Document:

Exhibit 10.3

 

TAX RECEIVABLE AGREEMENT

 

among

 

THUNDER BRIDGE II SURVIVING PUBCO, INC.
AND ITS SUCCESSORS

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of [  ], 2020

 

     

     

    

 

Table of
Contents

  

	 	 	 	Page
	Article I DEFINITIONS	2
	 	Section 1.1	Definitions	2
	 	Section 1.2	Other Definitions	8
	Article II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT	9
	 	Section 2.1	Basis and Attribute Schedule	9
	 	Section 2.2	Tax Benefit Schedule	9
	 	Section 2.3	Procedures, Amendments	9
	Article III TAX BENEFIT PAYMENTS	10
	 	Section 3.1	Payments	10
	 	Section 3.2	No Duplicative Payments	10
	 	Section 3.3	Pro Rata Payments; Coordination of Benefits With Other Tax Receivable Agreements	10
	Article IV TERMINATION	11
	 	Section 4.1	Early Termination and Breach of Agreement	11
	 	Section 4.2	Early Termination Notice	12
	 	Section 4.3	Payment upon Early Termination	12
	 	Section 4.4	Scheduled Termination	12
	Article V SUBORDINATION AND LATE PAYMENTS	13
	 	Section 5.1	Subordination	13
	 	Section 5.2	Late Payments by the Corporate Taxpayer	13
	Article VI NO DISPUTES; CONSISTENCY; COOPERATION	13
	 	Section 6.1	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	13
	 	Section 6.2	Consistency	13
	 	Section 6.3	Cooperation	14
	Article VII MISCELLANEOUS	14
	 	Section 7.1	Notices	14
	 	Section 7.2	Counterparts	15
	 	Section 7.3	Entire Agreement; Third Party Beneficiaries	15
	 	Section 7.4	Governing Law; Jurisdiction; Waiver of Jury Trial	15
	 	Section 7.5	Severability	15
	 	Section 7.6	Successors; Assignment; Amendments; Waivers	16
	 	Section 7.7	Titles and Subtitles	17
	 	Section 7.8	Reserved	17
	 	Section 7.9	Reconciliation	17
	 	Section 7.10	Withholding	17
	 	Section 7.11	Admission of the Corporate Taxpayer into a Consolidated
Group; Transfers of Corporate Assets	18
	 	Section 7.12	Confidentiality	18
	 	Section 7.13	Change in Law	19
	 	Section 7.14	 Reserved	19
	 	Section 7.15	Independent Nature of TRA Parties’ Rights and Obligations	19
	 	Section 7.16 	TRA Party Representative	19

 

    i

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(this “Agreement”), dated as of December [•], 2020, is hereby entered into by and among Thunder Bridge
II Surviving Pubco, Inc., a Delaware corporation (the “Corporate Taxpayer”), each Person identified on Schedule
A hereto (the “TRA Parties”) and the TRA Party Representative. Capitalized terms used but not otherwise
defined herein have the respective meanings set forth in Article I hereof.

 

RECITALS

 

WHEREAS, the Corporate
Taxpayer, Thunder Bridge Acquisition II, Ltd., Merger Subs described therein, Ay Dee Kay LLC, d/b/a indie Semiconductor, a California
limited liability company (“OpCo”), each ADK Blocker, ADK Service Provider Holdco, LLC and the Company Securityholder
Representative named therein entered into a Master Transactions Agreement, dated as of December __, 2020 (as amended from time
to time, the “Merger Agreement”);

 

WHEREAS, the TRA Parties
directly or indirectly hold limited liability company units (the “Units”) in OpCo, which is classified as a
partnership for United States federal income tax purposes;

 

WHEREAS, the Corporate
Taxpayer is the Manager of OpCo, and holds and will hold, directly and/or indirectly, Units;

 

WHEREAS, each Blocker
is taxable as a corporation for U.S. federal income tax purposes;

 

WHEREAS, in connection
with the Mergers (as defined in the Merger Agreement), the shareholders of each Blocker will enter into certain reorganization
transactions with the Corporate Taxpayer (the “Reorganization Transactions”), and as a result of such transactions
the Corporate Taxpayer will obtain or be entitled to certain Tax benefits as further described herein;

 

WHEREAS, the Units held
by the TRA Parties may be exchanged for Class A common stock (the “Class A Shares”) of the Corporate Taxpayer,
subject to the provisions of the Eighth Amended and Restated Operating Agreement of OpCo (as amended from time to time, the “LLC
Agreement”) and the Exchange Agreement, dated as of [•], 2020, among the Corporate Taxpayer and the holders of Units
from time to time party thereto (as amended from time to time, the “Exchange Agreement”);

 

WHEREAS, OpCo is currently
treated as a partnership for United States federal income tax purposes 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 a taxable
acquisition (including a deemed taxable acquisition under Section 707(a) of the Code) of Units by the Corporate Taxpayer from the
TRA Parties in exchange for Class A Shares or other consideration (each such acquisition in exchange for such consideration, an
“Exchange”) occurs;

 

     

     

    

 

WHEREAS, the income,
gain, loss, expense and other Tax items of the Corporate Taxpayer Group may be affected by the Basis Adjustments, the Blocker NOLs
and the Imputed Interest; and

 

WHEREAS, the Parties
hereto are entering into this Agreement to set forth the agreements regarding the sharing of certain Tax benefits realized by the
Corporate Taxpayer Group.

 

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 1.1Definitions.
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).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.

 

“Agreed Rate”
means LIBOR plus 100 basis points.

 

“Basis Adjustment”
means the adjustment to the tax basis of a Reference Asset under Sections 732, 734(b), 754 and 1012 of the Code (in situations
where, as a result of one or more Exchanges, OpCo 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) and 754 of the Code (in situations where, following an Exchange,
OpCo remains in existence as an entity treated as a partnership for United States federal income tax purposes) and, in each case,
comparable sections of state and local tax laws, as a result of an Exchange and the payments made pursuant to this Agreement. For
the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined
without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred.

 

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. The terms “Beneficially
Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Blocker”
means each of [Anthem ADK Holdings, Inc., GoDubs Inc (Walden), indie Semi Blocker Corporation, and Reggae Semiconductor, Inc (Autotech
Ventures)].

 

    2

     

    

  

“Blocker NOLs”
means the net operating losses, capital losses, disallowed interest expense carryforwards under Section 163(j) of the Code and
credit carryforwards of each Blocker relating to taxable periods ending on or prior to the Closing Date.

 

“Board” means
the Board of Directors of the Corporate Taxpayer.

 

“Business Day”
means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States
of America or the State of New York shall not be regarded as a Business Day.

 

“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
Exchange Act or any successor provisions thereto (excluding (a) a corporation or other entity owned, directly or indirectly, by
the stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer)
is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing more than 50%
of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or

 

(ii) the
following individuals cease for any reason to constitute a majority of the number of directors of the Corporate Taxpayer then serving:
individuals who, on the Closing Date, constitute the Board and any new director whose appointment or election by the Board or nomination
for election by the Corporate Taxpayer’s shareholders was approved or recommended by a vote of at least two-thirds of the
directors then still in office who either were directors on the Closing Date or whose appointment, election or nomination for election
was previously so approved or recommended by the directors referred to in this clause (ii); or

 

(iii) there
is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately
after the consummation of such merger or consolidation, either (x) the board of directors immediately prior to the merger or consolidation
does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company
is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such
merger or consolidation do not continue to represent or are not converted 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

 

(iv) the
shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there
is consummated an agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by
the Corporate Taxpayer of all or substantially all of the assets of the Corporate Taxpayer and its Subsidiaries, taken as a whole,
other than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the assets of the Corporate
Taxpayer and its Subsidiaries, taken as a whole, to an entity at least 50% of the combined voting power of the voting securities
of which are owned by shareholders of the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate
Taxpayer immediately prior to such sale.

