Document:

Exhibit 10.10

 

AMENDED AND RESTATED

 

LIMITED LIABILITY
COMPANY AGREEMENT

 

OF

 

RICE ACQUISITION
HOLDINGS II LLC

 

DATED [   ], 2021

 

THE LIMITED LIABILITY COMPANY INTERESTS IN RICE
ACQUISITION HOLDINGS II LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE,
OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE
AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT;
AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THE LIMITED LIABILITY
COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS
AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION
FOR AN INDEFINITE PERIOD OF TIME.

 

     

     

    

 

TABLE OF CONTENTS

 	Article
                                            I DEFINITIONS	2
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Interpretive Provisions	15
	 	 	 
	Article II
    ORGANIZATION OF THE LIMITED LIABILITY COMPANY	15
	 	 	 
	Section 2.1	Formation	15
	Section 2.2	Filing	15
	Section 2.3	Name	16
	Section 2.4	Registered Office; Registered Agent	16
	Section 2.5	Principal Place of Business	16
	Section 2.6	Purpose; Powers	16
	Section 2.7	Term	16
	Section 2.8	LLC Agreement	16
	Section 2.9	Intent	16
	 	 	 
	Article III
    [RESERVED]	17
	 	 	 
	Article IV
    OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL
    ACCOUNTS	17
	 	 	 
	Section 4.1	Authorized Units; General Provisions With Respect to
    Units	17
	Section 4.2	Class B Units	21
	Section 4.3	Voting Rights	23
	Section 4.4	Capital Contributions; Unit Ownership	23
	Section 4.5	Capital Accounts	24
	Section 4.6	Other Matters	25
	Section 4.7	Redemption of Class A Units and Company Warrants	25
	 	 	 
	Article V
    ALLOCATIONS OF PROFITS AND LOSSES	32
	 	 	 
	Section 5.1	Profits and Losses	32
	Section 5.2	Special Allocations	33
	Section 5.3	Allocations for Tax Purposes in General	38
	Section 5.4	Other Allocation Rules	38
	 	 	 
	Article VI
    DISTRIBUTIONS	39
	 	 	 
	Section 6.1	Distributions	39
	Section 6.2	Tax-Related Distributions	39
	Section 6.3	Distribution Upon Withdrawal	39
	Section 6.4	Issuance of Additional Equity Securities	39

 

    i

     

    

 

	Article VII
    MANAGEMENT	40
	 	 	 
	Section 7.1	The Managing Member; Fiduciary Duties	40
	Section 7.2	Officers	40
	Section 7.3	Warranted Reliance by Officers on Others	41
	Section 7.4	Indemnification	42
	Section 7.5	Maintenance of Insurance or Other Financial Arrangements	42
	Section 7.6	Resignation or Termination
    of Managing Member	42
	Section 7.7	No Inconsistent Obligations	43
	Section 7.8	Reclassification Events of PubCo	43
	Section 7.9	Certain Costs and Expenses	43
	 	 	 
	Article VIII
    ROLE OF MEMBERS	44
	 	 	 
	Section 8.1	Rights or Powers	44
	Section 8.2	Voting	44
	Section 8.3	Various Capacities	45
	Section 8.4	Investment Opportunities	45
	 	 	 
	Article IX
    TRANSFERS OF INTERESTS	45
	 	 	 
	Section 9.1	Restrictions on Transfer	45
	Section 9.2	Notice of Transfer	46
	Section 9.3	Transferee Members	46
	Section 9.4	Legend	47
	 	 	 
	Article X
    ACCOUNTING; CERTAIN TAX MATTERS	47
	 	 	 
	Section 10.1	Books of Account	47
	Section 10.2	Tax Elections	47
	Section 10.3	Tax Returns; Information	48
	Section 10.4	Company Representative	48
	Section 10.5	Withholding Tax Payments and Obligations	48
	 	 	 
	Article XI
    WINDING UP AND DISSOLUTION	50
	 	 	 
	Section 11.1	Winding Up Events	50
	Section 11.2	Procedure	50
	Section 11.3	Rights of Members	51
	Section 11.4	Reasonable Time for Winding Up	51
	Section 11.5	No Deficit Restoration	51
	Section 11.6	Striking Off	51

 

    ii

     

    

 

	Article XII GENERAL	51
	 	 	 
	Section 12.1	Amendments; Waivers	51
	Section 12.2	Further Assurances	52
	Section 12.3	Successors and Assigns	52
	Section 12.4	Merger, Consolidation	53
	Section 12.5	Transfer by way of Continuation	53
	Section 12.6	Certain Representations by Members	53
	Section 12.7	Entire Agreement	53
	Section 12.8	Rights of Members Independent	54
	Section 12.9	Governing Law	54
	Section 12.10	Jurisdiction	54
	Section 12.11	Headings	54
	Section 12.12	Counterparts	54
	Section 12.13 	Notices	54
	Section 12.14	Representation By Counsel; Interpretation	55
	Section 12.15	Severability	55
	Section 12.16	Expenses	55
	Section 12.17	No Third Party Beneficiaries	55

 

    iii

     

    

 

AMENDED
AND RESTATED

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

OF

 

RICE
ACQUISITION HOLDINGS II LLC

 

This Amended and Restated
Limited Liability Company Agreement (as amended, supplemented or restated from time to time, this “Agreement”)
of Rice Acquisition Holdings II LLC (the “Company”), a limited liability company formed and registered pursuant
to the Limited Liability Companies Act (As Revised) of the Cayman Islands (the “Act”) is made and entered into
on [   ], 2021, by and among Rice Acquisition Corp. II, a Cayman Islands exempted company (“PubCo”), Rice Acquisition
Sponsor II LLC, a Delaware limited liability company (“Rice Sponsor”), and each other Person who is admitted
as a Member in accordance with the terms of this Agreement and the Act or who acquires a Company Warrant (as defined herein). Capitalized
terms used herein and not otherwise defined have the respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS, immediately
prior to the adoption of this Agreement, the Company was governed by the Limited Liability Company Agreement, dated 3 February 2021 (the
“Existing LLC Agreement”);

 

WHEREAS, it is contemplated
that PubCo will, subject to the approval of its board of directors, issue up to 28,750,000 PubCo Units, comprised of an aggregate of 28,750,000
Class A Shares and 7,187,500 PubCo Warrants, to the public for cash in the initial underwritten public offering of PubCo Units (the “IPO”);

 

WHEREAS, if the IPO
is consummated, PubCo will contribute all of the net proceeds received by it from the IPO to the Company in exchange for a number of additional
Class A Units and Company Warrants equal to the number of Class A Shares and PubCo Warrants, respectively, comprising the PubCo Units
issued in the IPO;

 

WHEREAS, each Class
A Unit (other than any Class A Unit held by the PubCo Holdings Group) may be redeemed, at the election of the holder of such Class A Unit
(together with the surrender and delivery by such holder of one Class B Share), for one Class A Share in accordance with the terms and
conditions of this Agreement;

 

WHEREAS, the Members
of the Company desire that PubCo continue as the sole managing member of the Company (in its capacity as managing member as well as in
any other capacity, the “Managing Member);

 

WHEREAS, the Members
of the Company desire to amend and restate the Existing LLC Agreement on the terms of this Agreement; and

 

     

     

    

 

WHEREAS, this Agreement
shall amend and restate the Existing LLC Agreement in its entirety on the date hereof.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound, the Existing LLC Agreement is hereby amended and restated in its entirety
and the parties hereby agree as follows:

 

Article
I 

 

DEFINITIONS

 

Section 1.1 Definitions.
As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:

 

“Act”
means the Limited Liability Companies Act (As Revised) of the Cayman Islands, as amended from time to time (or any corresponding provisions
of succeeding law).

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

 

“Adjusted Basis”
has the meaning given such term in Section 1011 of the Code.

 

“Adjusted Capital
Account” means, with respect to any Member, (a) the Capital Account balance of such Member, plus (ii) such Member’s
share of Member Minimum Gain or Company Minimum Gain (after reduction to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)).

 

“Adjusted Capital
Account Deficit” means, with respect to any Member the deficit balance, if any, in such Member’s Adjusted Capital
Account at the end of any Fiscal Year or other taxable period, after crediting such Member’s Adjusted Capital Account for any amount
such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c). This definition of Adjusted Capital
Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

 

“Adjusted Conversion
Ratio” means that ratio having:

 

		(a)	a numerator equal to the sum of (i) a number of units equal to 25% of all Class A Shares issued or deemed
issued in connection with the closing of the Initial Business Combination (or issuable upon the conversion or exercise of any Equity-
Linked Securities issued or deemed issued in connection with the closing of the Initial Business Combination), but excluding (x) any such
Class A Shares or Equity-Linked Securities with respect to which the holders of Class B Units have waived their rights pursuant to Section
4.2(b)(ii), (y) any Equity Securities issued or issuable to any seller in the Initial Business Combination, and (z) for the avoidance
of doubt, any Class A Shares or Equity-Linked Securities outstanding as of the close of the IPO, plus (ii) the number of Class B Units
issued and outstanding immediately prior to the closing of the Initial Business Combination (and, for the avoidance of doubt, prior to
any conversion of Class B Units pursuant to Section 4.2(c)); and

 

    2

     

    

 

		(b)	a denominator equal to the number of Class B Units issued and outstanding immediately prior to the closing
of the Initial Business Combination (and, for the avoidance of doubt, prior to any conversion of Class B Units pursuant to Section
4.2(c)).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control
with such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise;
provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries
and (b) none of the Company or any of its Subsidiaries shall be deemed an Affiliate of any Member.

 

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

 

“Beneficially
own” and “Beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated under the
Exchange Act.

 

“Block Redemption
Date” is defined in Section 4.7(b)(ii).

 

“Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law
to be closed.

 

“Business Opportunities
Exempt Party” is defined in Section 8.4.

 

“Call Right”
is defined in Section 4.7(f).

 

“Capital Account”
means, with respect to any Member, the Capital Account maintained for such Member in accordance with Section 4.5.

 

“Capital Contribution”
means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed
to the Company by such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a
predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect of Units Transferred
to such Member.

 

“Cash Election”
means an election by the Company to redeem Class A Units or Company Warrants for cash pursuant to Section 4.7(e)(ii) or an election
by PubCo (or such designated member(s) of the PubCo Holdings Group) to purchase Class A Units or Company Warrants for cash pursuant to
an exercise of its Call Right set forth in Section 4.7(f).

 

    3

     

    

 

“Cash
Election Amount” means with respect to a particular Redemption of Class A Shares or Company Warrants, as applicable, for
which a Cash Election has been made, (a) other than in the case of clause (b), if the Class A Shares or PubCo Warrants, as applicable,
trade on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (i) the number of
Class A Shares or PubCo Warrants, as applicable, that would have been received in such Redemption if a Cash Election had not been made
and (ii) the average of the volume- weighted closing price for a Class A Share or PubCo Warrant, as applicable, on the principal U.S.
securities exchange or automated or electronic quotation system on which the Class A Shares or PubCo Warrants, as applicable, trade,
as reported by Bloomberg, L.P., or its successor, for each of the 5 consecutive full Trading Days ending on and including the last full
Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any equity splits, reverse
splits, equity dividends or similar events affecting the Class A Shares or PubCo Warrants, as applicable; (b) if the Cash Election is
made in respect of a Redemption Notice issued by a Redeeming Holder in connection with a Registered Offering, an amount of cash equal
to the product of (i) the number of Class A Shares or PubCo Warrants, as applicable, that would have been received in such Redemption
if a Cash Election had not been made and (ii) the price per Class A Share or PubCo Warrant, as applicable, sold to the public in such
Registered Offering (reduced by the amount of any Discount associated with such Class A Share or PubCo Warrant, as applicable); and (c)
if the Class A Shares or PubCo Warrants, as applicable, no longer trade on a securities exchange or automated or electronic quotation
system, an amount of cash equal to the product of (i) the number of Class A Shares or PubCo Warrants, as applicable, that would have been
received in such Redemption if a Cash Election had not been made and (ii) the Fair Market Value of one Class A Share or PubCo Warrant,
as applicable.

 

“Chief Executive
Officer” means the person appointed as the Chief Executive Officer of the Company by the Managing Member pursuant to Section
7.2(a).

 

“Class
A Capital Account” means, with respect to any Member holding Class A Units, (a) the total number of Class A Units
held by such Member, multiplied by (b) the Class A Per Unit Balance.

 

“Class A Per Unit
Balance” means, as of any relevant date, the quotient of (a) PubCo’s Adjusted Capital Account balance, to the extent
attributable to such PubCo’s ownership of Class A Units and computed on a hypothetical basis after all allocations have been tentatively
made pursuant to Section 5.1 and 5.2, based on an interim closing of the books pursuant to Section 706 of the Code as of
such date, divided by (b) the total number of Class A Units held by PubCo on such date.

 

“Class A Shares”
means, as applicable, (a) the Class A ordinary shares of PubCo, par value $0.0001 per share, or (b) following any consolidation, merger,
reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other
property that become payable in consideration for the Class A Shares or into which the Class A Shares are exchanged or converted as a
result of such consolidation, merger, reclassification or other similar event.

 

“Class A Units”
means the Class A Units of the Company issued hereunder and shall also include any Equity Security of the Company issued in respect of
or in exchange for Class A Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction,
consolidation, conversion or reorganization.

 

    4

     

    

 

“Class B Automatic
Conversion Date” means (a) the closing date of an Initial Business Combination and (b) any date after the closing of an
Initial Business Combination (i) on which there is a Redemption, primary offering of PubCo Equity Securities, exercise of Company Warrants,
or other issuance or redemption of Units or (ii) which is otherwise designated as such by the Managing Member.

 

“Class B Capital
Account” means, as of any relevant date, with respect to any Member holding Class B Units, (a) such Member’s Adjusted
Capital Account minus (b) such Member’s Class A Capital Account (if any), in each case, computed on a hypothetical basis
after all allocations have been tentatively made pursuant to Section 5.1 and 5.2, based on an interim closing of the books
pursuant to Section 706 of the Code as of such date.

 

“Class B Conversion
Date” means any Class B Automatic Conversion Date and any other date on which Class B Units are converted into Class A Units
in accordance with Section 4.2.

 

“Class B Shares”
means, as applicable, (a) the Class B ordinary shares of PubCo, par value $0.0001 per share, or (b) following any consolidation, merger,
reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other
property that become payable in consideration for the Class B Shares or into which the Class B Shares are exchanged or converted as a
result of such consolidation, merger, reclassification or other similar event.

 

“Class B Fungibility
Target Balance” means, as of any relevant date, with respect to any Member holding Class B Units, the product of (a) the
Class A Per Unit Balance, multiplied by (b) the number of Class B Units held by such Member.

 

“Class B Units”
means the Class B Units of the Company issued hereunder and shall also include any Equity Security of the Company issued in respect of
or in exchange for Class B Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction,
consolidation, conversion or reorganization.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

 

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

 

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

 

“Company Level
Taxes” means any federal, state or local taxes, additions to tax, penalties and interest payable by the Company or any of
its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state
or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules.

 

“Company Minimum
Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2)
and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury
Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or more
Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset
Value.

 

    5

     

    

 

“Company Representative”
has the meaning assigned to the term “partnership representative” (including any “designated individual,” if applicable)
in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder, as
appointed pursuant to Section 10.4.

 

“Company Warrants”
means the warrants issued by the Company and exercisable for Class A Units.

 

“Company Warrantholder”
means any holder of Company Warrants.

 

“Contract”
means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

 

“Control”
(including the terms “controlled by” and “under common control with”), with
respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal
representative or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the
ownership of voting securities, as trustee, personal representative or executor, by contract or otherwise.

 

“Covered Audit
Adjustment” means an adjustment to any partnership-related item (within the meaning of Section 6241(2)(B) of the Code) to
the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Code or any analogous
provision of state or local Law.

 

“Covered Person”
is defined in Section 7.4.

 

“Debt Securities”
means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable into Equity Securities
of PubCo.

 

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

 

    6

     

    

 

“Designated
Holder” means any holder of Units or Company Warrants (a) that has elected to be treated as a Designated Holder by providing
written notice to the Company not less than 10 Business Days prior to the relevant date on which an automatic redemption occurs
pursuant to Section 4.7(i) or (b) that has not provided the Company with a valid IRS Form W-9 or that the Company otherwise has
reason to know is not (or is a disregarded subsidiary of a Person that is not) a “United States person” for U.S. federal income
tax purposes.

 

“Designated Holder
Redemption” is defined in Section 4.7(i).

 

“Designated Holder
Redemption Date” is defined in Section 4.7(i).

 

“Designated Holder
Redemption Notice” is defined in Section 4.7(i).

 

“DGCL”
means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding
law).

 

“Discount”
is defined in Section 4.7(e)(ii).

 

“Effective Time”
means 12:01 a.m. Central Daylight Time on the date of the initial closing of the IPO.

 

“Equalization
Date” means the date on which all Class B Units have been converted into Class A Units pursuant to Section 4.2(c).

 

“Equity Securities”
means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to purchase,
warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible,
exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with respect to a corporation,
any and all shares, interests, participation or other equivalents (however designated) of corporate shares, including all ordinary shares
and preferred shares, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible
or exchangeable into any of the foregoing.

 

“Equity-Linked
Securities” means any Equity Securities of PubCo, the Company or any of their Subsidiaries which are convertible into, or
exchangeable or exercisable for, any other Equity Securities of PubCo, the Company or any of their Subsidiaries, including Class A Units
and any Equity Securities issued by PubCo, the Company or any of their Subsidiaries which are pledged to secure any obligation of any
holder to purchase from PubCo, the Company or any of their Subsidiaries any Equity Securities of such entities.

 

“ERISA”
means the United States Employee Retirement Security Act of 1974, as amended.

 

“Excess Tax Amount”
is defined in Section 10.5(c).

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may be amended
from time to time (or any corresponding provisions of succeeding law).

 

    7

     

    

 

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

 

“Fair Market Value”
means the fair market value of any property as determined in Good Faith by the Managing Member after taking into account such factors
as the Managing Member shall deem appropriate.

 

“Federal Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated
thereunder.

 

“Fiscal Year”
means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for U.S. federal income tax purposes,
another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes.

 

“Fungible Class
B Units” means, for any Member holding Class B Units, as of any relevant date, a number of such Class B Units equal to the
quotient, rounded down to the nearest whole unit, of (a) such Member’s Class B Capital Account, divided by (b) the Class
A Per Unit Balance; provided that, solely in the case of a conversion pursuant to Section 4.2(c) using the Adjusted Conversion
Ratio, the number of Fungible Class B Units for purposes of such conversion shall be determined by further dividing the foregoing amount
by the Adjusted Conversion Ratio; provided further that, for the avoidance of doubt, the number of Fungible Class B Units shall
never exceed the total number of Class B Units held by such Member.

 

“GAAP”
means U.S. generally accepted accounting principles at the time.

 

“Good Faith”
means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests
of the Company and the PubCo Holdings Group and, with respect to a criminal proceeding, having had no reasonable cause to believe such
Person’s conduct was unlawful.

 

“Governmental
Entity” means any federal, national, supranational, state, provincial, local, foreign or other government, governmental,
stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body.

 

“Gross Asset Value”
means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax purposes, except as follows:

 

		(a)	the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair
Market Value of such asset as of the date of such contribution;

 

    8

     

    

 

		(b)	the Gross Asset Values of all Company assets shall be adjusted to
equal their respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest)
in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange
for the performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by
the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the Company; (iii)
the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition
of an interest in the Company by any new or existing Member upon the exercise of a Company Warrant or other noncompensatory option
in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s) or in connection with a Redemption; or (v) any other event
to the extent determined by the Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in
accordance with the standards set forth in Treasury Regulations Section 1.704- 1(b)(2)(iv)(g); provided, however, that adjustments
pursuant to clauses (i), (ii) and (iv) above shall not be made if the Managing Member reasonably determines that such adjustments are
not necessary or appropriate to reflect the relative economic interests of the Members in the Company. If any Company Warrants or other
noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company
shall adjust the Gross Asset Values of its properties to properly reflect any change in the Fair Market Value of such Company Warrants
or other noncompensatory options in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704- 1(b)(2)(iv)(h)(2);

 

		(c)	the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross
Fair Market Value of such asset on the date of such distribution;

 

		(d)	the Gross Asset Values of Company assets shall
be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) (including
any such adjustments pursuant to Treasury Regulation Section 1.734-2(b)(1)), 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 clause (f) in the definition
of “Profits” or
“Losses” below
or Section 5.2(h); provided, however, that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this
subsection to the extent the Managing Member determines in Good Faith that an adjustment pursuant to clause (b) of this definition
is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d);
and

 

		(e)	if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clauses (a),
(b) or (d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation
taken into account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to Article
V.

 

“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.

 

    9

     

    

 

“Initial
Business Combination” means the first transaction or series of transactions (whether through a merger, equity exchange or
purchase, asset acquisition, reorganization or similar transaction) resulting in a business combination involving PubCo, the Company
and one or more operating businesses.

 

“Interest”
means the entire interest of a Member in the Company, including the Units and all of such Member’s rights, powers and privileges
under this Agreement and the Act.

 

“Investment Company
Act” is defined in Section 8.1(b).

 

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

 

“Law”
means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, order,
requirement or rule of law (including common law).

 

“Liability”
means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated
or unliquidated and whether due or to become due, regardless of when asserted.

 

“Managing Member”
is defined in the recitals to this Agreement.

 

“Member”
means any Person that executes this Agreement as a Member and any other Person admitted to the Company as an additional or substituted
Member, in each case, that has not made a disposition of such Person’s entire Interest.

 

“Member Minimum
Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations
Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member
Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections
1.704-2(d) and 1.704-2(g)(3).

 

“Member Nonrecourse
Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

 

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

 

“National Securities
Exchange” means an exchange registered with the Commission under the Exchange Act.

 

“NCO Target Balance”
means (a) with respect to a Class A Unit received upon the exercise of a Company Warrant, the Class A Per Unit Balance and (b) with respect
to any interest in the Company received upon the exercise of any other noncompensatory option, such other amount determined in the Managing
Member’s reasonable discretion that reflects the economic intent of such interest in the Company.

 

    10

     

    

 

“Non-Fungible
Class B Units” means, for any holder of Class B Units as of any relevant date, the number of any such Class B Units outstanding
in excess of the number of such Class B Units that are Fungible Class B Units.

 

“Nonrecourse Deductions”
has the meaning assigned that term in Treasury Regulations Section 1.704-2(b)(1).

 

“Nonrecourse Liability”
is defined in Treasury Regulations Section 1.704-2(b)(3).

 

“Officer”
means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.

 

“Partnership Tax
Audit Rules” means Sections 6221 through 6241 of the Code, together with any final or temporary Treasury Regulations, Revenue
Rulings and case law interpreting Sections 6221 through 6241 of the Code (and any analogous provision of state or local tax Law).

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other
entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

 

“Plan Asset Regulations”
means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United
States Code of Federal Regulations, or any successor regulations as the same may be amended from time to time.

 

“Proceeding”
is defined in Section 7.4.

 

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

 

		(a)	any income or gain of the Company that is exempt from U.S. federal income tax or otherwise described in
Section 705(a)(1)(B) of the Code and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income
or loss;

 

		(b)	any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits
or Losses, shall be subtracted from such taxable income or loss;

 

		(c)	in the event the Gross Asset Value of any Company asset is adjusted
pursuant to clause (b) or (c) of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item
of gain (if the adjustment increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross
Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section
5.2, be taken into account for purposes of computing Profits or Losses;

 

    11

     

    

 

		(d)	gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized
for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding
that the adjusted tax basis of such asset differs from its Gross Asset Value;

 

		(e)	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;

 

		(f)	to the extent an adjustment to the adjusted tax
basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury Regulations Section 1.704- 1(b)(2)(iv)(m)(4),
to be taken into account in determining Capital Account balances 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 an item of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account
for purposes of computing Profits or Losses; and

 

		(g)	any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions
of Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to
be specially allocated pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in clauses (a)
through (f) above.

 

“Property’’
means all real and personal property owned by the Company from time to time, including both tangible and intangible property.

 

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

 

“PubCo Holdings
Group” means PubCo and each other Subsidiary of PubCo (other than the Company and its Subsidiaries).

 

“PubCo Shares”
means all classes and series of shares of PubCo, including the Class A Shares and the Class B Shares.

 

“PubCo Tax-Related
Liabilities” means any U.S. federal, state and local and non-U.S. tax obligations (including any Company Level Taxes for
which the PubCo Holdings Group is liable hereunder) owed by the PubCo Holdings Group (other than any franchise taxes and any obligations
to remit any taxes withheld from payments to third parties).

 

“Pubco Units”
means the units, each consisting of one Class A Share and one-fourth of one PubCo Warrant, issued in PubCo’s IPO.

 

“PubCo Warrants”
means the warrants issued by PubCo and exercisable for Class A Shares.

 

    12

     

    

 

“Quarterly Redemption
Date” means a date within each fiscal quarter specified by PubCo from time to time, which will generally be set so that
the corresponding Redemption Notice Date falls within a window after PubCo’s earnings announcement for the prior fiscal quarter
or in connection with a Registered Offering.

 

“Reclassification
Event” means any of the following: (a) any reclassification or recapitalization of PubCo Shares (other than a change in
par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any
transaction subject to Section 4.1(e)), (b) any merger, consolidation or other combination involving PubCo, or (c) any sale, conveyance,
lease or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b)
or (c), as a result of which holders of PubCo Shares shall be entitled to receive cash, securities or other property for their PubCo Shares.

 

“Redeeming Holder”
is defined in Section 4.7(a).

 

“Redemption”
means any redemption of Class A Units or Company Warrants pursuant to Section 4.7.

 

“Redemption Contingency”
is defined in Section 4.7(c)(iii).

 

“Redemption Date”
means a Quarterly Redemption Date, a Special Redemption Date, or a Block Redemption Date.

 

“Redemption Notice”
is defined in Section 4.7(b).

 

“Redemption Notice
Date” means, with respect to any Redemption Date, the date that is 10 Business Days before such Redemption Date (or such
other date specified by PubCo that is not later than 10 Business Days before such Redemption Date); provided that if such date
falls on a weekend or holiday, the Redemption Notice Date shall be on the preceding Business Day.

 

“Redemption Right”
is defined in Section 4.7(a).

 

“Registered Offering”
means any secondary securities offering (which may include a “bought deal” or “overnight” offering), and any primary
securities offering for which piggyback rights are offered, pursuant to the Registration Rights Agreement.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, by and among PubCo and the Members, to be entered into concurrently
with the closing of the IPO.

 

“Regulatory Allocations”
is defined in Section 5.2(i).

 

“Securities Act”
means the United States Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may be amended from
time to time (or any corresponding provisions of succeeding law).

 

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“Special Redemption
Date” means a date specified by PubCo in addition to or in lieu of the Quarterly Redemption Date during the same fiscal
quarter. PubCo must specify a Special Redemption Date effective with any Registered Offering.

 

“Subsidiary”
means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly or indirectly,
the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially
owns, directly or indirectly, a majority of such Person’s Equity Securities.

 

“Tax Contribution
Obligation” is defined in Section 10.5(c).

 

“Tax Offset”
is defined in Section 10.5(c).

