Document:

Exhibit 10.2

 

 

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

by and among

 

COMPOSECURE, INC.,

 

LLR INVESTORS,

 

MINORITY INVESTORS

 

and

 

ADDITIONAL INVESTORS THAT ARE SIGNATORIES HERETO

 

Dated as of December 27, 2021

 

 

 

    

    

    

 

Table
of Contents

 

Page

 

	Section
    1.	Certain Definitions	2
	Section
    2.	Registration Rights	7
	2.1.	Demand Registrations	7
	2.2.	Piggyback Registrations	12
	2.3.	Allocation of Securities Included in Registration Statement	14
	2.4.	Registration Procedures	17
	2.5.	Registration Expenses	24
	2.6.	Certain Limitations on Registration Rights	24
	2.7.	Limitations on Sale or Distribution of Other Securities	24
	2.8.	No Required Sale	25
	2.9.	Indemnification	25
	2.10.	Limitations on Registration of Other Securities; Representation	29
	2.11.	No Inconsistent Agreements	29
	2.12.	Partner Distributions	29
	Section 3.	Underwritten Offerings	29
	3.1.	Requested Underwritten Offerings	29
	3.2.	Piggyback Underwritten Offerings	30
	Section 4.	General	30
	4.1.	Adjustments Affecting Registrable Securities	30
	4.2.	Rule 144 and Rule 144A	30
	4.3.	Nominees for Beneficial Owners	31
	4.4.	Amendments and Waivers	31
	4.5.	Notices	31
	4.6.	Successors and Assigns	32
	4.7.	Termination	33
	4.8.	Entire Agreement	33
	4.9.	Governing Law; Jurisdiction; WAIVER OF JURY TRIAL	33
	4.10.	Interpretation; Construction	33
	4.11.	Counterparts	34

 

    -i-

    

    

 

Table
of Contents

(continued)

 

Page

 

	4.12.	Severability	34
	4.13.	Specific Enforcement	34
	4.14.	Further Assurances	34
	4.15.	Confidentiality	35
	4.16.	Opt-Out Requests	35
	4.17.	Founder Registration Rights Agreement	35 

 

		Schedule 1	CompoSecure Holders

		Schedule 4.5	Notices

		Exhibit A	Joinder Agreement

 

    -ii-

    

    

 

AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT, dated as of December 27, 2021 (as amended, restated, supplemented or otherwise modified from time to time,
this “Agreement”), by and among (i) CompoSecure, Inc., a Delaware corporation formerly known as Roman DBDR
Tech Acquisition Corp. (the “Company”), (ii) the LLR Investors (as defined herein), (iii) the CompoSecure
Investors (as defined herein), (iv) the Founder Investors (as defined herein) and (v) the parties identified on the signature
pages hereto as “Additional Investors” (the CompoSecure Investors, the Founder Investors, the Additional Investors
and each Person who executes a Joinder Agreement (as defined herein) and falls under clause (y) in the second paragraph of the Joinder
Agreement, collectively the “Minority Investors”), in each case, if such Holder is a signatory to the Shareholders
Agreement (as defined herein) together with such Holder’s Permitted Transferees (as defined in the Shareholders Agreement).

 

RECITALS:

 

WHEREAS, the Company,
Roman Parent Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”), CompoSecure Holdings, L.L.C.,
a Delaware limited liability company (“CompoSecure”), and LLR Equity Partners IV, L.P., a Delaware limited partnership,
have entered into an Agreement and Plan of Merger, dated as of April 19, 2021 (as amended from time to time on or prior to the date
hereof, the “Merger Agreement”), pursuant to which Merger Sub merged with and into CompoSecure with CompoSecure continuing
as the surviving entity and an indirect subsidiary of the Company (the “Merger”);

 

WHEREAS, the Company
and the Founder are parties to that certain Registration and Shareholder Rights Agreement, dated as of November 5, 2020 (the “Founder
Registration Rights Agreement”), which shall be amended and restated by this Agreement;

 

WHEREAS, as of or immediately
following the closing of the Merger (the “Closing”), the Founder Investors and the Additional Investors beneficially
owned shares of Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”), and the LLR
Investors and the CompoSecure Investors beneficially owned shares of Class B Common Stock, par value $0.0001 per share (the “Class B
Common Stock”), of the Company;

 

WHEREAS, as of or immediately
following the Closing, the LLR Investors and the CompoSecure Investors beneficially owned Class B Units of CompoSecure, and are parties
to that certain Exchange Agreement, dated as of the date hereof, that provides for the exchange from time to time of such Class B
Units of CompoSecure, and the surrender of shares of Class B Common Stock for cancellation, for cash or for shares of Class A
Common Stock on the terms and subject to the conditions set forth therein;

 

WHEREAS, the Company,
the LLR Investors and the Minority Investors are parties to that certain Stockholders Agreement, dated as of the date hereof (as amended,
modified or supplemented from time to time, the “Shareholders Agreement”), establishing and setting forth their agreement
with respect to certain rights and obligations associated with the ownership of shares of capital stock of the Company; and

 

WHEREAS, in connection
with the Merger, the Company has agreed to provide the registration rights set forth in this Agreement.

 

    

    

    

 

NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby agree as follows:

 

Section 1.          Certain
Definitions. As used herein, the following terms shall have the following meanings:

 

“Additional Investors”
has the meaning ascribed to such term in the Preamble.

 

“Additional Piggyback
Rights” has the meaning ascribed to such term in Section 2.2(b).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control
with, such Person. For the purposes of this definition “control” (including, with correlative meanings, the terms “controlling”,
 “controlled by” and “under common control with”), with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such specified Person, whether through the
ownership of voting securities (the ownership of more than fifty percent (50%) of the voting securities of an entity shall for purposes
of this definition be deemed to be “control”), by contract or otherwise. For the avoidance of doubt, neither the Company nor
any Person controlled by the Company shall be deemed to be an Affiliate of any Holder.

 

“Agreement”
has the meaning ascribed to such term in the Preamble.

 

“automatic shelf
registration statement” has the meaning ascribed to such term in Section 2.4.

 

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

 

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

 

“Claims”
has the meaning ascribed to such term in Section 2.9(a).

 

“Class A Common
Stock” has the meaning ascribed to such term in the recitals.

 

“Class A Common
Stock Equivalents” means, with respect to the Company, all options, warrants and other securities convertible into, or exchangeable
or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions
to which such securities may be subject), shares of Class A Common Stock (including any note or debt security convertible into or
exchangeable for shares of Class A Common Stock).

 

“Class B Common
Stock” has the meaning ascribed to such term in the recitals.

 

“Common Stock”
means all shares existing or hereafter authorized of the Class A Common Stock and Class B Common Stock, and any class of common
stock of the Company and any and all securities of any kind whatsoever which may be issued after the date hereof in respect of, or in
exchange for, such shares of common stock of the Company pursuant to a merger, consolidation, stock split, stock dividend or recapitalization
of the Company or otherwise.

 

    2

    

    

 

“Company”
has the meaning ascribed to such term in the Preamble and, for purposes of this Agreement, such term shall include any Subsidiary or
parent company of CompoSecure, Inc. formerly known as Roman DBDR Tech Acquisition Corp. and any successor to CompoSecure, Inc.
formerly known as Roman DBDR Tech Acquisition Corp.

 

“CompoSecure”
has the meaning ascribed to such term in the recitals.

 

“CompoSecure Holders”
means each holder on Schedule 1 attached hereto.

 

“CompoSecure Investors”
means (i) the CompoSecure Holders, (ii) any general or limited partnership, corporation or limited liability company having
as a general partner, controlling equity holder or managing member (whether directly or indirectly) a Person who is a member of certain
former members of CompoSecure or an Affiliate of any such Person and (iii) any successor or permitted assign or transferee of any
of the foregoing.

 

“Confidential Information”
has the meaning ascribed to such term in Section 4.15.

 

“Demand Exercise
Notice” has the meaning ascribed to such term in Section 2.1(b)(i).

 

“Demand Registration”
has the meaning ascribed to such term in Section 2.1(b)(i).

 

“Demand Registration
Period” has the meaning ascribed to such term in Section 2.1(b)(i).

 

“Demand Registration
Request” has the meaning ascribed to such term in Section 2.1(b)(i).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC issued under such Act, as they may
from time to time be in effect.

 

“Expenses”
means any and all fees and expenses incident to the Company’s performance of or compliance with Section 2, including:
(i) SEC, stock exchange, FINRA and all other registration and filing fees and all listing fees and fees with respect to the inclusion
of securities on the Nasdaq or on any other U.S. or non-U.S. securities market on which the Registrable Securities are listed or quoted,
(ii) fees and expenses of compliance with state securities or “blue sky” laws of any state or jurisdiction of the United
States or compliance with the securities laws of foreign jurisdictions and in connection with the preparation of a “blue sky”
survey, including reasonable fees and expenses of outside “blue sky” counsel and securities counsel in foreign jurisdictions,
(iii) word processing, printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection
with any road show, (vi) fees and disbursements of counsel for the Company, (vii) with respect to each registration or underwritten
offering, the reasonable fees and disbursements of one counsel for the Initiating Holder and one counsel for all other Participating Holder(s) collectively
(selected by the holders of a majority of the Registrable Securities held by such other Participating Holder(s)), together in each case
with any local counsel, provided that expenses payable by the Company pursuant to this clause (vii) shall not exceed (1) $150,000
for the first registration pursuant to this Agreement and (2) $100,000 for each subsequent registration, (viii) fees and disbursements
of all independent public accountants (including the expenses of any opinion and/or audit/review and/or “comfort” letter and
updates thereof) and fees and expenses of other Persons, including special experts, retained by the Company, (ix) fees and expenses
payable to a Qualified Independent Underwriter (but expressly excluding any underwriting discounts and commissions), (x) fees and
expenses of any transfer agent or custodian, (xi) any other fees and disbursements of underwriters, if any, customarily paid by issuers
or sellers of securities, including reasonable fees and expenses of counsel for the underwriters in connection with any filing with or
review by FINRA (but expressly excluding any underwriting discounts and commissions) and (xii) rating agency fees and expenses.

 

    3

    

    

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Founder”
means Roman DBDR Tech Sponsor LLC, a Delaware limited liability company.

 

“Founder Investors”
means (i) the Founder, (ii) any general or limited partnership, corporation or limited liability company having as a general
partner, controlling equity holder or managing member (whether directly or indirectly) a Person who is a member of the parties to the
Founder Registration Rights Agreement or an Affiliate of any such Person and (iii) any successor or permitted assign or transferee
of any of the foregoing; provided, that for the avoidance of doubt, for purposes of this definition neither “Founder
Investor” nor any Affiliate thereof shall include any portfolio company of the Founder or any of its Affiliates.

 

“Founder Registration
Rights Agreement” has the meaning ascribed to such term in the recitals.

 

“Holder”
or “Holders” means (1) any Person who is a signatory to this Agreement or (2) any permitted transferee of
Registrable Securities to whom any Person who is a signatory to this Agreement shall assign or transfer any rights hereunder, provided
that such transferee has agreed in writing to be bound by the terms of this Agreement in respect of such Registrable Securities.

 

“Initiating Holders”
has the meaning ascribed to such term in Section 2.1(b)(i).

 

“Joinder Agreement”
means a writing in the form set forth in Exhibit A hereto whereby a Permitted Transferee (as defined under the Shareholders
Agreement) or new Holder of Registrable Securities becomes a party to, and agrees to be bound, to the same extent as its transferor, as
applicable, by the terms of this Agreement.

 

“LLR” means
LLR Equity Partners IV, L.P., a Delaware limited partnership, and LLR Equity Partners Parallel IV, L.P., a Delaware limited partnership.

 

“LLR Investors”
means (i) LLR, (ii) any general or limited partnership, corporation or limited liability company having as a general partner,
controlling equity holder or managing member (whether directly or indirectly) a Person who is a member of LLR or an Affiliate of any such
Person and (iii) any successor or permitted assign or transferee of any of the foregoing; provided, that for the avoidance
of doubt, for purposes of this definition neither “LLR Investor” nor any Affiliate thereof shall include any portfolio company
of LLR or any of its Affiliates.

 

“Majority Participating
Holders” means Participating Holders holding more than 50% of the Registrable Securities proposed to be included in any offering
of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2.

 

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“Manager”
has the meaning ascribed to such term in Section 2.1(d).

 

“Merger Agreement”
has the meaning ascribed to such term in the Recitals.

 

“Merger Sub”
has the meaning ascribed to such term in the Recitals.

 

“Minimum Threshold”
means $25.0 million.

 

“Opt-Out Request”
has the meaning ascribed to such term in Section 4.16.

 

“Participating Holders”
means all Holders of Registrable Securities which are proposed to be included in any offering of Registrable Securities pursuant to Section 2.1
or Section 2.2.

 

“Partner Distribution”
has the meaning ascribed to such term in Section 2.1(b)(ii).

 

“Person”
means any individual, firm, corporation, company, limited liability company, partnership, trust, joint stock company, business trust,
incorporated or unincorporated association, joint venture, governmental authority or other legal entity of any nature whatsoever.

 

“Piggyback Notice”
has the meaning ascribed to such term in Section 2.2(a).

 

“Piggyback Shares”
has the meaning ascribed to such term in Section 2.3(a)(ii).

 

“Postponement Period”
has the meaning ascribed to such term in Section 2.1(c).

 

“Qualified Independent
Underwriter” means a “qualified independent underwriter” within the meaning of FINRA Rule 5121.

 

“Registrable Securities”
means (a) any shares of Class A Common Stock held by the Holders at any time (including those held as a result of, or issuable
upon, the conversion or exercise of Class A Common Stock Equivalents) or any other equity security (including warrants to purchase
shares of Class A Common Stock), whether now owned or acquired by the Holders at a later time, (b) any shares of Class A
Common Stock or any other equity security (including warrants to purchase shares of Class A Common Stock) issued or issuable, directly
or indirectly, in exchange for or with respect to the Class A Common Stock or any other equity security (including warrants to purchase
shares of Class A Common Stock) referenced in clause (a) above by way of stock dividend, stock split or combination of shares
or in connection with a reclassification, recapitalization, merger, share exchange, consolidation or other reorganization and (c) any
securities issued in replacement of or exchange for any securities described in clause (a) or (b) above. For purposes of
this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire, directly
or indirectly, such Registrable Securities (including upon conversion, exercise or exchange of any equity interests but disregarding any
restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person
shall not be required to convert, exercise or exchange such equity interests (or otherwise acquire such Registrable Securities) to participate
in any registered offering hereunder until the closing of such offering. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such securities shall have
been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration
statement, (B) such securities shall have been disposed of in compliance with the requirements of Rule 144, (C) such securities
have been sold in a public offering of securities or (D) such securities have ceased to be outstanding.

 

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“Rule 144”
and “Rule 144A” have the meaning ascribed to such term in Section 4.2.

 

“SEC” means
the U.S. Securities and Exchange Commission or such other federal agency which at such time administers the Securities Act.

 

“Section 2.3(a) Sale
Number” has the meaning ascribed to such term in Section 2.3(a).

 

“Section 2.3(b) Sale
Number” has the meaning ascribed to such term in Section 2.3(b).

 

“Section 2.3(c) Sale
Number” has the meaning ascribed to such term in Section 2.3(c).

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC issued under such Act, as they may from time
to time be in effect.

 

“Shareholders Agreement”
has the meaning ascribed to such term in the Recitals.

 

“Shelf Registrable
Securities” has the meaning ascribed to such term in Section 2.1(a)(ii).

 

“Shelf Registration
Statement” has the meaning ascribed to such term in Section 2.1(a)(i).

 

“Shelf Underwriting”
has the meaning ascribed to such term in Section 2.1(a)(ii).

 

“Shelf Underwriting
Initiating Holders” has the meaning ascribed to such term in Section 2.1(a)(ii).

 

“Shelf Underwriting
Notice” has the meaning ascribed to such term in Section 2.1(a)(ii).

 

“Shelf Underwriting
Request” has the meaning ascribed to such term in Section 2.1(a)(ii).

 

“Significant Minority
Investor” has the meaning ascribed to such term in Section 2.2(e).

 

“Subsidiary”
means any direct or indirect subsidiary of the Company on the date hereof and any direct or indirect subsidiary of the Company organized
or acquired after the date hereof.

 

“Underwritten Block
Trade” has the meaning ascribed to such term in Section 2.1(a)(iii).

 

“Valid Business Reason”
has the meaning ascribed to such term in Section 2.1(c).

 

“WKSI”
means a “well-known seasoned issuer” (as defined in Rule 405 of the Securities Act).

 

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Section
2.              Registration
Rights.

 

2.1.         Demand
Registrations.

 

(a)            (i) As
soon as practicable but no later than forty-five (45) calendar days following the closing of the Merger (the “Filing Date”),
the Company shall prepare and file with (or confidentially submit to) the SEC a shelf registration statement under Rule 415 of the
Securities Act (such registration statement, a “Shelf Registration Statement”) covering the resale of all the Registrable
Securities (determined as of two business days prior to such filing) on a delayed or continuous basis and shall use its commercially reasonable
efforts to have such Shelf Registration Statement declared effective as soon as practicable after the filing thereof and no later than
the earlier of (x) the ninetieth (90th) calendar day following the Filing Date if the Commission notifies the Company that it will
 “review” the Shelf Registration Statement and (y) the tenth (10th) business day after the date the Company is notified
in writing by the SEC that such Shelf Registration Statement will not be “reviewed” or will not be subject to further review.
Such Shelf Registration Statement shall provide for the resale of the Registrable Securities included therein pursuant to any method or
combination of methods legally available to, and requested by, any Holder named therein. The Company shall maintain the Shelf Registration
Statement in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective amendments,
and supplements as may be necessary to keep a Shelf Registration Statement continuously effective, available for use to permit all Holders
named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until
such time as there are no longer any Registrable Securities. In the event the Company files a Shelf Registration Statement on Form S-1,
the Company shall use its commercially reasonable efforts to convert such Shelf Registration Statement to a Shelf Registration Statement
on Form S-3 as soon as practicable after the Company is eligible to use Form S-3. The Company shall, if requested by a Holder,
(i) cause the removal of any restrictive legend related to compliance with the federal securities laws set forth on the Registrable
Securities, (ii) cause its legal counsel to deliver an opinion, if necessary, to the transfer agent in connection with the instruction
under subclause (i) to the effect that removal of such legends in such circumstances may be effected in compliance under the Securities
Act, and (iii) issue Registrable Securities without any such legend in certificated or book-entry form or by electronic delivery
through The Depository Trust Company, at the Holder’s option, within two (2) Business Days of such request, if (A) the
Registrable Securities are registered for resale under the Securities Act, and the Holder has sold or proposes to sell such Registrable
Securities pursuant to such registration, (B) the Registrable Securities may be sold by the Holder without restriction under Rule 144,
including without limitation, any volume and manner of sale restrictions and without the requirement for the Company to be in compliance
with the current public information required under Rule 144(c)(2) (or Rule 144(i)(2), if applicable), or (C) the Holder
has sold or transferred, or proposes to sell or transfer within five (5) Business Days of such request, Registrable Securities pursuant
to the Registration Statement or in compliance with Rule 144. The Company’s obligation to remove legends under this Section 2.1(a)(i) may
be conditioned upon the Holder providing such representations and documentation as are reasonably necessary and customarily required in
connection with the removal of restrictive legends related to compliance with the federal securities laws.

