Document:

EX-10.3

 Exhibit 10.3 

STOCKHOLDERS AGREEMENT 

AGREEMENT, dated as of August 9, 2021 (“Agreement”) among the parties listed on the signature pages hereto (each,
together with his, her or its Permitted Transferees as defined in the Amended and Restated Certificate of Incorporation of Pubco, a “Holder,” and together, the “Holders”) and Weber Inc. (“Pubco”).

 WHEREAS, Pubco intends to consummate an initial public offering (the “IPO”) of its Class A Common Stock, par value
$0.001 per share (“Class A Common Stock”); 
 WHEREAS, in connection with the IPO, Pubco will become the
managing member of Weber HoldCo LLC (the “Company”) and, pursuant to a reorganization agreement, immediately prior to the IPO, the Holders and the other holders of equity in the Company will receive new units (the “LLC
Units”) in the Company, with the exception of Pubco and its wholly-owned subsidiaries, and an equivalent number of shares of Class B Common Stock, par value $0.00001 per share, of Pubco (the “Class B Common
Stock,” and together with the Class A Common Stock, the “Common Stock”); and 
 WHEREAS, the Holders desire
to effect an agreement that during any period following the completion of the IPO where the Holders meet the Substantial Ownership Requirement (as defined below), approval by the Holders will be required for certain corporate actions by Pubco and
the Holders will have certain information rights with respect to Pubco and certain designation rights with respect to nominees to the Board of Directors (as defined below). 

NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE 1 

STOCKHOLDER RIGHTS AND RESTRICTIONS 

Section 1.01. Approval for Certain Corporate Actions. Until the Substantial Ownership Requirement is no longer met, Pubco shall
not permit the occurrence of the following matters relating to Pubco or the Company without first receiving the approval of the Holders holding a majority of the shares of Class B Common Stock held by the Holders as evidenced by a written
resolution or consent in lieu thereof: 
 (a) any transaction or series of related transactions resulting in the merger (or amalgamation),
consolidation or sale of all, or substantially all, of the assets of the Company and its subsidiaries or any dissolution, liquidation or 

 
reorganization (including filing for bankruptcy) of the Company and its subsidiaries; 

(b) any change to the strategic direction or scope of the principal business of Pubco or the Company and its subsidiaries; or 

(c) any agreement or commitment with respect to any of the foregoing. 

Section 1.02. Composition of the Board. (a) Until the Majority Ownership Requirement is no longer met, the Holders holding a
majority of the shares of Class B Common Stock held by the Holders may, by means of a written resolution or consent in lieu thereof, designate the nominees for a majority of the members of the Board of Directors, including the Chair of the
Board of Directors. (b) From and after the time the Majority Ownership Requirement is no longer met: 
 (i) for so long as the Holders
collectively beneficially own (within the meaning of Rule 13d-3 and Rule 13d-5 under the Exchange Act) shares of Common Stock representing at least forty percent (40%)
of the issued and outstanding shares of Common Stock, the Holders holding a majority of the shares of Class B Common Stock held by the Holders may, by means of a written resolution or consent in lieu thereof, designate the nominees for forty
percent (40%) of the members of the Board of Directors, rounded up to the nearest whole number; 
 (ii) so long as the Holders collectively
beneficially own (within the meaning of Rule 13d-3 and Rule 13d-5 under the Exchange Act) shares of Common Stock representing at least thirty percent (30%) but less than
forty percent (40%) of the issued and outstanding shares of Common Stock, the Holders holding a majority of the shares of Class B Common Stock held by the Holders may, by means of a written resolution or consent in lieu thereof, designate the
nominees for thirty percent (30%) of the members of the Board of Directors, rounded up to the nearest whole number; 
 (iii) for so long as
the Holders collectively beneficially own (within the meaning of Rule 13d-3 and Rule 13d-5 under the Exchange Act) shares of Common Stock representing at least twenty
percent (20%) but less than thirty percent (30%) of the issued and outstanding shares of Common Stock, the Holders holding a majority of the shares of Class B Common Stock held by the Holders may, by means of a written resolution or consent in
lieu thereof, designate the nominees for twenty percent (20%) of the members of the Board of Directors, rounded up to the nearest whole number; and 

  
 2 

 (iv) for so long as the Substantial Ownership Requirement is met but the Holders
collectively beneficially own (within the meaning of Rule 13d-3 and Rule 13d-5 under the Exchange Act) shares of Common Stock representing less than twenty percent (20%)
of the issued and outstanding shares of Common Stock, the Holders holding a majority of the shares of Class B Common Stock held by the Holders may, by means of a written resolution or consent in lieu thereof, designate the nominees for ten
percent (10%) of the members of the Board of Directors, rounded up to the nearest whole number. 
 For the avoidance of doubt, the right to nominate a
director for election to the Board of Directors set forth in this clause (b) shall be in addition to the rights of the Holders pursuant to clause (a) above. 

(c) In the absence of any designation from the Persons or groups with the right to designate a director as specified in Sections 1.02(a) or (b) above, the
director or directors previously designated by them and then serving shall be reelected if still eligible to serve as provided herein. 
 (d) At any time
during the term of this Agreement, at least one member of Board of Directors who was designated by BDT pursuant to this Section 1.02 or otherwise (a “BDT Designee”) shall have the right to attend all meetings of any committees of the
Board of Directors of which such BDT Designee is not a member in a non-voting, observer capacity; provided, however, that during any period that BDT is unable to designate a BDT Designee,
BDT shall have the right to designate one individual (the “BDT Observer”) to attend all meetings of the Board of Directors, and all committees thereof, in a non-voting, observer
capacity and Pubco shall provide to the BDT Observer notice of such meetings and, subject to the confidentiality provisions in Section 1.03, a copy of all materials provided to the members of the Board of Directors or any
committees thereof, as applicable, in their capacity as such, and shall provide the BDT Observer with the same rights to expense reimbursement that it provides to such other members; provided, further, however, that
the Board of Directors or any committee thereof shall be entitled to withhold any information and exclude the BDT Observer from those portions of any meeting which in the good-faith determination of the Board of Directors or such committee thereof,
as applicable, is reasonably necessary to protect the attorney-client privilege of Pubco or any of its Subsidiaries, as applicable. 

Section 1.03. Information Rights. (a) Until the Substantial Ownership Requirement is no longer met, Pubco shall, and shall
cause its subsidiaries to, upon written request, provide BDT, in addition to other information that might be reasonably requested by BDT from time to time, (i) access to inspect, review and/or make copies and extracts from the books and records
of Pubco or its subsidiaries and to discuss the affairs, finances and condition of Pubco or any 

  
 3 

 
such subsidiaries with the officers of Pubco or any such subsidiaries, (ii) direct access to Pubco’s auditors and officers, (iii) the ability to link BDT’s systems into
Pubco’s general ledger and other systems in order to enable BDT to retrieve data on a “real-time” basis, (iv) quarter-end reports, in a format to be prescribed by BDT, to be provided within
30 days after the end of each quarter, (v) copies of all materials provided to the Board of Directors (or committee thereof) at the same time as provided to the Board of Directors (or members of a committee thereof), (vi) access to appropriate
officers and directors of Pubco and its subsidiaries at such times as may be requested by BDT for consultation with respect to matters relating to the business and affairs of Pubco and its subsidiaries, (vii) information in advance with respect
to any significant corporate actions, including, without limitation, extraordinary dividends, stock redemptions or repurchases, mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material
amendments to organizational documents, and to provide BDT with the right to consult with the Company and its subsidiaries with respect to such actions, (viii) flash data, in a format to be prescribed by BDT, to be provided within ten days
after the end of each quarter and (ix) to the extent otherwise prepared, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of Pubco and its subsidiaries (all such information
so furnished pursuant to this Section 1.03(a), the “Information”). Subject to Section 1.03(b), BDT shall maintain the confidentiality of such Information, and Pubco shall not be required to disclose any of its privileged
Information so long as it has used its commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information BDT without the loss of any such privilege. 

(b) Individuals associated with BDT may from time to time serve on the Board of Directors. Pubco, on its behalf and on behalf of its subsidiaries, recognizes
that such individuals (i) will from time to time receive non-public information concerning Pubco and its subsidiaries and (ii) may (subject to the obligation to maintain the confidentiality in
accordance with Section 1.03(a)) share such information with other individuals associated with BDT. Such sharing will be for the dual purpose of facilitating support to such individuals in their capacity as members of the Board of Directors and
enabling BDT, as equityholder, to better evaluate Pubco’s performance and prospects. Pubco, on behalf of itself and its subsidiaries, hereby irrevocably consents to such sharing. 

Section 1.04. For so long as BDT owns a majority of the shares of Class B Common Stock held by the Holders, BDT may exercise the
approval and designation rights available to Holders pursuant to Section 1.01 and Section 1.02, as applicable, without the requirement of a vote of, or any other action by, any of the other Holders. 

  
 4 

 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF THE HOLDERS 

Section 2.01. Corporation Authorization. Each Holder that is not a natural person represents and warrants to each of the other
Holders and Pubco that such Holder is validly organized and existing under the laws of its state of organization and has all requisite power and authority to execute and deliver this Agreement, to perform fully its obligations hereunder and to
consummate the transactions contemplated hereby, and that this Agreement constitutes the valid and binding agreement of such Holder. 

Section 2.02. Non-Contravention. Each Holder represents and warrants to each of the other
Holders and Pubco that the execution, delivery and performance by such Holder of this Agreement and the consummation of the transactions contemplated hereby do not and will not (i) if such Holder is not a natural person, contravene or conflict
with, or constitute a violation of, any articles or certificate of incorporation or formation, bylaws, operating agreement, or comparable organizational documents of such Holder; (ii) contravene or conflict with, or constitute a violation of,
any material applicable law or any material agreement, or order binding on such Holder; or (iii) result in the imposition of any Lien (as defined below) on any asset of such Holder. 

Section 2.03. Ownership of Shares of Common Stock. Each Holder represents and warrants to each of the other Holders and Pubco that
such Holder is the record and beneficial owner of all of the shares of Common Stock owned by them on the date hereof, and that the shares of Common Stock owned by them on the date hereof are owned free of any and all liens, charges, security
interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever (collectively, “Liens”) and any
other limitation or restriction (including any restriction on the right to vote or otherwise dispose of the shares of Common Stock), other than transfer restrictions under applicable securities laws or Pubco’s Amended and Restated Certificate
of Incorporation or Amended and Restated By-laws. None of the shares of Common Stock is subject to any voting trust or other agreement or arrangement with respect to the voting of such shares of Common Stock.

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF PUBCO 

Pubco represents and warrants to each Holder that: 

Section 3.01. Corporation Authorization. Pubco is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of 

  
 5 

 
Delaware and has all requisite corporate power and authority to execute and deliver this Agreement, to perform fully its obligations hereunder and to consummate the transactions contemplated
hereby. This Agreement has been duly authorized by all necessary corporate and other action by Pubco and constitutes a legal, valid and binding obligation and agreement of Pubco. 

Section 3.02. Non-Contravention. The execution, delivery and performance by Pubco of this
Agreement and the consummation of the transactions contemplated hereby do not and will not (i) contravene or conflict with, or constitute a violation of, any provision of the Amended and Restated Certificate of Incorporation or Amended and
Restated By-laws, or any other organizational documents of Pubco; (ii) contravene or conflict with, or constitute a violation of, any material applicable law or any material agreement or order binding on
Pubco; or (iii) result in the imposition of any Lien on any asset of Pubco. 
 ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Other Definitional and Interpretative Provisions. Unless specified otherwise, in this Agreement the obligations of
any party consisting of more than one person are joint and several. The words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles,
Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any
capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.
Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those
words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are
to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person (as defined below) include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

  
 6 

 Section 4.02. Additional Definitions. 

(a) “BDT” means BDT Capital Partners, LLC together with its Permitted Transferees. 

(b) “Board of Directors” means the Board of Directors of Pubco. 

(c) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(d) “Majority Ownership Requirement” means the beneficial ownership (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) by the Holders collectively, of shares of Common Stock representing at least a majority of the issued and outstanding shares of
Common Stock. 
 (e) “Organization” means any corporation, partnership, joint venture or enterprise, limited liability
company, unincorporated association, trust, estate, governmental entity or other entity or organization, and shall include the successor (by merger or otherwise) of any entity or organization. 

(f) “Person” means any natural person or Organization. 

(g) “Substantial Ownership Requirement” means the beneficial ownership (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) by the Holders collectively, of shares of Common Stock representing at least ten percent (10%) of the issued and outstanding
shares of Common Stock. 
 Section 4.03. Further Assurances. Each party to this Agreement, at any time and from time to time
upon the reasonable request of another party to this Agreement, shall promptly execute and deliver, or cause to be executed and delivered, all such further instruments and take all such further actions as may be reasonably necessary or appropriate
to confirm or carry out the purposes and intent of this Agreement. 
 Section 4.04. Expenses. All costs and expenses incurred in
connection with this Agreement shall be paid by the party incurring such cost or expense. 
 Section 4.05. Assignment. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations
under this Agreement without the consent of the other parties hereto, other than a transfer by a Holder to a Permitted Transferee of such Holder. 

  
 7 

 Section 4.06. Governing Law. This Agreement shall be governed by, construed and
enforced in accordance with the law of the State of Delaware, without regard to the conflicts of law rules of such state. 

Section 4.07. Consent to Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Delaware Chancery Court, and that any cause of action arising out of this Agreement shall be
deemed to have arisen from a transaction of business in the State of Delaware, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 

 Section 4.08. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 4.09.
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this
Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far
as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons, entities or circumstances shall not be affected
by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

Section 4.10. Counterparts. This Agreement may be executed (including by facsimile transmission or other electronic signature of
this Agreement signed by such party (via PDF, TIFF, JPEG or the like)) with counterpart pages or in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement,
it being understood that both parties need not sign the same counterpart. 

  
 8 

 Section 4.11. Entire Agreement. This Agreement constitutes the entire agreement
and understanding among the parties hereto and supersedes all prior and contemporaneous agreements and understanding, both oral and written, among the parties hereto with respect to the subject matter hereof. 

Section 4.12. Amendments; Waiver. Any provision of this Agreement may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or in the case of a waiver, by the party against whom the waiver is to be effective. 

Section 4.13. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of
this Agreement is 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 to which they are entitled at law or in equity. Accordingly, it
also is agreed that each of Pubco and the Holders shall be entitled to an injunction to prevent breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the
United States or any state having subject matter jurisdiction. 
 Section 4.14. IPO Closing; Termination. This Agreement will
automatically terminate and be of no force and effect if the closing of the IPO does not occur within twelve months from the date of this Agreement. This agreement will automatically terminate and be of no force and effect when the Substantial
Ownership Requirement is no longer met. 

  
 9 

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

			
	WEBER INC.
		
	By:	 	 /s/ William Horton

		 	Name: William Horton
		 	Title: Chief Financial Officer
	
	WEBER HOLDCO LLC
		
	By:	 	Weber Inc., its managing member
		
	 By:
	 	 /s/ William Horton

		 	Name: William Horton
		 	Title: Chief Financial Officer
	
	[                    ]

 [Signature Page to the Stockholders Agreement]EX-10.4

 Exhibit 10.4 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

of 
 WEBER HOLDCO LLC

 Dated as of August 9, 2021 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE 1
	  			
		
	 Definitions and Usage
	  			
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Other Definitional and Interpretative Provisions	  	 	13	 
		
	 ARTICLE 2
	  			
		
	 The Company
	  			
			
	 Section 2.01.
	 	Formation	  	 	13	 
	 Section 2.02.
	 	Name	  	 	14	 
	 Section 2.03.
	 	Term	  	 	14	 
	 Section 2.04.
	 	Registered Agent and Registered Office	  	 	14	 
	 Section 2.05.
	 	Purposes	  	 	14	 
	 Section 2.06.
	 	Powers of the Company	  	 	14	 
	 Section 2.07.
	 	Partnership Tax Status	  	 	14	 
	 Section 2.08.
	 	Regulation of Internal Affairs	  	 	15	 
	 Section 2.09.
	 	Ownership of Property	  	 	15	 
	 Section 2.10.
	 	Subsidiaries	  	 	15	 
	 Section 2.11.
	 	Qualification in Other Jurisdictions	  	 	15	 
		
	 ARTICLE 3
	  			
		
	 Units; Members; Books and Records; Reports
	  			
			
	 Section 3.01.
	 	Units; Admission of Members	  	 	15	 
	 Section 3.02.
	 	Substitute Members and Additional Members	  	 	16	 
	 Section 3.03.
	 	Tax and Accounting Information	  	 	17	 
	 Section 3.04.
	 	Books and Records	  	 	19	 
		
	 ARTICLE 4
	  			
		
	 Pubco Ownership; Restrictions On Pubco Stock
	  			
			
	 Section 4.01.
	 	Pubco Ownership	  	 	20	 
	 Section 4.02.
	 	Restrictions on Pubco Common Stock	  	 	21	 
		
	 ARTICLE 5
	  			
		
	 Capital Contributions; Capital Accounts;

Distributions; Allocations
	  			
			
	 Section 5.01.
	 	Capital Contributions	  	 	23	 
	 Section 5.02.
	 	Capital Accounts	  	 	23	 
	 Section 5.03.
	 	Amounts and Priority of Distributions	  	 	25	 
	 Section 5.04.
	 	Allocations	  	 	27	 
	 Section 5.05.
	 	Other Allocation Rules	  	 	30	 

  
 i 

							
	 Section 5.06.
	 	Tax Withholding; Withholding Advances	  	 	31	 
		
	 ARTICLE 6
	  			
		
	 Certain Tax Matters
	  			
			
	 Section 6.01.
	 	Tax Matters Representative	  	 	32	 
	 Section 6.02.
	 	Section 754 Elections	  	 	32	 
	 Section 6.03.
	 	Debt Allocation	  	 	32	 
	 Section 6.04.
	 	Partnership Continuation	  	 	33	 
	 Section 6.05.
	 	Tax-Deferred Exchange	  	 	33	 
		
