Document:

EX-10.4

 Exhibit 10.4 

REAL GOOD FOODS, LLC 

LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of November 4, 2021 

THE UNITS ISSUED PURSUANT TO THIS LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM. 

CERTAIN UNITS MAY ALSO BE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH HEREIN AND/OR IN A SEPARATE AGREEMENT WITH THE INITIAL
HOLDER OF SUCH UNITS. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER OF SUCH UNITS UPON WRITTEN REQUEST TO THE COMPANY AND WITHOUT CHARGE. 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	DEFINITIONS	  	 	1	 
			
	 ARTICLE II
	  	ORGANIZATIONAL MATTERS	  	 	8	 
	 Section 2.1
	  	Formation of LLC	  	 	8	 
	 Section 2.2
	  	Limited Liability Company Agreement	  	 	8	 
	 Section 2.3
	  	Name	  	 	8	 
	 Section 2.4
	  	Purpose	  	 	8	 
	 Section 2.5
	  	Principal Office; Registered Office	  	 	9	 
	 Section 2.6
	  	Term	  	 	9	 
	 Section 2.7
	  	No State-Law Partnership	  	 	9	 
			
	 ARTICLE III
	  	UNITS, CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	 	9	 
	 Section 3.1
	  	Units; Capitalization	  	 	9	 
	 Section 3.2
	  	Authorization and Issuance of Additional Units	  	 	10	 
	 Section 3.3
	  	Repurchase or Redemption of Class A Common Stock	  	 	13	 
	 Section 3.4
	  	Changes in Common Stock	  	 	13	 
	 Section 3.5
	  	Capital Accounts	  	 	14	 
	 Section 3.6
	  	Negative Capital Accounts; No Interest Regarding Positive Capital Accounts	  	 	15	 
	 Section 3.7
	  	No Withdrawal	  	 	15	 
	 Section 3.8
	  	Loans From Unitholders	  	 	15	 
	 Section 3.9
	  	Adjustments to Capital Accounts for Distributions In-Kind	  	 	15	 
	 Section 3.10
	  	Transfer of Capital Accounts	  	 	15	 
	 Section 3.11
	  	Adjustments to Book Value	  	 	15	 
	 Section 3.12
	  	Compliance With Section 1.704-1(b)	  	 	16	 
			
	 ARTICLE IV
	  	DISTRIBUTIONS AND ALLOCATIONS	  	 	16	 
	 Section 4.1
	  	Distributions	  	 	16	 
	 Section 4.2
	  	Allocations	  	 	17	 
	 Section 4.3
	  	Special Allocations	  	 	18	 
	 Section 4.4
	  	Offsetting Allocations	  	 	19	 
	 Section 4.5
	  	Tax Allocations	  	 	19	 
	 Section 4.6
	  	Indemnification and Reimbursement for Payments on Behalf of a Unitholder	  	 	20	 
			
	 ARTICLE V
	  	MANAGEMENT AND CONTROL OF BUSINESS	  	 	21	 
	 Section 5.1
	  	Management	  	 	21	 
	 Section 5.2
	  	Investment Company Act	  	 	21	 
	 Section 5.3
	  	Officers	  	 	22	 
	 Section 5.4
	  	Fiduciary Duties	  	 	23	 
			
	 ARTICLE VI
	  	EXCULPATION AND INDEMNIFICATION	  	 	24	 
	 Section 6.1
	  	Exculpation	  	 	24	 
	 Section 6.2
	  	Indemnification	  	 	24	 
	 Section 6.3
	  	Expenses	  	 	25	 
	 Section 6.4
	  	Non-Exclusivity; Savings Clause	  	 	25	 
	 Section 6.5
	  	Insurance	  	 	25	 

  
 i 

							
	 ARTICLE VII
	  	ACCOUNTING AND RECORDS; TAX MATTERS	  	 	26	 
	 Section 7.1
	  	Accounting and Records	  	 	26	 
	 Section 7.2
	  	Preparation of Tax Returns	  	 	26	 
	 Section 7.3
	  	Tax Elections	  	 	26	 
	 Section 7.4
	  	Tax Controversies	  	 	26	 
	 Section 7.5
	  	Code § 83 Safe Harbor Election	  	 	27	 
			
	 ARTICLE VIII
	  	TRANSFER OF UNITS; ADMISSION OF NEW MEMBERS	  	 	28	 
	 Section 8.1
	  	Transfer of Units	  	 	28	 
	 Section 8.2
	  	Recognition of Transfer; Substituted and Additional Members	  	 	29	 
	 Section 8.3
	  	Expense of Transfer; Indemnification	  	 	30	 
	 Section 8.4
	  	Exchange Agreement	  	 	30	 
	 Section 8.5
	  	Change of Control Transactions	  	 	31	 
			
	 ARTICLE IX
	  	WITHDRAWAL AND RESIGNATION OF UNITHOLDERS	  	 	31	 
	 Section 9.1
	  	Withdrawal and Resignation of Unitholders	  	 	31	 
			
	 ARTICLE X
	  	DISSOLUTION AND LIQUIDATION	  	 	31	 
	 Section 10.1
	  	Dissolution	  	 	31	 
	 Section 10.2
	  	Liquidation and Termination	  	 	31	 
	 Section 10.3
	  	Securityholders Agreement	  	 	32	 
	 Section 10.4
	  	Cancellation of Certificate	  	 	32	 
	 Section 10.5
	  	Reasonable Time for Winding Up	  	 	33	 
	 Section 10.6
	  	Return of Capital	  	 	33	 
	 Section 10.7
	  	Hart-Scott-Rodino	  	 	33	 
			
	 ARTICLE XI
	  	GENERAL PROVISIONS	  	 	33	 
	 Section 11.1
	  	Power of Attorney	  	 	33	 
	 Section 11.2
	  	Amendments	  	 	33	 
	 Section 11.3
	  	Title to the Company Assets	  	 	34	 
	 Section 11.4
	  	Remedies	  	 	34	 
	 Section 11.5
	  	Successors and Assigns	  	 	34	 
	 Section 11.6
	  	Severability	  	 	34	 
	 Section 11.7
	  	Counterparts; Binding Agreement	  	 	34	 
	 Section 11.8
	  	Descriptive Headings; Interpretation	  	 	35	 
	 Section 11.9
	  	Applicable Law	  	 	35	 
	 Section 11.10
	  	Addresses and Notices	  	 	35	 
	 Section 11.11
	  	Creditors	  	 	35	 
	 Section 11.12
	  	No Waiver	  	 	35	 
	 Section 11.13
	  	Further Action	  	 	36	 
	 Section 11.14
	  	Entire Agreement	  	 	36	 
	 Section 11.15
	  	Delivery by Electronic Means	  	 	36	 
	 Section 11.16
	  	Certain Acknowledgments	  	 	36	 
	 Section 11.17
	  	Consent to Jurisdiction; Waiver of Trial by Jury	  	 	36	 
	 Section 11.18
	  	Representations and Warranties	  	 	37	 
	 Section 11.19
	  	Tax Receivable Agreement	  	 	38	 

  
 ii 

 REAL GOOD FOODS, LLC 

LIMITED LIABILITY COMPANY AGREEMENT 

THIS LIMITED LIABILITY COMPANY AGREEMENT of Real Good Foods, LLC, a Delaware limited liability company (the
“Company”), is entered into as of November 4, 2021, by and among the Company, The Real Good Food Company, Inc., a Delaware corporation (the “Corporation”), as the Managing Member, and the Members set forth herein. Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to such terms in Article I. 
 WHEREAS,
the Certificate was filed with the Office of the Secretary of State of Delaware on November 4, 2021 pursuant to a conversion of The Real Good Food Company LLC, a California limited liability company, to the Company; 

WHEREAS, in connection with the initial public offering (the “IPO”) of shares of Class A Common Stock (as
defined below) of the Corporation, the Company will undertake the Reorganization pursuant to which, among other things, (i) the Corporation will be admitted as a Member of the Company and named as the Managing Member, (ii) the Corporation,
the Company and the Members will enter into an Exchange Agreement (as defined below) pursuant to which each of the Members will be permitted to exchange Class B Units (together with the corresponding number of shares of Class B Common
Stock) for Class A Common Stock or the Cash Payment (as defined therein), (iii) the Corporation will contribute the net proceeds of the IPO to the Company in exchange for newly-issued Class A Units, and (iv) the Corporation, the
Company and certain other parties will enter into a Tax Receivable Agreement (as defined below), pursuant to which the Corporation will be obligated to make payments to certain parties related to tax benefits realized (clauses (i) through (iv),
collectively, the “IPO Transactions”); 
 WHEREAS, the parties desire to reflect the admission of the
Corporation as a Member and the sole Managing Member of the Company; and 
 WHEREAS, the parties desire to reflect the
admission of the Fidelity Class B Members (as defined below) as Members in connection with the IPO. 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members, intending to be legally bound, hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

Capitalized terms used but not otherwise defined herein shall have the following meaning: 

“Additional Member” means a Person admitted to the Company as a Member pursuant to Section 8.2. 

“Adjusted Capital Account Deficit” means, with respect to any Capital Account as of the end of any Taxable Year,
the amount by which the balance in such Capital Account is less than zero. For this purpose, such Person’s Capital Account balance shall be (i) reduced for any items described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6), and (ii) increased for any amount such Person is obligated to contribute or is treated as being obligated to contribute to the Company

 
pursuant to Treasury Regulation Sections 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or
1.704-2(g)(1) and 1.704-2(i) (relating to Minimum Gain). 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such
Person, and in the case of any Unitholder that is a partnership, limited liability company, corporation or similar entity, any partner, member or stockholder of such Unitholder; provided, that the Company and its Subsidiaries shall not be deemed to
be Affiliates of any Unitholder. As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) shall mean possession, directly
or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

“Agreement” means this Limited Liability Company Agreement, as it may be amended, modified and/or waived from time
to time in accordance with the terms hereof. 
 “Assumed Tax Liability” means, with respect to any Unitholder
for any Fiscal Quarter, an amount, which in the good faith estimation of the Managing Member, equals the product of (a) the amount of taxable income of the Company allocable to such Unitholder in respect of such Fiscal Quarter (which shall
include gross or net income allocations of items of Profit or Loss), determined (x) by including adjustments to taxable income in respect of Section 704(c) of the Code, (y) excluding adjustments to taxable income in respect of
Section 743(b) of the Code, and (z) reducing such taxable income by net taxable losses of the Company allocated to such Unitholder for prior taxable periods beginning after the date hereof to the extent that such losses are of a character
(ordinary or capital) that would permit the losses to be deducted by such Unitholder against the current taxable income of the Company allocable to the Unitholder for such Fiscal Quarter and have not previously been taken into account in determining
such Unitholder’s Assumed Tax Liability, multiplied by (b) the Assumed Tax Rate. Notwithstanding anything else contained herein, in no event will the Assumed Tax Liability of the Corporation (when aggregated with the Assumed Tax Liability
of any entities included in the U.S. federal income tax consolidated group that includes the Corporation) be less than the amount required to pay the actual income Tax liabilities of such consolidated group. 

“Assumed Tax Rate” means the combined maximum U.S. federal, state, and local income tax rate applicable to a
taxable individual or corporation in any jurisdiction in the United States (whichever is highest), including pursuant to Section 1411 of the Code, in each case taking into account all jurisdictions in which the Company is required to file
income tax returns and the relevant apportionment information, in effect for the applicable Fiscal Quarter (making an appropriate adjustment for any rate changes that take place during such period and taking into account the character of the
income). 
 “Base Rate” means, as of any date, a variable rate per annum equal to the rate of interest most
recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Book Value” means, with respect to any of the Company property, the Company’s adjusted basis for federal
income Tax purposes, adjusted from time to time to reflect the adjustments required or permitted (in the case of permitted adjustments, to the extent the Company makes such permitted adjustments) by Treasury Regulation
Sections 1.704-1(b)(2)(iv)(d)-(g). 

  
 2 

 “Business Day” means any day other than a Saturday, Sunday or
other day on which the banks in New York, New York or Cherry Hill, New Jersey are authorized by law to be closed. 

“Capital Account” means the capital account maintained for a Member pursuant to Section 3.5 and the other
applicable provisions of this Agreement. 
 “Capital Contributions” means any cash, cash equivalents, promissory
obligations or the Fair Market Value of other property which a Unitholder contributes or is deemed by the Managing Member to have contributed to the Company with respect to any Unit pursuant to Section 3.1 or Section 3.10. 

“Cash Payment” has the meaning set forth in the Exchange Agreement. 

“Certificate” means the Company’s Certificate of Conversion as filed with the Secretary of State of Delaware,
as the same may be amended from time to time. 
 “Class A Common Stock” means the Class A common
stock, par value $0.0001 per share, of the Corporation. 
 “Class A Common Stock Value” has the meaning set
forth in the Exchange Agreement. 
 “Class B Common Stock” means the Class B common stock, par value
$0.0001 per share, of the Corporation. 
 “Code” means the United States Internal Revenue Code of 1986, as
amended. 
 “Class A Unit” means a Unit having the rights and obligations specified with respect to a
Class A Unit in this Agreement. 
 “Class B Unit” means a Unit having the rights and obligations
specified with respect to a Class B Unit in this Agreement. 
 “Company” has the meaning set forth in the
Preamble. 
 “Conversion Agreement” has the meaning set forth in Exhibit A-2 attached hereto. 

“Convertible Notes” has the meaning set forth in Exhibit A-2 attached hereto. 

“Corporation” has the meaning set forth in the Preamble. 

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

“Distribution” means each distribution made by the Company to a Unitholder, with respect to such Person’s
Units, whether in cash, property or securities and whether by liquidating distribution, redemption, repurchase or otherwise; provided that notwithstanding anything in the foregoing, none of the following shall be deemed to be a Distribution
hereunder: (i) any recapitalization, exchange or conversion of securities of the Company, and any subdivision (by unit split or otherwise) or any combination (by reverse unit split or otherwise) of any outstanding Units; and (ii) any
repurchase of Units pursuant to any right of first refusal or similar repurchase right in favor of the Company. 

“Equity Agreement” has the meaning set forth in Section 3.2(a). 

  
 3 

 “Equity Securities” means (i) any Units, capital stock,
partnership, membership or limited liability company interests or other equity interests (including other classes, groups or series thereof having such relative rights, powers and/or obligations as may from time to time be established by the
Managing Member, including rights, powers and/or duties different from, senior to or more favorable than existing classes, groups and series of Units, capital stock, partnership, membership or limited liability company interests or other equity
interests, and including any profits interests), (ii) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units, capital stock, partnership interests, membership or limited liability company
interests or other equity interests, and (iii) warrants, options or other rights to purchase or otherwise acquire Units, capital stock, partnership interests, membership or limited liability company interests or other equity interests. Unless
the context otherwise indicates, the term “Equity Securities” refers to Equity Securities of the Company. 

“Event of Withdrawal” means the death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member
or the occurrence of any other event that terminates the continued membership of a Member in the Company. 

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Exchange Act shall be deemed to include any corresponding provisions of future law. 

“Exchange Agreement” means the Exchange Agreement, dated as of November 4, 2021, by and among the Corporation, the
Company and the Members, as the same may be amended, amended and restated, or replaced from time to time. 

“Exchange Rate” has the meaning set forth in the Exchange Agreement. 

“Exchangeable Unit” has the meaning set forth in the Exchange Agreement. 

“Exchanged Unit Amount” has the meaning set forth in the Exchange Agreement. 

“Fair Market Value” means, as of any date of determination, (i) with respect to a Unit, such Unit’s Pro
Rata Share as of such date, (ii) with respect to a share of Class A Common Stock, the Class A Common Stock Value as of such date, and (iii) with respect to any other non-cash assets, the
fair market value for such property as between a willing buyer under no compulsion to buy and a willing seller under no compulsion to sell in an arm’s-length transaction occurring on such date, taking
into account all relevant factors determinative of value (including in the case of securities, any restrictions on transfer applicable thereto or, if such securities are traded on a securities exchange or automated or electronic quotation system,
the quoted price for such securities as of the date of determination), as reasonably determined in good faith by the Managing Member. 

“Fidelity Class A Investors” has the meaning set forth in Exhibit A-2 attached hereto. 

“Fidelity Class B Members” has the meaning set forth in Exhibit A-2 attached hereto. 

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

  
 4 

 “Fiscal Quarter” means each calendar quarter ending
March 31, June 30, September 30 and December 31, or such other quarterly accounting period as may be established by the Managing Member or as required by the Code. 

“Fiscal Year” means the 12-month period ending on December 31, or
such other annual accounting period as may be established by the Managing Member or as may be required by the Code. 

“Forfeiture Allocations” has the meaning set forth in Section 4.2. 

“Governmental Entity” means the United States of America or any other nation, any state or other political
subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government. 

“HSR Act” has the meaning set forth in Section 10.7. 

“Indemnitee” has the meaning set forth in Section 6.1(b). 

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

“IPO” has the meaning set forth in the Recitals. 

“IPO Registration Statement” means the Registration Statement on Form S-1,
as amended (Registration No. 333-260204), relating to the offer and sale of the Class A Common Stock in the IPO. 

“IPO Transactions” has the meaning set forth in the Recitals. 

“IRS Notice” has the meaning set forth in Section 7.5. 

“Liquidation Assets” has the meaning set forth in Section 10.2(b). 

“Liquidation FMV” has the meaning set forth in Section 10.2(b). 

“Liquidation Statement” has the meaning set forth in Section 10.2(b). 

“Losses” means items of the Company loss and deduction determined according to Section 3.5. 

“Managing Member” means (i) the Corporation so long as the Corporation has not withdrawn as the Managing
Member pursuant to Section 5.1(c), and (ii) any successor thereof appointed as Managing Member in accordance with Section 5.1(c). Unless the context otherwise requires, references herein to the Managing Member shall refer to the
Managing Member acting in its capacity as such. 
 “Member” means each Person listed on the Unit Ownership
Ledger and any Person admitted to the Company as a Substituted Member or Additional Member in accordance with the terms and conditions of this Agreement; but in each case only for so long as such Person is shown on the Company’s books and
records as the owner of one or more Units. 

  
 5 

 “Minimum Gain” means the partnership minimum gain determined
pursuant to Treasury Regulation Section 1.704-2(d). 
 “Notes”
means any future non-convertible debt securities issued by the Corporation. 

“Note Payments” means payments of principal, interest or other premiums pursuant to any Notes. 

“Obligations” has the meaning set forth in Section 6.1(b). 