 

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(ii)            Subject
to Section 2.1(c), each LLR Investor and each Founder Investor shall have the unlimited right at any time and from time to time to
elect to sell all or any part (subject to the Minimum Threshold) of its and its Affiliates’ Registrable Securities pursuant to an
underwritten offering pursuant to the Shelf Registration Statement by delivering a written request therefor to the Company specifying
the number of Registrable Securities to be included in such registration and the intended method of distribution thereof. The LLR Investor(s) or
Founder Investor(s) shall make such election by delivering to the Company a written request (a “Shelf Underwriting Request”)
for such underwritten offering specifying the number of Registrable Securities that the LLR Investor or Founder Investor desires to sell
pursuant to such underwritten offering (the “Shelf Underwriting”). With respect to any Shelf Underwriting Request,
the LLR Investor(s) or Founder Investor(s) making such demand for registration shall be referred to as the “Shelf Underwriting
Initiating Holders”. As promptly as practicable, but no later than two (2) Business Days after receipt of a Shelf Underwriting
Request, the Company shall give written notice (the “Shelf Underwriting Notice”) of such Shelf Underwriting Request
to the Holders of record of other Registrable Securities registered on such Shelf Registration Statement (“Shelf Registrable
Securities”). The Company, subject to Sections 2.3 and 2.6, shall include in such Shelf Underwriting (x) the
Registrable Securities of the Shelf Underwriting Initiating Holders and (y) the Shelf Registrable Securities of any other Holder
of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf Underwriting (which
request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within five (5) days
after the receipt of the Shelf Underwriting Notice. The Company shall, as expeditiously as possible (and in any event within fifteen (15)
Business Days after the receipt of a Shelf Underwriting Request), but subject to Section 2.1(b), use its reasonable best efforts
to effect such Shelf Underwriting. The Company shall, at the request of any Shelf Underwriting Initiating Holder or any other Holder of
Registrable Securities registered on such Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration
Statement is an automatic shelf registration statement, any post-effective amendments and otherwise take any action necessary to include
therein all disclosure and language deemed necessary or advisable by the Shelf Underwriting Initiating Holders or any other Holder of
Shelf Registrable Securities to effect such Shelf Underwriting. Once a Shelf Registration Statement has been declared effective, the Shelf
Underwriting Initiating Holders may request, and the Company shall be required to facilitate, subject to Section 2.1(b), an
unlimited number of Shelf Underwritings with respect to such Shelf Registration Statement. Notwithstanding anything to the contrary in
this Section 2.1(a)(ii), each Shelf Underwriting must include, in the aggregate, Registrable Securities having an aggregate
market value of at least the lesser of (a) the Minimum Threshold (based on the Registrable Securities included in such Shelf Underwriting
by all Holders participating in such Shelf Underwriting) and (b) the market value of the Shelf Underwriting Initiating Holders’
remaining Registrable Securities, provided that such market value is at least $5.0 million. In connection with any Shelf Underwriting
(including an Underwritten Block Trade), the Shelf Underwriting Initiating Holders shall have the right to designate the Manager and each
other managing underwriter in connection with any such Shelf Underwriting or Underwritten Block Trade; provided that in each case,
each such underwriter is reasonably satisfactory to the Company, which approval shall not be unreasonably withheld or delayed.

 

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(iii)            Notwithstanding
the foregoing, if a Shelf Underwriting Initiating Holder wishes to engage in an underwritten block trade or similar transaction or other
transaction with a 2-day or less marketing period (collectively, “Underwritten Block Trade”) off of a Shelf Registration
Statement (either through filing an automatic shelf registration statement or through a take-down from an already effective Shelf Registration
Statement), then notwithstanding the foregoing time periods, such Shelf Underwriting Initiating Holder only needs to notify (x) the
Company and (y) the LLR Investor(s) or the Founder Investor(s) (whichever is not the Shelf Underwriting Initiating Holder)
of the Underwritten Block Trade two (2) Business Days prior to the day such offering is to commence, and the Holders of record of
other Registrable Securities (other than the LLR Investor(s) or the Founder Investor(s)) shall not be entitled to notice of such
Underwritten Block Trade and shall not be entitled to participate in such Underwritten Block Trade; provided, however,
that the Shelf Underwriting Initiating Holder requesting such Underwritten Block Trade shall use commercially reasonable efforts to work
with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus
and other offering documentation related to the Underwritten Block Trade.

 

(b)          (i) At
any time that a Shelf Registration Statement provided for in Section 2.1(a) is not available for use by the Holders following
such Shelf Registration Statement being declared effective by the SEC (a “Demand Registration Period”), subject to
this Section 2.1(b) and Sections 2.1(c) and 2.3, at any time and from time to time during such
Demand Registration Period, each LLR Investor and each Founder Investor shall have the right to require the Company to effect one or more
registration statements under the Securities Act covering all or any part (subject to the Minimum Threshold) of its and its Affiliates’
Registrable Securities by delivering a written request therefor to the Company specifying the number of Registrable Securities to be included
in such registration and the intended method of distribution thereof. Any such request by any LLR Investor or Founder Investor pursuant
to this Section 2.1(b)(i) is referred to herein as a “Demand Registration Request,” and the registration
so requested is referred to herein as a “Demand Registration” (with respect to any Demand Registration, the LLR Investor(s) or
Founder Investor(s) making such demand for registration being referred to as the “Initiating Holders”). Subject
to Section 2.1(c), the LLR Investors and Founder Investors shall be entitled to request (and the Company shall be required
to effect) an unlimited number of Demand Registrations. The Company shall give written notice (the “Demand Exercise Notice”)
of such Demand Registration Request to each of the Holders of record of Registrable Securities as promptly as practicable but no later
than two (2) Business Days after receipt of the Demand Registration Request. The Company, subject to Sections 2.3
and 2.6, shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holders and (y) the
Registrable Securities of any other Holder of Registrable Securities which shall have made a written request to the Company for inclusion
in such registration pursuant to Section 2.2 (which request shall specify the maximum number of Registrable Securities intended
to be disposed of by such Participating Holder) within five (5) days following the receipt of any such Demand Exercise Notice.

 

(ii)            The
Company shall, as expeditiously as possible, but subject to Section 2.1(c), use its reasonable best efforts to (x) file
or confidentially submit with the SEC (no later than (A) sixty (60) days from the Company’s receipt of the applicable Demand
Registration Request if the Demand Registration is on Form S-1 or similar long-form registration and or (B) thirty (30) days
from the Company’s receipt of the applicable Demand Registration Request if the Demand Registration is on Form S-3 or any similar
short-form registration), (y) cause to be declared effective as soon as reasonably practicable such registration statement under
the Securities Act that includes the Registrable Securities which the Company has been so requested to register, for distribution in accordance
with the intended method of distribution, including a distribution to, and resale by, the members or partners of a Holder (a “Partner
Distribution”) and (z) if requested by the Initiating Holders, obtain acceleration of the effective date of the registration
statement relating to such registration.

 

    9

    

    

 

(c)           Notwithstanding
anything to the contrary in Section 2.1(a) or Section 2.1(b), the Shelf Underwriting and Demand Registration rights
granted in Section 2.1 (a) and 2.1(b) are subject to the following limitations: (i) the Company shall not be
required to cause a registration statement filed pursuant to Section 2.1(b) to be declared effective within a period
of ninety (90) days after the effective date of any other registration statement of the Company filed pursuant to the Securities Act (other
than a Form S-4, Form S-8 or a comparable form or an equivalent registration form then in effect); (ii) the Company shall
not be required to effect more than four (4) Demand Registrations on Form S-1 or any similar long-form registration statement
at the request of each of the LLR Investors and the Founder Investors (it being understood that if a single Demand Registration Request
is delivered by more than one LLR Investor or Founder Investor, as applicable, the registration requested by such Demand Registration
Request shall constitute only one Demand Registration); provided, however, that the LLR Investors and the Founder Investors
shall be entitled to request an unlimited number of Demand Registrations on Form S-3 or any similar short-form registration; (iii) each
registration in respect of a Demand Registration Request made by any Initiating Holder and each Shelf Underwriting Request made by a Shelf
Underwriting Initiating Holder must include, in the aggregate, Registrable Securities having an aggregate market value of at least the
lesser of (a) the Minimum Threshold (based on the Registrable Securities included in such registration or Shelf Underwriting by all
Holders participating in such registration) and (b) the market value of the Initiating Holder’s remaining Registrable Securities,
provided that such market value is at least $5.0 million; and (iv) if the Board, in its good faith judgment, determines that
any registration of Registrable Securities or Shelf Underwriting should not be made or continued because it would materially and adversely
interfere with any existing or potential financing, acquisition, corporate reorganization, merger, share exchange or other transaction
or event involving the Company or any of its subsidiaries or would otherwise result in the public disclosure of information that the Board
in good faith has a bona fide business purpose for keeping confidential (a “Valid Business Reason”), then (x) the
Company may postpone filing or confidentially submitting a registration statement relating to a Demand Registration Request or a prospectus
supplement relating to a Shelf Underwriting Request until five (5) Business Days after such Valid Business Reason no longer exists,
but in no event for more than forty five (45) days after the date the Board determines a Valid Business Reason exists or (y) if a
registration statement has been filed or confidentially submitted relating to a Demand Registration Request or a prospectus supplement
has been filed relating to a Shelf Underwriting Request, if the Valid Business Reason has not resulted in whole or in part from actions
taken or omitted to be taken by the Company (other than actions taken or omitted with the consent of the Initiating Holder (not to be
unreasonably withheld or delayed)), the Company may, to the extent determined in the good faith judgment of the Board to be reasonably
necessary to avoid interference with any of the transactions described above, suspend use of or, if required by the SEC, cause such registration
statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration statement until
five (5) Business Days after such Valid Business Reason no longer exists, but in no event for more than forty five (45) days after
the date the Board determines a Valid Business Reason exists (such period of postponement or withdrawal under this clause (iv), the
 “Postponement Period”). The Company shall give written notice to the Initiating Holders or Shelf Underwriting Initiating
Holders and any other Holders that have requested registration pursuant to Section 2.2 of its determination to postpone or
suspend use of or withdraw a registration statement and of the fact that the Valid Business Reason for such postponement or suspension
or withdrawal no longer exists, in each case, promptly after the occurrence thereof; provided, however, that the Company
shall not be entitled to more than two (2) Postponement Periods during any twelve (12) month period.

 

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If the Company shall give
any notice of postponement or suspension or withdrawal of any registration statement pursuant to clause (c) (iv) above, the
Company shall not, during the Postponement Period, register any Class A Common Stock, other than pursuant to a registration statement
on Form S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of Registrable Securities agrees that, upon receipt
of any notice from the Company that the Company has determined to suspend use of, withdraw, terminate or postpone amending or supplementing
any registration statement pursuant to clause (c)(iv) above, such Holder will discontinue its disposition of Registrable Securities
pursuant to such registration statement. If the Company shall have suspended use of, withdrawn or terminated a registration statement
filed under Section 2.1(b)(i) (whether pursuant to clause (c)(iv) above or as a result of any stop order, injunction
or other order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected
a Demand Registration for the purposes of this Agreement and such request shall not count as a Demand Registration Request under this
Agreement until the Company shall have permitted use of such suspended registration statement or filed a new registration statement covering
the Registrable Securities covered by the withdrawn or terminated registration statement and such registration statement shall have been
declared effective and shall not have been withdrawn. If the Company shall give any notice of suspension, withdrawal or postponement of
a registration statement, the Company shall, not later than five (5) Business Days after the Valid Business Reason that caused such
suspension, withdrawal or postponement no longer exists (but, with respect to a suspension, withdrawal or postponement pursuant to clause
(c)(iv) above, in no event later than forty five (45) days after the date of the suspension, postponement or withdrawal), as applicable,
permit use of such suspended registration statement or use its reasonable best efforts to effect the registration under the Securities
Act of the Registrable Securities covered by the withdrawn or postponed registration statement in accordance with this Section 2.1
(unless the Initiating Holders or Shelf Underwriting Initiating Holders shall have withdrawn such request, in which case the Company shall
not be considered to have effected a Demand Registration for the purposes of this Agreement and such request shall not count as a Demand
Registration Request under this Agreement), and following such permission or such effectiveness such registration shall no longer be deemed
to be suspended, withdrawn or postponed pursuant to clause (iv) of Section 2.1(c) above.

 

(d)          In
connection with any Demand Registration, the Initiating Holder shall have the right to designate the lead managing underwriter (any lead
managing underwriter for the purposes of this Agreement, the “Manager”) in connection with any underwritten offering
pursuant to such registration and each other managing underwriter for any such underwritten offering; provided that in each
case, each such underwriter is reasonably satisfactory to the Company, which approval shall not be unreasonably withheld or delayed.

 

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(e)          No
Demand Registration shall be deemed to have occurred for purposes of Section 2.1(b) (i) if the registration statement
relating thereto (x) does not become effective, (y) is not maintained effective for a period of at least one hundred eighty
(180) days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration
Statement have actually been sold (provided, however, that such period shall be extended for a period of time equal to the
period any Holder of Registrable Securities refrains from selling any securities included in such Registration Statement at the request
of the Company or an underwriter of the Company), or (z) is subject to a stop order, injunction, or similar order or requirement
of the SEC during such period, (ii) for each Initiating Holder, if less than seventy five percent (75%) of the Registrable Securities
requested by such Initiating Holder to be included in such Demand Registration are not so included pursuant to Section 2.3,
(iii) if the method of disposition is a firm commitment underwritten public offering and less than seventy five percent (75%) of
the applicable Registrable Securities have not been sold pursuant thereto (excluding any Registrable Securities included for sale in the
underwriters’ overallotment option) or (iv) if the conditions to closing specified in any underwriting agreement, purchase
agreement or similar agreement entered into in connection with the registration relating to such request are not satisfied (other than
as a result of a default or breach thereunder by such Initiating Holder(s) or its Affiliates or are otherwise waived by such Initiating
Holder(s)).

 

(f)           Any
Initiating Holder may withdraw or revoke a Demand Registration Request delivered by such Initiating Holder at any time prior to the effectiveness
of such Demand Registration by giving written notice to the Company of such withdrawal or revocation and such Demand Registration shall
have no further force or effect and such request shall not count as a Demand Registration Request under this Agreement.

 

2.2.          Piggyback
Registrations.

 

(a)            If
the Company proposes or is required (pursuant to Section 2.1 or otherwise) to register any of its equity securities for its
own account or for the account of any other shareholder under the Securities Act (other than pursuant to registrations on Form S-4
or Form S-8 or any similar successor forms thereto), the Company shall give written notice (the “Piggyback Notice”)
of its intention to do so to each of the Holders of record of Registrable Securities, at least five (5) Business Days prior to the
filing of any registration statement under the Securities Act. Upon the written request of any such Holder, made within five (5) days
following the receipt of any such Piggyback Notice (which request shall specify the maximum number of Registrable Securities intended
to be disposed of by such Holder and the intended method of distribution thereof), the Company shall, subject to Sections 2.2(c),
2.3 and 2.6 hereof, use its reasonable best efforts to cause all such Registrable Securities, the Holders of which have
so requested the registration thereof, to be registered under the Securities Act with the securities which the Company at the time proposes
to register to permit the sale or other disposition by the Holders (in accordance with the intended method of distribution thereof) of
the Registrable Securities to be so registered, including, if necessary, by filing with the SEC a post-effective amendment or a supplement
to the registration statement filed by the Company or the prospectus related thereto. There is no limitation on the number of such piggyback
registrations which the Company is obligated to effect pursuant to the preceding sentence. No registration of Registrable Securities effected
under this Section 2.2(a) shall relieve the Company of its obligations to effect Demand Registrations under Section 2.1
hereof. For the avoidance of doubt, this Section 2.2 shall not apply to any Underwritten Block Trade.

 

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(b)            The
Company, subject to Sections 2.3 and 2.6, may elect to include in any registration statement filed pursuant to Section 2.1,
(i) authorized but unissued shares of Class A Common Stock or shares of Class A Common Stock held by the Company as treasury
shares and (ii) any other shares of Class A Common Stock which are requested to be included in such registration pursuant to
the exercise of piggyback registration rights granted by the Company after the date hereof and which are not inconsistent with the rights
granted in, or otherwise conflict with the terms of, this Agreement (“Additional Piggyback Rights”); provided,
however, that, with respect to any underwritten offering, including an Underwritten Block Trade, such inclusion shall be permitted
only to the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or arrangements, if any, entered into
by the Initiating Holders or the Majority Participating Holders in such underwritten offering.

 

(c)            Other
than in connection with a Demand Registration or a Shelf Underwriting, at any time after giving a Piggyback Notice and prior to the effective
date of the registration statement filed in connection with such registration, if the Company shall determine for any reason not to register
or to delay registration of such equity securities, the Company may, at its election, give written notice of such determination to all
Holders of record of Registrable Securities and (x) in the case of a determination not to register, shall be relieved of its obligation
to register any Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of Holders
under Section 2.1, and (y) in the case of a determination to delay such registration of its equity securities, shall
be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity
securities.

 

(d)            Any
Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant
to this Section 2.2 by giving written notice to the Company of its request to withdraw; provided, however, that
such request must be made in writing prior to the earlier of the execution by such Holder of the underwriting agreement or the execution
by such Holder of the custody agreement with respect to such registration or as otherwise required by the underwriters.

