Document:

EX-10.12

 Exhibit 10.12 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY 

OPERATING AGREEMENT 
 OF

 XPONENTIAL INTERMEDIATE HOLDINGS LLC 

(a Delaware limited liability company) 

[______], 2021 
 THE UNITS REPRESENTED BY
THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

CERTAIN OF THE UNITS REPRESENTED BY THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT MAY ALSO BE SUBJECT TO ADDITIONAL
RESTRICTIONS ON TRANSFER, VESTING PROVISIONS, REPURCHASE OPTIONS, OFFSET RIGHTS AND FORFEITURE PROVISIONS SET FORTH HEREIN AND/OR IN A SEPARATE AGREEMENT WITH THE HOLDER OF SUCH UNITS. A COPY OF SUCH AGREEMENT(S) MAY BE OBTAINED BY THE HOLDER OF
SUCH UNITS UPON WRITTEN REQUEST AND WITHOUT CHARGE. 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE 1 DEFINITIONS AND USAGE 
	  	 	6	 
			
	 Section 1.01
	 	Definitions	  	 	6	 
			
	 Section 1.02
	 	Other Definitional and Interpretative Provisions	  	 	18	 
		
	 ARTICLE 2 THE COMPANY 
	  	 	19	 
			
	 Section 2.01
	 	Formation	  	 	19	 
			
	 Section 2.02
	 	Name	  	 	19	 
			
	 Section 2.03
	 	Term	  	 	19	 
			
	 Section 2.04
	 	Registered Agent and Registered Office	  	 	19	 
			
	 Section 2.05
	 	Purposes	  	 	20	 
			
	 Section 2.06
	 	Powers of the Company	  	 	20	 
			
	 Section 2.07
	 	No State Law Partnership	  	 	20	 
			
	 Section 2.08
	 	Partnership Tax Status	  	 	20	 
			
	 Section 2.09
	 	Regulation of Internal Affairs	  	 	20	 
			
	 Section 2.10
	 	Ownership of Property	  	 	21	 
			
	 Section 2.11
	 	Subsidiaries	  	 	21	 
			
	 Section 2.12
	 	Qualification in Other Jurisdictions	  	 	21	 
		
	 ARTICLE 3 UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS
	  	 	21	 
			
	 Section 3.01
	 	Units; Admission of Members	  	 	21	 
			
	 Section 3.02
	 	Rights of Preferred Units	  	 	22	 
			
	 Section 3.03
	 	Substitute Members and Additional Members	  	 	24	 
			
	 Section 3.04
	 	Tax and Accounting Information	  	 	25	 
			
	 Section 3.05
	 	Books and Records	  	 	27	 

  
 i 

							
	 ARTICLE 4 PUBCO OWNERSHIP; RESTRICTIONS ON PUBCO STOCK
	  	 	27	 
			
	 Section 4.01
	 	Pubco Ownership	  	 	27	 
			
	 Section 4.02
	 	Restrictions on Pubco Stock	  	 	28	 
		
	 ARTICLE 5 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS
	  	 	32	 
			
	 Section 5.01
	 	Capital Contributions.	  	 	32	 
			
	 Section 5.02
	 	Capital Accounts	  	 	32	 
			
	 Section 5.03
	 	Amounts and Priority of Distributions	  	 	34	 
			
	 Section 5.04
	 	Allocations	  	 	37	 
			
	 Section 5.05
	 	Other Allocation Rules	  	 	40	 
			
	 Section 5.06
	 	Tax Withholding; Withholding Advances	  	 	41	 
		
	 ARTICLE 6 CERTAIN TAX MATTERS
	  	 	43	 
			
	 Section 6.01
	 	Partnership Representative	  	 	43	 
			
	 Section 6.02
	 	Section 754 Elections	  	 	44	 
			
	 Section 6.03
	 	Debt Allocation; Excess Nonrecourse Liabilities	  	 	44	 
		
	 ARTICLE 7 MANAGEMENT OF THE COMPANY
	  	 	45	 
			
	 Section 7.01
	 	Management by the Managing Member	  	 	45	 
			
	 Section 7.02
	 	Withdrawal of the Managing Member	  	 	45	 
			
	 Section 7.03
	 	Decisions by the Members	  	 	45	 
			
	 Section 7.04
	 	Duties	  	 	46	 
			
	 Section 7.05
	 	Officers	  	 	47	 
		
	 ARTICLE 8 TRANSFERS OF INTERESTS
	  	 	47	 
			
	 Section 8.01
	 	Restrictions on Transfers	  	 	47	 
			
	 Section 8.02
	 	Certain Permitted Transfers	  	 	48	 
			
	 Section 8.03
	 	Distributions	  	 	48	 
			
	 Section 8.04
	 	Registration of Transfers	  	 	49	 

  
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	 ARTICLE 9 CERTAIN OTHER AGREEMENTS
	  	 	49	 
			
	 Section 9.01
	 	Non-Compete; Non-Disparagement	  	 	49	 
			
	 Section 9.02
	 	Company Call Right	  	 	50	 
			
	 Section 9.03
	 	Preemptive Rights	  	 	50	 
		
	 ARTICLE 10 REDEMPTION AND EXCHANGE RIGHTS
	  	 	51	 
			
	 Section 10.01
	 	Redemption Right of a Member	  	 	51	 
			
	 Section 10.02
	 	Election and Contribution of Pubco	  	 	53	 
			
	 Section 10.03
	 	Exchange Right of Pubco	  	 	54	 
			
	 Section 10.04
	 	Tender Offers and Other Events with Respect to Pubco	  	 	54	 
			
	 Section 10.05
	 	Reservation of Shares of Class A Common Stock; Certificate of Pubco	  	 	55	 
			
	 Section 10.06
	 	Effect of Exercise of Redemption or Exchange Right	  	 	55	 
			
	 Section 10.07
	 	Tax Treatment	  	 	56	 
		
	 ARTICLE 11 LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION
	  	 	56	 
			
	 Section 11.01
	 	Limitation on Liability	  	 	56	 
			
	 Section 11.02
	 	Exculpation and Indemnification	  	 	56	 
		
	 ARTICLE 12 DISSOLUTION AND TERMINATION
	  	 	59	 
			
	 Section 12.01
	 	Dissolution	  	 	59	 
			
	 Section 12.02
	 	Winding Up of the Company	  	 	59	 
			
	 Section 12.03
	 	Termination	  	 	60	 
			
	 Section 12.04
	 	Survival	  	 	60	 
		
	 ARTICLE 13 MISCELLANEOUS
	  	 	61	 
			
	 Section 13.01
	 	Expenses	  	 	61	 
			
	 Section 13.02
	 	Further Assurances	  	 	61	 
			
	 Section 13.03
	 	Notices	  	 	62	 
			
	 Section 13.04
	 	Binding Effect; Benefit; Assignment	  	 	63	 

  
 iii 

							
	 Section 13.05
	 	Jurisdiction	  	 	63	 
			
	 Section 13.06
	 	WAIVER OF JURY TRIAL	  	 	63	 
			
	 Section 13.07
	 	Counterparts	  	 	64	 
			
	 Section 13.08
	 	Entire Agreement	  	 	64	 
			
	 Section 13.09
	 	Severability	  	 	64	 
			
	 Section 13.10
	 	Amendment	  	 	64	 
			
	 Section 13.11
	 	Confidentiality	  	 	65	 
			
	 Section 13.12
	 	Governing Law	  	 	66	 
			
	 Section 13.13
	 	Further Action	  	 	66	 
		
	 ARTICLE 14 ARBITRATION
	  	 	66	 
			
	 Section 14.01
	 	Title	  	 	66	 
		
	 ARTICLE 15 REPRESENTATIONS OF MEMBERS
	  	 	67	 
			
	 Section 15.01
	 	Representations of Members	  	 	67	 

  

  
 iv 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY OPERATING AGREEMENT 

OF 
 XPONENTIAL
INTERMEDIATE HOLDINGS LLC 
 (a Delaware limited liability company) 

This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this “Agreement”) of
XPONENTIAL INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company (the “Company”), is entered into as of [    ], 2021, by and among the Company, Xponential Fitness Inc., a Delaware corporation
(“Pubco”), the Members executing this Agreement, and such other Persons who may become Members hereof from time to time, pursuant to the provisions of the Delaware Act and this Agreement. 

W I T N E S S E T H: 

WHEREAS, the Company was formed as a limited liability company under the Delaware Act pursuant to a certificate of formation, which was
executed and filed with the Secretary of State of the State of Delaware on February 19, 2020; 
 WHEREAS, a Limited Liability
Company Agreement dated as of February 19, 2020 (the “Prior LLC Agreement”) was entered into with respect to the Company; 

WHEREAS, H&W Franchise Holdings LLC (“H&W FH”) was formed as a limited liability company under the Delaware
Act pursuant to a certificate of formation, which was executed and filed with the Secretary of State of the State of Delaware on August 28, 2017; 

WHEREAS, pursuant to the terms of the Reorganization Agreement, dated as of [    ], 2021, by and among the
Company, Pubco and the Pre-IPO Holders (the “Reorganization Agreement”), the parties thereto have agreed to consummate a reorganization of the Company and to take the other actions
contemplated in such Reorganization Agreement (collectively, the “Reorganization”); 
 WHEREAS, pursuant to the
Reorganization, H&W FH was merged with and into the Company (“H&W Merger”) with the Company surviving and, pursuant thereto, limited liability company interests in H&W FH became limited liability company interests in the
Company; 
 WHEREAS, the Company is intended to be a continuation of H&W FH for U.S. federal income tax purposes; 

WHEREAS, Pubco and [    ] have entered into the Securities Purchase Agreement, dated as of
[    ] (the “Purchase Agreement”), providing for the purchase and issuance of [    ] shares of Pubco Preferred Stock (the “2021 Pubco Preferred Stock Issuance”)
pursuant to the Certificate of Designations (as defined below); 
 WHEREAS, the Company and Pubco have entered into underwriting
agreements with several underwriters providing for the offering of [    ] shares of Class A Common Stock pursuant to the IPO of Pubco; 

  
 5 

 WHEREAS, Pubco will use the proceeds received from the IPO and 2021 Pubco Preferred
Stock Issuance to, among other things, (i) acquire Preferred Units and LLC Units from the Company, (ii) purchase LLC Units from certain Members of the Company and (iii) purchase the stock of LCAT Franchise Holdings, Inc.
(“LCAT”), a Member that owns LLC Units of the Company; provided that in the event that the number of Preferred Units acquired from the Company does not equal the number of shares of Pubco Preferred Stock outstanding after the
IPO, (x) Pubco will not acquire any LLC Units from the Company and (y) a portion of the LLC Units acquired from LCAT will be recapitalized into Preferred Units such that, immediately after such recapitalization (A) the number of
Preferred Units held by Pubco equals the number of shares of Pubco Preferred Stock outstanding and (B) the number of LLC Units held by Pubco equals the number of shares of Class A Common Stock outstanding; and 

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

ARTICLE 1 
 DEFINITIONS
AND USAGE 
 Section 1.01 Definitions. 

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

“Additional Member” means any Person admitted as a Member of the Company pursuant to Section 3.03
in connection with the new issuance of Units to such Person. 
 “Adjusted Capital Account” means, with respect to any
Member, the balance in such Member’s Capital Account as of the end of the relevant Fiscal Year (or other applicable period) after giving effect to the following adjustments: 

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

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

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

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s
Capital Account as of the end of the relevant Fiscal Year (or other applicable period), after giving effect to the adjustments in paragraphs (i) and (ii) in the definition of “Adjusted Capital
Account.” 

  
 6 

 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with such Person; provided that no Member nor any Affiliate of any Member shall be deemed to be an Affiliate of any other Member or any of its Affiliates solely by virtue of such
Members’ Units. 
 “Applicable Law” means, with respect to any Person, any federal, state or local law (statutory,
common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding
upon or applicable to such Person or its assets, as amended unless expressly otherwise specified herein. 
 “Business Day”
means any day other than a Saturday, Sunday or other day on which banks are not authorized to be open for business in the State of California. 

“Capital Account” means the capital account established and maintained for each Member pursuant to
Section 5.02. 
 “Capital Contribution” means, with respect to any Member, the amount of money
and the initial Carrying Value of any Property (other than money) contributed (or deemed to be contributed) to the capital of the Company by such Member. 

“Carrying Value” means with respect to any Property (other than money) of the Company (or any entity that is treated as
disregarded as being separate from the Company for federal income tax purposes), such Property’s adjusted basis for federal income tax purposes, except as follows: 

(i) The initial Carrying Value of any such Property contributed by a Member to the Company shall be the gross fair market value of such
Property, as reasonably determined by the Managing Member, provided that with respect to any Property contributed or deemed contributed prior to the date hereof by (A) LAG Fit, Inc., such fair market value was the amount as reasonably
agreed upon by H&W Investco and LAG Fit, Inc.; and (B) any Class A-3 Member (as defined in the Prior LLC Agreement), such fair market value was the amount as reasonably agreed upon by H&W
Investco and Majority Class A-3 Approval (as defined in the Prior LLC Agreement).
 (ii) The
Carrying Values of all such Properties shall be adjusted to equal their respective gross fair market values (taking Section 7701(g) of the Code into account), as reasonably determined by the Managing Member, at the time of any Revaluation
required pursuant to Section 5.02(c), provided that if any Noncompensatory Option with respect to Units or other Equity Securities of the Company is outstanding, then Carrying Values will also be adjusted in
accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(h)(2). 
 (iii) The Carrying Value
of any item of such Properties distributed to any Member shall be adjusted to equal the gross fair market value (taking Section 7701(g) of the Code into account) of such Property on the date of distribution as reasonably determined by the
Managing Member. 

  
 7 

 (iv) The Carrying Values of such Properties shall be increased (or decreased) to reflect
any adjustments to the adjusted basis of such Properties pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (vi) of the definition of “Net Income” and “Net Loss” or Section 5.04(b)(vi);
provided, however, that Carrying Values shall not be adjusted pursuant to this paragraph (iv) to the extent that an adjustment pursuant to paragraph (ii) is required in
connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (iv). 
 (v)
If the Carrying Value of such Property has been determined or adjusted pursuant to paragraph (i), (ii) or (iv), then such Carrying Value shall thereafter be adjusted by the Depreciation taken into account with respect to
such asset, for purposes of computing Net Income and Net Loss. 
 “Certificate” means the Certificate of Formation of the
Company filed with the Secretary of State of Delaware in accordance with the Delaware Act, as such Certificate may be amended from time to time. 

“Certificate of Designations” means, as applicable, the Certificate of Designations of 6.50% Series A-1 Convertible Preferred Stock of PubCo and the Certificate of Designations of 6.50% Series A Convertible Preferred Stock of PubCo. 

“Class A Common Stock” means Class A common stock, $0.01 par value per share, of Pubco. 

“Class B Common Stock” means Class B common stock, $0.01 par value per share, of Pubco. 

“Class B Securities Purchase Agreements” means the Class B Securities Purchase Agreements, dated as
of the date hereof, by and among Pubco and each of the Pre-IPO Holders. 
 “Code”
means the Internal Revenue Code of 1986, as amended from time to time. 
 “Company Minimum Gain” means “partnership
minimum gain,” as defined in Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d). 

“Competitive Activity” means (i) any business that competes with the business of the Company or any of its subsidiaries,
or (ii) acquiring directly or through an Affiliate in the aggregate directly or beneficially, whether as a shareholder, partner, member or otherwise, any equity (including stock options or warrants, whether or not exercisable), voting or profit
participation interests (collectively, “Ownership Interests”) in a Competitive Enterprise (it being understood that this clause (ii) shall not apply to prohibit the holding of an Ownership Interest if (a) at the time of
acquisition of such Ownership Interest, the Person in which such direct or indirect Ownership Interest is acquired is not a Competitive Enterprise and the Member is not aware at the time of such acquisition, after reasonable inquiry, that such
Person has any plans to become a Competitive Enterprise or (b) such Ownership Interest is a passive ownership position of less than five percent (5%) in any company whose shares are publicly traded). 

  
 8 

 “Competitive Enterprise” means any Person or business enterprise (in any
form, including without limitation as a corporation, partnership, limited liability company or other Person), or subsidiary, division, unit, group or portion thereof, whose primary business is engaging in a Competitive Activity (as reasonably
determined by the Managing Member). For the sake of clarity, in the case of a subsidiary, division, unit, group or portion whose primary business is described above: (1) the larger business enterprise or Person owning such subsidiary, division,
unit, group or portion shall not be deemed to be a Competitive Enterprise unless the primary business of such larger business enterprise or Person is engaged in a Competitive Activity and (2) the subsidiary, division, unit, group or portion
whose primary business is engaging in a Competitive Activity shall be deemed a Competitive Enterprise. 
 [“Contribution and
Exchange Agreements” means the Contribution and Exchange Agreements, by and among the Company and certain of the Pre-IPO Holders.]  

“Control” (including the terms “controlling” and “controlled”), with respect to the
relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of such subject Person, whether through the ownership of voting securities,
as trustee or executor, by contract or otherwise. 
 “Covered Person” means (i) each Member or an Affiliate thereof,
in each case in such capacity, (ii) each officer, director, shareholder, member, partner, employee, representative, agent or trustee of a Member or an Affiliate thereof, in all cases in such capacity, and (iii) each officer, director,
shareholder (other than any public shareholder of Pubco that is not a Member), member, partner, employee, representative, agent or trustee of the Managing Member, Pubco (in the event Pubco is not the Managing Member), the Company or an Affiliate
controlled thereby, in all cases in such capacity. 
 “Delaware Act” means the Delaware Limited Liability Company Act, 6
Del. C. §§ 18-101 et seq, as may be amended from time to time. 

“Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery
deduction allowable with respect to an asset for such Fiscal Year, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount
that bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax basis; provided, however, that if the
adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Carrying Value using any reasonable method selected by the Managing Member.

 “DGCL” means the State of Delaware General Corporation Law, as amended from time to time. 

  
 9 

 “Effective Time” means a time that is substantially concurrent with, but
immediately prior to, the closing of the IPO. 
 “Equity Securities” means, with respect to any Person, any
(i) membership interests or shares of capital stock, (ii) equity, ownership, voting, profit or participation interests or (iii) similar rights or securities in such Person or any of its Subsidiaries, or any rights or securities
convertible into or exchangeable for, options or other rights to acquire from such Person or any of its Subsidiaries, or obligation on the part of such Person or any of its Subsidiaries to issue, any of the foregoing. 

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

“H&W Investco” means H&W Investco, LP, a Delaware limited partnership. 

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

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

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

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

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

“LLC Unit Percentage Interest” means with respect to any Member, a fractional amount, expressed as a percentage: (i) the
numerator of which is the aggregate number of LLC Units owned of record by such Member, and (ii) the denominator of which is the aggregate number of LLC Units issued and outstanding. The sum of the outstanding LLC Unit Percentage Interests of
all Members shall at all times equal 100%. 

  
 10 

 “LLC Unit Redemption Price” means the arithmetic average of the volume
weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal or its
successor, for each of the three (3) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the date of Redemption (or the date of the Call Notice, as applicable), subject to appropriate and
equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation
system, then the LLC Unit Redemption Price shall be determined in good faith by a committee of the board of directors of Pubco composed of a majority of the directors of Pubco that do not have an interest in the LLC Units being redeemed;
provided that in the case of Pubco electing a Cash Settlement pursuant to Section 10.02, if Pubco issues Class A Common Stock in a substantially concurrent offering of shares of Class A Common Stock, the
LLC Unit Redemption Price shall be the net proceeds (after deduction of any underwriters’ discounts or commissions and brokers fees or commissions) from the sale by Pubco of a share of Class A Common Stock sold in connection with the
related redemption of Redeemed Units. 
 “Managing Member” means (i) Pubco so long as Pubco has not withdrawn
as the Managing Member pursuant to Section 7.02 and (ii) any successor thereof appointed as Managing Member in accordance with Section 7.02. 

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

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

“Member Nonrecourse Deductions” has the same meaning as the term “partner nonrecourse deductions” in Treasury
Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Net Income” and “Net Loss” mean, for each Fiscal Year or other period, an amount equal to the
Company’s taxable income or loss for such Fiscal Year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to
Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 

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

  
 11 

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

(vi) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) of the Code is required,
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s
interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken
into account for purposes of computing Net Income or Net Loss; and 
 (vii) Notwithstanding any other provision of this definition, any
items that are specially allocated pursuant to Section 5.04(b) or Section 5.04(c) shall not be taken into account in computing Net Income and Net Loss. 

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

“Noncompensatory Option” means a non-compensatory option within the meaning of
Treasury Regulations Section 1.721-2(f) that is issued by the Company. 
 “Non-Pubco Member” means any Member that is not a Pubco Member. 
 “Nonrecourse
Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 

  
 12 

 “Percentage Interest” means with respect to any Member, a fractional
amount, expressed as a percentage: (i) the numerator of which is the sum of (A) the number of LLC Units owned of record by such Member plus (B) the number of LLC Units that would be received upon a conversion of the Preferred
Units owned of record by such Member and (ii) the denominator of which is the sum of (A) the total number of LLC Units issued and outstanding plus (B) the total number of LLC Units that would be received by Members holding
Preferred Units upon a conversion of all Preferred Units issued and outstanding. The sum of the outstanding Percentage Interests of all Members shall at all times equal 100%. 

“Permitted Transferee” means, other than with respect to Pubco, 

(i) any Member; 
 (ii) in the
case of any Member who is not a natural person, any Person that is an Affiliate of such Member or its beneficial owners; and 
 (iii) in the
case of any Member who is a natural person: 
 (A) any Person to whom Units are Transferred from such Member (1) by will or the laws of
descent and distribution or (2) by gift to the Member’s spouse, the lineal descendant, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary without consideration of any kind; 

(B) a trust, family partnership or estate planning vehicle that is for the exclusive benefit of such Member and/or its Permitted Transferees
under clause (A) above; or 
 (C) any institution qualified as tax-exempt under Section 501(c)(3) of the Code. 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, estate, joint venture,
governmental authority or other entity. 
 “Preferred Units” means a preferred limited liability
interest in the Company, with an initial fixed liquidation preference equal to the Fixed Liquidation Preference (as defined in the Certificate of Designation) of the Pubco Preferred Stock. 

