Document:

Exhibit 10.3

 

TRADEWEB MARKETS LLC

 

FIFTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

Dated as of [__], 2019

 

THE
COMPANY INTERESTS REPRESENTED BY THIS FIFTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH COMPANY INTERESTS MAY
NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION
THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

 

     

     

    

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I. DEFINITIONS	2
	 	 
	Article II. ORGANIZATIONAL MATTERS	15
	Section 2.01	Formation of Company	15
	Section 2.02	Fifth Amended and Restated Limited Liability Company Agreement	15
	Section 2.03	Name	15
	Section 2.04	Purpose	15
	Section 2.05	Principal Office; Registered Office	15
	Section 2.06	Term	16
	Section 2.07	No State-Law Partnership	16
	 	 	 
	Article III. MEMBERS; UNITS; CAPITALIZATION	16
	Section 3.01	Members	16
	Section 3.02	Units	17
	Section 3.03	Recapitalization; Corporation’s Purchase of Common Units.	17
	Section 3.04	Authorization and Issuance of Additional Units	18
	Section 3.05	Repurchases or Redemptions	20
	Section 3.06	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	21
	Section 3.07	Negative Capital Accounts	21
	Section 3.08	No Withdrawal	22
	Section 3.09	Loans From Members	22
	Section 3.10	Tax Treatment of Corporate Equity Plans	22
	Section 3.11	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	24
	 	 	 
	Article IV. DISTRIBUTIONS	24
	Section 4.01	Distributions	24
	Section 4.02	Restricted Distributions	26
	 	 	 
	Article V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS	26
	Section 5.01	Capital Accounts	26
	Section 5.02	Allocations	27
	Section 5.03	Regulatory and Special Allocations	27
	Section 5.04	Final Allocations	28
	Section 5.05	Tax Allocations	29
	Section 5.06	Indemnification and Reimbursement for Payments on Behalf of a Member	30
	 	 	 
	Article VI. MANAGEMENT	30
	Section 6.01	Authority of Manager	30
	Section 6.02	Actions of the Manager	31

 

    i 

     

    

 

	Section 6.03	Resignation; No Removal	31
	Section 6.04	Vacancies	31
	Section 6.05	Transactions Between Company and Manager	32
	Section 6.06	Reimbursement for Expenses	32
	Section 6.07	Delegation of Authority	32
	Section 6.08	Limitation of Liability of Manager	33
	Section 6.09	Investment Company Act	33
	Section 6.10	Outside Activities of the Manager	34
	 	 	 
	Article VII. RIGHTS AND OBLIGATIONS OF MEMBERS	34
	Section 7.01	Limitation of Liability and Duties of Members; Investment Opportunities	34
	Section 7.02	Lack of Authority	35
	Section 7.03	No Right of Partition	35
	Section 7.04	Indemnification	36
	Section 7.05	Members Right to Act	38
	Section 7.06	Inspection Rights	39
	 	 	 
	Article VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS	39
	Section 8.01	Records and Accounting	39
	Section 8.02	Fiscal Year	39
	 	 	 
	Article IX. TAX MATTERS	39
	Section 9.01	Preparation of Tax Returns	39
	Section 9.02	Tax Elections	40
	Section 9.03	Tax Controversies.	40
	 	 	 
	Article X. RESTRICTIONS ON TRANSFER OF UNITS	42
	Section 10.01	Transfers by Members	42
	Section 10.02	Permitted Transfers	42
	Section 10.03	Restricted Units Legend	43
	Section 10.04	Assignee’s Rights	44
	Section 10.05	Assignor’s Rights and Obligations	44
	Section 10.06	Overriding Provisions	45
	Section 10.07	Tender Offers and Other Events with respect to the Corporation	46
	 	 	 
	Article XI. REDEMPTION AND EXCHANGE RIGHTS	47
	Section 11.01	Redemption Right of a Member	47
	Section 11.02	Contribution of the Corporation	53
	Section 11.03	Exchange Right of the Corporation	53
	Section 11.04	Reservation of Shares of Class A Common Stock and Class B Common Stock and other Procedures	54
	Section 11.05	Effect of Exercise of Redemption or Exchange Right	56
	Section 11.06	Tax Treatment	57
	 	 	 
	Article XII. ADMISSION OF MEMBERS	57
	Section 12.01	Substituted Members	57

 

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	Section 12.02	Additional Members	57
	 	 	 
	Article XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS	57
	Section 13.01	Withdrawal and Resignation of Members	57
	 	 	 
	Article XIV. DISSOLUTION AND LIQUIDATION	58
	Section 14.01	Dissolution	58
	Section 14.02	Liquidation and Termination	58
	Section 14.03	Deferment; Distribution in Kind	59
	Section 14.04	Cancellation of Certificate	59
	Section 14.05	Reasonable Time for Winding Up	59
	Section 14.06	Return of Capital	60
	 	 	 
	Article XV. VALUATION	60
	Section 15.01	Determination	60
	Section 15.02	Dispute Resolution	60
	 	 	 
	Article XVI. GENERAL PROVISIONS	60
	Section 16.01	Power of Attorney	60
	Section 16.02	Confidentiality	61
	Section 16.03	Amendments	63
	Section 16.04	Title to Company Assets	64
	Section 16.05	Addresses and Notices	64
	Section 16.06	Binding Effect; Intended Beneficiaries	65
	Section 16.07	Creditors	65
	Section 16.08	Waiver	65
	Section 16.09	Counterparts	65
	Section 16.10	Applicable Law; Jurisdiction; Court Proceedings; Waiver of Jury Trial	66
	Section 16.11	Severability	66
	Section 16.12	Further Action	66
	Section 16.13	Conflict	66
	Section 16.14	Delivery by Electronic Transmission	67
	Section 16.15	Right of Offset	67
	Section 16.16	Entire Agreement	67
	Section 16.17	Remedies	67
	Section 16.18	Bank Member Representative	67
	Section 16.19	Descriptive Headings; Interpretation	68

 

    iii 

     

    

 

Annexures 

 

Annex I – List of Bank Members

 

Schedule of Members 

 

Schedule A – Schedule of Members (immediately
prior to the Effective Time)

 

Schedule B –Schedule
of Members (after giving effect to the Recapitalization)

 

Exhibits

 

Exhibit A –Form
of Joinder Agreement

 

Exhibit B –Form of Redemption Notice

 

    iv 

     

    

TRADEWEB MARKETS LLC

 

FIFTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

This FIFTH AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time, this “Agreement”), dated as of [__], 2019, is entered into by and among Tradeweb
Markets LLC, a Delaware limited liability company (the “Company”), and its Members (as defined herein).

 

WHEREAS, the Company was
formed as a limited liability company pursuant to and in accordance with the Delaware Act (as defined herein) by the filing of
the Certificate (as defined herein) with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware
Act on October 2, 2007;

 

WHEREAS, the Company entered
into a Limited Liability Company Agreement of the Company, dated as of October 9, 2007, which was amended and restated in its entirety
by (i) the Amended and Restated Limited Liability Company Agreement of the Company, dated as of January 2, 2008, (ii) the Second
Amended and Restated Limited Liability Company Agreement of the Company, dated as of November 1, 2010, (iii) the Third Amended
and Restated Limited Liability Company Agreement of the Company, dated as of March 14, 2012, and (iv) the Fourth Amended and Restated
Limited Liability Company Agreement of the Company, dated as of June 26, 2014 (as amended, supplemented or otherwise modified from
time to time but excluding the date hereof, together with all schedules, exhibits and annexes thereto, the “Fourth
A&R LLC Agreement”) by and among the Company and the members listed on Schedule A hereto (collectively,
the “Original Members”);

 

WHEREAS, immediately prior
to the Effective Time, the Original Members hold the outstanding Shares (as defined in the Fourth A&R LLC Agreement) as set
forth on Schedule A hereto in the Company (all such outstanding shares, the “Original Units”)
and the Unvested Class P-1 Shares outstanding prior to the date hereof have been forfeited;

 

WHEREAS, the Company and
the Original Members desire to have Tradeweb Markets Inc., a Delaware corporation (the “Corporation”),
effect an initial public offering (the “IPO”) of shares of its Class A Common Stock (as defined herein),
and in connection therewith, to amend and restate the Fourth A&R LLC Agreement in its entirety as of the Effective Time to
reflect (a) the Recapitalization (as defined herein), (b) the admission of the Corporation as a Member, (c) the Corporation’s
designation as the sole Manager (as defined herein), and (d) the rights and obligations of the Members that are enumerated and
agreed upon in the terms of this Agreement effective as of the Effective Time, at which time the Fourth A&R LLC Agreement shall
be superseded entirely by this Agreement;

 

WHEREAS, prior to the Effective
Time, Refinitiv TW Holdings LLC contributed 100% of the limited liability company interests of Thomson TradeWeb LLC (the “Blocker”)
to the Corporation in exchange for [__] shares of Class B Common Stock and the Blocker distributed all Original Units owned by
the Blocker to the Corporation (the transactions described in this recital, collectively, the “Blocker Roll-Up”);

 

    	 	1	 

     

    

WHEREAS, in connection
with the Recapitalization and as of the Effective Time, the Original Units will, automatically without any further action on the
part of the Company and the Original Members, be converted into Common Units (as defined herein) as set forth herein, and the Original
Units shall cease to exist;

 

WHEREAS, the Corporation
will sell shares of its Class A Common Stock (the “Firm Shares”) to public investors in the IPO and will
use the net proceeds received from the sale of the Firm Shares (the “Firm Share Proceeds”) to purchase
Common Units from certain Members pursuant to the Common Unit Purchase Agreement; and

 

WHEREAS, the Corporation
may issue additional shares of Class A Common Stock (the “Optional Shares”) in connection with the IPO
as a result of the exercise by the underwriters of their option to purchase additional shares of Class A Common Stock granted by
the Corporation (the “Optional Share Option”) and, if the Optional Share Option is exercised in whole
or in part, any additional net proceeds (the “Optional Share Proceeds”) shall be used by the Corporation
to purchase Common Units from certain Members pursuant to the Common Unit Purchase Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Members, intending to be legally bound, hereby agree as follows:

 

Article
I.

DEFINITIONS

 

The following definitions
shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary.

 

“Additional
Member” has the meaning set forth in Section 12.02.

 

“Adjusted Capital
Account Deficit” means with respect to the Capital Account of any Member as of the end of any Taxable Year, the amount
by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall
be:

 

(a)          reduced
for any items described in Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6) of the Treasury Regulations;
and

 

(b)          increased
for any amount such Member is obligated to contribute or is treated as being obligated to contribute to the Company pursuant to
Section 1.704-1(b)(2)(ii)(c) of the Treasury Regulations (relating to partner liabilities to a partnership) or 1.704-2(g)(1)
and 1.704-2(i) (relating to minimum gain).

 

“Admission
Date” has the meaning set forth in Section 10.05.

 

    	 	2	 

     

    

“Affiliate”
(and, with a correlative meaning, “Affiliated”) means, with respect to a specified Person, each other
Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control
with, the Person specified. As used in this definition, “control” (including with correlative meanings, “controlled
by” and “under common control with”) means possession, directly or indirectly, of the power to direct or cause
the direction of management or policies of a Person (whether through ownership of voting securities, by contract or otherwise,
including, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors
or similar body governing the affairs of such Person).

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Appraisers”
has the meaning set forth in Section 15.02.

 

“Assignee”
means a Person to whom a Company Interest has been transferred but who has not become a Member pursuant to Article XII.

 

“Assumed Tax
Liability” means, with respect to a Member, an amount equal to the Assumed Tax Rate multiplied by the estimated or
actual taxable income of the Company, as determined for U.S. federal income tax purposes, allocated to such Member pursuant to
Section 5.05 for the period to which the Assumed Tax Liability relates, as determined for U.S. federal income tax purposes
to the extent not previously taken into account in determining the Assumed Tax Liability of such Member, as reasonably determined
by the Manager; provided that, in the case of the Corporation, such Assumed Tax Liability shall (i) be computed without
regard to any increases to the tax basis of the Company’s property pursuant to Section 743(b) of the Code, and (ii) never
cause the pro rata amount distributed to the Corporation pursuant to Section 4.01(b) to be less than an amount sufficient
to enable the Corporation to timely (x) satisfy all of its U.S. federal, state and local and non-U.S. tax liabilities, and (y)
meet its obligations pursuant to the Tax Receivable Agreement.

 

“Assumed Tax
Rate” means a rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate
for a Fiscal Year applicable to corporate or individual taxpayers that applies to any Member for such Fiscal Year, taking into
account the character of the relevant tax items (e.g., ordinary or capital) and the deductibility of state and local taxes for
U.S. federal tax purposes, if any, as reasonably determined by the Manager.

 

“Bank Members”
means those Members (including former Members) hereto listed on Annex I hereto, along with each of their successors and
Permitted Transferees to which Units have been Transferred, and that has become a Member, in each case, in accordance with the
provisions of this Agreement.

 

“Bank Member
Representative” means the Bank Member that at the commencement of an examination or proceeding described in Section
9.03 is the Plurality Bank Member, or such other Person as may be designated in accordance with Section 9.03(c).

 

“Base Rate”
means, on any date, a variable rate per annum equal to the rate of interest most recently published by The Wall Street Journal
as the “prime rate” at large U.S. money center banks.

 

    	 	3	 

     

    

“Black-Out
Period” means any “black-out” or similar period under the Corporation’s policies covering trading
in the Corporation’s securities to which the applicable Redeeming Member is subject (or will be subject at such time as it
owns Class A Common Stock), 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.

 

“Blocker”
has the meaning set forth in the recitals to this Agreement.

 

“Blocker Roll-Up”
has the meaning set forth in the recitals to this Agreement.

 

“Book Value”
means, the adjusted basis of such asset for U.S. federal income tax purposes, except as follows: (a) the initial Book Value of
any Company asset contributed by a Member to the Company shall be the gross Fair Market Value of such Company asset as of the date
of such contribution; (b) immediately prior to the Distribution by the Company of any Company asset to a Member, the Book
Value of such asset shall be adjusted to its gross Fair Market Value as of the date of such Distribution; (c) the Book Value of
each Company asset shall be adjusted to equal its gross Fair Market Value, as reasonably determined in good faith by the Manager,
as of the following times: (i) the acquisition of an additional Company Interest in the Company by a new or existing Member in
consideration of a Capital Contribution of more than a de minimis amount; (ii) the Distribution by the Company to a Member of more
than a de minimis amount of property (other than cash) as consideration for all or a part of such Member’s Company Interest;
and (iii) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); provided,
that adjustments pursuant to clauses (i) and (ii) above need not be made if the Manager reasonably determines in good faith that
such adjustment is not necessary or appropriate to reflect the relative economic interests of the Members and that the absence
of such adjustment does not adversely and disproportionately, in any material respect, affect any Member; (d) the Book Value of
each Company asset shall be increased or decreased, as the case may be, to reflect any adjustments to the adjusted tax basis of
such Company asset pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into
account in determining Capital Account balances pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m); provided,
that Book Values shall not be adjusted pursuant to this paragraph (d) to the extent that an adjustment pursuant to paragraph (c)
above is made in conjunction with a transaction that would otherwise result in an adjustment pursuant to this paragraph; and if
the Book Value of a Company asset has been determined pursuant to paragraph (a) or adjusted pursuant to paragraphs (c) or (d) above,
such Book Value shall thereafter be adjusted to reflect the Depreciation taken into account with respect to such Company asset
for purposes of computing Profits and Losses.

 

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

 

“Capital Account”
means the capital account maintained for a Member in accordance with Section 5.01.

 

“Capital Contribution”
means, with respect to any Member, the aggregate amount of any cash, cash equivalents, promissory obligations or the Fair Market
Value of other property that such Member contributes or contributed (or is deemed to contribute or to have contributed) to the
Company pursuant to Article III hereof.

 

    	 	4	 

     

    

“Cash Settlement”
means immediately available funds in U.S. dollars in an amount equal to the product of (a) the Share Settlement and (b) the Common
Unit Redemption Price.

 

“Certificate”
means the Company’s Certificate of Formation as filed with the Secretary of State of the State of Delaware, as amended or
amended and restated from time to time.

 

“Class A Common
Stock” means the Class A Common Stock, par value $0.00001 per share, of the Corporation.

 

“Class B Common
Stock” means the Class B Common Stock, par value $0.00001 per share, of the Corporation.

 

“Class C Common
Stock” means the Class C Common Stock, par value $0.00001 per share, of the Corporation.

 

“Class D Common
Stock” means the Class D Common Stock, par value $0.00001 per share, of the Corporation.

 

“Class C Paired
Interest” means one Common Unit together with one share of Class C Common Stock.

 

“Class D Paired
Interest” means one Common Unit together with one share of Class D Common Stock.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Common Stock”
means the shares of all classes and series of common stock of the Corporation, including the Class A Common Stock, Class B Common
Stock, Class C Common Stock and Class D Common Stock, and any securities issued in respect thereof, or in substitution therefor,
in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or
similar transaction.

 

“Common Unit”
means a Unit representing a fractional part of the Company Interests of the Members (or a permitted Assignee) and having the rights
and obligations specified with respect to the Common Units in this Agreement.

 

“Common Unit
Purchase Agreement” means that certain Common Unit Purchase Agreement, dated as of [__], 2019, by and among the Corporation
and certain of the Original Members.

 

“Common 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 Thomson ONE or its successor or similar Refinitiv platform, or its successor, for each of the five (5) consecutive
full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Date, 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 (or if the volume-weighted
average price for a share of Class A Common Stock is not reported by Thomson ONE or its successor or similar Refinitiv platform,
or its successor), then the Manager (through its Corporate Board, including a majority of the independent directors (within the
meaning of the rules of the Stock Exchange)) shall determine the Common Unit Redemption Price.

 

    	 	5	 

     

    

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company Interest”
means the interest of a Member (or a permitted Assignee) in Profits, Losses and Distributions.

 

“Company Minimum
Gain” means “partnership minimum gain” determined pursuant to Section 1.704-2(d) of the Treasury Regulations.

 

“Confidential
Information” has the meaning set forth in Section 16.02(a).

 

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

 

“Corporation”
has the meaning set forth in the recitals to this Agreement, together with its permitted successors and assigns.

 

“Corporation
Charter” means the Amended and Restated Certificate of Incorporation of the Corporation, as filed with the Secretary
of State of the State of Delaware, on or about the date hereof, as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time.

 

“Corporation
Offer” has the meaning set forth in Section 10.07(a).

 

“Corporation
Restricted Shares” has the meaning set forth in Section 3.04(a).

 

“Debt Agreements”
means any promissory note, mortgage, loan agreement, credit agreement, indenture or similar instrument or agreement to which the
Corporation, Company or any of their Subsidiaries is or becomes a borrower, guarantor or restricted subsidiary, as such instruments
or agreements may be amended, restated, supplemented or otherwise modified from time to time and including any one or more refinancing
or replacements thereof, in whole or in part, with any other debt facility or debt obligation, for as long as the payee or creditor
to whom the Corporation, the Company or any of their Subsidiaries owes such obligation is not an Affiliate of the Company; provided,
that for the avoidance of doubt, the definition of “Debt Agreement” shall not include the Refinitiv Credit Agreement,
Refinitiv Indentures or any amendments, restatements, supplements, modifications, refinancing or replacements thereof.

 

“Delaware Act”
means the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as it may be amended or supplemented
from time to time, and any successor thereto.

 

    	 	6	 

     

    

“Deliverable
Common Stock” means with respect to (i) Class C Paired Interests, Class A Common Stock, and (ii) with respect to
Class D Paired Interests, Class A Common Stock or Class B Common Stock, as applicable, determined in accordance with the Share
Settlement.

 

“Depreciation”
means, for each Taxable Year or other Fiscal Period, an amount equal to the depreciation, amortization or other cost recovery deduction
allowable for U.S. federal income tax purposes with respect to property for such Taxable Year or other Fiscal Period, except that
(a) with respect to any such property the Book Value of which differs from its adjusted tax basis for U.S. federal income tax purposes
and which difference is being eliminated by use of the “remedial method” pursuant to Section 1.704-3(d) of the Treasury
Regulations, Depreciation for such Taxable Year or other Fiscal Period shall be the amount of book basis recovered for such Taxable
Year or other Fiscal Period under the rules prescribed by Section 1.704-3(d)(2) of the Treasury Regulations, and (b) with respect
to any other such property, the Book Value of which differs from its adjusted tax basis at the beginning of such Taxable Year or
other Fiscal Period, Depreciation shall be an amount which bears the same ratio to such beginning Book Value as the U.S. federal
income tax depreciation, amortization, or other cost recovery deduction for such Taxable Year or other Fiscal Period bears to such
beginning adjusted tax basis; provided, however, that if the adjusted tax basis of any property at the beginning of such
Taxable Year or other Fiscal Period is zero dollars ($0.00), Depreciation with respect to such property shall be determined with
reference to such beginning Book Value using any reasonable method selected by the Manager.

 

“Direct Exchange”
has the meaning set forth in Section 11.03(a).

 

“Distributable
Cash” shall mean, as of any relevant date on which a determination is being made by the Manager regarding a potential
distribution pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes
(i) in accordance with any Debt Agreement (and without otherwise violating any applicable provisions of or resulting in a default
(or an event that, with notice or the lapse of time or both, would constitute a default) under any such Debt Agreement), and (ii)
excluding any amounts as reasonably determined by the Manager to be necessary or appropriate to pay the costs and expenses of,
and fund, or set aside for the funding of, the operations, reserves for customary and usual claims, and potential growth of, including
acquisitions by, the Company, the Corporation or its Subsidiaries.

 

“Distribution”
(and, with a correlative meaning, “Distribute”) means each distribution made by the Company to a Member
with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution
or otherwise; provided, however, that none of the following shall be a Distribution: (a) any recapitalization that does
not result in the distribution of cash or property to Members or any exchange of securities of the Company, and any subdivision
(by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units, (b) any other payment
made by the Company to a Member in redemption or repurchase of all or a portion of such Member’s Units or (c) any amounts
payable pursuant to Section 6.06.

 

“Effective
Time” means the time at which this Agreement is effective as set forth in the Reorganization Agreement.

 

    	 	7	 

     

    

“Equity Plan”
means any stock, stock option or equity purchase plan, restricted stock or other equity or equity-based compensation plan now or
hereafter adopted by the Company or the Corporation.

 

“Equity Securities”
means (i) with respect to the Company or any of its Subsidiaries, (a) Units or other equity interests in the Company or any Subsidiary
of the Company (including other classes or groups thereof having such relative rights, powers and duties as may from time to time
be established by the Manager pursuant to the provisions of this Agreement, including rights, powers and/or duties senior to existing
classes and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (b) obligations, evidences
of indebtedness or other securities or interests convertible into or exchangeable for Units or other equity interests in the Company
or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity
interests in the Company or any Subsidiary of the Company and (ii) with respect to the Corporation, any and all shares, interests,
participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or
warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into
any of the foregoing.

 

“Event of Withdrawal”
means the expulsion, bankruptcy or dissolution of a Member or the occurrence of any other event that terminates the continued membership
of a Member in the Company. “Event of Withdrawal” shall not include an event that (a) terminates the existence of a
Member for income tax purposes (including a change in entity classification of a Member under Section 301.7701-3 of the Treasury
Regulations, termination of a partnership pursuant to Section 708(b)(1) of the Code, a sale of assets by, or liquidation of, a
Member pursuant to an election under Sections 336 or 338 of the Code, or merger, severance, or allocation within a trust or among
sub-trusts of a trust that is a Member), but that (b) does not terminate the existence of such Member under applicable state law
(or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect
to all the Company Interests of such trust that is a Member).

 

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

 

“Exchange Agent”
has the meaning set forth in Section 11.01(b).

 

“Exchange Election
Notice” has the meaning set forth in Section 11.03(b).

 

“Exchange Rate”
means (i) with respect to Class C Paired Interests, the number of shares of Class A Common Stock for which one Class C Paired Interest
is entitled to be redeemed or exchanged and (ii) with respect to Class D Paired Interests, the number of shares of Class A Common
Stock or Class B Common Stock, as applicable, for which one Class D Paired Interest is entitled to be redeemed or exchanged. On
the date of this Agreement, the Exchange Rate for the purposes of the Class C Paired Interests and Class D Paired Interests shall
be one (1), subject to adjustment pursuant to Sections 11.01(f) and (g), respectively.

 

“Fair Market
Value” means, with respect to any asset, its fair market value determined according to Article XV.

 

    	 	8	 

     

    

“Firm Share
Common Unit Purchase” has the meaning set forth in Section 3.03(b).

 

“Firm Share
Proceeds” has the meaning set forth in the recitals to this Agreement.

 

“Firm Shares”
has the meaning set forth in the recitals to this Agreement.

 

“Fiscal Period”
means any interim accounting period within a Taxable Year established by the Company and which is permitted or required by Section
706 of the Code.

 

“Fiscal Year”
means the Company’s annual accounting period established pursuant to Section 8.02.

 

“Fourth A&R
LLC Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Governmental
Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district,
territory or other political subdivision of clause (a) or (b) of this definition, including any county, municipal
or other local subdivision of the foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or administrative
functions of government on behalf of clause (a), (b) or (c) of this definition.

 

“High-Vote
Fall Away Event” means (a) any Transfer of Class B Common Stock or Class D Common Stock, as applicable, by the initial
registered holder thereof, other than a Transfer to any Permitted Transferee of such holder or (b) the occurrence of a Triggering
Event (as defined in the Corporation Charter), as detailed in Section [5.1(ii)] of the Corporation Charter.

 

“Indemnified
Person” has the meaning set forth in Section 7.04(a).

 

“Investment
Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time.

 

“IPO”
has the meaning set forth in the recitals to this Agreement.

 

“IPO Closing
Date” means the closing date of the IPO, which for the avoidance of doubt, means the date on which all Firm Share
Proceeds required to be delivered pursuant to the Underwriting Agreement have been delivered to the Corporation by the underwriters
as consideration for their purchase of the Firm Shares and, if the underwriters exercise the Optional Share Option concurrently
with the closing date of the IPO, including the Optional Share Proceeds required to be delivered to the Corporation by the underwriters
as consideration for their purchase of the Option Shares, or, if the underwriters do not exercise the Option Share Option concurrently
with the closing date of the IPO, excluding the Optional Share Proceeds which may be delivered on one or more subsequent dates
following the closing date of the IPO.

 

“IRS”
has the meaning set forth in Section 9.03(b).

 

 “Joinder”
means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

 

    	 	9	 

     

    

“Law”
means all laws (including common law), statutes, codes, ordinances, rules and regulations of the United States, any foreign country
and each state, commonwealth, city, county, municipality, regulatory body, agency or other political subdivision thereof.

 

“LLC Employee”
means an employee of, or other service provider to, the Company or any Subsidiary, in each case acting in such capacity.

 

“Losses”
means items of Company loss or deduction determined according to Section 5.01(b).

 

“Majority Members”
means the Members (which includes the Manager and its controlled Affiliates) holding a majority of the Units then outstanding;
provided, that solely for the purposes of Section 6.05 and Section 14.01, if as of any date of determination, a majority
of the Units are then held by the Manager or any Affiliates controlled by the Manager, then “Majority Members” shall
mean the Manager and any Affiliates controlled by the Manager together with the consent of the Original Members (other than the
Corporation and its controlled Affiliates) holding at least sixty-six percent (66%) of the Units held by all Original Members as
of such date of determination.

 

“Manager”
has the meaning set forth in Section 6.01(a).

 

“Market Price”
means, with respect to a share of Class A Common Stock as of a specified date, the last sale price per share of Class A Common
Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class
A Common Stock, regular way, in either case as reported on the Stock Exchange or, if the Class A Common Stock is not listed or
admitted to trading on the Stock Exchange, as reported on the principal consolidated transaction reporting system on which the
Class A Common Stock is listed or admitted to trading or, if the Class A Common Stock is not listed or admitted to trading on any
national securities exchange, the principal other automated quotation system that may then be in use or, if the Class A Common
Stock is not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker
making a market in shares of Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available
for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by
the Corporate Board.