“Partnership Tax Audit Rules” means Code Sections 6221 through 6241, as amended by the Bipartisan Budget Act
of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local Tax laws. 

“Permitted Transferee” means, with respect to any Person, (i) any of such Person’s Affiliates, and
(ii) such Person’s spouse, any lineal ascendants or descendants or trusts or other entities in which such Member or Member’s spouse, lineal ascendants or descendants hold (and continue to hold while such trusts or other entities hold
Class B Units) 50% or more of such entity’s beneficial interests. 
 “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“PR” has the meaning set forth in Section 7.4(a). 

“Prior Agreement” has the meaning set forth in the Recitals. 

“Pro Rata Share” means with respect to each Unit, the proportionate amount such Unit would receive if an amount
equal to the Total Equity Value were distributed to all Units in accordance with Section 4.1(b), as determined in good faith by the Managing Member. 

“Profits” means items of the Company income and gain determined according to Section 3.5. 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of November 4, 2021, by
and among the Corporation and certain other parties thereto, as the same may be amended, amended and restated, or replaced from time to time. 

“Regulatory Allocations” has the meaning set forth in Section 4.3(e). 

“Reorganization” has the meaning set forth in the IPO Registration Statement. 

“Securities Act” means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder,
and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership,
association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or 

  
 6 

 
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other
business entity (other than a corporation), a majority of partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof and without limitation, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such
Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the manager, managing member, managing director (or a board comprised of any of
the foregoing) or general partner of such limited liability company, partnership, association or other business entity. Without limiting the foregoing, the Company shall be deemed to be a Subsidiary of the Corporation. For purposes hereof,
references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Substituted Member” means a Person that is admitted as a Member to the Company pursuant to Section 8.2. 

“Tax” or “Taxes” means any federal, state, local or foreign income, gross receipts, franchise,
estimated, alternative minimum, add-on minimum, sales, use, transfer, registration, value added, excise, natural resources, severance, stamp, occupation, premium, windfall profit, environmental, customs,
duties, real property, personal property, capital stock, social security, unemployment, disability, payroll, license, employee or other withholding, or other tax, of any kind whatsoever, including any transferee liability and any interest, penalties
or additions to tax or additional amounts in respect of the foregoing. 
 “Tax Distribution” has the meaning set
forth in Section 4.1(a)(i). 
 “Tax Distribution Conditions” has the meaning set forth in
Section 4.1(a)(i). 
 “Tax Receivable Agreement” means the Tax Receivable Agreement dated as of November 4,
2021, by and among the Corporation, the Company and the other parties thereto, as the same may be amended, amended and restated, or replaced from time to time. 

“Taxable Year” means the Company’s accounting period for federal income Tax purposes determined pursuant to
Section 7.3. 
 “Total Equity Value” means, as of any date of determination, the aggregate proceeds which
would be received by the Unitholders if: (i) the assets of the Company were sold at their fair market value to an independent third-party on arm’s-length terms, with neither the seller nor the buyer
being under compulsion to buy or sell such assets; (ii) the Company satisfied and paid in full all of its obligations and liabilities (including all Taxes, costs and expenses incurred in connection with such transaction and any amounts reserved
by the Managing Member with respect to any contingent or other liabilities); and (iii) such net sale proceeds were then distributed in accordance with Section 4.1, all as determined by the Managing Member in good faith based upon the
Class A Common Stock Value as of such date. 
 “Transaction Documents” means, collectively, this Agreement,
the Exchange Agreement, the Registration Rights Agreement and the Tax Receivable Agreement. 

  
 7 

 “Transfer” has the meaning set forth in Section 8.1. 

“Treasury Regulations” means the income Tax regulations promulgated under the Code and effective as of the date of
this Agreement, any future amendments to such regulations, and any corresponding provisions of succeeding regulations. 

“Unit” means a limited liability company interest in the Company of a Member or representing a fractional part of
the interests in Profits, Losses and Distributions of the Company held by all Members and shall include Class A Units and Class B Units. 

“Unit Ownership Ledger” has the meaning set forth in Section 3.1(b). 

“Unitholder” means any owner of one or more Units as reflected on the Company’s books and records. 

ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.1    Formation of LLC. The Company was formed in the State of
Delaware on November 4, 2021 pursuant to the provisions of the Delaware Act as a result of the conversion effected by the Certificate. 

Section 2.2    Limited Liability Company Agreement. The Members hereby
execute this Agreement for the purpose of establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree that during the term of the Company set forth in
Section 2.6, the rights, powers and obligations of the Unitholders with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and, except where the Delaware Act provides that such rights, powers
and obligations specified in the Delaware Act shall apply “unless otherwise provided in a limited liability company agreement” or words of similar effect and such rights, powers and obligations are set forth in this Agreement, the Delaware
Act; provided that, notwithstanding the foregoing and anything else to the contrary, Section 18-210 of the Delaware Act (entitled “Contractual Appraisal Rights”) and Section 18-305(a) of the Delaware Act (entitled “Access to and Confidentiality of Information; Records”) shall not apply to or be incorporated into this Agreement and each Unitholder hereby expressly
waives any and all rights under such Sections of the Delaware Act. 

Section 2.3    Name. The name of the Company shall be “Real Good
Foods, LLC”. The Managing Member may change the name of the Company at any time and from time to time. Notification of any such name change shall be given to all Unitholders. The Company’s business may be conducted under its name and/or
any other name or names deemed advisable by the Managing Member. 

Section 2.4    Purpose. The purpose and business of the Company shall
be to manage and direct the business operations and affairs of the Company and its Subsidiaries and to engage in any other lawful acts or activities for which limited liability companies may be organized under the Delaware Act. 

  
 8 

 Section 2.5    Principal
Office; Registered Office. The principal office of the Company shall be located at 3 Executive Campus, Suite 155, Cherry Hill, NJ 08002, or at such other place inside or outside the state of Delaware as the Managing Member may from time to time
designate, and all business and activities of the Company shall be deemed to have occurred at its principal office. The Company may maintain offices at such other place or places as the Managing Member deems advisable. The address of the registered
office of the Company in the State of Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to
time in the manner provided by applicable law, and the registered agent for service of process on the Company in the State of Delaware at such registered office shall be the registered agent named in the Certificate or such Person or Persons as the
Managing Member may designate from time to time in the manner provided by applicable law. 

Section 2.6    Term. The term of the Company commenced upon the filing
of the Certificate with the office of the Secretary of State of the State of Delaware in accordance with the Delaware Act and shall continue in existence until the Company shall be terminated and dissolved in accordance with the provisions of
Article X. 
 Section 2.7    No
State-Law Partnership. The Unitholders intend that the Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Unitholder be a partner or joint
venturer of any other Unitholder by virtue of this Agreement, for any purposes other than as set forth in the last sentence of this Section 2.7, and neither this Agreement nor any other document entered into by the Company or any Unitholder
relating to the subject matter hereof shall be construed to suggest otherwise. The Unitholders intend that the Company shall be treated as a partnership for federal and, if applicable, state and local income Tax purposes, and that each Unitholder
and the Company shall file all Tax returns and shall otherwise take all Tax and financial reporting positions in a manner consistent with such treatment. 

ARTICLE III 
 UNITS,
CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 Section 3.1    Units;
Capitalization. 
 (a)    Units; Capitalization. The Company shall have the authority to
issue an unlimited number of Class A Units in connection with the issuance of capital stock by the Corporation or as otherwise contemplated by this Agreement. The Company shall not issue Class B Units other than the Class B Units set forth on
Exhibit A-1 except for (i) Class B Units issued to the Fidelity Class B Members contemplated by Exhibit A-2, and (ii) issuances to reflect a pro rata adjustment pursuant to Section 3.1(e) hereof. Immediately following the IPO, the Company will issue
Class A Units (directly or indirectly) to the Corporation in exchange for a contribution of the net proceeds received by the Corporation from the IPO to the Company and upon the conversion of the Convertible Notes held by the Fidelity Class A
Investors, such that following the transfer of Class A Units to the Corporation, the total number of Class A Units held (directly or indirectly) by the Corporation will equal the total number of outstanding shares of Class A Common Stock. The
ownership by a Member of Units shall entitle such Member to allocations of Profits and Losses and other items and Distributions of cash and other property as set forth in Article IV hereof. 

(b)    Unit Ownership Ledger. The Managing Member shall create and maintain a ledger attached
hereto as Exhibit A (the “Unit Ownership Ledger”) setting forth the name of each Unitholder and the number of each class of Units held of record by each such Unitholder. Upon any change in the number or ownership of outstanding Units
(whether upon an issuance of Units, a Transfer of Units, a cancellation of Units or otherwise), the Managing Member shall amend and update the Unit Ownership Ledger. Absent manifest error, the ownership interests recorded on the Unit Ownership
Ledger shall be conclusive record of the Units that have been issued and are outstanding. Any reference in this Agreement to the Unit Ownership Ledger shall be deemed a reference to the Unit Ownership Ledger as amended and in effect from time to
time. The Unit Ownership Ledger shall initially be set forth as Exhibit A-1 and, upon the consummation of the IPO and conversion of the Convertible Notes, shall be restated by the Managing Member in the manner contemplated by Exhibit A-2 to reflect
(i) the issuance of Class A Units to the Corporation in exchange for its contribution of the net proceeds of the IPO to the Company, (ii) the issuance of Class A Units to the Corporation in connection with the conversion of the Convertible Notes
held by the Fidelity Class A Investors into shares of Class A Common Stock of the Corporation, (iii) the issuance of Class B Units and shares of Class B Common Stock in connection with the conversion of the Convertible Notes held by the Fidelity
Class B Members and (iv) the admission of the Fidelity Class B Members as Members. 

  
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 (c)    Certificates; Legends. Units shall be
issued in uncertificated form; provided that, at the request of any Member, the Managing Member may cause the Company to issue one or more certificates to any such Member holding Units representing in the aggregate the Units held by such Member. If
any certificate representing Units is issued, then such certificate shall bear a legend substantially in the following form: 

THIS CERTIFICATE EVIDENCES UNITS REPRESENTING A MEMBERSHIP INTEREST IN REAL GOOD FOODS, LLC. THE MEMBERSHIP
INTEREST REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE LIMITED LIABILITY COMPANY AGREEMENT OF REAL GOOD FOODS, LLC, DATED AS OF NOVEMBER 4, 2021, AS
THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH SHALL BE FURNISHED BY THE COMPANY TO THE RECORD HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

(d)    Class B Units. The Class B Units shall have no voting rights or any other rights
with respect to the governance and operations of the Company, without limiting each such Member’s rights to distributions and allocations as set forth in Article IV, and such rights set forth in the Exchange Agreement, Tax Receivable
Agreement and Registration Rights Agreement. 
 (e)    Capitalization. The Managing Member
shall have the authority, without further agreement or action by any other Member, to increase or decrease the Units issued to the Members set forth on the Unit Ownership Ledger, on a pro rata basis (whether in connection with the IPO Transactions
or otherwise), subject to this Article III. 

Section 3.2    Authorization and Issuance of Additional Units. 

(a)    The Managing Member shall have the right to cause the Company to issue and/or create and issue
at any time after the date hereof, and for such amount and form of consideration as the Managing Member may determine, additional Units or other Equity Securities of the Company (including creating classes or series thereof having such powers,
designations, preferences and rights as may be determined by the Managing Member). The Managing Member shall have the power to make such amendments to this Agreement in order to provide for such powers, designations, preferences and rights as the
Managing Member in its discretion deems necessary or appropriate to give effect to such additional authorization or issuance in accordance with the provisions of this Section 3.2(a). In connection with any issuance of Units (whether on or after
the date of this Agreement), the Person who acquires such Units shall execute a counterpart to this Agreement accepting and agreeing to be bound by all terms and conditions hereof, and shall enter into such other documents, instruments and
agreements to effect such purchase as are required by the Managing Member (including such documents, instruments and agreements entered into on or 

  
 10 

 
prior to the date of this Agreement by the Members, each, an “Equity Agreement”). The Company shall not, and the Managing Member shall not cause the Company to, issue any Units if such
issuance would result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)). 
 (b)    At any time the Corporation
issues one or more shares of Class A Common Stock (other than an issuance of the type covered by Section 3.2(d) or an issuance to a holder of Exchangeable Units pursuant to the Exchange Agreement, as described in Section 3.2(c)), the
Corporation shall contribute (directly or indirectly) to the Company all of the net proceeds (if any) received by the Corporation with respect to such share or shares of Class A Common Stock. Upon the contribution (directly or indirectly) by
the Corporation to the Company of all of such net proceeds so received by the Corporation, the Managing Member shall cause the Company to issue a number of Class A Units determined based upon the Exchange Rate then in effect, registered
(directly or indirectly) in the name of the Corporation; provided, however, that if the Corporation issues any shares of Class A Common Stock in order to purchase or fund the purchase of Class B Units from a Member (other than a Subsidiary
of the Corporation), then the Company shall not issue any new Class A Units registered in the name of the Corporation in accordance with Section 3.2(c) and the Corporation shall not be required to transfer such net proceeds to the Company
(it being understood that such net proceeds shall instead be transferred by the Corporation to such other Member as consideration for such purchase). Notwithstanding the foregoing, this Section 3.2(b) shall not apply to the issuance and
distribution to holders of shares of Class A Common Stock of rights to purchase Equity Securities of the Corporation under a “poison pill” or similar shareholder’s rights plan (it being understood that (i) upon exchange of
Exchangeable Units for Class A Common Stock pursuant to the Exchange Agreement, such Class A Common Stock would be issued together with any such corresponding right and (ii) in the event such rights to purchase Equity Securities of
the Corporation are triggered, the Corporation will ensure that the holders of Class B Units that have not been Exchanged prior to such time will be treated equitably
vis-à-vis the holders of Class A Common Stock under such plan). 

(c)    At any time a holder of Exchangeable Units exchanges such Class B Units for shares of
Class A Common Stock or a Cash Payment, the Company shall cancel such Exchangeable Units. Upon the cancellation by the Company of the Exchangeable Units exchanged for shares of Class A Common Stock, the Managing Member shall cause the
Company to issue a number of Class A Units equal to the Exchanged Unit Amount, registered (directly or indirectly) in the name of the Corporation in accordance with Section 2.6 of the Exchange Agreement. 

(d)    At any time the Corporation issues one or more shares of Class A Common Stock, including
but not limited to in connection with an equity incentive program, whether such share or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the
Managing Member shall cause the Company to issue a corresponding number of Class A Units, registered (directly or indirectly) in the name of the Corporation (determined based upon the Exchange Rate then in effect); provided that the Corporation
shall be required to contribute (directly or indirectly) all (but not less than all) of the net proceeds (if any) received by the Corporation from or otherwise in connection with such issuance of one or more shares of Class A Common Stock,
including the exercise price of any option exercised, to the Company. If any such shares of Class A Common Stock so issued by the Corporation in connection with an equity incentive program are subject to vesting or forfeiture provisions, then
the Class A Units that are issued (directly or indirectly) by the Company to the Corporation in 

  
 11 

 
connection therewith in accordance with the preceding provisions of this Section 3.2(d) shall be subject to vesting or forfeiture on the same basis; if any of such shares of Class A
Common Stock vest or are forfeited, then a corresponding number of the Class A Units (determined based upon the Exchange Rate then in effect) issued by the Company in accordance with the preceding provisions of this Section 3.2(d) shall
automatically vest or be forfeited. Any cash or property held by the Corporation or the Company or on any of such Person’s behalf in respect of dividends paid on restricted shares of Class A Common Stock that fail to vest shall be returned
to the Company upon the forfeiture of such restricted shares of Class A Common Stock. 

(e)    The Corporation shall at all times reserve and keep available out of its authorized but unissued
Class A Common Stock, solely for the purpose of issuance upon an Exchange, the maximum number of shares of Class A Common Stock as shall be issuable upon Exchange of all outstanding Class B Units and shares of Class B Common
Stock to satisfy its obligations under the Exchange Agreement; provided that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Exchange by delivery of purchased shares of
Class A Common Stock (which may or may not be held in the treasury of the Corporation). If any shares of Class A Common Stock require registration with or approval of any Governmental Entity under any federal or state law before such
shares may be issued upon an Exchange, the Corporation shall use reasonable efforts to cause the exchange of such shares of Class A Common Stock to be duly registered or approved, as the case may be. The Corporation shall list and use its
reasonable efforts to maintain the listing of the Class A Common Stock required to be delivered upon any such Exchange prior to such delivery upon the national securities exchange upon which the outstanding shares of Class A Common Stock
are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities laws). The Corporation covenants that all shares of Class A Common Stock issued upon an
Exchange will, upon issuance, be validly issued, fully paid and non-assessable. 

(f)    For purposes of this Section 3.2, “net proceeds” means gross proceeds to the
Corporation from the issuance of Class A Common Stock or other securities less all reasonable bona fide out-of-pocket fees and expenses of the Corporation,
the Company and their respective Subsidiaries actually incurred in connection with such issuance. 

(g)    If, at any time, any shares of Class A Common Stock or other shares of capital stock of the
Corporation are repurchased (whether by exercise of a put or call, pursuant to an open market purchase, automatically or by means of another arrangement) by the Corporation for cash or other consideration, then the Managing Member shall cause the
Company, immediately prior to such repurchase of such capital stock, to redeem an equal number of equivalent Class A Units held (directly or indirectly) by the Corporation, at an aggregate redemption price equal to the aggregate purchase price
of the capital stock being repurchased by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for the capital stock being cancelled or retired by the Corporation. 