“Pre-IPO Holders” means each Member as of the Effective Time (after taking the
Reorganization into account) other than Pubco. 
 “Prime Rate” means the rate of interest from time to time identified by
JP Morgan Chase, N.A. as being its “prime” or “reference” rate. 
 “Preferred Coupons” means the
Preferred Coupons as defined in the Certificate of Designations. 

  
 13 

 “Profits Interest Agreement” means, with respect to each Member who holds
LLC Units received in exchange for Class A-2 Units and/or Class B Units in H&W FH, that certain Profits Interest Plan Award Agreement entered into between such Member and H&W FH, pursuant to
which H&W FH granted such H&W FH units to such Member, as the same may be amended, restated or otherwise modified from time to time. 

“Property” means an interest of any kind in any real, personal or intellectual (or mixed) property, including cash, and any
improvements thereto, and shall include both tangible and intangible property. 
 “Pubco Common Stock” means all classes
and series of common stock of Pubco, including the Class A Common Stock and Class B Common Stock. 
 “Pubco Preferred
Stock” means the 6.50% Series A Convertible Preferred Stock and the 6.50% Series A-1 Convertible Preferred Stock of Pubco. 

“Pubco Member” means (i) Pubco and (ii) any Subsidiary of Pubco (other than the Company and its Subsidiaries) that
is or becomes a Member. 
 “Pubco Tax Rate” means the highest marginal tax rate applicable to Pubco, taking into account
the character of the income (e.g., ordinary income, qualified dividend income, or capital gains, as appropriate), the holding period of the assets disposed of, the year in which the taxable net income is recognized by the Company, and the
deductibility of state and local income taxes at the time for federal income tax purposes and any limitations thereon, as reasonably determined by the Managing Member. 

“Quarterly Preferred Tax Liability” means an amount equal to (i) the Pubco Tax Rate
multiplied by (ii) the sum of (A) the estimated or actual taxable income of the Company, as determined for federal income tax purposes, allocated to Pubco pursuant to Section 5.04(a)(i)
solely as a holder of Preferred Units, plus (B) the amount of, any “guaranteed payments” made to Pubco in respect of its Preferred Units designated as such under Section 5.03(f) (and as determined
under Section 707(c) of the Code (other than guaranteed payments in respect of services performed by Pubco)) for the period to which the Quarterly Preferred Tax Liability relates and to the extent not previously taken into account in
determining the Quarterly Preferred Tax Liability of Pubco, each as reasonably determined by the Managing Member. 
 “Quarterly Tax
Liability” means, with respect to any Member holding LLC Units for any fiscal quarter, a reasonable estimate determined by the Managing Member of the product of: (i) the excess of (A) the amount of taxable income of the Company
determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code will be included in taxable income) to be
allocated to such Member with respect to such LLC Units for such fiscal quarter, determined without regard to any adjustments pursuant to Section 704(c) (with respect to property contributed to the Company), 734 or 743 of the Code, less
(B) all taxable losses allocated to such Member with respect to such LLC Units by the Company in prior Fiscal Years to the extent not previously taken into account in determining the Quarterly Tax Liability of such Member for any fiscal quarter
(in each case disregarding all taxable income and loss allocable to any taxable period or portion thereof ending on or prior to the effective time of the IPO), multiplied by (ii) the Tax Rate. 

  
 14 

 “Redeemed LLC Units Equivalent” means the product of (a) the Share
Settlement, times (b) the LLC Unit Redemption Price. 
 “Registration Rights Agreement” means the Registration Rights
Agreement, dated as of the date hereof, by and among Pubco, certain of the Pre-IPO Holders and certain holders of Pubco Preferred Stock. 

“Reorganization Date Capital Account Balance” means, with respect to any Member, the positive balance in such Member’s
Capital Account as of immediately following the Reorganization, the amount or deemed value of which is set forth on the Member Schedule. 

“Reorganization Documents” means the Reorganization Agreement and the documents referenced therein, this Agreement, the
Class B Securities Purchase Agreements, the Tax Receivable Agreement, the Registration Rights Agreement and the Stockholders Agreement. 

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

“Restricted Person” means (a) each Non-Pubco Member, and (b) in the case of
a Non-Pubco Member that is an entity, each direct or indirect owner of Equity Securities of such Non-Pubco Member that agrees (by executing a joinder to this Agreement
or other agreement with the Company or Pubco) to be a Restricted Person hereunder. 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Securities Act” means the 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 provision of future law. 

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

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

  
 15 

 “Substitute Member” means any Person admitted as a Member of the Company
pursuant to Section 3.03 in connection with the Transfer of then-existing Units to such Person. 
 “Tax
Rate” means the highest marginal tax rates for an individual or corporation (whichever is higher) that is resident in Los Angeles, California or New York, New York (whichever is higher), taking into account the
character of the income (e.g., ordinary income, qualified dividend income, or capital gains, as appropriate), the holding period of the assets disposed of, the year in which the taxable net income is recognized by the Company, and the
deductibility of state and local income taxes at the time for federal income tax purposes and any limitations thereon including pursuant to Section 68 of the Code, but without taking into account the alternative minimum tax or any limitations
on deductions or separate tax attributes that may be applicable to a Member based on such Member’s particular tax situation or attributes, which Tax Rate shall be the same for all Members. 

“Tax Receivable Agreement” means the Tax Receivable Agreement, dated as of the date hereof, by and among Pubco and the other
parties thereto. 
 “Trading Day” means a day on which the principal U.S. securities exchange on which the Class A
Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

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

“Treasury Regulations” mean the final or temporary United States Federal Income Tax Regulations promulgated under the Code,
as amended from time to time. 
 “Units” means LLC Units, Preferred Units or any other class of limited liability interests
in the Company designated by the Company after the date hereof in accordance with this Agreement; provided that any type, class or series of Units shall have the designations, preferences and/or special rights set forth or referenced
in this Agreement, and the membership interests of the Company represented by such type, class or series of Units shall be determined in accordance with such designations, preferences and/or special rights. 

“Unvested LLC Unit” means any LLC Unit that is not vested pursuant to and in accordance with the Profits Interest Agreement
entered into with the holder of such LLC Unit. 
 (b) Each of the following terms is defined in the Section set forth opposite such
term: 

  
 16 

			
	“Agreement”	  	Preamble
		
	“Cash Settlement”	  	Section 10.01(b)
		
	“Company”	  	Preamble
		
	“Company Parties”	  	Section 9.01(b)
		
	“Confidential Information”	  	Section 13.11(b)
		
	“Contribution Notice”	  	Section 10.01(b)
		
	“Controlled Entities”	  	Section 11.02(e)
		
	“Designated Individual”	  	Section 6.01(a)
		
	“Direct Exchange”	  	Section 10.03(a)
		
	“Dispute”	  	Section 14.01
		
	“Dissolution Event”	  	Section 12.01(c)
		
	“Economic Pubco Security”	  	Section 4.01(a)
		
	“Exchange Election Notice”	  	Section 10.03(a)
		
	“Expenses”	  	Section 11.02(e)
		
	“Final Tax Distribution Amount”	  	Section 5.03(e)(ii)
		
	“GAAP”	  	Section 3.04(b)
		
	“Indemnification Sources”	  	Section 11.02(e)
		
	“Indemnitee-Related Entities”	  	Section 11.02(e)(i)
		
	“Initiating Party”	  	Section 14.01
		
	“Jointly Indemnifiable Claims”	  	Section 11.02(e)(ii)
		
	“Member Parties”	  	Section 13.11
		
	“Member Schedule”	  	Section 3.01(b)
		
	“NOPPA”	  	Section 6.01(d)
		
	“Officers”	  	Section 7.05(a)
		
	“Panel”	  	Section 14.01
		
	“Partnership Representative”	  	Section 6.01
		
	“Prior LLC Agreement”	  	Recitals
		
	“Pubco”	  	Preamble
		
	“Pubco Offer”	  	Section 10.04(a)

  
 17 

			
	“Redeemed Units”	  	Section 10.01(a)
		
	“Redeeming Member”	  	Section 10.01(a)
		
	“Redemption”	  	Section 10.01(a)
		
	“Redemption Date”	  	Section 10.01(a)
		
	“Redemption Notice”	  	Section 10.01(a)
		
	“Redemption Right”	  	Section 10.01(a)
		
	“Reorganization”	  	Recitals
		
	“Reorganization Agreement”	  	Recitals
		
	“Responding Party”	  	Section 14.01
		
	“Retraction Notice”	  	Section 10.01(b)
		
	“Revaluation”	  	Section 5.02(c)
		
	“Revised Partnership Audit Procedures”	  	Section 6.01
		
	“Share Settlement”	  	Section 10.01(b)
		
	“Tax Distribution Date”	  	Section 5.03(e)
		
	“Tax Distributions”	  	Section 5.03(e)
		
	“Transferor Member”	  	Section 5.02(b)
		
	“Withholding Advances”	  	Section 5.06(b)
		
	“Unvested Distribution Amount”	  	Section 5.03(b)(iii)

 Section 1.02 Other Definitional and Interpretative Provisions. The words
“hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise
specified. All Schedules and Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined therein,
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable
terms refer to printing, typing 

  
 18 

 
and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any
rules or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person
include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law,” “laws” or to a
particular statute or law shall be deemed also to include any Applicable Law. As used in this Agreement, all references to “majority in interest” and phrases of similar import shall be deemed to refer to such percentage or fraction of
interest based on the Percentage Interests of the Members subject to such determination. Unless otherwise expressly provided herein, when any approval, consent or other matter requires any action or approval of any group of Members, including any
holders of any class of Units, such approval, consent or other matter shall require the approval of a majority in interest of such group of Members. Except to the extent otherwise expressly provided herein, all references to any Member shall be
deemed to refer solely to such Person in its capacity as such Member and not in any other capacity. 
 ARTICLE 2 

THE COMPANY 

Section 2.01 Formation. The Company has been organized as a Delaware limited liability company pursuant to
the provisions of the Delaware Act and upon the terms and conditions set forth in this Agreement. The Members hereby agree that the Company and its Subsidiaries shall be governed by the terms and conditions of this Agreement and, except as provided
herein, the Delaware Act. 
 Section 2.02 Name. The name of the Company shall be “Xponential
Intermediate Holdings LLC” and all business of the Company shall be conducted in such name or such other name as the Managing Member shall determine, provided that the Managing Member may change the name of the Company to such
other name as the Managing Member shall determine, and shall have the authority to execute, acknowledge, deliver, file and record such further certificates, amendments, instruments and documents, and to do all such other acts and things, as may be
required by Applicable Law or as, in the reasonable judgment of the Managing Member, may be necessary or advisable to effect such change. 

Section 2.03 Term. The Company commenced on February 20, 2020, the date on which the Certificate was
filed in the office of the Secretary of State of Delaware in accordance with the Delaware Act, and shall have perpetual existence until it is wound up and liquidated and its business is completed as provided in ARTICLE 12. 

Section 2.04 Registered Agent and Registered Office. 

(a) The Certificate has been filed in the office of the Secretary of State of Delaware in accordance with the provisions of the Delaware Act.
The Managing Member shall be responsible for, and shall take any and all other actions reasonably necessary to perfect and maintain, the status of the Company under the laws of the State of Delaware, including causing

  
 19 

 
amendments to the Certificate to be filed whenever required by the Delaware Act. Such Certificate and amendments thereto will be executed by any Person authorized by the Managing Member to do so.

 (b) The Managing Member shall be responsible for, and shall cause to be executed and filed, such forms or certificates and shall take any
and all other actions as may be reasonably necessary to perfect and maintain the status of the Company under the laws of any other states or jurisdictions in which the Company engages in business. 

(c) The registered agent for service of process on the Company in the State of Delaware, and the address of such registered agent, shall be
Registered Agents Solutions, Inc., 1679 S. Dupont Hwy, Suite 100, Dover, Delaware 19901. The Managing Member may change the registered agent and appoint successor registered agents. 

Section 2.05 Purposes. The purpose and business of the Company shall be to engage in any lawful act or
activity for which limited liability companies may be formed under the Delaware Act and engaging in any and all activities necessary, customary, convenient or incidental to the foregoing. 

Section 2.06 Powers of the Company. The Company shall have the power and authority to take any and all
actions necessary, appropriate or advisable to or for the furtherance of the purposes set forth in Section 2.05. 

Section 2.07 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 Section 2.08, 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. 

Section 2.08 Partnership Tax Status. The Members intend that the Company shall be treated as a partnership for
federal, state and local income tax purposes that is a continuation of H&W FH. The Members and the Company agree to take such actions as may be necessary to receive and maintain such treatment and refrain from taking any actions inconsistent
therewith. 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. 

Section 2.09 Regulation of Internal Affairs. The internal affairs of the Company and the conduct of its business
shall be regulated by this Agreement, and to the extent not provided for herein, shall be determined by the Managing Member. 

  
 20 

 Section 2.10 Ownership of Property. Legal title to all Property,
conveyed to, or held by the Company or its Subsidiaries shall reside in the Company or its Subsidiaries (as applicable) and shall be conveyed only in the name of the Company or its Subsidiaries (as applicable), and no Member or any other Person,
individually, shall have any ownership of such Property. 
 Section 2.11 Subsidiaries. The Company shall cause the
business and affairs of each of the Subsidiaries to be managed by the Managing Member in accordance with and in a manner consistent with this Agreement. 

Section 2.12 Qualification in Other Jurisdictions. The Managing Member shall execute, deliver and file certificates
(and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in the jurisdictions in which the Company may wish to conduct business. In those jurisdictions in which the Company may wish to conduct business in
which qualification or registration under assumed or fictitious names is required or desirable, the Managing Member shall cause the Company to be so qualified or registered in compliance with Applicable Law. 

ARTICLE 3 
 UNITS;
MEMBERS; BOOKS AND RECORDS; REPORTS 
 Section 3.01 Units; Admission of Members. 

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

(b) Effective upon the Reorganization, pursuant to [Section 2.1(b)(i)-(iii)] of the Reorganization Agreement, Pubco has been
admitted to the Company as the Managing Member and as consideration in the H&W Merger, each Pre-IPO Holder was issued LLC Units in exchange for their H&W FH interests. Such information will be recorded
by the Company in a schedule setting forth the names and the number of LLC Units owned by each Member (the “Member Schedule”) as set forth on Exhibit A attached hereto, which shall be maintained by the Managing Member on
behalf of the Company in accordance with this Agreement. Notwithstanding anything to the contrary contained herein or in the Delaware Act, neither the Managing Member nor the Company shall be required to disclose an unredacted Member Schedule to any
Non-Pubco Member, or any other information showing the identity of the other Non-Pubco Members or the number and class of Units or shares of Class B Common Stock
owned by another Non-Pubco Member. For each Non-Pubco Member, the Company shall provide such Member, upon request, a redacted copy of the Member Schedule revealing only
such Member’s Units, the total number of issued and outstanding Units, and such Member’s LLC Unit Percentage Interest. When any Units or other Equity Securities of the Company are issued, repurchased, redeemed, converted or Transferred in
accordance with this Agreement, the Member Schedule shall be amended by the Managing Member to reflect such issuance, repurchase, redemption or Transfer, the admission of additional or substitute Members and the resulting LLC Unit Percentage
Interest, as applicable, of each Member. Following the date hereof, no Person shall be admitted as a Member and no additional Units shall be issued except as expressly provided herein. 

  
 21 

 (c) In connection with the Reorganization and following the 2021 Pubco Preferred Stock
Issuance and the IPO, Pubco will contribute to the Company a portion of the net proceeds received from the IPO and 2021 Pubco Preferred Stock Issuance in exchange for Preferred Units and LLC Units; provided that in the event that the number
of Preferred Units issued to Pubco in exchange for the contribution of proceeds pursuant to this Section 3.01(c) does not equal the number of shares of Pubco Preferred Stock outstanding after the IPO, (x) Pubco will not acquire any LLC
Units from the Company and (y) a portion of the LLC Units acquired from LCAT will be recapitalized into Preferred Units such that, immediately after such recapitalization, (A) the total number of Preferred Units held by Pubco equals the
number of shares of Pubco Preferred Stock outstanding and (B) the number of LLC Units held by Pubco equals the number of shares of Class A Common Stock outstanding. 

(d) Any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of Class A Common Stock will be accompanied by an identical subdivision or combination, as applicable, of LLC Units. Subject Section 3.02, any subdivision (by stock
split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the Pubco Preferred Stock will be accompanied by an identical subdivision or
combination, as applicable, of Preferred Units. 
 (e) Subject to Section 3.02, the Managing Member may cause the
Company to authorize and issue from time to time such other Units or other Equity Securities of any type, class or series and having the designations, preferences and/or special rights as may be determined by the Managing Member. Such Units or other
Equity Securities may be issued pursuant to such agreements as the Managing Member shall approve, including with respect to Persons employed by or otherwise performing services for the Company or any of its Subsidiaries, other equity compensation
agreements, options or warrants. When any such other Units or other Equity Securities are authorized and issued, the Member Schedule and this Agreement shall be amended by the Managing Member to reflect such additional issuances and resulting
dilution. 
 Section 3.02 Rights of Preferred Units. The Preferred Units will have the following rights,
preferences and privileges and shall be subject to the following duties and obligations: 
 (a) General Matters; Ranking. Each
Preferred Unit will be identical in all respects to every other Preferred Unit. The Preferred Units, with respect to distributions, including upon the liquidation, winding-up or dissolution, as applicable, of
the Company, will rank (i) senior to each class or series of LLC Units, (ii) on parity with each class or series of parity preferred units in the Company (if any), (iii) junior to each class or series of senior units in the Company (if
any) and (iv) junior to the Company’s existing and future indebtedness and other liabilities. 
 (b)
Distributions. Pubco shall be entitled to receive distributions pursuant to Section 5.03(b) in respect of the Preferred Units in an amount equal to the amount of cash distributed in respect of Pubco Preferred
Stock, including Preferred Coupons, in a manner that mirrors the rights of the holders of Pubco Preferred Stock under the Certificate of Designations. In the event of any voluntary or involuntary liquidation,
winding-up or dissolution of the Company, Pubco will be entitled to receive liquidating distributions in respect of the Preferred Units in the manner set forth in
Section 12.02(b)(ii). 

  
 22 

 (c) Voting Rights. Except as provided in the following sentence, holders of
Preferred Units will not be entitled to vote on any matters requiring the approval or vote of the Members or holders of Units, except as required by applicable law. Notwithstanding any other provision of this Agreement, in addition to all other
requirements imposed by the Delaware Act, and all other voting rights granted under this Agreement, the affirmative vote of the holders of a majority of the outstanding Preferred Units, voting separately as a class based upon one vote per Preferred
Unit, will be necessary on any matter that (i) adversely affects any of the rights, preferences and privileges of the Preferred Units or (ii) amends or modifies any of the terms of the Preferred Units. 

(d) Conversion. Each time that a share of Pubco Preferred Stock is converted into shares of Class A Common Stock, an equal number
of Preferred Units will automatically convert (without any further action of the Company or Pubco) into the same number of LLC Units as such shares of Class A Common Stock. For example, if 5,000 shares of Pubco Preferred Stock are
converted into 45,000 shares of Class A Common Stock, then 5,000 Preferred Units will automatically convert into 45,000 LLC Units. 

(e) Repurchase and Redemption. Immediately prior to the time that a share of Pubco Preferred Stock is to be repurchased or redeemed
by Pubco, the Company shall repurchase or redeem an equal number of Preferred Units in exchange for the same consideration that is to be paid by Pubco in the repurchase or redemption of the Pubco Preferred Stock. For example, if 100,000 shares
of Pubco Preferred Stock are to be repurchased by Pubco in exchange for $3,000,000 in cash and 400,000 shares of Class A Common Stock, then 100,000 Preferred Units will be repurchased by the Company from Pubco in exchange for $3,000,000 in cash
and 400,000 LLC Units. 
 (f) Exceptions. Notwithstanding Section 3.02(d) and
Section 3.02(e), no repurchase, redemption or conversion will be effected to the extent such repurchase, redemption or conversion would render the Company insolvent or violate Applicable Law or any restrictions contained in
any Agreement to which the Company is a party. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Notwithstanding anything contained in this Agreement to the
contrary, in the event that any repurchase, redemption or conversion described herein would result in a default under any applicable financing documents of the Company or any of its subsidiaries (as applicable, a “Prohibition
Event”), commencement of the applicable repurchase, redemption or conversion shall be delayed until the Prohibition Event ceases to exist, provided, in no event shall the period of such delay exceed 180 days. 

(g) Tax Treatment. It is intended that the conversion of the Preferred Units into LLC Units or the redemption of the Preferred
Units, as applicable, will be treated as the exercise of a Noncompensatory Option or, in the case of a redemption, in a similar manner as the Managing Member may determine in its sole discretion. 

  
 23 

 (h) Shortfall Event. Notwithstanding anything herein to the contrary and for the
avoidance of doubt, upon the occurrence of a liquidation, bankruptcy, insolvency proceeding, winding up, reorganization, other insolvency proceeding or dissolution of the Company or Pubco, or a mandatory redemption of the Pubco Preferred Stock, or
Sale of the Company (as defined in the Certificate of Designation), for so long as a Shortfall Event (as defined in the Purchase Agreement) has occurred and is continuing, the Company shall not make any distributions or other payments to the holders
of LLC Units or other junior equity interests of the Company until the maximum amount of any and all amounts owed to Pubco on the Preferred Units and/or for any expenses, liabilities or other obligations described in Section 13.01 of this
Agreement have been distributed, indemnified, reimbursed or otherwise paid in full. In addition, each Member and the Company agrees that Pubco shall have the right to specifically enforce the provisions of this Section 3.02(h) through use of
any remedy to which such parties are entitled at law or in equity. 
 Section 3.03 Substitute Members and
Additional Members. 
 (a) No Transferee of any Units or Person to whom any Units are issued pursuant to this Agreement shall be admitted
as a Member hereunder or acquire any rights hereunder, including any voting rights or the right to receive distributions and allocations in respect of the Transferred or issued Units, as applicable, unless (i) such Units are Transferred or
issued in compliance with the provisions of this Agreement [(including ARTICLE 8 and issuances pursuant to the Contribution and Exchange Agreements),] (ii) such Transferee or recipient shall have executed and delivered to the
Company such instruments as the Managing Member deems necessary or desirable, in its reasonable discretion, to effectuate the admission of such Transferee or recipient as a Member and to confirm the agreement of such Transferee or recipient to be
bound by all the terms and provisions of this Agreement, (iii) the Managing Member shall have received the opinion of counsel, if any, required by Section 3.03(b) in connection with such Transfer and (iv) all
necessary instruments reflecting such Transfer and/or admission shall have been filed in each jurisdiction in which such filling is necessary in order to qualify the company to conduct business or to preserve the limited liability of the Members.
Upon complying with the immediately preceding sentence, without the need for any further action of any Person, a Transferee or recipient shall be deemed admitted to the Company as a Member. A Substitute Member shall enjoy the same rights, and be
subject to the same obligations, as the Transferor; provided that such Transferor shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer but shall be relieved of all future
obligations with respect to the Units so Transferred. As promptly as practicable after the admission of any Person as a Member, the books and records of the Company shall be changed to reflect such admission of a Substitute Member or Additional
Member. In the event of any admission of a Substitute Member or Additional Member pursuant to this Section 3.03(a), this Agreement shall be deemed amended to reflect such admission, and any formal amendment of this
Agreement (including the Member Schedule) in connection therewith shall only require execution by the Company and such Substitute Member or Additional Member, as applicable, to be effective. 