 

    3

     

    

 

Notwithstanding the foregoing,
except with respect to clause (ii) and clause (iii)(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 the Corporate Taxpayer 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 the Corporate Taxpayer immediately following such transaction or series of transactions.

 

“Closing Date”
means the date of the consummation of the transactions contemplated by the Merger Agreement.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise.

 

“Corporate Taxpayer
Group” means the Corporate Taxpayer, any direct or indirect Subsidiary of the Corporate Taxpayer and any consolidated,
combined, unitary or similar group of entities that join in filing any Tax Return.

 

“Corporate Taxpayer
Return” means the federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect
to Taxes of any Taxable Year.

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years
of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the
same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent
Tax Benefit Schedules or Amended Schedules, if any, in existence at the time of such determination.

 

“Default Rate” means the LIBOR plus
500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state, foreign or local tax
law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the
amount of any liability for Tax.

 

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

 

“Early Termination Rate” means the
LIBOR plus 100 basis points.

 

    4

     

    

 

“Exchange”
shall have meaning provided in the Recitals; provided, however, that for the avoidance of doubt, a distribution of
cash to the members of OpCo on or around the Closing Date, which will be treated for U.S. federal income tax purposes, in whole
or in part, as a deemed sale of partnership interests in OpCo to the Corporate Taxpayer pursuant to Section 707(a) and 743(b) of
the Code) shall each be treated as Exchanges. The terms “Exchanged” and “Exchanges” shall
have correlative meanings.

 

“Exchange Date” means the date of
any Exchange.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii)
without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer Group, in each
case using the same methods, elections, conventions and similar practices used on the relevant Corporate Taxpayer Return, but (a)
using the Non-Stepped Up Tax Basis as reflected on the Basis and Attribute Schedule including amendments thereto for the Taxable
Year, (b) excluding any Blocker NOLs and (c) excluding any deduction attributable to Imputed Interest for the Taxable Year. For
the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of
any Tax item (or portions thereof) that is attributable to the Basis Adjustment, Blocker NOLs or Imputed Interest, as applicable.

 

“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 and any
similar provision of state, foreign or local tax law with respect to the Corporate Taxpayer’s payment obligations in respect
of such TRA Party under this Agreement. For the avoidance of doubt, the deduction for the amount of Imputed Interest as determined
with respect to any Net Tax Benefit payable by the Corporate Taxpayer to a TRA Party shall be excluded in determining the Hypothetical
Tax Liability of the Corporate Taxpayer for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant
to this Agreement.

 

“IRS” means the United States Internal
Revenue Service.

 

“LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two calendar days prior to
the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on
Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered
rates for United States dollar deposits for such period. Notwithstanding the foregoing sentence: (i) if the Corporate Taxpayer
reasonably determines, in good faith consultation with the TRA Party Representative, on or prior to the relevant date of determination
that the relevant London interbank offered rate for U.S. dollar deposits has been discontinued or such rate has ceased to be published
permanently or indefinitely, then “LIBOR” for the relevant interest period shall be deemed to refer to a substitute
or successor rate that the Corporate Taxpayer reasonably determines, in good faith consultation with the TRA Party Representative,
after consulting an investment bank of national standing in the United States and other reasonable sources, to be (a) the industry-accepted
successor rate to the relevant London interbank offered rate for U.S. dollar deposits or (b) if no such industry-accepted successor
rate exists, the most comparable substitute or successor rate to the relevant London interbank offered rate for U.S. dollar deposits;
and (ii) if the Corporate Taxpayer has determined a substitute or successor rate in accordance with the foregoing, the Corporate
Taxpayer may reasonably determine, in good faith consultation with the TRA Party Representative, after consulting an investment
bank of national standing in the United States and other reasonable sources, any relevant methodology for calculating such substitute
or successor rate, including any adjustment factor it reasonably determines, in good faith consultation with the TRA Party, is
needed to make such substitute or successor rate comparable to the relevant London interbank offered rate for U.S. dollar deposits,
in a manner that is consistent with industry-accepted practices for such substitute or successor rate. In the event that the TRA
Party Representative disagrees with any determination by the Corporate Taxpayer set forth in this paragraph, and such disagreement
is not resolved within thirty (30) days of submission by the TRA Party Representative of notice of such disagreement to the Corporate
Taxpayer, such disagreement shall be deemed a “Reconciliation Dispute,” and shall be subject to the Reconciliation
Procedures set forth in Section 7.9 hereof.

 

    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 Bloomberg; provided,
that if the closing price is not reported by the Bloomberg 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 Bloomberg;
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.

 

“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.

 

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

 

“Pre-Exchange
Transfer” means any transfer (including upon the death of a Member) or distribution in respect of one or more Units (a)
that occurs prior to an Exchange of such Units, and (b) to which Section 743(b) or 734(b) of the Code applies.

 

“Realized Tax
Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for
Taxes of (a) the Corporate Taxpayer and (b) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable
to the Corporate Taxpayer or to the other members of the consolidated group of which the Corporate Taxpayer is the parent for such
Taxable Year. 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.

 

    6

     

    

 

“Realized Tax
Detriment” means, for a Taxable Year, the excess, if any, of the actual liability over the Hypothetical Tax Liability
for Taxes of (a) the Corporate Taxpayer and (b) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable
to the Corporate Taxpayer or to the other members of the consolidated group of which the Corporate Taxpayer is the parent for such
Taxable Year. 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.

 

“Reference Asset”
means any tangible or intangible asset that is held by OpCo, or by any of its direct or indirect Subsidiaries at the time of an
Exchange. 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: (a) a Basis and Attribute Schedule, (b) a Tax Benefit Schedule, or (c) the Early Termination Schedule.

 

“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.

 

“Subsidiary
Stock” means any stock or other equity interest in any subsidiary entity of OpCo that is treated as a corporation for
United States federal income tax purposes.

 

“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including (without limitation) any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year”
means a taxable year of the Corporate Taxpayer 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 Closing Date.

 

“Taxes”
means any and all United States federal, state, local and foreign taxes, assessments or similar charges that are based on or measured
with respect to net income or profits (including any franchise taxes 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.

 

“TRA Party Representative”
means, initially, [•], or, if [•] becomes unable to perform the TRA Party Representative’s responsibilities hereunder
or resigns from such position, either (x) a replacement TRA Party Representative selected by [•], or (y) if [•] has not
selected a substitute TRA Party Representative at or prior to the time of such inability or resignation, that TRA Party or committee
of TRA Parties determined by a plurality vote of the TRA Parties ratably in accordance with their right to receive Early Termination
Payments hereunder if all TRA Parties had fully Exchanged their Units for Class A Shares or other consideration and the Corporate
Taxpayer had exercised its right of early termination on the date of the most recent Exchange.