 

“Member”
means, as of any date of determination, (a) each of the members named on the Schedule of Members and (b) any Person admitted to
the Company as a Substituted Member or Additional Member in accordance with Article XII, but in each case only so long as
such Person is shown on the Company’s books and records as the owner of one or more Units.

 

“Member Minimum
Gain” means “partner nonrecourse debt minimum gain” as defined in Section 1.704-2(i)(3) of the Treasury
Regulations.

 

“Officer”
has the meaning set forth in Section 6.01(b).

 

“Optional Share
Common Unit Purchase” has the meaning set forth in Section 3.03(b).

 

“Optional Share
Option” has the meaning set forth in the recitals to this Agreement.

 

    	 	10	 

     

    

“Optional Share
Proceeds” has the meaning set forth in the recitals to this Agreement.

 

“Optional Shares”
has the meaning set forth in the recitals to this Agreement.

 

“Optionee”
means a Person to whom a stock option is granted under any Equity Plan.

 

“Original Members”
has the meaning set forth in the recitals to this Agreement, and shall include each of their successors and Permitted Transferees
to which Units have been Transferred, and that has become a Member hereto, in each case, in accordance with the provisions of this
Agreement.

 

“Original Units”
has the meaning set forth in the recitals to this Agreement.

 

“Other Agreements”
has the meaning set forth in Section 10.02.

 

“Partnership
Representative” has the meaning set forth in Section 9.03(b).

 

“Percentage
Interest” means, with respect to a Member at a particular time, such Member’s percentage interest in the Company
determined by dividing such Member’s Units by the total Units of all Members at such time. The Percentage Interest of each
member shall be calculated to the 4th decimal place.

 

“Permitted
Transfer” has the meaning set forth in Section 10.02.

 

“Permitted
Transferee” has the meaning set forth in the Corporation Charter.

 

“Person”
means an individual, corporation, partnership, firm, limited liability company, trust, unincorporated organization, association,
joint-stock company, joint venture or any Governmental Entity or other entity.

 

“Plurality
Bank Member” means (with respect to the particular time period in question) the Bank Member or former Bank Member
with the highest number of Units as compared to all the Bank Members at the beginning of such time period, or, if the Tax Matters
Partner or Partnership Representative, as the case may be, is unable to contact such Bank Member, as determined in good faith by
the Tax Matters Partner or Partnership Representative, then the current or former Bank Member with the second highest number of
Units (in respect of the relevant time period) as compared to all the Bank Members.

 

“Pro rata,”
“proportional,” “in proportion to,” and other similar terms, means, with respect
to the holder of Units, pro rata based upon the number of such Units held by such holder as compared to the total number of Units
outstanding.

 

“Profits”
means items of Company income and gain determined according to Section 5.01(b).

 

“Push-Out Election”
has the meaning set forth in Section 9.03(b).

 

“Recapitalization”
has the meaning set forth in Section 3.03(a).

 

    	 	11	 

     

    

“Redeemed Units”
has the meaning set forth in Section 11.01(b).

 

“Redeeming
Member” has the meaning set forth in Section 11.01(b).

 

“Redemption”
has the meaning set forth in Section 11.01(a).

 

“Redemption
Date” has the meaning set forth in Section 11.01(b).

 

“Redemption
Notice” has the meaning set forth in Section 11.01(b).

 

“Redemption
Right” has the meaning set forth in Section 11.01(a).

 

“Refinitiv
Credit Agreement” means that certain credit agreement, dated October 1, 2018, by and among Financial & Risk US
Holdings, Inc., as borrower, Bank of America, N.A., as administrative agent and the lenders party thereto relating to a $6,500,000,000
secured dollar term loan facility maturing October 1, 2025, a €2,355,000,000 secured Euro term loan facility maturing October
1, 2025 and a $750,000,000 secured revolving facility maturing October 1, 2023.

 

“Refinitiv
Indentures” means (i) the indenture, dated as of October 1, 2018, by and among Financial & Risk US Holdings,
Inc., as issuer, F&R (Cayman) Parent Ltd. and its subsidiaries party thereto, as guarantors, and Deutsche Bank Trust Company
Americas, as trustee and collateral agent, relating to 6.250% Senior First Lien Notes due 2026 and 4.500% Senior First Lien Notes
due 2026 and (ii) the indenture, dated as of October 1, 2018, by and among Financial & Risk US Holdings, Inc., as issuer, F&R
(Cayman) Parent Ltd. and its subsidiaries party thereto, as guarantors, and Deutsche Bank Trust Company Americas, as trustee, relating
to 8.250% Senior Notes due 2026 and 6.875% Senior Notes due 2026.

 

“Refinitiv
Member” shall mean Refinitiv US TradeWeb LLC (f/k/a Thomson PME LLC), a Delaware limited liability company, and shall
include its successors and Permitted Transferees to which Units have been Transferred, and that has become a Member, in each case,
in accordance with the provisions of this Agreement.

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of IPO Closing Date, by and among the
Corporation and the other parties named therein (together with any joinder thereto from time to time by any successor or assign
to any party to such agreement).

 

“Regulatory
Allocations” has the meaning set forth in Section 5.03(f).

 

“Related Person”
has the meaning set forth in Section 7.01(c).

 

“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 subject to such determination.

 

    	 	12	 

     

    

“Reorganization
Agreement” means that certain Reorganization Agreement, dated as of [__], 2019, by and among the Corporation, the
Company and the other parties named therein, as may be amended from time to time.

 

“Retraction
Notice” has the meaning set forth in Section 11.01(c).

 

“Revised Partnership
Audit Provisions” means Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance) of the Bipartisan
Budget Act of 2015, H.R. 1314, Public Law Number 114-74.

 

“Schedule of
Members” has the meaning set forth in Section 3.01(b).

 

“SEC”
means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

“Settlement
Method Notice” has the meaning set forth in Section 11.01(c).

 

“Share Settlement”
means a number of shares of Class A Common Stock equal to the product of the number of Redeemed Units multiplied by the Exchange
Rate; provided, that (i) in the event the Redeeming Member (A) transfers and surrenders Class D Paired Interests pursuant
to Section 11.01(b)(i), and (B) opts in the Redemption Notice to receive Class B Common Stock in exchange or redemption for all
or a portion of the Redeemed Units, and (ii) a High-Vote Fall Away Event has not occurred or is not triggered as a result of such
a redemption or exchange, then in such a case “Share Settlement” shall mean a number of shares of Class B Common Stock
equal to the product of the number of Redeemed Units (or a portion thereof as indicated in the Redemption Notice) multiplied by
the Exchange Rate.

 

“Stock Exchange”
means the NASDAQ, or such other stock exchange or securities market on which shares of Class A Common Stock are at any time listed
or quoted.

 

“Stockholders
Agreement” means that certain Stockholders Agreement, dated as of the IPO Closing Date, by and among the Corporation
and the other parties named therein (together with any joinder thereto from time to time by any successor or assign to any party
to such agreement).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which
(a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof, or a majority of any other interests having the
power to direct or cause the direction of the management and policies of such Person, 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, or (b) if a limited
liability company, partnership, association or other business entity (other than a corporation), a majority of the voting interests
thereof, or a majority of any other interests having the power to direct or cause the direction of the management and policies
of such Person, are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that
Person or a combination thereof. For purposes hereof, references to a “Subsidiary” of the Company shall be given effect
only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company.

 

    	 	13	 

     

    

“Substituted
Member” means a Person that is admitted as a Member to the Company pursuant to Section 12.01.

 

“Tax Distribution
Date” means any date that is two Business Days prior to the date on which estimated U.S. federal income tax payments
are required to be made by corporate taxpayers and the due date for U.S. federal income tax returns of corporate taxpayers (without
regard to extensions).

 

“Tax Matters
Partner” has the meaning set forth in Section 9.03(a).

 

“Tax Receivable
Agreement” means the Tax Receivable Agreement, dated as of the IPO Closing Date, by and among the Company, the Corporation
and the other Members from time to time party thereto (as may be amended or supplemented from time to time).

 

“Taxable Year”
means the Company’s accounting period for U.S. federal income tax purposes determined pursuant to Section 9.02.

 

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

 

“Transfer”
(and, with a correlative meaning, “Transferring”) means any sale, transfer, assignment, pledge, encumbrance
or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily
or by operation of Law) (a) any interest (legal or beneficial) in any Equity Securities of the Company or (b) any equity or other
interest (legal or beneficial) in any Member if a majority of the assets of such Member consist of Units.

 

“Treasury Regulations”
means the regulations promulgated under the Code and any corresponding provisions of succeeding regulations.

 

“Underwriting
Agreement” means the Underwriting Agreement, dated as of [___], 2019 by and among the Corporation, the Company, Citigroup
Global Markets Inc., Goldman Sachs & Co. LLC., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and the other underwriters
party thereto.

 

“Unit”
means a share of the Company, issued by the Company and representing the Company Interest of a Member or a permitted Assignee in
the Company representing a fractional part of the Company Interests of all Members and Assignees as may be established by the Manager
from time to time in accordance with Section 3.02; provided, however, that any class or group of Units issued shall
have the relative rights, powers and duties set forth in this Agreement, and the Company Interest represented by such class or
group of Units shall be determined in accordance with such relative rights, powers and duties.

 

    	 	14	 

     

    

“Unit Split
Factor” shall mean [__].

 

“Value”
means (a) for any stock option, the Market Price for the Trading Day immediately preceding the date of exercise of a stock option
under the applicable Equity Plan and (b) for any interest granted pursuant to an Equity Plan other than a stock option, the Market
Price for the Trading Day immediately preceding the Vesting Date.

 

“Vesting Date”
has the meaning set forth in Section 3.10(c).

 

Article
II.

ORGANIZATIONAL MATTERS

 

Section 2.01         Formation
of Company. The Company was formed on October 2, 2007 pursuant to the provisions of the Delaware Act.

 

Section 2.02         Fifth
Amended and Restated Limited Liability Company Agreement. The Members hereby execute this Agreement for the purpose of continuing
the affairs of the Company without dissolution and the conduct of its business in accordance with the provisions of the Delaware
Act. This Agreement amends and restates the Fourth A&R LLC Agreement in its entirety and shall constitute the “limited
liability company agreement” (as that term is used in the Delaware Act) of the Company effective as of the Effective Time.
The Members hereby agree that during the term of the Company set forth in Section 2.06, the rights and obligations of the
Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and, except
as provided herein, the Delaware Act. No provision of this Agreement shall be in violation of the Delaware Act and to the extent
any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no effect to the extent
of such violation without affecting the validity of any other provision of this Agreement. Neither any Member nor the Manager nor
any other Person shall have appraisal rights with respect to any Company Interest (including any Units).

 

Section 2.03         Name.
The name of the Company shall be “Tradeweb Markets LLC”. The Manager in its sole discretion may change the name of
the Company at any time and from time to time in accordance with the Delaware Act. The Company’s business may be conducted
under its name and/or any other name or names deemed advisable by the Manager.

 

Section 2.04         Purpose.
The primary business and purpose of the Company shall be to engage in such activities as are permitted under the Delaware Act and
determined from time to time by the Manager in accordance with the terms and conditions of this Agreement.

 

Section 2.05         Principal
Office; Registered Office. The principal office of the Company shall be at 1177 Avenue of the Americas, New York, NY 10036,
or such other place as the Manager may from time to time designate. The address of the registered office of the Company in the
State of Delaware shall be 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware 19808, and the registered
agent for service of process on the Company in the State of Delaware at such registered office shall be the Corporation Service
Company. The Manager may from time to time change the Company’s registered agent and registered office in the State of Delaware
in accordance with the Delaware Act.

 

    	 	15	 

     

    

Section 2.06         Term.
The term of the Company commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue until
dissolution of the Company in accordance with the provisions of Article XIV. The existence of the Company shall continue
as a separate legal entity until cancellation of the Certificate as provided in the Delaware Act.

 

Section 2.07         No
State-Law Partnership. The Members intend that the Company shall not be a partnership (including a limited partnership) or
joint venture, and that no Member shall be a partner or joint venturer of any other Member by virtue of this Agreement, in each
case, for any purposes other than as set forth in the last sentence of this Section 2.07, and neither this Agreement nor
any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest
otherwise. The Members intend that the Company shall be treated as a partnership for U.S. federal (and applicable state and local)
income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take all tax and financial
reporting positions in a manner consistent with such treatment.

 

Article
III.

MEMBERS; UNITS; CAPITALIZATION

 

Section 3.01         Members.

 

(a)          Each
Original Member previously was admitted as a Member and shall remain a Member of the Company upon the Effective Time. In connection
with the Blocker Roll-Up, the Blocker distributed all of the Original Units held by it to the Corporation and thereupon, the Corporation
was admitted to the Company as an Original Member, which admission is hereby ratified and confirmed in all respects.

 

(b)          The
Company shall maintain a schedule setting forth: (i) the name and address of each Member; (ii) the aggregate number of outstanding
Units and the number and class of Units held by each Member; (iii) the aggregate amount of cash Capital Contributions that has
been made by the Members with respect to their Units; and (iv) the Fair Market Value of any property other than cash contributed
by the Members with respect to their Units (including, if applicable, a description and the amount of any liability assumed by
the Company or to which contributed property is subject) (such schedule, the “Schedule of Members”).
The Schedule of Members shall be the definitive record of ownership of each Unit of the Company and all relevant information with
respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered on the Schedule of
Members as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest
in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided
by the Delaware Act. The Manager may amend the Schedule of Members from time to time to reflect changes duly authorized pursuant
to the terms of this Agreement, including changes in the Members and Units (provided that a failure to reflect such change
on Schedule of Members shall not prevent any otherwise valid change from being effective). Any amendment or revision to the Schedule
of Members made in accordance with this Agreement shall not be deemed an amendment to this Agreement. Any reference in this Agreement
to the Schedule of Members shall be deemed to be a reference to the Schedule of Members as amended and in effect from time to time.

 

    	 	16	 

     

    

(c)          No
Member (other than the Corporation as expressly provided for in this Agreement) shall be required to make any additional Capital
Contributions without such Member’s consent. No Member shall be required or, except as approved by the Manager pursuant to
Section 6.01 and in accordance with the other provisions of this Agreement, permitted to loan any money or property to the
Company or borrow any money or property from the Company.

 

Section 3.02         Units.

 

(a)          Interests
in the Company shall be represented by Units, or such other securities of the Company, in each case as the Manager may establish
in its discretion in accordance with the terms and subject to the restrictions hereof.

 

(b)          At
the Effective Time, the Units will be comprised of a single class of Common Units (with an aggregate of [__] million being authorized
for issuance by the Company).

 

(c)          Subject
to Section 3.04(d), the Manager 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 Manager. Such Units or other Equity Securities may be issued pursuant to any Equity Plan. When any such other Units or other
Equity Securities are authorized and issued, the Schedule of Members and this Agreement shall be amended by the Manager, without
the consent of any Member or any other Person, to reflect such additional issuances and resulting dilution, which shall be borne
pro rata by all Members based on their Common Units.

 

Section 3.03         Recapitalization;
Corporation’s Purchase of Common Units.

 

(a)          As
of the Effective Time, the Company hereby reclassifies the Original Units outstanding as of immediately prior to the Effective
Time, as set forth opposite the name of the respective Member on Schedule B in the column titled “Original Units”,
into the number of Common Units equal to the product of the (i) number of Original Units and (ii) the Unit Split Factor, as set
forth opposite the name of the respective Member on Schedule B in the column titled “Common Units” (the “Recapitalization”)
and such Common Units are issued and outstanding as of the Effective Time and the holders of such Common Units hereby continue
as Members. The Members agree that immediately following the Effective Time, no fractional Common Unit will remain outstanding
and any fractional Common Unit held by a Member shall be redeemed by the Company, immediately following the Effective Time, for
cash consideration equal to the product of (x) the fractional Common Unit held by such Member and (y) the price at which the Class
A Common Stock is sold in the IPO, which cash consideration shall be paid, at the option of the Company by way of check, cash or
wire transfer of funds, to such Member within fifteen (15) Business Days of the date hereof.

 

    	 	17	 

     

    

(b)          Immediately
following the closing of the IPO, (i) the Corporation will acquire Common Units from certain Original Members in exchange for the
Firm Share Proceeds payable to such Original Members upon consummation of the IPO pursuant to the Common Unit Purchase Agreement
with those Original Members (the “Firm Share Common Unit Purchase”), and (ii) the Corporation will cancel
a number of shares of Class C Common Stock and/or Class D Common Stock, as applicable, corresponding to the number of Common Units
that were Transferred by such Original Members in the Firm Share Common Unit Purchase. In addition, to the extent the underwriters
in the IPO exercise the Optional Share Option in whole or in part, upon the exercise of the Optional Share Option (which may occur
on the IPO Closing Date or a date subsequent to the IPO Closing Date), (A) the Corporation will use the Optional Share Proceeds
to purchase Common Units from certain Original Members pursuant to the Common Unit Purchase Agreement (the “Optional
Share Common Unit Purchase”), and (B) the Corporation will cancel a number of shares of Class C Common Stock and/or
Class D Common Stock, as applicable, corresponding to the number of Common Units that were Transferred by such Original Members
in the Optional Share Common Unit Purchase. The Firm Share Common Unit Purchase and the Optional Share Common Unit Purchase shall
be reflected on the Schedule of Members. The parties hereto acknowledge and agree that the Firm Share Common Unit Purchase and
the Optional Share Common Unit Purchase will result in a “revaluation of partnership property” and corresponding adjustments
to Capital Account balances as described in Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations and that Net Gains
(as defined in the Fourth A&R LLC Agreement) shall be allocated in accordance with the provisions of Section 5.4(a)(i) of the
Fourth A&R LLC Agreement. For the avoidance of doubt, with respect to any and all Common Units acquired or purchased by the
Corporation as contemplated by this Section 3.03(b), the Corporation shall automatically succeed to all rights of such Common Units,
including all rights as a Member holding such Common Units, and any transferor shall cease to have any rights or obligations associated
therewith.

 

Section 3.04         Authorization
and Issuance of Additional Units.

 

(a)          If
at any time the Corporation issues a share of its Class A Common Stock or Class B Common Stock or any other Equity Security of
the Corporation entitled to any economic rights, (i) the Company shall issue to the Corporation one Common Unit (if the Corporation
issues a share of Class A Common Stock or Class B Common Stock), or such other Equity Security of the Company (if the Corporation
issues an Equity Security other than Class A Common Stock or Class B Common Stock) corresponding with the Equity Securities issued
by the Corporation, and 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 Corporation, which shall be deemed validly authorized, issued
and outstanding notwithstanding any limitations or restrictions set forth in this Agreement and (ii) the net proceeds received
by the Corporation with respect to the corresponding share of Class A Common Stock, Class B Common Stock or Equity Security, if
any, shall be concurrently contributed by the Corporation to the Company as a Capital Contribution; provided, further, that
if the Corporation issues any shares of Class A Common Stock in order to directly purchase from another Member (other than the
Corporation) a number of Common Units pursuant to Section 11.03, then the Company shall not issue any new Common Units in
connection therewith and the Corporation 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 other Member as consideration for such purchase).

 

    	 	18	 

     

    

(b)          Notwithstanding
the foregoing, Section 3.04(a) shall not apply to (i) (A) the issuance and distribution to holders of shares of Common Stock
of rights to purchase Equity Securities of the Corporation under a “poison pill” or similar shareholders rights plan
or (B) the issuance (including under the Corporation’s Equity Plans) of any warrants, options, other rights or property that
are convertible into or exercisable or exchangeable for Common Stock, but shall, in each of the foregoing cases, apply to the issuance
of Common Stock in connection with the conversion, exercise or settlement of such rights, warrants, options or other rights or
property or (ii) the issuance of Common Stock pursuant to any Equity Plan that is restricted, subject to forfeiture or otherwise
unvested upon issuance (“Corporation Restricted Shares”), but shall apply on the applicable Vesting Date
with respect to such Corporation Restricted Shares.

 

(c)          Except
pursuant to Article XI, (x) the Company may not issue any additional Common Units to the Corporation or any of its Subsidiaries
unless substantially simultaneously therewith the Corporation or such Subsidiary issues or sells an equal number of shares of the
Corporation’s Class A Common Stock or Class B Common Stock to another Person, and (y) the Company may not issue any other
Equity Securities of the Company to the Corporation or any of its Subsidiaries unless substantially simultaneously therewith the
Corporation or such Subsidiary issues or sells, to another Person, an equal number of shares of a new class or series of Equity
Securities of the Corporation 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.

 

(d)          The
Company shall be permitted to issue additional Common Units, and/or establish other classes of Units or other Equity Securities
in the Company only to the Persons and on the terms and conditions provided for in Section 3.02, this Section 3.04
and Section 3.11. Subject to the foregoing, the Manager may cause the Company to issue additional Common Units authorized
under this Agreement and/or establish other classes of Units or other Equity Securities at such times and upon such terms as the
Manager shall determine and the Manager shall amend this Agreement (including the Schedule of Members) as necessary in connection
with the issuance of additional Common Units, and/or establishing other classes of Units or other Equity Securities in the Company
and admission of additional Members under this Section 3.04 without the requirement of any consent or acknowledgement of
any other Member.

 

    	 	19	 

     

    

(e)          The
Company shall not in any manner effect any subdivision (by equity split, equity dividend or distribution, reclassification, reorganization,
division, recapitalization or otherwise) or combination (by reverse equity split, reclassification, reorganization, division, recapitalization
or otherwise) of the outstanding Common Units unless accompanied by an identical subdivision or combination, as applicable, of
the outstanding Common Stock, with corresponding changes made with respect to any other exchangeable or convertible securities.
The Corporation shall not in any manner effect any subdivision (by stock split, stock dividend, reclassification, reorganization,
division, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, division, recapitalization
or otherwise) of the outstanding Common Stock unless accompanied by an identical subdivision or combination, as applicable, of
the outstanding Common Units, with corresponding changes made with respect to any other exchangeable or convertible securities.
The Company shall not in any manner effect any subdivision (by equity split, equity distribution, reclassification, reorganization,
division, recapitalization or otherwise) or combination (by reverse equity split, reclassification, reorganization, division, recapitalization
or otherwise) of any outstanding Equity Securities of the Company (other than the Common Units) unless accompanied by an identical
subdivision or combination, as applicable, of the corresponding Equity Securities of the Corporation, with corresponding changes
made with respect to any other exchangeable or convertible securities. The Corporation shall not in any manner effect any subdivision
(by stock split, stock dividend, reclassification, reorganization, division, recapitalization or otherwise) or combination (by
reverse stock split, reclassification, reorganization, division, recapitalization or otherwise) of any outstanding Equity Securities
of the Corporation unless accompanied by an identical subdivision or combination, as applicable, of the corresponding Equity Securities
of the Company, with corresponding changes made with respect to any other exchangeable or convertible securities. Nothing contained
in this Section 3.04 shall restrict the Manager from taking any action that is necessary to maintain at all times a one-to-one
ratio between the number of Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock
and Class B Common Stock, subject to the provisions of Section 3.04(b).

 

Section 3.05        Repurchases
or Redemptions. The Corporation or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares of
Class A Common Stock or Class B Common Stock unless substantially simultaneously therewith the Company redeems, repurchases or
otherwise acquires from the Corporation an equal number of Common Units for the same price per security or (ii) any other Equity
Securities of the Corporation unless substantially simultaneously therewith the Company redeems, repurchases or otherwise acquires
from the Corporation 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) and other economic rights as those of
such Equity Securities of the Corporation for the same price per security. The Company may not redeem, repurchase or otherwise
acquire (A) any Common Units from the Corporation or any of its Subsidiaries unless substantially simultaneously therewith the
Corporation or such Subsidiary redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock or
Class B Common Stock for the same price per security from holders thereof or (B) any other Equity Securities of the Company from
the Corporation or any of its Subsidiaries unless substantially simultaneously therewith the Corporation or such Subsidiary redeems,
repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of the Corporation of a
corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation)
and other economic rights as those of such Equity Securities of the Corporation. Notwithstanding the foregoing, to the extent that
any consideration payable by the Corporation in connection with the redemption or repurchase of any shares of Common Stock or other
Equity Securities of the Corporation or any of its Subsidiaries consists (in whole or in part) of shares of Common Stock or such
other Equity Securities (including, for the avoidance of doubt, in connection with the net settlement of an option, warrant, restricted
stock unit or other similar instrument), then the redemption or repurchase of the corresponding Common Units or other Equity Securities
of the Company shall be effectuated in an equivalent manner.

 

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Section 3.06         Certificates
Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units.

 

(a)          Units
shall not be certificated unless otherwise determined by the Manager. If the Manager determines that one or more Units shall be
certificated, each such certificate shall be signed by or in the name of the Company, by the Chief Executive Officer and any other
officer designated by the Manager and shall represent the number of Units held by such holder. Such certificate shall be in such
form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing
one or more Units may be a facsimile, engraved or printed, to the extent permitted by applicable Law. The Manager agrees that it
shall not elect to treat any Unit as a “security” within the meaning of Article 8 of the Uniform Commercial Code unless
thereafter all Units then outstanding are represented by one or more certificates.

 

(b)          If
Units are certificated, the Manager may direct that a new certificate representing one or more Units be issued in place of any
certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an
affidavit of the owner or owners of such certificate, setting forth such allegation. The Manager may require the owner of such
lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify
it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or
the issuance of any such new certificate.

 

(c)          Upon
surrender to the Company or the transfer agent of the Company, if any, of a certificate for one or more Units, duly endorsed or
accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof,
the Company shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel the old certificate
and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe such additional
rules and regulations as it may deem appropriate relating to the issue, Transfer and registration of Units.

 

Section 3.07         Negative
Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or negative balance which
may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company).

 

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Section 3.08         No
Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account
or to receive any Distribution from the Company, except as expressly provided in this Agreement.

 

Section 3.09         Loans
From Members. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions of Section
3.01(c), the amount of any such advances shall be a debt of the Company to such Member and shall be payable or collectible
in accordance with the terms and conditions upon which such advances are made.

 

Section 3.10         Tax
Treatment of Corporate Equity Plans.

 

(a)          Options
Granted to Persons Other than LLC Employees. If at any time or from time to time, in connection with any Equity Plan, a stock
option granted over shares of Class A Common Stock to a Person other than an LLC Employee is duly exercised, notwithstanding the
amount of the Capital Contribution actually made pursuant to Section 3.04(a), solely for U.S. federal (and applicable state
and local) income tax purposes, the Corporation shall be deemed to have contributed to the Company as a Capital Contribution, in
lieu of the Capital Contribution actually made and in consideration of additional Common Units, an amount equal to the Value of
a share of Class A Common Stock as of the date of such exercise multiplied by the number of shares of Class A Common Stock then
being issued by the Corporation in connection with the exercise of such stock option.

 

(b)          Options
Granted to LLC Employees. If at any time or from time to time, in connection with any Equity Plan, a stock option granted over
shares of Class A Common Stock to an LLC Employee is duly exercised (including pursuant to any cashless exercise or net settlement
arrangement), solely for U.S. federal (and applicable state and local) income tax purposes, the following transactions shall be
deemed to have occurred:

 

(i)          The
Corporation sold to the Optionee, and the Optionee purchased from the Corporation, for a cash price per share equal to the Value
of a share of Class A Common Stock at the time of the exercise, the number of shares of Class A Common Stock equal to the quotient
of (x) the exercise price payable by the Optionee in connection with the exercise of such stock option divided by (y) the Value
of a share of Class A Common Stock at the time of such exercise.

 

(ii)         The
Corporation sold to the Company (or if the Optionee is an employee of, or other service provider to, a Subsidiary, the Corporation
sold to such Subsidiary), and the Company (or such Subsidiary, as applicable) purchased from the Corporation, a number of shares
of Class A Common Stock equal to the excess of (x) the number of shares of Class A Common Stock as to which such stock option is
being exercised over (y) the number of shares of Class A Common Stock sold pursuant to Section 3.10(b)(i) hereof. The purchase
price per share of Class A Common Stock for such sale of shares of Class A Common Stock to the Company (or such Subsidiary) shall
be the Value of a share of Class A Common Stock as of the date of exercise of such stock option.

