Document:

Exhibit 4.5

 

EXECUTION VERSION

 

WARRANT
AGREEMENT

 

THIS WARRANT AGREEMENT (this
 “Agreement”), dated as of December 2, 2021, is by and between Aldel Financial Inc., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (in such capacity, the “Warrant Agent”, and also referred to herein as the “Transfer Agent”).

 

WHEREAS, the Company entered
into subscription agreements (collectively, the “Subscription Agreements”) with certain investors (collectively,
the “PIPE Investors”), pursuant to which, among other things, the PIPE Investors have agreed to subscribe for
and purchase, and the Company has agreed to issue and sell to the PIPE Investors, an aggregate number of shares of Class A common
stock of the Company, par value $0.0001 per share (“Common Stock”), and an aggregate number of warrants, with
each whole warrant exercisable for one share of Common Stock (the “Warrants”), as set forth in the Subscription
Agreements, on the terms and subject to the conditions set forth therein;

 

WHEREAS, the issuance of the
Warrants will occur on the date of, and immediately prior to, the consummation of the transactions contemplated by that certain Business
Combination Agreement, dated as of August 17, 2021, among the Company, Aldel Merger Sub LLC and The Hagerty Group, LLC (the transactions
contemplated thereby being referred to herein as the “Business Combination”);

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of
the Company, and to authorize the execution and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of
Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent
hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1 Form of Warrant.
Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, shall be in substantially the form of
Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer or Secretary of the Company. In the event
the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at
the date of issuance. All of the Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry
Warrant Certificate”).

 

2.2 Effect of Countersignature.
If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

     

     

    

 

2.3 Registration.

 

2.3.1 Warrant Register.
The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance and
the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the
Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company. If requested, the Registered Holder of a Warrant shall be issued a definitive certificate in physical
form evidencing such Warrants which shall be in the form attached hereto as Exhibit A (“Definitive Warrant Certificate”).

 

2.3.2 Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on
a Definitive Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof,
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3. Terms and Exercise
of Warrants.

 

3.1 Warrant Price.
Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase
from the Company one share of Common Stock at the Warrant Price (as defined below), subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this
Agreement shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised, which shall
be, unless adjusted as described in the preceding sentence, $11.50. The Company in its sole discretion may lower the Warrant Price at
any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days (“Business
Day” meaning any day other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open
for normal business), provided that the Company shall provide at least twenty (20) days prior written notice of such reduction
to Registered Holders of the Warrants, and provided further that any such reduction shall be identical among all of the Warrants.

 

3.2 Duration of Warrants.
A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the date that is thirty
(30) days after the date hereof and terminating at 5:00 p.m., New York City time on the date that is five (5) years after the date
hereof (the “Expiration Date”). Except with respect to the right to receive the Redemption Price (as defined
below) in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant not exercised on or before
the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at
5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants
by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any
such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among
all the Warrants.

 

3.3 Exercise of Warrants.

 

3.3.1 Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering
to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised,
or, in the case of a Book-Entry Warrant Certificate, such exercise documentation as the Warrant Agent may reasonably request executed
by the Record Holder, (ii) an election to purchase (“Election to Purchase”) shares of Common Stock pursuant
to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate
or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Record Holder in accordance with the Warrant Agent’s
procedures, and (iii) payment in full of the Warrant Price for each full share of Common Stock as to which the Warrant is exercised
and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common
Stock and the issuance of such shares of Common Stock, as follows:

 

(a) in lawful money of
the United States, in good certified check or good bank draft payable to the order of the Warrant Agent or by wire transfer of immediately
available funds;

 

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(b) in the event of a
redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(b),
over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3,
the “Fair Market Value” shall mean the average closing price of the Common Stock for the ten (10) trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6
hereof;

 

(c) by surrendering Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c),
over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market
Value” shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day
prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

 

(d) as provided in Section 7.4
hereof.

 

3.3.2 Issuance of
Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant, the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he,
she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which
such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised,
a notation shall be made to the records maintained by the Warrant Agent evidencing the balance of the Warrants remaining after such exercise.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a
Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act of 1933,
as amended (the “Securities Act”) with respect to the shares of Common Stock underlying the Warrants is then
effective and a prospectus relating thereto is current or a valid exemption from registration is available. No Warrant shall be exercisable
and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon
such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification under the securities laws
of the state of residence of the Registered Holder of the Warrants. In no event will the Company be required to net cash settle the Warrant
exercise. The Warrants may be exercised by the holders thereof on a “cashless basis” pursuant to Section 3.3,
and the Company may require holders of Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4.
If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number,
the number of shares of Common Stock to be issued to such holder.

 

3.3.3 Valid Issuance.
All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully
paid and non-assessable.

 

3.3.4 Date of Issuance.
Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes
be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position
representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate
in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books
of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares
of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.

 

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3.3.5 Maximum Percentage.
A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection
3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other
amount as a holder may specify) (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with
respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon
(x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its
affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this
paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares
of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s
most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, current report on Form 8-K or other public filing
with the Securities and Exchange Commission as the case may be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any
time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and
in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its
affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company,
the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage
specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st)
day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Stock Dividends.

 

4.1.1 Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock
is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event,
then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering to holders
of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market Value” (as
defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares
of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that
are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price
per share of Common Stock paid in such rights offering and divided by (y) the Fair Market Value. For purposes of this subsection
4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price
payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common
Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of
Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

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4.1.2 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
distribution in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or
other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection
4.1.1 above or (b) Ordinary Cash Dividends (as defined below), (any such non-excluded event being referred to herein as an
 “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the
effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in
good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For
purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash
distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash
distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution
(as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding
cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock
issuable on exercise of each Warrant) does not exceed $0.50.

 

4.2 Aggregation of Shares.
If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar
event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number
of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares
of Common Stock.

 

4.3 Adjustments in Warrant
Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable
upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares
of Common Stock so purchasable immediately thereafter.

 

4.4 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other
than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of
such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or conversion of
the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation (and is not a subsidiary
of another entity whose stockholders did not own all or substantially all of the Common Stock of the Company in substantially the same
proportions immediately before such transaction) and that does not result in any reclassification or reorganization of the outstanding
shares of Common Stock), or in the case of any sale or conveyance to another entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the
shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received
if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”);
provided, however, that in connection with the closing of any such consolidation, merger, sale or conveyance, the successor
or purchasing entity shall execute an amendment hereto with the Warrant Agent providing for delivery of such Alternative Issuance; provided,
further, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount
of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other
assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average
of the kind and amount received per share by the holders of the Common Stock in such consolidation or merger that affirmatively make such
election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock
under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together
with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and
any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3
under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall
be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would
actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange
offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in this Section 4; provided further that if less than 70% of the consideration receivable
by the holders of the Common Stock in the applicable event is payable in the form of common stock in the successor entity that is listed
for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following
the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed
with the Securities and Exchange Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference (but
in no event less than zero) of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration
(as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value”
means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for
a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).

 

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For purposes of calculating such amount, (1) Section 6
of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price
of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the
applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined
as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest
rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration”
means (i) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share
of Common Stock, and (ii) in all other cases, the volume weighted average price of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also
results in a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection
4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant
Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

4.5 Notices of Changes
in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the Company shall give written notice of the occurrence
of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or
the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
event.

 

4.6 No Fractional Shares.
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock
upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant
would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise,
round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

4.7 Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such
adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued
pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

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4.8 Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse
impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which
shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment, provided,
however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8 as a result of any issuance of
securities in connection with the Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent
with any adjustment recommended in such opinion.

 

5. Transfer and Exchange
of Warrants.

 

5.1 Registration of
Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2 Procedure for Surrender
of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon
the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered
for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until
the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the
new Warrants must also bear a restrictive legend.

 

5.3 Fractional Warrants.
The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant
certificate or book-entry position for a fraction of a warrant.