	 ARTICLE 7
	  			
		
	 Management of the Company
	  			
			
	 Section 7.01.
	 	Management by the Managing Member	  	 	33	 
	 Section 7.02.
	 	Withdrawal of the Managing Member	  	 	34	 
	 Section 7.03.
	 	Decisions by the Members	  	 	34	 
	 Section 7.04.
	 	Duties	  	 	35	 
	 Section 7.05.
	 	Officers	  	 	35	 
		
	 ARTICLE 8
	  			
		
	 Transfers of Interests
	  			
			
	 Section 8.01.
	 	Restrictions on Transfers	  	 	35	 
	 Section 8.02.
	 	Certain Permitted Transfers	  	 	36	 
	 Section 8.03.
	 	Distributions	  	 	37	 
	 Section 8.04.
	 	Registration of Transfers	  	 	37	 
		
	 ARTICLE 9
	  			
		
	 Certain Other Agreements
	  			
			
	 Section 9.01.
	 	Non-Disparagement	  	 	37	 
	 Section 9.02.
	 	Company Call Right	  	 	37	 
	 Section 9.03.
	 	Preemptive Rights	  	 	38	 
		
	 ARTICLE 10
	  			
		
	 Redemption and Exchange Rights
	  			
			
	 Section 10.01.
	 	Redemption Right of a Member	  	 	38	 
	 Section 10.02.
	 	Cash Settlement	  	 	41	 
	 Section 10.03.
	 	Election and Contribution of Pubco	  	 	41	 
	 Section 10.04.
	 	Exchange Right of Pubco	  	 	42	 
	 Section 10.05.
	 	Tender Offers and Other Events with Respect to Pubco	  	 	42	 
	 Section 10.06.
	 	Reservation of Shares of Class A Common Stock; Certificate of Pubco	  	 	43	 
	 Section 10.07.
	 	Effect of Exercise of Redemption or Exchange Right	  	 	44	 
	 Section 10.08.
	 	Tax Treatment	  	 	44	 
	 Section 10.09.
	 	Additional Exchange Restrictions	  	 	44	 

  
 ii 

							
	 Section 10.10.
	 	Profits Unit Exchange Right	  	 	45	 
	 Section 10.11.
	 	Loan Units	  	 	45	 
		
	 ARTICLE 11
	  			
		
	 Limitation on Liability, Exculpation and
Indemnification
	  			
			
	 Section 11.01.
	 	Limitation on Liability	  	 	46	 
	 Section 11.02.
	 	Exculpation and Indemnification	  	 	46	 
		
	 ARTICLE 12
	  			
		
	 Dissolution and Termination
	  			
			
	 Section 12.01.
	 	Dissolution	  	 	49	 
	 Section 12.02.
	 	Winding Up of the Company	  	 	49	 
	 Section 12.03.
	 	Termination	  	 	50	 
	 Section 12.04.
	 	Survival	  	 	50	 
		
	 ARTICLE 13
	  			
		
	 Miscellaneous
	  			
			
	 Section 13.01.
	 	Expenses	  	 	50	 
	 Section 13.02.
	 	Further Assurances	  	 	51	 
	 Section 13.03.
	 	Notices	  	 	51	 
	 Section 13.04.
	 	Binding Effect; Benefit; Assignment	  	 	52	 
	 Section 13.05.
	 	Jurisdiction	  	 	52	 
	 Section 13.06.
	 	WAIVER OF JURY TRIAL	  	 	53	 
	 Section 13.07.
	 	Counterparts	  	 	53	 
	 Section 13.08.
	 	Entire Agreement	  	 	53	 
	 Section 13.09.
	 	Severability	  	 	53	 
	 Section 13.10.
	 	Amendment	  	 	53	 
	 Section 13.11.
	 	Confidentiality	  	 	54	 
	 Section 13.12.
	 	Governing Law	  	 	56	 
		
	 ARTICLE 14
	  			
		
	 Arbitration
	  			
			
	 Section 14.01.
	 	Title	  	 	56	 
		
	 ARTICLE 15
	  			
		
	 Representations of Members
	  			
			
	 Section 15.01.
	 	Representations of Members	  	 	57	 
			
	 Schedule A
	 	Member Schedule	  			

  
 iii 

 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”)
OF WEBER HOLDCO LLC, a Delaware limited liability company (the “Company”), dated as of August 9, 2021, by and among the Company, Weber Inc., a Delaware corporation (“Pubco”), and the other Persons listed on the
signature pages hereto. 
 W I T N E S S E T H: 

WHEREAS, the Company has been heretofore formed as a limited liability company under the Delaware Act (as defined below) pursuant to a
certificate of formation which was executed and filed with the Secretary of State of the State of Delaware on April 27, 2021; 

WHEREAS, Weber-Stephen Products LLC (“WSP”), as the previous sole member, entered into the Limited Liability Company
Agreement of the Company, dated as of April 27, 2021 (the “Prior LLC Agreement”); 
 WHEREAS, pursuant to the terms of
the Reorganization Agreement, dated as of July 23, 2021, by and among the Company, Pubco, WSP, the Pre-IPO Holders (as defined below) and the other parties thereto (the “Reorganization
Agreement”), the parties thereto have agreed to consummate the reorganization of the Company and to take the other actions contemplated in such Reorganization Agreement (collectively, the “Reorganization”); and 

WHEREAS, the parties listed on the signature pages hereto and listed on Schedule A represent all of the holders of limited liability company
interests in the Company (the “Members”). 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
made and other good and valuable consideration, the Members hereto hereby agree to amend and restate the Prior LLC Agreement, as of the Effective Time, in its entirety as follows: 

ARTICLE 1 

DEFINITIONS AND USAGE 

Section 1.01. Definitions. 

(a) The following terms shall have the following meanings for the purposes of this Agreement: 

“Additional Member” means any Person admitted as a Member of the Company pursuant to Section 3.02 in connection with the
new issuance of Units to such Person. 
 “Adjusted Capital Account Deficit” means, with respect to any Member, the deficit
balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

 (i) Credit to such Capital Account any amounts that such Member is deemed to
be obligated to restore pursuant to the penultimate sentence in Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) Debit to such Capital Account the items described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). 

The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person; provided that no Member nor any Affiliate of any Member shall be deemed to be an Affiliate of any other Member or any of its Affiliates solely by virtue of such Members’ Units. 

“Applicable Law” means, with respect to any Person, any federal, state or local law (statutory, common or otherwise),
constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to
such Person or its assets, as amended unless expressly specified otherwise. 
 “Business” means the business of
distributing insurance products and services as conducted by the Company and its Subsidiaries. 
 “Business Day” means a
day, other than Saturday, Sunday or other day on which commercial banks in New York, New York or Tampa, Florida are authorized or required by Applicable Law to close. 

“Capital Account” means the capital account established and maintained for each Member pursuant to Section 5.02. 

“Capital Contribution” means, with respect to any Member, the amount of money and the initial Carrying Value of any Property
(other than money) contributed to the Company. 
 “Carrying Value” means with respect to any Property (other than money),
such Property’s adjusted basis for federal income tax purposes, except as follows: 
 (i) The initial Carrying Value of
any such Property contributed by a Member to the Company shall be the gross fair market value of such Property, as reasonably determined by the Managing Member; 

(ii) The Carrying Values of all such Properties shall be adjusted to equal their respective gross fair market values (taking
Section 7701(g) of the Code into 

  
 2 

 
account), as reasonably determined by the Managing Member, at the time of any Revaluation pursuant to Section 5.02(c); 

(iii) The Carrying Value of any item of such Properties distributed to any Member shall be adjusted to equal the gross fair
market value (taking Section 7701(g) of the Code into account) of such Property on the date of distribution as reasonably determined by the Managing Member; and 

(iv) The Carrying Values of such Properties shall be increased (or decreased) to reflect any adjustments to the adjusted basis
of such Properties pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(m) and subparagraph (vi) of the definition of “Net Income” and “Net Loss” or Section 5.04(b)(vi); provided, however, that Carrying
Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to subparagraph (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this
subparagraph (iv). If the Carrying Value of such Property has been determined or adjusted pursuant to subparagraph (i), (ii) or (iv), such Carrying Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset,
for purposes of computing Net Income and Net Loss. 
 “Class A Common Stock” means Class A common
stock, $0.001 par value per share, of Pubco. 
 “Class B Common Stock” means Class B common stock,
$0.00001 par value per share, of Pubco. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Common Unit” means a common limited liability interest in the Company. 

“Company Minimum Gain” means “partnership minimum gain,” as defined in Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d). 
 “Control”
(including the terms “controlling” and “controlled”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the
direction of the affairs or management of such subject Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise. 

“Covered Person” means (i) each Member or an Affiliate thereof, in each case in such capacity, (ii) each officer,
director, shareholder, member, partner, employee, representative, agent or trustee of a Member or an Affiliate thereof, in all cases in such capacity, and (iii) each officer, director, shareholder (other than any public shareholder of Pubco
that is not a Member), member, partner, employee, representative, agent or trustee of the Managing Member, Pubco (in the event Pubco is not the Managing Member), the Company or an Affiliate controlled thereby, in all cases in such capacity. 

  
 3 

 “Delaware Act” means the Delaware Limited Liability Company Act, 6 Del. C.
§§ 18-101 et seq. 
 “Depreciation” means, for each Fiscal Year,
an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax
purposes at the beginning of such Fiscal Year, Depreciation shall be an amount that bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year
bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such
beginning Carrying Value using any reasonable method selected by the Managing Member. 
 “Effective Time” means a time that
is substantially concurrent with, but immediately prior to, the closing of the IPO. 
 “Equity Securities” means, with
respect to any Person, any (i) membership interests or shares of capital stock, (ii) equity, ownership, voting, profit or participation interests or (iii) similar rights or securities in such Person or any of its Subsidiaries, or any
rights or securities convertible into or exchangeable for, options or other rights to acquire from such Person or any of its Subsidiaries, or obligation on the part of such Person or any of its Subsidiaries to issue, any of the foregoing. 

“Fiscal Year” means the Company’s fiscal year, which shall initially be the 12 months ended September 30 and which
may be changed from time to time as determined by the Managing Member. 
 “Governmental Authority” means any transnational,
domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof. 

“Indebtedness” means (a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback
transactions or other similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument, (c) notes payable and (d) lines of credit and any other agreements
relating to the borrowing of money or extension of credit. 
 “Involuntary Transfer” means any Transfer of Units by a
Member or the Transfer of units of the Management LLC that correspond to Units resulting from (i) any seizure under levy of attachment or execution, (ii) any bankruptcy (whether voluntary or involuntary), (iii) any Transfer to a state or
to a public officer or agency pursuant to any statute pertaining to escheat or abandoned property, (iv) any divorce or separation agreement or a final decree of a court in a divorce action or (v) death or permanent disability. 

“IPO” means the initial underwritten public offering of Pubco. 

  
 4 

 “IRS” means the Internal Revenue Service of the United States. 

“Liens” means any pledge, encumbrance, security interest, purchase option, conditional sale agreement, call or similar right.

 “Management LLC” means Weber-Stephen Management Pool, LLC, a Delaware limited liability company. 

“Management Members” means the direct and indirect holders of Units under this Agreement (including holders of units of
Management LLC) who provide or provided services to the Company or its Affiliates. For the avoidance of doubt, Management Members are not Members in the Company, but rather hold units of Management LLC that correspond to Units. For purposes of this
Agreement, references to a Management Member’s Units shall refer to the Units held by Management LLC that correspond to units in Management LLC held by the Management Member, and references to actions taken by Management Members pursuant to
this Agreement in respect of Units shall refer to actions taken by Management LLC at the direction of or on behalf of the Management Member. 

“Managing Member” means (i) Pubco so long as Pubco has not withdrawn as the Managing Member pursuant to
Section 7.02 and (ii) any successor thereof appointed as Managing Member in accordance with Section 7.02. 

“Member” means any Person named as a Member of the Company on the Member Schedule and the books and records of the Company,
as the same may be amended from time to time to reflect any Person admitted as an Additional Member or a Substitute Member, for so long as such Person continues to be a Member of the Company. 

“Member Nonrecourse Debt” has the same meaning as the term “partner nonrecourse debt” in Treasury Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” means an amount
with respect to each “partner nonrecourse debt” (as defined in Treasury Regulation Section 1.704-2(b)(4)) equal to the Company Minimum Gain that would result if such partner nonrecourse debt
were treated as a nonrecourse liability (as defined in Treasury Regulation Section 1.752-1(a)(2)) determined in accordance with Treasury Regulation
Section 1.704-2(i)(3). 
 “Member Nonrecourse Deductions” has the same meaning
as the term “partner nonrecourse deductions” in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Net Income” and “Net Loss” mean, for each Fiscal Year or other period, an amount equal to the
Company’s taxable income or loss for such Fiscal Year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section

  
 5 

 
703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 

(i) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net
Income or Net Loss pursuant to this definition of “Net Income” and “Net Loss” shall be added to such taxable income or loss; 

(ii) Any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B)
of the Code expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income and Net Loss pursuant to this definition of “Net
Income” and “Net Loss,” shall be treated as deductible items; 
 (iii) In the event the Carrying Value of any
Company asset is adjusted pursuant to subparagraphs (ii) or (iii) of the definition of “Carrying Value,” the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Carrying Value of the asset)
or an item of loss (if the adjustment decreases the Carrying Value of the asset) from the disposition of such asset and shall be taken into account, immediately prior to the event giving rise to such adjustment, for purposes of computing Net Income
and/or Net Loss; 
 (iv) Gain or loss resulting from any disposition of Property with respect to which gain or loss is
recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Carrying Value; 

(v) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation; 

(vi) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) of the Code is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a
Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition of such asset and
shall be taken into account for purposes of computing Net Income or Net Loss; and 
 (vii) Notwithstanding any other
provision of this definition, any items that are specially allocated pursuant to Section 5.04(b), Section 5.04(c) and 

  
 6 

 
Section 5.04(d) shall not be taken into account in computing Net Income and Net Loss. 

The amounts of the items of Company income, gain, loss, or deduction available to be specially allocated pursuant to Section 5.04(b),
Section 5.04(c) and Section 5.04(d) shall be determined by applying rules analogous to those set forth in subparagraphs (i) through (vi) above. 

“Non-Pubco Member” means any Member that is not a Pubco Member. 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Sections
1.704-2(b)(1) and 1.704-2(c). 
 “Participating
Profits Unit” means a Profits Unit for which the Participation Threshold is zero. 
 “Participation Threshold”
with respect to a Profits Unit, is a per-Unit dollar amount set forth in the Profits Unit Award Agreement relating to such Profits Unit, as adjusted for any changes to the capital structure from time to time.
Each Profits Unit’s Participation Threshold shall be adjusted after the date hereof (or if later, the date of issuance of the Profits Unit), as follows: 

(i) In the event of any distribution pursuant to Section 5.03(b) or (e) (except to the extent the Profits Unit participates with Common
Units on a pro rata basis), the Participation Threshold of each Profits Unit outstanding at the time of such distribution shall be reduced (but not below zero) by the amount distributable to the holder of a single Common Unit in connection with such
distribution; and 
 (ii) If the Company any time subdivides (by any Unit split, Unit dividend or otherwise) its outstanding Units into a
greater number of Units, the Participation Threshold of each Profits Unit in effect immediately prior to such subdivision shall be proportionately reduced, and if the Company at any time combines (by reverse Unit split or otherwise) its outstanding
Units into a smaller number of Units, the Participation Threshold of each Profits Unit in effect immediately prior to such combination shall be proportionately increased. 

“Per Common Unit Equity Value” means, as of any particular time, the amount to which each holder of a Common Unit would be
entitled in respect of such Common Unit if the aggregate equity value of the Company as of such time (as reasonably determined by the Managing Member based on the volume weighted average price per share of Class A Common Stock on the Trading
Day prior to the date of a Profits Unit Exchange) were distributed to the Members in accordance with Section 5.03 (assuming for these purposes that all Profits Units are vested). 

“Percentage Interest” means, with respect to any Member, a fractional amount, expressed as a percentage: (i) the
numerator of which is the aggregate number of Common Units and Participating Profits Units owned of record thereby and (ii) the denominator of which is the aggregate number of Common Units and Participating

  
 7 

 
Profits Units issued and outstanding. The sum of the outstanding Percentage Interests of all Members shall at all times equal 100%. 

“Permitted Transferee” means, other than with respect to Pubco, (a) any Member and (b) (i) in the case of any
Member that is not a natural person, any Person that is an Affiliate of such Member or its beneficial owners, and (ii) in the case of any Member that is a natural person, (A) any Person to whom Common Units are Transferred from such Member
(1) by will or the laws of descent and distribution or (2) by gift without consideration of any kind; provided that, in the case of clause (2), such transferee is the spouse, the lineal descendant, sibling, parent, heir, executor,
administrator, testamentary trustee, legatee or beneficiary of such Member, (B) a trust, family-partnership or estate-planning vehicle that is for the exclusive benefit of such Member or its Permitted Transferees under (A) above or
(C) any institution qualified as tax-exempt under Section 501(c)(3) of the Code. 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, estate, joint venture,
Governmental Authority or other entity. 
 “Pre-IPO Holders” means each Member as
of the Effective Time (after taking the Reorganization into account) other than Pubco. 
 “Prime Rate” means the rate of
interest from time to time identified by JP Morgan Chase, N.A. as being its “prime” or “reference” rate. 