 

(iii)        The
Company transferred to the Optionee (or if the Optionee is an employee of, or other service provider to, a Subsidiary, the Subsidiary
transferred to the Optionee) at no additional cost to such LLC Employee and as additional compensation to such LLC Employee, the
number of shares of Class A Common Stock described in Section 3.10(b)(ii).

 

    	 	22	 

     

    

(iv)        The
Corporation contributed any amounts received by the Corporation pursuant to Section 3.10(b)(i) and any amount deemed to
be received by the Company pursuant to Section 3.10(b)(ii) in connection with the exercise of such stock option.

 

The transactions described in this Section
3.10(b) are intended to comply with the provisions of Section 1.1032-3 of the Treasury Regulations and shall be interpreted
consistently therewith.

 

(c)          Stock
Granted to LLC Employees. If at any time or from time to time, in connection with any Equity Plan, any shares of Class A Common
Stock are issued to an LLC Employee (including any Corporation Restricted Shares) in consideration for services performed for the
Company or any Subsidiary, on the date (such date, the “Vesting Date”) that the Value of such shares
is includible in taxable income of such LLC Employee, the following events will be deemed to have occurred solely for U.S. federal
(and applicable state and local) income tax purposes: (i) the Corporation shall be deemed to have sold such shares of Class
A Common Stock to the Company (or if such LLC Employee is an employee of, or other service provider to, a Subsidiary, to such Subsidiary)
for a purchase price equal to the Value of such shares of Class A Common Stock, (ii) the Company (or such Subsidiary) shall
be deemed to have delivered such shares of Class A Common Stock to such LLC Employee, (iii) the Corporation shall be deemed
to have contributed the purchase price for such shares of Class A Common Stock to the Company as a Capital Contribution, and (iv) in
the case where such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount to
the capital of the Subsidiary.

 

(d)          Future
Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from
adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of
the Corporation, the Company or any of their respective Affiliates. The Members acknowledge and agree that, in the event that any
such plan is adopted, modified or terminated by the Corporation, amendments to this Section 3.10 may become necessary or
advisable and that any approval or consent to any such amendments requested by the Corporation shall be deemed granted by the Manager
without the requirement of any further consent or acknowledgement of any other Member.

 

(e)          Anti-dilution
Adjustments. For all purposes of this Section 3.10, the number of shares of Class A Common Stock and the corresponding
number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that are applicable,
as of the date of exercise or vesting, to the option, warrant, restricted stock or other equity interest that is being exercised
or becomes vested under the applicable Equity Plan and applicable award or grant documentation.

 

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Section 3.11         Dividend
Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this
Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash
option purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the Corporation
to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares
of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional
Common Units. Upon such contribution, the Company will issue to the Corporation a number of Common Units equal to the number of
new shares of Class A Common Stock so issued.

 

Article
IV. DISTRIBUTIONS

 

Section 4.01         Distributions.

 

(a)          Distributable
Cash; Other Distributions. To the extent permitted by applicable Law and hereunder, Distributions to Members may be declared
by the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts and on such terms
(including the payment dates of such Distributions) as the Manager shall determine, in its sole discretion using such record date
as the Manager may designate; such Distributions shall be made to the Members as of the close of business on such record date on
a pro rata basis in accordance with each Member’s Percentage Interest as of the close of business on such record date; provided,
however, that the Manager shall have the obligation to make Distributions as set forth in Sections 4.01(b) and 14.02;
provided further that, notwithstanding any other provision herein to the contrary, no Distributions shall be made to any
Member to the extent such Distribution would violate Section 18-607 or Section 18-804 of the Delaware Act. Promptly following the
designation of a record date and the declaration of a Distribution pursuant to this Section 4.01(a), the Manager shall give
notice to each Member of the record date, the amount and the terms of the Distribution and the payment date thereof. In furtherance
of the foregoing, it is intended that the Manager shall, to the extent permitted by applicable Law and hereunder, have the right
in its sole discretion to make Distributions to the Members pursuant to this Section 4.01(a) in such amounts as shall enable
the Corporation to pay dividends or to meet its obligations (or the obligations of its successor, if applicable), including its
obligations under the Tax Receivable Agreement (to the extent such obligations are not otherwise able to be satisfied as a result
of Tax Distributions required to be made pursuant to Section 4.01(b) or reimbursements required to be made pursuant to Section
6.06).

 

(b)          Tax
Distributions. With respect to any tax period (or the portion thereof) ending after the date hereof, the Company shall, on
each Tax Distribution Date, make Distributions to all Members pro rata, in accordance with each Member’s Percentage Interest,
an amount of cash pursuant to this Section 4.01(b) until each Member has received an amount at least equal to its Assumed
Tax Liability. To the extent that any Member would not otherwise receive its Percentage Interest of the aggregate tax Distributions
to be paid pursuant to this Section 4.01(b) on any Tax Distribution Date, the tax Distributions to such Member shall be
increased to ensure that all Distributions made pursuant to this Section 4.01(b) are made pro rata in accordance with such
Member’s Percentage Interest. If, on a Tax Distribution Date, there are insufficient funds on hand to distribute to the Members
the full amount of the tax Distributions to which such Members are otherwise entitled, Distributions pursuant to this Section
4.01(b) shall be made to the Members to the extent of available funds, in accordance with their Percentage Interests and the
Company shall make future Tax Distributions as soon as funds sufficient to pay the remaining portion of the Tax Distributions to
which such Members are otherwise entitled, become available.

 

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(c)          Distributions
to the Corporation. Notwithstanding the provisions of Section 5.03(a), the Manager, in its sole discretion, may authorize
that (i) cash be paid to the Corporation (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 the Corporation 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 or Class B Common Stock in accordance
with Section 3.05, and (ii) without limiting the provisions of Section 6.06, to the extent that the business and
affairs of the Corporation are conducted through the Company or any of the Company’s direct or indirect Subsidiaries, cash
(and, for the avoidance of doubt, only cash) distributions may be made to the Corporation (which distributions shall be made without
pro rata distributions to the other Members) in amounts required for the Corporation to pay (w) operating, administrative and other
similar costs incurred by the Corporation, including payments in respect of any Debt Agreement and preferred stock, to the extent
the proceeds are used or will be used by the Corporation to pay expenses or other obligations described in this clause (ii) (in
either case only to the extent economically equivalent indebtedness or Equity Securities of the Company were not issued to the
Corporation), payments representing interest with respect to payments not made when due under the terms of the Tax Receivable Agreement
and payments pursuant to any legal, tax, accounting and other professional fees and expenses (but, for the avoidance of doubt,
excluding any tax liabilities of the Corporation), (x) any judgments, settlements, penalties, fines or other costs and expenses
in respect of any claims against, or any litigation or proceedings involving, the Corporation, and (y) fees and expenses (including
any underwriter discounts and commissions) related to any securities offering, investment or acquisition transaction (whether or
not successful) authorized by the Corporate Board.

 

(d)          Distributions
in Kind. Any distributions in kind shall be made at such times and in such amounts as the Manager, in its sole discretion,
shall determine based on their fair market value as determined by the Manager in the same proportions as if distributed in accordance
with Section 4.01(a), 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. For the purposes of this Section 4.01(d), if any such distribution in kind includes securities,
distributions to the Members shall be deemed proportionate notwithstanding that the holders of Common Units that are included in
Class D Paired Interests receive securities that have no more than ten times the voting power of securities distributed to the
holder of Common Units that are included in Class C Paired Interests, so long as such securities issued to the holders of Common
Units that are included in Class D Paired Interests remain subject to automatic conversion on terms no more favorable to such holders
than those set forth in Section [5.1(ii)] of the Corporation Charter.

 

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Section 4.02       Restricted
Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company, its Subsidiaries and
their respective Affiliates shall not make, or cause to be made, any Distribution to any Member (and the Company shall not make
any Distribution to the Corporation) on account of any Company Interest if such Distribution would violate any applicable Law or
the terms of any Debt Agreement or result in a default (or an event that, with notice or the lapse of time or both, would constitute
a default) thereunder.

 

Article
V.

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

 

Section 5.01         Capital
Accounts.

 

(a)          The
Company shall maintain a separate Capital Account for each Member according to the rules of Section 1.704-1(b)(2)(iv) of the Treasury
Regulations. For this purpose, the Company may (in the reasonable discretion of the Manager), upon the occurrence of the events
specified in Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations, increase or decrease the Capital Accounts in accordance
with the rules of such Treasury Regulations and Section 1.704-1(b)(2)(iv)(g) of the Treasury Regulations to reflect a revaluation
of Company property. The Capital Account balance of each of the Members as of the date hereof, as adjusted in accordance with Section
1.704-1(b)(2)(iv)(f) of the Treasury Regulations, is its respective “Contribution Closing Capital Account Balance”
set forth on the Schedule of Members.

 

(b)          For
purposes of computing the amount of any item of Company income, gain, loss or deduction to be allocated pursuant to this Article
V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such
item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including any
method of depreciation, cost recovery or amortization used for this purpose); provided, however, that:

 

(i)          The
computation of all items of income, gain, loss and deduction shall include those items described in Sections 705(a)(l)(B) or 705(a)(2)(B)
of the Code and Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations, without regard to the fact that such items are
not includable in gross income or are not deductible for U.S. federal income tax purposes.

 

(ii)         If
the Book Value of any Company property is adjusted pursuant to Section 1.704-1(b)(2)(iv)(e) or (f) of the Treasury
Regulations, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property.

 

(iii)        Items
of income, gain, loss or deduction attributable to the disposition of Company property having a Book Value that differs from its
adjusted basis for tax purposes shall be computed by reference to the Book Value of such property.

 

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(iv)        In
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing Profits or Losses, there
shall be taken into account Depreciation for such Taxable Year or other Fiscal Period.

 

(v)         To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 732(d), 734(b) or 743(b) of the Code
is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations, to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis).

 

(vi)        Items
specifically allocated under Section 5.03 shall be excluded from the computation of Profits and Losses.

 

Section 5.02         Allocations.
After giving effect to the allocations under Section 5.03, and subject to Section 5.04, Profits, Losses and, to the
extent necessary, individual items of income, gain, loss, credit and deduction, for any Taxable Year or other Fiscal Period shall
be allocated among the Capital Accounts of the Members on a pro rata basis in accordance with each Member’s Percentage Interest.

 

Section 5.03         Regulatory
and Special Allocations.

 

(a)          Partner
nonrecourse deductions (as defined in Section 1.704-2(i)(2)) of the Treasury Regulations attributable to partner nonrecourse debt
(as defined in Section 1.704-2(b)(4) of the Treasury Regulations) shall be allocated in the manner required by Section 1.704-2(i)
of the Treasury Regulations. If there is a net decrease during a Taxable Year in Member Minimum Gain, items of Company income and
gain for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Members in the amounts and
of such character as determined according to Section 1.704-2(i)(4) of the Treasury Regulations.

 

(b)          Nonrecourse
deductions (as determined according to Section 1.704-2(b)(1) of the Treasury Regulations) for any Taxable Year shall be allocated
pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a),
if there is a net decrease in the Company Minimum Gain during any Taxable Year, each Member shall be allocated items of Company
income and gain for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as
determined according to Section 1.704-2(f) of the Treasury Regulations. This Section 5.03(b) is intended to be a minimum
gain chargeback provision that complies with the requirements of Section 1.704-2(f) of the Treasury Regulations, and shall be interpreted
in a manner consistent therewith.

 

(c)          If
any Member that unexpectedly receives an adjustment, allocation or Distribution described in Section 1.704-1(b)(2)(ii)(d)(4), (5)
and (6) of the Treasury Regulations has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the
application of Sections 5.03(a) and 5.03(b) but before the application of any other provision of this Article
V, then items of Company income and gain for such Taxable Year shall be allocated to such Member in proportion to, and to the
extent of, such Adjusted Capital Account Deficit. This Section 5.03(c) is intended to be a qualified income offset provision
as described in Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted in a manner consistent
therewith.

 

    	 	27	 

     

    

(d)          If
the allocation of Losses to a Member as provided in Section 5.02 would create or increase an Adjusted Capital Account Deficit,
there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit.
The Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Member shall be allocated
to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d).

 

(e)          Profits
and Losses described in Section 5.01(b)(v) shall be allocated in a manner consistent with the manner that the adjustments
to the Capital Accounts are required to be made pursuant to Section 1.704-1(b)(2)(iv)(j) and (m) of the Treasury
Regulations.

 

(f)          The
allocations set forth in Section 5.03(a) through and including Section 5.03(d) (the “Regulatory Allocations”)
are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory
Allocations may not be consistent with the manner in which the Members intend to allocate Profit and Loss of the Company or make
Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject to the Regulatory Allocations,
income, gain, deduction and loss shall be reallocated among the Members so as to eliminate the effect of the Regulatory Allocations
and thereby cause the respective Capital Accounts of the Members to be in the amounts (or as close thereto as possible) they would
have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to
the Regulatory Allocations. In general, the Members anticipate that this will be accomplished by specially allocating other Profit
and Loss (and such other items of income, gain, deduction and loss) among the Members so that the net amount of the Regulatory
Allocations and such special allocations to each such Member is zero. In addition, if in any Taxable Year or other Fiscal Period
there is a decrease in Company Minimum Gain, or in Member Minimum Gain, and application of the minimum gain chargeback requirements
set forth in Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement among the Members,
the Members may, if they do not expect that the Company will have sufficient other income to correct such distortion, request the
Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is granted, this
Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement.

 

Section 5.04         Final
Allocations. Notwithstanding any contrary provision in this Agreement
except Section 5.03, the Manager shall make appropriate adjustments to allocations of Profits and Losses to (or, if necessary,
allocate items of gross income, gain, loss or deduction of the Company among) the Members upon the liquidation of the Company (within
the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially all the Units (whether
by sale or exchange or merger) or sale of all or substantially all the assets of the Company, such that, to the maximum extent
possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments or
allocations shall occur, to the maximum extent possible, in the Fiscal Year of the event requiring such adjustments or allocations.

 

    	 	28	 

     

    

Section 5.05         Tax
Allocations.

 

(a)          The
income, gains, losses, deductions and credits of the Company will be allocated, for U.S. federal (and applicable state and local)
income tax purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and credits
among the Members for computing their Capital Accounts; provided that if any such allocation is not permitted by the
Code or other applicable Law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among
the Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

 

(b)          Items
of Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall
be allocated among the Members in accordance with Section 704(c) of the Code so as to take account of any variation between the
adjusted basis of such property to the Company for U.S. federal income tax purposes and its Book Value in a manner consistent with
Section 704(c) of the Code and the applicable Treasury Regulations using any method approved under Section 704(c) of the Code and
the Treasury Regulations promulgated thereunder, as determined by the Manager.

 

(c)          If
the Book Value of any Company asset is adjusted pursuant to Section 5.01(b), subsequent allocations of items of taxable
income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such
asset for U.S. federal income tax purposes and its Book Value in the same manner as under Section 704(c) of the Code using the
remedial method, as described in Section 1.704-3(d) of the Treasury Regulations.

 

(d)          Allocations
of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members pro rata as determined by
the Manager taking into account the principles of Section 1.704-1(b)(4)(ii) of the Treasury Regulations.

 

(e)          For
purposes of determining a Member’s pro rata share of the Company’s “excess nonrecourse liabilities” within
the meaning of Treasury Regulation Section 1.752-3(a)(3), each Member’s interest in income and gain shall be in proportion
to the Units held by such Member.

 

(f)          Allocations
pursuant to this Section 5.05 are solely for purposes of U.S. federal (and applicable state and local) income taxes and
shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses,
Distributions or other Company items pursuant to any provision of this Agreement.

 

    	 	29	 

     

    

Section 5.06         Indemnification
and Reimbursement for Payments on Behalf of a Member. If the Company is obligated to pay any amount to a Governmental Entity
(or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s status
as such (including U.S. federal withholding taxes, U.S. federal income taxes as a result of obligations pursuant to the Revised
Partnership Audit Provisions with respect to items of income, gain, loss deduction or credit allocable or attributable to such
Member, state personal property taxes and state unincorporated business taxes, but excluding payments such as professional association
fees and the like made voluntarily by the Company on behalf of any Member based upon such Member’s status as an employee
of the Company), then such Person shall indemnify the Company and the other Members in full for the entire amount paid (including
interest, penalties and related expenses). The Manager may offset Distributions to which a Person is otherwise entitled under this
Agreement against such Person’s obligation to indemnify the Company under this Section 5.06. A Member’s obligation
to make contributions to the Company under this Section 5.06 shall survive the termination, dissolution, liquidation and
winding up of the Company, and for purposes of this Section 5.06, the Company shall be treated as continuing in existence.
The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.06, including
instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate
plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Member hereby agrees to furnish
to the Company such information and forms as required or reasonably requested in order to comply with any laws and regulations
governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to which the Member is legally
entitled.

 

Article
VI.

MANAGEMENT

 

Section 6.01         Authority
of Manager.

 

(a)          Except
for situations in which the approval of any Member(s) is specifically required by this Agreement, or as otherwise provided in this
Agreement, (i) all management powers over the business and affairs of the Company shall be exclusively vested in the Corporation,
as the sole manager of the Company (the Corporation, in such capacity, or any other Person appointed in accordance with Section
6.04, the “Manager”) and (ii) the Manager shall, through its officers and directors, conduct, direct
and exercise full control over all activities of the Company. The Manager shall be the “manager” of the Company for
the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the other provisions of this
Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by
the Delaware Act with respect to the management and control of the Company. Any vacancies in the position of Manager shall be filled
in accordance with Section 6.04.

 

(b)          Without
limiting the authority of the Manager to act on behalf of the Company, the day-to-day business and operations of the Company shall
be overseen and implemented by officers of the Company (each, an “Officer” and collectively, the “Officers”),
subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer shall be appointed by
the Manager and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death
or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than
one office. Subject to the other provisions in this Agreement (including in Section 6.07), the salaries or other compensation,
if any, of the Officers of the Company shall be fixed from time to time by the Manager. The authority and responsibility of the
Officers shall include, but not be limited to, such duties as the Manager may, from time to time, delegate to them and the carrying
out of the Company’s business and affairs on a day-to-day basis. An Officer may also perform one or more roles as an officer
of the Manager. The Manager may remove any Officer from office at any time, with or without cause. If any vacancy shall occur in
any office, for any reason whatsoever, then the Manager shall have the right to appoint a new Officer to fill the vacancy.

 

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(c)          Subject
to the other provisions of this Agreement, the Manager shall have the power and authority to effectuate the sale, lease, transfer,
exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of
any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time
held by the Company) or the merger, consolidation, reorganization, division or other combination of the Company with or into another
entity, for the avoidance of doubt, without the prior consent of any Member or any other Person being required.

 

Section 6.02         Actions
of the Manager. The Manager may act through any Officer or through any other Person or Persons to whom authority and duties
have been delegated pursuant to Section 6.07.

 

Section 6.03         Resignation;
No Removal. The Corporation shall not, by any means, resign as, cease to be or be replaced as the Manager except in compliance
with this Section 6.03. No termination or replacement of the Corporation as the Manager shall be effective unless proper
provision is made, in compliance with this Agreement, so that the obligations of the Corporation (or its successor, if applicable)
and any new Manager and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment
of a Person other than the Corporation (or its successor, as applicable) as the Manager shall be effective unless the Corporation
(or its successor, as applicable) and the new Manager (as applicable) provide all of the other Members with contractual rights,
directly enforceable by such other Members against the Corporation (or its successor, as applicable) and the new Manager (as applicable),
to cause (a) the Corporation to comply with all of the Corporation’s obligations under this Agreement (including its obligations
under Article XI) other than those that must necessarily be taken in its capacity as the Manager and (b) the new Manager
to comply with all of the Manager’s obligations under this Agreement. For the avoidance of doubt, the Members have no right
under this Agreement to remove or replace the Manager.

 

Section 6.04         Vacancies.
Vacancies in the position of Manager occurring for any reason shall be filled by the Corporation (or, if the Corporation has ceased
to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation
immediately prior to such cessation). For the avoidance of doubt, the Members (other than the Corporation) have no right under
this Agreement to fill any vacancy in the position of Manager.

 

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Section 6.05         Transactions
Between Company and Manager. The Manager may cause the Company to contract and deal with the Manager or any Affiliate of the
Manager; provided that such contracts and dealings (other than contracts and dealings between the Company and its Subsidiaries)
(i)(a) are on terms comparable to and competitive with those available to the Company from others dealing at arm’s length
and (b) other than in the case of a Disposition Event or Corporation Offer, would not result in the Company ceasing to be classified
as a partnership for U.S. federal income tax purposes, or (ii) are approved by the Majority Members and, in any case, would not
violate any provision of or result in a default (or an event that, with notice or the lapse of time or both, would constitute a
default) under any Debt Agreement. The Members hereby approve each of the contracts and agreements between or among the Manager,
the Company and their respective Affiliates entered into on or prior to the date of this Agreement or that the Corporate Board
(or a committee thereof) has approved in connection with the IPO including the Common Unit Purchase Agreement.

 

Section 6.06         Reimbursement
for Expenses. The Manager shall not be compensated for its services as Manager of the Company except as expressly provided
in this Agreement. The Members acknowledge and agree that, upon consummation of the IPO, the Manager’s Class A Common Stock
will be publicly traded and therefore the Manager will have access to the public capital markets and that such status and the services
performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be reimbursed by
the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including all fees, expenses and costs
(a) associated with the IPO, (b) of being a public company (including public reporting obligations, proxy statements, stockholder
meetings, stock exchange fees, transfer agent fees, legal fees, SEC and FINRA filing fees and offering expenses) and (c) maintaining
its existence as a separate legal entity, but excluding, for the avoidance of doubt, any payment obligations of the Corporation
under the Tax Receivable Agreement. To the extent practicable, expenses incurred by the Manager on behalf of or for the benefit
of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the Manager
or any of its Affiliates by the Company pursuant to this Section 6.06 constitute gross income to such Person (as opposed
to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated as “guaranteed
payments” within the meaning of Section 707(c) of the Code and shall not be treated as distributions for purposes of computing
the Members’ Capital Accounts.

 

Section 6.07         Delegation
of Authority. The Manager (a) may, from time to time, delegate to one or more Persons such authority and duties as the Manager
may deem advisable, and (b) may assign titles (including president, chief executive officer, chief financial officer, chief operating
officer, chief administrative officer, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate
certain authority and duties to such Persons as the same may be amended, restated, supplemented or otherwise modified from time
to time. Any number of titles may be held by the same individual. The salaries or other compensation, if any, of such agents of
the Company shall be fixed from time to time by the Manager, subject to the other provisions in this Agreement. Notwithstanding
such delegation, the Manager will remain responsible for management of the Company.

 

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Section 6.08         Limitation
of Liability of Manager.

 

(a)          Except
as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the Manager nor any of the
Manager’s Affiliates or the Manager’s officers, employees or other agents nor their respective agents shall be liable
to the Company or to any Member that is not the Manager or to any other Person bound by this Agreement for any act or omission
performed or omitted by the Manager in its capacity as the sole manager of the Company pursuant to authority granted to the Manager
by this Agreement; provided, however, that, except as otherwise provided herein, such limitation of liability shall not
apply to the extent the act or omission was attributable to the Manager’s or its Affiliates’ or their respective agents’
gross negligence, bad faith, willful misconduct or violation of Law in which the Manager or such Affiliate or their respective
agents’ acted with knowledge that its conduct was unlawful, or for any present or future breaches of any representations,
warranties, covenants or obligations by the Manager or its Affiliates contained herein or in the other agreements with the Company.
The Manager may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder
either directly or by or through its agents, and, to the fullest extent permitted by applicable Law, shall not be responsible for
any misconduct or negligence on the part of any such agent (so long as such agent was selected in good faith and with reasonable
care). The Manager shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts,
including financial advisors, and any act of or failure to act by the Manager in good faith reliance on such advice shall in no
event subject the Manager to liability to the Company or any Member that is not the Manager.

 

(b)          Whenever
in this Agreement or any other agreement contemplated herein, the Manager is permitted or required to take any action or to make
a decision in its “sole discretion” or “discretion,” with “complete discretion” or under a
grant of similar authority or latitude, the Manager shall be entitled to consider such interests and factors as it desires, including
its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any consideration
to any interest of or factors affecting the Company or other Members or any other Person.

 

(c)          Whenever
in this Agreement the Manager is permitted or required to take any action or to make a decision in its “good faith”
or under another express standard, the Manager shall act under such express standard and, to the fullest extent permitted by applicable
Law, shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein,
and, notwithstanding anything contained herein to the contrary, so long as the Manager acts in good faith, the resolution, action
or terms so made, taken or provided by the Manager shall not constitute a breach of this Agreement or any other agreement contemplated
herein or impose liability upon the Manager or any of the Manager’s Affiliates or their representative or agents and shall
be deemed approved by all the Members.

 

Section 6.09         Investment
Company Act. The Manager shall use its best efforts to ensure that the Company shall not be subject to registration as an investment
company pursuant to the Investment Company Act.

 

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Section 6.10         Outside
Activities of the Manager. The Manager shall not, directly or indirectly, enter into or conduct any business or operations,
other than in connection with (a) the ownership, acquisition and disposition of Common Units, (b) the management of the business
and affairs of the Blocker, the Company and its Subsidiaries, (c) the operation of the Manager as a reporting company with a class
(or classes) of securities registered under Section 12 of the Exchange Act and listed on a securities exchange, (d) the offering,
sale, syndication, private placement or public offering of stock, bonds, securities or other interests of the Corporation or the
Company or any of its Subsidiaries, (e) financing or refinancing of any type related to the Corporation, the Company, its Subsidiaries
or their assets or activities, including the provision of guarantees and collateral in connection therewith, (f) treasury and treasury
management, (g) stock repurchases, (h) the declaration and payment of dividends with respect to any class of securities, and (i)
such activities as are incidental to the foregoing; provided, however, that, except as otherwise provided herein, the net
proceeds of any financing raised by the Manager pursuant to the preceding clauses (d) and (e) shall be made available to the Company,
whether as Capital Contributions, loans or otherwise, as appropriate; provided further, that the Manager may, in its sole
discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries
so long as the Manager takes commercially reasonable measures to ensure that the economic benefits and burdens of such assets are
otherwise vested in the Company or its Subsidiaries, through assignment, mortgage loan or otherwise or, if it is not commercially
reasonable to vest such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith
to amend this Agreement to reflect such activities and the direct ownership of assets by the Manager. Nothing contained herein
shall be deemed to prohibit the Manager from executing any guarantee of indebtedness of the Company or its Subsidiaries.

 

Article
VII.

RIGHTS AND OBLIGATIONS OF MEMBERS

 

Section 7.01         Limitation
of Liability and Duties of Members; Investment Opportunities.

 

(a)          Except
as provided in this Agreement or in the Delaware Act, the debt, obligations and liabilities of the Company, whether arising in
contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and no Member (including the
Manager) shall be obligated personally for any debt, obligation or liability solely by reason of being a Member or acting as the
Manager of the Company. Notwithstanding anything contained herein to the contrary, to the fullest extent permitted by applicable
Law, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management
of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the
Members for liabilities of the Company.

 

(b)          In
accordance with the Delaware Act and the Laws of the State of Delaware, a Member may, under certain circumstances, be required
to return amounts previously distributed to such Member. To the fullest extent permitted by applicable Law, it is the intent of
the Members that no Distribution to any Member pursuant to this Agreement shall be deemed a return of money or other property paid
or distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Member
shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Delaware Act, and, to the fullest extent permitted
by Law, any Member receiving any such money or property shall not be required to return any such money or property to the Company
or any other Person, unless such distribution was made by the Company to its Members in clerical error or contrary to applicable
Law. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is
obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member.