(b) As a further condition to any Transfer of all or any part of a Member’s Units, the Managing Member may, in its discretion, require a
written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained at the sole expense of the transferring Member, reasonably satisfactory in form and substance to the Managing Member, as to such matters
as are customary and appropriate in transactions of this 

  
 24 

 
type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not result in a violation of the
registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to ARTICLE 10 of this Agreement. 

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

(d) All reasonable costs and expenses incurred by the Managing Member and the Company in connection with any Transfer of a Member’s Units,
including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member. In addition, the transferring Member hereby indemnifies the Managing Member and the Company
against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their Affiliates may become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply
with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 
 (e) In connection with
any Transfer of any portion of a Member’s Units pursuant to ARTICLE 10 of this Agreement, the Managing Member shall cause the Company to take any action as may be required under ARTICLE 10 of this Agreement or requested by any
party thereto to effect such Transfer promptly. 
 Section 3.04 Tax and Accounting Information. 

(a) Accounting Decisions and Reliance on Others. All decisions as to accounting matters, except as otherwise specifically set forth
herein, shall be made by the Managing Member in accordance with Applicable Law and with accounting methods followed for federal income tax or other applicable tax purposes. In making such decisions, the Managing Member may rely upon the advice of
the independent accountants of the Company. 
 (b) Records and Accounting Maintained. The books and records of the Company shall be
kept, and the financial position and the results of its operations recorded, in all material respects in accordance with United States generally accepted accounting principles as in effect from time to time (“GAAP”). The Fiscal Year
of the Company shall be used for financial reporting and for federal income tax purposes. 
 (c) Financial Reports. 

(i) The books and records of the Company shall be audited as of the end of each Fiscal Year by the same accounting firm that audits the books
and records of Pubco (or, if such firm declines to perform such audit, by an accounting firm selected by the Managing Member). 
 (ii) In
the event neither Pubco nor the Company is required to file an annual report on Form 10-K or quarterly report on Form 10-Q, the Company shall deliver, or cause to be
delivered, the following to Pubco and each of the Non-Pubco Members, in each case for so long as the Substantial Ownership Requirement is met: 

  
 25 

 (A) not later than ninety (90) days after the end of each Fiscal Year of the Company,
a copy of the audited consolidated balance sheet of the Company and its Subsidiaries as of the end of such Fiscal Year and the related statements of operations and cash flows for such Fiscal Year, setting forth in each case in comparative form the
figures for the previous year, all in reasonable detail; and 
 (B) not later than forty five (45) days or such later time as permitted
under applicable securities law after the end of each of the first three fiscal quarters of each Fiscal Year, the unaudited consolidated balance sheet of the Company and its Subsidiaries, and the related statements of operations and cash flows for
such quarter and for the period commencing on the first day of the Fiscal Year and ending on the last day of such quarter. 
 (d) Tax
Returns. 
 (i) The Company shall timely prepare or cause to be prepared by an accounting firm selected by the Managing Member all
federal, state, local and foreign tax returns (including information returns) of the Company and its Subsidiaries, which may be required by a jurisdiction in which the Company and its Subsidiaries operate or conduct business for each year or period
for which such returns are required to be filed and shall cause such returns to be timely filed. Upon request of any Member, the Company shall furnish to such Member a copy of each such tax return. 

(ii) The Company shall furnish to each Member (a) as soon as reasonably practical after the end of each Fiscal Year and in any event by
June 1 of the subsequent Fiscal Year, all information concerning the Company and its Subsidiaries required for the preparation of tax returns of such Members (or any beneficial owner(s) of such Member), including a report (including IRS and any
applicable state Schedule K-1s), indicating each Member’s share of the Company’s taxable income, gain, credits, losses and deductions for such year, in sufficient detail to enable such Member to
prepare its federal, state and other income tax returns; provided that estimates of such information believed by the Managing Member in good faith to be reasonable shall be provided by April 1 of the subsequent Fiscal Year,
(b) as soon as reasonably possible after the close of the relevant fiscal period, but in no event later than ten (10) days prior to the date an estimated tax payment is due, such information concerning the Company as is required to enable
such Member (or any beneficial owner of such Member) to pay estimated taxes and (c) as soon as reasonably possible after a request by such Member, such other information concerning the Company and its Subsidiaries that is reasonably requested
by such Member for compliance with its tax obligations (or the tax obligations of any beneficial owner(s) of such Member) or for tax planning purposes. 

(e) Inconsistent Positions. No Member shall take a position on such Member’s income tax return with respect to any item of Company
income, gain, deduction, loss or credit that is different from the position taken on the Company’s income tax return with respect to such item unless such Member notifies the Company of the different position the Member desires to take and the
Company’s regular tax advisors, after consulting with the Member, are unable to provide an opinion that (after taking into account all of the relevant facts and circumstances) the arguments in favor of the Company’s position outweigh the
arguments in favor of the Member’s position. 

  
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 Section 3.05 Books and Records. The Company shall keep full
and accurate books of account and other records of the Company at its principal place of business. For so long as the Substantial Ownership Requirement is met, each Non-Pubco Member shall have any right to
inspect the books and records of Pubco, the Company or any of its Subsidiaries; provided that (i) such inspection shall be at reasonable times and upon reasonable prior notice to the Company, but not more frequently than once per
calendar quarter and (ii) neither Pubco, the Company nor any of its Subsidiaries shall be required to disclose (x) any information the Managing Member determines to be competitively sensitive, (y) any privileged information of Pubco,
the Company or any of its Subsidiaries so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Non-Pubco Members,
as the case may be, without the loss of any such privilege, or (z) the Member Schedule or related information described in Section 3.01(b). 

ARTICLE 4 
 PUBCO
OWNERSHIP; RESTRICTIONS ON PUBCO STOCK 
 Section 4.01 Pubco Ownership. 

(a) Except as otherwise determined by Pubco, if at any time Pubco issues one or more shares of Class A Common Stock, one or more shares of
Pubco Preferred Stock, or any other Equity Security of Pubco entitled to any economic rights (including in the IPO) with respect to Pubco (excluding Class B Common Stock and any other Equity Security of Pubco not entitled to any economic rights
with respect thereto) (an “Economic Pubco Security”), then— 
 (i) the Company shall issue to Pubco (A) one LLC
Unit per share of Class A Common Stock issued by Pubco (if Pubco issues one or more shares of Class A Common Stock), (B) one Preferred Unit per share of Pubco Preferred Stock issued by Pubco (if Pubco issues one or more shares of
Pubco Preferred Stock) or (C) such other Equity Security of the Company (if Pubco issues an Economic Pubco Security other than Class A Common Stock or Pubco Preferred Stock) corresponding to the Economic Pubco Security with substantially
the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Economic Pubco Security; and 

(ii) Pubco shall make a Capital Contribution to the Company of the net proceeds received by Pubco with respect to the corresponding Economic
Pubco Security, if any; 
 provided, however, that if Pubco issues any Economic Pubco Securities and some or all of the net proceeds
are used to fund the redemption, repurchase or other acquisition of shares of Class A Common Stock or Pubco Preferred Stock for which Pubco would be permitted a distribution pursuant to Section 5.03(c), then Pubco
shall not be required to transfer such net proceeds to the Company to the extent such net proceeds are used or will be used to fund such redemption, repurchase or other acquisition, provided, further that if Pubco issues any
shares of Class A Common Stock (including in the IPO) in order to purchase or fund the purchase from a Non-Pubco 

  
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Member of a number of LLC Units or to purchase or fund the purchase of shares of Class A Common Stock, in each case equal to the number of shares of Class A Common Stock issued, then
the Company shall not issue any new LLC Units in connection therewith and Pubco shall not be required to transfer such net proceeds to the Company (it being understood that such net proceeds shall instead be transferred to such Non-Pubco Member or transferor of Class A Common Stock, as applicable, as consideration for such purchase). 

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

(c) If at any time Pubco issues one or more shares of Class A Common Stock in connection with an equity incentive program, whether such
share(s) or other equity are issued upon exercise of an option, settlement of a restricted stock unit, as restricted stock or otherwise, then the Company shall issue to Pubco a corresponding number of LLC Units; provided that Pubco
shall be required to concurrently contribute the net proceeds (if any) received by Pubco from or otherwise in connection with such corresponding issuance of one or more shares of Class A Common Stock, including the exercise price of any option
exercised, to the Company. If any such shares of Class A Common Stock so issued by Pubco in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the LLC Units that are issued by the Company to
Pubco in connection therewith in accordance with the preceding provisions of this Section 4.01(c) shall be subject to vesting or forfeiture on the same basis as the corresponding shares of Class A Common Stock. If any
of such shares of Class A Common Stock vest or are forfeited, then a corresponding number of the LLC Units issued by the Company in accordance with the preceding provisions of this Section 4.01(c) shall
automatically vest or be forfeited. Any cash or property held by either Pubco or the Company or on either’s behalf in respect of dividends paid on restricted Class A Common Stock that fails to vest shall be returned to the Company upon the
forfeiture of such restricted Class A Common Stock. 
 Section 4.02 Restrictions on Pubco Stock. 

(a) Except as otherwise determined by the Managing Member in accordance with Section 4.02(g), (i) the Company
may not issue any additional LLC Units to any Pubco Member unless substantially simultaneously therewith a Pubco Member issues or sells an equal number of shares of Class A Common Stock to another Person, (ii) the Company may not issue any
additional LLC Units to any Person (other than any Pubco Member) unless simultaneously therewith Pubco issues or sells an equal number of shares of Class B Common Stock to such Person, (iii) subject to
Section 3.02, the Company may not issue any Preferred Units to a Pubco Member unless substantially simultaneously therewith a Pubco Member issues or sells an equal number of shares of Pubco Preferred Stock to another Person
and (iv) the Company may not issue any other Equity Securities of the Company to any Pubco Member unless substantially simultaneously therewith a Pubco Member issues or sells to another Person an equal number of shares of a new class or series
of Equity Securities of Pubco with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company. 

  
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 (b) Except as otherwise determined by the Managing Member in accordance with
Section 4.02(g): 
 (i) A Pubco Member may not redeem, repurchase or otherwise acquire any shares of Class A
Common Stock unless substantially simultaneously therewith the Company redeems, repurchases or otherwise acquires from a Pubco Member an equal number of LLC Units for the same price per security (or, if Pubco uses funds received from
distributions from the Company or the net proceeds from an issuance of Class A Common Stock to fund such redemption, repurchase or acquisition, then the Company shall cancel an equal number of LLC Units for no consideration). 

(ii) A Pubco Member may not redeem, repurchase or otherwise acquire any shares of Pubco Preferred Stock unless substantially simultaneously
therewith the Company redeems, repurchases or otherwise acquires from a Pubco Member an equal number of Preferred Units for the same price per security (or, if Pubco uses funds received from distributions from the Company or] the net proceeds
from an issuance of Pubco Preferred Stock to fund such redemption, repurchase or acquisition, then the Company shall cancel an equal number of Preferred Units for no consideration). 

(iii) A Pubco Member may not redeem, repurchase or otherwise acquire any Economic Pubco Securities other than Class A Common Stock or
Pubco Preferred Stock unless substantially simultaneously therewith the Company redeems or repurchases from a Pubco Member an equal number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to
dividends and distributions (including distributions upon liquidation) or other economic rights as those of such Equity Securities of Pubco for the same price per security (or, if Pubco uses funds received from distributions from the Company or the
net proceeds from an issuance of the same class and type of Economic Pubco Security, then the Company shall cancel an equal number of its corresponding Equity Securities for no consideration). 

(c) Except as otherwise determined by the Managing Member in accordance with Section 4.02(g), (A) the Company
may not redeem, repurchase or otherwise acquire LLC Units from a Pubco Member unless substantially simultaneously therewith a Pubco Member redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same
price per security from holders thereof (except that if the Company cancels LLC Units for no consideration as described in Section 4.02(b)(i), then the price per security need not be the same), (B) the Company may
not redeem, repurchase or otherwise acquire LLC Units from a Pubco Member unless substantially simultaneously therewith a Pubco Member redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same
price per security from holders thereof (except that if the Company cancels Preferred Units for no consideration as described in Section 4.02(b)(i), then the price per security need not be the same) and (C) the
Company may not redeem, repurchase or otherwise acquire any Equity Securities of the Company other than LLC Units or Preferred Units from a Pubco Member unless substantially simultaneously therewith a Pubco Member redeems, repurchases or otherwise

  
 29 

 
acquires for the same price per security an equal number of Economic Pubco Securities of a corresponding class or series with substantially the same rights to dividends and distributions
(including dividends and distributions upon liquidation) and other economic rights as those of such Equity Securities of Pubco (except that if the Company cancels Equity Securities for no consideration as described in
Section 4.02(b)(iii), then the price per security need not be the same). Notwithstanding the immediately preceding sentence, to the extent that any consideration payable to a Pubco Member in connection with the redemption
or repurchase of any shares or other Equity Securities of Pubco consists (in whole or in part) of shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then
the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner (except if the Company cancels Units or other Equity Securities for no consideration as described in
Section 4.02(b)(i), Section 4.02(b)(ii), or Section 4.02(b)(iii)). 

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

 (e) The Company shall not in any manner effect any subdivision (by any stock or unit split, stock or unit dividend or distribution,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the outstanding Preferred Units unless accompanied by a
substantively identical subdivision or combination, as applicable, of the outstanding Pubco Preferred Stock, with corresponding changes made with respect to any other exchangeable or convertible securities. Pubco shall not in any manner effect any
subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or
otherwise) of the outstanding Pubco Preferred Stock unless accompanied by a substantively identical subdivision or combination, as applicable, of the outstanding Preferred Units, with corresponding changes made with respect to any other exchangeable
or convertible securities. 
 (f) The Company shall not in any manner effect any subdivision (by any stock or unit split, stock or unit
dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of any outstanding Equity Security of the
Company (other than LLC Units or Preferred Units) that may be issued unless accompanied by a substantively identical subdivision or combination, as applicable, of any outstanding Pubco Economic Security (other

  
 30 

 
than Class A Common Stock or Preferred Common Stock) that is intended to mirror the economics of such Equity Security of the Company, with corresponding changes made with respect to any
other exchangeable or convertible securities. Pubco shall not in any manner effect any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination
(by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of any such Pubco Economic Security unless accompanied by a substantively identical subdivision or combination, as applicable, of any such Equity
Security of the Company, with corresponding changes made with respect to any other exchangeable or convertible securities. 
 (g)
Notwithstanding anything to the contrary in this ARTICLE 4: 
 (i) if at any time the Managing Member shall determine that any debt
instrument of Pubco, the Company or any of their Subsidiaries shall not permit Pubco or the Company to comply with the provisions of Section 4.01(a), Section 4.02(b) or
Section 3.02 in connection with the issuance, redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of Pubco or any of its Subsidiaries or any Units or other Equity Securities of the
Company, then the Managing Member may in good faith implement an economically equivalent alternative arrangement without complying with such provisions; provided that, in the case that any such alternative arrangement is implemented
because of restrictions in any debt instrument, such arrangement shall also be subject to the prior written consent (not to be unreasonably withheld) of the Non-Pubco Members, in each case for so long as the
Substantial Ownership Requirement is met, and the rights of the holders of PubCo Preferred Stock as set forth in the Certificate of Designations; and 

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

  
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 ARTICLE 5 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; 

DISTRIBUTIONS; ALLOCATIONS 

Section 5.01 Capital Contributions.  

(a) From and after the date hereof, no Member shall have any obligation to the Company, to any other Member or to any creditor of the Company
to make any further Capital Contribution, except as expressly provided in Section 4.01(a), Section 4.01(c) or Section 10.02. 

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

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

(i) Each Member listed on the Member Schedule will have a Capital Account balance as of the date of the Reorganization equal to such
Member’s Reorganization Date Capital Account Balance, as set forth on the Member Schedule. The Member Schedule shall be amended by the Managing Member after the closing of the IPO and from time to time to reflect adjustments to the
Members’ Capital Accounts made in accordance with Sections 5.02(a)(ii), 5.02(a)(iii), 5.02(a)(iv), 5.02(c) or otherwise. 

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

(iv) In determining the amount of any liability for purposes of paragraphs (ii) and (iii) above there
shall be taken into account Section 752(c) of the Code and any other applicable provisions of the Code and the Treasury Regulations. 

  
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 (v) For purposes of applying the rules of this Section 5.02,
at the time Pubco contributes any portion of the net proceeds of the IPO and the 2021 Pubco Preferred Stock Issuance to the Company, to the extent permitted by applicable Law, (A) Pubco will be treated as making a Capital Contribution to the
Company in an amount equal to the applicable portion of the gross proceeds received by Pubco in the IPO and the 2021 Pubco Preferred Stock Issuance and (B) the Company shall be treated as having paid the underwriter’s fees and other costs
and expenses of the IPO and the 2021 Pubco Preferred Stock Issuance that are paid out of the proceeds of those issuances.
 The foregoing provisions and the
other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner
consistent therewith. In the event that the Managing Member shall reasonably determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are maintained (including debits or credits relating to
liabilities that are secured by contributed or distributed Property or that are assumed by the Company or the Members), the Managing Member may make such modification so long as such modification will not have any material adverse effect on the
Members’ economic entitlements under this agreement (including the amounts distributed to any Member pursuant to ARTICLE 12 upon the dissolution of the Company). The Managing Member also shall (i) make any adjustments that are
necessary or appropriate to maintain equality between Capital Accounts of the Members and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g), and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b). 
 (b) Succession to Capital Accounts. In the event any Person becomes a
Substitute Member in accordance with the provisions of this Agreement, such Substitute Member shall succeed to the Capital Account of the former Member (the “Transferor Member”) to the extent such Capital Account relates to the
Transferred Units. 
 (c) Adjustments of Capital Accounts. The Company shall revalue the Capital Accounts of the Members in accordance
with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (a “Revaluation”) at the following times: 

(i) immediately prior to a Capital Contribution of more than a de minimis amount of money or other Property to the Company by a new or
existing Member as consideration for one or more Units; 
 (ii) immediately prior to the distribution by the Company to a Member of more
than a de minimis amount of property of the Company in respect of one or more Units; 
 (iii) upon the issuance by the Company of Units as
consideration for the provision of services to or for the benefit of the Company or a subsidiary of the Company by an existing Member or a new Member acting in a “partner” capacity or “in anticipation of becoming a partner” (as
described in Treasury Regulations Section 1.704-1(b)(2)(iv)(f)(5)(iii)); 
 (iv) upon the
liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); 

  
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 (v) upon the acquisition of an interest in the Company upon the exercise of a
Noncompensatory Option (including the conversion of Preferred Units into LLC Units pursuant to Section 3.02) in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s)
(in which case the adjustments will occur as of immediately after such exercise (including such conversion); and 
 (vi) at such other times
as the Board reasonably determines in good faith to be necessary or advisable in order to comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2; 

provided, however, that (I) adjustments described above other than in clause (iv) above will be
made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interest of the Members and (II) so long as any Noncompensatory Option (including Preferred Units) is
outstanding, the adjustment of Carrying Values will take into account Treasury Regulations Sections 1.704-1(b)(2)(iv)(h)(2) (e.g., to take into account the conversion rights of the Preferred Unit
holders). 
 (d) No Member shall be entitled to withdraw capital or receive distributions except as specifically provided herein. A Member
shall have no obligation to the Company, to any other Member or to any creditor of the Company to restore any negative balance in the Capital Account of such Member. Except as expressly provided elsewhere herein, no interest shall be paid on the
balance in any Member’s Capital Account. 
 (e) Whenever it is necessary for purposes of this Agreement to determine a Member’s
Capital Account on a per Unit basis, such amount shall be determined by dividing the Capital Account of such Member attributable to the applicable class of Units held of record by such Member by the number of Units of such class held of record by
such Member. 
 (f) Notwithstanding anything to the contrary in this Section 5.02, but subject to the application
of Section 5.05(a), it is intended that each Member’s Capital Account per LLC Unit be equal to each of the other Members’ Capital Account per LLC Unit. If at any time there is a difference between a Member’s
Capital Account per Unit and the other Members’ Capital Accounts per Unit, the Company shall make appropriate adjustments with respect to the Members’ Capital Accounts to eliminate or minimize such difference. 

Section 5.03 Amounts and Priority of Distributions. 

(a) Distributions Generally. Except as otherwise provided in Section 12.02, distributions shall be made to the
Members as set forth in this Section 5.03, at such times and in such amounts as the Managing Member, in its sole discretion, shall determine. 

(b) Distributions and Payments to the Members. 

(i) Immediately prior to the time that any cash Preferred Coupon or other cash dividends are to be distributed by Pubco in respect of Pubco
Preferred Stock, the Company shall make a cash payment to Pubco in respect of the Preferred Units in an amount equal to the amount of cash to be distributed by Pubco in respect of the Pubco Preferred Stock. In the event that any dividends are to be
distributed in-kind by Pubco in respect of the Pubco Preferred Stock through the increase of the Fixed Liquidation Preference of the Pubco Preferred Stock, the Company shall increase the corresponding
liquidation preference of the Preferred Units, as applicable. 

