information. Section 16.03 Amendments. This Agreement may be
  amended or modified upon the consent of the Majority Members. Notwithstanding
  the foregoing, no amendment or modification to any of the terms and
  conditions of this Agreement which terms and conditions expressly require the
  approval or action of certain Persons may be made without obtaining the
  consent of the requisite number or specified percentage of such Persons who
  are entitled to approve or take action on such matter. In addition, Section
  3.01(a), Section 3.02, Section 3.03(a), Section 3.10, Article XI, Section
  12.02 and Section 13.02 may not be amended in a manner that is materially
  adverse to the interests of the LLC Optionees without the prior written
  consent of the LLC Optionees representing a majority of the aggregate number
  of Common Units underlying all LLC Options then outstanding. Section 16.04
  Title to Company Assets. Company assets shall be deemed to be owned by the
  Company as an entity, and no Member, individually or collectively, shall have
  any ownership interest in such Company assets or any portion thereof. The
  Company shall hold title to all of its property in the name of the Company
  and not in the name of any Member. All 

  

 

	
  

  	
  48 NY\6520040.7
  DRAFT 10-14-2014 Company assets shall be recorded as the property of the
  Company on its books and records, irrespective of the name in which legal
  title to such Company assets is held. The Company’s credit and assets shall
  be used solely for the benefit of the Company, and no asset of the Company
  shall be transferred or encumbered for, or in payment of, any individual
  obligation of any Member. Section 16.05 Addresses and Notices. Any notice
  provided for in this Agreement will be in writing and will be either
  personally delivered, or received by certified mail, return receipt requested,
  or sent by reputable overnight courier service (charges prepaid) to the
  Company at the address set forth below and to any other recipient and to any
  Member at such address as indicated by the Company’s records, or at such
  address or to the attention of such other person as the recipient party has
  specified by prior written notice to the sending party. Notices will be
  deemed to have been given hereunder when delivered personally or sent by
  telecopier (provided confirmation of transmission is received), three days
  after deposit in the U.S. mail and one day after deposit with a reputable
  overnight courier service. The Company’s address is: to the Company: Neff
  Holdings LLC 3750 N.W. 87th Avenue, Suite 400 Miami, Florida 33178 Attn: Mark
  Irion, Chief Financial Officer Facsimile: (305) 773-2291 E-mail:
  mirion@neffcorp.com with a copy (which copy shall not constitute notice) to:
  Latham & Watkins LLP 885 Third Avenue New York, New York 10022 Attn:
  Dennis D. Lamont Facsimile: (212) 751-4864 E-mail: dennis.lamont@lw.com
  Section 16.06 Binding Effect; Intended Beneficiaries. This Agreement shall be
  binding upon and inure to the benefit of the parties hereto and their heirs,
  executors, administrators, successors, legal representatives and permitted
  assigns. Section 3.01(a), Section 3.02, Section 3.03(a), Section 3.10,
  Article XI, Section 12.02 and Section 13.02 hereof shall inure to the benefit
  of the LLC Optionees who are intended to be third-party beneficiaries thereof
  and which Articles and Sections shall be enforceable by each LLC Optionee and
  its successors and assigns. Section 16.07 Creditors. None of the provisions
  of this Agreement shall be for the benefit of or enforceable by any creditors
  of the Company or any of its Affiliates, and no creditor who makes a loan to
  the Company or any of its Affiliates may have or acquire (except pursuant to
  the terms of a separate agreement executed by the Company in favor of such
  creditor) at any time as a result of making the loan any direct or indirect
  interest in Company Profits, Losses, Distributions, capital or property other
  than as a secured creditor. 

  

 

	
  

  	
  49 NY\6520040.7
  DRAFT 10-14-2014 Section 16.08 Waiver. No failure by any party to insist upon
  the strict performance of any covenant, duty, agreement or condition of this
  Agreement or to exercise any right or remedy consequent upon a breach thereof
  shall constitute a waiver of any such breach or any other covenant, duty,
  agreement or condition. Section 16.09 Counterparts. This Agreement may be
  executed in separate counterparts, each of which will be an original and all
  of which together shall constitute one and the same agreement binding on all
  the parties hereto. Section 16.10 Applicable Law. This Agreement shall be
  governed by, and construed in accordance with, the laws of the State of
  Delaware, without giving effect to any choice of law or conflict of law rules
  or provisions (whether of the State of Delaware or any other jurisdiction)
  that would cause the application of the laws of any jurisdiction other than
  the State of Delaware. Any dispute relating hereto shall be heard in the
  state or federal courts of the State of Delaware, and the parties agree to
  jurisdiction and venue therein. Section 16.11 Severability. Whenever
  possible, each provision of this Agreement will be interpreted in such manner
  as to be effective and valid under applicable Law, but if any provision of
  this Agreement is held to be invalid, illegal or unenforceable in any respect
  under any applicable Law or rule in any jurisdiction, such invalidity,
  illegality or unenforceability will not affect any other provision or the
  effectiveness or validity of any provision in any other jurisdiction, and
  this Agreement will be reformed, construed and enforced in such jurisdiction
  as if such invalid, illegal or unenforceable provision had never been
  contained herein. Section 16.12 Further Action. The parties shall execute and
  deliver all documents, provide all information and take or refrain from
  taking such actions as may be necessary or appropriate to achieve the
  purposes of this Agreement. Section 16.13 Delivery by Electronic
  Transmission. This Agreement and any signed agreement or instrument entered
  into in connection with this Agreement or contemplated hereby, and any
  amendments hereto or thereto, to the extent signed and delivered by means of
  an electronic transmission, including by a facsimile machine or via email,
  shall be treated in all manner and respects as an original agreement or
  instrument and shall be considered to have the same binding legal effect as
  if it were the original signed version thereof delivered in person. At the
  request of any party hereto or to any such agreement or instrument, each
  other party hereto or thereto shall re-execute original forms thereof and
  deliver them to all other parties. No party hereto or to any such agreement
  or instrument shall raise the use of electronic transmission by a facsimile
  machine or via email to deliver a signature or the fact that any signature or
  agreement or instrument was transmitted or communicated through such
  electronic transmission as a defense to the formation of a contract and each
  such party forever waives any such defense. Section 16.14 Right of Offset.
  Whenever the Company is to pay any sum (other than pursuant to Article IV) to
  any Member, any amounts that such Member owes to the Company which are not
  the subject of a good faith dispute may be deducted from that sum before
  payment. For the avoidance of doubt, the distribution of Units to the
  Corporation shall not be subject to this Section 16.14. 

  

 

	
  

  	
  50 NY\6520040.7
  DRAFT 10-14-2014 Section 16.15 Effectiveness. This Agreement shall be
  effective immediately prior to the time at which the IPO closes on the IPO
  Closing Date (the “Effective Time”). The First A&R LLC Agreement shall
  govern the rights and obligations of the Company and the other parties to
  this Agreement in their capacity as Unitholders prior to the Effective Time.
  Section 16.16 Entire Agreement. This Agreement, those documents expressly
  referred to herein (including the Registration Rights Agreement and the Tax
  Receivable Agreement), any indemnity agreements entered into in connection
  with the First A&R LLC Agreement with any member of the board of managers
  at that time and other documents of even date herewith embody the complete
  agreement and understanding among the parties and supersede and preempt any
  prior understandings, agreements or representations by or among the parties,
  written or oral, which may have related to the subject matter hereof in any
  way. For the avoidance of doubt, the First A&R LLC Agreement is
  superseded by this Agreement as of the Effective Time and shall be of no
  further force and effect thereafter. Section 16.17 Remedies. Each Member
  shall have all rights and remedies set forth in this Agreement and all rights
  and remedies which such Person has been granted at any time under any other
  agreement or contract and all of the rights which such Person has under any
  Law. Any Person having any rights under any provision of this Agreement or
  any other agreements contemplated hereby shall be entitled to enforce such
  rights specifically (without posting a bond or other security), to recover
  damages by reason of any breach of any provision of this Agreement and to
  exercise all other rights granted by Law. Section 16.18 Descriptive Headings;
  Interpretation. The descriptive headings of this Agreement are inserted for
  convenience only and do not constitute a substantive part of this Agreement.
  Whenever required by the context, any pronoun used in this Agreement shall include
  the corresponding masculine, feminine or neuter forms, and the singular form
  of nouns, pronouns and verbs shall include the plural and vice versa. The use
  of the word “including” in this Agreement shall be by way of example rather
  than by limitation. Reference to any agreement, document or instrument means
  such agreement, document or instrument as amended or otherwise modified from
  time to time in accordance with the terms thereof, and if applicable hereof.
  Without limiting the generality of the immediately preceding sentence, no
  amendment or other modification to any agreement, document or instrument that
  requires the consent of any Person pursuant to the terms of this Agreement or
  any other agreement will be given effect hereunder unless such Person has
  consented in writing to such amendment or modification. Wherever required by
  the context, references to a Fiscal Year shall refer to a portion thereof.
  The use of the words “or,” “either” and “any” shall not be exclusive. The
  parties hereto have participated jointly in the negotiation and drafting of
  this Agreement. In the event an ambiguity or question of intent or
  interpretation arises, this Agreement shall be construed as if drafted
  jointly by the parties hereto, and no presumption or burden of proof shall
  arise favoring or disfavoring any party by virtue of the authorship of any of
  the provisions of this Agreement. Wherever a conflict exists between this
  Agreement and any other agreement, this Agreement shall control but solely to
  the extent of such conflict. 

  

 

	
  

  	
  51 NY\6520040.7
  DRAFT 10-14-2014 IN WITNESS WHEREOF, the undersigned have executed or caused
  to be executed on their behalf this Agreement as of the date first written
  above. COMPANY: NEFF HOLDINGS LLC By: NEFF CORPORATION, its Managing Member
  By: Name: Title: MEMBERS: WAYZATA OPPORTUNITIES FUND II, L.P. By: WOF II GP,
  L.P., its General Partner By: WOF II GP, LLC, its General Partner By: Name:
  Title: WAYZATA OPPORTUNITIES FUND OFFSHORE II, L.P. By: [WOFO II GP, L.P.],
  its General Partner By: [WOFO II GP, LLC], its General Partner By: Name:
  Title: NEFF CORPORATION By: Name: Title: 

  

 

	
  

  	
  NY\6520040.7
  DRAFT 10-14-2014 SCHEDULE 1* SCHEDULE OF MEMBERS Member Common Units
  Percentage Interest Wayzata Opportunities Fund II, L.P. [•] ** [•] Wayzata
  Opportunities Fund Offshore II, L.P. [•] ** [•] Neff Corporation [•] *** [•]
  Total [•] 100.00000 % * This Schedule of Members reflects the
  Recapitalization and shall be updated from time to time to reflect any
  adjustment with respect to any subdivision (by Unit split or otherwise) or
  any combination (by reverse Unit split or otherwise) of any outstanding
  Common Units, or to reflect any additional issuances of Common Units pursuant
  to this Agreement. ** Reflects the Recapitalization and the Over-Allotment
  Option Redemption (if applicable). *** Reflects the contribution of the IPO
  Net Proceeds and Over-Allotment Option Net Proceeds (if any). 

  

 

	
  

  	
  NY\6520040.7
  DRAFT 10-14-2014 SCHEDULE 2* SCHEDULE OF LLC OPTIONEES Original LLC Options
  Number of Common Units Underlying LLC Options** Number of Common Units
  Underlying LLC Optionees Performance Options Service Options Total Options
  Performance Options Service Options Total Options James Continenza – 12,573
  12,573 [•] [•] [•] Robert Singer – 8,801 8,801 [•] [•] [•] Graham Hood 81,750
  136,250 218,000 [•] [•] [•] Mark Irion 48,750 81,250 130,000 [•] [•] [•] Wes
  Parks 22,500 37,500 60,000 [•] [•] [•] Henry Lawson 22,500 37,500 60,000 [•]
  [•] [•] John Anderson 22,500 37,500 60,000 [•] [•] [•] Brad Nowell 13,875
  23,125 37,000 [•] [•] [•] Steven Settelmayer 13,875 23,125 37,000 [•] [•] [•]
  Paula Papamarcos 11,625 19,375 31,000 [•] [•] [•] Steve Michaels 13,875
  23,125 37,000 [•] [•] [•] Tom Sutherland 11,625 19,375 31,000 [•] [•] [•]
  Tammy Parham 5,250 8,750 14,000 [•] [•] [•] Jim Horn 5,250 8,750 14,000 [•]
  [•] [•] Bryant Becton 5,250 8,750 14,000 [•] [•] [•] Bobby Corner 5,250 8,750
  14,000 [•] [•] [•] Total 283,875 494,499 778,374 [•] [•] [•] * This Schedule
  of LLC Optionees shall be updated from time to time to reflect any adjustment
  with respect to any subdivision (by Unit split or otherwise) or any
  combination (by reverse Unit split or otherwise) of any outstanding Common
  Units, or to reflect any additional issuances of Common Units pursuant to
  this Agreement. ** This column reflects the Recapitalization. 

  

 

	
  

  	
  NY\6520040.7
  DRAFT 10-14-2014 Exhibit A FORM OF JOINDER AGREEMENT This JOINDER AGREEMENT,
  dated as of , 20 (this “Joinder”), is delivered pursuant to that certain
  Second Amended and Restated Limited Liability Company Agreement, dated as of
  [ ], 2014 (as amended, restated, amended and restated, supplemented or
  otherwise modified from time to time, the “LLC Agreement”) by and among Neff
  Holdings LLC, a Delaware limited liability company (the “Company”), Neff
  Corporation, a Delaware corporation and the managing member of the Company
  (the “Holdings”), and each of the Members from time to time party thereto.
  Capitalized terms used but not otherwise defined herein have the respective
  meanings set forth in the LLC Agreement. 1. Joinder to the LLC Agreement.
  Upon the execution of this Joinder by the undersigned and delivery hereof to
  Holdings, the undersigned hereby is and hereafter will be a Member under the
  LLC Agreement and a party thereto, with all the rights, privileges and responsibilities
  of a Member thereunder. The undersigned hereby agrees that it shall comply
  with and be fully bound by the terms of the LLC Agreement as if it had been a
  signatory thereto as of the date thereof. 2. Incorporation by Reference. All
  terms and conditions of the LLC Agreement are hereby incorporated by
  reference in this Joinder as if set forth herein in full. 3. Address. All
  notices under the LLC Agreement to the undersigned shall be direct to: [Name]
  [Address] [City, State, Zip Code] Attn: Facsimile: E-mail: IN WITNESS
  WHEREOF, the undersigned has duly executed and delivered this Joinder as of
  the day and year first above written. [NAME OF NEW MEMBER] By: Name: Title: 

  

 

	
  

  	
  NY\6520040.7
  DRAFT 10-14-2014 Acknowledged and agreed as of the date first set forth
  above: NEFF HOLDINGS LLC By: NEFF CORPORATION, its Managing Member By: Name:
  Title: 

  

 

	
  

  	
  EXHIBIT C FORM
  OF IPO COMMON UNIT PURCHASE AGREEMENT [see attached] 

  

 

	
  

  	
  NY\6528071.5
  DRAFT 10-14-2014 COMMON UNIT PURCHASE AGREEMENT This COMMON UNIT PURCHASE
  AGREEMENT (this “Agreement”) is made and entered into as of [ ], 2014, by and
  among Neff Corporation, a Delaware corporation (the “Corporation”), Neff
  Holdings LLC, a Delaware limited liability company (the “Company”), Wayzata
  Opportunities Fund II, L.P., a Delaware limited partnership (“Wayzata”), and
  Wayzata Opportunities Fund Offshore II, L.P., a Cayman Islands limited
  partnership (“Wayzata Offshore” and, together with Wayzata, the “Wayzata
  Funds”). RECITALS WHEREAS, the Corporation is contemplating an offer and sale
  of its shares of Class A common stock, par value $0.01 per share (the “Class
  A Common Stock” and such shares, the “Shares”), to the public in an
  underwritten initial public offering (the “IPO”) pursuant to the Registration
  Statement (as defined herein); WHEREAS, the Corporation desires to use a
  portion of the net proceeds from the IPO to purchase Common Units (as defined
  below) of the Company, and the Company desires to issue its Common Units to
  the Corporation in exchange for such portion of the net proceeds from the
  IPO; WHEREAS, immediately prior to or simultaneous with the purchase by the
  Corporation of the Common Units and consummation of the other transactions
  contemplated by this Agreement, the Corporation, the Company and the Wayzata
  Funds will enter into that certain Second Amended and Restated Limited
  Liability Company Agreement of the Company in the form substantially set
  forth as Exhibit A hereto (such agreement, as it may be amended, restated,
  amended and restated, supplemented or otherwise modified from time to time,
  the “LLC Agreement”); WHEREAS, upon the Effective Time (as defined below) the
  Corporation will become the sole managing member of the Company, and the
  Wayzata Funds will become non-managing members of the Company but otherwise
  retain their units in the Company (which under the LLC Agreement are
  converted from “Class A Common Units” to Common Units), except as otherwise
  contemplated herein; and WHEREAS, the parties hereto intend for the
  Corporation’s contribution to the Company of the proceeds received from the
  Corporation’s IPO in exchange for Common Units to be treated as a
  contribution of property governed by Section 721(a) of the Internal Revenue
  Code of 1986, as amended; NOW, THEREFORE, in consideration of the covenants
  and agreements contained herein and other good and valuable consideration,
  the receipt and sufficiency of which are hereby acknowledged, the
  Corporation, the Wayzata Funds and the Company agree as follows: 

  

 

	
  

  	
  2 NY\6528071.5
  DRAFT 10-14-2014 AGREEMENT ARTICLE I. DEFINITIONS Section 1.01 Certain
  Definitions. For purposes of this Agreement, the following terms shall have
  the meanings specified in this Section 1.01: “Common Units” means the “Common
  Units” of the Company as defined in the LLC Agreement. “Company” has the
  meaning set forth in the Preamble. “Corporation” has the meaning set forth in
  the Preamble. “Effective Time” means the “Effective Time” as defined in the
  LLC Agreement. “Encumbrance” means, with respect to any specified asset, any security
  interest, lien, mortgage, claim, charge, pledge, restriction, option,
  reservation, equitable interest, deed of trust, right of first refusal,
  easement, servitude or encumbrance of any nature. “Initial Closing” means the
  closing of the transactions contemplated in Sections 2.01, 2.02 and 2.04.
  “Initial Closing Date” has the meaning set forth in Section 2.03. “Initial
  Consideration” has the meaning set forth in Section 2.02. “Initial Units” has
  the meaning set forth in Section 2.01. “Initial Proceeds” means the net
  proceeds received by the Corporation in exchange for the issuance and sale of
  Shares in the IPO. Initial Proceeds will be calculated as the product of (a)
  the sum of (i) the price per share at which Shares are sold to the public in
  the IPO minus (ii) the aggregate underwriting discounts and commissions per
  share in such offering, multiplied by (b) the number of Shares sold to the
  public in the IPO without giving effect to any exercise of the Over-Allotment
  Option. For the avoidance of doubt, Initial Proceeds shall not include the
  Over- Allotment Proceeds. “IPO” has the meaning set forth in the Recitals.
  “LLC Agreement” has the meaning set forth in the Recitals. “Managing
  Underwriters” means Morgan Stanley & Co. LLC and Jefferies LLC. “Over-Allotment
  Closing” means the closing of the transactions contemplated in Section 3.01,
  3.02 and 3.04. “Over-Allotment Closing Date” has the meaning set forth in
  Section 3.03. 

  

 

	
  

  	
  3 NY\6528071.5
  DRAFT 10-14-2014 “Over-Allotment Option” means the Underwriters’ option to
  purchase additional Shares from the Corporation in the IPO pursuant to the
  second paragraph of Section 2 of the Underwriting Agreement. “Over-Allotment
  Proceeds” means the net proceeds received by the Corporation in exchange for
  the issuance and sale of Shares in the IPO but solely as a result of the
  exercise, in whole or in part, by the Underwriters of the Over-Allotment
  Option. Over-Allotment Proceeds will be calculated as the product of (a) the
  sum of (i) the price per share at which Shares are sold to the public in the
  IPO minus (ii) the aggregate underwriting discounts and commissions per share
  in such offering, multiplied by (b) the number of Shares sold to the public
  in the IPO solely to the extent of any exercise of the Over-Allotment Option.
  For the avoidance of doubt, Over- Allotment Proceeds shall not include the
  Initial Proceeds. “Over-Allotment Units” has the meaning set forth in Section
  3.01. “Prospectus” means the final prospectus for the IPO contained in the
  Registration Statement. “Registration Statement” means the Corporation’s
  registration statement on Form S-1, file no. 333-198559, as filed with the
  U.S. Securities and Exchange Commission on the date hereof, together with any
  other registration statement on Form S-1 that the Corporation may file in
  connection with the IPO in reliance on Rule 462(b) promulgated under the
  Securities Act. “Securities Act” means the U.S. Securities Act of 1933, as
  amended. “Shares” has the meaning set forth in the Recitals. “Transaction
  Documents” mean the transactional and organizational documents entered into
  contemporaneously with this Agreement by either the Company, the Corporation
  or the Wayzata Funds, as applicable, in connection with the IPO.
  “Underwriters” means each of the financial institutions identified in the
  Prospectus and in the Underwriting Agreement as an “underwriter” in the IPO,
  including without limitation the Managing Underwriters. “Underwriting
  Agreement” means that certain Underwriting Agreement, [dated the date
  hereof], by and among the Corporation and the managing underwriters, on
  behalf of the several Underwriters, with respect to the sale of Shares in the
  IPO. “Wayzata” has the meaning set forth in the Preamble. “Wayzata Funds” has
  the meaning set forth in the Preamble. “Wayzata Offshore” has the meaning set
  forth in the Preamble. 