 

    	 	34	 

     

    

(c)          Notwithstanding
any other provision of this Agreement (subject to Section 6.08 with respect to the Manager), to the extent that, at Law
or in equity, any Member (including without limitation, the Manager but subject to Section 6.08 with respect to the Manager)
(or such Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary
or trustee of such Member or of any Affiliate of such Member (each Person described in this parenthetical, a “Related
Person”)) has duties (including fiduciary duties (other than any fiduciary duty owed by such Member or Related Person
to the Corporation)) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Company Interest
or to any other Person bound by this Agreement, all such duties are hereby eliminated, to the fullest extent permitted by Law,
and replaced with the duties or standards expressly set forth herein, if any; provided, however, that each Member
(including the Manager) shall have the duty to act in accordance with the implied contractual covenant of good faith and fair dealing.
The elimination of such duties to the Company, the Manager, each of the Members, each other Person who acquires an interest in
a Company Interest and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly
set forth herein, if any, are approved by the Company, the Manager, each of the Members, each other Person who acquires an interest
in a Company Interest and each other Person bound by this Agreement.

 

Section 7.02         Lack
of Authority. Except as expressly provided herein, neither the Members nor any class of Members shall have the power or authority
to vote, approve or consent to any matter or action taken by the Company. No Member, other than the Manager or a duly appointed
Officer, in each case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act
that would be binding on the Company or to make any expenditure on behalf of the Company. The Members hereby consent to the exercise
by the Manager of the powers conferred on the Manager by Law and this Agreement.

 

Section 7.03         No
Right of Partition. No Member, other than the Manager, shall have the right to seek or obtain partition by court decree or
operation of Law of any Company property, or the right to own or use particular or individual assets of the Company.

 

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Section 7.04         Indemnification.

 

(a)          Subject
to Section 5.06, the Company hereby agrees to indemnify and hold harmless any Person (each an “Indemnified Person”)
to the fullest extent permitted under applicable Law, as the same now exists or may hereafter be amended, substituted or replaced
(but, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement
permits the Company to provide broader indemnification rights than the Company is providing immediately prior to such amendment),
against all expenses, liabilities, damages and losses (including attorneys’ fees, judgments, amounts paid in settlement,
fines, excise taxes, interest or penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s
Affiliates) by reason of the fact that such Person is or was serving as the Manager or officer of the Company or as an officer
or member of the board (or equivalent body) of any of its Subsidiaries or is or was serving at the request of the Company or such
Subsidiary as a manager, officer, director, principal or member of another corporation, partnership, joint venture, limited liability
company, trust or other enterprise; provided, however, that no Indemnified Person shall be indemnified for any
expenses, liabilities, damages and losses (including attorneys’ fees, judgments, amounts paid in settlement, fines, excise
taxes, interest or penalties) incurred or suffered that are attributable to such Indemnified Person’s or its Affiliates’
gross negligence, bad faith, willful misconduct or violation of Law in which such Indemnified Person or such Affiliate acted with
knowledge that its conduct was unlawful, or for any present or future breaches of any representations, warranties, covenants or
obligations by such Indemnified Person or its Affiliates contained herein or in the other agreements with the Company. Reasonable
expenses, including attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the
Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking
by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person
is not entitled to be indemnified by the Company. Any reference to an officer of the Company or its Subsidiaries in this Section
7.04 shall be deemed to refer exclusively to the chief executive officer, president, general counsel, secretary, chief technology
officer, chief financial officer, chief administrative officer or the treasurer of the Company or its Subsidiaries or other officer
of the Company or its Subsidiaries appointed from time to time by the Board or by the board of directors or equivalent governing
body, as applicable, and any reference to an officer of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise shall be deemed to refer exclusively to an officer appointed by the board of directors or equivalent governing
body of such other entity pursuant to the certificate of incorporation and bylaws or equivalent organizational documents of such
other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. The fact that any person who is
or was an employee of the Company or its Subsidiary or an employee of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, but not an officer thereof as described in the preceding sentence, has been given or
has used the title of “Vice President”, “Managing Director”, “Director” or any other title
that could be construed to suggest or imply that such person is or may be such a member of the board or officer, as applicable,
of the Company or such Subsidiary or of such other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise shall not result in such person being constituted as, or being deemed to be, such a member of the board or officer,
as applicable, of the Company or its Subsidiary or of such other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise for purposes of this Section 7.04.

 

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(b)          The
right to indemnification and the advancement of expenses conferred in this Section 7.04 shall not be exclusive of any other
right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise.

 

(c)          The
Company shall maintain directors’ and officers’ liability insurance, or substantially equivalent insurance, at its
expense, to protect any Indemnified Person (and the investment funds, if any, they represent) against any expense, liability or
loss described in Section 7.04(a) whether or not the Company would have the power to indemnify such Indemnified Person against
such expense, liability or loss under the provisions of this Section 7.04. The Company shall use its commercially reasonable
efforts to purchase and maintain property, casualty and liability insurance in types and at levels customary for companies of similar
size engaged in similar lines of business, as determined in good faith by the Manager, and the Company shall use its commercially
reasonable efforts to purchase directors’ and officers’ liability insurance (including employment practices coverage)
with a carrier and in an amount that is necessary or desirable as determined in good faith by the Manager.

 

(d)          Notwithstanding
any provision to the contrary in this Agreement, (including in this Section 7.04), the Company agrees that any indemnification
and advancement of expenses available to any current or former Indemnified Person from any investment fund that is an Affiliate
of the Company who served as a director of the Company by virtue of such Person’s service as a member, director, partner
or employee of any such fund prior to or following the Effective Time (any such Person, a “Sponsor Person”)
shall be secondary to the indemnification and advancement of expenses to be provided by the Company pursuant to this Section
7.04. Such indemnification and advancement of expenses shall be provided out of and to the extent of Company assets only and
no Member (unless such Member otherwise agrees in writing or is found in a final decision by a court of competent jurisdiction
to have personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional
Capital Contributions to help satisfy such indemnity of the Company. The Company (i) shall be the primary indemnitor of first resort
for such Sponsor Person pursuant to this Section 7.04 and (ii) shall be fully responsible for the advancement of all expenses
and payment of all damages or liabilities with respect to such Sponsor Person which are addressed by this Section 7.04.

 

(e)          The
Manager may (acting through the Corporate Board), to the extent authorized from time to time by a resolution adopted by the Corporate
Board, grant rights to indemnification and to the advancement of expenses to any person, including without limitation any employee
or other agent of the Company, or any director, officer, employee, agent, trustee, member, stockholder, partner, incorporator or
liquidator of any Subsidiary of the Company or any other enterprise, with any such rights subject to the terms, conditions and
limitations established pursuant to the board resolution.

 

(f)          If
this Section 7.04 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then
the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.04 to the
fullest extent permitted by any applicable portion of this Section 7.04 that shall not have been invalidated and to the
fullest extent permitted by applicable Law.

 

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Section 7.05         Members
Right to Act. For matters that require the approval of the Members, the Members shall act through meetings and written consents
as described in paragraphs (a) and (b) below:

 

(a)          Except
as otherwise expressly provided by this Agreement, acts by the Members holding a majority of the outstanding Units, voting together
as a single class, shall be the acts of the Members. Any Member entitled to vote at a meeting of Members may authorize another
person or persons to act for it by proxy. An electronic mail, telegram, telex, cablegram or similar transmission by the Member,
or a photographic, photostatic, facsimile or similar reproduction of a writing executed by the Member shall (if stated thereon)
be treated as a proxy executed in writing for purposes of this Section 7.05(a). No proxy shall be voted or acted upon after
eleven (11) months from the date thereof, unless the proxy provides for a longer period. A proxy shall be revocable unless the
proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with an interest. Should a proxy designate
two or more Persons to act as proxies, unless that instrument shall provide to the contrary, a majority of such Persons present
at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving
consents thereby conferred, or, if only one be present, then such powers may be exercised by that one; or, if an even number
attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with respect
to such issue if such proxy does not specify how the votes that are the subject of such proxy are to be voted with respect to such
issue.

 

(b)          The
actions by the Members permitted hereunder may be taken at a meeting called by the Manager or by the Members holding a majority
of the Units entitled to vote or consent on such matter on at least forty eight (48) hours’ prior written notice to the other
Members entitled to vote or consent, which notice shall state the purpose or purposes for which such meeting is being called. The
actions taken by the Members entitled to vote or consent at any meeting (as opposed to by written consent), however called and
noticed, shall be as valid as though taken at a meeting duly held after regular call and notice if (but not until), either before,
at or after the meeting, the Members entitled to vote or consent as to whom it was improperly held signs a written waiver of notice
or a consent to the holding of such meeting or an approval of the minutes thereof. The actions by the Members entitled to vote
or consent may be taken by vote of the Members entitled to vote or consent at a meeting or by written consent (without the requirement
of prior notice), so long as such consent is signed by Members having not less than the minimum number of Units that would be necessary
to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted. Prompt notice
of the action so taken without a meeting shall be given to those Members entitled to vote or consent who have not consented in
writing, which notice shall state the purpose or purposes for which such consent is required and may be delivered via email; provided,
however, that the failure to give any such notice shall not affect the validity of the action taken by such written consent.
Any action taken pursuant to such written consent of the Members shall have the same force and effect as if taken by the Members
at a meeting thereof.

 

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Section 7.06         Inspection
Rights. Subject to Section 16.02, the Company shall permit each Member and each of its designated representatives to
examine the books and records of the Company or any of its Subsidiaries at the principal office of the Company or such other location
as the Manager shall reasonably approve during reasonable business hours, and, make copies and extracts therefrom, at such Member’s
expense, for any purpose reasonably related to such Member’s Company Interest; provided that Manager has a right to
keep confidential from the Members certain information in accordance with Section 18-305 of the Delaware Act.

 

Article
VIII.

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section 8.01         Records
and Accounting. The Company shall keep, or cause to be kept, appropriate books and records with respect to the Company’s
business, including all books and records necessary to provide any information, lists and copies of documents required to be provided
pursuant to Section 9.01. All matters concerning (a) the determination of the relative amount of allocations and Distributions
among the Members pursuant to Articles IV and V and (b) accounting procedures and determinations, and other determinations
not specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination
shall be final and conclusive as to all of the Members absent manifest clerical error.

 

Section 8.02         Fiscal
Year. The Fiscal Year of the Company shall end on December 31 of each year or such other date as may be established by the
Manager.

 

Article
IX.

TAX MATTERS

 

Section 9.01         Preparation
of Tax Returns. The Manager shall arrange, at the Company’s expense, for the preparation and timely filing of all tax
returns required to be filed by the Company. On or before March 15, June 15, September 15, and December 15 of each Fiscal Year,
the Company shall send to each Person who was a Member at any time during the prior quarter, an estimate of allocations to such
Member of taxable income, gains, losses, deductions and credits for the prior quarter, which estimate shall have been reviewed
by the Company’s outside tax accountants. In addition, no later than the later of (i) March 31 following the end of the prior
Fiscal Year, and (ii) thirty (30) Business Days after the issuance of the final financial statement report for a Fiscal Year by
the Company’s auditors, the Company shall send to each Person who was a Member at any time during such Fiscal Year, a statement
showing such Member’s (A) final state tax apportionment information, (B) allocations to the Members of taxable income, gains,
losses, deductions and credits for such Fiscal Year, and (C) a completed IRS Schedule K-1. Each Member shall notify the other Members
upon receipt of any notice of any material income tax examination of the Company by U.S. federal, state or local authorities. Subject
to the terms and conditions of this Agreement, in its capacity as Tax Matters Partner or Partnership Representative, the Corporation
shall have the authority to prepare the tax returns of the Company using such permissible methods and elections as it determines
in its reasonable discretion; provided, that the Corporation shall require the consent of any Member that is materially
adversely and disproportionately affected by any such method or election.

 

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Section 9.02         Tax
Elections. The Taxable Year shall end on such date as may be established by the Manager in accordance with Section 706 of the
Code. The Company and any eligible Subsidiary shall make an election pursuant to Section 754 of the Code, shall not thereafter
revoke such election and shall make a new election pursuant to Section 754 to the extent necessary following any “termination”
of the Company or the Subsidiary under Section 708 of the Code. Each Member will, upon request, supply any information reasonably
necessary to give proper effect to any such elections.

 

Section 9.03         Tax
Controversies.

 

(a)          With
respect to Taxable Years beginning on or before December 31, 2017, the Corporation is hereby designated the Tax Matters Partner
of the Company, within the meaning given to such term in Section 6231 of the Code (the Corporation, in such capacity, the “Tax
Matters Partner”) and is authorized and required to represent the Company (at the Company’s expense) in connection
with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings,
and to expend Company funds for professional services reasonably incurred in connection therewith. Each Member agrees to cooperate
with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the conduct
of such proceedings. The Tax Matters Partner shall promptly deliver to each of the other Members a copy of all notices, communications,
reports and writings received from the Internal Revenue Service relating to or reasonably expected to result in an adjustment of
Company items, and keep each of the Members advised of all material developments with respect to any proposed adjustments which
come to its attention. The Tax Matters Partner may not settle any administrative or judicial proceeding or enter into any agreement
(including extending the period of limitations) with the Internal Revenue Service, in each case, without the affirmative written
consent of each of (i) the Bank Member Representative, if such settlement or agreement would reasonably be expected to have a material
and adverse impact on any current or former Bank Member in a manner that disproportionately and adversely affects such Bank Member
as compared with either the Refinitiv Member or the Manager, and (ii) the Refinitiv Member.

 

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(b)          With
respect to Taxable Years beginning after December 31, 2017, pursuant to the Revised Partnership Audit Provisions, the Corporation
shall be designated and may, on behalf of the Company, at any time, and without further notice to or consent from any Member, act
as the “partnership representative” of the Company, within the meaning given to such term in Section 6223 of the
Code (the Corporation, in such capacity, the “Partnership Representative”) for purposes of the Code.
The Partnership Representative shall have the right and obligation to take all actions authorized and required, respectively, by
the Code for the Partnership Representative, and is authorized and required to represent the Company (at the Company’s expense)
in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each Member agrees
to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect
to the conduct of such proceedings. The Partnership Representative shall promptly deliver to each of the other Members a copy of
all notices, communications, reports and writings received from the Internal Revenue Service relating to or reasonably expected
to result in an adjustment of Company items, and keep each of the Members advised of all material developments with respect to
any proposed adjustments which come to its attention. The Partnership Representative may not settle any administrative or judicial
proceeding or enter into any agreement (including extending the period of limitations) with the Internal Revenue Service, in each
case, without the affirmative written consent of each of (i) the Bank Member Representative (so long as at least one current or
former Bank Member was a Member during the tax period for which the proceeding relates), if such settlement or agreement would
reasonably be expected to have a material and adverse impact on any current or former Bank Member in a manner that disproportionately
and adversely affects such Bank Member as compared with either Refinitiv Member or the Manager, and (ii) the Refinitiv Member (so
long as the Refinitiv Member was a Member during the tax period for which the relevant proceeding relates). Notwithstanding anything
herein to the contrary, the Partnership Representative (x) shall make the election provided by Section 6226 of the Code (a “Push-Out
Election”) with respect to any notice of final partnership adjustment issued by the Internal Revenue Service (the
“IRS”) to the Company reflecting imputed underpayments totaling $500,000 or more, and (y) shall be permitted
to make a Push-Out Election with respect to any other notice of final partnership adjustment for which such election is available;
provided, that, if the Company does not intend to make a Push-Out Election with respect to an audit, the Company shall cooperate
with any Member, upon such Member’s request, to seek the modifications described in Section 6225(c)(2)(B) of the Code with
respect to adjustments proposed by the IRS that are properly allocable to such Member.

 

(c)          With
respect to last sentence of Section 9.03(a) and the penultimate sentence of Section 9.03(b), if (i) the Bank Member Representative
was not a Member during the tax period for which the tax proceeding relates, or (ii) there is no current Bank Member Representative,
then the Plurality Bank Member at the commencement of the Taxable Year or years for which the relevant tax proceeding relates shall
be the Bank Member Representative for purposes of such proceeding. With respect to any audit or proceeding, if the Bank Member
Representative does not meet the condition of clause (ii) of the previous sentence, such Bank Member Representative shall be entitled
to appoint the current or former Bank Member that meets such condition as its replacement, with the consent of the Manager.

 

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Article
X.

RESTRICTIONS ON TRANSFER OF UNITS

 

Section 10.01       Transfers
by Members.

 

(a)          No
holder of Units may Transfer any interest in any Units, except Transfers (i) pursuant to and in accordance with Section 10.02,
(ii) approved in writing by the Manager (other than any Transfer by the Manager), or (iii) in the case of Transfers by the Manager,
to any Person who succeeds to the Manager in accordance with Section 6.04, in the case of clauses (i) and (ii),
subject to Section 10.01(c) and Section 10.01(d), any contractual lock-up period applicable to such Member in any
agreement between such Member and any underwriter and/or the Company, the Corporation or any of their controlled Affiliates. Notwithstanding
the foregoing, “Transfer” shall not include an event that terminates the existence of a Member for income tax purposes
(including a change in entity classification of a Member under Section 301.7701-3 of the Treasury Regulations, a sale of assets
by, or liquidation of, a Member pursuant to an election under Sections 336 or 338 of the Code, or merger, severance, or allocation
within a trust or among sub-trusts of a trust that is a Member), but that does not terminate the existence of such Member under
applicable state Law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under
such trust with respect to all the Company Interests of such trust that is a Member).

 

(b)          Notwithstanding
anything to the contrary in this Article X, the following shall not be considered a “Transfer” for purposes of this
Agreement: (i) the exchange of Class B Common Stock for Class A Common Stock and the exchange of Class D Common Stock for Class
C Common Stock, which shall be pursuant to, and in accordance with, the Corporation Charter, (ii) a Transfer of Registrable Securities
(as such term is defined in the Registration Rights Agreement) in accordance with the Registration Rights Agreement, (iii) any
other Transfer of shares of Class A Common Stock or Class B Common Stock (subject to Section [5.11(ii)] of the Corporation Charter),
and (iv) (A) any Redemption or Direct Exchange in accordance with Article XI hereof, or (B) a Transfer by a Member to the
Corporation or any of its Subsidiaries.

 

(c)          In
the case of a Transfer (other than a Redemption or Direct Exchange) by any Original Member (other than the Corporation) of Common
Units to a transferee in accordance with this Article X, such Member (or any subsequent transferee of such Member) shall
be required to also Transfer a number of shares of Class C Common Stock or Class D Common Stock, as applicable, subject to the
automatic conversion provisions in the Corporation Charter, corresponding to the number of such Member’s (or subsequent transferee’s)
Common Units that were Transferred in the transaction to such transferee.

 

(d)          All
Transfers are subject to the additional limitations set forth in Section 10.06(b) hereof.

 

Section 10.02       Permitted
Transfers. Notwithstanding anything to the contrary herein, the following Transfers shall be permitted (each, a “Permitted
Transfer”):

 

(i)          by
a Member who is an individual (1) to such Member’s spouse, any lineal ascendants or descendants or trusts or other entities
in which such Member or Member’s spouse, lineal ascendants or descendants hold (and continue to hold while such trusts or
other entities hold Units) 50% or more of such entity’s beneficial interests, or (2) by way of bequest or inheritance upon
death;

 

    	 	42	 

     

    

(ii)         by
a Member who is an entity, to such Member’s Affiliates, members, partners, other equity holders or Affiliated investment
fund, vehicle or account of such Member (which may include special purpose investment funds, vehicles or accounts controlled by
one or more Affiliated investment funds, vehicles or accounts but shall not include portfolio companies other than the Refinitiv
Equityholder (as defined in the Corporation Charter) or its Subsidiaries); or

 

(iii)        any
Transfer by a Member pursuant to a Corporation Offer or Disposition Event (as such term is defined in the Corporation Charter);

 

provided, however,
that the (A) restrictions contained in this Agreement shall continue to apply to Units after any Permitted Transfer of such Units,
and (B) (I) except in the case of Section 10.02(iii), the transferor shall deliver a written notice to the Company and the
Members, which notice will disclose in reasonable detail the identity of the proposed transferee, and (II) prior to Transferring
any Units, the Transferring holder of Units shall cause the prospective transferee to be bound by this Agreement and any other
agreements executed by the Transferring holder that relate to such Units in the aggregate including the Registration Rights Agreement
and the Stockholders Agreement, if applicable (collectively, the “Other Agreements”), by causing the
prospective transferee to execute and deliver to the Company and the other holders of Units a Joinder (or other counterpart to
this Agreement reasonably acceptable to the Manager) and counterparts of any applicable Other Agreements.

 

Section 10.03      Restricted
Units Legend. The Units have not been registered under the Securities Act and, therefore, in addition to the other restrictions
on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or an exemption
from such registration is then available. To the extent such Units have been certificated, each certificate evidencing Units and
each certificate issued in exchange for or upon the Transfer of any Units (if such securities remain Units as defined herein after
such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

”THE SECURITIES REPRESENTED
BY THIS CERTIFICATE WERE ISSUED ON _____, 2019, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS
ON TRANSFER SPECIFIED IN THE FIFTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF TRADEWEB MARKETS LLC, AS MAY BE
AMENDED AND MODIFIED FROM TIME TO TIME, AND TRADEWEB MARKETS LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL
SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY TRADEWEB MARKETS
LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”

 

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The Company shall imprint such legend on certificates
(if any) evidencing Units. The legend set forth above shall be removed from the certificates (if any) evidencing any units which
cease to be Units in accordance with the definition thereof.

 

Section 10.04       Assignee’s
Rights.

 

(a)          The
Transfer of a Company Interest in accordance with this Agreement shall be effective as of the date of its assignment (assuming
compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the Schedule of Members.
Profits, Losses and other Company items shall be allocated between the transferor and the Assignee according to Section 706 of
the Code, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the
effective date of such Transfer shall be paid to the transferor, and Distributions made after such date shall be paid to the Assignee.

 

(b)          Unless
and until an Assignee becomes a Member pursuant to Article XII, the Assignee shall not be entitled to any of the rights
granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this
Agreement; provided, however, that, without relieving the transferring Member from any such limitations or obligations as
more fully described in Section 10.05, such Assignee shall be bound by any limitations and obligations of a Member contained
herein that a Member would be bound on account of the Assignee’s Company Interest (including the obligation to make Capital
Contributions on account of such Company Interest).

 

Section 10.05       Assignor’s
Rights and Obligations. Any Member who shall (x) Transfer any Company Interest in a manner in accordance with this Agreement
or (y) cease to hold any Units pursuant to Section 10.01(b)(ii) or Section 10.01(b)(iv) shall, in each case, cease
to be a Member with respect to such Units or other interest and shall no longer have any rights or privileges, or, except as set
forth in this Section 10.05, duties, liabilities or obligations, of a Member with respect to such Units or other interest
(it being understood, however, that the applicable provisions of Section 6.08, Section 7.01 and Section 7.04
shall continue to inure to such Person’s benefit), except that, in the case of a Transfer set forth in clause (x) of this
Section 10.05, unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance
with the provisions of Article XII (the “Admission Date”), (i) such assigning Member shall retain
all of the duties, liabilities and obligations of a Member with respect to such Units or other interest, and (ii) the Manager may,
in its sole discretion, reinstate all or any portion of the rights and privileges of such Member with respect to such Units or
other interest for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers,
or ceases to hold, any Units or other interest in the Company from (I) any liability of such Member to the Company with respect
to such Company Interest that may exist on the Admission Date or Redemption Date or other relevant date, as applicable, or that
is otherwise specified in the Delaware Act and incorporated into this Agreement, or for any liability to the Company or any other
Person for any materially false statement made by such Member (in its capacity as such) or for any present or future breaches of
any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the other agreements
with the Company, or (II) from complying with the confidentiality obligations in Section 16.02 for a period of two (2) years after
such Member Transfers, or ceases to hold, any Units or other interest in the Company.

 

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Section 10.06       Overriding
Provisions.

 

(a)          Any
Transfer or attempted Transfer of any Units in violation of this Agreement shall be null and void ab initio, and the provisions
of Sections 10.04 and 10.05 shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom
a Transfer is made or attempted in violation of this Agreement shall not become a Member, shall not be entitled to vote on any
matters coming before the Members and shall not have any other rights in or with respect to any rights of a Member of the Company.
The approval of any Transfer in any one or more instances shall not limit or waive the requirement for such approval in any other
or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Transfer of Units made in accordance
with the terms of this Agreement.

 

(b)          Notwithstanding
anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of Section 10.01 and Article
XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would:

 

(i)          result
in the violation of the Securities Act, or any other applicable U.S. federal or state or non-U.S. Laws;

 

(ii)         cause
the Company to become subject to the registration requirements of the Investment Company Act;

 

(iii)        in
the reasonable determination of the Manager, be a violation of or a default (or an event that, with notice or the lapse of time
or both, would constitute a default) under, or result in an acceleration of any Debt Agreement; provided that the payee
or creditor to whom the Company or the Manager owes such obligation is not an Affiliate of the Company or the Manager;

 

(iv)        cause
the Company to lose its status as a partnership for U.S. federal income tax purposes or, without limiting the generality of the
foregoing, be considered to be effected on or through an “established securities market” or a “secondary market
or the substantial equivalent thereof,” as such terms are used in Section 1.7704-1 of the Treasury Regulations;

 

(v)         be
a Transfer to a Person who is not legally competent or who has not achieved his or her majority of age under applicable Law (excluding
trusts for the benefit of minors); or

 

(vi)        result
in the Company having more than one hundred (100) partners, within the meaning of Section 1.7704-1(h)(1) of the Treasury Regulations
(determined pursuant to the rules of Section 1.7704-1(h)(3) of the Treasury Regulations).

 

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Section 10.07       Tender
Offers and Other Events with respect to the Corporation.

 

(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 “Corporation Offer”) is proposed by the Corporation or is proposed to the
Corporation or its stockholders and approved by the Corporate Board or is otherwise effected or to be effected with the consent
or approval of the Corporate Board, the Members (other than the Corporation) shall be permitted to participate in such Corporation
Offer by delivery of a Redemption Notice (which Redemption Notice shall be effective immediately prior to the consummation of such
Corporation Offer (and, for the avoidance of doubt, shall be contingent upon such Corporation Offer and not be effective if such
Corporation Offer is not consummated)). In the case of a Corporation Offer proposed by the Corporation, the Corporation will use
its reasonable best 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 such Members to participate in such Corporation 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 this sentence (and without limiting the ability of any Member holding Common Units to consummate a Redemption at any time pursuant
to the terms of this Agreement), the Manager will use its reasonable best efforts expeditiously and in good faith to ensure that
such Members may participate in such Corporation Offer without being required to have their Common Units redeemed and the corresponding
Class C Common Stock and Class D Common Stock, as applicable, related thereto (or, if so required, to ensure that any such redemption
shall be effective only upon, and shall be conditional upon, the closing of the transactions contemplated by the Corporation Offer).
For the avoidance of doubt, in no event shall such Members be entitled to receive in such Corporation 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 Corporation Offer (it being understood that payments under or in respect of the Tax Receivable Agreement shall not be considered
part of any such consideration).

 

(b)          The
Corporation shall send written notice to the Company and the other Members at least thirty (30) days prior to the closing of the
transactions contemplated by the Corporation Offer notifying them of their rights pursuant to this Section 10.07, and setting
forth (i) a copy of the written proposal or agreement pursuant to which the Corporation Offer will be effected, (ii) the consideration
payable in connection therewith, (iii) the terms and conditions of transfer and payment and (iv) the date and location of and procedures
for selling Common Units. In the event that the information set forth in such notice changes, a subsequent notice shall be delivered
by the Corporation no less than seven (7) days prior to the closing of the Corporation Offer.

 

(c)          Notwithstanding
any other provision of this Agreement, if a Disposition Event (as such term is defined in the Corporation Charter) is approved
by the Corporate Board and consummated in accordance with applicable Law, at the request of the Company (or following such Disposition
Event, its successor) or Corporation (or following such Disposition Event, its successor), each of the Members (other than the
Corporation) shall be required to exchange with the Corporation, at any time and from time to time after, or simultaneously with,
the consummation of such Disposition Event, all of such Members’ Common Units and the corresponding Class C Common Stock
or Class D Common Stock, as applicable, 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.