(h)    Subject to Section 3.2(j), the Company shall be liable for, and shall reimburse the
Corporation on an after-tax basis at such intervals as the Corporation may reasonably determine, for all (i) overhead, administrative expenses, insurance and reasonable legal, accounting and other
professional fees and expenses of the Corporation and its Subsidiaries relating to the management of the Company and its Subsidiaries, (ii) franchise and similar taxes of the Corporation and its Subsidiaries and other fees and expenses in
connection with the maintenance of the existence of the Corporation and its Subsidiaries, and (iii) reasonable expenses paid by the Corporation and its 

  
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Subsidiaries on behalf of the Company. Such reimbursements shall be in addition to any reimbursement of the Corporation and its Subsidiaries as a result of indemnification otherwise provided for
under this Agreement. 
 (i)    Subject to Section 3.2(j) and without duplication of any amounts
paid pursuant to Section 3.2(h), the Company shall be liable for, and shall reimburse the Corporation on an after-tax basis at such intervals as the Managing Member may reasonably determine, for all
(i) overhead, administrative expenses, insurance and reasonable legal, accounting and other professional fees and expenses of the Corporation, (ii) expenses of the Corporation incidental to being a public reporting company,
(iii) reasonable fees and expenses related to the IPO (other than the payment obligations of the Corporation under the Tax Receivable Agreements) or any subsequent public offering of equity securities of the Corporation or private placement of
equity securities of the Corporation, whether or not consummated, (iv) franchise and similar taxes of the Corporation and other fees and expenses in connection with the maintenance of the existence of the Corporation, (v) customary
compensation and benefits payable by the Corporation; provided, that the Board of Directors of the Corporation may in its discretion (but shall not be required to) determine that the Corporation, rather than the Company, shall bear any specific
items of the foregoing to the extent such items relate exclusively to the business and affairs of the Corporation and should not be borne by the Company. Such reimbursements shall be in addition to any reimbursement of the Corporation otherwise
provided for under this Agreement. If the Corporation issues shares of Class A Common Stock and contributes (directly or indirectly) the net proceeds of such issuance to the Company, the reasonable expenses incurred by the Corporation in such
issuance will be assumed by the Company. 
 (j)    To the extent practicable, Company expenses shall
be billed directly to and paid by the Company. Unless otherwise determined by the Managing Member, no reimbursement or indemnification payment made pursuant to Section 3.2(h), (i) or (j) shall be considered a distribution to the payee.

 Section 3.3    Repurchase or Redemption of Class A
Common Stock. If, at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the Managing Member
shall cause the Company, immediately prior to such repurchase or redemption of such shares, to redeem a corresponding number of Class A Units held by the Corporation (determined based upon the Exchange Rate then in effect), at an aggregate
redemption price equal to the aggregate purchase or redemption price of the share or shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any reasonable expenses related thereto) and upon such other terms as are
the same for the share or shares of Class A Common Stock being repurchased or redeemed by the Corporation. 

Section 3.4    Changes in Common Stock. In addition to any other
adjustments required hereby, any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of Class A Common Stock,
Class B Common Stock or other capital stock of the Corporation shall be accompanied by an identical subdivision or combination, as applicable, of the Class A Units, Class B Units or other Equity Securities, as applicable. In the
implementation and administration of this Section 3.4, the Managing Member shall have authority to make such adjustments as it determines in good faith to be appropriate to reflect the economic equivalency intended hereby. 

  
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 Section 3.5   Capital
Accounts. 
 (a)      Maintenance of Capital Accounts. The Company shall
maintain a separate Capital Account for each Unitholder according to the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the sole discretion of the Managing
Member), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and
Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company property. Without limiting the foregoing, each Unitholder’s Capital Account shall be adjusted: 

(i)      by adding any additional Capital Contributions made by such Unitholder in
consideration for the issuance of Units; 
 (ii)     by deducting any amounts paid to such
Unitholder in connection with the redemption or other repurchase by the Company of Units; 

(iii)    by adding any Profits allocated in favor of such Unitholder and subtracting any Losses
allocated in favor of such Unitholder; and 
 (iv)    by deducting any distributions paid in cash or
other assets to such Unitholder by the Company. 
 (b)      Computation of Income, Gain,
Loss and Deduction Items. For purposes of computing the amount of any item of the Company income, gain, loss or deduction to be allocated pursuant to Article IV and to be reflected in the Capital Accounts, the determination, recognition and
classification of any such item shall be the same as its determination, recognition and classification for federal income Tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided that: 

(i)      the computation of all items of income, gain, loss and deduction shall include those
items described in Code Section 705(a)(1)(B), Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in
gross income or are not deductible for federal income Tax purposes; 
 (ii)     if the Book
Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the
disposition of such property; 
 (iii)    items of income, gain, loss or deduction attributable to
the disposition of the Company property having a Book Value that differs from its adjusted basis for Tax purposes shall be computed by reference to the Book Value of such property; 

(iv)    items of depreciation, amortization and other cost recovery deductions with respect to the
Company property having a Book Value that differs from its adjusted basis for Tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulation
Section 1.704-1(b)(2)(iv)(g); 
 (v)     to the
extent an adjustment to the adjusted Tax basis of any of the Company’s asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, 

  
 14 

 
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 
 (vi)      this Section 3.5 shall be applied in a manner consistent with the
principles of Prop. Reg. Sections 1.704-1(b)(2)(iv)(d), (f)(1), (h)(2) and (s). 

Section 3.6      Negative Capital Accounts; No Interest Regarding
Positive Capital Accounts. No Unitholder shall be required to pay to any other Unitholder or the Company any deficit or negative balance which may exist from time to time in such Unitholder’s Capital Account (including upon and after
dissolution of the Company). Except as otherwise expressly provided herein, no Unitholder shall be entitled to receive interest from the Company in respect of any positive balance in its Capital Account, and no Unitholder shall be liable to pay
interest to the Company or any Unitholder in respect of any negative balance in its Capital Account. 

Section 3.7      No Withdrawal. No Person shall be entitled
to withdraw any part of such Person’s Capital Contributions or Capital Account or to receive any Distribution from the Company, except as expressly provided herein. 

Section 3.8      Loans From Unitholders. Loans by Unitholders
to the Company shall not be considered Capital Contributions. If any Unitholder shall loan funds to the Company in excess of the amounts required hereunder to be contributed by such Unitholder to the capital of the Company, the making of such loans
shall not result in any increase in the amount of the Capital Account of such Unitholder. The amount of any such loans shall be a debt of the Company to such Unitholder and shall be payable or collectible in accordance with the terms and conditions
upon which such loans are made. 
 Section 3.9      Adjustments
to Capital Accounts for Distributions In-Kind. To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a
distribution equal to the Fair Market Value of such property (as of the date of such distribution) for purposes of Section 4.1 and such property shall be treated as if it were sold for an amount equal to its Fair Market Value and any resulting
gain or loss shall be allocated to the Members’ Capital Accounts in accordance with Section 4.2 through Section 4.4. 

Section 3.10    Transfer of Capital Accounts. The original Capital
Account established for each Substituted Member shall be in the same amount as the Capital Account of the Member (or portion thereof) to which such Substituted Member succeeds at the time such Substituted Member is admitted to as a Member of the
Company. The Capital Account of any Member whose interest in the Company shall be increased or decreased by means of (a) the Transfer to it of all or part of the Units of another Member or (b) the repurchase or forfeiture of Units pursuant
to any Equity Agreement shall be appropriately adjusted to reflect such Transfer or repurchase. Any reference in this Agreement to a Capital Contribution of or Distribution to a Member that has succeeded any other Member shall include any Capital
Contributions or Distributions previously made by or to the former Member on account of the Units of such former Member Transferred to such Member. 

Section 3.11    Adjustments to Book Value. The Company shall adjust the
Book Value of its assets to Fair Market Value in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as of the following times: (a) at the Managing Member’s discretion in
connection with the issuance of Units in the Company or a more than de minimis Capital Contribution to the Company; (b) at the Managing Member’s discretion in connection with the Distribution by the Company to a Member of

  
 15 

 
more than a de minimis amount of the Company’s assets, including money; (c) the liquidation of the Company within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g). Any such increase or decrease in Book Value of an asset shall be allocated as a Profit or Loss to the Capital Accounts of the Members under Section 4.2 (determined
immediately prior to the event giving rise to the revaluation); and (d) at such other times as the Managing Member shall reasonably determine necessary or advisable in order to comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2. 

Section 3.12    Compliance With Section 1.704-1(b). The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations
Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event the Managing Member shall determine that it is prudent to modify the manner in
which the Capital Accounts are computed in order to comply with such Treasury Regulations, the Managing Member may make such modification, notwithstanding anything in Section 11.2 to the contrary. The Managing Member also shall (a) make
any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of the Company capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with
Treasury Regulations Section 1.704-1(b)(2)(iv)(g), and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury
Regulations Section 1.704-1(b). 
 ARTICLE IV 

DISTRIBUTIONS AND ALLOCATIONS 

Section 4.1      Distributions. 

(a)       Tax Distributions. 

(i)      Tax Distributions. To the extent funds of the Company are legally available
for distribution by the Company and such distribution would not be prohibited under any credit facility to which the Company or any of its Subsidiaries is a party (the “Tax Distribution Conditions”), with respect to each Fiscal Quarter,
the Company shall distribute to each Unitholder, an amount of cash (each a “Tax Distribution”) equal to such Unitholder’s Assumed Tax Liability for such Fiscal Quarter. To the extent a holder of Units would receive for any Fiscal
Quarter less than its Pro Rata Share of the aggregate Tax Distributions to be paid pursuant to the preceding sentence (determined for this purpose by taking into account only Units and Tax Distributions with respect to Units), the Tax Distributions
to such Unitholder shall be increased to ensure that all Tax Distributions to holders of Units are made in accordance with their Pro Rata Share (determined for this purpose by taking into account only Units and Tax Distributions with respect to
Units). The Managing Member shall be entitled to adjust subsequent Tax Distributions (in accordance with each Unitholder’s Pro Rata Share) up or down to reflect any variation between its prior estimation of quarterly Tax Distributions and the
Tax Distributions that would have been computed under this Section 4.1(a)(i) based on subsequent information. In the event that due to the Tax Distribution Conditions the funds available for any Tax Distribution to be made hereunder are
insufficient to pay the full amount of the Tax Distribution that would otherwise be required under this Section 4.1(a)(i), the Company shall use its reasonable best efforts to distribute to the Unitholders the amount of funds that are available
after application of the Tax Distribution Conditions on a pro rata basis (according to the amounts that would have been distributed to each Unitholder pursuant to this Section 4.1(a)(i) 

  
 16 

 
if available funds (after application of the Tax Distribution Conditions) existed in a sufficient amount to make such Distribution in full, including application of the requirement that Tax
Distributions with respect to Units be made pro rata). At any time thereafter when additional funds of the Company are available for Distribution after application of the Tax Distribution Conditions, the Company shall use its reasonable best efforts
to immediately distribute such funds to the Unitholders on a pro rata basis (according to the amounts that would have been distributed to each Unitholder pursuant to this Section 4.1(a)(i) if available funds (after application of the Tax
Distribution Conditions) would have existed in a sufficient amount to make such Tax Distribution in full). Tax Distributions shall be treated as advanced distributions under the other provisions of this Section 4.1. The Company shall use its
reasonable best efforts to cause Subsidiaries of the Company to make distributions to the Company sufficient to permit it to pay Tax Distributions. 

(ii)      Additional Tax Distributions. In the event of any audit by, or similar event
with, a taxing authority that affects the calculation of any Unitholder’s Assumed Tax Liability for any Taxable Year (other than an audit conducted pursuant to the Partnership Tax Audit Rules for which no election is made pursuant to Code
Section 6226 (or any similar provision of state or local law)), or in the event the Company files an amended tax return, each Unitholder’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to such event
(for the avoidance of doubt, taking into account interest and penalties). Any shortfall in the amount of Tax Distributions the Unitholders and former Unitholders received for the relevant Taxable Years based on such recalculated Assumed Tax
Liability shall be promptly distributed to such Unitholders and the successors of such former Unitholders, except, for the avoidance of doubt, to the extent Distributions were made to such Unitholders and former Unitholders pursuant to
Section 4.1 in the relevant Taxable Years sufficient to cover such shortfall. For the avoidance of doubt, the additional distributions provided for in this Section 4.1(a)(ii) shall be made with respect Units pro rata among them. 

(b)      Other Distributions. Except as otherwise set forth in Section 4.1(a),
the Managing Member may (but shall not be obligated to) make Distributions at such time, in such amounts and in such form (including in-kind property) as determined by the Managing Member in its sole
discretion, in each case to the holders of Units immediately prior to such Distribution on a pro rata basis. 

Section 4.2    Allocations. Profits or Losses (including, if necessary,
items thereof) for any Fiscal Year shall be allocated among the Unitholders in such a manner as to reduce or eliminate, to the extent possible, any difference, as of the end of such Fiscal Year, between (a) the sum of (i) the Capital
Account of each Unitholder, (ii) such Unitholder’s share of Minimum Gain (as determined according to Treasury Regulation Section 1.704-2(g)) and (iii) such Unitholder’s partner
nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)) and (b) the respective net amounts, positive or negative, which would be distributed to them or for which they
would be liable to the Company under this Agreement and the Delaware Act, determined as if the Company were to (i) liquidate the assets of the Company for an amount equal to their Book Value and (ii) distribute the proceeds of such
liquidation pursuant to Section 10.2. To the extent allowable by applicable law, the end of the date of the IPO Transactions shall be treated as a “closing of the books” for purposes of allocations for the Fiscal Year that includes
the IPO Transactions. 

  
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 Section 4.3    Special
Allocations. 
 (a)    Minimum Gain Chargeback. Losses attributable to partner nonrecourse
debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is
a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)), Profits for such Taxable Year (and, if necessary, for subsequent
Taxable Years) shall be allocated to the Unitholders in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

(b)    Unitholder Nonrecourse Debt Minimum Chargeback. Nonrecourse deductions (as determined
according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated to each holder of Units ratably among such Unitholders based upon their ownership of Units. Except as
otherwise provided in Section 4.3(a), if there is a net decrease in the Minimum Gain during any Taxable Year, each Unitholder shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and
of such character as determined according to Treasury Regulation Section 1.704-2(f). This Section 4.3(b) is intended to be a Minimum Gain chargeback provision that complies with the requirements of
Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(c)    Qualified Income Offset. If any Unitholder that unexpectedly receives an adjustment,
allocation or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the
application of Section 4.3(a) and Section 4.3(b),but before the application of any other provision of this Article IV, then Profits for such Taxable Year shall be allocated to such Unitholder in proportion to, and to the extent of,
such Adjusted Capital Account Deficit. This Section 4.3(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be
interpreted in a manner consistent therewith. 
 (d)    Allocation of Certain Profits and
Losses. Profits and Losses described in Section 3.5(b)(v) shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

(e)    Regulatory Allocations. The allocations set forth in Sections 4.3(a)-(d) (the
“Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory
Allocations may not be consistent with the manner in which the Unitholders intend to allocate Profit and Loss of the Company or make the Company distributions. Accordingly, notwithstanding the other provisions of this Article IV, but subject to
the Regulatory Allocations, income, gain, deduction, and loss shall be reallocated among the Unitholders so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Unitholders to be in the
amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Unitholders anticipate
that this will be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among the Unitholders so that the net amount of the Regulatory Allocations and such special allocations to each
such Unitholder is zero. In addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership Minimum Gain, or in partner nonrecourse debt Minimum Gain, and application of the Minimum Gain chargeback requirements set

  
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forth in Section 4.3(a) or Section 4.3(b) would cause a distortion in the economic arrangement among the Unitholders, the Unitholders may, if they do not expect that the Company will
have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such Minimum Gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it
did not contain such Minimum Gain chargeback requirement. 
 (f)      The Unitholders
acknowledge that allocations like those described in Proposed Treasury Regulations Section 1.704-1(b)(4)(xii)(c) (“Forfeiture Allocations”) may result from the allocations of Profits and Losses
provided for in this Agreement. For the avoidance of doubt, the Company is entitled to make Forfeiture Allocations and, once required by applicable final or temporary guidance, allocations of Profits and Losses will be made in accordance with
Proposed Treasury Regulations Section 1.704-1(b)(4)(xii)(c) or any successor provision or guidance. 

(g)      Any item of deduction with respect to a Tax that is offset for a Unitholder under
Section 4.6 shall be allocated to the Unitholder in which such payment is to be offset. For the avoidance of doubt, all tax deductions described in this Section 4.3 (g) shall be taken into account in determining the amount of Tax Distribution made under the provisions of
Section 4.1 (a) (i). 

Section 4.4    Offsetting Allocations. If, and to the extent that, any
Member is deemed to recognize any item of income, gain, deduction or loss as a result of any transaction between such Member and the Company pursuant to Sections 83, 482, or 7872 of the Code or any similar provision now or hereafter in effect,
the Managing Member shall use its commercially reasonable efforts to allocate any corresponding Profit or Loss to the Member who recognizes such item in order to reflect the Members’ economic interest in the Company. 

Section 4.5    Tax Allocations. 

(a)     Allocations Generally. Except as provided in Section 4.5(b) below, for
federal, state and local income Tax purposes, each item of income, gain, loss or deduction shall be allocated among the Unitholders in the same manner and in the same proportion that the corresponding book items have been allocated among the
Unitholders’ respective Capital Accounts; provided that, if any such allocation is not permitted by the Code or other applicable law, then each subsequent item of income, gains, losses, deductions and credits will be allocated among the
Unitholders so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts. 

(b)     Code Section 704(c) Allocations. Items of Company taxable
income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for Tax purposes, be allocated among the Unitholders in accordance with Code Section 704(c) so as to take account of any
variation between the adjusted basis of such asset for federal income Tax purposes and its initial Book Value. Such allocations shall be made using a reasonable method specified in Treasury Regulations
Section 1.704-3. In addition, if the Book Value of any Company asset is adjusted pursuant to the requirements of Treasury Regulation
Section 1.704-1(b)(2)(iv)(e) or (f), then subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted
basis of such asset for federal income Tax purposes and its Book Value in the same manner as under Code Section 704(c). Notwithstanding the foregoing, the Managing Member shall determine all allocations pursuant to this Section 4.5(b)
using any method selected by the Managing Member that is permitted under Section 704(c) of the Code and the Treasury Regulations thereunder; provided that the “traditional 

  
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method” pursuant to Treasury Regulation Section 1.704-3(b) shall be used with respect to any assets contributed or deemed contributed to the
Company in conjunction with the IPO Transactions or any other transactions related thereto. 

(c)    Section 754 Election. The Company will have in effect (and will cause
each Subsidiary that is classified as a partnership for U.S. federal income tax purposes to have in effect) an election under Section 754 of the Code for its Taxable Year that includes or begins on the date of this Agreement and each Fiscal
Year in which a sale, exchange, or redemption (whether partial or complete) occurs to adjust the basis of the Company property as permitted and provided in Sections 734 and 743 of the Code. Such election shall be effective solely for federal (and,
if applicable, state and local) income Tax purposes and shall not result in any adjustment to the Book Value of any Company asset or to the Member’s Capital Accounts (except as provided in Treasury Regulations
Section 1.704- 1(b)(2)(iv)(m)). 
 (d)    Allocation
of Tax Credits, Tax Credit Recapture, Etc. Allocations of Tax credits, Tax credit recapture, and any items related thereto shall be allocated to the Unitholders according to their interests in such items as determined by the Managing Member
taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii) and (viii). 