 

“Trading Day”
means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Shares
are 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, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor or
any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise),
transfer, sale, pledge or hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily, directly or indirectly
(whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity
Securities of the Transferor or any Person that controls the Transferor, by operation of law or otherwise), to transfer, sell, pledge
or hypothecate or otherwise dispose of. The terms “Transferee,” “Transferor,” “Transferred”
and other forms of the word “Transfer” shall have the correlative meanings.

 

“Treasury Regulations”
means pronouncements, as amended from time to time, or their successor pronouncements, that clarify, interpret and apply the provisions
of the Code, and that are designated as “Treasury Regulations” by the United States Department of the Treasury.

 

“Trust Account”
means the trust account established for the benefit of the public shareholders of PubCo and the holders (other than the PubCo Holdings
Group) of Class A Units of the Company pursuant to the Trust Agreement.

 

“Trust Agreement”
means the Investment Management Trust Agreement, dated [   ], 2021, by and among Continental Stock Transfer & Trust Company, PubCo and
the Company.

 

“Units”
means the Class A Units and the Class B Units issued hereunder.

 

“Warrant Agreement”
means the Warrant Agreement, dated [   ], 2021, by and among PubCo, the Company, and a warrant agent, as may be amended from time to time
in accordance with its terms.

 

    14

     

    

 

Section 1.2 Interpretive
Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

		(a)	the terms defined in Section 1.1 are applicable to the singular as well as the plural forms of
such terms;

 

		(b)	all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

 

		(c)	all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.)
dollars and all payments hereunder shall be made in United States dollars;

 

		(d)	when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference
is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated;

 

		(e)	whenever the words “include”,
“includes” or
“including” are
used in this Agreement, they shall be deemed to be followed by the words “without
limitation”;

 

		(f)	“or” is
not exclusive;

 

		(g)	pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

 

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

 

Article
II 

 

ORGANIZATION OF THE LIMITED LIABILITY COMPANY

 

Section 2.1 Formation.
The Company was formed and registered as a Cayman Islands limited liability company on 3 February 2021 by:

 

		(a)	the filing of a registration statement pursuant to section 5(2)
of the Act; and

 

		(b)	the entry by PubCo, as the initial member or the Company, into the
Existing LLC Agreement.

 

Section 2.2 Filing.
The Managing Member shall cause the Company to:

 

		(a)	execute, file and record (as may be required by the Act) such further
statements (including, without limitation, pursuant to section 8 of the Act) amendments and other documents and maintain such statutory
registers and company records as are or become necessary or advisable in connection with the operation of the Company; 

 

		(b)	take all steps which, in their absolute discretion, they consider
necessary or advisable to allow the Company to conduct business in any jurisdiction where the Company conducts business; and

 

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		(c)	apply for the tax undertaking provided for in section 58 of the
Act.

 

Section
2.3 Name. The name of the Company is “Rice Acquisition
Holdings II LLC” or such other name as the Managing Member may from
time to time designate, subject to the Act, and all business of the Company shall be conducted in such name. The Managing Member shall
cause the Company to give prompt notice to each of the Members of any change to the name of the Company and the Company shall make all
such filings (including, without limitation, pursuant to section 8 of the Act) in connection with any such change to the name of the Company.

 

Section 2.4 Registered
Office; Registered Agent. The location of the registered office of the Company shall be at the offices of Maples Corporate Services
Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands or such other place within the Cayman Islands as the Managing
Member may in their absolute discretion designate from time to time, provided that no person shall be appointed as the Company’s registered
office provider without that person’s prior written consent having been given to the Company in respect of such appointment..

 

Section 2.5 Principal
Place of Business. The principal place of business of the Company shall be located in such place as is determined by the Managing
Member from time to time.

 

Section 2.6 Purpose;
Powers. The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity
for which limited liability companies may be formed under the Act. The Company shall have the power and authority to take any and all
actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment
of the foregoing purpose.

 

Section 2.7 Term.
The term of the Company commenced on the date that it was registered as a limited liability company under the Act and shall continue until
the commencement of the winding up of the Company in accordance with this Agreement or otherwise in accordance with the Act.

 

Section 2.8 LLC Agreement.
This Agreement shall constitute the “LLC agreement” of the Company for the purposes of the Act. The rights, powers, duties,
obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights,
powers, duties, obligations and liabilities of any Member are different by reason of any provision of this Agreement than they would be
under the Act in the absence of such provision, this Agreement shall control to the fullest extent permitted by the Act and other applicable
Law.

 

Section
2.9 Intent. It is the intent of the Members that the Company be operated in a manner consistent with its treatment as
a “partnership” for
U.S. federal and state income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a “partnership”
for purposes of Section 303 of the Federal Bankruptcy Code. Neither the Company
nor any Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this Section 2.9.

 

    16

     

    

 

Article
III 

 

[RESERVED]

 

Article
IV

 

OWNERSHIP
AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

 

Section 4.1 Authorized
Units; General Provisions With Respect to Units.

 

		(a)	Subject to the provisions of this Agreement, the Company shall be
authorized to issue from time to time such number of Units and such other Equity Securities as the Managing Member shall determine in
accordance with Section 4.4. Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall
approve, including pursuant to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company.

 

		(b)	The Units shall be initially divided into two
(2) classes of Units referred to as “Class A Units”
and “Class
B Units.” The number and class of Units issued to each Member shall
be set forth opposite such Member’s name on Exhibit A. Each
outstanding Unit shall be identical except as otherwise provided hereunder.

 

		(c)	Initially, none of the Units will be represented by certificates. If the Managing Member determines that
it is in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units will be represented
by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units. Nothing
contained in this Section 4.1(c) shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted
under this Agreement.

 

		(d)	The Members as of the date hereof are set forth on Exhibit B. The total number of Units issued
and outstanding and held by each Member as of the date hereof is set forth in the books and records of the Company. The Company shall
update such books and records from time to time to reflect any Transfers of Interests, the issuance of additional Units or Equity Securities
and, subject to Section 12.1(a), subdivisions or combinations of Units made in compliance with Section 4.1(f), in each case,
in accordance with the terms of this Agreement.

 

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		(e)	If, at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of
PubCo (other than Class B Shares), (i) one or more member(s) of the PubCo Holdings Group shall concurrently contribute to the Company
the net proceeds (in cash or other property, as the case may be), if any, received by PubCo for such Class A Share or other Equity Security
and (ii) the Company shall concurrently issue to such member(s) of the PubCo Holdings Group, in accordance with the contributions made
by each such member pursuant to clause (i), one Class A Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company
(if PubCo issues Equity Securities other than Class A Shares) corresponding to the Equity Securities issued by PubCo, and with substantially
the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result
of any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo to be issued. Notwithstanding
the foregoing:

 

		(i)	If PubCo issues any Class A Shares in order to acquire or fund the
acquisition from a Member (other than any member of the PubCo Holdings Group) of a number of Units (and Class B Shares) equal to the number
of Class A Shares so issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have
been issued for cash to fund such an acquisition by any member of the PubCo Holdings Group pursuant to a Cash Election, the PubCo Holdings
Group shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred by such member
of the PubCo Holdings Group to such Member as consideration for such acquisition. For the avoidance of doubt, if PubCo issues any Class
A Shares or other Equity Security for cash to be used to fund the acquisition by any member of the PubCo Holdings Group of any Person
or the assets of any Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of
the PubCo Holdings Group shall be required to contribute such Person or the assets and liabilities of such Person to the Company or any
of its Subsidiaries.

 

		(ii)	This Section 4.1(e)
shall not apply to the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo under a “poison
pill” or similar shareholders rights plan (and upon any redemption
of Class A Units for Class A Shares, such Class A Shares will be issued together with a corresponding right under such plan), or to the
issuance under PubCo’s employee benefit plans of any warrants, options,
other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of
PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or
settlement of such rights, warrants, options or other rights or property.

 

		(iii)	Except pursuant to Section 4.7, (x) the Company may not issue
any additional Units to any member of the PubCo Holdings Group unless substantially simultaneously therewith a member of the PubCo Holdings
Group issues or transfers an equal number of newly-issued Class A Shares of PubCo to another Person (other than another member of the
PubCo Holdings Group), and (y) the Company may not issue any other Equity Securities of the Company to any member of the PubCo Holdings
Group unless substantially simultaneously a member of the PubCo Holdings Group issues or transfers, to another Person (other than another
member of the PubCo Holdings Group), an equal number of newly-issued 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, but taking into account differences
as a result of any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of the Company.

 

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		(iv)	If at any time any member of the PubCo Holdings Group issues Debt
Securities (other than to another member of the PubCo Holdings Group), such member of the PubCo Holdings Group shall transfer to the Company
(in a manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by such member of the PubCo Holdings
Group in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt
Securities.

 

		(v)	In the event any Pubco Warrant or other Equity Security outstanding
at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are issued, (a)
the corresponding Company Warrant or other Equity Security outstanding at the Company shall be similarly exercised or otherwise converted,
as applicable, and an equivalent number of Class A Units or other Equity Securities of the Company shall be issued to the PubCo Holdings
Group as contemplated by the first sentence of this Section 4.1(e), and (b) the PubCo Holdings Group shall concurrently contribute
to the Company the net proceeds received by the PubCo Holdings Group from any such exercise.

 

		(vi)	No member of the PubCo Holdings Group may redeem, repurchase or
otherwise acquire (other than from another member of the PubCo Holdings Group) (a) any Class A Shares (including upon forfeiture of any
unvested Class A Shares) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings
Group an equal number of Class A Units for the same price per security or (b) any other Equity Securities of PubCo (other than Class B
Shares), unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group 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, but taking into account differences as a result of any tax or other liabilities borne by PubCo)
and other economic rights as those of such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase
or otherwise acquire (x) except pursuant to Section 4.7, any Class A Units from the PubCo Holdings Group unless substantially simultaneously
the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per security
from holders thereof, or (y) any other Equity Securities of the Company from the PubCo Holdings Group unless substantially simultaneously
the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities
of PubCo of a corresponding class or series with substantially the same rights to dividends and distributions (including distribution
upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights
as those of such Equity Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo
Holdings Group in connection with the redemption or repurchase of any Class A Shares or other Equity Securities of the PubCo Holdings
Group consists (in whole or in part) of Class A 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 Class A Units or other Equity
Securities of the Company shall be effectuated in an equivalent manner.

 

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		(f)	The Company shall not in any manner effect any subdivision (by any equity split, equity distribution,
reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise)
of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Shares,
with corresponding changes made with respect to any other exchangeable or convertible securities. Unless in connection with any action
taken pursuant to Section 4.1(h), PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution,
reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise)
of the outstanding PubCo Shares unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units,
with corresponding changes made with respect to any other exchangeable or convertible securities.

 

		(g)	Notwithstanding any other provision of this Agreement (including Section 4.1(e)), the Company may
redeem Class A Units from the PubCo Holdings Group for cash to fund any acquisition by the PubCo Holdings Group of another Person, provided
that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly,
such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of Class A
Units equal to the number of Class A Units so redeemed.

 

		(h)	Notwithstanding any other provision of this Agreement (including Section 4.1(e)), if the PubCo
Holdings Group acquires or holds any material amount of cash in excess of any monetary obligations it reasonably anticipates (including
as a result of the receipt of distributions pursuant to Section 6.2 for any period in excess of the PubCo Tax-Related Liabilities
for such period), PubCo may, in its sole discretion, use such excess cash amount in such manner, and make such adjustments to or take
such other actions with respect to the capitalization of PubCo and the Company, as PubCo (including in its capacity as the Managing Member)
in Good Faith determines to be fair and reasonable to the holders of PubCo Shares and to the Members and to preserve the intended economic
effect of this Section 4.1, Section 4.7 and the other provisions hereof.

 

    20

     

    

 

Section 4.2 Class
B Units.

 

		(a)	Profits Interest
Treatment. It is intended that (and all provisions of this Agreement shall be interpreted consistent with the intent that) for U.S.
federal (and conforming state and local) income tax purposes: (i) the Class B Units (and any Class A Units into which such Class B Units
convert pursuant to Section 4.2(c)) constitute “profits
interests” issued to the holders thereof for the provision of services
to or for the benefit of the Company in their capacity as partners of the Company within the meaning of IRS Revenue Procedure 93-27; (ii)
consistent with IRS Revenue Procedure 2001-43, the Company and holders of any Class B Units will treat such holders as the owners of a
partnership interest in the Company from the date of the grant of the Class B Units (including that such holders will take into account
their distributive share of Company income, gain, loss, deduction,
and credit associated with such Class B Units and that neither the Company nor any Member will deduct any amount as wages, compensation
or otherwise for the fair market value of any Class B Unit at the time of grant of such Class B Unit or upon such Class B Unit becoming
substantially vested); and (iii) the Class B Units have an initial capital account of zero dollars. Each Member who acquires Class B Units
that are subject to a “substantial risk of forfeiture”
within the meaning of Section 83 of the Code shall make a timely election under
Code Section 83(b) with respect to such Class B Units.

 

		(b)	Anti-Dilution.

 

		(i)	In the event that Class
A Shares or Equity-Linked Securities are issued or deemed issued in connection with the closing of the Initial Business Combination (other
than any such Class A Shares or Equity Linked Securities that are excluded from clause (a)(i) of the definition of “Adjusted
Conversion Ratio”):

 

		(A)	the number of Class A Units received by each holder of Fungible Class B Units upon their conversion into
Class A Units in connection with the Initial Business Combination pursuant to Section 4.2(c) shall equal the product of (x) the
number of such Fungible Class B Units to be so converted multiplied by (y) the Adjusted Conversion Ratio; and

 

		(B)	to the extent any Class B Units remain outstanding following such conversion, the Company shall divide
such remaining outstanding Class B Units such that each holder of Class B Units holds, after such division, a number of Class B Units
equal to the product of (x) the number of Class B Units held by such holder immediately prior to such division multiplied by (y)
the Adjusted Conversion Ratio.

 

		(ii)	Notwithstanding anything to the contrary contained herein, the provisions
of Section 4.2(b) may be waived in whole or in part as to any particular issuance or deemed issuance of additional Class A Shares
or Equity-Linked Securities by the written consent or agreement of holders of a majority of the Class B Units then outstanding.

 

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		(iii)	The Adjusted Conversion Ratio shall also be adjusted to account
for any subdivision (by equity split, subdivision, exchange, equity dividend, reclassification, recapitalization or otherwise) or combination
(by reverse equity split, exchange, reclassification, recapitalization or otherwise) or similar reclassification or recapitalization of
the outstanding Class A Units or Class A Shares into a greater or lesser number of shares occurring after the date hereof without a proportionate
and corresponding subdivision, combination or similar reclassification or recapitalization of the outstanding Class B Units.

 

		(iv)	The Members and the Company agree to treat any division of Class
B Units as disregarded for U.S. federal (and applicable state and local) income tax purposes.

 

		(c)	Conversion into Class A Units.

 

		(i)	On each Class B Automatic Conversion Date, any Fungible Class B
Units shall be converted into an equal number of Class A Units, subject to adjustment as provided in Section 4.2(b)(i)(A).

 

		(ii)	After an Initial Business
Combination, each Member holding Class B Units shall be entitled to cause the Company to convert all or a portion of such Member’s
Class B Units into an equal number of Class A Units (the “Class
B Conversion Right”), subject to the provisions of this
Section 4.2(c)(ii). Upon the exercise by any Member of the Class B Conversion Right, all Fungible Class B Units held by all Members
shall be so converted. A Member may exercise the Class B Conversion right to the extent that (A) such conversion is in connection with
a valid exercise of a Redemption Right and (B) on or prior to the relevant Redemption Date, the Class B Units to be converted are Fungible
Class B Units (taking into account, for such purpose, any allocations that may be made with respect to such Member pursuant to Section
5.2(l)). In order to exercise its Class B Conversion Right, a Member shall provide written notice to the Company and PubCo, in a reasonable
form as the Company may provide from time to time, as a part of such Member’s
Redemption Notice for the Class A Units received upon the conversion of such Class B Units. Upon the request of such Member, the Company
will use commercially reasonable efforts to provide an estimate of the amount of any allocations that the Company expects may be made
with respect to such Member pursuant to Section 5.2(l) as a result of the exercise of the Class B Conversion Right. A Redemption
Notice for a number of Class A Units in excess of the number of Class A Units then held by a Member shall be deemed to be an exercise
of the Class B Conversion Right to the extent of such excess number of units. In addition to the terms and requirements set forth in Section
4.7, such Redemption Notice will, with respect to such Class B Units, be contingent on the Managing Member’s
determination that such Class B Units meet the requirements of this Section 4.2(c)(ii).

 

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		(iii)	Any conversion of Class B Units pursuant to this Section 4.2(c)
shall occur automatically after the close of business on the applicable Class B Conversion Date, as of which time the Member holding any
converted Class B Units shall be credited on the books and records of the Company with the issuance as of the opening of business on the
next day of the number of Class A Units issuable upon such conversion.

 

		(iv)	The Members and the Company agree to treat the conversion of Class
B Units into Class A Units (for the avoidance of doubt, not including any allocations that may be made pursuant to Section 5.2(l))
as disregarded for U.S. federal (and applicable state and local) income tax purposes.

 

Section 4.3 Voting
Rights. No Member has any voting right except with respect to those matters specifically reserved for a Member vote under the
Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit
will entitle the holder thereof to one vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this
Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

 

Section 4.4 Capital
Contributions; Unit Ownership.

 

		(a)	Capital Contributions. Except as otherwise set forth in Section 4.1(e) with respect to the
obligations of the PubCo Holdings Group, no Member shall be required to make additional Capital Contributions.

 

		(b)	Issuance of Additional
Units or Interests. Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize
and cause the Company to issue on such terms (including price) as may be determined by the Managing Member, subject to the limitations
of Section 4.1, (i) additional Units or other Equity Securities in the Company (including creating preferred interests or other
classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences
and privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible
or exchangeable for Units or other Equity Securities in the Company; provided that, at any time following the date hereof, in each
case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to
this Agreement and all other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing Member.
Upon such issuance and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing Member shall update
the Company’s books and records
to reflect such additional issuances. Subject to Section 12.1, the Managing Member is hereby authorized to amend this Agreement
to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company,
or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation,
authorization or issuance of any class or series of Units or other Equity Securities in the Company pursuant to this Section 4.4(b);
provided that, notwithstanding the foregoing, the Managing Member shall have the right to amend this Agreement as set forth in
this sentence without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement
(other than Section 12.1(a)(ii), Section 12.1(a)(iii) or Section 12.1(a)(iv)) if such amendment is necessary, and
then only to the extent necessary, in order to consummate any offering of PubCo Shares or other Equity Securities of PubCo provided that
the designations, preferences, rights, powers and duties of any
such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those applicable
to such PubCo Shares or other Equity Securities of PubCo.

 

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Section 4.5 Capital
Accounts.

 

		(a)	A Capital Account shall
be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent
with such regulations, the other provisions of this Agreement. Each Member’s
Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items
of income or gain allocated to such Member pursuant to Section 5.2, (ii) the amount of cash or the initial Gross Asset Value of
any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company
by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased
by (i) allocations to such Member of Losses pursuant to Section 5.1 and any other items of deduction or loss allocated to such
Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any
Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any
other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv).

 

		(b)	A Member that has more than one class or series
of Units shall have a single Capital Account that reflects all such Units; provided, however, that the Capital Accounts shall be
maintained in such manner as will facilitate a determination of the portion of each Capital Account attributable to each class or series
of Units, including for purposes of determining any Member’s Class
B Capital Account and the Class A Per Unit Balance.

 

		(c)	In the event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer
for U.S. federal income tax purposes as described in Section 4.7(e)(iv)) the Capital Account of the Transferor that is attributable
to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

 

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Section 4.6 Other
Matters.

 

		(a)	No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company
without the consent of the Managing Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right
to receive property other than cash.

 

		(b)	No Member shall receive any interest, salary, compensation, draw
or reimbursement with respect to its Capital Contributions or its Capital Account, or for services rendered or expenses incurred on behalf
of the Company or otherwise in its capacity as a Member, except as otherwise provided in Section 7.9 or as otherwise contemplated
by this Agreement.

 

		(c)	The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except
as expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether
to the Company, any of the other Members, the creditors of the Company or any other third party, for any debt or Liability of the Company,
whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company.

 

		(d)	Except as otherwise required by the Act, a Member
shall not be required to restore a deficit balance in such Member’s
Capital Account, to lend any funds to the Company or, except as otherwise set forth herein, to make any additional contributions or payments
to the Company.

 

		(e)	The Company shall not be obligated to repay any Capital Contributions of any Member.

 

Section 4.7 Redemption
of Class A Units and Company Warrants.

 

		(a)	Redemptions Generally. Each Member and
each Company Warrantholder, other than the PubCo Holdings Group (a “Redeeming
Holder”) shall be entitled to cause the Company to redeem
all or a portion of (i) such Member’s Class A Units in exchange
for an equal number of Class A Shares or (ii) such Company Warrantholder’s
Company Warrants in exchange for an equal number of PubCo Warrants, or in each case, at the Company’s
election under certain circumstances, cash in accordance with Section 4.7(e)(ii) (referred to herein as the “Redemption
Right), upon the terms and subject to the conditions set forth in this Section 4.7 and subject to PubCo’s
(or such designated member(s) of the PubCo Holdings Group’s) Call
Right as set forth in Section 4.7(f). Upon the Redemption of any Class A Units, an equal number of Class B Shares held by the Redeeming
Holder shall be cancelled.

 

		(b)	Permitted Redemptions; Limitations.

 

		(i)	Quarterly and Special Redemptions. Each Redeeming Holder
may effect Redemptions on each Quarterly Redemption Date and/or any Special Redemption Date designated by the Managing Member; provided
that, with respect to a Redemption of Class A Units, absent the prior written consent of the Managing Member to the contrary, on each
Quarterly Redemption Date or Special Redemption Date, a Redeeming Holder shall only be permitted to redeem less than all of its Class
A Units if (A) after such Redemption it would continue to hold at least 50,000 Units and (B) it redeems not less than 50,000 Class A Units
in such Redemption.

 

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		(ii)	Block Redemptions.
Each Redeeming Holder may effect Redemptions on any date designated by such Redeeming Holder in a timely Redemption Notice (a “Block
Redemption Date”); provided that, with respect to
a Redemption of Class A Units, absent the prior written consent of the Managing Member to the contrary, on each Block Redemption Date
a Redeeming Holder shall not be permitted to redeem less than 500,000 Class A Units.

 

		(iii)	Additional Limitations.
Each Member’s and Company
Warrantholder’s Redemption Right shall be subject to the following
additional limitations and qualifications:

 

		(A)	Any Redemption of Class A Units or Company Warrants issued after the date hereof (other than in connection
with any recapitalization), including such Class A Units issued to Members as of the date hereof, may be limited in accordance with the
terms of any agreements or instruments entered into in connection with such issuance, as deemed necessary or desirable in the discretion
of the Managing Member.

 

		(B)	The Managing Member may impose additional limitations
and restrictions on Redemptions (including limiting Redemptions or creating priority procedures for Redemptions), to the extent it determines,
in Good Faith, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified
as a “publicly traded partnership” within
the meaning of Section 7704 of the Code. Furthermore, the Managing Member may require any Member or Company Warrantholder to redeem all
of their Class A Units and/or Company Warrants to the extent it determines, in Good Faith, that such Redemption is necessary or appropriate
to avoid undue risk that the Company may be classified as a “publicly
traded partnership” within the meaning of Section 7704 of the Code.
Upon delivery of any notice by the Managing Member to such Member or Company Warrantholder requiring such Redemption, such Member or Company
Warrantholder shall exchange, subject to exercise by PubCo (or such designated member(s) of the PubCo Holdings Group) of the Call Right
pursuant to Section 4.7(f), all of their Class A Units and/or Company Warrants effective as of the date specified in such notice
(and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.7 and
otherwise in accordance with the requirements set forth in such notice.

 

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		(c)	Notice Requirements for Redeeming Holders.
In order to exercise its Redemption Right, each Redeeming Holder shall provide written notice in a reasonable form as the Company may
provide from time to time (the “Redemption Notice”)
to the Company and PubCo, on or before the applicable Redemption Notice Date, stating:

 

		(i)	the number of Class
A Units (which may include Class A Units to be received upon the Redeeming Holder’s
simultaneous exercise of its Class B Conversion Right or upon the Redeeming Holder’s
exercise of its Company Warrants) and/or Company Warrants that the Redeeming Holder elects to have the Company redeem in accordance with
Section 4.7(b)(i) or Section 4.7(b)(ii);

 

		(ii)	if the Class A Shares or PubCo Warrants to be received are to be
issued other than in the name of the Redeeming Holder, the name(s) of the Person(s) in whose name or on whose order the Class A Shares
or PubCo Warrants are to be issued;

 

		(iii)	whether the Redemption
is to be contingent (including as to timing) upon the closing of a Registered Offering of the Class A Shares or PubCo Warrants for which
the Class A Units or Company Warrants will be redeemed or the closing of an announced merger, consolidation or other transaction or event
to which PubCo is a party in which the Class A Shares or PubCo Warrants would be exchanged or converted or become exchangeable for or
convertible into cash or other securities or property (such contingency, a “Redemption
Contingency”);

 

		(iv)	pursuant to which section of this Agreement the Redemption Right
is being exercised; and

 

		(v)	in the case of a Block Redemption, the intended Block Redemption
Date.

 

Notwithstanding the foregoing, any notice
by any Member pursuant to the Registration Rights Agreement to demand or participate in any Registered Offering shall be deemed to constitute
a Redemption Notice for the related Special Redemption Date.

 

		(d)	Revocation; Redemption Contingencies. A Redeeming Holder may not revoke or rescind a Redemption
Notice after the applicable Redemption Notice Date. Any Redemption Notice delivered for a Redemption on a Quarterly Redemption Date may
not be contingent. Any Redemption Notice delivered for a Redemption on a Special Redemption Date or Block Redemption Date may be subject
to a Redemption Contingency.

 

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		(e)	Procedure; Cash Election.

 

		(i)	On any Redemption Date for which any Redeeming Holder has delivered
a Redemption Notice with respect to Class A Units or Company Warrants, unless the Company elects to pay cash in accordance with Section
4.7(e)(ii) or a member of the PubCo Holdings Group exercises its Call Right pursuant to Section 4.7(f), on such Redemption
Date: (x) such number of Class A Units shall be redeemed for an equal number of Class A Shares and an equal number of Class B Shares shall
be surrendered by such Redeeming Holder and cancelled and (y) such number of Company Warrants shall be redeemed for an equal number of
PubCo Warrants.

 

		(ii)	The Company shall be entitled to elect to settle any Redemption
by delivering to the Redeeming Holder, in lieu of the applicable number of Class A Shares or PubCo Warrants that would be received in
such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption.

