Document:

Exhibit 10.2

 

  

 

 

 

 

 

 

 

 

THIRD
AMENDED AND RESTATED

OPERATING
AGREEMENT

 

OF

 

GREENLANE
HOLDINGS, LLC

a
Delaware limited liability company

 

 

Dated as of April 17,
2019

 

 

 

 

 

 

  

 

 

 

THE SECURITIES REPRESENTED BY THIS OPERATING AGREEMENT
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS.
SUCH SECURITIES MAY NOT BE OFFERED, 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	10
	 	 	 
	Section 2.01	Formation of Company	10
	Section 2.02	Third Amended and Restated Operating Agreement	10
	Section 2.03	Name	10
	Section 2.04	Purpose	10
	Section 2.05	Principal Office; Registered Agent	10
	Section 2.06	Term	10
	Section 2.07	No State-Law Partnership	10
	 	 	 
	Article III. MEMBERS; UNITS; CAPITALIZATION	11
	 	 	 
	Section 3.01	Members	11
	Section 3.02	Units	11
	Section 3.03	Recapitalization; the Corporation’s Capital Contribution; the Corporation’s Purchase of Common Units	11
	Section 3.04	Authorization and Issuance of Additional Units	12
	Section 3.05	Repurchase or Redemption of Shares of Class A Common Stock	13
	Section 3.06	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	13
	Section 3.07	Negative Capital Accounts	13
	Section 3.08	No Withdrawal	13
	Section 3.09	Loans From Members	13
	Section 3.10	Corporation Stock Incentive Plans	14
	Section 3.11	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	14
	 	 	 
	Article IV. DISTRIBUTIONS	14
	 	 	 
	Section 4.01	Distributions	14
	Section 4.02	Restricted Distributions	15
	 	 	 
	Article V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS	15
	 	 
	Section 5.01	Capital Accounts	15
	Section 5.02	Allocations	16
	Section 5.03	Regulatory Allocations	16
	Section 5.04	Final Allocations	17
	Section 5.05	Tax Allocations	17
	Section 5.06	Indemnification and Reimbursement for Payments on Behalf of a Member	18
	 	 	 
	Article VI. MANAGEMENT	18
	 	 
	Section 6.01	Authority of Manager	18
	Section 6.02	Actions of the Manager	19
	Section 6.03	Resignation; No Removal	19
	Section 6.04	Vacancies	19
	Section 6.05	Transactions Between Company and Manager	19
	Section 6.06	Reimbursement for Expenses	19
	Section 6.07	Delegation of Authority	19

 

    i

     

    

 

	Section 6.08	Limitation of Liability of Manager	20
	Section 6.09	Investment Company Act	20
	Section 6.10	Outside Activities of the Manager	21
	 	 	 
	Article VII. RIGHTS AND OBLIGATIONS OF MEMBERS	21
	 	 
	Section 7.01	Limitation of Liability and Duties of Members	21
	Section 7.02	Lack of Authority	21
	Section 7.03	No Right of Partition	21
	Section 7.04	Indemnification	22
	Section 7.05	Members Right to Act	23
	Section 7.06	Inspection Rights	23
	 	 	 
	Article VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS	23
	 	 
	Section 8.01	Records and Accounting	23
	Section 8.02	Fiscal Year	24
	Section 8.03	Reports	24
	 	 	 
	Article IX. TAX MATTERS	24
	 	 
	Section 9.01	Preparation of Tax Returns	24
	Section 9.02	Tax Elections	24
	Section 9.03	Tax Controversies	24
	 	 	 
	Article X. RESTRICTIONS ON TRANSFER OF UNITS; PREEMPTIVE RIGHTS	25
	 	 
	Section 10.01	Transfers by Members	25
	Section 10.02	Permitted Transfers	25
	Section 10.03	Restricted Units Legend	25
	Section 10.04	Transfer	25
	Section 10.05	Assignee’s Rights	26
	Section 10.06	Assignor’s Rights and Obligations	26
	Section 10.07	Overriding Provisions	26
	Section 10.08	Spousal Consent	27
	Section 10.09	Tender Offers and Other Events with respect to the Corporation	27
	 	 	 
	Article XI. REDEMPTION AND EXCHANGE RIGHTS	28
	 	 
	Section 11.01	Redemption Right of a Member	28
	Section 11.02	Election and Contribution of the Corporation	30
	Section 11.03	Exchange Right of the Corporation	30
	Section 11.04	Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation	31
	Section 11.05	Effect of Exercise of Redemption or Exchange Right	31
	Section 11.06	Tax Treatment	31
	 	 	 
	Article XII. ADMISSION OF MEMBERS	31
	 	 
	Section 12.01	Substituted Members	31
	Section 12.02	Additional Members	31
	 	 	 
	Article XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS	32
	 	 	 
	Section 13.01	Withdrawal and Resignation of Members	32

 

    ii

     

    

 

	Article XIV. DISSOLUTION AND LIQUIDATION	32
	 	 	 
	Section 14.01	Dissolution	32
	Section 14.02	Liquidation and Termination	32
	Section 14.03	Deferment; Distribution in Kind	33
	Section 14.04	Cancellation of Certificate	33
	Section 14.05	Reasonable Time for Winding Up	33
	Section 14.06	Return of Capital	33
	 	 	 
	Article XV. VALUATION	33
	 	 	 
	Section 15.01	Determination	33
	Section 15.02	Dispute Resolution	34
	 	 	 
	Article XVI. GENERAL PROVISIONS	34
	 	 	 
	Section 16.01	Power of Attorney	34
	Section 16.02	Confidentiality	34
	Section 16.03	Amendments	35
	Section 16.04	Title to Company Assets	35
	Section 16.05	Addresses and Notices	36
	Section 16.06	Binding Effect; Intended Beneficiaries	36
	Section 16.07	Creditors	36
	Section 16.08	Waiver	36
	Section 16.09	Counterparts	36
	Section 16.10	Applicable Law	36
	Section 16.11	Severability	36
	Section 16.12	Further Action	36
	Section 16.13	Delivery by Electronic Transmission	37
	Section 16.14	Right of Offset	37
	Section 16.15	Effectiveness	37
	Section 16.16	Entire Agreement	37
	Section 16.17	Remedies	37
	Section 16.18	Descriptive Headings; Interpretation	37

 

Exhibits

 

	Exhibit A	–	Form of Joinder Agreement
	Exhibit B	–	Corporation Equity Plan Guidelines

  

    iii

     

    

 

THIRD AMENDED
AND RESTATED

OPERATING AGREEMENT

OF

GREENLANE HOLDINGS,
LLC

 

This THIRD AMENDED AND RESTATED
OPERATING AGREEMENT (this “Agreement”), dated as of April 17, 2019, is entered into by and among Greenlane
Holdings, LLC, a Delaware limited liability company (the “Company”), and its Members (as defined herein).

 

WHEREAS, the Company was formed
as a Delaware limited liability company under the name of “Jacoby Holdings LLC” on September 2, 2015 by the filing
of the Certificate of Formation of the Company with the Secretary of State of the State of Delaware; and

 

WHEREAS, the Company entered
into a Second Amended and Restated Operating Agreement of the Company, dated as of February 20, 2018 (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time to but excluding the date hereof, together with all schedules,
exhibits and annexes thereto, the “Prior Operating Agreement”), with the members of the Company party
thereto (including pursuant to consent and joinders thereto) (collectively, the “Original Members”);
and

 

WHEREAS, the Company changed
its name to “Greenlane Holdings, LLC” on June 27, 2018 by the filing of an amendment to the Certificate of Formation
of the Company with the Secretary of State of the State of Delaware; and

 

WHEREAS, the Original Members
hold Class A Units and Class B Units (each as defined in the Prior Operating Agreement, respectively, the “Original
Class A Units” and the “Original Class B Units,” respectively, and collectively, the “Original
Units”) of the Company; and

 

WHEREAS, the
Company desires to have Greenlane Holdings, Inc., a Delaware corporation (the “Corporation”),
effect an initial public offering (the “IPO”) of shares of its Class A common stock, par value
$0.01 (the “Class A Common Stock”), and in connection therewith, to amend and restate the Prior
Operating Agreement as of the Effective Time (as defined herein) to reflect (a) a recapitalization of the Company (as set
forth in Section 3.03 hereof) (the
“Recapitalization”), (b) the addition of the Corporation as a Member of the Company and its
designation as sole Manager (as defined herein) of the Company, and (c) the rights and obligations of the Members of
the Company that are enumerated and agreed upon in the terms of this Agreement effective as of the Effective Time, at which
time the Prior Operating Agreement shall be superseded entirely by this Agreement; and

 

WHEREAS, in connection with
the Recapitalization and as of the Effective Time, the Original Units of each Original Member will be canceled and Common Units
(as defined herein) will be issued as contemplated by this Agreement; and

 

WHEREAS, the Original Members
are the members of the Company as of the Effective Time and after giving effect to the Recapitalization; and

 

WHEREAS, in connection with
the IPO, the Corporation will (i) sell shares of its Class A Common Stock to public investors in the IPO and will use the net proceeds
received from the IPO (the “IPO Net Proceeds”) to purchase newly-issued Common Units from the Company
pursuant to the IPO Common Unit Subscription Agreement, (ii) issue shares of Class A Common Stock upon the redemption by certain
of the Original Members of an aggregate of 750,000 Common Units and deliver such shares of Class A Common Stock to the underwriters
upon the direction of such Original Members pursuant to the IPO Common Unit Redemption Agreement and (iii) issue shares of Class
A Common Stock to the Convertible Noteholders (as defined herein) in consideration of the receipt of newly-issued Common Units
from the Company pursuant to the IPO Common Unit Subscription Agreement; and

 

WHEREAS, in
connection with the IPO, the Corporation may issue additional shares of Class A Common Stock to or upon the order of certain
of the Original Members upon the redemption of Common Units pursuant to the IPO Common Unit Redemption Agreement as a result
of the exercise by the underwriters of their over-allotment option (the “Over-Allotment
Option”).

 

     

     

    

 

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.

 

“10% Member”
means (i) a Member that holds Units representing a direct Percentage Interest of at least 10% or (ii) a Person that holds, directly
and/or indirectly and together with such Person’s Affiliates, Units representing a Percentage Interest of at least 10% provided
that the Company has knowledge that such Person (together with such Person’s Affiliates) holds, directly and/or indirectly,
Units representing a Percentage Interest of at least 10%.

 

“Act”
means the Delaware Limited Liability Company Act, as amended from time to time, or any corresponding provision or provisions of
any succeeding or successor law of the State of Delaware; provided, however, that any amendment to the Act, or any
succeeding or successor law, is applicable to the Company only if the Company has elected to be governed by the Act as so amended
or by such succeeding or successor law, as the case may be. The term “Act” shall refer to the Act as so amended or
to such succeeding or successor law only after the appropriate election by the Company, if made, has become effective.

 

“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 Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); 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 Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (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 10.06.

 

“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 or is controlled by, or is under common control
with, the Person specified. As used in this definition and the definition of Majority Member, “control” (including
with correlative meanings, “controlled by” and “under common control with”) means possession, directly
or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of voting securities
or by contract or other agreement).

 

“Agreement” has the
meaning set forth in the recitals 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.

 

    2

     

    

 

“Assumed Tax Liability”
means, with respect to a Member, an amount equal to the Distribution Tax Rate multiplied by the estimated or actual taxable income
of the Company, as determined for 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 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 (i) shall 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) shall in no event be less than an amount that will
enable the Corporation to meet its tax obligations, including its obligations pursuant to the Tax Receivable Agreement, for the
relevant taxable year.

 

“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.

 

“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, 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.

 

“Book
Value” means, with respect to any Company property, the Company’s adjusted basis for U.S. federal income
tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section
1.704-1(b)(2)(iv)(d)-(g).

 

“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 amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of
other property that such Member contributes (or is deemed to contribute) to the Company pursuant to Article III hereof.

 

“Cash Settlement”
means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent.

 

“Certificate”
means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware in accordance with
the Act, as such Certificate may be amended from time to time in accordance with the Act.

 

“Change
of Control Transaction” means (a) a sale of all or substantially all of the Company’s assets determined
on a consolidated basis, or (b) a sale of a majority of the Company’s outstanding Units (other than (i) to the
Corporation or (ii) in connection with a Redemption or Exchange in accordance with Article XI); in any such case,
whether by merger, recapitalization, consolidation, reorganization, combination or otherwise; provided, however, that
neither (w) a transaction solely between the Company or any of its Subsidiaries, on the one hand, and the Company or any of
its Subsidiaries, on the other hand, nor (x) a transaction solely for the purpose of changing the jurisdiction of domicile of
the Company, nor (y) a transaction solely for the purpose of changing the form of entity of the Company, nor (z) a sale of a
majority of the outstanding shares of Class A Common Stock, whether by merger, recapitalization, consolidation,
reorganization, combination or otherwise, shall in each case of clauses (w), (x), (y) and (z) constitute a Change of Control
Transaction.

 

“Class A Common Stock” has
the meaning set forth in the recitals to this Agreement.

 

“Class
B Common Stock” means the Class B Common Stock, par value $0.0001 per share, of the Corporation.

 

    3

     

    

 

“Class C Common Stock”
means the Class C Common Stock, par value $0.0001 per share, of the Corporation.

 

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

 

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

 

“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 securities exchange on which the Class A Common Stock is traded or quoted, as reported by Bloomberg, L.P., 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, then a majority of the Independent Directors shall determine the Common Unit Redemption
Price in good faith.

 

“Common Unitholder”
means a Member who is the registered holder of Common Units.

 

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

 

“Company Interest” means
the interest of a Member in Profits, Losses and Distributions.

 

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

 

“Convertible Note”
means a Convertible Promissory Note of the Company issued by the Company pursuant to that certain Note Purchase Agreement dated
as of December 21, 2018 among the Company and the investors named therein.

 

“Convertible Noteholder”
means each Person that is a registered holder of a Convertible Note.

 

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

 

“Corporate Incentive
Award Plan” means the Greenlane Holdings, Inc. 2019 Equity Incentive Plan, as the same may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time.

 

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

 

“Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated as of October 1, 2018, by and among the Company and 1095 Broken
Sound Parkway LLC, as borrowers, and Fifth Third Bank, as the lender, including all exhibits, schedules and attachments thereto,
as the same may be amended, restated, supplemented or otherwise modified from time to time and including any one or more refinancings
or replacements thereof, in whole or in part, with any other debt facility or debt obligation.

 

“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 in accordance with the
Credit Agreement (and without otherwise violating any applicable provisions of the Credit Agreement).

 

    4

     

    

 

“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 payments made by the Company to the Manager pursuant to Section 6.06, or (c) any other
payment made by the Company to a Member that is not properly treated as a “distribution” for purposes of Sections
731, 732, or 733 or other applicable provisions of the Code.

 

“Distribution
Tax Rate” shall mean, for any Fiscal Year, a rate equal to the highest effective marginal combined federal,
state and local income tax rate applicable to corporate or individual taxpayers that may potentially apply to any Member for
such Fiscal Year taking into account (i) any deductions pursuant to Section 199A of the Code, and (ii) the character of the
relevant tax items (e.g., ordinary or capital), as reasonably determined by the Manager. For the avoidance of doubt,
the Company shall use the same Distribution Tax Rate for determining the Assumed Tax Liability for each Member with respect
to any particular item of income or gain, regardless of whether the Member is a corporation, individual, partnership, trust,
estate or other juridical entity.

 

“Effective Time” has the
meaning set forth in Section 16.15.

 

“Equity Plan”
means any option, stock, unit, stock unit, appreciation right, phantom equity or other incentive equity or equity-based compensation
plan or program, in each case, now or hereafter adopted by the Company or the Corporation, including the Corporate Incentive Award
Plan.

 

“Equity Securities”
means (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
or exchangeable into 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.

 

“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 (i) a change in entity classification of a Member under Treasury Regulations Section
301.7701-3, (ii) a sale of assets by, or liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or (iii)
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” has the meaning set forth in Section 6.10.

 

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

 

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

 

“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.

 

“Founder Members” refer to
Adam Schoenfeld and Jacoby & Co. Inc.

 

    5

     

    

 

“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 (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 (a), (b) or (c) of this definition.

 

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

 

“Independent
Directors” means the members of the Corporate Board who are “independent” under the standards of the
principal U.S. securities exchange on which the Class A Common Stock is traded or quoted.

 

“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 IPO Net Proceeds required to be
delivered pursuant to the Underwriting Agreement have been delivered to the Corporation in respect of its sale of Class A Common
Stock.

 

“IPO Common Unit Redemption”
has the meaning set forth in Section 3.03(b).

 

“IPO Common Unit Redemption
Agreement” means that certain Common Unit Redemption Agreement, dated as of the date hereof, by and among the Corporation
and the Original Members that are parties thereto.

 

“IPO Common Unit Subscription”
has the meaning set forth in Section 3.3(b).