 

    	 	46	 

     

    

(d)          Notwithstanding
any other provision of this Agreement, (i) in a Disposition Event or Corporation Offer where the consideration payable in connection
therewith includes Equity Securities, the aggregate consideration for any Common Unit and the corresponding Class D Common Stock
shall be deemed to be equivalent to the consideration payable in respect of each share of Class A Common Stock if the only difference
in the per share distribution to the Members holding Common Units and the corresponding Class D Common Stock is that the Equity
Securities distributed to such Members have not more than ten times the voting power of any Equity Securities distributed to the
holder of a share of Class A Common Stock (as long as such Equity Securities issued to such Members remain subject to the automatic
conversion on terms no more favorable to such Members than those set forth in Section [5.1(ii)] of the Corporation Charter), and
(ii) in a Disposition Event or other Corporation Offer, payments under or in respect of the Tax Receivable Agreement shall not
be considered part of the consideration payable in respect of any Class C Paired Interest, Class D Paired Interest or share of
Class A Common Stock or Class B Common Stock in connection with such Disposition Event or other Corporation Offer for the purposes
of Section 10.07(a) and Section 10.07(c).

 

Article
XI.

REDEMPTION AND EXCHANGE RIGHTS

 

Section 11.01       Redemption
Right of a Member.

 

(a)          Each
Member (other than the Corporation and the Blocker) shall be entitled to cause the Company to redeem (a “Redemption”)
all or any portion of its Common Units (the “Redemption Right”); provided, that any such Redemption
is for a minimum of the lesser of 1,000 Common Units or all the Common Units held by such Member.

 

    	 	47	 

     

    

(b)         A
Member desiring to exercise its Redemption Right (the “Redeeming Member”) shall exercise such right by
giving written notice, substantially in the form attached hereto as Exhibit B (the “Redemption Notice”),
duly executed by such Redeeming Member, to the Company and the Corporation, or if any agent for the Redemption is duly appointed
and acting (as notified in writing to the Members) (the “Exchange Agent”), to the office of the Exchange
Agent. The Redemption Notice shall specify (A) the number of Common Units (collectively, the “Redeemed Units”)
that the Redeeming Member intends to have the Company redeem, and the corresponding number of Class C Common Stock or Class D Common
Stock, as the case may be, relating thereto, and (B) in the case of a Class D Paired Interest, whether the Redeeming Member elects
to receive Class A Common Stock, or in the event a High-Vote Fall Away Event has not occurred or would not be triggered by such
Redemption, Class B Common Stock. The Redemption shall be completed as promptly as possible following the delivery of the applicable
Redemption Notice (and to the extent applicable, taking into account any timeframes required under the Registration Rights Agreement)
(such date, the “Redemption Date”); provided, that the Company, the Corporation and the Redeeming
Member may change the number of Redeemed Units specified in such Redemption Notice to another number by mutual agreement in writing
signed by each of them; provided, further, that a Redemption may be conditioned (including as to timing) by the Redeeming
Member (upon indication to this effect in the Redemption Notice), on (i) the Corporation and/or the Redeeming Member having entered
into a valid and binding agreement with a third party for the sale of shares of such Deliverable Common Stock that may be issued
in connection with such proposed Redemption, which agreement is subject to customary closing conditions for delivery of such Deliverable
Common Stock by the Corporation or the Redeeming Member, as applicable, to such third party, and/or (ii) the closing of an announced
merger, consolidation or other transaction or event in which such shares of Deliverable Common Stock that may be issued in connection
with such proposed Redemption would be exchanged or converted or become exchangeable or convertible into cash or other securities
or property, and/or (iii) the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued
in connection with such proposed Redemption. Subject to Section 11.03 and unless the Redeeming Member timely has delivered
a Retraction Notice as provided in Section 11.01(c) or has revoked or delayed a Redemption as provided in Section 11.01(b)
or Section 11.01(d), on the Redemption Date:

 

(i)          the
Redeeming Member shall transfer and surrender, free and clear of all liens and encumbrances, (x) the Redeemed Units to the Company
and (y) a corresponding number of Class C Common Stock or Class D Common Stock, as the case may be, to the Corporation;

 

(ii)         the
Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member
is entitled under Section 11.01(c), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for
a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered
by the Redeeming Member pursuant to clause (i) of this Section 11.01(b) and the number of Redeemed Units; and

 

(iii)        the
Corporation shall cancel for no consideration such shares of Class C Common Stock or Class D Common Stock, as the case may be,
that were Transferred pursuant to Section 11.01(b)(i)(y);

 

provided, that, such
Redemption shall be deemed to be effective immediately prior to the close of business on the Redemption Date and the Redeeming
Member is deemed to be a holder of the Deliverable Common Stock from and after that time.

 

    	 	48	 

     

    

(c)          In
exercising its Redemption Right, a Redeeming Member shall, to the fullest extent permitted by applicable Law, be entitled to receive
the Share Settlement or the Cash Settlement; provided, that the Corporation shall have the option (as determined by its
Corporate Board) as provided in Section 11.02 and subject to Section 11.01(e) to select whether the redemption payment
is made by means of a Share Settlement or a Cash Settlement. Within three (3) Business Days of delivery of the Redemption Notice,
the Corporation shall give written notice (the “Settlement Method Notice”) to the Redeeming Member (with
a copy to the Company) of its intended settlement method; provided that if the Corporation does not timely deliver a Settlement
Method Notice, the Corporation shall be deemed to have elected the Share Settlement method. In the event the Corporation elects
the Cash Settlement in connection with a Redemption, the Redeeming Member may retract its Redemption Notice by giving written notice
(the “Retraction Notice”) to the Corporation (with a copy to the Company) or the Exchange Agent at any
time prior to 5:00 p.m., New York City time, on the next Business Day following the delivery of the Settlement Method Notice. The
timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the Company’s and the Corporation’s
rights and obligations under this Section 11.01 arising from the retracted Redemption Notice.

 

(d)          Notwithstanding
anything to the contrary in Section 11.01(c), in the event the Corporation elects a Share Settlement in connection with
a Redemption, a Redeeming Member shall be entitled, at any time prior to the consummation of a Redemption, to revoke its Redemption
Notice or delay the consummation of a Redemption, by giving written notice to this effect to the Company and the Corporation, if
any of the following conditions exists, as applicable:

 

(i)          any
registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at or
immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by
the SEC or no such resale registration statement has yet become effective;

 

(ii)         the
Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary
to effect the resale of Class A Common Stock;

 

(iii)        the
Corporation shall have exercised a contractual right to defer, delay or suspend the filing or effectiveness of a registration statement
or the facilitation of a demanded underwritten offering pursuant to the Registration Rights Agreement and such deferral, delay
or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered or sold in an underwritten
offering, as the case may be, at or immediately following the consummation of the Redemption;

 

(iv)        the
Corporation shall have disclosed to such Redeeming Member any material non-public information concerning the Corporation, the receipt
of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following
the Redemption without disclosure of such information (and the Corporation does not permit disclosure);

 

(v)         any
stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeeming
Member at or immediately following the Redemption shall have been issued by the SEC;

 

    	 	49	 

     

    

(vi)        there
shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A
Common Stock is then traded;

 

(vii)       there
shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits
the Redemption;

 

(viii)      the
Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period; or

 

(ix)         the
Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement,
only to the extent applicable to such Redeeming Member, and such failure shall have affected the ability of such Redeeming Member
to consummate, pursuant to an effective registration statement, the resale of Class A Common Stock to be received upon such Redemption;

 

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 the Corporation) in order to provide such Redeeming Member with a basis for such revocation or delay.

 

If a Redeeming
Member delays the consummation of a Redemption pursuant to this Section 11.01(d), the Redemption Date shall occur on the
fifth (5th) Business Day following the date on which the conditions giving rise to such delay cease to exist (or such
earlier day as the Corporation, the Company and such Redeeming Member may agree in writing). Notwithstanding anything to the contrary
herein, this Section 11.01 is not intended to constitute or confer, and shall not be construed as constituting or conferring,
any registration right to any Member that is not otherwise specifically provided for in the Registration Rights Agreement.

 

(e)          The
Share Settlement or the Cash Settlement that a Redeeming Member is entitled to receive under Section 11.01(c) 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 or Class B 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. For the avoidance of doubt, no Redeeming Member shall be entitled to receive,
in respect of a single record date, distributions or dividends both on the Redeemed Units and on shares of Deliverable Common Stock
received by such Redeeming Member in such Redemption or Direct Exchange.

 

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(f)          The
Exchange Rate with respect to the Class C Paired Interests and/or the components of a Class C Paired Interest shall be adjusted
accordingly if there is: (i) any subdivision (by any stock or unit split, stock or unit dividend or distribution, combination,
reclassification, reorganization, division, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification,
reorganization, division, recapitalization or otherwise) of the Class C Common Stock or Common Units that is not accompanied by
a substantively identical subdivision or combination of the Class A Common Stock; or (ii) any subdivision (by any stock split,
stock dividend, reclassification, reorganization, division, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, reorganization, division, recapitalization or otherwise) of the Class A Common Stock that is not accompanied
by a substantively identical subdivision or combination of the shares of Class C Common Stock and Common Units. If there is any
reclassification, reorganization, division, recapitalization or other similar transaction in which the Class A Common Stock is
converted or changed into another security, securities or other property, then upon any subsequent Redemption or Direct Exchange,
a Redeeming Member shall be entitled to receive the amount of such security, securities or other property that such Redeeming Member
would have received if such Redemption or Direct Exchange had occurred immediately prior to the effective date of such reclassification,
reorganization, division, recapitalization or other similar transaction, taking into account any adjustment as a result of any
subdivision (by any split, dividend or distribution, reclassification, reorganization, division, recapitalization or otherwise)
or combination (by reverse split, reclassification, reorganization, division, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such reclassification, reorganization, division, recapitalization
or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, division, recapitalization
or other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other
property, this Section 11.01(f) shall continue to be applicable, mutatis mutandis, with respect to such security
or other property. This Agreement shall apply to, mutatis mutandis, and all references to “Class C Paired Interests”
shall be deemed to include, any security, securities or other property of the Corporation or the Company which may be issued in
respect of, in exchange for or in substitution of shares of Class C Common Stock or Common Units, as applicable, by reason of stock
or unit split, reverse stock or unit split, stock or unit dividend or distribution, combination, reclassification, reorganization,
division, recapitalization, merger, exchange (other than a Direct Exchange or Redemption) or other transaction.

 

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(g)          The
Exchange Rate with respect to the Class D Paired Interests and/or the components of a Class D Paired Interest shall be adjusted
accordingly if there is: (i) any subdivision (by any stock or unit split, stock or unit dividend or distribution, combination,
reclassification, reorganization, division, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification,
reorganization, division, recapitalization or otherwise) of the Class D Common Stock or Common Units that is not accompanied by
a substantively identical subdivision or combination of the Class A Common Stock or Class B Common Stock, as the case may be;
or (ii) any subdivision (by any stock split, stock dividend, reclassification, reorganization, division, recapitalization or otherwise)
or combination (by reverse stock split, reclassification, reorganization, division, recapitalization or otherwise) of the Class
A Common Stock or Class B Common Stock, as the case may be, that is not accompanied by a substantively identical subdivision or
combination of the shares of Class D Common Stock and Common Units. If there is any reclassification, reorganization, division,
recapitalization or other similar transaction in which the Class A Common Stock or Class B Common Stock, as the case may be, is
converted or changed into another security, securities or other property, then upon any subsequent Redemption or Direct Exchange,
a Redeeming Member shall be entitled to receive the amount of such security, securities or other property that such Redeeming Member
would have received if such Redemption or Direct Exchange had occurred immediately prior to the effective date of such reclassification,
reorganization, division, recapitalization or other similar transaction, taking into account any adjustment as a result of any
subdivision (by any split, dividend or distribution, reclassification, reorganization, division, recapitalization or otherwise)
or combination (by reverse split, reclassification, reorganization, division, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such reclassification, reorganization, division, recapitalization
or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, division, recapitalization
or other similar transaction in which the Class A Common Stock or Class B Common Stock, as the case may be, is converted or changed
into another security, securities or other property, this Section 11.01(g) shall continue to be applicable, mutatis mutandis,
with respect to such security or other property. This Agreement shall apply to, mutatis mutandis, and all references to
“Class D Paired Interests” shall be deemed to include, any security, securities or other property of the Corporation
or the Company which may be issued in respect of, in exchange for or in substitution of shares of Class D Common Stock or Common
Units, as applicable, by reason of stock or unit split, reverse stock or unit split, stock or unit dividend or distribution, combination,
reclassification, reorganization, division, recapitalization, merger, exchange (other than a Direct Exchange or Redemption) or
other transaction.

 

(h)          
If, in connection with a Redemption by Share Settlement, the Company is required to withhold Taxes on such Redemption under section
1446(f) of the Code, then, notwithstanding anything to the contrary in this Agreement, the Company shall hold back a portion of
the Class A Common Stock or Class B Common Stock to be delivered to the Redeeming Member, equal, as a proportion of the total number
of such shares of stock to be delivered to the applicable withholding rate, and pay to the IRS the cash amount of such withholding
obligation.

 

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Section 11.02       Contribution
of the Corporation. Subject to Section 11.03, in connection with the exercise of a Redeeming Member’s Redemption
Rights under Section 11.01(a), the Corporation shall contribute to the Company the consideration the Redeeming Member is
entitled to receive under Section 11.01(b). Unless the Redeeming Member has timely delivered a Retraction Notice as provided
in Section 11.01(c) or has revoked or delayed a Redemption as provided in Section 11.01(b) or Section 11.01(d),
or the Corporation has elected to effect a Direct Exchange as provided in Section 11.03, on the Redemption Date (i) the
Corporation shall make its Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement) required
under this Section 11.02, and (ii) the Company shall issue to the Corporation a number of Common Units equal to the number
of Redeemed Units surrendered by the Redeeming Member in the case of a Share Settlement, and in the case of a Cash Settlement,
to the extent required so as to maintain a one-to-one ratio between the number of Common Units owned by the Corporation and the
number of outstanding shares of Class A Common Stock and Class B Common Stock, subject to adjustment pursuant to Section 3.04.
Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Corporation elects a Cash Settlement,
the Corporation shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the
net proceeds (after deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from
the sale by the Corporation of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed
with such Cash Settlement, which in no event shall exceed the amount paid by the Company to the Redeeming Member as Cash Settlement;
provided that, for the avoidance of doubt, if the Cash Settlement to which the Redeeming Member is entitled exceeds the
amount that is contributed to the Company by the Corporation, the Company shall still be required to pay the Redeeming Member the
full amount of the Cash Settlement. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s,
the Company’s and the Corporation’s rights and obligations under this Section 11.02 arising from the Redemption
Notice.

 

Section 11.03       Exchange
Right of the Corporation.

 

(a)          Notwithstanding
anything to the contrary in this Article XI, the Corporation may, in its sole discretion, elect to effect on the Redemption
Date the exchange of Redeemed Units for either the Share Settlement or the Cash Settlement, at the Corporation’s option,
through a direct exchange of such Redeemed Units and such consideration between the Redeeming Member and the Corporation (a “Direct
Exchange”). Upon such Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed
Units and shall be treated for all purposes of this Agreement as the owner of such Units.

 

(b)          The
Corporation may, at any time prior to a Redemption Date, deliver written notice (an “Exchange Election Notice”)
to the Company and the Redeeming Member setting forth its election to exercise its right to consummate a Direct Exchange; provided
that such election is subject to the limitations set forth in Section 11.01(b) and does not prejudice the ability of
the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by
the Corporation at any time; provided that any such revocation does not prejudice the ability of the parties to consummate
a Redemption 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.

 

(c)          Except
as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe as the
relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows:

 

    	 	53	 

     

    

(i)          the
Redeeming Member shall transfer and surrender, free and clear of all liens and encumbrances, (x) the Redeemed Units to the Company
and (y) a corresponding number of shares of Class C Common Stock or Class D Common Stock, as the case may be, to the Corporation;

 

(ii)         the
Corporation shall (x) pay to the Redeeming Member the consideration to which the Redeeming Member is entitled under Section
11.01(b), and (y) cancel for no consideration the shares of Class C Common Stock or Class D Common Stock, as the case may be,
that were Transferred to it pursuant to Section 11.01(b)(i)(y); and

 

(iii)        the
Company shall (x) register the Corporation as the owner of the Redeemed Units and (y) if the Units are certificated, issue to the
Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units
evidenced by the certificate surrendered by the Redeeming Member pursuant to Section 11.01(b)(i)(x) and the Redeemed Units,
and issue to the Corporation a certificate for the number of Redeemed Units;

 

provided that, the
Direct Exchange will be deemed to be effective immediately prior to the close of business on the Redemption Date and the Redeeming
Member is deemed to be a holder of the Deliverable Common Stock from and after that time.

 

Section 11.04       Reservation
of Shares of Class A Common Stock and Class B Common Stock and other Procedures.

 

(a)          At
all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock and Class B
Common Stock, solely for the purpose of issuance upon a Redemption or Direct Exchange, the maximum number of shares of Deliverable
Common Stock as shall be deliverable upon any such Redemption or Direct Exchange of all then-outstanding Class C Paired Interests
and Class D Paired Interests; provided that nothing contained herein shall be construed to preclude the Corporation from
satisfying its obligations in respect of any such Redemption or Direct Exchange by delivery of shares of Deliverable Common Stock
that are held in the treasury of the Corporation or any of its Subsidiaries or by delivery of purchased shares of Deliverable Common
Stock (which may or may not be held in the treasury of the Corporation) or the delivery of cash pursuant to a Cash Settlement.

 

(b)          To
the extent the Deliverable Common Stock is settled through the facilities of The Depository Trust Company, the Company or the Corporation,
as the case may be, will upon the written instruction of a Redeeming Member, deliver or cause to be delivered the shares of Deliverable
Common Stock deliverable to such Redeeming Member, through the facilities of The Depository Trust Company, to the account of the
participant of The Depository Trust Company designated by such Redeeming Member.

 

(c)          Subject
to Section 11.04(d), the shares of Deliverable Common Stock issued upon a Redemption or Direct Exchange shall bear a legend in
substantially the following form:

 

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THE TRANSFER OF THESE
SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION,
AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS
AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM.

 

(d)          If
(i) any shares of Deliverable Common Stock may be sold pursuant to a registration statement that has been declared effective by
the SEC, (ii) all of the applicable conditions of Rule 144 of the Securities Act are met, or (iii) the legend (or a portion thereof)
otherwise ceases to be applicable, the Corporation, upon the written request of the Redeeming Member thereof shall promptly provide
such Redeeming Member, without any expense to such Redeeming Member (other than applicable transfer taxes and similar governmental
charges, if any) with new certificates (or evidence of book-entry share) for securities of like tenor not bearing the provisions
of the legend with respect to which the restriction has terminated. In connection therewith, such Redeeming Member shall provide
the Corporation with such information in its possession as the Corporation may reasonably request in connection with the removal
of any such legend.

 

(e)          The
Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Redemption
or Direct Exchange, only to the extent a registration statement under the Securities Act is effective and available for such shares
of Class A Common Stock. The Corporation shall use commercially reasonable efforts to list any deliverable Class A Common Stock
required to be delivered upon any such Redemption or Direct Exchange, prior to such delivery, on each national securities exchange
or inter-dealer quotation system on which the outstanding Class A Common Stock may be listed or traded at the time of such Redemption
or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities
Laws).

 

(f)          Notwithstanding
anything to the contrary herein, in the event that any Redemption or Direct Exchange in accordance with this Agreement may be effected
pursuant to a reasonably available exemption from the registration requirements of the Securities Act, upon the request and with
the reasonable cooperation of the Redeeming Member, the Corporation and Company shall use commercially reasonable efforts to promptly
facilitate such Redemption or Direct Exchange pursuant to such exemption (it being understood that any such shares may be subject
to transfer restrictions under applicable securities Laws).

 

(g)          The
Corporation covenants that all Class A Common Stock or Class B Common Stock, as the case may be, issued upon a Redemption or Direct
Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article XI shall
be interpreted and applied in a manner consistent with the corresponding provisions of the Corporation Charter.

 

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(h)          The
Company shall bear all expenses in connection with the consummation of any Redemption or Direct Exchange, whether or not any such
Redemption or Direct Exchange is ultimately consummated, including any applicable transfer taxes, stamp taxes or duties, or other
similar taxes in connection with, or arising by reason of, any Redemption or Direct Exchange.

 

(i)          Notwithstanding
anything to the contrary in this Article XI, a Member shall not be entitled to effect a Redemption, and the Corporation and the
Company shall have the right to refuse to honor any request to effect a Redemption or alternatively, a Direct Exchange, at any
time or during any period, if the Corporation or the Company shall reasonably determine that such Redemption or Direct Exchange
(i) would be prohibited by any applicable Law (including the unavailability of any requisite registration statement filed under
the Securities Act or any exemption from the registration requirements thereunder), provided this Section 11.04(h)(i)
shall not limit the Corporation or the Company’s obligations under Section 11.04(e), or (ii) would not be permitted
under (x) this Agreement, (y) other agreements with the Corporation, the Company or any of the Company’s subsidiaries to
which such Member may be party or (z) any written policies of the Corporation, the Company or any of the Company’s subsidiaries
related to unlawful or inappropriate trading applicable to its directors, officers or other personnel. Upon such determination,
the Corporation or the Company (as applicable) shall notify the Redeeming Member of such determination, which notice shall include
an explanation in reasonable detail as to the reason the Redemption or Direct Exchange has not been honored.

 

(j)          The
Corporation agrees that it has taken, or will take, all such steps as may be required to cause to qualify for exemption under Rule
16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act,
any acquisitions from, or dispositions to, the Corporation of equity securities of the Corporation (including derivative securities
with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Corporation
for such purposes that result from the transactions contemplated by this Agreement, by each officer or director of the Corporation,
including any director by deputization. The authorizing resolutions shall be approved by either the Corporation’s board of
directors or a committee composed solely of two or more Non-Employee Directors (as defined in Rule 16b-3 of the Exchange Act) of
the Corporation.

 

Section 11.05      Effect
of Exercise of Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation of a Redemption
or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members 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 or for any liability of such Redeeming Member to the Company
with respect to such Company Interest that may exist on the Redemption Date or that is otherwise specified in the Delaware Act
and incorporated into this Agreement or for any liability to the Company or any other Person for any materially false statement
made by such Member (in its capacity as such).

 

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Section 11.06      Tax
Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption or a Direct
Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal
(and applicable state and local) income tax purposes. The issuance of shares of Class A Common Stock or Class B Common Stock or
other securities upon a Redemption or Direct Exchange shall be made without charge to the Redeemed Member for any stamp or other
similar tax in respect of such issuance.

 

Article
XII.

ADMISSION OF MEMBERS

 

Section 12.01      Substituted
Members. Subject to the provisions of Article X, in connection with the Permitted Transfer of a Company Interest hereunder,
the transferee shall become a substituted Member (“Substituted Member”) on the effective date of such
Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such Transfer, and such
admission shall be shown on the books and records of the Company, including the Schedule of Members.

 

Section 12.02      Additional
Members. Subject to the provisions of Article III and Article X, any Person that is not a Member as of the
Effective Time may be admitted to the Company as an additional Member (any such Person, an “Additional Member”)
only upon furnishing to the Manager (a) a duly executed Joinder (or other counterpart to this Agreement reasonably acceptable to
the Manager) and counterparts of any applicable Other Agreements and (b) such other documents or instruments as may be reasonably
necessary or appropriate to effect such Person’s admission as a Member (including entering into such documents as the Manager
may deem appropriate in its reasonable discretion). Such admission shall become effective on the date on which the Manager determines
in its reasonable discretion that such conditions have been satisfied and when any such admission is shown on the books and records
of the Company, including the Schedule of Members.

 

Article
XIII.

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

 

Section 13.01      Withdrawal
and Resignation of Members. Except in the event of Transfers pursuant to Section 10.05, no Member shall have the power
or right to withdraw or otherwise resign as a Member from the Company prior to the dissolution and winding up of the Company pursuant
to Article XIV. Any Member, however, that attempts to withdraw or otherwise resign as a Member from the Company, without
the prior written consent of the Manager, upon or following the dissolution and winding up of the Company pursuant to Article
XIV, but prior to such Member receiving the full amount of Distributions from the Company to which such Member is entitled
pursuant to Article XIV, shall be liable to the Company for all damages (including all lost profits and special, indirect
and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Member. Upon a Transfer of all
of a Member’s Units in a Transfer permitted by this Agreement, subject to the provisions of Section 10.05, such Member
shall cease to be a Member.

 

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Article
XIV.

DISSOLUTION AND LIQUIDATION

 

Section 14.01      Dissolution.
The Company shall not be dissolved by the admission of Additional Members or Substituted Members or the attempted withdrawal or
resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon:

 

(a)          the
decision of the Manager (pursuant to a unanimous decision of the Corporate Board) together with the Majority Members;

 

(b)          a
dissolution of the Company under Section 18-801(a)(4) of the Delaware Act; or

 

(c)          the
entry of a decree of judicial dissolution of the Company under Section 18-802 of the Delaware Act.

 

The bankruptcy (within the meaning of Section
18-304 of the Delaware Act) of a Member shall not cause the Member to cease to be a member of the Company. An Event of Withdrawal
shall not, in and of itself, cause a dissolution of the Company and the Company shall continue without dissolution subject to the
terms and conditions of this Agreement.

 

Section 14.02       Liquidation
and Termination. On dissolution of the Company, the Manager shall act as liquidator or may appoint one or more Persons as liquidator.
The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein
and in the Delaware Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, the liquidators
shall continue to operate the Company properties with all of the power and authority of the Manager. The steps to be accomplished
by the liquidators are as follows:

 

(a)          as
promptly as possible after dissolution and again after final liquidation, the liquidators shall cause a proper accounting to be
made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the
last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

 

(b)          the
liquidators shall cause the notice described in the Delaware Act to be mailed to each known creditor of and claimant against the
Company in the manner described thereunder;

 

(c)          the
liquidators shall pay, satisfy or discharge from Company funds, or otherwise make adequate provision for payment and discharge
thereof (including the establishment of a cash fund for contingent, conditional or unmatured liabilities in such amount and for
such term as the liquidators may reasonably determine) all of the debts, liabilities and obligations of the Company (including
all expenses incurred in liquidation); and

 

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(d)          all
remaining assets of the Company shall be distributed to the Members in accordance with Article IV by the end of the Taxable
Year during which the liquidation of the Company occurs (or, if later, by ninety (90) days after the date of the liquidation).
The distribution of cash and/or property to the Members in accordance with the provisions of this Section 14.02 and Section
14.03 below constitutes a complete return to the Members of their Capital Contributions, a complete distribution to the Members
of their interest in the Company and all the Company’s property and constitutes a compromise to which all Members have consented
within the meaning of the Delaware Act. To the extent that a Member returns funds to the Company, it has no claim against any other
Member for those funds.

 

Section 14.03       Deferment;
Distribution in Kind. Notwithstanding the provisions of Section 14.02, but subject to the order of priorities set forth
therein, if upon dissolution of the Company the liquidators determine that an immediate sale of part or all of the Company’s
assets would be impractical or would cause undue loss (or would otherwise not be beneficial) to the Members, the liquidators may,
in their sole discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy Company liabilities
(other than loans to the Company by Members) and reserves. Subject to the order of priorities set forth in Section 14.02,
the liquidators may, in their sole discretion, distribute to the Members, in lieu of cash, either (a) all or any portion of such
remaining Company assets in-kind in accordance with the provisions of Section 14.02(d), (b) as tenants in common and in
accordance with the provisions of Section 14.02(d), undivided interests in all or any portion of such Company assets or
(c) a combination of the foregoing. Any such Distributions in kind shall be subject to (x) such conditions relating to the disposition
and management of such assets as the liquidators deem reasonable and equitable and (y) the terms and conditions of any agreements
governing such assets (or the operation thereof or the holders thereof) at such time. Any Company assets distributed in kind will
first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance
with Article V. The liquidators shall determine the Fair Market Value of any property distributed in accordance with the
valuation procedures set forth in Article XV.