 

    7

     

    

 

“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, (a) the Corporate Taxpayer will have taxable income sufficient to fully utilize (i) the deductions
arising from the Basis Adjustments, the Blocker NOLs 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 loss
or credit carryovers generated by deductions or losses arising from Basis Adjustments, the Blocker NOLs or Imputed Interest that
are available in the Taxable year that includes the Early Termination Date and any Blocker NOLs that have not been previously utilized
in determining a Tax Benefit Payment as of the Early Termination Date will be utilized by the Corporate Taxpayer in the earliest
possible Taxable Year permitted by the Code and the Treasury Regulations from the Early Termination Date, (b) the United States
federal, state and local 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, except to the extent any change to such tax
rates for such Taxable Year has already been enacted into law, (c) any non-amortizable assets will be disposed of on the fifteenth
anniversary of the applicable Basis Adjustment and any short-term investments will be disposed of 12 months following the Early
Termination Date; 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 (d) if, at the Early Termination
Date, there are Units that have not been Exchanged, then each such Unit is treated as Exchanged for the Market Value of the Class
A Shares or the amount of cash that would be transferred to such Person if the Exchange occurred on the Early Termination Date.

 

Section 1.2Other
Definitions. As used in this Agreement, the following terms are defined in the Sections indicated below:

 

	Term	 	 	Section
	Agreement	 	 	Recitals
	Amended Schedule	 	 	Section 2.2
	Basis and Attribute Schedule	 	 	Section 2.1
	Blocker Parties	 	 	Schedule A
	Catchup Payment	 	 	Schedule A
	Class A Shares	 	 	Recitals
	Code	 	 	Recitals
	Corporate Taxpayer	 	 	Recitals
	Dispute	 	 	Section 7.8(a)
	Early Termination Effective Date	 	 	Section 4.2
	Early Termination Notice	 	 	Section 4.2
	Early Termination Payment	 	 	Section 4.3(b)
	Early Termination Schedule	 	 	Section 4.2
	Exchange Agreement	 	 	Recitals
	Expert	 	 	Section 7.9
	Held Back Amount	 	 	Schedule A
	Joinder Requirement	 	 	Section 7.6(a)
	LLC Agreement	 	 	Recitals
	Material Objection Notice	 	 	Section 4.2
	Mergers	 	 	Recitals
	Merger Agreement	 	 	Recitals
	Net Tax Benefit	 	 	Section 3.1(b)
	Objection Notice	 	 	Section 2.2(a)
	Partial Payment	 	 	Schedule A
	Reconciliation Dispute	 	 	Section 7.9
	Reconciliation Procedures	 	 	Section 2.2(a)
	Reorganization Transactions	 	 	Recitals
	Senior Obligations	 	 	Section 5.1
	Tax Benefit Payment	 	 	Section 3.1(b)
	Tax Benefit Schedule	 	 	Section 2.2(a)
	TRA Party	 	 	Recitals
	Units	 	 	Recitals

 

    8

     

    

 

Article
II

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT

 

Section 2.1Basis
and Attribute Schedule. Within one hundred twenty (120) calendar days after the filing of the United States federal income
tax return of the Corporate Taxpayer for the Taxable Year in which the Reorganization Transactions are effected, and for each
Taxable Year thereafter, the Corporate Taxpayer shall deliver to each TRA Party a schedule (the “Basis and Attribute
Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, to the
extent applicable in each case: (a) the Non-Stepped Up Tax Basis of the Reference Assets in respect of such TRA Party as of each
applicable Exchange Date, (b) the Basis Adjustment with respect to the Reference Assets in respect of such TRA Party as a result
of the Exchanges effected in such Taxable Year by such TRA Party, calculated in the aggregate, (c) the period (or periods) over
which the Reference Assets in respect of such TRA Party are amortizable and/or depreciable, (d) the period (or periods) over which
each Basis Adjustment in respect of such TRA Party is amortizable and/or depreciable, (e) the Blocker NOLs, and (f) any applicable
limitations on the use of such Blocker NOLs for Tax purposes (including under Section 382 of the Code). For the avoidance of doubt,
the Basis and Attribute Schedule shall reflect all changes in the bases of Reference Assets arising other than from a Basis Adjustment
(e.g., as the result of an audit). Each Basis and Attribute Schedule will become final and binding on the Parties 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)).

 

Section 2.2Tax Benefit
Schedule.

 

(a) Tax
Benefit Schedule. Within one hundred twenty (120) calendar days after the filing of the United States federal income tax return
of the Corporate Taxpayer for each Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate
Taxpayer shall provide to each TRA Party a schedule showing, in reasonable detail, the calculation of the Tax Benefit Payment or
Realized Tax Detriment for such Taxable Year and the allocation of any Net Tax Benefit among the TRA Parties, which allocation
shall be made in accordance with Schedule A (a “Tax Benefit Schedule”). Each Tax Benefit Schedule will
become final and binding on the Parties 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. Subject to Section 3.3(a), 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 the Corporate Taxpayer for such Taxable Year attributable
to the Basis Adjustments, the Blocker NOLs and Imputed Interest, determined using a “with and without” methodology.
For the avoidance of doubt, the actual liability for Taxes will take into account the deduction of the portion of the Tax Benefit
Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional
consideration payable by the Corporate Taxpayer for the Units acquired in an Exchange. Carryovers or carrybacks of any Tax item
attributable to the Basis Adjustments, Blocker NOLs and Imputed Interest shall be considered to be subject to the rules of the
Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable,
governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any
Tax item includes a portion that is attributable to the Basis Adjustment, Blocker NOLs or Imputed Interest (a “TRA Portion”)
and another portion that is not, such portions shall be considered to be used in accordance with the “with and without”
methodology. For the avoidance of doubt, the TRA Portion of any Tax item when such item is incurred shall be determined using a
marginal “with and without” methodology by calculating (i) the amount of such Tax item for all Tax purposes taking
into account the Basis Adjustments, Blocker NOLs or Imputed Interest and (ii) the amount of such Tax item for all Tax purposes
without taking into account the Basis Adjustments, Blocker NOLs or Imputed Interest, with the TRA Portion equal to the excess of
the amount specified in clause (i) over the amount specified in clause (ii) (but only if such excess is greater than zero). The
parties agree that (1) all Tax Benefit Payments made to a TRA Party (other than the Blocker Parties) and attributable to the Basis
Adjustments (other than amounts accounted for as Imputed Interest) will be treated as subsequent upward purchase price adjustments
that have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment,
and (2) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into future year
calculations, as appropriate.

  

Section 2.3Procedures,
Amendments.

 

(a) Procedure.
Every time the Corporate Taxpayer delivers to a TRA Party an applicable Schedule under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.2(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer
shall also (x) deliver to such TRA Party supporting schedules, valuation reports, if any, and work papers, as determined by the
Corporate Taxpayer 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 the Corporate Taxpayer, as determined
by the Corporate Taxpayer or requested by such TRA Party, in connection with the review of such Schedule. Without limiting the
generality of the preceding sentence, the Corporate Taxpayer shall ensure that each Tax Benefit Schedule delivered to a TRA Party,
together with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the actual
liability of the Corporate Taxpayer for Taxes, the Hypothetical Tax Liability, and identifies any material assumptions or operating
procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become
final and binding on all parties thirty (30) calendar days from the date on which all relevant TRA Parties are treated as having
received the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) within thirty (30)
calendar days from such date provides the Corporate Taxpayer with notice of an objection to such Schedule (“Objection
Notice”) 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 shall become binding on the date such waiver is received by the Corporate
Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues
raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an Objection Notice,
the Corporate Taxpayer and the TRA Party Representative shall employ the reconciliation procedures as described in Section 7.9
of this Agreement (the “Reconciliation Procedures”).

 

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(b) Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection
with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt
of additional factual information relating to a Taxable Year after the date the Schedule was 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 Basis and Attribute Schedule to take into
account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer
shall provide an Amended Schedule to each TRA Party within thirty (30) calendar days of the occurrence of an event referenced in
clauses (i) through (vi) of the preceding sentence.