  

 

	
  

  	
  4 NY\6528071.5
  DRAFT 10-14-2014 ARTICLE II. INITIAL CLOSING Section 2.01 Company Issuance of
  Common Units to Corporation. The Company hereby agrees to issue to the
  Corporation on the Initial Closing Date, and the Corporation hereby agrees to
  subscribe for, purchase and accept on the Initial Closing Date, free and
  clear of all Encumbrances, an aggregate number of Common Units equal to the
  aggregate number of Shares sold (excluding any Shares sold pursuant to the
  exercise of the Over-Allotment Option) in the IPO (such Common Units
  collectively, the “Initial Units”). Section 2.02 Consideration. The
  consideration for the Initial Units shall be an amount equal to the Initial
  Proceeds (the “Initial Consideration”). Section 2.03 Initial Closing. The
  Initial Closing shall be held at the offices of Latham & Watkins LLP, 885
  Third Avenue, New York, NY 10022 at the time and date on which all the
  conditions set forth in Article VII have been satisfied or waived, or at such
  later time and date as the Corporation, the Company and the Wayzata Funds
  shall agree in writing (such time and date, the “Initial Closing Date”).
  Section 2.04 Initial Closing Deliverables. (a) The Company shall deliver, or
  cause to be delivered, the following documents to the Corporation at the
  Initial Closing: (i) (x) solely to the extent that the Common Units are
  certificated, a certificate or certificates representing the Initial Units
  being issued to the Corporation identifying the Corporation as the registered
  holder thereof or (y) if the Common Units are not certificated, evidence
  reasonably satisfactory to the Corporation that the Corporation has been
  registered as the holder of the Initial Units in the books and records of the
  Company (which evidence may be satisfied by the Schedule of Members attached
  to the LLC Agreement at the Effective Time, as modified to give effect to the
  Initial Closing); and (ii) all other customary documents, instruments or
  certificates as shall be reasonably requested by the Corporation and as shall
  be consistent with the terms of this Agreement; and (b) The Corporation shall
  deliver, or cause to be delivered, the following to the Company at the
  Initial Closing: (i) the Initial Consideration by wire transfer of
  immediately available funds to the following bank account of the Company:
  Bank [ ] Bank Address [ ] ABA Routing No. [ ] Account No. [ ] Beneficiary
  Name: Neff Holdings LLC 

  

 

	
  

  	
  5 NY\6528071.5
  DRAFT 10-14-2014 (ii) all other customary documents, instruments or
  certificates as shall be reasonably requested by the Company and as shall be
  consistent with the terms of this Agreement and which will not require any
  representations or warranties other than those set forth in Article IV.
  Section 2.05 Closing Costs; Transfer Taxes and Fees. The Company shall be
  solely responsible for the documentary and transfer taxes and any sales or
  other similar taxes, if any, imposed on the issuance and sale of the Initial
  Units by the Company to the Corporation under this Agreement, as well as any
  deficiency, interest or penalty asserted with respect thereto. ARTICLE III.
  OVER-ALLOTMENT CLOSING Section 3.01 Corporation Purchase of Additional Common
  Units from the Wayzata Funds. Solely to the extent that the Underwriters
  exercise the Over-Allotment Option, the Wayzata Funds hereby agree, severally
  and not jointly, to sell to the Corporation on the Over- Allotment Closing
  Date, and the Corporation hereby agrees to purchase and accept from the
  Wayzata Funds on the Over-Allotment Closing Date, free and clear of all
  Encumbrances, an aggregate number of Common Units equal to the aggregate
  number of Shares sold to the Underwriters solely pursuant to the exercise, in
  whole or in part, by the Underwriters of the Over-Allotment Option in the IPO
  (such Common Units collectively, the “Over-Allotment Units”). The Corporation
  and the Wayzata Funds hereby acknowledge and agree that the obligation of the
  Wayzata Funds to issue any Over-Allotment Units in connection with the Over-
  Allotment Option are contingent upon the Underwriters’ exercise of their
  Over-Allotment Option. If the Underwriters exercise their Over-Allotment
  Option in whole or in part, the Corporation will, contemporaneously with the
  sale of Shares by the Corporation to the Underwriters pursuant to the
  Over-Allotment Option, purchase an aggregate number of Over- Allotment Units
  from the Wayzata Funds equal to the aggregate number of Shares purchased by
  the Underwriters from the Corporation pursuant to the exercise of the
  Over-Allotment Option. The sale of such Over-Allotment Units by the Wayzata
  Funds shall be made pro rata between them, except for such adjustments as the
  Wayzata Funds may mutually agree between them in order to avoid any
  fractional interest in Common Units. Section 3.02 Consideration. The
  consideration for the Over-Allotment Units shall be an amount equal to the
  Over-Allotment Proceeds (the “Over-Allotment Consideration”). The Corporation
  shall pay the Over-Allotment Consideration to the Wayzata Funds ratably in
  the same proportion as the Wayzata Funds are selling to the Corporation the
  Over-Allotment Units. Section 3.03 Over-Allotment Closing. The Over-Allotment
  Closing shall be held at the offices of Latham & Watkins LLP, 885 Third
  Avenue, New York, NY 10022 at the time and date on which all the conditions
  set forth in Article VII have been satisfied or waived, or at such later time
  and date as the Corporation and the Wayzata Funds shall agree in writing
  (such time and date, the “Over-Allotment Closing Date”). Section 3.04
  Over-Allotment Closing Deliverables. 

  

 

 

	
  

  	
  6 NY\6528071.5
  DRAFT 10-14-2014 (a) Each Wayzata Fund shall deliver, or cause to be
  delivered, the following documents to the Corporation at the Over-Allotment
  Closing: (i) solely to the extent that the Common Units are certificated, the
  certificate or certificates representing the Over-Allotment Units being sold
  to the Corporation (provided that, to the extent a certificate represents
  more than the exact number of Common Units to be delivered to the Corporation
  hereunder, then in lieu of the obligation to deliver such certificate(s) to
  the Corporation the applicable Wayzata Fund may surrender such certificate(s)
  to the Company for exchange into one or more certificates evidencing (x) the
  Common Units to be delivered to the Corporation pursuant to this Agreement,
  which shall be registered in the name of the Corporation and (y) the
  remaining Common Units to be retained by such Wayzata Fund); and (ii) all
  other customary documents, instruments or certificates as shall be reasonably
  requested by the Corporation and as shall be consistent with the terms of
  this Agreement and which will not require any representations or warranties
  other than those set forth in Article VI. (b) The Corporation shall deliver,
  or cause to be delivered, the following to the Wayzata Funds at the
  Over-Allotment Closing: (i) a letter executed by the Managing Underwriters on
  behalf of the several Underwriters evidencing the exercise of the
  Over-Allotment Option by the Underwriters in a form reasonably satisfactory
  to the Company, which clearly states the total number of Shares with respect
  to which the Over-Allotment Option has been exercised; (ii) the
  Over-Allotment Consideration by wire transfer of immediately available funds
  to the following bank account of the Wayzata Funds: For the Over-Allotment
  Consideration payable to Wayzata: Bank [ ] Bank Address [ ] ABA Routing No. [
  ] Account No. [ ] Beneficiary Name: Wayzata Opportunities Fund II, L.P. For
  the Over-Allotment Consideration payable to Wayzata Offshore: Bank [ ] Bank
  Address [ ] ABA Routing No. [ ] Account No. [ ] Beneficiary Name: Wayzata
  Opportunities Fund Offshore II, L.P. (iii) all other customary documents,
  instruments or certificates as shall be reasonably requested by the Company
  and as shall be consistent with the terms of this Agreement; and 

  

 

	
  

  	
  7 NY\6528071.5
  DRAFT 10-14-2014 (c) The Company shall deliver, or cause to be delivered, the
  following documents to the Corporation at the Over-Allotment Closing: (i) (x)
  solely to the extent that the Common Units are certificated, a certificate or
  certificates representing the Initial Units being issued to the Corporation
  identifying the Corporation as the registered holder thereof or (y) if the
  Common Units are not certificated, evidence reasonably satisfactory to the
  Corporation that the Corporation has been registered as the holder of the
  Initial Units in the books and records of the Company (which evidence may be
  satisfied by the Schedule of Members attached to the LLC Agreement at the
  Effective Time, as modified to give effect to the Over- Allotment Closing);
  (ii) a duly authorized certificate in accordance with Treasury Regulation
  Section 1.1445-11T, certifying that fifty percent (50%) or more of the value
  of the gross assets of the Company does not consist of U.S. real property
  interests or that ninety percent (90%) or more of the value of the gross
  assets of the Company does not consist of U.S. real property interests plus
  cash or cash equivalents; and (iii) all other customary documents,
  instruments or certificates as shall be reasonably requested by the
  Corporation and as shall be consistent with the terms of this Agreement.
  Section 3.05 Closing Costs; Transfer Taxes and Fees. The Company shall be
  solely responsible for the documentary and transfer taxes and any sales or other
  similar taxes, if any, imposed on the sale and transfer by the Wayzata Funds
  of the Over-Allotment Units to the Corporation under this Agreement, as well
  as any deficiency, interest or penalty asserted with respect thereto. ARTICLE
  IV. REPRESENTATIONS AND WARRANTIES OF THE COMPANY As of the date of this
  Agreement and as of each of the Initial Closing Date and, if applicable, the
  Over-Allotment Closing Date, the Company represents and warrants to the
  Corporation and the Wayzata Funds as follows: Section 4.01 Organization; Good
  Standing; Qualification. The Company is a limited liability company, duly
  organized and validly existing under the laws of the State of Delaware. The
  Company has the requisite power and authority to own and operate its
  properties and assets, and to carry on its business as presently conducted
  and as proposed to be conducted. The Company is in good standing and
  qualified to do business in the State of Delaware and in each other
  jurisdiction where the failure to so qualify would have a material adverse
  effect on its business or financial condition or its ability to enter into
  this Agreement or to consummate the transactions contemplated hereby. Section
  4.02 Authorization. The execution, delivery and performance of this Agreement
  and the issuance by the Company of the Initial Units have been duly
  authorized by the Company. This Agreement constitutes the legal, valid and
  binding obligation of the Company enforceable against the Company in
  accordance with its terms, except as may be 

  

 

	
  

  	
  8 NY\6528071.5
  DRAFT 10-14-2014 limited by (i) applicable bankruptcy, insolvency,
  reorganization or other laws of general application relating to or affecting
  the enforcement of creditors’ rights generally and (ii) the effect of rules
  of law governing the availability of equitable remedies. Section 4.03
  Consents. Except as has been obtained or will be obtained prior to the
  Initial Closing and, if applicable, the Over-Allotment Closing, no consent,
  approval or authorization of, or designation, declaration or filing with, any
  governmental authority or other third party on the part of the Company is
  required in connection with the execution and delivery of this Agreement or
  the consummation of the transactions contemplated hereby. Section 4.04
  Capitalization of the Company. Immediately prior to the execution and
  delivery of this Agreement, there are no Common Units issued and outstanding
  other than the Common Units issued the Wayzata Funds as set forth on the
  Schedule of Members to the LLC Agreement at the Effective Time (prior to
  giving effect to this Agreement). There are no outstanding options, warrants,
  rights (including conversion or preemptive rights), voting agreements,
  investor or other type of agreement with respect to the Common Units or other
  agreements for the purchase or acquisition from the Company of any Common
  Units, except for the LLC Options (as defined in the LLC Agreement)
  summarized on the Schedule of LLC Optionees to the LLC Agreement; provided,
  however, that the execution of any Transaction Document by the parties hereto
  either prior to, or contemporaneously with, this Agreement shall be expressly
  excluded from this Section 4.04. The assets and liabilities of the Company
  are as set forth in the financial statements included in the Prospectus as of
  the date indicated. Section 4.05 Regulation D Eligibility. None of the “Bad
  Actor” disqualifying events described in Rule 506(d)(1)(i) to (viii)
  promulgated under the Securities Act (a “Disqualification Event”) is
  applicable to the Company or any of its Rule 506(d) Related Parties except,
  if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or
  (iii) or (d)(3) is applicable. For purposes of this Agreement, “Rule 506(d)
  Related Party” shall mean any person in a capacity (relative to the Company)
  specified in the first paragraph of Rule 506(d)(1) under the Securities Act.
  ARTICLE V. REPRESENTATIONS AND WARRANTIES OF THE CORPORATION As of the date
  of this Agreement and as of each of the Initial Closing Date and, if
  applicable, the Over-Allotment Closing Date, the Corporation hereby
  represents and warrants to the Company and the Wayzata Funds as follows:
  Section 5.01 Organization; Good Standing; Qualification. The Corporation is a
  corporation duly organized and validly existing under the laws of the State
  of Delaware. The Corporation has the requisite power and authority to own and
  operate its properties and assets, and to carry on its business as presently
  conducted and as proposed to be conducted. The Corporation is in good
  standing and qualified to do business in the State of Delaware and in each
  other jurisdiction where the failure to so qualify would have a material
  adverse effect on its ability to enter into this Agreement or to consummate
  the transactions contemplated hereby. 

  

 

	
  

  	
  9 NY\6528071.5
  DRAFT 10-14-2014 Section 5.02 Authorization. The execution, delivery and
  performance of this Agreement and the subscription to the Initial Units have
  been duly authorized by the Corporation. This Agreement constitutes the
  legal, valid and binding obligation of the Corporation enforceable against
  the Corporation in accordance with its terms, except as may be limited by (i)
  applicable bankruptcy, insolvency, reorganization or other laws of general
  application relating to or affecting the enforcement of creditors’ rights
  generally and (ii) the effect of rules of law governing the availability of
  equitable remedies. Section 5.03 Consents. Except as has been obtained or
  will be obtained prior to Initial Closing and, if applicable, the
  Over-Allotment Closing, no consent, approval or authorization of, or
  designation, declaration or filing with, any governmental authority or other
  third party on the part of the Corporation is required in connection with the
  execution and delivery of this Agreement or the consummation of the
  transactions contemplated hereby. Section 5.04 Investor Representations. (a)
  The Corporation is acquiring the Common Units from the Company for its own
  account as an investment and not with a view to sell, transfer or otherwise
  distribute all or any part thereof to any other person in any transaction
  that would constitute a “distribution” within the meaning of the Securities
  Act. (b) The Corporation acknowledges and agrees that (i) it has such
  knowledge and experience in financial and business matters that it is capable
  of evaluating the merits and risks of an investment in the Common Units and
  (ii) it can bear the economic risk of its investment in the Common Units. (c)
  The Corporation is an “accredited investor” as such term is defined in Rule
  501(a) of Regulation D promulgated under the Securities Act. (d) The
  Corporation understands that neither the offer nor sale of the Common Units
  by the Company hereunder has or will have been registered pursuant to the
  Securities Act or any applicable state securities laws, that all of the
  Common Units will be characterized as “restricted securities” under federal
  securities laws and that, under such laws and applicable regulations, none of
  the Units can be sold or otherwise disposed of without registration under the
  Securities Act or a valid exemption thereunder. (e) The Corporation
  acknowledges and agrees that it (i) has, without reliance on the Company or
  Wayzata, made its own inquiry and investigation into, and based thereon has
  formed an independent judgment concerning, the Company and the Common Units
  and (ii) has been furnished with, or given adequate access to, such
  information about the Company and the Common Units as it has requested. (f)
  The Corporation further acknowledges and agrees that (1) the only
  representations, warranties, covenants and agreements made in connection with
  its purchase of the Common Units from the Company are the representations,
  warranties, covenants and agreements made in this Agreement, and the
  Corporation has not relied upon any other representations or information made
  or supplied by or on behalf of the Company or its representatives, including
  any information provided by or through the Company’s advisors, and 

  

 

	
  

  	
  10 NY\6528071.5
  DRAFT 10-14-2014 that the Corporation will not have any right or remedy
  arising out of any such representation or other information and (2) any
  claims that the Corporation may have against the Company for breach of any
  representation or warranty shall be based solely on the representations and
  warranties set forth in Article IV (in the case of the Company) or set forth
  in Article VI (in the case of a Wayzata Fund). Section 5.05 Regulation D
  Eligibility. Neither the Corporation nor any of its shareholders, directors,
  executive officers or affiliates (the Corporation together with such Persons,
  the “Corporation Covered Persons”) are subject to a Disqualification Event,
  except, if applicable, for a Disqualification Event as to which Rule
  506(d)(2)(ii) or (iii) or (d)(3) is applicable. The Corporation has exercised
  reasonable care to determine whether any Corporation Covered Person is
  subject to a Disqualification Event. The purchase of Common Units from the
  Company by the Corporation will not subject the Company to any
  Disqualification Event. ARTICLE VI. REPRESENTATIONS AND WARRANTIES OF THE
  WAYZATA FUNDS. As of the date of this Agreement and as of the Over-Allotment
  Closing Date, each of the Wayzata Funds hereby represents and warrants, with
  respect to itself, to the Corporation as follows: Section 6.01 Organization;
  Good Standing; Qualification. Such Wayzata Fund is a limited partnership duly
  organized and validly existing under the laws of the State of Delaware. Such
  Wayzata Fund has the requisite power and authority to own and operate its properties
  and assets, and to carry on its business as presently conducted and as
  proposed to be conducted. Such Wayzata Fund is in good standing and qualified
  to do business in the jurisdiction of its organization (to the extent such
  concept is applicable in such jurisdiction) and in each other jurisdiction
  where the failure to so qualify would have a material adverse effect on its
  ability to enter into this Agreement or to consummate the transactions
  contemplated hereby. Section 6.02 Authorization. The execution, delivery and
  performance of this Agreement and the sale of the Over-Allotment Units as
  contemplated hereby have been duly authorized by such Wayzata Fund. This
  Agreement constitutes the legal, valid and binding obligation of such Wayzata
  Fund, enforceable against such Wayzata Fund in accordance with its terms,
  except as may be limited by (i) applicable bankruptcy, insolvency,
  reorganization or other laws of general application relating to or affecting
  the enforcement of creditors’ rights generally and (ii) the effect of rules
  of law governing the availability of equitable remedies. Section 6.03
  Consents. Except as has been obtained or will be obtained prior to Over-
  Allotment Closing, no consent, approval or authorization of, or designation,
  declaration or filing with, any governmental authority or other third party
  on the part of such Wayzata Fund is required in connection with the execution
  and delivery of this Agreement or the consummation of the transactions
  contemplated hereby. Section 6.04 Title to Units. Such Wayzata Fund is the
  record and beneficial owner of, and has, and on the Over-Allotment Closing
  Date will have, valid and marketable title to the 

  

 

	
  

  	
  11 NY\6528071.5
  DRAFT 10-14-2014 Common Units to be sold by such Wayzata Fund to the Corporation
  pursuant to this Agreement, free and clear of all Encumbrances (other than
  such Encumbrances that will be extinguished upon the sale of the Common Units
  to the Corporation); and upon delivery of and payment for such Common Units
  hereunder, the Corporation will acquire valid and marketable title thereto,
  free and clear of any Encumbrances. Each Wayzata Fund is selling such Common
  Units to the Corporation for their own account and are not selling such
  Common Units for the benefit of the Company, the Corporation or any other
  person, and no part of the proceeds received by such Wayzata Fund in
  consideration of such sale of Common Units to the Corporation hereunder will
  inure, either directly or indirectly, to the benefit of the Company, the
  Corporation or any other person other than to the partners of such Wayzata
  Fund. ARTICLE VII. CONDITIONS TO CLOSING Section 7.01 Conditions to the
  Obligations of All Parties. The obligations of the parties under this
  Agreement are subject to the fulfillment or waiver of the following
  conditions: (a) There shall not have been issued and be in effect any order,
  decree or judgment of, or in, any court, tribunal of competent jurisdiction
  or governmental authority which makes the issuance by the Company of the
  Initial Units to the Corporation, the sale by the Wayzata Funds of the
  Over-Allotment Units to the Corporation, or any of the other transactions
  contemplated by this Agreement illegal or invalid; (b) The Corporation shall
  have entered into the Underwriting Agreement with respect to the IPO and all
  conditions to the consummation thereof shall have been, or will
  contemporaneously be, satisfied, except for conditions to be satisfied under
  this Agreement at the Initial Closing and, if applicable, the Over-Allotment
  Closing; (c) The Company shall have been recapitalized in the manner
  described in the Prospectus; and (d) The transactions described in the
  Prospectus under “Prospectus Summary—The Organizational Transactions” shall
  have been completed prior to, or will be completed contemporaneously with,
  the execution of this Agreement. Section 7.02 Condition to Obligations of the
  Corporation. In addition to the conditions specified in Section 7.01, the
  obligations of the Corporation under this Agreement are subject to the fulfillment
  or waiver of the following conditions: (a) all covenants, agreements and
  conditions contained in this Agreement to be performed by the Company on or
  prior to each of the Initial Closing and, if applicable, the Over- Allotment
  Closing shall have been performed or complied with in all material respects;
  (b) each of the representations and warranties of the Company set forth in
  this Agreement that is qualified as to a material adverse effect shall be
  true and correct, and each of the representations and warranties of the
  Company set forth in this Agreement that is not so qualified shall be true
  and correct in all material respects, in each case, as of the date of this
  Agreement and as of each of the Initial Closing Date and, if applicable, the
  Over-Allotment 

  

 

	
  

  	
  12 NY\6528071.5
  DRAFT 10-14-2014 Closing Date as though made on and as of the Initial Closing
  Date and, if applicable, the Over- Allotment Closing Date (except to the
  extent in either case that such representations and warranties speak as of
  another date); (c) solely with respect to the Initial Closing, the Company
  shall have delivered, or caused to be delivered, to the Corporation
  instruments of transfer and other transaction documents, in form and
  substance reasonably satisfactory to the Corporation, to effect the issue of
  the Initial Units by the Company and the other transactions contemplated by
  this Agreement, including those documents identified in Section 2.04(a); and
  (d) solely with respect to the Over-Allotment Closing, if any, (i) each Wayzata
  Fund shall have delivered, or caused to be delivered, to the Corporation
  instruments of transfer and other transaction documents, in form and
  substance reasonably satisfactory to the Corporation, to effect the sale and
  transfer of the Over-Allotment Units by the Wayzata Funds and the other
  transactions contemplated by this Agreement, including those documents
  identified in Section 3.04(a) and (ii) the Company shall have delivered, or
  caused to be delivered, to the Corporation instruments of transfer and other
  transaction documents, in form and substance reasonably satisfactory to the
  Corporation, to effect the sale and transfer of the Over-Allotment Units by
  the Wayzata Funds and the other transactions contemplated by this Agreement,
  including those documents identified in Section 3.04(c). Section 7.03
  Conditions to the Obligations of the Company. In addition to the conditions
  specified in Section 7.01, the obligations of the Company under this
  Agreement are subject to the fulfillment or waiver of the following
  conditions: (a) all covenants, agreements and conditions contained in this
  Agreement to be performed by the Corporation and the Wayzata Funds on or
  prior to the Initial Closing and, if applicable, the Over-Allotment Closing
  shall have been performed or complied with in all material respects; (b) each
  of the representations and warranties of the Corporation and the Wayzata
  Funds set forth in this Agreement that is qualified as to a material adverse
  effect shall be true and correct, and each of the representations and
  warranties of the Corporation set forth in this Agreement that is not so
  qualified shall be true and correct in all material respects, in each case,
  as of the date of this Agreement and as of the Initial Closing Date and, if
  applicable, the Over- Allotment Closing Date as though made on and as of the
  Initial Closing Date and, if applicable, the Over-Allotment Closing Date
  (except to the extent in either case that such representations and warranties
  speak as of another date); (c) solely with respect to the Initial Closing,
  the Corporation shall have delivered to the Company instruments of transfer
  and other transaction documents, in form and substance reasonably
  satisfactory to the Company, to effect the issue of the Initial Units by the
  Company and the other transactions contemplated by this Agreement, including
  those documents identified in Section 2.04(b); and (d) solely with respect to
  the Over-Allotment Closing, if any, (i) each Wayzata Fund shall have
  delivered, or caused to be delivered, to the Company instruments of transfer
  and other 