 

“IPO Common Unit
Subscription Agreement” means that certain Common Unit Subscription agreement, dated as of the date hereof, by and
between the Corporation and the Company.

 

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

 

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

 

“Law”
means all laws, statutes, 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.

 

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

 

“Majority Members”
means the Members (which may include the Manager) holding a majority of the Voting Units then outstanding; provided that,
if as of any date of determination, a majority of the Voting Units are then held by the Manager or any Affiliates controlled by
the Manager, then “Majority Members” shall mean the Manager together with Members (other than the Manager and its controlled
Affiliates) holding a majority of the Voting Units (excluding Voting Units held by the Manager) then outstanding.

 

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

 

“Material Subsidiary”
means any direct or indirect Subsidiary of the Company that, as of any date of determination, represents more than (a) 50% of the
consolidated net tangible assets of the Company or (b) 50% of the consolidated net income of the Company before interest, taxes,
depreciation and amortization (calculated in a manner substantially consistent with the definition of “Consolidated Net Income”
and/or “Consolidated EBITDA” or similar definition(s) appearing therein in the Credit Agreement).

 

    6

     

    

 

“Member”
means, as of any date of determination, (a) each Person 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.

 

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

 

“Net Loss”
means, with respect to a Fiscal Year, the excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding
Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04).

 

“Net Profit”
means, with respect to a Fiscal Year, the excess if any, of Profits for such Fiscal Year over Losses for such Fiscal Year (excluding
Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04).

 

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

 

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

 

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

 

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

 

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

 

“Other Agreements” has the
meaning set forth in Section 10.04.

 

“Over-Allotment
Option” has the meaning set forth in the recitals to this Agreement.

 

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

 

“Percentage
Interest” means, as among an individual class of Units and with respect to a Member at a particular time, such Member’s
percentage interest in the Company determined by dividing such Member’s Units of such class by the total Units of all Members
of such class 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.

 

“Person”
means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association,
joint venture or any other organization or entity, whether or not a legal entity.

 

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

 

“Pro rata,” “pro
rata portion,” “according to their interests,” “ratably,” “proportionately,”
“proportional,” “in proportion to,” “based on the number of Units
held,” “based upon the percentage of Units held,” “based upon the number of
Units outstanding,” and other terms with similar meanings, when used in the context of a number of Units of the Company
relative to other Units, means as amongst an individual class of Units, pro rata based upon the number of such Units within such
class of Units.

 

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

 

“Pubco Offer” has the meaning
set forth in Section 10.09.

 

    7

     

    

 

“Quarterly Redemption
Date” means, for each quarter beginning with the fiscal quarter during which this Agreement is executed and delivered,
the latest to occur of either: (a) the second Business Day after the date on which the Corporation makes a public news release
of its quarterly earnings for the prior quarter, (b) the first day of each quarter on which directors and executive officers of
the Corporation are permitted to trade under the applicable policies of the Corporation related to trading by directors and executive
officers, or (c) such other date as the Corporation shall determine in its sole discretion. The Corporation will deliver notice
of the Quarterly Redemption Date to each Member (other than the Corporation) at least seventy-five (75) days prior to each Quarterly
Redemption Date.

 

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

 

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

 

“Redeemed Units Equivalent”
means the product of (a) the Share Settlement, times (b) the Common Unit Redemption Price.

 

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

 

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

 

“Redemption Settlement
Agreement” means that certain Stock Redemption Settlement Agreement dated as of December 21, 2018 among the Company
and the Original Members named therein.

 

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

 

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

 

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

 

“Redemption Settlement”
means the settlement of the redemption of Common Units from certain of the Original Members required by the Redemption Settlement
Agreement.

 

“Registration Rights
Agreement” means that certain Registration Rights Agreement, dated as of the date hereof, by and among the Corporation
and the Original Members (together with any joinder thereto from time to time by any successor or assign to any party to such Agreement).

 

“Restricted Taxable
Year” shall mean (i) the Taxable Year of the Company ending December 31, 2020, unless the Manager determines otherwise
and notifies the Members prior to December 31, 2019, and (ii) any Taxable Year during which the Manager determines the Company
does not satisfy the private placement safe harbor of Treasury Regulations Section 1.7704-1(h).

 

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

 

“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, and applicable rules and regulations thereunder, and any successor to such statute,
rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include
any corresponding provisions of future Law.

 

“Share Settlement”
means a number of shares of Class A Common Stock equal to the number of Redeemed Units.

 

    8

     

    

 

“Sponsor Person” has the
meaning set forth in Section 7.04(d).

 

“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 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 are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or
a combination thereof. For purposes hereof, references to a “Subsidiary” of the Company shall be given effect only
at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company.

 

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

 

“Tax Distribution Date” has
the meaning set forth in Section 4.01(b)(i).

 

“Tax Distributions” has the
meaning set forth in Section 4.01(b)(i).

 

“Tax Receivable Agreement”
means that certain Tax Receivable Agreement, dated as of the date hereof, by and among the Corporation, on the one hand, and the
Original Members, on the other hand (together with any joinder thereto from time to time by any successor or assign to any party
to such Agreement).

 

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

 

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

 

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

 

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

 

“Underwriting Agreement”
means the Underwriting Agreement, dated as of April 17, 2019, by and among the Corporation, the Original Members that are parties
to the IPO Common Unit Redemption Agreement, and Cowen and Company, LLC and Canaccord Genuity LLC, as Representatives of the several
Underwriters name therein.

 

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

 

“Unitholder”
means a Common Unitholder and any Member who is the registered holder of any other class of Units, if any.

 

    9

     

    

 

“Unvested Corporate
Shares” means shares of Class A Common Stock issued pursuant to an Equity Plan that are not Vested Corporate Shares.

 

“Vested Corporate
Shares” means the shares of Class A Common Stock issued pursuant to an Equity Plan that are vested pursuant to the
terms thereof or any award or similar agreement relating thereto.

 

“Voting Units”
means (a) the Common Units and (b) any other Units other than Units that by their express terms do not entitle the record holder
thereof to vote on any matter presented to the Members generally under this Agreement for approval; provided that (i) no vote by
Voting Units shall have the power to override any action taken by the Manager or to remove or replace the Manager, (ii) the Voting
Units have no ability to take part in the conduct or control of the Company’s business and (iii) notwithstanding any vote
by Voting Units hereunder, the Manager shall retain exclusive management power over the business and affairs of the Company in
accordance with Section 6.01(a).

 

ARTICLE
II

ORGANIZATIONAL MATTERS

 

Section 2.01 Formation
of Company. The Company was formed on September 2, 2015 pursuant to the provisions of the Act.

 

Section 2.02 Third
Amended and Restated Operating Agreement. The Members hereby execute this Agreement for the purpose of establishing the
affairs of the Company and the conduct of its business in accordance with the provisions of the Act. The Members hereby agree
that during the term of the Company set forth in Section 2.06 the
rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and
conditions of this Agreement and the Act. On any matter upon which this Agreement is silent, the Act shall control. No
provision of this Agreement shall be in violation of the Act and to the extent any provision of this Agreement is in
violation of the Act, such provision shall be void and of no effect to the extent of such violation without affecting the
validity of the other provisions of this Agreement; provided, however, that where the Act provides that a provision of the
Act shall apply “unless otherwise provided in the operating agreement” or words of similar effect, the provisions
of this Agreement shall in each instance control.

 

Section 2.03 Name.
The name of the Company shall be “Greenlane Holdings, LLC”. The Manager in its sole discretion may change the name
of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members and, to
the extent practicable, to all of the holders of any Equity Securities then outstanding. The Company’s business may be conducted
under its name and/or any other name or names deemed advisable by the Manager.

 

Section
2.04 Purpose. The primary business and purpose of the Company shall be to engage in such activities as are permitted under
the 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 Agent. The principal office of the Company shall be at 1095 Broken Sound Parkway, Suite 300, Boca Raton, Florida
33487, or such other place as the Manager may from time to time designate. The registered agent for service of process on the Company
in the State of Delaware, and the address of such agent, shall be c/o National Registered Agents, Inc., 160 Greentree Drive, Suite
101, Dover, Delaware, 19904. The Manager may from time to time change the Company’s registered agent in the State of Delaware.

 

Section
2.06 Term. The term of the Company commenced upon the filing of the Certificate in accordance with the Act and shall continue
in existence until termination and dissolution of the Company in accordance with the provisions of Article XIV.

 

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

 

    10

     

    

 

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.

 

(b) The
Company shall maintain a schedule setting forth: (i) the name and address of each Member; and (ii) the aggregate number of
outstanding Units and the number and class of Units held by each Member (such schedule, the “Schedule of
Members”). The applicable Schedule of Members in effect as of the Effective Time and after giving effect to the
Recapitalization and the Redemption Settlement is set forth as Schedule 2 attached to this Agreement. Upon any change
in the number or ownership of outstanding Units (whether upon an issuance of Units, a Transfer of Units, a redemption or
exchange of Units or otherwise), the Company shall amend and update 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. Any
reference in this Agreement to the Schedule of Members shall be deemed a reference to the Schedule of Members as amended and
as in effect from time to time. The Company shall be entitled to recognize the exclusive right of a Person registered on its
records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or
interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the Act.

 

(c)
No Member shall be required or, except as approved by the Manager pursuant to Section 6.01 
and in accordance with the other provisions of this Agreement, permitted to loan any money or property to the Company or
borrow any money or property from the Company.

 

Section 3.02 Units.
Interests in the Company shall be represented by Units, or such other securities of the Company, in each case as the Manager
may establish in its discretion in accordance with the terms and subject to the restrictions hereof. Immediately after the
Effective Time, the Units will be comprised of a single class of Common Units (with an aggregate of 36,666,667 Common Units
being authorized for issuance by the Company). To the extent required pursuant to Section 3.04(a), the Manager may create one
or more classes or series of Common Units or preferred Units solely to the extent they are in the aggregate substantially
equivalent to a class of common stock of the Corporation or class or series of preferred stock of the Corporation; provided
that as long as there are any Members of the Company (other than the Corporation), then no such new class or series of Units
may deprive such Members of, or dilute or reduce, the pro rata share of all Company Interests they would have received or to
which they would have been entitled if such new class or series of Units had not been created except to the extent (and
solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a Fair Market Value
in an aggregate amount, equal to the pro rata share of Company Interests allocated to such new class or series of Units and
the number thereof issued by the Company.

 

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

 

(a)
The number of Original Class A Units and Original Class B Units that in each case are issued and outstanding and will be
held by the Original Members immediately prior to the Effective Time are set forth opposite the names of the respective Original
Members on Schedule 1 attached to this Agreement. In connection with the Recapitalization, all of such Original Units are
hereby converted, as of the Effective Time, and after giving effect to the Recapitalization and the Redemption Settlement, into
the number of Common Units set forth opposite the names of the respective Members on the Schedule of Members attached hereto as
Schedule 2, and such Common Units will be issued and outstanding as of the Effective Time and the holders of such Common
Units shall continue as Members. Any Common Units issued to the holders of Original Class B Units in respect of the Original Class
B Units that are subject to vesting immediately prior to the Effective Time shall be subject to continued vesting as set forth
in any agreement governing the issuance of such Original Class B Units.

 

    11

     

    

 

(b) Following
the Recapitalization, immediately upon the Effective Time, the Corporation will acquire (i) 5,250,000 newly-issued Common
Units in exchange for a portion of the IPO Net Proceeds payable to the Company upon consummation of the IPO pursuant to the
IPO Common Unit Subscription Agreement with the Company (the “IPO Common Unit Subscription”),
(ii) 750,000 existing Common Units from the Original Members that are parties to the IPO Common Unit Redemption Agreement
upon redemption of such Common Units by such Original Members upon consummation of the IPO pursuant to the IPO Common Unit
Redemption Agreement (the “IPO Common Unit Redemption”) and (iii) 3,547,776 newly-issued Common
Units in consideration of the contribution of the Convertible Notes to the Company by the Corporation and the issuance of
shares of Class A Common Stock to the Convertible Noteholders in consideration of the contribution of the Convertible Notes
by the Convertible Noteholders to the Corporation pursuant to the terms of the Convertible Notes and the IPO Common Unit
Subscription Agreement. The IPO Common Unit Subscription and the IPO Common Unit Redemption shall be reflected on the
Schedule of Members. In addition, to the extent the underwriters in the IPO exercise the Over-Allotment Option in whole or
in part, upon the exercise of the Over-Allotment Option, the Corporation will acquire existing Common Units from the Original
Members that are parties to the IPO Common Unit Redemption Agreement pursuant to the IPO Common Unit Redemption Agreement,
and such existing Common Units shall be reflected on the Schedule of Members (the “Over-Allotment
Redemption”). The number of Common Units acquired in the Over-Allotment Redemption, in the aggregate, shall be
equal to the number of shares of Class A Common Stock issued by the Corporation in connection with such redemption upon such
exercise of the Over-Allotment Option. For the avoidance of doubt, the Corporation shall be admitted as a Member with respect
to all Common Units it holds from time to time. The parties hereto acknowledge and agree that the IPO Common Unit
Subscription and the IPO Common Unit Redemption will result in a “reevaluation 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.

 

Section 3.04 Authorization and Issuance of Additional
Units.

 

(a) The
Company shall undertake all actions requested by the Manager, including a reclassification, distribution, division
or recapitalization, with respect to the Common Units, to maintain at all times a one-to-one ratio between the number of
Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock, disregarding, for
purposes of maintaining the one-to-one ratio, (i) Unvested Corporate Shares, (ii) treasury stock, or (iii) preferred stock or
other debt or equity securities (including warrants, options or rights) issued by the Corporation that are convertible into
or exercisable or exchangeable for Class A Common Stock (except to the extent the net proceeds from such other securities,
including any exercise or purchase price payable upon conversion, exercise or exchange thereof, has been contributed by the
Corporation to the equity capital of the Company). In the event the Corporation issues, transfers or delivers from treasury
stock or repurchases Class A Common Stock in a transaction not contemplated in this Agreement, the Manager shall take all
actions such that, after giving effect to all such issuances, transfers, deliveries or repurchases, the number of outstanding
Common Units owned by the Corporation will equal on a one-for-one basis the number of outstanding shares of Class A Common
Stock, subject to the immediately preceding sentence. In the event the Corporation issues, transfers or delivers from
treasury stock or repurchases or redeems the Corporation’s preferred stock in a transaction not contemplated in this
Agreement, the Manager shall have the authority to take all actions such that, after giving effect to all such issuances,
transfers, deliveries, repurchases or redemptions, the Corporation holds (in the case of any issuance, transfer or delivery)
or ceases to hold (in the case of any repurchase or redemption) equity interests in the Company which (in the good faith
determination by the Manager) are in the aggregate substantially equivalent to the outstanding preferred stock of the
Corporation so issued, transferred, delivered, repurchased or redeemed. The Company shall not undertake any subdivision (by
any Common Unit split, Common Unit distribution, reclassification, recapitalization or similar event) or combination (by
reverse Common Unit split, reclassification, recapitalization or similar event) of the Common Units that is not accompanied
by an identical subdivision or combination of Class A Common Stock to maintain at all times a one-to-one ratio between the
number of Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock, unless such
action is necessary to maintain at all times a 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, as contemplated by the first sentence of this Section
3.04(a).

 

    12

     

    

 

(b) The
Company shall only be permitted to issue additional Units or other Equity Securities in the Company to the Persons and on the
terms and conditions provided for in Section 3.02, this Section 3.04, Section 3.10 and Section 3.11. Subject to the
foregoing, the Manager may cause the Company to issue additional Common Units authorized under this Agreement at such times
and upon such terms as the Manager shall determine and the Manager shall amend this Agreement as necessary in connection with
the issuance of additional Common Units and admission of additional Members under this Section 3.04 without the
requirement of any consent or acknowledgement of any other Member.

 

Section 3.05 Repurchase
or Redemption of Shares of Class A Common Stock. If, at any time, any shares of Class A Common Stock are repurchased or redeemed
(whether by exercise of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the
Manager shall cause the Company, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding
number of Common Units held by the Corporation, at an aggregate redemption price equal to the aggregate purchase or redemption
price of the shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any expenses related thereto)
and upon such other terms as are the same for the shares of Class A Common Stock being repurchased or redeemed by the Corporation.
Notwithstanding any provision to the contrary in this Agreement, the Company shall not make any repurchase or redemption if such
repurchase or redemption would violate any applicable Law.

 

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

 

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

 

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.

 

    13

     

    

 

Section 3.10 Corporation
Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from
adopting, modifying or terminating an Equity Plan or from issuing shares of Class A Common Stock pursuant to any such Equity Plans.
The Corporation may implement such Equity Plans and any actions taken under such Equity Plans (such as the grant or exercise of
options to acquire shares of Class A Common Stock, or the issuance of Unvested Corporate Shares), whether taken with respect to
or by an employee or other service provider of the Corporation, the Company or its Subsidiaries, in a manner determined by the
Corporation, in accordance with the initial implementation guidelines attached to this Agreement as Exhibit B, which may be amended
by the Corporation from time to time. The Corporation may amend this Agreement (including Exhibit B) as necessary or advisable
in its sole discretion in connection with the adoption, implementation, modification or termination of an Equity Plan. In the event
of such an amendment by the Corporation, the Company will provide notice of such amendment to the Members. The Company is expressly
authorized to issue Units (i) in accordance with the terms of any such Equity Plan, or (ii) in an amount equal to the number of
shares of Class A Common Stock issued pursuant to any such Equity Plan, without any further act, approval or vote of any Member
or any other Persons.