 

Article
III

TAX BENEFIT PAYMENTS

 

Section 3.1Payments.

 

(a) Payments.
Subject to Section 3.3, within ten (10) Business Days after all the Tax Benefit Schedules with respect to the taxable year delivered
to the TRA Party become final in accordance with Article II of this Agreement, Corporate Taxpayer shall pay or cause to be paid
to each applicable TRA Party for such taxable year such TRA Party’s Tax Benefit Payment (if any) determined in accordance
with and subject to Section 3.1(b) and the applicable final Tax Benefit Schedule. Each such payment shall be made by wire or Automated
Clearing House transfer of immediately available funds to the bank account previously designated by the applicable TRA Party to
Corporate Taxpayer or as otherwise agreed by Corporate Taxpayer and the applicable Exchanged Owner. For the avoidance of doubt,
no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, estimated U.S. federal
income tax payments.

 

(b) A “Tax Benefit
Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, which Corporate Taxpayer is
required to pay or cause to be paid pursuant to this Section 3.1, equal to the sum of the Net Tax Benefit that is allocable to
such TRA Party and the Interest Amount with respect thereto (less any Held Back Amount). 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 Units in Exchanges, unless otherwise required by law. Subject to Section 3.3(a), the “Net Tax Benefit” for
a Taxable Year shall be an amount equal to eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit, if any, as of
the end of such Taxable Year, over the total amount of payments previously made under this Section 3.1 (excluding payments attributable
to Interest Amounts); provided that, for the avoidance of doubt, no such recipient shall be required to return any portion
of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax Benefit
calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with respect to Taxes
for such Taxable Year until the payment date under Section 3.1(a) and Schedule A. Notwithstanding the foregoing, for each
Taxable Year ending on or after the date of a Change of Control that occurs after the Closing Date, all Tax Benefit Payments shall
be calculated by utilizing Valuation Assumptions (a), (c) and (d), substituting in each case the terms “the closing date
of a Change of Control” for an “Early Termination Date.”

 

Section 3.2No
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 3.3Pro
Rata Payments; Coordination of Benefits With Other Tax Receivable Agreements.

 

(a) Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate Tax benefit of the Corporate Taxpayer with respect to
the Basis Adjustments, Blocker NOLs or Imputed Interest, as such terms are defined in this Agreement, is limited in a particular
Taxable Year because the Corporate Taxpayer does not have sufficient taxable income, the Net Tax Benefit for the Corporate Taxpayer
shall be allocated among all TRA Parties eligible for payments under this Agreement in proportion to the respective amounts of
Net Tax Benefit that would have been allocated to each such TRA Party if the Corporate Taxpayer had sufficient taxable income so
that there were no such limitation.

 

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(b) If
for any reason (including as contemplated by Section 3.3(a)) the Corporate Taxpayer 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 the Corporate Taxpayer
and the TRA Parties agree that no Tax Benefit Payment shall be made in respect of any subsequent Taxable Year until all Tax Benefit
Payments in respect of prior Taxable Years have been made in full.

 

(c) Any
Tax Benefit Payment or Early Termination Payment required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement
shall rank senior in right of payment to any principal, interest or other amounts due and payable in respect of any similar agreement
(“Other Tax Receivable Obligations”). The effect of any other similar agreement shall not be taken into account
in respect of any calculations made hereunder.

 

Article
IV

TERMINATION

 

Section 4.1Early
Termination and Breach of Agreement.

 

(a) The
Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all
of the Units 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 upon the receipt of the Early Termination Payment
by all TRA Parties; provided further that the Corporate Taxpayer may withdraw any notice to execute its termination rights
under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination
Payment by the Corporate Taxpayer, none of the TRA Parties or the Corporate Taxpayer shall have any further payment obligations
under this Agreement, other than for any (i) Tax Benefit Payment due and payable that remains outstanding as of the date the Early
Termination Notice is delivered and (ii) 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 (ii) is included in the Early Termination Payment).
If an Exchange occurs after the Corporate Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer
shall have no obligations under this Agreement with respect to such Exchange.

 

(b) In
the event that the Corporate Taxpayer (1) breaches any of its material obligations under this Agreement, whether as a result of
failure to make any payment when due, failure to honor any other material obligation required hereunder or (2)(A) the Corporate
Taxpayer commences any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect
to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, or it shall make a general
assignment for the benefit of creditors or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or
other action of the nature referred to in clause (A) above that remains undismissed or undischarged for a period of sixty (60)
days, 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, but not be limited to, (i) the Early Termination Payments calculated
as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment in respect of a TRA
Party agreed to by the Corporate Taxpayer and such TRA Party as due and payable but unpaid as of the date of a breach, and (iii)
any Tax Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the date of a breach; provided,
that procedures similar to the procedures of Section 4.2 shall apply with respect to the determination of the amount payable by
the Corporate Taxpayer pursuant to this sentence. Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches
this Agreement, each TRA Party shall be entitled to elect to receive the amounts set forth in clauses (i), (ii) and (iii) above
or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this
Agreement within three 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, and that it will not be considered to be a breach of a material obligation under
this Agreement to make a payment due pursuant to this Agreement within three months of the date such payment is due. Notwithstanding
anything in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make
any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds to make such payment in the Corporate
Taxpayer’s sole judgment exercised in good faith; provided that the interest provisions of Section 5.2 shall apply
to such late payment.

 

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(c) In
the event of a Change of Control, then all obligations hereunder with respect to any Exchanges occurring prior to such Change of
Control shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the
date of such Change of Control and shall include (1) the Early Termination Payments calculated with respect to such prior Exchanges
as if the Early Termination Date is the date of such Change of Control, (2) any Tax Benefit Payment due and payable and that remains
unpaid as of the date of such Change of Control, 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 Change of Control. In the event of a Change of Control, any Early Termination Payment
described in the preceding sentence shall be calculated utilizing Valuation Assumptions (1), (2), (3) and (4), substituting in
each case the terms “date of a Change of Control” for an “Early Termination Date.” Any Exchanges with respect
to which a payment has been made under this Section 4.1(c) shall be excluded in calculating any future Tax Benefit Payments, or
Early Termination Payments, and this Agreement shall have no further application to such Exchanges.

 

 Section 4.2Early
Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1 above,
the Corporate Taxpayer shall deliver to each TRA Party a notice (“Early Termination Notice”) and a schedule
(the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right
and showing in reasonable detail the calculation of the Early Termination Payment(s) due for each TRA Party. Each Early Termination
Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which all TRA Parties
are treated as having received such Schedule or amendment thereto under Section 7.1 unless, prior to such thirtieth calendar day,
the TRA Party Representative (a) provides the Corporate Taxpayer with notice of a material objection to such Schedule made in
good faith (“Material Objection Notice”) or (b) provides a written waiver of such right of a Material Objection
Notice, in which case such Schedule will become binding on the date the waiver is received by the Corporate Taxpayer (the “Early
Termination Effective Date”). If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable
to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer
of the Material Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the Reconciliation Procedures
in which case such Schedule shall become binding ten (10) calendar days after the conclusion of the Reconciliation Procedures.

 

Section 4.3Payment
upon Early Termination.

 

(a) Within
three (3) calendar days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an amount
equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made, at the sole discretion of Corporate
Taxpayer, by wire or Automated Clearing House transfer of immediately available funds to a bank account or accounts designated
by the applicable TRA Party or as otherwise agreed by Corporate Taxpayer or the TRA Party.