“Profits Unit Award Agreement” means a Profits Unit Award Agreement between the Company, Management LLC and one or more
Management Members, in a form approved by the Managing Member, as it may be amended or supplemented from time to time, which sets forth certain terms and conditions relating to Profits Units (and the corresponding units of Management LLC held by the
Management Member). 
 “Profits Unit Exchange” has the meaning set forth in Section 10.10. 

“Profits Unit Exchange Rate” means, at any time, the quotient of (a) the excess of (x) the Per Common Unit Equity
Value on the date of the Profits Unit Exchange over (y) the Participation Threshold applicable to such Profits Unit, divided by (b) the Per Common Unit Equity Value on the date of the Profits Unit Exchange; provided that if the
number determined by the foregoing calculation is a negative number, the Profits Unit Exchange Rate shall be deemed to be zero. 

“Profits Units” means the limited liability interests in the Company designated as “Profits Units” and having the
rights, preferences and privileges set forth in, and subject to, this Agreement and in the associated Profits Unit Award Agreement. 

“Property” means an interest of any kind in any real, personal or intellectual (or mixed) property, including cash, and any
improvements thereto, and shall include both tangible and intangible property. 

  
 8 

 “Pubco Common Stock” means all classes and series of common stock of Pubco,
including the Class A Common Stock and Class B Common Stock. 
 “Pubco Member” means (i) Pubco and
(ii) any Subsidiary of Pubco (other than the Company and its Subsidiaries) that is or becomes a Member. 
 “Redeemed Units
Equivalent” means the product of (a) the Share Settlement, times (b) the Unit Redemption Price. 
 “Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among Pubco, certain of the Pre-IPO Holders and the other parties thereto. 

“Relative Percentage Interest” means, with respect to any Member relative to another Member or Members, a fractional amount,
expressed as a percentage, the numerator of which is the Percentage Interest of such Member; and the denominator of which is (x) the Percentage Interest of such Member plus (y) the aggregate Percentage Interest of such other Member or
Members. 
 “Reorganization Date Capital Account Balance” means, with respect to any Member, the positive Capital Account
balance of such Member as of immediately following the Reorganization, the amount or deemed value of which is set forth on the Member Schedule. 

“Reorganization Documents” means the Reorganization Agreement and each agreement executed as of the date hereof in the form
attached as an exhibit thereto, including but not limited to the WSP Merger Agreement; this Agreement; the Tax Receivable Agreement; the Registration Rights Agreement and the Stockholders Agreement. 

“Reserves” means, as of any date of determination, amounts allocated by the Managing Member, in its reasonable judgment, to
reserves maintained for working capital of the Company, for contingencies of the Company, for operating expenses and debt reduction of the Company. 

“SEC” means the United States Securities and Exchange Commission. 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, by and among each of the Pre-IPO Holders and Pubco. 
 “Subsidiary” means, with respect to any Person, any
corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of Equity Securities or other ownership interests entitled (without regard to the occurrence of
any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at
the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof. 

  
 9 

 “Substantial Ownership Requirement” means the beneficial ownership (as such
term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) by the Pre-IPO Holders and any Permitted Transferees,
collectively, of shares of common stock of Pubco representing at least ten percent (10%) of the issued and outstanding shares of the common stock of Pubco. 

“Substitute Member” means any Person admitted as a Member of the Company pursuant to Section 3.02 in connection with the
Transfer of then-existing Units to such Person. 
 “Tax Distribution” has the meaning set forth in Section 5.03(e).

 “Tax Rate” means the highest effective combined marginal U.S. federal, state and local income tax rates applicable to an
individual or corporation that is resident in Illinois (whichever is higher) for such taxable year (taking into account the net investment income tax under Section 1411 of the Code, to the extent applicable), taking into account the character
(long-term capital gain, qualified dividend income, tax exempt income, etc.) of the taxable income in question. 
 “Tax Receivable
Agreement” means the Tax Receivable Agreement, dated as of the date hereof, by and among Pubco, the Company and each of the Non-Pubco Members. 

“Trading Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or
admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“Transfer” means any sale, assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or
encumbrance, direct or indirect, in whole or in part, by operation of law or otherwise, and shall include all matters deemed to constitute a Transfer under Article 8. The terms “Transferred”, “Transferring”,
“Transferor”, “Transferee” and “Transferable” have meanings correlative to the foregoing. 

“Treasury Regulations” mean the regulations promulgated under the Code, as amended from time to time. 

“Unit Redemption Price” means the arithmetic average of the volume weighted average prices for a share of Class A Common
Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal or its successor, for each of the three (3) consecutive
full Trading Days ending on and including the last full Trading Day immediately prior to the date of Redemption (or the date of the Call Notice, as applicable), subject to appropriate and equitable adjustment for any stock splits, reverse splits,
stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Unit Redemption Price shall be determined in
good faith by a committee of the board of directors of Pubco composed of a majority of the directors of Pubco that do not have an interest in the Common Units being redeemed. 

  
 10 

 “Units” means Common Units, Profits Units or any other class of limited
liability interests in the Company designated by the Company after the date hereof in accordance with this Agreement; provided that any type, class or series of Units shall have the designations, preferences and/or special rights set forth or
referenced in this Agreement, and the membership interests of the Company represented by such type, class or series of Units shall be determined in accordance with such designations, preferences and/or special rights. 

“Vested Unit” means any Units that have vested as of the date of determination pursuant to the terms of the applicable
Profits Unit Award Agreement. 
 “WSP Merger Agreement” means the Merger Agreement, dated as of the date hereof, by
and among the Company, WSP Merger Sub, LLC and WSP. 
 (b) Each of the following terms is defined in the Section set forth opposite such
term: 
  

			
	“Agreement”	  	Preamble
		
	“Call Member”	  	9.02(a)
		
	“Call Notice”	  	9.02(a)
		
	“Call Units”	  	9.02(a)
		
	“Cash Settlement”	  	10.01(b)
		
	“Company”	  	Preamble
		
	“Company Parties”	  	9.01
		
	“Confidential Information”	  	13.11(b)
		
	“Contribution Notice”	  	10.01(b)
		
	“Controlled Entities”	  	11.02(e)
		
	“Direct Exchange”	  	10.04(a)
		
	“Dispute”	  	14.01
		
	“Dissolution Event”	  	12.01(c)
		
	“Economic Pubco Security”	  	4.01(a)
		
	“e-mail”	  	13.03
		
	“Exchange Election Notice”	  	10.04(b)

  
 11 

			
	“Expenses”	  	11.02(e)
		
	“GAAP”	  	3.03(b)
		
	“Indemnification Sources”	  	11.02(e)
		
	“Indemnitee-Related Entities”	  	11.02(e)(i)
		
	“Initiating Party”	  	14.01
		
	“Jointly Indemnifiable Claims”	  	11.02(e)(ii)
		
	“Member Parties”	  	13.11
		
	“Member Schedule”	  	3.01(b)
		
	“Officers”	  	7.05(a)
		
	“Panel”	  	14.01
		
	“Prior LLC Agreement”	  	Recitals
		
	“Pubco”	  	Preamble
		
	“Pubco Offer”	  	10.05(a)
		
	“Redeemed Units”	  	10.01(a)
		
	“Redeeming Member”	  	10.01(a)
		
	“Redemption”	  	10.01(a)
		
	“Redemption Date”	  	10.01(a)
		
	“Redemption Notice”	  	10.01(a)
		
	“Redemption Right”	  	10.01(a)
		
	“Regulatory Allocations”	  	5.04(c)
		
	“Reorganization”	  	Recitals
		
	“Reorganization Agreement”	  	Recitals
		
	“Responding Party”	  	14.01
		
	“Retraction Notice”	  	10.01(b)
		
	“Revaluation”	  	5.02(c)

  
 12 

			
	“Share Settlement”	  	10.01(b)
		
	“Tax Matters Representative”	  	6.01
		
	“Transferor Member”	  	5.02(b)
		
	“Withholding Advances”	  	5.06(b)

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement unless otherwise specified. All Schedules annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of
reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any agreement or
contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from
or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any Applicable Law. As
used in this Agreement, all references to “majority in interest” and phrases of similar import shall be deemed to refer to such percentage or fraction of interest based on the Relative Percentage Interests of the Members subject to such
determination. Unless otherwise expressly provided herein, when any approval, consent or other matter requires any action or approval of any group of Members, including any holders of any class of Units, such approval, consent or other matter shall
require the approval of a majority in interest of such group of Members. Except to the extent otherwise expressly provided herein, all references to any Member shall be deemed to refer solely to such Person in its capacity as such Member and not in
any other capacity. 
 ARTICLE 2 

THE COMPANY 

Section 2.01. Formation. The Company was formed upon the filing of the certificate of formation of the Company with the Secretary
of State of the State of Delaware on April 27, 2021. The authorized officer or representative, as an “authorized 

  
 13 

 
person” within the meaning of the Delaware Act, shall file and record any amendments and/or restatements to the certificate of formation of the Company and such other certificates and
documents (and any amendments or restatements thereof) as may be required under the laws of the State of Delaware and of any other jurisdiction in which the Company may conduct business. The authorized officer or representative shall, on request,
provide any Member with copies of each such document as filed and recorded. The Members hereby agree that the Company and its Subsidiaries shall be governed by the terms and conditions of this Agreement and, except as provided herein, the Delaware
Act. 
 Section 2.02. Name. The name of the Company shall be Weber HoldCo LLC; provided that the Managing Member may
change the name of the Company to such other name as the Managing Member shall determine, and shall have the authority to execute, acknowledge, deliver, file and record such further certificates, amendments, instruments and documents, and to do all
such other acts and things, as may be required by Applicable Law or as, in the reasonable judgment of the Managing Member, may be necessary or advisable to effect such change. 

Section 2.03. Term. The Company shall have perpetual existence unless sooner dissolved and its affairs wound up as provided in
Article 12. 
 Section 2.04. Registered Agent and Registered Office. The name of the registered agent of the Company for service
of process on the Company in the State of Delaware shall be Corporation Service Company, and the address of such registered agent and the address of the registered office of the Company in the State of Delaware shall be Corporation Service Company,
251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808. Such office and such agent may be changed to such place within the State of Delaware and any successor registered agent, respectively, as may be determined from time to time by
the Managing Member in accordance with the Delaware Act. 
 Section 2.05. Purposes. The Company has been formed for the object
and purpose of, and the nature of the business to be conducted and promoted by the Company is to engage in the Business and to carry on any other lawful act or activities for which limited liability companies may be organized under the Delaware Act.

 Section 2.06. Powers of the Company. The Company shall have the power and authority to take any and all actions necessary,
appropriate or advisable to or for the furtherance of the purposes set forth in Section 2.05. 
 Section 2.07. Partnership Tax
Status. The Members intend that the Company shall be treated as a partnership for federal, state and local income tax purposes to the extent such treatment is available, and agree to take (or refrain from taking) such actions as may be necessary
to receive and maintain such treatment and refrain from taking any actions inconsistent thereof. 

  
 14 

 Section 2.08. Regulation of Internal Affairs. The internal affairs of the
Company and the conduct of its business shall be regulated by this Agreement, and to the extent not provided for herein, shall be determined by the Managing Member. 

Section 2.09. Ownership of Property. Legal title to all Property, conveyed to, or held by the Company or its Subsidiaries shall
reside in the Company or its Subsidiaries and shall be conveyed only in the name of the Company or its Subsidiaries and no Member or any other Person, individually, shall have any ownership of such Property. 

Section 2.10. Subsidiaries. The Company shall cause the business and affairs of each of the Subsidiaries to be managed by the
Managing Member in accordance with and in a manner consistent with this Agreement. 
 Section 2.11. Qualification in Other
Jurisdictions. The Managing Member shall execute, deliver and file certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in the jurisdictions in which the Company may wish to conduct
business. In those jurisdictions in which the Company may wish to conduct business in which qualification or registration under assumed or fictitious names is required or desirable, the Managing Member shall cause the Company to be so qualified or
registered in compliance with Applicable Law. 
 ARTICLE 3 

UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS 

Section 3.01. Units; Admission of Members. (a) Each Member’s interest in the Company, including such Member’s
interest, if any, in the capital, income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company matters as provided in this Agreement, shall be represented by Units. The ownership by a Member of Units
shall entitle such Member to allocations of profits and losses and other items and distributions of cash and other property as is set forth in Article 5. Units shall be issued in non-certificated form. 

(b) Effective upon the Reorganization, as a result of the transactions described in Section 2.1(b)(iii)-(iv) of the Reorganization
Agreement, (i) Pubco has been admitted to the Company as the Managing Member and (ii) each of the Pre-IPO Holders owns a number of Units calculated as set forth in the WSP Merger Agreement. Such
information shall be recorded by the Company in a schedule setting forth the names, the number, type and Participation Threshold (if any) of Units owned by each Member (the “Member Schedule”), which shall be maintained by the
Managing Member on behalf of the Company in accordance with this Agreement. Notwithstanding anything to the contrary contained herein or in the Delaware Act, neither the Managing Member nor the Company shall be required to disclose an unredacted
Member Schedule to any Non-Pubco Member, or any other information showing the identity of the other Non-Pubco Members or the number of Units or shares of Class B
Common Stock owned by another Non-Pubco Member. For each Non-Pubco Member, the Company shall provide such Member, upon request, a redacted copy of the Member Schedule
revealing only such Member’s Units, the total issued and outstanding Units, and such Member’s Percentage Interest. When any 

  
 15 

 
Units or other Equity Securities of the Company are issued, repurchased, redeemed, converted or Transferred in accordance with this Agreement, the Member Schedule shall be amended by the Managing
Member to reflect such issuance, repurchase, redemption or Transfer, the admission of additional or substitute Members and the resulting Percentage Interest of each Member. Following the date hereof, no Person shall be admitted as a Member and no
additional Units shall be issued except as expressly provided herein. 
 (c) The Managing Member may cause the Company to authorize and issue
from time to time such other Units or other Equity Securities of any type, class or series and having the designations, preferences and/or special rights as may be determined by the Managing Member. Such Units or other Equity Securities may be
issued pursuant to such agreements as the Managing Member shall approve, including with respect to Persons employed by or otherwise performing services for the Company or any of its Subsidiaries, other equity compensation agreements, options or
warrants. When any such other Units or other Equity Securities are authorized and issued, the Member Schedule and this Agreement shall be amended by the Managing Member to reflect such additional issuances and resulting dilution, which shall be
borne by all Members in proportion to their respective Percentage Interests. 
 (d) The Members intend that the taxation of the Profits
Units, including the issuance of the Profits Units to Substitute Members or Additional Members, shall be determined in accordance with the following. The taxation of such issuance of such Profits Units shall be in accordance with Rev. Proc. 93-27, 1993-2 C.B. 343 and Rev. Proc. 2001-43, 2001-2 C.B. 191, with the effect that such
Profits Units shall be treated as issued and outstanding as of the date of issuance and will be treated as a profits interest. Without limiting the foregoing, upon issuances of the revenue procedure contemplated by IRS Notice 2005-43, the Company and the Members agree to treat the Profits Units as “safe harbor partnership interests” (as defined in such IRS Notice) and to take such actions as may be required under such revenue
procedure in order for the Profits Units to be so treated. 
 Section 3.02. Substitute Members and Additional Members.
(a) No Transferee of any Units or Person to whom any Units are issued pursuant to this Agreement shall be admitted as a Member hereunder or acquire any rights hereunder, including any voting rights or the right to receive distributions and
allocations in respect of the Transferred or issued Units, as applicable, unless (i) such Units are Transferred or issued in compliance with the provisions of this Agreement (including Article 8 and issuances pursuant to the WSP Merger
Agreement), (ii) such Transferee or recipient shall have executed and delivered to the Company such instruments as the Managing Member deems necessary or desirable, in its reasonable discretion, to effectuate the admission of such Transferee or
recipient as a Member and to confirm the agreement of such Transferee or recipient to be bound by all the terms and provisions of this Agreement, (iii) the Managing Member shall have received the opinion of counsel, if any, required by
Section 3.02(b) in connection with such Transfer and (iv) all necessary instruments reflecting such Transfer and/or admission shall have been filed in each jurisdiction in which such filling is necessary in order to qualify the company to
conduct business or to preserve the limited liability of the Members. Upon complying with the immediately preceding sentence, 

  
 16 

 
without the need for any further action of any Person, a Transferee or recipient shall be deemed admitted to the Company as a Member. A Substitute Member shall enjoy the same rights, and be
subject to the same obligations, as the Transferor; provided that such Transferor shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer but shall be relieved of all future
obligations with respect to the Units so Transferred. As promptly as practicable after the admission of any Person as a Member, the books and records of the Company shall be changed to reflect such admission of a Substitute Member or Additional
Member. In the event of any admission of a Substitute Member or Additional Member pursuant to this Section 3.02(a), this Agreement shall be deemed amended to reflect such admission, and any formal amendment of this Agreement (including the
Member Schedule) in connection therewith shall only require execution by the Company and such Substitute Member or Additional Member, as applicable, to be effective. 

(b) As a further condition to any Transfer of all or any part of a Member’s Units, the Managing Member may, in its discretion, require a
written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained at the sole expense of the transferring Member, reasonably satisfactory in form and substance to the Managing Member, as to such matters
as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not result in a violation of
the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to Article 10 of this Agreement. 

(c) If a Member shall Transfer all (but not less than all) of its Units, the Member shall thereupon cease to be a Member of the Company. 