 

		(iii)	Unless a member of the
PubCo Holdings Group has elected its Call Right pursuant to Section 4.7(f) with respect to any Redemption, on the relevant Redemption
Date and immediately prior to such Redemption, (i) PubCo (or such other member(s) of the PubCo Holdings Group) shall contribute to the
Company the consideration the Redeeming Holder is entitled to receive under Section 4.7(e)(i) (including in the event the Company
exercises its right to deliver the Cash Election Amount pursuant to Section 4.7(e)(ii)) and the Company shall issue to PubCo (or
such other member(s) of the PubCo Holdings Group) a number of Class A Units or Company Warrants, as applicable, or, pursuant to Section
4.1(e), other Equity Securities of the Company as consideration for such contribution, (ii) the Company shall (A) cancel the redeemed
Class A Units or Company Warrants, as applicable, and (B) transfer to the Redeeming Holder the consideration the Redeeming Holder is entitled
to receive under Section 4.7(e)(i) (including in the event the Company exercises its right to deliver the Cash Election Amount
pursuant to Section 4.7(e)(ii)), and (iii) PubCo shall cancel the surrendered Class B Shares, as applicable. Notwithstanding any
other provisions of this Agreement to the contrary, in the event that the Company makes a Cash Election that is funded with proceeds from
a primary offering of PubCo Equity Securities, the PubCo Holdings Group shall only be obligated to contribute to the Company an amount
in cash equal to the net proceeds (after deduction of any underwriters’ discounts
or commissions and brokers’ fees or commissions (including, for
the avoidance of doubt, any deferred discounts or commissions and brokers’ fees
or commissions payable in connection with or as a result of such Registered Offering)) (such difference, the “Discount”)
from the sale by PubCo of a number of Class A Shares or PubCo Warrants, as applicable, equal to the number of Class A Units or Company
Warrants, as applicable, to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election
Amount; provided that PubCo’s Capital Account (or the Capital
Account(s) of the other member(s) of the PubCo Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance
with Section 7.9; provided further, that the contribution of such net proceeds shall in no event affect the Redeeming Holder’s
right to receive the Cash Election Amount.

 

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		(iv)	Each Redemption shall be deemed to have been effected on the applicable
Redemption Date. Any Redeeming Holder redeeming Class A Units or Company Warrants in accordance with this Agreement may request that the
Class A Shares or PubCo Warrants, as applicable, to be issued upon such Redemption be issued in a name other than such Redeeming Holder.
Any Person or Persons in whose name or names any Class A Shares or PubCo Warrants, as applicable, are issuable on any Redemption Date
shall be deemed to have become, on such Redemption Date, the holder or holders of record of such shares or warrants.

 

		(v)	PubCo shall at all times keep available, solely for the purpose
of issuance upon a Redemption, out of its authorized but unissued Class A Shares, such number of Class A Shares that shall be issuable
upon the Redemption of all outstanding Class A Units (other than those Class A Units held by any member of the PubCo Holdings Group);
provided, that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a
Redemption by delivery of cash pursuant to a Cash Election or Class A Shares that are held in the treasury of PubCo. PubCo covenants that
all Class A Shares that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and non-assessable.
In addition, for so long as the Class A Shares are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts
to cause all Class A Shares issued upon a Redemption to be listed on such National Securities Exchange at the time of such issuance.

 

		(f)	Call Right. Notwithstanding anything to
the contrary in this Section 4.7, a Redeeming Holder shall be deemed to have offered to sell its Class A Units and/or Company Warrants
as described in any Redemption Notice to each member of the PubCo Holdings Group, and PubCo (or such other member(s) of the PubCo Holdings
Group designated by PubCo) may, in its sole discretion, in accordance with this Section 4.7(f), elect to purchase directly and
acquire such Class A Units and/or Company Warrants on the Redemption Date by paying to the Redeeming Holder that number of Class A Shares
or PubCo Warrants, as applicable, the Redeeming Holder would otherwise receive pursuant to Section 4.7(e) or, if PubCo (or such
designated member(s) of the PubCo Holdings Group) makes a Cash Election, the Cash Election Amount for such Class A Shares or PubCo Warrants
(the “Call Right”),
whereupon PubCo (or such designated member(s) of the PubCo Holdings Group) shall acquire the Class A Units and/or Company Warrants offered
for redemption by the Redeeming Holder and shall become the owner thereof.

 

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		(g)	Tax Matters.

 

		(i)	For U.S. federal income
(and applicable state and local) tax purposes, each of the Redeeming Holder, the Company and PubCo (and any other member of the PubCo
Holding Group), as the case may be, agree to treat each Redemption and, in the event PubCo (or another member of the PubCo Holdings Group)
exercises its Call Right, each transaction between the Redeeming Holder and PubCo (or such other member of the PubCo Holdings Group),
as a sale of such Redeeming Holder’s
Class A Units (together with the same number Class B Shares) or Company Warrants, as applicable, to PubCo (or such other member of the
PubCo Holdings Group) in exchange for Class A Shares, PubCo Warrants or cash, as applicable.

 

		(ii)	The issuance of Class A Shares or PubCo Warrants upon a Redemption
shall be made without charge to the Redeeming Holder for any stamp or other similar tax in respect of such issuance, except that if any
such Class A Shares or PubCo Warrants are to be issued in a name other than that of the Redeeming Holder, then the Person or Persons in
whose names such shares are to be issued shall pay to PubCo the amount of any tax payable in respect of any Transfer involved in such
issuance or establish to the satisfaction of PubCo that such tax has been paid or is not payable.

 

		(iii)	Each of the Company and PubCo shall be entitled to deduct and withhold
from any consideration payable or otherwise deliverable upon a Redemption (and the Redeeming Holder agrees to indemnify the Company and
PubCo with respect to) such amounts as may be required to be deducted or withheld therefrom under the Code or any provision of applicable
Law, and to the extent deduction and withholding is required, such deduction and withholding may be taken in Class A Shares or PubCo Warrants.
Prior to making such deduction or withholding, the Company shall use commercially reasonable efforts to give written notice to the Redeeming
Holder and reasonably cooperate with such Redeeming Holder to reduce or avoid any such withholding. To the extent such amounts are so
deducted or withheld and paid over to the relevant governmental authority, such amounts shall be treated for all purposes under this Agreement
as having been paid to the Redeeming Holder, and, if withholding is taken in Class A Shares or PubCo Warrants, the relevant withholding
party shall be treated as having sold such Class A Shares or PubCo Warrants, as applicable, on behalf of such Redeeming Holder for an
amount of cash equal to the Fair Market Value thereof at the time of such deemed sale and paid such cash proceeds to the appropriate governmental
authority.

 

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		(h)	If (i) there is any reclassification, reorganization, recapitalization
or other similar transaction pursuant to which the Class A Shares or PubCo Warrants are converted or changed into another security, securities
or other property (other than as a result of a subdivision or combination or any transaction subject to Section 4.1(f)), or (ii)
except in connection with actions taken with respect to the capitalization of PubCo or the Company pursuant to Section 4.1(h),
PubCo, by dividend or otherwise, distributes to all holders of the Class A Shares or PubCo Warrants evidences of its indebtedness or assets,
including securities (including Class A Shares and any rights, options or warrants to all holders of the Class A Shares to subscribe for
or to purchase or to otherwise acquire Class A Shares, or other securities or rights convertible into, redeemable for or exercisable for
Class A Shares) but excluding (A) any cash dividend or distribution, (B) any such distribution of indebtedness or assets received by PubCo,
in either case (A) or (B) received by PubCo from the Company in respect of the Class A Units or Company Warrants, and (C) any exercise
or redemption of PubCo Warrants pursuant to the terms of the Warrant Agreement, then upon any subsequent Redemption, in addition to the
Class A Shares, PubCo Warrants or the Cash Election Amount, as applicable, each Redeeming Holder shall be entitled to receive the amount
of such security, securities or other property that such Redeeming Holder would have received if such Redemption had occurred immediately
prior to the effective date of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution,
taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities
or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction.
For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Class A Shares or PubCo Warrants are converted or changed into another security, securities or other property, or any dividend or distribution
(other than an excluded dividend or distribution, as described above in clauses (A), (B) or (C)), this Section 4.7 shall continue
to be applicable, mutatis mutandis, with respect to such security or other property.

 

		(i)	Automatic Redemption
of Designated Holders. Immediately prior to an Initial Business Combination (or, in the case of a proposed business combination involving
U.S. real property interests, immediately prior to signing any definitive agreement in respect of such a business combination), all Units
and Company Warrants (solely to the extent not terminated or to be terminated with respect to such Designated Holder in connection with
the Initial Business Combination pursuant to Section 2.6.2 of the Warrant Agreement) held by any Designated Holders shall automatically
(i) in the case of any Class B Units, be converted into Class A Units in accordance with the provisions of Section 4.2(c) and (ii)
following any such conversion, be redeemed for Class A Shares (together with the cancellation of a corresponding number of Class B Shares)
or PubCo Warrants, as applicable, in accordance with this Section 4.7 (such conversion and Redemption, a “Designated
Holder Redemption”). The Company shall deliver written notice
to any such Designated Holder of an intended Designated Holder Redemption pursuant to this Section 4.7(i) (a “Designated
Holder Redemption Notice”) as soon as reasonably practicable
following the date upon which such Designated Holder Redemption is effected (such date, the “Designated
Holder Redemption Date”), indicating in such notice the
number of Class A Shares and/or PubCo Warrants issued to such Designated Holder in the Designated Holder Redemption; provided, however,
that such Designated Holder Redemption Notice shall only be provided to a Designated Holder after the Managing Member determines in its
sole discretion that providing such notice would not impart material non-public information with respect to PubCo to the Designated Holder.
From and after the Designated Holder Redemption Date, (x) the Units, Class B Shares and/or Company Warrants subject to such Designated
Holder Redemption shall be deemed to be transferred to PubCo on the Designated Holder Redemption Date and (y) such Designated Holder shall
cease to have any rights with respect to the Units, Class B Shares and/or Company Warrants subject to such Designated Holder Redemption
(other than the right to receive Class A Shares or PubCo Warrants, as applicable, pursuant to such Designated Holder Redemption). The
Designated Holders shall take all actions reasonably requested by the Managing Member to effect such Designated Holder Redemption,
including taking any action and delivering any document required to effect a Designated Holder Redemption.

 

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		(j)	No Redemption shall impair the right of the Redeeming Holder to receive any distributions payable on the
Class A Units redeemed pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption.
For the avoidance of doubt, no Redeeming Holder, or a Person designated by a Redeeming Holder to receive Class A Shares, shall be entitled
to receive, with respect to such record date, distributions or dividends both on Class A Units redeemed by the Company from such Redeeming
Holder and on Class A Shares received by such Redeeming Holder, or other Person so designated, if applicable, in such Redemption.

 

Article
V 

 

ALLOCATIONS OF PROFITS AND LOSSES

 

Section 5.1 Profits
and Losses.

 

		(a)	Pre-Equalization. For any Fiscal Year or other allocation period ending on or prior to the Equalization
Date, except as set forth in Section 5.2 or Section 5.4, Profit and Loss of the Company for such Fiscal Year or other allocation
period shall be allocated to the Members as follows:

 

		(i)	prior to an Initial Business Combination, to the Class A Members
pro rata in accordance with the number of Class A Units held by each such Member; and

 

		(ii)	after an Initial Business Combination, to all of the Members, pro
rata in accordance with the number of Units held by each such Member.

 

		(b)	Post-Equalization.
For any Fiscal Year or other allocation period beginning after the Equalization Date, subject to Section 5.4, Profits and Losses
(and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances
described below, any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for
each Fiscal Year or other allocation period shall be allocated among the Members during such Fiscal Year or other allocation period in
a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end
of such Fiscal Year or other allocation period, the Capital Account balance of each Member, immediately after making such allocation,
is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to Section 11.2(c) if all assets of the Company
on hand at the end of such Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all liabilities of
the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset
Value of the assets securing such liability), and all remaining or resulting cash
was distributed, in accordance with Section 11.2(c), to the Members immediately after making such allocation, minus (ii)
such Member’s share of Company Minimum Gain and Member Minimum Gain,
computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to contribute to
the Company, computed immediately after the hypothetical sale of assets.

 

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Section 5.2 Special
Allocations.

 

		(a)	Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the
Members on a pro rata basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year
or other taxable period. The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the excess, if any,
of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate
amount of any distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that are allocable
to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d).

 

		(b)	Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated
to the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions
are attributable in accordance with Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for
such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among
the Members according to the ratio in which they bear the economic risk of loss. This Section 5.2(b) is intended to comply with
the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

 

		(c)	Notwithstanding any other provision of this Agreement
to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other taxable period (or if there was a
net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of
income and gain during prior periods to allocate among the Members under this Section 5.2(c)), each Member shall be specially allocated
items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such Member’s
share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)).
This section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted
consistently therewith.

 

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		(d)	Notwithstanding any
other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during any Fiscal Year
or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the
Company did not have sufficient amounts of income and gain during prior
periods to allocate among the Members under this Section 5.2(d)), each Member shall be specially allocated items of Company income
and gain for such year in an amount equal to such Member’s share
of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is intended
to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.

 

		(e)	Notwithstanding any provision hereof to the contrary
except Section 5.2(a) and Section 5.2(b), no Losses or other items of loss or expense shall be allocated to any Member to
the extent that such allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted
Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in excess
of the limitation set forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account
Deficit in proportion to their relative positive Capital Accounts (as adjusted pursuant to clauses (a) and (b) of the definition of “Adjusted
Capital Account Deficit”) but only to the extent that such Losses
and other items of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit.

 

		(f)	Notwithstanding any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d),
in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury
Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income,
including gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to such Member in an amount
and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation
pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account
Deficit after all other allocations provided for in this Article V have been tentatively made as if this Section 5.2(f)
were not in this Agreement. This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

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		(g)	If any Member has an Adjusted Capital Account Deficit at the end of any Fiscal Year or other taxable period,
that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided
that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that such Member would have an Adjusted
Capital Account Deficit in excess of such sum after all other allocations provided for in this Article V have been made as if Section
5.2(f) and this Section 5.2(g) were not in this Agreement.

 

		(h)	To the extent an adjustment
to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) (including any such adjustments pursuant to Treasury Regulation
Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result
of a distribution to any Member in complete liquidation of such Member’s
Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis
of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance
with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such section applies or to the Member to whom such distribution was
made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

		(i)	The allocations set forth in Section 5.2(a)
through Section 5.2(h) (the “Regulatory Allocations”)
are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other provision
of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations)
shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible,
the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that
would have been allocated to each such Member if the Regulatory Allocations had not occurred. This Section 5.2(j) is intended to
minimize to the extent possible and to the extent necessary any economic distortions that may result from application of the Regulatory
Allocations and shall be interpreted in a manner consistent therewith.

 

		(j)	Items of income, gain, loss, deduction or credit resulting from a Covered Audit Adjustment shall be allocated
to the Members in accordance with the applicable provisions of the Partnership Tax Audit Rules.

 

		(k)	For any Fiscal Year in which distributions are
actually made to holders of Class B Units if necessary, after all other allocations have been tentatively made pursuant to Section
5.1 and this Section 5.2, to cause the Capital Accounts relating to any Class B Units to be equal (immediately before such
distributions and so as to avoid negative Capital Accounts) to the amounts distributed to the holders of the Class B Units, the Managing
Member, in its discretion, may allocate appropriate items of gross income that are accrued and realized following the issuance of the
relevant Class B Units to the holders of such Class B Units. If there are insufficient items of gross income to be allocated to the holders
of the Class B Units, then such distributions shall, to the extent of such excess, be treated as “guaranteed
payments” within the meaning of Section 707(c) of the Code.

 

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		(l)	Special Fungibility Allocations.

 

		(i)	Notwithstanding the
provisions of Section 5.1, but subject to and after taking into account any allocations or other adjustments pursuant to Section
5.2(m), if any Non-Fungible Class B Units are outstanding at the time of any adjustment to the Gross Asset Values of Company assets
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and clause (b) of the definition of “Gross
Asset Value”:

 

		(A)	any items of gain included in clause (c)
of the definition of “Profits” or
“Losses” realized
in connection with such adjustment shall first be allocated to the Members holding Class B Units, pro rata in accordance with the number
of Non-Fungible Class B Units held by each such Member or as otherwise reasonably determined by the Managing Member, until each Member’s
Class B Capital Account equals its Class B Fungibility Target Balance; and

 

		(B)	any items of loss included in clause (c)
of the definition of “Profits” or
“Losses” realized
in connection with such adjustment shall first be allocated to the Members, pro rata in accordance with the number of Class A Units and
Fungible Class B Units held by each such Member until each Member’s
Class B Capital Account equals its Class B Fungibility Target Balance.

 

		(ii)	For any Fiscal Year
in which any Member elects, pursuant to Section 4.2(c), to convert a number of Class B Units that, but for this Section 5.2(l)(ii),
would be in excess of such Member’s
Fungible Class B Units, after all other allocations have been tentatively made pursuant to Section 5.1 and this Section 5.2
(including, for the avoidance of doubt, allocations pursuant to Section 5.2(l)(i) in connection with such conversion), based on an interim
closing of the books pursuant to Section 706 of the Code as of the applicable Class B Conversion Date, the Managing Member shall, to the
maximum extent possible and to the extent required to cause such Member to have a number of Fungible Class B Units equal to the number
of Class B Units to be so converted, allocate to such Member appropriate items of gross income. In the event that the Company has insufficient
items of gross income to make allocations to all Members making such election, the available items of gross income shall be allocated
to such Members as reasonably determined by the Managing Member; provided that in the case of a Designated Holder Redemption, any
excess amount required to cause the Class B Units held by any Designated Holder to be Fungible Class B Units shall be allocated to such
Designated Holder and treated as a “guaranteed payment”
within the meaning of Section 707(c) of the Code.

 

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		(iii)	The Members agree that the intent of this Section 5.2(l)
is to cause, to the greatest extent possible, the Capital Account balance associated with each Class B Unit equivalent to the Capital
Account balance associated with each Class A Unit (and, to the greatest extent possible, for such equivalency to be achieved through allocations
of book gains and losses). The Managing Member shall be permitted to interpret or amend this Section 5.2(l) as necessary and consistent
with such intention and to make allocations in any manner as reasonably necessary to implement such intent.

 

		(m)	Special Allocations Regarding Company Warrants and Other Noncompensatory Options. Upon an exercise
of a Company Warrant or other noncompensatory option to acquire a Class A Unit or other interest in the Company:

 

		(i)	An adjustment shall
be made to the Gross Asset Value of Company assets in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(2)(iv)(s)(1)
and clause (b) of the definition of “Gross
Asset Value” as of immediately after the exercise of such option.

 

		(ii)	The Capital Account of the holder of the Class A Unit (or other
interest in the Company) acquired upon the exercise of such option will be credited with the amount paid for the option and the exercise
price of the option in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(b) and 1.704-1(b)(2)(iv)(d)(4) and Section
4.5(a)(ii).

 

		(iii)	To the extent that,
after crediting such holder’s
Capital Account in accordance with Section 5.2(m)(ii), such holder’s
Capital Account balance, to the extent attributable to such Class A Unit (or other interest in the Company) received upon the exercise
of such option, is not equal to the NCO Target Balance, (A) such holder shall be allocated any unrealized income, gain or loss in Company
assets (that has not been reflected in the Members’ Capital Accounts
previously) to the extent necessary to cause such holder’s Capital
Account balance, to the extent attributable to such Class A Unit (or other interest in the Company) received upon the exercise of such
option, to equal the NCO Target Balance, and (B) thereafter, any remaining amounts of such unrealized income, gain or loss shall be allocated
in accordance with the other provisions of Section 5.1 and this Section 5.2, in each case, accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(s)(2).

 

		(iv)	If after making the
foregoing allocations, such holder’s
Capital Account balance, to the extent attributable to such Class A Unit (or other interest in the Company) received upon the exercise
of such option, is still not equal to the NCO Target Balance, the Members’ Capital
Accounts shall be reallocated to the extent to the extent necessary to cause such holder’s
Capital Account balance, to the extent attributable to such Class A Unit (or other interest in the Company) received upon the exercise
of such option, to equal the NCO Target Balance, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3); provided
that, for the avoidance of doubt, any such reallocation shall be made, to the greatest extent possible, consistent with the intentions
of Section 5.2(l) of causing the Capital Account balance associated with each Class B Unit to be (and remain) equivalent to the
Capital Account balance associated with each Class A Unit, as determined by the Managing Member.

 

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Section 5.3 Allocations
for Tax Purposes in General.

 

		(a)	Except as otherwise provided in this Section 5.3, each item of income, gain, loss, deduction, and
credit of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated
under Section 5.1 and Section 5.2.

 

		(b)	In accordance with Code Section 704(c) and the
Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross
Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs
from such property’s adjusted U.S. federal income tax basis shall,
solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such method or methods
as determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations.

 

		(c)	Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with
Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and (ii) recapture
of grants or credits shall be allocated to the Members in accordance with applicable law.

 

		(d)	Tax credits of the Company shall be allocated among the Members as provided in Treasury Regulation Sections
1.704-1(b)(4)(ii) and 1.704-1(b)(4)(viii).

 

		(e)	Allocations pursuant to this Section 5.3
are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any
Member’s Capital Account or share of Profits, Losses, other items
or distributions pursuant to any provision of this Agreement.

 

		(f)	If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company (including
any Company Warrant), a Capital Account reallocation is required under Section 5.2(m)(iv) or Treasury Regulations Section 1.704-
1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).

 

Section 5.4 Other
Allocation Rules.

 

		(a)	The Members are aware of the income tax consequences of the allocations made by this Article V
and the economic impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound
by the provisions of this Article V in reporting their share of Company income and loss for income tax purposes.

 

		(b)	The provisions regarding the establishment and maintenance for each
Member of a Capital Account as provided by Section 4.5 and the allocations set forth in Sections 5.1, 5.2 and 5.3
are intended to comply with the Treasury Regulations and to reflect the intended economic entitlement of the Members. If the Managing
Member determines, in its sole discretion, that the application of the provisions in Section 4.5, Section 5.1, Section
5.2 or Section 5.3 would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended
economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

 

		(c)	All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may
have been Transferred shall be allocated between the Transferor and the Transferee in accordance with a method determined by the Managing
Member and permissible under Code Section 706 and the Treasury Regulations thereunder.

 

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		(d)	The Members’ proportionate
shares of the “excess nonrecourse liabilities” of
the Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a pro rata
basis, in accordance with the number of Units owned by each Member.

 

		(e)	The Managing Member shall amend this Article V from time to time to reflect the allocation of Profit
and Loss in connection with priority distributions on any preferred units or other Equity Securities that may be issued by the Company
(other than Common Units).

 

		(f)	The Managing Member may amend or interpret the
provisions of this Article V as, in the Managing Member’s
reasonable discretion, may be necessary or appropriate to comply with the applicable Treasury Regulations or other legal requirements
and to properly reflect the economic intent of this Agreement.

  

Article
VI 

 

DISTRIBUTIONS

 

Section 6.1
Distributions.

 

		(a)	To the extent permitted by applicable Law and hereunder, and except
as otherwise provided in Section 6.2 and Section 11.2, distributions to Members may be declared by the Managing Member out
of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing
Member shall determine using such record date as the Managing Member may designate. Any such distribution shall be made to the Members
as of the close of business on such record date on a pro rata basis in accordance with the number of Units held by each such Member.
For the avoidance of doubt, repurchases or Redemptions made in accordance with Section 4.1(e)(vi), Section 4.7 or payments
made in accordance with Section 7.4 or Section 7.9 need not be on a pro rata basis. Notwithstanding any other provision
herein to the contrary, no distributions shall be made to any Member in circumstances where the Company is unable to pay its debts as
they fall due in the ordinary course of business, including where the distribution would cause the Company to be unable to pay its debts
as they fall due in the ordinary course of business, or in circumstances that would constitute a breach of the Act. Promptly following
the designation of a record date and the declaration of a distribution pursuant to this Section 6.1, the Managing Member
shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.

 

		(b)	Successors. For purposes of determining
the amount of distributions, each Member shall be treated as having made the Capital Contributions and as having received the distributions
made to or received by its predecessors in respect of any of such Member’s
Units.

 

		(c)	Distributions In-Kind. Except as otherwise provided in this Agreement, any distributions may be
made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member. In the event of any distribution
of (i) property in kind or (ii) both cash and property in kind, each Member shall be distributed its proportionate share of any such cash
so distributed and its proportionate share of any such property so distributed in kind (based on the Fair Market Value of such property).

 

Section 6.2 Tax-Related
Distributions. The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make
distributions out of legally available funds, at such times and in such amounts as the Managing Member reasonably determines to be
necessary to cause a distribution to the PubCo Holdings Group, in the aggregate, sufficient to enable the PubCo Holdings Group to
timely satisfy any PubCo Tax-Related Liabilities, as follows:

 

		(a)	prior to an Initial Business Combination, to the Class A Members pro rata in accordance with the
number of Class A Units held by each such Member; and

 

		(b)	after an Initial Business Combination, to all of the Members, pro rata in accordance with the number
of Units held by each such Member.

 

Section
6.3 Distribution Upon Withdrawal. No withdrawing Member shall be entitled to receive any distribution or the value of
such Member’s Interest as a result of withdrawal from the Company
prior to the winding up and dissolution of the Company, except as specifically provided in this Agreement.

 

Section 6.4 Issuance
of Additional Equity Securities. This Article VI shall be subject to and, to the extent necessary, amended to reflect
the issuance by the Company of any additional Equity Securities.

 

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Article
VII 

MANAGEMENT

 

Section 7.1 The
Managing Member; Fiduciary Duties.

 

		(a)	PubCo shall be the sole
Managing Member of the Company. Except as otherwise required by Law, (i) the Managing Member shall have full and complete charge of all
affairs of the Company, (ii) the management and control of the Company’s
business activities and operations shall rest exclusively with the Managing Member,
and the Managing Member shall make all decisions regarding the business, activities and operations of the Company (including the incurrence
of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member
(in their capacity as such) shall not participate in the control, management, direction or operation of the activities or affairs of the
Company and shall have no power to act for or bind the Company.

 

		(b)	In connection with the performance of its duties
as the Managing Member of the Company, except as otherwise set forth herein, and to the fullest extent permitted by Law, the Managing
Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation
if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation. The Members
acknowledge that the Managing Member will take action through its board of directors, and that the members of the Managing Member’s
board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.

 

Section 7.2 Officers.

 

		(a)	The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the
business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may delegate to any such
Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

 

		(b)	Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general
and active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member are carried
into effect. The Chief Executive Officer will report to the Managing Member and have the general powers and duties of management usually
vested in the office of president and chief executive officer of a corporation organized under the DGCL, subject to the terms of this
Agreement and applicable Law, and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement.
The Chief Executive Officer will have the power to execute bonds, mortgages and other contracts requiring a seal, under the seal of the
Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof
will be expressly delegated by the Managing Member to some other Officer or agent of the Company.

 

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		(c)	Except as set forth herein, the Managing Member may appoint Officers
at any time, and the Officers may include a president, one or more vice presidents, a secretary, one or more assistant secretaries, a
chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman,
and any other officers that the Managing Member deems appropriate. Except as set forth herein, the Officers will serve at the pleasure
of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment. Any individual may hold
any number of offices, and an Officer may, but need not, be a Member of the Company. The Officers will exercise such powers and perform
such duties as specified in this Agreement or as determined from time to time by the Managing Member.

 

		(d)	Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any
Officer may be removed, either with or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice
to the Managing Member. Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that
notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective.
Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy
in any office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this
Agreement for regular appointments to that office.

 

		(e)	The Officers, in the performance of their duties as such, and to the fullest extent permitted by Law,
shall owe to the Company and the Members duties of loyalty and due care of the type owed by the officers of a corporation to such corporation
and its shareholders under the DGCL.

 

Section 7.3 Warranted
Reliance by Officers on Others. In exercising their authority and performing their duties under this Agreement, the Officers
shall be entitled to rely on information, opinions, reports or statements of the following Persons or groups unless they have actual
knowledge concerning the matter in question that would cause such reliance to be unwarranted:

 

		(a)	one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes
to be reliable and competent in the matters presented; and

 

		(b)	any attorney, public accountant or other Person
as to matters which the Officer reasonably believes to be within such Person’s
professional or expert competence.