(e)    Corrective Allocations. If necessary, the Company will make corrective allocations as set
forth in Treasury Regulation Section 1.704-1(b)(4)(x). 

(f)    Effect of Allocations. Allocations pursuant to this Section 4.5 are solely for
purposes of federal, state and local Taxes and shall not affect, or in any way be taken into account in computing, any Unitholder’s Capital Account or share of Profits, Losses, Distributions (other than Tax Distributions) or other items
pursuant to any provision of this Agreement. 

Section 4.6    Indemnification and Reimbursement for Payments on Behalf of
a Unitholder. Except as otherwise provided in Article VI, if the Company is required by law to make any payment to a Governmental Entity that is specifically attributable to a Unitholder or a Unitholder’s status as such (including
federal withholding Taxes, state personal property Taxes, and state unincorporated business Taxes), then such Unitholder shall indemnify and contribute to the Company in full for the entire amount paid (including interest, penalties and related
expenses). The Managing Member may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Company under this Section 4.6 or with respect to any other amounts owed
by the Unitholder to the Company or any of its Subsidiaries. A Unitholder’s obligation to indemnify and make contributions to the Company under this Section 4.6 shall survive such Unitholder ceasing to be a Unitholder of the LLC and/or the
termination, dissolution, liquidation and winding up of the Company, and for purposes of this Section 4.6, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against
each Unitholder under this Section 4.6, including instituting a lawsuit to collect such indemnification and contribution, with interest calculated at a rate equal to the Base Rate plus three percentage points per annum (but not in excess of the
highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter. 

  
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 ARTICLE V 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 5.1    Management. 

(a)    Except as otherwise specifically provided in this Agreement or the Delaware Act, the business,
property and affairs of the Company shall be managed, operated and controlled at the sole, absolute and exclusive direction of the Managing Member in accordance with the terms of this Agreement. No Member or Unitholder other than the Managing Member
shall have management authority or voting or other rights over, or any other ability to take part in the conduct or control of the business of, the Company. The Managing Member is, to the extent of its rights and powers set forth in this Agreement,
an agent of the Company for the purpose of the Company’s business, and the actions of the Managing Member taken in accordance with such rights and powers shall bind the Company (and no other Member shall have such right). The Managing Member
shall have all necessary powers to carry out the purposes, business and objectives of the Company. The Managing Member may delegate in its discretion the authority to sign agreements and other documents and take other actions on behalf of the
Company to any Person (including any Member, officer or employee of the Company) to enter into and perform any document on behalf of the Company. 

(b)    Without limiting Section 5.1(a), the Managing Member shall have the sole power and
authority to effect any of the following by the Company or any of its Subsidiaries in one or a series of related transaction, in each case without the vote, consent or approval of any Unitholder: (i) any sale, lease, transfer, exchange or other
disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the
Company); (ii) any merger, consolidation, reorganization or other combination of the Company with or into another entity, (iii) any acquisition; (iv) any issuance of debt or equity securities; (v) any incurrence of indebtedness;
or (vi) any dissolution. If a vote, consent or approval of the Unitholders is required by the Delaware Act or other applicable law with respect to any action to be taken by the Company or matter considered by the Managing Member, each
Unitholder will be deemed to have consented to or approved such action or voted on such matter in accordance with the consent or approval of the Managing Member on such action or matter. 

(c)    The Corporation may appoint any of the following as a successor Managing Member at any time upon
written notice to the Company: (a) any wholly-owned Subsidiary of the Corporation, (b) any Person of which the Corporation is a wholly-owned Subsidiary, (c) any Person into which the Corporation is merged or consolidated or
(d) any transferee of all or substantially all of the assets of the Corporation, which withdrawal and replacement as Managing Member shall be effective upon the delivery of such notice. 

Section 5.2    Investment Company Act. The Managing Member shall use
reasonable best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

  
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Section 5.3    Officers. 

(a)      Officers. Unless determined otherwise by the Managing Member, the officers of
the Company shall be a Chief Executive Officer, a President, a Chief Financial Officer, a Treasurer and a Secretary and each other officer of the Corporation shall also be an officer of the Company, with the same title. All officers shall be
appointed by the Managing Member (or by the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer) and shall hold office until their successors are appointed by the Managing Member (or by
the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer). Two or more offices may be held by the same individual. The officers of the Company may be removed by the Managing Member (or by
the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer) at any time for any reason or no reason. 

(b)      Other Officers and Agents. The Managing Member may appoint such other
officers and agents as it may deem necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Managing Member. 

(c)      Chief Executive Officer. The Chief Executive Officer shall be the chief
executive officer of the Company and shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present
thereat, unless the Managing Member delegates such authority to another officer, Member or other individual. 

(d)      President. The President shall be the chief executive officer of the Company
in the absence of the Chief Executive Officer. In general, the President shall perform all duties incident to the office of President and such other duties as may be prescribed from time to time by the Managing Member. 

(e)      Chief Financial Officer. The Chief Financial Officer shall be the chief
financial officer of the Company and shall keep and maintain or cause to be kept and maintained adequate and correct books and records of accounts of the properties and business transactions of the Company. The books of account shall at all times be
open to inspection by the Managing Member. The Chief Financial Officer shall deposit all monies and other valuables in the name of, and to the credit of, the Company with such depositaries as may be designated by the Managing Member. 

(f)      Treasurer. The Treasurer shall have the custody of Company funds and
securities and shall keep full and accurate account of receipts and disbursements. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries as may be designated by the Managing Member
or the Chief Executive Officer. The Treasurer shall disburse the funds of the Company as may be ordered by the Managing Member or the Chief Executive Officer, taking proper vouchers for such disbursements. He or she shall render to the Managing
Member and the Chief Executive Officer whenever either of them may request it, an account of all his or her transactions as Treasurer and of the financial condition of the Company. If required by the Managing Member, the Treasurer shall give the
Company a bond for the faithful discharge of his or her duties in such amount and with such surety as the Managing Member shall prescribe. 

  
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 (g)      Secretary. The Secretary
shall give, or cause to be given, notice of all meetings of Members and all other notices required by applicable law or by this Agreement, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person
thereunto directed by the Chief Executive Officer, or by the Managing Member. He or she shall record all the proceedings of the meetings of the Company, and shall perform such other duties as may be assigned to him or her by the Managing Member or
by the Chief Executive Officer. 
 (h)      Other Officers. Other officers, if any,
shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the Managing Member or by the Chief Executive Officer. 

Section 5.4     Fiduciary Duties. 

(a)      Members and Unitholders. To the fullest extent permitted by law and
notwithstanding any duty otherwise existing at law or in equity, no Member or Unitholder, solely in its capacity as such, shall owe any fiduciary duty to the Company, the Managing Member, any Member, any Unitholder or any other Person bound by this
Agreement, provided that the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. Nothing in this Section 5.4(a) shall limit the liabilities, duties or obligations of any Member or Unitholder acting in
his or her capacity as an officer or manager pursuant to any other provision of this Agreement. 

(b)      Managing Member and Officers. Notwithstanding any other provision to the
contrary in this Agreement, except as set forth in Section 5.4(c), (i) the Managing Member shall, in its capacity as Managing Member, and not in any other capacity, have the same fiduciary duties to the Company and the Unitholders and
Members as a member of the board of directors of a Delaware corporation; and (ii) each officer of the Company shall, in his or her capacity as such, and not in any other capacity, have the same fiduciary duties to the Company and the
Unitholders and Members as an officer of a Delaware corporation. For the avoidance of doubt, the fiduciary duties described in clause (i) above shall not be limited by the fact that the Managing Member shall be permitted to take certain actions
in its sole or reasonable discretion pursuant to the terms of this Agreement or any agreement entered into in connection herewith. 

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

(d)      Waiver. Any duties and liabilities set forth in this Agreement shall replace
those existing at law or in equity and each of the Company, each Member and Unitholder and any other Person bound by this Agreement hereby, to the fullest extent permitted by applicable law, 

  
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including Section 18-1101(e) of the Delaware Act, waives the right to make any claim, bring any action or seek any recovery based on any duties or
liabilities existing at law or in equity other than any such duties and liabilities set forth in this Agreement. 

(e)      Survival. The provisions of this Section 5.4 shall survive any
amendment, repeal or termination of this Agreement. 
 ARTICLE VI 

EXCULPATION AND INDEMNIFICATION 

Section 6.1    Exculpation. 

(a)      Actions in Capacity as a Member or Unitholder. To the fullest extent
permitted by applicable law, and except as otherwise expressly provided herein, no Member, Unitholder (other than the Managing Member, acting in its capacity as such) or its respective Indemnitees shall be liable to the Company, any Member, any
Unitholder or any other Person bound by this Agreement as a result of or arising out any action of or omission by such Member or Unitholder solely in its capacity as a Member or Unitholder, except to the extent such Obligations arise out of such
Member’s (1) material breach of this Agreement or any other Transaction Document or (2) bad faith violation of the implied contractual covenant of good faith and fair dealing, in each case as determined by a final judgment, order or
decree of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to which the time for appeal therefrom has expired and no appeal has been perfected). 

(b)      Other Actions. To the fullest extent permitted by applicable law, and except
as otherwise expressly provided herein, including Section 6.5, no Indemnitee shall be liable to the Company, any Member, any Unitholder or any other Person bound by this Agreement as a result of or arising out of the activities of the
Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed by such Indemnitee to be conferred on such Indemnitee, except to the extent such Indemnitee would not be entitled to exculpation or
indemnification pursuant to the certification of incorporation and bylaws of the Corporation (as the same may be amended from time to time). 

Section 6.2    Indemnification. To the fullest extent permitted by
applicable law, each of (a) the Managing Member, (b) the Unitholders and Members (and their respective Affiliates), (c) the stockholders, members, managers, directors, officers, partners, employees and agents of the Unitholders and
Members (and their respective Affiliates), and (d) the officers and directors of the Corporation, the Managing Member, the Company and each of their Subsidiaries (each, an “Indemnitee”) shall be indemnified and held harmless by the
Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil,
criminal, administrative or investigative (collectively, “Obligations”), which at any time may be imposed on, incurred by, or asserted against, the Indemnitee as a result of, or arising out of, this Agreement, the Corporation, the Company,
their respective assets, businesses or affairs, or the activities of the Indemnitee on behalf of the Corporation, the Company or any of their Subsidiaries, to the extent within the scope of the authority reasonably believed to be conferred on such
Indemnitee; provided, however, that, to the extent such Indemnitee is not entitled to exculpation with respect to such Obligations pursuant to Section 6.5, the Indemnitee shall not be entitled to

  
 24 

 
indemnification for any such Obligations to the extent such Indemnitee would not be entitled to exculpation or indemnification pursuant to the certification of incorporation and bylaws of the
Corporation (as the same may be amended from time to time); provided further, that, to the extent such Indemnitee is entitled to exculpation with respect to such Obligations pursuant to Section 6.5, the Indemnitee shall not be entitled to
indemnification for any such Obligations to the extent they arise out of such Indemnitee’s (1) material breach of this Agreement or any other Transaction Document, or (2) bad faith violation of the implied contractual covenant of good
faith and fair dealing. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nobo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee was not
entitled to indemnification hereunder. Any indemnification pursuant to this Section 6.1(b) shall be made only out of the assets of the Company and no Member shall have any personal liability on account thereof. 

Section 6.3    Expenses. Expenses (including reasonable legal fees and
expenses) incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding described in Section 6.1(b) shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit
or proceeding, upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in Section 6.1(b); provided that
such undertaking shall be unsecured and interest free and shall be accepted without regard to an Indemnitee’s ability to repay amounts advanced and without regard to an Indemnitee’s entitlement to indemnification. 

Section 6.4    Non-Exclusivity;
Savings Clause. The indemnification and advancement of expenses set forth in Section 6.1(b) and Section 6.3 shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled
under any other agreement, policy of insurance or otherwise. The indemnification and advancement of expenses set forth in Section 6.1(b) and Section 6.3 shall continue as to an Indemnitee who has ceased to be a named Indemnitee and shall
inure to the benefit of the heirs, executors, administrators, successors and permitted assigns of such a Person. If Article VI, Section 6.2 or Section 6.3 or any portion hereof shall be invalidated on any ground by any court of
competent jurisdiction, then the Company shall nevertheless exculpate, indemnify and advance expenses to each Indemnitee to the fullest extent permitted by any applicable portion of such sections not so invalidated and to the fullest extent
permitted by applicable law. The exculpation, indemnification and advancement of expenses provisions set forth in Article VI, Section 6.2 and Section 6.3 shall be deemed to be a contract between the Company and each of the persons
constituting Indemnitees at any time while such provisions remain in effect, whether or not such Person continues to serve in such capacity and whether or not such Person is a party hereto. In addition, neither Article VI, Section 6.2 nor
Section 6.3 may be retroactively amended to adversely affect the rights of any Indemnitee arising in connection with any acts, omissions, facts or circumstances occurring prior to such amendment. 

Section 6.5    Insurance. The Company may purchase and maintain
insurance on behalf of the Indemnitees against any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such
liability under this Section 6.5. 

  
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 ARTICLE VII 

ACCOUNTING AND RECORDS; TAX MATTERS 

Section 7.1    Accounting and Records. The books and records of the
Company shall be made and maintained, and the financial position and the results of its operations recorded, at the expense of the Company, in accordance with such method of accounting as is determined by the Managing Member. The books and records
of the Company shall reflect all Company transactions and shall be made and maintained in a manner that is appropriate and adequate for the Company’s business. 

Section 7.2    Preparation of Tax Returns. The Company shall arrange
for the preparation and timely filing of all Tax returns required to be filed by the Company, including making the elections described in Section 4.5(c) and Section 7.3. Each Unitholder shall furnish to the Company all pertinent
information in its possession relating to the Company’s operations that is necessary to enable the Company’s income Tax returns to be prepared and filed. 

Section 7.3    Tax Elections. The Taxable Year shall be the Fiscal Year
unless the Managing Member shall determine otherwise. Except as provided in Section 4.5(c), the Managing Member shall determine whether to make or revoke any available election pursuant to the Code. Each Unitholder will upon request supply any
information necessary to give proper effect to such election. 

Section 7.4    Tax Controversies. 

(a)      The Managing Member shall be the “partnership representative” (or
“PR”) of the Company for purposes of the Partnership Tax Audit Rules, and, as such, (i) shall be authorized to designate any other Person selected by the Managing Member as the partnership representative and (ii) shall be
authorized and required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by Tax authorities, including resulting administrative and judicial proceedings, and to expend the
Company’s funds for professional services and reasonably incurred in connection therewith. Each Unitholder agrees to reasonably cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company
with respect to the conduct of such proceedings. 
 (b)      In the event of an audit by
the Internal Revenue Service, unless otherwise approved by all of the Members, the PR shall make on a timely basis, to the extent permissible under applicable law, the election provided by Section 6226(a) of the Partnership Tax Audit Rules to
treat a “partnership adjustment” as an adjustment to be taken into account by each Member in accordance with Section 6226(b) of the Partnership Tax Audit Rules. If the election under Section 6226(a) of the of the Partnership Tax
Audit Rules is made, the PR shall furnish to each Member for the year under audit a statement reflecting the Member’s share of the adjusted items as determined in the notice of final partnership adjustment, and each such Member shall take such
adjustment into account as required under Section 6226(b) of the Partnership Tax Audit Rules and shall be liable for any related tax, interest, penalty, addition to tax, or additional amounts. 

(c)      In the event of an audit by the Internal Revenue Service, if the PR does not make
the election provided by Section 6226(a) of the Partnership Tax Audit Rules as noted above, the PR shall allocate the burden of any taxes (including, for the avoidance of doubt, any “imputed

  
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underpayment” within the meaning of Section 6225 of the Partnership Tax Audit Rules), penalties, interest and related expenses imposed on the Company pursuant to the Partnership Tax
Audit Rules among the Members to whom such amounts are attributable (whether as a result of their status, actions, inactions or otherwise), as reasonably determined by the PR and each Member shall promptly reimburse the Company in full for the
entire amount the PR determines to be attributable to such Member; provided that the Company will also be allowed to recover any amount due from such Member pursuant to this sentence from any distribution otherwise payable to such Member pursuant to
this Agreement. Solely for purposes of determining the Member(s) to which any taxes or other amounts are attributable under this provision, references to any Member in this Section 7.4(c) shall include a reference to each Person that previously
held the Units currently held by such Member (but only to the extent of such Person’s interest in such Units). 

(d)      The PR is authorized to, and shall follow principles (to the extent available)
similar to those set forth in Section 7.4(b) and Section 7.4(c) with respect to any audits by state, local, or foreign tax authorities and any tax liabilities that result therefrom. 

Section 7.5    Code § 83 Safe Harbor
Election. 
 (a)      By executing this Agreement, each Unitholder authorizes and
directs the Company to elect to have the “Safe Harbor” described in the proposed Revenue Procedure set forth in the Internal Revenue Service Notice 2005-43 (the “IRS Notice”) or in any
successor, guidance or provision apply to any interest in the Company transferred to a service provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company. For purposes of
making such Safe Harbor election, the PR is hereby designated as the “partner who has responsibility for federal income Tax reporting” by the Company and, accordingly, that execution of such Safe Harbor election by the PR constitutes
execution of a “Safe Harbor Election” in accordance with Section 3.03(1) of the IRS Notice. Each Unitholder hereby agrees to comply with all requirements of the Safe Harbor described in the IRS Notice, including, the requirement that
each Unitholder shall prepare and file all federal income Tax returns reporting the income Tax effects of each Unit issued by the Company that qualifies for the Safe Harbor in a manner consistent with the requirements of the IRS Notice. 