(d) All reasonable costs and expenses incurred by the Managing Member and the Company in connection with any Transfer of a Member’s Units,
including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member. In addition, the transferring Member hereby indemnifies the Managing Member and the Company
against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their Affiliates may become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply
with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 
 (e) In connection with
any Transfer of any portion of a Member’s Units pursuant to Article 10 of this Agreement, the Managing Member shall cause the Company to take any action as may be required under Article 10 of this Agreement or requested by any party thereto to
effect such Transfer promptly. 
 Section 3.03. Tax and Accounting Information. (a) Accounting Decisions and Reliance on
Others. All decisions as to accounting matters, except as otherwise specifically set forth herein, shall be made by the Managing Member in accordance with Applicable Law and with accounting methods followed for federal income tax purposes.

  
 17 

 
In making such decisions, the Managing Member may rely upon the advice of the independent accountants of the Company. 

(b) Records and Accounting Maintained. The books and records of the Company shall be kept, and the financial position and the results of
its operations recorded, in all material respects in accordance with United States generally accepted accounting principles as in effect from time to time (“GAAP”). The Fiscal Year of the Company shall be used for financial
reporting purposes. The Company shall use the calendar year as its taxable year (or such other taxable year that may be required under the Code) for U.S. federal income tax purposes. 

(c) Financial Reports. 

(i) The books and records of the Company shall be audited as of the end of each Fiscal Year by the same accounting firm that
audits the books and records of Pubco (or, if such firm declines to perform such audit, by an accounting firm selected by the Managing Member). 

(ii) In the event neither Pubco nor the Company is required to file an annual report on Form
10-K or quarterly report on Form 10-Q, the Company shall deliver, or cause to be delivered, the following to Pubco and each of the
Non-Pubco Members, in each case for so long as the Substantial Ownership Requirement is met: 

(A) not later than ninety (90) days after the end of each Fiscal Year of the Company, a copy of the audited consolidated
balance sheet of the Company and its Subsidiaries as of the end of such Fiscal Year and the related statements of operations and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous year, all
in reasonable detail; and 
 (B) not later than forty five (45) days or such later time as permitted under applicable
securities law after the end of each of the first three fiscal quarters of each Fiscal Year, the unaudited consolidated balance sheet of the Company and its Subsidiaries, and the related statements of operations and cash flows for such quarter and
for the period commencing on the first day of the Fiscal Year and ending on the last day of such quarter. 
 (d) Tax Returns. 

(i) The Company shall timely prepare or cause to be prepared by an accounting firm selected by the Managing Member all federal,
state, local and foreign tax returns (including information returns) of the Company and its Subsidiaries, which may be required by a jurisdiction in which the Company and its Subsidiaries operate or conduct business for each year or period for which
such returns are required to be filed and shall cause such returns to be timely filed. 

  
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Upon request of any Member, the Company shall furnish to such Member a copy of each such tax return; and 

(ii) The Company shall use commercially reasonable efforts to furnish to each Member (a) within one hundred twenty
(120) days after the end of the Fiscal Year of the Company or, if later, as soon as such information is available, all information concerning the Company and its Subsidiaries required for the preparation of tax returns of such Members (or any
beneficial owner(s) of such Member), including a report (including Schedule K-1), indicating each Member’s share of the Company’s taxable income, gain, credits, losses and deductions for such year,
in sufficient detail to enable such Member to prepare its federal, state and local income or franchise tax or information returns; (b) if requested by a Member, a copy of the Company’s federal, state and local income tax or information
returns for such Fiscal Year, promptly after the filing of such returns; and (c) as soon as reasonably possible after a request by such Member, such other information concerning the Company and its Subsidiaries that is reasonably requested by
such Member for compliance with its tax obligations (or the tax obligations of any beneficial owner(s) of such Member) or for tax planning purposes. 

(e) Inconsistent Positions. No Member shall take a position on its income tax return with respect to any item of Company income, gain,
deduction, loss or credit that is different from the position taken on the Company’s income tax return with respect to such item unless such Member notifies the Company of the different position the Member desires to take and the Company’s
regular tax advisors, after consulting with the Member, are unable to provide an opinion that (after taking into account all of the relevant facts and circumstances) the arguments in favor of the Company’s position outweigh the arguments in
favor of the Member’s position. 
 Section 3.04. Books and Records. The Company shall keep full and accurate books of
account and other records of the Company at its principal place of business. For so long as the Substantial Ownership Requirement is met, each Non-Pubco Member shall have any right to inspect the books and
records of Pubco, the Company or any of its Subsidiaries; provided that (i) such inspection shall be at reasonable times and upon reasonable prior notice to the Company, but not more frequently than once per calendar quarter and
(ii) neither Pubco, the Company nor any of its Subsidiaries shall be required to disclose (x) any information the Managing Member determines to be competitively sensitive, (y) any privileged information of Pubco, the Company or any of
its Subsidiaries so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Non-Pubco Members, as the case may be,
without the loss of any such privilege, or (z) the Member Schedule or related information described in Section 3.01(b). 

  
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 ARTICLE 4 

PUBCO OWNERSHIP; RESTRICTIONS ON PUBCO STOCK 

Section 4.01. Pubco Ownership. (a) Except as otherwise determined by Pubco, if at any time Pubco issues a share of
Class A Common Stock or any other Equity Security of Pubco entitled to any economic rights (including in the IPO) (an “Economic Pubco Security”) with regard thereto (other than Class B Common Stock, or other Equity
Security of Pubco not entitled to any economic rights with respect thereto), (i) the Company shall issue to Pubco one Common Unit (if Pubco issues a share of Class A Common Stock) or such other Equity Security of the Company (if Pubco issues an
Economic Pubco Security other than Class A Common Stock) corresponding to the Economic Pubco Security, and with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as
those of such Economic Pubco Security and (ii) the net proceeds received by Pubco with respect to the corresponding Economic Pubco Security, if any, shall be concurrently contributed to the Company; provided, however, that if
Pubco issues any Economic Pubco Securities, some or all of the net proceeds of which are to be used to fund expenses or other obligations of Pubco for which Pubco would be permitted a distribution pursuant to Section 5.03(c), then Pubco shall
not be required to transfer such net proceeds to the Company which are used or will be used to fund such expenses or obligations and provided, further, that if Pubco issues any shares of Class A Common Stock (including in the IPO)
in order to purchase or fund the purchase from a Non-Pubco Member of a number of Common Units (and shares of Class B Common Stock) or to purchase or fund the purchase of shares of Class A Common
Stock, in each case equal to the number of shares of Class A Common Stock issued, then the Company shall not issue any new Common Units in connection therewith and Pubco shall not be required to transfer such net proceeds to the Company (it
being understood that such net proceeds shall instead be transferred to such Non-Pubco Member or transferor of Class A Common Stock, as applicable, as consideration for such purchase). 

(b) For the avoidance of doubt, this Article 4 shall apply to the issuance and distribution to holders of shares of Pubco Common Stock of
rights to purchase Equity Securities of Pubco under a “poison pill” or similar shareholders rights plan (it also being understood that upon redemption or exchange of Common Units (including any such right to purchase Common Units in the
Company) for shares of Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right to purchase Equity Securities of Pubco). 

(c) If at any time Pubco issues one or more shares of Class A Common Stock in connection with an equity incentive program, whether such
share or shares are issued upon exercise of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the Company shall issue to Pubco a corresponding number of Common Units; provided that Pubco shall be required to
concurrently contribute the net proceeds (if any) received by Pubco from or otherwise in connection with such corresponding issuance of one or more shares of Class A Common Stock, including the exercise price of any option exercised, to the
Company. If any such shares of Class A Common Stock so issued by Pubco in connection with an equity incentive program are subject to vesting or forfeiture 

  
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provisions, then the Common Units that are issued by the Company to Pubco in connection therewith in accordance with the preceding provisions of this Section 4.01(c) shall be subject to
vesting or forfeiture on the same basis; if any of such shares of Class A Common Stock vest or are forfeited, then a corresponding number of the Common Units issued by the Company in accordance with the preceding provisions of this
Section 4.01(c) shall automatically vest or be forfeited. Any cash or property held by either Pubco or the Company or on either’s behalf in respect of dividends paid on restricted Class A Common Stock that fails to vest shall be
returned to the Company upon the forfeiture of such restricted Class A Common Stock. 
 Section 4.02. Restrictions on Pubco
Common Stock. (a) Except as otherwise determined by the Managing Member in accordance with Section 4.02(d), (i) the Company may not issue any additional Common Units to Pubco or any of its Subsidiaries unless substantially
simultaneously therewith Pubco or such Subsidiary issues or sells an equal number of shares of Class A Common Stock to another Person, (ii) the Company may not issue any additional Common Units to any Person (other than Pubco or any of its
Subsidiaries) unless simultaneously therewith Pubco issues or sells an equal number of shares of Class B Common Stock to such Person and (iii) the Company may not issue any other Equity Securities of the Company to Pubco or any of its
Subsidiaries unless substantially simultaneously therewith, Pubco or such Subsidiary issues or sells, to another Person, an equal number of shares of a new class or series of Equity Securities of Pubco or such Subsidiary with substantially the same
rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company. 

(b) Except as otherwise determined by the Managing Member in accordance with Section 4.02(d), (i) Pubco and its Subsidiaries may not
redeem, repurchase or otherwise acquire any shares of Class A Common Stock unless substantially simultaneously therewith the Company redeems, repurchases or otherwise acquires from Pubco or any of its Subsidiaries an equal number of Common
Units for the same price per security (or, if Pubco uses funds received from distributions from the Company or the net proceeds from an issuance of Class A Common Stock to fund such redemption, repurchase or acquisition, then the Company shall
cancel an equal number of Common Units for no consideration) and (ii) Pubco and its Subsidiaries may not redeem or repurchase any other Equity Securities of Pubco unless substantially simultaneously therewith the Company redeems or repurchases
from Pubco or any of its Subsidiaries an equal number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation) or other
economic rights as those of such Equity Securities of Pubco for the same price per security (or, if Pubco uses funds received from distributions from the Company or the net proceeds from an issuance of Equity Securities other than Class A
Common Stock to fund such redemption, repurchase or acquisition, then the Company shall cancel an equal number of its corresponding Equity Securities for no consideration). Except as otherwise determined by the Managing Member in accordance with
Section 4.02(d), (x) the Company may not redeem, repurchase or otherwise acquire Common Units from Pubco or any of its Subsidiaries unless substantially simultaneously Pubco or such Subsidiary redeems, repurchases or otherwise acquires an equal
number of Class A 

  
 21 

 
Common Stock for the same price per security from holders thereof (except that if the Company cancels Common Units for no consideration as described in Section 4.02(b)(i), then the price per
security need not be the same) and (y) the Company may not redeem, repurchase or otherwise acquire any other Equity Securities of the Company from Pubco or any of its Subsidiaries unless substantially simultaneously Pubco or such Subsidiary
redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of Pubco of a corresponding class or series with substantially the same rights to dividends and distributions (including dividends and
distributions upon liquidation) and other economic rights as those of such Equity Securities of Pubco (except that if the Company cancels Equity Securities for no consideration as described in Section 4.02(b)(ii), then the price per security
need not be the same). Notwithstanding the immediately preceding sentence, to the extent that any consideration payable to Pubco in connection with the redemption or repurchase of any shares or other Equity Securities of Pubco or any of its
Subsidiaries consists (in whole or in part) of shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then redemption or repurchase of the corresponding
Common Units or other Equity Securities of the Company shall be effectuated in an equivalent manner (except if the Company cancels Common Units or other Equity Securities for no consideration as described in this Section 4.02(b)). 

(c) The Company shall not in any manner effect any subdivision (by any stock or unit split, stock or unit dividend or distribution,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the outstanding Common Units unless accompanied by a substantively
identical subdivision or combination, as applicable, of the outstanding Pubco Common Stock, with corresponding changes made with respect to any other exchangeable or convertible securities. Pubco shall not in any manner effect any subdivision (by
any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the
outstanding Pubco Common Stock unless accompanied by a substantively identical subdivision or combination, as applicable, of the outstanding Common Units, with corresponding changes made with respect to any other exchangeable or convertible
securities. 
 (d) Notwithstanding anything to the contrary in this Article 4: 

(i) if at any time the Managing Member shall determine that any debt instrument of Pubco, the Company or its Subsidiaries shall
not permit Pubco or the Company to comply with the provisions of Section 4.02(a) or Section 4.02(b) in connection with the issuance, redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of Pubco or
any of its Subsidiaries or any Units or other Equity Securities of the Company, then the Managing Member may in good faith implement an economically equivalent alternative arrangement without complying with such provisions; provided that, in
the case that any such alternative arrangement is implemented because of restrictions in any debt instrument, such arrangement shall also be subject to the prior written consent 

  
 22 

 
(not to be unreasonably withheld) of the Non-Pubco Members, in each case for so long as the Substantial Ownership Requirement is met; and 

(ii) if (x) Pubco incurs any indebtedness and desires to transfer the proceeds of such indebtedness to the Company and
(y) Pubco is unable to lend the proceeds of such indebtedness to the Company on an equivalent basis because of restrictions in any debt instrument of Pubco, the Company or its Subsidiaries, then notwithstanding Section 4.02(a) or
Section 4.02(b), the Managing Member may in good faith implement an economically equivalent alternative arrangement in connection with the transfer of proceeds to the Company using non-participating
preferred Equity Securities of the Company without complying with such provisions; provided that, in the case that any such alternative arrangement is implemented because of restrictions in any debt instrument, such arrangement shall also be
subject to the prior written consent (not to be unreasonably withheld) of the Non-Pubco Members, in each case for so long as the Substantial Ownership Requirement is met. 

ARTICLE 5 
 CAPITAL
CONTRIBUTIONS; CAPITAL ACCOUNTS; 
 DISTRIBUTIONS; ALLOCATIONS 

Section 5.01. Capital Contributions. (a) From and after the date hereof, no Member shall have any obligation to the Company,
to any other Member or to any creditor of the Company to make any further Capital Contribution, except as expressly provided in Section 4.01(a), Section 4.01(c) or Section 10.03. 

(b) Except as expressly provided herein, no Member, in its capacity as a Member, shall have the right to receive any cash or any other property
of the Company. 
 Section 5.02. Capital Accounts. 

(a) Maintenance of Capital Accounts. The Company shall maintain a Capital Account for each Member on the books of the Company in
accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions: 

(i) Each Member listed on the Member Schedule shall be credited with the Reorganization Date Capital Account Balance set forth
on the Member Schedule. The Member Schedule shall be amended by the Managing Member after the closing of the IPO and from time to time to reflect adjustments to the Members’ Capital Accounts made in accordance with Sections 5.02(a)(ii),
5.02(a)(iii), 5.02(a)(iv), 5.02(c) or otherwise. 
 (ii) To each Member’s Capital Account there shall be credited:
(A) such Member’s Capital Contributions, (B) such Member’s distributive share of Net Income and any item in the nature of income or gain that is allocated pursuant 

  
 23 

 
to Section 5.04 and (C) the amount of any Company liabilities assumed by such Member or that are secured by any Property distributed to such Member. 

(iii) To each Member’s Capital Account there shall be debited: (A) the amount of money and the Carrying Value of any
Property distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive share of Net Loss and any items in the nature of expenses or losses that are allocated to such Member pursuant to
Section 5.04 and (C) the amount of any liabilities of such Member assumed by the Company or that are secured by any Property contributed by such Member to the Company. 

(iv) In determining the amount of any liability for purposes of subparagraphs (ii) and (iii) above there shall be taken
into account Section 752(c) of the Code and any other applicable provisions of the Code and the Treasury Regulations. 
 The foregoing provisions and
the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
consistent with such Treasury Regulations. In the event that the Managing Member shall reasonably determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are maintained (including debits or
credits relating to liabilities that are secured by contributed or distributed Property or that are assumed by the Company or the Members), the Managing Member may make such modification so long as such modification will not have any effect on the
amounts distributed to any Person pursuant to Article 12 upon the dissolution of the Company. The Managing Member also shall (i) make any adjustments that are necessary or appropriate to maintain equality between Capital Accounts of the Members
and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g), and (ii) make any
appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b). 

(b) Succession to Capital Accounts. In the event any Person becomes a Substitute Member in accordance with the provisions of this
Agreement, such Substitute Member shall succeed to the Capital Account of the former Member (the “Transferor Member”) to the extent such Capital Account relates to the Transferred Units. 

(c) Adjustments of Capital Accounts. The Company shall revalue the Capital Accounts of the Members in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(f) (a “Revaluation”) at the following times: (i) immediately prior to the contribution of more than a de minimis amount of money or other
property to the Company by a new or existing Member as consideration for one or more Units; (ii) the distribution by the Company to a Member of more than a de minimis amount of property in respect of one or more Units; (iii) the issuance
by the Company of more than a de minimis amount of Units as consideration for the provision of services to or for the benefit of the Company (as described in Treasury Regulations Section 1.704-

  
 24 

 
1(b)(2)(iv)(f)(5)(iii)); (iv) a Profits Unit Exchange (as provided in Section 10.10); and (v) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that adjustments pursuant to clauses (i), (ii) and (iii) above shall be made only if the Managing Member reasonably determines that such adjustments
are necessary or appropriate to reflect the relative economic interest of the Members. 
 (d) No Member shall be entitled to withdraw capital
or receive distributions except as specifically provided herein. A Member shall have no obligation to the Company, to any other Member or to any creditor of the Company to restore any negative balance in the Capital Account of such Member. Except as
expressly provided elsewhere herein, no interest shall be paid on the balance in any Member’s Capital Account. 
 (e) Whenever it is
necessary for purposes of this Agreement to determine a Member’s Capital Account on a per Unit basis, such amount shall be determined by dividing the Capital Account of such Member attributable to the applicable class of Units held of record by
such Member by the number of Units of such class held of record by such Member. 
 (f) Notwithstanding anything to the contrary in this
Section 5.02, it is intended that each Member’s Capital Account per Unit be equal to each of the other Members’ Capital Account per Unit. If at any time there is a difference between a Member’s Capital Account per Unit and the
other Members’ Capital Accounts per Unit, the Company shall make appropriate adjustments with respect to the Members’ Capital Accounts to eliminate or minimize such difference (except to the extent such difference arises as a result of
certain Members holding Profits Units). 
 Section 5.03. Amounts and Priority of Distributions. (a) Distributions
Generally. Except as otherwise provided in Section 12.02, distributions shall be made to the Members as set forth in this Section 5.03, at such times and in such amounts as the Managing Member, in its sole discretion, shall determine.