  

 

	
  

  	
  13 NY\6528071.5
  DRAFT 10-14-2014 transaction documents, in form and substance reasonably
  satisfactory to the Company, to effect the sale and transfer of the
  Over-Allotment Units by the Wayzata Funds and the other transactions
  contemplated by this Agreement, including those documents identified in
  Section 3.04(a) and (ii) the Corporation shall have delivered, or caused to
  be delivered, to the Company instruments of transfer and other transaction
  documents, in form and substance reasonably satisfactory to the Company, to
  effect the sale and transfer of the Over-Allotment Units by the Wayzata Funds
  and the other transactions contemplated by this Agreement, including those
  documents identified in Section 3.04(b). Section 7.04 Conditions to the
  Obligations of the Wayzata Funds. In addition to the conditions specified in
  Section 7.01, the obligations of each Wayzata Fund under this Agreement are
  subject to the fulfillment or waiver of the following conditions: (a) all
  covenants, agreements and conditions contained in this Agreement to be
  performed by the Corporation and by Company on or prior to the Initial
  Closing shall have been performed or complied with in all material respects;
  (b) each of the representations and warranties of the Corporation and of the
  Company set forth in this Agreement that is qualified as to a material
  adverse effect shall be true and correct, and each of the representations and
  warranties of the Corporation and of the Company set forth in this Agreement
  that is not so qualified shall be true and correct in all material respects,
  in each case, as of the date of this Agreement and as of the Over-Allotment
  Closing Date as though made on and as of the Over-Allotment Closing Date
  (except to the extent in either case that such representations and warranties
  speak as of another date); and (c) (i) the Corporation shall have delivered
  to each Wayzata Fund instruments of transfer and other transaction documents,
  in form and substance reasonably satisfactory to each Wayzata Fund, to effect
  the transfer of Over-Allotment Units by such Wayzata fund to the Corporation
  and the other transactions contemplated by this Agreement, including those
  documents identified in Section 3.04(b) and (ii) the Company shall have
  delivered to each Wayzata Fund instruments of transfer and other transaction
  documents, in form and substance reasonably satisfactory to each Wayzata
  Fund, to effect the transfer of Over-Allotment Units by such Wayzata fund to
  the Corporation and the other transactions contemplated by this Agreement,
  including those documents identified in Section 3.04(c). ARTICLE VIII.
  TERMINATION If the conditions set forth in Article VII are not satisfied or
  waived on or before the completion of the IPO or if the Registration
  Statement is withdrawn for any reason prior to that date, this Agreement
  shall become null and void and be of no further force or effect whatsoever
  and none of the Company, the Wayzata Funds or the Corporation shall have any
  further obligations hereunder or with respect hereto. To the extent that the
  Over-Allotment Option is not 

  

 

	
  

  	
  14 NY\6528071.5
  DRAFT 10-14-2014 exercised in full on or prior to 11:59 p.m. New York City
  time on [ ], 20[ ]1, all obligations of the Wayzata Funds hereunder will
  terminate and be extinguished as of such time and date. ARTICLE IX. COVENANTS
  Section 9.01 Further Assurances. From time to time after the date of this
  Agreement, the Corporation shall deliver or cause to be delivered to the
  Company and the Wayzata Funds such further documents and instruments and
  shall do and cause to be done such further acts as the Company and the
  Wayzata Funds shall reasonably request to carry out more effectively the
  provisions and purposes of this Agreement. From time to time after the date
  of this Agreement, the Company shall deliver or cause to be delivered to the
  Corporation and the Wayzata Funds such further documents and instruments and
  shall do and cause to be done such further acts as the Corporation and the
  Wayzata Funds shall reasonably request to carry out more effectively the
  provisions and purposes of this Agreement. From time to time after the date
  of this Agreement, each Wayzata Fund shall deliver or cause to be delivered
  to the Corporation and the Company such further documents and instruments and
  shall do and cause to be done such further acts as the Corporation and the
  Company Funds shall reasonably request to carry out more effectively the
  provisions and purposes of this Agreement; provided that no party hereto shall
  be required to make any representations or warranties except as and to the
  extent provided herein. Section 9.02 No Transfer or Encumbrance. Between the
  date hereof and each of the Initial Closing Date and, if applicable, the
  Over-Allotment Closing Date and except as specifically disclosed in the
  Prospectus, the Company shall not issue, grant, sell, transfer, pledge or
  otherwise hypothecate any additional Common Units or any rights to any Common
  Units; provided that the Company may and shall implement the stock split
  contemplated by the LLC Agreement. Between the date hereof and each of the
  Over-Allotment Closing Date and except as specifically disclosed in the
  Prospectus, the Wayzata Funds shall not sell, transfer, pledge or otherwise
  hypothecate any additional Common Units or any rights to any Common Units;
  provided that the Wayzata Funds may participate in the stock split
  contemplated by the LLC Agreement and may deliver Common Units to the Company
  or to the Corporation in accordance with this Agreement. Section 9.03 Conduct
  of the Business. Between the date hereof and each of the Initial Closing Date
  and, if applicable, the Over-Allotment Closing Date and except as
  specifically disclosed in the Prospectus, the Company shall (i) conduct the
  business of the Company in the ordinary course consistent with past practice,
  (ii) use all commercially reasonable efforts to (A) retain the services of
  its key employees, (B) preserve the Company’s relationships with material
  customers, suppliers, sponsors, licensees and creditors, and (C) maintain and
  keep the Company’s properties and assets in as good repair and condition as
  at present, ordinary wear and tear excepted, (iii) maintain its capital
  structure as it exists on the date of this Agreement, except as specifically
  contemplated hereunder. 1 NTD: To be 30 days after the date of the
  Underwriting Agreement. 

  

 

	
  

  	
  15 NY\6528071.5
  DRAFT 10-14-2014 ARTICLE X. MISCELLANEOUS Section 10.01 Governing Law;
  Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. (a)
  This Agreement shall be governed by and construed in all respects in
  accordance with the laws of the State of Delaware without giving effect to
  principles of conflicts of law that would result in the application of the
  laws of any other jurisdiction. (b) Each of the parties hereto hereby
  irrevocably submits to the non-exclusive jurisdiction of the United States
  District Court for the District of Delaware for the purposes of any suit,
  action o other proceeding arising out of this Agreement, any related
  agreement or any transaction contemplated hereby or thereby. Each of the
  parties hereto hereby further agrees that service of any process, summons,
  notice or document by U.S. registered mail to such party’s respective address
  set forth above shall be effective service of process for any action, suit or
  proceeding with respect to any matters as to which it has submitted to
  jurisdiction in this paragraph. Each of the parties hereto hereby irrevocably
  and unconditionally waives any objection to the laying of venue of any
  action, suit or proceeding arising out of this Agreement, any related
  agreement or any transaction contemplated hereby or thereby in the United
  States District Court for the District of Delaware, and hereby further
  irrevocably and unconditionally waives and agrees not to plead or claim in
  any such court that any such action, suit or proceeding brought in any such
  court has been brought in an inconvenient forum. (c) AS A SPECIFICALLY
  BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
  AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY
  HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR
  PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE
  MATTERS CONTEMPLATED HEREBY. Section 10.02 Notices. All notices, demands or
  other communications to be given under or by reason of this Agreement shall
  be in writing and shall be deemed to have been received when delivered
  personally, or when transmitted by overnight delivery service, addressed as
  follows: If to the Corporation: Neff Corporation 3750 N.W. 87th Avenue, Suite
  400 Miami, Florida 33178 Attention: Chief Financial Officer Fax: (305)
  513-4156 with a copy to: Latham & Watkins LLP 885 Third Avenue 

  

 

	
  

  	
  16 NY\6528071.5
  DRAFT 10-14-2014 New York, NY 10022 Attention: Dennis D. Lamont, Esq. Fax:
  (212) 751-4864 If to the Company: Neff Holdings LLC 3750 N.W. 87th Avenue,
  Suite 400 Miami, Florida 33178 Attention: Chief Financial Officer Fax: (305)
  513-4156 with a copy to: Latham & Watkins LLP 885 Third Avenue New York,
  NY 10022 Attention: Dennis D. Lamont, Esq. Fax: (212) 751-4864 If to any
  Wayzata Fund: Wayzata Opportunities Fund II, L.P. Wayzata Opportunities Fund
  Offshore II, L.P. c/o Wayzata Investment Partners LLC 701 East Lake Street,
  Suite 300 Wayzata, Minnesota 55391 Attn: [Ray Wallander] Fax: [(952)
  345-8901] Any party to this Agreement may change its address for notices,
  demands and other communications under this Agreement by giving notice of
  such change to the other party hereto in accordance with this Section 10.02.
  Section 10.03 Survival. The representations, warranties, covenants and
  agreements made herein shall survive any investigation made by any of the
  parties hereto and the closing of the transactions contemplated hereby.
  Section 10.04 Benefit of Parties; Assignment. This Agreement shall be binding
  upon and shall inure to the benefit of the parties hereto and their
  respective successors, legal representatives and permitted assigns. This
  Agreement may not be assigned by any party without the prior written consent
  of the other parties to this Agreement, and any assignment without such
  consent shall be null and void. Nothing herein contained shall confer or is
  intended to confer on any third party or entity that is not a party to this
  Agreement any rights under this Agreement. 

  

 

	
  

  	
  17 NY\6528071.5
  DRAFT 10-14-2014 Section 10.05 Amendment. This Agreement may not be amended,
  modified, altered or supplemented except by means of a written instrument
  executed on behalf of each of the Corporation, the Company and each Wayzata
  Fund. Section 10.06 Waiver. No failure on the part of either party hereto to
  exercise any power, right, privilege or remedy under this Agreement, and no
  delay on the part of either party hereto in exercising any power, right,
  privilege or remedy under this Agreement, shall operate as a waiver thereof;
  and no single or partial exercise of any such power, right, privilege or
  remedy shall preclude any other or further exercise thereof or of any other
  power, right, privilege or remedy. Section 10.07 Severability. If any
  provision of this Agreement is held invalid or unenforceable by any court of
  competent jurisdiction, the other provisions of this Agreement will remain in
  full force and effect. Any provision of this Agreement held invalid or
  unenforceable only in part or degree will remain in full force and effect to
  the extent not held invalid or unenforceable. Section 10.08 Entire Agreement.
  This Agreement sets forth the entire understanding of the parties hereto and
  supersedes all other agreements and understandings between the parties hereto
  relating to the subject matter hereof. Section 10.09 Counterparts and
  Facsimiles. This Agreement may be executed in one or more counterparts, all
  of which shall be considered one and the same agreement, and shall become
  effective when one or more counterparts have been signed by each of the
  parties and delivered to the other. The parties hereto may execute the
  signature pages hereof and exchange such signature pages by facsimile
  transmission. Section 10.10 Interpretation of Agreement. (a) As used in this
  Agreement, the words “include” and “including, “and variations thereof, shall
  not be deemed to be terms of limitation, and shall be deemed to be followed
  by the words “without limitation.” (b) Unless otherwise specified, references
  in this Agreement to “Articles,” “Sections” and “Exhibits” are intended to
  refer to Articles and Sections of, and Exhibits to, this Agreement. (c) The
  Section headings contained in this Agreement are solely for the purpose of
  reference, are not part of the agreement of the parties and shall not in any
  way affect the meaning or interpretation of this Agreement. (d) Each party
  hereto and its counsel cooperated in drafting and preparation of this Agreement
  and the documents referred to in this Agreement. Any rule of law or any legal
  decision that would require interpretation of any ambiguities in this
  Agreement against the party that drafted it is of no application and is
  hereby expressly waived. [Signature pages follow] 

  

 

	
  

  	
  [Signature Page
  to Common Unit Purchase Agreement] DRAFT 10-14-2014 IN WITNESS WHEREOF, the
  parties hereto have caused this Agreement to be executed on the day and year
  first above written. NEFF HOLDINGS LLC By: Name: Title: NEFF CORPORATION By:
  Name: Title: WAYZATA OPPORTUNITIES FUND II, L.P. By: WOF II GP, L.P., its
  General Partner By: WOF II GP, LLC, its General Partner By: Name: Title:
  WAYZATA OPPORTUNITIES FUND OFFSHORE II, L.P. By: WOFO II GP, L.P., its
  General Partner By: WOFO II GP, LLC, its General Partner By: Name: Title: By:
  Name: Title: 

  

 

	
  

  	
  NY\6528071.5
  DRAFT 10-14-2014 Exhibit A FORM OF LLC AGREEMENT [See attached] 

  

 

	
  

  	
  EXHIBIT D FORM
  OF TAX RECEIVABLE AGREEMENT [see attached] 

  

 

	
  

  	
  NY\6516862.10
  DRAFT 10-14-2014 TAX RECEIVABLE AGREEMENT by and among NEFF CORPORATION
  WAYZATA OPPORTUNITIES FUND II, L.P. WAYZATA OPPORTUNITIES FUND OFFSHORE II,
  L.P. the several LLC OPTION HOLDERS (as defined herein) OTHER MEMBERS OF NEFF
  HOLDINGS LLC FROM TIME TO TIME PARTY HERETO Dated as of [•], 2014 

  

 

	
  

  	
  i NY\6516862.10
  DRAFT 10-14-2014 CONTENTS Page Article I. DEFINITIONS 2 Section 1.1
  Definitions2 Section 1.2 Rules of Construction 11 Article II. DETERMINATION
  OF REALIZED TAX BENEFIT 12 Section 2.1 Basis Adjustments; Neff Holdings 754
  Election 12 Section 2.2 Basis and Reverse 704(c) Schedules13 Section 2.3 Tax
  Benefit Schedules 13 Section 2.4 Procedures; Amendments 14 Article III. TAX
  BENEFIT PAYMENTS 15 Section 3.1 Timing and Amount of Tax Benefit Payments 15
  Section 3.2 No Duplicative Payments 18 Section 3.3 Pro-Ration of Payments as
  Between the Members 18 Section 3.4 Optional Estimated Payment Procedure 19
  Section 3.5 Changes; Reserves; Suspension of Payments 20 Article IV.
  TERMINATION 21 Section 4.1 Early Termination of Agreement; Breach of
  Agreement 21 Section 4.2 Early Termination Notice 23 Section 4.3 Payment Upon
  Early Termination 24 Article V. SUBORDINATION AND LATE PAYMENTS 24 Section
  5.1 Subordination 24 Section 5.2 Late Payments by the Corporation 24 Article
  VI. TAX MATTERS; CONSISTENCY; COOPERATION 25 Section 6.1 Participation in the
  Corporation’s and Neff Holdings’ Tax Matters 25 Section 6.2 Consistency 25
  Section 6.3 Cooperation 25 Article VII. MISCELLANEOUS26 Section 7.1 Notices
  26 Section 7.2 Counterparts 27 Section 7.3 Entire Agreement; No Third Party
  Beneficiaries27 Section 7.4 Governing Law 27 Section 7.5 Severability 27 

  

 

	
  

  	
  ii
  NY\6516862.10 DRAFT 10-14-2014 Section 7.6 Assignments; Amendments;
  Successors; No Waiver 27 Section 7.7 Titles and Subtitles 28 Section 7.8
  Resolution of Disputes 28 Section 7.9 Reconciliation 30 Section 7.10
  Withholding 30 Section 7.11 Admission of the Corporation into a Consolidated
  Group; Transfers of Corporate Assets 31 Section 7.12 Confidentiality 31
  Section 7.13 Change in Law 32 Section 7.14 Interest Rate Limitation 32
  Section 7.15 Independent Nature of Rights and Obligations 32 Exhibits Exhibit
  A - Form of Joinder Agreement 

  

 

	
  

  	
  NY\6516862.10
  DRAFT 10-14-2014 TAX RECEIVABLE AGREEMENT This TAX RECEIVABLE AGREEMENT (this
  “Agreement”), dated as of [ ], 2014, is hereby entered into by and among Neff
  Corporation, a Delaware corporation (the “Corporation”), Neff Holdings LLC, a
  Delaware limited liability company (“Neff Holdings”), each of the Members
  from time to time party hereto and the LLC Option Holders. Capitalized terms
  used but not otherwise defined herein have the respective meanings set forth
  in Section 1.01. RECITALS WHEREAS, Neff Holdings is treated as a partnership
  for U.S. federal income tax purposes; WHEREAS, each of the members of Neff
  Holdings other than the Corporation (such members, together with each other
  Person who becomes party hereto by satisfying the Joinder Requirement, the
  “Members”) owns (or, in the case of such other Persons, will own) common
  limited liability company interests in Neff Holdings (the “Units”); WHEREAS,
  the Corporation is the managing member of Neff Holdings, and is the
  registered owner and will be the registered owner of Units; WHEREAS, on the
  date hereof and exclusive of the Over-Allotment Option (as defined below),
  the Corporation issued [ ] shares of its Class A common stock, par value
  $0.01 per share (the “Class A Common Stock”) to certain purchasers in an
  initial public offering of its Class A Common Stock (the “IPO”) in exchange
  for net proceeds of approximately $[ ] million, after deducting underwriting
  discounts and commissions but before offering expenses; WHEREAS, on the date
  hereof, the Corporation used $[ ] million of the net proceeds from the IPO to
  acquire newly-issued Units directly from Neff Holdings (the “Corporation’s
  Capital Contribution”), which proceeds will be used to repay or prepay
  certain indebtedness of Neff Holdings and to pay the fees and expenses from
  the IPO; WHEREAS, on and after the date hereof, the Corporation may issue additional
  Class A Common Stock in connection with the IPO as a result of the exercise
  by the underwriters of their over-allotment option (the “Over-Allotment
  Option”) and, if the Over-Allotment Option is in fact exercised in whole or
  in part, any additional net proceeds0F will be used by the Corporation to
  purchase Units of Neff Holdings directly from Wayzata at a price equal to the
  price per share in the IPO, less underwriting discounts and commissions (a
  “Sale”); WHEREAS, on and after the date hereof, pursuant to Article XI of the
  LLC Agreement, each Member has the right, in its sole discretion, from time
  to time to require Neff Holdings to redeem (a “Redemption”) all or a portion
  of such Member’s Units for cash or Class A Common Stock; provided that, at the
  election of the Corporation in its sole discretion, the Corporation may
  effect a direct exchange (a “Direct Exchange”) of such cash or shares of
  Class A Common Stock for such Units; 

  

 

	
  

  	
  2 NY\6516862.10
  DRAFT 10-14-2014 WHEREAS, certain members of management of Neff Holdings and
  certain nonexecutive members of its board of managers (the “LLC Option
  Holders”) have existing options to acquire Units, which options may be
  exercised from time to time by the holder thereof in accordance with the
  terms thereof, whereupon such Person will be admitted as a member of
  Holdings, and it is anticipated that substantially simultaneous with such
  exercise such Person will become a Member; WHEREAS, Neff Holdings and any
  direct or indirect subsidiary (owned through a chain of pass-through
  entities) of Neff Holdings that is treated as a partnership for U.S. federal
  income tax purposes (together with Neff Holdings and any direct or indirect
  subsidiary (owned through a chain of pass-through entities) of Neff Holdings
  that is treated as a disregarded entity for U.S. federal income tax purposes,
  the “Neff Holdings Group”) will have in effect an election under Section 754
  of the Code (as defined herein) for the Taxable Year (as defined herein) in
  which any Exchange (as defined below) occurs, which election will result in
  an adjustment to the Corporation’s share of the tax basis of the assets owned
  by the Neff Holdings Group as of the date of the Exchange, with a consequent
  result on the taxable income subsequently derived therefrom; and WHEREAS, the
  parties to this Agreement desire to provide for certain payments and make
  certain arrangements with respect to any tax benefits to be derived by the
  Corporation as the result of Exchanges and the receipt of payments under this
  Agreement, as contemplated by the LLC Agreement. NOW, THEREFORE, in
  consideration of the foregoing and the respective covenants and agreements
  set forth herein, and intending to be legally bound hereby, the parties
  hereto agree as follows: ARTICLE I. DEFINITIONS Section 1.1 Definitions. As
  used in this Agreement, the terms set forth in this Article I shall have the
  following meanings (such meanings to be equally applicable to both (i) the
  singular and plural and (ii) the active and passive forms of the terms defined).
  “Actual Interest Amount” is defined in Section 3.1(b)(vii) of this Agreement.
  “Advisory Firm” means an accounting firm that is nationally recognized as
  being expert in Covered Tax matters and not an Affiliate of the Corporation,
  selected by the Corporation.1F 1 “Advisory Firm Letter” means a letter, that
  has been prepared by the Advisory Firm used by the Corporation in connection
  with the performance of its obligations under this Agreement, which states
  that the relevant Schedules, notices or other information to be provided by
  the Corporation to the Members, along with all supporting schedules and work
  papers, were 1 Note to draft: consider specifying Deloitte as the initial
  Advisory Firm 

  

 

	
  

  	
  3 NY\6516862.10
  DRAFT 10-14-2014 prepared in a manner that is consistent with the terms of
  this Agreement and, to the extent not expressly provided in this Agreement,
  on a reasonable basis in light of the facts and law in existence on the date
  such Schedules, notices or other information were delivered by the Corporation
  to the Members. “Affiliate” means, with respect to any Person, any other
  Person that directly or indirectly, through one or more intermediaries,
  Controls, is Controlled by, or is under common Control with, such first
  Person. “Agreed Rate” means LIBOR plus 100 basis points. “Agreement” is
  defined in the preamble. “Amended Schedule” is defined in Section 2.4(b) of
  this Agreement. “Attributable” is defined in Section 3.1(b)(i) of this
  Agreement. “Audit Committee” means the audit committee of the Board. “Basis
  Adjustment” means the increase or decrease to the tax basis of, or the
  Corporation’s share of, the tax basis of the Reference Assets (i) under
  Section 734(b), 743(b) and 754 of the Code and, in each case, the comparable
  sections of U.S. state and local tax law (in situations where, following an
  Exchange, Neff Holdings remains in existence as an entity for tax purposes)
  and (ii) under Sections 732 and 1012 of the Code and, in each case, the
  comparable sections of U.S. state and local tax law (in situations where, as
  a result of one or more Exchanges, Neff Holdings becomes an entity that is
  disregarded as separate from its owner for tax purposes), in each case, as a
  result of any Exchange and any payments made under this Agreement.
  Notwithstanding any other provision of this Agreement, the amount of any
  Basis Adjustment resulting from an Exchange of one or more Units shall be
  determined without regard to any Pre-Exchange Transfer of such Units and as
  if any such Pre-Exchange Transfer had not occurred to the extent that such
  Pre-Exchange Transfer resulted in the partial or complete elimination of a
  future Basis Adjustment that the Corporation would have otherwise obtained
  pursuant to the terms of this Agreement. “Basis Schedule” is defined in
  Section 2.2 of this Agreement. “Beneficial Owner” means, with respect to any
  security, a Person who directly or indirectly, through any contract,
  arrangement, understanding, relationship or otherwise, has or shares: (i)
  voting power, which includes the power to vote, or to direct the voting of,
  with respect to such security and/or (ii) investment power, which includes
  the power to dispose of, or to direct the disposition of, such security.
  “Board” means the Board of Directors of the Corporation. “Book-Tax Disparity”
  means, with respect to any Reference Asset, as of the date of the
  Corporation’s Capital Contribution, the difference between the Book Value (as
  defined in the 

  

 

	
  

  	
  4 NY\6516862.10
  DRAFT 10-14-2014 LLC Agreement) of such Reference Asset and the adjusted
  basis thereof for U.S. federal income tax purposes as of such date. “Business
  Day” means any day excluding Saturday, Sunday and any day that is a legal
  holiday under the laws of the State of New York or is a day on which banking
  institutions located in New York are closed. “Change Notice” is defined in
  Section 3.5(a) of this Agreement. “Change of Control” means the occurrence of
  any of the following events:2F 2 (1) (A) any “person” or “group” (within the
  meaning of Sections 13(d) and 14(d) of the Securities and Exchange Act of
  1934, as amended, or any successor provisions thereto (the “Exchange Act”)
  but excluding any employee benefit plan of such person and its subsidiaries,
  and any person or entity acting in its capacity as trustee, agent or other
  fiduciary or administrator of any such plan, and excluding the Permitted
  Investors) shall become the “beneficial owner” (within the meaning of Rules
  13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of voting
  stock of the Corporation entitling such “person” or “group” to cast more than
  thirty-five percent (35%) of the votes eligible to be cast in an election of
  directors of the Corporation and (B) the Permitted Investors shall own
  outstanding voting stock of the Corporation having a lesser percentage of the
  votes eligible to be cast in such an election of the Corporation at such time
  than the “person” or “group” in the foregoing clause (A); (2) the Corporation
  ceases to be the sole managing member of Neff Holdings; (3) the Corporation
  or any of its Subsidiaries acquires, by merger, consolidation or otherwise,
  assets with a gross fair market value, and/or equity interests in an entity
  with a gross enterprise value, in excess of 50% of the gross enterprise value
  of the Corporation on the date hereof; provided that for this purpose, the
  gross enterprise value of the Corporation on the date hereof shall be the
  fair market value of the outstanding shares of stock of the Corporation
  (based on the price per share in the IPO) plus the amount of the
  Corporation’s liabilities as of the date of the IPO; or (4) a “change of
  control” or similar defined term in any agreement governing indebtedness of
  Neff Holdings or any of its Subsidiaries with aggregate principal amount or
  aggregate commitments outstanding in excess of $25,000,000. Notwithstanding
  the foregoing, a “Change of Control” shall not be deemed to have occurred by
  virtue of the consummation of any transaction or series of integrated
  transactions immediately following which the record holders of the Class A
  Common Stock and Class B Common Stock immediately prior to such transaction
  or series of transactions continue to have substantially the same
  proportionate ownership in and 2 INTD: Conform to what we end up with in our
  amended credit agreements (amendments are a work in process). 