 

Section 14.04       Cancellation
of Certificate. On completion of the winding up of Company assets as provided herein and the Delaware Act, the Company is terminated
(and the Company shall not be terminated prior to such time), and the Manager (or such other Person or Persons as the Delaware
Act may require or permit) shall file a certificate of cancellation with the Secretary of State of Delaware, cancel any other filings
made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the
Company. The Company shall be deemed to continue in existence for all purposes of this Agreement until it is terminated pursuant
to this Section 14.04.

 

Section 14.05       Reasonable
Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company
and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise
attendant upon such winding up.

 

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Section 14.06      Return
of Capital. The liquidators shall not be personally liable for the return of Capital Contributions or any portion thereof to
the Members (it being understood that any such return shall be made solely from Company assets).

 

Article
XV.

VALUATION

 

Section 15.01       Determination.
“Fair Market Value” of a specific Company asset will mean the amount which the Company would receive
in an all-cash sale of such asset in an arms-length transaction with a willing unaffiliated third party, with neither party having
any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated
the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale),
as such amount is determined by the Manager (or, if pursuant to Section 14.02, the liquidators) in its good faith judgment
using all factors, information and data it deems to be pertinent.

 

Section 15.02       Dispute
Resolution. If any Member or Members dispute the accuracy of any determination of Fair Market Value in accordance with Section
15.01, and the Manager and such Member(s) (acting collectively) are unable to agree on the determination of the Fair Market
Value of any asset of the Company, the Manager and such Member(s) shall each select a nationally recognized investment banking
firm experienced in valuing assets/securities of companies such as the Company in the Company’s industry (the “Appraisers”),
who shall each determine the Fair Market Value of the asset or the Company (as applicable) in accordance with the provisions of
Section 15.01. The Appraisers shall be instructed to give written notice of their determination of the Fair Market Value
of the asset or the Company (as applicable) within thirty (30) days of their appointment as Appraisers. If Fair Market Value as
determined by an Appraiser is higher than the Fair Market Value as determined by the other Appraiser by 10% or more, and the Manager
and such Member(s) do not otherwise agree on a Fair Market Value, the original Appraisers shall designate a third Appraiser meeting
the same criteria used to select the original two, and the Fair Market Value shall be the average of the Fair Market Values determined
by all three Appraisers, unless the Manager and such Member(s) otherwise agree on a Fair Market Value. If Fair Market Value as
determined by an Appraiser is within 10% of the Fair Market Value as determined by the other Appraiser (but not identical), and
the Manager and such Member(s) do not otherwise agree on a Fair Market Value, the Manager shall select the Fair Market Value of
one of the Appraisers. The fees and expenses of the Appraisers shall be borne by the Company.

 

Article
XVI.

GENERAL PROVISIONS

 

Section 16.01       Power
of Attorney.

 

(a)          Each
Member hereby constitutes and appoints the Manager (or the liquidator, if applicable) with full power of substitution, as his,
her or its true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead,
to:

 

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(i)          execute,
swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all certificates and other
instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification
of, the Company as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may
conduct business or own property; (B) all instruments which the Manager reasonably deems appropriate or necessary to reflect any
amendment, change, modification or restatement of this Agreement in accordance with its terms; (C) all conveyances and other instruments
or documents which the Manager deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant
to the terms of this Agreement, including a certificate of cancellation; and (D) all instruments relating to the admission, withdrawal
or substitution of any Member pursuant to Article XII or XIII; and

 

(ii)         sign,
execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments appropriate or
necessary, in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or
other action which is made or given by the Members hereunder or is consistent with the terms of this Agreement, in the reasonable
judgment of the Manager, to effectuate the terms of this Agreement.

 

(b)          The
foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution,
bankruptcy, insolvency or termination of any Member and the transfer of all or any portion of his, her or its Company Interest
and shall extend to such Member’s heirs, successors, assigns and personal representatives.

 

Section 16.02       Confidentiality.

 

(a)          Each
of the Members agrees to hold the Company’s Confidential Information in confidence and shall not (i) disclose any Confidential
Information except as otherwise authorized separately in writing by the Manager or (ii) use any Confidential Information except
in furtherance of the business of the Company or as otherwise authorized separately in writing by the Manager. “Confidential
Information” as used herein includes any and all information obtained by a Member or its representatives from the
Company or any of its Affiliates directly or indirectly, including from their representatives, which such information includes,
but is not limited to, ideas, financial information, products, data, services, business strategies, research, inventions (whether
or not patentable), innovations and materials, equipment, all aspects of the Corporation’s, Company’s or their Subsidiaries’
business plan, proposed operation and products and other product plans, corporate structure, financial and organizational information,
analyses, proposed partners, software code, designs, employees and their identities, equity ownership, customers, markets, the
methods and means by which the Corporation, Company or their Subsidiaries plan to conduct their business, all trade secrets, trademarks,
knowhow, formulas, processes and intellectual property. With respect to each such Member, Confidential Information does not include
information or material that: (a) is rightfully in the possession of such Member at the time of disclosure by the Company; (b)
before or after it has been disclosed to such Member by the Company, becomes part of public knowledge, not as a result of any action
or inaction of such Member in violation of any contractual obligation; (c) is approved for release by written authorization of
the Chief Executive Officer, Chief Financial Officer or General Counsel of the Company or of the Corporation; (d) is disclosed
to such Member or their representatives by a third party not, to the knowledge of such Member, in violation of any obligation of
confidentiality owed to the Corporation, Company or its Subsidiaries with respect to such information; or (e) is or becomes independently
obtained or developed by such Member or their respective representatives without use or reference to the Confidential Information.

 

    	 	61	 

     

    

(b)          Each
of the Members may disclose Confidential Information to its Subsidiaries, Affiliates, partners, directors, officers, employees,
regulators (including tax regulators) provided that such information is disclosed to such regulators as part of a routine audit
or examination by such regulatory and does not specifically target the Company, the Corporation or its Subsidiaries, attorneys
and accountants, in connection with such Member’s investment in the Company, on a need-to-know basis, solely to the extent
reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement, on the condition
that such Persons keep the Confidential Information confidential to the same extent as such disclosing party is required to keep
the Confidential Information confidential; provided, that the disclosing party shall remain liable with respect to any breach
of this Section 16.02 by any such Subsidiaries, Affiliates, partners, directors, officers, employees, attorneys, accountants
and other agents.

 

(c)          Notwithstanding
Section 16.02(a) or Section 16.02(b), each of the Members may disclose Confidential Information (i) to the extent
that such party is legally compelled (by oral questions, interrogatories, request for information or documents, subpoena, civil
investigative demand or similar process) to disclose any of the Confidential Information or to the extent required to be disclosed
by applicable Law; (ii) for purposes of reporting to its stockholders and direct and indirect equity holders the performance of
the Company and its Subsidiaries to the extent such information is required to be provided or is customarily provided thereto and
for purposes of including applicable information in its financial statements to the extent required by applicable Law or applicable
accounting standards or (iii) with the prior written consent of the Manager, to any bona fide prospective purchaser of the
equity or assets of a Member, or the Common Units held by such Member, or a prospective merger partner of such Member; provided,
that in each case, (I) such Persons will be informed by such Member of the confidential nature of such information and shall agree
in writing to keep such information confidential in accordance with the contents of this Agreement and (II) each Member will be
liable for any breaches of this Section 16.02 by any such Persons; provided, further that, in the case of any disclosure
pursuant to clause (i), (A) the disclosing party shall provide the Company and/or the Manager with prompt written notice (to the
extent permissible under applicable Law) of any such request or requirement so that the Company or the Manager may in its sole
discretion, as applicable, (at the Company’s sole expense) seek a protective order or other appropriate remedy and/or waiver
and if, in the absence of a protective order or other remedy or the receipt of a waiver by the Company or the Manager, as the case
may be, the disclosing party is nonetheless, based upon the written advice of legal counsel, required or requested by Law to disclose
Confidential Information, the disclosing party may, without liability hereunder, disclose only that portion of the Confidential
Information which such counsel advises is required or requested by Law to be disclosed, and (B) the disclosing party shall use
its commercially reasonable efforts to preserve the confidentiality of the Confidential Information, including by using commercially
reasonable efforts to cooperate with the Company (at the Company’s sole expense) to obtain an appropriate protective order
or other reliable assurance that confidential treatment will be accorded the Confidential Information. For the avoidance of doubt,
the confidentiality obligations contained in this Section 16.02 shall not apply to the Corporation in its capacity as a Member
or Manager.

 

    	 	62	 

     

    

Section 16.03       Amendments.

 

(a)          This
Agreement may be amended or modified in writing by the Manager, subject to the prior written consent of the Majority Members; provided
that, notwithstanding the foregoing, and in addition thereto, any amendment or modification of this Agreement that materially and
adversely modifies the Units (or the rights, preferences or privileges thereof) then held by any Member or Members in any materially
disproportionate manner to those then held by any other Members, shall require the prior written consent of a majority in interest
of such disproportionately affected Member or Members. Notwithstanding the foregoing, no amendment or modification (i) to this
Section 16.03 may be made without the prior written consent of the Manager and each of the Members, (ii) to any of the terms
and conditions of this Agreement which terms and conditions expressly require the approval or action of certain Persons may be
made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve
or take action on such matter, and (iii) to any of the terms and conditions of Article VI or Section 14.01 (and related
definitions as used directly or indirectly therein) may be made without the prior written consent of the Manager, which consent
may be given or withheld in the Manager’s sole discretion;

 

(b)          For
the avoidance of doubt, (I) the Manager, acting alone, may amend this Agreement, including the Schedule of Members, (i) to reflect
the admission of new Members or Transfers of Units, each as provided by and in accordance with, the terms of this Agreement, (ii)
to effect any subdivision or combinations of Units made in compliance with Section 3.04(e), and (iii) to issue additional
Units or Equity Securities (whether or not pari passu with the Common Units) in accordance with Section 3.02(c) and the
other terms of this Agreement, and (II) any merger, consolidation or other business combination that constitutes a Disposition
Event (as such term is defined in the Corporation Charter) in which the Members (other than the Corporation) are required to exchange
all their Common Units and Class C Common Stock or Class D Common Stock, as applicable, pursuant to Section 10.07 and receive
consideration in such Disposition Event in accordance with the terms of this Agreement as in effect immediately prior to the consummation
of such Disposition Event shall not be deemed an amendment hereof; provided, that such amendment is only effective upon
consummation of such Disposition Event.

 

    	 	63	 

     

    

Section 16.04      Title
to Company Assets. Company assets shall be deemed to be owned by the Company as an entity, and no Member, individually or collectively,
shall have any ownership interest in such Company assets or any portion thereof. The Company shall hold title to all of its property
in the name of the Company and not in the name of any Member. All Company assets shall be recorded as the property of the Company
on its books and records, irrespective of the name in which legal title to such Company assets is held. The Company’s credit
and assets shall be used solely for the benefit of the Company, and no asset of the Company shall be transferred or encumbered
for, or in payment of, any individual obligation of any Member.

 

Section 16.05       Addresses
and Notices. Any notice, request, claim, demand or other communication provided for in this Agreement will be in writing and
will be either personally delivered, or sent by (i) certified mail, return receipt requested, (ii) reputable overnight courier
service providing confirmation of delivery (charges prepaid), (iii) telecopier transmission with confirmation of receipt, or (iv)
e-mail of a .pdf attachment for which a confirmation e-mail is obtained, to the Company or the Manager, as applicable, at the addresses
set forth below and to any other recipient and to any Member at such address as indicated by the Schedule of Members, or at such
address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.
Notices will be deemed to have been given hereunder when delivered personally or on the date of delivery as established by the
return receipt, courier service confirmation, or telecopier confirmation received by the sender or if sent by electronic mail,
upon receipt of a non-automated confirmation by the recipient. The respective addresses for notices to the Company and the Manager
are as follows:

 

to
the Company:

		Tradeweb Markets LLC
 1177 Avenue of the Americas, 31st Floor

New York, New York 10036

Attention: Douglas Friedman, General Counsel

Email: Douglas.Friedman@tradeweb.com

with
copies (which copies shall not constitute notice) to:

		Fried, Frank, Harris, Shriver & Jacobson LLP
 One New York Plaza
 New York, New
                                                                            York 10004
	 	Attn:	Steven G. Scheinfeld
	 	 	Andrew B. Barkan
	 	 	David L. Shaw
	 	Email:	Steven.Scheinfeld@friedfrank.com
	 	 	Andrew.Barkan@friedfrank.com
	 	 	David.Shaw@friedfrank.com

to
the Manager:

		Tradeweb Markets Inc.
 1177 Avenue of the Americas, 31st Floor
 New York,
                                                                            New York 10036
 Attention: Douglas Friedman, General Counsel
 Email: Douglas.Friedman@tradeweb.com

 

    	 	64	 

     

    

with copies (which copies shall not constitute
notice) to:

 

		Fried, Frank, Harris, Shriver & Jacobson LLP
 One New York Plaza
 New York, New
                                                                            York 10004
	 	Attn:	Steven G. Scheinfeld
	 	 	Andrew B. Barkan
	 	 	David L. Shaw
	 	Email:	Steven.Scheinfeld@friedfrank.com
	 	 	Andrew.Barkan@friedfrank.com
	 	 	David.Shaw@friedfrank.com

 

Section 16.06      Binding
Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto and,
to the extent permitted by this Agreement, their heirs, executors, administrators, successors, legal representatives and permitted
assigns. Nothing in this Agreement, express or implied, shall create any third-party beneficiary rights in favor of any Person
or other party, except to the extent provided herein with respect to Indemnified Persons as set forth in Section 7.04, each
of whom are intended third-party beneficiaries of those provisions that specifically relate to them with the right to enforce such
provisions as if they were a party thereto.

 

Section 16.07      Creditors.
None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company or any of its
Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the
terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any
direct or indirect interest in Company Profits, Losses, Distributions, capital or property other than as a secured creditor.

 

Section 16.08      Waiver.
No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or
to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant,
duty, agreement or condition, regardless of how long such failure continues.

 

Section 16.09      Counterparts.
This Agreement may be executed in any number of separate counterparts, any of which may be executed and transmitted by facsimile
(or electronic mail in pdf format), and each of which shall be deemed to be an original, but all of which together shall be deemed
to be one and the same instrument.

 

    	 	65	 

     

    

Section 16.10       Applicable
Law; Jurisdiction; Court Proceedings; Waiver of Jury Trial.

 

(a)          This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Delaware.

 

(b)         
Any litigation against any party to this Agreement arising out of or relating to this Agreement shall be brought in any U.S. federal
or state court located in the County of New Castle in the State of Delaware, and each of the parties hereby submits to the exclusive
jurisdiction of such courts for the purpose of any such litigation. A final judgment in any such litigation shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. To the extent that service
of process by mail is permitted by applicable Law, each party irrevocably consents to the service of process in any such litigation
in such courts by the mailing of such process by registered or certified mail, postage prepaid, at its address for notices provided
for herein. Each party irrevocably agrees not to assert (i) any objection which it may ever have to the laying of venue of
any such litigation in any U.S. federal or state court located in the County of New Castle in the State of Delaware, and (ii) any
claim that any such litigation brought in any such court has been brought in an inconvenient forum. EACH PARTY WAIVES ANY RIGHT
TO A TRIAL BY JURY, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH
WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE
ITS RIGHT TO TRIAL BY JURY IN ANY LITIGATION WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREIN.

 

Section 16.11      Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness
or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein. Upon a determination that any term or other
provision of this Agreement is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify or
replace any such invalid, illegal or unenforceable provision with an effective and valid provision so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner to the maximum extent permitted by applicable Law.

 

Section 16.12       Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions
as may be reasonably necessary or appropriate to achieve the purposes of this Agreement.

 

Section 16.13       Conflict.
In the event of a direct conflict between the provisions of this Agreement and (i) any provision of the Certificate or (ii) any
mandatory, non-waivable provision of the Delaware Act, such provision of the Certificate or the Delaware Act shall control. If
any provision of the Delaware Act provides that it may be varied or superseded in the agreement of a limited liability company
(or otherwise by agreement of the members or managers of a limited liability company), such provision shall be deemed superseded
and waived in its entirety if this Agreement contains a provision addressing the same issue or subject matter.

 

    	 	66	 

     

    

Section 16.14      Delivery
by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection with this Agreement
or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission,
including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument
and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute
original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise
the use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or
agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a
contract and each such party forever waives any such defense.

 

Section 16.15      Right
of Offset. Whenever the Company is to pay any sum (other than pursuant to Article IV) to any Member, any amounts that
such Member owes to the Company which are not the subject of a good faith dispute may be deducted from that sum before payment.
For the avoidance of doubt, the distribution of Units to the Corporation shall not be subject to this Section 16.15.

 

Section 16.16       Entire
Agreement. This Agreement and those documents expressly referred to herein (including the Reorganization Agreement, Stockholders
Agreement, the Registration Rights Agreement and the Tax Receivable Agreement) embody the entire agreement and understanding among
the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way. The Fourth A&R LLC Agreement is superseded in its
entirety by this Agreement as of the Effective Time and shall be of no further force and effect thereafter except for the limited
purposes as contemplated by Section 3.03(b).

 

Section 16.17      Remedies.
Each Member shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been
granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. To the fullest
extent permitted by applicable Law, any Person having any rights under any provision of this Agreement or any other agreements
contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover
damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by Law.

 

Section 16.18       Bank
Member Representative.

 

(a)       The
Bank Member Representative shall be the agent and attorney-in-fact for each of the Bank Members and/or former Bank Members to act
as the Bank Member Representative under this Agreement in accordance with the terms of this Section 16.18.

 

    	 	67	 

     

    

(b)       The
Bank Member Representative is hereby authorized and empowered to act for, and on behalf of, the Bank Members and/or former Bank
Members (with full power of substitution in the premises) in connection with such matters as contemplated herein in Section 9.03
and to take such further actions as are authorized in this Agreement, and in general, do all things and perform all acts, including
executing and delivering all agreements certificates, receipts, consents, elections, instructions and other documents contemplated
by, or deemed by the Bank Member Representative to be necessary or desirable in connection with the actions contemplated by Section
9.03. The Manager, the Company and its Subsidiaries shall be entitled to rely on such appointment and to treat the Bank Member
Representative as the duly appointed attorney-in-fact of the current and, as applicable, former Bank Members.

 

(c)       The
appointment of the Bank Member Representative is an agency coupled with an interest and is irrevocable and any action taken by
the Bank Member Representative pursuant to the authority granted in this Section 16.18 shall be effective and absolutely
binding on each Bank Member notwithstanding any contrary action of or direction from such Bank Member, except for actions or omissions
of the Bank Member Representative constituting willful misconduct or gross negligence. The authority and agency of the Bank Member
Representative shall not be terminated if a Bank Member dissolves, ceases to exist or be a Member hereof. The Company and its Subsidiaries,
the Manager and any other party to any document contemplated by this Agreement in dealing with the Bank Member Representative may
conclusively and absolutely rely, without inquiry, upon any act of the Bank Member Representative as the act of the Bank Members.

 

(d)       The
Bank Member Representative shall not be liable to any Bank Member or to any other Person (other than the Manager or the Company),
with respect to any action taken or omitted to be taken by the Bank Member Representative in its role as Bank Member Representative
under or in connection with this Agreement, unless such action or omission results from or arises out of willful misconduct or
gross negligence on the part of the Bank Member Representative.

 

Section 16.19       Descriptive
Headings; Interpretation.

 

(a)         The
descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.
Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including”
in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means
such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof,
and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification
to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any
other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification.

 

    	 	68	 

     

    

(b)          Wherever
required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either”
and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement,
this Agreement shall control but solely to the extent of such conflict.

 

(c)          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.

 

(d)          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. Any statute or laws defined or referred
to herein shall include any rules, regulations or forms promulgated thereunder from time to time, and references to such statutes,
laws, rules, regulations and forms shall be to such statutes, laws, rules, regulations and forms as they may be from time to time,
amended, amended and restated, modified or supplemented, including by succession of comparable statutes, laws, rules, regulations
and forms. References to the preamble, recitals, Articles and Sections are to the preamble, recitals, Articles and Sections of
this Agreement unless otherwise specified.

 

(e)          Any
action required to be taken “within” a specified time period following the occurrence of an event shall be required
to be taken no later than 5:00 p.m., New York City time, on the last day of the time period, which shall be calculated starting
with the day immediately following the date of the event. If the last day of such period is a non-Business Day, the period
in question shall end on the next succeeding Business Day.

 

[Signature Pages Follow]

 

    	 	69	 

     

    

IN WITNESS WHEREOF, the
undersigned have executed or caused to be executed on their behalf this Fifth Amended and Restated Limited Liability Company Agreement
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TRADEWEB MARKETS LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Fifth Amended and Restated
Limited Liability Company Agreement]

 

     

     

    

 

	 	MEMBERS:
	 	 
	 	TRADEWEB MARKETS INC. 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Fifth Amended and Restated
Limited Liability Company Agreement]

 

     

     

    

 

	 	[___]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Fifth Amended and Restated
Limited Liability Company Agreement]

 

     

     

    

ANNEX I 

 

LIST OF BANK MEMBERS 

 

[To come]

 

     

     

    

 

SCHEDULE A

 

SCHEDULE OF MEMBERS (immediately prior to
the Effective Time)

 

[See attached]

 

     

     

    

SCHEDULE B

 

SCHEDULE OF MEMBERS (after giving effect
to the Recapitalization)

 

	
        Members
	 	
        Common

        Percentage

        Account Units
	 	
        Units 
	 	
        Contribution

        Closing

        Capital

        Account

        Balance
	 	
        Additional

        Cash Capital

        Contributions
	 	
        Additional

        Non-Cash

        Capital

        Contributions
	 	
        Capital

        Accounts

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

Exhibit A

 

FORM OF JOINDER AGREEMENT

 

This JOINDER AGREEMENT,
dated as of [__], 20[__] (this “Joinder”), is delivered pursuant to that certain Fifth Amended and Restated
Limited Liability Company Agreement, dated as of [__], 2019 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “LLC Agreement”) by and among Tradeweb Markets LLC, a Delaware limited liability
company (the “Company”), Tradeweb Markets Inc., a Delaware corporation and the sole manager of the Company (the
“Manager”), and each of the Members from time to time party thereto. Capitalized terms used but not otherwise
defined herein have the respective meanings set forth in the LLC Agreement.

 

		1.	Joinder to the LLC Agreement. Upon the execution
of this Joinder by the undersigned and delivery hereof to the Manager, the undersigned hereby is and hereafter will be a Member
under the LLC Agreement and a party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The
undersigned hereby agrees that it shall comply with and be fully bound by the terms of the LLC Agreement as if it had been a signatory
thereto as of the date thereof.

 

		2.	Incorporation by Reference. All terms and conditions
of the LLC Agreement are hereby incorporated by reference in this Joinder as if set forth herein in full.

 

		3.	Address. All notices under the LLC Agreement to
the undersigned shall be direct to:

 

[Name]

[Address]

[City, State, Zip Code]

Attn:

Facsimile:

E-mail:

 

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Joinder as of the day and year first above written.

 

	 	[NAME OF NEW MEMBER]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A - 1	 

     

    

 

	Acknowledged and agreed 	 
	as of the date first set forth above:	 
	 	 
	TRADEWEB MARKETS LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A - 2	 

     

    

Exhibit B

 

FORM OF REDEMPTION NOTICE 

 

Tradeweb Markets LLC

1177 Avenue of the Americas, 31st Floor

New York, New York 10036

Attention: Douglas Friedman, General Counsel 

Email: Douglas.Friedman@tradeweb.com

 

Tradeweb Markets Inc.

1177 Avenue of the Americas, 31st Floor

New York, New York 10036

Attention: Douglas Friedman, General Counsel 

Email: Douglas.Friedman@tradeweb.com

 

Reference is hereby made to the Fifth Amended
and Restated Limited Liability Company Agreement, dated as of [__], 2019 (as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “LLC Agreement”), by and among Tradeweb Markets LLC,
a Delaware limited liability company (the “Company”), Tradeweb Markets Inc., a Delaware corporation and sole
manager of the Company, and the other Members (as defined therein) party thereto. Capitalized terms used but not defined herein
shall have the meanings given to them in the LLC Agreement.

 

The undersigned Member desires to have the Company
redeem the number of Common Units set forth below (together with the Class C Common Stock related thereto, the “Class
C Paired Interests”; or, together with the Class D Common Stock related thereto, the “Class D Paired Interests”)
in exchange for shares of Class [A/B] Common Stock (the “Deliverable Common Stock”) to be issued in its name
as set forth below, in accordance with the terms of the LLC Agreement.

 

Legal Name of Member:

 

Address:

 

Number of Class C Paired Interests and/or Class D Paired Interests
to be exchanged:

______ Class C Paired Interests and/or _______ Class D Paired Interests

 

Deliverable Common Stock to be issued:

__________ Class A Common Stock and/or _________ Class B Common
Stock

 

The undersigned Member hereby represents and
warrants that (i) the undersigned has full legal capacity to execute and deliver this Redemption Notice and to perform the undersigned’s
obligations hereunder; (ii) this Redemption Notice has been duly executed and delivered by the undersigned and is the legal, valid
and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may
be, subject to applicable bankruptcy, insolvency and similar Laws affecting creditors’ rights generally and the availability
of equitable remedies; (iii) the Class C Paired Interests and/or Class D Paired Interests (each a “Paired Interest”)
subject to this Redemption Notice that are being redeemed are free and clear of any pledge, lien, security interest, encumbrance,
equities or claim; and (iv) no consent, approval, authorization, order, registration or qualification of any third party or
with any court or governmental agency or body having jurisdiction over the undersigned Member or the Paired Interests subject to
this Redemption Notice is required to be obtained by the undersigned for the redemption of such Paired Interests.

 

    	 	Ex.B - 1	 

     

    

The undersigned hereby agrees to do any and
all things and to take any and all actions that may be necessary (i) to redeem or exchange the Paired Interests subject to this
Redemption Notice, and (ii) for delivery of the shares of Deliverable Common Stock in exchange therefor.

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Redemption Notice to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	 	[_______]
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 	Ex.B - 2Exhibit 10.4

 

 

 

TAX RECEIVABLE AGREEMENT

 

by and among

 

TRADEWEB MARKETS INC.