 

5.4 Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5 Warrant Execution
and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the
Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6. Redemption.

 

6.1 Redemption of Warrants
for Cash. Subject to Sections 6.4 and 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at
the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant
(the “Redemption Price”); provided that the closing price of the Common Stock reported has been at least
$18.00 per share (subject to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within
the thirty (30) trading-day period ending on the third Business Day prior to the date on which notice of the redemption is given; provided
further that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants,
and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below)
or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1
and such cashless exercise is exempt from registration under the Securities Act.

 

    7

     

    

 

6.2 Date Fixed for,
and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.1,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed
by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (such period, the “Redemption
Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered
Holder received such notice.

 

6.3 Exercise After Notice
of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with subsection 3.3.1(b) of
this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof
and prior to the Redemption Date. In the event that the Company determines to require all holders of Warrants to exercise their Warrants
on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary
to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value”
(as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder
of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

7. Other Provisions
Relating to Rights of Holders of Warrants.

 

7.1 No Rights as Stockholder.
A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders
in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

7.2 Lost, Stolen, Mutilated,
or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms
as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such
new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3 Reservation of Common
Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that
shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4  Cashless Exercise
at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange
such that, as a result, the Common Stock does not satisfy the definition of a “covered security” under Section 18(b)(1) of
the Securities Act (or any successor rule), the Company may, at its option, require holders of Warrants who exercise Warrants to exercise
such Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule)
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price
by (y) the Fair Market Value. Solely for purposes of this Section 7.4 “Fair Market Value” shall mean the
average closing price of the Common Stock for the ten (10) trading day period ending on the trading day prior to the date that notice
of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary.

 

8. Concerning the
Warrant Agent and Other Matters.

 

8.1 Payment of Taxes.
The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay
any transfer taxes in respect of the Warrants or such shares of Common Stock.

 

    8

     

    

 

8.2 Resignation, Consolidation,
or Merger of Warrant Agent.

 

8.2.1 Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with
such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any
successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws
of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and
authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of
the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant
Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers,
rights, immunities, duties, and obligations.

  

8.2.2 Notice of Successor
Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment.

 

8.2.3 Merger or Consolidation
of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this
Agreement without any further act.

 

8.3 Fees and Expenses
of Warrant Agent.

 

8.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant
to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.

 

8.3.2 Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all
such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing
of the provisions of this Agreement.

 

8.4 Liability of Warrant
Agent.

 

8.4.1 Reliance on
Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary
or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action
taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

    9

     

    

 

8.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees,
for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s
gross negligence, willful misconduct or bad faith.

 

8.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to
make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this
Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable.

 

8.5 Acceptance of Agency.
The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise
of the Warrants.

 

9. Miscellaneous Provisions.

 

9.1 Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2 Notices. Any
notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or
on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent), as follows:

 

If to the Company, to:

 

Hagerty, Inc. (formerly, Aldel Financial
Inc.) 

P.O. Box 1303 

Traverse City, MI 49685-1303 

Attention: Barbara Matthews, General Counsel

 

With a required copy to: 

Sidley Austin
LLP 

One South Dearborn
St. Chicago, IL 60603 

Attention: Sean
Keyvan; William Howell; Jonathan Blackburn

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given
when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company),
as follows:

 

Continental Stock Transfer &
Trust Company 

One State Street, 30th Floor 

New York, NY 10004 

Attention: Compliance Department

 

    10

     

    

 

9.3 Applicable Law.
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws
of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any
way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, this Section 9.3
shall not apply to any action, proceeding or claim brought to enforce any liability or duty created by the Exchange Act or any other
claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

9.4 Persons Having
Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other
than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or
of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of
the Registered Holders of the Warrants.

 

9.5 Examination of
the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require
any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 

9.6 Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7 Effect of Headings.
The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders, and (ii) to provide for the delivery of Alternative Issuance
pursuant to Section 4.4. All other modifications or amendments, including any modification or amendment to increase the Warrant Price
or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of 50% of the number of the then outstanding
Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant
to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

9.9 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	ALDEL FINANCIAL INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Robert I. Kauffman 
	 	Name: 	Robert I. Kauffman
	 	Title: 	Chief Executive Officer

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	 	 
	 	By: 	/s/ Ana Gois
	 	Name: 	Ana Gois 
	 	Title: 	Vice President 

 

[Signature Page to Warrant Agreement]

 

    12

     

    

 

EXHIBIT A

 

Form of Warrant Certificate

 

THIS WARRANT AND THE SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) SHALL HAVE BECOME EFFECTIVE WITH
RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT
REGISTRATION UNDER THE 1933 ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH TRANSFER IN VIOLATION OF ANY APPLICABLE
STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY WARRANT ISSUED IN EXCHANGE FOR THIS WARRANT OR ANY SHARES ISSUABLE UPON
EXERCISE OF THIS WARRANT.

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

 

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED
FOR

 

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

ALDEL FINANCIAL INC.

 

Incorporated Under the Laws of the State of
Delaware

 

CUSIP

 

Warrant Certificate

 

This
Warrant Certificate certifies that ________________, or registered assigns, is the registered holder of warrant(s) evidenced
hereby (the “Warrants” and each, a “Warrant”) to purchase shares of Class A common
stock, $0.0001 par value per share (“Class A Common Stock”), of Aldel Financial Inc., a Delaware corporation
(the “Company”). Each whole Warrant entitles the holder, upon exercise during the period set forth in the Warrant
Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Class A Common Stock
as set forth below, at the exercise price (the “Warrant Price”) as determined pursuant to the Warrant Agreement,
payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United
States of America upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent
referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable share of Class A Common Stock. No fractional shares will be issued upon exercise
of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Class A
Common Stock, the Company will, upon exercise, round down to the nearest whole number the number of shares of Class A Common Stock
to be issued to the Warrant holder. The number of shares of Class A Common Stock issuable upon exercise of the Warrants is subject
to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

    13

     

    

 

The initial Warrant Price
per share of Class A Common Stock for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the
occurrence of certain events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the
end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth
in the Warrant Agreement.

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

    14

     

    

 

This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	ALDEL FINANCIAL INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    15

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Class A
Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of _______________, 2021 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part
of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period, and in the manner, set forth in the Warrant Agreement. In the event that upon any exercise of
Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall
be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) (A) a registration
statement covering the shares of Class A Common Stock to be issued upon exercise is effective under the Securities Act and (B) a
prospectus thereunder relating to the shares of Class A Common Stock is current or (ii) a valid exemption from registration
is available for the issuance of such Class A Common Stock, except through “cashless exercise” as provided for in the
Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of shares of Class A Common Stock issuable upon exercise of the Warrants set
forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be
entitled to receive a fractional interest in a share of Class A Common Stock, the Company shall, upon exercise, round down to the
nearest whole number of shares of Class A Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement,
but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
a like number of Warrants.

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

The Company and the Warrant
Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 

    16

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive _____ shares of Class A Common Stock and herewith
tenders payment for such shares of Class A Common Stock to the order of Aldel Financial Inc. (the “Company”)
in the amount of $_____________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Class A
Common Stock be registered in the name of _____________, whose address is ______________ and that such shares of Class A Common Stock
be delivered to ______________ whose address is _______________. If said number of shares of Class A Common Stock is less than all
of the shares of Class A Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing
the remaining balance of such shares of Class A Common Stock be registered in the name of ___________________, whose address is _______________
and that such Warrant Certificate be delivered to _______________, whose address is _______________.

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6.1 of the Warrant Agreement and the Company has required
cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Class A Common Stock that
this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of
the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number
of shares of Class A Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of
the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares
of Class A Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the
Warrant Agreement.

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Class A
Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement
which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement,
to receive shares of Class A Common Stock. If said number of shares of Class A Common Stock is less than all of the shares of
Class A Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant
Certificate representing the remaining balance of such shares of Class A Common Stock be registered in the name of ________________,
whose address is________________ and that such Warrant Certificate be delivered to ________________, whose address is ________________.