 

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,
including any guidelines adopted pursuant to Section 3.10, 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 using such record date as
the Manager may designate; such Distributions shall be made to the Members as of the close of business on such record date on
a pro rata basis in accordance with each Member’s Percentage Interest as of the close of business on such record
date; provided, however, that the Manager shall have the obligation to make Distributions as set forth in Sections 4.01(b)
and 14.02; and, provided further, that, notwithstanding any other provision herein to the contrary, no Distributions shall be
made to any Member to the extent such Distribution would render the Company insolvent. For purposes of the foregoing
sentence, insolvency means either (i) the inability of the Company to pay its debts as they come due in the usual course of
business, or (ii) the total assets of the Company being less than the sum of its total liabilities. Promptly following the
designation of a record date and the declaration of a Distribution pursuant to this Section 4.01(a), the Manager shall give
notice to each Member of the record date, the amount and the terms of the Distribution and the payment date thereof. In
furtherance of the foregoing, it is intended that the Manager shall, to the extent permitted by applicable Law and hereunder,
have the right in its sole discretion to make Distributions to the Members pursuant to this Section 4.01(a) in such amounts
as shall enable the Corporation to pay dividends or to meet its obligations, including its obligations pursuant to the Tax
Receivable Agreement (to the extent such obligations are not otherwise able to be satisfied as a result of Tax Distributions
required to be made pursuant to Section 4.01(b)).

 

    14

     

    

 

 (b) Tax Distributions.

 

(i) On
or about each date (a “Tax Distribution Date”) that is five (5) Business Days prior to each due
date for the U.S. federal income tax return of an individual calendar year taxpayer (without regard to extensions) (or,
if earlier, the due date for the U.S. federal income tax return of the Corporation, as determined without regard to
extensions), the Company shall be required to make a Distribution to each Member of cash in an amount equal to the excess of
such Member’s Assumed Tax Liability, if any, for such taxable period over the Distributions previously made to such
Member pursuant to this Section 4.01(b) with respect to such taxable period (the “Tax
Distributions”). Notwithstanding the foregoing, the Manager may, in its discretion, make such Tax Distributions
on a quarterly basis, and any date on which such Tax Distributions are made will be considered a Tax Distribution Date for
purposes hereof.

 

(ii) To
the extent a Member otherwise would be entitled to receive less than its Percentage Interest of the aggregate Tax
Distributions to be paid pursuant to this Section 4.01(b) on any given date, the Tax Distributions to such Member
shall be increased to ensure that all Distributions made pursuant to this Section 4.01(b) are made pro rata in
accordance with 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 become
available sufficient to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled.

 

(iii) In
the event of any audit by, or similar event with, a taxing authority that affects the calculation of any
Member’s Assumed Tax Liability for any Taxable Year, or in the event the Company files an amended tax return, each
Member’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to such event (for the
avoidance of doubt, taking into account interest or penalties). Any shortfall in the amount of Tax Distributions the Members
and former Members received for the relevant Taxable Years based on such recalculated Assumed Tax Liability promptly shall be
distributed to such Members and the successors of such former Members, except, for the avoidance of doubt, to the extent
Distributions were made to such Members and former Members pursuant to Section 4.01(a) and this Section 4.01(b)
in the relevant Taxable Years sufficient to cover such shortfall.

 

(iv) Notwithstanding
the foregoing, Distributions pursuant to this Section 4.01(b), if any, shall be made to a Member (or its predecessor
in interest) only to the extent all previous Distributions to such Member pursuant to Section 4.01(a) with respect to
the Fiscal Year are less than the Distributions such Member (and its predecessor in interest) otherwise would have been
entitled to receive with respect to such Fiscal Year pursuant to this Section 4.01(b).

 

Section 4.02 Restricted
Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make any Distribution
to any Member on account of any Company Interest if such Distribution would violate any applicable Law or the terms of the Credit
Agreement.

 

ARTICLE V

CAPITAL ACCOUNTS; ALLOCATIONS;
TAX MATTERS

 

Section 5.01 Capital Accounts.

 

(a) The
Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulation
Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the
events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance
with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of
Company property.

 

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

 

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

 

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

 

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

 

(iv) Items
of depreciation, amortization and other cost recovery deductions with respect to Company property having a Book Value that
differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g).

 

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

 

Section
5.02 Allocations. Except as otherwise provided in Section 5.03 and Section 5.04, Net Profits and Net Losses for any Fiscal
Year or Fiscal Period shall be allocated among the Capital Accounts of the Members pro rata in accordance with their respective
Percentage Interests.

 

Section 5.03 Regulatory Allocations.

 

(a) Losses
attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the
manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner
nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and,
if necessary, for subsequent Taxable Years) shall be allocated to the Members in the amounts and of such character as
determined according to Treasury Regulation Section 1.704-2(i)(4).

 

(b) Nonrecourse
deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated
pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 4.03(a), if
there is a net decrease in the Minimum Gain during any Taxable Year, each Member shall be allocated Profits for such Taxable
Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according
to Treasury Regulation Section 1.704-2(f). This Section 5.03(b) is intended to be a minimum gain chargeback provision that
complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent
therewith.

 

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

 

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

 

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

 

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

 

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

 

Section 5.05 Tax Allocations.

 

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

 

(b) Items
of Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company
shall be allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation
between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value using the
traditional method, as described in Treasury Regulations Section 1.704-3(b).

 

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

 

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

 

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

 

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

 

Section 5.06 Indemnification
and Reimbursement for Payments on Behalf of a Member. If the Company is obligated to pay any amount to a Governmental Entity
(or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s status
as such (including federal withholding or other taxes, state personal property taxes and state unincorporated business taxes),
then such Person shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses).
The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s obligation
to indemnify the Company under this Section 5.06. A Member’s obligation to make contributions to the Company under this Section
5.06 shall survive the termination, dissolution, liquidation and winding up of the Company, and for purposes of this Section 5.06,
the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have
against each Member under this Section 5.06, including instituting a lawsuit to collect such contribution with interest calculated
at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted
by Law). 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, (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, the “Manager”) and (ii) the Manager shall conduct,
direct and exercise full control over all activities of the Company. The Manager shall be the “manager” of the
Company for the purposes of the 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 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) The
day-to-day business and operations of the Company shall be overseen and implemented by officers of the Company (each, an
“Officer” and collectively, the “Officers”), subject to the
limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer shall be appointed by the Manager
and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or
until he shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than one
office. Subject to the other provisions in this Agreement (including in Section 6.07 below), the salaries or other
compensation, if any, of the Officers of the Company shall be fixed from time to time by the Manager. The authority and
responsibility of the Officers shall include, but not be limited to, such duties as the Manager may, from time to time,
delegate to them and the carrying out of the Company’s business and affairs on a day-to-day basis. The existing
Officers of the Company as of the Effective Time shall remain in their respective positions and shall be deemed to have been
appointed by the Manager. All Officers shall be, and shall be deemed to be, officers and employees of the Company. An Officer
may also perform one or more roles as an officer or director of the Manager.

 

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(c) The
Manager shall have the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all
or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or
subscription right or any other right available in connection with any assets at any time held by the Company) or the
merger, consolidation, reorganization or other combination of the Company with or into another entity.

 

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

 

Section 6.03 Resignation;
No Removal. The Manager may resign at any time by giving written notice to the Members. Unless otherwise specified in the notice,
the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not be necessary
to make it effective. 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). The Members have no right under this Agreement to fill any vacancy in the position of Manager.

 

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 such contracts and dealings are on terms comparable to and competitive with those available to the Company from
others dealing with the Company at arm’s length or are approved by the Members and otherwise are permitted by the Credit
Agreement and any other agreements of the Company with third parties. The Members hereby approve the IPO Common Unit Redemption
Agreement in the form heretofore provided to each such Member, together with such modifications, revisions or amendments as the
Manager may approve in its discretion.

 

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 without limitation all fees,
expenses and costs associated with the IPO and all fees, expenses and costs of being a public company (including expenses incurred
in connection with public reporting obligations, proxy statements, stockholder meetings, stock exchange fees, transfer agent fees,
legal fees, SEC and FINRA filing fees and offering expenses) and maintaining its corporate existence. In the event that shares
of Class A Common Stock are sold to underwriters in the IPO (or in any subsequent public offering) at a price per share that is
lower than the price per share for which such shares of Class A Common Stock are sold to the public in the IPO (or in such subsequent
public offering, as applicable) after taking into account underwriters’ discounts or commissions and brokers’ fees
or commissions (such difference, the “Discount”), (i) the Manager shall be deemed to have contributed to the Company
in exchange for newly-issued Common Units the full amount for which such shares of Class A Common Stock were sold to the public
and (ii) the Company shall be deemed to have paid the Discount as an expense. 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 Code Section 707(c) 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 chief executive officer, president, chief executive officer, chief financial
officers, chief operating officer, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate
certain authority and duties to such Persons as the same may be amended, restated or otherwise modified from time to time. Any
number of titles may be held by the same individual. The salaries or other compensation, if 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.

 

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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 shall be liable to the Company or to any Member that is not the Manager for any act
or omission performed or omitted by the Manager in its capacity as the sole 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 fraud, intentional
misconduct or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants
by the Manager or its Affiliates contained herein or in the other agreements with the Company, in each case as determined by
a final judgment, order or decree of an arbitrator or a court of competent jurisdiction which is not appealable or with
respect to which the time for appeal therefrom has expired and no appeal has been perfected. The Manager may exercise any of
the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents, and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as
such agent was selected in good faith and with reasonable care). The Manager shall be entitled to rely in good faith on the
provisions of this Agreement and on information, opinions, reports or statements (including financial statements and
information, opinions, reports or statements as to the value or amount of the assets, liabilities, profits or losses of the
Company or any facts pertinent to the existence and amount of assets from which Distributions to Members might properly be
paid) of the following other Persons or groups: one or more Officers or employees of the Company or the Manager; any
attorney, independent accountant, appraiser or other expert or professional employed or engaged by or on behalf of the
Company or the Manager; or any other Person who has been selected with reasonable care by or on behalf of the Company, or the
Manager, in each case as to matters which such Member, Manager or Officer reasonably believes to be within such other
Person’s competence, and any act of or failure to act by the Manager in good faith reliance on such advice shall in no
event subject the Manager to liability to the Company or any Member that is not the Manager.

 

(b) Whenever
this Agreement or any other agreement contemplated herein provides that the Manager shall act in a manner which is, or
provide terms which are, “fair and reasonable” to the Company or any Member that is not the Manager, the
Manager shall determine such appropriate action or provide such terms considering, in each case, the relative interests of
each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable United States generally accepted accounting practices or principles.

 

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

 

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

 

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 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
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and listed on a U.S. and, if
approved by the Manager, other securities exchange, (d) the offering, sale, syndication, private placement or public offering
of stock, bonds, securities or other interests, (e) financing or refinancing of any type related to the Company, its
Subsidiaries or their assets or activities, and (f) such activities as are incidental to the foregoing; provided, however,
that, except as otherwise provided herein, the net proceeds of any financing raised by the Manager pursuant to the preceding
clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or otherwise, as
appropriate, and, provided further, that the Manager may, in its sole and absolute discretion, from time to time hold or
acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the Manager takes
commercially reasonable measures to ensure that the economic benefits and burdens of such assets are otherwise vested in the
Company or its Subsidiaries, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest
such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith to amend this
Agreement to reflect such activities and the direct ownership of assets by the Manager. Nothing contained herein shall be
deemed to prohibit the Manager from executing any guarantee of indebtedness of the Company or its Subsidiaries.

 

ARTICLE VII

RIGHTS AND OBLIGATIONS
OF MEMBERS

 

Section 7.01 Limitation of Liability and Duties
of Members.

 

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

 

(b)
In accordance with the Act and the laws of the State of Delaware, a Member may, under certain circumstances, be required
to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant
to Article IV shall be deemed a return of money or other property paid or distributed in violation of the Act. To the fullest extent
permitted by Law, any Member receiving any such money or property shall not be required to return any such money or property to
the Company or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of
this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not
of any other Member.

 

(c)
Notwithstanding any other provision of this Agreement (subject to Section 6.08 with respect to the Manager), to the extent
that, at law or in equity, any Member (or any Member’s Affiliate or any manager, managing member, general partner, director,
officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary duties)
to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Company Interest or to any other
Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted
by law, and replaced with the duties or standards expressly set forth herein, if any. The elimination of duties (including fiduciary
duties) to the Company, the Manager, each of the Members, each other Person who acquires an interest in a Company Interest and
each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any,
are approved by the Company, the Manager, each of the Members, each other Person who acquires an interest in a Company Interest
and each other Person bound by this Agreement.

 

Section 7.02 Lack of Authority.
No Member, other than the Manager or a duly appointed Officer, in each case in its capacity as such, has the authority or power
to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf
of the Company. The Members hereby consent to the exercise by the Manager of the powers conferred on them by Law and this Agreement.

 

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

 

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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 the Act, as the same now exists or may hereafter be amended, substituted
or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution
or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to
such amendment), against all expenses, liabilities and losses (including attorneys’ fees, judgments, fines, excise taxes
or penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s Affiliates) by reason of the
fact that such Person is or was a Member or is or was serving at the request of the Company as the Manager, an Officer, an employee
or another agent of the Company or is or was serving at the request of the Company as a manager, member, employee or agent of another
limited liability company, corporation, partnership, joint venture, trust or other enterprise; provided, however, that no Indemnified
Person shall be indemnified for actions not made in good faith and not or in a manner which he or she reasonably believed to be
in or not opposed to the best interests of the Company, or, with respect to any criminal action or proceeding other than by or
in the right of the Company, had reasonable cause to believe the conduct was unlawful, or for any present or future breaches of
any representations, warranties or covenants by such Indemnified Person or its Affiliates contained herein or in the other agreements
with the Company. Expenses, including attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding
shall be paid by the Company as they are incurred and in advance of the final disposition of such action, suit or proceeding, upon
receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined
by a court of competent jurisdiction that such Indemnified Person is not entitled to be indemnified by the Company.

 

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

 

(c) 
The Company shall maintain directors’ and officers’ liability insurance, or make other financial arrangements,
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 directors’ and officers’ liability insurance (including employment practices coverage) with a carrier
and in an amount determined necessary or desirable as determined in good faith by the Manager.

 

(d) 
Notwithstanding anything contained herein to the contrary (including in this Section 7.04), 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 or as a Member 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 which 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 and 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 the payment of all damages or liabilities with respect to such Sponsor Person which are addressed by this Section 7.04.

 

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

 

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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 Units, voting together
as a single class, shall be the acts of the Members. Any Member entitled to vote at a meeting of Members or to express consent
or dissent to Company action in writing without a meeting may authorize another Person or Persons to act for it by proxy. An electronic
mail or similar transmission by the Member, or a photographic, photostatic, facsimile or similar reproduction of a writing executed
by the Member shall (if stated thereon) be treated as a proxy executed in writing for purposes of this Section 7.05(a). No proxy
shall be voted or acted upon after eleven months from the date thereof, unless the proxy provides for a longer period. A proxy
shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with
an interest. Should a proxy designate two or more Persons to act as proxies, unless that instrument shall provide to the contrary,
a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise
all the powers of voting or giving consents thereby conferred, or, if only one be present, then such powers may be exercised by
that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to
recognize such proxy with respect to such issue if such proxy does not specify how the votes that are the subject of such proxy
are to be voted with respect to such issue.

 

(b) 
The actions by the Members permitted hereunder may be taken at a meeting called by the Manager or by the Members holding
a majority of the Units entitled to vote on such matter on at least 72 hours’ (unless a shorter period shall be acceptable
to all of the Members) prior written notice to the other Members entitled to vote, which notice shall state the purpose or purposes
for which such meeting is being called. The actions taken by the Members entitled to vote or consent at any meeting (as opposed
to by written consent), however called and noticed, shall be as valid as though taken at a meeting duly held after regular call
and notice if (but not until), either before, at or after the meeting, the Members entitled to vote or consent as to whom it was
improperly held signs a written waiver of notice or a consent to the holding of such meeting or an approval of the minutes thereof.
The actions by the Members entitled to vote or consent may be taken by vote of the Members entitled to vote or consent at a meeting
or by written consent, so long as such consent is signed by Members having not less than the minimum number of Units that would
be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted.
Prompt notice of the action so taken, which shall state the purpose or purposes for which such consent is required and may be delivered
via email, without a meeting shall be given to those Members entitled to vote or consent who have not consented in writing; provided,
however, that the failure to give any such notice shall not affect the validity of the action taken by such written consent. Any
action taken pursuant to such written consent of the Members shall have the same force and effect as if taken by the Members at
a meeting thereof.