 

(e)            Notwithstanding
Section 2.2(a), if either the LLR Investors or the Founder Investor(s) (the “Block Trade Initiating Holder”)
wishes to engage in an Underwritten Block Trade off of a Shelf Registration Statement (either through filing an automatic shelf registration
statement or through a take-down from an already existing Shelf Registration Statement), then notwithstanding the foregoing time periods,
such LLR Investors or Founder Investor(s) only need to notify the Company of the Underwritten Block Trade two (2) Business Days
prior to the day such offering is to commence and the Company shall notify the LLR Investors or the Founder Investor(s) (whichever
is not the Block Trade Initiating Holder, the “Non-Initiating Holder”) and any Minority Investor that owns 1% or more
of the then-outstanding Class A Common Stock (each, a “Significant Minority Investor”) on the same day and the
Non-Initiating Holder and such Significant Minority Investors must elect whether or not to participate by the next Business Day (i.e.,
one (1) Business Day prior to the day such offering is to commence), and the Company shall as expeditiously as possible use its reasonable
best efforts to facilitate such Shelf Underwriting (which may close as early as two (2) Business Days after the date it commences);
provided, however, that the Block Trade Initiating Holder shall use commercially reasonable efforts to work with the Company
and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other
offering documentation related to the Underwritten Block Trade. In the event a Block Trade Initiating Holder requests such an Underwritten
Block Trade, notwithstanding anything to the contrary in Section 2.1 or in this Section 2.2, any other Holder
who does not constitute a Non-Initiating Holder or a Significant Minority Investor shall have no right to notice of or to participate
in such Underwritten Block Trade at any time.

 

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2.3.          Allocation
of Securities Included in Registration Statement.

 

(a)            If
any requested registration or offering made pursuant to Section 2.1 (including a Shelf Underwriting) involves an underwritten
offering and the Manager of such offering shall advise the Company in good faith that, in its view, the number of securities requested
to be included in such underwritten offering by the Holders of Registrable Securities, the Company or any other Persons exercising Additional
Piggyback Rights exceeds the largest number of securities (the “Section 2.3(a) Sale Number”) that can be
sold in an orderly manner in such underwritten offering within a price range acceptable to the Initiating Holders and the Majority Participating
Holders, the Company shall include in such underwritten offering:

 

(i)            first,
all Registrable Securities requested to be included in such underwritten offering by the Holders thereof (including pursuant to the exercise
of piggyback rights pursuant to Section 2.2); provided, however, that if the number of such Registrable Securities
exceeds the Section 2.3(a) Sale Number, the number of such Registrable Securities (not to exceed the Section 2.3(a) Sale
Number) to be included in such underwritten offering shall be allocated on a pro rata basis among all Holders (including each Initiating
Holder) requesting that Registrable Securities be included in such underwritten offering (including pursuant to the exercise of piggyback
rights pursuant to Section 2.2), based on the number of Registrable Securities then owned by each such Holder requesting inclusion
in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion;

 

(ii)            second,
to the extent that the number of Registrable Securities to be included pursuant to clause (i) of this Section 2.3(a) is
less than the Section 2.3(a) Sale Number, any securities that the Company proposes to register for its own account, up to the
Section 2.3(a) Sale Number; and

 

(iii)            third,
to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(a) is
less than the Section 2.3(a) Sale Number, the remaining securities to be included in such underwritten offering shall be allocated
on a pro rata basis among all Persons requesting that securities be included in such underwritten offering pursuant to the exercise of
Additional Piggyback Rights (“Piggyback Shares”), based on the aggregate number of Piggyback Shares then owned by each
Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the
Section 2.3(a) Sale Number.

 

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Notwithstanding anything in
this Section 2.3(a) to the contrary, no employee stockholder of the Company will be entitled to include Registrable Securities
in an underwritten offering requested by the Initiating Holders or a Shelf Underwriting requested by the Shelf Underwriting Initiating
Holders pursuant to Section 2.1 to the extent that the Manager of such underwritten offering shall determine in good faith
that the participation of such employee stockholder would adversely affect the marketability of the securities being sold by the Initiating
Holders or Shelf Underwriting Initiating Holders in such underwritten offering.

 

(b)           If
any registration or offering made pursuant to Section 2.2 involves an underwritten primary offering on behalf of the Company
and the Manager shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering
by the Holders of Registrable Securities, the Company or any other Persons exercising Additional Piggyback Rights exceeds the largest
number of securities (the “Section 2.3(b) Sale Number”) that can be sold in an orderly manner in such underwritten
offering within a price range acceptable to the Company, the Company shall include in such underwritten offering:

 

(i)             first,
all equity securities that the Company proposes to register for its own account;

 

(ii)            second,
to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(b) is less
than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall
be allocated on a pro rata basis among all Holders requesting that Registrable Securities be included in such underwritten offering pursuant
to the exercise of piggyback rights pursuant to Section 2.2(a), based on the aggregate number of Registrable Securities then
owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting
inclusion, up to the Section 2.3(b) Sale Number; and

 

(iii)            third,
to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(b) is
less than the Section 2.3(b) Sale Number, the remaining securities to be included in such underwritten offering shall be allocated
on a pro rata basis among all Persons requesting that Piggyback Shares be included in such underwritten offering pursuant to the exercise
of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation
to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 2.3(b) Sale Number.

 

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(c)            If
any registration pursuant to Section 2.2 involves an underwritten offering that was initially requested by any Person(s) (other
than a Holder) to whom the Company has granted registration rights which are not inconsistent with the rights granted in, and do not otherwise
conflict with the terms of, this Agreement and the Manager shall advise the Company that, in its view, the number of securities requested
to be included in such underwritten offering exceeds the largest number of securities (the “Section 2.3(c) Sale Number”)
that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Company, the Company shall
include in such underwritten offering:

 

(i)             first,
the shares requested to be included in such underwritten offering shall be allocated on a pro rata basis among such Person(s) requesting
the registration and all Holders requesting that Registrable Securities be included in such underwritten offering pursuant to the exercise
of piggyback rights pursuant to Section 2.2(a), based on the aggregate number of securities or Registrable Securities, as
applicable, then owned by each of the foregoing requesting inclusion in relation to the aggregate number of securities or Registrable
Securities, as applicable, owned by all such Persons and Holders requesting inclusion, up to the Section 2.3(c) Sale Number;

 

(ii)            second,
to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(c) is less
than the Section 2.3(c) Sale Number, the remaining securities to be included in such underwritten offering shall be allocated
on a pro rata basis among all Persons requesting that Piggyback Shares be included in such underwritten offering pursuant to the exercise
of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation
to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 2.3(c) Sale Number;
and

 

(iii)            third,
to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(c) is
less than the Section 2.3(c) Sale Number, any equity securities that the Company proposes to register for its own account, up
to the Section 2.3(c) Sale Number.

 

(d)            If,
as a result of the proration provisions set forth in clauses (a), (b) or (c) of this Section 2.3,
any Holder shall not be entitled to include all Registrable Securities in an underwritten offering that such Holder has requested be included,
such Holder may elect to withdraw such Holder’s request to include Registrable Securities in the registration to which such underwritten
offering relates or may reduce the number requested to be included; provided, however, that (x) such request must be
made in writing prior to the earlier of such Holder’s execution of the underwriting agreement or such Holder’s execution of
the custody agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making
such withdrawal or reduction, such Holder shall no longer have any right to include Registrable Securities in the registration as to which
such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced.

 

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2.4.          Registration
Procedures. If and whenever the Company is required by the provisions of this Agreement to effect or cause the registration of and/or
participate in any offering or sale of any Registrable Securities under the Securities Act as provided in this Agreement (or use reasonable
best efforts to accomplish the same), the Company shall, as expeditiously as possible:

 

(a)            prepare
and file all filings with the SEC and FINRA required for the consummation of the offering, including preparing and filing with the SEC
a registration statement on an appropriate registration form of the SEC for the disposition of such Registrable Securities in accordance
with the intended method of disposition thereof (including a Partner Distribution), which registration form (i) shall be selected
by the Company (except as provided for in a Demand Registration Request) and (ii) shall, in the case of a shelf registration, be
available for the sale of the Registrable Securities by the selling Holders thereof and such registration statement shall comply as to
form in all material respects with the requirements of the applicable registration form and include all financial statements required
by the SEC to be filed therewith, and the Company shall use its reasonable best efforts to cause such registration statement to become
effective and remain continuously effective for such period as required by this Agreement (provided, however, that as far
in advance as reasonably practicable before filing a registration statement or prospectus or any amendments or supplements thereto, or
comparable statements under securities or state “blue sky” laws of any jurisdiction, or any free writing prospectus related
thereto, the Company will furnish to the Holders participating in the planned offering and to the Manager, if any, copies of all such
documents proposed to be filed (including all exhibits thereto), which documents will be subject to their reasonable review and reasonable
comment and the Company shall not file any registration statement or amendment thereto, any prospectus or supplement thereto or any free
writing prospectus related thereto to which the Initiating Holders, the Majority Participating Holders or the underwriters, if any, shall
reasonably object); provided, however, that, notwithstanding the foregoing, in no event shall the Company be required to
file any document with the SEC which in the view of the Company or its counsel contains an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make any statement therein not misleading;

 

(b)            (i) prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith and
such free writing prospectuses and Exchange Act reports as may be necessary to keep such registration statement continuously effective
for such period as required by this Agreement and to comply with the provisions of the Securities Act with respect to the sale or other
disposition of all Registrable Securities covered by such registration statement, and any prospectus so supplemented to be filed pursuant
to Rule 424 under the Securities Act, in accordance with the intended methods of disposition by the seller or sellers thereof set
forth in such registration statement and (ii) provide notice to such sellers of Registrable Securities and the Manager, if any, of
the Company’s reasonable determination that a post-effective amendment to a registration statement would be appropriate;

 

(c)            furnish,
without charge, to each Participating Holder and each underwriter, if any, of the securities covered by such registration statement such
number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus
included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed
under Rule 424 under the Securities Act, each free writing prospectus utilized in connection therewith, in each case, in conformity
with the requirements of the Securities Act, and other documents, as such seller and underwriter may reasonably request in order to facilitate
the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance
with all applicable laws of each such registration statement (or amendment or post-effective amendment thereto) and each such prospectus
(or preliminary prospectus or supplement thereto) or free writing prospectus by each such Participating Holder and the underwriters, if
any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus);

 

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(d)            use
its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other
securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter,
if any, shall reasonably request in writing, and do any and all other acts and things which may be reasonably necessary or advisable
to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions (including
keeping such registration or qualification in effect for so long as such registration statement remains in effect), except that in no
event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for
the requirements of this paragraph (d), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to
consent to general service of process in any such jurisdiction;

 

(e)            promptly
notify each Participating Holder and each managing underwriter, if any: (i) when the registration statement, any pre-effective amendment,
the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration statement or any free writing
prospectus has been filed with the SEC and, with respect to the registration statement or any post-effective amendment, when the same
has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the registration
statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC of any stop order suspending
the effectiveness of the registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities
or state “blue sky” laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence
of any fact of which the Company becomes aware which results in the registration statement or any amendment thereto, the prospectus related
thereto or any supplement thereto, any document incorporated therein by reference, any free writing prospectus or the information conveyed
at the time of sale to any purchaser containing an untrue statement of a material fact or omitting to state a material fact required to
be stated therein or necessary to make any statement therein not misleading; and (vi) if at any time the representations and warranties
contemplated by any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease
to be true and correct in all material respects (unless otherwise qualified by materiality in which case such representations and warranties
shall cease to be true and correct in all respects); and, if the notification relates to an event described in clause (v), unless
the Company has declared that a Postponement Period exists, the Company shall promptly prepare and furnish to each such seller and each
underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made
not misleading;

 

(f)            comply
(and continue to comply) with all applicable rules and regulations of the SEC (including maintaining disclosure controls and procedures
(as defined in Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f))
in accordance with the Exchange Act), and make generally available to its security holders (including by way of filings with the SEC),
as soon as reasonably practicable after the effective date of the registration statement (and in any event within forty-five (45) days,
or ninety (90) days if it is a fiscal year, after the end of such twelve month period described hereafter), an earnings statement (which
need not be audited) covering the period of at least twelve (12) consecutive months beginning with the first day of the Company’s
first calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder;

 

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(g)            (i) (A) use
its reasonable best efforts to cause all such Registrable Securities covered by such registration statement to be listed on the principal
securities exchange on which similar securities issued by the Company are then listed, if the listing of such Registrable Securities is
then permitted under the rules of such exchange, or (B) if no similar securities are then so listed, use its reasonable best
efforts to either cause all such Registrable Securities to be listed on a national securities exchange or to secure designation of all
such Registrable Securities as a Nasdaq National Market “national market system security” within the meaning of Rule 11Aa2-1
of the Exchange Act or, failing that, secure Nasdaq National Market authorization for such shares and, without limiting the generality
of the foregoing, take all actions that may be required by the Company as the issuer of such Registrable Securities in order to facilitate
the managing underwriter’s arranging for the registration of at least two market makers as such with respect to such shares with
FINRA, and (ii) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company,
including all corporate governance requirements;

 

(h)            cause
its senior management, officers and employees to participate in, and to otherwise facilitate and cooperate with the preparation of the
registration statement and prospectus and any amendments or supplements thereto (including participating in meetings, drafting sessions,
due diligence sessions and rating agency presentations) taking into account the Company’s reasonable business needs;

 

(i)            provide
and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such registration statement not
later than the effective date of such registration statement and, in the case of any secondary equity offering, provide and enter into
any reasonable agreements with a custodian for the Registrable Securities;

 

(j)            enter
into such customary agreements (including, if applicable, an underwriting agreement) and take such other actions as the Initiating Holder
or the Majority Participating Holders or the underwriters shall reasonably request in order to expedite or facilitate the disposition
of such Registrable Securities (it being understood that the Holders of the Registrable Securities which are to be distributed by any
underwriters shall be parties to any such underwriting agreement and may, at their option, require that the Company make for the benefit
of such Holders the representations, warranties and covenants of the Company which are being made to and for the benefit of such underwriters);

 

(k)            use
its reasonable best efforts (i) to obtain opinions from the Company’s counsel, including local and/or regulatory counsel, and
a “comfort” letter and updates thereof from the independent public accountants who have certified the financial statements
of the Company (and/or any other financial statements) included or incorporated by reference in such registration statement, in each case,
in customary form and covering such matters as are customarily covered by such opinions and “comfort” letters (including,
in the case of such “comfort” letter, events subsequent to the date of such financial statements) delivered to underwriters
in underwritten public offerings, which opinions and letters shall be dated the dates such opinions and “comfort” letters
are customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and (ii) furnish to each Participating Holder
and to each underwriter, if any, a copy of such opinions and letters addressed to such underwriter;

 

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(l)            deliver
promptly to counsel for the Majority Participating Holders and to each managing underwriter, if any, copies of all correspondence between
the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the
registration statement, and, upon receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available
for inspection by counsel for the Majority Participating Holders, by counsel for any underwriter participating in any disposition to be
effected pursuant to such registration statement and by any attorney, accountant or other agent retained by the Majority Participating
Holders or any such underwriter, during regular business hours, all pertinent financial and other records, pertinent corporate documents
and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably
requested by any such counsel for the Majority Participating Holders, counsel for an underwriter, attorney, accountant or agent in connection
with such registration statement;

 

(m)            use
its reasonable best efforts to prevent the issuance or obtain the prompt withdrawal of any order suspending the effectiveness of the registration
statement, or the prompt lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction,
in each case, as promptly as reasonably practicable;

 

(n)            provide
a CUSIP number for all Registrable Securities, not later than the effective date of the registration statement;

 

(o)            use
its reasonable best efforts to make available its senior management for participation in “road shows” and other marketing
efforts and otherwise provide reasonable assistance to the underwriters (taking into account the Company’s reasonable business needs
and the requirements of the marketing process) in the marketing of Registrable Securities in any underwritten offering;

 

(p)            promptly
prior to the filing of any document which is to be incorporated by reference into the registration statement or the prospectus (after
the initial filing or confidential submission of such registration statement), and prior to the filing or use of any free writing prospectus,
provide copies of such document to counsel for the Majority Participating Holders and to each managing underwriter, if any, and make the
Company’s representatives reasonably available for discussion of such document and make such changes in such document concerning
the information regarding the Participating Holders contained therein prior to the filing thereof as counsel for the Majority Participating
Holders or underwriters may reasonably request (provided, however, that, notwithstanding the foregoing, in no event shall
the Company be required to file or confidentially submit any document with the SEC which in the view of the Company or its counsel contains
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make any statement
therein not misleading);

 

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(q)            furnish
to counsel for the Majority Participating Holders and to each managing underwriter, without charge, upon request, at least one conformed
copy of the registration statement and any post-effective amendments or supplements thereto, including financial statements and schedules,
all documents incorporated therein by reference, the prospectus contained in such registration statement (including each preliminary
prospectus and any summary prospectus), any other prospectus and prospectus supplement filed under Rule 424 under the Securities
Act and all exhibits (including those incorporated by reference) and any free writing prospectus utilized in connection therewith;

 

(r)            cooperate
with the Participating Holders and the managing underwriter, if any, to facilitate the timely preparation and delivery of certificates
not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued
in such denominations and registered in such names in accordance with the underwriting agreement at least two (2) Business Days
prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the instructions
of the Participating Holders at least two (2) Business Days prior to any sale of Registrable Securities and instruct any transfer
agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof (and, in the case of Registrable
Securities registered on a Shelf Registration Statement, at the request of any Holder, prepare and deliver certificates representing
such Registrable Securities not bearing any restrictive legends and deliver or cause to be delivered an opinion or instructions to the
transfer agent in order to allow such Registrable Securities to be sold from time to time);

 

(s)            include
in any prospectus or prospectus supplement if requested by any managing underwriter updated financial or business information for the
Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes
of marketing the offering in the view of the managing underwriter;

 

(t)            take
no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that
any prohibition is applicable to the Company, the Company will use its reasonable best efforts to make any such prohibition inapplicable;

 

(u)            use
its reasonable best efforts to cause the Registrable Securities covered by the applicable registration statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the Participating Holders or the underwriters,
if any, to consummate the disposition of such Registrable Securities;

 

(v)            take
all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such
Registrable Securities;

 

(w)          take
all reasonable action to ensure that any free writing prospectus utilized in connection with any registration covered by Section 2.1
or 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent
required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the
related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

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(x)            in
connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of sale includes any untrue
statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, promptly file with the SEC such amendments or supplements to such information
as may be necessary so that the statements as so amended or supplemented will not, in the light of the circumstances, be misleading;

 

(y)           to
the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing
underwriter; and

 

(z)            use
reasonable best efforts to cooperate with the managing underwriters, Participating Holders, any indemnitee of the Company and their respective
counsel in connection with the preparation and filing of any applications, notices, registrations and responses to requests for additional
information with FINRA, Nasdaq, or any other national securities exchange on which the shares of Class A Common Stock are listed.