 

[Signature Page Follows]

 

    17

     

    

 

	Date: ____________, 20___	 
	 	Signature
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

	Signature Guaranteed:	 
	 	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR
RULE)).

 

    18Exhibit 10.4

 

TAX RECEIVABLE AGREEMENT

 

among

 

ALDEL FINANCIAL INC.,

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of December 2, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	Article I DEFINITIONS	2
	Section 1.1	Definitions	2
	Article II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT	8
	Section 2.1	Basis Adjustment	8
	Section 2.2	Tax Benefit Schedule	9
	Section 2.3	Procedures, Amendments	10
	Article III TAX BENEFIT PAYMENTS	10
	Section 3.1	Payments	10
	Section 3.2	No Duplicative Payments	11
	Section 3.3	Pro Rata Payments; Limited Taxable Income; Excess Payments	11
	Section 3.4	Certain Tax Covenants	12
	Article IV TERMINATION	13
	Section 4.1	Early Termination and Breach of Agreement	13
	Section 4.2	Early Termination Notice	15
	Section 4.3	Payment upon Early Termination	15
	Article V SUBORDINATION AND LATE PAYMENTS	16
	Section 5.1	Subordination	16
	Section 5.2	Late Payments by PubCo	16
	Article VI NO DISPUTES; CONSISTENCY; COOPERATION	16
	Section 6.1	Participation in PubCo’s and the Company’s Tax Matters	16
	Section 6.2	Consistency	16
	Section 6.3	Cooperation	16
	Article VII MISCELLANEOUS	17
	Section 7.1	Notices	17
	Section 7.2	Counterparts	17
	Section 7.3	Entire Agreement; No Third Party Beneficiaries	17
	Section 7.4	Severability	18
	Section 7.5	Successors; Assignment; Amendments; Waivers	18
	Section 7.6	Titles and Subtitles	18
	Section 7.7	Resolution of Disputes	19
	Section 7.8	Reconciliation	19

 

    i

     

    

 

	Section 7.9	Withholding	20
	Section 7.10	Admission of PubCo into a Consolidated Group; Transfers of Corporate Assets	20
	Section 7.11	Confidentiality	21
	Section 7.12	Company Agreement	21
	Section 7.13	Change in Law	22

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(this “Agreement”), dated as of December 2, 2021, is hereby entered into by and among Hagerty Inc., a Delaware
corporation (“PubCo”), The Hagerty Group, LLC, a Delaware limited liability company (the “Company”),
Hagerty Holding Corp, a Delaware close corporation (“HHC”), Markel Corporation, a Virginia corporation (“Markel”)
and such other persons from time to time party hereto (HHC, Markel, and such other persons, the “TRA Parties”). Capitalized
terms used but not otherwise defined herein have the respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS, PubCo and the Company
are parties to that certain Business Combination Agreement, dated as of August 17, 2021, by and among PubCo, Aldel Merger Sub LLC,
a Delaware limited liability company, and the Company (the “Business Combination Agreement”).

 

WHEREAS, prior to and following
the Business Combination, the TRA Parties held and will continue to hold limited liability company interests (the “Company Interests”)
in the Company, which is classified as a partnership for United States federal income Tax purposes;

 

WHEREAS, in connection with
the Business Combination, HHC will be treated as selling a portion of its Company Interests to PubCo in a transaction described in Section 741
of the Code (the “Purchase”);

 

WHEREAS, following the Business
Combination, the TRA Parties will, pursuant to and subject to the provisions of the Company Agreement and the Exchange Agreement, have
the right from time to time to require the Company to exchange (an “Exchange”) all or a portion of such TRA Party’s
Company Interests (together with corresponding shares of Class V common stock of PubCo) for shares of Class A common stock of
PubCo (“Class A Shares”) or cash, in each case at the option of PubCo, which Exchange may be effected by PubCo
effecting a direct exchange of shares of Class A Shares for such Company Interests;

 

WHEREAS, PubCo, which is classified
as an association taxable as a corporation for United States federal income Tax purposes, will become the sole managing member of the
Company in connection with the Business Combination, and will hold Company Interests;

 

WHEREAS, the Company and any
of its direct and indirect Subsidiaries treated as a partnership for United States federal income Tax purposes currently have and will
have in effect an election under Section 754 of the United States Internal Revenue Code of 1986, as amended (the “Code”),
for each Taxable Year in which the Purchase and any Exchange occurs (including a deemed taxable acquisition under Section 707(a) of
the Code);

 

WHEREAS, as a result of the
Purchase and future Exchanges, the income, gain, loss, deduction, expense and other Tax items of PubCo may be affected by Basis Adjustments
and any deduction attributable to any payment (including amounts attributable to Imputed Interest) made under this Agreement; and

 

    1

     

    

 

WHEREAS, the parties to this
Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustments and Imputed Interest on the liability
for Taxes of PubCo.

 

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 the singular and plural forms of the terms defined).

 

“Actual Tax Liability”
means, with respect to any Taxable Year, the actual liability for U.S. federal income Taxes of (i) PubCo and (ii) without
duplication, the Company, but only with respect to U.S. federal income Taxes imposed on the Company and allocable to PubCo (or to
the other members of the consolidated group of which PubCo is the parent) for such Taxable Year; provided that the actual liability
for Taxes described in clauses (i) and (ii) shall be calculated assuming the deductions of (and other impacts of) state
and local taxes are excluded for U.S. federal income Tax purposes.

 

“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 a per annum rate of SOFR plus 100 basis points.

 

“Agreement”
is defined in the Preamble of this Agreement.

 

“Amended Schedule”
is defined in Section 2.3(b) of this Agreement.

 

“Attributable”
is defined in Section 3.1(b) of this Agreement.

 

“Basis Adjustment”
means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b), 755 and 1012 of the Code, the Treasury Regulations
promulgated thereunder and Rev. Rul. 99-6, 1991-1 CB 432 (in situations where, as a result of one or more Exchanges, the Company becomes
an entity that is disregarded as separate from its owner for United States federal income Tax purposes) or under Sections 734(b),
743(b), 754 and 755 of the Code and the Treasury Regulations promulgated thereunder (to the extent attributable to the Purchase or in
situations where, following an Exchange, the Company remains in existence as an entity for United States federal income Tax purposes)
and, in each case as a result of (i) the Purchase or an Exchange (as applicable) and (ii) the payments made pursuant to this
Agreement in respect of such Purchase or Exchange.

 

A “Beneficial Owner”
of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has
or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment
power, which includes the power to dispose of, or to direct the disposition of, such security.

 

    2

     

    

 

“Board”
means the Board of Directors of PubCo (or any committee of the Board validly authorized to act on behalf of the Board).

 

“Business Combination”
means the transactions contemplated by the Business Combination Agreement.

 

“Business Day”
means a day, other than Saturday, Sunday or other day on which banks located in New York City, New York are authorized or required by
law to close.

 

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

 

		(i)	any Person or any group of Persons acting together which would constitute a “group” for purposes
of Section 13(d) of the Securities and Exchange Act of 1934, or any successor provisions thereto, excluding (x) a corporation
or other entity owned, directly or indirectly, by the stockholders of PubCo in substantially the same proportions as their ownership of
stock in PubCo and (y) any TRA Party or any of their Affiliates, who is, or becomes the Beneficial Owner, directly or indirectly,
of securities of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding voting securities;
or

 

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

 

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

 

    3

     

    

 

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

 

“Class A Shares”
is defined in the Recitals of this Agreement.

 

“Code”
is defined in the Recitals of this Agreement.

 

“Combined State Tax
Rate” means the tax rate equal to the sum of the products of (i) PubCo’s income tax apportionment factor for each
state and local jurisdiction in which PubCo files income or franchise tax returns for the relevant Taxable Year and (ii) the highest
corporate income and franchise tax rate in effect for such Taxable Year for each such state and local jurisdiction in which PubCo files
income tax returns for each relevant Taxable Year.