 

Section 7.06 Inspection
Rights. The Company shall permit each Member and each of its designated representatives, at such Member’s expense, to
(i) visit and inspect any of the properties of the Company and its Subsidiaries, all at reasonable times and upon reasonable notice,
(ii) examine the corporate and financial records of the Company or any of its Subsidiaries and make copies thereof or extracts
therefrom, and (iii) consult with the managers, officers, employees and independent accountants of the Company or any of its Subsidiaries
concerning the affairs, finances and accounts of the Company or any of its Subsidiaries; provided, however, that the Company shall
not be obligated pursuant to this Section 7.06 to provide access to any information that the Company considers to be a trade
secret. The presentation of an executed copy of this Agreement by any Member to the Company’s independent accountants shall
constitute the Company’s permission to its independent accountants to participate in discussions with such Persons and their
respective designated representatives.

 

ARTICLE VIII

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE
COVENANTS

 

Section 8.01 Records and
Accounting. The Company shall keep, or cause to be kept, appropriate books and records with respect to the Company’s
business, including all books and records necessary to provide any information, lists and copies of documents required to be provided
pursuant to Section 8.03 or pursuant to applicable Law. All matters concerning (a) the determination of the relative amount
of allocations and Distributions among the Members pursuant to Articles III and IV and (b) accounting procedures
and determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall
be determined by the Manager, whose determination shall be final and conclusive as to all of the Members absent manifest clerical
error.

 

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Section 8.02 Fiscal Year.
The Fiscal Year of the Company shall begin on the first day of January and end on the last day of December each year or such other
date as may be established by the Manager.

 

Section 8.03 Reports.
The Company shall deliver or cause to be delivered, within ninety (90) days after the end of each Fiscal Year, to each Person who
was a Member at any time during such Fiscal Year, all information reasonably necessary for the preparation of such Person’s
United States federal and applicable state income tax returns.

 

ARTICLE
IX

TAX MATTERS

 

Section 9.01 Preparation
of Tax Returns. The Manager shall arrange for the preparation and timely filing of all tax returns required to be filed by
the Company. On or before March 15, June 15, September 15, and December 15 of each Fiscal Year, the Company shall send to each
Person who was a Member at any time during the prior quarter, an estimate of such Member’s state tax apportionment information
and allocations to the Members of taxable income, gains, losses, deductions and credits for the prior quarter, which estimate shall
have been reviewed by the Company’s outside tax accountants. In addition, no later than the later of (i) March 15 following
the end of the prior Fiscal Year, and (ii) 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 final state tax apportionment information and allocations to the Members of taxable income,
gains, losses, deductions and credits for such Fiscal Year and a completed IRS Schedule K-1. Each Member shall notify the other
Members upon receipt of any notice of tax examination of the Company by federal, state or local authorities. Subject to the terms
and conditions of this Agreement, in its capacity as 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, including
the use of any permissible method under Section 706 of the Code for purposes of determining the varying Company Interests of its
Members.

 

Section 9.02 Tax Elections.
The Taxable Year shall be the Fiscal Year set forth in Section 8.02. The Company and any eligible Subsidiary shall make
an election pursuant to Section 754 of the Code, shall not thereafter revoke such election. Each Member will upon request supply
any information reasonably necessary to give proper effect to any such elections.

 

Section 9.03 Tax Controversies.
The Corporation 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 “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 keep all Members fully advised on a current basis of any contacts by
or discussions with the tax authorities, and the Members shall have the right to observe and participate through representatives
of their own choosing (at their sole expense) in any tax proceedings.

 

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ARTICLE X

RESTRICTIONS ON TRANSFER OF UNITS; PREEMPTIVE RIGHTS

 

Section 10.01 Transfers
by Members. No holder of Units may Transfer any interest in any Units, except Transfers (a) pursuant to and in
accordance with Section 10.02 or (b) approved in writing by the Manager. Notwithstanding the foregoing,
“Transfer” shall not include an event that terminates the existence of a Member for income tax purposes
(including a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, a sale of assets by,
or liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or merger, severance, or allocation
within a trust or among sub-trusts of a trust that is a Member), but that does not terminate the existence of such Member
under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the
fiduciaries under such trust with respect to all the Company Interests of such trust that is a Member).

 

Section 10.02 Permitted
Transfers. The restrictions contained in Section 10.01 shall not apply to any Transfer (each, a “Permitted
Transfer”) pursuant to (i)(A) a Change of Control Transaction, (B) a Redemption or Exchange in accordance with Article
XI hereof or (C) a Transfer by a Member to the Corporation or any of its Subsidiaries; (ii) a Transfer by any Member to such Member’s
spouse, any lineal ascendants or descendants or trusts or other entities in which such Member or Member’s spouse, lineal
ascendants or descendants hold (and continue to hold while such trusts or other entities hold Units) 50% or more of such entity’s
beneficial interests; (iii) the laws of descent and distribution and (iv) a Transfer to a partner, shareholder, member or Affiliated
investment fund of such Member; provided, however, that (A) the restrictions contained in this Agreement will continue to apply
to Units after any Permitted Transfer of such Units, and (B) in the case of the foregoing clauses (ii), (iii) and (iv), the transferees
of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement and, the transferor will deliver
a written notice to the Company and the Members, which notice will disclose in reasonable detail the identity of the proposed transferee.
In the case of a Permitted Transfer by any Member of Common Units to a transferee in accordance with this Section 10.02, such Member
(or any subsequent transferee of such Member) shall be required to also transfer one share of Class B Common Stock or three shares
of Class C Common Stock, as applicable, for each Common Unit that is transferred in the transaction to such transferee. All Permitted
Transfers are subject to the additional limitations set forth in Section 10.07(b).

 

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

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
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
OPERATING AGREEMENT OF GREENLANE HOLDINGS, LLC, AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME, AND GREENLANE HOLDINGS, LLC RESERVES
THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY
OF SUCH CONDITIONS SHALL BE FURNISHED BY GREENLANE HOLDINGS, LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”

 

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

 

Section 10.04 Transfer.
Prior to Transferring any Units (other than pursuant to a Change of Control Transaction), the Transferring Holder of Units
shall cause the prospective Assignee to be bound by this Agreement as provided in Section 10.02 and any other agreements
executed by the holders of Units and relating to such Units in the aggregate (collectively, the “Other
Agreements”), and shall cause the prospective Assignee to execute and deliver to the Company and the other
holders of Units counterparts of this Agreement and any applicable Other Agreements. Any Transfer or attempted Transfer of
any Units in violation of any provision of this Agreement (including any prohibited indirect Transfers) shall be void, and in
the event of any such Transfer or attempted Transfer, the Company shall not record such Transfer on its books or treat any
purported Assignee of such Units as the owner of such securities for any purpose.

 

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Section 10.05 Assignee’s Rights.

 

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

 

(b) 
Unless and until an Assignee becomes a Member pursuant to Article XII, the Assignee shall not be entitled to any of the
rights granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant
to this Agreement; provided, however, that, without relieving the transferring Member from any such limitations or obligations
as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member contained
herein that a Member would be bound on account of the Assignee’s Company Interest (including the obligation to make Capital
Contributions on account of such Company Interest).

 

Section 10.06 Assignor’s
Rights and Obligations. Any Member who shall Transfer any Company Interest in a manner in accordance with this Agreement shall
cease to be a Member with respect to such Units or other interest and shall no longer have any rights or privileges, or, except
as set forth in this Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units or other
interest (it being understood, however, that the applicable provisions of Sections 6.08 and 7.04 shall continue to
inure to such Person’s benefit), except that unless and until the Assignee (if not already a Member) is admitted as a Substituted
Member in accordance with the provisions of Article XII (the “Admission Date”), (i) such assigning Member
shall retain all of the duties, liabilities and obligations of a Member with respect to such Units or other interest, and (ii)
the Manager may, in its sole discretion, reinstate all or any portion of the rights and privileges of such Member with respect
to such Units or other interest for any period of time prior to the Admission Date. Nothing contained herein shall relieve any
Member who Transfers any Units or other interest in the Company from any liability of such Member to the Company with respect to
such Company Interest that may exist on the Admission Date or that is otherwise specified in the Act and incorporated into this
Agreement or for any liability to the Company or any other Person for any materially false statement made by such Member (in its
capacity as such) or for any present or future breaches of any representations, warranties or covenants by such Member (in its
capacity as such) contained herein or in the other agreements with the Company.

 

Section 10.07 Overriding Provisions.

 

(a) 
Any Transfer in violation of this Article X shall be null and void ab initio, and the provisions of Sections 10.05
and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted
in violation of this Article X shall not become a Member, shall not be entitled to vote on any matters coming before the
Members and shall not have any other rights in or with respect to any rights of a Member of the Company. The approval of any Transfer
in any one or more instances shall not limit or waive the requirement for such approval in any other or future instance. The Manager
shall promptly amend the Schedule of Members to reflect any Permitted Transfer pursuant to this Article X.

 

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

 

(i)
result in a violation of the Securities Act, or any other applicable federal, state or foreign Laws;

 

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 (ii) cause an assignment under the Investment Company Act;

 

(iii)
be a violation of or a default (or an event that, with notice or the lapse of time or both, would constitute a default)
under, or result in an acceleration of any indebtedness under, any promissory note, mortgage, loan agreement, indenture or similar
instrument or agreement to which the Company or the Manager is a party; provided that (x) the payee or creditor to whom
the Company or the Manager owes such obligation is not an affiliate of the Company or the Manager and (y) such indebtedness, individually
or in the aggregate, has an aggregate principal amount then outstanding that is greater than $5,000,000;

 

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

 

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

 

(vi) cause
the Company or any Member or the Manager to be treated as a fiduciary under the Employee Retirement Income Security Act of
1974, as amended;

 

(vii) cause
the Company (as determined by the Manager in its sole discretion) to be treated as a “publicly traded
partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor provision of the Code;
or

 

(viii) result
in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section
1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)) in any Taxable Year that is
not a Restricted Taxable Year.

 

Section 10.08 Spousal Consent.
In connection with the execution and delivery of this Agreement, any Member who is a natural person will deliver to the Company
an executed consent from such Member’s spouse (if any) in the form of Exhibit C-1 attached hereto or a Member’s
spouse confirmation of separate property in the form of Exhibit C-2 attached hereto. If, at any time subsequent to the date
of this Agreement such Member becomes legally married (whether in the first instance or to a different spouse), such Member shall
cause his or her spouse to execute and deliver to the Company a consent in the form of Exhibit C attached hereto. Such Member’s
non-delivery to the Company of an executed consent in the form of Exhibit C at any time shall constitute such Member’s
continuing representation and warranty that such Member is not legally married as of such date.

 

Section 10.09 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 “Pubco 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 Common Unitholders shall be permitted to participate in such Pubco Offer
by delivery of a Redemption Notice (which Redemption Notice shall be effective immediately prior to the consummation of such
Pubco Offer (and, for the avoidance of doubt, shall be contingent upon such Pubco Offer and not be effective if such Pubco
Offer is not consummated)). In the case of a Pubco Offer proposed by 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 the Common Unitholders to participate in such Pubco Offer to the same extent or on an economically
equivalent basis as the holders of shares of Class A Common Stock without discrimination; provided, that without limiting the
generality of 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 Common Unitholders may participate in such Pubco Offer without being required to have their
Common Units and shares of Class B Common Stock or Class C Common Stock redeemed (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
Pubco Offer). For the avoidance of doubt, in no event shall Common Unitholders be entitled to receive in such Pubco Offer
aggregate consideration for each Common Unit that is greater than the consideration payable in respect of each share of Class
A Common Stock in connection with a Pubco Offer (it being understood that payments under or in respect of the Tax Receivable
Agreement shall not be considered part of any such consideration).

 

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(b) The
Corporation shall send written notice to the Company and the Common Unitholders at least thirty (30) days prior to
the closing of the transactions contemplated by the Pubco Offer notifying them of their rights pursuant to this Section
10.09, and setting forth (i) a copy of the written proposal or agreement pursuant to which the Pubco 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 notice
changes from that set forth in the initial notice, a subsequent notice shall be delivered by the Corporation no less than
seven (7) days prior to the closing of the Pubco Offer.

 

ARTICLE XI

REDEMPTION
AND EXCHANGE RIGHTS

 

Section 11.01 Redemption Right of a Member.

 

 (a) Redemption Notice.

 

(i) Subject
to the provisions set forth in this Section 11.01, each Member (other than the Corporation) shall be entitled to cause
the Company to redeem (a “Redemption”) its Common Units (the “Redemption
Right”) at any time beginning on the earlier of (A) 180 days after the Effective Time or (B) if such Member has
entered into a contractual lock-up agreement with the underwriters in connection with the IPO and relating to the shares of
the Corporation that may be applicable to such Member, the date such lock-up agreement has been waived or terminated as it
applies to such Member; provided, however, that the Original Members shall be entitled to effect a Redemption
pursuant to the IPO Common Unit Redemption Agreement of a number of their Common Units equal to the number of shares of Class
A Common Stock needed by the Original Members to fulfill their obligations to sell shares of Class A Common Stock to the
underwriters pursuant to the Underwriting Agreement, including in connection with any exercise by the underwriters of the
Over-Allotment Option. A Member desiring to exercise its Redemption Right (the “Redeeming Member”)
shall exercise such right by giving written notice (the “Redemption Notice”) to the Company with a
copy to the Corporation. The Redemption Notice shall specify the number of Common Units (the
“Redeemed Units”) that the Redeeming Member intends to have the Company redeem and a date (unless
and to the extent that the Manager in its sole discretion agrees in writing to waive such time periods) on which exercise of
the Redemption Right shall be completed, which complies with the requirements set forth in Section 11.01(a)(ii) (the
“Redemption Date”); provided that (x) if the Redemption Date occurs in a Restricted Taxable
Year, the Redemption Date must be a date that satisfies the conditions of Section 11.01(a)(ii), and (y) the Company,
the Corporation and the Redeeming Member may change the number of Redeemed Units and/or the Redemption Date specified in such
Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided further that
a Redemption Notice may be conditioned on the closing of an underwritten distribution of the shares of Class A Common Stock
that may be issued in connection with such proposed Redemption. Unless the Redeeming Member timely has delivered a Retraction
Notice as provided in Section 11.01(b) or has revoked or delayed a Redemption as provided in Section 11.01(c),
on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming
Member shall transfer and surrender the Redeemed Units to the Company, free and clear of all liens and encumbrances, and (B)
the Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the
Redeeming Member is entitled under Section 11.01(b), and (z), if the Units are certificated, issue to the
Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common
Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (B) of this Section
11.01(a)(i) and the Redeemed Units.

 

(ii)
Except as provided in Section 11.01(f), any Redemption Date that occurs in a Restricted Taxable Year must be a Quarterly
Redemption Date not less than sixty (60) days after delivery of the applicable Redemption Notice. Except as provided in Section
11.01(f), any Redemption Date that occurs in a year that is not a Restricted Taxable Year must be not less than seven (7)
Business Days nor more than ten (10) Business Days after delivery of the applicable Redemption Notice.

 

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(b) In
exercising its Redemption Right, a Redeeming Member shall be entitled to receive the Share Settlement or the Cash
Settlement; provided that, except as provided in Section 11.01(f), the Corporation shall have the option (as
determined solely by its Independent Directors who are disinterested) as provided in Section 11.02 and
subject to Section 11.01(d) to select whether the redemption payment is made by means of a Share Settlement or a Cash
Settlement. Within three (3) Business Days of delivery of the Redemption Notice, the Corporation shall give written notice
(the “Contribution Notice”) to the Company (with a copy to the Redeeming Member) of its
intended settlement method; provided that if the Corporation does not timely deliver a Contribution Notice, the Corporation
shall be deemed to have elected the Share Settlement method. If the Corporation elects the Cash Settlement method, the
Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction
Notice”) to the Company (with a copy to the Corporation) within two (2) Business Days of delivery of the
Contribution Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s,
Company’s and the Corporation’ rights and obligations under this Section 11.01 arising from the Redemption
Notice.

 

(c) In
the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeeming Member shall be entitled to
revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any
registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at
or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or
inaction by the SEC or no such resale registration statement has yet become effective; (ii) the Corporation shall have failed
to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption;
(iii) the Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration
statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common
Stock registered at or immediately following the consummation of the Redemption; (iv) the Corporation shall have disclosed to
such Redeeming Member any material non-public information concerning the Corporation, the receipt of which could reasonably
be determined to result in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or
immediately following the Redemption without disclosure of such information (and the Corporation does not permit disclosure);
(v) any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by
such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; (vi) there shall have
occurred a material disruption in the securities markets generally or in the market or markets in which the Class A Common
Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any
Governmental Entity that restrains or prohibits the Redemption; (viii) the Corporation shall have failed to comply in all
material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the
ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption
pursuant to an effective registration statement; (ix) the Redemption Date would occur three (3) Business Days or less prior
to, or during, a Black-Out Period; provided further, that in no event shall the Redeeming Member seeking to revoke its
Redemption Notice or delay the consummation of such Redemption and relying on any of the matters contemplated in clauses
(i) through (ix) above have controlled or intentionally 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 delay or revocation. If a Redeeming Member delays the
consummation of a Redemption pursuant to this Section 11.01(c), the Redemption Date shall occur on the fifth Business
Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the
Corporation, the Company and such Redeeming Member may agree in writing).