 

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Section
7.4 Indemnification. The Company shall indemnify and hold harmless, to the
fullest extent permitted by applicable Law as it presently exists or may hereafter be amended (provided, that no such amendment
shall limit a Covered Person’s
rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment except to the extent
required by a non-waivable and non-modifiable provision of applicable Law), any person who was or is made a party or is threatened
to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”)
by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a Manager (as defined in
the Existing LLC Agreement) entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, the Managing Member
or the Company Representative or is or was serving at the request of the Company as a member, director, officer, trustee, employee
or agent of another limited liability company or of a
corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee
benefit plan (a “Covered
Person”), whether the basis of such Proceeding is
alleged action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while
serving as a member, director, officer, trustee, employee or agent, against all expenses, liability and loss (including, without
limitation, attorneys’ fees, judgments, fines, ERISA excise
taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such
Proceeding, unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that,
in respect of such act or omission, and taking into account the acknowledgements and agreements set forth in this Agreement, (x)
such Covered Person engaged in a bad faith violation of the implied contractual covenant of good faith and fair dealing or a bad
faith violation of this Agreement, (y) such Covered Person would not be so entitled to be indemnified and held harmless if the
Company were a corporation organized under the laws of the State of Delaware that indemnified and held harmless its directors,
officers, employees and agents to the fullest extent permitted by Section 145 of the DGCL as in effect on the date of this Agreement
(but including any expansion of rights to indemnification thereunder from and after the date of this Agreement) or (z) such Covered
Person engaged in conduct constituting actual fraud or wilful default. The Company shall, to the fullest extent not prohibited by
applicable Law as it presently exists or may hereafter be amended (provided, that no such amendment shall limit a Covered
Person’s rights to indemnification hereunder with respect to
any actions or events occurring prior to such amendment except to the extent required by a non-waivable and non- modifiable
provision of applicable Law), pay the expenses (including attorneys’ fees)
incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided, however, that such
payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the
Covered Person to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there is no
further right to appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or otherwise. The
rights to indemnification and advancement of expenses under this Section 7.4 shall be contract rights and such rights shall
continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the
benefit of his heirs, executors and administrators. Notwithstanding the foregoing provisions of this Section 7.4, except for
Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a
Covered Person in connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part
thereof) was authorized by the Managing Member.

 

Section
7.5 Maintenance of Insurance or Other Financial Arrangements. To the extent permitted by applicable Law, the Company
(with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person
who is or was a Member, employee or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer,
employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability
asserted against such Person and Liability and expenses incurred by such Person in such Person’s
capacity as such, or arising out of such Person’s status as such,
whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

 

Section
7.6 Resignation or Termination of Managing Member. PubCo shall not, by any means,
resign as, cease to be or be replaced as Managing Member except in compliance with this Section 7.6. No termination or
replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so that
the obligations of PubCo, its successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement
and applicable Law remain in full force and effect. No appointment of a Person other than 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 PubCo (or its successor, as applicable)
and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo’s
obligations under this Agreement (including its obligations under Section 4.7) other than those that must necessarily be taken
in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s
obligations under this Agreement.

 

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Section 7.7 No
Inconsistent Obligations. The Managing Member represents that it does not have any contracts, other agreements, duties or
obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this
Agreement and covenants that, except as permitted by Section 7.1, it will not enter into any contracts or other agreements or
undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations.

 

Section 7.8 Reclassification
Events of PubCo. If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and
to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or
additional agreements, to ensure that following the effective date of the Reclassification Event: (i) the Redemption Rights of
holders of Class A Units set forth in Section 4.7 provide that each Class A Unit (together with the surrender and delivery of
one Class B Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one
Class A Share becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or the successor
to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such Redemption. PubCo shall not consummate
or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the
obligations of PubCo (in whatever capacity) under this Agreement.

 

Section 7.9 Certain
Costs and Expenses. The Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of
the Company and its Subsidiaries (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation
of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and conducting, or otherwise related to,
the activities of the Company and (b) in the Good Faith discretion of the Managing Member, reimburse the Managing Member for any costs,
fees or expenses incurred by it in connection with serving as the Managing Member. To the extent that the Managing Member determines in
its Good Faith discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through
the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries
and that also relate to other activities of the Managing Member or any other member of the PubCo Holdings Group), the Managing Member
may cause the Company to pay or bear all expenses of the PubCo Holdings Group, including, without limitation, franchise taxes, costs of
securities offerings not borne directly by Members, board of directors compensation and meeting costs, costs of periodic reports
to shareholders of PubCo, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company
shall not pay or bear any income tax obligations of any member of the PubCo Holdings Group (but the Company shall be entitled to make
distributions in respect of these obligations pursuant to Article VI). In the event that (i) Class A Shares or other Equity Securities
of PubCo were sold to underwriters in any public offering (including the IPO) after the Effective Time, in each case, at a price per share
that is lower than the price per share for which such Class A Shares or other Equity Securities of PubCo are sold to the public in such
public offering after taking into account any Discounts and (ii) the proceeds from such public offering are used to fund the Cash Election
Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the applicable member of the PubCo
Holdings Group for such Discount by treating such Discount as an additional Capital Contribution made by such member of the PubCo Holdings
Group to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.7(e)(ii), and increasing
the Capital Account of such member of the PubCo Holdings Group by the amount of such Discount. For the avoidance of doubt, any payments
made to or on behalf of any member of the PubCo Holdings Group pursuant to this Section 7.9 shall not be treated as a distribution
pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company.

 

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Article
VIII

 

ROLE OF MEMBERS

 

Section 8.1 Rights
or Powers.

 

		(a)	Other than the Managing Member, the Members,
acting in their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its
business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and
powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate
thereof or an employee, shareholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained
as an agent of the Company. The existence of these relationships and acting in such capacities will not result in the Member (other than
the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited liability
of the Member. Except as specifically provided herein, a Member (other than the Managing Member) shall not, in its capacity as a Member,
take part in the operation, management or control of the Company’s
business, transact any business in the Company’s name or have the
power to sign documents for or otherwise bind the Company.

 

		(b)	The Company shall promptly (but in any event
within three business days) notify the Members in writing if, to the Company’s
knowledge, for any reason, it would be an “investment company”
within the meaning of the Investment Company Act of 1940 (the “Investment
Company Act”), as amended, but for the exceptions provided
in Section 3(c)(1) or 3(c)(7) thereunder.

 

Section 8.2 Voting.

 

		(a)	Meetings of the Members may be called upon the written request of Members holding at least 50% of the
outstanding Units. Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting.
Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the
date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of the Members and may waive advance notice
of such meeting. Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given
at a meeting of the Members or may be given in accordance with the procedure prescribed in this Section 8.2. Except as otherwise
expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute
the act of the Members.

 

		(b)	Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member
is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed
by such Member or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise
provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it.

 

		(c)	Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other
individual Person as the Managing Member deems appropriate.

 

		(d)	Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite
Members whose approval is necessary consent thereto in writing.

 

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Section 8.3 Various
Capacities. The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various
capacities, including as a Member and as the Company Representative.

 

Section
8.4 Investment Opportunities. To the fullest extent permitted by applicable law, the Company renounces any interest or
expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to
time presented to any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective
Subsidiaries), any of their respective Affiliates (other than the Company, the Managing Member or any of their respective
Subsidiaries), or any of their respective officers, directors, agents, shareholders, members, managers and partners (each, a “Business
Opportunities Exempt Party”). No Business
Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an
opportunity for the Company or any of its subsidiaries shall have any duty to communicate or offer such opportunity to the Company.
No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any
Business Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party
becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be
deemed to have notice of and consented to the provisions of this Section 8.4. Neither the alteration, amendment or repeal of
this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this Section 8.4, shall
eliminate or reduce the effect of this Section 8.4 in respect of any business opportunity first identified or any other
matter occurring, or any cause of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to such
alteration, amendment, repeal or adoption.

 

Article
IX

 

TRANSFERS OF INTERESTS

 

Section 9.1 Restrictions
on Transfer.

 

		(a)	Except as provided in Section 4.7 and
Section 9.1(c), no Member shall Transfer all or any portion of its Interest without the Managing Member’s
prior written consent, which consent shall be granted or withheld in the Managing Member’s
sole discretion. If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s
Interests are Transferred in violation of this Section 9.1(a), involuntarily, by operation of law or otherwise, then without limiting
any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion
thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will
continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission, which consent
shall be granted or withheld in the Managing Member’s sole discretion.
Any attempted or purported Transfer of all or a portion of a Member’s
Interests in violation of this Section 9.1(a) shall be null and void and of no force or effect whatsoever. For the avoidance of
doubt, the restrictions on Transfer contained in this Article IX shall not apply to the Transfer of any capital shares of PubCo;
provided that no Class B Shares may be Transferred unless a corresponding number of Units are Transferred therewith in accordance
with this Agreement.

 

		(b)	In addition to any other
restrictions on Transfer herein contained, including the provisions of this Article IX, in no event may any Transfer or assignment
of Interests by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests; (ii) if such Transfer
(A) would be considered to be effected on or through an “established
securities market” or a “secondary
market or the substantial equivalent thereof,” as such terms are
used in Treasury Regulations Section 1.7704-1, (B) would result in the Company having more than 100 partners, within the meaning of Treasury
Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would
cause the Company to be treated as a “publicly traded partnership”
within the meaning of Section 7704 of the Code or a successor provision or to
be classified as a corporation pursuant to the Code or successor of the Code; (iii) if such Transfer would cause the Company to become,
with respect to any employee benefit plan subject to Title I of
ERISA, a “party-in-interest” (as
defined in Section 3(14) of ERISA) or a “disqualified person”
(as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would,
in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit
plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer
requires the registration of such Interests or any Equity Securities issued upon any exchange of such Interests, pursuant to any applicable
U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to regulation under the Investment Company Act or
the Investment Advisors Act of 1940, each as amended (or any succeeding law). Any attempted or purported Transfer of all or a portion
of a Member’s Interests in violation of this Section 9.1(b)
shall be null and void and of no force or effect whatsoever.

 

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		(c)	Notwithstanding any of the provisions in Section 9.1(a), but subject to all other provisions in
this Article IX, Rice Sponsor may Transfer all or a portion of its Units to any of its members as of the date hereof without the
consent of any other Member or Person.

 

		(d)	Notwithstanding the foregoing but subject to
Section 9.1(b), the parties hereto agree that the Managing Member shall not unreasonably withhold consent to any Transfer of Units
(i) by will or intestacy; (ii) as a bona fide gift or gifts; (iii) to any trust, partnership, limited liability company or other entity
for the direct or indirect benefit of the holder or the immediate family of such holder; (iv) to any immediate family member or other
dependent of the holder; (v) as a distribution to limited partners, members or shareholders of the holder; (vi) to the holder’s
affiliates or to any investment fund or other entity controlled or managed by the holder; (vii) to a nominee or custodian of a person
or entity to whom a disposition or transfer would be permissible under the foregoing clauses (i) through (vi); or (viii) pursuant to an
order of a court or regulatory agency.

 

Section 9.2 Notice
of Transfer.

 

		(a)	Other than in connection with Transfers made pursuant to Section 4.7, each Member shall, after
complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer of Interests,
give written notice to the Company of such Transfer. Each such notice shall describe the manner and circumstances of the Transfer.

 

		(b)	A Member making a Transfer (including a deemed Transfer for U.S.
federal income tax purposes as described in Section 4.7(e)(iv)) permitted by this Agreement shall, unless otherwise determined
by the Managing Member, (i) have delivered to the Company an affidavit of non-foreign status with respect to such Transferor that satisfies
the requirements of Section 1446(f)(2) of the Code or other documentation establishing a valid exemption from withholding pursuant to
Section 1446(f) of the Code or (ii) contemporaneously with the Transfer, properly withhold and remit to the Internal Revenue Service the
amount of tax required to be withheld upon the Transfer by Section 1446(f) of the Code (and provide evidence to the Company of
such withholding and remittance promptly thereafter).

 

Section 9.3 Transferee
Members. A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if:

 

		(a)	the requirements of this Article IX are met;

 

		(b)	such Transferee executes an instrument reasonably
satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s
then existing and future Liabilities arising under or relating to this Agreement;

 

		(c)	such Transferee represents that the Transfer was made in accordance with all applicable securities Laws;

 

		(d)	the Transferor or Transferee shall have reimbursed
the Company for all reasonable expenses (including attorneys’ fees
and expenses) of any Transfer or proposed Transfer of a Member’s
Interest, whether or not consummated; and 

 

		(e)	if such Transferee or his or her spouse is a
resident of a community property jurisdiction, then such Transferee’s
spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions
of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member’s
Interest. 

 

Unless agreed to in writing by the Managing
Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to
each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of
its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand. Written notice of the admission of
a Member shall be sent promptly by the Company to each remaining Member.

 

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Section 9.4 Legend.
Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933.

 

THESE SECURITIES MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

 

THE TRANSFER AND VOTING OF THESE SECURITIES
IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF RICE ACQUISITION HOLDINGS II
LLC (THE ISSUER OF THESE SECURITIES) AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES
WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST
MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

 

Article
X

 

ACCOUNTING; CERTAIN TAX MATTERS

 

Section 10.1 Books
of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full and
correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance
with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP.

 

Section 10.2 Tax
Elections.

 

		(a)	The Company and any eligible Subsidiary shall make an election pursuant to Section 754 of the Code for
the first taxable year for which the Company (or such eligible Subsidiary) is permitted to make such election and shall not thereafter
revoke such election. In addition, the Company shall make the following elections on the appropriate forms or tax returns, if permitted
under the Code or applicable law:

 

		(i)	to adopt the calendar
year as the Company’s Fiscal
Year;

 

		(ii)	to adopt the accrual method of accounting for U.S. federal income
tax purposes;

 

		(iii)	to elect to amortize the organizational expenses of the Company
as permitted by Section 709(b) of the Code; and

 

		(iv)	except as otherwise provided herein, any other election the Managing
Member may in Good Faith deem appropriate and in the best interests of the Company.

 

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		(b)	Upon request of the Managing Member, each Member
shall cooperate in Good Faith with the Company in connection with the Company’s
efforts to make any election pursuant to this Section 10.2.

 

Section
10.3 Tax Returns; Information. The Managing Member shall arrange for the preparation
and timely filing of all income and other tax and informational returns of the Company. The Managing Member shall furnish to each Member
a copy of each approved return and statement, together with any schedules (including Schedule K-1), or other information that a Member
may require and reasonably request in connection with such Member’s
own tax affairs, as soon as practicable after the end of each Fiscal Year. The Members agree to (a) take all actions reasonably requested
by the Company or the Company Representative to comply with the Partnership Tax Audit Rules, including where applicable, filing amended
returns as provided in Sections 6225 or 6226 of the Code and providing confirmation thereof to the Company Representative and (b) furnish
to the Company (i) all reasonably requested certificates or statements relating to the tax matters of the Company (including without limitation
an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its
possession relating to the Company’s operations that is reasonably
necessary to enable the Company’s tax returns to be prepared and
timely filed.

 

Section
10.4 Company Representative. The Managing Member is specially authorized and appointed to act as the Company Representative
and in any similar capacity under state or local Law. The Company and the Members (including any Member designated as the Company Representative
prior to the date hereof) shall cooperate fully with each other and shall use reasonable best efforts to cause the Managing Member (or
any other Person subsequently designated) to become the Company Representative with respect to any taxable period of the Company with
respect to which the statute of limitations has not yet expired, including (as applicable) by filing certifications pursuant to Treasury
Regulations Section 301.6231(a)(7)-1(d). In acting as the Company Representative, the Managing Member is hereby authorized to take such
actions and to execute and file all statements and forms on behalf of the Company that are permitted or required by the Partnership Tax
Audit Rules (including a “push-out” election
under Section 6226 of the Code or any analogous election under state or local tax law) or in connection with any other tax proceeding.
The Company Representative may retain, at the Company’s expense,
such outside counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling its
obligations as Company Representative.

 

Section 10.5 Withholding
Tax Payments and Obligations.

 

		(a)	Withholding Tax Payments. Each of the Company and its Subsidiaries may withhold from distributions,
allocations or portions thereof if it is required to do so by any applicable Law, and each Member hereby authorizes the Company and its
Subsidiaries to withhold or pay on behalf of or with respect to such Member, any amount of U.S. federal, state or local or non-U.S. taxes
that the Managing Member determines, in Good Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect
to any amount distributable or allocable to such Member pursuant to this Agreement.

 

		(b)	Other Tax Payments. To the extent that any tax is paid by (or withheld from amounts payable to)
the Company or any of its Subsidiaries and the Managing Member determines, in Good Faith, that such tax (including any Company Level Tax)
relates to one or more specific Members, such tax shall be treated as an amount of tax withheld or paid with respect to such Member pursuant
to this Section 10.5. Any determinations made by the Managing Member pursuant to this Section 10.5 shall be binding on the
Members.

 

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		(c)	Tax Contribution
and Indemnity Obligation. Any amounts withheld or paid with respect to a Member pursuant to Section 10.5(a) or Section 10.5(b)
shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a “Tax
Offset”); provided that the amount of any distribution
subject to a Tax Offset shall be treated as having been distributed to such Member pursuant to Section 6.1 or Section 11.2(c)(iii)
at the time such Tax Offset is made. To the extent that (i) there is a payment of Company Level Taxes relating to a Member or (ii) the
amount of such Tax Offset exceeds the distributions to which such Member is entitled during the same Fiscal Year as such withholding or
payment (“Excess Tax Amount”),
the amount of such (i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Managing
Member, give rise to an obligation of such Member to make a capital contribution to the Company (a “Tax
Contribution Obligation”), which Tax Contribution Obligation
shall be immediately due and payable. In the event a Member defaults with respect to its obligation under the prior sentence, the Company
shall be entitled to offset the amount of a Member’s Tax Contribution
Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution
Obligation has been contributed to the Company or has been recovered through offset against distributions, and any such offset shall not
reduce such Member’s Capital Account. Any contribution by a Member
with respect to a Tax Contribution Obligation shall increase such Member’s
Capital Account but shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the Company. Each Member
hereby unconditionally and irrevocably grants to the Company a security interest in such Member’s
Units to secure such Member’s obligation to pay the Company any
amounts required to be paid pursuant to this Section 10.5. Each Member shall take such actions as the Company may reasonably request
in order to perfect or enforce the security interest created hereunder. Each Member hereby agrees to indemnify and hold harmless the Company,
the other Members, the Company Representative and the Managing Member from and against any liability (including any liability for Company
Level Taxes) with respect to income attributable to or distributions or other payments to such Member.

 

		(d)	Continued Obligations of Former Members. Any Person who ceases to be a Member shall be deemed to
be a Member solely for purposes of this Section 10.5, and the obligations of a Member pursuant to this Section 10.5 shall
survive until 60 days after the closing of the applicable statute of limitations on assessment with respect to the taxes withheld or paid
by the Company or a Subsidiary that relate to the period during which such Person was actually a Member; provided, however, that
if the Managing Member determines in its sole discretion that seeking indemnification for Company Level Taxes from a former Member is
not practicable, or that seeking such indemnification has failed, then, in either case, the Managing Member may, in its sole discretion,
(A) recover any liability for Company Level Taxes from the Transferee that acquired directly or indirectly the applicable interest in
the Company from such former Member (unless such Transferee is a member of the PubCo Holdings Group) or (B) treat such liability for Company
Level Taxes as a Company expense.

 

		(e)	Managing Member Discretion Regarding Recovery of Taxes. Notwithstanding
the foregoing, the Managing Member may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect
to a Member under this Section 10.5 to the extent that there are no distributions to which such Member is entitled that may be
offset by such amounts, if the Managing Member determines, in its reasonable discretion, that such a decision would be in the best interests
of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid with respect to such Member is not justified
in light of the amount that may be recovered from such Member).

 

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Article
XI

 

WINDING UP AND DISSOLUTION

 

Section 11.1 Winding
Up Events. The Company shall be wound up voluntarily:

 

		(a)	upon the sale of all or substantially all of the assets of the Company;

 

		(b)	upon the failure of PubCo to complete an Initial
Business Combination within the period contemplated by PubCo’s Amended
and Restated Memorandum and Articles of Association; 

 

		(c)	upon the determination of (i) the Managing Member, (ii) if at such time the Members (other than any member
of the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least
66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group and (iii) to the extent that more than 1% of the
then-outstanding Units are Non-Fungible Class B Units, the Members holding such Non-Fungible Class B Units, to wind up and dissolve the
Company; provided that the winding up and dissolution of the Company shall not be completed until at least 5 Business Days after
written notice is provided to the Members that such determination has been made in accordance with the foregoing, and, for the avoidance
of doubt, any Member, including any Member not consenting to such determination, shall have the right to file a Redemption Notice prior
to the completion of the winding up and dissolution; or

 

		(d)	upon the occurrence of such circumstances as provided for in the Act;

 

Otherwise than in accordance with Section
11.1(c), no Member may present a winding up petition in respect of the Company.

 

Section 11.2 Procedure.

 

		(a)	In the event of the winding up of the Company
for any reason, the Managing Member shall act as liquidator and shall be responsible for winding up the affairs of the Company and liquidating
the Company’s investments in accordance with this Agreement and
the Act. Subject to the Act, Members shall continue to share profits, losses and distributions during the period of winding up in the
same manner and proportion as though the Company had not commenced winding up. The Company shall engage in no further business except
as may be necessary, in the reasonable discretion of the Managing Member, to preserve the value of the Company’s
assets during the period of winding up.

 

		(b)	In the event that holders of Class A Shares are
entitled to have their Class A Shares redeemed by PubCo in exchange for any amounts in the Trust Account in accordance with Section
9.2 or Section 9.7 of PubCo’s Amended and Restated Certificate
of Incorporation, the Company shall use funds available pursuant to the Trust Agreement in order to redeem an equivalent number of Class
A Units from PubCo prior to such redemption of any Class A Shares; provided that funds from the Trust Account may only be used
to redeem Class A Units owned by Rice Sponsor in the event of a liquidation of PubCo in accordance with its Amended and Restated Certificate
of Incorporation.

 

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		(c)	Following the payment of all expenses of the winding up and dissolution of the Company and the allocation
of all Profits and Losses as provided in Article V, the proceeds of the winding up of the Company and any other funds of the Company
shall be distributed in the following order of priority:

 

		(i)	First, to the
payment and discharge of all of the Company’s
debts and Liabilities to creditors (whether third parties or Members), in the order of priority as provided by Law, except any obligations
to the Members in respect of their Capital Accounts;

 

		(ii)	Second, to set up such cash reserves that the Managing Member
reasonably deems necessary for contingent or unforeseen Liabilities or future payments described in Section 11.2(c)(i) (which reserves
when they become unnecessary shall be distributed in accordance with the provisions of clause (iii) below); and 

 

		(iii)	Third, the balance to the Members, as follows:

 

		(A)	prior to the Equalization Date, in accordance
with their respective positive Capital Account balances, as determined after making all adjustments thereto in accordance with Section
5.1 and Section 5.2 resulting from the Company’s operations
and from all sales or dispositions of all or any part of the Company’s
assets; or

 

		(B)	after the Equalization Date, pro rata in accordance with the number of Units owned by each Member.

 

		(d)	No Member shall have any right to demand or receive property other than cash upon the winding up and dissolution
of the Company.

 

Section 11.3 Rights
of Members. Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for
the return of its Capital Contributions and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions,
distributions or allocations.

 

Section 11.4 Reasonable
Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company
and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

 

Section 11.5 No Deficit
Restoration. Subject to the Act, no Member shall be personally liable for a deficit Capital Account balance of that Member, it
being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

 

Section 11.6 Striking
Off. The Company may apply to the Registrar of Limited Liability Companies to be struck off, and it will thereupon dissolve, if
at any time the Managing Member determines, in their sole discretion, that the Company is no longer carrying on business or is otherwise
not in operation.

 

Article
XII

 

GENERAL

 

Section 12.1 Amendments;
Waivers.

 

		(a)	The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger,
consolidation or other business combination to which the Company is a party) with the approval of (y) the Managing Member and (z) if at
such time the Members (other than the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding
Units, the holders of at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group; provided that
no waiver, modification or amendment shall be effective until at least 5 Business Days after written notice is provided to the Members
that the requisite consent has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt, any Member,
including any Member not providing written consent, shall have the right to file a Redemption Notice prior to the effectiveness of such
waiver, modification or amendment; provided, further, that no amendment to this Agreement may:

 

		(i)	modify the limited liability of any Member, or increase the liabilities
or obligations of any Member, in each case, without the consent of each such affected Member;

 

    51

     

    

 

		(ii)	materially alter or change any rights, preferences or privileges
of any Interests in a manner that is different or prejudicial (or would have a different or prejudicial effect) relative to any other
Interests, without the approval of a majority in interest of the Members holding the Interests affected in such a different or prejudicial
manner;

 

		(iii)	materially alter or change any rights, preferences or privileges
of either the Class A Units or the Class B Units in a manner that is different or prejudicial (or that would have a different or prejudicial
effect) relative to the other class of Units, without the approval of the Members holding such class of Units that are affected in a different
or prejudicial manner;

 

		(iv)	alter or change any rights, preferences or privileges of any Member
that are expressly for the benefit of such Member, without the approval of such member; or

 

		(v)	modify the requirement that a majority of the directors of PubCo
who are independent within the meaning of the rules of the New York Stock Exchange (or such other principal United States securities exchange
on which the Class A Shares are listed) and Rule 10A-3 of the Securities Act and do not hold any Class A Units that are subject to the
applicable Redemption must approve a Cash Election pursuant to Section 4.7(e)(ii) without the approval of a majority of the directors
of PubCo who are independent within the meaning of the rules of the New York Stock Exchange (or such other principal United States securities
exchange on which the Class A Shares are listed) and Rule 10A-3 of the Securities Act.

 

		(b)	Notwithstanding the foregoing clause (a), the
Managing Member, acting alone, may amend this Agreement, including Exhibit B, (i) to reflect the admission of new Members, as provided
by the terms of this Agreement, (ii) to the minimum extent necessary to comply with or administer in an equitable manner the Partnership
Tax Audit Rules in any manner determined by the Managing Member, and (iii) as necessary to avoid the Company being classified as a “publicly
traded partnership” within the meaning of Section 7704(b) of the
Code.

 

		(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 12.2 Further
Assurances. Each party agrees that it will from time to time, upon the reasonable request of another party, execute such documents
and instruments and take such further action as may be required to accomplish the purposes of this Agreement.

 

Section 12.3 Successors
and Assigns. All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors
and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that
they are permitted successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly
permitted.

 

    52

     

    

 

Section 12.4 Merger,
Consolidation. Without limiting Section 12.1, the Company may merge or consolidate with one or more other entities in accordance
with the Act with the approval of (y) the Managing Member and (z) if at such time the Members (other than the PubCo Holdings Group) beneficially
own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding Units held by
Members other than the PubCo Holdings Group; provided that no merger or consolidation shall be effective until at least 5 Business
Days after written notice is provided to the Members that the requisite consent has been obtained for such merger or consolidation, and,
for the avoidance of doubt, any Member, including any Member not providing written consent, shall have the right to file a Redemption
Notice prior to the effectiveness of such merger or consolidation.