 

“Company”
is defined in the Recitals of this Agreement.

 

“Company Agreement”
means the Fourth Amended and Restated Limited Liability Company Agreement of the Company, dated as of the Effective Date, as amended from
time to time.

 

“Company Interests”
is defined in the Recitals of this Agreement.

 

“Control”
or “Controlled” 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.

 

“Cumulative Net Realized
Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of PubCo, up to and
including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period, taking into account any adjustments
required pursuant to this Agreement (including pursuant to Section 7.10). The Realized Tax Benefit and Realized Tax Detriment for
each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in existence at the
time of such determination.

 

“Default Rate”
means the Agreed Rate plus 400 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code, or any other event (including the execution of
IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax and shall also include the acquiescence
of PubCo to the amount of any assessed liability for Tax.

 

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

 

“Early Termination
Effective Date” is defined in Section 4.2 of this Agreement.

 

“Early Termination
Notice” is defined in Section 4.2 of this Agreement.

 

    4

     

    

 

“Early Termination
Payment” in respect of a TRA Party shall equal the present value, discounted at the Early Termination Rate (using a mid-year
convention) as of the applicable Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would
be required to be paid by PubCo to such TRA Party beginning from the Early Termination Date and assuming that the Valuation Assumptions
in respect of such TRA Party are applied.

  

“Early Termination
Rate” means the Agreed Rate plus 200 basis points.

 

“Early Termination
Schedule” is defined in Section 4.2 of this Agreement.

 

“Effective Date”
means the closing date of the Business Combination.

 

“Exchange”
is defined in the Recitals of this Agreement.

 

“Exchange Agreement”
means the Exchange Agreement, dated as of December 2, 2021 among PubCo, the Company and the holders of Company Interests party thereto,
as amended from time to time.

 

“Exchange Basis Schedule”
is defined in Section 2.1 of this Agreement.

 

“Exchange Date”
means the date of any Exchange.

 

“Expert”
is defined in Section 7.8 of this Agreement.

 

“Hypothetical Tax
Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of (i) PubCo and (ii) without
duplication, the Company, but only with respect to U.S. federal income Taxes imposed on the income of the Company and allocable to
PubCo (or to the other members of the consolidated group of which PubCo is the parent), in each case using the same methods, elections,
conventions, U.S. federal income Tax rate and similar practices used on the relevant PubCo Return, but (i) using the Non-Stepped
Up Tax Basis as reflected on the Exchange Basis Schedule including amendments thereto for the Taxable Year, and (ii) excluding any
deduction attributable to Imputed Interest for the Taxable Year. Hypothetical Tax Liability shall be determined (i) without taking
into account the carryover or carryback of any Tax item or attribute (or portions thereof) that is available for use because of any Basis
Adjustments and any Imputed Interest, and (ii) assuming, solely for purposes of calculating the liability for U.S. federal income
Taxes, in order to prevent double counting, that the deductions of (and other impacts of) state and local taxes are excluded for U.S.
federal income Tax purposes.

 

“Imputed Interest”
in respect of a TRA Party shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code with respect
to PubCo’s payment obligations in respect of such TRA Party under this Agreement.

 

“Interest Amount”
is defined in Section 3.1(b) of this Agreement.

 

“IRS” means
the United States Internal Revenue Service.

 

“JAMS”
is defined in Section 7.7 of this Agreement.

 

    5

     

    

 

“Market Value”
shall mean the closing price of the Class A Shares on the applicable Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided
that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value shall
mean the closing price of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities
exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street
Journal; provided, further, that if the Class A Shares are not then listed on a national securities exchange
or interdealer quotation system, “Market Value” shall mean the cash consideration paid for Class A Shares, or the fair
market value of the other property delivered for Class A Shares, as determined by the Board in good faith.

 

“Material Objection
Notice” is defined in Section 4.2 of this Agreement.

 

“Net Tax Benefit”
is defined in Section 3.1(b) of this Agreement.

 

“Non-Stepped Up 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 2.3(a) of this Agreement.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization,
governmental entity or other entity.

 

“PubCo”
is defined in the Preamble of this Agreement.

 

“PubCo Return”
means the U.S. federal income Tax Return of PubCo filed with respect to Taxes of any Taxable Year.

 

“Realized Tax Benefit”
means, for a Taxable Year, the sum of (i) the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability and
(ii) the State Tax Benefit. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of
an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless
and until there has been a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year, the sum of (i) the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability and
(ii) the State Tax Detriment. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result
of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment
unless and until there has been a Determination.

 

“Reconciliation Dispute”
is defined in Section 7.8 of this Agreement.

 

“Reconciliation Procedures”
is defined in Section 2.3(a) of this Agreement.

 

    6

     

    

 

“Reference Asset”
means an asset that is held by the Company, or by any of its direct or indirect Subsidiaries treated as a partnership or disregarded entity
(but only if such indirect Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded entities) for purposes
of the applicable Tax. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42)
of the Code with respect to a Reference Asset.

 

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

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“SOFR”
means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as
the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“State Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability; provided that,
for purposes of determining the State Tax Benefit, each of the Hypothetical Tax Liability and the Actual Tax Liability shall be calculated
using the Combined State Tax Rate instead of the rates applicable for U.S. federal income Tax purposes.

 

“State Tax Detriment”
means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability; provided that,
for purposes of determining the State Tax Detriment, each of the Actual Tax Liability and the Hypothetical Tax Liability shall be calculated
using the Combined State Tax Rate instead of the rates applicable for U.S. federal income Tax purposes.

 

“Subsidiaries”
means, with respect to any Person, as of any date of 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.

 

“Tax Benefit Payment”
is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit Schedule”
is defined in Section 2.2(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 PubCo as defined in Section 441(b) of the Code or comparable section of state or local tax law, as applicable
(and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made), ending
on or after the Effective Date.

 

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

 

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

 

    7

     

    

 

“TRA Party”
is defined in the Preamble of this Agreement.

 

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

 

“Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date,
(1) PubCo will have taxable income sufficient to fully utilize (i) the deductions arising from the Basis Adjustments 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 and (ii) any net operating loss, excess interest deduction, or credit carryovers or carrybacks
(or similar items with respect to carryover or carrybacks) generated by deductions arising from Basis Adjustments or Imputed Interest
that are available as of the date of such Early Termination Date, (2) the United States federal income Tax rates that will be in
effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early
Termination Date, (3) all taxable income of PubCo will be subject to the maximum applicable tax rate for U.S. federal income Tax
purposes throughout the relevant period, (4) any non-amortizable assets will be disposed of on the fifteenth anniversary of the applicable
Basis Adjustment in a fully taxable transaction for U.S. federal income Tax purposes; provided that in the event of a
Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than
such fifteenth anniversary), and (5) if, at the Early Termination Date, there are Company Interests that have not been Exchanged,
then each such Company Interest shall be deemed to be Exchanged for the Market Value of the Class A Shares and the amount of cash
that would be transferred if the Exchange occurred on the Early Termination Date.

 

Article II

 

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT

 

Section 2.1             Basis
Adjustment. Within one hundred twenty (120) calendar days after the filing of the U.S. federal income Tax Return of PubCo
for each Taxable Year in which the Purchase or any Exchange has been effected by any TRA Party (including the Taxable Year in which the
Purchase occurs), PubCo shall deliver to such TRA Party a schedule (the “Exchange Basis Schedule”) that shows, in reasonable
detail necessary to perform the calculations required by this Agreement, the following items: (i) the Non-Stepped Up Tax Basis of
the Reference Assets in respect of such TRA Party as of the Effective Date or each applicable Exchange Date, (ii) the Basis Adjustment
with respect to the Reference Assets in respect of such TRA Party as a result of the Purchase or Exchanges effected in such Taxable Year
by such TRA Party, calculated (x) in the aggregate, (y) solely with respect to the Purchase or Exchanges by such TRA Party,
and (z) in the case of a Basis Adjustment under Section 734(b) of the Code solely with respect to the amount that is available
to PubCo in such Taxable Year, (iii) the period (or periods) over which the Reference Assets in respect of such TRA Party are amortizable
and/or depreciable, and (iv) the period (or periods) over which each Basis Adjustment in respect of such TRA Party is amortizable
and/or depreciable. For the avoidance of doubt, the Exchange Basis Schedule shall reflect all changes in the basis of Reference Assets
arising other than from a Basis Adjustment (e.g., as the result of an audit). Each Exchange Basis Schedule will become final as provided
in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth
in Section 2.3(b)).