 

(d)  The
number of shares of Class A Common Stock or the Redeemed Units Equivalent that a Redeeming Member is entitled to
receive under Section 11.01(b) (through a Share Settlement or Cash Settlement, as applicable) shall not be adjusted on
account of any Distributions previously made with respect to the Redeemed Units or dividends previously paid with respect to
Class A Common Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the
Redemption Date occurs subsequent to the record date for any Distribution with respect to the Redeemed Units but prior to
payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the
Redeemed Units on the date that it is made notwithstanding that the Redeeming Member transferred and surrendered the Redeemed
Units to the Company prior to such date.

 

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(e) In
the event of a reclassification or other similar transaction as a result of which the shares of Class A Common Stock are
converted into another security, then in exercising its Redemption Right a Redeeming Member shall be entitled to receive
the amount of such security that the Redeeming Member would have received if such Redemption Right had been exercised and the
Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction.
Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall be obligated to
effectuate a Redemption if such Redemption (in the sole discretion of the Manager) could cause the Company to be treated as a
“publicly traded partnership” or to be taxed as a corporation pursuant Section 7704 of the Code or successor
provisions of the Code.

 

(f) Notwithstanding
any conflicting provisions of this Section 11.01, in connection with the IPO, the Original Members that are parties to
the IPO Common Unit Redemption Agreement may effect a Redemption pursuant to the IPO Common Unit Redemption Agreement of an
aggregate number of Common Units equal to the aggregate number of shares of Class A Common Stock to be sold by Original
Members to the underwriters pursuant to the Underwriting Agreement, including in connection with any exercise by the
underwriters of the Over-Allotment Option.

 

Section 11.02 Election
and Contribution of the Corporation. In connection with the exercise of a Redeeming Member’s Redemption Rights
under Section 11.01(a), the Corporation shall contribute to the Company the consideration the Redeeming Member is
entitled to receive under Section 11.01(b). Except as provided in Section 11.01(f), the Corporation, at its
option (as determined solely by its Independent Directors who are disinterested), shall determine whether to contribute,
pursuant to Section 11.01(b), the Share Settlement or the Cash Settlement. Unless the Redeeming Member has timely
delivered a Retraction Notice as provided in Section 11.01(b), or has revoked or delayed a Redemption as provided in Section
11.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i)
the Corporation shall make its Capital Contribution to the Company (in the form of the Share Settlement or the Cash
Settlement) required under this Section 11.02, and (ii) the Company shall issue to the Corporation a number of Common
Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this
Agreement to the contrary, in the event that the Corporation elects a Cash Settlement, the Corporation shall only be
obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds (after
deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from the sale by the
Corporation of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed with such Cash
Settlement provided that the Corporation’s Capital Account shall be increased by an amount equal to any Discount
relating to such sale of shares of Class A Common Stock in accordance with Section 6.06.  The
timely delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’ rights and
obligations under this Section 11.02 arising from the Redemption Notice.

 

Section 11.03 Exchange Right of the Corporation.

 

(a) Notwithstanding
anything to the contrary in this Article XI, the Corporation may, in its sole and absolute discretion (as determined
solely by its Independent Directors who are disinterested), elect to effect on the Redemption Date the exchange of Redeemed
Units for the Share Settlement or Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and
such consideration between the Redeeming Member and the Corporation (a “Direct Exchange”). Upon
such Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed Units and shall be
treated for all purposes of this Agreement as the owner of such Units.

 

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

 

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Section 11.04 Reservation of
Shares of Class A Common Stock; Listing; Certificate of the Corporation. At all times the Corporation shall reserve and
keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption
or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Redemption or Direct
Exchange pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude the Corporation
from satisfying its obligations in respect of any such Redemption or Direct Exchange by delivery of purchased Class A Common
Stock (which may or may not be held in the treasury of the Corporation) or the delivery of cash pursuant to a Cash
Settlement. The Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect
to any Redemption or Direct Exchange to the extent a registration statement is effective and available for such shares. The
Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any
such Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which the outstanding
shares of Class A Common Stock are listed at the time of such Redemption or Direct Exchange (it being understood that any
such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation covenants that all
Class A Common Stock issued upon a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and
non-assessable. The provisions of this Article XI shall be interpreted and applied in a manner consistent with the
corresponding provisions of the Corporation’s certificate of incorporation.

 

Section 11.05 Effect of
Exercise of Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation of a Redemption or
Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members and the Redeeming
Member (to the extent of such Redeeming Member’s remaining interest in the Company). No Redemption or Direct Exchange shall
relieve such Redeeming Member of any prior breach of this Agreement.

 

Section 11.06 Tax Treatment.
Unless otherwise required by applicable Law, the parties hereto acknowledge and agree a Redemption or a Direct Exchange, as the
case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal and applicable
state and local income tax purposes.

  

ARTICLE XII

ADMISSION
OF MEMBERS

 

Section 12.01 Substituted
Members. Subject to the provisions of Article X hereof, in connection with the Permitted Transfer of a Company Interest
hereunder, the transferee shall become a substituted Member (“Substituted Member”) on the effective date
of such Permitted 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.

 

Section 12.02 Additional
Members. Subject to the provisions of Article X hereof, any Person that is not an Original Member may be admitted to
the Company as an additional Member (any such Person, an “Additional Member”) only upon furnishing to
the Manager (a) counterparts of this Agreement and any applicable Other Agreements and (b) such other documents or instruments
as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering into such
documents as the Manager may deem appropriate in its 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.

 

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ARTICLE XIII

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

 

Section 13.01 Withdrawal
and Resignation of Members. No Member shall have the power or right to withdraw or otherwise resign as a Member from the Company
prior to the dissolution and winding up of the Company pursuant to 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 10.06, such Member shall cease to be a Member.

 

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 together with the holders of a majority of the then-outstanding Common Units entitled to vote to
dissolve the Company;

 

 (b) a Change of Control Transaction that is not approved by the Majority Members;

 

 (c) a dissolution of the Company under Section 18-801 of the Act; or

 

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

 

Except as otherwise set forth in this Article
XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall not cause a dissolution of the Company
and the Company shall continue in existence subject to the terms and conditions of this Agreement.

 

Section 14.02 Liquidation
and Termination. On dissolution of the Company, the Manager shall act as liquidator or may appoint one or more Persons as liquidator.
The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein
and in the 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 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 liabilities in such amount and for such term
as the liquidators may reasonably determine): first, all expenses incurred in liquidation; and second, all of the debts,
liabilities and obligations of the Company; and

 

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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 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 (y) such conditions relating to the disposition and management of such assets as the liquidators deem reasonable
and equitable and (z) the terms and conditions of any agreements governing such assets (or the operation thereof or the
holders thereof) at such time. Any Company assets distributed in kind will first be written up or down to their Fair Market
Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Article V. The liquidators shall
determine the Fair Market Value of any property distributed in accordance with the valuation procedures set forth in Article
XV.

 

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

 

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

 

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

 

ARTICLE XV

VALUATION

 

Section 15.01 Determination.
“Fair Market Value” of a specific Company asset will mean the amount which the Company would receive
in an all-cash sale of such asset in an 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.

 

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

 

ARTICLE
XVI

GENERAL PROVISIONS

 

Section 16.01 Power of Attorney.

 

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

 

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

 

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

 

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

 

Section 16.02 Confidentiality.

 

(a) The
Manager and each of the Members agree to hold the Company’s Confidential Information in confidence and may not use such
information except (i) in furtherance of the business of the Company, (ii) as reasonably necessary for compliance
with applicable law, including compliance with disclosure requirements under the Securities Act and the Exchange Act, and
securities laws of other jurisdictions, or (iii) as otherwise authorized separately in writing by the Manager.
“Confidential Information” as used herein includes, but is not limited to, ideas, financial product
structuring, business strategies, innovations and materials, all aspects of the Company’s business plan, proposed
operation and products, corporate structure, financial and organizational information, analyses, proposed partners, software
code and system and product designs, employees and their identities, equity ownership, the methods and means by which the
Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated
with the Company’s business. With respect to the Manager and each Member, Confidential Information does not include
information or material that: (a) is rightfully in the possession of the Manager or each Member at the time of disclosure by
the Company; (b) before or after it has been disclosed to the Manager or each Member by the Company, becomes part of public
knowledge, not as a result of any action or inaction of the Manager or such Member, respectively, in violation of this
Agreement; (c) is approved for release by written authorization of the Chief Executive Officer of the Company or of the
Corporation; (d) is disclosed to the Manager or such Member or their representatives by a third party not, to the knowledge
of the Manager or such Member, respectively, in violation of any obligation of confidentiality owed to the Company with
respect to such information; or (e) is or becomes independently developed by the Manager or such Member or their respective
representatives without use or reference to the Confidential Information.

 

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(b)  Notwithstanding Section
16.02(a), each of the Members may disclose Confidential Information to its Affiliates, partners, directors, officers,
employees, counsel, advisers, consultants, outside contractors and other agents, 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, solely to the extent it is reasonably necessary or appropriate to fulfill its
obligations or to exercise its rights under this Agreement; provided, that the disclosing party shall remain liable
with respect to any breach of this Section 16.02 by any such Affiliates, partners, directors, officers, employees,
counsel, advisers, consultants, outside contractors 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, (ii) for purposes of reporting to
its stockholders and direct and indirect equity holders the performance of the Company and its Subsidiaries and for purposes
of including applicable information in its financial statements to the extent required by applicable Law or
applicable accounting standards; (iii) 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 (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), or (iv) to the extent required to be disclosed by applicable Law. Notwithstanding any of the foregoing,
nothing in this Section 16.02 will restrict in any manner the ability of the Corporation to comply with its disclosure
obligations under Law, and the extent to which any Confidential Information is necessary or desirable to disclose.

 

Section 16.03 Amendments.
This Agreement may be amended or modified upon the consent of the Manager and the Members holding a majority of the Common Units
entitled to vote then outstanding (excluding for such purposes all Common Units held directly or indirectly by the Corporation).
Notwithstanding the foregoing, no amendment or modification (x) to this Section 16.03 may be made without the prior written
consent of the Manager and each of the Members, (y) 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 (z) 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.

 

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.

 

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Section 16.05 Addresses
and Notices. Any notice provided for in this Agreement will be in writing and will be either personally delivered, or
received by certified mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the
Company at the address set forth below and to any other recipient and to any Member at such address as indicated by the
Company’s records, or at such address or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party. Notices will be deemed to have been given hereunder when delivered personally,
three (3) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service or
transmission via e-mail (provided confirmation of transmission is received). The Company’s address is:

 

to the Company:

 

Greenlane Holdings, LLC

1095 Broken Sound Parkway

Suite 300

Boca Raton, Florida 33487

Attn: Zachary Tapp, Chief Financial Officer

E-mail: ztapp@gnln.com

 

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

 

Pryor Cashman LLP

7 
Times Square

New York, New York 10036

Attn: Jeffrey C. Johnson,
Esq.

E-mail: jjohnson@pryorcashman.com

 

Section 16.06 Binding Effect;
Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs,
executors, administrators, successors, legal representatives and permitted assigns.

 

Section 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.

 

Section
16.09 Counterparts. This Agreement may be executed in separate counterparts, each of which will be an original and all of
which together shall constitute one and the same agreement binding on all the parties hereto.

 

Section 16.10 Applicable
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving
effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any dispute relating hereto
shall be heard in the state or federal courts of the State of Delaware, and the parties agree to jurisdiction and venue therein.

 

Section 16.11 Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness
or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

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

 

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Section 16.13 Delivery
by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection with this Agreement
or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission,
including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument
and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute
original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise
the use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or
agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a
contract and each such party forever waives any such defense.

 

Section 16.14 Right of
Offset. Whenever the Company is to pay any sum (other than pursuant to Article IV)  to
any Member, any amounts that such Member owes to the Company which are not the subject of a good faith dispute may
be deducted from that sum before payment. For the avoidance of doubt, the distribution of Units to the Corporation shall not
be subject to this Section 16.14.

 

Section 16.15 Effectiveness.
This Agreement shall be effective immediately prior to the time at which the IPO closes on the IPO Closing Date (the “Effective
Time”). The Prior Operating Agreement shall govern the rights and obligations of the Company and the other parties
to this Agreement in their capacity as holders of the Original Units prior to the Effective Time.

 

Section 16.16 Entire Agreement.
This Agreement, those documents expressly referred to herein (including the Registration Rights Agreement and the Tax Receivable
Agreement), any indemnity agreements entered into in connection with the Prior Operating Agreement with any member of the board
of managers at that time and other documents of even date herewith embody the complete agreement and understanding among the parties
and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way. For the avoidance of doubt, the Prior Operating Agreement is superseded
by this Agreement as of the Effective Time and shall be of no further force and effect thereafter.

 

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

 

Section 16.18 Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.
The use of the word “including” in this Agreement shall be by way of example rather than by limitation and shall mean,
“including, without limitation”. Reference to any agreement, document or instrument means such agreement, document
or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof.
Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document
or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given
effect hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context,
references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any”
shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement
shall control but solely to the extent of such conflict.

 

[Remainder of page intentionally left blank]

 

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The
undersigned hereby agree(s) to be bound by all of the terms and provisions of the Third Amended and Restated Operating
Agreement of Greenlane Holdings, LLC as of the date first set forth above. 

 

	 	GREENLANE HOLDINGS, INC., Manager
	 	 	 
	 	By:	/s/ Aaron LoCascio
	 	Name:  	Aaron LoCascio
	 	Title:	Chief Executive Officer
	 	 	 
	 	GREENLANE HOLDINGS, LLC
	 	By: Greenlane Holdings, Inc., its Manager
	 	 	 
	 	By:	/s/ Aaron LoCascio
	 	Name:	Aaron LoCascio
	 	Title:	Chief Executive Officer

 

	 	MEMBERS 
	 	 	 
	 	CLASS A
	 	 	 
	 	JACOBY & CO. INC.
	 	 
	 	By:	/s/ Aaron LoCascio
	 	Name:   	Aaron LoCascio
	 	Title: 	Co-President
	 	 	 
	 	By:	/s/ Adam Schoenfeld
	 	Name: 	Adam Schoenfeld
	 	Title:	Co-President
	 	 	 
	 	/s/ Adam Schoenfeld
	 	Adam Schoenfeld
	 	 	 
	 	CLASS B
	 	 	 
	 	BETTER LIFE PRODUCTS INVESTMENT GROUP, INC.
	 	 	 
	 	By:	/s/ Jeffrey Sherman
	 	Name: 	Jeffrey Sherman
	 	Title:	President

 

     

     

    

 

	 	ROCHESTER VAPOR GROUP, LLC
	 	 
	 	By:	/s/ Clive Fleissig
	 	Name: 	Clive Fleissig
	 	Title: 	Manager
	 	 
	 	POLLEN GEAR HOLDINGS LLC
	 	 
	 	By:	/s/ Edward Kilduff
	 	Name: 	Edward Kilduff 
	 	Title: 	Manager
	 	 
	 	/s/ Zachary Tapp
	 	Zachary Tapp
	 	 
	 	/s/ Jay Scheiner
	 	Jay Scheiner
	 	 
	 	/s/ Sasha Kadey
	 	Sasha Kadey
	 	 
	 	/s/ Tessa Weaver
	 	Tessa Weaver
	 	 
	 	/s/ Chad Freling
	 	Chad Freling
	 	 
	 	/s/ Hisham Boulhimez
	 	Hisham Boulhimez
	 	 	 
	 	/s/ Seth Sznapstajler
	 	Seth Sznapstajler

 

     

     

    

 

	 	/s/ Joseph Hurwitz
	 	Joseph Hurwitz
	 	 
	 	/s/ William Bradford Dulin
	 	William Bradford Dulin
	 	 
	 	/s/ Matthew Paul
	 	Matthew Paul
	 	 
	 	/s/ Wade Wilson
	 	Wade Wilson
	 	 
	 	/s/ Fabian Acuna
	 	Fabian Acuna
	 	 
	 	/s/ James Leonard
	 	James Leonard
	 	 
	 	/s/ Ethan Rudin
	 	Ethan Rudin
	 	 
	 	/s/ Jason Baum
	 	Jason Baum
	 	 
	 	/s/ Dawn Marie Cavanagh
	 	Dawn Marie Cavanagh
	 	 
	 	/s/ Douglas Fischer
	 	Douglas Fischer

  

     

     

    

 

Exhibit A

 

 

FORM OF JOINDER AGREEMENT

  

This
JOINDER AGREEMENT, dated as of _____________ , 20__ (this “Joinder”), is delivered pursuant to that
certain Third Amended and Restated Operating Agreement, dated as of [●], 2019 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Operating Agreement”) by and
among Greenlane Holdings, LLC, a Delaware limited liability company (the “Company”), Greenlane
Holdings, Inc., a Delaware corporation and the manager of the Company (the “Corporation”), 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 Operating Agreement.