 (b) Distributions to the Members. Subject to Sections 5.03(e), and 5.03(f), at such times and in such amounts as the Managing
Member, in its sole discretion, shall determine, distributions shall be made to the Members in proportion to their respective Percentage Interests. For the avoidance of doubt, if the amount to be distributed pursuant to this Section 5.03(b)
with respect to any particular distribution pursuant to this Section 5.03(b) would cause the amount of any outstanding Profits Unit’s Participation Threshold to be reduced to zero, then such Profits Unit shall participate in distributions
under this Section 5.03(b) on a pro rata basis only after the portion of the amount to be distributed in such distribution that would cause such Profits Unit’s Participation Threshold to be reduced to (but not below) zero has first been
distributed to the holders of outstanding Common Units (taking into account outstanding Profits Units that have lesser Participation Thresholds (determined immediately prior to such distribution)). Notwithstanding the foregoing, Participating
Profits Units that are not Vested Units shall not be entitled to distributions, provided that (x) any such Participating Profits Units shall not be deemed “issued and outstanding” for purposes of computing Percentage Interests

  
 25 

 
when giving effect to the first sentence of this Section 5.03(b) and (y) with respect to any such Participating Profits Units that subsequently become Vested Units from time to time, on
each subsequent distribution date after such Participating Profits Units became Vested Units, the amounts that would otherwise have been distributable in respect of the Common Units and Participating Profits Units under this Section 5.03(b)
shall be distributed instead to the holders of the Participating Profits Units that were outstanding and were not Vested Units on the date amounts were previously distributed under this Section 5.03(b) until the amounts previously distributed
thereunder (plus any amount previously distributed under this Section 5.03(b)) equal the amounts which otherwise would have been distributable under this Section 5.03(b) if such Participating Profits Units had been Vested Units at the time
of such previous distribution. 
 (c) Pubco Distributions. Notwithstanding the provisions of Section 5.03(b), the Managing
Member, in its sole discretion, may authorize that cash be paid to Pubco or any of its Subsidiaries (which payment shall be made without pro rata distributions to the other Members) in exchange for the redemption, repurchase or other acquisition of
Units held by Pubco or any of its Subsidiaries to the extent that such cash payment is used to redeem, repurchase or otherwise acquire an equal number of shares of Class A Common Stock in accordance with Section 4.02(b). 

(d) Distributions in Kind. Any distributions in kind shall be made at such times and in such amounts as the Managing Member, in its sole
discretion, shall determine based on their fair market value as determined by the Managing Member in the same proportions as if distributed in accordance with Section 5.03(b), with all Members participating in proportion to their respective
Percentage Interests. If cash and property are to be distributed in kind simultaneously, the Company shall distribute such cash and property in kind in the same proportion to each Member. 

(e) Tax Distributions. Unless otherwise provided by the Managing Member, the Company shall (solely to the extent of available cash), no
later than five days prior to the date on which U.S. federal corporate estimated tax payments are due for a taxpayer with a taxable year ending on December 31, to make a distribution (a “Tax Distribution”) to each Member in an
amount equal to the excess of (A) the product of (i) the estimated net taxable income allocable to such Member, for such taxable year through the end of such period, and (ii) the Tax Rate, over (B) distributions previously made
to such Member pursuant to this Section 5.03 or Section 12.02 with respect to the taxable year. If such quarterly Tax Distributions are, in the aggregate, less than the amount
of Tax Distributions to which such Member is entitled pursuant to this Section 5.03(e), the Managing Member shall (solely to the extent of any available cash) cause the Company to make an annual Tax Distribution to
each Member no later than 10 days prior to the due date for U.S. federal income tax returns for individuals (excluding any extensions) for such taxable year sufficient to make up such shortfall. In computing taxable income or loss for purposes of
this Section 5.03(e), items of income, gain, loss and deduction shall be determined (i) with or without regard to any adjustments pursuant to Section 743 of the Code (in whole or in part), in the sole
discretion of the Managing Member, and (ii) taking into account any allocations under Section 704(c) of the Code and the Treasury Regulations thereunder. A Tax Distribution to a Member in 

  
 26 

 
respect of any Unit shall be charged against current or future distributions to which such Member would otherwise have been entitled under
this Section 5.03 or Section 12.02 in respect of such Unit to the extent required to prevent Tax Distributions from permanently impacting the distributions to the
Members; provided, however, all Common Units (including any Common Unit or portion thereof received in exchange for any Profits Unit) shall participate in distributions made pursuant to Section 5.03 on
a pro rata basis. Notwithstanding the foregoing, (A) any distributions made pursuant to this Section 5.03(e) shall be made to the Members on a pro rata basis in accordance with the number of each
Member’s Units over the total number of outstanding Units, (B) to the extent of available cash, the pro rata amount to be distributed to each Member shall be calculated based on the distribution to the Member that would have the highest
Tax Distribution under this Section 5.03(e) on a per-Unit basis, calculated without regard to this sentence and (C) if there is insufficient available cash to
make all of the distributions described in clause (B), the amount that would have been distributed to each Member pursuant to clause (B) shall be reduced on a pro rata basis; and provided, further, that
notwithstanding the foregoing the Company shall not be required to make any distribution pursuant to this Section 5.03(e) with respect to any Profits Units that are not Vested Units if the Company has not
allocated any income in the applicable taxable period to such Units. For the avoidance of doubt, whether a distribution is treated as a Tax Distribution or a distribution pursuant to Section 5.03(b) is not intended to impact
allocations or ultimate economic entitlement under this Agreement, and this Agreement shall be interpreted consistent with such intent. 

(f) Assignment. Each Member and its Permitted Transferees shall have the right to assign to any Transferee of Common Units, pursuant to
a Transfer made in compliance with this Agreement, the right to receive any portion of the amounts distributable or otherwise payable to such Member pursuant to Section 5.03(b). 

Section 5.04. Allocations. (a) Net Income and Net Loss. Except as otherwise provided in this Agreement, and after
giving effect to the special allocations set forth in Section 5.04(b), Section 5.04(c) and Section 5.04(d), Net Income and Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of the
Company shall be allocated among the Members in a manner such that the Capital Account of each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the distributions that would be made to such Member
pursuant to Section 5.03(b) if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the
Carrying Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with Section 5.03(b), to the Members immediately after making such allocation and all Profits Units were not subject to a
risk of forfeiture based on the continued performance of services (solely for purposes of this provision), minus (ii) such Member’s share of Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the
hypothetical sale of assets. 
 (b) Special Allocations. The following special allocations shall be made in the following order: 

  
 27 

 (i) Minimum Gain Chargeback. Except as otherwise provided in Treasury
Regulations Section 1.704-2(f), notwithstanding any other provision of this Article 5, if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be specially allocated
items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g). Allocations pursuant to the immediately preceding sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so
allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f)(6) and 1.704-2(j)(2). This Section 5.04(b)(i) is intended to comply
with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(ii) Member Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
Section 1.704-2(i)(4), notwithstanding any other provision of this Article 5, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Fiscal
Year, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall
be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such
Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and
1.704-2(j)(2). This Section 5.04(b)(ii) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and
shall be interpreted consistently therewith. 
 (iii) Qualified Income Offset. In the event any Member unexpectedly
receives any adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations,
the Adjusted Capital Account Deficit of the Member as promptly as possible; provided that an allocation pursuant to this Section 5.04(b)(iii) shall be made only if and to the extent that the Member would have an Adjusted Capital Account
Deficit after all other allocations provided for in this Article 5 have been tentatively made as if this Section 5.04(b)(iii) were not in the Agreement. 

  
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 (iv) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal
Year shall be specially allocated to the Members in a manner determined by the Managing Member consistent with Treasury Regulations Sections 1.704-2(b) and 1.704-2(c).

 (v) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially
allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Sections
1.704-2(i)(1) and 1.704-2(j)(1). 
 (vi)
Section 754 Adjustments. (A) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest in the Company or as a result
of a Transfer of a Member’s interest in the Company, as the case may be, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of such asset) or loss (if the adjustment decreases the basis of
such asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income and Net Loss. (B) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or
743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account
in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of such Member’s interest in the Company, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to such Members in accordance with their interests in the Company in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4)
applies. 
 (c) Curative Allocations. The allocations set forth in Section 5.04(b)(i) through Section 5.04(b)(vi) and
Section 5.04(d) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be
offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 5.04(c). Therefore, notwithstanding any other provision of this Article 5 (other
than the Regulatory Allocations), the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each
Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant to
Section 5.04. 

  
 29 

 (d) Loss Limitation. Net Loss (or individual items of loss or deduction) allocated
pursuant to Section 5.04 hereof shall not exceed the maximum amount of Net Loss (or individual items of loss or deduction) that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Fiscal
Year. In the event some but not all of the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of Net Loss (or individual items of loss or deduction) pursuant to Section 5.04 hereof, the limitation set forth
in this Section 5.04(d) shall be applied on a Member by Member basis and Net Loss (or individual items of loss or deduction) not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with
the positive balances in such Member’s Capital Accounts so as to allocate the maximum permissible Net Loss to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). Any reallocation of
Net Loss pursuant to this (d) shall be subject to chargeback pursuant to the curative allocation provision of Section 5.04(c). 

Section 5.05. Other Allocation Rules. (a) Interim Allocations Due to Percentage Adjustment. If a Percentage Interest
is the subject of a Transfer or the Members’ interests in the Company change pursuant to the terms of the Agreement during any Fiscal Year, the amount of Net Income and Net Loss (or items thereof) to be allocated to the Members for such entire
Fiscal Year shall be allocated to the portion of such Fiscal Year which precedes the date of such Transfer or change (and if there shall have been a prior Transfer or change in such Fiscal Year, which commences on the date of such prior Transfer or
change) and to the portion of such Fiscal Year which occurs on and after the date of such Transfer or change (and if there shall be a subsequent Transfer or change in such Fiscal Year, which precedes the date of such subsequent Transfer or change),
in accordance with an interim closing of the books, and the amounts of the items so allocated to each such portion shall be credited or charged to the Members in accordance with Section 5.04 as in effect during each such portion of the Fiscal
Year in question. Such allocation shall be in accordance with Section 706 of the Code and the regulations thereunder and made without regard to the date, amount or receipt of any distributions that may have been made with respect to the
transferred Percentage Interest to the extent consistent with Section 706 of the Code and the regulations thereunder. As of the date of such Transfer, the Transferee Member shall succeed to the Capital Account of the Transferor Member with
respect to the transferred Units. 
 (b) Tax Allocations: Code Section 704(c). In accordance with
Section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss, and deduction with respect to any Property contributed to the capital of the Company and with respect to reverse Code Section 704(c) allocations
described in Treasury Regulations 1.704-3(a)(6) shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such Property to the Company
for federal income tax purposes and its initial Carrying Value or its Carrying Value determined pursuant to Treasury Regulation 1.704-1(b)(2)(iv)(f) (computed in accordance with the definition of Carrying
Value) using the traditional allocation method without curative allocations under Treasury Regulation 1.704-3(b). Any elections or other decisions relating to such allocations shall be made by the Managing
Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to 

  
 30 

 
this Section 5.05(b), Section 704(c) of the Code (and the principles thereof), and Treasury Regulation 1.704-1(b)(4)(i) are solely for purposes
of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this Agreement
(except for, in the case of Code Section 704(c) allocations, Tax Distributions). 
 Section 5.06. Tax Withholding; Withholding
Advances. (a) Tax Withholding. 
 (i) If requested by the Managing Member, each Member shall, if able to do so,
deliver to the Managing Member: (A) an affidavit in form satisfactory to the Company that the applicable Member (or its partners, as the case may be) is not subject to withholding under the provisions of any federal, state, local, foreign or
other law; (B) any certificate that the Company may reasonably request with respect to any such laws; and/or (C) any other form or instrument reasonably requested by the Company relating to any Member’s status under such law. In the
event that a Member fails or is unable to deliver to the Company an affidavit described in subclause (A) of this clause (i), the Company may withhold amounts from such Member in accordance with Section 5.06(b). 

(ii) After receipt of a written request of any Member, the Company shall provide such information to such Member and take such
other action as may be reasonably necessary to assist such Member in making any necessary filings, applications or elections to obtain any available exemption from, or any available refund of, any withholding imposed by any foreign taxing authority
with respect to amounts distributable or items of income allocable to such Member hereunder to the extent not adverse to the Company or any Member. In addition, the Company shall, at the request of any Member, make or cause to be made (or cause the
Company to make) any such filings, applications or elections; provided that any such requesting Member shall cooperate with the Company, with respect to any such filing, application or election to the extent reasonably determined by the
Company and that any filing fees, taxes or other out-of-pocket expenses reasonably incurred and related thereto shall be paid and borne by such requesting Member or, if
there is more than one requesting Member, by such requesting Members in accordance with their Relative Percentage Interests. 
 (b)
Withholding Advances. To the extent the Company is required by Applicable Law to withhold or to make tax payments on behalf of or with respect to any Member (including backup withholding and any tax payment made by the Company pursuant to
Section 6225 of the Code that is attributable to such Member) (“Withholding Advances”), the Company may withhold such amounts and make such tax payments as so required. 

(c) Repayment of Withholding Advances. All Withholding Advances made on behalf of a Member, plus interest thereon at a rate equal
to the Prime Rate as of the date of such Withholding Advances, shall (i) be paid on demand by the Member on whose behalf such Withholding Advances were made (it being understood that no such payment

  
 31 

 
shall increase such Member’s Capital Account), or (ii) with the consent of the Managing Member and the affected Member be repaid by reducing the amount of the current or next succeeding
distribution or distributions that would otherwise have been made to such Member or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Member. Whenever repayment of a
Withholding Advance by a Member is made as described in clause (ii) of this Section 5.06(c), for all other purposes of this Agreement such Member shall be treated as having received all distributions (whether before or upon any Dissolution
Event) unreduced by the amount of such Withholding Advance and interest thereon. 
 (d) Withholding Advances — Reimbursement of
Liabilities. Each Member hereby agrees to reimburse the Company for any liability with respect to Withholding Advances (including interest thereon) required or made on behalf of or with respect to such Member (including penalties imposed with
respect thereto). The obligation of a Member to reimburse the Company for taxes pursuant to this Section 5.06 shall continue after such Member Transfers its Common Units with respect to all payments or allocations to such Member were made prior
to the date of such Transfer. 
 ARTICLE 6 

CERTAIN TAX MATTERS 

Section 6.01. Tax Matters Representative. Pubco is hereby appointed the “tax matters partner” or the “partnership
representative,” as the case may be (in each case, the “Tax Matters Representative”), of the Company under Section 6231 of the Code prior to the enactment of U.S. Public Law 114-74
or Section 6223 of the Code, as applicable. The Company shall not be obligated to pay any fees or other compensation to the Tax Matters Representative in its capacity as such, but the Company shall reimburse the Tax Matters Representative
for all reasonable out-of-pocket costs and expenses (including attorneys’ and other professional fees) incurred by it in its capacity as Tax Matters
Representative. The Company shall defend, indemnify, and hold harmless the Tax Matters Representative against any and all liabilities sustained or incurred as a result of any act or decision concerning Company tax matters and within the scope
of such Member’s responsibilities as Tax Matters Representative, so long as such act or decision was done or made in good faith and does not constitute gross negligence or willful misconduct. The Members acknowledge that the Company shall make
the election described in Section 6226 of the Code, unless the Tax Matter Representative determines not to make such election in its sole discretion. 

Section 6.02. Section 754 Elections. The Company shall have in effect, and shall cause any Subsidiary of the
Company that is treated as a partnership for U.S. federal income tax purposes to have in effect, an election under Section 754 of the Code (and any corresponding election under state and local law) for the taxable year that includes the date of
the IPO and for each taxable year in which an Exchange occurs. 
 Section 6.03. Debt Allocation. Indebtedness of the Company
treated as “excess nonrecourse liabilities” (as defined in Treasury Regulation Section 1.752-3(a)(3)) shall be 

  
 32 

 
allocated among the Members based on their Percentage Interests (or such other method chosen by the Managing Member). 

Section 6.04. Partnership Continuation. Each Member agrees that the Company is intended to be treated for U.S. federal and, as
applicable, state and local income tax purposes as a continuation of Weber-Stephen Products, LLC within the meaning of Section 708(a) of the Code and Treasury regulations promulgated thereunder and any similar provisions of state or local law,
and no such Member shall take any position inconsistent therewith on any tax return. 
 Section 6.05.
Tax-Deferred Exchange. At the request of Byron Trott or any trusts or other vehicles established by Byron Trott to benefit any of his family members (collectively, the “Trott Owners”),
Pubco and the Company agree to reasonably cooperate to facilitate tax-deferred exchanges of certain of the Units then held by the Trott Owners (and related Class B Common Stock) for Class A Common
Stock, including by means of (i) an acquisition (or merger) of a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) controlled by Byron Trott or the Trott Owners and through which Byron Trott owns Units by
(or with and into) Pubco or (ii) the Transfer of all Pubco interests to a new corporate holding company (a “351 Transaction”). If the Trott Owners and the Company pursue a tax-deferred
exchange through a 351 Transaction, the Company and Pubco shall offer to allow other holders of Units to participate in such 351 Transaction on equivalent terms. 