 

    8

     

    

 

Section 2.2             Tax
Benefit Schedule.

 

(a)            Tax
Benefit Schedule. Within one hundred twenty (120) calendar days after the filing of the U.S. federal income Tax Return
of PubCo for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment a portion of which is Attributable to
a TRA Party, PubCo shall provide to such TRA Party a schedule showing, in reasonable detail, the calculation of the Tax Benefit Payment
for such Taxable Year and the calculation of the Realized Tax Benefit and Realized Tax Detriment and components thereof (a “Tax
Benefit Schedule”). Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended
as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).

 

(b)            Applicable
Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase
in the actual liability for taxes of PubCo for such Taxable Year attributable to the Basis Adjustments and Imputed Interest, determined
using a “with and without” methodology. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for
any period, carryovers or carrybacks of any Tax item attributable to the Basis Adjustments and Imputed Interest shall be considered to
be subject to the rules of the Code and the Treasury Regulations, as applicable, governing the use, limitation and expiration of
carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to
the Basis Adjustment or Imputed Interest and another portion that is not, such respective portions shall be considered to be used in accordance
with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments and other payments under
this Agreement (to the extent permitted by law and other than amounts accounted for as interest under the Code) will (A) be treated
as subsequent upward purchase price adjustments that give rise to further Basis Adjustments to Reference Assets for PubCo and (B) have
the effect of creating additional Basis Adjustments to Reference Assets for PubCo in the year of payment, and (ii) as a result, such
additional Basis Adjustments will be incorporated into the calculation in the year of payment and into future year calculations, as appropriate.

 

    9

     

    

 

Section 2.3             Procedures,
Amendments.

 

(a)           Procedure.
Every time PubCo delivers to a TRA Party an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant
to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, PubCo shall also (x) deliver
to such TRA Party schedules, valuation reports, if any, and work papers, as determined by PubCo or requested by such TRA Party, providing
reasonable detail regarding the preparation of the Schedule and (y) allow such TRA Party reasonable access, at no cost, to the appropriate
representatives at PubCo, as determined by PubCo or requested by such TRA Party, in connection with a review of such Schedule. Without
limiting the application of the preceding sentence, each time PubCo delivers to a TRA Party a Tax Benefit Schedule, in addition to the
Tax Benefit Schedule duly completed, PubCo shall deliver to such TRA Party the reasonably detailed calculation by PubCo of the applicable
Hypothetical Tax Liability, the reasonably detailed calculation by PubCo of the applicable Actual Tax Liability, as well as any other
work papers as determined by PubCo or requested by such TRA Party, provided that PubCo shall be entitled to redact any information
that it reasonably believes is unnecessary for purposes of determining the items in the applicable Schedule or amendment thereto. An
applicable Schedule or amendment thereto delivered to a TRA Party shall become final and binding on the TRA Party and PubCo thirty (30) calendar
days after the first date on which such TRA Party has received the applicable Schedule or amendment thereto unless such TRA Party (i) within
thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides PubCo with notice of a material
objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides a written waiver of such
right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto
becomes binding on the date the waiver is received by PubCo. If PubCo and an objecting TRA Party, for any reason, are unable to successfully
resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by PubCo of the Objection Notice,
PubCo and such TRA Party shall employ the reconciliation procedures as described in Section 7.8 of this Agreement (the “Reconciliation
Procedures”).

 

(b)           Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by PubCo (i) in connection with a Determination
affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified after the date the Schedule was provided to a TRA
Party, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change
in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or
other tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust an applicable Exchange Basis Schedule
to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). PubCo shall
provide an Amended Schedule to each TRA Party within ninety (90) calendar days of the occurrence of an event referenced in clauses (i) through
(vi) of the preceding sentence.

 

Article III

 

TAX BENEFIT PAYMENTS

 

Section 3.1             Payments.

 

(a)           Payments.
Within ten (10) calendar days after a Tax Benefit Schedule delivered to a TRA Party becomes final in accordance with Article II
of this Agreement, PubCo shall pay or cause to be paid to such TRA Party for such Taxable Year the Tax Benefit Payment in respect
of such TRA Party for such Taxable Year 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 TRA Party to PubCo or as otherwise
agreed by PubCo and such TRA Party. No Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation,
federal estimated income Tax payments.

 

    10

     

    

 

(b)           A
 “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to the
sum of the portion of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. A Net Tax
Benefit is “Attributable” to a TRA Party to the extent that it is derived from any Basis Adjustment or any Imputed
Interest that is attributable to the Company Interests acquired by PubCo in the Purchase or pursuant to an Exchange undertaken by or with
respect to such TRA Party. For the avoidance of doubt, for tax purposes, the Interest Amount shall not be treated as interest but instead
shall be treated as additional consideration for the acquisition of Company Interests in Exchanges unless otherwise required by law. The
 “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized
Tax Benefit as of the end of such Taxable Year, over the total amount of payments previously made under Section 3.1(a) of
this Agreement (excluding payments attributable to Interest Amounts); provided, for the avoidance of doubt, that no TRA Party
shall be required to return any portion of any previously made Tax Benefit Payment or make a payment with respect to the existence of
a Realized Tax Detriment. The “Interest Amount” in respect of a TRA Party shall equal the interest on the amount of
the unpaid Net Tax Benefit Attributable to such TRA Party for a Taxable Year, which interest shall accrue on any unpaid Net Tax Benefit
from and after the due date (without extensions) for filing PubCo Return for such Taxable Year, calculated at the Agreed Rate, until the
date such unpaid amounts are paid. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control,
all Tax Benefit Payments, whether paid with respect to the Company Interests that were Exchanged (i) prior to the date of such Change
of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing Valuation Assumptions (1) and
(4), substituting in each case the terms “the date of a Change of Control” for an “Early Termination Date.” Notwithstanding
anything to the contrary in this Agreement, after any lump-sum payment under Article IV of this Agreement in respect of present
or future tax attributes subject to this Agreement, the Tax Benefit Payment, Net Tax Benefit and components thereof shall be calculated
without taking into account any such attributes with respect to which such a lump sum payment has been made or any such lump-sum payment.

  

Section 3.2             No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including
interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such
intentions are realized.

 

Section 3.3             Pro
Rata Payments; Limited Taxable Income; Excess Payments.

 

(a)           Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate amount of PubCo’s tax benefit from the reduction
in Tax liability as a result of the Basis Adjustments or Imputed Interest is limited in a particular Taxable Year because PubCo does
not have sufficient taxable income to fully utilize available deductions and other attributes, the limitation on the tax benefit for
PubCo shall be allocated among the TRA Parties eligible for payments under this Agreement in proportion to the respective amounts of
Tax Benefit Payments that would have been determined under this Agreement if PubCo had sufficient taxable income so that there were no
such limitation.

 

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(b)           After
taking into account Section 3.3(a), if for any reason PubCo does not fully satisfy its payment obligations to make all Tax
Benefit Payments due under this Agreement in respect of a particular Taxable Year, then PubCo and the TRA Parties agree that (i) PubCo
shall pay the same proportion of each Tax Benefit Payment due to each TRA Party due a payment under this Agreement in respect of such
Taxable Year, 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 in respect of prior Taxable Years have been made in full; provided, for the avoidance of doubt, that
this Section 3.3(b) shall be not be deemed to preclude a TRA Party from seeking all available remedies under this Agreement
and applicable law with respect to any failure by PubCo to satisfy its obligations to make timely all Tax Benefit Payments due under
this Agreement in respect of a particular Taxable Year.