  
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 (ii) Subject to Section 5.03(b)(i),
Section 5.03(b)(iii), Section 5.03(b)(iv), Section 5.03(e), Section 5.03(g) and the rights of the holders of Preferred Units pursuant to
Section 3.02, distributions shall be made to the Members holding LLC Units in proportion to their respective LLC Unit Percentage Interests, at such times and in such amounts as the Managing Member in its sole discretion may
determine. 
 (iii) Notwithstanding the foregoing provisions of this Section 5.03(b), no distributions (other than
Tax Distributions pursuant to Section 5.03(e)) will be made in respect of an Unvested LLC Unit. The portion of any distribution (other than Tax Distributions pursuant to Section 5.03(e)) that would
have been made in respect of any Unvested LLC Unit (or portion thereof) under this Section 5.03(b) if such LLC Unit were vested (“Unvested Distribution Amount”) will be recorded as an Unvested Distribution
Amount in the Company’s books and records at the time of such distribution. The Unvested Distribution Amount in respect of any such LLC Unit (or portion thereof) that vested following such prior distribution will be distributed by the Company
to the holder of such LLC Unit in the proportion of, and promptly following, such vesting. Upon the termination, forfeiture or cancellation of any Unvested LLC Unit, (i) the former holder of such Unvested LLC Unit shall have no right to receive
the Unvested Distribution Amount, (ii) any Unvested Distribution Amount previously recorded with respect to such Unvested LLC Unit will be noted as cancelled on the books and records of the Company and (iii) the Managing Member may cause
the Company to distribute such cancelled amount to the Members pursuant to the next distribution under Section 5.03(b)(i). 

(c) Pubco Distributions. Notwithstanding the provisions of Section 5.03(b), the Managing Member, in its sole
discretion, may authorize that cash be distributed to Pubco or any of its Subsidiaries (which payment shall be made without pro rata distributions to the other Members) either (i) in exchange for the redemption, repurchase or other acquisition
of LLC Units held by any Pubco Member or any of its Subsidiaries to the extent that the proceeds of such distribution are used to redeem, repurchase or otherwise acquire an equal number of shares of Common Stock in accordance with
Section 4.02(b)(i), (ii) in exchange for the redemption, repurchase or other acquisition of Preferred Units held by a Pubco Member to the extent that the proceeds of such distribution are used to redeem,
repurchase or otherwise acquire an equal number of shares of Pubco Preferred Stock in accordance with Section 4.02(b)(ii) or (iii) in exchange for the redemption, repurchase or other acquisition of Equity Securities of
the Company held by a Pubco Member that economically mirror any Economic Pubco Securities other than Common Stock or Pubco Preferred Stock to the extent that the proceeds of such distribution are used to redeem, repurchase or otherwise acquire an
equal number of shares of such Economic Pubco Securities in accordance with Section 4.02(b)(iii). 
 (d)
Distributions in Kind. Any distributions in kind shall be made at such times and in such amounts as the Managing Member, in its sole discretion, shall determine based on their fair market value as determined by the Managing Member in the same
proportions as if distributed in accordance with Section 5.03(b), with all Members holding LLC Units participating in proportion to their respective LLC Unit Percentage Interests. If cash and property in kind are to be
distributed simultaneously, then the Company shall distribute such cash and property in kind in the same proportion to each Member entitled to participate in such distribution. 

  
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 (e) Tax Distributions. Notwithstanding any other provision of this
Section 5.03, but subject to the rights of the holders of Preferred Units, to the extent the Company has immediately available cash for distribution and consistent with the Company’s obligations to its creditors (each
as reasonably determined by the Managing Member) and so long as the Company is treated as a partnership for U.S. federal income tax purposes, at least five (5) Business Days prior to the date on which estimated taxes are required to be paid
with respect to a fiscal quarter (each a “Tax Distribution Date”), the Company shall make a cash distribution to (i) Pubco in respect of the Preferred Units in accordance with this Section 5.03(e) and (ii) the Members
holding LLC Units in an amount calculated in accordance with the terms of this Section 5.03(e) to satisfy the Members’ U.S. federal, state and local income tax liability attributable to allocations of income, gain,
loss, deduction and credit of the Company with respect to such LLC Units (such distributions, “Tax Distributions”). 
 (i)
The Company shall make Tax Distributions (x) first, to Pubco in an amount equal to the Quarterly Preferred Tax Liability and (y) thereafter, to each Member holding LLC Units for each Fiscal Quarter in an amount equal to the excess of
(A) the Member’s estimated Quarterly Tax Liability for the current fiscal quarter and all prior fiscal quarters of the current Fiscal Year, less (B) any distributions previously made to such Member pursuant to this
Section 5.03(e) or deemed made pursuant to clause (ii) of Section 5.06(c), in each case, attributable to the Fiscal Year that includes such fiscal quarter. Any
distributions to a Member during a calendar year will be treated as a Tax Distribution pursuant to this Section 5.03(e) to the extent of the amount specified or calculated for such Member with respect to such year pursuant
to the preceding sentence. 
 (ii) A final accounting for Tax Distributions (“Final Tax Distribution Amount”) will be made
for each Fiscal Year after the Company’s actual taxable income for such Fiscal Year has been determined. If, with respect to a Fiscal Year, the amount of Tax Distributions received by a Member in respect of its LLC Units or its Preferred Units,
as applicable, is less than the Member’s Final Tax Distribution Amount as determined separately with respect to a Member’s Quarterly Tax Liability and Quarterly Preferred Tax Liability (determined in a manner consistent with the
determination of Quarterly Tax Liability or Quarterly Preferred Tax Liability, as applicable for a fiscal quarter), then the Company shall promptly distribute any such shortfall to such Member as soon as the Company has immediately available cash to
make such distributions. Distributions with respect to such shortfalls shall be made in the same order and priority as set forth in Section 5.03(e)(i). If, with respect to a Fiscal Year, the amount of Tax Distributions received by a Member in
respect of its LLC Units or its Preferred Units, as applicable, exceeds the Member’s Final Tax Distribution Amount with respect thereto, then this excess amount will be (A) credited against and reduce any future distributions under this
Section 5.03(e) or Section 12.02(b) to which such Member otherwise would be entitled or under Section 5.03(e)(i)(x) or Section 5.03(e)(i)(y), as
applicable, and (B) if such Member ceases to be a Member, repaid, without interest, by such former Member in cash to the Company within fifteen (15) calendar days after delivery of a written notice stating the amount of such excess. 

  
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 (iii) Tax Distributions in respect of a Member’s Quarterly Tax Liability will be
treated as an advance of, and will therefore reduce, amounts otherwise distributable to the Members pursuant to Section 5.03(b) (but not Section 5.03(c)). Tax Distributions in respect of a
Member’s Quarterly Preferred Tax Liability shall not be treated as an advance of or reduce distributions pursuant to Section 5.03(b) in respect of the Preferred Units. 

(iv) Notwithstanding any other provision of this Section 5.03 to the contrary, Tax Distributions in respect of a
Member’s Quarterly Tax Liability shall be made to all Members holding LLC Units on a pro rata basis in accordance with their LLC Unit Percentage Interests, notwithstanding the differing amount of tax liabilities of such Members, such that each
such Member receives at least its Tax Distribution Amount with respect to such Member’s LLC Units as of the date the Tax Distribution is made. If on the date on which a Tax Distribution is to be made there are not sufficient available funds in
the Company (or any of its Subsidiaries that are disregarded entities or partnerships for U.S. federal income tax purposes) to distribute the full amount of the relevant Tax Distributions otherwise to be made or any credit agreements or other debt
documents to which the Company (or any of its Subsidiaries) is a party do not permit the Company to receive from its Subsidiaries or distribute to each such Member the full amount of the Tax Distributions otherwise to be made to each such Member,
distributions pursuant to this Section 5.03 shall be made to all Members on a pro rata basis in accordance with their LLC Unit Percentage Interests as of such date to the extent of the available funds but, for the avoidance of doubt, shall be
subject to the same order and priority as set forth in Section 5.03(e)(i). 
 (f) Guaranteed Payments. Except as otherwise
provided in this Agreement, (i) the aggregate amount of payments received by Pubco pursuant to Section 5.03(b)(i), (ii) the aggregate net amount of Tax Distributions received by Pubco with respect to its Preferred
Units under Section 5.03(e)(i)(x) (taking into account any adjustments pursuant to Section 5.03(e)(ii)) and (iii) the sum of the accrued and unpaid Preferred Coupon on all outstanding shares
of Pubco Preferred Stock, without double counting, will be treated as “guaranteed payments” within the meaning of Code Section 707, and will not be treated as distributions for purposes of computing Pubco’s Capital Account. 

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

Section 5.04 Allocations. 

(a) Book Allocations of Net Income and Net Loss. For each Fiscal Year (or other applicable period), except as otherwise provided
in this Agreement including Section 5.05(a), and after giving effect to the special allocations set forth in Section 5.04(b), Section 5.04(c) and
Section 5.04(d), Net Income or Net Loss of the Company shall be allocated among the Members in a manner such that the Capital Account of each Member, immediately after making such allocation, is, as nearly as possible,
equal (proportionately) to the excess of: 

  
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 (i) the distributions that would be made to such Member pursuant to
Section 5.03 if (1) the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, (2) all Company liabilities were satisfied (limited with respect to each nonrecourse
liability to the Carrying Value of the assets securing such liability), and (C) the net assets of the Company were distributed, in accordance with Section 12.02(b)(ii), to the Members immediately after making
such allocation; minus 
 (ii) the sum of (1) such Member’s share of Company Minimum Gain and Member Nonrecourse Debt
Minimum Gain plus (2) the amount, if any, that such Member is obligated (or deemed obligated) to contribute in the capacity as Member, each as computed immediately prior to the hypothetical sale of assets described in
Section 5.04(a)(i); 
 provided that, solely for purposes of this Section 5.04(a), other than
following the occurrence of a Dissolution Event, the amount to which Pubco would be entitled to receive as a distribution under Section 5.04(a)(i)(C) with respect to each Preferred Unit (other than any Preferred Unit that has been converted
into LLC Units or redeemed), shall be treated as equal to the Fixed Liquidation Preference (as defined in the Certificate of Designation) in respect of a share of Pubco Preferred Stock. 

(b) Special Allocations. The following special allocations shall be made in the following order: 

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

(ii) Member Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
Section 1.704-2(i)(4), notwithstanding any other provision of this ARTICLE 5, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any
Fiscal Year, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5),
shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable
to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.04(b)(ii) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  
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 (iii) Qualified Income Offset. In the event any Member unexpectedly receives any
adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations,
the Adjusted Capital Account Deficit of the Member as promptly as possible; provided that an allocation pursuant to this Section 5.04(b)(iii) shall be made only if and to the extent that the Member would have an
Adjusted Capital Account Deficit after all other allocations provided for in this ARTICLE 5 have been tentatively made as if this Section 5.04(b)(iii) were not in the Agreement. 

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

(v) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Member who
bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(j)(1). 
 (vi) Section 754 Adjustments. (A) To the extent an
adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken
into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest in the Company or as a result of a Transfer of a Member’s interest in the Company, as the case may be, the amount
of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of such asset) or loss (if the adjustment decreases the basis of such asset) from the disposition of the asset and shall be taken into account for purposes
of computing Net Income and Net Loss. (B) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a
Member in complete liquidation of such Member’s interest in the Company, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis) and such gain or loss shall be specially allocated to such Members in accordance with their interests in the Company in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2)
applies, or to the Member to whom such distribution was made in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(c) Curative Allocations. The allocations set forth in Section 5.04(b)(i) through Section 5.04(b)(vi) and
Section 5.04(d) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be
offset either with other Regulatory Allocations or with special allocations of items of Company income, gain, loss, or deduction pursuant to this 

  
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Section 5.04(c). Therefore, notwithstanding any other provision of this ARTICLE 5 (other than the Regulatory Allocations), the Managing Member shall make such offsetting allocations of
Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance
such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant to Section 5.04(a). 

(d) Loss Limitation. Net Loss and individual items of loss or deduction allocated pursuant to Section 5.04 may
not be allocated to a Member holding LLC Units to the extent the allocation would result in the Member having an Adjusted Capital Account Deficit at the end of any Fiscal Year. Any Net Loss and individual items of loss or deduction in excess of this
limitation will be allocated among the other Members holding LLC Units who would not have an Adjusted Capital Account Deficit, pro rata, in proportion to such Members’ Adjusted Capital Account balances until all such Members’ have a zero
balance in their Adjusted Capital Account. Thereafter, any remaining Net Loss and individual items of loss or deductions will be allocated to the Members holding LLC Units, pro rata, in proportion to their LLC Unit Percentage Interests. 

Section 5.05 Other Allocation Rules. 

(a) Noncompensatory Option. Upon the conversion of the Preferred Units into LLC Units or the redemption of the Preferred Units, as
applicable, the Company shall comply with the allocation provisions set forth in Treasury Regulations Sections 1.704-1(b)(2)(iv)(s) and 1.704-1(b)(4)(x) (including
making any required “corrective” allocations in accordance with the Treasury Regulations), in each case in the manner determined by the Managing Member in its sole discretion. Prior to the conversion of Preferred Units into LLC Units or
the redemption of Preferred Units, as a applicable, the Company shall also comply with the provisions set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(h)(2) in the manner determined by the
Managing Member in its sole discretion. 
 (b) Interim Allocations Due to Percentage Adjustment. If Units or another Equity Security
in the Company are the subject of a Transfer or the Members’ interests in the Company change pursuant to the terms of the Agreement during any Fiscal Year, the amount of Net Income and Net Loss (or items thereof) to be allocated to the Members
for such entire Fiscal Year shall be allocated to the portion of such Fiscal Year that precedes the date of such Transfer or change (and if there shall have been a prior Transfer or change in such Fiscal Year, then that portion of such year shall
commence on the date of such prior Transfer or change) and to the portion of such Fiscal Year that occurs on and after the date of such Transfer or change (and if there shall be a subsequent Transfer or change in such Fiscal Year, then that portion
of the year shall end immediately prior to the date of such subsequent Transfer or change), in accordance with an interim closing of the books. The amounts of the items so allocated to each such portion shall be credited or charged to the Members in
accordance with Section 5.04 as in effect during each such portion of the Fiscal Year in question. Such allocation shall be in accordance with Section 706 of the Code and the regulations thereunder and made without
regard to the date, amount or receipt of any distributions that may have been made with respect to the transferred Units or Equity Security to the extent consistent with Section 706 of the Code and the regulations thereunder. As of the date of
such Transfer, the Transferee Member shall succeed to the Capital Account of the Transferor Member with respect to the transferred Units or other Equity Security. 

  
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 (c) Tax Allocations. Allocations pursuant to this
Section 5.05(c) are solely for purposes of United States federal, state and local tax purposes and will neither affect nor be taken in account in computing any Member’s Capital Account or share of Net Income, Net Loss,
distributions (other than Tax Distributions) or other items pursuant to any provision of this Agreement. 
 (i) Generally. Except as
otherwise provided in this Section 5.05(c), each item of Company income, gain, loss or deduction for federal income tax purposes will be allocated among the Members in the same manner as such items are allocated for book
purposes pursuant to this ARTICLE 5. Notwithstanding the foregoing, the Managing Member will have the power to make such allocations for United States federal, state and local income tax purposes as may be necessary to
maintain “substantial economic effect” or to insure that such allocations are in accordance with each “partner’s interest in the partnership,” in each case within the meaning of Code Section 704(b) and the Treasury
Regulations thereunder. 
 (ii) Code Section 704(c). 

(A) Contributed Property. In accordance with Section 704(c) of the Code and the Treasury Regulations thereunder, income,
gain, loss, and deduction with respect to any Property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such Property to the
Company for federal income tax purposes and its initial Carrying Value or its Carrying Value determined pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (computed in accordance with the
definition of Carrying Value) using the traditional method without curative allocations under Treasury Regulations Section 1.704-3(b). 

(B) Revaluations. In the event that the Carrying Value of any Property of the Company is adjusted pursuant to
paragraph (ii) of the definition of Carrying Value, any income, gain, loss and deduction with respect to that property shall be allocated among the Members so as to account for any variation between the adjusted basis of
such property for federal income tax purposes and its Carrying Value in accordance with Code Section 704(c) and the Regulations thereunder using the traditional method without curative allocations under Treasury Regulations Section 1.704-3(b) or such other allocation method reasonably determined by the Managing Member. 

Section 5.06 Tax Withholding; Withholding Advances. 

(a) Tax Withholding. 
 (i)
If requested by the Managing Member, each Member shall, if able to do so, deliver to the Company: (A) an affidavit in form satisfactory to the Company that the applicable Member (or its partners, as the case may be) is not subject to
withholding tax under the provisions of any federal, state, local, foreign or other law; (B) any certificate or form (e.g., an IRS W-9) that the Company may reasonably request with respect to any
such laws; and/or (C) any other form or instrument reasonably requested by the Company relating to any Member’s status under such law. In the event that a Member fails or is unable to deliver to the Company a certificate or form described
in clause (B) of this clause (i), the Company may withhold amounts from such Member in accordance with Section 5.06(b). 

  
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 (ii) After receipt of a written request of any Member, the Company shall provide such
information to such Member and take such other action as may be reasonably necessary to assist such Member in making any necessary filings, applications or elections to obtain any available exemption from, or any available refund of, any withholding
imposed by any foreign taxing authority with respect to amounts distributable or items of income allocable to such Member hereunder to the extent not adverse to the Company or any Member. In addition, the Company shall, at the request of any Member,
make or cause to be made (or cause the Company to make) any such filings, applications or elections; provided that any such requesting Member shall cooperate with the Company, with respect to any such filing, application or election to
the extent reasonably determined by the Company and that any filing fees, taxes or other out-of-pocket expenses reasonably incurred and related thereto shall be paid and
borne by such requesting Member or, if there is more than one requesting Member, by such requesting Members in accordance with their Percentage Interests. 

(b) Authorization to Withhold. To the extent the Company is required by Applicable Law to withhold or to make tax payments on behalf of
or with respect to any Member (including backup withholding and any tax payment made by the Company pursuant to Section 6225 of the Code that is attributable to such Member), the Company may withhold such amounts from distributions, including
Tax Distributions, and pay over such withheld amounts to an applicable taxing authority as so required. The amount so withheld and paid over to a taxing authority will be treated under this Agreement as if such amount had been distributed to such
Member under Section 5.03(b), and will reduce the amount distributable to such Member under Section 5.03(b). 

(c) Withholding Advances. If the amount withheld and paid over to a taxing authority under Section 5.06(b)
exceeds the amount otherwise distributable to the applicable Member under Section 5.03(b) (such excess amount, a “Withholding Advance”), then this Withholding Advance will be treated as a loan bearing
interest at a rate equal to the short-term applicable federal rate within the meaning of Code Section 1274(d), compounded annually, as of the date of payment of the withheld amounts to the taxing authority. All Withholding Advances made on
behalf of a Member, plus interest thereon, shall (i) be paid on demand by the Member on whose behalf such Withholding Advances were made or (ii) with the consent of the Managing Member and the affected Member be repaid by reducing the
amount of the current or next succeeding distribution or distributions under Section 5.03(b) that would otherwise have been made to such Member or, if such distributions are not sufficient for that purpose, by so reducing
the proceeds of liquidation otherwise payable to such Member. 
 (d) Withholding Advances — Reimbursement of Liabilities. Each
Member hereby agrees to reimburse the Company for any liability with respect to Withholding Advances (including interest thereon) required or made on behalf of or with respect to such Member (including penalties imposed with respect thereto). The
obligation of a Member to reimburse the Company for taxes pursuant to this Section 5.06 shall continue after such Member Transfers its Units with respect to all payments or allocations to such Member were made prior to the
date of such Transfer. 

  
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 ARTICLE 6 

CERTAIN TAX MATTERS 

Section 6.01 Partnership Representative. Pubco is hereby appointed the “tax matters partner”
or the “partnership representative,” as the case may be (in each case, the “Partnership Representative”), of the Company under Section 6231 of the Code prior to the enactment of U.S. Public Law 114-74 or Section 6223 of the Code, as applicable, for each taxable year of the Company. The Partnership Representative shall comply with the rules set forth in Code Sections 6221 through 6241 and the Treasury
Regulations promulgated or proposed thereunder (the “Revised Partnership Audit Procedures”). If the Partnership Representative is no longer capable of serving in such capacity or resigns, the Managing Member is authorized to appoint
a successor, provided that such successor agree to all of the terms of this Section 6.01 All such appointments, resignations, and appointments of successors will comply with the Revised Partnership Audit Procedures. 

(a) So long as Pubco or another non-individual is the Partnership Representative, the Partnership
Representative shall appoint a designated individual, within the meaning of and satisfying the qualification requirements of Treasury Regulations Section 301.6223-1(b)(3)(ii) (the “Designated
Individual”), who shall be the agent of and have the same authorities, rights, and responsibilities as the Partnership Representative, including as provided in this Section 6.01. All references to the Partnership Representative
set forth in this Section 6.01 will also apply to the Designated Individual and will include any actions by the Designated Individual on behalf of the Partnership Representative and the Company in that person’s capacity as
Designated Individual. 
 (b) The Partnership Representative is authorized to represent the Company (at the Company’s expense) in
connection with all examinations of the Company’s affairs by taxing authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated therewith; provided
that the Partnership Representative shall notify the Members of all material matters that come to its attention in its capacity as Partnership Representative. 

(c) The Company shall not be obligated to pay any fees or other compensation to the Partnership Representative in its capacity as such, but the
Company shall reimburse the Partnership Representative for all reasonable out-of-pocket costs and expenses (including attorneys’ and other professional fees)
incurred by it in its capacity as Partnership Representative. The Company shall defend, indemnify, and hold harmless the Partnership Representative against any and all liabilities sustained or incurred as a result of any act or decision concerning
Company tax matters and within the scope of such Member’s responsibilities as Partnership Representative, so long as such act or decision was done or made in good faith and does not constitute gross negligence or willful misconduct. 