 

To the extent the Company
is a WKSI at the time any Demand Registration Request is submitted to the Company, the Company shall file an automatic shelf registration
statement (as defined in Rule 405 under the Securities Act) (an “automatic shelf registration statement”) on
Form S-3 which covers those Registrable Securities which are requested to be registered. The Company shall not take any action that
would result in it not remaining a WKSI or would result in it becoming an ineligible issuer (as defined in Rule 405 under the Securities
Act) during the period during which such automatic shelf registration statement is required to remain effective. If the Company does
not pay the filing fee covering the Registrable Securities at the time the automatic shelf registration statement is filed, the Company
agrees to pay such fee at such time or times as the Registrable Securities are to be sold in compliance with the SEC rules. If the automatic
shelf registration statement has been outstanding for at least three (3) years, at or prior to the end of the third year the Company
shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is required
to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to refile
the shelf registration statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement
effective during the period which such registration statement is required to be kept effective.

 

If the Company files any
shelf registration statement for the benefit of the holders of any of its securities other than the Holders, and the Holders do not request
that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that it shall include in such
registration statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling
security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the
Holders may be added to such shelf registration statement at a later time through the filing of a prospectus supplement rather than a
post-effective amendment.

 

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The Company may require as
a condition precedent to the Company’s obligations under this Section 2.4 that each Participating Holder as to which
any registration is being effected (i) furnish the Company such information regarding such seller and the distribution of such securities
as the Company may from time to time reasonably request (including as required under state securities laws), provided that such
information is necessary for the Company to consummate such registration and shall be used only in connection with such registration
and (ii) provide any underwriters participating in the distribution of such securities such information as the underwriters may
request and execute and deliver any agreements, certificates or other documents as the underwriters may request.

 

Each Holder of Registrable
Securities agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in clause (v) of
paragraph (e) of this Section 2.4, such Holder will discontinue such Holder’s disposition of Registrable Securities
pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented
or amended prospectus contemplated by paragraph (e) of this Section 2.4 and, if so directed by the Company, will deliver
to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession
of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. In the event the Company
shall give any such notice, the applicable period mentioned in paragraph (b) of this Section 2.4 shall be extended by
the number of days during such period from and including the date of the giving of such notice to and including the date when each Participating
Holder covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by
paragraph (e) of this Section 2.4.

 

The Company agrees not to
file or make any amendment to any registration statement with respect to any Registrable Securities, or any amendment of or supplement
to the prospectus, or any free writing prospectus, which amendment refers to any Holder covered thereby by name, or otherwise identifies
such Holder, without the consent of such Holder, such consent not to be unreasonably withheld or delayed, unless such disclosure is required
by law, in which case the Company shall provide written notice to such Holders no less than five (5) Business Days prior to the
filing.

 

To the extent that any of
the LLR Investors, Minority Investors or Additional Investors is or may be deemed to be an “underwriter” of Registrable Securities
pursuant to any SEC comments or policies, the Company agrees that (1) the indemnification and contribution provisions contained
in Section 2.9 shall be applicable for the benefit of the LLR Investors, Minority Investors and Additional Investors, as
applicable, in their role as an underwriter or deemed underwriter in addition to their capacity as a Holder and (2) the LLR Investors,
Minority Investors and any Additional Investors, as applicable, shall be entitled to conduct the due diligence which an underwriter would
normally conduct in connection with an offering of securities registered under the Securities Act, including receipt of customary opinions
and comfort letters addressed to the LLR Investors, Minority Investors and Additional Investors, as applicable.

 

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2.5.         Registration
Expenses.

 

(a)            The
Company shall pay all Expenses with respect to any registration or offering of Registrable Securities pursuant to Section 2,
whether or not a registration statement becomes effective or the offering is consummated.

 

(b)            Notwithstanding
the foregoing, (x) the provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these
expense provisions to comply with state “blue sky” laws of each state in which the offering is made and (y) in connection
with any underwritten offering hereunder, each Participating Holder shall pay all underwriting discounts and commissions and any transfer
taxes, if any, attributable to the sale of such Registrable Securities, pro rata with respect to payments of discounts and commissions
in accordance with the number of shares sold in the offering by such Participating Holder.

 

2.6.         Certain
Limitations on Registration Rights. In the case of any registration under Section 2.1 involving an underwritten offering,
or, in the case of a registration under Section 2.2, if the Company has determined to enter into an underwriting agreement
in connection therewith, all securities to be included in such underwritten offering shall be subject to such underwriting agreement
and no Person may participate in such underwritten offering unless such Person (i) agrees to sell such Person’s securities
on the basis provided therein and completes and executes all reasonable questionnaires, and other documents (including custody agreements
and powers of attorney) which must be executed in connection therewith; provided, however, that all such documents shall
be consistent with the provisions hereof and (ii) provides such other information to the Company or the underwriter as may be necessary
to register such Person’s securities.

 

2.7.         Limitations
on Sale or Distribution of Other Securities. The Company hereby agrees that, in connection with an offering pursuant to Section
2.1 (including any Shelf Underwriting pursuant to Section 2.1(e)) or 2.2, the Company shall not sell,
transfer, or otherwise dispose of, any Class A Common Stock or Class A Common Stock Equivalent (other than as part of such
underwritten public offering, a registration on Form S-4 or Form S-8 or any successor or similar form which is
(x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding
Class A Common Stock Equivalent), until a period from seven days prior to the pricing date of such offering until
(A) ninety (90) days after the pricing date of the first such offering and (B) seventy-five (75) days after the pricing
date of any subsequent such offering or, in each case, such shorter period as the managing underwriter, the Company or any executive
officer or director of the Company shall agree to; provided that the time period may be longer than ninety (90) days or
seventy-five (75) days, as applicable, if required by the managing underwriter, as long as all Holders, directors and officers are
subject to the same lock-up; and the Company shall (i) so provide in any registration rights agreements hereafter entered into
with respect to any of its securities and (ii) use its reasonable best efforts to cause each holder of 1% or more of the
then-outstanding Class A Common Stock and Class A Common Stock Equivalents, purchased or otherwise acquired from the
Company (other than in a public offering) at any time after the date of this Agreement to so agree, and shall use its reasonable
best efforts to cause each of its officers, directors and beneficial holders of 5% or more of the Class A Common Stock to so
agree.

 

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2.8.        No
Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell any
Registrable Securities pursuant to any effective registration statement. A Holder is not required to include any of its Registrable Securities
in any registration statement, is not required to sell any of its Registrable Securities which are included in any effective registration
statement, and may sell any of its Registrable Securities in any manner in compliance with applicable law (subject to the restrictions
set forth in the Shareholders Agreement) even if such shares are already included on an effective registration statement.

 

2.9.        Indemnification.

 

(a)            In
the event of any registration or offer and sale of any securities of the Company under the Securities Act pursuant to this Section 2,
the Company will (without limitation as to time), and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest
extent permitted by law, each Participating Holder, its directors, officers, employees, stockholders, members, general and limited partners,
agents, affiliates, representatives, successors and assigns (and the directors, officers, employees, stockholders, members, general and
limited partners, agents, affiliates, representatives, successors and assigns thereof), each other Person who participates as a seller
(and its directors, officers, employees, stockholders, members, general and limited partners, agents, affiliates, representatives, successors
and assigns), underwriter or Qualified Independent Underwriter, if any, in the offering or sale of such securities, each officer, director,
employee, stockholder, managing director, agent, affiliate, representative, successor, assign or partner of such underwriter or Qualified
Independent Underwriter, and each other Person, if any, who controls (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) such seller or any such underwriter or Qualified Independent Underwriter and each director, officer,
employee, stockholder, managing director, agent, affiliate, representative, successor, assign or partner of such controlling Person,
from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened)
and expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s consent,
which consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities
Act or otherwise in respect thereof (collectively, “Claims”), insofar as such Claims arise out of, are based upon,
relate to or are in connection with (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement
or alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus or any amendment or supplement
thereto, together with the documents incorporated by reference therein, or any free writing prospectus utilized in connection therewith,
or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) any untrue statement
or alleged untrue statement of a material fact in the information conveyed by the Company or any underwriter to any purchaser at the
time of the sale to such purchaser, or the omission or alleged omission to state therein a material fact required to be stated therein,
or (iv) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating
to any action required of or inaction by the Company in connection with any such offering of Registrable Securities, and the Company
will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such Claim as such expenses are incurred; provided, however, that the Company shall
not be liable to any such indemnified party in any such case to the extent such Claim arises out of or is based upon any untrue statement
or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement
or amendment thereof or supplement thereto or in any such prospectus or any preliminary, final or summary prospectus or free writing
prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such indemnified party
specifically for use therein. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation
made by or on behalf of such indemnified party and shall survive the transfer of such securities by such seller.

 

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(b)           Each
Participating Holder (and, if the Company requires as a condition to including any Registrable Securities in any registration statement
filed in accordance with Section 2.1 or 2.2, any underwriter and Qualified Independent Underwriter, if any) shall,
severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of
this Section 2.9) to the extent permitted by law the Company, its officers and its directors, each Person controlling the
Company within the meaning of the Securities Act and all other prospective sellers and their directors, officers, stockholders, fiduciaries,
managing directors, agents, affiliates, representatives, successors, assigns or general and limited partners and respective controlling
Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of
any material fact from, such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment
or supplement thereto, or any free writing prospectus utilized in connection therewith, if such statement or alleged statement or omission
or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or its representatives
by or on behalf of such Participating Holder or underwriter or Qualified Independent Underwriter, if any, specifically for use therein,
and each such Participating Holder, underwriter or Qualified Independent Underwriter, if any, shall reimburse such indemnified party
for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
Claim as such expenses are incurred; provided, however, that the aggregate amount which any such Participating Holder shall
be required to pay pursuant to this Section 2.9 (including pursuant to indemnity, contribution or otherwise) shall in no
case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of the Registrable Securities
pursuant to the registration statement giving rise to such Claim; provided, further, that such Participating Holder shall
not be liable in any such case to the extent that prior to the filing or confidential submission of any such registration statement or
prospectus or amendment thereof or supplement thereto, or any free writing prospectus utilized in connection therewith, such Participating
Holder has furnished in writing to the Company information expressly for use in such registration statement or prospectus or any amendment
thereof or supplement thereto or free writing prospectus which corrected or made not misleading information previously furnished to the
Company. The Company and each Participating Holder hereby acknowledge and agree that, unless otherwise expressly agreed to in writing
by such Participating Holders to the contrary, for all purposes of this Agreement, the only information furnished or to be furnished
to the Company for use in any such registration statement, preliminary, final or summary prospectus or amendment or supplement thereto,
or any free writing prospectus, are statements specifically relating to (i) the beneficial ownership of shares of Class A Common
Stock by such Participating Holder and its Affiliates as disclosed in the section of such document entitled “Selling Stockholders”
or “Principal and Selling Stockholders” and (ii) the name and address of such Participating Holder. If any additional
information about such Holder or the plan of distribution (other than for an underwritten offering) is required by law to be disclosed
in any such document, then such Holder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence.
Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf
of such indemnified party and shall survive the transfer of such securities by such Holder.

 

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(c)           Indemnification
similar to that specified in the preceding paragraphs (a) and (b) of this Section 2.9 (with appropriate modifications)
shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities
under any applicable securities and state “blue sky” laws.

 

(d)           Any
Person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of
any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.9, but
the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its obligations under the preceding
paragraphs of this Section 2.9, except to the extent the indemnifying party is materially and actually prejudiced thereby
and shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under this
Section 2. In case any action or proceeding is brought against an indemnified party and such indemnified party shall have
notified the indemnifying party of the commencement thereof (as required above), the indemnifying party shall be entitled to participate
therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified
and indemnifying parties exists in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly
notified, to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal
or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs
of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable steps necessary to
defend diligently the action or proceeding within twenty (20) days after receiving notice from such indemnified party that the indemnified
party believes it has failed to do so; or (ii) if such indemnified party who is a defendant in any action or proceeding which is
also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses
available to such indemnified party which are not available to the indemnifying party or which may conflict with or be different from
those available to another indemnified party with respect to such Claim; or (iii) if representation of both parties by the same
counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party
shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified
parties in each jurisdiction, except to the extent any indemnified party or parties reasonably shall have made a conclusion described
in clause (ii) or (iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party
shall be liable for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld
or delayed), but if settled with such consent or if there be a final judgment for the plaintiff, such indemnifying party agrees to indemnify
each indemnified party from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying
party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of
any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise
or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim
and (B) does not include a statement as to or an admission of fault or culpability, by or on behalf of any indemnified party.

 

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(e)            If
for any reason the foregoing indemnity is unavailable, unenforceable or is insufficient to hold harmless an indemnified party under Sections 2.9(a),
(b) or (c), then each applicable indemnifying party shall contribute to the amount paid or payable to such indemnified
party as a result of any Claim in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and the indemnified party, on the other hand, with respect to such Claim. The relative fault shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation
provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the
relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties
hereto agree that it would not be just and equitable if any contribution pursuant to this Section 2.9(e) were to be
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the preceding sentences of this Section 2.9(e). The amount paid or payable in respect of any Claim shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such Claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this
Section 2.9(e) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 2.9(e) to
contribute any amount greater than the amount of the net proceeds received by such indemnifying party from the sale of Registrable Securities
pursuant to the registration statement giving rise to such Claim, less the amount of any indemnification payment made by such indemnifying
party pursuant to Sections 2.9(b) and (c). In addition, no Holder of Registrable Securities or any Affiliate
thereof shall be required to pay any amount under this Section 2.9(e) unless such Person or entity would have been required
to pay an amount pursuant to Section 2.9(b) if it had been applicable in accordance with its terms.

 

(f)            The
indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which
any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any
investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by
any such party.

 

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(g)          The
indemnification and contribution required by this Section 2.9 shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

2.10.      Limitations
on Registration of Other Securities; Representation. From and after the date of this Agreement, the Company shall not, without
the prior written consent of the LLR Investors and the Founder Investors (in each case, not to be unreasonably withheld or delayed),
enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder
any registration rights the terms of which are (i) more favorable taken as a whole than the registration rights granted to the Holders
hereunder or (ii) on parity with the registration rights granted to the Holders hereunder.

 

2.11.       No
Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities that is inconsistent
in any material respects with the rights granted to the Holders in this Agreement.

 

2.12.      Partner
Distributions. Notwithstanding anything contained herein to the contrary, the Company shall, at the request of any Holder (including
to effect a Partner Distribution) pursuant to Section 2.1 or Section 2.2, file any prospectus supplement or post-effective
amendments, or include in the initial registration statement any disclosure or language, or include in any prospectus supplement or post-effective
amendment any disclosure or language, and otherwise take any action, deemed necessary or advisable by such Holder or its counsel (including
to effect such Partner Distribution).

 

Section 3.             Underwritten
Offerings.

 

3.1.        Requested
Underwritten Offerings. If requested by the underwriters for any underwritten offering pursuant to a registration requested under
Section 2.1, the Company shall enter into a customary underwriting agreement with the underwriters. Such underwriting agreement
shall (i) be satisfactory in form and substance to the Initiating Holders and the Majority Participating Holders, (ii) contain
terms not inconsistent with the provisions of this Agreement and (iii) contain such representations and warranties by, and such
other agreements on the part of, the Company and such other terms as are generally prevailing in agreements of that type, including indemnities
and contribution agreements on substantially the same terms as those contained herein or as otherwise customary for the lead underwriter.
Every Participating Holder shall be a party to such underwriting agreement. Each Participating Holder shall not be required to make any
representations or warranties to or agreements with the Company or the underwriters other than customary representations of a selling
shareholder, including representations, warranties or agreements regarding its ownership of and title to the Registrable Securities,
any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended
method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement
for indemnity, contribution or otherwise shall in no case be greater than the amount of the net proceeds received by such Participating
Holder upon the sale of Registrable Securities pursuant to such registration statement and in no event shall relate to anything other
than information about such Holder specifically provided by such Holder for use in the registration statement and prospectus.

 

    29

     

    

 

3.2.            Piggyback
Underwritten Offerings. In the case of a registration pursuant to Section 2.2, if the Company shall have determined to
enter into an underwriting agreement in connection therewith, all of the Participating Holders’ Registrable Securities to be included
in such registration shall be subject to such underwriting agreement. Each such Participating Holder shall not be required to make any
representations or warranties to or agreements with the Company or the underwriters other than customary representations of a selling
shareholder, including representations, warranties or agreements regarding its ownership of and title to the Registrable Securities,
any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended
method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement
shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities
pursuant to such registration statement and in no event shall relate to anything other than information about such Holder specifically
provided by such Holder for use in the registration statement and prospectus.

 

Section 4.             General.

 

4.1.         Adjustments
Affecting Registrable Securities. The provisions of this Agreement shall apply, to the full extent set forth herein with respect
to the Registrable Securities, to any and all shares of capital stock of the Company, any successor or assign of the Company (whether
by merger, share exchange, consolidation, sale of assets or otherwise) or any Subsidiary or parent company of the Company which may be
issued in respect of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any stock
dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof.

 

4.2.         Rule 144
and Rule 144A. If the Company shall have filed a registration statement pursuant to the requirements of Section 12 of the
Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Class A Common Stock
or Class A Common Stock Equivalents, the Company covenants that (i) so long as it remains subject to the reporting provisions
of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including,
but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1)(i) of
Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”)) or, if the Company is
not required to file such reports, it will, upon the request of any Holder, make publicly available other information so long as necessary
to permit sales by such Holder under Rule 144, Rule 144A under the Securities Act, as such Rule may be amended (“Rule 144A”),
or any similar rules or regulations hereafter adopted by the SEC, and (ii) it will take such further action as any Holder may
reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by (A) Rule 144, (B) Rule 144A, (C) Regulation
S under the Securities Act or (D) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder
of Registrable Securities, the Company will promptly deliver to such Holder a written statement as to whether it has complied with such
requirements.