  

 

	
  

  	
  5 NY\6516862.10
  DRAFT 10-14-2014 voting control over, and own substantially all of the shares
  of, an entity which owns all or substantially all of the assets of the
  Corporation immediately following such transaction or series of transactions.
  “Code” means the U.S. Internal Revenue Code of 1986, as amended, and
  applicable Treasury Regulations promulgated thereunder. “Control” means the
  possession, direct or indirect, of the power to direct or cause the direction
  of the management and policies of a Person, whether through ownership of
  voting securities, by contract or otherwise. “Corporation” is defined in the
  preamble to this Agreement. “Corporation’s Capital Contribution” is defined
  in the recitals to this Agreement. “Covered Taxes” means any and all U.S.
  federal, state, local and foreign taxes, assessments or similar chargers that
  are based on or measure with respect to net income or profits, whether as an
  exclusive or an alternative basis, and any interest related thereto. “Cumulative
  Net Realized Tax Benefit” is defined in Section 3.1(b)(iii) of this
  Agreement. “Default Rate” means LIBOR plus 500 basis points. “Default Rate
  Interest” is defined in Section 3.1(b)(ix) of this Agreement. “Determination”
  shall have the meaning ascribed to such term in Section 1313(a) of the Code
  or similar provision of U.S. state tax law, as applicable, or any other event
  (including the execution of IRS Form 870-AD) that finally and conclusively
  establishes the amount of any liability for tax. “Direct Exchange” is defined
  in the recitals to this agreement. “Dispute” is defined in Section 7.8(a) of
  this Agreement. “Early Termination Effective Date” means the date of an Early
  Termination Notice for purposes of determining the Early Termination Payment.
  “Early Termination Notice” is defined in Section 4.2 of this Agreement.
  “Early Termination Payment” is defined in Section 4.3(b) of this Agreement.
  “Early Termination Rate” means the lesser of (i) 6.50% per annum, compounded
  annually, and (ii) the Agreed Rate. “Early Termination Reference Date” is
  defined in Section 4.2 of this Agreement. “Early Termination Schedule” is
  defined in Section 4.2 of this Agreement. 

  

 

	
  

  	
  6 NY\6516862.10
  DRAFT 10-14-2014 “Estimated Tax Benefit Payment” is defined in Section 3.4 of
  this Agreement. “Exchange” means any Sale, Direct Exchange, Redemption or
  Section 734(b) Distribution. “Exchange Date” means the date of any Exchange.
  “Expert” is defined in Section 7.9 of this Agreement. “Extension Rate
  Interest” is defined in Section 3.1(b)(viii) of this Agreement. “Final
  Payment Date” means any date on which a payment is required to be made
  pursuant to this Agreement. For the avoidance of doubt, the Final Payment
  Date in respect of a Tax Benefit Payment is determined pursuant to Section 3.1(a)
  of this Agreement. “GAAP” means generally accepted accounting principles in
  the United States, as in effect from time to time; provided, however, that if
  the Corporation notifies the Members that the Corporation requests an
  amendment to any provision hereof to eliminate the effect of any change in
  GAAP or in the application thereof occurring after the date of this Agreement
  (including through the adoption of International Financial Reporting
  Standards and applicable accounting requirements set by the International
  Accounting Standards Board or any successor thereto, “IFRS”) on the operation
  of such provision (or if the Members notify the Corporation that they request
  an amendment to any provision hereof for such purpose), regardless of whether
  any such notice is given before or after such change in GAAP or in the
  application thereof (including through the adoption of IFRS), then such
  provision shall be interpreted on the basis of GAAP as in effect and applied
  immediately before such change shall have become effective until such notice
  shall have been withdrawn or such provision amended in accordance herewith.
  “Hypothetical Tax Liability” means, with respect to any Taxable Year, the
  hypothetical liability of the Corporation that would arise in respect of Covered
  Taxes, using the same methods, elections, conventions and similar practices
  used on the actual relevant Tax Returns of the Corporation but (i)
  calculating depreciation, amortization, or other similar deductions, or
  otherwise calculating any items of income, gain, or loss, using the
  Non-Adjusted Tax Basis as reflected on the Basis Schedule, including
  amendments thereto for the Taxable Year, (ii) disregarding the requirement
  under Treasury Regulation Sections 1.704-1(b)(2)(iv)(f)(4) and 1.704-1(b)(4)(i)
  to make Reverse 704(c) Allocations and (iii) excluding any deduction
  attributable to Imputed Interest or Actual Interest Amounts for the Taxable
  Year. For the avoidance of doubt, the Hypothetical Tax Liability shall be
  determined without taking into account the carryover or carryback of any tax
  item (or portions thereof) that is attributable to any of the items described
  in the previous sentence. “Imputed Interest” is defined in Section 3.1(b)(vi)
  of this Agreement. “Independent Directors” means the members of the Board who
  are “independent” under the standards set forth in Rule 10A-3 promulgated
  under the U.S. Securities Exchange Act of 

  

 

	
  

  	
  7 NY\6516862.10
  DRAFT 10-14-2014 1933, as amended, and the corresponding rules of the
  applicable exchange on which the Class A Common Stock is traded or quoted.3F
  3 “IPO” is defined in the recitals to this Agreement “IRS” means the U.S.
  Internal Revenue Service. “Joinder” means a joinder to this Agreement, in
  form and substance substantially similar to Exhibit A to this Agreement.
  “Joinder Requirement” is defined in Section 7.6(a) of this Agreement. “LIBOR”
  means during any period, a rate per annum equal to (i) the ICE LIBOR rate for
  a period of one year (“ICE LIBOR”), as published on the applicable Bloomberg
  screen page (or such other commercially available source providing quotations
  of ICE LIBOR as may be designated by the Corporation from time to time) at
  approximately 11:00 a.m., London time, two (2) Business Days prior to the
  commencement of such period, for dollar deposits (for delivery on the first
  day of such period) with a term equivalent to such period. “LLC Agreement”
  means that certain Second Amended and Restated Limited Liability Company
  Agreement of Neff Holdings LLC, dated as of the date hereof, as such agreement
  may be further amended, restated, supplemented and/or otherwise modified from
  time to time. “LLC Option Holder” is defined in the recitals to this
  Agreement. “Market Value” shall mean the Common Unit Redemption Price, as
  defined in the LLC Agreement, determined as of an Early Termination Date.
  “Members” is defined in the recitals to this Agreement. “Neff Holdings” is
  defined in the recitals to this Agreement. “Net Tax Benefit” is defined in
  Section 3.1(b)(ii) of this Agreement. “Non-Adjusted Tax Basis” means, with
  respect to any Reference Asset at any time, the tax basis that such asset
  would have had at such time if no Basis Adjustments had been made. “Objection
  Notice” is defined in Section 2.4(a)(i) of this Agreement. “Over-Allotment
  Option” is defined in the recitals to this Agreement. 3 INTD: There is no
  single standard for “independent”, so I’ve used the audit committee
  independence requirements which will exclude anyone affiliated with the
  Corporation (i.e., Wayzata directors would not be independent for this
  purpose). 

  

 

 

	
  

  	
  8 NY\6516862.10
  DRAFT 10-14-2014 “Parties” means the parties named on the signature pages to
  this agreement and each additional party that satisfies the Joinder
  Requirement, in each case with their respective successors and assigns.
  “Person” means any individual, corporation, firm, partnership, joint venture,
  limited liability company, estate, trust, business association, organization,
  governmental entity or other entity. “Permitted Investors” shall mean private
  investment funds managed by Wayzata Investment Partners, LLC and its
  Affiliates (excluding any portfolio company). “Pre-Exchange Transfer” means
  any transfer of one or more Units (including upon the death of a Member or
  upon the issuance of Units resulting from the exercise of an option to acquire
  such Units) (i) that occurs after the IPO but prior to an Exchange of such
  Units and (ii) to which Section 743(b) of the Code applies. “Realized Tax
  Benefit” is defined in Section 3.1(b)(iv) of this Agreement. “Realized Tax
  Detriment” is defined in Section 3.1(b)(v) of this Agreement. “Reconciliation
  Dispute” is defined in Section 7.9 of this Agreement. “Reconciliation
  Procedures” is defined in Section 2.4(a) of this Agreement. “Redemption” has
  the meaning in the recitals to this Agreement. “Reference Asset” means any
  tangible or intangible asset of Neff Holdings or any of its successors or
  assigns, and whether held directly by NEFF Holdings or indirectly by Neff
  Holdings through any entity in which Neff Holdings now holds or may
  subsequently hold an ownership interest, at the time of an Exchange. A
  Reference Asset also includes any asset the tax basis of which is determined,
  in whole or in part, by reference to the tax basis of an asset that is
  described in the preceding sentence, including “substituted basis property”
  within the meaning of Section 7701(a)(42) of the Code. “Reserve Notice” is
  defined in Section 3.5(b). “Reverse 704(c) Allocations” means, in accordance
  with Treasury Regulation Sections 1.704-1(b)(2)(iv)(f)(4) and
  1.704-1(b)(4)(i), allocations of items of taxable income, gain, loss and
  deduction to take into account any Book-Tax Disparity of any Reference Asset
  on the date of the Corporation’s Capital Contribution in the same manner as
  under Section 704(c) of the Code using the traditional method as described in
  Treasury Regulation Section 1.704-3(b). “Reverse 704(c) Schedule” is defined
  in Section 2.2 of this Agreement “Sale” is defined in the recitals to this
  Agreement. 

  

 

	
  

  	
  9 NY\6516862.10
  DRAFT 10-14-2014 “Schedule” means any of the following: (i) a Basis Schedule,
  (ii) Reverse 704(c) Schedule, (iii) a Tax Benefit Schedule, or (iv) the Early
  Termination Schedule, and, in each case, any amendments thereto. “Section
  734(b) Distribution” means any actual or deemed distribution to any Member by
  Neff Holdings to which Section 734(b)(1) of the Code (or any similar sections
  of U.S. state and local tax law) applies. “Senior Obligations” is defined in
  Section 5.1 of this Agreement. “Subsidiary” means, with respect to any Person
  and as of the date of any determination, any other Person as to which such
  Person, owns, directly or indirectly, or otherwise controls, more than 50% of
  the voting power or other similar interests, or the sole general partner
  interest, or managing member or similar interest, of such Person. “Subsidiary
  Stock” means any stock or other equity interest in any subsidiary entity of
  the Corporation that is treated as a corporation for U.S. federal income tax
  purposes. “Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement.
  “Tax Benefit Schedule” is defined in Section 2.3(a) of this Agreement. “Tax
  Return” means any return, declaration, report or similar statement required
  to be filed with respect to taxes (including any attached schedules),
  including, without limitation, any information return, claim for refund,
  amended return and declaration of estimated tax. “Taxable Year” means a
  taxable year of the Corporation as defined in Section 441(b) of the Code or
  comparable section of U.S. state or local tax law, as applicable (and,
  therefore, for the avoidance of doubt, may include a period of less than 12
  months for which a Tax Return is made), ending on or after the closing date
  of the IPO. “Taxing Authority” shall mean any national, federal, state,
  county, municipal, or local government, or any subdivision, agency,
  commission or authority thereof, or any quasigovernmental body, or any other
  authority of any kind, exercising regulatory or other authority in relation
  to tax matters. “Termination Objection Notice” is defined in Section 4.2 of
  this Agreement. “Treasury Regulations” means the final, temporary, and (to
  the extent they can be relied upon) proposed regulations under the Code, as
  promulgated from time to time (including corresponding provisions and
  succeeding provisions) as in effect for the relevant taxable period.
  “True-Up” is defined in Section 3.4 of this Agreement. “U.S.” means the
  United States of America. “Units” is defined in the recitals to this
  Agreement. 

  

 

	
  

  	
  10
  NY\6516862.10 DRAFT 10-14-2014 “Valuation Assumptions” shall mean, as of an
  Early Termination Effective Date, the assumptions that: (1) in each Taxable
  Year ending on or after such Early Termination Effective Date, the
  Corporation will have taxable income sufficient to fully use the deductions
  arising from the Basis Adjustments, the Reverse 704(c) Allocations and the
  Imputed Interest during such Taxable Year or future Taxable Years (including,
  for the avoidance of doubt, Basis Adjustments and Imputed Interest that would
  result from future Tax Benefit Payments that would be paid in accordance with
  the Valuation Assumptions) in which such deductions would become available;
  (2) the U.S. federal income tax rates and U.S. state income tax rates that
  will be in effect for each such Taxable Year will be those specified for each
  such Taxable Year by the Code and other law as in effect on the Early
  Termination Effective Date, except to the extent any change to such tax rates
  for such Taxable Year have already been enacted into law; (3) all taxable
  income of the Corporation will be subject to the maximum applicable tax rates
  for each Covered Tax throughout the relevant period; (4) any loss carryovers
  or carrybacks generated by any Basis Adjustment, Reverse 704(c) Allocations
  or Imputed Interest (including such Basis Adjustment and Imputed Interest
  generated as a result of payments under this Agreement) and available as of
  the date of the Early Termination Schedule will be used by the Corporation on
  a pro rata basis from the date of the Early Termination Schedule through the
  scheduled expiration date of such loss carryovers or carrybacks; (5) any
  non-amortizable assets (other than Subsidiary Stock) will be disposed of on
  the earlier of (i) the fifteenth anniversary of the applicable Basis
  Adjustment and (ii) the Early Termination Effective Date; (6) any Subsidiary
  Stock will be deemed never to be disposed of; (7) if, on the Early
  Termination Effective Date, (i) any Member has Units that have not been
  Exchanged, then such Units shall be deemed to be Exchanged for the Market
  Value of the shares of Class A Common Stock that would be received by such
  Member if such Units had been Exchanged on the Early Termination Effective
  Date, and such Member shall be deemed to receive the amount of cash such
  Member would have been entitled to pursuant to Section 4.3(a) had such Units
  actually been Exchanged on the Early Termination Effective Date and (ii) any
  LLC Option Holder has options that have not been exercised in exchange for
  Units, then such options shall be deemed to have been exercised in accordance
  with the terms thereof and such Units deemed to be received in connection
  with such exercise shall be deemed to be Exchanged for the Market Value of
  the shares of Class A Common Stock that would be received by such LLC Option
  Holder if such Units had been Exchanged on the Early Termination Effective
  Date, and such LLC Option Holder shall be deemed to receive the amount of
  cash such LLC Option Holder would have been entitled to pursuant to Section
  4.3(a) had such options actually 

  

 

	
  

  	
  11
  NY\6516862.10 DRAFT 10-14-2014 been exercised and such Units actually been
  Exchanged on the Early Termination Effective Date; and (8) any payment
  obligations pursuant to this Agreement will be satisfied on the date that any
  Tax Return to which such payment obligation relates is required to be filed
  excluding any extensions. “Wayzata” means Wayzata Opportunities Fund II, L.P.
  and Wayzata Opportunities Fund Offshore II, L.P. Section 1.2 Rules of
  Construction. Unless otherwise specified herein: (a) The meanings of defined
  terms are equally applicable to the singular and plural forms of the defined
  terms. (b) For purposes of interpretation of this Agreement: (i) The words
  “herein,” “hereto,” “hereof” and “hereunder” and words of similar import when
  used in any Loan Document shall refer to such Loan Document as a whole and
  not to any particular provision thereof. (ii) References in this Agreement to
  a Schedule, Article, Section, clause or sub-clause refer to the appropriate
  Schedule to, or Article, Section, clause or subclause in, this Agreement.
  (iii) References in this Agreement to dollars or “$” refer to the lawful
  currency of the United States of America. (iv) The term “including” is by way
  of example and not limitation. (v) The term “documents” includes any and all
  instruments, documents, agreements, certificates, notices, reports, financial
  statements and other writings, however evidenced, whether in physical or
  electronic form. (c) In the computation of periods of time from a specified
  date to a later specified date, the word “from” means “from and including;”
  the words “to” and “until” each mean “to but excluding;” and the word
  “through” means “to and including.” (d) Section headings herein are included
  for convenience of reference only and shall not affect the interpretation of
  this Agreement. (e) Unless otherwise expressly provided herein, (a)
  references to organization documents (including the LLC Agreement),
  agreements (including this Agreement) and other contractual instruments shall
  be deemed to include all subsequent amendments, restatements, extensions,
  supplements and other modifications thereto, but only to the extent that such
  amendments, restatements, extensions, supplements and other modifications are
  permitted hereby; and (b) references to any law (including the Code and the
  Treasury Regulations) shall 

  

 

	
  

  	
  12
  NY\6516862.10 DRAFT 10-14-2014 include all statutory and regulatory
  provisions consolidating, amending, replacing, supplementing or interpreting
  such Law. ARTICLE II. DETERMINATION OF REALIZED TAX BENEFIT Section 2.1 Basis
  Adjustments; Neff Holdings 754 Election; Reverse 704(c) Allocations. (a)
  Basis Adjustments. (i) The Parties acknowledge and agree that (A) each Sale
  and each Direct Exchange shall give rise to Basis Adjustments and (B) each
  Redemption using cash or Class A Common Stock contributed to Neff Holdings by
  the Corporation shall be treated as a direct purchase of Units by the
  Corporation from the applicable Member pursuant to Section 707(a)(2)(B) of
  the Code that will give rise to Basis Adjustments. In connection with any
  Sale, Direct Exchange or Redemption, the Parties acknowledge and agree that
  pursuant to applicable law the Corporation’s share of the basis in the
  Reference Assets shall be increased by the excess, if any, of (A) the sum of
  (x) the Market Value of Class A Common Stock or the cash transferred to a
  Member pursuant to an Exchange as payment for the Units, (y) the amount of
  payments made pursuant to this Agreement with respect to such Exchange and
  (z) the amount of liabilities allocated to the Units acquired pursuant to the
  Exchange, over (B) the Corporation’s proportionate share of the basis of the
  Referenced Assets immediately after the Exchange attributable to the Units
  exchanged, determined as if each member of the Neff Holdings Group remains in
  existence as an entity for tax purposes and no member of the Neff Holdings
  Group made the election provided by Section 754 of the Code. (ii) The Parties
  acknowledge and agree that the Corporation’s Capital Contribution and the use
  of such proceeds to repay and prepay certain indebtedness of Neff Holdings
  may give rise to a Section 734(b) Distribution to Wayzata that will give rise
  to Basis Adjustments. In connection with any Section 734(b) Distribution, the
  Parties acknowledge and agree that pursuant to applicable law, Neff Holding’s
  basis in the Reference Assets shall be increased by (A) the amount of any
  gain recognized pursuant to Section 731(a)(1) of the Code by the Member or
  Members to whom the Section 734(b) Distribution was made or deemed made and
  (B) in the case of distributed property to which Section 732(a)(2) or (b) of
  the Code applies, the excess, if any, of (x) Neff Holding’s adjusted basis in
  property distributed to the relevant Member (as adjusted by Section 732(d) of
  the Code) immediately prior to the distribution over (y) the adjusted basis
  of such property in the hands of such Member as determined under Section 732
  of the Code. For the avoidance of doubt, payments made under this Agreement
  shall not be treated as resulting in a Basis Adjustment to the extent such
  payments are treated as Imputed Interest or are Actual Interest Amounts. (b)
  Neff Holdings Section 754 Election. In its capacity as the sole managing
  member of Neff Holdings, the Corporation will ensure that, on and after the
  date hereof and continuing throughout the term of this Agreement, Neff
  Holdings and each of its direct and indirect 

  

 

	
  