  
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 (d) If the Company receives a notice of proposed partnership adjustment
(“NOPPA”) under Code Section 6231(a)(2), then the Partnership Representative shall notify the Members of such NOPPA and of the Members’ opportunity to provide information relevant to a request by the Partnership
Representative to the IRS to modify the proposed imputed underpayment pursuant to Code Section 6225(c). If the Partnership Representative receives a written response from one or more Members, then the Partnership Representative may make a
timely request to the IRS for a modification of the proposed imputed underpayment pursuant to Code Section 6225(c) and Treasury Regulations Section 301.6225-2 (or any successor regulations or other
provisions) if such modification would reduce the amount of the proposed adjustment set forth in the NOPPA. The Members (and, if applicable, their pass-through beneficial owners) shall take such reasonable actions requested by the Partnership
Representative with respect to the request for modification. 
 (e) The Members acknowledge that the Company intends to make the election
described in Section 6226 of the Code, unless the Partnership Representative determines not to make such election in its sole reasonable discretion. In the event an imputed underpayment or other partnership adjustment is included in a final
partnership adjustment under Code Section 6231(a)(3) and the Company does not make an election under Code Section 6226, then the Partnership Representative shall use reasonable good faith efforts to apportion such underpayment or other
adjustment among the Members for the taxable year in which the adjustment is finalized in such manner as may be necessary (as determined by the Partnership Representative in good faith after consulting with the Company’s accountants or other
tax advisors) so that, to the maximum extent possible, the tax and economic consequences of the adjustment and any associated interest and penalties are borne by the Members and former Members based upon their respective interests in the Company for
the reviewed year, taking into account any differences in the amount of taxes attributable to each Member because of such Member’s status, nationality or other characteristics. 

(f) In the case of a state, local, or non-U.S. audit or other tax proceeding under rules similar to the
Revised Partnership Audit Procedures, references to sections of the Code and the Treasury Regulations and this Section 6.01 will be deemed to include corresponding and analogous provisions of applicable state, local or non-U.S. law, as applicable. 
 (g) The provisions of this Section 6.01,
including the obligations of a Member under this Section 6.01, will survive a Member’s sale or other disposition of its interests in the Company and the termination, dissolution, liquidation, or winding up of the
Company. 
 Section 6.02 Section 754 Elections. If not yet made, the Company shall make,
and shall cause any Subsidiary of the Company that is treated as a partnership for U.S. federal income tax purposes to make, a timely election under Section 754 of the Code (and a corresponding election under state and local law) effective with
respect to the taxable year during which the IPO occurs, and the Managing Member shall not take any action to revoke such elections. 

Section 6.03 Debt Allocation; Excess Nonrecourse Liabilities. Indebtedness of the Company treated as
“excess nonrecourse liabilities” (as defined in Treasury Regulation Section 1.752-3(a)(3)) shall be allocated among the Members holding Units based on their Percentage Interests or on such other
reasonable basis as the Managing Member may determine in its sole discretion. 

  
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 ARTICLE 7 

MANAGEMENT OF THE COMPANY 

Section 7.01 Management by the Managing Member. Except as otherwise specifically set forth in this Agreement, the
Managing Member shall be deemed to be a “manager” for purposes of applying the Delaware Act. Except as expressly provided in this Agreement or the Delaware Act, the
day-to-day business and affairs of the Company and its Subsidiaries shall be managed, operated and controlled by the Managing Member in accordance with the terms of this
Agreement and no other Members shall have management authority or rights over the Company or its Subsidiaries. The Managing Member is, to the extent of its rights and powers set forth in this Agreement, an agent of the Company for the purpose of the
Company’s and its Subsidiaries’ business, and the actions of the Managing Member taken in accordance with such rights and powers, shall bind the Company (and no other Members shall have such right). Except as expressly provided in this
Agreement, the Managing Member shall have all necessary powers to carry out the purposes, business, and objectives of the Company and its Subsidiaries. The Managing Member shall have the power and authority to delegate to one or more other Persons
the Managing Member’s rights and powers to manage and control the business and affairs of the Company, including to delegate to agents and employees of a Member or the Company (including any officers or Subsidiary thereof), and to delegate by a
management agreement or another agreement with, or otherwise to, other Persons. The Managing Member may authorize any Person (including any Member or officer of the Company) to enter into and perform any document on behalf of the Company or any
Subsidiary. 
 Section 7.02 Withdrawal of the Managing Member. Pubco may withdraw as the Managing
Member and appoint as its successor, at any time upon written notice to the Company, (i) any wholly-owned Subsidiary of Pubco, (ii) any Person of which Pubco is a wholly-owned Subsidiary, (iii) any Person into which Pubco is merged or
consolidated or (iv) any transferee of all or substantially all of the assets of Pubco, which withdrawal and replacement shall be effective upon the delivery of such notice. No appointment of a Person other than Pubco (or its successor, as
applicable) as Managing Member shall be effective unless Pubco (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members against the
new Managing Member, to cause the new Managing Member to comply with all the Managing Member’s obligations under this Agreement and the Reorganization Documents. 

Section 7.03 Decisions by the Members. 

(a) Other than the Managing Member, the Members shall take no part in the management of the Company’s business and shall transact no
business for the Company and shall have no power to act for or to bind the Company. The Managing Member shall not (i) engage in any non-Business activity or (ii) own any material assets other than
Units and/or any cash or other property or assets distributed by, or otherwise received from, the Company, without the prior written consent of the Members, unless the Managing Member determines in good faith that such

  
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actions or ownership are in the best interest of the Company; provided, however, that the Company may engage any Member or principal, partner, member, shareholder or interest holder
thereof as an employee, independent contractor or consultant to the Company, in which event the duties and liabilities of such individual or firm with respect to the Company as an employee, independent contractor or consultant shall be governed by
the terms of such engagement with the Company. 
 (b) Except as expressly provided herein, the Members shall not have the power or authority
to vote, approve or consent to any matter or action taken by the Company. Except as otherwise provided herein, any proposed matter or action subject to the vote, approval or consent of the Members shall require the approval of (i) a majority in
interest of the Members or such class of Members, as the case may be (by (x) resolution at a duly convened meeting of the Members, or (y) written consent of the Members). Except as expressly provided herein, all Members shall vote together
as a single class on any matter subject to the vote, approval or consent of the Members. In the case of any such approval, a majority in interest of the Members may call a meeting of the Members at such time and place or by means of telephone or
other communications facility that permits all persons participating in such meeting to hear and speak to each other for the purpose of a vote thereon. Notice of any such meeting shall be required, which notice shall include a brief description of
the action or actions to be considered by the Members. Unless waived by any such Member in writing, notice of any such meeting shall be given to each Member at least four (4) days prior thereto. Attendance or participation of a Member at a
meeting shall constitute a waiver of notice of such meeting, except when such Member attends or participates in the meeting for the express purpose of objecting at the beginning thereof to the transaction of any business because the meeting is not
properly called or convened. Any action required or permitted to be taken at any meeting of the Members may be taken without a meeting, if a consent in writing, setting forth the actions so taken, shall be signed by Members sufficient to approve
such action pursuant to this Section 7.03(b). A copy of any such consent in writing will be provided to the Members promptly thereafter. 

Section 7.04 Duties. 

(a) The parties acknowledge that the Managing Member will take action through its board of directors and officers, and that the members of the
Managing Member’s board of directors and its officers will owe fiduciary duties to the stockholders of the Managing Member. The Managing Member will use all commercially reasonable and appropriate efforts and means, as determined in good faith
by the Managing Member, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of the Managing Member, on the other hand, and to effectuate any transaction that involves or affects any of the Company, the
Managing Member, the Members and/or the stockholders of the Managing Member in a manner that does not (i) disadvantage the Members or their interests relative to the stockholders of the Managing Member, (ii) advantage the stockholders of
the Managing Member relative to the Members or (iii) treats the Members and the stockholders of the Managing Member differently; provided that in the event of a conflict between the interests of the stockholders of the Managing Member
and the interests of the Members other than the Managing Member, such other Members agree that the Managing Member shall discharge its fiduciary duties to such other Members by acting in the best interests of the Managing Member’s stockholders.

  
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 Section 7.05 Officers. 

(a) Appointment of Officers. The Managing Member may appoint individuals as officers (“Officers”) of the Company, which
may include such officers as the Managing Member determines are necessary and appropriate. No Officer need be a Member. An individual may be appointed to more than one office. If an Officer is also an officer of the Managing Member, then
Section 7.04 shall apply to such Officer in the same manner as it applies to the Managing Member. 
 (b)
Authority of Officers. The Officers shall have the duties, rights, powers and authority as may be prescribed by the Managing Member from time to time. 

(c) Removal, Resignation and Filling of Vacancy of Officers. The Managing Member may remove any Officer, for any reason or for no
reason, at any time. Any Officer may resign at any time by giving written notice to the Company, and such resignation shall take effect at the date of the receipt of that notice or any later time specified in that notice; provided that,
unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any such resignation shall be without prejudice to the rights, if any, of the Company or such Officer under this Agreement. A
vacancy in any office because of death, resignation, removal or otherwise shall be filled by the Managing Member. 
 ARTICLE 8 

TRANSFERS OF INTERESTS 

Section 8.01 Restrictions on Transfers. 

(a) Except as expressly permitted by Section 8.02, and subject to Section 8.01(b),
Section 8.01(c), Section 8.01(d) and Section 8.01(e), any underwriter lock-up agreement applicable to such Member and/or any other
agreement between such Member and the Company, Pubco or any of their controlled Affiliates, without the prior written approval of the Managing Member, no Member shall directly or indirectly Transfer all or any part of its Units or any right or
economic interest pertaining thereto, including the right to vote or consent on any matter or to receive or have any economic interest in distributions or advances from the Company pursuant thereto, to any Person that is not a Permitted Transferee.
Any such Transfer that is not in compliance with the provisions of this Agreement shall be deemed a Transfer by such Member of Units in violation of this Agreement (and a breach of this Agreement by such Member) and shall be null and void ab
initio. Notwithstanding anything to the contrary in this ARTICLE 8, (i) Section 10.03 shall govern the exchange of LLC Units for shares of Class A Common Stock, and an exchange pursuant to, and in accordance with,
Section 10.03 shall not be considered a “Transfer” for purposes of this Agreement, and (ii) any other Transfer of shares of Common Stock shall not be considered a “Transfer” for purposes of this
Agreement. 
 (b) Except as otherwise expressly provided herein, it shall be a condition precedent to any Transfer otherwise permitted or
approved pursuant to this ARTICLE 8 that: 
 (i) the Transferor shall have provided to the Company prior notice of such Transfer; and

  
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 (ii) the Transfer shall comply with all Applicable Laws and the Managing Member shall be
reasonably satisfied that such Transfer will not result in a violation of the Securities Act. 
 (c) Notwithstanding any other provision of
this Agreement to the contrary, no Member shall directly or indirectly Transfer all or any part of its Units or any right or economic interest pertaining thereto if such Transfer (i) would cause the Company to have more than 95 partners, within
the meaning of Treasury Regulations Section 1.7704-1(h), or (ii) in the sole discretion of the Managing Member, could otherwise cause the Company to be classified as a “publicly traded
partnership” as that term is defined in Section 7704 of the Code and Regulations promulgated thereunder. 
 (d) Any Transfer of
Units pursuant to this Agreement, including this ARTICLE 8, shall be subject to the provisions of Section 3.01 and Section 3.03. 

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

(a) Any Transfer by any Member of its Units pursuant to a Disposition Event (as such term is defined in the certificate of incorporation of
Pubco); 
 (b) Any grant of a bona fide security interest in, or a bona fide pledge of, Units to J.P. Morgan Chase & Co. or an
affiliated entity or to any other financial institution that is approved by the Managing Member as collateral to secure indebtedness and any Transfer pursuant to the enforcement of such collateral; 

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

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

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

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

ARTICLE 9 
 CERTAIN
OTHER AGREEMENTS 
 Section 9.01 Non-Compete; Non-Disparagement. Each Restricted Person agrees for the benefit of the Company and Pubco that: 
 (a)
Unless otherwise specified in a separate agreement with the Company, the Restricted Person shall not, from and after the date the Restricted Person first acquires, directly or indirectly, any Units until the date that is five (5) years after
the date on which the Restricted Person no longer holds any Units, either directly or indirectly, do any of the following: (i) directly or indirectly engage in any Competitive Activity, or (ii) solicit, or assist in the solicitation of,
any Person who either is or has been an employee, producer or independent contractor of the Company or any of its Subsidiaries within the prior six (6) months for the purpose of inducing such Person to terminate his or her employment or
relationship with the Company or its Subsidiary in order to work for Restricted Person or any other Person, whether or not a Competitive Enterprise. 

(b) The Restricted Person shall not take, and the Restricted Person shall take reasonable steps to cause its Affiliates not to take, any action
or make any public statement, whether or not in writing, that disparages or denigrates the Company or any of its Subsidiaries (the “Company Parties”) or their respective directors, officers, employees, members, representatives and
agents. 
 (c) Each Restricted Person agrees that (i) the agreements and covenants contained in this
Section 9.01 are reasonable in scope and duration, an integral part of the transactions contemplated by this Agreement and the Reorganization Documents, and necessary to protect and preserve the Members’ and Company
Parties’ legitimate business interests and to prevent any unfair advantage conferred on such Restricted Person taking into account and in specific consideration of the undertakings and obligations of the parties under the Agreement and the
Reorganization Documents, (ii) but for each Restricted Person’s agreement to be bound by the agreements and covenants contained under this Section 9.01, the Members and the Company Parties would not have entered
into or consummated those transactions contemplated in the Agreement and the Reorganization Documents and (iii) that irreparable harm would result to the Members and the Company Parties as a result of a violation or breach (or potential
violation or breach) by such Restricted Person (or its Affiliates) of this Section 9.01. In addition, each Member agrees that Pubco and the Company shall have the right to specifically enforce the provisions of this
Section 9.01 in any state or federal court located in any jurisdiction deemed necessary by Pubco or the Company to enforce such covenants, in addition to any other remedy to which such parties are entitled at law or in
equity. If a final judgment of a court of competent jurisdiction or other Governmental Authority determines that any term, provision, covenant or restriction 

  
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contained in this Section 9.01 is invalid or unenforceable, then the parties hereto agree that the court of competent jurisdiction or other Governmental Authority will
have the power to modify this Section 9.01 (including by reducing the scope, duration or geographic area of the term or provision, deleting specific words or phrases or replacing any invalid or unenforceable term or
provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision) so as to effect the original intention of the invalid or unenforceable term or
provision. To the fullest extent permitted by law, in the event that any proceeding is brought under or in connection with this Section 9.01, the prevailing party in such proceeding (whether at final or on appeal) shall be
entitled to recover from the other party all costs, expenses, and reasonable attorneys’ fees incident to any such proceeding. The term “prevailing party” as used herein means the party in whose favor the final judgment or award is
entered in any such proceeding. 
 (d) Notwithstanding anything to the contrary, this Section 9.01 is in addition
to, and does not supplant, supersede, modify or limit in any manner, any other non-competition, non-solicitation, non-piracy or
other similar obligations imposed on a Restricted Person, whether imposed by law (including the Restricted Person’s fiduciary duties to the Company) or by contract (including contracts entered into prior to or concurrently with the Restricted
Person’s execution of this Agreement). 
 Section 9.02 Company Call Right. In connection with any
Involuntary Transfer by any Non-Pubco Member, the Company or the Managing Member may, in the Managing Member’s sole discretion, elect to purchase from such
Non-Pubco Member and/or the Transferee(s) in such Involuntary Transfer (each, a “Call Member”) any or all of the Units so Transferred (or to be Transferred) (“Call Units”), at
any time by delivery of a written notice (a “Call Notice”) to such Call Member. The Call Notice shall set forth the LLC Unit Redemption Price and the proposed closing date of such purchase of such Call Units; provided
that such closing date shall occur within ninety (90) days following the date such Call Notice is delivered to the Call Member. At the closing of any such sale, in exchange for the payment by the Company or the applicable Managing Member to
such Call Member of the LLC Unit Redemption Price in cash, (a) the Call Member shall deliver its Call Units, duly endorsed or accompanied by written instruments of transfer in form satisfactory to the Company or the Managing Member, as
applicable, duly executed by such Call Member and accompanied by all requisite transfer taxes, if any, (b) such Call Units shall be free and clear of any Liens and (c) each Call Member shall so represent and warrant and further represent
and warrant that it is the sole beneficial and record owner of such Call Units. Following such closing, such Call Member (i) shall no longer be entitled to any rights in respect of the Transferred Call Units, including any distributions or
payments by the Company or Pubco with respect to such Call Units (other than the payment of the LLC Unit Redemption Price at such closing), (ii) if such Call Member does not hold any Units thereafter, shall thereupon cease to be a Member of the
Company, and (iii) to the extent such Call Member does not hold any shares of Pubco Common Stock thereafter, shall thereupon cease to be a stockholder of Pubco. 

Section 9.03 Preemptive Rights. No Person shall have any preemptive, preferential or other similar right with
respect to (a) additional Capital Contributions; (b) issuances or sales by the Company of any class or series of Units or other Equity Securities of the Company, whether unissued or hereafter created; (d) issuances of any obligations,
evidences of indebtedness or other securities of the Company convertible into or exchangeable for, or carrying or accompanied by any rights to receive, purchase or subscribe to, any Units; (e) issuances of any right of subscription to or right
to receive, or any warrant or option for the purchase of, any Units; or (f) issuances or sales of any other securities that may be issued or sold by the Company. 

  
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 ARTICLE 10 

REDEMPTION AND EXCHANGE RIGHTS 

Section 10.01 Redemption Right of a Member 

(a) Notwithstanding any provision to the contrary in this Agreement, but subject to Section 3.02 and to any other
agreement between such Member and the Company, Pubco or any of their controlled Affiliates, and without the need for the approval by the Managing Member or consent by any other Members, each Member (other than the Pubco Members) holding LLC Units
shall be entitled to cause the Company to redeem (a “Redemption”) all or any portion of such Member’s LLC Units, other than Unvested LLC Units (the “Redemption Right”) at any time following the expiration of
any contractual lock-up period relating to the shares of Pubco that may be applicable to such Member. A Member desiring to exercise its Redemption Right (the “Redeeming Member”) shall exercise
such right by giving written notice (the “Redemption Notice”) to the Company with a copy to Pubco. The Redemption Notice shall specify the number of LLC Units (the “Redeemed Units”) that the Redeeming Member intends
to have the Company redeem and a date, not less than ten (10) Business Days nor more than thirteen (13) Business Days after delivery of such Redemption Notice (unless and to the extent that the Managing Member in its sole discretion agrees
in writing to waive such time periods), on which exercise of the Redemption Right shall be completed (the “Redemption Date”); provided that the Company, Pubco and the Redeeming Member may change the number of Redeemed Units
and/or the Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided further that a Redemption Notice may be conditioned by the Redeeming Member on
the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption. Unless the Redeeming Member has timely delivered a Retraction Notice as provided in
Section 10.01(b) or has revoked or delayed a Redemption as provided in Section 10.01(c) on the Redemption Date (to be effective immediately prior to the close of business on the Redemption
Date) (i) the Redeeming Member shall transfer and surrender the Redeemed Units to the Company, free and clear of all Liens, and (ii) the Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the
consideration to which the Redeeming Member is entitled under Section 10.01(b), and (z), if the LLC Units are certificated, issue to the Redeeming Member a certificate for a number of LLC Units equal to the difference (if
any) between the number of LLC Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (i) of this Section 10.01(a) and the Redeemed Units (i.e., the number of LLC Units the
Redeeming Member will hold, if any, after the Redemption Date). 
 (b) In exercising the Redemption Right, a Redeeming Member shall be
entitled to receive the number of shares of Class A Common Stock equal to the number of Redeemed Units (the “Share Settlement”) or cash in U.S. dollars in an amount equal to the Redeemed LLC Units Equivalent (the “Cash
Settlement”); provided that Pubco shall have the option as provided in Section 10.02 and subject to Section 10.01(d) to select whether the redemption payment is made

  
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by means of a Share Settlement or a Cash Settlement. Within three (3) Business Days of delivery of the Redemption Notice, Pubco shall give written notice (the “Contribution
Notice”) to the Company (with a copy to the Redeeming Member) of its intended settlement method; provided that if Pubco does not timely deliver a Contribution Notice, Pubco shall be deemed to have elected the Share Settlement method.
If Pubco elects the Cash Settlement method, the Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to Pubco) within ten (10) Business Days of
delivery of the Contribution Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, Company’s and Pubco’s rights and obligations under this Section 10.01 arising
from the Redemption Notice. 
 (c) In the event that Pubco elects a Share Settlement in connection with a Redemption, a Redeeming Member
shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered
for such Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective;
(ii) Pubco shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) Pubco shall have exercised its right to defer, delay or suspend the filing or
effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of the Redemption;
(iv) Pubco shall have disclosed to such Redeeming Member any material non-public information concerning Pubco, the receipt of which results in such Redeeming Member being prohibited or restricted from
selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and Pubco does not permit disclosure); (v) any stop order relating to the registration statement pursuant to which the Class A
Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; (vi) there shall have occurred a material disruption in the securities markets generally or in the market
or markets in which the Class A Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; (viii) if
the Redeeming Member is a party to the Registration Rights Agreement, Pubco shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such
Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption pursuant to an effective registration statement; (ix) the Redemption Date would occur three (3) Business Days or less prior to, or
during, any “black-out” or similar period under Pubco’s policies covering trading in the Pubco’s securities to which the applicable Redeeming Member is subject, which period restricts the
ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement; provided further, that in no event shall the Redeeming Member seeking to
revoke its Redemption Notice or delay the consummation of such Redemption and relying on any of the matters contemplated in clauses (i) through (ix) above have controlled or intentionally materially influenced
any facts, circumstances, or Persons in connection therewith (except in the good faith performance of his or her duties as an officer or director of Pubco) in order to provide such Redeeming Member with a basis for such delay or revocation. If a
Redeeming Member delays the consummation of a Redemption pursuant to this Section 10.01(c), the Redemption Date shall occur on the fifth Business Day following the date on which the conditions giving rise to such delay
cease to exist (or such earlier day as Pubco, the Company and such Redeeming Member may agree in writing). 