 

TRADEWEB MARKETS LLC

 

and

 

THE MEMBERS OF TRADEWEB MARKETS LLC

FROM TIME TO TIME PARTY HERETO

 

Dated as of [·],
2019

 

 

 

      

     

    

 

CONTENTS

 

	 	 	Page
	 	 	 
	Article I. DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Rules of Construction	10
	 	 	 
	Article II. DETERMINATION OF REALIZED TAX BENEFIT	11
	Section 2.1	Basis Adjustments; TWM LLC 754 Election.	11
	Section 2.2	Basis Schedules	11
	Section 2.3	Tax Benefit Schedules.	12
	Section 2.4	Procedures; Amendments.	13
	 	 	 
	Article III. TAX BENEFIT PAYMENTS	14
	Section 3.1	Timing and Amount of Tax Benefit Payments.	14
	Section 3.2	No Duplicative Payments	16
	Section 3.3	Pro-Ration of Payments as Between the Members.	16
	 	 	 
	Article IV. TERMINATION	17
	Section 4.1	Early Termination of Agreement; Breach of Agreement.	17
	Section 4.2	Early Termination Notice	19
	Section 4.3	Payment Upon Early Termination.	19
	 	 	 
	Article V. SUBORDINATION AND LATE PAYMENTS	19
	Section 5.1	Subordination	19
	Section 5.2	Late Payments by the Corporation	20
	 	 	 
	Article VI. TAX MATTERS; CONSISTENCY; COOPERATION	20
	Section 6.1	Participation in the Corporation’s and TWM LLC’s Tax Matters	20
	Section 6.2	Consistency	20
	Section 6.3	Cooperation.	20
	 	 	 
	Article VII. MISCELLANEOUS	21
	Section 7.1	Notices	21
	Section 7.2	Counterparts	22
	Section 7.3	Entire Agreement; No Third Party Beneficiaries	22
	Section 7.4	Governing Law	22
	Section 7.5	Severability	22
	Section 7.6	Assignments; Amendments; Successors; No Waiver.	22
	Section 7.7	Titles and Subtitles	23
	Section 7.8	Resolution of Disputes.	23
	Section 7.9	Reconciliation	25
	Section 7.10	Withholding	25
	Section 7.11	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets.	25

 

    i

     

    

 

	Section 7.12	Confidentiality	26
	Section 7.13	Change in Law	27
	Section 7.14	Interest Rate Limitation	27
	Section 7.15	Independent Nature of Rights and Obligations	27

 

	Exhibits	 	 
	 	 	 
	Exhibit A	-	Form of Joinder Agreement

 

    ii

     

    

  

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (this “Agreement”),
dated as of [·], 2019, is hereby entered into by and among Tradeweb Markets Inc.,
a Delaware corporation (the “Corporation”), Tradeweb Markets LLC, a Delaware limited liability company (“TWM
LLC”) and each of the Members from time to time party hereto. Capitalized terms used but not otherwise defined herein
have the respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS, TWM LLC is treated as a partnership
for U.S. federal income tax purposes;

 

WHEREAS, each of the members of TWM LLC
as of the date hereof other than the Corporation (such members, together with each other Person who becomes a party hereto by satisfying
the Joinder Requirement, the “Members”) owns (or, in the case of such other Persons, will own or formerly owned,
in each case, directly or indirectly) common limited liability company interests in TWM LLC (the “Units”);

 

WHEREAS, the Corporation is the managing
member of TWM LLC, and the registered owner of Units;

 

WHEREAS, on the date hereof, the Corporation
issued shares of its Class A Common Stock to certain purchasers in an initial public offering of its Class A Common Stock (the
“IPO”);

 

WHEREAS, on the date hereof, the Corporation
acquired Units directly from certain Members using proceeds from the IPO;

 

WHEREAS, on and after the date hereof, pursuant
to Article XI of the LLC Agreement, each Member has the right, in its sole discretion, from time to time to have all or a portion
of its Units redeemed by TWM LLC for Class A Common Stock or Class B Common Stock, or, at the Corporation’s election, cash
(in each case, a “Redemption”); provided that, at the election of the Corporation in its sole discretion,
the Corporation may effect a direct exchange of such cash or shares of Class A Common Stock or Class B Common Stock for such Units
(a “Direct Exchange”);

 

WHEREAS, TWM LLC and any direct or indirect
subsidiary (owned through a chain of pass-through entities) of TWM LLC that is treated as a partnership for U.S. federal income
tax purposes (together with TWM LLC and any direct or indirect subsidiary (owned through a chain of pass-through entities) of TWM
LLC that is treated as a disregarded entity for U.S. federal income tax purposes, (the “TWM LLC Group”) will
have in effect an election under Section 754 of the Code (as defined herein) as provided under Section 2.1(b) for the Taxable
Year (as defined herein) in which any Exchange (as defined below) occurs, which election will result in an adjustment to the Corporation’s
share of the tax basis of the assets owned by the TWM LLC Group as of the date of the Exchange, with a consequent result on the
taxable income subsequently derived therefrom; and

      

     

    

 

WHEREAS, the parties to this Agreement desire
to provide for certain payments and make certain arrangements with respect to any tax benefits to be derived by the Corporation
as the result of Exchanges and making payments under this Agreement, and to ease administrative burdens, an assumed tax rate shall
be used to approximate the Corporation’s state and local liabilities for Covered Taxes (as defined herein) without regard
to such tax benefits for each Taxable Year.

 

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

 

Article
I.

DEFINITIONS

 

Section 1.1       Definitions.
As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be
equally applicable to both (i) the singular and plural and (ii) the active and passive forms of the terms defined).

 

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

 

“Actual Tax Liability”
means, with respect to any Taxable Year, the sum of (i) the actual liability for Covered Taxes of the Corporation (a) appearing
on the U.S. federal income Tax Return of the Corporation for such Taxable Year and (b) if applicable, determined in accordance
with a Determination (including interest imposed in respect thereof under applicable law) and (ii) the product of (a) the amount
of the U.S. federal income or gain for such Taxable Year reported on the U.S. federal income Tax Return of the Corporation and
(b) the Blended Rate.

 

“Advisory Firm” means
an accounting firm that is nationally recognized as being expert in Covered Tax matters, selected by the Corporation.

 

“Advisory Firm Letter”
means a letter prepared by the Advisory Firm (at the expense of the Corporation) stating that the relevant Schedules, notices or
other information to be provided by the Corporation to the Members, along with all supporting schedules and work papers, were prepared
in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on
a reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other information were delivered
to the Members.

 

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

 

“Agreed Rate” means LIBOR
plus 100 basis points.

 

“Agreement” is defined
in the preamble.

 

“Amended Schedule” is
defined in Section 2.4(b) of this Agreement.

 

     2

     

    

 

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

 

“Audit Committee” means
the audit committee of the Board.

 

“Basis Adjustment” means
the increase or decrease to, or the Corporation’s share of, the tax basis of the Reference Assets (i) under Section 734(b)
(but only to the extent that an Exchange is treated as an event that gives rise to such adjustment), 743(b), 754 and 755 of the
Code and, in each case, the comparable sections of U.S. state and local tax law (in situations where, following an Exchange, TWM
LLC remains in existence as an entity for tax purposes) and (ii) under Sections 732 and 1012 of the Code and, in each case, the
comparable sections of U.S. state and local tax law (in situations where, as a result of one or more Exchanges, TWM LLC becomes
an entity that is disregarded as separate from its owner for tax purposes), in each case, as a result of any Exchange and any payments
made under this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting
from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and as if any
such Pre-Exchange Transfer had not occurred to the extent that such Pre-Exchange Transfer resulted in an increase to the tax basis
of any Reference Assets under Section 743(b) of the Code.

 

“Basis Schedule” is defined
in Section 2.2 of this Agreement.

 

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

 

“Blended Rate” means,
with respect to any Taxable Year, the sum of the maximum effective rates of tax imposed on the aggregate net income of the Corporation
in each state or local jurisdiction in which the Corporation files Tax Returns for such Taxable Year, with the maximum effective
rate in any state or local jurisdiction being equal to the product of: (i) the apportionment factor on the income or franchise
Tax Return filed by the Corporation in such jurisdiction for such Taxable Year, and (ii) the maximum applicable corporate tax rate
in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable Year,
if the Corporation solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable corporate tax rates
in effect in such states in such Taxable Year are 6.5% and 5.5%, respectively, and the apportionment factors for such States in
such Taxable Year are 55% and 45%, respectively, then the Blended Rate for such Taxable Year is equal to 6.05% (i.e., 6.5% times
55% plus 5.5% times 45%).

 

“Board” means the Board
of Directors of the Corporation.

 

“Business Day” means
any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of New York or is a day on which
banking institutions located in New York are closed.

 

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

 

     3

     

    

 

(1)            any
“person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act (excluding any
Permitted Holder) becomes the Beneficial Owner of securities of the Corporation representing more than fifty percent (50%) of the
combined voting power of the Corporation’s then outstanding voting securities; or

 

(2)            the
shareholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated
an agreement or series of related agreements for the sale or other disposition, directly, or indirectly, by the Corporation of
all or substantially all of the Corporation’s assets (including through a sale of assets of TWM LLC), other than such sale
or other disposition by the Corporation of all or substantially all of the Corporation’s assets to any Permitted Holder or
to an entity at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders
of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale.

 

Notwithstanding the foregoing, a “Change of
Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which (i) the record holders of the Class A Common Stock, Class B Common Stock, Class C Common Stock and
Class D Common Stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all
or substantially all of the assets of the Corporation immediately following such transaction or series of transactions or (ii)
the Beneficial Ownership of securities of the Corporation changes solely due to changes in the Beneficial Ownership of securities
of a Permitted Holder.

 

“Class A Common Stock”
means the Class A Common Stock, par value $0.01 per share, of the Corporation.

 

“Class B Common Stock”
means the Class B Common Stock, par value $0.01 per share, of the Corporation.

 

“Class C Common Stock”
means the Class C Common Stock, par value $0.01 per share, of the Corporation.

 

“Class D Common Stock”
means the Class D Common Stock, par value $0.01 per share, of the Corporation.

 

“Code” means the U.S.
Internal Revenue Code of 1986, as amended.

 

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

 

“Corporation” is defined
in the preamble to this Agreement.

 

“Covered Taxes” means
any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect to net
income or profits, whether as an exclusive or an alternative basis (including for the avoidance of doubt, franchise taxes), and
any interest imposed in respect thereof under applicable law.

 

     4

     

    

 

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

 

“Default Rate” means
LIBOR plus 500 basis points.

 

“Default Rate Interest”
is defined in Section 3.1(b)(ix) of this Agreement.

 

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

 

“Direct Exchange” is
defined in the recitals to this Agreement.

 

“Dispute” is defined
in Section 7.8(a) of this Agreement.

 

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

 

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

 

“Early Termination Payment”
is defined in Section 4.3(b) of this Agreement.

 

“Early Termination Rate”
means the Agreed Rate.

 

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

 

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

 

“Exchange” means (i)
any Direct Exchange, (ii) any Redemption or (iii) any other transaction (including using proceeds of the IPO) or any distribution
by TWM LLC that, in each case, results in an adjustment under Sections 743(b) or 1012 of the Code with respect to the TWM LLC Group.

 

“Exchange Act” means
the Securities and Exchange Act of 1934, as amended, or any successor provisions thereto.

 

“Exchange Date” means
the date of any Exchange.

 

“Expert” is defined in
Section 7.9 of this Agreement.

 

“Extension Rate Interest”
is defined in Section 3.1(b)(viii) of this Agreement.

 

“Final Payment Date”
means any date on which a payment is required to be made pursuant to this Agreement. For the avoidance of doubt, the Final Payment
Date in respect of a Tax Benefit Payment is determined pursuant to Section 3.1(a) of this Agreement.

 

     5

     

    

 

“Hypothetical Federal Tax Liability”
means, with respect to any Taxable Year, the hypothetical liability of the Corporation that would arise in respect of U.S. federal
Covered Taxes, using the same methods, elections, conventions and similar practices used on the actual relevant U.S. federal Tax
Returns of the Corporation but (i) calculating depreciation, amortization, or other similar deductions, or otherwise calculating
any items of income, gain, or loss, using the Non-Adjusted Tax Basis as reflected on the Basis Schedule, including amendments thereto
for such Taxable Year, (ii) excluding any deduction attributable to Imputed Interest for such Taxable Year and (iii) deducting
the Hypothetical Other Tax Liability (rather than any amount for state and local tax liabilities) for such Taxable Year . For the
avoidance of doubt, the Hypothetical Federal Tax Liability shall be determined without taking into account the carryover or carryback
of any tax item (or portions thereof) that is attributable to any of the items described in clauses (i), (ii) and (iii) of the
previous sentence.

 

“Hypothetical Other Tax Liability”
means, with respect to any Taxable Year, U.S. federal taxable income determined in connection with calculating the Hypothetical
Federal Tax Liability for such Taxable Year (determined without regard to clause (iii) thereof) multiplied by the Blended Rate
for such Taxable Year.

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other
Tax Liability for such Taxable Year.

 

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

 

“Independent Directors”
means the members of the Board who are “independent” under the standards set forth in Rule 10A-3 promulgated under
the U.S. Securities Exchange Act of 1933, as amended, and the corresponding rules of the applicable exchange on which the Class
A Common Stock is traded or quoted.

 

“IPO” is defined in the
recitals to this Agreement.

 

“IRS” means the U.S.
Internal Revenue Service.

 

“Joinder” means a joinder
to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

 

“Joinder Requirement”
is defined in Section 7.6(a) of this Agreement.

 

“LIBOR” means during
any period, a rate per annum equal to the ICE LIBOR rate for a period of one month (“ICE LIBOR”), as published on the
applicable Bloomberg screen page (or such other commercially available source providing quotations of ICE LIBOR as may be designated
by the Corporation from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement
of such period, for dollar deposits (for delivery on the first day of such period) with a term equivalent to such period. If ICE
LIBOR ceases to be published, “LIBOR” shall mean a rate, selected by the Corporation in good faith, with characteristics
similar to ICE LIBOR or consistent with market practices generally.

 

     6

     

    

 

“LLC Agreement” means
that certain Fifth Amended and Restated Limited Liability Company Agreement of TWM LLC, dated as of the date hereof, as such agreement
may be further amended, restated, supplemented and/or otherwise modified from time to time.

 

“Market Value” shall
mean the Common Unit Redemption Price, as defined in the LLC Agreement.

 

“Members” is defined
in the recitals to this Agreement.

 

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

 

“Non-Adjusted Tax Basis”
means, with respect to any Reference Asset at any time, the tax basis that such asset would have had at such time if no Basis Adjustments
had been made.

 

“Objection Notice” is
defined in Section 2.4(a)(i) of this Agreement.

 

“Parties” means the parties
named on the signature pages to this agreement and each additional party that satisfies the Joinder Requirement, in each case with
their respective successors and assigns.

 

“Permitted Holder” means
(i) any “person” or “group” who, on the date of the consummation of the IPO, is the Beneficial Owner of
securities of the Corporation representing more than fifty percent (50%) of the combined voting power of the Corporation’s
then outstanding voting securities), (ii) any investment fund, co-investment vehicle and/or other similar vehicles or accounts
managed or advised by any “person” or “group” in clause (i) or (iii) any Affiliates (other than any portfolio
operating companies) or any successors of any “person” or “group” in clauses (i) or (ii).

 

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

 

“Pre-Exchange Transfer”
means any transfer of one or more Units (including upon the death of a Member or upon the issuance of Units resulting from the
exercise of an option to acquire such Units) (i) that occurs prior to an Exchange of such Units and (ii) to which Section 743(b)
of the Code applies.

 

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

 

“Realized Tax Detriment”
is defined in Section 3.1(b)(v) of this Agreement.

 

“Reconciliation Dispute”
is defined in Section 7.9 of this Agreement.

 

“Reconciliation Procedures”
is defined in Section 2.4(a) of this Agreement.

 

“Redemption” has the
meaning in the recitals to this Agreement.

 

     7

     

    

 

“Reference Asset” means
any asset or liability of TWM LLC or any of its successors or assigns, and whether held directly by TWM LLC or indirectly by TWM
LLC through a member of the TWM LLC Group, at the time of an Exchange. A Reference Asset also includes any asset or liability the
tax basis of which is determined, in whole or in part, by reference to the tax basis of an asset or a liability that is described
in the preceding sentence, including “substituted basis property” within the meaning of Section 7701(a)(42) of the
Code.

 

“Schedule” means any
of the following: (i) a Basis Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early Termination Schedule, and, in each case,
any amendments thereto.

 

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

 

“TWM LLC” is defined
in the recitals to this Agreement.

 

“TWM LLC Group” is defined
in the recitals to this Agreement.

 

“Subsidiary” means, with
respect to any Person and as of any determination date, any other Person as to which such first Person (i) owns, directly or indirectly,
or otherwise controls, more than 50% of the voting power or other similar interests of such other Person or (ii) is the sole general
partner interest, or managing member or similar interest, of such Person.

 

“Subsidiary Stock” means
any stock or other equity interest in any subsidiary entity of the Corporation that is treated as a corporation for U.S. federal
income tax purposes.

 

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

 

“Tax Benefit Schedule”
is defined in Section 2.3(a) of this Agreement.

 

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

 

“Taxable Year” means
a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of U.S. state or local tax law,
as applicable (and, therefore, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax
Return is made), ending on or after the closing date of the IPO.

 

“Taxing Authority” shall
mean any national, federal, state, county, municipal, or local government, or any subdivision, agency, commission or authority
thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation
to tax matters.

 

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

 

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

 

     8

     

    

 

“Two-Thirds Member Approval”
means written approval by Members whose rights under this Agreement are attributable to at least two-thirds (2/3) of the Units
outstanding (and not held by the Corporation) immediately after the IPO.

 

“U.S.” means the United
States of America.

 

“Units” is defined in
the recitals to this Agreement.

 

“Valuation Assumptions”
shall mean, as of an Early Termination Effective Date, the assumptions that:

 

(1)         in
each Taxable Year ending on or after such Early Termination Effective Date, the Corporation will have taxable income sufficient
to fully use the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable
Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available;

 

(2)         the
U.S. federal income tax rates (and, for purposes of determining the Blended Rate for each such Taxable Year, the U.S. state and
local income tax rates) that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by
the Code and other law as in effect on the Early Termination Effective Date, except to the extent any change to such tax rates
for such Taxable Year have already been enacted into law;

 

(3)         all
taxable income of the Corporation will be subject to the maximum applicable tax rates for each Covered Tax throughout the relevant
period, provided, that the combined tax rate for U.S. state and local income taxes shall be the applicable Blended Rate;

 

(4)         any
loss carryovers generated by any Basis Adjustment or Imputed Interest (including such Basis Adjustment and Imputed Interest generated
as a result of payments under this Agreement) and available as of the date of the Early Termination Schedule will be used by the
Corporation ratably in each Taxable Year from the date of the Early Termination Schedule through the scheduled expiration date
of such loss carryovers or, if such carryovers do not have an expiration date, over the fifteen-year period after such carryovers
were generated;

 

(5)         any
non-amortizable assets (other than Subsidiary Stock) will be disposed of on the Early Termination Effective Date;

 

(6)         any
Subsidiary Stock will be deemed never to be disposed of;

 

(7)         if,
on the Early Termination Effective Date, any Member has Units that have not been Exchanged, then such Units shall be deemed to
be Exchanged for the Market Value of the shares of Class A Common Stock that would be received by such Member if such Units had
been Exchanged on the Early Termination Effective Date, and such Member shall be deemed to receive the amount of cash such Member
would have been entitled to pursuant to Section 4.3(a) had such Units actually been Exchanged on the Early Termination Effective
Date; and

 

     9

     

    

 

(8)         any
payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation
relates is required to be filed excluding any extensions.

 

Section 1.2          Rules of Construction.
Unless otherwise specified herein:

 

(a)         The
meanings of defined terms are equally applicable to both (i) the singular and plural forms and (ii) the active and passive forms
of the defined terms.

 

(b)          For
purposes of interpretation of this Agreement:

 

(i)        The
words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision thereof.

 

(ii)        References
in this Agreement to a Schedule, Article, Section, clause or sub-clause refer to the appropriate Schedule to, or Article, Section,
clause or subclause in, this Agreement.

 

(iii)       References
in this Agreement to dollars or “$” refer to the lawful currency of the United States of America.

 

(iv)       The
term “including” is by way of example and not limitation.

 

(v)        The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(c)           In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including.”

 

(d)           Section
headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(e)           Unless
otherwise expressly provided herein, (a) references to organization documents (including the LLC Agreement), agreements (including
this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements
and other modifications are permitted hereby; and (b) references to any law (including the Code and the Treasury Regulations) shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.

 

     10

     

    

 

Article
II.

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.1          Basis Adjustments; TWM
LLC 754 Election.

 

(a)           Basis
Adjustments. The Parties acknowledge and agree that (A) each Redemption shall be treated as a direct purchase of Units by the
Corporation from the applicable Member pursuant to Section 707(a)(2)(B) of the Code and (B) each Exchange will give rise to Basis
Adjustments. In connection with any Exchange, the Parties acknowledge and agree that pursuant to applicable law the Corporation’s
share of the basis in the Reference Assets shall be increased (or decreased) by the excess (or deficiency), if any, of (A) the
sum of (x) the Market Value of Class A Common Stock or the cash transferred to a Member pursuant to an Exchange as payment for
the Units, (y) the amount of payments made pursuant to this Agreement with respect to such Exchange and (z) the amount of liabilities
allocated to the Units acquired pursuant to the Exchange, over (B) the Corporation’s proportionate share of the basis of
the Reference Assets immediately after the Exchange attributable to the Units exchanged, determined as if each member of the TWM
LLC Group (including, for the avoidance of doubt, TWM LLC) remains in existence as an entity for tax purposes and no member of
the TWM LLC Group (including, for the avoidance of doubt, TWM LLC) made the election provided by Section 754 of the Code. For the
avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such
payments are treated as Imputed Interest or are Actual Interest Amounts. Further, the Parties intend that Basis Adjustments be
calculated in accordance with Treasury Regulations Section 1.743-1.

 

(b)           TWM
LLC Section 754 Election. In its capacity as the sole managing member of TWM LLC, the Corporation will ensure that, on and
after the date hereof and continuing throughout the term of this Agreement, TWM LLC and each of its direct and indirect Subsidiaries
that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the
Code (and under any similar provisions of applicable U.S. state or local law) for each Taxable Year; provided that with
respect to any direct or indirect subsidiary of TWM LLC that is treated as a partnership for U.S. federal income tax purposes for
which the Corporation or any of its subsidiaries do not have the authority under the governing documents of such subsidiary to
cause or are otherwise prohibited from causing such subsidiary to have in effect an election under Section 754 of the Code (or
under any similar provisions of applicable U.S. state or local law), the Corporation shall only be required to take commercially
reasonable efforts to cause such subsidiary to have such an election in effect.

 

Section 2.2          Basis Schedules.
Within one hundred fifty (150) calendar days after the filing of the U.S. federal income Tax Return of the Corporation for each
relevant Taxable Year, the Corporation shall deliver to the Members a schedule (the “Basis Schedule”) that
shows, in reasonable detail as necessary in order to understand the calculations performed under this Agreement: (a) the Non-Adjusted
Tax Basis of the Reference Assets; (b) the Basis Adjustments with respect to the Reference Assets as a result of the relevant
Exchanges effected in such Taxable Year, calculated (I) in the aggregate (including, for the avoidance of doubt, Exchanges by
all Members) and (II) solely with respect to Exchanges by the applicable Member; (c) the period (or periods) over which the Reference
Assets are amortizable and/or depreciable; and (d) the period (or periods) over which each Basis Adjustment is amortizable and/or
depreciable. The Basis Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section
2.4(a) and may be amended by the Parties pursuant to the procedures set forth in Section 2.4(b).

 

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Section 2.3          Tax Benefit Schedules.

 

(a)          Tax
Benefit Schedule. Within one hundred fifty (150) calendar days after the filing of the U.S. federal income Tax Return of the
Corporation for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide
to the Members a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final and binding on
the Parties pursuant to the procedures set forth in Section 2.4(a), and may be amended by the Parties pursuant to the procedures
set forth in Section 2.4(b).

 

(b)          Applicable
Principles. Subject to the provisions of this Agreement, the Realized Tax Benefit or Realized Tax Detriment for each Taxable
Year is intended to measure the decrease or increase in the Actual Tax Liability of the Corporation for such Taxable Year attributable
to the Basis Adjustments and Imputed Interest, as determined using a “with and without” methodology described in Section
2.4(a). Carryovers or carrybacks of any tax item attributable to any Basis Adjustment or Imputed Interest shall be considered
to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local tax law,
as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or
carryback of any tax item includes a portion that is attributable to a Basis Adjustment or Imputed Interest (a “TRA Portion”)
and another portion that is not (a “Non-TRA Portion”), such portions shall be considered to be used in accordance
with the “with and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed
by the amount of any TRA Portion (with the TRA Portion being applied on a proportionate basis consistent with the provisions of
Section 3.3(a)); and (ii) in the case of a carryback of a Non-TRA Portion, such carryback shall not affect the original
“with and without” calculation made in the prior Taxable Year. The Parties agree that, subject to the second to last
sentence of Section 2.1(a), all Tax Benefit Payments attributable to an Exchange will be treated as subsequent upward purchase
price adjustments that give rise to further Basis Adjustments for the Corporation beginning in the Taxable Year of payment, and
as a result, such additional Basis Adjustments will be incorporated into such Taxable Year continuing for future Taxable Years;
provided, however, that if the Corporation determines in good faith that any incremental Basis Adjustment benefits with
respect to a Tax Benefit Payment equals an immaterial amount, the Corporation shall include on the Tax Benefit Schedule for such
Taxable Year a statement to that effect.

 

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Section 2.4          Procedures; Amendments.

 

(a)           Procedures.
Each time the Corporation delivers an applicable Schedule to the Members under this Agreement, including any Amended Schedule delivered
pursuant to Section 2.4(b), but excluding any Early Termination Schedule or amended Early Termination Schedule delivered
pursuant to the procedures set forth in Section 4.2, the Corporation shall also: (x) deliver supporting schedules and work
papers, as determined by the Corporation or as reasonably requested by any Member, that provide a reasonable level of detail regarding
the data and calculations that were relevant for purposes of preparing the Schedule; (y) deliver an Advisory Firm Letter supporting
such Schedule; and (z) allow the Members and their advisors to have reasonable access to the appropriate representatives, as determined
by the Corporation or as reasonably requested by the Members, at the Corporation and the Advisory Firm in connection with a review
of such Schedule. Without limiting the generality of the preceding sentence, the Corporation shall ensure that any Tax Benefit
Schedule that is delivered to the Members, along with any supporting schedules and work papers, provides a reasonably detailed
presentation of the calculation of the Actual Tax Liability of the Corporation for the relevant Taxable Year (the “with”
calculation) and the Hypothetical Tax Liability of the Corporation for such Taxable Year (the “without” calculation),
and identifies any material assumptions or operating procedures or principles that were used for purposes of such calculations.
An applicable Schedule or amendment thereto shall become final and binding on the Parties thirty (30) calendar days from the date
on which the Members first received the applicable Schedule or amendment thereto unless:

 

(i)          a
Member within thirty (30) calendar days after receiving the applicable Schedule or amendment thereto, provides the Corporation
with written notice of a material objection to such Schedule that is made in good faith and that sets forth in reasonable detail
such Member’s material objection (an “Objection Notice”); or

 

(ii)         each
Member provides a written waiver of its right to deliver an Objection Notice within the time period described in clause (i) above,
in which case such Schedule or amendment thereto becomes binding on the date the waiver from all Members is received by the Corporation.

 

In the event that a Member timely delivers an Objection Notice
pursuant to clause (i) above, and if the Parties, for any reason, are unable to successfully resolve the issues raised in the Objection
Notice within thirty (30) calendar days after receipt by the Corporation of the Objection Notice, the Corporation and the Member
shall employ the reconciliation procedures as described in Section 7.9 of this Agreement (the “Reconciliation Procedures”).

 

(b)          Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation: (i) in connection
with a Determination affecting such Schedule; (ii) to correct inaccuracies in the Schedule identified as a result of the receipt
of additional factual information relating to a Taxable Year after the date the Schedule was originally provided to the Member;
(iii) to comply with an Expert’s determination under the Reconciliation Procedures applicable to this Agreement; (iv) to
reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward
of a loss or other Tax item to such Taxable Year; (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year; or (vi) to adjust a Basis Schedule to
take into account any Tax Benefit Payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”).

 

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Article
III.

TAX BENEFIT PAYMENTS

 

Section 3.1         Timing and Amount of Tax
Benefit Payments.

 

(a)          Timing
of Payments. Subject to Sections 3.2 and 3.3, within three (3) Business Days following the date on which each
Tax Benefit Schedule that is required to be delivered by the Corporation to the Members pursuant to Section 2.3(a) of this
Agreement becomes final in accordance with Section 2.4(a) of this Agreement (such date, the “Final Payment Date”
in respect of any Tax Benefit Payment), the Corporation shall pay to each relevant Member the Tax Benefit Payment as determined
pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds
to the bank account previously designated by such Members or as otherwise agreed by the Corporation and such Members. For the avoidance
of doubt, the Members shall not be required under any circumstances to return any portion of any Tax Benefit Payment previously
paid by the Corporation to the Members (including any portion of any Early Termination Payment).

 

(b)          Amount
of Payments. For purposes of this Agreement, a “Tax Benefit Payment” with respect to any Member means an
amount, not less than zero, equal to the sum of: (i) the Net Tax Benefit that is Attributable to such Member and (ii) the Actual
Interest Amount.

