Document:

Exhibit 10.2

 

TAX RECEIVABLE AGREEMENT

 

among

 

UTZ BRANDS, INC.

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of August 28, 2020

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	Article I
    DEFINITIONS	2
	 	 
	Section 1.1.	Definitions	2
	 	 	 
	Article II DETERMINATION
    OF CERTAIN REALIZED TAX BENEFIT	14
	 	 
	Section 2.1.	Basis Schedule	14
	Section 2.2.	Tax Benefit Schedule	14
	Section 2.3.	Procedures, Amendments	16
	Section 2.4.	Section 754 Election	17
	 	 	 
	Article III TAX BENEFIT
    PAYMENTS	17
	 	 
	Section 3.1.	Payments	17
	Section 3.2.	No Duplicative Payments	18
	Section 3.3.	Pro Rata Payments	18
	Section 3.4.	Payment Ordering	18
	Section 3.5.	Overpayments	18
	 	 	 
	Article IV TERMINATION	19
	 	 
	Section 4.1.	Early Termination of Agreement; Breach of Agreement	19
	Section 4.2.	Early Termination Notice	22
	Section 4.3.	Payment upon Early Termination	22
	 	 	 
	Article V SUBORDINATION
    AND LATE PAYMENTS	23
	 	 
	Section 5.1.	Subordination	23
	Section 5.2.	Late Payments by the Corporate Taxpayer	23
	 	 	 
	Article VI NO DISPUTES;
    CONSISTENCY; COOPERATION	24
	 	 
	Section 6.1.	Participation in the Corporate Taxpayer’s and OpCo’s
    Tax Matters	24
	Section 6.2.	Consistency	24
	Section 6.3.	Cooperation	24
	 	 	 
	Article VII MISCELLANEOUS	25
	 	 
	Section 7.1.	Notices	25
	Section 7.2.	Counterparts	26
	Section 7.3.	Entire Agreement; No Third Party Beneficiaries	26
	Section 7.4.	Governing Law	26
	Section 7.5.	Severability	26

 

    i

     

    

 

	Section 7.6.	Successors; Assignment; Amendments; Waivers	27
	Section 7.7.	Interpretation	28
	Section 7.8.	Waiver of Jury Trial; Jurisdiction	28
	Section 7.9.	Reconciliation	29
	Section 7.10.	Withholding	30
	Section 7.11.	Admission of the Corporate Taxpayer into a Consolidated Group;
    Transfers of Corporate Assets	30
	Section 7.12.	Confidentiality	32
	Section 7.13.	TRA Party Representative	33

 

Exhibits and Schedules

 

	Exhibit A	Form of Joinder
	 	 
	Schedule I	Further Agreements

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (this
 “TRA Agreement”), is dated as of August 28, 2020, among Utz Brands, Inc., a Delaware corporation
(the “Corporate Taxpayer”), Utz Brands Holdings, LLC, a Delaware limited liability company (“OpCo”),
Series U of UM Partners, LLC, a series of a Delaware limited liability company (“Series U”),
Series R of UM Partners, LLC, a series of a Delaware limited liability company (“Series R”)
(each of Series U and Series R, a “TRA Party” and together the “TRA Parties”),
Series U in its capacity as the TRA Party Representative, and each of the other Persons from time to time that become a party
to this TRA Agreement.

 

RECITALS

 

WHEREAS, the TRA Parties directly
or indirectly hold Common Units in OpCo, which is classified as a partnership for United States federal income Tax purposes;

 

WHEREAS, the Corporate Taxpayer is
the sole managing member of OpCo and holds Common Units;

 

WHEREAS, each of Series U and
Series R is classified as a partnership for United States federal income Tax purposes;

 

WHEREAS, the Corporate Taxpayer, the
TRA Parties, and OpCo entered into a Business Combination Agreement (as amended, modified or supplemented from time to time in
accordance with such agreement, the “Business Combination Agreement”), pursuant to which the Corporate
Taxpayer acquired (i) the Assigned Company Units in exchange for the Net Cash Consideration and shares of Class V Common
Stock (the “Purchase”) and (ii) the Issued Company Units in exchange for the Contribution Amount;

 

WHEREAS, simultaneously with the execution
of the Business Combination Agreement, the Corporate Taxpayer and BSOF SN, LLC (“BSOF”) entered into
a purchase agreement pursuant to which, subject to the Closing, the Corporate Taxpayer purchased all of the preferred equity interests
held by BSOF in Sellers (the “BSOF Preferred Interests”) and all of the common equity interests held
by BSOF in Sellers (the “BSOF Common Interests”) (such purchases together, the “BSOF Purchase”);

 

WHEREAS, simultaneously with the Closing,
the Corporate Taxpayer entered into a Redemption Agreement with Series U and Series R, pursuant to which Series U
and Series R redeemed the BSOF Common Interests and BSOF Preferred Interests purchased by Corporate Taxpayer in exchange
for the Exchanged Company Units (the “Redemption”);

 

WHEREAS, each Common Unit held by
a TRA Party may be Exchanged, together with the surrender and delivery by such holder of one (1) share of Class V Common
Stock, for one (1) share of Class A Common Stock or for cash in accordance with and subject to the conditions and limitations
in the LLC Agreement;

 

    

     

    

 

WHEREAS, pursuant to that certain
Stock Purchase Agreement, dated as of September 10, 2019, entered into between Utz Quality Foods, LLC, a Delaware limited
liability company (“Peak Buyer”), and Peak Finance Holdings LLC, a Delaware limited liability company,
Peak Buyer purchased 100% of the issued and outstanding common stock of Kennedy Endeavors, Incorporated, a Washington corporation
(such purchase, the “Peak Acquisition,” and such Person, “Peak Target”), a
Code Section 336(e) election was made with respect to such purchase, and Peak Target was subsequently converted into
a limited liability company that is disregarded as separate from OpCo for U.S. federal income Tax purposes;

 

WHEREAS, OpCo, Series U, and
Series R currently have and will have in effect an election under Section 754 of the Code for each Taxable Year that
includes the Closing Date and (for OpCo only) for each Taxable Year in which an Exchange occurs;

 

WHEREAS, as a result of the Closing
and future Exchanges, the income, gain, loss, deduction, expense and other Tax items of the Corporate Taxpayer may be affected
by the (i) Basis Adjustments, (ii) Peak Deductions and (iii) any deduction attributable to any payment (including
amounts attributable to Imputed Interest) made under this TRA Agreement (collectively, the “Tax Attributes”);
and

 

WHEREAS, the parties to this TRA 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 of the Corporate Taxpayer.