  	
  13
  NY\6516862.10 DRAFT 10-14-2014 Subsidiaries that is treated as a partnership
  for U.S. federal income tax purposes will have in effect an election under
  Section 754 of the Code (and under any similar provisions of applicable U.S.
  state or local law). (c) Reverse 704(c) Allocations. The Parties acknowledge
  and agree that as a result of the Reverse 704(c) Allocations, the
  Corporation’s share of amortization and depreciation deductions for U.S.
  federal income tax purposes (and applicable state and local income tax
  purposes) as a Member of Neff Holdings will be increased from that which
  would have been allocated to the Corporation without regard to the
  requirement under Treasury Regulation Sections 1.704-1(b)(2)(iv)(f)(4) and
  1.704-1(b)(4)(i) to make Reverse 704(c) Allocations. Section 2.2 Basis and
  Reverse 704(c) Schedules. Within thirty (30) calendar days after the filing
  of the U.S. federal income Tax Return of the Corporation for each relevant
  Taxable Year, the Corporation shall deliver to the Members (i) a schedule
  (the “Basis Schedule”) that shows, in reasonable detail as necessary in order
  to understand the calculations performed under this Agreement: (a) the
  Non-Adjusted Tax Basis of the Reference Assets as of each applicable Exchange
  Date; (b) the Basis Adjustments with respect to the Reference Assets as a
  result of the relevant Exchanges effected in such Taxable Year, calculated
  (I) in the aggregate (including Exchanges attributable to all Members) and
  (II) solely with respect to Exchanges by each Member; (c) the period (or
  periods) over which the Reference Assets are amortizable and/or depreciable;
  and (d) the period (or periods) over which each Basis Adjustment is
  amortizable and/or depreciable and (ii) a schedule (the “Reverse 704(c)
  Schedule”) that shows, in reasonable detail as necessary in order to
  understand the calculations performed under this Agreement, (x) allocations
  of Neff Holding’s items of income, gain, loss and depreciation without regard
  to any requirement to make Reverse 704(c) Allocations, (y) the Reverse
  Section 704(c) Allocations and (z) the period (or periods) over which the
  Reference Assets are amortizable and/or depreciable. The Basis Schedule and
  Reverse 704(c) Schedule will become final and binding on the Parties pursuant
  to the procedures set forth in Section 2.4(a) and may be amended by the
  Parties pursuant to the procedures set forth in Section 2.4(b). Section 2.3
  Tax Benefit Schedules. (a) Tax Benefit Schedule. Within thirty (30) calendar
  days after the filing of the U.S. federal income Tax Return of the
  Corporation for any Taxable Year in which there is a Realized Tax Benefit or
  Realized Tax Detriment, the Corporation shall provide to the Members a
  schedule showing, in reasonable detail, the calculation of the Realized Tax
  Benefit or Realized Tax Detriment for such Taxable Year (a “Tax Benefit
  Schedule”). The Tax Benefit Schedule will become final and binding on the
  Parties pursuant to the procedures set forth in Section 2.4(a), and may be
  amended by the Parties pursuant to the procedures set forth in Section
  2.4(b). (b) Applicable Principles. Subject to the provisions of this Agreement,
  the Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is
  intended to measure the decrease or increase in the actual liability of the
  Corporation for Covered Taxes for such Taxable Year attributable to the Basis
  Adjustments, Reverse 704(c) Allocations, Imputed Interest, and Actual
  Interest Amounts, as determined using a “with and without” methodology
  described in Section 2.4(a). Carryovers or carrybacks of any Tax item
  attributable to any Basis Adjustment, 

  

 

	
  

  	
  14
  NY\6516862.10 DRAFT 10-14-2014 Reverse 704(c) Allocations, Imputed Interest,
  or Actual Interest Amounts shall be considered to be subject to the rules of
  the Code and the Treasury Regulations or the appropriate provisions of U.S.
  state and local tax law, as applicable, governing the use, limitation and
  expiration of carryovers or carrybacks of the relevant type. If a carryover
  or carryback of any Tax item includes a portion that is attributable to a
  Basis Adjustment, Reverse 704(c) Allocations, Imputed Interest, or Actual
  Interest Amounts (a “TRA Portion”) and another portion that is not (a “Non-
  TRA Portion”), such portions shall be considered to be used in accordance
  with the “with and without” methodology so that: (i) the amount of any
  Non-TRA Portion is deemed utilized first, followed by the amount of any TRA
  Portion (with the TRA Portion being applied on a proportionate basis
  consistent with the provisions of Section 3.3(a)); and (ii) in the case of a
  carryback of a Non-TRA Portion, such carryback shall not affect the original
  “with and without” calculation made in the prior Taxable Year. The Parties
  agree that (i) all Tax Benefit Payments attributable to a Sale, Direct
  Exchange or Redemption will (A) be treated as subsequent upward purchase
  price adjustments that give rise to further Basis Adjustments for the
  Corporation and (B) have the effect of creating additional Basis Adjustments
  for the Corporation in the year of payment, and (ii) as a result, such
  additional Basis Adjustments will be incorporated into the current Taxable
  Year continuing until any incremental current Taxable Year benefits equal an
  immaterial amount. Section 2.4 Procedures; Amendments. (a) Procedures. Each
  time the Corporation delivers an applicable Schedule to the Members under
  this Agreement, including any Amended Schedule delivered pursuant to Section
  2.4(b), but excluding any Early Termination Schedule or amended Early
  Termination Schedule delivered pursuant to the procedures set forth in
  Section 4.2, the Corporation shall also: (x) deliver supporting schedules and
  work papers, as determined by the Corporation or as reasonably requested by
  any Member, that provide a reasonable level of detail regarding the data and
  calculations that were relevant for purposes of preparing the Schedule; (y)
  deliver an Advisory Firm Letter supporting such Schedule; and (z) allow the
  Members and their advisors to have reasonable access to the appropriate
  representatives, as determined by the Corporation or as reasonably requested
  by the Members, at the Corporation and the Advisory Firm in connection with a
  review of such Schedule. Without limiting the generality of the preceding
  sentence, the Corporation shall ensure that any Tax Benefit Schedule that is
  delivered to the Members, along with any supporting schedules and work papers,
  provides a reasonably detailed presentation of the calculation of the actual
  liability of the Corporation for Covered Taxes (the “with” calculation) and
  the Hypothetical Tax Liability of the Corporation (the “without”
  calculation), and identifies any material assumptions or operating procedures
  or principles that were used for purposes of such calculations. An applicable
  Schedule or amendment thereto shall become final and binding on the Parties
  thirty (30) calendar days from the date on which the Members first received
  the applicable Schedule or amendment thereto unless: (i) a Member within
  thirty (30) calendar days after receiving the applicable Schedule or
  amendment thereto, provides the Corporation with (A) written notice of a
  material objection to such Schedule that is made in good faith and that sets
  forth in reasonable detail such Member’s material objection (an “Objection
  Notice”) and (B) a 

  

 

	
  

  	
  15
  NY\6516862.10 DRAFT 10-14-2014 letter from an Advisory Firm (that is
  different from the Advisory Firm that was used by the Corporation to prepare
  the Schedule at issue) in support of such Objection Notice; or (ii) each
  Member provides a written waiver of its right to deliver an Objection Notice
  within the time period described in clause (i) above, in which case such
  Schedule or amendment thereto becomes binding on the date the waiver from all
  Members is received by the Corporation. In the event that a Member timely
  delivers an Objection Notice pursuant to clause (i) above, and if the
  Parties, for any reason, are unable to successfully resolve the issues raised
  in the Objection Notice within thirty (30) calendar days after receipt by the
  Corporation of the Objection Notice, the Corporation and the Member shall
  employ the reconciliation procedures as described in Section 7.9 of this
  Agreement (the “Reconciliation Procedures”). For the avoidance of doubt, and
  notwithstanding anything to the contrary herein, the expense of preparing and
  obtaining the letter from an Advisory Firm referenced in clause (i) above
  shall be borne solely by the Member and the Corporation shall have no
  liability with respect to such letter or any of the expenses associated with
  its preparation and delivery. (b) Amended Schedule. The applicable Schedule
  for any Taxable Year may be amended from time to time by the Corporation: (i)
  in connection with a Determination affecting such Schedule; (ii) to correct
  inaccuracies in the Schedule identified as a result of the receipt of
  additional factual information relating to a Taxable Year after the date the
  Schedule was originally provided to the Member; (iii) to comply with an
  Expert’s determination under the Reconciliation Procedures applicable to this
  Agreement; (iv) to reflect a change in the Realized Tax Benefit or Realized
  Tax Detriment for such Taxable Year attributable to a carryback or
  carryforward of a loss or other Tax item to such Taxable Year; (v) to reflect
  a change in the Realized Tax Benefit or Realized Tax Detriment for such
  Taxable Year attributable to an amended Tax Return filed for such Taxable
  Year; or (vi) to adjust a Basis Schedule to take into account any Tax Benefit
  Payments made pursuant to this Agreement (any such Schedule, an “Amended
  Schedule”). ARTICLE III. TAX BENEFIT PAYMENTS Section 3.1 Timing and Amount
  of Tax Benefit Payments. (a) Timing of Payments. Except as provided in
  Sections 3.4 and 3.5, and subject to Sections 3.2 and 3.3, within three (3)
  Business Days following the date on which each Tax Benefit Schedule that is
  required to be delivered by the Corporation to the Members pursuant to
  Section 2.3(a) of this Agreement becomes final in accordance with Section
  2.4(a) of this Agreement, the Corporation shall pay to each relevant Member
  the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each such Tax
  Benefit Payment shall be made by wire transfer of immediately available funds
  to the bank account previously designated by such Members or as otherwise
  agreed by the Corporation and such Members. For the avoidance of doubt, the
  Members shall not be required under any circumstances to return any portion
  of any 

  

 

	
  

  	
  16
  NY\6516862.10 DRAFT 10-14-2014 Tax Benefit Payment previously paid by the
  Corporation to the Members (including any portion of any Estimated Tax
  Benefit Payment or any Early Termination Payment). (b) Amount of Payments.
  For purposes of this Agreement, a “Tax Benefit Payment” with respect to any
  Member means an amount, not less than zero, equal to the sum of: (i) the Net
  Tax Benefit that is Attributable to such Member (including Imputed Interest
  calculated in respect of such amount); and (ii) the Actual Interest Amount.
  (i) Attributable. A Net Tax Benefit is “Attributable” to a Member to the
  extent that it is derived from any Basis Adjustment, Imputed Interest, or
  Actual Interest Amount that is attributable to an Exchange undertaken by or
  with respect to such Member or is attributable to a Reverse Section 704(c)
  Allocation that otherwise would have been allocated to such Member if Neff
  Holdings was not required to make such Reverse Section 704(c) Allocation.
  (ii) Net Tax Benefit. The “Net Tax Benefit” for a Taxable Year equals the
  amount of the excess, if any, of (x) 85% of the Cumulative Net Realized Tax
  Benefit as of the end of such Taxable Year over (y) the aggregate amount of
  all Tax Benefit Payments previously made to such Member under this Section
  3.1. For the avoidance of doubt, if the Cumulative Net Realized Tax Benefit
  as of the end of any Taxable Year is less than the aggregate amount of all
  Tax Benefit Payments previously made to a Member, such Member shall not be
  required to return any portion of any Tax Benefit Payment previously made by
  the Corporation to such Member. (iii) Cumulative Net Realized Tax Benefit.
  The “Cumulative Net Realized Tax Benefit” for a Taxable Year equals the cumulative
  amount of Realized Tax Benefits for all Taxable Years of the Corporation, up
  to and including such Taxable Year, net of the cumulative amount of Realized
  Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax
  Detriment for each Taxable Year shall be determined based on the most recent
  Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of
  such determination. (iv) Realized Tax Benefit. The “Realized Tax Benefit” for
  a Taxable Year equals the excess, if any, of the Hypothetical Tax Liability
  over the actual liability of the Corporation for Covered Taxes. If all or a
  portion of the actual liability for such Covered Taxes for the Taxable Year
  arises as a result of an audit by a Taxing Authority of any Taxable Year,
  such liability shall not be included in determining the Realized Tax Benefit
  unless and until there has been a Determination. (v) Realized Tax Detriment.
  The “Realized Tax Detriment” for a Taxable Year equals the excess, if any, of
  the actual liability of the Corporation for Covered Taxes over the
  Hypothetical Tax Liability for such Taxable Year. If all or a portion of the
  actual liability for such Covered Taxes for the Taxable Year arises as a
  result of an audit by a Taxing Authority of any Taxable Year, such liability
  shall not be included in determining the Realized Tax Detriment unless and
  until there has been a Determination. 

  

 

	
  

  	
  17
  NY\6516862.10 DRAFT 10-14-2014 (vi) Imputed Interest. The principles of
  Sections 1272, 1274, or 483 of the Code, as applicable, and the principles of
  any similar provision of U.S. state and local law, will apply to cause a
  portion of any Net Tax Benefit payable by the Corporation to a Member under
  this Agreement to be treated as imputed interest (“Imputed Interest”). For
  the avoidance of doubt, the deduction for the amount of Imputed Interest as
  determined with respect to any Net Tax Benefit payable by the Corporation to
  a Member shall be excluded in determining the Hypothetical Tax Liability of
  the Corporation for purposes of calculating Realized Tax Benefits and
  Realized Tax Detriments pursuant to this Agreement. (vii) Actual Interest
  Amount. The “Actual Interest Amount” calculated in respect of the Net Tax
  Benefit for a Taxable Year will equal the amount of any Extension Rate
  Interest. For the avoidance of doubt, any deduction for any Actual Interest
  Amount as determined with respect to any Net Tax Benefit payable by the
  Corporation to a Member shall be excluded in determining the Hypothetical Tax
  Liability of the Corporation for purposes of calculating Realized Tax
  Benefits and Realized Tax Detriments pursuant to this Agreement. (viii)
  Extension Rate Interest. Subject to Section 3.4, the amount of “Extension
  Rate Interest” calculated in respect of the Net Tax Benefit (including
  previously accrued Imputed Interest) for a Taxable Year will equal interest
  calculated at the Agreed Rate from the due date (without extensions) for
  filing the U.S. federal income Tax Return of the Corporation for such Taxable
  Year until the date on which the Corporation makes a timely Tax Benefit
  Payment to the Member on or before the Final Payment Date as determined
  pursuant to Section 3.1(a). (ix) Default Rate Interest. In the event that the
  Corporation does not make timely payment of all or any portion of a Tax
  Benefit Payment to a Member on or before the Final Payment Date as determined
  pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated
  in respect of the Net Tax Benefit (including previously accrued Imputed Interest
  and Extension Rate Interest) for a Taxable Year will equal interest
  calculated at the Default Rate from the Final Payment Date for a Tax Benefit
  Payment as determined pursuant to Section 3.1(a) until the date on which the
  Corporation makes such Tax Benefit Payment to such Member. For the avoidance
  of doubt, the amount of any Default Rate Interest as determined with respect
  to any Net Tax Benefit payable by the Corporation to a Member shall be
  included in the Hypothetical Tax Liability of the Corporation for purposes of
  calculating Realized Tax Benefits and Realized Tax Detriments pursuant to
  this Agreement. (x) The Corporation and the Members hereby acknowledge and
  agree that, as of the date of this Agreement and as of the date of any future
  Exchange that may be subject to this Agreement, the aggregate value of the
  Tax Benefit Payments cannot be reasonably ascertained for U.S. federal income
  or other applicable tax purposes. (c) Interest. The provisions of Section
  3.1(b) are intended to operate so that interest will effectively accrue in
  respect of the Net Tax Benefit for any Taxable Year as follows: 

  

 

	
  

  	
  18
  NY\6516862.10 DRAFT 10-14-2014 (i) first, at the applicable rate used to
  determine the amount of Imputed Interest under the Code (from the relevant
  Exchange Date or date on which the relevant Tax Benefit Payment was made
  until the due date (without extensions) for filing the U.S. federal income
  Tax Return of the Corporation for such Taxable Year); (ii) second, at the
  Agreed Rate in respect of any Extension Rate Interest (from the due date
  (without extensions) for filing the U.S. federal income Tax Return of the
  Corporation for such Taxable Year until the Final Payment Date for a Tax
  Benefit Payment as determined pursuant to Section 3.1(a)); and (iii) third,
  at the Default Rate in respect of any Default Rate Interest (from the Final
  Payment Date for a Tax Benefit Payment as determined pursuant to Section
  3.1(a) until the date on which the Corporation makes the relevant Tax Benefit
  Payment to a Member). Section 3.2 No Duplicative Payments. It is intended
  that the provisions of this Agreement will not result in the duplicative
  payment of any amount (including interest) that may be required under this
  Agreement, and the provisions of this Agreement shall be consistently
  interpreted and applied in accordance with that intent. For purposes of this
  Agreement, and also for the avoidance of doubt, no Tax Benefit Payment shall
  be calculated or made in respect of any estimated tax payments, including,
  without limitation, any estimated U.S. federal income tax payments. Section
  3.3 Pro-Ration of Payments as Between the Members. (a) Insufficient Taxable
  Income. Notwithstanding anything in Section 3.1(b) to the contrary, if the
  aggregate potential Covered Tax benefit of the Corporation as calculated with
  respect to the Basis Adjustments, Reverse Section 704(c) Allocations, Imputed
  Interest, and Actual Interest Amounts is limited in a particular Taxable Year
  because the Corporation does not have sufficient actual taxable income, then
  the available Covered Tax benefit for the Corporation shall be allocated
  among the Members in proportion to the respective Tax Benefit Payment that
  would have been payable if the Corporation had in fact had sufficient taxable
  income so that there had been no such limitation. As an illustration of the
  intended operation of this Section 3.3(a), if the Corporation had $200 of
  aggregate potential Covered Tax benefits with respect to the Basis
  Adjustments, Reverse Section 704(c) Allocations, Imputed Interest, and Actual
  Interest Amounts in a particular Taxable Year (with $50 of such Covered Tax
  benefits being attributable to Member 1 and $150 of such Covered Tax benefits
  being attributable to Member 2), such that Member 1 would have potentially
  been entitled to a Tax Benefit Payment of $42.50 and Member 2 would have been
  entitled to a Tax Benefit Payment of $127.50 if the Corporation had $200 of
  taxable income, and if at the same time the Corporation only had $100 of
  actual taxable income in such Taxable Year, then $25 of the aggregate $100
  actual Covered Tax benefit for the Corporation for such Taxable Year would be
  allocated to Member 1 and $75 of the aggregate $100 actual Covered Tax
  benefit for the Corporation would be allocated to Member 2, such that Member
  1 would receive a Tax Benefit Payment of $21.25 and Member 2 would receive a
  Tax Benefit Payment of $63.75. 

  

 

	
  