 

(b) “Early
Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early Termination Rate
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 the Corporate Taxpayer beginning from the Early Termination Date and assuming that (i) the Valuation Assumptions
in respect of such TRA Party are applied (ii) for each Taxable Year, the Tax Benefit Payment is paid ninety-five (95) calendar
days after the due date, assuming an extension, of the U.S. federal income tax return of the Corporate Taxpayer and (iii) for purposes
of calculating the Early Termination Rate, LIBOR shall be LIBOR as of the date of the Early Termination Notice.

 

Section 4.4Scheduled
Termination. No Tax Benefit Payment shall accrue, or shall become due or payable with respect to any Exchange, after the 40th
anniversary (the “Scheduled Termination Date”) of the effective date of such Exchange. For avoidance
of doubt, this Agreement shall continue to be in effect in periods after the Scheduled Termination Date with respect to Tax Benefit
Payments that arise on or before such date, or any adjustment thereto, and shall terminate upon such time as all Tax Benefit Payments
due and payable hereunder have been paid and the Determinations have been made with respect to all such payments.

 

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Article
V

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required
to be made by the Corporate Taxpayer 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 the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”), shall rank senior in right of
payment to any principal, interest or other amounts due and payable in respect of any Other Tax Receivable Obligation, and shall
rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations
or Other Tax Receivable Obligations. To the extent that any payment under this Agreement is not permitted to be made at the time
payment is due as a result of this Section 5.1 and the terms of agreements governing Senior Obligations, such payment obligation
nevertheless shall accrue for the benefit of TRA Parties and the Corporate Taxpayer shall make such payments at the first opportunity
that such payments are permitted to be made in accordance with the terms of the Senior Obligations.

 

Section 5.2Late
Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment,
Partial Payment or Catchup Payment 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, Partial Payment or Catchup Payment was due and payable.

 

Article
VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1Participation
in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided herein, the Corporate Taxpayer
shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer and OpCo, including
the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding
the foregoing, the Corporate Taxpayer shall notify the TRA Party Representative of, and keep the TRA Party Representative reasonably
informed with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing Authority the outcome of which
is reasonably expected to affect the rights and obligations of a TRA Party under this Agreement, and shall provide to the TRA
Party Representative reasonable opportunity to provide information and other input to the Corporate Taxpayer, OpCo and their respective
advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer
and OpCo shall not be required to take any action that is inconsistent with any provision of the LLC Agreement or Exchange Agreement.

 

Section 6.2Consistency.
The Corporate Taxpayer 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 the Basis Adjustments and each Tax Benefit
Payment) in a manner consistent with that specified by the Corporate Taxpayer in any Schedule required to be provided by or on
behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law.

 

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Section 6.3Cooperation.
Each of the TRA Parties shall (a) furnish to the Corporate Taxpayer in a timely manner such information, documents and other materials
as the Corporate Taxpayer 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 Corporate Taxpayer and its representatives to provide explanations of documents and
materials and such other information as the Corporate Taxpayer 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 the Corporate
Taxpayer shall reimburse each such TRA Party for any reasonable third-party costs and expenses incurred pursuant to this Section.

 

Article
VII

MISCELLANEOUS

 

Section 7.1Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and
received (a) on the date of delivery if delivered personally, or by facsimile or email with confirmation of transmission by the
transmitting equipment or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated
in writing by the party to receive such notice:

 

If to the Corporate Taxpayer, to:

 

Thunder Bridge Acquisition II, Ltd.

9912 Georgetown Pike, Suite D203

Great Falls, Virginia 22066

Attention: Gary Simanson, CEO

(202) 431-0507 (phone)

gsimanson@thunderbridge.us

 

with a copy (which shall not constitute
notice to the Corporate Taxpayer) to:

 

Nelson Mullins Riley & Scarborough LLP

101 Constitution Ave NW, Suite 900

Washington, DC 20001

Attention: Jonathan Talcott

E. Peter Strand

(202) 689-2906 (phone)

Jon.talcott@nelsonmullins.com

Peter.strand@nelsonmullins.com

 

And

 

If to the TRA Parties, to the address
and other contact information set forth in the records of OpCo from time to time.

 

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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 7.2Counterparts.
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 7.3Entire
Agreement; Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements
and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be
binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing
in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

Section 7.4Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by the laws of the state of Delaware. The parties
irrevocably consent to the exclusive jurisdiction of the courts of the state of Delaware and of the federal courts sitting in
the state of Delaware in connection with any action relating to this Agreement and each party agrees (a) to the extent such party
is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware
as such party’s agent for acceptance of legal process, and (b) that, to the fullest extent permitted by applicable law,
service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United
States Postal Service constituting evidence of valid service, and that service made pursuant to (a) or (b) above shall, to the
fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within
the State of Delaware. To the extent not prohibited by applicable law, each party hereto waives and agrees not to assert, by way
of motion, as a defense or otherwise, in any such proceeding brought in the above-named courts, any claim that such party is not
subject personally to the jurisdiction of such courts, that such party’s property is exempt or immune from attachment or
execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is improper, or that this
Agreement or the subject matter thereof, may not be enforced in or by such courts. Each of the parties hereto hereby irrevocably
and unconditionally waives trial by jury in any legal action or proceeding in relation to this Agreement and for any counterclaim
herein.

 

Section 7.5Severability.
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.

 

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Section 7.6Successors;
Assignment; Amendments; Waivers.

 

(a) Each
TRA Party may assign any of its rights under this Agreement 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 form and substance reasonably satisfactory
to the Corporate Taxpayer (the “Joinder Requirement”), agreeing to become a TRA Party for all purposes of this
Agreement; provided, however, that to the extent any TRA Party sells, exchanges, distributes, or otherwise transfers
Units to any Person (other than the Corporate Taxpayer or the OpCo) in accordance with the terms of the Exchange Agreement and/or
LLC Agreement, such TRA Party shall have the option to assign to the transferee of such Units its rights under this Agreement with
respect to such transferred Units; provided, further, that such transferee has satisfied the Joinder Requirement.
For the avoidance of doubt, if a TRA Party transfers Units in accordance with the terms of the Exchange Agreement and/or LLC Agreement
but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such
TRA Party shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such
Units and such transferee may not enforce the provisions of this Agreement. Notwithstanding any other provision of this Agreement,
an assignee of only rights to receive a Tax Benefit Payment in connection with an Exchange has no rights under this Agreement other
than to enforce its right to receive a Tax Benefit Payment pursuant to this Agreement.

 

(b) No
provision of this Agreement may be amended unless such amendment is approved in writing by the Corporate Taxpayer and by the TRA
Party Representative and no provision of this Agreement may be waived unless such waiver is in writing and signed by the party
against whom the waiver is to be effective (or, in the case of a waiver by all TRA Parties, signed by the TRA Party Representative);
provided that no such amendment or waiver shall be effective if such amendment or waiver will have a disproportionate and
adverse effect on the payments certain TRA Parties will or may receive under this Agreement unless such amendment or waiver is
consented in writing by the TRA Parties disproportionately and adversely affected who would be entitled to receive at least majority
of the total amount of the Early Termination Payments payable to all TRA Parties disproportionately and adversely affected hereunder
if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment
or waiver (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement since the date
of such most recent Exchange).

 

(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. The Corporate
Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree
to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if
no such succession had taken place.

 

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Section 7.7Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

 

Section 7.8Reserved.