 

    30

     

    

 

4.3.        Nominees
for Beneficial Owners. If Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof
may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder
or Holders of Registrable Securities pursuant to this Agreement (or any determination of any number or percentage of shares constituting
Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this Agreement); provided,
however, that the Company shall have received evidence reasonably satisfactory to it of such beneficial ownership.

 

4.4.        Amendments
and Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be
effective against the Company or any Holder unless such modification, amendment or waiver is approved in writing by the Company, the
Holders holding a majority of the Registrable Securities then held by all Holders, and the Founder; provided that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a Holder of Registrable
Securities, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder
so affected. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision
hereof (whether or not similar). No failure or delay on the part of any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof or of any other or future exercise of any such right, power or privilege.

 

4.5.         Notices.
All notices, demands and 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 (i) if personally delivered, on the date of delivery, (ii) if delivered by
express courier service of national standing (with charges prepaid), on the Business Day following the date of delivery to such courier
service, (iii) if deposited in the United States mail, first-class postage prepaid, on the fifth (5th) Business Day following the
date of such deposit, (iv) if delivered by facsimile transmission, upon confirmation of successful transmission, (x) on the
date of such transmission, if such transmission is completed at or prior to 5:00 p.m., local time of the recipient party on a Business
Day, and (y) on the next Business Day following the date of transmission, if such transmission is completed after 5:00 p.m., local
time of the recipient party, or is transmitted on a day that is not a Business Day, or (v) if via e-mail communication, on the date
of delivery. All notices, demands and other communications hereunder shall be delivered as set forth below and to any other recipient
at the address indicated on Schedule 4.5 hereto and to any subsequent holder of Stock subject to this Agreement at such address
as indicated by the Company’s records, or pursuant to such other instructions as may be designated in writing by the party to receive
such notice:

 

if to the Company, to:

 

CompoSecure, Inc.

309 Pierce Street

Somerset, NJ 08873

Attention: Jonathan C. Wilk, President and CEO

Phone: (908) 518-0500, ext. 2220

Email: jwilk@composecure.com

 

    31

     

    

 

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

 

Morgan, Lewis & Bockius LLP 

1701 Market Street 

Philadelphia, PA 19103 

Attention: Kevin S. Shmelzer; Howard A. Kenny 

Phone: (215) 963-5000; (212) 309-6000 

Email: kevin.shmelzer@morganlewis.com; 

howard.kenny@morganlewis.com

 

if to the LLR Investors, to:

 

LLR Equity Partners IV, L.P. and LLR Equity Partners Parallel
IV, L.P.

2929 Arch Street, Suite 2700 

Philadelphia, PA 19104

Attention: Mitchell Hollin, Sam Ryder and Joshua Loftus

Phone: (215) 717-2900

Email: mhollin@llrpartners.com, sryder@llrpartners.com and 

jloftus@llrpartners.com

 

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

 

Morgan, Lewis & Bockius LLP 

1701 Market Street 

Philadelphia, PA 19103 

Attention: Kevin S. Shmelzer; Howard A. Kenny 

Phone: (215) 963-5000; (212) 309-6000 

Email: kevin.shmelzer@morganlewis.com; 

howard.kenny@morganlewis.com

 

if to the Additional Investors, the Founder Investors
or the CompoSecure Investors, to the address set forth opposite the name of such Additional Investor, Founder Investor or the CompoSecure
Investor on the signature pages hereto or such other address indicated in the records of the Company.

 

4.6.        Successors
and Assigns. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and the respective successors, permitted assigns, heirs and personal representatives of the parties hereto, whether
so expressed or not. This Agreement may not be assigned by the Company without the prior written consent of the LLR Investors, the Founder
Investors and the CompoSecure Investors. No Holder shall have the right to assign all or part of its or his rights and obligations under
this Agreement to any Person, unless (i) such transferee duly executes and delivers to the Company a Joinder Agreement and (ii) with
respect to Holders that are also party to the Shareholders Agreement, during the Lock-Up Period (as defined in the Shareholders Agreement),
such assignment is made in connection with the transfer of Registrable Securities to a Permitted Transferee (as defined in the Shareholders
Agreement) in accordance with and made in compliance with the Shareholders Agreement. Upon any such assignment, such assignee shall have
and be able to exercise and enforce all rights of the assigning Holder which are assigned to it and, to the extent such rights are assigned,
any reference to the assigning Holder shall be treated as a reference to the assignee. If any Holder shall acquire additional Registrable
Securities, such Registrable Securities shall be subject to all of the terms, and entitled to all the benefits, of this Agreement. Additional
Persons may become parties to this Agreement as “Minority Investors” with the consent of the Company, the LLR Investors and
the Founder Investors (not to be unreasonably withheld or delayed), by executing and delivering to the Company the Joinder Agreement.

 

    32

     

    

 

4.7.          Termination.

 

(a)            The
obligations of the Company and a Holder under this Agreement, in each case solely with respect to such Holder, will terminate upon the
earlier of:

 

(i)            the
date on which such Holder no longer holds any Registrable Securities; or (ii) the later of (A) the date on which such
Holder no longer beneficially owns at least 1% of the then outstanding Class A Common Stock or Class A Common Stock Equivalents,
and such Holder (notwithstanding any beneficial ownership of Class A Common Stock or Class A Common Stock Equivalents by such
Holder) is not an Affiliate of the Company and (B) the date on which such the Holder is eligible to sell its Registrable Securities
pursuant to Rule 144.

 

(b)            This
Agreement shall terminate on the date that is seven (7) years from date hereof.

 

(c)            Notwithstanding
clauses (a) and (b) above, Section 2.5, Section 2.9, Section 4.9 and Section 4.13
shall survive termination of this Agreement.

 

4.8.         Entire
Agreement. This Agreement and the other documents referred to herein or delivered pursuant hereto which form part hereof constitute
the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to
the subject matter hereof.

 

4.9.         Governing
Law; Jurisdiction; WAIVER OF JURY TRIAL.

 

(a)            This
Agreement will be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the principles
of conflict of laws thereof.

 

(b)            Any
suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement
may be brought against any of the parties in the United States District Court for the Southern District of New York or any New York state
court located in New York, New York, and each of the parties hereby consents to the exclusive jurisdiction of such court (and of the
appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such
suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT.

 

4.10.      Interpretation;
Construction.

 

(a)            The
table of contents and headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and
shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section,
such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

 

    33

     

    

 

(b)          The
parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

4.11.       Counterparts.
This Agreement may be executed and delivered in any number of separate counterparts (including by facsimile or electronic mail), each
of which shall be an original, but all of which together shall constitute one and the same agreement.

 

4.12.      Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person
or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order
to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the
remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity
or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction.

 

4.13.      Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of
this Agreement by any party hereto and, accordingly, that this Agreement shall be specifically enforceable, in addition to any other
remedy to which such injured party is entitled at law or in equity, and that any breach of this Agreement shall be the proper subject
of a temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense that there is an
adequate remedy at law for such breach or threatened breach or an award of specific performance is not an appropriate remedy for any
reason at law or equity and agrees that a party’s rights would be materially and adversely affected if the obligations of the other
parties under this Agreement were not carried out in accordance with the terms and conditions hereof. Each party further agrees that
no party shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtain any
remedy referred to in this Section 4.13, and each party irrevocably waives any right it may have to require the obtaining,
furnishing or posting of any such bond or similar instrument.

 

4.14.            Further
Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute
and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order
to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

    34

     

    

 

4.15.       Confidentiality.
Each Holder agrees that any non-public information which they may receive relating to the Company and its Subsidiaries (the “Confidential
Information”) will be held strictly confidential and will not be disclosed by it to any Person without the express written
permission of the Company; provided, however, that the Confidential Information may be disclosed (i) in the event of any compulsory
legal process or compliance with any applicable law, subpoena or other legal process, as required by an administrative requirement, order,
decree or the rules of any relevant stock exchange or in connection with any filings that the Holder may be required to make with
any regulatory authority; provided, however, that in the event of compulsory legal process, unless prohibited by applicable law or that
process, each Holder agrees (A) to give the LLR Investors and the Company prompt notice thereof and to cooperate with the Company
and the LLR Investors in securing a protective order in the event of compulsory disclosure and (B) that any disclosure made pursuant
to public filings will be subject to the prior reasonable review of the Company and the LLR Investors, (ii) to any foreign or domestic
governmental or quasi-governmental regulatory authority, including any stock exchange or other self-regulatory organization having jurisdiction
over such party, (iii) to each Holder’s or its Affiliate’s, officers, directors, employees, partners, accountants, lawyers
and other professional advisors for use relating solely to management of the investment or administrative purposes with respect to such
Holder and (iv) to a proposed transferee of securities of the Company held by a Holder; provided, however, that the Holder informs
the proposed transferee of the confidential nature of the information and the proposed transferee agrees in writing to comply with the
restrictions in this Section 4.15 and delivers a copy of such writing to the Company.

 

4.16.       Opt-Out
Requests. Each Holder shall have the right, at any time and from time to time (including after receiving information regarding any
potential public offering), to elect to not receive any notice that the Company or any other Holders otherwise are required to deliver
pursuant to this Agreement by delivering to the Company a written statement signed by such Holder that it does not want to receive any
notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement
the Company and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided
to Holders hereunder to the extent that the Company or such other Holders reasonably expect would result in a Holder acquiring material
non-public information within the meaning of Regulation FD promulgated under the Exchange Act. An Opt-Out Request may state a date on
which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who previously has given the Company
an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent
Opt-Out Requests; provided that each Holder shall use commercially reasonable efforts to minimize the administrative burden on
the Company arising in connection with any such Opt-Out Requests.

 

4.17.      Founder
Registration Rights Agreement. The Founder Investors hereby agree that upon execution of this Agreement by such Founder Investors,
the Founder Registration Rights Agreement shall be automatically terminated and superseded in its entirety by this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    35

     

    

    

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

 

	 	THE COMPANY:
	 	 
	 	CompoSecure, Inc.
	 	
	 	By: 	/s/ Dr. Donald G. Basile
	 	 	Name:	 Dr. Donald G. Basile
	 	 	Title:	Co-Chief Executive Officer

  

	 	THE FOUNDER INVESTORS:
	 	 
	 	Roman DBDR Tech Sponsor LLC
	 	  
	 	By:	/s/ Dr. Donald G. Basile
	 	 	Name:	Dr. Donald G. Basile
	 	 	Title:	Managing Member

  

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

   

	 	LLR INVESTORS
	 	 
	 	LLR EQUITY PARTNERS IV, L.P.
	 	 
	 	By:	LLR Capital IV, L.P., its general partner
	 	 	By: LLR Capital IV, LLC, its general partner

 

	 	By:	/s/ Mitchell Hollin
	 	Name:	Mitchell Hollin
	 	Title:	Member

 

	 	LLR EQUITY PARTNERS PARALLEL IV, L.P.
	 	 
	 	By:	LLR Capital IV, L.P., its general partner
	 	 	By: LLR Capital IV, LLC, its general partner

 

	 	By:	/s/ Mitchell Hollin
	 	Name:	 Mitchell Hollin
	 	Title:	Member

 

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

	 	COMPOSECURE INVESTORS
	 	 
	 	/s/ Michele D. Logan
	 	Michele D. Logan

  

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

	 	COMPOSECURE INVESTORS
	 	 
	 	EPHESIANS 3:16 HOLDINGS LLC
	 	 
	 	By:	/s/ Michele D. Logan
	 	Name:	Michele D. Logan
	 	Title:	Manager

    

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

	 	COMPOSECURE INVESTORS
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER TRUST B
	 	 
	 	By:	/s/ Michele D. Logan
	 	Name:	Michele D. Logan
	 	Title:	Trustee

 

	 	CAROL D. HERSLOW CREDIT SHELTER TRUST
    B
	 	 
	 	By:	 
	 	Name:	John H. Herslow
	 	Title:	Trustee

 

[Signature Page to Amended and Restated Registration Rights Agreement]

  

     

     

    

  

	 	COMPOSECURE INVESTORS
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER TRUST B
	 	 
	 	By:	
	 	Name:	Michele D. Logan
	 	Title:	Trustee

 

	 	CAROL D. HERSLOW CREDIT SHELTER TRUST
    B
	 	 
	 	By:	/s/
    John H. Herslow
	 	Name:	John H. Herslow
	 	Title:	Trustee

 

[Signature Page to Amended and Restated Registration Rights
Agreement]

 

     

     

    

  

		COMPOSECURE INVESTORS
	 	 
		/s/ Luis DaSilva
		Luis DaSilva

   

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

 

		COMPOSECURE INVESTORS
	 	 
		KEVIN KLEINSCHMIDT 2016 TRUST DATED JANUARY
22, 2016
	 	 

	 	By:	/S/
    Sarah Kleinschmidt
	 	Name:	Sarah Kleinschmidt
	 	Title:	Trustee

  

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

   

		COMPOSECURE INVESTORS
	 	 
		/s/ Richard Vague
		Richard Vague

   

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

		COMPOSECURE INVESTORS
	 	 
		/s/ B. Graeme Frazier, IV
		B. Graeme Frazier, IV

   

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

		COMPOSECURE INVESTORS
	 	 
		/s/ Joseph M. Morris
		Joseph M. Morris

  

[Signature Page to Amended and Restated Registration Rights Agreement]

 

     

     

    

  

	 	COMPOSECURE INVESTORS
	 	 	 
	 	COMPOSECURE EMPLOYEE, L.L.C.
	 	 	 
	 	By:	/s/
Jonathan C. Wilk
	 	Name:	Jonathan C. Wilk
	 	Title:	Manager

   

[Signature Page to Amended and Restated Registration Rights Agreement]Exhibit 10.3

 

TAX RECEIVABLE AGREEMENT

 

by and among

 

COMPOSECURE, INC., 

 

 COMPOSECURE HOLDINGS, L.L.C.

 

and

 

THE PERSONS NAMED HEREIN

 

 

 

 

 

Dated as of December 27, 2021

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE I DEFINITIONS	2
	SECTION 1.1 Definitions	2
	ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT	11
	SECTION 2.1 Basis Schedule	11
	SECTION 2.2 Tax Benefit Schedule	12
	SECTION 2.3 Procedures, Amendments	13
	ARTICLE III TAX BENEFIT PAYMENTS	14
	SECTION 3.1 Payments	14
	SECTION 3.2 No Duplicative Payments	15
	SECTION 3.3 Pro Rata Payments	15
	SECTION 3.4 Payment Ordering	15
	SECTION 3.5 Excess Payments	15
	ARTICLE IV TERMINATION	16
	SECTION 4.1 Early Termination of Agreement; Breach of Agreement	16
	SECTION 4.2 Early Termination Notice	17
	SECTION 4.3 Payment upon Early Termination	18
	ARTICLE V SUBORDINATION AND LATE PAYMENTS	18
	SECTION 5.1 Subordination	18
	SECTION 5.2 Late Payments by the Corporate Taxpayer	19
	ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION	19
	SECTION 6.1 Participation in the Corporate Taxpayer’s and the Company’s Tax Matters	19
	SECTION 6.2 Consistency	19
	SECTION 6.3 Cooperation	20
	ARTICLE VII MISCELLANEOUS	20
	SECTION 7.1 Notices	20
	SECTION 7.2 Counterparts	21
	SECTION 7.3 Entire Agreement; No Third Party Beneficiaries	21
	SECTION 7.4 Governing Law	22

 

    -i-

     

    

 

Table
of Contents

(continued)

 

Page

 

	SECTION 7.5 Severability	22
	SECTION 7.6 Successors; Assignment; Amendments; Waivers	22
	SECTION 7.7 Titles and Subtitles	23
	SECTION 7.8 Resolution of Disputes	23
	SECTION 7.9 Reconciliation	24
	SECTION 7.10 Withholding	25
	SECTION 7.11 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	         25
	SECTION 7.12 Confidentiality	27
	SECTION 7.13 Change in Law	27
	SECTION 7.14 LLC Agreement	28

 

    -ii-

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(this “Agreement”), is dated as of December 27, 2021, by and among CompoSecure, Inc., a Delaware corporation
formerly known as Roman DBDR Tech Acquisition Corp. (including any successor corporation, the “Corporate Taxpayer”),
each of the undersigned parties, and each of the other persons from time to time that becomes a party hereto (each, excluding CompoSecure
Holdings, L.L.C., a Delaware limited liability company (“Company”), a “TRA Party”
and together the “TRA Parties”).

 

RECITALS

 

WHEREAS, the TRA Parties
directly or indirectly hold units (the “Units”) in the Company, which is classified as a partnership for United
States federal income tax purposes;

 

WHEREAS, pursuant to
the Agreement and Plan of Merger (as the same may be amended from time to time) (the “Merger Agreement”), dated
as of April 19, 2021, by and among the Corporate Taxpayer, the Company, Roman Parent Merger Sub, LLC, a Delaware limited liability
company and a direct wholly owned subsidiary of the Corporate Taxpayer (the “Merger Sub”), and LLR Equity Partners
IV, L.P., a Delaware limited partnership, Merger Sub will be merged with and into the Company, and the Company will be the surviving entity
following the merger (the “Merger”);

 

WHEREAS, after the
consummation of the Merger, the Corporate Taxpayer will be the sole managing member of the Company, and holds and will hold, directly
and/or indirectly, Units;

 

WHEREAS, the Units
held by the TRA Parties may be exchanged for shares of Class A common stock (the “Class A Shares”)
of the Corporate Taxpayer, in accordance with and subject to the provisions of that certain Exchange Agreement, dated as of December 27,
2021, by and among the Company and the holders of Units of the Company party thereto (the “Exchange Agreement”);

 

WHEREAS, the Company
and each of its direct and indirect Subsidiaries (as defined below) treated as a partnership for United States federal income tax purposes
currently have and will have in effect an election under Section 754 of the Code (as defined below), for each Taxable Year (as defined
below) that includes the Merger Date (as defined below) and for each Taxable Year in which a taxable acquisition (including a deemed taxable
acquisition under Section 707(a) of the Code) or non-taxable acquisition of Units by the Corporate Taxpayer from any of the
TRA Parties (an “Exchanging Holder”) for Class A Shares and/or other consideration (an “Exchange”)
occurs;

 

WHEREAS, the income,
gain, loss, expense and other Tax items of the Corporate Taxpayer may be affected by the (i) Common Basis, (ii) Basis Adjustments
and (iii) Imputed Interest (each as defined below) (collectively, the “Tax Attributes”); and

 

WHEREAS, the parties
to this Agreement desire to provide for certain payments and make certain arrangements with respect to the effect of the Tax Attributes
on the liability for Taxes (as defined below) of the Corporate Taxpayer.