 

(i)          Attributable.
A Net Tax Benefit is “Attributable” to a Member to the extent that it is derived from any Basis Adjustment or
Imputed Interest that is attributable to an Exchange undertaken by or with respect to such Member.

 

(ii)         Net
Tax Benefit. The “Net Tax Benefit” Attributable to a Member for a Taxable Year equals the amount of the
excess, if any, of (x) 50% of the Cumulative Net Realized Tax Benefit Attributable to such Member as of the end of such Taxable
Year over (y) the aggregate amount of all Tax Benefit Payments previously made to such Member under this Section 3.1. For
the avoidance of doubt, if the Cumulative Net Realized Tax Benefit that is Attributable to a Member as of the end of any Taxable
Year is less than the aggregate amount of all Tax Benefit Payments previously made to such Member, such Member shall not be required
to return any portion of any Tax Benefit Payment previously made by the Corporation to such Member.

 

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

 

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

 

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

 

(vi)        Imputed
Interest. The principles of Sections 1272, 1274, or 483 of the Code, as applicable, and the principles of any similar provision
of U.S. state and local law, will apply to cause a portion of any Net Tax Benefit payable by the Corporation to a Member under
this Agreement to be treated as imputed interest (“Imputed Interest”). For the avoidance of doubt, the deduction
for the amount of Imputed Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall
be excluded in determining the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits
and Realized Tax Detriments pursuant to this Agreement.

 

(vii)       Actual
Interest Amount. The “Actual Interest Amount” calculated in respect of the Net Tax Benefit for a Taxable
Year will equal the amount of any Extension Rate Interest.

 

(viii)      Extension
Rate Interest. The amount of “Extension Rate Interest” calculated in respect of the Net Tax Benefit (including
previously accrued Imputed Interest) for a Taxable Year will equal interest calculated at the Agreed Rate from the due date (without
extensions) for filing the U.S. federal income Tax Return of the Corporation for such Taxable Year until the date on which the
Corporation makes a timely Tax Benefit Payment to the Member on or before the Final Payment Date as determined pursuant to Section
3.1(a).

 

(ix)        Default
Rate Interest. In the event that the Corporation does not make timely payment of all or any portion of a Tax Benefit Payment
to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default
Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest and Extension
Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit
Payment as determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment
to such Member. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to any Net Tax Benefit
payable by the Corporation to a Member shall be included in determining the Hypothetical Tax Liability of the Corporation for purposes
of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

 

(x)        The
Corporation and the Members hereby acknowledge and agree that, as of the date of this Agreement and as of the date of any future
Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained
for U.S. federal income or other applicable tax purposes.

 

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(c)           Interest.
The provisions of Section 3.1(b) are intended to operate so that interest will effectively accrue in respect of the Net
Tax Benefit for any Taxable Year as follows:

 

(i)          first,
at the applicable rate used to determine the amount of Imputed Interest under the Code (from the relevant Exchange Date until the
due date (without extensions) for filing the U.S. federal income Tax Return of the Corporation for such Taxable Year);

 

(ii)         second,
at the Agreed Rate in respect of any Extension Rate Interest (from the due date (without extensions) for filing the U.S. federal
income Tax Return of the Corporation for such Taxable Year until the Final Payment Date for a Tax Benefit Payment as determined
pursuant to Section 3.1(a)); and

 

(iii)        third,
at the Default Rate in respect of any Default Rate Interest (from the Final Payment Date for a Tax Benefit Payment as determined
pursuant to Section 3.1(a) until the date on which the Corporation makes the relevant Tax Benefit Payment to a Member).

 

Section 3.2          No Duplicative Payments.
It is intended that the provisions of this Agreement will not result in the duplicative payment of any amount (including interest)
that may be required under this Agreement, and the provisions of this Agreement shall be consistently interpreted and applied
in accordance with that intent. For purposes of this Agreement, and also for the avoidance of doubt, no Tax Benefit Payment shall
be calculated or made in respect of any estimated tax payments, including, without limitation, any estimated U.S. federal income
tax payments.

 

Section 3.3          Pro-Ration of Payments
as Between the Members.

 

(a)           Insufficient
Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary, if the aggregate potential Covered Tax
benefit of the Corporation as calculated with respect to the Basis Adjustments and Imputed Interest (in each case, without regard
to the Taxable Year of origination) is limited in a particular Taxable Year because the Corporation does not have sufficient actual
taxable income to fully utilize available deductions, then the available Covered Tax benefit for the Corporation shall be allocated
among the Members in proportion to the respective Tax Benefit Payment that would have been payable if the Corporation had in fact
had sufficient taxable income so that there had been no such limitation.

 

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(b)           Late
Payments. If for any reason the Corporation is not able to timely and fully satisfy its payment obligations under
this Agreement in respect of a particular Taxable Year, then Default Rate Interest (or, if the Corporation does not
have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations, Extension Rate
Interest) will begin to accrue pursuant to Section 5.2 and the Corporation and other Parties agree that (i) the
Corporation shall pay the Tax Benefit Payments due in respect of such Taxable Year to each Member pro rata in accordance with
the principles of Section 3.3(a) and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until
all Tax Benefit Payments to all Members in respect of all prior Taxable Years have been made in full.

 

Article
IV.

TERMINATION

 

Section 4.1          Early Termination of Agreement;
Breach of Agreement.

 

(a)           Corporation’s
Early Termination Right. On or after the first anniversary of the closing date of the IPO, the Corporation may completely terminate
this Agreement, as and to the extent provided herein, with respect to all amounts payable to the Members pursuant to this Agreement
and with respect to all the Units held by the Members at any time by paying to the Members the Early Termination Payment; provided
that this Agreement shall only terminate upon the receipt of the Early Termination Payments made pursuant to this Section 4.1(a)
by all Members that are entitled to such a payment, and provided further, that the Corporation may withdraw any notice to
execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been
paid. Upon the Corporation’ payment of the Early Termination Payment, the Corporation shall not have any further payment
obligations under this Agreement, other than with respect to any: (i) prior Tax Benefit Payments that are due and payable under
this Agreement but that still remain unpaid as of the date of the Early Termination Notice; and (ii) current Tax Benefit Payment
due for the Taxable Year ending on or including the date of the Early Termination Notice (except to the extent that the amount
described in clause (ii) is included in the calculation of the Early Termination Payment). If an Exchange subsequently occurs with
respect to Units for which the Corporation has exercised its termination rights under this Section 4.1(a), the Corporation
shall have no obligations under this Agreement with respect to such Exchange.

 

(b)          Acceleration
Upon Change of Control. In the event of a Change of Control, all obligations hereunder shall be accelerated and such obligations
shall be calculated pursuant to this Article IV as if an Early Termination Notice had been delivered on the closing date of the
Change of Control and utilizing the Valuation Assumptions by substituting the phrase “the closing date of a Change of Control”
in each place where the phrase “Early Termination Effective Date” appears. Such obligations shall include, but not
be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the closing
date of the Change of Control, (2) any Tax Benefit Payments agreed to by the Corporation and the Members as due and payable but
unpaid as of the Early Termination Notice and (3) any Tax Benefit Payments due for any Taxable Year ending prior to, with or including
the closing date of a Change of Control (except to the extent that any amounts described in clauses (2) or (3) are included in
the Early Termination Payment). For the avoidance of doubt, Sections 4.2 and 4.3 shall apply to a Change of Control,
mutadis mutandi.

 

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(c)          Acceleration
Upon Breach of Agreement. In the event that the Corporation materially breaches any of its material obligations under this
Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required
hereunder, or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code
or otherwise, then all obligations hereunder shall be accelerated and become immediately due and payable upon notice of acceleration
from any applicable Member (provided that in the case of any proceeding under the Bankruptcy Code or other insolvency statute,
such acceleration shall be automatic without any such notice), and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such notice of acceleration (or, in the case of any proceeding under the Bankruptcy Code
or other insolvency statute, on the date of such breach) and shall include, but not be limited to: (i) the Early Termination Payment
calculated as if an Early Termination Notice had been delivered on the date of such acceleration; (ii) any prior Tax Benefit Payments
that are due and payable under this Agreement but that still remain unpaid as of the date of such acceleration; and (iii) any current
Tax Benefit Payment due for the Taxable Year ending with or including the date of such acceleration. Notwithstanding the foregoing,
in the event that the Corporation breaches this Agreement and such breach is not a material breach of a material obligation, a
Member shall still be entitled to enforce all of its rights otherwise available under this Agreement. For purposes of this Section
4.1(c), and subject to the following sentence, the Parties agree that the failure to make any payment due pursuant to this
Agreement within three (3) months of the relevant Final Payment Date shall be deemed to be a material breach of a material obligation
under this Agreement for all purposes of this Agreement, and that it will not be considered to be a material breach of a material
obligation under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the relevant Final
Payment Date. Notwithstanding anything in this Agreement to the contrary, it shall not be a material breach of a material obligation
of this Agreement if the Corporation fails to make any Tax Benefit Payment within three (3) months of the relevant Final Payment
Date to the extent that the Corporation has insufficient funds, or cannot take commercially reasonable actions to obtain sufficient
funds, to make such payment; provided that the interest provisions of Section 5.2 shall apply to such late payment
(unless the Corporation does not have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations,
in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate).

 

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Section 4.2          Early Termination Notice.
If the Corporation chooses to exercise its right of early termination under Section 4.1 above, the Corporation shall deliver
to the Members a notice of the Corporation’s decision to exercise such right (an “Early Termination Notice”)
and a schedule (the “Early Termination Schedule”) showing in reasonable detail the calculation of the Early
Termination Payment. The Corporation shall also (x) deliver supporting schedules and work papers, as determined by the Corporation
or as reasonably requested by a Member, that provide a reasonable level of detail regarding the data and calculations that were
relevant for purposes of preparing the Early Termination Schedule; (y) deliver an Advisory Firm Letter supporting such Early Termination
Schedule; and (z) allow the Members and their advisors to have reasonable access to the appropriate representatives, as determined
by the Corporation or as reasonably requested by the Members, at the Corporation and the Advisory Firm in connection with a review
of such Early Termination Schedule. The Early Termination Schedule shall become final and binding on each Party thirty (30) calendar
days from the first date on which the Members received such Early Termination Schedule unless:

 

(i)          a
Member within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporation with notice of
a material objection to such Early Termination Schedule made in good faith and setting forth in reasonable detail such Member’s
material objection (a “Termination Objection Notice”); or

 

(ii)        each
Member provides a written waiver of such right of a Termination Objection Notice within the period described in clause (i) above,
in which case such Early Termination Schedule becomes binding on the date the waiver from all Members is received by the Corporation.

 

In the event that a Member timely delivers a Termination Objection
Notice pursuant to clause (i) above, and if the Parties, for any reason, are unable to successfully resolve the issues raised in
the Termination Objection Notice within thirty (30) calendar days after receipt by the Corporation of the Termination Objection
Notice, the Corporation and such Member shall employ the Reconciliation Procedures. The date on which the Early Termination Schedule
becomes final in accordance with this Section 4.2 shall be the “Early Termination Reference Date.”

 

Section 4.3           Payment Upon Early Termination.

 

(a)          Timing
of Payment. Within three (3) Business Days after the Early Termination Reference Date, the Corporation shall pay to each Member
an amount equal to the Early Termination Payment for such Member. Such Early Termination Payment shall be made by the Corporation
by wire transfer of immediately available funds to a bank account or accounts designated by the Members or as otherwise agreed
by the Corporation and the Members.

 

(b)          Amount
of Payment. The “Early Termination Payment” payable to a Member pursuant to Section 4.3(a) shall
equal the present value, discounted at the Early Termination Rate as determined as of the Early Termination Reference Date, of
all Tax Benefit Payments that would be required to be paid by the Corporation to such Member, whether payable with respect to Units
that were Exchanged prior to the Early Termination Effective Date or on or after the Early Termination Effective Date, beginning
from the Early Termination Effective Date and using the Valuation Assumptions. For the avoidance of doubt, an Early Termination
Payment shall be made to each Member, regardless of whether such Member has Exchanged all of its Units as of the Early Termination
Effective Date.

 

Article
V.

SUBORDINATION AND LATE PAYMENTS

 

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

 

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Section
5.2          Late Payments by the Corporation.
The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not made to the Members when
due under the terms of this Agreement, whether as a result of Section 5.1 and the terms of the Senior Obligations
or otherwise, shall be payable together with Default Rate Interest, which shall accrue beginning on the Final Payment Date
and be computed as provided in Section 3.1(b)(ix), provided that if the Corporation does not have sufficient funds to
make a payment as a result of limitations imposed by any Senior Obligations, interest shall accrue at the Agreed Rate.

 

Article
VI.

TAX MATTERS; CONSISTENCY; COOPERATION

 

Section 6.1           Participation in the
Corporation’s and TWM LLC’s Tax Matters. Except as otherwise provided
herein, and except as provided in Article IX of the LLC Agreement, the Corporation shall have full responsibility for,
and sole discretion over, all tax matters concerning the Corporation and TWM LLC, including without limitation the preparation,
filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes. Notwithstanding the
foregoing, the Corporation shall notify a Member of, and keep such Member reasonably informed with respect to, the portion of
any tax audit of the Corporation or TWM LLC, or any of TWM LLC’s Subsidiaries, the outcome of which is reasonably expected
to materially affect the Tax Benefit Payments payable to such Member under this Agreement.

 

Section 6.2          Consistency.
All calculations and determinations made hereunder, including, without limitation, any Basis Adjustments, the Schedules, and the
determination of any Realized Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies
or positions taken by the Corporation and TWM LLC on their respective Tax Returns. Each Member shall prepare its Tax Returns in
a manner that is consistent with the terms of this Agreement, and any related calculations or determinations that are made hereunder,
including, without limitation, the terms of Section 2.1 of this Agreement and the Schedules provided to the Members under
this Agreement. In the event that an Advisory Firm is replaced with another Advisory Firm acceptable to the Audit Committee, such
replacement Advisory Firm shall perform its services under this Agreement using procedures and methodologies consistent with the
previous Advisory Firm, unless otherwise required by law or unless the Corporation and all of the Members agree to the use of
other procedures and methodologies.

 

Section 6.3          Cooperation.

 

(a)           Each
Member shall (i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation
may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing
any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (ii) make itself available
to the Corporation and its representatives to provide explanations of documents and materials and such other information as the
Corporation or its representatives may reasonably request in connection with any of the matters described in clause (i) above,
and (iii) reasonably cooperate in connection with any such matter.

 

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(b)          The
Corporation shall reimburse the Members for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to
Section 6.3(a).

 

Article
VII.

MISCELLANEOUS

 

Section 7.1          Notices.
All notices, requests, consents and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt
requested) or by certified or registered mail (postage prepaid, return receipt requested) to the respective Parties at the following
addresses (or at such other address for a Party as shall be as specified in a notice given in accordance with this Section
7.1). All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated
in writing by the Party to receive such notice:

 

If to the Corporation, to:

 

Tradeweb Markets Inc.

1177 Avenue of the Americas, 31st Floor

New York, New York 10036

 

Attn: Douglas Friedman, General Counsel

Facsimile: (646) 430-6250

Email: Douglas.Friedman@tradeweb.com

 

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

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

		Attn:	Steven G. Scheinfeld

Andrew B. Barkan

David L. Shaw

Facsimile: (212) 859-4000

		Email:	Steven.Scheinfeld@friedfrank.com

Andrew.Barkan@friedfrank.com

David.Shaw@friedfrank.com

 

If to a Member, the address, facsimile
number and e-mail address specified on such Member’s signature page to this Agreement.

 

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Any Party may change its address, fax number or e-mail address
by giving each of the other Parties written notice thereof in the manner set forth above.

 

Section 7.2          Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it
being understood that all Parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section 7.3          Entire
Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire
agreement and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the
subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and their respective
successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other
Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 7.4          Governing Law.
This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the
conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.5          Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest
extent permitted by applicable law in an acceptable manner in order that the transactions contemplated hereby are consummated
as originally contemplated to the greatest extent possible.

 

Section 7.6          Assignments; Amendments;
Successors; No Waiver.

 

(a)           Assignment.
No Member may assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement, including the right to receive
any Tax Benefit Payments under this Agreement, to any Person without the prior written consent of the Corporation, which consent
shall not be unreasonably withheld, conditioned, or delayed, and without such Person executing and delivering a Joinder agreeing
to succeed to the applicable portion of such Member’s interest in this Agreement and to become a Party for all purposes of
this Agreement (the “Joinder Requirement”); provided, however, that to the extent any Member sells, exchanges,
distributes, or otherwise transfers Units to any Person (other than the Corporation or TWM LLC) in accordance with the terms of
the LLC Agreement, the Members shall have the option to assign to the transferee of such Units its rights under this Agreement
with respect to such transferred Units, provided that such transferee has satisfied the Joinder Requirement. For the avoidance
of doubt, if a Member transfers Units in accordance with the terms of the LLC Agreement but does not assign to the transferee of
such Units its rights under this Agreement with respect to such transferred Units, such Member shall continue to be entitled to
receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units. The Corporation may not assign any
of its rights or obligations under this Agreement to any Person without Two-Thirds Member Approval (and any purported assignment
without such consent shall be null and void).

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(b)           Amendments.
No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporation and made with Two-Thirds
Member Approval; provided that amendment of the definition of Change of Control will also require the written approval of
a majority of the Independent Directors. No provision of this Agreement may be waived unless such waiver is in writing and signed
by the Party against whom the waiver is to be effective.

 

(c)           Successors.
All of the terms and provisions of this Agreement shall be binding upon, and shall inure to the benefit of and be enforceable by,
the Parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation
shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place.

 

(d)          Waiver.
No failure by any Party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement,
or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any other
covenant, duty, agreement, or condition.

 

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

 

Section 7.8          Resolution of Disputes.

 

(a)           Except
for Reconciliation Disputes subject to Section 7.9, any and all disputes which cannot be settled after substantial good-faith
negotiation, including any ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation,
execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of
this arbitration provision) (each a “Dispute”) shall be finally resolved by arbitration in accordance with the
International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by a panel of three arbitrators,
of which the Corporation shall designate one arbitrator and the Members party to such Dispute shall designate one arbitrator in
accordance with the “screened” appointment procedure provided in Resolution Rule 5.4. The arbitration shall be governed
by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be
entered by any court having jurisdiction thereof. The place of the arbitration shall be New York City, New York.

 

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(b)           Notwithstanding
the provisions of paragraph (a), any Party may bring an action or special proceeding in any court of competent jurisdiction for
the purpose of compelling another Party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder,
and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Party (i) expressly consents to the application
of paragraph (c) of this Section 7.8 to any such action or proceeding, and (ii) agrees that proof shall not be required
that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would
be inadequate. For the avoidance of doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be settled in
accordance with the procedures set forth in Section 7.9.

 

(c)           Each
Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Chancery
Court of the State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington,
Delaware, and of the U.S. District Court for the District of Delaware sitting in Wilmington, Delaware, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of
any judgment, and each of the Parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by applicable law, in
such U.S. District Court. Each Party agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(d)           Each
Party irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred
to in Section 7.8(c). Each Party irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of any such suit, action or proceeding in any such court.

 

(e)           Each
Party irrevocably consents to service of process by means of notice in the manner provided for in Section 7.1. Nothing in
this Agreement shall affect the right of any Party to serve process in any other manner permitted by law.

 

(f)           WAIVER
OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

(g)          Any
dispute as to whether a dispute is a Reconciliation Dispute within the meaning of Section 7.9, or a Dispute within the meaning
of this Section 7.8, shall be decided and resolved as a Dispute subject to the procedures set forth in this Section 7.8.

 

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Section 7.9          Reconciliation.
In the event that the Corporation and any Member are unable to resolve a disagreement with respect to a Schedule (other than an
Early Termination Schedule) prepared in accordance with the procedures set forth in Section 2.4, or with respect to an
Early Termination Schedule prepared in accordance with the procedures set forth in Section 4.2, within the relevant time
period designated in this Agreement (a “Reconciliation Dispute”), the Reconciliation Dispute shall be submitted
for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually
acceptable to both Parties. The Expert shall be a partner or principal in a nationally recognized accounting firm, and unless
the Corporation and such Member agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any
material relationship with the Corporation or such Member or other actual or potential conflict of interest. If the Parties are
unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation
Dispute, the selection of an Expert shall be treated as a Dispute subject to Section 7.8 and an arbitration panel shall
pick an Expert from a nationally recognized accounting firm that does not have any material relationship with the Corporation
or such Member or other actual or potential conflict of interest. The Expert shall resolve any matter relating to the Basis Schedule
or an amendment thereto, or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall
resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter
as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the
preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the
absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be
paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment
or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall
be borne by the Corporation except as provided in the next sentence. The Corporation and the Members shall bear their own costs
and expenses of such proceeding, unless (i) the Expert adopts the Member’s position, in which case the Corporation shall
reimburse the Member for any reasonable and documented out-of-pocket costs and expenses in such proceeding, or (ii) the Expert
adopts the Corporation’s position, in which case the Member shall reimburse the Corporation for any reasonable and documented
out-of-pocket costs and expenses in such proceeding. The Expert shall finally determine any Reconciliation Dispute and the determinations
of the Expert pursuant to this Section 7.9 shall be binding on the Corporation and the Members and may be entered and enforced
in any court having competent jurisdiction.

 

Section 7.10        Withholding.
The Corporation shall be entitled to deduct and withhold from any payment that is payable to any Member pursuant to this Agreement
such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code or
any provision of U.S. state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate
Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been
paid by the Corporation to the relevant Member. Each Member shall promptly provide the Corporation with any applicable tax forms
and certifications reasonably requested by the Corporation in connection with determining whether any such deductions and withholdings
are required under the Code or any provision of U.S. state, local or foreign tax law.

 

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

 

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

 

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(b)           If
any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets
to a corporation (or a Person classified as a corporation for U.S. income tax purposes) with which such entity does not file a
consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Tax Benefit
Payment or Early Termination Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction
on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value
of the contributed asset as determined by the Corporation in good faith. For purposes of this Section 7.11, a transfer of
a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities
of that partnership.

 

Section 7.12        Confidentiality.
Each Member and its assignees acknowledges and agrees that the information of the Corporation is confidential and, except in the
course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to
enforce the terms of this Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any Person
any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and successors, learned by
any Member heretofore or hereafter, provided that, each Member acknowledges and agrees that such Member shall, except as
otherwise provided by applicable law, keep and retain in the strictest confidence and not disclose to any Person that is not a
Member any confidential matters contained in supporting schedules or work papers provided to such Member pursuant to Section
2.4(a) this Agreement. This Section 7.12 shall not apply to (i) any information that has been made publicly available
by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of any Member in violation
of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the extent necessary
for a Member to prosecute or defend claims arising under or relating to this Agreement, and (iii) the disclosure of information
to the extent necessary for a Member to prepare and file its Tax Returns, to respond to any inquiries regarding the same from
any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax
Returns. Notwithstanding anything to the contrary herein, the Members and each of their assignees (and each employee, representative
or other agent of the Members or their assignees, as applicable) may disclose at their discretion to any and all Persons, without
limitation of any kind, the tax treatment and tax structure of the Corporation, the Members and any of their transactions, and
all materials of any kind (including tax opinions or other tax analyses) that are provided to the Members relating to such tax
treatment and tax structure. If a Member or an assignee commits a breach, or threatens to commit a breach, of any of the provisions
of this Section 7.12, the Corporation shall have the right and remedy to have the provisions of this Section 7.12
specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond
or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to
the Corporation or any of its Subsidiaries and that money damages alone shall not provide an adequate remedy to such Persons.
Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

 

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Section 7.13        Change in Law.
Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a Member reasonably
believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this
Agreement) recognized by such Member (or direct or indirect equity holders in such Member) in connection with any Exchange to
be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax
purposes or would have other material adverse tax consequences to such Member or any direct or indirect owner of such Member,
then at the written election of such Member in its sole discretion (in an instrument signed by such Member and delivered to the
Corporation) and to the extent specified therein by such Member, this Agreement shall cease to have further effect and shall not
apply to an Exchange occurring after a date specified by such Member, or may be amended by in a manner reasonably determined by
such Member, provided that such amendment shall not result in an increase in any payments owed by the Corporation under
this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

 

Section 7.14         Interest Rate Limitation.
Notwithstanding anything to the contrary contained herein, the interest paid or agreed to be paid hereunder with respect to amounts
due to any Member hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If any Member shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be
applied to the Tax Benefit Payment or Early Termination Payment, as applicable (but in each case exclusive of any component thereof
comprising interest) or, if it exceeds such unpaid non-interest amount, refunded to the Corporation. In determining whether the
interest contracted for, charged, or received by any Member exceeds the Maximum Rate, such Member may, to the extent permitted
by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b)
exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts
the total amount of interest throughout the contemplated term of the payment obligations owed by the Corporation to such Member
hereunder. Notwithstanding the foregoing, it is the intention of the Parties to conform strictly to any applicable usury laws.

 

Section 7.15         Independent
Nature of Rights and Obligations. The rights and obligations of each Member hereunder
are several and not joint with the rights and obligations of any other Person. A Member shall not be responsible in any way for
the performance of the obligations of any other Person hereunder, nor shall a Member have the right to enforce the rights or obligations
of any other Person hereunder (other than the Corporation). The obligations of a Member hereunder are solely for the benefit of,
and shall be enforceable solely by, the Corporation. Nothing contained herein or in any other agreement or document delivered
at any closing, and no action taken by any Member pursuant hereto or thereto, shall be deemed to constitute the Members acting
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Members are in
any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated hereby, and
the Corporation acknowledges that the Members are not acting in concert or as a group and will not assert any such claim with
respect to such rights or obligations or the transactions contemplated hereby.

 

[Signature Page Follows This Page]

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IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	CORPORATION:
	 	 	 	 
	 	 	TRADEWEB MARKETS INC.
	 	 	 	 
	 	 	By:	                            
	 	 	Name:	 
	 	 	Title:	       
	 	 		
	 	TWM LLC:
	 	 	 	 
	 	 	TRADEWEB MARKETS LLC
	 	 	 	 
	 	 	By:	            
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	MEMBERS:

      

     

    

  

Exhibit A

 

FORM OF JOINDER AGREEMENT

 

This JOINDER AGREEMENT, dated as of[•],
20[•] (this “Joinder”), is delivered pursuant to that certain Tax Receivable Agreement, dated as of [•], 2019
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Tax Receivable
Agreement”) by and among Tradeweb Markets Inc., a Delaware corporation (the “Corporation”), Tradeweb
Markets LLC, a Delaware limited liability company (“TWM LLC”), and each of the Members from time to time party
thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Tax Receivable Agreement.

 

1.            Joinder to the
Tax Receivable Agreement. The undersigned hereby represents and warrants to the Corporation that, as of the date hereof, the
undersigned has been assigned an interest in the Tax Receivable Agreement from a Member.

 

2.            Joinder to the
Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof to the Corporation, the
undersigned hereby is and hereafter will be a Member under the Tax Receivable Agreement and a Party thereto, with all the rights,
privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it shall comply with and be fully bound
by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date thereof.

 

3.            Incorporation
by Reference. All terms and conditions of the Tax Receivable Agreement are hereby incorporated by reference in this Joinder
as if set forth herein in full.

 

4.            Address.
All notices under the Tax Receivable Agreement to the undersigned shall be direct to:

 

[Name]

[Address]

[City, State, Zip Code]

Attn:

Facsimile:

E-mail:

 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Joinder as of the day and year first above written.

 

_____________________________

 

[Exhibit A]

 

      

     

    

 

	 	[NAME OF NEW PARTY]
	 	 	 
	 	By:	                           
	 	Name:	 
	 	Title:	 

 

	Acknowledged and agreed	 
	as of the date first set forth above:	 
	 	 
	Tradeweb Markets Inc.	 
	 	 	 
	By:	                                  	 
	Name:	 	 
	Title:	 	 

 

[Exhibit A]

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