  

(c)            To
the extent PubCo makes a payment to a TRA Party in respect of a particular Taxable Year under Section 3.1(a) of this
Agreement (taking into account Section 3.3(a) and (b), but excluding payments attributable to Interest Amounts)
in an amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year, then
(i) such TRA Party shall not receive further payments under Section 3.1(a) until such TRA Party has foregone an
amount of payments equal to such excess and (ii) PubCo shall pay the amount of such TRA Party’s foregone payments to the other
TRA Parties in a manner such that each of the other TRA Parties, to the maximum extent possible, shall have received aggregate payments
under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and (b) of this
Agreement but excluding payments attributable to Interest Amounts) in the amount it would have received if there had been no excess payment
to such TRA Party.

 

Section 3.4             Certain
Tax Covenants.

 

(a)            PubCo
hereby agrees and warrants to each TRA Party that (i) it will not cause the Company or any Subsidiary of the Company to convert into,
or elect to be treated as, a corporation for Tax purposes without the prior written consent of each TRA Party (such consent not to be
unreasonably withheld, conditioned or delayed) if any such action could reasonably be expected to have a material adverse effect on a
TRA Party’s right to receive Tax Benefit Payments pursuant to this Agreement, (ii) it will not cause the Company to contribute
any of its assets (other than any assets with a de minimis aggregate gross value) into one or more Subsidiaries that are treated
as corporations for Tax purposes, or cause the Company to liquidate or distribute in kind any of its non-cash assets to its members, without
the prior written consent of each TRA Party (such consent not to be unreasonably withheld, conditioned or delayed), if any such action
could reasonably be expected to have a material adverse effect on a TRA Party’s right to receive Tax Benefit Payments pursuant to
this Agreement and (iii) it will use commercially reasonable efforts to avoid entering into any credit agreement that could reasonably
expected to prevent PubCo from making Tax Benefit Payments in a manner described in Section 4.1(f)(ii).

 

(b)            PubCo
hereby agrees that prior to (i) any proposed sale or other disposition of all or any part of PubCo’s interest in the Company
or (ii) any proposed sale or other disposition of all or any substantial part of the non-cash assets of the Company, it shall deliver
to each TRA Party notice of such proposed transaction at least thirty (30) days prior to the consummation thereof.

 

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Article IV

 

TERMINATION

 

Section 4.1             Early
Termination and Breach of Agreement.

 

(a)            Unless
terminated earlier pursuant to this Section 4.1, this Agreement will terminate when there is no further potential for a Tax
Benefit Payment pursuant to this Agreement. Tax Benefit Payments under this Agreement are not conditioned on any TRA Party retaining an
interest in PubCo or the Company (or any successor thereto); provided, however, no Tax Benefit Payment shall accrue, or shall become
due or payable with respect to any Exchange, after the twentieth (20th) anniversary of the effective date of such Exchange.

 

(b)            In
the event of a Change of Control, each TRA Party shall have the option, in its sole discretion, by written notice to PubCo, to cause the
acceleration of all unpaid payment obligations of PubCo hereunder as 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, without duplication, but not be limited to, (i) the Early Termination Payments calculated
as if an Early Termination Notice had been delivered on the closing date of the Change of Control, (ii) any Tax Benefit Payments
agreed to by PubCo and the TRA Holders as due and payable but unpaid as of the Early Termination Notice (which Tax Benefit Payments shall
not be included in the Early Termination Payments) and that remain unpaid as of the payment of the Early Termination Payments, and (iii) any
Tax Benefit Payments due for any Taxable Year ending prior to, with or including the closing date of a Change of Control unpaid as of
the Early Termination Notice (except to the extent that any amounts described in clause (iii) are included in the Early Termination
Payments or are included in clause (ii)) and that remain unpaid as of the payment of the Early Termination Payments. For the avoidance
of doubt, Sections 4.2 and 4.3 shall apply to a Change of Control, mutadis mutandis.

 

(c)            PubCo
may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all of the Company Interests held
by the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided,
however, that this Agreement shall only terminate pursuant to this Section 4.1(c) upon the receipt of the Early
Termination Payment by all TRA Parties; provided, further, that PubCo may terminate this Agreement pursuant to this
Section 4.1(c) with respect to some or all of the amounts payable to less than all of the TRA Parties, if PubCo and such
TRA Parties agree in writing to do so; and provided, further that PubCo may withdraw any notice to execute its termination
rights under this Section 4.1(c) prior to the time at which an Early Termination Payment has been paid. Upon payment
of the Early Termination Payment by PubCo in accordance with this Section 4.1(c), PubCo shall not have any further payment
obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by PubCo, on one hand, and the TRA Party,
on the other, as due and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year
ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (b) is
included in the Early Termination Payment). If an Exchange by a TRA Party occurs after PubCo makes the Early Termination Payment to such
TRA Party pursuant to this Section 4.1(c), PubCo shall have no obligations under this Agreement with respect to such Exchange.

 

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(d)            The
parties agree that, subject to Section 4.1(f), the failure to make any payment due pursuant to this Agreement within three
(3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes
of this Agreement.

 

(e)            In
the event that PubCo breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment
within three (3) months of the date on which such payment is 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 such obligations shall be calculated as if an Early Termination Notice had been delivered
on the date of such breach and shall include (without duplication), but not be limited to, (1) the Early Termination Payments calculated
as if an Early Termination Notice had been delivered on the date of such breach, (2) any Tax Benefit Payment in respect of a TRA
Party agreed to by PubCo and such TRA Party as due and payable but unpaid as of the date of such breach, and (3) any Tax Benefit
Payment in respect of any TRA Party due for the Taxable Year ending with or including the date of such breach; provided that
procedures similar to the procedures of Section 4.2 shall apply with respect to the determination of the amount payable by
PubCo pursuant to this sentence. Notwithstanding the foregoing, in the event that PubCo breaches this Agreement, each TRA Party shall
be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific performance
of the terms hereof.

 

(f)            Notwithstanding
anything in this Agreement to the contrary, PubCo shall not be considered to be in breach of a material obligation under this Agreement
on account of a failure to make a payment due pursuant to this Agreement if:

 

(i)            PubCo
makes the applicable payment within three (3) months of the date such payment is due; or

 

(ii)            PubCo
fails to make any Tax Benefit Payment when due to the extent that PubCo has insufficient funds by reason of the Company having insufficient
funds to make a distribution to PubCo in order for PubCo make such payment, or due to such payment being prohibited as a result of limitations
imposed by any credit agreement to which the Company is a party);

 

provided
that the interest provisions of Section 5.2 shall apply to such late payment; provided, further, that (A) PubCo
shall use commercially reasonable efforts to avoid entering into credit agreements described in this Section 4.1(f)(ii) that
would prevent PubCo from making Tax Benefit Payments in the ordinary course, and (B) solely with respect to a Tax Benefit Payment,
if PubCo cannot make such payment as a result of limitations imposed by any credit agreement to which the Company is a party, which limitations
are effective as of the date of this Agreement, Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed
Rate. To the extent PubCo defers any payment under clause (ii) of this subsection, it shall make the applicable payment at the first
opportunity that it has sufficient funds and is otherwise able to make the payment, and failure to do so shall be subject to the remedies
set forth in Section 4.1(e).

 

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Section 4.2             Early
Termination Notice. If PubCo chooses to exercise its right of early termination under Section 4.1 above, PubCo shall deliver
to each TRA Party with respect to whom such right of early termination is being exercised notice of such intention to exercise such right
(“Early Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying PubCo’s
intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment(s) due to each
such TRA Party. Each Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days after the first
date on which the TRA Party has received such Schedule or amendment thereto unless such TRA Party (i) within thirty (30) calendar
days after receiving the Early Termination Schedule or any amendment thereto, provides PubCo with notice of a material objection to such
Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written waiver of such right of a
Material Objection Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the
date the waiver is received by PubCo (such thirty (30) calendar day date as modified, if at all by clauses (i) or (ii),
the “Early Termination Effective Date”). If PubCo and a TRA Party, for any reason, are unable to successfully resolve
the issues raised in such notice within thirty (30) calendar days after receipt by PubCo of the Material Objection Notice, PubCo
and such TRA Party shall employ the Reconciliation Procedures in which case such Schedule becomes binding ten (10) days after the
conclusion of the Reconciliation Procedures.