 

		1.	Joinder to the Operating 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 Operating 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 Operating Agreement
as if it had been a signatory thereto as of the date thereof.

 

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

 

		3.	Address. All notices under the Operating Agreement
to the undersigned shall be directed 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:

 

Acknowledged and agreed

as of the date first set forth above:

 

	GREENLANE HOLDINGS, LLC	 
	 	 	 
	By:	GREENLANE HOLDINGS, INC., its Manager	 
	 	 	 
	By:	 	 
	 	Name: [•] 	 
	 	Title: [•]	 

 

    A-1

     

    

 

Exhibit B

  

Corporation Stock Incentive Plan Implementation
Guidelines 

 

GREENLANE HOLDINGS,
INC.

 

2019
EQUITY INCENTIVE PLAN

 

Policy Regarding Certain Equity Issuances

  

All capitalized terms used
herein without definition shall have the meanings ascribed to such terms in the Greenlane Holdings, Inc. 2019 Equity Incentive
Plan (the “Plan”).

 

Pursuant to Sections 3(a) and
10(q) of the Plan, this Policy Regarding Certain Equity Issuances (this “Policy”), effective as of April
17, 2019, is established to provide for the method by which shares of Common Stock or other securities and/or payment therefor
may be exchanged or contributed between Greenlane Holdings, Inc. (the “Company”) and Greenlane Holdings,
LLC (the “Operating Company”), or any Subsidiary, or may be returned to the Company upon any forfeiture
of shares of Common Stock or other securities by the Participant, for the purpose of ensuring that the relationship between the
Company and its Subsidiaries remains at arm’s-length.

 

This Policy may be modified,
supplemented or terminated at any time and from time to time in the Company’s discretion. In the event of any conflict between
the Third Amended and Restated Operating Agreement of Greenlane Holdings, LLC, dated as of April 17, 2019 (the “Operating
Agreement”) or the Plan and this Policy, the Operating Agreement or Plan, as applicable, will control. In the event
of any conflict between the Operating Agreement and the Plan, unless explicitly stated otherwise, the Operating Agreement will
control.

 

		1.	Restricted Stock Awards

 

		a.	Transfers of Restricted Stock to Company Employees,
Company Consultants or Company Directors. The following shall apply to Restricted Stock granted under the Plan to Employees
and Consultants of the Company and Directors (collectively, “Company Service Providers”) in consideration
for services performed by such Company Service Providers:

 

		i.	Issuance of Restricted Stock.

 

		A.	The Company shall issue such number of shares of Common
Stock as are to be issued to the Company Service Provider in accordance with the terms of the Plan.

 

		B.	Concurrently with or prior to such issuance, a Company
Service Provider shall pay the purchase price (if any) of the Restricted Stock to the Company in exchange for the issuance of
the Restricted Stock.

 

		C.	Prior to the Vesting Date (as defined below), the
Company shall pay dividends to the holder of the Restricted Stock and make any other payments to the Company Service Provider
as the terms of the Restricted Stock award provide for. The Company and the Operating Company shall treat such payments as having
been made by the Company, and the Company shall report such payments as compensation to the Company Service Provider for all purposes.
Prior to the Vesting Date, the Operating Company shall pay to the Company the amount of any such payments the Company is required
to pay to the Company Service Provider, as a reimbursement of Company expenses pursuant to Section 6.06 of the Operating Agreement.

 

    B-1

     

    

 

		ii.	Vesting of Restricted Stock. On the date
when the value of any share of Restricted Stock is includible in taxable income (with respect to each such share, the “Vesting
Date”) of the Company Service Provider, the following events shall occur or be deemed to have occurred:

 

		A.	If required by Section 6.06 of the Operating Agreement,
the Operating Company shall be deemed to reimburse the Company for the compensation expense equal to the amount includible in
taxable income of the Company Service Provider.

 

		B.	The Operating Company shall issue to the Company on
the Vesting Date a number of Common Units (as defined in the Operating Agreement) equal to the number of such shares of Restricted
Stock that are includible in the taxable income of the Company Service Provider as of the applicable Vesting Date in consideration
for a deemed Capital Contribution (as defined in the Operating Agreement) from the Company in an amount equal to the number of
Common Units issued in accordance with this section, multiplied by the Fair Market Value (as defined in the Operating Agreement).

 

		b.	Transfers of Restricted Stock to Employees and
Consultants of the Operating Company. The following shall apply to Restricted Stock granted under the Plan to Employees and
Consultants of the Operating Company in consideration for services performed by such Employees and Consultants for the Operating
Company or its Subsidiaries:

 

		i.	Issuance of Restricted Stock.

 

		A.	The Company shall issue such number of shares of Common
Stock as are to be issued to the Employee or Consultant of the Operating Company in accordance with the terms of the Plan.

 

		B.	Concurrently with or prior to such issuance, an Employee
or Consultant of the Operating Company shall pay the purchase price (if any) of the Restricted Stock to the Company in exchange
for the issuance of the Restricted Stock.

 

		C.	The Company shall transfer any such purchase price
to the Operating Company. For tax purposes, any such purchase price shall be treated as paid by the Employee or Consultant of
the Operating Company to the Operating Company as the employer of the Employee or the recipient of the Consultant’s services
(i.e., not a capital contribution).

 

		D.	Prior to the Vesting Date, the Company shall pay dividends
to the holder of the Restricted Stock and make any other payments to the Employee or Consultant of the Operating Company as provided
by the terms of the Restricted Stock award, provided that the Operating Company shall reimburse the Company for such amounts and
deduct such amounts as compensation. In order to effectuate the foregoing, in addition to the Operating Company’s distributions
to the Company with respect to the Common Units held by the Company, the Operating Company shall make an additional payment to
the Company in the amount of this reimbursement, which shall not be treated as a partnership distribution. The Company and the
Operating Company shall treat such payments as having been made by the Operating Company (and not by the Company) to such Employee
or Consultant, and the Operating Company shall report such payments as compensation to the Employee or Consultant of the Operating
Company for all purposes.

 

		ii.	Vesting of Restricted Stock. On the Vesting
Date of any shares of Restricted Stock of the Employee or Consultant of the Operating Company, the following events shall occur
or be deemed to have occurred:

 

		A.	The Company shall be deemed to sell to the Operating
Company (or, if the Employee or Consultant of the Operating Company is an employee or other service provider of a Subsidiary of
the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating
Company) shall be deemed to purchase from the Company, such shares of Restricted Stock that are includible in the taxable income
of the Employee or Consultant of the Operating Company on such Vesting Date (the “Operating Company Purchased Restricted
Stock”). The deemed price paid by the Operating Company (or a Subsidiary of the Operating Company) to the Company
for Operating Company Purchased Restricted Stock shall be an amount equal to the product of (x) the number of shares of Operating
Company Purchased Restricted Stock and (y) the Fair Market Value of a share of Common Stock on the Vesting Date.

 

    B-2

     

    

 

		B.	The Operating Company (or any Subsidiary of the Operating
Company) shall be deemed to transfer Operating Company Purchased Restricted Stock to the Participant at no additional cost, as
additional compensation.

 

		C.	The Operating Company shall issue to the Company on
the Vesting Date a number of Common Units equal to the number of shares of Operating Company Purchased Restricted Stock in consideration
for a deemed Capital Contribution from the Company in an amount equal to the number of Common Units issued in accordance with
this section, multiplied by the Fair Market Value. In the case where an Employee or Consultant of the Operating Company is an
employee or service provider to a Subsidiary of the Operating Company, then the Operating Company shall be deemed to have contributed
such amount to the capital of such Subsidiary of the Operating Company.

 

		2.	Restricted Stock Unit and Other Stock or Cash Based
Awards. The following shall apply to all Restricted Stock Units and Other Stock or Cash Based Awards (other than cash awards)
granted under the Plan and settled in shares of Common Stock:

 

		a.	Transfers of Common Stock to Company Service Providers.
The Company shall issue such number of shares of Common Stock as are to be issued to the Company Service Provider in accordance
with the terms of the Plan and any Restricted Stock Unit or applicable Other Stock or Cash Based Award to a Company Service Provider
in accordance with Section 6 or 7 of the Plan and, as soon as reasonably practicable after such Award is settled, with respect
to each such settlement:

 

		i.	If required by Section 6.06 of the Operating Agreement,
the Operating Company shall be deemed to reimburse the Company for the compensation expense equal to the amount includible in
taxable income of the Company Service Provider with respect to such Award.

 

		ii.	The Operating Company shall issue to the Company on
the date of settlement a number of Common Units equal to the number of shares of Common Stock issued in settlement of the Restricted
Stock Unit or applicable Other Stock or Cash Based Award in consideration for a deemed Capital Contribution from the Company in
an amount equal to the number of Common Units issued in accordance with this section, multiplied by the Fair Market Value.

 

		b.	Transfer of Common Stock to an Employee or Consultant
of the Operating Company. The Company shall issue such number of shares of Common Stock as are to be issued to an Employee
or Consultant of the Operating Company in accordance with the terms of the Plan and any Restricted Stock Unit or applicable Other
Stock or Cash Based Award to an Employee or Consultant of the Operating Company in accordance with Section 6 or 7 of the Plan
and, as soon as reasonably practicable after such Award is settled, with respect to each such settlement:

 

		i.	The Company shall be deemed to sell to the Operating
Company (or, if the Employee or Consultant of the Operating Company is an employee or other service provider of a Subsidiary of
the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating
Company) shall be deemed to purchase from the Company, the number of shares of Common Stock (the “Operating Company
Purchased RSU/Other Award Shares”) equal to the number issued in settlement of the Restricted Stock Units or Other
Cash or Stock Based Awards. The deemed price paid by the Operating Company (or Subsidiary of the Operating Company) to the Company
for Operating Company Purchased RSU/Other Award Shares shall be an amount equal to the product of (x) the number of Operating
Company Purchased RSU/Other Award Shares and (y) the Fair Market Value of a share of Common Stock at the time of settlement.

 

    B-3

     

    

 

		ii.	The Operating Company (or Subsidiary of the Operating
Company) shall be deemed to transfer such shares of Common Stock to the Participant at no additional cost, as additional compensation.

 

		iii.	The Operating Company shall issue to the Company on
the date of settlement a number of Common Units equal to the number of Operating Company Purchased RSU/Other Award Shares in consideration
for a deemed Capital Contribution from the Company in an amount equal to the number of Common Units issued in accordance with
this section, multiplied by the Fair Market Value. In the case where an Employee or Consultant of the Operating Company is an
employee or service provider to a Subsidiary of the Operating Company, the Operating Company shall be deemed to have contributed
such amount to the capital of such Subsidiary of the Operating Company.

 

		c.	Other Full-Value Awards. To the extent the
Company grants full-value Awards (other than Restricted Stock, Restricted Stock Units and Other Stock and Cash Based Awards),
the provisions of this Section 2 shall apply mutatis mutandis with respect to such full-value Awards, to the extent applicable
(as determined by the Administrator).

 

		3.	Stock Options. The following shall apply to Options
granted under the Plan:

 

		a.	Transfer of Common Stock to a Company Service Provider.
As soon as reasonably practicable after receipt by the Company, pursuant to Section 5(e) of the Plan, of payment for the shares
of Common Stock with respect to which an Option (which in the case of a Company Service Provider was issued to and is held by
such Participant in such capacity), or portion thereof, is exercised by a Participant who is a Company Service Provider:

 

		i.	The Company shall transfer to the holder of such Option
the number of shares of Common Stock equal to the number of shares of Common Stock subject to the Option (or portion thereof)
that is exercised.

 

		ii.	The Company, shall, as soon as practicable after such
exercise, make a Capital Contribution to the Operating Company in an amount equal to the exercise price paid to the Company by
such Participant in connection with the exercise of the Option. If required by Section 6.06 of the Operating Agreement, the Operating
Company shall be deemed to reimburse the Company for the compensation expense equal to the Fair Market Value of a share of Common
Stock as of the date of exercise multiplied by the number of shares of Common Stock then being issued in connection with the exercise
of such Option less the exercise price paid to the Company by such Participant in connection with the exercise of the Option.
Notwithstanding the amount of the Capital Contribution actually made pursuant to this Section 3(a)(ii), the Company shall be deemed
to have contributed to the Operating Company as a Capital Contribution, in lieu of the Capital Contribution actually made, an
amount equal to the Fair Market Value of a share of Common Stock as of the date of exercise multiplied by the number of shares
of Common Stock then being issued in connection with the exercise of such Option.

 

		iii.	The Operating Company shall issue to the Company, on
the date of the deemed Capital Contribution described in Section 3(a)(ii) hereof, a number of Common Units equal to the number
of newly issued shares of Common Stock pursuant to Section 3(a)(i) hereof, in consideration for the deemed Capital Contribution
described in Section 3(a)(ii) hereof.

 

    B-4

     

    

 

		b.	Transfer of Common Stock to an Employee or Consultant
of the Operating Company. As soon as reasonably practicable after receipt by the Company, pursuant to Section 5(e) of the
Plan, of payment for the shares of Common Stock with respect to which an Option (which was issued to and is held by an Employee
or Consultant of the Operating Company in such capacity), or portion thereof, is exercised by a Participant who is an Employee
or Consultant of the Operating Company:

  

		i.	The Company shall transfer to the Participant, on behalf
of the Operating Company, the number of shares of Common Stock equal to (A) the amount of the exercise price paid by the Participant
to the Company pursuant to Section 5(e) of the Plan divided by (B) the Fair Market Value of a share of Common Stock at the time
of exercise (the “Operating Company Holder Purchased Shares”).

 

		ii.	The Company shall be deemed to sell to the Operating
Company (or, if the Employee or Consultant is an employee or other service provider of a Subsidiary of the Operating Company,
to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be
deemed to purchase from the Company, the number of shares of Common Stock (the “Operating Company Purchased Option
Shares”) equal to the excess of (A) the number of shares subject to the Option (or portion thereof) that is exercised,
over (B) the number of Operating Company Holder Purchased Shares. The deemed price paid by the Operating Company (or a Subsidiary
of the Operating Company) to the Company for Operating Company Purchased Option Shares shall be an amount equal to the product
of (x) the number of Operating Company Purchased Option Shares and (y) the Fair Market Value of a share of Common Stock at the
time of the exercise.

 

		iii.	The Operating Company (or a Subsidiary of the Operating
Company) shall be deemed to transfer Operating Company Purchased Option Shares to the Participant at no additional cost, as additional
compensation.

 

		iv.	The Operating Company shall issue to the Company on
the date of exercise a number of Common Units equal to the sum of the number of Operating Company Holder Purchased Shares and
the number of Operating Company Purchased Option Shares in consideration for a deemed Capital Contribution from the Company in
an amount equal to the number of Common Units issued in accordance with this section, multiplied by the Fair Market Value. In
the case where an Employee or Consultant of the Operating Company is an employee or service provider to a Subsidiary of the Operating
Company, the Operating Company shall be deemed to have contributed such amount to the capital of such Subsidiary of the Operating
Company.

 

		c.	Stock Appreciation Rights. To the extent the
Company grants any Stock Appreciation Rights, the provisions of this Section 3 shall apply mutatis mutandis with respect
to such Stock Appreciation Rights, to the extent applicable (as determined by the Administrator).

 

		4.	Dividend Equivalent Awards. The following shall
apply to Dividend Equivalents granted under the Plan to Employees and Consultants of the Operating Company:

 

		a.	The Company shall make any payments to an Employee
or Consultant of the Operating Company under the terms of the Dividend Equivalent award, provided that the Operating Company shall
reimburse the Company for such amounts and deduct such amounts as compensation. In order to effectuate the foregoing, in addition
to the Operating Company’s distributions to the Company with respect to Common Units held by the Company, the Operating
Company shall make an additional payment to the Company in the amount of this reimbursement, which shall not be treated as a partnership
distribution. The Company and the Operating Company shall treat such payments as having been made by the Operating Company (and
not by the Company to such Employee or Consultant of the Operating Company), and the Operating Company shall report such payments
as compensation to such Employee or Consultant of the Operating Company for all purposes.