 

Section 12.5 Transfer
by way of Continuation. Without limiting Section 12.1, subject to the provisions of the Act, the Company may be registered by
way of continuation as a foreign entity (with separate legal personality) under the laws of any jurisdiction outside the Cayman Islands
and to be deregistered in the Cayman Islands with the approval of (y) the Managing Member and (z) if at such time the Members (other than
the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66
2/3% of the outstanding Units held by Members other than the PubCo Holdings Group; provided that no continuation shall be effective
until at least 5 Business Days after written notice is provided to the Members that the requisite consent has been obtained for such continuation,
and, for the avoidance of doubt, any Member, including any Member not providing written consent, shall have the right to file a Redemption
Notice prior to the effectiveness of such continuation.

 

Section
12.6 Certain Representations by Members. Each Member, by executing this Agreement
and becoming a Member, whether by making a Capital Contribution, by admission in connection with a permitted Transfer or otherwise, represents
and warrants to the Company and the Managing Member, as of the date of its admission as a Member, that such Member (or, if such Member
is disregarded for U.S. federal income tax purposes, such Member’s
regarded owner for such purposes) is either: (i) not a partnership, grantor trust or Subchapter S corporation for U.S. federal income
tax purposes (e.g., an individual or Subchapter C corporation), or (ii) is a partnership, grantor trust or Subchapter S corporation for
U.S. federal income tax purposes, but (A) permitting the Company to satisfy the 100-partner limitation set forth in Treasury Regulations
Section 1.7704-1(h)(1)(ii) is not a principal purpose of any beneficial owner of such Member in investing in the Company through such
Member, (B) such Member was formed for business purposes prior to or in connection with the investment by such Member in the Company
or for estate planning purposes, and (C) no beneficial owner of such Member has a redemption or similar right
with respect to such Member that is intended to correlate to such Member’s
right to Redemption pursuant to Section 4.7.

 

Section 12.7 Entire
Agreement. This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and herein,
constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous
agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations
or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

 

    53

     

    

 

Section 12.8 Rights
of Members Independent. The rights available to the Members under this Agreement and at Law shall be deemed to be several and
not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other
such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and
no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof
from time to time thereafter or simultaneously.

 

Section 12.9 Governing
Law. This Agreement and any dispute, claim, suit, action or proceeding of whatever nature arising out of or in any way related
to this Agreement (including any non-contractual disputes or claims) shall be governed by, and shall be construed in accordance with,
the laws of the Cayman Islands.

 

Section 12.10 Jurisdiction.
The courts of the Cayman Islands shall have non-exclusive jurisdiction to hear and determine any claim, suit, action or proceeding, and
to settle any disputes, which may arise out of or are in any way related to or in connection with this Agreement, and, for such purposes,
each party submits to the non-exclusive jurisdiction of such courts.

 

Section 12.11 Headings.
The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a
part of this Agreement.

 

Section 12.12 Counterparts.
This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more
counterparts and by different parties in separate counterparts any may delivered by email or other electronic means. All of such counterparts
shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein) when one
or more counterparts have been signed by each party and delivered to the other party.

 

Section 12.13 Notices.
Any notice or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by facsimile, by telecommunications
mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows:

 

	 	If to the Company or the Managing Member, addressed to it at:
	 	 	 
	 	Rice Acquisition Holdings II LLC
	 	102 East Main Street, Second Story
	 	Carnegie, Pennsylvania 15106
	 	Attention:	Daniel Joseph Rice, IV
	 	Email:	danny@teamrice.com

 

    54

     

    

 

	 	With copies (which shall not constitute notice) to:
	 	 	 
	 	Kirkland & Ellis LLP
	 	609 Main Street
	 	Houston, TX 77002
	 	Attention:	Matthew Pacey
	 	 	Lanchi Huynh
	 	Email:	matt.pacey@kirkland.com
	 	 	lanchi.huynh@kirkland.com

 

or to such other address or to such other Person
as either party shall have last designated by such notice to the other parties. Each such notice or other communication shall be effective
(i) if given by telecommunication or electronically, when transmitted to the applicable number or email address so specified in (or pursuant
to) this Section 12.13 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the
jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice
is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which
such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid,
addressed as aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or, if not received
on a Business Day, on the Business Day immediately following such actual receipt.

 

Section 12.14 Representation
By Counsel; Interpretation. The parties acknowledge that each party to this Agreement has been represented by counsel in connection
with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that would
require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly
waived.

 

Section 12.15 Severability.
If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions
of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and
conditions of this Agreement for all parties remain valid, binding and enforceable.

 

Section 12.16 Expenses.
Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated
by this Agreement.

 

Section 12.17 No
Third Party Beneficiaries. Except as expressly provided in Section 7.4 and Section 8.4, nothing in this Agreement,
express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted
assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto. The consent of any person
who is not a party to this Agreement is not required for any amendment to, or variation, release, rescission or termination of this Agreement.

 

[Signature Pages Follow]

 

    55

     

    

 

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

 

	 	COMPANY:
	 	 
	 	RICE ACQUISITION HOLDINGS II LLC
	 	 
	 	By: 	 
	 	Name: 	 Daniel Joseph Rice, IV
	 	Title: 	Chief Executive Officer

 

Signature
Pate to

Amended
and Restated Limited Liability Company Agreement of

Rice Acquisition
Holdings II LLC

 

    

     

    

 

	 	 
	 	MANAGING MEMBER:
	 	 
	 	RICE ACQUISITION CORP. II
	 	 
	 	By: 	 
	 	Name:  	Daniel Joseph Rice, IV
	 	Title: 	Chief Executive Officer

 

Signature
Pate to

Amended
and Restated Limited Liability Company Agreement of

Rice Acquisition
Holdings II LLC

 

 

    

     

    

 

	 	PUBCO:
	 	 
	 	RICE ACQUISITION CORP. II
	 	 
	 	By:	 
	 	Name: 	Daniel Joseph Rice, IV
	 	Title:	Chief Executive Officer

 

Signature
Pate to

Amended
and Restated Limited Liability Company Agreement of

Rice Acquisition
Holdings II LLC

 

    

     

    

 

	 	MEMBERS:
	 	 	 
	 	 
	 	[    ]	 
	 	 	 
	 	 
	 	[    ]	 
	 	 	 
	 	 
	 	[    ]	 
	 	 	 
	 	 
	 	[    ]	 
	 	 	 
	 	RICE ACQUISITION SPONSOR II LLC
	 	 
	 	By:	 
	 	Name: 	Daniel Joseph Rice, IV
	 	Title:	Chief Executive Officer

  

Signature
Pate to

Amended
and Restated Limited Liability Company Agreement of

Rice Acquisition
Holdings II LLC

 

    

     

    

 

EXHIBIT
A

 

	Name	 	Class A

 Units Held	 	Class B

 Units Held	 	Company Warrants Held
	Rice Acquisition Sponsor II LLC	 	 	 	 	 	 
	[  ]	 	 	 	 	 	 
	[  ]	 	 	 	 	 	 
	[  ]	 	 	 	 	 	 
	[  ]	 	 	 	 	 	 
	Rice Acquisition Corp. II	 	 	 	 	 	 

 

Exhibit
A to

Amended
and Restated Limited Liability Company Agreement of

Rice Acquisition
Holdings II LLC

 

    

     

    

 

EXHIBIT
B

 

Members:

 

Rice Acquisition Sponsor II LLC

[   ]

[   ]

[   ]

[   ]

Rice Acquisition Corp. II

 

Exhibit
B to

Amended
and Restated Limited Liability Company Agreement of

Rice Acquisition
Holdings II LLCDocument

CONTRIBUTION AGREEMENT
[●]

This CONTRIBUTION AGREEMENT (this “Agreement”) is made and entered into as of this 3rd day of June, 2021 (the “Contract Date”), by and between [●], [a/an] [●] [●] (the “Seller”) and CENTERSPACE, LP, a North Dakota limited partnership (the “Buyer”). 

In consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:
Section 1.Definitions.  For purposes of this Agreement, each of the following terms, when used herein with an initial capital letter, shall have the meaning ascribed to it as follows:
(i)Accredited Investor.  An “Accredited Investor,” as such term is defined in rule 501(a) of Regulation D of the Act.
(ii)Act.  The Securities Act of 1933, as amended.
(iii)Agent.  KMS Management, Inc., a Minnesota corporation. 
(iv)Building.  The buildings located on the Land.
(v)Buyer’s Broker.  None; Buyer is not represented by a broker in this transaction.
(vi)Closing.  The closing and consummation of the purchase and the sale of the Property pursuant hereto.
(vii)Closing Agent.  First American Title Insurance Company, 121 South 8th Street, Suite 1250, Minneapolis, MN 55402, Attn: Kristi Broderick, email: kbroderick@firstam.com, which shall also act as escrow agent pursuant to the terms and conditions of this Agreement. 
(viii)Closing Date.  The date on which the Closing occurs as provided in Section 10 hereof.
(ix)Closing Year.  The calendar year in which the Closing occurs.
(x)Code.  The Internal Revenue Code of 1986, as amended.
(xi)Common Units.  Common units of limited partnership interest in the Buyer, defined as “Partnership Units” in the Partnership Agreement.
(xii)Contribution Agreements.  Collectively, this Agreement and those certain eighteen (18) other contribution agreements of even date herewith by and among Buyer and certain other partnerships or limited liability companies managed by the Agent.
(xiii)Contribution Value.  The amount equal to the Consideration (as adjusted pursuant to the provisions of this Agreement) less the Election Amount (which can, for the avoidance of doubt, be zero).

(xiv)Deed.  The limited warranty deed to be executed by Seller, in substantially the form attached hereto as Exhibit G.
(xv)Due Diligence Documents.  The documents and information provided to Buyer by Seller pursuant to Section 6.1 below.
(xvi)Earnest Money Escrow Agreement.  As defined in Section 6.3.
(xvii)Election Amount.  The amount of cash consideration that Seller elects to receive from the Buyer at the Closing; provided, that the amount of such cash consideration plus the aggregate amount of all cash consideration that the partnerships and limited liability companies party to the other Contribution Agreements elect to receive from Buyer pursuant to such agreements at the respective closings thereunder shall not exceed the sum of (i) five  percent (5%) of the Consideration payable by Buyer to Seller hereunder, after all of the prorations, allocations and other adjustments provided for herein, plus (ii) five percent (5%) of the aggregate Consideration (as that term is defined in each other Contribution Agreement) payable to such partnerships and limited liability companies under such other Contribution Agreements, in each case after all of the prorations, allocations and other adjustments provided for therein.  
(xviii)Environmental Laws.  Any applicable statute, code, enactment, ordinance, rule, regulation, permit, consent, approval, authorization, license, judgment, order, writ, common law rule (including, but not limited to, the common law respecting nuisance and tortious liability), decree, injunction, or other requirement having the force and effect of law, whether local, state, territorial or national, at any time in force or effect relating to: (i) emissions, discharges, spills, releases or threatened releases of Hazardous Substances into ambient air, surface water, ground water, watercourses, publicly or privately owned treatment works, drains, sewer systems, wetlands, septic systems or onto land; (ii) the use, treatment, storage, disposal, handling, manufacturing, transportation or shipment of Hazardous Substances; (iii) the regulation of storage tanks or sewage disposal systems; or (iv) otherwise relating to pollution or the protection of human health or the environment.
(xix)Escrow Agent.  Closing Agent.
(xx)Escrow Agreement.  The Escrow Agreement to be entered into by Buyer, Seller, and the Escrow Agent at the Closing, substantially in the form of Exhibit J.  
(xxi)Escrow Amount.  The amount equal to $[●].  
(xxii)Existing Mortgage Loan.  The mortgage loan made by [●], [a/an] [●] [●], pursuant to that certain [Promissory Note] dated [●], [●], in the original principal amount of $[●]. 
(xxiii)Hazardous Substances.  All substances, wastes, pollutants, contaminants and materials regulated, or defined or designated as hazardous, extremely or imminently hazardous, dangerous, or toxic, under the following federal statutes and their state counterparts, including any implementing regulations: the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §§ 9601 et seq.; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §§ 136 et seq.; the Atomic Energy Act, 42 U.S.C. §§ 2011 et seq.; the Hazardous Materials Transportation Act, 42 U.S.C. §§ 1801 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq.; or any 
2

other federal, state, or municipal statute, law or ordinance regulating or otherwise dealing with or affecting materials deemed dangerous or hazardous to human health or the environment; with petroleum and petroleum products including crude oil and any fractions thereof; with asbestos; and with natural gas, synthetic gas, and any mixtures thereof.
(xxiv)Improvements.  The Building and any other structures, sidewalks, drives, parking lots, landscaping and improvements located upon the Land, including all systems, facilities, fixtures, machinery, equipment and conduits to provide fire protection, security, heat, exhaust, ventilation, air conditioning, electrical power, light, plumbing, refrigeration, gas, sewer, and water thereto (including all replacements or additions thereto between the Contract Date and the Closing Date).
(xxv)Intangibles.  All of Seller’s right, title and interest in, to and under the following: (i) the Warranties; (ii) all assignable licenses and other governmental permits and permissions relating to the Land, the Improvements, the Personal Property, and the operation thereof; (iii) all plans and specifications for the Improvements; (iv) any current tenant prospect lists for vacant space in the Improvements, and any leasing brochures, booklets, manuals, and advertising materials relating to the Land and Improvements; (v) the names associated with the Property and all derivations thereof; (vi) all websites and domain names associated with the Property; and (vii) all telephone numbers associated with the Property. 
(xxvi)Land.  The fee or other estate in each tract or parcel of land legally described in Schedule 1 and all privileges, rights, easements, and appurtenances thereto belonging, and all right, title and interest of Seller in and to any streets, alleys, passages and other rights of way included therein or adjacent thereto (before or after the vacation thereof).
(xxvii)Leases.  All leases and other agreements granting third parties rights of possession or occupancy of the Property or any part thereof, whether executed before, on, or after the Contract Date. 
(xxviii)Operating Expenses.  Utility charges (including without limitation water, electricity, sewer, gas, and telephone), operation expenses, maintenance expenses, fees paid or payable under any licenses and permits in respect to the Property, and any other recurring costs or expenses relating or pertaining to the Property. 
(xxix)Parent.  Investors Real Estate Trust, a North Dakota real estate investment trust and the indirect parent of the Buyer, doing business as “Centerspace.”
(xxx)Partnership Agreement.  The Buyer’s Amended and Restated Agreement of Limited Partnership effective as of February 27, 2019, as amended to date, and as the same may be amended from time to time.  
(xxxi)Personal Property.  The personal property owned by Seller that is located at the Property and used in the operation or maintenance of the Property, together with all replacements or additions thereto between the Contract Date and the Closing Date.
(xxxii)POP Units.  Preferred units of limited partnership interest in the Buyer, which are defined as “Series E Preferred Units” in the Partnership Agreement as of the Closing 
3

Date, and which have the rights, preferences and terms set forth on the attached Exhibit A.
(xxxiii)Property.  All of Seller’s right, title and interest in, to and under the following: (i) the Land; (ii) the Improvements; (iii) the Leases; (iv) the Intangibles; and (v) the Personal Property.
(xxxiv)Prorate.  The division of income and expenses of the Property between Seller and Buyer based on their respective periods of ownership during the Closing Year or other applicable period (such as in Section 4.2(g) below) and as of 12:01 a.m. on the Closing Date.
(xxxv)Rent.  All (i) rent due from Tenants pursuant to the Leases, (ii) all garage, parking and storage revenue, and (iii) all other income generated by or otherwise derived from the Property.  Rent shall include any payments made to Seller under any contracts (including without limitation, if any, laundry leases, cable television contracts, telecommunications contracts, or similar contracts) that are either allocable to the period from and after Closing or paid in consideration for the portion of the term of any such contract that remains unexpired at the Closing.
(xxxvi)Security Deposits.  Any and all security deposits, and including any pet or other similar refundable deposits, together with any accrued interest as required by contract or applicable law, held by Seller pursuant to the Leases that have not been properly applied toward Tenant defaults as of Closing, but specifically including any such deposit that a Tenant alleges to have been improperly or wrongfully applied to Tenant defaults.
(xxxvii)Seller Principal.  Robert Levine.
(xxxviii)Seller Principal Guaranty.  The Guaranty to be entered into by the Seller Principal in favor of Buyer at the Closing, in substantially the form attached hereto as Exhibit J.
(xxxix)Seller’s Broker.  Greg McDonald of Magnum Real Estate Services, who has represented Seller in this transaction. 
(xl)Service Contracts.  All of the service, equipment, maintenance or repair contracts that are in force and effect, and that relate to the operation, repair or maintenance of the Property.
(xli)Shares.  Common shares of beneficial interest of Parent.
(xlii)Tax Protection Agreement.  The Tax Protection Agreement to be entered into between by Buyer and Seller at the Closing, in substantially the form attached hereto as Exhibit H.
(xliii)Taxes.  All taxes, charges, fees, levies or like other assessments (whether U.S. federal, state, local or foreign) based upon or measured by income and any other tax whatsoever, including, without limitation, single business, gross receipts, profits, premium, sales, use, occupation, value added, ad valorem, transfer, franchise, withholding, payroll, employment, unemployment, excise, import, windfall profits, license, occupation or real or personal property taxes, together with any interest, penalties or additions to tax 
4

resulting from, attributable to, or incurred in connection with any such taxes or any contest or dispute thereof and any interest resulting from, attributable to, or incurred in connection with such penalties or additions.
(xliv)Tenants.  The tenants or other parties in possession under the Leases.
(xlv)Title Commitment.  A current commitment for an ALTA Form B Owner’s Title Insurance Policy for the Property, issued by the Title Company in the full amount of the Consideration, agreeing to insure title to the Property on or after the Contract Date, showing Seller as owner of the Property, and indicating the conditions upon which the Title Company will issue full extended coverage over all general title exceptions contained in such policies, and including such endorsements as Buyer may require.
(xlvi)Title Company.  The Closing Agent.
(xlvii)Transition Agreement.  That certain Transition Agreement made by and between Agent and Buyer relating to Buyer’s acquisition of certain assets of Agent and retention of certain of Agent’s employees.
(xlviii)Warranties.  Any and all warranties, guaranties and similar contracts in favor of Seller relating or pertaining to the Land, the Improvements or the Personal Property.
Section 2.Agreement to Sell and to Purchase.  Subject to and in accordance with the terms, conditions and provisions hereof, Seller agrees to sell (to the extent only of the Election Amount, if any) and contribute the Property to Buyer, and Buyer agrees to accept Seller’s sale (if applicable) and contribution of the Property.  
Section 3.[reserved]
Section 4.Consideration and Prorations.
a.Consideration.  The agreed value of the Property (the “Consideration”) is $[●], subject to the prorations, allocations and other adjustments provided for herein, which shall be added or subtracted as the case may be.  The Consideration, as adjusted, shall be delivered by Buyer at the Closing as follows:
(i)an amount of cash, by wire transfer of immediately available funds to an account as specified by Seller in a writing delivered to Buyer at least two business days prior to the Closing, equal to the Election Amount (or the unfunded portion of the Election Amount, if the balance of the Election Amount will be funded by application of the Earnest Money at Buyer’s election pursuant to Section 6.3 of this Agreement), if any, which is communicated by Seller to Buyer in a writing delivered to Buyer at least seven (7) business days prior to the Closing Date; and
(ii)the issuance of the number of POP Units equal to the number determined by dividing the Contribution Value by $100.00 (the “Agreed Value”).