 

Section 7.9Reconciliation.
In the event that the Corporate Taxpayer and the TRA Party Representative are unable to resolve a disagreement with respect to
the matters (x) governed by Sections 2.2 and 4.2 or (y) described in the definition of “LIBOR” 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 the Corporate Taxpayer and the TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs
the Expert shall not, have any material relationship with the Corporate Taxpayer or the TRA Party Representative or other actual
or potential conflict of interest. If the Corporate Taxpayer and the TRA Party Representative 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
Basis and Attribute Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30)
calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar
days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution.
Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement
would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed
amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer,
subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending
any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the
TRA Party Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the TRA Party
Representative’s position, in which case the Corporate Taxpayer shall reimburse the TRA Party Representative for any reasonable
out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which
case the TRA Party Representative shall reimburse the Corporate Taxpayer 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 7.9 shall
be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant
to this Section 7.9 shall be binding on the Corporate Taxpayer and each of the TRA Parties and may be entered and enforced in
any court having jurisdiction.

 

Section 7.10Withholding.
The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts
as the Corporate Taxpayer 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. To the extent that amounts are so withheld and paid over to the appropriate Taxing
Authority by the Corporate Taxpayer, 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 the Corporate Taxpayer
with any applicable tax forms and certifications reasonably requested by the Corporate Taxpayer 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.

 

    17

     

    

 

Section 7.11Admission
of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

(a) If
the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated
income tax return pursuant to Sections 1501 et seq. 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) 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 transfer. The consideration deemed to be received by such entity shall be equal to the gross fair market value
of the transferred asset. For purposes of this Section 7.11(b), 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 7.11(a) that is obligated to make a Tax Benefit Payment or Early Termination Payment
hereunder deconsolidates from the group (or the Corporate Taxpayer deconsolidated from the group), then the Corporate Taxpayer
shall cause such member (or the parent of the consolidated group in a case where the Corporate Taxpayer 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 7.11(a) assumes an obligation to make Tax Benefit
Payments hereunder, then the initial obligor is relieved of the obligation assumed

 

Section 7.12Confidentiality.

 

(a) Each
TRA Party and each of their assignees acknowledges and agrees that the information of the Corporate Taxpayer is confidential and,
except in the course of performing any duties as necessary for the Corporate Taxpayer 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 confidence in accordance with this
Agreement, and not disclose to any Person, any confidential matters acquired pursuant to this Agreement of the Corporate Taxpayer
and its Affiliates and successors, concerning OpCo and its Affiliates and successors or the Members, learned by the TRA Party heretofore
or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer
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, (ii) the disclosure of information to the extent necessary for the TRA Party to
assert its rights hereunder or defend itself in connection with any action or proceeding arising out of, or relating to, this Agreement,
(iii) any information that was in the possession of, or becomes available to, the TRA Party from a source other than the Corporate
Taxpayer, its Affiliates or its or their respective representatives (provided that such source is not known by the TRA Party
to be bound by a legal, contractual or fiduciary confidentiality obligation not to disclose such information) and (iv) 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 governmental or taxing authority or to prosecute or defend any action, proceeding or audit by any governmental
or 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 the TRA Party or its assignees, as applicable) may disclose to any
and all Persons the tax treatment and tax structure of the Corporate Taxpayer, OpCo and their Affiliates, and any of their transactions,
and all materials of any kind (including opinions or other tax analyses) that are provided to the 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 7.12, the
Corporate Taxpayer shall have the right and remedy to seek to have the provisions of this Section 7.12 specifically enforced by
injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security. 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.

 

    18

     

    

 

Section 7.13Change
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 the TRA Party upon any Exchange by such TRA Party to be treated as ordinary income
rather than capital gain (or otherwise taxed at ordinary income rates) for United States federal income tax purposes or would
have other material adverse tax consequences to 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 by such TRA Party 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 at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

 

Section 7.14Reserved.

 

Section 7.15Independent
Nature of TRA Parties’ Rights and Obligations. The obligations of each TRA Party hereunder are several and not joint
with the obligations of any other TRA Party, and no TRA Party shall be responsible in any way for the performance of the obligations
of any other TRA Party hereunder. The decision of each TRA Party to enter into this Agreement has been made by such TRA Party
independently of any other TRA Party. Nothing contained herein, and no action taken by any TRA Party pursuant hereto, shall be
deemed to constitute the TRA Parties as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the TRA Parties are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated hereby and the Corporate Taxpayer acknowledges that the TRA Parties are not acting in concert or as a group, and
the Corporate Taxpayer will not assert any such claim, with respect to such obligations or the transactions contemplated hereby.

 

Section 7.16TRA
Party Representative.

 

(a) Without
further action of any of the Corporate Taxpayer, the TRA Party Representative or any TRA Party, and as partial consideration in
respect of the benefits conferred by this Agreement, the TRA Party Representative is hereby irrevocably constituted and appointed
as the TRA Party Representative, with full power of substitution, to take any and all actions and make any decisions required or
permitted to be taken by the TRA Party Representative under this Agreement.

 

(b) If
at any time the TRA Party Representative shall incur out of pocket expenses in connection with the exercise of its duties hereunder,
upon written notice to the Corporate Taxpayer from the TRA Party Representative of documented costs and expenses (including fees
and disbursements of counsel and accountants) incurred by the TRA Party Representative in connection with the performance of its
rights or obligations under this Agreement and the taking of any and all actions in connection therewith, the Corporate Taxpayer
shall reduce the future payments (if any) due to the TRA Parties hereunder pro rata by the amount of such expenses which it shall
instead remit directly to the TRA Party Representative. In connection with the performance of its rights and obligations under
this Agreement and the taking of any and all actions in connection therewith, the TRA Party Representative shall not be required
to expend any of its own funds (though, for the avoidance of doubt but without limiting the provisions of this Section 7.16(b),
it may do so at any time and from time to time in its sole discretion).

 

    19

     

    

 

(c) The
TRA Party Representative shall not be liable to any TRA Party for any act of the TRA Party Representative arising out of or in
connection with the acceptance or administration of its duties under this Agreement, except to the extent any liability, loss,
damage, penalty, fine, cost or expense is actually incurred by such TRA Party as a proximate result of the bad faith or willful
misconduct of the TRA Party Representative (it being understood that any act done or omitted pursuant to the advice of legal counsel
shall be conclusive evidence of such good faith judgment). The TRA Party Representative shall not be liable for, and shall be indemnified
by the TRA Parties (on a several but not joint basis) for, any liability, loss, damage, penalty or fine incurred by the TRA Party
Representative (and any cost or expense incurred by the TRA Party Representative in connection therewith and herewith and not previously
reimbursed pursuant to subsection (b) above) arising out of or in connection with the acceptance or administration of its duties
under this Agreement, and such liability, loss, damage, penalty, fine, cost or expense shall be treated as an expense subject to
reimbursement pursuant to the provisions of subsection (b) above, except to the extent that any such liability, loss, damage, penalty,
fine, cost or expense is the proximate result of the bad faith or willful misconduct of the TRA Party Representative (it being
understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith
judgment); provided, however, in no event shall any TRA Party be obligated to indemnify the TRA Party Representative hereunder
for any liability, loss, damage, penalty, fine, cost or expense to the extent (and only to the extent) that the aggregate amount
of all liabilities, losses, damages, penalties, fines, costs and expenses indemnified by such TRA Party hereunder is or would be
in excess of the aggregate payments under this Agreement actually remitted to such TRA Party.

 

(d) Subject
to Section 7.6(b), a decision, act, consent or instruction of the TRA Party Representative shall constitute a decision of all TRA
Parties and shall be final, binding and conclusive upon each TRA Party, and the Corporate Taxpayer may rely upon any decision,
act, consent or instruction of the TRA Party Representative as being the decision, act, consent or instruction of each TRA Party.
The Corporate Taxpayer is hereby relieved from any liability to any person for any acts done by the Corporate Taxpayer in accordance
with any such decision, act, consent or instruction of the TRA Party Representative.