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

(f) Notwithstanding anything to the contrary contained herein, neither the Company nor Pubco shall be obligated to effectuate a Redemption if
such Redemption could (as determined in the sole discretion of the Managing Member) cause the Company to be treated as a “publicly traded partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor
provisions of the Code. 
 Section 10.02 Election and Contribution of Pubco. In connection with the
exercise of a Redeeming Member’s Redemption Rights under Section 10.01(a), Pubco shall contribute to the Company the consideration the Redeeming Member is entitled to receive under
Section 10.01(b). Pubco, at its option, shall determine whether to contribute, pursuant to Section 10.01(b), the Share Settlement or the Cash Settlement. Unless the Redeeming Member has timely
delivered a Retraction Notice as provided in Section 10.01(b), or has revoked or delayed a Redemption as provided in Section 10.01(c), on the Redemption Date (to be effective immediately prior to
the close of business on the Redemption Date) (i) Pubco shall make its Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement) required under this Section 10.02, and
(ii) the Company shall issue to Pubco a number of LLC Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, in the event that Pubco elects a Cash
Settlement and effects a substantially concurrent issuance of Class A Common Stock to fund the Cash Settlement, Pubco shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds
(after deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from the sale by Pubco of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed with respect to
such Cash Settlement, provided that Pubco’s Capital Account shall be increased by an amount equal to any discount relating to such sale of shares of Class A Common Stock. The timely delivery of a Retraction Notice shall
terminate all of the Company’s and Pubco’s rights and obligations under this Section 10.02 arising from the Redemption Notice. 

  
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 Section 10.03 Exchange Right of Pubco 

(a) Notwithstanding anything to the contrary in this ARTICLE 10, Pubco may, in its sole and absolute discretion, elect to effect on the
Redemption Date the exchange of Redeemed Units for the Share Settlement or Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and such consideration between the Redeeming Member and Pubco (a “Direct
Exchange”). Upon such Direct Exchange pursuant to this Section 10.03, Pubco shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such LLC Units. 

(b) Pubco may, at any time prior to a Redemption Date, deliver written notice (an “Exchange Election Notice”) to the Company
and the Redeeming Member setting forth its election to exercise its right to consummate a Direct Exchange; provided that such election does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the
Redemption Date. An Exchange Election Notice may be revoked by Pubco at any time; provided that any such revocation does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. The right
to consummate a Direct Exchange in all events shall be exercisable for all the Redeemed Units that would have otherwise been subject to a Redemption. Except as otherwise provided by this Section 10.03, 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 Pubco had not delivered an Exchange Election Notice. 

Section 10.04 Tender Offers and Other Events with Respect to Pubco 

(a) In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction with respect to
Class A Common Stock (a “Pubco Offer”) is proposed by Pubco or is proposed to Pubco or its stockholders and approved by the board of directors of Pubco or is otherwise effected or to be effected with the consent or approval of
the board of directors of Pubco, the holders of Units (other than the Pubco Members and holders of Unvested LLC Units (solely in respect of such Unvested LLC Units)) shall be permitted to participate in such Pubco Offer by delivery of a notice of
exchange (which notice of exchange shall be effective immediately prior to the consummation of such Pubco Offer (and, for the avoidance of doubt, shall be contingent upon such Pubco Offer and not be effective if such Pubco Offer is not
consummated)). In the case of a Pubco Offer proposed by Pubco, Pubco will use its reasonable efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and permit the holders of
LLC Units (other than the Pubco Members and holders of Unvested LLC Units (solely in respect of such Unvested LLC Units)) 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, Pubco will use its reasonable efforts expeditiously and in good faith to ensure that such holders may participate in each such
Pubco Offer without being required to exchange LLC Units to the extent such participation is practicable. For the avoidance of doubt (but subject to Section 10.04(a)), in no event shall the holders of LLC Units
participating in the Pubco Offer be entitled to receive in such Pubco Offer aggregate consideration for each LLC Unit that is greater than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco
Offer. 

  
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 (b) Notwithstanding any other provision of this Agreement, if a Disposition Event (as such
term is defined in the Pubco certificate of incorporation) is approved by the board of directors of Pubco and consummated in accordance with Applicable Law, then, at the request of the Company (or following such Disposition Event, its successor) or
Pubco (or following such Disposition Event, its successor), each holder of LLC Units shall be required to exchange with Pubco, at any time and from time to time after, or simultaneously with, the consummation of such Disposition Event, all of such
holder’s LLC Units for aggregate consideration for each LLC Unit that is equivalent to the consideration payable in respect of each share of Class A Common Stock in connection with the Disposition Event, provided, however,
that in the event of a Disposition Event intended to qualify as a reorganization within the meaning of Section 368(a) of the Code or as a transfer described in Section 351(a) or Section 721 of the Code, a holder shall not be required
to exchange LLC Units pursuant to this Section 10.04(b) unless, as a part of such transaction, the holders are permitted to exchange their LLC Units for securities in a transaction that is expected to permit such exchange
without current recognition of gain or loss, for U.S. and non-U.S. tax purposes, for the direct and indirect holders of LLC Units (except to the extent that property other than securities is received in such
exchange), based on a “should” or “will” level opinion from independent tax counsel of recognized standing and expertise. 

(c) Notwithstanding any other provision of this Agreement, in a Disposition Event, payments under or in respect of the Tax Receivable Agreement
shall not be considered part of the consideration payable in respect of any LLC Unit or share of Class A Common Stock in connection with such Disposition Event for the purposes of Section 10.04(a) and
Section 10.04(b). 
 Section 10.05 Reservation of Shares of
Class A Common Stock; Certificate of Pubco. At all times Pubco shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption or Direct
Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Redemption or Direct Exchange pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude Pubco
from satisfying its obligations in respect of any such Redemption or Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of Pubco) or the delivery of cash pursuant to a Cash Settlement.
Pubco shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Redemption or Direct Exchange to the extent a registration statement is effective and available for such shares. Pubco covenants that
all Class A Common Stock issued upon a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this ARTICLE 10 shall be interpreted
and applied in a manner consistent with the corresponding provisions of Pubco’s certificate of incorporation. 

Section 10.06 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. 

  
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 Section 10.07 Tax Treatment. Unless otherwise required by
applicable Law, the parties hereto acknowledge and agree a Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange between Pubco and the Redeeming Member for U.S. federal and applicable state and local income tax
purposes. 
 ARTICLE 11 

LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION 

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

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

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

  
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with any matter arising out of or in connection with the Company’s business or affairs, or this Agreement or any related document (other than any Reorganization Document), other than
(x) by reason of any act or omission performed or omitted by such Covered Person that was not in good faith on behalf of the Company or constituted a willful commission by such Covered Person of an act that is dishonest and materially injurious
to the Company or (y) as a result of any breach by such Covered Person of Section 9.01, the Company shall reimburse such Covered Person for its reasonable legal and other reasonable out-of-pocket expenses (including the cost of any investigation and preparation) as they are incurred in connection therewith; provided that such Covered Person shall promptly repay to the Company the
amount of any such reimbursed expenses paid to it if it shall be finally judicially determined that such Covered Person was not entitled to indemnification by, or contribution from, the Company in connection with such action, suit, proceeding or
investigation. If for any reason (other than the bad faith of a Covered Person or the willful commission by such Covered Person of an act that is dishonest and materially injurious to the Company) the foregoing indemnification is unavailable to such
Covered Person, or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by such Covered Person as a result of such loss, claim, damage, liability, expense, judgment, fine, settlement or other amount in
such proportion as is appropriate to reflect any relevant equitable considerations. There shall be, and each Covered Person shall be entitled to, a rebuttable presumption that such Covered Person acted in good faith. 

(d) The obligations of the Company under Section 11.02(c) shall be satisfied solely out of and to the extent of the
Company’s assets, and no Covered Person shall have any personal liability on account thereof. 
 (e) Given that certain Jointly
Indemnifiable Claims may arise by reason of the service of a Covered Person to the Company and/or as a director, trustee, officer, partner, member, manager, employee, consultant, fiduciary or agent of other corporations, limited liability companies,
partnerships, joint ventures, trusts, employee benefit plans or other enterprises controlled by the Company (collectively, the “Controlled Entities”), or by reason of any action alleged to have been taken or omitted in any such
capacity, the Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the Controlled Entities to, be fully and primarily responsible for the payment to the Covered Person in respect of indemnification or
advancement of all out-of-pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements) in each case,
actually and reasonably incurred by or on behalf of a Covered Person in connection with either the investigation, defense or appeal of a claim, demand, action, suit or proceeding or establishing or enforcing a right to indemnification under this
Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder (collectively, “Expenses”) in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the
terms of (i) the Delaware Act, (ii) this Agreement, (iii) any other agreement between the Company or any Controlled Entity and the Covered Person pursuant to which the Covered Person is indemnified, (iv) the laws of the
jurisdiction of incorporation or organization of any Controlled Entity and/or (v) the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of
limited partnership, certificate of qualification or other organizational or governing documents of any Controlled Entity ((i) through (v) collectively, the “Indemnification Sources”), irrespective of any right of recovery the
Covered Person may have from the Indemnitee-Related Entities. Under no circumstance shall the Company 

  
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or any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Covered Person may have from the
Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Covered Person or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall
make any payment to the Covered Person in respect of indemnification or advancement of Expenses with respect to any Jointly Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause the Controlled Entities to,
reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, to the extent not previously and fully reimbursed by the Company and/or any Controlled Entity
pursuant to clause (i), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Covered Person against the Company and/or any Controlled
Entity, as applicable, and (iii) the Covered Person shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to
enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and the Covered Person agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this
Section 11.02(e), entitled to enforce this Section 11.02(e) as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of the Controlled Entities to
perform the terms and obligations of this Section 11.02(e) as though each such Controlled Entity was the “Company” under this Agreement. For purposes of this Section 11.02(e), the
following terms shall have the following meanings: 
 (i) The term “Indemnitee-Related Entities” means any corporation,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any Controlled Entity)
from whom a Covered Person may be entitled to indemnification or advancement of Expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification or advancement obligation. 

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

  
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 ARTICLE 12 

DISSOLUTION AND TERMINATION 

Section 12.01 Dissolution. 

(a) The Company shall not be dissolved by the admission of Additional Members or Substitute Members pursuant to
Section 3.03. 
 (b) No Member shall (i) resign from the Company prior to the dissolution and winding up of
the Company except in connection with a Transfer or redemption of Units pursuant to the terms of this Agreement or (ii) take any action to dissolve, terminate or liquidate the Company or to require apportionment, appraisal or partition of the
Company or any of its assets, or to file a bill for an accounting, except as specifically provided in this Agreement, and each Member, to the fullest extent permitted by Applicable Law, hereby waives any rights to take any such actions under
Applicable Law, including any right to petition a court for judicial dissolution under Section 18-802 of the Delaware Act. 

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

(iii) the entry of a decree of dissolution of the Company under §18-802 of the Delaware Act; or

 (iv) at any time there are no members of the Company, unless the Company is continued in accordance with the Delaware Act. 

(d) The death, retirement, resignation, expulsion, bankruptcy, insolvency or dissolution of a Member or the occurrence of any other event that
terminates the continued membership of a Member of the Company shall not in and of itself cause dissolution of the Company. 

Section 12.02 Winding Up of the Company. 

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

  
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 (b) The proceeds of the liquidation of the Company shall be distributed in the following
order and priority: 
 (i) first, to the creditors (including any Members or their respective Affiliates that are creditors) of the Company
in satisfaction of all of the Company’s liabilities (whether by payment or by making reasonable provision for payment thereof, including the setting up of any reserves which are, in the judgment of the liquidating trustee, reasonably necessary
therefor); 
 (ii) second, to Pubco in respect of the Preferred Units, until Pubco has received an amount equal to the total amount that
would then be required to be distributed by Pubco in respect of all outstanding shares of Pubco Preferred Stock if Pubco were to then liquidate, dissolve and/or wind up (generally equal to the Liquidation Preference plus the Liquidation Coupon
Amount (each, as defined in the Certificate of Designations)); and 
 (iii) thereafter, to the LLC Members in the same manner as
distributions are made under Section 5.03(b)(ii) (taking into account Section 5.03(b)(iii)). 

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

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

  
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 ARTICLE 13 

MISCELLANEOUS 

Section 13.01 Expenses. Other than as set forth in Section 4.12 of the
Reorganization Agreement or as provided for in the Tax Receivable Agreement, the Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses, administrative expenses and other expenses of the Company (including the costs,
fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the business of the Company and (b) in the
sole discretion of the Managing Member, reimburse the Managing Member for any reasonable out-of-pocket costs, fees and expenses incurred by it or its Subsidiaries in
connection therewith. For any expenses, liabilities or other obligations that are related to the business conducted by the Company and/or its Subsidiaries, the Managing Member shall cause the Company to pay or bear all such expenses, liabilities and
other obligations of the Managing Member or its Subsidiaries, including, (i) costs of any securities offerings (including any underwriters discounts and commissions), investment or acquisition transaction (whether or not successful) not borne
directly by Members, (ii) compensation and meeting costs of its board of directors, (iii) cost of periodic reports to its stockholders, (iv) any judgments, settlements, penalties, fines or other costs and expenses in respect of any
claims against, or any litigation or proceedings involving, Pubco, (v) accounting and legal costs, (vi) franchise taxes (which are not based on, or measured by, income), (vii) payments in respect of Indebtedness and preferred stock, to the
extent the proceeds are used or will be used by Pubco or its Subsidiaries to pay expenses or other obligations described in this Section 13.01 (in either case only to the extent economically equivalent Indebtedness or
Equity Securities of the Company were not issued to Pubco or its Subsidiaries), (viii) payments representing interest with respect to payments not made when due under the terms of the Tax Receivable Agreement, (ix) other fees and expenses in
connection with the maintenance of the existence of Pubco and its Subsidiaries (including any costs or expenses associated with being a public company listed on a national securities exchange) and (x) any obligations owed to any intervening
third-party creditors in respect of any amounts in the foregoing clauses (i) through (ix); provided that the Company shall not pay or bear any income tax obligations of the Managing Member or its Subsidiaries pursuant to this
provision. Payments under this Section 13.01 are intended to constitute reasonable compensation for past or present services and are not “distributions” within the meaning of
§ 18-607 of the Delaware Act. For the avoidance of doubt, Pubco shall be considered a third-party creditor of the Company with respect to the any amounts owed pursuant to this Section 13.01 and
shall be entitled to all remedies available to a third-party creditor to enforce the Company’s obligations to make payments under this Section 13.01. 

Section 13.02 Further Assurances. Each Member agrees to execute, acknowledge, deliver, file and record such
further certificates, amendments, instruments and documents, and to do all such other acts and things, as may be required by Applicable Law or as, in the reasonable judgment of the Managing Member, may be necessary or advisable to carry out the
intent and purposes of this Agreement. 

  
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 Section 13.03 Notices. Any notice or other communication required
or permitted hereunder shall be in writing and (except as otherwise provided in this Agreement) shall be deemed to have been duly given on the date of service if served personally; three (3) Business Days after the date of mailing, if mailed,
by first class mail, registered or certified, postage prepaid; one (1) Business Day after delivery to the courier if sent by private courier guaranteeing next day delivery, delivery charges prepaid, or on the date sent, if sent by electronic
mail if confirmation of receipt is received; provided that a copy of such notice is sent by one other method under this Section 13.03, and in each case, addressed as follows: 

(a) if to the Company, to 

Xponential Intermediate Holdings LLC 

17877 Von Karman Avenue 

Irvine, CA 92614 
 Attn: John
Meloun 
 Email: john.meloun@xponential.com 

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

Buchalter, a Professional Corporation 

1000 Wilshire Blvd, Suite 1500 

Los Angeles, CA 90017-1730 

Attn: Jeremy Weitz 
 Email:
jweitz@buchalter.com 
 (b) if to a Member, to the address contained in the Company’s books and records; or 

(c) at such other address as the Company or respective Member may, from time to time, designate in a written notice to all of the Members, in
the case of the Company, and to the Company and any other Members, in the case of a Member. 
 All notices, requests and other
communications between and among the Company and the Members in the normal course of the business of the Company will be deemed sufficiently given if sent by regular mail, postage prepaid or by facsimile. All references in this Agreement to
“written notice,” “notice in writing” and similar terms shall be deemed to include notices given by electronic mail, so long as a receipt of such e-mail is requested and
received. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:30 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. 

  
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 Section 13.04 Binding Effect; Benefit; Assignment. 

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns. 
 (b) Except as provided in ARTICLE 8, no Member may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of a Managing Member. 
 Section 13.05 Jurisdiction.

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

(b) EACH OF THE COMPANY AND THE MEMBERS HEREBY IRREVOCABLY DESIGNATES REGISTERED AGENTS SOLUTIONS, INC. (IN SUCH CAPACITY, THE “PROCESS
AGENT”), WITH AN OFFICE 1601 S. DUPONT HWY, SUITE 100, DOVER, DELAWARE 19901, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY
EFFECTING SUCH SERVICE SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 13.03 OF THIS AGREEMENT AND, TO THE EXTENT A MEMBER IS NOT ORGANIZED UNDER THE LAWS OF THE STATE OF
DELAWARE, AS REQUIRED BY THE LAW OF THE JURISDICTION OF ORGANIZATION OF SUCH MEMBER. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. 

Section 13.06 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 Section 13.07 Counterparts. This Agreement may be signed in
any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received a counterpart hereof signed by the other party
hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

Section 13.08 Entire Agreement. This Agreement and the Reorganization Documents constitute the entire
agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. Nothing in
this Agreement shall create any third-party beneficiary rights in favor of any Person or other party, except to the extent provided herein with respect to Indemnitee Related Entities, each of whom are intended third-party beneficiaries of those
provisions that specifically related to them with the right to enforce such provisions as if they were a party hereto. 

Section 13.09 Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible.

 Section 13.10 Amendment. 

(a) This Agreement can be amended at any time and from time to time by written instrument signed by each of the Members who together own a
majority in interest of the Units then outstanding, provided that no amendment to this Agreement may adversely modify in any material respect the Units (or the rights, preferences or privileges of the Units) then held by any Members in any
materially disproportionate manner to those then held by any other Members without the prior written consent of a majority in interest of such disproportionately affected Member or Members. 

(b) For the avoidance of doubt: (i) a Managing Member, acting alone, may amend this Agreement, including the Member Schedule, (x) to
reflect the admission of new Members or Transfers of Units, each as provided by and in accordance with, the terms of this Agreement and (y) to effect any subdivisions or combinations of Units made in compliance with
Section 4.02(d) and (z) to issue additional LLC Units or any new class of Units (whether or not pari passu with the LLC Units) in accordance with the terms of this Agreement and to provide that the Members being
issued such new Units be entitled to the rights provided to Members; and (ii) any merger, consolidation or other business combination that constitutes a Disposition Event (as 

  
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such term is defined in the certificate of incorporation of Pubco) in which the Non-Pubco Members are required to exchange all of their LLC Units pursuant
to Section 10.04(b) and receive consideration in such Disposition Event in accordance with the terms of Section 10.04(b) and other provisions of this Agreement shall not be deemed an amendment
hereof; provided that such amendment is only effective upon consummation of such Disposition Event. 
 (c) No waiver of any provision
or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance
so provided. 
 Section 13.11 Confidentiality. 

(a) Each Member shall, and shall direct those of its Affiliates and their respective directors, officers, members, stockholders, partners,
employees, attorneys, accountants, consultants, trustees and other advisors (the “Member Parties”) who have access to Confidential Information to, keep confidential and not disclose any Confidential Information to any Person other
than a Member Party who agrees to keep such Confidential Information confidential in accordance with this Section 13.11, in each case without the express consent, in the case of Confidential Information acquired from the
Company, of the Managing Member or, in the case of Confidential Information acquired from another Member, such other Member, unless: 
 (i)
such disclosure shall be required by Applicable Law; 
 (ii) such disclosure is reasonably required in connection with any tax audit
involving the Company or any Member or its Affiliates; 
 (iii) such disclosure is reasonably required in connection with any litigation
against or involving the Company or any Member; or 
 (iv) such disclosure is reasonably required in connection with any proposed Transfer
of all or any part of such Member’s Units in the Company; provided that with respect to any such use of any Confidential Information referred to in this clause (iv), advance notice must be given to the
Managing Member so that it may require any proposed Transferee that is not a Member to enter into a confidentiality agreement with terms substantially similar to the terms of this Section 13.11 (excluding this
clause (iv)) prior to the disclosure of such Confidential Information. 
 (v) such disclosure is of financial and
other information of the type typically disclosed to limited partners and limited liability company members (and prospective transferees or investors thereof) and is made to the partners or members of, and/or prospective investors in, Affiliates of
the Members and such partner, Member or prospective investor is bound by the confidentiality provisions of a customary non-disclosure agreement entered into with the disclosing party that covers the
Confidential Information so disclosed. 

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

Section 13.12 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 

Section 13.13 Further Action. Each individual married Member who is or becomes a resident of a community property
state shall cause his or her spouse to execute a consent of spouse, the form of which is attached hereto as Exhibit B, on the date hereof or the date such Member becomes a resident of a community property state. If an
individual married Member is not married on the date hereof but subsequently becomes married and is or becomes a resident of a community property state, then such Member shall cause his or her spouse to execute a consent of spouse, as attached
hereto as Exhibit B as of date of such marriage or residency. 
 ARTICLE 14 

ARBITRATION 

Section 14.01 Title. The Members shall attempt in good faith to resolve all claims, disputes and other
disagreements arising hereunder (each, a “Dispute”) by negotiation. If a Dispute between Members cannot be resolved in such manner, such Dispute shall, at the request of any Member, after providing written notice to the other
Members party to the Dispute, be submitted to arbitration in The City of New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. The proceeding shall be confidential. The party initially
asserting the Dispute (the “Initiating Party”) shall notify the other party (the “Responding Party”) of the name and address of the arbitrator chosen by the Initiating Party and shall specifically describe the Dispute in
issue to be submitted to arbitration. Within 30 days of receipt 

  
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of such notification, the Responding Party shall notify the Initiating Party of its answer to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and address
of the arbitrator chosen by the Responding Party. If the Responding Party does not appoint an arbitrator during such 30-day period, appointment of the second arbitrator shall be made by the American
Arbitration Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who shall serve as president of the panel of arbitrators (the “Panel”) thus composed. If the
two arbitrators so chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator, the third arbitrator will be appointed by the American Arbitration Association upon the request
of the arbitrators or either of the parties. In all cases, the arbitrators must be persons who are knowledgeable about, and have recognized ability and experience in dealing with, the subject matter of the Dispute. The arbitrators will act by
majority decisions. Any decision of the arbitrators shall (a) be rendered in writing and shall bear the signatures of at least two arbitrators, and (b) identify the members of the Panel. Absent fraud or manifest error, any such decision of
the Panel shall be final, conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration; provided,
however, that each party shall pay for and bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the arbitration. The parties shall complete all discovery within 30 days after the Panel is
composed, shall complete the presentation of evidence to the Panel within 15 days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall be rendered within 15 days after the completion of
presentation of evidence. The Members shall cause to be kept a record of the proceedings of any matter submitted to arbitration hereunder. 