(b)      Any Unitholder or former Unitholder that fails to comply with requirements set forth
in Section 7.5(a) shall indemnify and hold harmless the Company and each adversely affected Unitholder and former Unitholder from and against any and all losses, liabilities, Taxes, damages, judgments, fines, costs, penalties, amounts paid in
settlement and reasonable out-of-pocket costs and expenses incurred in connection therewith (including, costs and expenses of suits and proceedings, and reasonable fees
and disbursements of counsel), in each case resulting from such Unitholder’s or former Unitholder’s failure to comply with such requirements. The Managing Member may offset Distributions to which a Person is otherwise entitled under this
Agreement against such Person’s obligation to indemnify the Company and any other Person under this Section 7.5(b) (and any amount so offset with respect to such Person’s obligation to indemnify a Person other than the Company shall
be paid over to such other Person by the Company). A Unitholder’s obligations to comply with the requirements of Section 7.5(a) and to indemnify the Company and any Unitholder or former Unitholder under this Section 7.5(b) shall
survive such Unitholder’s ceasing to be a Unitholder of the Company and/or the termination, dissolution, liquidation and winding up of the Company, and, for purposes of this Section 7.5, the Company shall be treated as continuing in
existence. The Company and any Unitholder or former Unitholder may pursue and enforce all rights and remedies it may have against each Unitholder or former Unitholder 

  
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under this Section 7.5(b), including (i) instituting a lawsuit to collect such indemnification and contribution, with interest calculated at a rate equal to the Base Rate plus three
percentage points per annum (but not in excess of the highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter and (ii) specific performance and/or immediate injunctive or other equitable relief from any court
of competent jurisdiction (without the necessity of showing actual money damages, or posting any bond or other security) in order to enforce or prevent any violation of the provisions of Section 7.5(a). 

(c)      Each Unitholder authorizes the Managing Member to amend paragraphs (a) and (b)
of this Section 7.5 to the extent necessary to achieve substantially the same Tax treatment with respect to any interest in the Company Transferred to a service provider by the Company in connection with services provided to the Company as set
forth in Section 4 of the IRS Notice (e.g., to reflect changes from the rules set forth in the IRS Notice in subsequent Internal Revenue Service guidance); provided that such amendment is not materially adverse to any Unitholder (as compared
with the after-Tax consequences that would result if the provisions of the IRS Notice applied to all interests in the Company Transferred to a service provider by the Company in connection with services
provided to the Company). 
 ARTICLE VIII 

TRANSFER OF UNITS; ADMISSION OF NEW MEMBERS 

Section 8.1    Transfer of Units. Other than as provided for below in
this Section 8.1, no Member may sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being herein collectively called a “Transfer”) all or any portion of its Units
except with the approval of the Managing Member, which may be granted or withheld in its sole discretion. Without the approval of the Managing Member (but otherwise in compliance with Section 8.1), a Member may, at any time, (a) Transfer
any portion of such Member’s Units pursuant to the Exchange Agreement, (b) Transfer any portion of such Member’s Units to a Permitted Transferee of such Member, and (c) consummate a transaction that terminates the existence of a
Member for income tax purposes but does not terminate the existence of such Member under applicable state law; provided, however, that (i) such transfer restrictions will continue to apply to such Units after any such permitted Transfer,
(ii) transferees must agree in writing to be bound by the provisions of the Exchange Agreement and this Agreement (as in effect at such time, together with any amendments hereto), and (iii) any Transfer of Units to a Permitted Transferee
of such Member by a Member which also holds Class B Common Stock must be accompanied by the transfer of a corresponding number of shares of Class B Common Stock (determined based upon the Exchange Rate then in effect) to such Permitted
Transferee. Any purported Transfer of all or a portion of a Member’s Units not complying with this Section 8.1 shall be void ab initio and shall not create any obligation on the part of the Company or the other Members to recognize that
purported Transfer or to recognize the Person to which the Transfer purportedly was made as a Member. A Person acquiring a Member’s Units pursuant to this Section 8.1 shall not be admitted as a substituted or Additional Member except in
accordance with the requirements of Section 8.2, but such Person shall, to the extent of the Units transferred to it, be entitled to such Member’s (i) share of Distributions, (ii) share of Profits and Losses and
(iii) Capital Account in accordance with Section 3.5. Notwithstanding anything in this Section 8.1 or elsewhere in this Agreement to the contrary, if a Member Transfers all or any portion of its Units after the designation of a record
date and declaration of a Distribution pursuant to Section 4.1 and before the payment date 

  
 28 

 
of such distribution, the transferring Member (and not the Person acquiring all or any portion of its Units) shall be entitled to receive such Distribution in respect of such transferred Units.

 Section 8.2    Recognition of Transfer; Substituted and Additional
Members. 
 (a)     No direct or indirect Transfer of all or any portion of a Member’s
Units may be made, and no purchaser, assignee, transferee or other recipient of all or any part of such Units shall be admitted to the Company as a substituted or Additional Member hereunder, unless: 

(i)      the provisions of Section 8.1 shall have been complied with; 

(ii)    in the case of a proposed substituted or Additional Member that is (A) a competitor or
potential competitor of the Corporation or the Company or their respective Subsidiaries, (B) a Person with whom the Corporation or the Company or their respective Subsidiaries has had or is expected to have a material commercial or financial
relationship or (C) likely to subject the Corporation or the Company or their respective Subsidiaries to any material legal or regulatory requirement or obligation, or materially increase the burden thereof, in each case as determined by the
Managing Member in its sole discretion, the admission of the purchaser, assignee, transferee or other recipient as a substituted or Additional Member shall have been approved by the Managing Member; 

(iii)    the Managing Member shall have been furnished with the documents effecting such Transfer, in
form and substance reasonably satisfactory to the Managing Member, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Managing Member shall have executed (and the
Managing Member hereby agrees to execute) any other documents on behalf of itself and the Members required to effect the Transfer; 

(iv)    the provisions of Section 8.2(b) shall have been complied with; 

(v)    the Managing Member shall be reasonably satisfied that such Transfer will not (A) result in
a violation of the Securities Act or any other applicable law; or (B) cause an assignment under the Investment Company Act; 

(vi)    such Transfer would (A) not create a material risk that the Company will be treated as a
“publicly traded partnership” within the meaning of Section 7704 of the Code or any other association taxable as a corporation for federal income tax purposes and, without limiting the generality of the foregoing, such Transfer shall
not be effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Treas. Reg. § 1.7704-1
and (B) not otherwise result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account the rules of Treasury
Regulations Section 1.7704-1(h)(3)); 
 (vii)  the Managing Member
shall have received the opinion of counsel, if any, required by Section 8.2(c) in connection with such Transfer; and 

(viii)  all necessary instruments reflecting such Transfer and/or admission shall have been filed in each
jurisdiction in which such filing is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members. 

  
 29 

 (b)    Each Substituted Member and Additional Member
shall be bound by all of the provisions of this Agreement. Each Substituted Member and Additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement and the
Exchange Agreement or a joinder agreement in customary form), in form and substance reasonably satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the
agreement of such substituted or Additional Member to be bound by all the terms and provisions of this Agreement with respect to the Units acquired by such substituted or Additional Member. The admission of a substituted or Additional Member shall
not require the consent of any Member (but shall require the consent of the Managing Member, if and to the extent such consent of the Managing Member is expressly required by this Article VIII). As promptly as practicable after the admission of
a substituted or Additional Member, the Unit Ownership Ledger and other books and records of the Company and Exhibit A shall be changed to reflect such admission. 

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

(d)    The transferor, unless otherwise reasonably determined by the Managing Member, shall deliver 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 shall ensure that, contemporaneously with the Transfer, the transferee of such interest properly withholds and remits to the IRS the amount of tax required to be withheld upon the Transfer
by Section 1446(f) of the Code (and promptly provide evidence to the Company of such withholding and remittance). The transferor and transferee of such interest shall agree to jointly and severally indemnify and hold harmless the Corporation,
the Company and any Subsidiary of the Company against any loss (including taxes, interest, penalties, and any related expenses) arising out of any failure to comply with the provisions of this Section 8.2(d). 

Section 8.3    Expense of Transfer; Indemnification. All reasonable
costs and expenses incurred by the Managing Member and the Company in connection with any Transfer of a Member’s Units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid
by the transferring Member. In addition, the transferring Member hereby indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their Affiliates may
become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 

Section 8.4    Exchange Agreement. In connection with any Transfer of
any portion of a Member’s Units pursuant to the Exchange Agreement, the Managing Member shall cause the 

  
 30 

 
Company to take any action as may be required under the Exchange Agreement or requested by any party thereto to effect such Transfer promptly. 

Section 8.5    Change of Control Transactions. In the event
(i) the Corporation enters into an agreement to consummate a Change of Control (as defined in the Tax Receivable Agreement) transaction, or (ii) any Person commences a tender offer or exchange offer for any of the outstanding shares of the
Corporation’s stock, the Corporation will take all reasonable actions in order to effect any Change of Control Exchange (as defined in the Exchange Agreement). 

ARTICLE IX 

WITHDRAWAL AND RESIGNATION OF UNITHOLDERS 

Section 9.1    Withdrawal and Resignation of Unitholders. No Unitholder
shall have the power or right to withdraw or otherwise resign from the Company prior to the dissolution and winding up of the Company pursuant to Article X, without the prior written consent of the Managing Member (which consent may be withheld
by the Managing Member in its sole discretion), except as otherwise expressly permitted by this Agreement. Upon a Transfer of all of a Unitholder’s Units in a Transfer permitted by this Agreement, and (if applicable) the Equity Agreements, such
Unitholder shall cease to be a Unitholder. Notwithstanding that payment on account of a withdrawal may be made after the effective time of such withdrawal, any completely withdrawing Unitholder will not be considered a Unitholder for any purpose
after the effective time of such complete withdrawal, and, in the case of a partial withdrawal, such Unitholder’s Capital Account (and corresponding voting and other rights) shall be reduced for all other purposes hereunder upon the effective
time of such partial withdrawal. 
 ARTICLE X 

DISSOLUTION AND LIQUIDATION 

Section 10.1  Dissolution. The Company shall not be dissolved by the admission of
Additional Members or Substituted Members. The Company shall dissolve, and its affairs shall be wound up upon the first of the following to occur: 

(a)       at the election of the Managing Member; and 

(b)       the entry of a decree of judicial dissolution of the Company under
Section 33.5 of the Delaware Act or an administrative dissolution under Section 18-802 of the Delaware Act. 

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

Section 10.2  Liquidation and Termination. On the dissolution of the Company, the
Managing Member shall act as liquidator or may appoint one or more representatives, Members or other Persons as liquidator(s). The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided
herein and in the Delaware Act. The costs of liquidation shall be borne as the Company’s expense. Until final distribution, the liquidators shall 

  
 31 

 
continue to operate the Company properties with all of the power and authority of the Managing Member. The steps to be accomplished by the liquidators are as follows: 

(a)    The liquidators shall pay, satisfy or discharge from the Company’s funds all of the debts,
liabilities and obligations of the Company (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount
and for such term as the liquidators may reasonably determine). 
 (b)    As promptly as practicable
after dissolution, the liquidators shall (i) determine the Fair Market Value (the “Liquidation FMV”) of the Company’s remaining assets (the “Liquidation Assets”) in accordance with Article X hereof,
(ii) determine the amounts to be distributed to each Unitholder in accordance with Section 4.1, and (iii) deliver to each Unitholder a statement (the “Liquidation Statement”) setting forth the Liquidation FMV and the amounts
and recipients of such Distributions, which Liquidation Statement shall be final and binding on all Unitholders. 

(c)    As soon as the Liquidation FMV and the proper amounts of Distributions have been determined in
accordance with Section 10.2(b) above, the liquidators shall promptly distribute the Company’s Liquidation Assets to the holders of Units in accordance with Section 4.1(b) above. In making such distributions, the liquidators shall
allocate each type of Liquidation Assets (i.e., cash or cash equivalents, preferred or common equity securities, etc.) among the Unitholders ratably based upon the aggregate amounts to be distributed with respect to the Units held by each such
holder; provided that the liquidators may allocate each type of Liquidation Assets so as to give effect to and take into account the relative priorities of the different Units; provided further that, in the event that any securities are part of the
Liquidation Assets, each Unitholder that is not an “accredited investor” as such term is defined under the Securities Act may, in the sole discretion of the Managing Member, receive, and hereby agrees to accept, in lieu of such securities,
cash consideration with an equivalent value to such securities as determined by the Managing Member. Any non-cash Liquidation Assets will first be written up or down to their Fair Market Value, thus creating
Profit or Loss (if any), which shall be allocated in accordance with Section 4.2 and Section 4.3. If any Unitholder’s Capital Account is not equal to the amount to be distributed to such Unitholder pursuant to Section 10.2(b),
Profits and Losses for the Fiscal Year in which the Company is dissolved shall be allocated among the Unitholders in such a manner as to cause, to the extent possible, each Unitholder’s Capital Account to be equal to the amount to be
distributed to such Unitholder pursuant to Section 10.2(b). The distribution of cash and/or property to a Unitholder in accordance with the provisions of this Section 10.2(b) constitutes a complete return to the Unitholder of its Capital
Contributions and a complete distribution to the Unitholder of its interest in the Company and all the Company property and constitutes a compromise to which all Unitholders have consented within the meaning of the Delaware Act. To the extent that a
Unitholder returns funds to the Company, it has no claim against any other Unitholder for those funds. 

Section 10.3  Securityholders Agreement. To the extent that units or other equity
securities of any Subsidiary are distributed to any Unitholders and unless otherwise agreed to by the Managing Member, such Unitholders hereby agree to enter into a securityholders agreement with such Subsidiary and each other Unitholder which
contains rights and restrictions in form and substance similar to the provisions and restrictions set forth herein (including in Article VIII). 

Section 10.4  Cancellation of Certificate. On completion of the distribution of
the Company’s assets as provided herein, the Company shall be terminated (and the Company shall not 

  
 32 

 
be terminated prior to such time), and the Managing Member (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary
of State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to continue in existence for all
purposes of this Agreement until it is terminated pursuant to this Section 10.4. 

Section 10.5  Reasonable Time for Winding Up. A reasonable time shall be allowed
for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 10.2 in order to minimize any losses otherwise attendant upon such winding up. 

Section 10.6  Return of Capital. The liquidators shall not be personally liable
for the return of Capital Contributions or any portion thereof to the Unitholders (it being understood that any such return shall be made solely from the Company assets). 

Section 10.7  Hart-Scott-Rodino. In the event the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (the “HSR Act”) is applicable to any Unitholder, the dissolution of the Company shall not be consummated until such time as the applicable waiting period (and extensions thereof) under the HSR Act have expired or
otherwise been terminated with respect to each such Unitholder. 
 ARTICLE XI 

GENERAL PROVISIONS 

Section 11.1  Power of Attorney. Each Unitholder hereby constitutes and appoints
the Managing Member and the liquidators, if any and as applicable, and their respective designees, with full power of substitution, as his, her or its true and lawful agent and
attorney-in-fact, with full power and authority in his, her or its name, place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate
public offices (to the same extent such Person could take such action): (a) this Agreement, all certificates and other instruments and all amendments hereof or thereof in accordance with the terms hereof which the Managing Member deems
appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property or as otherwise
permitted herein; (b) all instruments, agreements, amendments or other documents which the Managing Member deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its
terms; (c) all conveyances and other instruments or documents which the Managing Member and/or the liquidators deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement,
including a certificate of cancellation; and (d) all instruments relating to the admission, withdrawal or substitution of any Unitholder pursuant to Article VIII or Article IX. The foregoing power of attorney is irrevocable and
coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Unitholder and the Transfer of all or any portion of his, her or its Units and shall extend to such
Unitholder’s heirs, successors, permitted assigns and personal representatives. 

Section 11.2  Amendments. This Agreement may be amended (including, for purposes
of this Section 11.2, any amendment effected directly or indirectly by way of a merger or consolidation of the Company) or waived, in whole or in part, by the Managing Member; provided, however, that

  
 33 

 
to the extent any amendment or waiver, including any amendment or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights of any Member of a class
compared with the rights of any other Member of such class, such amendment or waiver may only be made by the Managing Member upon the prior written consent of such disproportionately and adversely affected Member. 

Section 11.3  Title to the Company Assets. The Company’s assets shall be
deemed to be owned by the Company as an entity, and no Unitholder, individually or collectively, shall have any ownership interest in such assets or any portion thereof. Legal title to any or all of such assets may be held in the name of the Company
or one or more nominees, as the Managing Member may determine. The Managing Member hereby declares and warrants that any Company assets for which legal title is held in the name of any nominee shall be held in trust by such nominee for the use and
benefit of the Company in accordance with the provisions of this Agreement. All the Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such assets is held. 

Section 11.4  Remedies. Each Unitholder and the Company shall have all rights and
remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any law. Any Person having any rights under any
provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement
and to exercise all other rights granted by law. 
 Section 11.5  Successors and
Assigns. All covenants and agreements contained in this Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, whether
so expressed or not. 
 Section 11.6  Severability. Whenever possible, each
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein or if such term or provision could be drawn more narrowly so as not to be illegal, invalid, prohibited or unenforceable in such jurisdiction, it
shall be so narrowly drawn, as to such jurisdiction, without invalidating the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of such term or provision in any other jurisdiction. 

Section 11.7  Counterparts; Binding Agreement. This Agreement may be executed
simultaneously in two or more separate counterparts, any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together shall constitute one and the same agreement binding on all
the parties hereto. This Agreement and all of the provisions hereof shall be binding upon and effective as to each Person who (a) executes this Agreement in the appropriate space provided in the signature pages hereto notwithstanding the fact
that other Persons who have not executed this Agreement may be listed on the signature pages 

  
 34 

 
hereto and (b) may from time to time become a party to this Agreement by executing a counterpart of or joinder to this Agreement. 

Section 11.8    Descriptive Headings; Interpretation. The descriptive
headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement,
document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Whenever required by the context, references to a Fiscal Year
shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

Section 11.9    Applicable Law. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of Delaware. 

Section 11.10  Addresses and Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) telecopied to the
recipient, or delivered by means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied/emailed before 5:00 p.m. New York, New York time on a Business Day, and
otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the address for
such recipient set forth in the Company’s books and records, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

Section 11.11  Creditors. None of the provisions of this Agreement shall be for
the benefit of or enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by
the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in the Company’s Profits, Losses, Distributions, capital or property other than as a secured creditor. Notwithstanding the
foregoing, each of the Indemnitees are intended third party beneficiaries of Section 6.1(b) and shall be entitled to enforce such provision (as it may be in effect from time to time). 

Section 11.12  No Waiver. No failure by any party to insist upon the strict
performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy 

  
 35 

 
consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 11.13  Further Action. The parties agree to execute and deliver all
documents, provide all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 11.14  Entire Agreement. This Agreement and the other Transaction
Documents embody the complete agreement and understanding among the parties with respect to the subject matter herein and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way. 