ARTICLE 7 

MANAGEMENT OF THE COMPANY 

Section 7.01. Management by the Managing Member. Except as otherwise specifically set forth in this Agreement, the Managing Member
shall be deemed to be a “manager” for purposes of applying the Delaware Act. Except as expressly provided in this Agreement or the Delaware Act, the day-to-day
business and affairs of the Company and its Subsidiaries shall be managed, operated and controlled by the Managing Member in accordance with the terms of this Agreement and no other Members shall have management authority or rights over the Company
or its Subsidiaries. The Managing Member is, to the extent of its rights and powers set forth in this Agreement, an agent of the Company for the purpose of the Company’s and its Subsidiaries’ business, and the actions of the Managing
Member taken in accordance with such rights and powers, shall bind the Company (and no other Members shall have such right). Except as expressly provided in this Agreement, the Managing Member shall have all necessary powers to carry out the
purposes, business, and objectives of the Company and its Subsidiaries. The Managing Member shall have the power and authority to delegate to one or more other Persons the Managing Member’s rights and powers to manage and control the business
and affairs of the Company, including to delegate to agents and employees of a Member or the Company (including any officers or Subsidiary thereof), and to delegate by a management agreement or another agreement with, or otherwise to, other Persons.
The Managing Member may authorize any Person (including any Member or officer of the Company) to enter into and perform any document on behalf of the Company or any Subsidiary. 

  
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 Section 7.02. Withdrawal of the Managing Member. Pubco may withdraw as the
Managing Member and appoint as its successor, at any time upon written notice to the Company, (i) any wholly-owned Subsidiary of Pubco, (ii) any Person of which Pubco is a wholly-owned Subsidiary, (iii) any Person into which Pubco is
merged or consolidated or (iv) any transferee of all or substantially all of the assets of Pubco, which withdrawal and replacement shall be effective upon the delivery of such notice. No appointment of a Person other than Pubco (or its
successor, as applicable) as Managing Member shall be effective unless Pubco (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members
against the new Managing Member, to cause the new Managing Member to comply with all the Managing Member’s obligations under this Agreement and the Reorganization Documents. 

Section 7.03. Decisions by the Members. (a) Other than the Managing Member, the Members shall take no part in the management
of the Company’s business and shall transact no business for the Company and shall have no power to act for or to bind the Company. The Managing Member shall not (i) engage in any non-Business
activity or (ii) own any material assets other than Units and/or any cash or other property or assets distributed by, or otherwise received from, the Company, without the prior written consent of the Members, unless the Managing Member
determines in good faith that such actions or ownership are in the best interest of the Company; provided, however, that the Company may engage any Member or principal, partner, member, shareholder or interest holder thereof as an employee,
independent contractor or consultant to the Company, in which event the duties and liabilities of such individual or firm with respect to the Company as an employee, independent contractor or consultant shall be governed by the terms of such
engagement with the Company. 
 (b) Except as expressly provided herein, the Members shall not have the power or authority to vote, approve
or consent to any matter or action taken by the Company. Except as otherwise provided herein, any proposed matter or action subject to the vote, approval or consent of the Members shall require the approval of (i) a majority in interest of the
Members or such class of Members, as the case may be (by (x) resolution at a duly convened meeting of the Members, or (y) written consent of the Members). Except as expressly provided herein, all Members shall vote together as a single
class on any matter subject to the vote, approval or consent of the Members. In the case of any such approval, a majority in interest of the Members may call a meeting of the Members at such time and place or by means of telephone or other
communications facility that permits all persons participating in such meeting to hear and speak to each other for the purpose of a vote thereon. Notice of any such meeting shall be required, which notice shall include a brief description of the
action or actions to be considered by the Members. Unless waived by any such Member in writing, notice of any such meeting shall be given to each Member at least four (4) days prior thereto. Attendance or participation of a Member at a meeting
shall constitute a waiver of notice of such meeting, except when such Member attends or participates in the meeting for the express purpose of objecting at the beginning thereof to the transaction of any business because the meeting is not properly
called or convened. Any action required or permitted to be taken at any meeting of the Members may be taken without a meeting, if a consent in writing, setting forth the 

  
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actions so taken, shall be signed by Members sufficient to approve such action pursuant to this Section 7.03(b). A copy of any such consent in writing will be provided to the Members
promptly thereafter. 
 Section 7.04. Duties. (a) The parties acknowledge that the Managing Member will take action through
its board of directors and officers, and that the members of the Managing Member’s board of directors and its officers will owe fiduciary duties to the stockholders of the Managing Member. The Managing Member will use all commercially
reasonable and appropriate efforts and means, as determined in good faith by the Managing Member, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of the Managing Member, on the other hand, and to
effectuate any transaction that involves or affects any of the Company, the Managing Member, the Members and/or the stockholders of the Managing Member in a manner that does not (i) disadvantage the Members or their interests relative to the
stockholders of the Managing Member, (ii) advantage the stockholders of the Managing Member relative to the Members or (iii) treats the Members and the stockholders of the Managing Member differently; provided that in the event of a
conflict between the interests of the stockholders of the Managing Member and the interests of the Members other than the Managing Member, such other Members agree that the Managing Member shall discharge its fiduciary duties to such other Members
by acting in the best interests of the Managing Member’s stockholders. 
 Section 7.05. Officers. (a) Appointment
of Officers. The Managing Member may appoint individuals as officers (“Officers”) of the Company, which may include such officers as the Managing Member determines are necessary and appropriate. No Officer need be a Member. An
individual may be appointed to more than one office. If an Officer is also an officer of the Managing Member, then Section 7.04 shall apply to such Officer in the same manner as it applies to the Managing Member. 

(b) Authority of Officers. The Officers shall have the duties, rights, powers and authority as may be prescribed by the Managing Member
from time to time. 
 (c) Removal, Resignation and Filling of Vacancy of Officers. The Managing Member may remove any Officer, for any
reason or for no reason, at any time. Any Officer may resign at any time by giving written notice to the Company, and such resignation shall take effect at the date of the receipt of that notice or any later time specified in that notice;
provided that, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any such resignation shall be without prejudice to the rights, if any, of the Company or such Officer
under this Agreement. A vacancy in any office because of death, resignation, removal or otherwise shall be filled by the Managing Member. 

ARTICLE 8 

TRANSFERS OF INTERESTS 

Section 8.01. Restrictions on Transfers. (a) Except as expressly permitted by Section 8.02, and subject to
Section 8.01(b), Section 8.01(c), Section 8.01(d) and Section 

  
 35 

 
8.01(e), any underwriter lock-up agreement applicable to such Member and/or any other agreement between such Member and the Company, Pubco or any of their
controlled Affiliates, without the prior written approval of the Managing Member, no Member shall directly or indirectly Transfer all or any part of its Units or any right or economic interest pertaining thereto, including the right to vote or
consent on any matter or to receive or have any economic interest in distributions or advances from the Company pursuant thereto, to any Person that is not a Permitted Transferee. Any such Transfer which is not in compliance with the provisions of
this Agreement shall be deemed a Transfer by such Member of Units in violation of this Agreement (and a breach of this Agreement by such Member) and shall be null and void ab initio. Notwithstanding anything to the contrary in this Article 8, (i)
Section 10.04 of this Agreement shall govern the exchange of Common Units for shares of Class A Common Stock, and an exchange pursuant to, and in accordance with, Section 10.04 of this Agreement shall not be considered a
“Transfer” for purposes of this Agreement, and (ii) any other Transfer of shares of Class A Common Stock shall not be considered a “Transfer” for purposes of this Agreement. 

(b) Except as otherwise expressly provided herein, it shall be a condition precedent to any Transfer otherwise permitted or approved pursuant
to this Article 8 that: 
 (i) the Transferor shall have provided to the Company prior notice of such Transfer; and 

(ii) the Transfer shall comply with all Applicable Laws and the Managing Member shall be reasonably satisfied that such
Transfer will not result in a violation of the Securities Act. 
 (c) Notwithstanding any other provision of this Agreement to the contrary,
no Member shall directly or indirectly Transfer all or any part of its Units or any right or economic interest pertaining thereto if such Transfer, in the reasonable discretion of the Managing Member, would cause the Company to be classified as a
“publicly traded partnership” as that term is defined in Section 7704 of the Code and Regulations promulgated thereunder. 

(d) Any Transfer of Units pursuant to this Agreement, including this Article 8, shall be subject to the provisions of Section 3.01 and
Section 3.02. 
 (e) If there is a Transfer of Units to Permitted Transferees pursuant to this Agreement, the Units held by each such
Permitted Transferee shall be included in calculating the Substantial Ownership Requirement. 
 Section 8.02. Certain Permitted
Transfers. Notwithstanding anything to the contrary herein but subject to Section 8.01(b) and Section 8.01(c), the following Transfers shall be permitted: 

(a) Any Transfer by any Member of its Common Units pursuant to a Disposition Event (as such term is defined in the certificate of incorporation
of Pubco); 

  
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 (b) Any grant of a bona fide security interest in, or a bona fide pledge of, Common Units to
any financial institution that is approved by the Managing Member as collateral to secure indebtedness and any Transfer pursuant to the enforcement of such collateral; 

(c) At any time, any Transfer by any Member of Common Units to any Transferee approved in writing by the Managing Member (not to be
unreasonably withheld), it being understood that it shall be reasonable for the Managing Member to withhold such consent if the Managing Member reasonably determines that such Transfer would materially increase the risk that the Company would be
classified as a “publicly traded partnership” as that term is defined in Section 7704 of the Code and Regulations promulgated thereunder; and 

(d) The Transfer of all or any portion of a Member’s Common Units to a Permitted Transferee of such Member. 

Section 8.03. Distributions. Notwithstanding anything in this Article 8 or elsewhere in this Agreement to the contrary, if a
Member Transfers all or any portion of its Units after the designation of a record date and declaration of a distribution pursuant to Article 5 and before the payment date of such distribution, the transferring Member (and not the Person acquiring
all or any portion of its Common Units) shall be entitled to receive such distribution in respect of such transferred Common Units. 

Section 8.04. Registration of Transfers. When any Units are Transferred in accordance with the terms of this Agreement, the
Company shall cause such Transfer to be registered on the books of the Company. 
 ARTICLE 9 

CERTAIN OTHER AGREEMENTS 

Section 9.01. Non-Disparagement. Each Non-Pubco
Member and Management Member agrees for the benefit of the Company and Pubco that such Member or Management Member shall not take, and such Member or Management Member shall take reasonable steps to cause its Affiliates not to take, any action or
make any public statement, whether or not in writing, that disparages or denigrates Pubco, the Company or any of its Subsidiaries (the “Company Parties”) or their respective directors, officers, employees, members, representatives
and agents. 
 Section 9.02. Company Call Right. (a) In connection with any Involuntary Transfer by any Non-Pubco Member or any Management Member, the Company or the Managing Member may, in the Managing Member’s sole discretion, elect to purchase from such Member (or in the case of a Management Member, from
Management LLC), and/or such Transferee(s) in such Involuntary Transfer (each, a “Call Member”) any or all of the Units so Transferred (“Call Units”), at any time by delivery of a written notice (a “Call
Notice”) to such Call Member. The Call Notice shall set forth the Unit Redemption Price and the proposed closing date of such purchase of such Call Units; provided that such closing date shall occur within ninety (90) days
following the date of 

  
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such Call Notice. At the closing of any such sale (a “Call Closing Date”), in exchange for the payment by the Company or the Managing Member to such Call Members of the Unit
Redemption Price in cash, (i) each Call Member shall deliver its Call Units, duly endorsed, or accompanied by written instruments of transfer in form satisfactory to the Company or the Managing Member, as applicable, duly executed by such Call
Member and accompanied by all requisite transfer taxes, if any, (ii) such Call Units shall be free and clear of any Liens and (iii) each Call Member shall so represent and warrant and further represent and warrant that it is the sole
beneficial and record owner of such Call Units. Following such closing, any such Call Member shall no longer be entitled to any rights in respect of its Call Units, including any distributions of the Company or Pubco thereupon (other than the
payment of the Unit Redemption Price at such closing), and, to the extent any such Call Member does not hold any Units thereafter, shall thereupon cease to be a Member of the Company and, to the extent any such Call Member does not hold any shares
of Pubco Common Stock thereafter, shall thereupon cease to be a stockholder of Pubco. Notwithstanding anything to the contrary herein, neither the Company nor the Managing Member may elect to purchase Call Units pursuant to this
Section 9.02 unless (A) Pubco determines to consummate a private sale or public offering of Class A Common Stock on, or not later than five (5) Business Days after, the relevant Call Closing Date and (B) Pubco
contributes sufficient proceeds from such private sale or public offering to the Company for payment by the Company of the applicable Unit Redemption Price for such Call Units. For the avoidance of doubt, the Company shall have no obligation to pay
a Unit Redemption Price for such Call Units that exceeds the cash contributed to the Company by the Corporation from Pubco’s offering or sales of Class A Common Stock referenced earlier in this Section 9.02. 

Section 9.03. Preemptive Rights. 

(a) No Person shall have any preemptive, preferential or other similar right with respect to (i) additional Capital Contributions;
(ii) issuances or sales by the Company of any class or series of Units, whether unissued or hereafter created; (iii) issuances of any obligations, evidences of indebtedness or other securities of the Company convertible into or
exchangeable for, or carrying or accompanied by any rights to receive, purchase or subscribe to, any Units; (iv) issuances of any right of subscription to or right to receive, or any warrant or option for the purchase of, any Units; or
(v) issuances or sales of any other securities that may be issued or sold by the Company. 
 ARTICLE 10 

REDEMPTION AND EXCHANGE RIGHTS 

Section 10.01. Redemption Right of a Member 

(a) Notwithstanding any provision to the contrary in the Agreement but subject to the terms of Section 10.02, Section 10.09,
Section 10.11 and/or any other agreement between such Member and the Company, Pubco or any of their controlled Affiliates, and without the need for approval by the Managing Member or consent by any other Members, each Member (other than the
Pubco Members) shall be entitled to cause the Company to redeem (a “Redemption,” and, together with a Direct Exchange, as defined 

  
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below, an “Exchange”) all or any portion of its Units (the “Redemption Right”) at any time following the expiration of any contractual lock-up period relating to the shares of Pubco that may be applicable to such Member; provided that the Managing Member may force a Member to exercise its Redemption Right at any time following the expiration
of such contractual lock-up period if such member holds fewer than 100,000 Common Units. A Member desiring to exercise its Redemption Right (the “Redeeming Member”) shall exercise such right
by giving written notice (the “Redemption Notice”) to the Company with a copy to Pubco. The Redemption Notice shall specify the number of Units (the “Redeemed Units”) that the Redeeming Member intends to have the
Company redeem and a date, not less than ten (10) Business Days nor more than thirteen (13) Business Days after delivery of such Redemption Notice (unless and to the extent that the Managing Member in its sole discretion agrees in writing
to waive such time periods), on which exercise of the Redemption Right shall be completed (the “Redemption Date”); provided that the Company, Pubco and the Redeeming Member may change the number of Redeemed Units and/or the
Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided further that a Redemption Notice may be conditioned by the Redeeming Member on the closing of an
underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption. Unless the Redeeming Member has timely delivered a Retraction Notice as provided in Section 10.01(b) or has
revoked or delayed a Redemption as provided in Section 10.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Redeeming Member shall Transfer and surrender the Redeemed
Units to the Company, free and clear of all Liens, and (ii) the Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member is entitled under Section 10.01(b),
and (z), if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to
clause (i) of this Section 10.01(a) and the Redeemed Units. 
 (b) In exercising its Redemption Right, a Redeeming Member shall be
entitled to receive the number of shares of Class A Common Stock equal to the number of Redeemed Units (the “Share Settlement”) or the immediately available funds in U.S. dollars in an amount equal to the Redeemed Units
Equivalent (the “Cash Settlement”); provided that Pubco shall have the option as provided in Section 10.03 and subject to Section 10.01(d) to select whether the redemption payment is made by means of a Share
Settlement or a Cash Settlement. Within three (3) Business Days of delivery of the Redemption Notice, Pubco shall give written notice (the “Contribution Notice”) to the Company (with a copy to the Redeeming Member) of its
intended settlement method; provided that if Pubco does not timely deliver a Contribution Notice, Pubco shall be deemed to have elected the Share Settlement method. If Pubco elects the Cash Settlement method, the Redeeming Member may retract
its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to Pubco) within ten (10) Business Days of delivery of the Contribution Notice. The timely delivery of a Retraction Notice
shall terminate all of the Redeeming Member’s, Company’s and 

  
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Pubco’s rights and obligations under this Section 10.01 arising from the Redemption Notice. 

(c) In the event that Pubco elects a Share Settlement in connection with a Redemption, a Redeeming Member shall be entitled to revoke its
Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at or
immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective; (ii) Pubco shall have failed to cause
any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) Pubco shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement
and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of the Redemption; (iv) Pubco shall have disclosed to such
Redeeming Member any material non-public information concerning Pubco, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or
immediately following the Redemption without disclosure of such information (and Pubco does not permit disclosure); (v) any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by
such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; (vi) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A
Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Authority that restrains or prohibits the Redemption; (viii) if the Redeeming Member is a party to
the Registration Rights Agreement, Pubco shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the
resale of Class A Common Stock to be received upon such redemption pursuant to an effective registration statement; (ix) the Redemption Date would occur three (3) Business Days or less prior to, or during, any “black-out” or similar period under Pubco’s policies covering trading in the Pubco’s securities to which the applicable Redeeming Member is subject, which period restricts the ability of such
Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement; provided further, that in no event shall the Redeeming Member seeking to revoke its
Redemption Notice or delay the consummation of such Redemption and relying on any of the matters contemplated in clauses (i) through (ix) above have controlled or intentionally materially influenced any facts, circumstances, or Persons in
connection therewith (except in the good faith performance of his or her duties as an officer or director of Pubco) in order to provide such Redeeming Member with a basis for such delay or revocation. If a Redeeming Member delays the consummation of
a Redemption pursuant to this Section 10.01(c), the Redemption Date shall occur on the fifth Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as Pubco, the Company and such
Redeeming Member may agree in writing). 