ARTICLE 15 

REPRESENTATIONS OF MEMBERS 

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

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

  
 67 

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

[Signature pages follow] 

  
 68 

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

			
	XPONENTIAL INTERMEDIATE HOLDINGS LLC
		
	By:	 	
                     

 
			
	Name:	 	  

 
			
	Title:	 	  

	
	  

 [ADD MEMBER SIGNATURE PAGES] 

  
 69EX-10.13

 Exhibit 10.13 

 
 TAX RECEIVABLE AGREEMENT 

among 
 XPONENTIAL
FITNESS, INC., 
 XPONENTIAL INTERMEDIATE HOLDINGS, LLC, 

and 
 THE PERSONS NAMED
HEREIN 
  
  

Dated as of [    ], 2021 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	5	 
		
	 Section 1.01 Definitions
	  	 	5	 
		
	 ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT
	  	 	14	 
		
	 Section 2.01 Basis Adjustment
	  	 	14	 
	 Section 2.02 Realized Tax Benefit and Realized Tax Detriment
	  	 	14	 
	 Section 2.03 Procedures, Amendments
	  	 	15	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	16	 
		
	 Section 3.01 Payments.
	  	 	16	 
	 Section 3.02 No Duplicative Payments
	  	 	17	 
	 Section 3.03 Pro Rata Payments
	  	 	17	 
		
	 ARTICLE IV TERMINATION
	  	 	18	 
		
	 Section 4.01 Termination, Early Termination and Breach of Agreement.
	  	 	18	 
	 Section 4.02 Early Termination Notice
	  	 	20	 
	 Section 4.03 Payment upon Early Termination
	  	 	20	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	20	 
		
	 Section 5.01 Subordination
	  	 	20	 
	 Section 5.02 Late Payments by the Corporate Taxpayer
	  	 	21	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	20	 
		
	 Section 6.01 Participation in the Corporate Taxpayer’s and OpCo’s Tax
Matters
	  	 	21	 
	 Section 6.02 Consistency
	  	 	21	 
	 Section 6.03 Cooperation
	  	 	21	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	22	 
		
	 Section 7.01 Notices
	  	 	22	 
	 Section 7.02 Binding Effect; Benefit; Assignment
	  	 	22	 
	 Section 7.03 Resolution of Disputes.
	  	 	23	 
	 Section 7.04 Counterparts
	  	 	24	 
	 Section 7.05 Entire Agreement
	  	 	24	 
	 Section 7.06 Severability
	  	 	24	 
	 Section 7.07 Amendment
	  	 	24	 
	 Section 7.08 Governing Law
	  	 	25	 
	 Section 7.09 Reconciliation
	  	 	25	 
	 Section 7.10 Withholding
	  	 	25	 

							
	 Section 7.11 Admission of the Corporate Taxpayer into a Consolidated Group;
Transfers of Corporate Assets
	  	 	26	 
	 Section 7.12 Confidentiality
	  	 	26	 
	 Section 7.13 Change in Law
	  	 	26	 
	 Section 7.14 Partnership Agreement
	  	 	27	 

  

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated as of [    ], 2021,
is hereby entered into by and among Xponential Fitness, Inc., a Delaware corporation (the “Corporate Taxpayer”), Xponential Intermediate Holdings, LLC, a Delaware limited liability company (“OpCo”), each of the
undersigned parties and each of the other persons from time to time party hereto (each a “TRA Party” and together the “TRA Parties”). 

WHEREAS, OpCo is treated as a partnership, and the Corporate Taxpayer is classified as an association taxable as a corporation, in each case
for U.S. federal income tax purposes; 
 WHEREAS, following certain reorganization transactions undertaken prior to the IPO (defined below),
including a recapitalization of all of the membership interests in OpCo into one class of common units (the “Common Units”), certain TRA Parties hold Common Units; 

WHEREAS, following certain reorganization transactions, the Corporate Taxpayer will be the managing member of OpCo and will hold Common Units;

 WHEREAS, on and after the date hereof, pursuant to Section [    ] of the LLC Agreement, certain TRA Parties have the
right, in their sole discretion, from time to time to require OpCo to redeem (a “Redemption”) all or a portion of such TRA Party’s Common Units for cash or, at the Corporate Taxpayer’s option, shares of Class A common
stock, [$0.01] par value per share, of the Corporate Taxpayer (the “Class A Common Stock”); provided that, pursuant to Section [    ] of the LLC Agreement and at the election of the
Corporate Taxpayer, the Corporate Taxpayer may effect a direct exchange of such cash or shares of Class A Common Stock for such Common Units (a “Direct Exchange,” and together with a Redemption, an “Exchange”);

 WHEREAS, OpCo and each of its direct and indirect subsidiaries treated as a partnership for U.S. federal income tax purposes will have in
effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year (as defined below) in which an Exchange occurs, which elections are intended generally to result in an
adjustment to the tax basis of the assets owned by OpCo (which adjustment will be allocable wholly or, in the case of an adjustment under Section 734(b) of the Code, in part, to the Corporate Taxpayer) at the time of an Exchange (such time, the
“Exchange Date”) by reason of such Exchange and at the time of receipt of certain payments under this Agreement; 

WHEREAS, Rumble Holdings LLC, a Delaware limited liability company (the “Blocker Company”) is classified as a corporation for
U.S. federal income tax purposes; 
 WHEREAS, the Blocker Company will be contributed to and then merge with and into the Corporate Taxpayer
(the “Merger”), and as a result of the Merger the Corporate Taxpayer will be entitled to utilize certain Blocker Tax Attributes attributable to the Blocker Company; 

  
 4 

 WHEREAS, the income, gain, loss, expense and other Tax (as defined below) items of the
Corporate Taxpayer may be affected by the Tax Attributes (as defined below); and 
 WHEREAS, the parties to this Agreement desire to make
certain arrangements with respect to the effect of the Tax Attributes on the actual liability for Taxes of the Corporate Taxpayer. 
 NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. 

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

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal, state and local income
Taxes of (i) the Corporate Taxpayer and (ii) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer for such Taxable Year. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 
 “Agreed Rate” means a per
annum rate of [LIBOR plus 100 basis points]. 
 “Attributable” means, with respect to any applicable TRA Party, the portion
of any Realized Tax Benefit (or Realized Tax Detriment) of the Corporate Taxpayer that is derived from Tax Attributes and Imputed Interest that is attributable to (i) the Common Units acquired by the Corporate Taxpayer in an Exchange or
(ii) the Blocker Company acquired in the Merger, as applicable, undertaken by or with respect to such TRA Party. 
 “Basis
Adjustment” means the adjustment to the Tax basis of a Reference Asset under Sections 732, 755 and 1012 of the Code and the Treasury Regulations promulgated thereunder (in situations where, as a result of one or more Exchanges, OpCo becomes
an entity that is disregarded as separate from its owner for U.S. federal income tax purposes) or under Sections 734(b), 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder (in situations where, following an Exchange, OpCo
remains in existence as an entity for U.S. federal income tax purposes) and, in each case, comparable sections of state and local tax laws, as a result of (i) an Exchange and (ii) the payments made pursuant to this Agreement. For the
avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Common Units shall be determined without regard to any Pre-Exchange Transfer of such Common Units and as if any
such Pre-Exchange Transfer had not occurred. 

  
 5 

 A “Beneficial Owner” of a security is a Person who directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the
power to dispose of, or to direct the disposition of, such security. 
 “Blended Rate” means, with respect to any Taxable
Year, the sum of the effective rates of Tax imposed on the aggregate net income of the Corporate Taxpayer in each state or local jurisdiction in which the Corporate Taxpayer files Tax Returns for such Taxable Year, with the maximum effective rate in
any state or local jurisdiction being equal to the product of: (i) the apportionment factor on the income or franchise Tax Return filed by the Corporate Taxpayer in such jurisdiction for such Taxable Year, and (ii) the maximum applicable
corporate tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a Taxable Year, the
maximum applicable corporate tax rates in effect in such states in such Taxable Year are 6% and 5%, respectively and the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended Rate for such Taxable
Year is equal to 5.6% (i.e., 6% times 60% plus 5% times 40%). 
 “Blocker Company” is defined in the recitals to this
Agreement. 
 “Blocker Tax Attributes” means, with respect to a TRA Party, (i) the Blocker Transferred Basis and
(ii) the Pre-IPO NOLs with respect to such TRA Party. 
 “Blocker Transferred
Basis” means, with respect to a TRA Party, the share of Tax basis of the Reference Assets that are amortizable under Section 197 of the Code or that are otherwise reported as amortizable or depreciable on IRS Form 4562 for U.S. federal
income Tax purposes attributable to the Common Units acquired by the Corporate Taxpayer from the Blocker Company in the Merger. 

“Board” means the board of directors of the Corporate Taxpayer. 

“Business Day” shall have the meaning ascribed to such term in the LLC Agreement. 

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

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

  
 6 

 (ii) the following individuals cease to constitute a majority of the number of directors of
the Corporate Taxpayer then serving: individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the Board or nomination for election by the Corporate Taxpayer’s shareholders was approved or
recommended by a vote of at least a majority of the directors then still in office who either were directors on the IPO Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors
referred to in this clause (ii); or 
 (iii) there is consummated a merger or consolidation of the Corporate Taxpayer with any other
corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the
company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to represent or are
not converted into more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(iv) the shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is
consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other
disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporate Taxpayer
in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale. 
 Notwithstanding the
foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately
following which the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares
of, an entity which owns all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Taxpayer
Return” means the U.S. federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year. 

  
 7 

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

“Default Rate” means a per annum rate of [LIBOR plus 300 basis points]. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of
state and local tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax and shall also include the
acquiescence of the Corporate Taxpayer to the amount of any assessed liability for Tax. 
 “Direct Exchange” is defined in
the recitals to this Agreement. 
 “Early Termination Date” means the date of an Early Termination Notice for purposes of
determining the Early Termination Payment. 
 “Early Termination Rate” means a per annum rate of the lesser of (i) [6.5]%
per annum, compounded annually, and (ii) [LIBOR plus 300 basis points]. 
 “Exchange” is defined in the recitals to this
Agreement. 
 “Exchange Date” is defined in the recitals to this Agreement. 

“Existing Basis” means, with respect to a TRA Party, the share of Tax basis of the Reference Assets that is amortizable under
Section 197 of the Code or that is otherwise reported as amortizable or depreciable on IRS Form 4562 for United States federal income Tax purposes attributable to the Common Units transferred to the Corporate Taxpayer in an Exchange. 

“Governmental Authority” has the meaning set forth in the LLC Agreement. 

“Hypothetical Federal Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of
(i) the Corporate Taxpayer and (ii) without duplication, OpCo, but only with respect to U.S. federal income Taxes imposed on OpCo and allocable to the Corporate Taxpayer, in each case using the same methods, elections, conventions and
similar practices used on the relevant Corporate Taxpayer Return, but (v) using the Non-Stepped Up Tax Basis, the Non-Exchange Basis and the Non-Blocker Transferred Basis, in each case, as reflected on the applicable Attribute Schedule, including amendments thereto for the Taxable Year, (w) excluding any deduction attributable to Pre-IPO NOLs for the Taxable Year (x) excluding any deduction attributable to Imputed Interest for the Taxable Year, (y) deducting the Hypothetical Other Tax Liability (rather than any amount for state,
local or foreign tax liabilities) for such Taxable Year to the extent state and local taxes are deductible for the applicable entity and (z) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is
attributable to or (without duplication) available for use because of the prior use of any of the Tax Attributes. 

  
 8 

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

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable
Year, plus the Hypothetical Other Tax Liability for such Taxable Year. 
 “Imputed Interest” shall mean any interest
imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state and local tax law with respect to the Corporate Taxpayer’s payment obligations under this Agreement. 

“IPO” means the initial public offering of Class A Common Stock of the Corporate Taxpayer. 

“IPO Date” means the closing date of the IPO. 

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

“LIBOR” means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg
page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Corporate Taxpayer as an authorized information vendor for the
purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the first
day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period. If the Corporate Taxpayer has made the determination (such determination to be conclusive absent manifest
error) that (i) LIBOR is no longer a widely recognized benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars or (ii) the applicable supervisor or administrator (if any) of LIBOR has made a public statement
identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans in the U.S. loan market in U.S. dollars, then the Corporate Taxpayer shall (as determined by the Corporate Taxpayer to be consistent with
market practice generally), establish a replacement interest rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement. In connection
with the establishment and application of the Replacement Rate, this Agreement shall be amended solely with the consent of the Corporate Taxpayer and OpCo, as may be necessary or appropriate, in the reasonable judgment of the Corporate Taxpayer, to
effect the provisions of this section. The Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Corporate Taxpayer,
such Replacement Rate shall be applied as otherwise reasonably determined by the Corporate Taxpayer. 

  
 9 

 “LLC Agreement” means the Amended and Restated Limited Liability Company
Agreement of OpCo, dated as of the date hereof. 
 “Market Value” shall mean the closing price of the Class A Common
Stock on the applicable Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall Street Journal; provided, that if the
closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value shall mean the closing price of the Class A Common Stock on the Business Day immediately preceding such Exchange Date on the
national securities exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall Street Journal; provided, further, that if the Class A Common Stock is not then
listed on a national securities exchange or interdealer quotation system, the Market Value shall mean the cash consideration paid for Class A Common Stock, or the fair market value of the other property delivered for Class A Common Stock,
as determined by the Board in good faith.. 
 “Merger” is defined in the recitals to this Agreement. 

“Non-Blocker Transferred Basis” means, with respect to any
Reference Asset at the time of the Merger that is amortizable under Section 197 of the Code or that is otherwise reported as amortizable or depreciable on IRS Form 4562 for United States federal income Tax purposes, the Tax basis that such
Reference Asset would have had if the Blocker Transferred Basis at the time of the Merger was equal to zero. 
 “Non-Exchange Basis” means with respect to any Reference Asset at the time of an Exchange that is amortizable under Section 197 of the Code or that is otherwise reported as amortizable or depreciable on
IRS Form 4562 for United States federal income Tax purpose, the Tax basis that such Reference Asset would have had if the Existing Basis of such Reference Asset at the time of the Exchange was equal to zero. 

“Non-Stepped Up Tax Basis” means, with respect to any Reference Asset at any time,
the Tax basis that such asset would have had at such time if no Basis Adjustments had been made. 
 “Payment Date” means
any date on which a payment is required to be made pursuant to this Agreement. 
 “Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 

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

  
 10 

 “Pre-IPO NOLs” means, without
duplication, the net operating losses, capital losses, disallowed interest expense carryforwards under Section 163(j) of the Code, and credit carryforwards of the Blocker Company relating to taxable periods ending on or prior to the IPO Date.
Notwithstanding the foregoing, the term “Pre-IPO NOLs” shall not include any Tax attribute of the Blocker Company that is used to offset Taxes of the Blocker Company, if such offset Taxes are
attributable to taxable periods (or a portion thereof) ending on or prior to the date of the applicable Merger. 
 “Realized Tax
Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar
proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination with respect to such Actual Tax Liability. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax
Liability. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax
Detriment unless and until there has been a Determination with respect to such Actual Tax Liability. 
 “Redemption” has
the meaning in the recitals to this Agreement. 
 “Reference Asset” means an asset (including an item of deferred revenue)
that is held by OpCo, or by any of its direct or indirect Subsidiaries treated as a partnership or disregarded entity for purposes of the applicable Tax, at the time of the Merger, the IPO or an Exchange, as relevant. A Reference Asset also includes
any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. 

“Schedule” means any of the following: (i) an Attribute Schedule, (ii) a Tax Benefit Schedule, or (iii) the
Early Termination Schedule. 
 “Subsidiaries” shall have the meaning ascribed to such term in the LLC Agreement. 

“Subsidiary Stock” means any stock or other equity interest in any Subsidiary of the Corporate Taxpayer that is
(i) treated as a corporation for U.S. federal income tax purposes and (ii) a member of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et seq. of the Code with
respect to which the Corporate Taxpayer is a member. 
 “Tax Attributes” means collectively (i) the Blocker Tax
Attributes (ii) Existing Basis, (iii) Basis Adjustments and (iv) Imputed Interest. 
 “Tax Return” means any
return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax. 

  
 11 

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

 “Taxes” means any and all taxes, assessments or similar charges that are based on or measured with respect to net income
or profits, and any interest related to such Tax. 
 “Taxing Authority” shall mean any domestic, federal, national, state,
county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time
(including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the
deductions arising from the Tax Attributes during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in
accordance with the Valuation Assumptions) in which such deductions would become available, (2) the U.S. federal income tax rates and state and local income tax rates that will be in effect for each such Taxable Year will be those specified for
each such Taxable Year by the Code and other law as in effect on the Early Termination Date, and Tax Attributes will be deemed to offset income of the Corporate Taxpayer at the highest marginal federal and relevant state and local income tax rates
applicable to a corporation in such Taxable Year (and the Blended Rate will be calculated based on such rates and the apportionment factors applicable in such Taxable Year), (3) any Pre-IPO NOLs or loss or
credit carryovers generated by deductions arising from Tax Attributes that are available as of such Early Termination Date will be utilized by the Corporate Taxpayer on a pro rata basis from the Early Termination Date through the scheduled
expiration date thereof or, if there is no scheduled expiration date, the twentieth anniversary of the generation of such Pre-IPO NOLs or loss or credit carryovers, (4) any
non-amortizable assets (other than Subsidiary Stock) will be disposed of on the fifteenth anniversary of the applicable Exchange (in the case of Basis Adjustments or Existing Basis) or the IPO Date (in the
case of Blocker Transferred Basis) for an amount sufficient to fully utilize the adjusted basis of such assets, including any adjustments under Section 734 and 743 of the Code (and, in each case, the comparable sections of U.S. state and local
law); provided, that in the event of a Change of Control that includes the sale of such asset (or the sale of equity interests in a partnership or disregarded entity for U.S. federal income tax purposes that directly or indirectly owns such
asset), such non-amortizable assets shall be deemed disposed of at the time of the direct or indirect sale of the relevant asset in such Change of Control (if earlier than such fifteenth anniversary) for such
price, (5) any Subsidiary Stock will be deemed never to be disposed of and (6) if, at the Early Termination Date, there are Common Units that have not been Exchanged, then each such Common Unit shall be deemed to be Exchanged for the
product of (i) the Market Value of the Class A Common Stock on the Early Termination Date and (ii) the number of shares of Class A Common Stock that would be transferred in respect of such Common Unit if the Exchange occurred on
the Early Termination Date. 

  
 12 

 (b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	 Section

	Advance Payment	  	Section 3.01(b)
	Agreement	  	Preamble
	Amended Schedule	  	2.03(b)
	Attribute Schedule	  	Section 2.01
	Code	  	Recitals
	Common Units	  	Recitals
	Corporate Taxpayer	  	Preamble
	Dispute	  	7.03(a)
	Early Termination Effective Date	  	4.02
	Early Termination Notice	  	4.02
	Early Termination Payment	  	4.03(b)
	Early Termination Schedule	  	4.02
	e-mail	  	7.01
	Exchange Date	  	Recitals
	Expert	  	7.09
	Interest Amount	  	3.01(b)
	Material Objection Notice	  	4.02
	Net Tax Benefit	  	3.01(b)
	Objection Notice	  	2.03(a)
	OpCo	  	Recitals
	Reconciliation Dispute	  	7.09
	Reconciliation Procedures	  	2.03(a)
	Senior Obligations	  	5.01
	Tax Benefit Payment	  	3.01(b)
	Tax Benefit Schedule	  	2.02(a)
	TRA Party	  	Preamble

 (c) 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 and Sections are to Articles and Sections of this Agreement unless otherwise specified. 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.

  
 13 

 
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 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.01 Basis Adjustment. Within 150 calendar days after the filing of the U.S. federal income Tax Return of the Corporate
Taxpayer for each relevant Taxable Year, the Corporate Taxpayer shall deliver to each TRA Party a schedule (the “Attribute Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement,
(i) the amount of Blocker Tax Attributes available to the Corporate Taxpayer in such Taxable Year and the period (or periods) over which such Pre-IPO NOLs are usable, (ii) the Non-Stepped Up Tax Basis of the Reference Assets as of each applicable Exchange Date, if any, (iii) the Basis Adjustments with respect to the Reference Assets as a result of each Exchange effected in such
Taxable Year, calculated (x) in the aggregate, and (y) solely with respect to Exchanges by such TRA Party, (iv) the period (or periods) over which the Reference Assets are amortizable and/or depreciable and (v) the period (or
periods) over which each Basis Adjustment is amortizable and/or depreciable. For the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed
Interest. 
 Section 2.02 Realized Tax Benefit and Realized Tax Detriment. 