 

    

     

    

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

“Actual Tax Liability”
means, with respect to any Taxable Year, the sum of (i) the actual liability for U.S. federal income Taxes of the Corporate Taxpayer
as reported on its IRS Form 1120 (or any successor form) for such Taxable Year, and, without duplication, the portion of any liability
for U.S. federal income taxes imposed directly on the Company (and the Company’s applicable Subsidiaries) under Section 6225
or any similar provision of the Code that is allocable to the Corporate Taxpayer under Section 704 of the Code (provided, that such
amount will be calculated by excluding deductions of (and other impacts of) state and local income taxes) and (ii) the product of
the amount of the United States federal taxable income or gain for such Taxable Year (provided, that such amount will be calculated by
excluding deductions of (and other impacts of) state and local income taxes) reported on the Corporate Taxpayer’s IRS Form 1120
(or any successor form) and the Assumed Rate.

 

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

 

“Agreed Rate”
means a per annum rate of the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points.

 

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

 

“Amended Schedule”
has the meaning set forth in Section 2.3(b) of this Agreement.

 

“Assumed Rate”
means, with respect to any Taxable Year, the product of (a) the excess of (i) one hundred percent (100%) over (ii) the
highest U.S. federal corporate income tax rate for such Taxable Year and (b) the sum, with respect to each state and local jurisdiction
in which the Corporate Taxpayer files Tax Returns, of the products of (i) the Corporate Taxpayer’s tax apportionment rate(s) for
such jurisdiction for such Taxable Year and (ii) the highest corporate tax rate(s) for such jurisdiction for such Taxable Year.

 

“Attributable”
means the portion of any Tax Attribute of the Corporate Taxpayer that is “Attributable” to any present or former holder of
Units, other than the Corporate Taxpayer, and shall be determined by reference to the Tax Attributes, under the following principles:

 

		(i)	any Common Basis and the Basis Adjustments shall be determined separately with respect to each Exchanging
Holder, using reasonable methods for tracking such Common Basis or Basis Adjustments, and are Attributable to each Exchanging Holder in
an amount equal to the total Common Basis and Basis Adjustments relating to such Units Exchanged by such Exchanging Holder (determined
without regard to any dilutive or antidilutive effect of any contribution to or distribution from the Company after the date of an applicable
Exchange, and taking into account (i) Section 704(c) of the Code and (ii) any adjustment under Section 743(b) of
the Code); and

 

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		(ii)	any deduction to the Corporate Taxpayer with respect to a Taxable Year in respect of Imputed Interest
is Attributable to the Person that is required to include the Imputed Interest in income (without regard to whether such Person is actually
subject to Tax thereon).

 

“Basis Adjustment”
means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b) and/or 1012 of the Code (in situations where,
as a result of one or more Exchanges, the Company becomes an entity that is disregarded as separate from its owner for United States federal
income tax purposes) or under Sections 734(b), 743(b) and/or 754 of the Code (in situations where, following an Exchange, the Company
remains in existence as an entity treated as a partnership for United States federal income tax purposes) as a result of an Exchange and
the payments made pursuant to this Agreement in respect of such Exchange. For the avoidance of doubt, the amount of any Basis Adjustment
resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and as if
any such Pre-Exchange Transfer had not occurred. The amount of any Basis Adjustment shall be determined using the Market Value at the
time of the Exchange.

 

“Basis Schedule”
has the meaning set forth in Section 2.1 of this Agreement.

 

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

 

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

 

“Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are
authorized or required by law to close.

 

“Change
of Control” means the occurrence of any of the following events or series of events after the closing of the transactions
contemplated by the Merger Agreement:

 

		(i)	any Person or any group of Persons acting together that would constitute a “group” for purposes
of Section 13(d) of the Securities Exchange Act of 1934, as amended or any successor provisions thereto (excluding (a) a
corporation or other entity owned, directly or indirectly, by the shareholders of the Corporate Taxpayer in substantially the same proportions
as their ownership of stock of the Corporate Taxpayer or (b) a group of Persons in which one or more Affiliates of Permitted Investors,
directly or indirectly hold Beneficial Ownership of securities representing more than 50% of the total voting power held by such group)
is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the
combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or

 

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		(ii)	the following individuals cease for any reason to constitute a majority of the number of directors of
the Corporate Taxpayer then serving: individuals who, on the Merger Date, constitute the Board and any new director whose appointment
or election by the Board or nomination for election by the Corporate Taxpayer’s shareholders was approved or recommended by a vote
of at least fifty percent (50%) of the directors then still in office who either were directors on the Merger Date or whose appointment,
election or nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or

 

		(iii)	there is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or
other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to
the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or,
if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately
prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power
of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a
Subsidiary, the ultimate parent thereof; or

 

		(iv)	the shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the
Corporate Taxpayer or there is consummated an agreement or series of related agreements for the sale, lease or other disposition, directly
or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or
other disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity at least
50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporate Taxpayer in substantially
the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale.

 

Notwithstanding the foregoing,
except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record
holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in, and voting control over, and own substantially all of the shares of, an entity which owns, directly
or indirectly, all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions.

 

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“Class A
Shares” has the meaning set forth in the Recitals of this Agreement.

 

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

 

“Common Basis”
means the Tax basis of the Reference Assets that are depreciable or amortizable for United States federal income tax purposes Attributable
to Units acquired by the Corporate Taxpayer upon an Exchange. For the avoidance of doubt, Common Basis shall not include any Basis Adjustments.

 

“Company”
has the meaning set forth in the Preamble of this Agreement.

 

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

 

“Corporate Taxpayer”
has the meaning set forth in the Preamble to this Agreement; provided that the term “Corporate Taxpayer” shall include
any company that is a member of any consolidated Tax Return of which CompoSecure, Inc., formerly known as Roman DBDR Tech Acquisition
Corp., is a member.

 

“Corporate Taxpayer
Return” means the United States federal income Tax Return of the Corporate Taxpayer filed with respect to Taxes of any Taxable
Year, including any consolidated Tax Return.

 

“Cumulative Net
Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the
Corporate Taxpayer, up to and including such Taxable Year net of the Realized Tax Detriment for the same period. The Realized Tax Benefit
and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended Schedules,
if any, in existence at the time of such determination; provided, that, for the avoidance of doubt, the computation of the Cumulative
Net Realized Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits and/or Realized
Tax Detriments.

 

“Default Rate”
means a per annum rate of LIBOR plus 500 basis points.

 

“Determination”
has the meaning ascribed to such term in Section 1313(a) of the Code or any other event (including the execution of IRS Form 870-AD),
including a settlement with the applicable Taxing Authority, that establishes the amount of any liability for Tax.

 

“Dispute”
has the meaning set forth in Section 7.8(a) of this Agreement.

 

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

 

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“Early Termination
Effective Date” means the date on which an Early Termination Schedule becomes binding pursuant to Section 4.2.

 

“Early Termination
Notice” has the meaning set forth in Section 4.2 of this Agreement.

 

“Early Termination
Payment” has the meaning set forth in Section 4.3(b) of this Agreement.

 

“Early Termination
Rate” means the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points.

 

“Early Termination
Schedule” has the meaning set forth in Section 4.2 of this Agreement.

 

“Exchange”
has the meaning set forth in the Recitals of this Agreement.

 

“Exchange Agreement”
has the meaning set forth in the Recitals of this Agreement.

 

“Exchange Date”
means the date of any Exchange.

 

“Exchanging Holder”
has the meaning set forth in the Recitals of this Agreement.

 

“Expert”
has the meaning set forth in Section 7.9 of this Agreement.

 

“Future TRAs”
has the meaning set forth in Section 5.1 of this Agreement.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii) without
duplication, the portion of any liability for U.S. federal income taxes imposed directly on the Company (and the Company’s applicable
subsidiaries) under Section 6225 or any similar provision of the Code that is allocable to the Corporate Taxpayer under Section 704
of the Code (provided, that such amount will be calculated by excluding deductions of (and other impacts of) state and local income taxes),
in each case using the same methods, elections, conventions and similar practices used on the relevant Corporate Taxpayer Return, but
(a) using the Non-Stepped Up Tax Basis as reflected on the Basis Schedule including amendments thereto for the Taxable Year and (b) excluding
any deduction attributable to Imputed Interest attributable to any payment made under this Agreement for the Taxable Year; provided,
that Hypothetical Tax Liability shall be calculated assuming the liability for state and local Taxes (but not, for the avoidance of doubt,
United States federal taxes) shall be equal to the product of (i) the amount of the U.S. federal taxable income or gain calculated
for purposes of this definition of Hypothetical Tax Liability for such Taxable Year (provided, that such amount shall be calculated by
excluding deductions of (and other impacts of) state and local income taxes) multiplied by (ii) the Assumed Rate. For the avoidance
of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item (or portions
thereof) that is attributable to a Tax Attribute as applicable.

 

“Imputed Interest”
in respect of a TRA Party shall mean any interest imputed under Section 1272, 1274, 7872 or 483 or other provision of the Code with
respect to the Corporate Taxpayer’s payment obligations in respect of such TRA Party under this Agreement.

 

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“Interest Amount”
has the meaning set forth in Section 3.1(b) of this Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joinder”
has the meaning set forth in Section 7.6(a) of this Agreement.

 

“LIBOR”
means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that
displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is
quoted by another source selected by the Corporate Taxpayer as an authorized information vendor for the purpose of displaying rates at
which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”),
at approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of such period as the London interbank offered
rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there shall at any time, for any reason,
no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, a comparable replacement rate determined
by the Corporate Taxpayer at such time, which determination shall be conclusive absent manifest error); provided, that at no time shall
LIBOR be less than 0%. If the Corporate Taxpayer has made the determination (such determination to be conclusive absent manifest error)
that (i) LIBOR is no longer a widely recognized benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars
or (ii) the applicable supervisor or administrator (if any) of LIBOR has made a public statement identifying a specific date after
which LIBOR shall no longer be used for determining interest rates for loans in the U.S. loan market in U.S. dollars, then the Corporate
Taxpayer shall (as determined by the Corporate Taxpayer to be consistent with market practice generally), establish a replacement interest
rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences,
replace LIBOR for all purposes under this Agreement. In connection with the establishment and application of the Replacement Rate, this
Agreement shall be amended solely with the consent of the Corporate Taxpayer and the Company, as may be necessary or appropriate, in the
reasonable judgment of the Corporate Taxpayer, to effect the provisions of this section. The Replacement Rate shall be applied in a manner
consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for
the Corporate Taxpayer, such Replacement Rate shall be applied as otherwise reasonably determined by the Corporate Taxpayer.

 

“LLC Agreement”
means, with respect to the Company, the Second Amended and Restated Limited Liability Company Agreement of the Company, dated on or about
the date hereof, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time.

 

“LLC Unit Holder”
means a holder of Units other than the Corporate Taxpayer.

 

“LLR Assignee”
means any Permitted Transferee (as such term is defined in the Joinder) of an LLR Party.

 

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“LLR Funds”
means, individually or collectively, any investment fund, co-investment vehicles and/or other similar vehicles or accounts, in each case
managed by LLR Equity Partners IV, L.P. or LLR Equity Partners Parallel IV, L.P., or any of their respective successors.

 

“LLR Party”
means any LLR Fund that is a TRA Party or becomes a TRA Party for purposes of this Agreement pursuant to Section 7.6(a).

 

“LLR Representative”
means Mitchell Hollin or such other Person designated, from time to time, by the LLR Parties.

 

“Logan Assignee”
means any Permitted Transferee (as such term is defined in the Joinder) of a Logan Party.

 

“Logan Entities”
means, individually or collectively, Michele D. Logan and any trust, entity or other similar vehicle or account, in each case affiliated
with Michele D. Logan and her Affiliates, or any of their respective successors, which as of the date hereof includes Ephesians Holdings
3:16 LLC, the Carol D. Herslow Credit Shelter Trust B and the Michele D. Logan 2017 Charitable Remainder Unitrust.

 

“Logan Party”
means any Logan Entity that is a TRA Party or becomes a TRA Party for purposes of this Agreement pursuant to Section 7.6(a).

 

“Logan Representative”
means Michele D. Logan or such other Person designated, from time to time, by the Logan Parties.

 

“Market Value”
shall mean, with respect to an Exchange, the value of the Class A Shares on the applicable Exchange Date used by the Corporate Taxpayer
in its U.S. federal income tax reporting with respect to such Exchange.

 

“Material Objection
Notice” has the meaning set forth in Section 4.2 of this Agreement.

 

“Merger”
has the meaning set forth in the Recitals of this Agreement.

 

“Merger Agreement”
has the meaning set forth in the Recitals of this Agreement.

 

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

 

“Merger Sub”
has the meaning set forth in the Recitals of this Agreement.

 

“Net Tax Benefit”
has the meaning set forth in Section 3.1(b) of this Agreement.

 

“Non-Stepped Up
Tax Basis” means, with respect to any Reference Asset, the Tax basis that such asset would have had at such time if no Basis
Adjustments had been made and if the Common Basis was equal to zero.

 

“Objection Notice”
has the meaning set forth in Section 2.3(a) of this Agreement.

 

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“Permitted Investors”
means any of (i) the Logan Entities and any of their Affiliates and (ii) the LLR Funds and any of their Affiliates.

 

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

 

“Pre-Adjustment
Net Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement.

 

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

 

“Realized Tax
Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability
of (i) the Corporate Taxpayer and (ii) without duplication, the Company (and the Company’s applicable subsidiaries), but
only with respect to Taxes imposed on the Company (and the Company’s applicable subsidiaries) that are allocable to the Corporate
Taxpayer under Section 704 of the Code. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of
an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless
and until there has been a Determination.

 

“Realized Tax
Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability
of (i) the Corporate Taxpayer and (ii) without duplication, the Company (and the Company’s applicable subsidiaries), but
only with respect to Taxes imposed on the Company (and the Company’s applicable subsidiaries) that are allocable to the Corporate
Taxpayer under Section 704 of the Code. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of
an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless
and until there has been a Determination.

 

“Reconciliation
Dispute” has the meaning set forth in Section 7.9 of this Agreement.

 

“Reconciliation
Procedures” has the meaning set forth in Section 2.3(a) of this Agreement.

 

“Reference Asset”
means an asset that is held by the Company, or by any of its direct or indirect Subsidiaries treated as a partnership or disregarded entity
(but only to the extent such indirect Subsidiaries are held through Subsidiaries treated as partnerships or disregarded entities) for
purposes of the applicable Tax, at the time of an Exchange. A Reference Asset also includes any asset that is “substituted basis
property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. For the avoidance of doubt, a Reference
Asset does not include an asset held directly or indirectly by a Subsidiary treated as a corporation for U.S. federal income tax purposes.

 

“Schedule”
means any of the following: (i) a Basis Schedule; (ii) a Tax Benefit Schedule; or (iii) the Early Termination Schedule.

 

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“Section 734(b) Exchange”
means any Exchange that results in a Basis Adjustment under Section 734(b) of the Code.

 

“Senior Obligations”
has the meaning set forth in Section 5.1 of this Agreement.

 

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

 

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

 

“Tax Attributes”
has the meaning set forth in the Recitals of this Agreement.

 

“Tax Benefit Payment”
has the meaning set forth in Section 3.1(b) of this Agreement.

 

“Tax Benefit Schedule”
has the meaning set forth in Section 2.2 of this Agreement.

 

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

 

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

 

“Taxes”
means any and all United States federal, state, local and foreign taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax.

 

“Taxing Authority”
means any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority
thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

 

“TRA Party”
has the meaning set forth in the Preamble to this Agreement.

 

“TRA Party Representative”
means:

 

		(a)	with respect to each LLR Fund, LLR Representative;

 

		(b)	with respect to each Logan Entity, Logan Representative; and

 

		(c)	with respect to all other TRA Parties, if applicable, Jonathan C. Wilk or such other Person designated
as such; provided, however, that any change to such Person shall be selected by a majority in voting interest of such other TRA Parties
(based on the number of Units then held by such TRA Parties).

 

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

 

“Units”
has the meaning set forth in the Recitals of this Agreement.

 

“Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date,
(1) the Corporate Taxpayer will have taxable income sufficient to fully utilize the Tax items arising from the Tax Attributes (other
than any items addressed in clause (2) below) during such Taxable Year or future Taxable Years (including, for the avoidance of doubt,
Basis Adjustments and Imputed Interest that would result from future payments made under this Agreement that would be paid in accordance
with the Valuation Assumptions) in which such deductions would become available, (2) loss carryovers generated by deductions arising
from any Tax Attributes or Imputed Interest that are available as of the date of such Early Termination Date will be used by the Corporate
Taxpayer on a pro rata basis from the date of such Early Termination Date through the earlier of (x) the scheduled expiration date
under applicable Tax law of such loss carryovers or (y) the fifth (5th) anniversary of the Early Termination Date, (3) the United
States federal, state and local income tax rates that will be in effect for each such Taxable Year will be those specified for each such
Taxable Year by the Code and other law as in effect on the Early Termination Date, (4) any non-amortizable assets (other than any
Subsidiary Stock) will be disposed of on the fifteenth (15th) anniversary of the applicable Exchange and any cash equivalents will be
disposed of twelve (12) months following the Early Termination Date, unless such date has passed in which case such assets will be deemed
disposed of on the fifth (5th) anniversary of the Early Termination Date; provided, that in the event of a Change of Control, such non-amortizable
assets shall be deemed disposed of at the time of sale (if applicable) of the relevant asset in the Change of Control (if earlier than
such fifteenth (15th) anniversary), (5) any Subsidiary Stock will not be deemed to be disposed unless actually disposed, and (6) if,
at the Early Termination Date, there are Units that have not been Exchanged, then each such Unit shall be deemed Exchanged for the Market
Value of the Class A Shares that would be transferred if the Exchange occurred on the Early Termination Date.