  
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 (d) The number of shares of Class A Common Stock or the Redeemed Units Equivalent that
a Redeeming Member is entitled to receive under Section 10.01(b) (whether through a Share Settlement or Cash Settlement) shall not be adjusted on account of any distributions previously made with respect to the Redeemed Units or dividends
previously paid with respect to Class A Common Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any distribution with
respect to the Redeemed Units but prior to payment of such distribution, the Redeeming Member shall be entitled to receive such distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member
transferred and surrendered the Redeemed Units to the Company prior to such date. 
 (e) In the event of a reclassification or other similar
transaction as a result of which the shares of Class A Common Stock are converted into another security, then in exercising its Redemption Right a Redeeming Member shall be entitled to receive the amount of such security that the Redeeming
Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction. 

Section 10.02. Cash Settlement. Notwithstanding anything to the contrary herein, neither Pubco nor the Company shall
effectuate a Cash Settlement pursuant to Section 10.03 or Section 10.04 unless (A) Pubco determines to consummate a private sale or public offering of Class A Common Stock on, or not later than five (5) Business Days after,
the relevant Redemption Date and (B) Pubco contributes sufficient proceeds from such private sale or public offering to the Company for payment by the Company of the applicable Cash Settlement. For the avoidance of doubt, the Company shall have
no obligation to effectuate a Cash Settlement that exceeds the cash contributed to the Company by Pubco from Pubco’s offering or sales of Class A Common Stock referenced in this Section 10.02. 

Section 10.03. Election and Contribution of Pubco. In connection with the exercise of a Redeeming Member’s Redemption Rights
under Section 10.01(a), Pubco shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 10.01(b). Pubco, at its option, shall determine whether to contribute, pursuant to
Section 10.01(b), the Share Settlement or the Cash Settlement. Unless the Redeeming Member has timely delivered a Retraction Notice as provided in Section 10.01(b), or has revoked or delayed a Redemption as provided in
Section 10.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) Pubco shall make its Capital Contribution to the Company (in the form of the Share Settlement or the Cash
Settlement) required under this Section 10.03, and (ii) the Company shall issue to Pubco a number of Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to
the contrary, in the event that Pubco elects a Cash Settlement, Pubco shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds (after deduction of any underwriters’ discounts or
commissions and brokers’ fees or commissions) from the sale by Pubco of a number of shares of Class A Common Stock equal to the number of 

  
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Redeemed Units to be redeemed with respect to such Cash Settlement, provided that Pubco’s Capital Account shall be increased by an amount equal to any discount relating to such sale
of shares of Class A Common Stock. The timely delivery of a Retraction Notice shall terminate all of the Company’s and Pubco’s rights and obligations under this Section 10.03 arising from the Redemption Notice. 

Section 10.04. Exchange Right of Pubco 

(a) Notwithstanding anything to the contrary in this Article 10, but subject to the terms of Section 10.09, Pubco may, in its sole and
absolute discretion, elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and such consideration between the Redeeming
Member and Pubco (a “Direct Exchange”). Upon such Direct Exchange pursuant to this Section 10.04, Pubco shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units. 

(b) Pubco may, at any time prior to a Redemption Date, deliver written notice (an “Exchange Election Notice”) to the Company
and the Redeeming Member setting forth its election to exercise its right to consummate a Direct Exchange; provided that such election does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the
Redemption Date. An Exchange Election Notice may be revoked by Pubco at any time; provided that any such revocation does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. The right
to consummate a Direct Exchange in all events shall be exercisable for all the Redeemed Units that would have otherwise been subject to a Redemption. Except as otherwise provided by this Section 10.04, a Direct Exchange shall be consummated
pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if Pubco had not delivered an Exchange Election Notice. 

Section 10.05. Tender Offers and Other Events with Respect to Pubco 

(a) In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction with respect to
Class A Common Stock (a “Pubco Offer”) is proposed by Pubco or is proposed to Pubco or its stockholders and approved by the board of directors of Pubco or is otherwise effected or to be effected with the consent or approval of
the board of directors of Pubco, the holders of Common Units (other than the Pubco Members) shall be permitted to participate in such Pubco Offer by delivery of a notice of exchange (which notice of exchange shall be effective immediately prior to
the consummation of such Pubco Offer (and, for the avoidance of doubt, shall be contingent upon such Pubco Offer and not be effective if such Pubco Offer is not consummated)). In the case of a Pubco Offer proposed by Pubco, Pubco will use its
reasonable efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and permit the holders of Common Units (other than the Pubco Members) to participate in such Pubco Offer to
the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock without discrimination; provided, that without limiting the generality of 

  
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this sentence, Pubco will use its reasonable efforts expeditiously and in good faith to ensure that such holders may participate in each such Pubco Offer without being required to exchange Common
Units to the extent such participation is practicable. For the avoidance of doubt (but subject to Section 10.05(c)), in no event shall the holders of Common Units be entitled to receive in such Pubco Offer aggregate consideration for each
Common Unit that is greater than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco Offer. In the event of a Pubco Offer, the holders of Vested Units will have the opportunity to exchange their
Vested Units for Common Units pursuant to Section 10.10 below, and such Common Units will be entitled to participate in the Pubco Offer pursuant to this Section 10.05(a). 

(b) Notwithstanding any other provision of this Agreement, if a Disposition Event (as such term is defined in the Pubco certificate of
incorporation) is approved by the board of directors of Pubco and consummated in accordance with Applicable Law, at the request of the Company (or following such Disposition Event, its successor) or Pubco (or following such Disposition Event, its
successor), (i) each of the holders of Common Units shall be required to exchange with Pubco, at any time and from time to time after, or simultaneously with, the consummation of such Disposition Event, all of such holder’s Common Units for
aggregate consideration for each Common Unit that is equivalent to the consideration payable in respect of each share of Class A Common Stock in connection with the Disposition Event and (ii) each of the holders of Profits Units shall have
their Profits Units automatically exchanged for Common Units pursuant to Section 10.10, and such Common Units shall be subject to clause (i) above (subject to any applicable vesting conditions), provided, however, that in the
event of a Disposition Event intended to qualify as a reorganization within the meaning of Section 368(a) of the Code or as a transfer described in Section 351(a) or Section 721 of the Code, a holder shall not be required to exchange
Common Units pursuant to this Section 10.05(b) unless, as a part of such transaction, the holders are permitted to exchange their Common Units for securities in a transaction that is expected to permit such exchange without current recognition
of gain or loss, for U.S. and non-U.S. tax purposes, for the direct and indirect holders of Common Units (except to the extent that property other than securities is received in such exchange), based on a
“should” or “will” level opinion from independent tax counsel of recognized standing and expertise. 
 (c)
Notwithstanding any other provision of this Agreement, in a Disposition Event, payments under or in respect of the Tax Receivable Agreement shall not be considered part of the consideration payable in respect of any Common Unit or share of
Class A Common Stock in connection with such Disposition Event for the purposes of Section 10.05(a) and Section 10.05(b). 

Section 10.06. Reservation of Shares of Class A Common Stock; Certificate of Pubco. At all times Pubco shall
reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such
Redemption or Direct Exchange pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude Pubco from satisfying its obligations in respect of any such Redemption or Direct Exchange by

  
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delivery of purchased Class A Common Stock (which may or may not be held in the treasury of Pubco) or the delivery of cash pursuant to a Cash Settlement. Pubco shall deliver Class A
Common Stock that has been registered under the Securities Act with respect to any Redemption or Direct Exchange to the extent a registration statement is effective and available for such shares. Pubco covenants that all Class A Common Stock
issued upon a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article 10 shall be interpreted and applied in a manner consistent with
the corresponding provisions of Pubco’s certificate of incorporation. 
 Section 10.07. Effect of Exercise of Redemption or
Exchange Right. This Agreement shall continue notwithstanding the consummation of a Redemption or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members and the Redeeming Member (to the
extent of such Redeeming Member’s remaining interest in the Company). No Redemption or Direct Exchange shall relieve such Redeeming Member of any prior breach of this Agreement. 

Section 10.08. Tax Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree a Redemption
or a Direct Exchange, as the case may be, shall be treated as a direct exchange between Pubco and the Redeeming Member for U.S. federal and applicable state and local income tax purposes. 

Section 10.09. Additional Exchange Restrictions. Notwithstanding anything to the contrary herein: 

(a) No Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of the Managing Member or
the Company, such an Exchange would pose a material risk that the Company would be a “publicly traded partnership” as that term is defined in Section 7704 of the Code and Regulations promulgated thereunder. 

(b) If the Managing Member determines at any time, in its sole discretion after consultation with the Company’s tax advisors, either
(i) that the Company does not then satisfy the “safe harbor” requirements under Treasury Regulation Section 1.7704-1(h) (the “100 Partner Safe Harbor”), or (ii) there
is a reasonable possibility that the Company will not satisfy the 100 Partner Safe Harbor at any time during the current or next taxable year, the Managing Member and the Company may impose such restrictions on, and impose such requirements on and
procedures with respect to, Exchanges from time to time as the Managing Member and/or the Company may determine, in their sole discretion, to be necessary or advisable so that the Company is not treated as a “publicly traded partnership”
under Section 7704 of the Code and such restrictions, requirements and procedures shall remain in effect unless and until the Managing Member determines otherwise. Without limiting the discretion of the Managing Member and/or the Company under
this Section 10.09(b) to impose any restrictions, requirements or procedures on Exchanges, such restrictions, requirements and procedures may include one or more of the following: 

  
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 (i) providing that Members are permitted to effect Exchanges during a
taxable year of the Company only on one or more of up to four specified dates determined by the Managing Member (each a “Specified Exchange Date”); 

(ii) requiring a Member seeking to effect an Exchange to give the Company irrevocable written notice of an election to effect
an Exchange on a date that is at least sixty (60) calendar days prior to the Specified Exchange Date on which such Exchange is to occur; and 

(iii) providing that the number of Units that may be transferred, pursuant to an Exchange or otherwise, during the taxable year
of the Company (other than in private transfers described in Treasury Regulations Section 1.7704-1(e)) cannot exceed 10 percent of the total interest in the Company’s capital or profits (as
determined pursuant to Treasury Regulation Section 1.7704-1(k)). 
 Section 10.10.
Profits Unit Exchange Right. Notwithstanding anything otherwise to the contrary in this Article 10, each Member holding Profits Units shall be entitled at any time following the expiration of any contractual
lock-up period relating to the shares of Pubco that may be applicable to such Member, upon the terms and subject to the conditions hereof, to surrender Profits Units (such units, “Exchanged Profits
Units”) to the Company, in exchange for the delivery to such Member a number of Common Units that is equal to the product of the number of Exchanged Profits Units surrendered multiplied by the Profits Unit Exchange Rate (such exchange, a
“Profits Unit Exchange”), which newly issued Common Units may be exchanged in a Redemption pursuant to and in accordance with Section 10.01 (but only to the extent such Common Units are Vested Units). In addition,
notwithstanding anything otherwise to the contrary herein, at any time following the first to occur of (i) the five-year anniversary following the date on which any Profits Units become Vested Units and (ii) the one-year anniversary following a Management Member’s termination of employment or service with the Company or its Affiliates, the Company shall have the right from time to time to require that all or a portion
of such Management Member’s applicable Profits Units (to the extent not otherwise forfeited) shall automatically be exchanged for a number of Common Units that is equal to the product of the number of Exchanged Profits Units surrendered
multiplied by the Profits Unit Exchange Rate, which newly issued Common Units may be exchanged at the election of the Management Member in a Redemption pursuant to and in accordance with Section 10.01. 

Section 10.11. Loan Units. Notwithstanding anything otherwise to the contrary in this Article 10, the Redemption Right with
respect to the Common Units held by Management LLC that correspond to units of Management LLC, the purchase of which was financed with loans from the Company or its Affiliates, which loans remain outstanding at the time the Redemption Right is
exercised, may not be exercised until one year after the closing of the IPO. 

  
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 ARTICLE 11 

LIMITATION ON LIABILITY, EXCULPATION AND
INDEMNIFICATION 
 Section 11.01. Limitation on Liability. The debts, obligations and liabilities of the Company,
whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for any such debt, obligation or liability of the Company; provided
that the foregoing shall not alter a Member’s obligation to return funds wrongfully distributed to it. 
 Section 11.02.
Exculpation and Indemnification. (a) Subject to the duties of the Managing Member and Officers set forth in Section 7.01, neither the Managing Member nor any other Covered Person described in clause (iii) of the definition
thereof shall be liable, including under any legal or equitable theory of fiduciary duty or other theory of liability, to the Company or to any other Covered Person for any losses, claims, damages or liabilities incurred by reason of any act or
omission performed or omitted by such Covered Person in good faith on behalf of the Company. There shall be, and each Covered Person shall be entitled to, a presumption that such Covered Person acted in good faith. 

(b) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such Person’s professional or expert competence. 

(c) The Company shall indemnify, defend and hold harmless each Covered Person against any losses, claims, damages, liabilities, expenses
(including all reasonable out-of-pocket fees and expenses of counsel and other advisors), judgments, fines, settlements and other amounts arising from any and all
claims, demands, actions, suits or proceedings, in which such Covered Person may be involved or become subject to, in connection with any matter arising out of or in connection with the Company’s business or affairs, or this Agreement or any
related document, unless such loss, claim, damage, liability, expense, judgment, fine, settlement or other amount (i) is a result of a Covered Person not acting in good faith on behalf of the Company or arose as a result of the willful
commission by such Covered Person of any act that is dishonest and materially injurious to the Company, (ii) results from its contractual obligations under any Reorganization Document to be performed in a capacity other than as a Covered Person
or from the breach by such Covered Person of Section 9.01 or (iii) results from the breach by any Member (in such capacity) of its contractual obligations under this Agreement. If any Covered Person becomes involved in any capacity in any
action, suit, proceeding or investigation in connection with any matter arising out of or in connection with the Company’s business or affairs, or this Agreement or any related document (other than any Reorganization Document), other than
(x) by reason of any act or omission performed or omitted by such Covered Person that was not in good faith on behalf of the Company or constituted a willful commission by such Covered Person of an act that is dishonest and materially injurious
to the Company or (y) as a result of any breach by such Covered Person of Section 9.01, the Company shall reimburse such Covered Person for 

  
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its reasonable legal and other reasonable out-of-pocket expenses (including the cost of any investigation and
preparation) as they are incurred in connection therewith; provided that such Covered Person shall promptly repay to the Company the amount of any such reimbursed expenses paid to it if it shall be finally judicially determined that such
Covered Person was not entitled to indemnification by, or contribution from, the Company in connection with such action, suit, proceeding or investigation. If for any reason (other than the bad faith of a Covered Person or the willful commission by
such Covered Person of an act that is dishonest and materially injurious to the Company) the foregoing indemnification is unavailable to such Covered Person, or insufficient to hold it harmless, then the Company shall contribute to the amount paid
or payable by such Covered Person as a result of such loss, claim, damage, liability, expense, judgment, fine, settlement or other amount in such proportion as is appropriate to reflect any relevant equitable considerations. There shall be, and each
Covered Person shall be entitled to, a rebuttable presumption that such Covered Person acted in good faith. 
 (d) The obligations of the
Company under Section 11.02(c) shall be satisfied solely out of and to the extent of the Company’s assets, and no Covered Person shall have any personal liability on account thereof. 

(e) Given that certain Jointly Indemnifiable Claims may arise by reason of the service of a Covered Person to the Company and/or as a director,
trustee, officer, partner, member, manager, employee, consultant, fiduciary or agent of other corporations, limited liability companies, partnerships, joint ventures, trusts, employee benefit plans or other enterprises controlled by the Company
(collectively, the “Controlled Entities”), or by reason of any action alleged to have been taken or omitted in any such capacity, the Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause
the Controlled Entities to, be fully and primarily responsible for the payment to the Covered Person in respect of indemnification or advancement of all out-of-pocket
costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements) in each case, actually and reasonably incurred by or on behalf of a Covered Person in connection with either the
investigation, defense or appeal of a claim, demand, action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder
(collectively, “Expenses”) in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the terms of (i) the Delaware Act, (ii) this Agreement, (iii) any other agreement
between the Company or any Controlled Entity and the Covered Person pursuant to which the Covered Person is indemnified, (iv) the laws of the jurisdiction of incorporation or organization of any Controlled Entity and/or (v) the certificate
of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership, certificate of qualification or other organizational or governing documents of any
Controlled Entity ((i) through (v) collectively, the “Indemnification Sources”), irrespective of any right of recovery the Covered Person may have from the Indemnitee-Related Entities. Under no circumstance shall the Company or
any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Covered Person may have from the Indemnitee-Related Entities shall reduce or

  
 47 

 
otherwise alter the rights of the Covered Person or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related
Entities shall make any payment to the Covered Person in respect of indemnification or advancement of Expenses with respect to any Jointly Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause the Controlled
Entities to, reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (ii) to the extent not previously and fully reimbursed by the Company
and/or any Controlled Entity pursuant to clause (i), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Covered Person against the
Company and/or any Controlled Entity, as applicable, and (iii) the Covered Person shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such
documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and the Covered Person agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries with
respect to this Section 11.02(e), entitled to enforce this Section 11.02(e) as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of the Controlled Entities to perform the terms and
obligations of this Section 11.02(e) as though each such Controlled Entity was the “Company” under this Agreement. For purposes of this Section 11.02(e), the following terms shall have the following meanings: 

(i) The term “Indemnitee-Related Entities” means any corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any Controlled Entity) from whom a Covered Person may be
entitled to indemnification or advancement of Expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification or advancement obligation. 