Section 11.15  Delivery by Electronic Means. This Agreement, the agreements
referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine
or electronic transmission in portable document format (pdf) or comparable electronic transmission, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as
if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms
thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or pdf electronic transmission or comparable electronic transmission to deliver a signature or the fact
that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

Section 11.16  Certain Acknowledgments. This Agreement shall be considered for
all purposes as having been prepared through the joint efforts of the parties. No presumption shall apply in favor of any party in the interpretation of this Agreement or in the resolution of any ambiguity of any provision hereof based on the
preparation, substitution, submission or other event of negotiation, drafting or execution hereof. Each Member and Unitholder acknowledges that it/he/she is entitled to and has been afforded the opportunity to consult legal counsel of its choice
regarding the terms, conditions and legal effects of this Agreement, as well as the advisability and propriety thereof. Each Member and Unitholder further acknowledges that having so consulted with legal counsel of its choosing, such Member or
Unitholder hereby waives any right to raise or rely upon the lack of representation or effective representation in any future proceedings or in connection with any future claim resulting from this Agreement or the formation of the Company. THE
COMPANY, THE MEMBERS AND THE UNITHOLDERS ACKNOWLEDGE THAT STRADLING YOCCA CARLSON & RAUTH P.C. HAS ONLY REPRESENTED THE COMPANY WITH RESPECT TO THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT, AND HAS NOT REPRESENTED THE MEMBERS OR THE
UNITHOLDERS WITH RESPECT TO SUCH MATTERS. 
 Section 11.17  Consent to
Jurisdiction; Waiver of Trial by Jury. 
 (a)       Consent to
Jurisdiction. Each Unitholder irrevocably submits to the exclusive jurisdiction of the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding
arising out of this Agreement or any transaction contemplated hereby. Each Unitholder further agrees that service of 

  
 36 

 
any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such Unitholder’s respective address set forth
in the Company’s books and records or such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or
proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each Unitholder irrevocably and unconditionally waives any objection to the laying of venue of any
action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

(b)      WAIVER OF TRIAL BY JURY. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

Section 11.18  Representations and Warranties. By execution of this Agreement
(including a Joinder hereto), each Member severally represents and warrants as follows: 

(a)      Such Member has full legal right, power, and authority to deliver this Agreement and
the other Transaction Documents and to perform such Member’s obligations hereunder and thereunder; 

(b)      This Agreement and the other Transaction Documents constitute the legal, valid, and
binding obligation of such Member enforceable in accordance with its respective terms, except as the enforcement thereof may be limited by bankruptcy and other laws of general application relating to creditors’ rights or general principles of
equity; 
 (c)      Neither this Agreement nor the other Transaction Documents violate,
conflict with, result in a breach of the terms, conditions or provisions of, or constitute a default or an event of default under any other agreement of which such Member is a party; and 

(d)      Such Member’s investment in Units in the Company is made for such Member’s
own account for investment purposes only and not with a view to the resale or distribution of such Units. 

  
 37 

 (e)      To the extent that such Member is
a partnership, grantor trust or S corporation, Treasury Regulations Sections 1.7704-1(h)(3)(i) and (ii) are not applicable to the interest of such Member and their beneficial owners. 

Section 11.19  Tax Receivable Agreement. The Tax Receivable Agreement and the
Exchange Agreement shall each be treated as part of this Agreement as described in Section 761(c) of the Code, and Treas. Reg. § 1.704-1(b)(2)(ii)(h) and
§ 1.761-1(c) with respect to payments to a Member with respect to an Exchange (as defined in the Tax Receivable Agreement) by such Member. 

* * * * * 

  
 38 

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

	
	 REAL GOOD FOODS, LLC

	
	 By: The Real Good Food Company, Inc., a
Delaware corporation, as its Managing
Member

	
	            By: /s/ Gerard G.
Law                                        
 
	             Name: Gerard G. Law

	             Title:  Chief Executive
Officer

  

  
 [Signature Page to
Limited Liability Company Agreement] 

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

			
	THE REAL GOOD FOOD COMPANY, INC.,
as a Member
	
	 By: /s/
Gerard G. Law                                     
    

	 Name: Gerard G. Law

	 Title:   Chief Executive Officer

  
 [Signature Page to
Limited Liability Company Agreement] 

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

	
	MEMBERS:
	
	 /s/ Josh Schreider

Josh Schreider, an individual

  

			
	 PPZ, LLC,

a Wyoming limited liability company

		
	 By:
	 	 /s/ Rhea Lamia

	 Name:
	 	 Rhea Lamia

	 Title:
	 	 Manager

	
	 Slingshot Consumer LLC,

a Wyoming limited liability company

		
	 By:
	 	 /s/ Bryan Freeman

	 Name:
	 	 Bryan Freeman

	 Title:
	 	 Manager

	
	 Divario Ventures, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Jim Foltz

	 Name:
	 	 Jim Foltz

	 Title:
	 	 Vice President – Business Ventures

	
	 Strand Equity Partners III, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Seth Rodsky

	 Name:
	 	 Seth Rodsky

	 Title:
	 	 President

	
	 CPG Solutions, LLC

		
	 By:
	 	 /s/ Andrew Stiffelman

	 Name:
	 	 Andrew Stiffelman

	 Title:
	 	 Manager

 
			
	
	 /s/ Gerard G. Law

	Gerard G. Law
	
	 /s/ Akshay Jagdale

	Akshay Jagdale

  
 [Signature Page to
Limited Liability Company Agreement] 

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

			
	 MEMBERS:

	
	 Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Mt. Vernon Street Trust: Growth Company Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

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

			
	 MEMBERS:

	
	 Fidelity Select Portfolios: Consumer Staples Portfolio

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Central Investment Portfolios LLC: Fidelity U.S. Equity Central Fund – Consumer Staples
Sub

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Securities Fund: Small Cap Growth Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

	
	 Fidelity Securities Fund: Small Cap Growth K6 Fund

		
	 By:
	 	 /s/ Chris Maher 

	 Name: Chris Maher

	 Title: Authorized Signatory

 LIMITED LIABILITY COMPANY AGREEMENT 

Joinder 

The undersigned hereby agrees to become a party to the Limited Liability Company Agreement of Real Good Foods, LLC, a
Delaware limited liability company, dated as of November 4, 2021 (the “Agreement”), and agrees to be bound by the terms and conditions of the Agreement as a Member. 

 

	
	 MEMBER:

	
	
	
	
By:                      
                                         
             

	
Name:                      
                                         
         

	
Title:                     
                                         
            

	
	 Address for
Notices:                                       
          

	
                      
                                         
                   

 Exhibit A 

AMENDED AND RESTATED MEMBERSHIP SCHEDULE 

(Effective November 9, 2021) 
  

																	
	 Member

 
	  	
Class A Units*
  
	 	  	
Class B Units*
  
	 	  	 Total*

 
	 	  	 Percentage

 
	 
	 Josh Schreider
	  	 	0	 	  	 	3,956,022      	 	  	 	3,956,022      	 	  	 	15.3646446	% 
	 PPZ, LLC
	  	 	0	 	  	 	3,956,022      	 	  	 	3,956,022      	 	  	 	15.3646446	% 
	 Slingshot Consumer, LLC
	  	 	0	 	  	 	3,956,022      	 	  	 	3,956,022      	 	  	 	15.3646446	% 
	 CPG Solutions, LLC
	  	 	0	 	  	 	1,318,690      	 	  	 	1,318,690      	 	  	 	5.1216103	% 
	 Divario Ventures, LLC
	  	 	0	 	  	 	999,082      	 	  	 	999,082      	 	  	 	3.8802969	% 
	 Strand Equity Partners III, LLC
	  	 	0	 	  	 	1,555,776      	 	  	 	1,555,776      	 	  	 	6.0424197	% 
	 Gerard G. Law
	  	 	0	 	  	 	816,380**  	 	  	 	816,380**  	 	  	 	3.1707075	% 
	 Akshay Jagdale
	  	 	0	 	  	 	210,406      	 	  	 	210,406      	 	  	 	0.8171879	% 
	 Fidelity Class B Members***
	  	 	0	 	  	 	2,809,281***	 	  	 	2,809,281***	 	  	 	10.9108605	% 
	 The Real Good Food Company, Inc.
	  	 	6,169,885	 	  	 	0	 	  	 	6,169,885	 	  	 	23.9629835	% 
	
Total
	  	 	6,169,885	 	  	 	19,577,681	 	  	 	25,747,566	 	  	 	100.00000000	% 

  

	*	 The Managing Member shall have the right to make pro-rata
adjustments to the above-referenced number of Units, and to make issuances of Units to the Managing Member, subject to the terms of the Operating Agreement, including Section 3.1(e) and Section 3.2
thereof. 

  

	**	 441,536 of such Class B Units issued to Gerard Law, together with an equivalent amount of shares of
Class B common stock of the Corporation (collectively, the “Law Restricted Interests”), are unvested and, for such portion that remain unvested as of the applicable date, subject to automatic forfeiture and cancelation
if Mr. Law’s employment is terminated by the Company without “Cause” or by Mr. Law without “Good Reason” (each as defined in the employment agreement between the Company and Mr. Law). 1/24th of the Law
Restricted Interests (rounded down to the nearest whole unit) shall become vested and no longer subject to forfeiture on October 1, 2021, and 1/24 of the Law Restricted Interests (rounded down to the nearest whole unit) shall vest on the first
day of each calendar month thereafter, with all such units and equivalent shares of stock vested and released from such restriction on September 1, 2023. All Law Restricted Interests shall become vested and this restriction shall terminate as
to all Law Restricted Interests upon a termination of Mr. Law’s employment by the Company without Cause or by Mr. Law for Good Reason. 

  

	***	 The allocation of such Class B Units shall be to the individual Fidelity Class B Members and in
the amounts set forth in the chart below: 

  

					
	 Fidelity Class B Member

 
	  	 Class B Units

 
	 
	 Fidelity Securities Fund: Fidelity Small Cap
Growth K6 Fund
	  	 	45,833	 
	 Mag & Co fbo Fidelity Select
Portfolios: Consumer Staples Portfolio
	  	 	58,667	 
	 Mag & Co fbo Fidelity Mt. Vernon
Street Trust: Fidelity Series Growth Company Fund
	  	 	131,479	 
	 Booth & Co FBO Fidelity Securities
Fund: Fidelity Blue Chip Growth K6 Fund
	  	 	139,521	 
	 Powhatan & Co., LLC fbo Fidelity Mt.
Vernon Street Trust : Fidelity Growth Company K6 Fund
	  	 	149,688	 
	 Gerlach & Co fbo Fidelity Central
Investment Portfolios LLC: Fidelity U.S. Equity Central Fund -
 Consumer
Staples Sub
	  	 	156,156	 
	 Mag & Co fbo Fidelity Securities
Fund: Fidelity Small Cap Growth Fund
	  	 	248,958	 
	 Powhatan & Co., LLC fbo Fidelity Mt.
Vernon Street Trust: Fidelity Growth Company Fund
	  	 	616,906	 
	 Mag & Co fbo Fidelity Securities
Fund: Fidelity Blue Chip Growth Fund
	  	 	1,262,073	 
	
Total
	  	 	2,809,281Exhibit 10.1

  

   

    

   

    

  

    

    

     

     

    

     

    

      

    

    

    

     

    ADTALEM GLOBAL EDUCATION INC. 

    EXECUTIVE EMPLOYMENT AGREEMENT

    

    

     

    
      THIS EXECUTIVE EMPLOYMENT AGREEMENT (this

        “Agreement”) is made and entered into as of October 18, 2021 (the “Effective Date”), by and between Adtalem Global Education Inc. (“Adtalem”), and Bob Phelan (the “Executive”). Adtalem and the Executive are sometimes hereinafter referred to individually as a “Party” and together as “Parties.”

    

    

    

    Unless otherwise defined in the body of this Agreement, capitalized terms shall be defined as
      provided in Appendix I to this Agreement.

     
    
      In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
        are hereby acknowledged, the Parties hereto agree as follows:

    

    

    

     

    AGREEMENT

     

    

    

    1.           

      Employment Period. Adtalem will employ the Executive, and the Executive hereby accepts employment with Adtalem, upon the terms and subject to the conditions set forth in this Agreement. The
      Executive’s employment under this Agreement shall begin on the Effective Date and shall continue thereafter until the first to occur of the events described in Section 8(a) (the “Employment Period”).

    

    

    
      2.      Position and Duties.

    

     

    

     (a)            Title; Responsibilities. During the Employment Period, the Executive will serve as the Senior Vice President, Chief Financial
        Officer and will have the normal duties, responsibilities and authority of that position, subject to the power of the CEO to expand or limit such duties, responsibilities and authority; provided, however, at all times, Executive’s duties,
      responsibilities and authority shall be commensurate with such duties, responsibilities and authority held by executives in comparable positions in corporations of similar size and scope to Adtalem in Adtalem’s industry. The Executive shall report to
      the CEO. In this trusted, executive position, the Executive will be given access to Adtalem’s Confidential Information. The Executive shall comply in all material respects with all applicable laws, rules and regulations relating to the performance of
      the Executive’s duties and responsibilities hereunder, including Adtalem’s Code of Business Conduct and Ethics.

     

    
      3.      Compensation.

    

     

    (a)           
      Base Salary. The Executive’s Base Salary under this Agreement shall be at the initial annual rate of $480,000. The Executive’s Base Salary will be paid by
      Adtalem in substantially equal bi-weekly installments. The Base Salary will be reviewed annually by the CEO in coordination with the Compensation Committee and upon such review the Base Salary may be increased by the CEO in coordination with the
      Compensation Committee (but subject to any applicable Adtalem policy, law, or exchange listing requirement); provided, however, the Base Salary under this Agreement, including as subsequently adjusted upwards, may not be decreased thereafter except
      in the case of an across-the-board percentage reduction in base salaries of executives at the Executive’s level affecting such executives equally. All amounts payable to the Executive under this Agreement will be subject to all required withholding
      by Adtalem. 

     

    

     

    

    
        

    

    
      
        

    

    

    

    
      
         

      

      

      

      

    

    (b)           
      Equity Awards. In addition to the Base Salary, the Executive shall be eligible for annual equity awards, as determined by Adtalem, the Board and/or Compensation Committee as necessary and
      appropriate to comply with Adtalem policy, applicable law, or exchange listing requirements, under Adtalem’s equity award plan(s) covering executives at the Executive’s level, as in effect from time to time.

     

    4.           Management Incentive. In addition to the Base Salary, the Executive will be eligible to receive an annual payment under Adtalem’s annual Management Incentive Plan (MIP), as in effect from time to
      time, upon the achievement of specific Adtalem-wide and personal performance goals that will be determined each fiscal year by the Executive’s direct supervisor and/or the Compensation Committee as necessary and appropriate to comply with Adtalem
      policy; provided, however, the MIP Award may be based on a higher or lower percentage of the MIP Target for performance which is in excess of target goals or below target goals, respectively. Any MIP Award due and owing hereunder with respect to any
      fiscal year shall be paid no later than the fifteenth day of the third month following the end of Adtalem’s fiscal year in which the MIP Award was earned.

     

     

    

    
       5.            Time Off. The Executive will be
        eligible to participate in Adtalem’s Flexible Time Office (FTO) program. Under this program, the Executive may take time off as needed, subject to manager approval, however, there is no specific allotment of days and no time off is accrued, as long
        as such program is offered by Adtalem and offered to leaders at employee’s level/grade.

    

    

    

    
      6.      Benefits. In addition to the Base Salary and other compensation provided for in Section 3 and Section 4 above, the Executive shall be eligible to participate in
        such health and welfare benefit plans (including Executive’s eligible dependents) and any qualified and/or non-qualified retirement plans of Adtalem as may be in effect from time to time; provided, however, that participation shall be subject to
        all of the terms and conditions of such plans, including, without limitation, all waiting periods, eligibility requirements, vesting, contributions, exclusions and other similar conditions or limitations. Any and all benefits under any such plans
        shall also be payable, if applicable, in accordance with the underlying terms and conditions of such plan document. Executive’s participation in the foregoing plans and any perquisite programs will be on terms no less favorable than afforded to
        executives at the Executive’s level, as in effect from time to time. Adtalem, however, shall have the right in its sole discretion to modify, amend or terminate such benefit plans and/or perquisite programs at any time. Adtalem will reimburse the
        Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties and responsibilities under this Agreement which are consistent with Adtalem’s policies and procedures in effect from time to time. 

       

      

      
          

      

    

    
      
        

    

    

    

    

    

    
       

    

    

    

     
     7.      Relocation Expenses. [RESERVED].

     

     

    

     8.      Termination.

    

    
     

      

    (a)             When Does Termination Occur. The Executive’s employment with Adtalem and the
      Employment Period will end on the earlier of (i) the Executive’s death or Permanent Disability, (ii) the Executive’s resignation at any time with or without Good Reason, or (iii) termination by Adtalem at any time with or without Cause. Except as
      otherwise provided herein, any termination of the Employment Period by Adtalem or by the Executive will be effective as specified in a written notice from the terminating Party to the other Party; provided, however, if the Executive’s employment with
      Adtalem is terminated during the Employment Period by Adtalem without Cause or by the Executive without Good Reason, the terminating Party must give the other Party at least thirty (30) days prior written notice. For avoidance of doubt, Executive’s
      voluntary retirement from Adtalem shall be deemed a resignation by Executive without Good Reason.

     

       (b)            Termination Due to Death or Permanent Disability. If the Employment Period is terminated pursuant to Section 8(a)(i) above, then, through the date of termination of Executive’s employment with Adtalem, the
        Executive will be entitled to the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date. Except as set forth in this paragraph (b), the Executive will not be entitled to any other Base Salary, severance,
        compensation or benefits from Adtalem thereafter, other than those earned under any of Adtalem’s retirement or incentive plans or expressly required under applicable law. 

     

    (c)            Termination by Adtalem With Cause or By the Executive Without Good Reason. If the Employment Period is terminated by Adtalem with Cause or if
        the Executive resigns without Good Reason, then the Executive will only be entitled to receive the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date. Except as set forth in this paragraph (c), the
        Executive will not be entitled to any other Base Salary, severance, compensation or benefits from Adtalem thereafter, other than those previously earned under any of Adtalem’s retirement plans or expressly required under applicable law. Within ten
        (10) days following notice of termination with Cause, the Executive may request of the CEO an opportunity to cure the Cause event, which request shall be determined by the CEO in the CEO’s sole discretion. 