 

ARTICLE II

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT

 

SECTION 2.1
Basis Schedule. Within sixty (60) calendar days after the due date (including extensions) of IRS Form 1120
(or any successor form) of the Corporate Taxpayer for each relevant Taxable Year, the Corporate Taxpayer shall deliver to each TRA Party
a schedule (the “Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required
by this Agreement, (i) the Common Basis of the Reference Assets in respect of such TRA Party, if any, (ii) the Non-Stepped Up
Tax Basis of the Reference Assets in respect of such TRA Party as of each applicable Exchange Date, if any, (iii) the Basis Adjustment
with respect to the Reference Assets in respect of such TRA Party as a result of the Exchanges effected in such Taxable Year or any prior
Taxable Year by such TRA Party, if any, calculated in the aggregate, and (iv) the period (or periods) over which the Common Basis
and each Basis Adjustment in respect of such TRA Party is amortizable and/or depreciable. All costs and expenses incurred in connection
with the provision and preparation of the Basis Schedules and Tax Benefit Schedules under this Agreement shall be borne by the Company.

 

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SECTION 2.2 Tax
Benefit Schedule.

 

(a)         Tax
Benefit Schedule. Within sixty (60) calendar days after the due date (including extensions) of IRS Form 1120 (or any successor
form) of the Corporate Taxpayer for any Taxable Year in which there is a Realized Tax Benefit or a Realized Tax Detriment Attributable
to a TRA Party, the Corporate Taxpayer shall provide to such TRA Party a schedule showing, in reasonable detail, the calculation of the
Realized Tax Benefit and Tax Benefit Payment, or the Realized Tax Detriment, as applicable, in respect of such TRA Party for such Taxable
Year (a “Tax Benefit Schedule”). Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and
may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).

 

(b)         Applicable
Principles.

 

     (i)          General.
Subject to Section 3.3, the Realized Tax Benefit (or the Realized Tax Detriment) for each Taxable Year is intended to measure
the decrease (or increase) in the actual liability for Taxes of the Corporate Taxpayer for such Taxable Year attributable to the Tax Attributes,
determined using a “with and without” methodology. Carryovers or carrybacks of any Tax item attributable to any of the Tax
Attributes shall be considered to be subject to the rules of the Code and the Treasury Regulations governing the use, limitation
and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is
attributable to any Tax Attribute and another portion that is not, such portions shall be considered to be used in accordance with the
 “with and without” methodology. The parties agree that (A) all Tax Benefit Payments (other than the portion of the Tax
Benefit Payments treated as Imputed Interest) attributable to the Common Basis or Basis Adjustments will be treated as subsequent upward
purchase price adjustments that have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer
in the year of payment, (B) as a result, such additional Basis Adjustments will be incorporated into the current year calculation
and into future year calculations, as appropriate, and (C) the Actual Tax Liability will take into account the deduction of the portion
of the Tax Benefit Payment that must be accounted for as Imputed Interest.

 

     (ii)          Applicable
Principles of Section 734(b) Exchanges. Notwithstanding any provisions to the contrary in this Agreement, the foregoing
treatment set out in the last sentence of Section 2.2(b)(i) shall not be required to apply to payments hereunder to an
Exchanging Holder in respect of a Section 734(b) Exchange by such Exchanging Holder. For the avoidance of doubt, payments made
under this Agreement relating to a Section 734(b) Exchange shall not be treated as resulting in a Basis Adjustment to the extent
such payments are treated as Imputed Interest. The parties intend that (A) an Exchanging Holder that has made a Section 734(b) Exchange
shall, with respect to the Basis Adjustment resulting from such Section 734(b) Exchange or any payments hereunder in respect
of such Section 734(b) Exchange, be entitled to Tax Benefit Payments attributable to such Basis Adjustments only to the extent
such Basis Adjustments are allocable to the Corporate Taxpayer following such Section 734(b) Exchange (without taking into account
any concurrent or subsequent Exchanges) and (B) if, as a result of a subsequent Exchange, an increased portion of the Basis Adjustments
resulting from such Section 734(b) Exchange or any payments hereunder in respect of such Section 734(b) Exchange becomes
allocable to the Corporate Taxpayer, then the LLC Unit Holder that makes such subsequent Exchange shall be entitled to a Tax Benefit Payment
calculated in respect of such increased portion. For purposes of this Agreement, such Basis Adjustments resulting from subsequent Section 734(b) Exchanges
as described in (B) in the previous sentence shall be reported and treated as Common Basis for purposes of this Agreement.

 

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SECTION 2.3 Procedures,
Amendments.

 

(a)         Procedure.
Every time the Corporate Taxpayer delivers to a TRA Party an applicable Schedule under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporate
Taxpayer shall also (x) deliver to such TRA Party supporting schedules and work papers, as determined by the Corporate Taxpayer or
as reasonably requested by such TRA Party, providing reasonable detail regarding data and calculations that were relevant for purposes
of preparing the Schedule and (y) allow such TRA Party reasonable access at no cost to the appropriate representatives at the Corporate
Taxpayer, as determined by the Corporate Taxpayer or as reasonably requested by such TRA Party, in connection with a review of such Schedule.
Without limiting the generality of the preceding sentence, the Corporate Taxpayer shall ensure that any Tax Benefit Schedule that is delivered
to a TRA Party, along with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of
the Actual Tax Liability and the Hypothetical Tax Liability and identifies any material assumptions or operating procedures or principles
that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final and binding on all parties
thirty (30) calendar days from the date on which all relevant TRA Parties are treated as having received the applicable Schedule or amendment
thereto under Section 7.1 unless any TRA Party Representative (i) within thirty (30) calendar days from such date provides
the Corporate Taxpayer with written notice of a material objection to such Schedule (“Objection Notice”) made
in good faith or (ii) provides a written waiver of such right of any Objection Notice within the period described in clause (i) above,
in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the Corporate Taxpayer. For these
purposes, an Objection Notice shall not include any item contained on a Schedule that was resolved pursuant to a prior Objection Notice
or where a written waiver or no timely Objection Notice was provided. If the Corporate Taxpayer and the relevant TRA Party Representative,
for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt
by the Corporate Taxpayer of an Objection Notice, the Corporate Taxpayer and the relevant TRA Party Representative shall employ the reconciliation
procedures as described in Section 7.9 of this Agreement (the “Reconciliation Procedures”).

 

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

 

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ARTICLE III

TAX BENEFIT PAYMENTS

 

SECTION 3.1 Payments.

 

(a)         Payments.
Within five (5) Business Days after a Tax Benefit Schedule delivered to a TRA Party with respect to the amount set forth on the Tax
Benefit Schedule delivered by the Corporate Taxpayer pursuant to Section 2.1(a), and with respect to any excess amount at
the time that the Tax Benefit Schedule becomes final in accordance with Section 2.3(a) and Section 7.9, if
applicable, the Corporate Taxpayer shall pay such TRA Party for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.1(b) that
is Attributable to such TRA Party. Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to the
bank account previously designated by such TRA Party to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such
TRA Party. For the avoidance of doubt, (x) no Tax Benefit Payment shall be made in respect of estimated Tax payments, including,
without limitation, United States federal estimated income Tax payments and (y) the payments provided for pursuant to the above sentence
shall be computed separately for each TRA Party. Notwithstanding anything herein to the contrary, unless the parties agree otherwise in
writing, in no event shall the sum of (i) the excess of (x) the gross Tax Benefit Payments over (y) the portion of such
Tax Benefit Payments treated as interest under Section 453 of the Code and the regulations thereunder plus (ii) the initial
consideration received for U.S. federal income tax purposes exceed 160% of the initial consideration received for U.S. federal income
tax purposes (which, for the avoidance of doubt, shall include the amount of any cash, the fair market value of any Class A Shares
to be received and the amount of liability relief, and exclude the fair market value of any Tax Benefit Payments).

 

(b)         A
 “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal
to the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. For the avoidance of doubt,
for tax purposes, the Interest Amount shall not be treated as interest, but instead, shall be treated as additional consideration in the
applicable transaction, unless otherwise required by law. Subject to Section 3.3, the “Net Tax Benefit”
for a Taxable Year shall be an amount equal to the excess, if any, of 90% of the Cumulative Net Realized Tax Benefit as of the end of
such Taxable Year, over the total amount of payments previously made under the first sentence of Section 3.1(a) (excluding
payments attributable to Interest Amounts) (such amount, the “Pre-Adjustment Net Tax Benefit”); provided,
for the avoidance of doubt, that no such recipient shall be required to return any portion of any previously made Tax Benefit Payment.
Notwithstanding anything to the contrary in this Agreement, the parties acknowledge and agree that the determination of the portion of
the Tax Benefit Payment to be paid to a TRA Party under this Agreement with respect to state and local taxes shall not require separate
 “with and without” calculations in respect of each applicable state and local tax jurisdiction but rather will be based on
the United States federal taxable income or gain for such taxable year reported on the Corporate Taxpayer’s IRS Form 1120 (or
any successor form) and the Assumed Rate. The “Interest Amount” shall equal the interest on the Net Tax Benefit
calculated at the Agreed Rate from the due date (without extensions) for filing IRS Form 1120 (or any successor form) of the Corporate
Taxpayer with respect to Taxes for such Taxable Year until the payment date under Section 3.1(a). Notwithstanding the foregoing,
for each Taxable Year ending on or after the date of a Change of Control that occurs after the Merger Date, all Tax Benefit Payments attributable
to Common Basis and Basis Adjustments and paid with respect to the Units that were Exchanged after the effective time of such Change of
Control shall be calculated by utilizing Valuation Assumptions (1), (2), (4) and (5), substituting in each case the terms “date
of a Change of Control” for an “Early Termination Date.”

 

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SECTION 3.2
No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate
manner to ensure such intentions are realized.

 

SECTION 3.3
Pro Rata Payments. Notwithstanding anything in Section 3.1 to the contrary, to the extent that the
aggregate Realized Tax Benefit of the Corporate Taxpayer with respect to the Tax Attributes is limited in a particular Taxable Year because
the Corporate Taxpayer does not have sufficient taxable income, the Net Tax Benefit of the Corporate Taxpayer shall be allocated among
all parties eligible for Tax Benefit Payments under this Agreement in proportion to the amount of Net Tax Benefit, as such term is defined
in this Agreement, that would have been Attributable to each such party if the Corporate Taxpayer had sufficient taxable income so that
there were no such limitation.

 

SECTION 3.4
Payment Ordering. If for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to
make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the TRA
Parties agree that (i) Tax Benefit Payments for such Taxable Year shall be allocated to all parties eligible for Tax Benefit Payments
under this Agreement in proportion to the amounts of Net Tax Benefit, respectively, that would have been Attributable to each TRA Party
if the Corporate Taxpayer had sufficient cash available to make such Tax Benefit Payments (taking into account the operation of Section 3.3(b))
and (ii) no Tax Benefit Payments shall be made in respect of any Taxable Year until all Tax Benefit Payments to all TRA Parties in
respect of all prior Taxable Years have been made in full.

 

SECTION 3.5
Excess Payments. To the extent the Corporate Taxpayer makes a payment to a TRA Party in respect of a particular
Taxable Year under Section 3.1(a) of this Agreement (taking into account Section 3.3 and Section 3.4)
in an amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year, then
(i) such TRA Party shall not receive further payments under Section 3.1(a) until such TRA Party has foregone an
amount of payments equal to such excess and (ii) the Corporate Taxpayer will pay the amount of such TRA Party’s foregone payments
to the other Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment is due under
this Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a) (taking into account
Section 3.3 and Section 3.4) in the amount it would have received if there had been no excess payment to such
TRA Party.

 

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ARTICLE IV

TERMINATION

 

SECTION 4.1 Early
Termination of Agreement; Breach of Agreement.

 

(a)         The
Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all of the
Units held by the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided,
however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by all TRA Parties. Upon payment
of the Early Termination Payment by the Corporate Taxpayer, none of the TRA Parties or the Corporate Taxpayer shall have any further payment
obligations under this Agreement, other than for any (a) Tax Benefit Payments due and payable and that remain unpaid as of the Early
Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination
Notice (except to the extent that the amount described in clause (b) is included in the Early Termination Payment). If an Exchange
occurs after the Corporate Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer shall have no obligations
under this Agreement with respect to such Exchange.

 

(b)         In
the event that the Corporate Taxpayer (1) breaches any of its material obligations under this Agreement, whether as a result of failure
to make any payment within three (3) months of the date when due, failure to honor any other material obligation required hereunder
or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise or (2)(A) shall
commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating
to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
to adjudicate a bankruptcy or insolvency, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets, or it shall make a general assignment for the benefit
of creditors or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or other action of the nature referred
to in clause (A) above that remains undismissed or undischarged for a period of sixty (60) calendar days, all obligations hereunder
shall be automatically accelerated and shall be immediately due and payable, and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payments
calculated as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment due and payable
and that remains unpaid as of the date of a breach, and (3) any Tax Benefit Payment in respect of any TRA Party due for the Taxable
Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.2 shall
apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence. Notwithstanding the
foregoing (other than as set forth in subsection (2) above), in the event that the Corporate Taxpayer breaches this Agreement, each
TRA Party shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific
performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months
of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this
Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant
to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary,
it shall not be a breach of a material obligation of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when
due to the extent that the Corporate Taxpayer has insufficient funds to make such payment; provided, (i) the Corporate Taxpayer
has used reasonable efforts to obtain such funds and (ii) that the interest provisions of Section 5.2 shall apply to
such late payment (unless the Corporate Taxpayer does not have sufficient funds to make such payment as a result of limitations imposed
by any Senior Obligations, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate);
provided further, for the avoidance of doubt, the last sentence of this Section 4.1(b) shall not apply to any payments
due pursuant to an election by a TRA Party for the acceleration upon a Change of Control contemplated by Section 4.1(c).

 

    16

     

    

 

(c)         In
the event of a Change of Control, then each TRA Party shall continue as a TRA Party under this Agreement after such Change of Control,
in which case such TRA Party will not be entitled to receive the amounts set forth in the remainder of this Section 4.1(c) and
Valuation Assumptions (1), (2), (4) and (5) shall apply. Notwithstanding anything to the contrary in the foregoing sentence
in this Section 4.1(c), each TRA Party shall have the option to elect to cause all obligations hereunder with respect to any
Common Basis or Basis Adjustments Attributable to Exchanges occurring prior to or in connection with such Change of Control to be accelerated
and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such Change of Control and
shall include (1) the Early Termination Payments calculated with respect to such TRA Parties as if the Early Termination Date is
the date of such Change of Control, (2) any Tax Benefit Payment due and payable and that remains unpaid as of the date of such Change
of Control, and (3) any Tax Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the date
of such Change of Control. If a TRA Party makes the election described in the preceding sentence, (i) such TRA Party shall be entitled
to receive the amounts set forth in clauses (1), (2) and (3) of the preceding sentence and (ii) any Early Termination Payment
described in the preceding sentence shall be calculated utilizing Valuation Assumptions (1), (2), (3), (4), (5) and (6), substituting
in each case the terms “date of a Change of Control” for an “Early Termination Date.”

 

SECTION 4.2
Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under
Section 4.1 above, the Corporate Taxpayer shall deliver to each TRA Party notice of such intention to exercise such right (“Early
Termination Notice”) and, for TRA Parties that are not individuals, a schedule (the “Early Termination Schedule”)
specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early
Termination Payment(s) due for each TRA Party. Each Early Termination Schedule shall become final and binding on all parties thirty
(30) calendar days from the first date on which all applicable TRA Parties are treated as having received such Schedule or amendment thereto
under Section 7.1 unless any TRA Party Representative (i) within thirty (30) calendar days after such date provides the Corporate
Taxpayer with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”)
or (ii) provides a written waiver of such right of a Material Objection Notice within the period described in clause (i) above,
in which case such Schedule becomes binding on the date the waiver is received by the Corporate Taxpayer. For these purposes, a Material
Objection Notice shall not include any item contained on a Schedule that was resolved pursuant to a prior Objection Notice or where a
written waiver or no timely Objection Notice was provided. If the Corporate Taxpayer and the relevant TRA Party Representative, for any
reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate
Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the relevant TRA Party Representative shall employ the Reconciliation
Procedures in which case such Schedule becomes binding ten (10) calendar days after the conclusion of the Reconciliation Procedures.

 

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SECTION 4.3 Payment
upon Early Termination.

 

(a)         Within
three (3) calendar days after an Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an amount equal
to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds
to a bank account or accounts designated by such TRA Party or as otherwise agreed by the Corporate Taxpayer and such TRA Party or, in
the absence of such designation or agreement, by check mailed to the last mailing address provided by such TRA Party to the Corporate
Taxpayer.

 

(b)         “Early
Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early Termination Rate as
of the applicable Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would be required to
be paid by the Corporate Taxpayer beginning from the Early Termination Date and assuming that the Valuation Assumptions in respect of
such TRA Party are applied and that each Tax Benefit Payment for the relevant Taxable Year would be due and payable on the due date (without
extensions) under applicable law as of the Early Termination Effective Date for filing of IRS Form 1120 (or any successor form) of
the Corporate Taxpayer.

 

ARTICLE V

SUBORDINATION AND LATE PAYMENTS

 

SECTION 5.1
Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment
or payments made with respect to Section 4.1(c) due to events described in paragraph (ii) of the definition of Change
of Control required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank subordinate and junior in
right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari
passu in right of payment with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations.
To the extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1
and the terms of agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of TRA Parties
and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance
with the terms of the Senior Obligations. Notwithstanding any other provision of this Agreement to the contrary, to the extent that the
Corporate Taxpayer or any of its Affiliates enters into future Tax receivable or other similar agreements (“Future TRAs”),
the Corporate Taxpayer shall ensure that the terms of any such Future TRA shall provide that the Tax Attributes subject to this Agreement
are considered senior in priority to any Tax attributes subject to any such Future TRA for purposes of calculating the amount and timing
of payments under any such Future TRA.

 

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SECTION 5.2
Late Payments by the Corporate Taxpayer. Subject to the proviso in the last sentence of Section 4.1(b),
the amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not made to the TRA Parties when due under the
terms of this Agreement, whether as a result of Section 5.1 or otherwise, shall be payable together with any interest thereon,
computed at the Default Rate (or, if so provided in Section 4.1(b), at the Agreed Rate) and commencing from the date on which such
Tax Benefit Payment or Early Termination Payment was first due and payable to the date of actual payment.