(ii) The term “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation,
any claim, demand, action, suit or proceeding for which the Covered Person shall be entitled to indemnification or advancement of Expenses from both (i) the Company and/or any Controlled Entity pursuant to the Indemnification Sources, on the
one hand, and (ii) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Covered Person pursuant to which the Covered Person is indemnified, the laws of the jurisdiction of incorporation or
organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other
organizational or governing documents of any Indemnitee-Related Entity, on the other hand. 

  
 48 

 ARTICLE 12 

DISSOLUTION AND TERMINATION 

Section 12.01. Dissolution. (a) The Company shall not be dissolved by the admission of Additional Members or Substitute
Members pursuant to Section 3.02. 
 (b) No Member shall (i) resign from the Company prior to the dissolution and winding up of the
Company except in connection with a Transfer of Units pursuant to the terms of this Agreement or (ii) take any action to dissolve, terminate or liquidate the Company or to require apportionment, appraisal or partition of the Company or any of
its assets, or to file a bill for an accounting, except as specifically provided in this Agreement, and each Member, to the fullest extent permitted by Applicable Law, hereby waives any rights to take any such actions under Applicable Law, including
any right to petition a court for judicial dissolution under Section 18-802 of the Delaware Act. 

(c) The Company shall be dissolved and its business wound up only upon the earliest to occur of any one of the following events (each a
“Dissolution Event”): 
 (i) The expiration of forty-five (45) days after the sale or other disposition
of all or substantially all the assets of the Company; 
 (ii) upon the approval of the Managing Member; 

(iii) the entry of a decree of dissolution of the Company under §18-802 of the
Delaware Act; or 
 (iv) at any time there are no members of the Company, unless the Company is continued in accordance with
the Delaware Act. 
 (d) The death, retirement, resignation, expulsion, bankruptcy, insolvency or dissolution of a Member or the occurrence
of any other event that terminates the continued membership of a Member of the Company shall not in and of itself cause dissolution of the Company. 

Section 12.02. Winding Up of the Company. (a) The Managing Member shall promptly notify the other Members of any Dissolution
Event. Upon dissolution, the Company’s business shall be liquidated in an orderly manner. The Managing Member shall appoint a liquidating trustee to wind up the affairs of the Company pursuant to this Agreement. In performing its duties, the
liquidating trustee is authorized to sell, distribute, exchange or otherwise dispose of the assets of the Company in accordance with the Delaware Act and in any reasonable manner that the liquidating trustee shall determine to be in the best
interest of the Members. 
 (b) The proceeds of the liquidation of the Company shall be distributed in the following order and priority: 

(i) first, to the creditors (including any Members or their respective Affiliates that are creditors) of the Company in
satisfaction of all of the 

  
 49 

 
Company’s liabilities (whether by payment or by making reasonable provision for payment thereof, including the setting up of any Reserves which are, in the judgment of the liquidating
trustee, reasonably necessary therefor); and 
 (ii) second, to the Members in the same manner as distributions under
Section 5.03(b). 
 (c) Distribution of Property. In the event it becomes necessary in connection with the liquidation of the
Company to make a distribution of Property in-kind, subject to the priority set forth in Section 12.02, the liquidating trustee shall have the right to compel each Member to accept a distribution of any
Property in-kind (with such Property, as a percentage of the total liquidating distributions to such Member, corresponding as nearly as possible to such Member’s Percentage Interest), with such
distribution being based upon the amount of cash that would be distributed to such Members if such Property were sold for an amount of cash equal to the fair market value of such Property, as determined by the liquidating trustee in good faith,
subject to the last sentence of Section 5.03(d). 
 (d) In the event of a dissolution pursuant to Section 12.01(c), the relative
economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 10.01(b) in connection with such dissolution,
taking into consideration tax and other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with Applicable Laws. 

Section 12.03. Termination. The Company shall terminate when all of the assets of the Company, after payment of or reasonable
provision for the payment of all debts and liabilities of the Company, shall have been distributed to the Members in the manner provided for in this Article 12, and the certificate of formation of the Company shall have been cancelled in the manner
required by the Delaware Act. 
 Section 12.04. Survival. Termination, dissolution, liquidation or winding up of the Company for
any reason shall not release any party from any liability which at the time of such termination, dissolution, liquidation or winding up already had accrued to any other party or which thereafter may accrue in respect to any act or omission prior to
such termination, dissolution, liquidation or winding up. 
 ARTICLE 13 

MISCELLANEOUS 

Section 13.01. Expenses. Other than as set forth in Section 4.13 of the Reorganization Agreement or as provided for in the
Tax Receivable Agreement, the Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses, administrative expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other
professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the business of the Company and (b) in the sole discretion of the

  
 50 

 
Managing Member, reimburse the Managing Member for any out-of-pocket costs, fees and expenses incurred by it or its
Subsidiaries in connection therewith. To the extent that the Managing Member reasonably determines in good faith that its expenses are related to the business conducted by the Company and/or its Subsidiaries, then the Managing Member may cause the
Company to pay or bear all such expenses of the Managing Member or its Subsidiaries, including, (i) costs of any securities offerings (including any underwriters discounts and commissions), investment or acquisition transaction (whether or not
successful) not borne directly by Members, (ii) compensation and meeting costs of its board of directors, (iii) cost of periodic reports to its stockholders, (iv) any judgments, settlements, penalties, fines or other costs and
expenses in respect of any claims against, or any litigation or proceedings involving, Pubco, (v) accounting and legal costs, (vi) franchise taxes (which are not based on, or measured by, income), (vii) payments in respect of Indebtedness
and preferred stock, to the extent the proceeds are used or will be used by Pubco or its Subsidiaries to pay expenses or other obligations described in this Section 13.01 (in either case only to the extent economically equivalent Indebtedness
or Equity Securities of the Company were not issued to Pubco or its Subsidiaries), (viii) payments representing interest with respect to payments not made when due under the terms of the Tax Receivable Agreement and (ix) other fees and expenses
in connection with the maintenance of the existence of Pubco and its Subsidiaries (including any costs or expenses associated with being a public company listed on a national securities exchange), provided that the Company shall not
pay or bear any income tax obligations of the Managing Member or its Subsidiaries pursuant to this provision. Payments under this Section 13.01 are intended to constitute reasonable compensation for past or present services and are not
“distributions” within the meaning of §18-607 of the Delaware Act. 

Section 13.02. Further Assurances. Each Member agrees to execute, acknowledge, deliver, file and record such further certificates,
amendments, instruments and documents, and to do all such other acts and things, as may be required by Applicable Law or as, in the reasonable judgment of the Managing Member, may be necessary or advisable to carry out the intent and purposes of
this Agreement. 
 Section 13.03. Notices. All notices, requests and other communications to any party hereunder shall be in
writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received)
and shall be given to such party at the address, facsimile number or e-mail address specified for such party on the Member Schedule hereto, or to such other address or facsimile number as such party may
hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in
the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. All such notices, requests and other communications to any party hereunder
shall be given to such party as follows: 
 If to Pubco or the Company: 

c/o Weber HoldCo LLC 

  
 51 

 1415 S. Roselle Road 

Palatine, Illinois 60067 

	 	Attention:	 Chris M. Scherzinger or William J. Horton 

	 	Email:	  

With copies (which shall not constitute actual notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 

	 	Attention:	 Michael Kaplan and Pedro J. Bermeo 

	 	E-mail:	  

Section 13.04. Binding Effect; Benefit; Assignment. (a) The provisions of this Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns. 
 (b) Except as provided in Article 8, no Member may
assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the Managing Member. 

Section 13.05. Jurisdiction. (a) The parties hereto agree that any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought
in the Delaware Chancery Court or, if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents to the jurisdiction of such courts
(and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 13.03 shall be deemed effective service of process on such party. 

(b) EACH OF THE COMPANY AND THE MEMBERS HEREBY IRREVOCABLY DESIGNATES CORPORATION SERVICE COMPANY (IN SUCH CAPACITY, THE “PROCESS
AGENT”), WITH AN OFFICE AT CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, CITY OF WILMINGTON, COUNTY OF NEW CASTLE, DELAWARE 19808, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH
JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH 

  
 52 

 
RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT; PROVIDED
THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 13.03 OF THIS AGREEMENT AND, TO THE EXTENT A MEMBER IS NOT
ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE, AS REQUIRED BY THE LAW OF THE JURISDICTION OF ORGANIZATION OF SUCH MEMBER. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. 

Section 13.06. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 13.07.
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

Section 13.08. Entire Agreement. This Agreement and the Reorganization Documents constitute the entire agreement between the
parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. Nothing in this Agreement shall
create any third-party beneficiary rights in favor of any Person or other party, except to the extent provided herein with respect to Indemnitee-Related Entities, each of whom are intended third-party beneficiaries of those provisions that
specifically related to them with the right to enforce such provisions as if they were a party hereto. 
 Section 13.09.
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated 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 a determination, the parties 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 fullest extent possible. 
 Section 13.10.
Amendment. (a) This Agreement can be amended at any time and from time to time by written instrument signed by each of the Members who together 

  
 53 

 
own a majority in interest of the Units then outstanding, provided that no amendment to this Agreement may adversely modify in any material respect the Units (or the rights, preferences or
privileges of the Units) then held by any Members in any materially disproportionate manner to those then held by any other Members without the prior written consent of a majority in interest of such disproportionately affected Member or Members.

 (b) For the avoidance of doubt: (i) the Managing Member, acting alone, may amend this Agreement, including the Member Schedule,
(x) to reflect the admission of new Members or Transfers of Units, each as provided by and in accordance with, the terms of this Agreement and (y) to effect any subdivisions or combinations of Units made in compliance with
Section 4.02(c) and (z) to issue additional Units or any new class of Units (whether or not pari passu with the Units) in accordance with the terms of this Agreement and to provide that the Members being issued such new Units be entitled
to the rights provided to Members; and (ii) any merger, consolidation or other business combination that constitutes a Disposition Event (as such term is defined in the certificate of incorporation of Pubco) in which the Non-Pubco Members are required to exchange all of their Units pursuant to Section 10.05(b) of this Agreement and receive consideration in such Disposition Event in accordance with the terms of this Agreement
and Section 10.05(b) of this Agreement shall not be deemed an amendment hereof; provided, that such amendment is only effective upon consummation of such Disposition Event. 

(c) No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated
hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. 

Section 13.11. Confidentiality. (a) Each Member shall, and shall direct those of its Affiliates and their respective
directors, officers, members, stockholders, partners, employees, attorneys, accountants, consultants, trustees and other advisors (the “Member Parties”) who have access to Confidential Information to, keep confidential and not
disclose any Confidential Information to any Person other than a Member Party who agrees to keep such Confidential Information confidential in accordance with this Section 13.11, in each case without the express consent, in the case of
Confidential Information acquired from the Company, of the Managing Member or, in the case of Confidential Information acquired from another Member, such other Member, unless: 

(i) such disclosure shall be required by Applicable Law; 

(ii) such disclosure is reasonably required in connection with any tax audit involving the Company or any Member or its
Affiliates; 
 (iii) such disclosure is reasonably required in connection with any litigation against or involving the
Company or any Member; or 

  
 54 

 (iv) such disclosure is reasonably required in connection with any proposed
Transfer of all or any part of such Member’s Units in the Company; provided that with respect to any such use of any Confidential Information referred to in this clause (iv), advance notice must be given to the Managing Member so that it
may require any proposed Transferee that is not a Member to enter into a confidentiality agreement with terms substantially similar to the terms of this Section 13.11 (excluding this clause (iv)) prior to the disclosure of such Confidential
Information. 
 (v) such disclosure is of financial and other information of the type typically disclosed to limited partners
and limited liability company members (and prospective transferees or investors thereof) and is made to the partners or members of, and/or prospective investors in, Affiliates of the Members and such partner, Member or prospective investor is bound
by the confidentiality provisions of a customary non-disclosure agreement entered into with the disclosing party that covers the Confidential Information so disclosed. 

(b) “Confidential Information” means any information related to the activities of the Company, the Members and their
respective Affiliates that a Member may acquire from the Company or the Members, other than information that (i) is already available through publicly available sources of information (other than as a result of disclosure by such Member), (ii)
was available to a Member on a non-confidential basis prior to its disclosure to such Member by the Company, or (iii) becomes available to a Member on a
non-confidential basis from a third party, provided such third party is not known by such Member, after reasonable inquiry, to be bound by this Agreement or another confidentiality agreement with the Company.
Such Confidential Information may include information that pertains or relates to the business and affairs of any other Member or any other Company matters. Confidential Information may be used by a Member and its Member Parties only in connection
with Company matters and in connection with the maintenance of its interest in the Company. 
 (c) In the event that any Member or any Member
Parties of such Member is required to disclose any of the Confidential Information, such Member shall use reasonable efforts to provide the Company with prompt written notice so that the Company may seek a protective order or other appropriate
remedy and/or waive compliance with the provisions of this Agreement, and such Member shall use reasonable efforts to cooperate with the Company in any effort any such Person undertakes to obtain a protective order or other remedy. In the event that
such protective order or other remedy is not obtained, or that the Company waives compliance with the provisions of this Section 13.11, such Member and its Member Parties shall furnish only that portion of the Confidential Information that is
legally required and shall exercise all reasonable efforts to obtain reasonably reliable assurance that the Confidential Information shall be accorded confidential treatment. 

(d) Notwithstanding anything in this Agreement to the contrary, each Member may disclose to any persons the U.S. federal income tax treatment
and tax structure of the Company and the transactions set out in the Reorganization Documents. For this purpose, 

  
 55 

 
“tax structure” is limited to any facts relevant to the U.S. federal income tax treatment of the Company and does not include information relating to the identity of the Company or any
Member. 
 Section 13.12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 

ARTICLE 14 

ARBITRATION 

Section 14.01. Title. The Members shall attempt in good faith to resolve all claims, disputes and other disagreements arising
hereunder (each, a “Dispute”) by negotiation. If a Dispute between Members cannot be resolved in such manner, such Dispute shall, at the request of any Member, after providing written notice to the other Members party to the
Dispute, be submitted to arbitration in The City of New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. The proceeding shall be confidential. The party initially asserting the Dispute
(the “Initiating Party”) shall notify the other party (the “Responding Party”) of the name and address of the arbitrator chosen by the Initiating Party and shall specifically describe the Dispute in issue to be
submitted to arbitration. Within 30 days of receipt of such notification, the Responding Party shall notify the Initiating Party of its answer to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and
address of the arbitrator chosen by the Responding Party. If the Responding Party does not appoint an arbitrator during such 30-day period, appointment of the second arbitrator shall be made by the American
Arbitration Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who shall serve as president of the panel of arbitrators (the “Panel”) thus composed. If the
two arbitrators so chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator, the third arbitrator will be appointed by the American Arbitration Association upon the request
of the arbitrators or either of the parties. In all cases, the arbitrators must be persons who are knowledgeable about, and have recognized ability and experience in dealing with, the subject matter of the Dispute. The arbitrators will act by
majority decisions. Any decision of the arbitrators shall (a) be rendered in writing and shall bear the signatures of at least two arbitrators, and (b) identify the members of the Panel. Absent fraud or manifest error, any such decision of
the Panel shall be final, conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the
arbitration; provided, however, that each party shall pay for and bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the arbitration. The parties shall complete all
discovery within 30 days after the Panel is composed, shall complete the presentation of evidence to the Panel within 15 days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall
be rendered within 15 days after the completion of presentation of 

  
 56 

 
evidence. The Members shall cause to be kept a record of the proceedings of any matter submitted to arbitration hereunder. 

ARTICLE 15 

REPRESENTATIONS OF MEMBERS 

Section 15.01. Representations of Members. Each Member (unless otherwise noted) to which a Unit is issued as of the date of this
Agreement represents and warrants to the Company as follows: 
 (a) The Units issued to such Member, if any, are being acquired for
investment for such Member’s own account, not as a nominee or agent, and not with a view to or for sale in connection with the distribution thereof. 

(b) Such Member has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the
Member’s investment in the Units; such Member has the ability to bear the economic risks of such investment; such Member has the capacity to protect its own interests in connection with the transactions contemplated by this Agreement; and such
Member has had an opportunity to ask questions and to obtain such financial and other information regarding the Company as such Member deems necessary or appropriate in connection with evaluating the merits of the investment in the Units. Such
Member acknowledges that the Units have not been and will not be registered under the Securities Act or under any state securities act and may not be transferred except in compliance with the Securities Act and all applicable state laws. 

(c) Each Member qualifies as an Accredited Investor within the meaning of Regulation D promulgated under the Securities Act or the acquisition
of its interest otherwise qualifies under an applicable exemption from registration under the Securities Act. 
 [Signature pages
follow] 

  
 57 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Limited
Liability Company Agreement to be duly executed as of the day and year first written above. 
  

			
	WEBER INC.
		
	By:	 	 /s/ William Horton

		 	Name: William Horton
		 	Title: Chief Financial Officer
	
	WEBER HOLDCO LLC
		
	By:	 	Weber Inc., its managing member
		
	 By:
	 	 /s/ William Horton

		 	Name: William Horton
		 	Title: Chief Financial Officer
	
	[                    ]

 Schedule A 

[                ]

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