(a) Tax Benefit Schedule. Within 150 calendar days after the filing of the U.S. federal income Tax Return of the Corporate Taxpayer for
any Taxable Year in which there is a Realized Tax Benefit or a Realized Tax Detriment Attributable to a TRA Party, the Corporate Taxpayer shall provide to such TRA Party a schedule showing, in reasonable detail, the calculation of the Realized Tax
Benefit or Realized Tax Detriment and the portion Attributable to such TRA Party for such Taxable Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final as provided in Section 2.03(a) and may be amended as
provided in Section 2.03(b) (subject to the procedures set forth in Section 2.03(b)).
 (b) Applicable Principles. The
Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Actual Tax Liability of the Corporate Taxpayer for such Taxable Year attributable to the Tax Attributes, determined using a
“with and without” methodology and, for the avoidance of doubt, is not intended to take into account, and shall be interpreted in a manner that avoids taking into account, any Tax Attribute more than once. For the avoidance of doubt, the
Actual Tax Liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by
the Corporate Taxpayer for the Common Units acquired in an Exchange. Carryovers or carrybacks of any Tax item attributable to any Tax 

  
 14 

 
Attribute shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as
applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to a Tax Attribute and another portion that is not, such
portions shall be considered to be used in accordance with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments (other than amounts accounted for as interest under the Code) made to TRA Parties that
transferred shares of the Blocker Company to the Corporate Taxpayer will be treated as non-qualifying property or money received in the Merger for purposes of Sections 356 of the Code, and (ii) all Tax
Benefit Payments made to TRA Parties other than transferors of the Blocker Company will be treated as subsequent upward purchase price adjustments in respect of the relevant Exchange that give rise to further Basis Adjustments to Reference Assets
for the Corporate Taxpayer in the year of payment, and as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate. 

Section 2.03 Procedures, Amendments. 

(a) Procedure. Every time the Corporate Taxpayer delivers to a TRA Party an applicable Schedule under this Agreement, including any
Amended Schedule delivered pursuant to Section 2.03(b) and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver to such TRA Party schedules and work papers, as determined by
the Corporate Taxpayer or requested by such TRA Party, providing reasonable detail regarding the preparation of the Schedule and (y) allow such TRA Party reasonable access to the appropriate representatives at the Corporate Taxpayer, as
determined by the Corporate Taxpayer, in connection with a review of such Schedule. Without limiting the application of the preceding sentence, each time the Corporate Taxpayer delivers to a TRA Party a Tax Benefit Schedule, in addition to the Tax
Benefit Schedule duly completed, the Corporate Taxpayer shall deliver to such TRA Party the relevant Corporate Taxpayer Return, the reasonably detailed calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, the reasonably detailed
calculation by the Corporate Taxpayer of the Actual Tax Liability, as well as any other work papers as determined by the Corporate Taxpayer or requested by such TRA Party, provided that the Corporate Taxpayer shall be entitled to redact any
information that it reasonably believes is unnecessary for purposes of determining the items in the applicable Schedule or amendment thereto. An applicable Schedule or amendment thereto shall become final and binding on the applicable TRA Party and
the Corporate Taxpayer thirty (30) calendar days from the first date on which the TRA Party has received the applicable Schedule or amendment thereto unless such TRA Party (i) within thirty (30) calendar days after receiving an
applicable Schedule or amendment thereto, provides the Corporate Taxpayer with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides a written waiver of such right of any
Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the Corporate Taxpayer. If the applicable TRA Party and the Corporate
Taxpayer for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an Objection Notice, the Corporate Taxpayer and the applicable TRA
Party shall employ the reconciliation procedures as described in Section 7.09 (the “Reconciliation Procedures”). 

  
 15 

 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended
from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a
Taxable Year after the date the Schedule was provided to the applicable TRA Party, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized
Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Attribute Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer
shall provide an Amended Schedule to each relevant TRA Party within thirty (30) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence. 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.01 Payments. 

(a) Within five (5) Business Days after the Tax Benefit Schedule with respect to a Taxable Year delivered to any TRA Party becomes final
in accordance with Section 2.03(a), the Corporate Taxpayer shall pay to such TRA Party for such Taxable Year the Tax Benefit Payment in the amount determined pursuant to Section 3.01(b). Each such Tax Benefit Payment to a TRA Party
(including any Advance Payment) shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such TRA
Party. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including federal estimated income tax payments. Notwithstanding any provision of this Agreement to the contrary, any TRA Party may
elect with respect to any Exchange to limit the aggregate Tax Benefit Payments made to such TRA Party in respect of any such Exchange to a specified percentage of the amount equal to the sum of (A) the cash, excluding any Tax Benefit Payments,
and (B) the Market Value of the Class A Shares received by such TRA Party on such Exchange (or such other limitation selected by the TRA Party and consented to by the Corporate Taxpayer, which consent shall not be unreasonably
withheld). The TRA Party shall exercise its rights under the preceding sentence by notifying the Corporate Taxpayer in writing of its desire to impose such a limit and the specified percentage (or such other limitation selected by the TRA
Party) and such other details as may be necessary (including whether such limit includes the Imputed Interest in respect of any such Exchange) in such manner and at such time (but in no event later than the date of any such Exchange) as reasonably
directed by the Corporate Taxpayer; provided, however, that, in the absence of such direction, the TRA Party shall give such written notice in the same manner as is required by Section 7.01 of this Agreement contemporaneously with
TRA Party’s notice to the Corporate Taxpayer of the applicable Exchange. 

  
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 (b) A “Tax Benefit Payment” means, with respect to a TRA Party, an amount,
not less than zero, equal to the sum of the amount of the Net Tax Benefit Attributable to such TRA Party and the related Interest Amount. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but
instead shall be treated as additional consideration in the applicable transaction, unless otherwise required by law. Subject to Section 3.03(a), the “Net Tax Benefit” for a
Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of Tax Benefit Payments previously made under this Section 3.01 (excluding
payments attributable to Interest Amounts) and, without duplication, any Advance Payments previously made under this Section 3.01 (excluding any portion of Advance Payments in respect of anticipated Interest Amounts); provided, for the
avoidance of doubt, that such TRA Party shall not be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the amount of the Net Tax Benefit Attributable to such
TRA Party calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with respect to Taxes for such Taxable Year until the Payment Date of the applicable Tax Benefit Payment, including, for the
avoidance of doubt, Advance Payments. “Advance Payments” in respect of a TRA Party for a Taxable Year means the payments made by the Corporate Taxpayer to such TRA Party as an advance of such TRA Party’s anticipated Tax Benefit
Payment for such Taxable Year (which, if made, shall be treated as Tax Benefit Payments for purposes of this Agreement). The Corporate Taxpayer shall be entitled at its option to make Advance Payments; provided that, if the Corporate Taxpayer makes
Advance Payments, it shall make Advance Payments to all parties eligible to receive payments under this Agreement with respect to a particular Taxable Year in proportion to their respective amount of anticipated payments under this Agreement in
respect of such Taxable Year. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, all Tax Benefit Payments shall be calculated by utilizing Valuation Assumptions (1), (3), (4) and (5),
substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date.” 

Section 3.02 No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment
of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. 

Section 3.03 Pro Rata Payments. 

(a) Notwithstanding anything in Section 3.01 to the contrary, to the extent that the aggregate Tax benefit of the Corporate
Taxpayer’s reduction in Tax liability as a result of the Tax Attributes under this Agreement is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully utilize available deductions
and other attributes, the limitation on the Tax benefit for the Corporate Taxpayer shall be allocated among the TRA Parties in proportion to the respective amounts of Tax Benefit Payments that would have been determined under this Agreement if the
Corporate Taxpayer had sufficient taxable income so that there were no such limitation; provided, that for purposes of allocating among the TRA Parties the aggregate Tax Benefit Payments under this Agreement with respect to any Taxable Year,
the operation of this Section 3.03(a) with respect to any prior Taxable Year shall be taken into account, it being the intention of the Corporate Taxpayer and the TRA Parties for each TRA Party to receive, in the aggregate, Tax Benefit Payments
in proportion to the aggregate Net Tax Benefits Attributable to such TRA Party had this Section 3.03(a) never operated. 

  
 17 

 (b) After taking into account Section 3.03(a), if for any reason the Corporate Taxpayer
does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the TRA Parties agree that (i) the Corporate Taxpayer shall pay
the same proportion of each Tax Benefit Payment due under this Agreement in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax
Benefit Payments in respect of prior Taxable Years have been made in full. 
 (c) To the extent the Corporate Taxpayer makes a payment to a
TRA Party in respect of a particular Taxable Year under Section 3.01(a) of this Agreement (taking into account Section 3.03(a) and (b), but excluding payments attributable to Interest Amounts) in excess of the amount of such payment that
should have been made to such TRA Party in respect of such Taxable Year, then (i) such TRA Party shall not receive further payments under Section 3.01(a) until such TRA Party has foregone an amount of payments equal to such excess and
(ii) the Corporate Taxpayer shall pay the amount of such TRA Party’s foregone payments to the other TRA Parties in a manner such that each of the other TRA Parties, to the maximum extent possible, shall have received aggregate payments
under Section 3.01(a) of this Agreement (excluding payments attributable to Interest Amounts) in the amount it would have received if there had been no excess payment to such TRA Party. 

ARTICLE IV 

TERMINATION 

Section 4.01 Termination, Early Termination and Breach of Agreement. 

(a) Unless terminated earlier pursuant to Section 4.01(b) or Section 4.01(c), this Agreement will terminate when there is no further
potential for a Tax Benefit Payment pursuant to this Agreement. Tax Benefit Payments under this Agreement are not conditioned on any TRA Party retaining an interest in the Corporate Taxpayer or OpCo (or any successor thereto). 

(b) The Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all of the
Common Units held (or previously held and Exchanged) by all TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided, however, that this Agreement shall only terminate
pursuant to this Section 4.01(b) upon the receipt of the Early Termination Payment by all TRA Parties; and provided, further, that the Corporate Taxpayer may withdraw any notice to exercise its termination rights under this
Section 4.01(b) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Corporate Taxpayer in accordance with this Section 4.01(b), neither the TRA Parties nor the
Corporate Taxpayer shall have any further payment obligations under 

  
 18 

 
this Agreement, other than for any (1) Tax Benefit Payment agreed to by the Corporate Taxpayer and a TRA Party as due and payable but unpaid as of the Early Termination Notice and
(2) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (2) is included in the Early Termination Payment). If an
Exchange occurs after the Corporate Taxpayer makes the Early Termination Payment pursuant to this Section 4.01(b), the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. 

(c) In the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a result of failure to
make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payment calculated as if
an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by the Corporate Taxpayer and any of the TRA Parties as due and payable but unpaid as of the date of a breach, and (3) any Tax
Benefit Payment due for the Taxable Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.02 shall apply with respect to the determination of the amount payable by the
Corporate Taxpayer pursuant to this sentence. Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, each TRA Party shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and
(3) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three] months of the date such payment is due shall be deemed to be a breach of a
material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the
date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any payment due pursuant to this Agreement when due to the extent the Corporate
Taxpayer has insufficient funds to make such payment despite using reasonable best efforts to obtain funds to make such payment (including by causing OpCo or any other Subsidiaries to distribute or lend funds for such payment); provided that
the interest provisions of Section 5.02 shall apply to such late payment (unless the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by debt agreements to which the Corporate Taxpayer or
any of its Subsidiaries is a party, in which case Section 5.02 shall apply, but the Default Rate shall be replaced by the Agreed Rate); provided, further, that the Corporate Taxpayer shall promptly (and in any event, within three
(3) Business Days), pay all such unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporate Taxpayer has, and to the extent the Corporate Taxpayer has, sufficient funds to make such
payment, and the failure of the Corporate Taxpayer to do so shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the
Corporate Taxpayer shall be deemed to be funds sufficient and available to pay such unpaid payments, together with any accrued and unpaid interest thereon. 

  
 19 

 Section 4.02 Early Termination Notice. If the Corporate Taxpayer chooses to
exercise its right of early termination under Section 4.01(b) above, the Corporate Taxpayer shall deliver to each TRA Party notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the
“Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for such TRA Party. The Early Termination
Schedule shall become final and binding on such TRA Party thirty (30) calendar days from the first date on which such TRA Party has received such Schedule or amendment thereto unless such TRA Party (i) within thirty (30) calendar days
after receiving the Early Termination Schedule, provides the Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written waiver of such
right of a Material Objection Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the date the waiver is received by the Corporate Taxpayer (such thirty (30) calendar day date as modified,
if at all, by clauses (i) or (ii), the “Early Termination Effective Date”). If the Corporate Taxpayer and such TRA Party, for any reason, are unable to successfully resolve the issues raised in such notice within thirty
(30) calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and such TRA Party shall employ the Reconciliation Procedures.

Section 4.03 Payment upon Early Termination. 

(a) Within three (3) Business Days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an
amount equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by the Corporate
Taxpayer and such TRA Party. 
 (b) “Early Termination Payment” in respect of a TRA Party shall equal the present value,
discounted at the Early Termination Rate as of the Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date and
assuming that the Valuation Assumptions are applied.
 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.01 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or
Early Termination Payment required to be made by the Corporate Taxpayer to any TRA Party under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any
obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer
that are not Senior Obligations.

  
 20 

 Section 5.02 Late Payments by the Corporate Taxpayer. The amount of all or any
portion of any Tax Benefit Payment or Early Termination Payment not made to the applicable TRA Party when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the
date on which such Tax Benefit Payment or Early Termination Payment was due and payable, subject to Section 4.01(c). 

ARTICLE VI 
 NO
DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01 Participation in the Corporate Taxpayer’s and
OpCo’s Tax Matters. Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer and OpCo, including the
preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify a TRA Party of, and keep such TRA Party reasonably informed
with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of such TRA Party under this Agreement, and shall provide to such TRA
Party reasonable opportunity to provide information and other input (at such TRA Party’s own expense) to the Corporate Taxpayer, OpCo and their respective advisors concerning the conduct of (but, for the avoidance of doubt such TRA Party may
not control) any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo shall not be required to take any action that is inconsistent with any provision of the LLC Agreement. 

Section 6.02 Consistency. The Corporate Taxpayer and the TRA Parties agree to report and cause to be reported for all purposes,
including federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Tax Attributes and each Tax Benefit Payment) in a manner consistent with that specified by
the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law. Any dispute as to required Tax or financial reporting shall be subject to
Section 7.09. 
 Section 6.03 Cooperation. Each of the Corporate Taxpayer and each TRA Party shall (a) furnish to the
other party in a timely manner such information, documents and other materials as the other party may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return
or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives to provide explanations of documents and materials and such other information as
the other party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporate Taxpayer shall reimburse
the applicable TRA Party for any reasonable third-party costs and expenses incurred pursuant to this Section 6.03. 

  
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 ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given to
such party as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

If to the Corporate Taxpayer, to:

[    ] 
 With
copies (which shall not constitute notice) to: 
 Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention:    Alan Denenberg 

Michael Mollerus 

E-mail:       alan.denenberg@davispolk.com 

michael.mollerus@davispolk.com 

If to the applicable TRA Party, to the address, facsimile number or e-mail address specified for such
party on the Member Schedule to the LLC Agreement or the Notice provision of the relevant agreement governing the Merger. 
 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. 
 Section 7.02 Binding Effect;
Benefit; Assignment. 
 (a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective successors and
assigns. The Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. 

  
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 (b) A TRA Party may assign any of its rights under this Agreement to any Person as long as
such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form of Exhibit A, agreeing to become a “TRA Party” for all purposes of this Agreement, except as
otherwise provided in such joinder; provided, that a TRA Party’s rights under this Agreement shall be assignable by such TRA Party under the procedure in this Section 7.02(b) regardless of whether such TRA Party continues to hold
any interests in OpCo or the Corporate Taxpayer or has fully transferred any such interests. 
 (c) OpCo shall have the power and authority
(but not the obligation) to permit any Person who becomes a member of OpCo to execute and deliver a joinder to this Agreement promptly upon acquisition of Common Units by such Person, and such Person shall be treated as a “TRA Party” for
all purposes of this Agreement. 
 Section 7.03 Resolution of Disputes. 

(a) Except for Reconciliation Disputes subject to Section 7.09, any and all disputes which cannot be settled amicably, including any
ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity,
scope and enforceability of this arbitration provision) (each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in Delaware in accordance with the then-existing Rules of Arbitration of the
International Chamber of Commerce. If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the
appointment. The arbitrator shall be a lawyer admitted to the practice of law in the State of Delaware and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any
arbitration proceedings.
 (b) Notwithstanding the provisions of paragraph (a), the Corporate Taxpayer may bring an action or special
proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this
paragraph (b), each TRA Party (i) expressly consents to the application of paragraph (c) of this Section 7.03 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the
provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such TRA Party for service of process in connection with any such
action or proceeding and agrees that service of process upon such agent, who shall promptly advise such TRA Party of any such service of process, shall be deemed in every respect effective service of process upon such TRA Party in any such action or
proceeding. 
 (c) EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHANCERY COURT OF THE STATE OF DELAWARE OR, IF SUCH COURT
DECLINES JURISDICTION, THE COURTS OF THE STATE OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND ANY APPELLATE COURT FROM ANY THEREOF, FOR THE
PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE 

  
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PROVISIONS OF THIS SECTION 7.03, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary
judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this
paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (d) The parties
hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to
in the preceding paragraph of this Section 7.03 and such parties agree not to plead or claim the same. 
 Section 7.04
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

Section 7.05 Entire Agreement. This Agreement and the other [Reorganization Documents] (as such term is defined in the LLC
Agreement) constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter
of this Agreement. Nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party hereto. 

Section 7.06 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible. 

Section 7.07 Amendment. No provision of this Agreement may be amended unless such amendment is approved in writing by the
Corporate Taxpayer and by Persons who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Persons entitled to Early Termination Payments under this Agreement if
the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any Persons pursuant to this Agreement since the date
of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments certain Persons will or may receive under the Tax Receivable Agreements unless all such
Persons disproportionately affected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 

  
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 Section 7.08 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 

Section 7.09 Reconciliation. In the event that the Corporate Taxpayer and a TRA Party are unable to resolve a disagreement with
respect to the matters governed by Sections 2.03, 3.01(b), 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a
nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the
Corporate Taxpayer and such TRA Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or such TRA Party or other actual or potential conflict of
interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce
Centre for Expertise. The Expert shall resolve any matter relating to the Attribute Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter
relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding
the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed
amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such
Expert or amending any Tax Return shall be borne by the Corporate Taxpayer, except as provided in the next sentence. The Corporate Taxpayer and such TRA Party shall bear their own costs and expenses of such proceeding, unless (i) the
Expert substantially adopts such TRA Party’s position, in which case the Corporate Taxpayer shall reimburse such TRA Party for any reasonable out-of-pocket costs
and expenses in such proceeding, or (ii) the Expert substantially adopts the Corporate Taxpayer’s position, in which case such TRA Party shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert. The
Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporate Taxpayer and such TRA Party and may be entered and enforced in any court having
jurisdiction.
 Section 7.10 Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment
payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign tax law. To the extent that amounts
are so withheld and paid over to the appropriate Taxing Authority by the Corporate 

  
 25 

 
Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the TRA Party in respect of whom such withholding was made. To the extent that any
payment to a TRA Party pursuant to this Agreement is not reduced by such deductions or withholdings, such TRA Party shall indemnify the applicable withholding agent for any amounts imposed by any Taxing Authority together with any costs and expenses
related thereto. Each TRA Party shall promptly provide the Corporate Taxpayer, OpCo or other applicable withholding agent with any applicable Tax forms and certifications (including IRS Form W-9 or the
applicable version of IRS Form W-8) reasonably requested, in connection with determining whether any such deductions and withholdings are required under the Code or any provision of United States state, local
or non-U.S. tax law. 
 Section 7.11 Admission of the Corporate Taxpayer into a Consolidated
Group; Transfers of Corporate Assets. 
 (a) If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of
corporations that files a consolidated income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions of this Agreement shall be applied with respect to the group
as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

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

Section 7.12 Confidentiality. Section 12.11 (Confidentiality) of the LLC Agreement as of the date of this Agreement shall
apply to any information of the Corporate Taxpayer provided to the TRA Parties and their assignees pursuant to this Agreement. 

Section 7.13 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Party (or direct or indirect equity holders in such TRA
Party) upon an Exchange to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax consequences to the Corporate Taxpayer or
such TRA Party or any direct or indirect owner of a TRA Party, then at the election of such TRA Party and to the extent specified by such TRA Party, this Agreement (i) shall cease to have further effect with respect to such TRA Party,
(ii) shall not apply to an Exchange occurring after a date 

  
 26 

 
specified by such TRA Party, or (iii) shall otherwise be amended in a manner determined by such TRA Party; provided, that such amendment shall not result in an increase in payments
under this Agreement to such TRA Party at any time as compared to the amounts and times of payments that would have been due to such TRA Party in the absence of such amendment. 

Section 7.14 Partnership Agreement. This Agreement, to the extent it relates to holders of Common Units, shall be treated as part
of the partnership agreement of OpCo as described in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

[Remainder of Page Intentionally Left Blank] 

  
 27 

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

			
	CORPORATE TAXPAYER:
	
	XPONENTIAL FITNESS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 28 

 
			
	OPCO:
	
	XPONENTIAL INTERMEDIATE
	HOLDINGS, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 29 

 
					
	TRA PARTIES:
		
	By:	 	  

		 	Name:
		 	Title:

  
 30 

 Exhibit A 

Joinder 
 This JOINDER
(this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of ____________, by and among Xponential Fitness, Inc., a Delaware corporation (the “Corporate Taxpayer”), _____________________
(“Transferor”) and ______________ (“Permitted Transferee”). 
 WHEREAS, on ____________, Permitted
Transferee acquired from Transferor (the “Acquisition”) the right to receive any and all payments that may become due and payable under the Tax Receivable Agreement with respect to (i) __________ Common Units that were previously,
or may in the future be, Exchanged or (ii) ______ % of Transferor’s entitlement to receive Tax Benefit Payments in respect of the Blocker Company; and 

WHEREAS, Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to
Section 7.02(b) of the Tax Receivable Agreement, dated as of [ ], 2021, by and among the Corporate Taxpayer and each TRA Party (the “Tax Receivable Agreement”). 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 
 Section 1.01 Definitions. To the extent capitalized words used in this
Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the Tax Receivable Agreement. 

Section 1.02 Joinder. Permitted Transferee hereby acknowledges and agrees to become a “TRA Party” (as defined in the Tax
Receivable Agreement) for all purposes of the Tax Receivable Agreement. Permitted Transferee hereby acknowledges the terms of Section 7.02(b) of the Tax Receivable Agreement and agrees to be bound by Section 7.12 of the Tax Receivable
Agreement. 
 Section 1.03 Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication
hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.01 of the Tax Receivable Agreement. 

Section 1.04 Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 
 IN
WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as of the date first above written. 

  
 31 

 
			
	[PERMITTED TRANSFEREE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:

  
 32

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