     

    
      (d)            Termination by Adtalem Without Cause or By the Executive With Good Reason. If: 

    

    

    

    (i)          the Executive’s employment with Adtalem is terminated during the Employment Period (A) by Adtalem without Cause or (B) by the
        Executive with Good Reason; and

    
      

      

      
          

      

      
        
          

      

       

      

       

      

      
         

      

       

      

      
        (ii)          the Executive executes a Release and such Release is not timely revoked by Executive and becomes legally effective; and

      

      

      

      
         (iii)    the Executive complies with the terms of this Agreement and the Release, 

      

      

       
      then the Executive will be entitled to receive:

        

      

      
        

          (A)            Accrued Benefits. the Accrued
              Benefits payable no later than thirty (30) days following Executive’s Termination Date;

           

          (B)            Base Salary and MIP Award. payment of an amount equal to
            one (1) times the sum of Executive’s Base Salary (at the rate then in effect) plus MIP Target, which shall be payable in twelve (12) equal monthly payments commencing with the first payroll period following the date the Release becomes legally
            effective; and

           

        

        
          Other  Benefits  the   following      “Additional Benefits”:

        

          

      

       

      

      
        	
                (C)

              	(I)	
                
                  Pro-Rated MIP Award. Provided that Executive has been employed for not less than six (6) months
                    during the fiscal year during which Executive’s Termination Date occurs, payment of a pro-rated MIP Award pursuant to Section 4 (based on the number of days in the fiscal year which have passed divided by 365) based upon accomplishment
                    of the relevant performance targets for the relevant fiscal year which includes the Executive’s Termination Date, which MIP Award shall be payable in a lump sum payment at the time all other MIP Awards for such fiscal year are paid to
                    the other Adtalem senior executives;

                   

                

              

        

        

      

    

    (II)            Health Continuation.  Twelve (12) months of continued health
      benefit plan coverage following the Termination Date at active employee levels and active employee cost for Executive and Executive’s eligible dependents; such health benefits shall be provided and paid for by the Executive per regular payroll period
      of Adtalem commencing with the first payroll period following the Executive’s termination of employment and continuing until the earlier of (1) the twelve (12) month anniversary of Executive’s Termination Date, or (2) the date Executive is eligible
      for equivalent coverage and benefits under the plans and programs of a subsequent employer. Medical expenses (as defined in Code Section 213(d)) paid pursuant to this paragraph are intended to be exempt from Code Section 409A to the extent permitted
      under Treasury Regulation §§1.409A- 1(b)(9)(v)(B) and -3(i)(1)(iv)(B). However, to the extent any health benefits provided pursuant to this paragraph do not qualify for exemption under Code Section 409A, Adtalem shall provide Executive with a lump
      sum payment in an amount equal to the number of months of coverage to which Executive is entitled times the then applicable premium for the relevant health plan in which Executive participated. Such lump sum amount will be paid during the second
      month following the month in which such coverage expires; and

    
       

      

      

    

    
        

    

    
      
        

    

     
       

    

     

    

     

      

     

      

    (III)            Outplacement Services. 
      Adtalem shall, at its sole expense, provide the Executive with a six (6) month senior executive level outplacement program the provider of which shall be selected by Adtalem in Adtalem’s sole discretion with such expenses being payable to the
      outplacement service as soon as administratively practicable but in no event later that the last day of the calendar year immediately following the calendar year in which such expense was incurred by the Executive.

     

    (e)            Specified
            Employee Six Month Delay Requirement.  Notwithstanding the provisions of paragraph (d) immediately above, because
      Adtalem is a “public company” within the meaning of Code Section 409A, any amounts payable to the Executive during the first six months and one day following the Termination Date pursuant to paragraph (d) immediately above shall be deferred until the
      date which is six months and one day following such Termination Date, with the first payment being in an amount equal to the total amount to which the Executive would otherwise have been entitled during the period following the Termination Date of
      employment if the six-month deferral had not been required. Except as otherwise expressly provided in paragraph (d) immediately above, all of the Executive’s rights to Base Salary, employee benefits, severance and other compensation hereunder or
      under any policy or program of Adtalem which accrue or become payable on or after the termination of the Employment Period will cease upon such Termination Date other than those expressly required under applicable law.

     

    (f)            No Offset or
            Mitigation.  Except for such monies due and owing Adtalem, if Executive’s employment with Adtalem is terminated for any reason, Adtalem will have no right of offset, nor will Executive be under any duty or obligation to seek
      alternative or substitute employment at any time after the effective date of such termination or otherwise mitigate any amounts payable by Adtalem to Executive.

    

    

    
       9.      Change in Control.

      

       

    

    

      (a)            Obligations of Adtalem upon Executive’s Termination with Good Reason or Adtalem’s Termination of Executive Without Cause During Change in Control Period.  If: 

     

      (i)         

      during the Change in Control Period, Adtalem terminates the Executive’s employment without Cause (other than for death or Disability) or the Executive terminates employment for Good Reason, and

      

      (ii)          the Executive executes the Release and such Release is not timely revoked by Executive and becomes legally effective; and 

     

    
      
          (iii)    the Executive complies with the terms of this Agreement and the Release, 

      

    

     

    

    

    then the Executive will be entitled to receive:

    

    

    

    

    
        

    

    
      
        

    

    

    

    
       
        

        

      

    

     

    (A)            Accrued Benefits. the
        Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date;

     
    (B)            Base Salary and MIP Award. 
      payment of an amount equal to one and one-half (1 1⁄2) times the sum of Executive’s Base Salary (at the rate then in effect) plus MIP Target, which shall be payable in eighteen (18) equal monthly payments commencing with the first payroll period
      following the date the Release becomes legally effective; and

       

    (C)            Other Benefits. 
      Additional Benefits as delineated in Section 8(d)(iii)(C) above except that in subsection (II) the reference to “twelve (12) months” shall be changed to “eighteen (18) months” and in subsection (III) the reference to “six (6) month” shall be changed
      to “nine (9) months.”

     

      (b)            Obligations of
            Adtalem upon Executive’s Death.  If the Executive’s employment is terminated by reason of the Executive’s death during the Change in Control Period, Adtalem shall provide the Executive’s estate or beneficiaries with the
      Accrued Benefits, and shall have no other severance obligations under this Agreement. The Accrued Benefits shall be paid to the Executive’s estate or beneficiary, as applicable, within thirty (30) days following the Termination Date.

      

    

      (c)            Obligations of
            Adtalem upon Executive’s Permanent Disability.  If the Executive’s employment is terminated by reason of the Executive’s Permanent Disability during the Change in Control Period, Adtalem shall provide the Executive with the
      Accrued Benefits, and shall have no other severance obligations under this Agreement. The Accrued Benefits shall be paid to the Executive within thirty (30) days following the Termination Date.

     

      (d)            Obligations of
            Adtalem upon Executive’s Termination Without Good Reason or Adtalem’s Termination of Executive With Cause During Change in Control Period. If the Executive’s employment is terminated for Cause during the Change in Control Period or the Executive
      resigns during the Change in Control Period without Good Reason, Adtalem shall provide the Executive with the Accrued Benefits, and shall have no other severance obligations under this Agreement. In such case, all Accrued Benefits shall be paid to
      the Executive within thirty (30) days following the Termination Date.

    

    

      (e)            Anticipatory
            Change in Control.  If a Change in Control occurs and if the Executive’s employment with Adtalem was terminated by Adtalem without Cause within six (6) months prior to the date such Change in Control occurred, and if it is
      reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who had taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or in anticipation
      of a Change in Control, then Executive shall be deemed to have been involuntarily terminated by Adtalem without Cause during the Change in Control Period and shall be eligible to receive the monies and benefits under Section 9(a) rather than Section
      8(d) of the Agreement.

     

    
        

    

    
      
        

    

     

     

    

    
       

    

     

    

    
      10.      Confidential Information. 

      

      

    

    

    

     (a)            The Executive recognizes and acknowledges that the continued success of Adtalem and its Affiliates depends upon the use and protection of a large body of confidential and proprietary information and that
      the Executive will have access to the entire universe of Adtalem’s Confidential Information (as defined below in Section 10(b)), as well as certain confidential information of other Persons with which Adtalem and its Affiliates do business, and that
      such information constitutes valuable, special and unique property of Adtalem, its Affiliates and such other Persons.

     

     (b)            Confidential Information. 
      For purposes of this Agreement, Adtalem’s “Confidential Information” shall include Adtalem and its Affiliates’ trade secrets as defined under Delaware law, as well as any other information or material
      which is not generally known to the public, and which: (a) is generated, collected by or utilized in the operations of Adtalem or its Affiliates’ business and relates to the actual or anticipated business, research or development of Adtalem, its
      Affiliates or Adtalem and its Affiliates’ actual or prospective Customers; or (b) is suggested by or results from any task assigned to the Executive by Adtalem or its Affiliates, or work performed by the Executive for or on behalf of Adtalem or its
      Affiliates. Confidential Information shall not be considered generally known to the public if the Executive or others improperly reveal such information to the public without Adtalem or its Affiliates’ express written consent and/or in violation of
      an obligation of confidentiality owed to Adtalem or its Affiliates. Confidential Information includes, without limitation, the information, observations and data obtained by the Executive while employed by Adtalem concerning the business or affairs
      of Adtalem or its Affiliates, including information concerning acquisition opportunities in or reasonably related to Adtalem or its Affiliates’ business or industry, the identities of and other information (such as databases) relating to the current,
      former or prospective employees, suppliers and Customers of Adtalem or its Affiliates, development, transition and transformation plans, methodologies and methods of doing business, strategic, marketing and expansion plans, financial and business
      plans, financial data, pricing information, employee lists and telephone numbers, locations of sales representatives, new and existing customer or supplier programs and services, customer terms, customer service and integration processes,
      requirements and costs of providing service, support and equipment.

     

     (c)            The Executive agrees to use Adtalem’s Confidential Information only as necessary and only in connection with the performance of Executive’s duties hereunder. The Executive shall not, without Adtalem’s prior
      written permission, directly or indirectly, utilize for any purpose other than for a legitimate business purpose solely on behalf of Adtalem or its Affiliates, or directly or indirectly, disclose outside of Adtalem or outside of the Affiliates, any
      of Adtalem’s Confidential Information, as long as such matters remain Confidential Information. The restrictions set forth in this paragraph are in addition to and not in lieu of any obligations the Executive may have by law with respect to Adtalem’s
      Confidential Information, including any obligations the Executive may owe under any applicable trade secrets statutes or similar state or federal statutes. This Agreement shall not prevent the Executive from revealing evidence of criminal wrongdoing
      to law enforcement or prohibit the Executive from divulging Adtalem’s Confidential Information by order of court or agency of competent jurisdiction. However, the Executive shall promptly inform Adtalem of any such situations and shall take such
      reasonable steps to prevent disclosure of Adtalem’s Confidential Information until Adtalem or its relevant Affiliates have been informed of such requested disclosure and Adtalem has had an opportunity to respond to the court or agency. 

    

    

    

    

    
        

    

    
      
        

    

     

    

    
       
        

        

      

    

    

    

     (d)            The Executive understands that Adtalem and its Affiliates will receive from third parties confidential or proprietary information ("Third Party Information")
      subject to a duty on Adtalem or its Affiliates to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the foregoing provisions
      of this Section 10, the Executive will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel and consultants of Adtalem and its Affiliates who need to know such information in connection with
      their work for Adtalem or its Affiliates) or use Third Party Information unless expressly authorized by such third party or by the CEO.

       

     (e)            During the Employment Period, the Executive will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other person or entity to whom the
      Executive has an obligation of confidentiality, and will not bring onto the premises of Adtalem or its Affiliates any unpublished documents or any property belonging to any former employer or any other person or entity to whom the Executive has an
      obligation of confidentiality unless consented to in writing by the former employer or such other person or entity. The Executive will use in the performance of Executive’s duties only information which is (i) generally known and used by persons with
      training and experience comparable to the Executive's and which is (x) common knowledge in the industry or (y) otherwise legally in the public domain, (ii) otherwise provided or developed by Adtalem or its Affiliates or (iii) in the case of
      materials, property or information belonging to any former employer or other person or entity to whom the Executive has an obligation of confidentiality, approved for such use in writing by such former employer or other person or entity.

     

    

    11.            Return of
            Adtalem Property.  The Executive acknowledges and agrees that all notes, records, reports, sketches, plans, unpublished memoranda or other documents, whether in paper, electronic or other form (and all copies thereof), held by
      the Executive concerning any information relating to the business of Adtalem or its Affiliates, whether confidential or not, are the property of Adtalem and its Affiliates. The Executive will immediately deliver to Adtalem at the termination or
      expiration of the Employment Period, or at any other time the CEO may request, all equipment, files, property, memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and all electronic, paper
      or other copies thereof) belonging to Adtalem or its Affiliates which includes, but is not limited to, any materials that contain, embody or relate to the Confidential Information, Work Product or the business of Adtalem or its Affiliates, which
      Executive may then possess or have under Executive’s control. The Executive will take any and all actions reasonably deemed necessary or appropriate by Adtalem or its Affiliates from time to time in its sole discretion to ensure the continued
      confidentiality and protection of the Confidential Information. The Executive will notify Adtalem and the appropriate Affiliates promptly and in writing of any circumstances of which the Executive has knowledge relating to any possession or use of
      any Confidential Information by any Person other than those authorized by the terms of this Agreement. 

     

    

    

    

    
        

    

    
      
        

    

    
       

    

    

    

    

    

    

    

    12.            Intellectual
            Property Rights.  The Executive acknowledges and agrees that all inventions, technology, processes, innovations, ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of
      origin, writings, audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether or not patentable or subject to copyright), including but not limited to all resulting patent applications, issued
      patents, copyrights, copyright applications and registrations, and trademark applications and registrations in and to any of the foregoing, along with the right to practice, employ, exploit, use, develop, reproduce, copy, distribute copies, publish,
      license, or create works derivative of any of the foregoing, and the right to choose not to do or permit any of the aforementioned actions, which relate to Adtalem or Affiliates’ actual or anticipated Business, research and development or existing or
      future products or services and which are conceived, developed or made by the Executive while employed by Adtalem or an Affiliate (collectively, the "Work Product") belong to Adtalem. The Executive
      further acknowledges and agrees that to the extent relevant, this Agreement constitutes a “work for hire agreement” under the Copyright Act, and that any copyrightable work (“Creation”) constitutes a
      “work made for hire” under the Copyright Act such that Adtalem is the copyright owner of the Creation. To the extent that any portion of the Creation is held not to be a “work made for hire” under the Copyright Act, the Executive hereby irrevocably
      assigns to Adtalem all right, title and interest in such Creation. All other rights to any new Work Product and all rights to any existing Work Product are also hereby irrevocably conveyed, assigned and transferred to Adtalem pursuant to this
      Agreement. The Executive will promptly disclose and deliver such Work Product to Adtalem and, at Adtalem's expense, perform all actions reasonably requested by Adtalem (whether during or after the Employment Period) to establish, confirm and protect
      such ownership (including, without limitation, the execution of assignments, copyright registrations, consents, licenses, powers of attorney and other instruments). All Work Product made within six months after termination of the Executive's
      employment with Adtalem will be presumed to have been conceived during the Executive's employment with Adtalem, unless the Executive can prove conclusively that it was created after such termination.

     

    

    

    
      
        13.      Non-Compete, Non-Solicitation. 

        

        

      

    

     

    (a)            In further consideration of the compensation to be paid to the Executive hereunder, the Executive acknowledges that in the course of Executive’s employment with Adtalem, Executive has, and will continue to,
      become familiar with Adtalem's Confidential Information, methods of doing business, business plans and other valuable proprietary information concerning Adtalem, its Affiliates, and their customers and suppliers and that Executive’s services have
      been and will be of special, unique and extraordinary value to Adtalem and its Affiliates. The Executive agrees that, during the Employment Period and continuing for, as applicable, (i) twelve (12) months thereafter, regardless of the reason for the
      termination of Executive's employment other than under Section 9(a) above or (ii) eighteen (18) months in the event of a termination under Section 9(a) above (the "Restricted Period"), the Executive will not, directly or indirectly, anywhere in the Restricted Area: 

    

    

    
        

    

    
      
        

    

     
       
        

        

        

        

        

        

        

        

        

        

      

    

     (i)          own, manage, operate, or participate in the ownership, management, operation, or control of, or be employed by, any entity which is in competition with the Business of Adtalem or its Affiliates in which the
      Executive would hold a position with responsibilities that are entirely or substantially similar to any position the Executive held during the last twelve (12) months of the Executive’s employment with Adtalem or in which the Executive would have
      responsibility for and access to confidential information that is similar to or relevant to that which the Executive had access to during the last twelve (12) months of the Executive’s employment with Adtalem; or 

    

     

      

     (ii)          provide services to any person or entity that engages in any business that is similar to, or competitive with Adtalem or its Affiliates’ Business if doing so would require the Executive to use or disclose
      Adtalem’s Confidential Information.

     

    Nothing herein will prohibit the Executive from being a passive owner of not more than one percent (1%) of the outstanding stock of any class
      of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation.

     

    

    

     

    (b)            During the Restricted Period, the Executive will not, directly or indirectly, in any manner: (i) hire or engage, or recruit, solicit or otherwise attempt to employ or retain any
        individual who is or was an employee of or consultant to Adtalem or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive's employment, (ii) induce or attempt to induce any individual who is or was an
        employee of, or consultant to, Adtalem or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive's employment, to leave the employ of Adtalem or the relevant Affiliates, or in any way interfere with
        the relationship between Adtalem, its Affiliates and any of their employees or consultants, or (iii) recommend the hiring of, or provide a reference for any individual who was an employee of or consultant to Adtalem or its Affiliates (provided,
        however that the Executive may hire former employees and individual consultants to Adtalem and its Affiliates after such former employees or individual consultants have ceased to be employed or otherwise engaged by Adtalem or its Affiliates for a
        period of at least twelve (12) months).

     

    

    

    (c)            During the Restricted Period, the Executive will not, directly or indirectly: (i) call on, solicit or service any Customer with the intent of selling or attempting to sell any service or product similar to,
      or competitive with, the services or products sold by Adtalem or its Affiliates as of the date of the termination of Executive's employment, or (ii) in any way interfere with the relationship between Adtalem, its Affiliates and any Customer,
      supplier, licensee or other business relation (or any prospective Customer, supplier, licensee or other business relationship) of Adtalem or its Affiliates (including, without limitation, by making any negative or disparaging statements or
      communications regarding Adtalem, its Affiliates or any of their operations, officers, directors or investors). This non-solicitation provision applies to those Customers, suppliers, licensees or other business relationships of Adtalem with whom the
      Executive: (1) has had contact or has solicited at any time in the twelve (12) month period of time preceding the termination of the Executive's employment; (2) has supervised the services of any of Adtalem's or Affiliates’ employees who have had any
      contact with or have solicited at any time during the twelve (12) month period of time preceding the termination of Executive's employment; or (3) has had access to any Confidential Information about such Customers, suppliers, licensees or other
      business relationships at any time during the twelve (12) month period of time preceding the termination of Executive’s employment.