Seller and Buyer agree, conclusively and unconditionally, that the determination as to the number of POP Units to be issued in full or partial consideration for the Property shall be made based upon the Agreed Value, regardless of the price at which Shares trade on the Contract Date or Closing Date, or at any time 
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before or after the Contract Date or Closing Date.  If such calculation results in a fractional number of POP Units to be delivered, the Buyer shall deliver such fractional units. Seller acknowledges and agrees that its ownership of the POP Units and any Common Units and rights to transfer and exchange the POP Units and any Common Units shall be subject to all of the limitations, terms, provisions and restrictions set forth in the Partnership Agreement and this Agreement (including without limitation those set forth in Section 18 below).  At Closing, Seller will deliver to Buyer an executed Accredited Investor Certificate, a form of which is attached hereto as Exhibit B, that provides information concerning Seller’s status as an Accredited Investor, and such other information and documentation as may reasonably be requested by Buyer in furtherance of the issuance of the POP Units.  
b.Prorations.
(i)General.  Seller and Buyer shall make the prorations set forth in this section, as a credit or debit to the Consideration.  For purposes of calculating prorations, Buyer shall be deemed to be in title to the Property, and therefore entitled to the income therefrom and responsible for the expenses thereof, for the entire day upon which the Closing occurs.  All prorations shall be made on the basis of the actual number of days of the year and month that shall have elapsed prior to the Closing Date.
(ii)Rent.  The parties shall Prorate all Rent other than Delinquent Rent (which is defined and covered in Section 4.2(e) below).  At Closing, to the extent received by Seller prior to Closing, Seller shall pay to Buyer any and all prepaid Rent relating or pertaining to the Property.  If Seller receives payment for Rent after Closing, Seller shall immediately pay to Buyer the portion of such payment which relates to the period on and after the Closing Date, and any portion of such payment which relates to the period prior to Closing which was credited to Seller at Closing.  This subsection 4.2(b) shall survive for one hundred eighty (180) days following the Closing.  
(iii)Taxes and Special Assessments.  The parties shall Prorate all real property Taxes, ad valorem Taxes and personal property Taxes related to the Property (collectively, the “Real Estate Taxes”) and due and payable in the Closing Year, on a calendar year basis, utilizing actual final tax bills if available prior to Closing.  If final tax bills are not available, the parties shall Prorate the Real Estate Taxes on the basis of projected amounts owing if a projection is available from the applicable taxing authority or, if a projection is not available, on the basis of the most recent final tax bills.  Seller shall pay all Real Estate Taxes due and payable in years prior to the Closing Year.  If after Closing either party receives a refund of any Real Estate Taxes that were prorated pursuant to this Agreement then the parties shall equitably share the refund.  Seller shall not appeal, protest, or otherwise seek reduction of Real Estate Taxes payable in years prior to the Closing Year without Buyer’s prior written consent.  Seller shall pay at or prior to Closing all pending or levied municipal or special district assessments (including unpaid installments) related or pertaining to the Property (including any fines, interest or penalties thereon due to the non-payment thereof), and shall indemnify, defend and save Buyer from any claims therefor or any liability, loss, cost or expenses arising therefrom. This subsection 4.2(c) shall survive for one hundred eighty (180) days following the Closing.
(iv)Operating Expenses and Service Contracts.  Except for Real Estate Taxes and special assessments, which are covered by Section 4.2(c) above, the parties shall prorate all 
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Operating Expenses.  To the extent not already prorated as Operating Expenses, the parties shall also Prorate amounts paid or payable under the Surviving Service Contracts.  The prorations under this subsection shall be based on actual invoices if reasonably possible.  If actual invoices are not available during Reconciliation, then the prorations shall be calculated based on Seller’s and Buyer’s good faith estimates thereof.  This subsection 4.2(d) shall survive for one hundred eighty (180) days following the Closing.
(v)Delinquent Rent.  For purposes of this Section 4.2, “Delinquent Rent” shall mean any Rent that, under the terms of the applicable Lease, is past due as of the Closing Date, and which has not been received in good funds by Seller on or prior to the Closing Date.  Delinquent Rent shall not be accrued or prorated at Closing.  Any Delinquent Rent that is received by Buyer after the Closing Date shall be paid to Seller; provided, however, that all Rent (including, without limitation, Delinquent Rent) collected after the Closing Date shall be applied first to payment of all Rent due Buyer from the applicable Tenant and second to all Delinquent Rent due to Seller.  Following Closing, Buyer shall use good faith commercially reasonable efforts to collect any Delinquent Rent, provided that Buyer shall not be required to incur any material cost, to commence any legal proceedings, or to terminate any Lease.  If Buyer commences any action or proceeding against any Tenant and as a result thereof collects any Delinquent Rent which Buyer is required to remit to Seller, Buyer shall be entitled to deduct and retain a portion of the amount collected which is equal to the pro rata share of the reasonable third party expenses incurred by Buyer in connection with the collection of any such Delinquent Rent.  This subsection 4.2(e) shall survive for one hundred eighty (180) days following the Closing.
(vi)Tenant Obligations.  Notwithstanding anything in this Section 4.2 to the contrary, if any Tenant is obligated under its Lease to directly pay any Operating Expenses (e.g., utilities), then said items will not be prorated between the parties.
(vii)Upfront Contract Payments.  Any upfront payments made to Seller under any contract (including without limitation, if any, laundry leases, cable television contracts, telecommunications contracts, or similar contracts) that remains unexpired at the Closing shall be Prorated based on the relative portions of the term of the contract before and after the Closing.
(viii)Proration Statement.  Except as provided in the next sentence, as soon as reasonably possible and in any event not less than three (3) business days prior to Closing, Seller and Buyer shall work together in good faith to prepare a joint statement of the prorations required by this Section (“Proration Statement”) and shall deliver the Proration Statement to the Closing Agent for use in preparing the final settlement statements.  Operating Expenses shall not be prorated on the Proration Statement at the Closing, but instead shall be prorated after the Closing in connection with the Reconciliation under Section 4.2(i) below.
(ix)Post-Closing Reconciliation.  As soon as reasonably possible after Closing, but in no event more than ninety (90) days after Closing, the parties shall work in good faith to complete a reconciliation of all prorations (“Reconciliation”).  If there is an error on the Proration Statement used at Closing or, if after the actual figures are available as to any items that were estimated on the Proration Statement, then the proration or apportionment shall be adjusted based on the actual figures.  Either party owing the other party a sum of 
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money based on the Reconciliation shall pay said sum to the other party within five (5) business days of the completion of the Reconciliation.  This subsection 4.2(i) shall survive for one hundred eighty (180) days following the Closing.
c.Security Deposits.  The Security Deposits shall be delivered to Buyer through a credit to Buyer at Closing.  Buyer shall assume responsibility for such delivered Security Deposits and shall indemnify, defend and hold Seller harmless from any loss or damage that Seller suffers due to a claim by Tenant for any such Security Deposits, to the extent that the Security Deposits in dispute were actually credited by Seller to Buyer.
d.Uncompleted Landlord Obligations; Pending Tenant Concessions.  Seller shall complete and/or pay for all improvements, inducements, or allowances required to be completed or paid by Seller as landlord under the Leases and shall pay all leasing commissions applicable to the Leases that are due and payable prior to the Closing Date.  If any period of abated rent (or other type of rent concession, improvement, inducement, allowance or monetary credit) provided to any Tenants under any of the Leases will extend beyond the Closing Date, or if any leasing commissions agreed to by Seller prior to the Closing Date shall be payable after the Closing Date, then Buyer shall receive at Closing a credit equal to the collective value of each such item.  Seller hereby indemnifies, protects, defends and holds Buyer harmless from and against any and all losses, damages, claims, causes of action, judgments, damages, costs and expenses (including reasonable attorneys’ fees and court costs) that Buyer suffers or incurs as a result of, or in connection with, Seller’s failure to satisfy its obligations under this Section.  This Section 4.4 shall survive for one hundred eighty (180) days following the Closing.
e.Cash; Loan Escrows.  Except as otherwise provided in this Section 4, all deposits and cash of Seller and all escrows funded by Seller and held by the lender under the Existing Mortgage Loan, including but not limited to any replacement reserve, tax, insurance or similar escrow thereunder, shall be retained by Seller.
f.Rent-Ready Units.  At Closing, each unit at the Property vacated five or more days before the Closing must be in rent-ready condition at the Closing or Buyer will receive a credit at Closing equal to $1,000.00 per unit that is not in such rent-ready condition.  Buyer and Seller will conduct a joint walk through of the Property before Closing and complete a list of all such units that are not in rent-ready condition.  
g.Existing Mortgage Loan.  The Consideration payable by Buyer to Seller hereunder shall be reduced by an amount equal to the aggregate amount of all indebtedness, liabilities and other obligations assumed or taken subject to by Buyer with respect to the Existing Mortgage Loan as of the Closing Date, including without limitation the principal amount thereof and all interest, fees, penalties, costs and expenses accrued as of the Closing Date in connection therewith, but specifically excluding prepayment and assumption fees, penalties and similar amounts due or to become due with respect to such Existing Mortgage Loan solely by reason of the assumption thereof or the taking subject thereto, and, if Buyer chooses, the refinancing thereof, on or after the Closing Date.  
Section 5.
a.Title Commitment.  Seller has delivered to Buyer the Title Commitment from the Title Company.  The Title Commitment shows the condition of title to the Land and Improvements, shall be revised to name Buyer as the proposed insured, and includes hyperlinks to legible copies of all recorded exceptions and covenants, conditions, easements, and restrictions affecting the Property.  The Title 
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Commitment contains the conditions upon which the owner’s title insurance policy that will be issued at Closing pursuant to the Title Commitment (the “Title Policy”) will provide extended coverage insurance, insuring fee title to the Property in the name of Buyer subject only to the Permitted Exceptions (as defined below).  The Title Policy shall include all endorsements required by Buyer and any cost or expense of such endorsements shall be paid for by Buyer; provided, however, the cost of any endorsement(s) which Seller has committed to provide pursuant to Section 5.3 below shall be paid by Seller.  The cost of updating the Title Commitment, if any, shall be paid for by Seller. 
b.Survey.  Seller has delivered to Buyer an ALTA-ACSM as-built survey of the Property (the “Survey”).  Buyer shall have the right to update the Survey or to have a new survey performed, at Buyer’s expense (either such survey, an “Updated Survey”). For avoidance of doubt, Buyer shall have no obligation to deliver any Title Notice until the date which is fifteen (15) days after the date of Buyer’s receipt of any Updated Survey obtained by Buyer. 
c.Title Notice.  If the Title Commitment or Survey (or Updated Survey, as applicable) disclose matters that are not acceptable to Buyer (“Unpermitted Exceptions”), then Buyer shall notify Seller in writing (the “Title Notice”) of Buyer’s objections within fifteen (15) days after Buyer has received both the Title Commitment and the Survey (or Updated Survey, as applicable).  All matters disclosed by the Title Commitment or Survey (or Updated Survey, as applicable) to which Buyer does not object shall be deemed “Permitted Exceptions”.  In the event that Buyer notifies Seller of any objections within such fifteen (15)-day period, then Seller shall notify Buyer in writing, within ten (10) days following the date of receipt of Buyer’s notice of such objections, that either: (a) the Unpermitted Exceptions will be, prior to Closing, removed from the Commitment and/or Survey (or Updated Survey, as applicable), insured over by the Title Company pursuant to an endorsement to the Commitment, or otherwise cured to Buyer’s satisfaction; or (b) Seller declines to arrange to have the Unpermitted Exceptions removed, insured over, or otherwise cured to Buyer’s satisfaction.  If Seller fails to deliver such written notice to Buyer within such ten (10)-day period, then Seller shall be deemed to have elected to remove, insure over, or otherwise cure the Unpermitted Exceptions to Buyer’s satisfaction.  If Seller declines to arrange to remove, insure over, or otherwise cure any of the Unpermitted Exceptions to Buyer’s satisfaction, then Buyer shall elect, through written notice to Seller within ten (10) days after Buyer’s receipt of Seller’s written declination, to: (i) terminate this Agreement and receive refund of the Earnest Money (as defined below), and upon such refund, neither party shall have any further obligation to the other except as to provisions herein which expressly survive termination; or (ii) waive such objections and take title subject to the Unpermitted Exceptions that Seller has declined to remove, insure over, or otherwise cure to Buyer’s satisfaction, and such Unpermitted Exceptions shall thereupon be Permitted Exceptions.  If Buyer fails to deliver such written notice to Seller within such ten (10)-day period, then Buyer shall be deemed to have elected to waive such objections.  The Closing Date shall be adjusted, if necessary, to allow for any elections allowed or required by this Section.  Notwithstanding anything to the contrary contained herein, Seller shall be obligated to remove as a title exception (A) all mortgages (other than the Existing Mortgage Loan, which Buyer shall assume or take subject to), security deeds, mechanic’s liens, or other security instruments encumbering the Property, and (B) all past due Taxes, and (C) any judgments or tax liens against the Seller (which do not result from acts or omissions on the part of Buyer) which have attached to and become a lien against the Property.
d.Pre-Closing “Gap” Title Defects.  Buyer may, at or prior to Closing, notify Seller in writing (the “Gap Notice”) of any title issues raised by the Title Company or by Buyer’s surveyor after Buyer’s receipt of the initial Title Commitment and Survey; provided that Buyer must notify the Seller of such objection to title within ten (10) days of being made aware of any such issue.  If Buyer sends a Gap 
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Notice to the Seller, Buyer and the Seller shall have the same rights and obligations with respect to such notice as apply to a Title Notice under Section 5.3 hereof.
e.Assumed Indebtedness.  Buyer and Seller shall cooperate and use their reasonable commercial efforts to cause the Existing Mortgage Loan to either be assumed or be taken subject to and then, if Buyer chooses, refinanced by Buyer on the Closing Date. The terms of any such assumption or taken subject to, and, if applicable, refinancing, shall be acceptable to Buyer in its sole and absolute discretion, and shall provide for a full and complete release of Seller and its related parties (including but not limited to any borrower, guarantor, indemnitor and Agent and any employee or principal of Agent) from any liability or obligation with respect to the Existing Mortgage Loan from and after the Closing Date (other than liabilities and obligations that by the terms of the documents, instruments and agreements evidencing and securing the Existing Mortgage Loan survive such assumption or taking subject to and, if applicable, refinancing).  All fees, costs and expenses due to any lender or servicer in connection with the assumption or taking subject to and, if applicable, refinancing of the Existing Mortgage Loan, including without limitation any prepayment penalty or premium, shall be paid by Buyer. Seller also shall contribute to Buyer Seller’s remaining unamortized amount of loan fees attributable to the Existing Mortgage Loan, and Buyer shall be entitled to deduct in accordance with applicable law such remaining unamortized amount and all other fees, costs and expenses described in the preceding sentence, including, if applicable, any prepayment penalty or premium.  Notwithstanding anything in this Agreement (including this Section 5.5) to the contrary, Buyer shall not be deemed to have assumed (but rather shall have taken the Property subject to) any Existing Mortgage Loan unless such assumption is made by Buyer in writing with the consent of the applicable lender.  
Section 6.Buyer’s Inspection.
a.Document Inspection.  Buyer and Seller acknowledge that Buyer (by itself or through such agents, consultants and others as Buyer shall designate) has inspected, tested and analyzed the Property, and examined, reviewed and inspected all books, records and files relating to the Property (or Seller’s operation of the Property)  including without limitation income and expense statements and information, repair and maintenance invoices and records, all Tenant correspondence files, and drawings and specifications for construction of the Improvements.  In connection with the Due Diligence Certification provided pursuant to Section 6.3 hereof, Seller shall certify to Buyer that the Due Diligence Documents delivered to Buyer are complete and materially accurate.
b.Physical Inspection.  The Agent and Buyer have entered into a Confidentiality and Access Agreement dated as of January 29, 2021 (the “Property Access Agreement”).  Pursuant to the terms of the Property Access Agreement, Buyer and its consultants and agents shall have the right, from time to time prior to the earlier of the Closing or termination of this Agreement, to enter upon the Property to examine the same and the condition thereof, and to conduct such investigations, inspections, tests and studies as Buyer shall determine to be reasonably necessary.  Buyer agrees to conduct such activities during normal business hours to the extent practicable.  Buyer shall not enter any tenant space without the Agent’s consent, and Buyer shall endeavor in good faith to provide the Agent with prior notice of any other inspections of the Property by Buyer or its consultants or agents.  Buyer agrees to pay all costs of such investigations, inspections, tests and studies and to indemnify and hold Seller harmless from and against any claims for injury or death to persons or damage to property arising solely out of any action of any person or firm entering the Property on Buyer’s behalf as aforesaid, which indemnity shall survive the Closing and any termination of this Agreement without the Closing having occurred.  Notwithstanding the foregoing, Buyer shall not be liable hereunder for the discovery of a preexisting condition at the Property or for the consequences of such discovery.  Upon reasonable notice to Seller, 
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Buyer may interview Seller’s property management and maintenance staff; provided that such interviews shall be conducted at such times and places as are reasonably acceptable to Seller.  Except as provided in the preceding sentence, Buyer shall not communicate with Seller’s or the Agent’s (as defined in Section 7.1(n)) employees at the Property without the prior consent of the Agent or Seller, which consent shall not be unreasonably withheld or delayed.
c.Formal Inspection Period.  Notwithstanding Buyer’s continuing right of inspection contained in Section 6.2 above, Buyer shall have until June 1, 2021 (the “Inspection Date”) in which to make such investigations, inspections, tests and studies permitted herein with respect to the Property, the Due Diligence Documents, and any other thing or matter relating to the Property as Buyer deems appropriate, and, at the sole discretion of Buyer, to terminate this Agreement on or before such Inspection Date if Buyer is not, for any reason or for no reason, satisfied with the Property.  Simultaneously with the execution of this Agreement, Seller shall deliver to Buyer Seller’s written certification that Seller has provided Buyer with all of the Due Diligence Documents (the “Due Diligence Certification”).  The Due Diligence Certification shall be in the form attached hereto as Exhibit C. If Buyer terminates this Agreement on or before the Inspection Date, then neither party shall have any further obligation to the other except as to provisions herein which expressly survive termination and that certain Confidentiality and Non-Disclosure Agreement by and between Buyer and Parent dated December 4, 2020, which shall survive such termination.  This Section 6.3 shall not be deemed to limit Buyer’s additional termination rights under any other section of this Agreement. Within two (2) business days following the Inspection Date, Buyer shall deposit in escrow with Escrow Agent the sum of $[●]1, as earnest money (such sum, together with all interested earned thereon, the “Earnest Money”). The Earnest Money shall be held pursuant to the terms and conditions of this Agreement and an escrow agreement (the “Earnest Money Escrow Agreement”) in the form of Exhibit I attached hereto. At Closing, the Earnest Money shall be returned to Buyer, or at Buyer’s election, may fund all or a portion of the Election Amount, if any; provided that if the amount of the Earnest Money exceeds the Election Amount any excess shall be returned to Buyer. 
d.Surviving Service Contracts.  On or before June 30, 2021, Buyer shall provide written notice to Seller identifying the Service Contracts that Buyer wishes to have terminated at or before Closing (“Buyer’s List”).  If Seller declines to terminate any of the Service Contracts on Buyer’s List, then Seller shall provide Buyer, within five (5) business days of receiving Buyer’s notice, with written notice of the Service Contracts on Buyer’s List that Seller declines to have terminated (the “Remaining Contracts”).  If Seller declines to terminate any of the Service Contracts on Buyer’s List, then Buyer may elect, through written notice to Seller within five (5) business days after Buyer’s receipt of Seller’s notice, to terminate this Agreement and receive refund of the Earnest Money, and upon such refund, neither party shall have any further obligation to the other except as to provisions herein which expressly survive termination.  If Buyer does not elect to so terminate this Agreement, then Buyer shall be deemed to have elected to assume the Remaining Contracts and Seller shall terminate any Service Contract on Buyer’s List other than the Remaining Contracts (the “Terminated Contracts”), at Seller’s sole cost and expense, effective on or before the Closing Date, and shall indemnify Buyer for any cost or expense (including reasonable attorney’s fees) associated with the Terminated Contracts.  The Service Contracts that are not to be terminated pursuant to this Section shall be herein referred to as the “Surviving Service Contracts.”
e.Appraisal.  Buyer may obtain, at its sole cost and expense, an appraisal of the Property (the “Appraisal”), to be performed by an appraiser acceptable to Buyer in its sole discretion.  In the event Buyer has the Property appraised, Seller shall provide all reasonable cooperation necessary to the appraiser conducting the Appraisal.

1 Buyer NTD: Earnest money shall be allocated among the properties commensurate with the purchase price allocations.
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f.Independent Audit.  After the Closing Date, Buyer may retain, at its sole cost and expense, an independent auditing firm selected by Buyer in its sole discretion to prepare any audited financial statements requested by Buyer for the Property for the three (3)-year period prior to the Closing Date.  Seller shall provide all necessary cooperation to Buyer’s designated independent auditor.  At any time before or after the Closing Date, Seller agrees to provide to Buyer’s designated independent auditor: (a) full and complete access to the books and records of the Property and all related information regarding the Property for the three-year period prior to the Closing Date; and (b) a representation letter, in form reasonably acceptable to Seller and Buyer’s designated independent auditor, delivered by the Seller (and/or, if applicable, the Seller’s managing agent of the Property), regarding the books and records of the Property.
Section 7.Seller’s Representations, Warranties and Covenants.
a.In addition to any other representations, warranties and covenants provided by Seller to Buyer elsewhere in this Agreement, Seller represents, warrants and covenants to Buyer as of the Contract Date and the Closing Date: 
(i)Leases.  The Leases made available to Buyer pursuant to Section 6.1 hereof are true, complete and accurate copies of all of the Leases currently in effect with respect to the Property.  There are no written or oral promises, understandings or commitments with Tenants other than as set forth in such Leases as delivered to Buyer.  The Leases are in full force and effect.  With the exception of Delinquent Rent, no Tenant is in material default under any of the Leases.  Seller has delivered to Buyer a rent roll and pursuant to Section 12(cc) below on the Closing Date will deliver to Buyer an updated rent roll.  Each such rent roll is or upon its delivery will be a true, accurate and complete rent roll describing each of the Leases, including the name of each Tenant, the unit occupied by each Tenant, the lease term, monthly rent, any deposits (security and otherwise), all delinquencies in rent, deposits paid and any prepaid rent or items or other credits due any Tenant.
(ii)Ownership of Property.  Seller is the lawful owner of the Property and holds marketable, fee title to the Property, free and clear of all liens, claims and encumbrances (“Liens”) other than (i) Liens disclosed on the Title Commitment which Buyer does not object to pursuant to Section 5.3, (ii) Liens for Real Estate Taxes which are not yet due and payable, assessments for public improvements installed after the Closing Date, and water and sewer charges and rents, subject to adjustment thereof as hereinafter provided, which are not due and payable, and (iii) Liens which will be discharged and terminated before or at the Closing.  No person or entity has an option or right of first refusal to purchase all or any portion of the Property. 
(iii)Service Contracts and Personal Property.  Seller will provide Buyer with true, correct and complete copies of all Service Contracts, and a complete list and description of the Personal Property, as part of the Due Diligence Documents.  To Seller’s knowledge, no party is in default under any of the Service Contracts.
(iv)Authority.  Seller is formed pursuant to, and in good standing under, the laws of the state where it was incorporated or otherwise organized.  Seller is authorized to own and operate real estate in the state in which its Land is located.  Seller is not subject to any proceeding in bankruptcy or any proceeding for dissolution or liquidation.  This 
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Agreement and all exhibits and documents to be delivered by Seller pursuant to this Agreement have been duly executed and delivered by Seller and constitute the valid and binding obligations of Seller, enforceable in accordance with their terms.  Seller has all necessary power and authority, has taken all action necessary to enter into this Agreement, to perform its obligations hereunder and, upon receipt of the consents and approvals described in Section 7.3 hereof, to consummate the transactions contemplated hereby.  The execution, delivery, and performance of this Agreement will not conflict with or constitute a breach or default under (i) the organizational documents of the Seller; (ii) any material instrument, contract, or other agreement to which Seller is a party which affects any of the Property; or (iii) any statute or any regulation, order, judgment, or decree of any court or governmental or regulatory body.  On or before the Closing Date, Seller will have complied with all applicable statutes, laws, ordinances and regulations of every kind or nature, in order to effectively convey and transfer all of its right, title and interest in and to the Property to Buyer in the condition herein required.  No consents, approvals, notices or filings must be obtained from or delivered to any third party by Seller in connection with the execution of this Agreement and the performance of the obligations and lawful completion of the transactions contemplated hereunder.  Schedule 7.1(d) contains a true, accurate and complete listing of all outstanding equity interests of Seller, including securities exchangeable for or convertible into equity interests of Seller, and the ownership of such outstanding equity interests.
(v)Environmental Matters.  Except as otherwise disclosed in environmental reports included in the Due Diligence Documents previously provided to Buyer [and the [specify number] underground tank(s) located on the Property previously disclosed to Buyer (the “Tanks”) which to Seller’s knowledge comply in all respects with Environmental Laws, including without limitation, all notification, maintenance, inspection, testing and closure requirements, and with respect to which, to Seller’s knowledge, no release or discharge has occurred]2, no Hazardous Substances have been used, generated, transported, treated, stored, released, discharged or disposed of in, onto, under or from the Property by Seller, or, to Seller’s knowledge, by any predecessor-in-title or agent of Seller, by any Tenants, or by any other person at any time.  [Except only the Tanks,] (i) there are no above-ground or underground tanks or any other underground storage facilities located on the Property, and (ii) to Seller’s knowledge, there have never been any such tanks or facilities on the Property.  There are no wells or private sewage disposal or treatment facilities located on the Property and to Seller’s knowledge there have never been such wells or private sewage disposal or treatment facilities located on the Property.  To Seller’s knowledge, methamphetamine production has not occurred on the Property.  Seller has not received written notice of, and otherwise does not have knowledge of, any violation of any Environmental Laws with respect to the Property.
(vi)Non-Foreign Status.  Neither Seller nor any of Seller’s direct or indirect equity owners is a “foreign person” as that term is defined in the Code and the regulations promulgated pursuant thereto.
(vii)Anti-Terrorism Laws.  Seller and its members, managers and officers, and any constituent entity holding a direct or indirect interest in any member or manager is in 

2 Buyer NTD: The bracketed and highlighted language should be included in the River Pointe, Woodhaven, Windsor Gates and West Calhoun agreements only. Seller should specify the number of underground tanks at each such property when completing this Section.
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compliance with all laws relating to terrorism or money laundering, including the Office of Foreign Assets Control Legal Requirements and similar requirements, including sanctions and regulations promulgated under authority granted by the Trading with the Enemy Act, 50 U.S.C. App. 1 44, as amended from time to time; the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 06, as amended from time to time; the Iraqi Sanctions Act, Publ. L. No. 101 513, as amended from time to time; the United Nations Participation Act, 22 U.S.C. § 287c as amended from time to time; the International Security and Development Cooperation Act, 22 U.S.C. § 2349 aa 9, as amended from time to time; The Cuban Democracy Act, 22 U.S.C. §§ 6001 10, as amended from time to time; The Cuban Liberty and Democratic Solidarity Act, 18 U.S.C. §§ 2332d and 2339b, as amended from time to time; and The Foreign Narcotics Kingpin Designation Act, Publ. L. No. 106 120, as amended from time to time.  Neither Seller nor any of its members, managers or officers, nor any constituent entity holding a direct or indirect interest in any member or manager is a person or entity that:  (i) is listed in the Annex to, or otherwise subject to the provisions of Executive Order No. 13224 dated September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”); (ii) is named as a “Specially Designated National and Blocked Person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf; (iii) is owned or controlled by, or acting for or on behalf of, any person listed in the Annex to, or otherwise subject to the provisions of, the Executive Order; or (iv) is (A) making or receiving any contribution of funds, goods or services to or for the benefit of any person listed in the Annex to, or otherwise subject to the provisions of, the Executive Order, (B) dealing in, or otherwise engaging in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (C) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the Executive Order.
(viii)Governmental Matters.  Seller has not received notice from any governmental body having jurisdiction over the Property, and has no other knowledge, of any of the following or any existing facts or conditions which could reasonably be expected to result in the any of the following: (i) any pending or contemplated annexation or condemnation proceedings, or purchase in lieu of the same, affecting or which may affect all or any part of the Property; (ii) any proposed or pending proceeding to change or redefine the zoning classification of all or any part of the Property; (iii) any proposed changes in any road patterns or grades which would affect ingress or egress to or from the Property; (iv) any uncured violation of any legal requirement, restriction, condition, covenant or agreement affecting the Property or the use, operation, maintenance or management of the Property; (v) any uncured violations of laws, codes or ordinances affecting the Property; or (vi) any violation of the terms of, or any failure to obtain, any permit required for the operation of the Property as presently operated, or any threat to revoke, cancel, suspend or not renew any such permit. 
(ix)Litigation; Compliance.  Except as set forth on Schedule 7.1(i), there are no actions, suits, proceedings, claims, investigations or inquiries pending or, to Seller’s knowledge, threatened against Seller, its direct or indirect equity owners or the Property in any court, before any governmental or administrative agency, or before any other tribunal having 
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jurisdiction over Seller, its direct or indirect equity owners or the Property.  To Seller’s knowledge, there is no controversy, investigation, complaint, protest, proceeding, suit, litigation or claim relating to the Property or any part thereof, or relating to Seller, which might adversely affect the Property or the transactions contemplated by this Agreement.  Seller is not a party or otherwise subject, and other than existing orders and decrees regarding moratoriums on evictions resulting from or relating to the public health crisis caused by the novel coronavirus known as COVID-19, the Property is not subject, to any judgment, order, writ, injunction, decree or agreement of or with any court, governmental or administrative agency, or tribunal having jurisdiction, or any tenant, group of tenants or tenants’ association.  The Property and Seller’s operation of the Property complies in all respects with all applicable laws, ordinances, codes, rules and regulations, including those pertaining to zoning, access to disabled persons, building, health, safety and environmental matters.
(x)Mechanics’ Liens.  To the extent that nonpayment thereof could result in a Lien, all bills, claims and amounts owing for labor performed and materials furnished to or for the benefit of the Property prior to the date of execution hereof have been paid in full.  If any claim is made by any party for the payment of any amount due for the furnishing of labor and/or materials to the Property or Seller prior to the Closing Date, Seller will immediately pay such claim and discharge any related Lien, or may bond off such Lien prior to Closing in a manner reasonably acceptable to Buyer and Title Company.
(xi)No Bankruptcy.  Seller: (i) is not in receivership or dissolution; (ii) has not made any assignment for the benefit of creditors or admitted in writing its inability to pay its debts as they mature; (iii) has not been adjudicated a bankrupt or filed a petition in voluntary bankruptcy or a petition or answer seeking reorganization or an arrangement with creditors under the federal bankruptcy law or any other similar law or statute of the United States or any jurisdiction and no such petition has been filed against Seller or any of its property or affiliates, if any; (iv) has not suffered the attachment or other judicial seizure of all, or substantially all, of Seller’s assets, which remains pending as of such time; (v) has not made an offer of settlement, extension or composition to its creditors generally; and (vi) none of the foregoing are pending or threatened.
(xii)Documentation.  All documentation provided to Buyer under this Agreement is true, correct, and complete in all material respects.
(xiii)Material Defects.  To Seller’s knowledge, and except as disclosed in the Due Diligence Documents, there is no material defect existing with respect to any of the Improvements or any part or portion thereof.  For the purposes of the foregoing, a “material defect” is one which can be reasonably anticipated to cost more than $50,000 to cure.
(xiv)Employees.  Seller has no employees that are engaged in the operation or maintenance of the Property.  The Property is managed by Agent pursuant to a management agreement by and between Seller and Agent.  Attached hereto as Schedule 7.1(n) is a true and accurate list of all persons employed by Agent in connection with the operation and maintenance of the Property as of the date hereof, including name, job description, term of employment, average hours worked per week, current pay rate, description of all benefits provided such employees and the annual cost thereof.  To Seller’s knowledge, except as disclosed on Schedule 7.1(n), none of such employees of Agent are covered by 
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an employment agreement, collective bargaining agreement or any other written agreement, and all employees of Seller are terminable “at will”, subject to applicable laws prohibiting discrimination by employers.
(xv)Benefit Plans.  Except as disclosed in the attached Schedule 7.1(o), Seller does not maintain, sponsor, participate in or contribute to, and in the past has not maintained, sponsored, participated in or contributed to, any employee health or benefit plan (as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), any employee pension benefit plan (as defined in Section 3(2)(A) of ERISA), or any bonus, severance, deferred compensation, retirement option or any other plans or amendments providing for any benefits to employees of Seller, and Seller is not, and has not been, a member of any controlled group of entities, a group of trades or businesses under common control, or an affiliated service group, as defined in ERISA and the Code.
(xvi)Licenses and Permits.  Attached hereto as Schedule 7.1(p) is a complete and accurate list of all licenses, certificates, permits and authorizations from any governmental authority of any kind which are required to operate, use and maintain the Property; and all such licenses, certificates, permits and authorizations have been issued and are in full force and effect and on the Closing Date shall remain in full force and effect notwithstanding the conveyance of the Property.
(xvii)Taxes.  All Tax returns required to have been filed by Seller have been timely filed and are correct and complete in all material respects.  All Taxes, assessments, penalties and interest due in respect of any such Tax returns or the Property and any assessments thereon have been paid in full or will be timely paid when due.  There are no pending claims, assessments, deficiencies, audits or notices with respect to any such Taxes and, to Seller’s knowledge, no such claim has been threatened.
(xviii)Financial Statements.  Attached hereto as Schedule 7.1(r) are the unaudited balance sheet of Seller as of December 31, 2020, and the related statements of income and cash flows for the fiscal year then ended (collectively, the “Financial Statements”).  Seller has delivered to Buyer the unaudited balance sheet of the Seller as of the last day of each of the months from and including January 2021 through the month immediately preceding the Closing Date, and the related unaudited statement of income and expenses for the months then ended.  The Financial Statements (a) are or will be prepared from Seller’s books of account in accordance with United States generally accepted accounting principles consistently applied for unaudited financial statements, (b) are or will be true, complete and accurate in all respects, and (c) do or will present fairly and accurately the financial position of Seller and the operation of the Property as at such dates and the results of its operations and earnings for the periods indicated thereon.  Except as reflected in the Financial Statements, and except for liabilities (including current liabilities) incurred by Seller in the ordinary course of business since the date of the Financial Statements as shown on the financial statements subsequent to the Financial Statements, Seller has no debts, liabilities or obligations of any kind which could be reasonably expected to have a material adverse effect on the Property. 
(xix)Personal Property.  All such Personal Property is in good working condition and adequate for the operation of the Property at full occupancy in all material respects; and 
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Seller will not remove any item of Personal Property from the Property on or prior to the Closing Date, unless such item is replaced with a similar item of no lesser quality or value.  All Personal Property is owned free and clear of all Liens.
(xx)Landlord Obligations.  As of the Closing, all improvements, inducements, or allowances required to be completed or paid by Seller as landlord under the Leases will be completed and/or paid, and all leasing commissions applicable to the Leases that commence prior to the Closing Date shall be fully paid or included as a credit to Buyer in the Reconciliation pursuant to Section 4.2(i).
(xxi)Wells, Septic, Methamphetamine.  Seller does not know of any “Wells” on the Property within the meaning of Minnesota Statutes Chapter 103I. Seller does not know of any individual sewage treatment system as defined in Minnesota Statute Section 115.55 located on or serving the Property.  To its knowledge, Seller does not know of any methamphetamine production on the Property. 
b.When words such as “knowledge of”, “known to”, “to its knowledge” or words of similar import are used with respect to Seller, they shall, in every instance, mean the knowledge of Robert Levine, the CEO of Agent, Keith A. Kraemer, the Vice President and CFO of Agent and Brian Kelley, the Vice President and COO of Agent. 
c.Seller has advised Buyer that consummation of the transactions contemplated by this Agreement require the consent and approval of Seller’s members or limited partners, as applicable.  Seller agrees to take such action as may be necessary or appropriate to request such consent and approval, and shall use its reasonable commercial efforts to obtain and certify the same to Buyer on or before June 30, 2021 (the “Approval Deadline”). If such consent and approval is not obtained by Seller and certified to Buyer on or before the Approval Deadline, Buyer shall have the option to terminate this Agreement by written notice to Seller and receive refund of the Earnest Money, and upon such refund, neither party shall have any further obligation to the other except as to provisions herein which expressly survive termination, and this Agreement shall terminate.  If Buyer elects not to terminate this Agreement as provided in the immediately preceding sentence, Seller shall continue to use reasonable commercial efforts to obtain such consents and approvals until the Closing Date.  
d.It shall be a condition of Buyer’s obligation to consummate the Closing that the representations, warranties and covenants contained in this Section 7 are true and correct at Closing.  If Seller learns that any of said representations or warranties has become inaccurate between the Contract Date and the Closing Date, Seller shall immediately notify Buyer in writing of such change.  The Closing Date shall be automatically extended for ten (10) days in order to allow Seller to cure such change.  If Seller cures such change, then this Agreement may proceed to Closing pending satisfaction of the other conditions to Closing.  If Seller does not cure such change, Buyer may either (a) terminate this Agreement by written notice to Seller and receive refund of the Earnest Money, and upon such refund, neither party shall have any further obligation to the other except as to provisions herein which expressly survive termination, or (b) waive such right to terminate and proceed with the transaction pursuant to the remaining terms and conditions of this Agreement.  Seller’s execution and delivery of the Deed shall be deemed Seller’s certification that all of the foregoing representations and warranties remain true and correct as of the Closing Date, as if made on such date.  The representations, warranties and covenants contained in this Section 7 shall survive the Closing.
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Section 8.Buyer’s Representations, Warranties and Covenants.  In addition to any other representations, warranties and covenants provided by Buyer to Seller elsewhere in this Agreement, Buyer represents, warrants and covenants to Seller as of the Contract Date and the Closing Date:
a.Buyer is a validly formed limited partnership under the laws of North Dakota, is in good standing in the state of North Dakota, is qualified to do business in the State of Minnesota, and is duly authorized to do all things required of it under or in connection with this Agreement, other than consummation of the sale and contribution transaction contemplated hereby.  Upon obtaining the approvals and consents described in Section 7.3 hereof, Buyer will be duly authorized to consummate the sale and contribution transaction contemplated hereby.  The parties executing this Agreement on behalf of Buyer are duly authorized to so do, and, upon execution, this Agreement will be duly executed by and binding upon Buyer.  For federal and all applicable state income tax purposes, Buyer always has been since Buyer’s formation, and currently is, and expects to be taxed as a partnership.  Buyer would not be treated as an investment company (within the meaning of Section 351 of the Code) if Buyer were incorporated.
b.Buyer is not subject to any involuntary proceeding for dissolution or liquidation.
c.Buyer has provided Seller’s legal counsel with a complete copy of the Partnership Agreement.
d.At Closing, following issuance of the POP Units as contemplated herein, the capitalization of Buyer will be as set forth on Schedule 8.4, and all POP Units shall be duly authorized, validly issued, fully paid and non-assessable, and free and clear of all encumbrances, other than as expressly set forth in the Partnership Agreement and encumbrances arising under securities laws.  Other than the “Series C Preferred Units” identified on Schedule 8.4, there are no partnership interests in the Buyer that have priority or preference rights senior to the POP Units.
e.The Parent Board by resolutions duly adopted by a unanimous vote at a meeting of all trustees of Parent duly called and held and, not subsequently rescinded or modified in any way, has approved this Agreement, including the execution, delivery, and performance thereof, and the consummation of the transactions contemplated by this Agreement, including the issuance of the POPs by Buyer, upon the terms and subject to the conditions set forth herein.
f.The audited balance sheet of Parent dated as of December 31, 2020, contained in the Parent’s United States Securities and Exchange Commission documents filed prior to the date hereof is hereinafter referred to as the “Parent Balance Sheet.”  To Buyer’s knowledge, neither Parent nor Buyer has any liabilities required to be reflected on a balance sheet prepared in accordance with United States Generally Accepted Accounting Principles other than liabilities that: (a) are reflected or reserved against in the Parent Balance Sheet (including, without limitation, in the notes thereto); (b) were incurred since the date of the Parent Balance Sheet in the ordinary course of business consistent with past practice; (c) are incurred in connection with the transactions contemplated by this Agreement or any document delivered in connection herewith; or (d) would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on either Buyer or Parent.  For purposes of the immediately preceding sentence, “Buyer’s knowledge” shall mean the knowledge of Anne Olson, the Chief Operating Officer of Parent.
Section 9.Conditions to Closing. 
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a.Buyer’s Conditions. Buyer’s obligation to proceed to Closing under this Agreement is subject to the following conditions precedent:
(i)This Agreement shall not have terminated or been deemed terminated pursuant to any provision hereof.
(ii)Seller shall have made all deliveries as required by Section 10.4 below.
(iii)Seller shall have complied with and performed all covenants, agreements and conditions on its part to be performed under this Agreement and in all documents and agreements executed pursuant hereto within the time herein provided for such performance. 
(iv)The representations, warranties and agreements of Seller contained herein (including, without limitation, all representations and warranties contained in Section 7.1) and in all documents and agreements executed pursuant hereto are and shall be true and correct as of the date hereof and as of the Closing Date in all respects (in the case of any representation or warranty qualified by materiality or material adverse effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or material adverse effect).
(v)From and after the Contract Date hereof to the Closing Date, there shall have been no material adverse change in or to the Seller or the Property or the business conducted thereon.
(vi)No action, suit, proceeding or investigation shall have been instituted before any court or governmental body, or instituted by any governmental agency, to restrain or prevent consummation of the transactions under this Agreement or which would affect the right of Buyer to own, operate and control the Property.
(vii)Prior to Closing, Buyer shall have received from the Title Company an acceptable pro-forma of the Title Policy, obligating the issuance of the Title Policy in accordance therewith showing (effective upon Closing) title in Buyer subject only to the Permitted Exceptions.
(viii)Buyer shall have assumed or taken subject to the Existing Mortgage Loan effective as of the Closing Date, and Seller and its related parties (including but not limited to any borrower, guarantor, indemnitor and Agent and any employee or principal of Agent) shall have no remaining liability or obligation with respect thereto, other than liabilities and obligations that by the terms of the documents, instruments and agreements evidencing and securing the Existing Mortgage Loan survive such assumption or taking subject to the Existing Mortgage Loan.
(ix)The Escrow Agent shall have duly executed and delivered the Escrow Agreement.  Seller shall deliver to the Escrow Agent the Escrow Amount (such amount, including any interest or other amounts earned thereon and less any disbursements therefrom in accordance with the Escrow Agreement, the “Escrow Fund”) by wire transfer of immediately available funds to an account designated by the Escrow Agent, to be held for the purposes of securing the indemnification obligations set forth in Section 11.6; 
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(x)Closing under each other Contribution Agreement shall have occurred (or shall occur simultaneously with the Closing under this Agreement). 