  	
  19
  NY\6516862.10 DRAFT 10-14-2014 (b) Late Payments. If for any reason the
  Corporation is not able to timely and fully satisfy its payment obligations
  under this Agreement in respect of a particular Taxable Year, then Default
  Rate Interest will begin to accrue pursuant to Section 5.2 and the
  Corporation and other Parties agree that (i) the Corporation shall pay the
  Tax Benefit Payments due in respect of such Taxable Year to each Member pro
  rata, without favoring one obligation over the other, and (ii) no Tax Benefit
  Payment shall be made in respect of any Taxable Year until all Tax Benefit
  Payments to all Members in respect of all prior Taxable Years have been made
  in full. Section 3.4 Optional Estimated Payment Procedure. As long as the
  Corporation is current in respect of its payment obligations owed to each
  Member pursuant to this Agreement and there are no delinquent Tax Benefit
  Payments (including interest thereon) outstanding in respect of prior Taxable
  Years for any Member, the Corporation may, at any time on or after the due
  date (without extensions) for filing the U.S. federal income Tax Return of
  the Corporation for a Taxable Year and at the Corporation’s option, in its
  sole discretion, make one or more estimated payments to the Members in
  respect of any anticipated amounts to be owed with respect to a Taxable Year
  to the Members pursuant to Section 3.1 of this Agreement (any such estimated
  payments referred to as an “Estimated Tax Benefit Payment”); provided that
  any Estimated Tax Benefit Payment made to a Member pursuant to this Section
  3.4 is matched by a proportionately equal Estimated Tax Benefit Payment to
  all other Members then entitled to a Tax Benefit Payment. Any Estimated Tax
  Benefit Payment made under this Section 3.4 shall be paid by the Corporation
  to the Members and applied against the final amount of any expected Tax
  Benefit Payment to be made pursuant to Section 3.1. The payment of an
  Estimated Tax Benefit Payment by the Corporation to the Members pursuant to
  this Section 3.4 shall also terminate the obligation of the Corporation to
  make payment of any Extension Rate Interest that might have otherwise accrued
  with respect to the proportionate amount of the Tax Benefit Payment that is
  being paid in advance of the applicable Tax Benefit Schedule being finalized
  pursuant to Section 2.4. Upon the making of any Estimated Tax Benefit Payment
  pursuant to this Section 3.4, the amount of such Estimated Tax Benefit
  Payment shall first be applied to any estimated Extension Rate Interest, then
  to Imputed Interest, and then applied to the remaining residual amount of the
  Tax Benefit Payment to be made pursuant to Section 3.1. In determining the
  final amount of any Tax Benefit Payment to be made pursuant to Section 3.1,
  and for purposes of finalizing the Tax Benefit Schedule pursuant to Section
  2.4, the amount of any Estimated Tax Benefit Payments that may have been made
  with respect to the Taxable Year shall be increased, if the finally
  determined Tax Benefit Payment for a Taxable Year exceeds the Estimated Tax
  Benefit Payments made for such Taxable Year, with such increase being paid by
  the Corporation to the Members along with an appropriate amount of Extension
  Rate Interest in respect of the amount of such increase (a “True-Up”). If the
  Estimated Tax Benefit Payment for a Taxable Year exceeds the finally
  determined Tax Benefit Payment for such Taxable Year, such excess, along with
  an appropriate amount of Extension Rate Interest in respect of such excess
  (being charged by the Corporation to the Member), shall be applied to reduce
  the amount of any subsequent future Tax Benefit Payments (including Estimated
  Tax Benefit Payments, if any) to be paid by the Corporation to such Member.
  As of the date on which any Estimated Tax Benefit Payments are made, and as
  of the date on which any True-Up is made, all such payments shall be made in
  the same manner and subject to the same terms and conditions as otherwise
  contemplated by Section 3.1 and all other applicable terms of this Agreement.
  For the avoidance of doubt, as is the case with Tax Benefit Payments made by
  the Corporation to the Members pursuant to 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 Section 3.1, the amount of any Estimated Tax
  Benefit Payments made pursuant to this Section 3.4 that are attributable to a
  Sale, Direct Exchange or Redemption shall also be treated, in part, as
  subsequent upward purchase price adjustments that give rise to Basis
  Adjustments in the Taxable Year of payment and as of the date on which such
  payments are made (to the extent of the estimated Net Tax Benefit associated
  with such Estimated Tax Benefit Payment, less any Imputed Interest, and
  exclusive of any Extension Rate Interest). Section 3.5 Changes; Reserves;
  Suspension of Payments. (a) Receipt of Change Notice. If any Party, or any
  Affiliate or Subsidiary of any Party, receives a 30-day letter, a final audit
  report, a statutory notice of deficiency, or similar written notice from any
  Taxing Authority relating to the amount of the Net Tax Benefit calculated for
  purposes of this Agreement, or relating to any other material tax matter that
  is relevant to the terms of this Agreement and the calculation of the Tax Benefit
  Payments that may be payable by the Corporation to the Members (a “Change
  Notice”), prompt written notification and a copy of the relevant Change
  Notice shall be delivered by the Party, or its Affiliate or Subsidiary, that
  received such Change Notice to each other Party. (b) Receipt of Reserve
  Notice. Prior to the delivery of any Tax Benefit Schedule or other Schedule
  by the Corporation to the Members pursuant to Section 2.4, the auditors for
  the Corporation shall consult with the management of the Corporation and, if
  necessary, the Advisory Firm or other legal or accounting advisors to the
  Corporation regarding the substantive tax issues and related conclusions that
  underlie the calculations related to the determination of the Tax Benefit
  Payments required under this Agreement. If, following such consultation, the
  auditors for the Corporation reasonably determine that a tax reserve or
  contingent liability must be established by the Corporation or Neff Holdings
  for financial accounting purposes (as determined in accordance with GAAP) in
  relation to any past or future tax position that affects the amount of any
  past or future Tax Benefit Payments that have been made or that may be made
  under this Agreement, then the management of the Corporation shall notify the
  Audit Committee of such determination (a “Reserve Notice”). (c) Suspension of
  Payments. From and after the date on which a Change Notice or a Reserve
  Notice is received, any Tax Benefit Payments required to be made under this
  Agreement will, to the extent determined reasonably necessary by the Audit
  Committee after considering the potential tax implications of the Change
  Notice or the Reserve Notice, be paid by the Corporation to a national bank
  mutually agreeable to the Parties to act as escrow agent to hold such funds
  in escrow pursuant to an escrow agreement until a Determination is received
  (in the case of a Change Notice) or the relevant reserve is released or
  contingent liability is eliminated (in the case of a Reserve Notice). For
  purposes of the preceding sentence, and in particular for purposes of the
  Audit Committee’s determination of the amount to be placed in escrow pending
  a Determination (in the case of a Change Notice) or the release of a reserve
  or the elimination of a contingent liability (in the Case of a Reserve
  Notice), the Audit Committee: (i) will suspend all future Tax Benefit
  Payments required under this Agreement until the amount of such suspended Tax
  Benefit Payments at least equals 85% of the amount of the asserted deficiency
  in tax owed (in the case of a Change Notice) or 85% of the amount of the
  reserve or contingent liability (in the case of a Reserve Notice); and (ii)
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  NY\6516862.10 DRAFT 10-14-2014 minimum amount contemplated by the preceding
  clause (i), may continue to suspend all or a portion of any future Tax
  Benefit Payments required under this Agreement. For the avoidance of doubt,
  the date on which the Corporation pays any such Tax Benefit Payments to the escrow
  agent shall be considered the date on which such Tax Benefit Payments are
  paid to the Members, including for purposes of determining the Actual
  Interest Amount and Default Rate Interest. (d) Release of Escrowed Funds. As
  of the date on which a reserve is released or contingent liability is
  eliminated (in the case of a Reserve Notice), and provided that no Change
  Notice has previously been issued and is still outstanding in relation to the
  same tax position that was the subject of the Reserve Notice, the relevant
  escrowed funds (along with any net interest earned on such funds, and less
  the out-of-pocket expenses incurred by the Corporation or Neff Holdings in
  administering the escrow) shall be distributed to the relevant Members. If a
  Determination is received (in the case of a Change Notice), and if such
  Determination results in no adjustment in any Tax Benefit Payments under this
  Agreement, and provided that no Reserve Notice has previously been issued and
  is still outstanding in relation to the same tax position that was the
  subject of the Change Notice, then the relevant escrowed funds (along with
  any net interest earned on such funds, and less the out-of-pocket expenses
  incurred by the Corporation or Neff Holdings in administering the escrow)
  shall be distributed to the relevant Members. If a Determination is received
  (in the case of a Change Notice), and if such Determination results in an
  adjustment in any Tax Benefit Payments under this Agreement, and provided
  that no Reserve Notice has previously been issued and is still outstanding in
  relation to the same tax position that was the subject of the Change Notice,
  then the relevant escrowed funds (along with any net interest earned on such
  funds) shall be distributed as follows: (i) first, to the Corporation or Neff
  Holdings in an amount equal to the out-of-pocket expenses incurred by the
  Corporation or Neff Holdings in administering the escrow and in contesting
  the Determination; and (ii) second, to the relevant Parties (which, for the
  avoidance of doubt and depending on the nature of the adjustments, may
  include the Corporation, Neff Holdings, or the relevant Members, or some
  combination thereof) in accordance with the relevant Amended Schedule
  prepared pursuant to Section 2.4 of this Agreement. ARTICLE IV. TERMINATION
  Section 4.1 Early Termination of Agreement; Breach of Agreement. (a)
  Corporation’s Early Termination Right. With the written approval of a
  majority of the Independent Directors, the Corporation may completely
  terminate this Agreement, as and to the extent provided herein, with respect
  to all amounts payable to the Members (for the avoidance of doubt, including
  the LLC Option Holders, who shall each be treated as a Member for this
  purpose) pursuant to this Agreement by paying to the Members the Early
  Termination Payment; provided that Early Termination Payments may be made
  pursuant to this Section 4.1(a) only if made to all Members that are entitled
  to such a payment simultaneously, and provided further, that the Corporation
  may withdraw any notice to execute its termination rights under this Section
  4.1(a) prior to the time at which any Early Termination Payment has been
  paid. Upon the Corporation’ payment of the Early Termination Payment, the
  Corporation shall not have any further payment obligations under this
  Agreement, other than with respect to any: (i) prior Tax 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 Benefit Payments that are due and payable
  under this Agreement but that still remain unpaid as of the date of the Early
  Termination Notice; and (ii) current Tax Benefit Payment due for the Taxable
  Year ending on or including the date of the Early Termination Notice (except
  to the extent that the amount described in clause (ii) is included in the
  calculation of the Early Termination Payment). If an Exchange subsequently
  occurs with respect to Units for which the Corporation has exercised its
  termination rights under this Section 4.1(a), the Corporation shall have no
  obligations under this Agreement with respect to such Exchange. (b) Acceleration
  Upon Change of Control. In the event of a Change of Control, all obligations
  hereunder shall be accelerated and such obligations shall be calculated
  pursuant to this Article IV as if an Early Termination Notice had been
  delivered on the closing date of the Change of Control and utilizing the
  Valuation Assumptions by substituting the phrase “the closing date of a
  Change of Control” in each place where the phrase “Early Termination
  Effective Date” appears. Such obligations shall include, but not be limited
  to, (1) the Early Termination Payment calculated as if an Early Termination
  Notice had been delivered on the closing date of the Change of Control, (2)
  any Tax Benefit Payments agreed to by the Corporation and the Members as due
  and payable but unpaid as of the Early Termination Notice and (3) any Tax
  Benefit Payments due for any Taxable Year ending prior to, with or including
  the closing date of a Change of Control (except to the extent that any
  amounts described in clauses (2) or (3) are included in the Early Termination
  Payment). For the avoidance of doubt, Sections 4.2 and 4.3 shall apply to a
  Change of Control, mutadis mutandi. (c) Acceleration Upon Breach of
  Agreement. In the event that the Corporation materially breaches any of its
  material obligations under this Agreement, whether as a result of failure to
  make any payment when due, failure to honor any other material obligation
  required hereunder, or by operation of law as a result of the rejection of
  this Agreement in a case commenced under the Bankruptcy Code or otherwise,
  then all obligations hereunder shall be accelerated and become immediately
  due and payable upon notice of acceleration from such Member (provided that
  in the case of any proceeding under the Bankruptcy Code or other insolvency statute,
  such acceleration shall be automatic without any such notice), and such
  obligations shall be calculated as if an Early Termination Notice had been
  delivered on the date of such notice of acceleration (or, in the case of any
  proceeding under the Bankruptcy Code or other insolvency statute, on the date
  of such breach) and shall include, but not be limited to: (i) the Early
  Termination Payment calculated as if an Early Termination Notice had been
  delivered on the date of such acceleration; (ii) any prior Tax Benefit
  Payments that are due and payable under this Agreement but that still remain
  unpaid as of the date of such acceleration; and (iii) any current Tax Benefit
  Payment due for the Taxable Year ending with or including the date of such
  acceleration. Notwithstanding the foregoing, in the event that the
  Corporation breaches this Agreement and such breach is not a material breach
  of a material obligation, a Member shall still be entitled to enforce all of
  its rights otherwise available under this Agreement, including potentially
  seeking an acceleration of amounts payable under this Agreement. For purposes
  of this Section 4.1(c), and subject to the following sentence, the Parties
  agree that the failure to make any payment due pursuant to this Agreement
  within thirty (30) days of the relevant Final Payment Date shall be deemed to
  be a material breach of a material obligation under this Agreement for all
  purposes of this Agreement, and that it will not be considered to be a
  material breach of a material obligation under this Agreement to make a
  payment due pursuant to this 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 Agreement within thirty (30) days of the
  relevant Final Payment Date. For the avoidance of doubt, a suspension of
  payments pursuant to Section 3.5 will not be considered to be a failure to
  make a payment due pursuant to this Agreement. Notwithstanding anything in
  this Agreement to the contrary, it shall not be a material breach of a
  material obligation of this Agreement if the Corporation fails to make any
  Tax Benefit Payment within thirty (30) days of the relevant Final Payment
  Date to the extent that the Corporation has insufficient funds, or cannot
  take commercially reasonable actions to obtain sufficient funds, to make such
  payment; provided that the interest provisions of Section 5.2 shall apply to
  such late payment (unless the Corporation does not have sufficient funds to
  make such payment as a result of limitations imposed by any Senior
  Obligations, in which case Section 5.2 shall apply, but the Default Rate
  shall be replaced by the Agreed Rate). Section 4.2 Early Termination Notice.
  If the Corporation chooses to exercise its right of early termination under
  Section 4.1 above, the Corporation shall deliver to the Members a notice of
  the Corporation’s decision to exercise such right (an “Early Termination
  Notice”) and a schedule (the “Early Termination Schedule”) showing in
  reasonable detail the calculation of the Early Termination Payment. The
  Corporation shall also (x) deliver supporting schedules and work papers, as
  determined by the Corporation or as reasonably requested by a Member, that
  provide a reasonable level of detail regarding the data and calculations that
  were relevant for purposes of preparing the Early Termination Schedule; (y)
  deliver an Advisory Firm Letter supporting such Early Termination Schedule;
  and (z) allow the Members and their advisors to have reasonable access to the
  appropriate representatives, as determined by the Corporation or as
  reasonably requested by the Members, at the Corporation and the Advisory Firm
  in connection with a review of such Early Termination Schedule. The Early
  Termination Schedule shall become final and binding on each Party thirty (30)
  calendar days from the first date on which the Members received such Early
  Termination Schedule unless: (i) a Member within thirty (30) calendar days
  after receiving the Early Termination Schedule, provides the Corporation with
  (A) notice of a material objection to such Early Termination Schedule made in
  good faith and setting forth in reasonable detail such Member’s material
  objection (a “Termination Objection Notice”) and (B) a letter from an
  Advisory Firm (that is different from the Advisory Firm that was used by the
  Corporation to prepare the Early Termination Schedule) in support of such
  Termination Objection Notice; or (ii) each Member provides a written waiver
  of such right of a Termination Objection Notice within the period described
  in clause (i) above, in which case such Early Termination Schedule becomes
  binding on the date the waiver from all Members is received by the
  Corporation. In the event that a Member timely delivers a Termination
  Objection Notice pursuant to clause (i) above, and if the Parties, for any
  reason, are unable to successfully resolve the issues raised in the
  Termination Objection Notice within thirty (30) calendar days after receipt
  by the Corporation of the Termination Objection Notice, the Corporation and
  such Member shall employ the Reconciliation Procedures. For the avoidance of
  doubt, and notwithstanding anything to the contrary herein, the expense of
  preparing and obtaining the letter from an 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 Advisory Firm referenced in clause (i) above
  shall be borne solely by such Member and the Corporation shall have no
  liability with respect to such letter or any of the expenses associated with
  its preparation and delivery. The date on which the Early Termination
  Schedule becomes final in accordance with this Section 4.2 shall be the
  “Early Termination Reference Date.” Section 4.3 Payment Upon Early
  Termination. (a) Timing of Payment. Within three (3) Business Days after the
  Early Termination Reference Date, the Corporation shall pay to each Member an
  amount equal to the Early Termination Payment for such Member. Such Early
  Termination Payment shall be made by the Corporation by wire transfer of
  immediately available funds to a bank account or accounts designated by the
  Members or as otherwise agreed by the Corporation and the Members. (b) Amount
  of Payment. The “Early Termination Payment” payable to a Member pursuant to
  Section 4.3(a) shall equal the present value, discounted at the Early
  Termination Rate as determined as of the Early Termination Reference Date, of
  all Tax Benefit Payments that would be required to be paid by the Corporation
  to such Member, whether payable with respect to Units that were Exchanged
  prior to the Early Termination Effective Date or on or after the Early
  Termination Effective Date (for the avoidance of doubt, including Units that
  any LLC Option Holder would be entitled to receive upon exercise of such LLC
  Option Holder’s option to purchase such Units), beginning from the Early
  Termination Effective Date and using the Valuation Assumptions. ARTICLE V.
  SUBORDINATION AND LATE PAYMENTS Section 5.1 Subordination. Notwithstanding
  any other provision of this Agreement to the contrary, any Tax Benefit
  Payment or Early Termination Payment required to be made by the Corporation
  to the Members under this Agreement shall rank subordinate and junior in
  right of payment to any principal, interest, or other amounts due and payable
  in respect of any obligations owed in respect of secured indebtedness for
  borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”)
  and shall rank pari passu in right of payment with all current or future
  unsecured obligations of the Corporation that are not Senior Obligations. To
  the extent that any payment under this Agreement is not permitted to be made
  at the time payment is due as a result of this Section 5.1 and the terms of
  the agreements governing Senior Obligations, such payment obligation
  nevertheless shall accrue for the benefit of the Members and the Corporation
  shall make such payments at the first opportunity that such payments are
  permitted to be made in accordance with the terms of the Senior Obligations.
  Section 5.2 Late Payments by the Corporation. The amount of all or any
  portion of any Tax Benefit Payment or Early Termination Payment not made to
  the Members when due under the terms of this Agreement, whether as a result
  of Section 5.1 and the terms of the Senior Obligations or otherwise, shall be
  payable together with any interest thereon, computed at the Default Rate and
  commencing from the Final Payment Date on which such Tax Benefit Payment or
  Early Termination Payment was first due and payable to the date of actual
  payment. 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 ARTICLE VI. TAX MATTERS; CONSISTENCY;
  COOPERATION Section 6.1 Participation in the Corporation’s and Neff Holdings’
  Tax Matters. Except as otherwise provided herein, and except as provided in
  Article IX of the LLC Agreement, the Corporation shall have full
  responsibility for, and sole discretion over, all tax matters concerning the
  Corporation and Neff Holdings, including without limitation the preparation,
  filing or amending of any Tax Return and defending, contesting or settling
  any issue pertaining to taxes. Notwithstanding the foregoing, the Corporation
  shall notify the Members of, and keep them reasonably informed with respect
  to, the portion of any tax audit of the Corporation or Neff Holdings, or any
  of Neff Holdings’ Subsidiaries, the outcome of which is reasonably expected
  to materially affect the Tax Benefit Payments payable to such Members under
  this Agreement, and such Members shall have the right to participate in and
  to monitor at their own expense (but, for the avoidance of doubt, not to
  control) any such portion of any such Tax audit. Section 6.2 Consistency. All
  calculations and determinations made hereunder, including, without
  limitation, any Basis Adjustments, Reverse Section 704(c) Allocations, the
  Schedules, and the determination of any Realized Tax Benefits or Realized Tax
  Detriments, shall be made in accordance with the elections, methodologies or
  positions taken by the Corporation and Neff Holdings on their respective Tax
  Returns. Each Member shall prepare its Tax Returns in a manner that is
  consistent with the terms of this Agreement, and any related calculations or
  determinations that are made hereunder, including, without limitation, the
  terms of Section 2.1 of this Agreement and the Schedules provided to the
  Members under this Agreement. In the event that an Advisory Firm is replaced
  with another Advisory Firm acceptable to the Audit Committee, such replacement
  Advisory Firm shall perform its services under this Agreement using
  procedures and methodologies consistent with the previous Advisory Firm,
  unless otherwise required by law or unless the Corporation and all of the
  Members agree to the use of other procedures and methodologies. Section 6.3
  Cooperation. (a) Each Member shall (i) furnish to the Corporation in a timely
  manner such information, documents and other materials as the Corporation may
  reasonably request for purposes of making any determination or computation
  necessary or appropriate under this Agreement, preparing any Tax Return or
  contesting or defending any audit, examination or controversy with any Taxing
  Authority, (ii) make itself available to the Corporation and its
  representatives to provide explanations of documents and materials and such
  other information as the Corporation or its representatives may reasonably
  request in connection with any of the matters described in clause (i) above,
  and (iii) reasonably cooperate in connection with any such matter. (b) The
  Corporation shall reimburse the Members for any reasonable and documented
  out-of-pocket costs and expenses incurred pursuant to Section 6.3(a). 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 ARTICLE VII. MISCELLANEOUS Section 7.1
  Notices. All notices, requests, consents and other communications hereunder
  shall be in writing and shall be given (and shall be deemed to have been duly
  given upon receipt) by delivery in person, by courier service, by fax, by
  electronic mail (delivery receipt requested) or by certified or registered
  mail (postage prepaid, return receipt requested) to the respective Parties at
  the following addresses (or at such other address for a Party as shall be as
  specified in a notice given in accordance with this Section 7.1). All notices
  hereunder shall be delivered as set forth below, or pursuant to such other
  instructions as may be designated in writing by the Party to receive such
  notice: If to the Corporation, to: Neff Corporation 3750 N.W. 87th Avenue,
  Suite 400 Miami, Florida 33178 Attn: Chief Financial Officer Facsimile: (305)
  513-4156 E-mail: mirion@neffcorp.com with a copy (which shall not constitute
  notice to the Corporation) to: Latham & Watkins LLP 885 Third Avenue New
  York, New York 10022 Attn: David Raab, Esq. Facsimile: (212) 751-4684 E-mail:
  david.raab@lw.com If to any Wayzata Member: c/o Wayzata Investment Partners
  701 East Lake Street, Suite 300 Wayzata, Minnesota 55391 Attn: Ray Wallander
  Facsimile: (952) 345-8901 E-mail: rwallander@wayzpartners.com with a copy
  (which shall not constitute notice to the Members and LLC Option Holders) to:
  [TBD] Attn: Facsimile: E-mail: 

  

 

	
  

  	
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  NY\6516862.10 DRAFT 10-14-2014 Any Party may change its address, fax number
  or e-mail address by giving each of the other Parties written notice thereof
  in the manner set forth above. Section 7.2 Counterparts. This Agreement may
  be executed in one or more counterparts, all of which shall be considered one
  and the same agreement and shall become effective when one or more
  counterparts have been signed by each of the Parties and delivered to the
  other Parties, it being understood that all Parties need not sign the same
  counterpart. Delivery of an executed signature page to this Agreement by
  facsimile transmission shall be as effective as delivery of a manually signed
  counterpart of this Agreement. Section 7.3 Entire Agreement; No Third Party
  Beneficiaries. This Agreement constitutes the entire agreement and supersedes
  all prior agreements and understandings, both written and oral, among the Parties
  with respect to the subject matter hereof. This Agreement shall be binding
  upon and inure solely to the benefit of each Party hereto and their
  respective successors and permitted assigns, and nothing in this Agreement,
  express or implied, is intended to or shall confer upon any other Person any
  right, benefit or remedy of any nature whatsoever under or by reason of this
  Agreement. Section 7.4 Governing Law. This Agreement shall be governed by,
  and construed in accordance with, the law of the State of Delaware, without
  regard to the conflicts of laws principles thereof that would mandate the
  application of the laws of another jurisdiction. Section 7.5 Severability. If
  any term or other provision of this Agreement is invalid, illegal or
  incapable of being enforced by any law or public policy, all other terms and
  provisions of this Agreement shall nevertheless remain in full force and
  effect so long as the economic or legal substance of the transactions
  contemplated hereby is not affected in any manner materially adverse to any
  Party. Upon such determination that any term or other provision is invalid,
  illegal or incapable of being enforced, the Parties hereto shall negotiate in
  good faith to modify this Agreement so as to effect the original intent of the
  Parties as closely as possible in an acceptable manner in order that the
  transactions contemplated hereby are consummated as originally contemplated
  to the greatest extent possible. Section 7.6 Assignments; Amendments;
  Successors; No Waiver. (a) Assignment. Neither any Member nor any LLC Option
  Holder may assign, sell, pledge, or otherwise alienate or transfer any
  interest in this Agreement, including the right to receive any Tax Benefit
  Payments under this Agreement, to any Person without the prior written
  consent of the Corporation, which consent shall not be unreasonably withheld,
  conditioned, or delayed, and without such Person executing and delivering a
  Joinder agreeing to succeed to the applicable portion of such Member’s or
  such LLC Option Holder’s interest in this Agreement and to become a Party for
  all purposes of this Agreement (the “Joinder Requirement”); provided,
  however, that to the extent any Member sells, exchanges, distributes, or
  otherwise transfers Units to any Person (other than the Corporation or Neff
  Holdings) in accordance with the terms of the LLC Agreement, the Members
  shall have the option to assign to the transferee of such Units its rights
  under this Agreement with respect to such transferred Units, provided that
  such transferee has satisfied the Joinder Requirement. For the avoidance of
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  NY\6516862.10 DRAFT 10-14-2014 in accordance with the terms of the LLC
  Agreement but does not assign to the transferee of such Units its rights
  under this Agreement with respect to such transferred Units, such Member
  shall continue to be entitled to receive the Tax Benefit Payments arising in
  respect of a subsequent Exchange of such Units. The Corporation may not
  assign any of its rights or obligations under this Agreement to any Person
  without the prior written consent of each of the Members and LLC Option
  Holders (and any purported assignment without such consent shall be null and
  void). (b) Amendments. No provision of this Agreement may be amended unless such
  amendment is approved in writing by each of the Parties; provided that
  amendment of the definition of Change of Control will also require the
  written approval of a majority of the Independent Directors. No provision of
  this Agreement may be waived unless such waiver is in writing and signed by
  the Party against whom the waiver is to be effective. (c) Successors. All of
  the terms and provisions of this Agreement shall be binding upon, and shall
  inure to the benefit of and be enforceable by, the Parties hereto and their
  respective successors, assigns, heirs, executors, administrators and legal
  representatives. The Corporation shall require and cause any direct or
  indirect successor (whether by purchase, merger, consolidation or otherwise)
  to all or substantially all of the business or assets of the Corporation, by
  written agreement, expressly to assume and agree to perform this Agreement in
  the same manner and to the same extent that the Corporation would be required
  to perform if no such succession had taken place. (d) Waiver. No failure by
  any Party to insist upon the strict performance of any covenant, duty,
  agreement, or condition of this Agreement, or to exercise any right or remedy
  consequent upon a breach thereof, shall constitute a waiver of any such
  breach or any other covenant, duty, agreement, or condition. Section 7.7
  Titles and Subtitles. The titles of the sections and subsections of this
  Agreement are for convenience of reference only and are not to be considered
  in construing this Agreement. Section 7.8 Resolution of Disputes. (a) Except
  for Reconciliation Disputes subject to Section 7.9, any and all disputes
  which cannot be settled amicably, including any ancillary claims of any
  Party, arising out of, relating to or in connection with the validity,
  negotiation, execution, interpretation, performance or non-performance of
  this Agreement (including the validity, scope and enforceability of this
  arbitration provision) (each a “Dispute”) shall be finally resolved by
  arbitration in accordance with the [International Institute for Conflict
  Prevention and Resolution Rules for Non- Administered Arbitration]4F 4 by a
  panel of three arbitrators, of which the Corporation shall designate one
  arbitrator and the Members party to such Dispute shall designate one
  arbitrator in accordance with the “screened” appointment procedure provided
  in Resolution Rule 5.4. The arbitration shall be governed by the Federal
  Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment 4 Note to draft: please
  confirm if this venue is acceptable. 