 

[The remainder of this page is intentionally
blank]

 

    20

     

    

  

IN WITNESS WHEREOF,
the Corporate Taxpayer, the TRA Party Representative and each TRA Party have duly executed this Agreement as of the date first
written above.

 

	 	Corporate Taxpayer:
	 	 
	 	THUNDER BRIDGE ACQUISITION II, LTD.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TRA Party Representative:
	 	 
	 	[•]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	       

 

[Signature Page – Tax Receivable
Agreement]

 

    21

     

    

 

	 	TRA Parties:
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 

 

 

[Signature Page – Tax Receivable
Agreement]

 

    22

     

    

 

 

SCHEDULE A

 

In accordance with
Section 3,1, the entire Net Tax Benefit for each Taxable Year shall be paid within five (5) Business Days after the date on which
the Tax Benefit Schedule for such Taxable Year becomes final in accordance with Section 2.2(a) (such final date, the “Payment
Determination Date”), provided that with respect to a Tax Benefit Payment arising solely out of Blocker NOLs,
if a TRA Party has Exchanged less than all of the Units held by such TRA Party immediately prior to the Closing Date (as indicated
in the chart below), (i) such TRA Party’s Tax Benefit Payment in respect of such Blocker NOLs shall be reduced by a percentage
equal to the percentage of the Units still held by such TRA Party on the Payment Determination Date (such partial amount paid,
the “Partial Payment”), (ii) the amount by which such payment shall have been reduced (the “Held Back
Amount”) shall be set aside, segregated and held in trust by the Corporate Taxpayer, and (iii) within [thirty (30) Business
Days] after such TRA Party Exchanges any additional Units (an “Additional Exchange”), the TRA Party shall be
paid out of such Held Back Amount an amount (such additional payment, a “Catchup Payment”) equal to (x) the
amount such TRA Party would have been paid for such Taxable Year had such additional Units also been Exchanged prior to such Payment
Determination Date minus (y) the Partial Payment (and the aggregate amount of any Catchup Payments previously made to such
TRA Party out of such Held Back Amount).

 

All TRA Parties share
in Net Tax Benefits derived from Blocker NOLs in accordance with the column below entitled “Relative Ownership Percentage
(NOL Payments).” Net Tax Benefits derived from a Basis Adjustment resulting from an Exchange by a TRA Party shall be allocated
solely to the TRA Party effecting such Exchange (in accordance with Section 2.1(b)) and the “Blocker Parties”
identified below in accordance with the column below entitled “Relative Ownership Percentage (Basis Payments).”

 

 

	Name of TRA Party	 	Units Held Immediately Prior
    to Closing Date	 	 	Relative Ownership Percentage
 (NOL Payments)
	 	 	Relative Ownership Percentage
 (Basis Payments)
	 
	[PRINCIPAL OWNER]	 	 		 	 	 		 	 	 		 
	[PRINCIPAL OWNER]	 	 	 	 	 	 	 	 	 	 	 	 
	[PRINCIPAL OWNER]	 	 	 	 	 	 	 	 	 	 	 	 
	[PRINCIPAL OWNER]	 	 	 	 	 	 	 	 	 	 	 	 
	[PRINCIPAL OWNER]	 	 	 	 	 	 	 	 	 	 	 	 
	[BLOCKER PARTY]	 	 	 	 	 	 	 	 	 	 	 	 
	[BLOCKER PARTY]	 	 	 	 	 	 	 	 	 	 	 	 
	[BLOCKER PARTY]	 	 	 	 	 	 	 	 	 	 	 	 
	[BLOCKER PARTY]	 	 	 	 	 	 	 	 	 	 	 	 

 

  

23Exhibit 10.4

 

SPONSOR SUPPORT AGREEMENT

 

This SPONSOR SUPPORT
AGREEMENT, dated as of December 14, 2020 (this “Agreement”), by and among Thunder Bridge Acquisition II, Ltd.,
a Cayman Islands exempted company (together with any successor entity resulting from its domestication, “Thunder Bridge
II”), Thunder Bridge II Surviving Pubco, Inc., a Delaware corporation (“ParentCo”), Ay Dee Kay LLC,
d/b/a indie Semiconductor, a California limited liability company (the “Company”), Thunder Bridge Acquisition
II LLC ( “Sponsor”), and Gary A. Simanson, as managing member of Sponsor (“Simanson”). Terms
used but not defined in this Agreement shall have the meanings ascribed to them in the MTA (as defined below).

 

WHEREAS, Thunder Bridge
II, the Company, Thunder Bridge II, ParentCo, TBII Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of ParentCo
(“TBII Merger Sub”), ADK Merger Sub, a Delaware limited liability company and wholly-owned subsidiary of ParentCo
(“ADK Merger Sub”) and certain other persons propose to enter into, simultaneously herewith, a master transactions
agreement (the “MTA”), a copy of which has been made available to Sponsor, which provides, among other things,
that, upon the terms and subject to the conditions thereof, TBII Merger Sub will be merged with and into Thunder Bridge II (the
“TBII Merger”), with Thunder Bridge II surviving the TBII Merger as a wholly owned subsidiary of ParentCo, and
ADK Merger Sub will be merged with and into the Company (the “ADK Merger”), with the Company surviving the ADK
Merger as ultimately, an indirect wholly-owned subsidiary of ParentCo;

 

WHEREAS, as of the
date hereof, the Sponsor owns 8,6245,000 shares of Class B ordinary shares of Thunder Bridge II (all such shares of Thunder Bridge
II ordinary shares and any shares of Thunder Bridge II Common Stock, or any successor shares of ParentCo of which ownership of
record or the power to vote is hereafter acquired by the Sponsor prior to the termination of this Agreement being referred to herein
as the “Shares”); and

 

WHEREAS, in order to
induce the Company, Thunder Bridge II, ParentCo, TBII Merger Sub and ADK Merger Sub to enter into the MTA, the Sponsor and Simanson
are executing and delivering this Agreement to the Company.

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally bound hereby,
Sponsor, Simanson, the Company, ParentCo and Thunder Bridge II hereby agrees as follows:

 

1. Agreement
to Vote. Sponsor, with respect to the Shares, hereby agrees (and agrees to execute such documents or certificates
evidencing such agreement as the Company may reasonably request in connection therewith) to vote at any meeting of the
stockholders of Thunder Bridge II, and in any action by written consent of the stockholders of Thunder Bridge II, to approve
the MTA, all of the Shares (a) in favor of the approval and adoption of the MTA, the transactions contemplated by the MTA and
this Agreement, (b) in favor of any other matter reasonably necessary to the consummation of the transactions contemplated by
the MTA and considered and voted upon by the stockholders of Thunder Bridge II (including the Voting Matters (as defined in
the MTA)), (c) in favor of the approval and adoption of the Equity Incentive Plan (as defined in the MTA), (d) for the
appointment, and designation of classes, of the members of the Post-Closing Surviving Pubco Board (as defined in the MTA) and
(e) against any action, agreement or transaction (other than the MTA or the transactions contemplated thereby) or proposal
that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of ParentCo or
Thunder Bridge II under the MTA or that would reasonably be expected to result in the failure of the transactions
contemplated by the MTA from being consummated. Sponsor acknowledges receipt and review of a copy of the MTA.