If any of the foregoing conditions are not satisfied or waived by Buyer on or before the Closing Date, then Buyer may terminate this Agreement on written notice to Seller, receive refund of the Earnest Money, and, in such event, this Agreement shall cease and terminate, and neither party shall have any further obligation hereunder except as to covenants which expressly survive termination.
b.Seller’s Conditions.  Seller’s obligation to proceed to Closing under this Agreement is subject to the following conditions precedent:
(i)This Agreement shall not have terminated or been deemed terminated pursuant to any provision hereof.
(ii)Buyer shall have made all deliveries as required by Section 10.5 below.
(iii)Buyer shall not then be in default of any covenants, agreements and conditions on its part to be performed under this Agreement within the time herein provided for such performance. 
(iv)The representations, warranties and agreements of Buyer contained herein and in all documents and agreements executed pursuant hereto are and shall be true and correct as of the date hereof and as of the Closing Date in all material respects.
(v)No action, suit, proceeding or investigation shall have been instituted before any court or governmental body, or instituted by any governmental agency, to restrain or prevent consummation of the transactions under this Agreement.
(vi)Buyer shall have assumed or taken subject to the Existing Mortgage Loan effective as of the Closing Date, and Seller and its related parties (including but not limited to any borrower, guarantor, indemnitor and Agent and any employee or principal of Agent) shall have no remaining liability or obligation with respect thereto, other than liabilities and obligations that by the terms of the documents, instruments and agreements evidencing and securing the Existing Mortgage Loan survive such assumption or taking subject to the Existing Mortgage Loan. 
(vii)Buyer shall have paid all commissions of Seller’s Broker arising in connection with the transaction contemplated by this Agreement.  Pursuant to a separate agreement between Buyer and Seller’s Broker, Buyer is obligated by contract to pay all such commissions.  In the interest of clarity, Buyer shall not be required to pay any fees, costs, expenses or reimbursements due to Seller’s Broker, if any, which amounts are the responsibility of Seller. 
(viii)Buyer’s federal and all applicable state income tax classifications as a partnership shall not have been terminated or otherwise changed.  Buyer’s not being treated as an investment company (within the meaning of Section 351 of the Code) if the Buyer were incorporated shall not have changed.
(ix)Seller shall have obtained the consent and approval of Seller’s members or limited partners as contemplated by Section 7.3.
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Section 10.Closing.
a.Time and Place.  Buyer’s acquisition of the Property shall take place on a mutually agreeable business day (the “Closing Date”) that is as soon as reasonably possible after all of the conditions set forth in this Agreement are or will be fully satisfied or performed (or waived in writing) but in no event later than August 17, 2021, which deadline shall be automatically extended to September 1, 2021 if Seller has not certified to Buyer’s reasonable satisfaction that the members or limited partners of the seller entities owning the properties listed on Schedule 10.1 hereto have consented and approved of the transactions contemplated by the applicable contribution agreement to which each such seller entity is a party by June 17, 2021. Closing shall occur through mail escrow with the Closing Agent.  To the extent practicable and specifically excluding the Consideration, Seller and Buyer shall deposit in escrow with Title Company the closing deliverables set forth in Section 10.4 and Section 10.5 below, respectively, not less than three (3) business days prior to the Closing Date. 
b.Buyer’s Costs.  Buyer shall pay: 
(i)All recording fees to record the Deed.
(ii)One-half of all Closing Agent’s escrow and closing fees.
(iii)The premium for the Title Policy, and for any endorsements requested by Buyer (other than curative endorsements that Seller may be obligated to provide pursuant to Section 5 above).
(iv)All costs of Buyer’s due diligence.
(v)Its own attorneys. 
(vi)All commissions due to Seller’s Broker previously agreed to be paid by Buyer that arise in connection with the transaction contemplated by this Agreement. 
(vii)All charges of the Closing Agent not otherwise expressly assigned to either party by this Agreement that are customarily charged to buyers for document drafting, recording and other miscellaneous items.
c.Seller’s Costs.  The Seller shall pay:
(i)One-half of all Closing Agent’s escrow and closing fees.
(ii)The cost of preparation of the Title Commitment.
(iii)The cost of preparation and recording of all documents (other than the Deed) necessary to place record title in the condition warranted by Seller in this Agreement.
(iv)Any form of deed tax or personal property tax imposed by any state or federal entity by virtue of the sale of the Property, or recording of the Deed, to Buyer.
(v)Its own attorneys.
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(vi)All other fees and expenses incurred by Seller in connection with the transactions contemplated by this Agreement, including without limitation all amounts due or to become due to Seller’s Broker, if any, arising in connection with the transaction contemplated by this Agreement (other than commissions previously agreed to be paid by Buyer).
(vii)The cost of any curative endorsements that Seller may be obligated to provide pursuant to Section 5 above.
(viii)All other fees, expenses and charges customarily paid by sellers in transactions similar to those contemplated by this Agreement.
d.Seller’s Deliveries.  Seller shall obtain and deliver to Buyer at the Closing the following documents (all of which shall be duly executed and, if required for recording, acknowledged, which documents Buyer agrees to execute and acknowledge where required):
(i)The Deed, conveying to Buyer all of Seller’s right, title and interest in and to the Property, subject only the Permitted Exceptions.
(ii)The Bill of Sale for the Personal Property, in the form attached as Exhibit D hereto.
(iii)A General Assignment and Assumption Agreement in the form attached as Exhibit E hereto.
(iv)A Non-Foreign Certificate in the form attached as Exhibit F hereto or a valid IRS Form W-9, Request for Taxpayer Identification Number and Certification.
(v)The Second Amendment to the Partnership Agreement reflecting issuance of the POP Units as provided for in this Agreement.
(vi)The Tax Protection Agreement.
(vii)The Escrow Agreement.
(viii)The Seller Principal Guaranty.
(ix)A certificate confirming the updated rent roll, as required by Section 12(cc).
(x)Copies of, or where available, original, fully executed Leases (including any guaranty of any Lease).
(xi)Certificates of title to vehicles included in the Personal Property, if any, together with all documents required by applicable state law to transfer them to Buyer.
(xii)To the extent in Seller’s possession or control, all keys, security codes, and combinations to locks, equipment manuals, technical data and other documentation relating to building systems and equipment.
(xiii)Evidence of the termination of all Service Contracts other than the Surviving Service Contracts, in form satisfactory to Buyer in its sole but reasonable discretion.
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(xiv)An affidavit customarily required of sellers by the Title Company to remove the standard exceptions from an owner’s title insurance policy that are capable of being removed by such an affidavit, and such other affidavits, certifications and statements of facts as Seller or the Title Company may reasonably request in connection with the issuance of the Title Policy.
(xv)An Accredited Investor Certificate, with content acceptable to Buyer in its sole but reasonable discretion, in the form attached as Exhibit B hereto.
(xvi)Duly adopted and executed documents as are required for Seller to change its name to a name mutually acceptable to Seller and Buyer and to terminate any and all assumed names of Seller.  Buyer agrees that Seller may file such documents upon the Closing.
(xvii)A certificate, executed by a manager or officer of Seller, to the effect that (i) all of the representations, warranties and covenants made by Seller in this Agreement are materially true and correct on the Closing Date with the same effect as though made on and as of the Closing Date, (ii) all covenants and agreements undertaken to be performed by Seller under this Agreement have been taken or performed, (iii) since the date of this Agreement, Seller has operated the Property only in the ordinary course, and (iv) there has been no material adverse change in the Property from the Contract Date to the Closing Date.
(xviii)A certificate, executed by a manager or officer of Seller, certifying the resolutions of the board of managers and, if required, members, of Seller authorizing and approving the execution, delivery and performance by Seller of this Agreement.
(xix)Information pertaining to Seller or the Property as may be required to enable the Title Company to complete and file the Electronic Certificate of Real Estate Value (the “eCRV”).
(xx)A notice to all Tenants under the Leases stating that Seller’s interest in the Property will terminate as of the Closing Date, that future Rent payments shall be made to Buyer and that all security deposits made by the Tenants shall be transferred to Buyer and providing the name and address of Buyer.
(xxi)A tank affidavit executed by Seller with respect to any underground or above ground storage tank located on the Property.
(xxii)The Transition Agreement, duly executed by the Agent.
(xxiii)Such further documents as Buyer or the Title Company may reasonably request to carry out the provisions of this Agreement.

Within ten (10) days following Closing, Seller shall deliver to Buyer: (i) original executed counterparts of each Surviving Service Contract; (ii) to the extent in Seller’s possession or control, originals or copies of all certificates of occupancy, licenses, permits, authorizations and approvals issued by governmental authorities having jurisdiction over the Property; (iii) originals of the Warranties, (iv) any statements of account, data or documents necessary to address a dispute with any of the Tenants.  Subsequent to Closing, to the extent reasonably requested in writing by Buyer, and to the extent in Seller’s possession or control Seller shall also deliver to Buyer any other data or documents that relate to the Property.
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e.Buyer’s Deliveries.  Buyer shall deliver to Seller at Closing:
(i)The Consideration, as prorated and delivered pursuant to this Agreement.
(ii)The Second Amendment to the Partnership Agreement reflecting issuance of the POP Units as provided for in this Agreement and the Contribution Agreements. 
(iii)The Tax Protection Agreement.
(iv)The Escrow Agreement.
(v)Information pertaining to Buyer or the Property as may be required to enable the Title Company to complete and file the eCRV.
(vi)Such further documents as Seller or the Title Company may reasonably request to carry out the provisions of this Agreement including but not limited to documentation reasonably acceptable to Seller establishing Parent’s approval of the transactions contemplated herein.
(vii)The Transition Agreement, duly executed by Buyer. 
Section 11.General Indemnification.
a.Survival.  All representations and warranties contained in this Agreement shall be true as of the Closing Date and shall survive the closing of the transactions contemplated herein, and the conveyance of the Property.  All of such representations and warranties shall be deemed to be reaffirmed as of the Closing Date unless prior to the Closing Seller delivers written notice to the contrary to Buyer which written notice must state with specificity the representation or warranty which is no longer accurate and in what manner it is no longer accurate.  The investigation by Buyer and its employees, agents and representatives of the financial, physical and other aspects of the Property shall not negate or diminish the representations and warranties contained herein.
b.Definitions.  For purposes of this Section 11, the following definitions shall apply:

    (i)    “General Representations” shall mean all representations and warranties of Seller set forth in this Agreement other than Title Representations, Undisclosed Liability Representations and Failures to Perform.

    (ii)    “Title Representations” shall mean those representations and warranties set forth in Sections 7.1(b), (d) and (s).

    (iii)    “Undisclosed Liability Representations” shall mean those representations and warranties set forth in Sections 7.1(h), (i), (j), (q), (o) and (r) and any other Pre-Contribution Liabilities as defined in Sections 11.5 and 11.6. 

    (iv)    “Failure to Perform” means a circumstance wherein Seller shall fail to perform a material obligation which is required to be performed by it pursuant to this Agreement.  If a Failure to Perform is in connection with, or causes, a financial obligation of the Property or Seller to result with respect to matters arising or occurring prior to the Closing Date, the Failure to Perform shall be considered an Undisclosed Liability Representation for purposes of this Agreement.
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    (v)    “Claims Period” shall mean the period beginning on the Closing Date and ending on (i) the date that is twelve (12) months after the Closing Date, only as to Claims which pertain to General Representations; and (ii) the date on which the applicable statute of limitation has been determined to have expired as to Title Representations and Undisclosed Liability Representations.

    (vi)    “Claim” shall mean a claim for breach of a General Representation, a Title Representation, an Undisclosed Liability Representation or a claim for Failure to Perform or a claim involving fraud or material misrepresentation.
c.Time to Assert Claims.  Buyer’s and Seller’s rights with respect to any Claim or other dispute with respect to any representation or warranty shall expire unless Buyer or Seller asserts the Claim before the expiration of the applicable Claims Period by written notice to Seller or Buyer in the manner provided in this Agreement or unless this Agreement otherwise provides such Claim is not subject to expiration.  The notice shall set forth a statement of the nature of the Claim and, if known, an estimate of the damages resulting from such Claim which were suffered (or reasonably expected to be suffered) by Buyer or Seller.
d.Limitations.  The maximum amount which may be recovered for Claims pertaining to the General Representations (the “Maximum Amount”) shall be an amount equal to $[●].3  Claims other than Claims pertaining to General Representations may be asserted without regard to the Maximum Amount and none of the limitations of this Section 11.4 shall apply to Claims pertaining to Title Representations, Claims pertaining to Undisclosed Liability Representations, Claims based on Failure to Perform, Claims involving fraud or material misrepresentation, or Claims asserted in connection with pro rations.  Notwithstanding anything in this Agreement to the contrary, none of the limitations contained in this Section 11 shall apply with respect to any claim under Section 11.6 arising from or involving fraud, criminal activity, or willful misconduct.  
e.Pre-Contribution Liabilities.  Notwithstanding anything in this Agreement to the contrary, Buyer does not and shall not assume any liability for any claims of third parties arising out of the occurrence of any event or the existence of any condition prior to the Closing Date with respect to the Property, and except with respect to the Existing Mortgage Loan indebtedness which Buyer shall assume or take subject to, all accounts payable, obligations and liabilities of Seller, accrued or unaccrued, foreseen or unforeseen, contingent or liquidated, and incurred prior to the Closing Date or arising out of events or occurrences prior to the Closing Date, including without limit, claims for personal injury or death (collectively, the “PreContribution Liabilities”) shall be the responsibility of, and paid by, Seller.  
f.Seller’s General Indemnity.  Subject to the limitations set forth above, Seller agrees to indemnify and hold harmless Buyer from and against any and all claims, penalties, damages, liabilities, actions, causes of action, costs and expenses (including reasonable attorneys’ fees and costs) arising out of, as a result of or as a consequence of: (a) the Pre-Contribution Liabilities, which include, without limitation, (i) any property damage or injuries to persons, including death, caused by any occurrence at the Property or resulting from Seller’s use, possession, operation, repair and maintenance of the Property prior to the Closing Date, (ii) any breach of any obligations under the Leases which occurred prior to the Closing Date including without limit, improper billing or improper pass through of utility or other charges, (iii) any breach of Seller’s obligations under the Service Contracts which occurred prior to the Closing Date or obligations arising as a result of any cost incurred for terminating the Service Contracts at Buyer’s direction given prior to Closing, (iv) the failure to pay transfer taxes or other fees if the same are 

3 Buyer NTD:  Amount to equal the agreed upon 5% cap for each the specific deal.  
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determined to be due, (v) the termination of the employees of Seller or the Agent prior to or after the Closing, (vi) clean-up costs and future response costs incurred by Buyer under the Environmental Laws as a result of a determination by a court or governmental authority having jurisdiction for events or occurrences prior to the Closing Date, and (vii) all costs and expenses required to be paid by Seller under Sections 4.2, 4.3, 4.4 or 10.3, or as otherwise required under this Agreement; (b) any breach by Seller of any of its representations, warranties, covenants, agreements, or obligations set forth herein or in any other document or instrument delivered by Seller or its affiliates in connection with the consummation of the transactions contemplated by this Agreement; and (c) any failure of Seller to obtain the consents and approvals described in Section 7.3 hereof.  For the avoidance of doubt (i) such a breach includes any inaccuracy in or breach of the representations or warranties contained in Section 7.1, and (ii) the costs recoverable by Buyer shall include, without limitation, out of pocket due diligence, financing and other transaction costs incurred by Buyer.  Seller shall have no indemnification obligation with respect to any claim or damage caused by Buyer or its agents during Buyer’s due diligence review of the Property and its operations prior to the Closing Date.  Any amounts payable to Buyer under this Section 11.6 shall be satisfied as follows: (A) first, from and to the extent of the Escrow Fund, if any; and (B) second, from Seller Principal Guaranty, to the extent of amounts available thereunder. 
g.Buyer’s General Indemnity.  Subject to the express provisions of this Agreement, from and after the Closing Date, Buyer agrees to indemnify, defend and hold harmless Seller from and against any and all claims, penalties, damages, liabilities, actions, causes of action, costs and expenses (including reasonable attorneys’ fees and costs), arising out of, as a result of or as a consequence of: (a) any breach of the lessor’s obligations under the Leases which occurs after the Closing Date; (b) any breach of Buyer’s obligations under the Service Contracts which Buyer has not directed be terminated and which may occur subsequent to the Closing Date; (c) any property damage or injuries to persons, including death, caused by (i) the negligence or willful misconduct of Buyer or its agents during their respective due diligence review of the Property, or (ii) the occurrence of any event at the Property after the Closing Date or in connection with the Buyer’s use, possession, operation, repair and maintenance of the Property after the Closing Date; (d) any breach by Buyer or its affiliates of any of its representations, warranties, or obligations set forth herein or in any other document or instrument delivered by the Buyer in connection with the consummation of the transactions contemplated by this Agreement; (e) any failure by Buyer to pay costs and expenses required to be paid by Buyer under Sections 4.2 or 10.2, or as otherwise required under this Agreement; (f) any liability for any claims arising out of the occurrence of any event or any condition occurring on or after the Closing Date with respect to the Property (specifically excluding matters of a continuing nature which exist on the Closing Date and existed prior to such date as well); provided, however, nothing herein shall constitute an indemnity as to environmental matters except as to environmental liability arising out of the acts or omissions of Buyer, its agents, employees, and contractors; (g) all accounts payable, obligations and liabilities relating to the Property incurred on or after the Closing Date or arising out of events or occurrences occurring on or after the Closing Date.  For the avoidance of doubt, the availability of remedies provided by this Section 11.7 shall not preclude the Seller from making a claim against Buyer under SEC Rule 10b-5 to the extent such a claim is otherwise available to it.
Section 12.Operations Pending Closing.  Seller, at its expense, shall operate the Property until the Closing Date or until the termination of this Agreement, whichever is earlier, in accordance with past practices.  Seller shall not, without the prior written consent of Buyer (which consent shall not unreasonably be withheld):
(i)enter into any new lease or renew any existing Lease for a term of more than one year;
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(ii)provide any rent concessions for any new lease (or extension of an existing Lease);
(iii)sell, mortgage, pledge, hypothecate or otherwise transfer or dispose of all or any part of the Property, or incur any liabilities other than in the ordinary course of operating and managing the Property, except for such liabilities as will be discharged on or before Closing;
(iv)transfer or remove any Personal Property or fixtures from the Property subsequent to the Contract Date, except for purposes of replacement thereof in the ordinary course of business, in which case such replacements shall be installed prior to Closing at Seller’s sole cost and expense and shall be reasonably comparable in quantity and quality to the item(s) being replaced;
(v)apply any security deposits on account of a default of a Tenant unless such Tenant has vacated the Property or will not be a resident of the Property on the Closing Date;
(vi)modify or amend any Service Contract or any other agreement relating to the Property that would survive the Closing; or
(vii)other than in the ordinary course of business consistent with past practice, initiate any summary or other eviction proceeding or action against any Tenant.