  

 

	
  

  	
  29
  NY\6516862.10 DRAFT 10-14-2014 upon the award rendered by the arbitrators may
  be entered by any court having jurisdiction thereof. The place of the
  arbitration shall be Miami, Florida. (b) Notwithstanding the provisions of
  paragraph (a), any Party may bring an action or special proceeding in any
  court of competent jurisdiction for the purpose of compelling another Party
  to arbitrate, seeking temporary or preliminary relief in aid of an
  arbitration hereunder, and/or enforcing an arbitration award and, for the
  purposes of this paragraph (b), each Party (i) expressly consents to the
  application of paragraph (c) of this Section 7.8 to any such action or
  proceeding, and (ii) agrees that proof shall not be required that monetary
  damages for breach of the provisions of this Agreement would be difficult to
  calculate and that remedies at law would be inadequate. For the avoidance of
  doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be
  settled in accordance with the procedures set forth in Section 7.9. (c) Each
  Party hereby irrevocably and unconditionally submits, for itself and its
  property, to the exclusive jurisdiction of the Chancery Court of the State of
  Delaware or, if such Court declines jurisdiction, the courts of the State of
  Delaware sitting in Wilmington, Delaware, and of the U.S. District Court for
  the District of Delaware sitting in Wilmington, Delaware, and any appellate
  court from any thereof, in any action or proceeding arising out of or
  relating to this Agreement or for recognition or enforcement of any judgment,
  and each of the Parties hereto irrevocably and unconditionally agrees that
  all claims in respect of any such action or proceeding may be heard and
  determined in such Delaware State court or, to the fullest extent permitted
  by applicable law, in such U.S. District Court. Each Party agrees that a
  final judgment in any such action or proceeding shall be conclusive and may
  be enforced in other jurisdictions by suit on the judgment or in any other
  manner provided by law. (d) Each Party irrevocably and unconditionally
  waives, to the fullest extent permitted by law, any objection that it may now
  or hereafter have to the laying of venue of any suit, action or proceeding
  arising out of or relating to this Agreement in any court referred to in
  Section 7.8(c). Each Party irrevocably waives, to the fullest extent
  permitted by law, the defense of an inconvenient forum to the maintenance of
  any such suit, action or proceeding in any such court. (e) Each Party
  irrevocably consents to service of process by means of notice in the manner
  provided for in Section 7.1. Nothing in this Agreement shall affect the right
  of any Party to serve process in any other manner permitted by law. (f)
  WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY
  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
  HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
  ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
  HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). (g) Any dispute
  as to whether a dispute is a Reconciliation Dispute within the meaning of
  Section 7.9, or a Dispute within the meaning of this Section 7.8, shall be
  decided and resolved as a Dispute subject to the procedures set forth in this
  Section 7.8. 

  

 

	
  

  	
  30
  NY\6516862.10 DRAFT 10-14-2014 Section 7.9 Reconciliation. In the event that
  the Corporation and any Member are unable to resolve a disagreement with
  respect to a Schedule (other than an Early Termination Schedule) prepared in
  accordance with the procedures set forth in Section 2.4, or with respect to
  an Early Termination Schedule prepared in accordance with the procedures set
  forth in Section 4.2, within the relevant time period designated in this
  Agreement (a “Reconciliation Dispute”), the Reconciliation Dispute shall be
  submitted for determination to a nationally recognized expert (the “Expert”)
  in the particular area of disagreement mutually acceptable to both Parties.
  The Expert shall be a partner or principal in a nationally recognized
  accounting firm, and unless the Corporation and such Member agree otherwise,
  the Expert shall not, and the firm that employs the Expert shall not, have
  any material relationship with the Corporation or such Member or other actual
  or potential conflict of interest. If the Parties are unable to agree on an
  Expert within fifteen (15) calendar days of receipt by the respondent(s) of
  written notice of a Reconciliation Dispute, the selection of an Expert shall
  be treated as a Dispute subject to Section 7.8 and an arbitration panel shall
  pick an Expert from a nationally recognized accounting firm that does not
  have any material relationship with the Corporation or such Member or other
  actual or potential conflict of interest. The Expert shall resolve any matter
  relating to the Basis Schedule or an amendment thereto, Reverse 704(c)
  Schedule or an amendment thereto or the Early Termination Schedule or an
  amendment thereto within thirty (30) calendar days and shall resolve any
  matter relating to a Tax Benefit Schedule or an amendment thereto within
  fifteen (15) calendar days or as soon thereafter as is reasonably
  practicable, in each case after the matter has been submitted to the Expert
  for resolution. Notwithstanding the preceding sentence, if the matter is not
  resolved before any payment that is the subject of a disagreement would be
  due (in the absence of such disagreement) or any Tax Return reflecting the
  subject of a disagreement is due, the undisputed amount shall be paid on the
  date prescribed by this Agreement and such Tax Return may be filed as
  prepared by the Corporation, subject to adjustment or amendment upon
  resolution. The costs and expenses relating to the engagement of such Expert
  or amending any Tax Return shall be borne by the Corporation except as
  provided in the next sentence. The Corporation and the Members shall bear
  their own costs and expenses of such proceeding, unless (i) the Expert adopts
  the Member’s position, in which case the Corporation shall reimburse the
  Member for any reasonable and documented out-of-pocket costs and expenses in
  such proceeding, or (ii) the Expert adopts the Corporation’s position, in
  which case the Member shall reimburse the Corporation for any reasonable and
  documented out-of-pocket costs and expenses in such proceeding. The Expert
  shall finally determine any Reconciliation Dispute and the determinations of
  the Expert pursuant to this Section 7.9 shall be binding on the Corporation
  and the Members and may be entered and enforced in any court having competent
  jurisdiction. Section 7.10 Withholding. The Corporation shall be entitled to
  deduct and withhold from any payment that is payable to any Member or LLC
  Option Holder pursuant to this Agreement such amounts as the Corporation is
  required to deduct and withhold with respect to the making of such payment
  under the Code or any provision of U.S. state, local or foreign tax law. To
  the extent that amounts are so withheld and paid over to the appropriate
  Taxing Authority by the Corporation, such withheld amounts shall be treated
  for all purposes of this Agreement as having been paid by the Corporation to
  the relevant Member or LLC Option Holder. Each Member and each LLC Option
  Holder shall promptly provide the Corporation with any applicable tax forms
  and certifications reasonably requested by the Corporation in 

  

 

	
  

  	
  31
  NY\6516862.10 DRAFT 10-14-2014 connection with determining whether any such
  deductions and withholdings are required under the Code or any provision of
  U.S. state, local or foreign tax law. Section 7.11 Admission of the
  Corporation into a Consolidated Group; Transfers of Corporate Assets. (a) If
  the Corporation is or becomes a member of an affiliated or consolidated group
  of corporations that files a consolidated income Tax Return pursuant to
  Section 1501 or other applicable Sections of the Code governing affiliated or
  consolidated groups, or any corresponding provisions of U.S. state or local
  law, then: (i) the provisions of this Agreement shall be applied with respect
  to the group as a whole; and (ii) Tax Benefit Payments, Early Termination
  Payments, and other applicable items hereunder shall be computed with
  reference to the consolidated taxable income of the group as a whole. (b) If
  any entity that is obligated to make a Tax Benefit Payment or Early
  Termination Payment hereunder transfers one or more assets to a corporation
  (or a Person classified as a corporation for U.S. income tax purposes) with
  which such entity does not file a consolidated Tax Return pursuant to Section
  1501 of the Code, such entity, for purposes of calculating the amount of any
  Tax Benefit Payment or Early Termination Payment due hereunder, shall be
  treated as having disposed of such asset in a fully taxable transaction on
  the date of such contribution. The consideration deemed to be received by
  such entity shall be equal to the fair market value of the contributed asset.
  For purposes of this Section 7.11, a transfer of a partnership interest shall
  be treated as a transfer of the transferring partner’s share of each of the
  assets and liabilities of that partnership. Section 7.12 Confidentiality.
  Each Member or LLC Option Holder and its assignees acknowledges and agrees
  that the information of the Corporation is confidential and, except in the course
  of performing any duties as necessary for the Corporation and its Affiliates,
  as required by law or legal process or to enforce the terms of this
  Agreement, such Person shall keep and retain in the strictest confidence and
  not disclose to any Person any confidential matters, acquired pursuant to
  this Agreement, of the Corporation and its Affiliates and successors, learned
  by any Member or LLC Option Holder heretofore or hereafter. This Section 7.12
  shall not apply to (i) any information that has been made publicly available
  by the Corporation or any of its Affiliates, becomes public knowledge (except
  as a result of an act of any Member or LLC Option Holder in violation of this
  Agreement) or is generally known to the business community, (ii) the disclosure
  of information to the extent necessary for a Member or LLC Option Holder to
  prosecute or defend claims arising under or relating to this Agreement, and
  (iii) the disclosure of information to the extent necessary for a Member or
  LLC Option Holder to prepare and file its Tax Returns, to respond to any
  inquiries regarding the same from any Taxing Authority or to prosecute or
  defend any action, proceeding or audit by any Taxing Authority with respect
  to such Tax Returns. Notwithstanding anything to the contrary herein, the
  Members, LLC Option Holders and each of their assignees (and each employee,
  representative or other agent of the Members or LLC Option Holders or their
  assignees, as applicable) may disclose at their discretion to any and all
  Persons, without limitation of any kind, the tax treatment and tax structure
  of the Corporation, the Members, the LLC Option Holders and any of their
  transactions, and all materials of any kind (including tax opinions or other
  tax analyses) that 

  

 

	
  

  	
  32
  NY\6516862.10 DRAFT 10-14-2014 are provided to the Members or LLC Option
  Holders relating to such Tax treatment and Tax structure. If a Member, LLC
  Option Holder or an assignee commits a breach, or threatens to commit a
  breach, of any of the provisions of this Section 7.12, the Corporation shall
  have the right and remedy to have the provisions of this Section 7.12
  specifically enforced by injunctive relief or otherwise by any court of
  competent jurisdiction without the need to post any bond or other security,
  it being acknowledged and agreed that any such breach or threatened breach
  shall cause irreparable injury to the Corporation or any of its Subsidiaries
  and that money damages alone shall not provide an adequate remedy to such
  Persons. Such rights and remedies shall be in addition to, and not in lieu
  of, any other rights and remedies available at law or in equity. Section 7.13
  Change in Law. Notwithstanding anything herein to the contrary, if, in
  connection with an actual or proposed change in law, a Member reasonably believes
  that the existence of this Agreement could cause income (other than income
  arising from receipt of a payment under this Agreement) recognized by such
  Member (or direct or indirect equity holders in such Member) in connection
  with any Exchange to be treated as ordinary income rather than capital gain
  (or otherwise taxed at ordinary income rates) for U.S. federal income tax
  purposes or would have other material adverse tax consequences to such Member
  or any direct or indirect owner of such Member, then at the written election
  of such Member in its sole discretion (in an instrument signed by such Member
  and delivered to the Corporation) and to the extent specified therein by such
  Member, this Agreement shall cease to have further effect and shall not apply
  to an Exchange occurring after a date specified by such Member, or may be
  amended by in a manner reasonably determined by such Member, provided that
  such amendment shall not result in an increase in any payments owed by the
  Corporation under this Agreement at any time as compared to the amounts and
  times of payments that would have been due in the absence of such amendment.
  Section 7.14 Interest Rate Limitation. Notwithstanding anything to the
  contrary contained herein, the interest paid or agreed to be paid hereunder
  with respect to amounts due to any Member hereunder shall not exceed the
  maximum rate of non-usurious interest permitted by applicable Law (the
  “Maximum Rate”). If any Member shall receive interest in an amount that
  exceeds the Maximum Rate, the excess interest shall be applied to the Tax
  Benefit Payment, Estimated Tax Benefit Payment or Early Termination Payment,
  as applicable (but in each case exclusive of any component thereof comprising
  interest) or, if it exceeds such unpaid noninterest amount, refunded to the
  Corporation. In determining whether the interest contracted for, charged, or
  received by any Member exceeds the Maximum Rate, such Member may, to the
  extent permitted by applicable Law, (a) characterize any payment that is not
  principal as an expense, fee, or premium rather than interest, (b) exclude
  voluntary prepayments and the effects thereof, and (c) amortize, prorate,
  allocate, and spread in equal or unequal parts the total amount of interest
  throughout the contemplated term of the payment obligations owed by the
  Corporation to such Member hereunder. Notwithstanding the foregoing, it is
  the intention of the Lenders and the Borrower to conform strictly to any
  applicable usury laws. Section 7.15 Independent Nature of Rights and Obligations.
  The rights and obligations of the each Member and LLC Option Holder hereunder
  are several and not joint with the rights and obligations of any other
  Person. A Member or an LLC Option Holder shall not be responsible in any way
  for the performance of the obligations of any other Person hereunder, nor 

  

 

 

	
  

  	
  33
  NY\6516862.10 DRAFT 10-14-2014 shall a Member or an LLC Option Holder have
  the right to enforce the rights or obligations of any other Person hereunder
  (other than the Corporation). The obligations of a Member or an LLC Option
  Holder hereunder are solely for the benefit of, and shall be enforceable
  solely by, the Corporation. Nothing contained herein or in any other
  agreement or document delivered at any closing, and no action taken by any
  Member or LLC Option Holder pursuant hereto or thereto, shall be deemed to
  constitute the Members and/or LLC Option Holders acting as a partnership, an
  association, a joint venture or any other kind of entity, or create a
  presumption that the Members and/or LLC Option Holders are in any way acting
  in concert or as a group with respect to such rights or obligations or the
  transactions contemplated hereby, and the Corporation acknowledges that the
  Members and LLC Option Holders are not acting in concert or as a group and
  will not assert any such claim with respect to such rights or obligations or
  the transactions contemplated hereby. [Signature Page Follows This Page] 

  

 

	
  

  	
  [Signature Page
  to Tax Receivable Agreement] NY\6516862.10 DRAFT 10-14-2014 IN WITNESS
  WHEREOF, the undersigned have executed or caused to be executed on their
  behalf this Agreement as of the date first written above. CORPORATION: NEFF
  CORPORATION By: Name: Title: MEMBERS: WAYZATA OPPORTUNITIES FUND II, L.P. By:
  WOF II GP, L.P., its General Partner By: WOF II GP, LLC, its General Partner
  By: Name: Title: WAYZATA OPPORTUNITIES FUND OFFSHORE, L.P. By: [WOFO II GP,
  L.P.], its General Partner By: [WOFO II GP, LLC], its General Partner By:
  Name: Title: NEFF HOLDINGS: NEFF HOLDINGS LLC By: Name: Title: 

  

 

	
  

  	
  35
  NY\6516862.10 DRAFT 10-14-2014 LLC OPTION HOLDERS James Continenza Robert
  Singer Graham Hood Mark Irion Wes Parks Henry Lawson John Anderson Brad
  Nowell 

  

 

	
  

  	
  36
  NY\6516862.10 DRAFT 10-14-2014 

  

 

	
  

  	
  37
  NY\6516862.10 DRAFT 10-14-2014 Steven Settelmayer Paula Papamarcos Steve
  Michaels Tom Sutherland Tammy Parham Jim Horn Bryant Becton Bobby Corner 

  

 

	
  

  	
  [Exhibit A]
  NY\6516862.10 DRAFT 10-14-2014 Exhibit A FORM OF JOINDER AGREEMENT This
  JOINDER AGREEMENT, dated as of ,          20       (this “Joinder”), is delivered pursuant
  to that certain Tax Receivable Agreement, dated as of [ ], 2014 (as amended,
  restated, amended and restated, supplemented or otherwise modified from time
  to time, the “Tax Receivable Agreement”) by and among Neff Corporation, a
  Delaware corporation (the “Corporation”);;, [Neff Holdings LLC, a Delaware
  limited liability company (“Neff Holdings”),] and each of the Members from
  time to time party thereto. Capitalized terms used but not otherwise defined
  herein have the respective meanings set forth in the Tax Receivable
  Agreement. 1. Joinder to the Tax Receivable Agreement. The undersigned hereby
  represents and warrants to the Corporation that, as of the date hereof, the
  undersigned is a member of Neff Holdings, and that it acquired [       ]
  Units in Neff Holdings upon assignment from a Member. 2. Joinder to the Tax
  Receivable Agreement. Upon the execution of this Joinder by the undersigned
  and delivery hereof to the Corporation, the undersigned hereby is and
  hereafter will be a Member under the Tax Receivable Agreement and a Party
  thereto, with all the rights, privileges and responsibilities of a Member
  thereunder. The undersigned hereby agrees that it shall comply with and be
  fully bound by the terms of the Tax Receivable Agreement as if it had been a
  signatory thereto as of the date thereof. 3. Incorporation by Reference. All
  terms and conditions of the Tax Receivable Agreement are hereby incorporated
  by reference in this Joinder as if set forth herein in full. 4. Address. All
  notices under the Tax Receivable Agreement to the undersigned shall be direct
  to: [Name] [Address] [City, State, Zip Code] Attn: Facsimile: E-mail: IN
  WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder
  as of the day and year first above written. [NAME OF NEW PARTY] By: Name:
  Title: 

  

 

	
  

  	
  [Exhibit A]
  NY\6516862.10 DRAFT 10-14-2014 Acknowledged and agreed as of the date first
  set forth above: NEFF CORPORATION By: Name: Title: 

  

 

	
  

  	
  EXHIBIT E FORM
  OF AMENDED NEFF HOLDINGS LLC MANAGEMENT EQUITY PLAN [see attached] 

  

 

	
  

  	
  NY\6570147.4
  Neff Holdings LLC Management Equity Plan Amended and Restated as of October
  [  ], 2014 Neff Holdings LLC, a
  Delaware limited liability company (the “Company”), originally adopted the
  Neff Holdings LLC Management Equity Plan (as amended and restated herein and
  as may be amended, supplemented, amended and restated or otherwise modified
  from time to time, the “Plan”), effective as of October 1, 2010. The Plan is
  hereby amended and restated in its entirety, effective as of October [  ], 2014, in connection with the contemplated
  IPO and Recapitalization and associated conversion of each outstanding Award
  with respect to Class B Units into an Award with respect to Common Units. As
  of the Effective Time, all outstanding Awards, as so converted, will be
  governed by this amendment and restatement of the Plan, and, notwithstanding
  anything to the contrary herein, no additional Awards will be granted under
  the Plan. Section 1. Purpose. The purposes of the Plan are to provide an
  incentive for management and other employees, prospective employees and
  members of the Board of the Company and/or its subsidiaries by acquiring a
  proprietary interest in the success of the Company, to enhance the long-term
  performance of the Company and to remain in the service of the Company and/or
  its subsidiaries. Section 2. Definitions. Capitalized terms used in this Plan
  and not defined in this Plan shall have the meanings given thereto in the LLC
  Agreement. When used in this Plan, unless the context otherwise requires, the
  following terms shall have the meanings set forth next to such terms: (a)
  “Award” shall mean an award under this Plan as described in Section 5 hereof.
  (b) “Award Agreement” shall mean a written agreement entered into between the
  Company and the Grantee in connection with an Award. (c) “Board” shall mean
  the board of managers of the Company. (d) “Cause” shall mean, with respect to
  any Grantee, that one or more of the following has occurred: (i) the Grantee
  is convicted of a felony or pleads guilty or nolo contendere to a felony
  (whether or not with respect to the Company or any of its affiliates or
  subsidiaries); (ii) a failure of the Grantee to substantially perform his
  responsibilities and duties to the Company or any of its subsidiaries, after
  ten (10) days’ written notice given by the Company or its subsidiaries, which
  notice shall identify the failure in sufficient detail and grant the Grantee
  an opportunity to cure such failure within such ten (10) day period; (iii)
  the failure of the Grantee to carry out or comply with any lawful and reasonable
  directive of the Board (or any committee of the Board), any Subsidiary
  Governing Body, or the Chief Executive Officer of the Company or any of its
  subsidiaries, which is not remedied within ten (10) days after the Grantee’s
  receipt of written notice from any of the foregoing specifying such failure;
  (iv) the Grantee engages in illegal conduct, any act of dishonesty, breach of
  fiduciary duty (if any) or other misconduct, in each case in this clause
  (iv), against the Company, or any of its affiliates or subsidiaries; (v) a
  material violation or willful breach by the Grantee of any of the policies or
  

  

 

	
  

  	
  2 NY\6570147.4
  procedures of the Company, or any of its subsidiaries, including, without any
  limitation, any employee manual, handbook or code of conduct of the Company
  or any of its subsidiaries which, to the extent curable, is not remedied
  within ten (10) days after the Grantee’s receipt of written notice given by
  the Company or any of its subsidiaries identifying the conduct in sufficient
  detail and granting the Grantee an opportunity to cure such conduct within
  such ten (10) day period; (vi) the Grantee fails to meet any material
  obligation Grantee may have under any agreement entered into with the Company
  or any of its subsidiaries; including, but not limited to, the LLC Agreement
  and any agreement entered into in connection with the Grantee’s employment or
  engagement with the Company or any of its subsidiaries which, to the extent
  curable, is not remedied within ten (10) days after the Grantee’s receipt of
  written notice given by the Company or any of its subsidiaries identifying
  the conduct in sufficient detail and granting the Grantee an opportunity to
  cure such conduct within such ten (10) day period; (vii) the Grantee’s
  habitual abuse of narcotics or alcohol; or (viii) the Grantee’s breach of any
  non-compete, non-solicit, confidentiality or other restrictive covenant to
  which the Grantee may be subject, pursuant to an employment agreement or
  otherwise. (e) “Committee” shall mean the Committee hereinafter described in
  Section 3 hereof. (f) “Fair Market Value” shall mean, with respect to any
  Award (including, without limitation, any Common Units), the fair market
  value of such Award, as determined in the sole discretion of the Committee,
  subject to Section 10 hereof, as applicable. (g) “Grantee” shall mean a
  person who receives an Award. (h) “LLC Agreement” shall mean the Second
  Amended and Restated Limited Liability Company Agreement of Neff Holdings
  LLC, dated as of October [_], 2014, as such agreement may be amended,
  supplemented, amended and restated or otherwise modified from time to time,
  together with all schedules, exhibits and annexes thereto. (i) “Prior LLC
  Agreement” shall mean the First Amended and Restated Limited Liability
  Company Agreement of the Company, dated as of October 1, 2010. (j) “Sale
  Transaction” shall mean the bona fide sale, lease, Transfer, issuance or
  other disposition, in one transaction or a series of related transactions, of
  (x) all or substantially all of the consolidated assets of the Company and
  its Subsidiaries or (y) at least a majority of the then-issued and
  outstanding Common Units to (in either case) any Person or group of related
  Persons (other than a Member or an Affiliate of a Member or the Company or an
  Affiliate of the Company), whether directly or indirectly or by way of any
  merger, statutory share exchange, sale or issuance of equity, tender offer,
  consolidation or other business combination transaction or purchase of
  beneficial ownership, provided, however, that a Sale Transaction shall not
  include a dividend or other distribution of cash or other assets of the
  Company to the Members (or any of the Members) made with the proceeds of
  borrowed money, regardless of whether the borrowing incurred to finance such
  dividend or distribution was incurred prior to or after such dividend or
  distribution. (k) “Section 409A” shall mean Section 409A of the Code. Section
  3. Administration. 