 

ARTICLE VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

SECTION 6.1
Participation in the Corporate Taxpayer’s and the Company’s Tax Matters. Except as otherwise provided
herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate
Taxpayer and the Company, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting
or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify each TRA Party Representative
of, and keep each TRA Party Representative reasonably informed with respect to, the portion of any audit of the Corporate Taxpayer and
the Company by a Taxing Authority the outcome of which is reasonably expected to materially affect the rights and obligations of the TRA
Parties under this Agreement, and shall provide each TRA Party Representative reasonable opportunity to provide information and other
input to the Corporate Taxpayer, the Company and their respective advisors concerning the conduct of any such portion of such audit; provided,
however, that the Corporate Taxpayer and the Company shall not be required to take any action that is inconsistent with any provision
of the LLC Agreement.

 

SECTION 6.2
Consistency. The Corporate Taxpayer and the TRA Parties agree to report and cause to be reported for all purposes,
including United States federal, state and local tax purposes and financial reporting purposes, all Tax-related items (including, without
limitation, the Basis Adjustments and each Tax Benefit Payment), but, for financial reporting purposes, only in respect of items that
are not explicitly characterized as “deemed” or in a similar manner by the terms of this Agreement or the Exchange Agreement,
in a manner consistent with that contemplated by this Agreement or specified by the Corporate Taxpayer in any Schedule required to be
provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law. The Corporate Taxpayer shall
(and shall cause the Company and its other Subsidiaries to) use commercially reasonable efforts (for the avoidance of doubt, taking into
account the interests and entitlements of all TRA Parties under this Agreement) to defend the Tax treatment contemplated by this Agreement
and any Schedule in any audit, contest or similar proceeding with any Taxing Authority.

 

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SECTION 6.3
Cooperation. Each of the TRA Parties shall (a) furnish to the Corporate Taxpayer in a timely manner such
information, documents and other materials in its possession as the Corporate Taxpayer may reasonably request for purposes of making any
determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit,
examination or controversy with any Taxing Authority, (b) make itself available to the Corporate Taxpayer and its representatives
to provide explanations of documents and materials and such other information as the Corporate Taxpayer or its representatives may reasonably
request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with
any such matter, and the Corporate Taxpayer shall reimburse each such TRA Party for any reasonable and documented out-of-pocket costs
and expenses incurred pursuant to this Section 6.3. Upon the request of any TRA Party, the Corporate Taxpayer shall cooperate
in taking any action reasonably requested by such TRA Party in connection with its tax or financial reporting and/or the consummation
of any assignment or transfer of any of its rights and/or obligations under this Agreement, including without limitation, providing any
information or executing any documentation.

 

ARTICLE VII

MISCELLANEOUS

 

SECTION 7.1
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall
be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile or email with confirmation
of transmission by the transmitting equipment or (b) on the first Business Day following the date of dispatch if delivered by a recognized
next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice:

 

	
    If to the Corporate Taxpayer, to:

     

    Roman DBDR Tech Acquisition Corp.

    2877 Paradise Road, #702

    Las Vegas, NV 89109

    Attention: Dr. Donald Basile; Dixon Doll, Jr.;
    John Small

    Phone: (650) 618-2524

    Email:  don.basile@romandbdr.com; drdolljr@gmail.com;
    jcsmall@romandbdr.com

    

 

    20

     

    

 

	
    

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

    
  Goodwin Procter LLP
 100 Northern Avenue
 Boston, MA 02210
 Attention: Anthony J. McCusker; Jocelyn M. Arel; Gregg L. Katz
 Phone: (617) 570-1000
 Email:amccusker@goodwinlaw.com; jarel@goodwinlaw.com; gkatz@goodwinlaw.com

     

    If to the Company, to:

     

    CompoSecure Holdings, L.L.C.

    309 Pierce Street

    Somerset, NJ 08873

    Attention: Jonathan C. Wilk, President and CEO

    Phone: (908) 518-0500, ext. 2220

    Email: jwilk@composecure.com

     

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

     

    Morgan, Lewis & Bockius LLP

    1701 Market Street

    Philadelphia, PA 19103

    Attention: Barbara J. Shander and Kevin S. Shmelzer

    Phone: (215) 963-5029 and (215) 963-5716

    Email: barbara.shander@morganlewis.com and kevin.shmelzer@morganlewis.com

     

	If to the TRA Parties, to the respective addresses, fax numbers and email addresses set forth in the records of the Company.

 

Any party may change its address, fax number or
email by giving the other party written notice of its new address, fax number or email in the manner set forth above.

 

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

 

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

 

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

 

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

 

SECTION 7.6 Successors;
Assignment; Amendments; Waivers.

 

(a)         Each
TRA Party may assign all or any portion of its rights under this Agreement to any Person as long as such transferee has executed and delivered,
or, in connection with such transfer, executes and delivers, a joinder to this Agreement, substantially in the form of Exhibit A
hereto, agreeing to become a TRA Party for all purposes of this Agreement, except as otherwise provided in such joinder (a “Joinder”).
For avoidance of doubt, this Section 7.6(a) shall apply regardless of whether such TRA Party continues to hold any interest
in the Corporate Taxpayer or the Company. For the avoidance of doubt, (1) if a TRA Party transfers Units in accordance with the terms
of the LLC Agreement but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred
Units, such TRA Party shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of
such Units and (2) an assignment to any entity controlled by a TRA Party shall be treated as one transfer (or an assignment to an
Affiliate, if applicable) for purposes of this Section 7.6(a), even if the interests in such entity are subsequently transferred
or distributed to third parties. Any assignment, or attempted assignment in violation of this Agreement, including any failure of a purported
assignee to enter into a Joinder or to provide any forms or other information to the extent required hereunder, shall be null and void,
and shall not bind or be recognized by the Corporate Taxpayer or the TRA Parties. The Corporate Taxpayer shall be entitled to treat the
record owner of any rights under this Agreement as the absolute owner thereof and shall incur no liability for payments made in good faith
to such owner until such time as a written assignment of such rights is permitted pursuant to the terms and conditions of this Section 7.6(a) and
has been recorded on the books of the Corporate Taxpayer. The Corporate Taxpayer shall cooperate with a TRA Party that desires to transfer
all or any portion of its rights under this Agreement to any Person, including providing financial information reasonably necessary for
the potential assignee to adequately determine purchase price, as long as such potential transferee has executed and delivered a confidentiality
agreement of the type contemplated by Section 7.12 of this Agreement.

 

    22

     

    

 

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

 

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

 

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

 

SECTION 7.8 Resolution
of Disputes.

 

(a)         Any
and all disputes which are not governed by Section 7.9 and cannot be settled amicably, including any ancillary claims of any
party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance
of this Agreement (including the validity, scope and enforceability of this arbitration provision) (each a “Dispute”)
shall be finally settled by arbitration conducted by a single arbitrator in Delaware in accordance with the then-existing rules of
arbitration of the American Arbitration Association. If the parties to the Dispute fail to agree on the selection of an arbitrator within
thirty (30) calendar days of the receipt of the request for arbitration, the American Arbitration Association shall make the appointment.
The arbitrator shall be a lawyer admitted to the practice of law in a U.S. state, or a nationally recognized expert in the relevant subject
matter, and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible
during any arbitration proceedings. The arbitrator is not empowered to award damages in excess of compensatory damages, and each party
hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The award shall be
the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral
tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets.

 

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(b)         Notwithstanding
the provisions of paragraph (a), the Corporate Taxpayer may bring an action or special proceeding in any court of competent jurisdiction
for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or
enforcing an arbitration award and, for the purposes of this paragraph (b), each TRA Party (i) expressly consents to the application
of paragraph (c) of this Section 7.8 to any such action or proceeding, (ii) agrees that proof shall not be required
that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be
inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such TRA Party for service of process in connection
with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise the TRA Party of any
such service of process, shall be deemed in every respect effective service of process upon the TRA Party in any such action or proceeding.

 

(c)         (i)          EACH
PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN DELAWARE, DELAWARE FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING
BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.8, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR
CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any
suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm
an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this
Agreement, and to the parties’ relationship with one another; and

 

    (ii)         The
parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding
paragraph of this Section 7.8 and such parties agree not to plead or claim the same.

 

SECTION 7.9
Reconciliation. In the event that the Corporate Taxpayer and a TRA Party Representative are unable to resolve
a disagreement with respect to the matters governed by Sections 2.3 and 4.2 within the relevant period designated in this
Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally
recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties.
The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and the
relevant TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material
relationship with the Corporate Taxpayer or the relevant TRA Party Representative or other actual or potential conflict of interest. If
the Corporate Taxpayer and the relevant TRA Party Representative are unable to agree on an Expert within fifteen (15) calendar days of
receipt by the respondent(s) of written notice of a Reconciliation Dispute, then the Expert shall be appointed by the American Arbitration
Association. The Expert shall resolve any matter relating to the TRA Party’s Basis Schedule or an amendment thereto or the Early
Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule
or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter
has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment
that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a
disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as
prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement
of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate
Taxpayer and the relevant TRA Party Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert
adopts the relevant TRA Party Representative’s position, in which case the Corporate Taxpayer shall reimburse the relevant TRA Party
Representative for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s
position, in which case the relevant TRA Party Representative shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket
costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.9
shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant
to this Section 7.9 shall be binding on the Corporate Taxpayer and each of the TRA Parties and may be entered and enforced
in any court having jurisdiction.

 

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SECTION 7.10
Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant
to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment
under the Code or any provision of state, local or foreign Tax law; provided that, prior to deducting or withholding any such amounts,
the Corporate Taxpayer shall notify the applicable TRA Party Representative and shall consult in good faith with such TRA Party Representative
regarding the basis for such deduction or withholding (other than any deduction or withholding required by reason of a TRA Party’s
failure to comply with the last sentence of this Section 7.10). To the extent that amounts are so withheld and paid over to the appropriate
Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid
to the Person in respect of whom such withholding was made. To the extent that any payment pursuant to this Agreement is not reduced by
such deductions or withholdings, such recipient shall indemnify the applicable withholding agent for any amounts imposed by any Taxing
Authority together with any costs and expenses related thereto. Each TRA Party shall promptly provide the Corporate Taxpayer, the Company
or other applicable withholding agent with any applicable Tax forms and certifications (including IRS Form W-9 or the applicable
version of IRS Form W-8) reasonably requested, in connection with determining whether any such deductions and withholdings are required
under the Code or any provision of United States state, local or foreign Tax law.

 

SECTION 7.11 Admission
of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

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

 

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(b)         If
the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers or is deemed to transfer any Unit
or any Reference Asset to a transferee that is treated as a corporation for United States federal income tax purposes (other than a member
of a group described in Section 7.11(a)) in a transaction in which the transferee’s basis in the property acquired is
determined in whole or in part by reference to such transferor’s basis in such property, then the Corporate Taxpayer shall cause
such transferee to assume the obligation to make payments hereunder with respect to the applicable Tax Attributes associated with any
Reference Asset or interest therein acquired (directly or indirectly) in such transfer (taking into account any gain recognized in the
transaction) in a manner consistent with the terms of this Agreement as the transferee (or one of its Affiliates) actually realizes Tax
benefits from the Tax Attributes. If the Company transfers (or is deemed to transfer for United States federal income tax purposes) any
Reference Asset to a transferee that is treated as a corporation for United States federal income tax purposes (other than a member of
a group described in Section 7.11(a)) in a transaction in which the transferee’s basis in the property acquired is determined
in whole or in part by reference to such transferor’s basis in such property, the Company shall be treated as having disposed of
the Reference Asset in a wholly taxable transaction. The consideration deemed to be received by the Company in a transaction contemplated
in the prior sentence shall be equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which
such asset is subject, in the case of a transfer of an encumbered asset or (ii) the amount of debt allocated to such asset, in the
case of a transfer of a partnership interest. If any member of a group described in Section 7.11(a) that owns any Unit
deconsolidates from the group (or the Corporate Taxpayer deconsolidates from the group), then the Corporate Taxpayer shall cause such
member (or the parent of the consolidated group in a case where the Corporate Taxpayer deconsolidates from the group) to assume the obligation
to make payments hereunder with respect to the applicable Tax Attributes associated with any Reference Asset it owns (directly or indirectly)
in a manner consistent with the terms of this Agreement as the member (or one of its Affiliates) actually realizes Tax benefits. If a
transferee or a member of a group described in Section 7.11(a) assumes an obligation to make payments hereunder pursuant
to either of the foregoing sentences, then the initial obligor is relieved of the obligation assumed.

 

(c)         If
the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers (or is deemed to transfer for United
States federal income tax purposes) any Unit in a transaction that is wholly or partially taxable, then for purposes of calculating payments
under this Agreement, the Company shall be treated as having disposed of the portion of any Reference Asset that is indirectly transferred
by the Corporate Taxpayer (i.e., taking into account the number of Units transferred) in a wholly or partially taxable transaction in
which all income, gain or loss is allocated to the Corporate Taxpayer. The consideration deemed to be received by the Company shall be
equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which such asset is subject, in the
case of a transfer of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a transfer of a partnership
interest.

 

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SECTION 7.12 Confidentiality.

 

(a)         Subject
to the last sentence of Section 6.3, each TRA Party and each of their assignees acknowledge and agree that the information
of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and
its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep and retain in the
strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer
and its Affiliates and successors, concerning the Company, its members and its Affiliates and successors, learned by the TRA Party heretofore
or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by the Corporate
Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of the TRA Party in violation of this Agreement)
or is generally known to the business community, (ii) the disclosure of information to the extent necessary for the TRA Party to
prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any
action, proceeding or audit by any Taxing Authority with respect to such returns and (iii) the disclosure of such information to
a potential transferee of all or any portion of a TRA Party’s rights under this Agreement to any Person as long as such potential
transferee has executed and delivered a confidentiality agreement of the type contemplated by this Section 7.12. Notwithstanding
anything to the contrary herein, each TRA Party and each of their assignees (and each employee, representative or other agent of the TRA
Party or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax
structure of the Corporate Taxpayer, the Company and their Affiliates, and any of their transactions, and all materials of any kind (including
opinions or other Tax analyses) that are provided to the TRA Party relating to such Tax treatment and Tax structure.

 

(b)         If
a TRA Party or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12,
the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by
injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged
and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries
or the TRA Parties and the accounts and funds managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate
remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available
at law or in equity.

 

SECTION 7.13
Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law,
a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a
payment under this Agreement) recognized by the TRA Party upon any Exchange by such TRA Party to be treated as ordinary income rather
than capital gain (or otherwise taxed at ordinary income rates) for United States federal income tax purposes or would have other material
adverse Tax consequences to such TRA Party, then at the election of such TRA Party and to the extent specified by such TRA Party, this
Agreement (i) shall cease to have further effect with respect to such TRA Party, (ii) shall not apply to an Exchange by such
TRA Party occurring after a date specified by such TRA Party, or (iii) shall otherwise be amended in a manner determined by such
TRA Party, provided that such amendment shall not result in an increase in payments under this Agreement at any time as compared to the
amounts and times of payments that would have been due in the absence of such amendment.

 

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SECTION 7.14
LLC Agreement. This Agreement shall be incorporated by reference and treated as part of the LLC Agreement as described in
Section 761(c) of the Code and Section 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. Any
payment under this Agreement is intended to constitute consideration received in a taxable sale pursuant to Section 1001 of the
Code and shall, to the extent permitted by law, be so treated for U.S. income tax reporting purposes.

 

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

 

	 	THE CORPORATE TAXPAYER:
	 	 
	 	COMPOSECURE, INC.
	 	
	 	By:	 /s/ Dr. Donald G. Basile
	 	 	Name:	Dr. Donald G. Basile
	 	 	Title:	Co-Chief Executive Officer

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	THE COMPANY:
	 	 
	 	COMPOSECURE HOLDINGS, L.L.C. 
	 	 
	 	By:	/s/
    Jonathan C. Wilk
	 	 	Name:	Jonathan C. Wilk
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

	 	 
	 	TRA PARTIES:
	 	 
	 	LLR EQUITY PARTNERS IV, L.P.
	 	 
	 	By: LLR Capital IV, L.P., its general
    partner
	 	 
	 	By: LLR Capital IV, LLC, its general
    partner
	 	 
	 	By:	/s/ Mitchell Hollin
	 	 	Name:	Mitchell Hollin
	 	 	Title:	Member
	 	 
	 	LLR EQUITY PARTNERS PARALLEL
    IV, L.P.
	 	 
	 	By: LLR Capital IV, L.P., its general
    partner
	 	 
	 	By: LLR Capital IV, LLC, its general
    partner
	 	 
	 	By:	/s/ Mitchell Hollin
	 	 	Name:	Mitchell Hollin
	 	 	Title:	Member

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	By:	/s/ Michele D. Logan
	 	 	Name:	Michele D. Logan

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	EPHESIANS 3:16 HOLDINGS LLC
	 	  
	 	By:	/s/
    Michele D. Logan
	 	 	Name:	Michele D. Logan 
	 	 	Title:	Manager

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER
    TRUST B
	 	 
	 	By:	/s/ Michele D. Logan
	 	 	Name: 	Michele D. Logan 
	 	 	Title: 	Trustee
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER
    TRUST B
	 	 
	 	By:	
	 	 	Name: 	John H. Herslow
	 	 	Title: 	Trustee

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER
    TRUST B
	 	 
	 	By:	
	 	 	Name: 	Michele D. Logan 
	 	 	Title: 	Trustee
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER
    TRUST B
	 	 
	 	By:	/s/ John H. Herslow
	 	 	Name: 	John H. Herslow
	 	 	Title: 	Trustee

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	By:	/s/
    Luis DaSilva
	 	 	Name: 	Luis DaSilva

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	KEVIN KLEINSCHMIDT 2016 TRUST
    DATED JANUARY 22, 2016
	 	 
	 	By:	 /s/
    Sarah Kleinschmidt
	 	 	Name:
    	 Sarah
    Kleinschmidt
	 	 	Title:	Trustee

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	By:	/s/
    Richard Vague
	 	 	Name:
    	Richard Vague

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	By:	/s/
    B. Graeme Frazier, IV
	 	 	Name:
    	B. Graeme Frazier, IV

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	By:	/s/
    Joseph M. Morris
	 	 	Name:
    	Joseph M. Morris

 

[Signature Page to Tax
Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES:
	 	 
	 	COMPOSECURE EMPLOYEE, L.L.C.
	 	 
	 	By:	/s/
    Jonathan C. Wilk 
	 	 	Name:	Jonathan C. Wilk 
	 	 	Title:	Manager

 

[Signature Page to Tax
Receivable Agreement]

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