 

		5.	Forfeiture, Surrender or Repurchase of Common Stock.
If any shares of Common Stock granted under the Plan are (a) forfeited or surrendered by any Service Provider eligible to
participate in the Plan (an “Eligible Service Provider”) or (b) repurchased from any Eligible Service
Provider by the Company, the Operating Company or a Subsidiary, (i) the shares of Common Stock forfeited, surrendered or repurchased
shall be returned to the Company, (ii) the Company (or, if the Eligible Service Provider is an Employee or Consultant of the Operating
Company, the Operating Company or a Subsidiary of the Operating Company, as applicable) shall pay the repurchase price (if any)
of the repurchased shares of Common Stock to such Eligible Service Provider, and (iii) the Operating Company shall, contemporaneously
with such forfeiture, surrender or repurchase of shares of Common Stock, redeem or repurchase a number of the Common Units held
by the Company equal to the number of forfeited, surrendered or repurchased shares of Common Stock, such redemption or repurchase
to be upon the same terms and for the same price per Common Unit as such shares of Common Stock are forfeited, surrendered or
repurchased.

 

    B-5

     

    

 

Exhibit C-1

 

FORM OF AGREEMENT AND CONSENT OF SPOUSE

  

The
undersigned spouse of _____________ (the “Member”), a party to that certain Third Amended and
Restated Operating Agreement, dated as of April 17, 2019 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Agreement”) by and among Greenlane Holdings LLC, a
Delaware limited liability company (the “Company”) 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 Agreement),
acknowledges on the undersigned’s own behalf that:

 

I have read the Agreement and
understand its contents. I acknowledge and understand that under the Agreement, any interest I may have, community property or
otherwise, in the Units owned by the Member is subject to the terms of the Agreement, which include certain restrictions on transfer.

 

I hereby consent to and approve
the Agreement. I agree that said Units and any interest I may have, community property or otherwise, in such Units are subject
to the provisions of the Agreement and that I will take no action at any time to hinder operation of the Agreement on said Units
or any interest I may have, community property or otherwise, in said Units.

 

I hereby acknowledge that the
meaning and legal consequences of the Agreement have been explained fully to me and are understood by me, and that I am signing
this agreement and consent without any duress and of free will.

 

Dated:

 

	 	[NAME OF SPOUSE]
	 	 
	 	By:	 
	 		Name:

 

    C-1

     

    

  

Exhibit C-2

 

FORM OF SPOUSE’S CONFIRMATION OF SEPARATE
PROPERTY

  

The
undersigned spouse of _____________ (the “Member”), a party to that certain Third Amended and
Restated Operating Agreement, dated as of April 17, 2019 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Agreement”) by and among Greenlane Holdings LLC, a
Delaware limited liability company (the “Company”) 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 Agreement),
acknowledges and confirms on his or her own behalf that the Units owned by said Member are the sole and separate property of
said Member, and I hereby disclaim any interest in same.

 

I hereby acknowledge that the
meaning and legal consequences of this Member’s spouse’s confirmation of separate property have been fully explained
to me and are understood by me, and that I am signing this Member’s spouse’s confirmation of separate property without
any duress and of free will.

 

Dated:

 

	 	[NAME OF SPOUSE]
	 	 
	 	By:	 
	 		Name:

 

    C-2

     

    

 

Schedule 1

 

Schedule of Members On File With The
Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 2

 

Schedule of Members On File With The
CompanyExhibit 10.3

  

REORGANIZATION
AGREEMENT

 

Dated
as of April 17, 2019

 

     

     

    

 

TABLE
OF CONTENTS

  

	 	Page
	ARTICLE
    I DEFINITIONS	1
	1.1   Certain
    Defined Terms	1
	1.2   Terms
    Defined Elsewhere in this Agreement	2
	1.3   Other
    Definitional and Interpretative Provisions	3
	 	 
	ARTICLE
    II THE REORGANIZATION	3
	2.1   Reorganization
    Transactions	3
	2.2   Other
    Transactions	4
	2.3   Consent
    to Transactions.	5
	2.4   No
    Liabilities in Event of Termination; Certain Covenants.	5
	 	 
	ARTICLE
    III REPRESENTATIONS AND WARRANTIES	6
	3.1   Representations
    and Warranties	6
	 	 
	ARTICLE
    IV MISCELLANEOUS	7
	4.1   Amendments
    and Waivers	7
	4.2   Successors
    and Assigns	7
	4.3   Notices	7
	4.4   Further
    Assurances	8
	4.5   Entire
    Agreement	8
	4.6   Governing
    Law	8
	4.7   Jurisdiction	8
	4.8   WAIVER
    OF JURY TRIAL	9
	4.9   Severability	9
	4.10   Enforcement	9
	4.11   Counterparts;
    Facsimile Signatures	9
	4.12   Expenses	9

 

Schedule
A – Founder Members

Schedule
B – Non-Founder Members

Exhibit
A – Form of Class B Common Stock subscription letter

Exhibit
B – Form of Class C Common Stock subscription letter

Exhibit
C – Form of Common Unit Redemption Agreement

Exhibit
D – Form of Common Unit Subscription Agreement

  

     

     

    

 

REORGANIZATION
AGREEMENT

 

THIS
REORGANIZATION AGREEMENT (this “Agreement”), dated as of April 17, 2019, by and among Greenlane Holdings, Inc.,
a Delaware corporation (“Pubco”), Greenlane Holdings, LLC, a Delaware limited liability company (the “Company”),
and the members of the Company listed on the signature pages hereto (each a “Member” and collectively, the
“Members”).

 

RECITALS

 

WHEREAS,
the Board of Directors of Pubco (the “Board”) has determined to effect an underwritten initial public offering
(the “IPO”) of Pubco’s Class A Common Stock (as defined below);

 

WHEREAS,
the parties hereto desire to effect the Transactions (as defined below) in contemplation of the IPO; and

 

WHEREAS,
in connection with the IPO, the applicable parties hereto intend to enter into the Transactions.

 

NOW,
THEREFORE, in consideration of the foregoing recitals and of the mutual promises hereinafter set forth, the parties hereto hereby
agree as follows:

 

Article
I

DEFINITIONS

 

1.1 Certain
Defined Terms. As used herein, the following terms shall have the following meanings:

 

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

 

“Class
A Common Stock” shall mean Class A Common Stock, par value $0.01 per share, of Pubco, having the rights set forth in
the Amended and Restated Certificate of Incorporation.

 

“Class
B Common Stock” shall mean Class B Common Stock, par value $0.0001 per share, of Pubco, having the rights set forth
in the Amended and Restated Certificate of Incorporation.

 

“Class
C Common Stock” shall mean Class C Common Stock, par value $0.0001 per share, of Pubco, having the rights set forth
in the Amended and Restated Certificate of Incorporation.

 

“Common
Unit” shall mean a Common Unit of the Company, having the rights set forth in the Amended and Restated Operating Agreement.

 

“Convertible
Notes” shall mean the $48.25 million aggregate principal amount of the Company’s Convertible Promissory Notes
that were issued pursuant to the Note Purchase Agreement dated as of December 21, 2018 among the Company and the investors named
therein.

 

“Effective
Time” means the date and time on which the Registration Statement becomes effective.

 

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

 

     

     

    

 

“Existing
Certificate of Incorporation” means the Certificate of Incorporation of Pubco, as filed with the Secretary of State
of the State of Delaware on May 2, 2018.

 

“Existing
Company LLC Agreement” means the Second Amended and Restated Limited Liability Company Operating Agreement of the Company,
dated as of February 20, 2018, as amended by Amendment No. 1 to the Second Amended and Restated Limited Liability Company Operating
Agreement effective December 19, 2018, by the Members as the sole members of the Company.

 

“Founder
Members” means the Members listed on Schedule A to this Agreement.

 

“IPO
Closing” means the initial closing of the sale of the Class A Common Stock in the IPO.

 

“IPO
Price Per Share” means the per share public offering price for the Class A Common Stock.

 

“Non-Founder
Members” means the Members listed on Schedule B to this Agreement.

 

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

 

“Pricing”
means such date and time as the Board or the pricing committee thereof determines to price the IPO.

 

“Registration
Statement” means the registration statement on Form S-1 (File No. 333-230405) filed by Pubco under the Securities Act
with the SEC to register the IPO.

 

“Reorganization
Documents” means the Amended and Restated Certificate of Incorporation, the Amended and Restated By-laws, the Amended
and Restated Operating Agreement, the Registration Rights Agreement, the Tax Receivable Agreement, the 2019 Equity Incentive Plan
and all other agreements and documents entered into in connection with the Transactions.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

1.2 Terms
Defined Elsewhere in this Agreement. Each of the following terms is defined in the Section set forth opposite such term:

 

	Term	 	Section
	2019
    Equity Incentive Plan 	 	2.2(c)
	Agreement
    	 	Preamble
	Amended
    and Restated Bylaws	 	2.1(b)
	Amended
    and Restated Certificate of Incorporation 	 	2.1(a)
	Amended
    and Restated Operating Agreement	 	2.1(c)
	Board
    	 	Recitals
	Common
    Unit Redemption Agreement	 	2.2(d)
	Common
    Unit Subscription Agreement	 	2.2(e)
	Company
    	 	Preamble
	e-mail
    	 	4.3
	IPO
    	 	Recitals
	Proceeds
    	 	2.2(e)
	Pubco
    	 	Preamble
	Registration
    Rights Agreement	 	2.2(a)
	Reorganization
    Transactions	 	2.1
	Tax
    Receivable Agreement 	 	2.2(e)
	Transactions
    	 	2.2(b)

  

    2

     

    

 

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

 

Article
II

THE REORGANIZATION

 

2.1 Reorganization
Transactions. Subject to the terms and conditions hereinafter set forth, and on the basis of and in reliance upon the representations,
warranties, covenants and agreements set forth herein, the parties hereto shall take the actions described in this Section 2.1
(each, a “Reorganization Transaction” and, collectively, the “Reorganization Transactions”), which shall
be effective as of immediately after the Effective Time:

 

(a) Filing
of Amended and Restated Certificate of Incorporation. Pubco shall adopt and file with the Secretary of State of the State
of Delaware an amended and restated certificate of incorporation of Pubco, substantially in the form filed as Exhibit 3.1 to the
Registration Statement (the “Amended and Restated Certificate of Incorporation”).

 

(b) Adoption
of Amended and Restated By-laws. The Board shall adopt amended and restated by-laws of Pubco, substantially in the form filed
as Exhibit 3.2 to the Registration Statement (the “Amended and Restated By-laws”).

  

    3

     

    

 

(c) Adoption
of Amended and Restated Operating Agreement. The Company and the Members shall execute and deliver the Third Amended and Restated
Operating Agreement of the Company, substantially in the form filed as Exhibit 10.3 to the Registration Statement (the “Amended
and Restated Operating Agreement”).

 

(d) Issuance
of Class B Common Stock to Non-Founder Members. In connection with the filing of the Amended and Restated Certificate of Incorporation,
each of the Non-Founding Members shall execute and deliver to Pubco a subscription letter substantially in the form of Exhibit
A hereto to subscribe for and purchase for a purchase price of $0.0001 per share, the number of shares of Class B Common Stock
set forth opposite the name of each Non-Founder Member on Schedule B hereto, and Pubco shall accept such subscriptions and agree
to issue such shares to the Non-Founder Members at the effective time of the Amended and Restated Operating Agreement.

 

(e) Issuance
of Class C Common Stock to Founder Members. In connection with the filing of the Amended and Restated Certificate of Incorporation,
each of the Founder Members shall execute and deliver to Pubco a subscription letter substantially in the form of Exhibit B hereto
to subscribe for and purchase for a purchase price of $0.0001 per share, the number of shares of Class C Common Stock set forth
opposite the name of each Founder Member on Schedule A hereto, and Pubco shall accept such subscriptions and agree to issue such
shares to the Founder Members at the effective time of the Amended and Restated Operating Agreement. At the time of issuance of
the shares of Class C Common Stock to the Founder Members, all of the issued and outstanding common stock of Pubco, if any, held
by the Founder Members pursuant to the Existing Certificate of Incorporation shall be cancelled.

 

2.2 Other
Transactions. Simultaneously with the Reorganization Transactions set forth above, the parties hereto shall, in connection
therewith, take the following actions described in this Section 2.2 and the IPO (together with the Reorganization Transactions,
the “Transactions” and each a “Transaction”):

 

(a) Registration
Rights Agreement. In connection with the issuance of Class B Common Stock, Class C Common Stock and Common Units to the Members
as provided in Section 2.1, the Members, the Company and Pubco shall enter into that certain Registration Rights Agreement, substantially
in the form filed as Exhibit 10.2 to the Registration Statement (the “Registration Rights Agreement”).

 

(b) Tax
Receivable Agreement. In connection with the issuance of Class B Common Stock, Class C Common Stock and Common Units to the
Members as provided in Section 2.1, Pubco and the Members shall enter into that certain Tax Receivable Agreement, substantially
in the form filed as Exhibit 10.4 to the Registration Statement (the “Tax Receivable Agreement”).

  

    4

     

    

 

(c) 2019
Equity Incentive Plan. Pubco shall adopt, and each of the Members, as stockholders of Pubco hereby approve, the 2019 Greenlane
Holdings, Inc. Equity Incentive Plan, substantially in the form filed as Exhibit 10.9 to the Registration Statement (the “2019
Equity Incentive Plan”).

 

(d) Redemption
of Common Units of Members in IPO.  Each of the Members shall agree to redeem the number of Common Units necessary to
meet such Member’s obligations for the sale of Class A Common Stock pursuant to the Underwriting Agreement, including shares
of Common Stock to be sold upon the exercise of the underwriters’ over-allotment option,  and Pubco shall agree to
issue and deliver shares of Class A Common Stock upon such redemptions, each pursuant to the terms of the Common Unit Redemption
Agreement dated as of the date hereof, among the Members, the Company and Pubco substantially in the form of Exhibit C hereto
(the “Common Unit Redemption Agreement”).

 

(e) Issuance
of Common Units to Pubco. Pubco shall use the net proceeds (after payment of all underwriting discounts and commissions in
connection with the IPO) from the sale by Pubco of Class A Common Stock in the IPO (the “Proceeds”) to purchase from
the Company pursuant to the terms of the Common Unit Subscription Agreement dated the date hereof, between the Company and Pubco,
substantially in the form of Exhibit D hereto (the “Common Unit Subscription Agreement”), a number of Common Units
equal to the number of shares of Class A Common Stock sold by Pubco in the IPO. Upon receipt of the Proceeds from Pubco, the Company
shall issue to Pubco the number of Common Units set forth in the immediately preceding sentence.

 

(f) Issuance
of Class A Common Stock to Settle Convertible Notes. Pubco shall issue to the holders of the Convertible Notes shares of Class
A Common Stock in connection with the automatic conversion of the Convertible Notes and in consideration of the subsequent contribution
of the Convertible Notes to the Company by Pubco, the Company shall issue to Pubco of a number of Common Units equal to the number
of shares of Class A Common Stock issued by Pubco to the holders of the Convertible Notes, each pursuant to the terms of the Common
Unit Subscription Agreement.

 

2.3 Consent
to Transactions.

 

(a) Each
of the parties hereto hereby acknowledges, agrees and consents to all of the Transactions. Each of the parties hereto shall take
all reasonable action necessary or appropriate in order to effect, or cause to be effected, to the extent within its control,
each of the Transactions and the IPO.

 

(b) The
parties hereto shall deliver to each other, as applicable, prior to or at the Effective Time, each of the Reorganization Documents
to which it is a party, together with any other documents and instruments necessary or appropriate to be delivered in connection
with the Transactions.

 

2.4 No
Liabilities in Event of Termination; Certain Covenants.

 

(a) In
the event that the IPO is abandoned or, unless the Board, the Company and the Members otherwise agree, the IPO Closing has not
occurred by April 30, 2019, (a) this Agreement shall automatically terminate and be of no further force or effect except for this
Section 2.4 and Sections 4.1, 4.2, 4.3, 4.6, 4.7, 4.8, 4.9, 4.10, 4.11 and 4.12 and (b) there shall be no liability on the part
of any of the parties hereto, except that such termination shall not preclude any party from pursuing judicial remedies for damages
and/or other relief as a result of the breach by the other parties of any representation, warranty, covenant or agreement contained
herein prior to such termination.

  

    5

     

    

 

(b) In
the event that this Agreement is terminated for any reason after the consummation of any Transaction, but prior to the consummation
of all of the Transactions, the parties agree, as applicable, to cooperate and work in good faith to execute and deliver such
agreements and consents and amend such documents and to effect such transactions or actions as may be necessary to re-establish
the rights, preferences and privileges that the parties hereto had prior to the consummation of the Transactions, or any part
thereof, including, without limitation, voting any and all securities owned by such party in favor of any amendment to any organizational
document and in favor of any transaction or action necessary to re-establish such rights, powers and privileges and causing to
be filed all necessary documents with any governmental authority necessary to reestablish such rights, preferences and privileges.

 

(c) For
the avoidance of doubt, each party hereto acknowledges and agrees that until the consummation of the Transactions: (i) the parties
hereto shall not receive or lose any voting, governance or similar rights in connection with this Agreement or the Transactions
and (ii) the rights of the parties hereto under the Existing Company LLC Agreement shall not be effected.