 

Section 4.3             Payment
upon Early Termination.

 

(a)            Within
five (5) Business Days after an Early Termination Effective Date, PubCo shall pay to each TRA Party with respect to whom such termination
has just occurred an amount equal to the Early Termination Payment with respect to such TRA Party. Such payment shall be made by wire
transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by PubCo and
such TRA Party.

 

(b)            If
for any reason PubCo does not fully satisfy its payment obligations due under this Agreement in respect of a particular Taxable Year,
then PubCo and the TRA Parties agree that (i) no Early Termination Payment shall be treated as having been made until all Tax Benefit
Payments under Section 3.1 in respect of the current Taxable Year and all prior Taxable Years have been made in full, (ii) no
Early Termination Payments shall be treated as having been made until all Early Termination Payments made pursuant to earlier-provided
Early Termination Notices have been made in full, and (iii) if PubCo does not pay all Early Termination Payments in respect of Early
Termination Notices given in the same calendar year, the total amount paid shall be allocated pro-rata based on the outstanding Early
Termination Payments due.

 

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Article V

 

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1             Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any other
payment required to be made by PubCo to the TRA Parties under this Agreement shall rank subordinate and junior in right of payment to
any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of
PubCo and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with all
current or future unsecured obligations of PubCo that are not Senior Obligations. For the avoidance of doubt, any amounts owed by PubCo
under this Agreement are not Senior Obligations.

  

Section 5.2             Late
Payments by PubCo. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or other payment under this
Agreement not made to the TRA Parties when due under the terms of this Agreement shall be payable together with any interest thereon,
computed at the Default Rate and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or other payment
was due and payable.

 

Article VI

 

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1             Participation
in PubCo’s and the Company’s Tax Matters. Except as otherwise provided herein, under the Business Combination Agreement,
or under the Company Agreement, PubCo shall have full responsibility for, and sole discretion over, all tax matters concerning PubCo and
the Company, 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, PubCo shall notify a TRA Party of, and (to the extent permitted by law or
regulation) will use its best efforts to keep such TRA Party reasonably informed with respect to, the portion of any audit of PubCo and
the Company by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of such TRA Party under
this Agreement, and shall use its best efforts to provide to each such TRA Party reasonable opportunity to provide information and other
input to PubCo, the Company and their respective advisors concerning the conduct of any such portion of such audit.

 

Section 6.2             Consistency.
PubCo and the TRA Parties agree to report and cause to be reported for all purposes, including federal, state and local tax purposes and
financial reporting purposes, all tax-related items (including, without limitation, the Basis Adjustments and each Tax Benefit Payment)
in a manner consistent with that specified by PubCo in any Schedule required to be provided by or on behalf of PubCo under this Agreement
unless otherwise required by law.

 

Section 6.3             Cooperation.
Each of PubCo and the TRA Parties shall (a) furnish to the other party in a timely manner such information, documents and other materials
as the other party may reasonably request for purposes of making any determination or computation necessary or appropriate under this
Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make
itself available to the other party and its representatives to provide explanations of documents and materials and such other information
as the other party or its representatives may reasonably request in connection with any of the matters described in clause (a) above,
and (c) reasonably cooperate in connection with any such matter, and PubCo shall reimburse each such TRA Party for any reasonable
third-party costs and expenses incurred pursuant to this Section.

 

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Article VII

 

MISCELLANEOUS

 

Section 7.1             Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in English, shall be in writing and shall
be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service,
or by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service) to the respective parties at
the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.1):

 

If to PubCo or the Company,
to:

 

P.O. Box 1303

Traverse City, MI 49685-1303

Attention: Barbara Matthews, General Counsel

E-mail: bmatthews@hagerty.com

 

with a copy (which shall not
constitute notice to PubCo or the Company) to:

 

Sidley Austin LLP

One South Dearborn St.

Chicago, IL 60603

Attention: Sean Keyvan; Scott Pollock

E-mail: skeyvan@sidley.com; spollock@sidley.com

 

If to a TRA Party, to the
address, fax number and email address set forth in on the TRA Party’s signature page hereto.

 

Any party may change its address,
fax number or email by giving the other party written notice of its new address, fax number or email 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 (together with the Business Combination Agreement and the Company 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.

 

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Section 7.4             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 7.5             Successors;
Assignment; Amendments; Waivers.

 

(a)            Each
TRA Party may assign any of its rights under this Agreement in whole or in part to any Person as long as such transferee has executed
and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in the form of Exhibit A
or such other form mutually agreed by the parties, agreeing to become a TRA Party for all purposes of this Agreement, except as otherwise
provided in such joinder.

 

(b)            No
provision of this Agreement may be amended or waived unless such amendment or waiver is approved in writing by PubCo and each of the TRA
Parties. Any failure by a party to insist upon the strict performance of any provision of this Agreement, or to exercise any right or
remedy upon a breach of any such provision, will not constitute a waiver of the party’s right to enforce the provision or to exercise
any remedy upon any breach of the provision. Any waiver given by a party with respect to any provision of this Agreement is applicable
only with respect to the specific provision and instance for which it is given. Notwithstanding anything to the contrary in this Agreement
(including this Section 7.5), the execution and delivery of a joinder to this Agreement pursuant to Section 7.5(a) shall
not require the consent of PubCo or any of the TRA Parties.

 

(c)            All
of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties
hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. PubCo 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 PubCo, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that PubCo would be required to perform if no such succession had taken place.

 

Section 7.6             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.

 

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Section 7.7             Resolution
of Disputes.

 

Except as provided for in
the last sentence of this Section 7.7, this Agreement shall be governed by and construed in accordance with the internal laws
of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware. Any
dispute arising from or relating to the subject matter of this Agreement, including but not limited to the scope and applicability of
this Section 7.7, shall be referred to and finally determined by arbitration in accordance with the Arbitration Rules and
Procedures of Judicial Arbitration and Mediation Services, Inc. (“JAMS”) then in effect, by one commercial arbitrator
with at least twenty years of experience resolving commercial contract disputes, who shall be selected from the appropriate list of JAMS
arbitrators in accordance with the Arbitration Rules and Procedures of JAMS. The seat of arbitration will be Michigan and the language
of the arbitration proceedings will be English. Judgment upon the award so rendered may be entered in a court having jurisdiction or application
may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. For all purposes of this
Agreement, the parties consent to exclusive jurisdiction and venue in the United States Federal Courts located in Michigan. This Section 7.7
shall be governed by and construed in accordance with the Federal Arbitration Act and, to the extent not inconsistent with such Federal
Arbitration Act, the laws of the State of Delaware, without regard to conflict of law principles that would cause the application of the
laws of another jurisdiction.

  

Section 7.8             Reconciliation.
In the event that PubCo and a TRA Party are unable to resolve a disagreement with respect to the matters governed by Sections 2.3,
3.1, or 4.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation
Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area
of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized accounting
or law firm, and unless PubCo and such TRA Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not,
have any material relationship with PubCo or such TRA Party or other actual or potential conflict of interest. If PubCo and the TRA Party
are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation
Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter
relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty
(30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar
days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution.
Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be
due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall
be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by PubCo, 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 PubCo except
as provided in the next sentence. PubCo and the TRA Party shall bear their own costs and expenses of such proceeding, unless (i) the
Expert adopts the TRA Party’s position, in which case PubCo shall reimburse the TRA Party for any reasonable out-of-pocket costs
and expenses in such proceeding, or (ii) the Expert adopts PubCo’s position, in which case the TRA Party shall reimburse PubCo
for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute
within the meaning of this Section 7.8 shall be decided by the Expert. The Expert shall finally determine any Reconciliation
Dispute and the determinations of the Expert pursuant to this Section 7.8 shall be binding on PubCo and the TRA Party and
may be entered and enforced in any court having jurisdiction.