     

    

     

    

    
        

    

    
      
        

    

    
       

    

     

    

     

    

    

    

    (d)            The Executive acknowledges and agrees that the restrictions contained in this Section 13 with respect to time, geographical area and scope of activity are reasonable and do not impose a greater restraint
      than is necessary to protect the goodwill and other legitimate business interests of Adtalem and its Affiliates. In particular, the Executive agrees and acknowledges that Adtalem is currently engaging in Business and actively marketing its services
      and products throughout the Restricted Area, that Executive's duties and responsibilities for Adtalem and/or its Affiliates are co-extensive with the entire scope of Adtalem's Business, that Adtalem has spent significant time and effort developing
      and protecting the confidentiality of its methods of doing business, technology, customer lists, long term customer relationships and trade secrets and that such methods, technology, customer lists, customer relationships and trade secrets have
      significant value. However, if, at the time of enforcement of this Section 13, a court holds that the duration, geographical area or scope of activity restrictions stated herein are unreasonable under circumstances then existing or impose a greater
      restraint than is necessary to protect the goodwill and other business interests of Adtalem and its Affiliates, the Parties agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated
      duration, scope or area and that the court will be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law, in all cases giving effect to the intent of the parties that the restrictions
      contained herein be given effect to the broadest extent possible. The existence of any claim or cause of action by the Executive against Adtalem, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by
      Adtalem of the provisions of Sections 10, 11, 12 or this Section 13, which Sections will be enforceable notwithstanding the existence of any breach by Adtalem. Notwithstanding the foregoing, the Executive will not be prohibited from pursuing such
      claims or causes of action against Adtalem. The Executive consents to Adtalem notifying any future employer of the Executive of the Executive's obligations under Sections 10, 11, 12 and this Section 13 of this Agreement.

     

    (e)            In the event of the breach or a threatened breach by the Executive of any of the provisions of Sections 10, 11, 12 or this Section 13, Adtalem, in addition and supplementary to any other rights and remedies
      existing in its favor, will be entitled to seek specific performance and/or injunctive or other equitable relief (in the form of a temporary restraining order, preliminary injunction and/or permanent injunction) from a court of competent jurisdiction
      in order to enforce or prevent any violations of the provisions hereof.

    

    

    
        

    

    
      
        

    

    
       

    

    

    

    

    

     

    (f)            Upon the Executive’s written request, the CEO may, in the CEO’s sole discretion, permit the Executive to engage in certain work or activity that is otherwise prohibited by this Agreement, if and only if the
      Executive first provides the CEO with written evidence satisfactory to the CEO, including assurances from any new employer of the Executive, that the contribution of Executive’s knowledge to that work or activity will not cause the Executive to
      disclose, base judgment upon, or use Adtalem’s trade secrets or other Confidential Information. The Executive shall not engage in such work or activity unless and until the Executive receives written consent from the CEO.

     

    (g)            Neither the CEO’s consent under Section 13(f) nor Adtalem’s failure to seek enforcement of any restrictive covenant under this Agreement shall be deemed a consent or waiver by Adtalem of any subsequent
      breach of this Agreement by the Executive and Adtalem shall have the right to seek enforcement of this Agreement against the Executive for any breach not specifically consented to in writing by the CEO or Adtalem.

     

    14.      Executive’s Representations. [RESERVED] 

    

    

    15.           Survival.  Any provisions which by its nature is intended to survive and continue in full force in accordance with its terms shall continue
      notwithstanding the termination of the Employment Period.

    

    

    16.            Notices. Any notice provided for in this Agreement will be in writing and will be either personally delivered, sent by reputable overnight courier
      service, sent by facsimile (with hard copy to follow by regular mail) or mailed by first class mail, return receipt requested, to the recipient at the address below indicated:

     

    
      	
               

            	
              Notices to the Executive:

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              
                Executive’s Name

              

            
	
               

            	
               

            
	
               

            	
              At such home address which is on record with Adtalem

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              Notices to Adtalem:

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              Adtalem Global Education Inc.

            
	
               

            	
               

            
	 	Attn: President and Chief Executive Officer 

            
	 	 
	 	500 West Monroe 

            
	 	 
	 	Chicago, IL 60661

    

    

    

    

    
        

    

    
      
        

    

     

    
       

    

    

    

    

    

    
      
        	
                 

              	
                with copies to (which will not constitute notice to Adtalem):

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                
                  Douglas Beck, SVP & General Counsel

                

              
	
                 

              	
                 

              
	 	
                Adtalem Global Education

              
	 	 
	 	500 West Monroe 

              
	 	 
	 	Chicago, IL 60661

      

    

    

    

    or such other address or to the attention of such other person as the recipient Party will have specified by prior written notice to the sending Party. Any
      notice under this Agreement will be deemed to have been given when so delivered, sent or mailed.

     

    

    

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

     

    18.      Complete Agreement. This Agreement embodies the complete agreement and understanding among the Parties and supersedes and preempts any prior understandings,
      agreements or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in any way.

     

    19.          Counterparts. This Agreement may be executed in separate counterparts (including by facsimile signature pages), each of which is deemed to be an original
      and all of which taken together constitute one and the same agreement.

     

    20.          No Strict Construction. The parties hereto jointly participated in the negotiation and drafting of this Agreement. The language used in this Agreement will be deemed
      to be the language chosen by the parties hereto to express their collective mutual intent, this Agreement will be construed as if drafted jointly by the parties hereto, and no rule of strict construction will be applied against any Person.

    

    21.          Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, Adtalem and their respective heirs,
      successors and assigns. The Executive may not assign Executive’s rights or delegate Executive’s duties or obligations hereunder without the prior written consent of Adtalem. Adtalem may not assign its rights and obligations hereunder, without the
      consent of, or notice to, the Executive, with the sole exception being a sale to any Person that acquires all or substantially all of Adtalem whether stock or assets, in which case such consent of the Executive is not necessary. 

     

    
        

    

    
      
        

    

    

    

    

    

    
       
        

        

        

        

      

    

    

    

    22.            Choice of Law; Exclusive Venue.  THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND
      CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION
      OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. SUBJECT TO SECTION 24 OF THIS AGREEMENT, THE PARTIES AGREE THAT ALL LITIGATION ARISING OUT OF OR RELATING TO SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT MUST BE BROUGHT EXCLUSIVELY IN
      DELAWARE (COLLECTIVELY THE “DESIGNATED COURTS”). EACH PARTY HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE DESIGNATED COURTS. WITH RESPECT TO LITIGATION UNDER SECTIONS 10, 11, 12 OR 13
      OF THIS AGREEMENT, EACH PARTY HEREBY IRREVOCABLY WAIVES ALL CLAIMS OR DEFENSES OF LACK OF PERSONAL JURISDICTION OR ANY OTHER JURISDICTION DEFENSE, AND ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION
      OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING ANY RIGHT TO OBJECT ON THE BASIS THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING BROUGHT IN THE DESIGNATED COURTS HAS BEEN BROUGHT IN AN IMPROPER OR INCONVENIENT FORUM OR VENUE.

     

    23.            Dispute Resolution. Notwithstanding anything to the contrary, any and all other disputes, controversies or questions arising under, out of, or relating to this Agreement (or the breach thereof), or, the
      Executive’s employment with Adtalem or termination thereof, other than those disputes relating to Executive’s alleged violations of Sections 10 (Confidential Information), 11 (return of property), 12 (intellectual property) and 13 (covenants of
      noncompete and non-solicitation) of this Agreement, shall be referred for binding arbitration in Chicago, Illinois to a neutral arbitrator (who is licensed to practice law in any State within the United States of America) selected by the Executive
      and Adtalem and this shall be the exclusive and sole means for resolving such dispute. Such arbitration shall be conducted in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association. The
      arbitrator shall have the discretion to award reasonable attorneys' fees, costs and expenses to the prevailing party. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 24 does not
      apply to any action by Adtalem to enforce Sections 10, 11, 12 and 13 of this Agreement and does not in any way restrict Adtalem’s rights under Section 22 of this Agreement.

     

    

    

     

    24.            Mutual Waiver of Jury Trial. IN THE EVENT OF LITIGATION AS PERMITTED UNDER SECTION 22 (AND SUBJECT TO SECTION 23) OF THIS AGREEMENT, ADTALEM AND THE EXECUTIVE EACH WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY
      JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, AS PERTAINS TO A
      CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE UNDER SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT. ADTALEM AND THE EXECUTIVE EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
      THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF
      SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT. THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT. 

    

    

    
        

    

    
      
        

    

    

    

    
       

    

    

    

    

    

    25.            Indemnification. In addition to any rights to indemnification to which the Executive is entitled under Adtalem’s charter and by-laws, to the extent permitted by applicable law, Adtalem will indemnify, from
      the assets of Adtalem supplemented by insurance in an amount determined by Adtalem, the Executive at all times, during and after the Employment Period, and, to the maximum extent permitted by applicable law, shall pay the Executive’s expenses
      (including reasonable attorneys’ fees and expenses, which shall be paid in advance by Adtalem as incurred, subject to recoupment in accordance with applicable law) in connection with any threatened or actual action, suit or proceeding to which the
      Executive may be made a party, brought by any shareholder of Adtalem directly or derivatively or by any third party by reason of any act or omission or alleged act or omission in relation to any affairs of Adtalem or any subsidiary or Affiliate of
      Adtalem of the Executive as an officer, director or employee of Adtalem or of any subsidiary or Affiliate of Adtalem. Adtalem shall use its best efforts to maintain during the Employment Period and thereafter insurance coverage sufficient in the
      determination of the Board to satisfy any indemnification obligation of Adtalem arising under this Section 25.

     

    26.            Non-disparagement. Executive agrees that both during the Employment Period and thereafter, the Executive shall not make or publish any statements or comments that disparage or injure the reputation or goodwill
      of Adtalem or any of its affiliates, or any of its or their respective officers or directors, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of
      diminishing or injuring the reputation or goodwill of Adtalem, or any of its affiliates, or any of its or their respective officers or directors; provided, however, nothing herein shall prevent the Executive from providing any information that may be
      compelled by law. Likewise, Adtalem and its affiliates, as represented by their respective Directors and Officers, shall not make or publish any statements or comments that disparage or injure the reputation of the Executive, or otherwise make any
      oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or injuring the reputation of the Executive; provided, however, nothing herein shall prevent Adtalem from
      providing any information that may be compelled by law.

     

    

    
        

    

    
      
        

    

    

    

    

    

    
       
        

        

      

    

     

    27.            Assistance in Proceedings. During the Employment Period and thereafter, the Executive will cooperate with Adtalem in any internal investigation or administrative, regulatory or judicial proceeding as
      reasonably requested by Adtalem (including, without limitation, the Executive being available to Adtalem upon reasonable notice for interviews and factual investigations, appearing at Adtalem’s request to give testimony without requiring service of a
      subpoena or other legal process, volunteering to Adtalem all pertinent information and turning over to Adtalem all relevant documents which are or may come into the Executive's possession, all at times and on schedules that are reasonably consistent
      with the Executive’s other permitted activities and commitments). In the event Adtalem requires the Executive’s cooperation in accordance with this Section 27, Adtalem will pay the Executive a reasonable per diem as determined by the Board and
      reimburse the Executive for reasonable expenses incurred in connection therewith (including lodging and meals, upon submission of receipts).

     

    

    

    28.            Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of Adtalem and the Executive or pursuant to Section 17, and no course of conduct or course
      of dealing or failure or delay by any Party hereto in enforcing or exercising any of the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision
      of this Agreement.

     

    

    

    * * *  *  *

    

    

     

    
        

    

    
      
        

    

    

    

    

    

     

    IN WITNESS WHEREOF,
      the Parties hereto have executed this Agreement as of the Effective Date.

     

    

    

    
      	
               

            	ADTALEM GLOBAL EDUCATION INC.
	
               

            	
               

            	
               

            
	
               

            	By:	
               

            
	
               

            	
               

            	
               

            
	
               

            	Printed: Steve Beard
	
               

            	Title: President and Chief Executive Officer
	
               

            	
               

            	
               

            
	
               

            	EXECUTIVE
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	Printed:
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	Date:
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            

    

    

    

     

    
        

    

     

    

    
      
        

    

    

    

    
       

       

     

    

     

    

    APPENDIX I

     

    

    

    DEFINITIONS

     

    

    

     

    “Accrued Benefits” means (a)
      Base Salary earned through the Termination Date; (b) except in the event of a termination by Adtalem with Cause, the balance of any awarded (i.e., the amount and payment of the specific award has been fully approved by the Board) but as yet unpaid,
      annual cash incentive or other incentive awards for any fiscal year prior to the fiscal year during which the Executive’s Termination Date occurs; (c) a payment representing the Executive’s accrued but unused vacation; and (d) anything in this
      Agreement to the contrary notwithstanding, (i) the payment of any vested, but not forfeited, benefits as of the Termination Date under Adtalem’s employee benefit and incentive plans payable in accordance with the terms of such plans and (ii) the
      availability of such benefit continuation and conversion rights to which Executive is entitled in accordance with the terms of such plans.

     

    “Affiliates” means any
      company, directly or indirectly, controlled by, controlling or under common control with Adtalem, including, but not limited to, Adtalem’s subsidiary entities, parent, partners, joint ventures, and predecessors, as well as its successors and assigns.

     

    “Base Salary” means the amount
      specified in Section 3(a) of the Agreement, as adjusted from time to time.

    “Board” means the Board of
      Directors of Adtalem Global Education Inc.

     

    “Business” means the provision
      of healthcare educational services to individuals at the secondary through post-secondary levels of education and/or training services to individuals seeking professional certifications or professional education for a healthcare-related field by a
      market funded institution offering degree and non-degree programs, at classroom locations in multiple states and/or through an online curriculum delivery mechanism.

    

    

    “Cause” means (a) the
      commission of a felony or other crime involving moral turpitude or the commission of any other act or omission involving misappropriation, dishonesty, fraud, illegal drug use or breach of fiduciary duty, (b) willful failure to perform duties as
      reasonably directed by the CEO, (c) the Executive’s gross negligence or willful misconduct with respect to the performance of the Executive’s duties hereunder, (d) obtaining any personal profit not fully disclosed to and approved by the Board in
      connection with any transaction entered into by, or on behalf of, Adtalem, or (e) any other material breach of this Agreement or any other agreement between the Executive and Adtalem.

    

    

    “CEO” means the President and
      Chief Executive Officer of Adtalem Global Education Inc

     

    

     

    

    
        

    

    
      
        

    

     

     

    

    
       
        

        

        

        

      

    

     

    

    “Change in Control” means such
      term as defined in the Adtalem Global Education Inc. Incentive Plan of 2013.

     

    “Change in Control Period”
      means the period commencing on the date of a Change in Control and ending on the twelve (12) month anniversary of such date.

     

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

    

    

    “Code of Business Conduct and Ethics”
      means such code as maintained by Adtalem Global Education Inc., as amended from time to time.

       

    “Compensation Committee” means
      that committee of the Board which shall have authority over the compensation (cash and non-cash) of certain aspects of Adtalem, including, but not limited to, all officers and executives of Adtalem, including Adtalem’s Chief Executive Officer, and
      all option grants for any employee, executive, officer, director or consultant of Adtalem.

     

    

    “Copyright Act” means the United
      States Copyright Act of 1976, as amended. 

     

    

    “Customer” means any Person:

     

      

    (a)            who purchased products or services from Adtalem or any of its Affiliates during the twelve (12) month period prior to the date of termination of the Executive's employment; or

     

    (b)            to whom Adtalem or any of its Affiliates solicited the sale of its products or services during the twelve (12) month period prior to the date of termination of the Executive’s employment.

     

    “Good Reason” means, without
      the Executive’s consent, (a) material diminution in title, duties, responsibilities or authority; (b) reduction of Base Salary, MIP Target or employee benefits except for across-the-board changes for executives at the Executive’s level; (c) exclusion
      from executive benefit/compensation plans; (d) material breach of the Agreement that Adtalem has not cured within thirty (30) days after the Executive has provided Adtalem notice of the material breach which shall be given within sixty (60) days of
      the Executive’s knowledge of the occurrence of the material breach; (e) requirement to relocate to, and be physically present at least three days each week at, an employment location that is both (i) more than 35 miles from Executive’s primary
      employment location as of the Effective Date and (ii) more than 50 miles from Executive’s primary residence as of the Effective Date or (f) resignation in compliance with securities, corporate governance or other applicable law (such as the US
      Sarbanes-Oxley Act) as specifically applicable to such Executive.

     

    “MIP Award” means the amount
      actually awarded Executive under Adtalem’s annual Management Incentive Plan, as in effect from time to time, upon the achievement of specific Adtalem-wide and personal performance goals of the Executive that will be determined each fiscal year by the
      Executive’s direct supervisor and/or the Compensation Committee as necessary and appropriate to comply with Adtalem policy.

    

    

    

    

    
        

    

    
      
        

    

     

     

    

    
       
        

        

      

    

     

    

    “MIP Target” means the
      percentage of Executive’s Base Salary established as the target under Adtalem’s Management Incentive Plan as adjusted from time to time.

     

    “Permanent Disability” means
      mental, physical or other illness, disease or injury, which has prevented the Executive from substantially performing Executive’s duties hereunder for the greater of: (a) the eligibility waiting period under the Adtalem long term disability program
      in which he/she participates, if any, (b) an aggregate of six (6) months in any twelve (12) month period, or (c) a period of three (3) consecutive months.

     

    “Person” means any natural
      person, corporation, general partnership, limited partnership, limited liability company or partnership, proprietorship, other business organization, trust, union, association or governmental or regulatory entities, department, agency or authority.

     

    “Release” means the waiver and
      release agreement generally used by Adtalem for executives, as amended from time to time.

     

    “Restricted Area” means (a)
      throughout the world, but if such area is determined by judicial action to be too broad, then it means (b) within North America, but if such area is determined by judicial action to be too broad, then it means (c) within the continental United
      States, but if such area is determined by judicial action to be too broad, then it means (d) within any state in which Adtalem and its Affiliates is engaged in Business.

    

    

    “Termination Date” means the last
      day of Executive’s employment with Adtalem Global Education Inc.

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