  

 

	
  

  	
  3 NY\6570147.4
  (a) The Plan shall be administered by the Board or, if the Board shall so
  determine, by a Committee consisting of one or more Board members, selected
  by the Board. Any member of the Committee may resign by giving written notice
  thereof to the Board, and any member of the Committee may be removed at any
  time, with or without cause, by the Board. Any vacancy on the Committee shall
  be filled by the Board. During any period in which the Plan is administered
  by the Board, all references in the Plan or in any Award Agreement to the
  Committee shall be deemed to refer to the Board. (b) The Committee shall have
  complete authority to interpret and administer this Plan and each Award
  Agreement, including, without limitation, the power (i) to exercise all of
  the powers granted to it under the Plan, (ii) to construe, interpret and
  implement the Plan and any Award Agreement, (iii) to prescribe, amend and
  rescind rules and regulations relating to the Plan, including rules governing
  its own operations, (iv) to make all determinations necessary or advisable in
  administering the Plan, (v) to correct any defect, supply any omission and
  reconcile any inconsistency in the Plan, (vi) to amend the Plan to reflect
  changes in applicable law, (vii) to delegate such powers and authority to
  such person as it deems appropriate, and (viii) to waive any conditions under
  any Awards. The determination of the Committee on all matters relating to the
  Plan or any Award Agreement shall be final, binding and conclusive. Section
  4. Eligibility for Awards. Awards under the Plan shall be made to such
  members of the Board and any Subsidiary Governing Body (as defined in the
  Prior LLC Agreement), and employees and prospective employees of the Company
  and/or its subsidiaries, as the Committee selects in its sole discretion.
  Section 5. Awards Under the Plan. (a) Awards may be made under the Plan in
  the form of Common Units, phantom units or options, warrants or other
  securities that are convertible, exercisable or exchangeable for or into
  Common Units, as the Committee determines is in the interest of the Company. (b)
  Each Award granted under the Plan shall be evidenced by an Award Agreement
  which shall contain such provisions (such as vesting, and manner and method
  of conversion, exchange or exercise (to the extent applicable)) as the
  Committee in its discretion deems necessary or desirable, consistent with the
  terms of this Plan and the LLC Agreement. The duration of any Award that is
  convertible, exchangeable or exercisable for or into Common Units shall have
  a duration that is fixed by the Committee, in its sole discretion, but in no
  event shall such Award remain in effect for a period of more than ten (10)
  years from the date of grant. (c) Any Award for Common Units, or, in the
  event an Award is converted, exercised or exchanged for or into Common Units,
  such conversion, exercise or exchange, shall be conditioned on (i) the
  Grantee executing a Joinder Agreement and becoming a Member under and bound
  by the terms of the LLC Agreement and (ii) the Grantee’s compliance with all
  other terms and conditions set forth in the LLC Agreement to be admitted as a
  Member. Section 6. Vesting and Forfeiture. Except as otherwise provided in
  the applicable Award Agreement, 

  

 

	
  

  	
  4 NY\6570147.4
  (a) Any portion of any then outstanding Award that is not vested (after
  taking into account any accelerated vesting that may apply under the Award
  Agreement or Section 7 hereof) and/or, if applicable, exercisable or
  exercised, convertible or converted, exchangeable or exchanged, at the time
  of the Grantee’s termination of employment or service with the Company or any
  of its subsidiaries, for any reason, shall immediately be forfeited and
  terminate and the Grantee shall no longer have any rights or interests in
  such Award. (b) If (i) the Grantee’s employment or service with the Company
  or any of its subsidiaries is terminated for Cause, (ii) the Grantee’s
  employment or service with the Company (and/or any of its subsidiaries) is
  terminated by the Company (and/or any of its subsidiaries) or the Grantee for
  any reason and the Grantee committed an act constituting Cause prior to such
  termination (regardless of whether the Grantee’s employment or service was
  terminated for Cause) and which such act, to the extent a cure period was
  allowed for such act in the definition of Cause, was not cured within such
  period prior to such termination or (iii) the Grantee breaches any
  restrictive covenants, including non-competition, non-solicitation and
  confidentiality covenants, with the Company (and/or any of its subsidiaries),
  all of the Grantee’s then outstanding Awards, whether or not previously
  vested and/or, if applicable, exercisable or exercised, convertible or
  converted, or exchangeable or exchanged, shall immediately be forfeited and
  terminate and the Grantee shall no longer have any rights or interests in such
  Award or anything such Award was exercised, converted or exchanged for or
  into. For purposes of this Section 6(b), the term “Cause” shall include, with
  respect to any Grantee that has an employment agreement with the Company
  (and/or any of its subsidiaries), in addition to (and not in lieu of) the
  definition of “Cause” set forth in this Plan, the definition of “Cause” set
  forth in such employment agreement. (c) Without limiting the conditions of
  Section 6(b) hereof, prior to the consummation of a Qualified Public Offering
  (as defined in the Prior LLC Agreement), in the event the Grantee’s
  employment or service with the Company and/or any of its subsidiaries is
  terminated for any reason (whether by the Company, the Grantee or any such
  subsidiary) and the Grantee has outstanding and vested Awards at the time of
  such termination, the Company shall have the right, but not the obligation,
  to elect within ninety (90) days of the effective date of termination of the
  Grantee’s employment or service or such other time periods as are prescribed
  by the Committee and set forth in an Award Agreement or any repurchase
  agreement thereunder, to repurchase the Grantee’s then outstanding and vested
  Awards. Unless otherwise prescribed by the Committee and set forth in an Award
  Agreement, such Awards shall be repurchased by the Company at the Fair Market
  Value of the applicable Award, less, to the extent applicable, any amounts
  owed by the Grantee to the Company pursuant to any loans outstanding under
  Section 5.2 (or any successor provision) of the Prior LLC Agreement or any
  other amounts owed by the Grantee to the Company or any of its subsidiaries.
  Section 7. Sale Transaction. (a) Subject to Section 6 hereof and except as
  provided in an Award Agreement, upon the occurrence of a Sale Transaction
  which occurs while the Grantee is still employed by, or in service with, the
  Company or any of its subsidiaries, all of the Grantee’s unvested Awards
  shall immediately become vested and/or exercisable, convertible or
  exchangeable, as applicable. 

  

 

	
  

  	
  5 NY\6570147.4
  (b) In addition, in the event of a Sale Transaction, with respect to any
  Award that is convertible, exchangeable or exercisable for or into Common
  Units, the Committee shall, in its sole discretion, either (i) provide for
  the assumption of such Awards theretofore granted, or the substitution for
  such Awards of new awards of the successor company or a parent or subsidiary
  thereof, with appropriate adjustments as to the number and kinds of shares
  and the per share exercise prices, consistent with Section 11 hereof, (ii)
  provide written notice to any holder of such Award that the Award shall be
  terminated to the extent that it is not converted, exchanged or exercised
  prior to a date certain specified in such notice (which date shall be no
  sooner than the consummation of the Sale Transaction) or (iii) provide that
  the Grantee of any such Award, to the extent then vested, shall be entitled
  to receive from the Company an amount equal to the excess of (A) the Fair
  Market Value (determined on the basis of the amount received by Members of
  the Company in connection with such transaction and consistent with Section
  409A of the Code) of the Common Units subject to the vested portion of the
  Award not theretofore converted, exchanged or exercised, over (B) the
  aggregate purchase price which would be payable for such Common Units upon
  the conversion, exchange or exercise of such Award. Any actions under this
  Section 7 shall, to the extent applicable, be in accordance with the
  regulations promulgated under Section 409A of the Code so as not to cause a
  modification or deemed new grant of the Award. Section 8. Section 83(b) of
  the Code. As a requirement for receiving an Award of, or to acquire, Common
  Units under the Plan, each Grantee shall, if, and only if, required by the
  Committee, agree to make a timely election pursuant to Section 83(b) of the
  Code to include in the Grantee’s gross income or alternative minimum taxable
  income, as the case may be, for the taxable year in which the Award is granted
  (or, if applicable, exercised, converted or exchanged), the amount of any
  compensation taxable to the Grantee in connection with the Grantee’s receipt
  of such Award. If the Committee requires the Grantee to make such an
  election, the Grantee shall notify the Committee of such election within ten
  (10) days of filing notice of the election with the Internal Revenue Service,
  in addition to any filings and notifications required pursuant to the
  regulations issued under Section 83(b) of the Code. Section 9. Restrictions
  on Transfer. Except as otherwise provided in an Award Agreement, (a)
  Notwithstanding anything in the LLC Agreement to the contrary, no Awards of
  Common Units may be Transferred until vested; provided, however, that the
  Grantee may Transfer such unvested Awards to any one or more of the Grantee’s
  Family Members (as defined in the Prior LLC Agreement) if the requirements
  set forth in the LLC Agreement relating to such Transfer are complied with
  and provided the Award remains subject to this Plan and any Award Agreement
  (including any repurchase rights in favor of the Company). As a condition to
  such Transfer, the Transferee shall execute and deliver to the Company (i) a
  Joinder Agreement, (ii) a written undertaking, in form and substance satisfactory
  to the Committee, that such Transferee shall Transfer any Awards (vested or
  unvested) back to the Grantee if such Transferee ceases to be a Family Member
  of such Grantee and (iii) a written agreement acknowledging that such
  Transferred Award is subject to vesting, may never become vested and is
  subject to the terms and conditions of the Plan, the Award Agreement and the
  LLC Agreement. Any proposed Transfer of vested Awards of Common Units shall
  be in accordance with the LLC Agreement and the Award Agreement. 

  

 

	
  

  	
  6 NY\6570147.4
  (b) Awards that are convertible, exercisable or exchangeable for or into
  Common Units may not be Transferred at any time prior to such conversion,
  exercise or exchange; provided, however, that the Grantee may Transfer any
  unvested Award to any one or more of the Grantee’s Family Members provided
  the Award remains subject to this Plan and any Award Agreement (including any
  repurchase rights in favor of the Company). As a condition to such Transfer,
  (i) the Transferee shall execute and deliver to the Company (A) a written
  undertaking, in form and substance satisfactory to the Committee, that such
  Transferee shall Transfer any Awards (vested or unvested) back to the Grantee
  if such Transferee ceases to be a Family Member of such Grantee and (B) a
  written agreement (1) acknowledging that such Transferred Award is subject to
  vesting, may never become vested, and is subject to the terms of the Plan,
  the Award Agreement and, upon conversion, exercise or exchange, the LLC
  Agreement and (2) agreeing to execute and deliver to the Company, upon the
  conversion, exercise or exchange of the Award, a Joinder Agreement and a
  written undertaking referred to above, and (ii) each such agreement referred
  to in clause (2) above shall be, in fact, executed and delivered to the
  Company upon the conversion, exercise or exchange of the Award. Section 10.
  Conformity to Section 409A of the Code. It is intended that all Awards under
  this Plan and any Award Agreement, either be exempt from or comply with
  Section 409A. All options or other similar Awards that are granted with an
  exercise price shall be granted with an exercise price, such that the Award
  would not constitute deferred compensation under Section 409A. Any ambiguity
  in this Plan and any Award Agreement shall be interpreted to comply with
  Section 409A. To the extent applicable, (i) each amount or benefit payable
  pursuant to this Plan and any Award Agreement shall be deemed a separate
  payment for purposes of Section 409A and (ii) in the event the stock of the
  Company is publicly traded on an established securities market or otherwise
  and the Grantee is a “specified employee” (as determined under the Company’s
  administrative procedure for such determinations, in accordance with Section
  409A) at the time of the Grantee’s termination of employment, any payments
  under this Plan or any Award Agreement that are deemed to be deferred
  compensation subject to Section 409A shall not be paid or begin payment until
  the earlier of the Grantee’s death and the first day following the six (6)
  month anniversary of the Grantee’s date of termination of employment. Section
  11. Adjustment. If, prior to the complete conversion, exchange or exercise of
  any Award that is convertible, exchangeable or exercisable for or into Common
  Units, the Units of the Company shall be split up, converted, exchanged,
  reclassified, or in any way substituted for or in the event of any
  extraordinary dividend or extraordinary distribution (of cash, Units,
  securities or other property), then the Award, to the extent it has not been
  converted, exchanged or exercised, shall be adjusted as the Committee deems
  appropriate to prevent the enlargement or dilution of rights of the Grantee,
  provided, however, that any such adjustment shall, to the extent applicable,
  be in accordance with the regulations promulgated under Section 409A so as
  not to cause a modification or deemed new grant of the Award. For avoidance
  of doubt, in no event shall any distributions for taxes or any regularly
  scheduled distribution or dividend paid pursuant to a distribution or
  dividend policy established by the Board constitute extraordinary dividends
  or extraordinary distributions. Section 12. Amendment Suspension or
  Termination of the Plan. The Board may from time to time suspend, discontinue,
  terminate, revise or amend (i) the Plan in any respect whatsoever and (ii)
  any Award Agreement, to the extent provided in such Award Agreement;
  provided, however, 

  

 

	
  

  	
  7 NY\6570147.4
  that in no event shall any such action adversely affect the rights of any
  Grantee in any material respect (without regard to any effect resulting from
  the individual circumstances of such Grantee) with respect to any previously
  granted Award without such Grantee’s consent, except to the extent such
  action is required by, or is necessary to comply with, law. Section 13.
  General Provisions. (a) No Right to Employment. Nothing contained in this
  Plan, any Award Agreement or the LLC Agreement shall confer upon any Grantee
  the right to continue in the employ of or association with the Company, its
  subsidiaries or its affiliates, or affect any rights which the Company, its
  subsidiaries or its affiliates may have to terminate such employment or
  association for any reason at any time. (b) Non-Uniform Determinations. The
  Committee’s determinations under the Plan need not be uniform and may be made
  by it selectively among persons who receive or are eligible to receive Awards
  (whether or not such persons are similarly situated). Without limiting the
  generality of the foregoing, the Committee shall be entitled, among, other
  things, to make non-uniform and selective determinations, and to enter into
  non-uniform and selective Award Agreements, as to the person to receive
  Awards under the Plan, and the terms and provisions of Awards under the Plan.
  (c) Freedom of Action. Nothing contained in the Plan or any Award Agreement
  shall be construed to prevent the Company, its subsidiaries, its affiliates
  or any of the holders of Common Units from taking any corporate action,
  including, but not limited to, any recapitalization, reorganization, merger,
  consolidation, dissolution or sale, which is deemed by the Company, its
  subsidiaries, its affiliates or any of the holders of Common Units to be
  appropriate or in its or their best interest, whether or not such action
  would have an adverse effect on the Plan or any Awards thereunder. (d)
  Section Headings; Construction. The section headings contained herein are for
  the purpose of convenience only and are not intended to define or limit the
  contents of the sections. All words used in this Plan shall be construed to
  be of such gender or number, as the circumstances require. Unless otherwise
  expressly provided, the word “including” does not limit the preceding words
  or terms. (e) Governing Law. This Plan, any Award Agreement hereunder and any
  conflicts arising, hereunder or related hereto shall be governed by, and
  construed under, the laws of the State of Delaware, all rights and remedies
  being governed by said laws, regardless of the laws that might otherwise
  govern under applicable principles, to the fullest extent permitted by law,
  of conflicts of laws. (f) Severability; Entire Agreement. In the event any
  provision of this Plan or any Award Agreement shall be held illegal, invalid
  or unenforceable for any reason, the illegality, invalidity or
  unenforceability shall not affect the remaining provisions of this Plan and
  such illegal, invalid or unenforceable provision shall be deemed modified as
  if the illegal, invalid or unenforceable provisions had not been included.
  The Plan, any Award Agreement and the LLC Agreement contain the entire
  agreement of the parties with respect to the subject matter thereof 

  

 

	
  

  	
  8 NY\6570147.4
  and supersede all prior agreements, promises, covenants, arrangements,
  communications, representations and warranties between them, whether written
  or oral, with respect to the subject matter thereof. (g) Survival of Terms;
  Conflicts. The provisions of this Plan shall survive the termination of this
  Plan to the extent consistent with, or necessary to carry out, the purposes
  thereof. To the extent of any conflict between the Plan, any Award Agreement
  and the LLC Agreement, the LLC Agreement shall control; provided, however,
  that the Plan may impose greater restrictions or grant lesser rights than the
  LLC Agreement; and provided, further, that any Award Agreement may impose
  greater restrictions or grant lesser rights than either the LLC Agreement or
  the Plan. Subject to the second proviso in the immediately preceding
  sentence, in the event of any conflict between the Plan and any Award
  Agreement, the Plan shall control. (h) No Third Party Beneficiaries. Except
  as expressly provided therein, none of the Plan, any Award Agreement or the
  LLC Agreement shall confer on any person other than the Company and the
  Grantee any rights or remedies thereunder. (i) Successors and Assigns. The
  terms of this Plan shall be binding upon and inure to the benefit of the
  Company, its subsidiaries and their successors and assigns. (j) Notices. All
  notices, requests, waivers and other communications under the Plan or any
  Award Agreement shall be in writing and shall be deemed to be effectively
  given, sent, provided, delivered or received (i) when personally delivered to
  the party to be notified, (ii) when sent by confirmed facsimile or by
  electronic mail (“e-mail”) to the party to be notified, (iii) three (3)
  Business Days after deposit in the United States mail, postage prepaid, by
  certified or registered mail with return receipt requested, addressed to the
  party to be notified or (iv) one (1) Business Pay after deposit with a
  national overnight delivery service, postage prepaid, addressed to the party
  to be notified with next-Business Day delivery guaranteed, in each case sent
  or addressed to the Company at its principal office and to the Grantee at the
  Grantee’s mailing address, facsimile number or e-mail address as carried in
  the record books of the Company or at such other mailing address, facsimile
  number or e-mail address as the Grantee may from time to time designate in
  writing to the Company. The Grantee may change his or her mailing address,
  facsimile number or e-mail address for purposes of notice hereunder by giving
  notice of such change to the Company as provided herein.Exhibit 10.14

 

First Amendment to Neff Holdings LLC June 1, 2014 Sale Transaction Bonus Plan

 

Reference is made to the Sale Transaction Bonus Plan, Amended and Restated Effective as of June 1, 2014 (the “Plan”) established by Neff Holdings LLC (the “Company”).  Capitalized terms not defined herein shall have the meanings set forth for such terms in the Plan.  By this First Amendment to Neff Holdings LLC June 1, 2014 Sale Transaction Bonus Plan (this “Amendment”), the Board wishes to amend the Plan in accordance with Section 9(j) thereof in order to clarify the definition of “Sale Transaction” as such term is used therein.  Accordingly, the Plan is hereby amended as follows:

 

The definition of “Sale Transaction” is hereby amended by deleting it in its entirety and replacing it with the following:

 

“Sale Transaction” shall mean the bona fide sale or transfer, in one transaction or a series of related transactions, of (x) all or substantially all of the consolidated assets of the Company Group or (y) at least a majority of the then-issued and outstanding Class A Units of the Company to (in either case) any person or group of related persons (other than a member or an affiliate of a member of the Company Group), provided, however, that a Sale Transaction shall not include a dividend or other distribution of cash or other assets of the Company to its members made with the proceeds of borrowed money, regardless of whether the borrowing incurred to finance such dividend or distribution was incurred prior to or after such dividend or distribution.  In addition, a “Sale Transaction” shall include an underwritten public offering by the Company, any successor thereto, or any holding company or other new company formed by the Company for the purpose of owning an equity interest in the Company (an “Up-C Member”) pursuant to an effective registration statement covering a sale of equity to the public that (a) results in equity securities of the Company, the Up-C Member, or any corporate successor to the Company (including any successor by conversion to a subchapter C corporation, merger or consolidation into a corporation, recapitalization or reorganization, sale of securities or otherwise) being listed on an SEC-registered national securities exchange, and (b) involves gross cash proceeds from the sale of such equity securities of at least $175 million that are applied toward the payment of liabilities of the Company Group or otherwise distributed to the members of the Company; if a Sale Transaction as described in this sentence occurs all references in the Plan to the “consummation” or “closing” of the Sale Transaction, or like terms, shall be deemed to refer to the listing date of such equity securities on a covered exchange.

 

This Amendment shall become effective as of November 7, 2014.  Except as expressly provided herein, this Amendment shall not, by implication or otherwise, alter, modify, amend or in any way affect any of the terms or other provisions contained in the Plan or any Award Agreement issued in connection therewith, all of which are ratified and confirmed in all respects by the parties and shall continue in full force and effect.  Each reference to the Plan hereafter made in any document, agreement, instrument, notice or communication shall mean and be a reference to the Plan as amended hereby.

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