 

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Section 7.9             Withholding.
PubCo shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as PubCo is required to
deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign tax law; provided
that PubCo will provide the Person in respect of which such withholding is required written notice at least five (5) Business Days
prior to any such deduction or withholding and shall reasonably cooperate with such Person to reduce or eliminate such withholding to
the extent permitted by law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by PubCo, such
withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such withholding
was made. Each TRA Party shall promptly provide PubCo with any applicable tax forms and certifications reasonably requested by PubCo in
connection with determining whether any such deductions and withholdings are required under the Code or any provision of state, local
or foreign tax law.

 

Section 7.10           Admission
of PubCo into a Consolidated Group; Transfers of Corporate Assets.

 

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

 

(b)            The
amount of any Cumulative Net Realized Tax Benefit shall take into account the Basis Adjustment resulting from any transfer of Company
Interests to a wholly owned Subsidiary of PubCo (or any similar transfer within the consolidated group of which PubCo is the parent),
assuming for this purpose that such transfer is treated as an Exchange, and appropriate adjustments, if any, shall be made to the applicable
amount of Cumulative Net Realized Tax Benefit or any component of such amount.

 

(c)            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 United States federal income tax purposes) with which such entity does not file a consolidated
Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Tax Benefit Payment or
Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due
hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration
deemed to be received by such entity shall be equal to the gross fair market value of the contributed asset. For purposes of this Section 7.10,
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 allocated to such partner. If any member of a group described in Section 7.10(a) that
is obligated to make a Tax Benefit Payment hereunder deconsolidates from the group (or PubCo deconsolidates from the group), then PubCo
shall cause such member (or the parent of the consolidated group in a case where PubCo deconsolidates from the group) to assume the obligation
to make Tax Benefit Payments in a manner consistent with the terms of its Agreement as the member actually realizes such Tax Benefits.
If a member of a group described in Section 7.10(a) assumes an obligation to make Tax Benefit Payments hereunder, then,
subject to the consent of a TRA Party (such consent not to be unreasonably withheld, conditioned or delayed), the initial obligor shall
be relieved of the obligation to the extent so assumed with respect to such TRA Party.

 

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Section 7.11             Confidentiality.

 

(a)            Each
TRA Party and each of their assignees acknowledge and agree that the information of PubCo is confidential and, except in the course of
performing any duties as necessary for PubCo 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 PubCo and its Affiliates and successors, concerning the Company and its Affiliates and successors or the TRA Parties,
learned by the TRA Parties heretofore or hereafter. This Section 7.11 shall not apply to (i) any information that has
been made publicly available by PubCo or any of its Affiliates, becomes public knowledge (except as a result of an act of the TRA Party
in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent
necessary for the TRA Party 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 returns. Notwithstanding anything
to the contrary herein, each TRA Party and each of their assignees (and each employee, representative or other agent of such TRA Party
or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure
of PubCo, the Company and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other
tax analyses) that are provided to such TRA Party relating to such tax treatment and tax structure.

 

(b)            If
a TRA Party or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.11,
PubCo shall have the right and remedy to have the provisions of this Section 7.11 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 PubCo or any of its Subsidiaries or the TRA Parties and the
accounts and funds managed by PubCo 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 7.12           Company
Agreement. This Agreement shall be treated as part of the Company Agreement as described in Section 761(c) of the Code
and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

    21

     

    

 

Section 7.13           Change
in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a TRA Party
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 TRA Party (or direct or indirect equity holders in such TRA Party) upon an 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 PubCo or such TRA Party or any direct or indirect owner of such TRA Party, then
at the election of such TRA Party and to the extent specified by such TRA Party, this Agreement (i) shall cease to have further
effect with respect to such TRA Party, (ii) shall not apply to an Exchange occurring after a date specified by such TRA Party, or
(iii) shall otherwise be amended in a manner determined by such TRA Party; provided that such amendment shall not result
in an increase in payments under this Agreement to such TRA Party at any time as compared to the amounts and times of payments that would
have been due to such TRA Party in the absence of such amendment.

  

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blank]

 

    22

     

    

 

IN WITNESS WHEREOF, the Company,
PubCo and each of the TRA Parties have duly executed this Agreement as of the date first written above.

 

	 	Hagerty Inc.
	 	 
	 	By:	/s/ McKeel Hagerty
	 	 	Name: McKeel Hagerty
	 	 	Title: Chief Executive Officer
	 	 
	 	The Hagerty Group, LLC
	 	 
	 	By: 	/s/ McKeel Hagerty
	 	 	Name: McKeel Hagerty
	 	 	Title: Chief Executive Officer

 

Signature
Page to Tax Receivable Agreement

 

    

     

    

 

	 	Hagerty Holding Corp.
	 	 
	 	By: 	/s/ McKeel Hagerty
	 	 	Name: McKeel Hagerty
	 	 	Title: Chief Executive Officer

  

Supplemental information for purposes of Section 7.1:

 

Notices to Hagerty Holding Corp. shall be delivered to:

 

Hagerty Holding Corp.

P.O. Box 1303

Traverse City, MI 49685-1303

Attention: Jessica Sullivan, Vice President of Shareholder Relations

E-mail: jsullivan@hagerty.com

 

with copies to:

 

Sidley Austin LLP

One South Dearborn St.

Chicago, IL 60603

Attention: Sean Keyvan

E-mail: skeyvan@sidley.com

 

Signature
Page to Tax Receivable Agreement

 

    

     

    

 

	 	Markel Corporation
	 	 
	 	By:	/s/ Richard R. Whitt, III
	 	 	Name: Richard R. Whitt, III
	 	 	Title: Co-Chief Executive Officer

 

Supplemental information for purposes of Section 7.1:

 

Notices to Markel shall be delivered at:

 

Markel Corporation

4521 Highwoods Parkway

Glen Allen, VA 23060

Attention: Managing Executive, Corporate Development

E-mail: Rob.Whitt@markel.com

 

with copies (which shall not constitute notice) to:

 

Sidley Austin LLP

One South Dearborn

Chicago, Illinois 60603

Attention: Michael Pinsel

Email: mpinsel@sidley.com

 

Signature
Page to Tax Receivable Agreement

 

    

     

    

 

Exhibit A Form of Joinder

 

This
JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of [•], is by and among
Hagerty Inc., a Delaware corporation (the “PubCo”), The Hagerty Group, LLC, a Delaware limited liability company (the
 “Company”), and [•] (“Permitted Transferee”).

 

WHEREAS,
on [•], Permitted Transferee acquired (the “Acquisition”) [Company Interests and the corresponding shares of
Class V common stock] [the right to receive any and all payments that may become due and payable under the Tax Receivable Agreement
with respect to Company Interests that were previously Exchanged and are described in greater detail in Annex A to this Joinder]
from (“Transferor”); and

 

WHEREAS, Transferor, in connection
with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.5(a) or
(b) of the Tax Receivable Agreement, dated as of December 2, 2021, by and among PubCo and the TRA Parties (as defined
therein) (the “Tax Receivable Agreement”).

 

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

 

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

 

Section 1.02           Joinder.
Permitted Transferee hereby acknowledges and agrees to become TRA Party, for all purposes, of the Tax Receivable Agreement.

 

Section 1.03           Notice.
Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered
or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1
of the Tax Receivable Agreement.

 

Section 1.04           Governing
Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect
to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of laws of any jurisdiction other than those of the State of Delaware.

 

    	Joinder Agreement to Tax Receivable Agreement	Page 1

     

    

 

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

 

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

 

    	Joinder Agreement to Tax Receivable Agreement	Page 2

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