Seller agrees, through and including the Closing Date and at Seller’s sole cost and expense, to:
1.keep all apartment units that have been vacant for at least five (5) days prior to Closing in “rent ready” condition (i.e. thoroughly clean; all appliances, lights, doors, sliding doors, windows, locks, and mechanical systems in good working order; all carpet and other flooring clean and in good condition); all walls clean and in good condition;
2.use commercially reasonable efforts to lease any vacant apartment units at the highest rents possible and as soon as possible after such units become vacant;
3.by the twentieth (20th) day of each calendar month, commencing with the month following the Contract Date (and on the third business day prior to Closing) provide to Buyer an updated rent roll for the immediately preceding calendar month, certified by Seller to be true, accurate and complete in all material respects;
4.keep all existing insurance policies affecting the Property or any portion thereof in full force and effect;
5.use commercially reasonable efforts to keep in full force and effect and/or to renew all licenses and permits, if any, pertaining to Seller’s ownership or operation of the Property or any portion thereof;
6.give Buyer written notice of any citation or other notice that Seller may receive subsequent to the Contract Date and prior to the Closing Date from any governmental authority that alleges any violation of any law, ordinance, code rule, regulation or order regulating the Property or the use thereof, and cure the matter raised by such notice prior to Closing;
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7.use commercially reasonable efforts to continue to provide all services currently provided by Seller with respect to the Property or any portion thereof, and to continue to operate, manage and maintain the Property in substantially the same manner as Seller currently operate, manage, repair, replace and maintain the Property.
Section 13.Default and Remedies.
a.Seller’s Default.  Should Seller breach any of Seller’s covenants, representations, or warranties contained in this Agreement, or should Seller otherwise default under this Agreement, then Buyer may, upon thirty (30) days written notice to Seller, and provided such breach or failure is not cured within such thirty (30)-day period:
8.if such breach or default is discovered by Buyer prior to Closing and is Material (as that term is defined below), then Buyer may terminate this Agreement, without further liability on Buyer’s part and without limitation of any other rights of Buyer pursuant to this Agreement, and, in such event, Buyer shall receive refund of the Earnest Money and shall have no further liability hereunder; and/or
9.if such breach or default is discovered by Buyer prior to Closing, then Buyer may enforce specific performance of this Agreement, provided such action is commenced within one hundred and eighty (180) days after the date of Buyer’s written notice to Seller pursuant to this Section; and/or
10.subject to the provisions of Article 11 hereof, Buyer may seek damages from Seller on account of any such default.
A breach or default shall be considered “Material” for purposes of Section 13.1(a) if such breach or default would in the reasonable opinion of Buyer (i) subject or could reasonably be expected to subject Buyer to any claim, loss or other liability in an amount in excess of $150,000, or (ii) give rise to or reasonably be expected to give rise to any violation of law or regulation. The immediately preceding sentence shall apply only to the remedies available to Buyer under Section 13.1(a), and shall not apply to the availability of any other right or remedy of Buyer under this Agreement, or to the construction or interpretation of any other provision hereof.  
b.Buyer’s Default.  Should Buyer, after the Inspection Date and prior to Closing, default in respect to any of its covenants, representations, or warranties contained in this Agreement, and if Seller is not in material default hereunder, Seller may terminate this Agreement upon thirty (30) days prior written notice, provided such breach or failure is not cured within such thirty (30) day period, and otherwise in accordance with Minn. Stat. Section 559.21 Subd. 2a without further liability on Seller’s part, in which event Seller shall receive the Earnest Money as liquidated damages, and such right of termination and receipt of the Earnest Money shall be Seller’s sole remedy hereunder.
c.Attorney’s Fees to Prevailing Party.  In the event of any litigation between the parties hereto under any of the provisions of this Agreement, the non-prevailing party to such litigation agrees to pay to the prevailing party all costs and expenses, including reasonable attorney’s fees, incurred by the prevailing party in such litigation.  The parties agree that the Judge presiding over the litigation shall determine whether a party is a “prevailing party,” and shall determine the reasonable amount of attorney’s fees and costs recoverable.  The parties agree that the amount of attorney’s fees and costs which may be awarded must bear a reasonable relationship to, and must be limited by the Judge to a reasonable amount in view of, the amount recovered by the prevailing party in such matter. 
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Section 14.Condemnation.  If, between the Contract Date and the Closing Date, any condemnation or eminent domain proceedings are initiated or threatened that might result in the taking of any part of the Improvements or the Land or access to the Land from adjacent roadways, Buyer, at its sole discretion, may elect to terminate this Agreement without cost, obligation, or liability on the part of Buyer, in which event Buyer shall receive refund of the Earnest Money, and upon such refund, neither party shall have any further obligation to the other except as to provisions herein which expressly survive termination.  If this Agreement is not terminated, Seller shall assign to Buyer all of Seller’s right, title, and interest in and to any award pertaining to the Property made in connection with such condemnation or eminent domain proceedings.  Buyer shall notify Seller within fifteen (15) calendar days after its receipt of written notice from Seller of such condemnation or eminent domain proceeding, whether it elects to exercise its right to terminate.  If Buyer fails to notify Seller of its election within said fifteen (15)-day period, such failure shall constitute an election to terminate this Agreement as aforesaid.  The Closing Date shall be adjusted, if necessary, to allow for such election.
Section 15.Damage or Destruction.  Seller shall bear all risk of loss to the Property until the Closing Date.  If, between the Contract Date and the Closing Date, all or any portion of the Property is damaged or destroyed by fire or other casualty and the cost to repair and restore the Property is more than $500,000.00, Buyer, at its sole option, may elect to terminate this Agreement without cost, obligation, or liability on Buyer’s part, in which event Buyer shall receive refund of the Earnest Money and upon such refund, all rights and obligations of the parties hereunder shall cease, except as to those provisions herein which expressly survive termination.  If either this Agreement is not terminable in accordance with the foregoing, or is terminable but is not terminated, Seller shall, upon Closing, assign to Buyer all of Seller’s right, title, and interest in and to any insurance proceeds, including, without limitation, rent loss insurance proceeds, if any, except for proceeds for rent losses prior to Closing, payable as a result of such damage or destruction plus Seller shall pay to Buyer the amount of any deductible losses under such insurance policies and at Closing shall have no further repair or restoration obligations.  Seller shall fully advise Buyer regarding the insurance policies covering such damage or destruction and the probable amount of any insurance proceeds payable as a result of such damage or destruction.  Buyer shall notify Seller within fifteen (15) calendar days after receipt of written notice from Seller of such damage or destruction of its election.  If Buyer fails to notify Seller of its election within said fifteen (15)-day period, such failure shall constitute an election to terminate this Agreement as aforesaid.  The Closing Date shall be adjusted, if necessary, to allow for such election.
Section 16.Notices.  All notices, requests, demands, claims, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (a) at the time of delivery if physically delivered, (b) at the time of transmission if transmitted by facsimile transmission or email, provided that such transmission is confirmed by prompt delivery made pursuant to subsections (a), (c) or (d) of this Section 16, (c) three days after having been deposited in the United States Mail, as certified or registered mail (with return receipt requested and with first class postage pre-paid), or (d) one business day after having been transmitted to a third party providing delivery services in the ordinary course of business which guarantees delivery on the next business day after such transmittal (e.g., via Federal Express), all of which notices or other communications shall be sent to the recipient at the following address or such other address as such party may hereafter specify by like notice to the other parties hereto:

SELLER:        [●]
c/o KMS Management, Inc.
5831 Cedar Lake Road
St. Louis Park, MN 55416
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Telephone: (952) 593-9930, ext 1
Email: cheffie1@aol.com
    
        with a copy (which
             shall not constitute 
notice) to:        Winthrop & Weinstine, P.A.
                    Attn: Philip T. Colton, Esq.
                    225 South Sixth Street, Suite 3500
                    Minneapolis, MN 55402
Telephone: (612) 604-6729 
                    Email:  pcolton@winthrop.com 

BUYER:        Centerspace, LP 
Attn: General Counsel
800 LaSalle Avenue, Suite 1600
Minneapolis, MN  55402
Telephone: (952) 401-4811
Email: aolson@centerspace.com

with a copy (which 
shall not constitute 
notice) to:        Taft Stettinius & Hollister LLP
                    Attn: Steven J. Ryan, Esq.
                    2200 IDS Center
                    80 South Eighth Street
                    Minneapolis, MN  55402
                    Email: sryan@taftlaw.com 

CLOSING AGENT:    First American Title Insurance Company
Attn: Kristi Broderick
121 South 8th Street, Suite 1250
Minneapolis, MN 55402
Telephone: (612) 305-2000
Email: kbroderick@firstam.com
Section 17.Miscellaneous.
a.Governing Law; Headings; Rules of Construction.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Minnesota, without reference to the conflicts of laws or choice of law provisions thereof.  The titles of sections and subsections herein have been inserted as a matter of convenience of reference only and shall not control or affect the meaning or construction of any of the terms or provisions herein.  All references herein to the singular shall include the plural, and vice versa.  The parties agree that this Agreement is the result of negotiation by the parties, each of whom was represented by counsel, and thus, this Agreement shall not be construed against the maker thereof.
b.Assignment.  Neither Buyer nor Seller shall assign any of their rights or obligations hereunder without the prior written consent of the other parties; provided, however, without the prior written consent of Seller, Buyer may assign all or a portion of its rights hereunder to one or more entities 
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(i) in which Buyer has a direct or indirect ownership interest of at least fifty-one percent (51%), (ii) that, for federal and all applicable state income tax purposes, are either taxed as a partnership or treated as disregarded entities with respect to which Buyer is treated as the taxpayer for such purposes, (iii) that, if taxed as a partnership, would not be treated as an investment company (within the meaning of Section 351 of the Code) if such entity were incorporated, and (iv) from which the same ability to convert the POP Units into Common Units and, in turn, Common Units into Shares exists as exists under the Partnership Agreement.  Buyer may also, without the prior written consent of Seller, elect to enter into the transaction as part of a simultaneous, deferred or reverse tax-deferred exchange under Section 1031 of the Code, pursuant to an exchange agreement or similar agreement to be entered into by and between Buyer and another qualified party (“1031 Agent”) as contemplated by the Code.  Seller agrees to reasonably cooperate with Buyer and to execute any documents (which may include an acknowledgement of an assignment of Buyer’s rights, but not its obligations, under this Agreement) that are reasonably required by Buyer, the 1031 Agent, or the Code in order to complete the purchase of the Property as part of an exchange that qualifies for non-recognition of gain under Section 1031 of the Code.  Seller shall not incur any additional liability or financial obligation as a consequence of Buyer’s possible exchange, including with respect to the 721 Exchange, and Buyer agrees to indemnify and hold Seller harmless from any liability that may arise from Seller’s participation therein, including with the 721 Exchange.  If Seller elects to receive an Election Amount and desires to complete a possible tax deferred exchange with respect to such Election Amount, Buyer agrees to reasonably cooperate with Seller for the purpose of a possible tax deferred exchange by Seller pursuant to Section 1031 of the Code.  Buyer shall not incur any additional liability or financial obligation as a consequence of Seller’s possible exchange, and Seller agrees to indemnify and hold Buyer harmless from any liability that may arise from Buyer’s participation therein.  Subject to Sections 18.1 and 18.9, nothing set forth herein shall be deemed to limit assignment by Seller of the Consideration.  Except as provided in the Partnership Agreement and the organizational documents of Parent, the consent of the Buyer or its general partner shall not be required for a Transfer (as such term is defined in the Partnership Agreement) by Seller or its assignees of the Consideration, including POP Units, Common Units or Shares. If Seller desires to pledge POP Units, Common Units or Shares, Buyer and Parent agree to provide such assistance and cooperation in connection with such pledge as Seller may reasonably request, including using commercially reasonable efforts to negotiate and enter into a consent and control agreement or similar agreement with a lender on customary terms consistent with Buyer’s and Parent’s past practice, provided that any such pledge shall comply with the applicable requirements of the Partnership Agreement and the organizational documents of Parent.
Buyer expressly acknowledges and agrees that Seller may immediately distribute the POP Units to its partners or members.
c.Brokers.  Buyer and Seller each warrant and represent to the other that such representing and warranting party has not employed or made any commitment to a broker or agent (including without limitation any real estate or securities broker, agent, dealer, or salesperson) in connection with the transaction contemplated hereby, except for Seller’s Broker who acted as the deal broker in this transaction. Each party agrees to indemnify and hold the other harmless from any loss or cost suffered or incurred by it as a result of the indemnifying parties’ representation herein being untrue.  Except as expressly set forth in the agreement between Buyer and Seller’s Broker pursuant to which Buyer agreed to pay Seller’s Broker’s commission with respect to this transaction, Seller shall be responsible for the payment of any resulting fee or expenses relating to Seller’s Broker, if any.
d.Time of the Essence; Possession.  Time shall be of the essence of this Agreement and each and every term and condition hereof.  Seller shall give possession of the Property to Buyer at Closing subject only to the Permitted Exceptions and the rights of Tenants under the Leases.
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e.No Waiver.  Neither the failure of either party to exercise any power given such party hereunder or to insist upon strict compliance by the other party with its obligations hereunder, nor any custom or practice of the parties at variance with the terms hereof shall constitute a waiver of either party’s right to demand exact compliance with the terms hereof, except the Closing of this Agreement shall constitute waiver of all conditions to Closing except to the extent otherwise agreed in writing at Closing.
f.Entire Agreement.  This Agreement and the Schedules and the agreements, instruments and other documents attached hereto as Exhibits, including the Deed, the Escrow Agreement, the Seller Principal Guaranty, the Tax Protection Agreement, Bill of Sale and Assignment and Assumption Agreement, and the Second Amendment to the Amended and Restated Agreement of Limited Partnership of Centerspace, LP, a North Dakota Limited Partnership contain the entire agreement of the parties hereto with respect to the Property, and no representations, inducements, promises or agreements, oral or otherwise, between the parties not embodied herein or incorporated herein by reference shall be of any force or effect. 
g.Binding Effect.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns.
h.Amendments.  No amendment to this Agreement shall be binding on any of the parties hereof unless such amendment is in writing and is executed by the party against whom enforcement of such amendment is sought.
i.Date for Performance.  If the time period by which any right, option or election provided under this Agreement must be exercised, or by which any act required hereunder must be performed, or by which the Closing must be held, expires on a Saturday, Sunday or legal or bank holiday, then such time period shall be automatically extended through the close of business on the next regular business day.
j.Severability.  This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations, and is intended, and shall for all purposes be deemed to be, a single, integrated document setting forth all of the agreements and understandings of the parties hereto, and superseding all prior negotiations, understandings and agreements of such parties.  If any term or provision of this Agreement or the application thereof to any person or circumstance shall for any reason and to any extent be held to be invalid or unenforceable, then such term or provision shall be ignored, and to the maximum extent possible, this Agreement shall continue in full force and effect, but without giving effect to such term or provision.
k.Survival.  Except as otherwise expressly provided herein, neither this Agreement nor any provision contained herein shall be cancelled or merged with any deed or other instrument on, as of, at or by reason of the Closing, and the covenants and obligations of the parties shall survive the Closing.
l.Further Assurances.  After the Closing, Buyer and Seller shall execute, acknowledge, and deliver, or cause to be executed, acknowledged, and delivered, such instruments and take such other actions as may be reasonably necessary or advisable to carry out their respective obligations under this Agreement and under any Exhibit, document, certificate, or other instrument delivered pursuant thereto.
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m.Schedules and Exhibits.  Attached hereto and forming an integral part of this Agreement are multiple schedules and exhibits, all of which are hereby incorporated into this Agreement as fully as if the contents thereof were set out in full herein at each point of reference thereto.
n.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  A signed copy of this Agreement delivered by e-mail or other electronic means shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
Section 18.Additional Provisions Regarding Units and Shares.
a.Seller recognizes that the issuance of the POP Units is intended to be exempt from registration under the Act, and that the Buyer is relying on such recognition in issuing the POP Units to Seller.  In furtherance thereof, Seller represents and warrants to Buyer that:
11.Seller is acquiring the POP Units solely for its own account for the purpose of investment and not with a view to, or for offer or sale in connection with, any distribution thereof;
12.Seller has such knowledge and experience in financial and business matters so as to be fully capable of evaluating the merits and risks of an investment in the POP Units;
13.Seller recognizes that it is not permitted to offer, transfer, sell, assign or otherwise dispose of (“Transfer”) any of the POP Units, except as expressly provided in the Partnership Agreement;
14.Seller has received and reviewed the Partnership Agreement and such other documents, if any, that it has requested from Buyer (collectively, if any, the “Additional Documents”), and understands the contents thereof;
15.Seller is familiar with the business and prospects of the Buyer and has been given the opportunity to obtain such additional information or documents and to ask such questions and receive answers about such information, the Buyer and Parent, and the business and prospects of the Buyer and Parent, that Seller deems necessary to evaluate the merits and risks related to Seller’s investment in the POP Units; and
16.As of both the Contract Date and the Closing Date, Seller is and will be an Accredited Investor.
b.Seller represents and warrants to Buyer that Seller has consulted its own financial, legal and tax advisors with respect to the economic, legal and tax consequences of this transaction and delivery, ownership and conversion of the POP Units, Common Units and Shares, and that Seller has not relied on the Additional Documents, Buyer, Parent or any of the officers, directors, affiliates or professional advisors of Buyer or Parent for advice as to such consequences.
c.Seller acknowledges that Buyer’s limited partners share in the income that Buyer derives from each state in which Buyer owns property, and that Seller may therefore be obligated to file Tax returns and/or pay Taxes in each such state.  Seller agrees to: (a) timely file state Tax returns for Seller in each state in which the filing of such a return is necessary; (b) timely pay all Taxes imposed by any such state on Seller; and (c) consent to the personal jurisdiction of each such state for purposes of determining and collecting any applicable state Taxes (including any resulting interest, penalties and fees). 
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d.Seller hereby authorizes Buyer to withhold from or pay to any taxing authority on behalf of Seller any Tax that Buyer’s general partner determines that Buyer is required to withhold or pay with respect to any amount distributable or allocable to Seller in Seller’s capacity as a limited partner under the Partnership Agreement or payable to Seller under this Agreement.  Any amount paid on behalf of Seller to any taxing authority shall be treated as either, as applicable, a distribution and shall be set off against the subsequent required distributions due Seller under the Partnership Agreement, dollar for dollar, or a payment to Seller under this Agreement and shall be set off against the Consideration (first against the Election Amount) due to Seller under this Agreement, dollar for dollar.  To the extent the Buyer’s general partner reasonably determines that such set-off will not adequately reimburse the Buyer (a “Deficiency”), Buyer shall provide notice of such Deficiency to Seller.  If Seller does not provide additional capital equal to such Deficiency within thirty (30) days of receiving such notice, then the Deficiency shall be treated as a loan from Buyer to Seller, which loan shall bear interest at the “prime rate” as published from time to time in The Wall Street Journal plus two (2) percentage points, and shall be repaid within fifteen (15) business days after request for repayment from Buyer.  For the avoidance of doubt, with respect to any Deficiency, any amount of additional capital provided by Seller or that is treated as a loan shall not be treated as either, as applicable, a distribution and shall not be set off against any subsequent distributions, or a payment and shall not be set off against the Consideration, pursuant to the second sentence of this Section 18.4.
e.Buyer acknowledges that, to the extent permitted by applicable tax law, Seller intends to treat the transfer of the Property in exchange for POP Units (the “721 Exchange”) as a partnership contribution pursuant to Section 721 of the Code, and Buyer agrees to cooperate in all reasonable respects with Seller to effectuate such 721 Exchange; provided, however, that Seller acknowledges, covenants, and agrees that:
17.The Closing shall not be extended or delayed by reason of such 721 Exchange, unless Buyer has breached its material obligations to Seller under this Agreement;
18.Buyer shall not be required to incur any additional cost or expense as a result of the 721 Exchange.  Seller shall, on demand, reimburse Buyer for any additional cost or expense (including, but not limited to, reasonable attorneys’ fees) incurred by Buyer as a result of any audit or tax litigation to which Seller is a party as a sole and direct result of such 721 Exchange or which is otherwise solely and directly attributable to the 721 Exchange;
19.Subject to Buyer’s performance and fulfillment of the express covenants and conditions contained in this Agreement, and except for the express obligations and liabilities of Buyer under this Agreement and the Tax Protection Agreement, Buyer and Parent shall incur no personal liability under any document or agreement required in connection with the 721 Exchange, and, except as expressly provided for in this Agreement and in the Tax Protection Agreement, Buyer and Parent shall not be required to execute any such document or agreement that does not expressly exculpate and release Buyer and Parent (including the successors, assigns, affiliates, officers, employees, agents and representatives of each) from any liability or obligation arising out of, or in connection with, the 721 Exchange; 
20.Subject to Buyer’s performance and fulfillment of the express covenants and conditions contained in this Agreement and the Tax Protection Agreement, Buyer does not warrant, and shall not be responsible for, the tax or legal consequences to Seller of the transactions contemplated by this Agreement or the Tax Protection Agreement or any actions the 
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Seller may have taken prior to and/or in anticipation of the transactions contemplated by this Agreement or the Tax Protection Agreement; and 
(e)    If the Consideration paid to Seller under this Agreement at the Closing includes cash in respect of an Election Amount, then the transfer of Property to the Buyer at the Closing shall be treated by the parties hereto for federal income tax (and, as applicable, state and local tax purposes) as a part sale and part contribution transaction under the principles of Section 1001 of the Code and the Treasury Regulations thereunder, with all calculations and other determinations related thereto being made by both Seller and Buyer in cooperation with each other.  Such calculations and determinations shall be binding on the parties hereto.  The parties hereto shall file all tax returns consistent with such calculations and determinations.
f.Seller acknowledges that it has been advised that: (a) the POP Units and any Common Units into which the POP Units and may be converted are "restricted securities" under applicable federal securities laws and that the Act and the rules of the U.S. Securities and Exchange Commission provide in substance that the Seller may dispose of such securities only pursuant to an effective registration statement under the Act or an exemption therefrom, and that the Buyer and Parent have no obligation or intention to register any of such securities, or to take action so as to permit sales pursuant to the Act (including Rule 144 thereunder), but will not unreasonably withhold its consent to any private resale of the POP Units, Common Units or Shares provided that such private resale is made in accordance with the terms of any governing documents and in compliance with all applicable securities laws and regulations and Seller pays or reimburses all reasonable out-of-pocket costs and expenses incurred by Buyer or Parent in connection with its evaluation of such consent; (b) accordingly, Seller will bear the economic risk of the investment in the POP Units or Common Units for an indefinite period of time; (c) it is not anticipated that there will be any public market for the POP Units or Common Units at any time; (d) Rule 144 promulgated under the Act (“Rule 144”) may not be available with respect to the sale of any securities of Buyer or Parent (and that upon conversion of the POP Units into Common Units and the conversion of Common Units into Shares, a new holding period under Rule 144 may commence); (e) a restrictive legend as set forth in Section 18.7 below shall be placed on the certificates representing the POP Units and Common Units; (f) any conversion of the POP Units for Common Units and any conversion of the Common Units for Shares is subject to certain restrictions contained in this Agreement and in the Partnership Agreement; and (g) any Shares that may be received upon such a conversion of Common Units, will be on a one-for-one basis subject to anti-dilution provisions and under certain circumstances, may be restricted securities, in which case they will be subject to substantially the same limitations as to Transfer and other restrictions, including the imposition of a restrictive legend, as set forth in this Section 18.6.
g.Seller acknowledges and agrees that each Certificate representing the POP Units and Common Units shall bear a legend in substantially the following form:

“THE UNITS OF PARTNERSHIP INTEREST REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933 OR THE SECURITIES LAW OF ANY STATE.  THESE UNITS MAY NOT BE SOLD OR OFFERED FOR SALE UNLESS THEY HAVE FIRST BEEN SO REGISTERED OR UNLESS THE PARTNERSHIP HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE GENERAL PARTNER OF THE PARTNERSHIP THAT SUCH REGISTRATIONS ARE NOT REQUIRED.  THE UNITS REPRESENTED BY THIS CERTIFICATE ARE HELD 
35

SUBJECT TO, AND CANNOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH, THE PROVISIONS OF THE AGREEMENT OF LIMITED PARTNERSHIP OF CENTERSPACE, LP, AS AMENDED OR RESTATED AND THE TERMS OF THE WRITTEN PARTNERSHIP CONTRIBUTION AGREEMENT UNDER WHICH THE HOLDER OF THIS CERTIFICATE DIRECTLY OR INDIRECTLY ACQUIRED THE UNITS REPRESENTED BY THIS CERTIFICATE.”
h.Notwithstanding anything in this Agreement or in the Partnership Agreement to the contrary, Seller acknowledges and agrees that it may not, until the end of such period as is provided in the Partnership Agreement, convert the POP Units into Common Units or convert the Common Units into Shares pursuant to the terms of the Partnership Agreement.  Any conversion request concerning the POP Units or Common Units must be directed in writing to Buyer at least thirty (30) days before the anticipated conversion date, may not be directed to Buyer during the last thirty (30) days of a fiscal quarter, must specify an anticipated conversion date that is the last business day of a calendar month, and must comply with all of the provisions of the Partnership Agreement.
i.Seller acknowledges and agrees that, upon receipt of prior written notice, it may not effect any Transfer of Shares, including a sale under Rule 144 under the Act, during the ten (10) days prior to, and during the ninety (90) day period beginning on, the effective date of a registration statement filed in connection with an equity offering by Parent, if and to the extent requested in writing by Parent, in the case of a non-underwritten public offering, or if and to the extent requested in writing by the managing underwriter or underwriters administering such offering, in the case of an underwritten offering.  Nothing in this Section will be read to limit the ability of Seller to convert the Units to Shares in accordance with this Agreement and the Partnership Agreement. 
j.Within ten (10) days after a request by Buyer (whether before or after the Closing Date), Seller shall provide Buyer with information required to (a) compute the beginning tax basis and tax capital accounts of each entity or person receiving POP Units under this Agreement, and (b) schedules detailing the allocation of “built-in-gain” under Section 704(c) of the Code for each property contributed and each entity or person receiving POP Units pursuant to this Agreement.
k.Seller acknowledges and agrees that the first quarterly distribution payable after the Closing Date with respect to the POP Units shall be prorated based on the number of days in the calendar quarter that Seller owned the POP Units.  For purposes of this section, Seller shall be deemed to own the POP Units as of the actual Closing Date.  In the event that the Closing Date is after the applicable record date for the quarterly distribution, but before the first day of the next calendar quarter, then Seller shall not receive any portion of the quarterly distribution for the calendar quarter in which Closing occurs.
l.Notwithstanding anything to the contrary in this Agreement, the representations, warranties and agreements of Seller in this Section 18 shall survive the Closing and shall only terminate at the later of such time as (a) Seller is no longer a limited partner under the Partnership Agreement or (b) all amounts owed to Buyer under this Section 18 have been paid or recovered by Buyer.

[SIGNATURE PAGE FOLLOWS]

36

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and sealed by its duly authorized signatory, effective as of the Contract Date.

Buyer:

CENTERSPACE, LP,
a North Dakota limited partnership

By: CENTERSPACE, INC., a North Dakota corporation, its general partner 

By:                        
Name:                        
Title:                        

    and

By:                        
Name:                        
Title:                        

Seller:

[●], 
[a/an] [●] [●]

By:                        
Name:                        
Title:                        

4812-3631-3814\12

Exhibit A

Summary Terms of POP Units

38

Exhibit B

FORM OF ACCREDITED INVESTOR CERTIFICATE

Please see attached.

39

Exhibit C

FORM OF DUE DILIGENCE CERTIFICATION

40

Exhibit D

FORM OF BILL OF SALE

41

Exhibit E

FORM OF GENERAL ASSIGNMENT AND ASSUMPTION AGREEMENT

42

Schedules

43

Exhibit F

FORM OF FIRPTA CERTIFICATE

Dated: ______________, 2021

44

Exhibit G

FORM OF LIMITED WARRANTY DEED

45

Exhibit A to Limited Warranty Deed

Legal Description of Property

46

Exhibit B to Limited Warranty Deed

Permitted Exceptions

47

Exhibit H

FORM OF TAX PROTECTION AGREEMENT 

48

Exhibit I

FORM OF EARNEST MONEY ESCROW AGREEMENT

Exhibit J

FORM OF SELLER PRINCIPAL GUARANTY

50

Exhibit K

FORM OF ESCROW AGREEMENT

51

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