 

     

     

    

 

2. Transfer
of Shares. Sponsor agrees that it shall not, directly or indirectly, except as otherwise contemplated pursuant to the Sponsor
Letter (as defined in the MTA), (a) sell, assign, transfer (including by operation of law), lien, pledge, distribute, dispose of
or otherwise encumber any of the Shares or otherwise agree to do any of the foregoing (unless the transferee agrees to be bound
by this Agreement), (b) deposit any Shares into a voting trust or enter into a voting agreement or arrangement or grant any proxy
or power of attorney with respect thereto that is inconsistent with this Agreement, (c) enter into any contract, option or other
arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation
of law) or other disposition of any Shares (unless the transferee agrees to be bound by this Agreement) or (d) take any action
that would have the effect of preventing or disabling Sponsor from performing its obligations hereunder.

 

3. Representations
and Warranties. Sponsor represents and warrants for and on behalf of itself to the Company as follows:

 

(a) The
execution, delivery and performance by Sponsor and Simanson of this Agreement and the consummation by Sponsor of the transactions
contemplated hereby do not and will not (i) conflict with or violate any Law or Order applicable to Sponsor, (ii) require any consent,
approval or authorization of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the
creation of any Lien on any Shares (other than pursuant to this Agreement or transfer restrictions under applicable securities
laws or the Organizational Documents of Sponsor) or (iv) conflict with or result in a breach of or constitute a default under any
provision of Sponsor’s Organizational Documents.

 

(b) Sponsor
owns of record and has good, valid and marketable title to the Shares free and clear of any Lien (other than pursuant to this Agreement
or transfer restrictions under applicable securities Laws or the Organizational Documents of Sponsor) and has the sole power (as
currently in effect) to vote and, subject to the provisions of the Sponsor Letter, has the full right, power and authority to sell,
transfer and deliver such Shares, and Sponsor does not own, directly or indirectly, any other Shares, other than 8,650,000 Thunder
Bridge II Warrants held by Sponsor.

 

(c) Sponsor
has the power, authority and capacity to execute, deliver and perform this Agreement and that this Agreement has been duly authorized,
executed and delivered by Sponsor.

 

4. Termination.
This Agreement and the obligations of Sponsor under this Agreement shall automatically terminate upon the earliest of: (a)
the Effective Time; (b) the termination of the MTA in accordance with its terms; and (c) the mutual agreement of the Company
and Thunder Bridge II. Upon termination or expiration of this Agreement, no party shall have any further obligations or
liabilities under this Agreement; provided, however, such termination or expiration shall not relieve any party from
liability for any willful breach of this Agreement occurring prior to its termination.

 

    2

     

    

 

5. Miscellaneous.

 

(a) Except
as otherwise provided herein or in any Transaction Document, all costs and expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions
contemplated hereby are consummated.

 

(b) All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by telecopy or e-mail or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as
shall be specified in a notice given in accordance with this Section 5 (b)):

 

If to ParentCo, Sponsor or Thunder Bridge II:

 

9912 Georgetown Pike, Suite D203

Great Falls, Virginia 22066

Attention: Gary Simanson, CEO

Telephone: (202) 431-0507

Email: gsimanson@thunderbridge.us

 

with a copy to:

 

Nelson Mullins Riley & Scarborough LLP

101 Constitution Ave NW, Suite 900

Washington, DC 20001

Attention: Jonathan Talcott; E. Peter Strand

Telephone: (202) 689-2906

Email: Jon.talcott@nelsonmullins.com

Peter.strand@nelsonmullins.com

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attention: Douglas Ellenoff, Esq.

Matthew A. Gray, Esq.

Telephone: (212) 370-1300

Email: ellenoff@egsllp.com; mgray@egsllp.com

 

    3

     

    

 

If to the Company, to:

 

indie Semiconductor

32 Journey

Aliso Viejo, California 92656

Attention: Tom Schiller, CFO

Telephone: [•]

Email: Tom@indiesemi.com

 

with a copy to:

 

Loeb & Loeb

345 Park Avenue

New York, New York 10154

Attention: Mitchell Nussbaum; Giovanni Caruso

Telephone: (212) 407-4159

Email: mnussbaum@loeb.com; gcaruso@loeb.com

 

(c) If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions 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 a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible.

 

(d) This
Agreement, the MTA and the Transaction Documents constitute the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with
respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or
otherwise).

 

(e) This
Agreement shall be binding upon and inure solely to the benefit of each party hereto, 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.

 

(f) The
parties hereto agree that irreparable damage may occur in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or in equity. Each of the parties agrees that it shall not oppose the granting of an injunction, specific performance
and other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the other parties
have an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity.
Any party seeking an injunction or injunctions to prevent breaches or threatened breaches of, or to enforce compliance with this
Agreement when expressly available pursuant to the terms of this Agreement shall not be required to provide any bond or other security
in connection with any such Order.

 

    4

     

    

 

(g) This Agreement
shall be governed by, and construed in accordance with, the Laws of the State of New York applicable to contracts executed in
and to be performed in that State without giving effect to principles or rules of conflict of laws to the extent such
principles or rules would require or permit the application of Laws of another jurisdiction. All actions, suits or
proceedings (collectively, “Action”). All Actions arising out of or relating to this Agreement shall be
heard and determined exclusively in any federal or state court having jurisdiction within the State of New York. The parties
hereto hereby (i) submit to the exclusive jurisdiction of federal or state courts within the State of New York for the
purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably waive,
and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the
transactions contemplated hereunder may not be enforced in or by any of the above-named courts.

 

(h) This
Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement.

 

(i) Without
further consideration, each party shall use commercially reasonable efforts to execute and deliver or cause to be executed and
delivered such additional documents and instruments and take all such further action as may be reasonably necessary or desirable
to consummate the transactions contemplated by this Agreement.

 

(j) This
Agreement shall not be effective or binding upon Sponsor until such time as the MTA is executed by each of the parties thereto.

 

(k) If,
and as often as, there are any changes in Thunder Bridge II or the Thunder Bridge II Common Stock by way of stock split, stock
dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination,
or by any other means, equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights,
privileges, duties and obligations hereunder shall continue with respect to Thunder Bridge II, Sponsor and the Shares as so changed.

 

(l) Each
of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury
with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the parties
hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that
such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and
the other parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable,
by, among other things, the mutual waivers and certifications in this Paragraph (l).

 

[Signature pages follow]

 

    5

     

    

 

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

 

	 	THUNDER BRIDGE ACQUISITION II, LTD.

 

	 	By:	/s/ Gary A. Simanson
	 	Name:	Gary A. Simanson
	 	Title:	Chief Executive Officer

 

	 	THUNDER BRIDGE II SURVIVING PUBCO, INC.

 

	 	By:	/s/ Gary A. Simanson
	 	Name:	Gary A. Simanson
	 	Title:	President

 

	 	AY
    DEE KAY, LLC d/b/a INDIE SEMICONDUCTOR

 

	 	By:	/s/ Donald McClymont
	 	Name:	Donald McClymont
	 	Title:	Chief Executive Officer

 

[Signature
Page to Sponsor Support Agreement]

 

    6

     

    

 

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

 

	 	SPONSOR
	 	 
	 	Thunder
    Bridge Acquisition II LLC

 

	 	By:	/s/ Gary A. Simanson
	 		Name: Gary Simanson
	 	 	Its: Managing Member

 

	 	Gary A. Simanson, as Managing Member of Thunder Bridge
    Acquisition II LLC

 

	 	By:	/s/ Gary A. Simanson

 

[Signature
Page to Sponsor Support Agreement]

 

 

7

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