 

Article
III

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties. Each party hereto hereby represents and warrants to all of the other parties hereto as follows:

 

(a) The
execution, delivery and performance by such party of this Agreement and of the applicable Reorganization Documents, to the extent
a party thereto, has been or prior to the Effective Time will be duly authorized by all necessary action. If such party is not
an individual, such party is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization
or incorporation;

 

(b) Such
party has or prior to the Effective Time will have the requisite power, authority, legal right and, if such party is an individual,
legal capacity, to execute and deliver this Agreement and each of the Reorganization Documents, to the extent a party thereto,
and to consummate the transactions contemplated hereby and thereby, as the case may be;

 

(c) This
Agreement and each of the Reorganization Documents to which it is a party has been (or when executed will be) duly executed and
delivered by such party and constitutes the legal, valid and binding obligation of such party, enforceable against such party
in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether
considered in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing; and

 

(d) Neither
the execution, delivery and performance by such party of this Agreement and the applicable Reorganization Documents, to the extent
a party thereto, nor the consummation by such party of the transactions contemplated hereby, nor compliance by such party with
the terms and provisions hereof, will, directly or indirectly (with or without notice or lapse of time or both), (i) if such party
is not an individual, contravene or conflict with, or result in a breach or termination of, or constitute a default under (or
with notice or lapse of time or both, result in the breach or termination of or constitute a default under) the organizational
documents of such party, (ii) constitute a violation by such party of any existing requirement of law applicable to such party
or any of its properties, rights or assets or (iii) require the consent or approval of any Person, except, in the case of clauses
(ii) and (iii), as would not reasonably be expected to result in, individually or in the aggregate, a material adverse effect
on the ability of such party to consummate the transactions contemplated by this Agreement.

  

    6

     

    

 

Article
IV

MISCELLANEOUS

 

4.1 Amendments
and Waivers. This Agreement may be modified, amended or waived only with the written approval of Pubco, the Company, and each
of the Members; provided, however, that any modification, amendment or waiver that would affect any other party hereto in a manner
materially and disproportionately adverse to such party shall be effective against such party so materially and adversely affected
only with the prior written consent of such party, such consent not to be unreasonably withheld or delayed. The failure of any
party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall
not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.
Notwithstanding anything to the contrary in this Section 4.1, nothing in this Section 4.1 shall be deemed to contradict the provisions
of Section 2.4 hereof.

 

4.2 Successors
and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective
successors and permitted assigns.

 

4.3 Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and
electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and not received by automated
response). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient
thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication
shall be deemed to have been received on the next succeeding Business Day in the place of receipt. All such notices, requests
and other communications to any party hereunder shall be given to such party as follows:

 

If
to Pubco or the Company addressed to it at:

 

1095
Broken Sound Parkway, Suite 300

Boca
Raton, Florida 33487

Attention:
Aaron LoCascio, Chief Executive Officer

   Douglas
Fischer, General Counsel

E-mail:
aaron@gnln.com

                  dfischer@gnln.com

  

    7

     

    

 

With
copies (which shall not constitute notice) to:

 

Pryor
Cashman LLP

7
Times Square

New
York, New York 10036

Attention:
Jeffrey C. Johnson

                                                Eric
M. Hellige

 

Facsimile:
(212) 326-0806

E-mail:
jjohnson@pryorcashman.com

                                              ehellige@pryorcashman.com

 

If
to a Member, to the address of such Member set forth on the signature page hereto.

 

4.4 Further
Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at
the request of any other party, to execute and deliver any further instruments or documents and to take all such further action
as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated
hereby and to otherwise carry out the intent of the parties hereunder.

 

4.5 Entire
Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the Reorganization Documents, embodies
the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the parties, written or oral, that may have related
to the subject matter hereof in any way.

 

4.6 Governing
Law. This Agreement shall be governed in all respects by the laws of the State of Delaware, without regard to the conflicts
of law rules of such State that would result in the application of the laws of any other State.

 

4.7 Jurisdiction.
The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its
affiliates or against any party or any of its affiliates) shall be brought in the Delaware Chancery Court or, if such court shall
not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties
hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such
suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter
have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing,
each party agrees that service of process on such party as provided in Section 4.3 shall be deemed effective service of process
on such party.

  

    8

     

    

 

4.8 WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

4.9 Severability.
Whenever possible, each provision of this Agreement shall 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 shall not affect any other provision or any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

 

4.10 Enforcement.
Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting
any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order
or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms
and provisions hereof.

 

4.11 Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one instrument. This Agreement may be executed by facsimile, e-mail or .pdf format signature(s).

 

4.12 Expenses.
Unless otherwise provided in the Reorganization Documents, all costs and expenses incurred in connection with the negotiation
and execution of this Agreement and the transactions contemplated by this Agreement shall be paid by the party incurring such
cost or expense.

 

[Signature
Page Follows]

  

    9

     

    

 

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

  

	 	GREENLANE HOLDINGS, INC.
	 	 	 
	 	By:	
        /s/ Aaron LoCascio

	 	Name: 	Aaron LoCascio
	 	Title:	Chief Executive Officer
	 	 
	 	GREENLANE HOLDINGS, LLC
	 	By: 	Greenlane Holdings, Inc., its Manager
	 	 	 
	 	By:	
        /s/ Aaron LoCascio

	 	Name:	Aaron LoCascio
	 	Title:	Chief Executive Officer

  

	 	MEMBERS
	 	 
	 	CLASS A
	 	 
	 	JACOBY & CO. INC.
	 	 
	 	By:	 /s/ Aaron LoCascio
	 	Name: 	 Aaron LoCascio
	 	Title:	 Co-President
	 	 
	 	By:	 /s/ Adam Schoenfeld
	 	Name:	 Adam Schoenfeld
	 	Title:	 Co-President
	 	 
	 	/s/ Adam Schoenfeld
	 	Adam Schoenfeld

 

[Signature Page to the Reorganization Agreement]

 

     

     

    

 

	 	CLASS B
	 	 
	 	BETTER LIFE PRODUCTS INVESTMENT GROUP, INC.
	 	 
	 	By: 	/s/ Jeffrey Sherman
	 	Name:  	Jeffrey Sherman
	 	Title:	President
	 	 
	 	ROCHESTER VAPOR GROUP, LLC
	 	 
	 	By:	 /s/ Clive Fleissig
	 	Name:	 Clive Fleissig
	 	Title:	 Manager
	 	 
	 	POLLEN GEAR HOLDINGS LLC
	 	 
	 	By: 	/s/ Edward Kilduff
	 	Name:	 Edward Kilduff
	 	Title:	 Manager
	 	 
	 	/s/ Zachary Tapp
	 	Zachary Tapp

 

	 	/s/ Jay Scheiner
	 	Jay Scheiner
	 	 
	 	/s/ Sasha Kadey
	 	Sasha Kadey
	 	 
	 	/s/ Tessa Weaver
	 	Tessa Weaver
	 	 
	 	/s/ Chad Freling
	 	Chad Freling
	 	 
	 	/s/ Hisham Boulhimez
	 	Hisham Boulhimez

  

     

     

    

 

	 	/s/ Seth Sznapstajler
	 	Seth Sznapstajler
	 	 
	 	/s/ Joseph Hurwitz
	 	Joseph Hurwitz
	 	 
	 	/s/ William Bradford Dulin
	 	William Bradford Dulin
	 	 
	 	/s/ Matthew Paul
	 	Matthew Paul
	 	 
	 	/s/ Wade Wilson
	 	Wade Wilson

 

	 	/s/ Fabian Acuna
	 	Fabian Acuna
	 	 
	 	/s/ James Leonard
	 	James Leonard
	 	 
	 	/s/ Ethan Rudin
	 	Ethan Rudin
	 	 
	 	/s/ Jason Baum
	 	Jason Baum
	 	 
	 	/s/ Dawn Marie Cavanagh
	 	Dawn Marie Cavanagh
	 	 
	 	/s/ Douglas Fischer
	 	Douglas Fischer

  

     

     

    

 

SCHEDULE
A

 

FOUNDER
MEMBERS

  

	Name	 	No. Shares of 
 Class C Common Stock	 
	Jacoby & Co. Inc.	 	 	67,864,878	 
	Adam Schoenfeld	 	 	13,021,671	 

 

     

     

    

 

SCHEDULE
B

 

NON-FOUNDER
MEMBERS

   

	Name	 	No. Shares of
 Class B Common Stock	 
	Better Life Products, Inc.	 	 	2,512,341	 
	Rochester Vapor Group, LLC	 	 	667,073	 
	Jay Scheiner	 	 	364,970	 
	Sasha Kadey	 	 	486,630	 
	Zachary Tapp	 	 	364,970	 
	Pollen Gear Holdings LLC	 	 	1,324,756	 
	Tessa Weaver	 	 	8,577	 
	Chad Freling	 	 	8,577	 
	Hisham Boulhimez	 	 	10,292	 
	Seth Sznapstajler	 	 	8,577	 
	Joseph Hurwitz	 	 	17,154	 
	William Bradford Dulin	 	 	8,577	 
	Matthew Paul	 	 	85,770	 
	Wade Wilson	 	 	8,577	 
	Fabian Acuna	 	 	8,577	 
	James Leonard	 	 	8,577	 
	Ethan Rudin	 	 	190,600	 
	Jason Baum	 	 	31,768	 
	Dawn Marie Cavanagh	 	 	8,577	 
	Douglas Fischer	 	 	31,768	 

 

     

     

    

 

EXHIBIT
A

 

Form
of Class B Common Stock subscription letter

  

     

     

    

 

April
17, 2019

 

Greenlane
Holdings, Inc.

1095
Broken Sound Pkwy, Suite 300

Boca
Raton, FL 33487

Attn:
Aaron LoCascio

 

Greenlane
Holdings, LLC

1095
Broken Sound Pkwy, Suite 300

Boca
Raton, FL 33487

Attn:
Aaron LoCascio

 

		Re:	Subscription
for Class B Common Stock

 

Ladies
and Gentlemen:

 

The
undersigned hereby subscribes for such number of shares (the “Class B Shares”) of the Class B common stock,
par value $0.0001 per share, of Greenlane Holdings, Inc., a Delaware corporation (the “Company”), as is equal
to the number of “Common Units” of Greenlane Holdings, LLC, a Delaware limited liability company (the “Greenlane
LLC”), that the undersigned will hold immediately after giving effect to the “Recapitalization” contemplated
by that certain Third Amended and Restated Operating Agreement of Greenlane LLC substantially in the form filed as Exhibit 10.3
to the Registration Statement on Form S-1 filed by the Company pursuant to the Securities Act of 1933, as amended, with the U.S.
Securities and Exchange Commission on March 20, 2019 (the “Operating Agreement”). Capitalized terms used but
not defined herein shall have the meanings ascribed to such terms in the Operating Agreement.

 

The
Class B Shares to be issued to the undersigned shall be issued upon the effectiveness of the Recapitalization contemplated by
the Operating Agreement, and the aggregate consideration to be paid for such Class B Shares shall be equal to the total number
of such Class B Shares multiplied by the par value of each Class B Share (which amount is agreed to be at least 100% of the fair
market value of the Class B Shares on the date hereof).

 

The
purchase price for the Class B Shares shall be paid by Greenlane LLC to the Company, and the undersigned hereby authorizes Greenlane
LLC to pay the purchase price for the Class B Shares and to adjust the undersigned’s Capital Account to give effect to such
payment. Notwithstanding the provisions of Section 4.01 of the Operating Agreement, the undersigned hereby consents to Greenlane
LLC paying the purchase price for the Class B Shares to the Company on its behalf, and to also paying the purchase price to the
Company on behalf of each other Member of Greenlane LLC that is subscribing for shares of the Class B common stock or shares of
the Class C common stock of the Company on or about the date of this letter, with such amounts to be allocated to the members
in proportion to the amounts paid on behalf of such member.

 

The
undersigned hereby acknowledges that the Company will issue the Class B Shares without their registration under the Securities
Act of 1933, as amended (the “Act”); therefore, the Class B Shares may not be resold or transferred unless
they are registered under the Act or unless an exemption from registration is available. The transfer of the Class B Shares is
also subject to restriction under the Amended and Restated Certificate of Incorporation of the Company. The undersigned hereby
further acknowledges that the Class B Shares shall be subject to any vesting restrictions applicable to the Common Units held
by the undersigned.

 

[Signature
Page Follows]

  

     

     

    

 

Please
use the address set forth beneath the signature of the undersigned below for registration of the Class B Shares.

 

Please
confirm your receipt and acceptance of the undersigned’s subscription for the Class B Shares and the other items set forth
herein by signing in the space provided below.

  

	 	Very truly yours,
	 	 
	 	 
	 	Name:
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Tax ID#:	 

   

ACKNOWLEDGED and AGREED TO

this ____ day of April, 2019

 

	GREENLANE HOLDINGS, INC.	 
	 	 
	By:	 	 
	Name: 	Aaron LoCascio	 
	Title:	Chief Executive Officer	 
	 	 
	GREENLANE HOLDINGS, LLC	 
	 	 
	By:	 	 
	Name:	Aaron LoCascio	 
	Title:	Chief Executive Officer	 

  

     

     

    

 

EXHIBIT
B

 

Form
of Class C Common Stock subscription letter

  

     

     

    

 

April
17, 2019

 

Greenlane
Holdings, Inc.

1095
Broken Sound Pkwy, Suite 300

Boca
Raton, FL 33487

Attn:
Aaron LoCascio

 

Greenlane
Holdings, LLC

1095
Broken Sound Pkwy, Suite 300

Boca
Raton, FL 33487

Attn:
Aaron LoCascio

 

		Re:	Subscription
for Class C Common Stock

 

Ladies
and Gentlemen:

 

The
undersigned hereby subscribes for such number of shares (the “Class C Shares”) of the Class C common stock,
par value $0.0001 per share, of Greenlane Holdings, Inc., a Delaware corporation (the “Company”), as is equal
to three times the number of “Common Units” of Greenlane Holdings, LLC, a Delaware limited liability company (the
“Greenlane LLC”), that the undersigned will hold immediately after giving effect to the “Recapitalization”
contemplated by that certain Third Amended and Restated Operating Agreement of Greenlane LLC substantially in the form filed as
Exhibit 10.3 to the Registration Statement on Form S-1 filed by the Company pursuant to the Securities Act of 1933, as amended,
with the U.S. Securities and Exchange Commission on March 20, 2019 (the “Operating Agreement”). Capitalized
terms used but not defined herein shall have the meanings ascribed to such terms in the Operating Agreement.

 

The
Class C Shares to be issued to the undersigned shall be issued upon the effectiveness of the Recapitalization contemplated by
the Operating Agreement, and the aggregate consideration to be paid for such Class C Shares shall be equal to the total number
of such Class C Shares multiplied by the par value of each Class C Share (which amount is agreed to be at least 100% of the fair
market value of the Class C Shares on the date hereof).

 

The
purchase price for the Class C Shares shall be paid by Greenlane LLC to the Company, and the undersigned hereby authorizes Greenlane
LLC to pay the purchase price for the Class C Shares and to adjust the undersigned’s Capital Account to give effect to such
payment. Notwithstanding the provisions of Section 4.01 of the Operating Agreement, the undersigned hereby consents to Greenlane
LLC paying the purchase price for the Class C Shares to the Company on its behalf, and to also paying the purchase price to the
Company on behalf of each other Member of Greenlane LLC that is subscribing for shares of the Class B common stock or shares of
the Class C common stock of the Company on or about the date of this letter, with such amounts to be allocated to the Members
in proportion to the amounts paid on behalf of such Member.

 

The
undersigned hereby acknowledges that the Company will issue the Class C Shares without their registration under the Securities
Act of 1933, as amended (the “Act”); therefore, the Class C Shares may not be resold or transferred unless
they are registered under the Act or unless an exemption from registration is available. The transfer of the Class C Shares is
also subject to restriction under the Amended and Restated Certificate of Incorporation of the Company.

 

[Signature
Page Follows]

  

     

     

    

 

Please
use the address set forth beneath the signature of the undersigned below for registration of the Class C Shares.

 

Please
confirm your receipt and acceptance of the undersigned’s subscription for the Class C Shares and the other items set forth
herein by signing in the space provided below.

 

	 	Very truly yours,
	 	 
	 	 
	 	Name:
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Tax ID#:	 

   

ACKNOWLEDGED and AGREED TO

this ____ day of April, 2019

 

	GREENLANE HOLDINGS, INC.	 
	 	 
	By:	 	 
	Name: 	Aaron LoCascio	 
	Title:	Chief Executive Officer	 
	 	 
	GREENLANE HOLDINGS, LLC	 
	 	 
	By:	 	 
	Name:	Aaron LoCascio	 
	Title:	Chief Executive Officer	 

    

     

     

    

 

EXHIBIT
C

 

Form
of Common Unit Redemption Agreement

 

 

     

     

    

 

EXHIBIT
D

 

Form
of Common Unit Subscription Agreement

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