 

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

 

Article I

 

DEFINITIONS

 

Section 1.1.     Definitions.
As used in this TRA Agreement, the terms set forth in this Article I shall have the following meanings.

 

“Acquired Company Units”
has the meaning set forth in the Business Combination Agreement.

 

“Acquired Restricted Company
Units” has the meaning set forth in the Business Combination Agreement.

 

“Actual Tax Liability”
means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of (i) the actual liability for
U.S. federal income Taxes of the Corporate Taxpayer for such Taxable Year and, if applicable, determined in accordance with a
Determination or Amended Schedule (including interest imposed in respect thereof under applicable law), and (ii) the product
of (A) the actual amount of taxable income of the Corporate Taxpayer for U.S. federal income Tax purposes for such Taxable
Year and, if applicable, determined in accordance with a Determination or Amended Schedule and (B) the Blended Rate for such
Taxable Year.

 

    2

     

    

 

“Advisory Firm”
means PricewaterhouseCoopers, Ernst & Young, Deloitte, KPMG, BDO USA, LLP, Grant Thornton LLP, Alvarez & Marsal,
RSM US LLP, or, if agreed in writing by the Corporate Taxpayer and the TRA Party Representative, another accounting firm that
is nationally recognized as being expert in U.S. federal, state and local income Tax matters.

 

“Advisory Firm Letter”
means a letter prepared by the Advisory Firm (at the expense of OpCo) that prepared the relevant Schedules, notices or other information
to be provided by the Corporate Taxpayer to the TRA Parties stating that such Schedules, notices or other information, along with
all supporting schedules and work papers prepared by such Advisory Firm in connection with such Schedules, notices or other information,
were prepared in a manner that is consistent with the terms of this TRA Agreement and, to the extent not expressly provided in
this TRA Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other
information were delivered to the TRA Parties.

 

“Affiliate” of
any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the
ownership of voting securities, its capacity as a sole or managing member or otherwise. For purposes of this TRA Agreement, no
TRA Party shall be considered to be an Affiliate of the Corporate Taxpayer or OpCo.

 

“Agreed Rate” means
a per annum rate of LIBOR plus 100 basis points.

 

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

 

“Ancillary Agreements”
has the meaning set forth in the Business Combination Agreement.

 

“Assigned Company Units”
has the meaning set forth in the Business Combination Agreement.

 

“Attributable”
means the portion of any Tax Attribute of the Corporate Taxpayer that is attributable to a TRA Party and shall be determined by
reference to the Tax Attributes, under the following principles:

 

(i)            any
BSOF Basis Adjustments shall be determined separately with respect to each TRA Party and are Attributable to a TRA Party based
on the BSOF Basis Adjustments delivered to the Corporate Taxpayer by such TRA Party as a result of the BSOF Purchase together
with the Redemption;

 

(ii)           any
Purchase Basis Adjustments shall be determined separately with respect to each TRA Party and are Attributable to each TRA Party
in an amount equal to the total Purchase Basis Adjustments relating to such Units Purchased from such TRA Party;

 

(iii)          any
Peak Deductions shall be determined separately with respect to each TRA Party and are Attributable to a TRA Party based on such
TRA Party’s Weighted Average Percentage Interest;

 

    3

     

    

 

(iv)          any
Exchange Basis Adjustments shall be determined separately with respect to each Exchanging Member and are Attributable to each
Exchanging Member in an amount equal to the total Exchange Basis Adjustments relating to such Common Units Exchanged by such Exchanging
Member; and

 

(v)            any
deduction to the Corporate Taxpayer with respect to a Taxable Year in respect of any payment (including amounts attributable to
Imputed Interest) made under this TRA Agreement is Attributable to the Person that is required to include the Imputed Interest
or other payment in income (without regard to whether such Person is actually subject to Tax thereon).

 

“Bankruptcy Rejection”
has the meaning set forth in Section 4.1(c).

 

“Basis Adjustment”
means a Purchase Basis Adjustment, a BSOF Basis Adjustment or an Exchange Basis Adjustment.

 

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

 

“Blended Rate”
means, with respect to any Taxable Year, the sum of the apportionment-weighted effective rates of Tax imposed on the aggregate
net income of the Corporate Taxpayer in each U.S. state or local jurisdiction in which the Corporate Taxpayer files Tax Returns
for such Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of (i) the
apportionment factor on the income or franchise Corporate Taxpayer Return in such jurisdiction for such Taxable Year and (ii) the
maximum applicable corporate income Tax rate in effect in such jurisdiction in such Taxable Year.  As an illustration of
the calculation of Blended Rate for a Taxable Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2
in a Taxable Year, the maximum applicable corporate income Tax rates in effect in such states in such Taxable Year are 6.5% and
5.5%, respectively, and the apportionment factors for such states in such Taxable Year are 55% and 45%, respectively, then the
Blended Rate for such Taxable Year is equal to 6.05% (i.e., 6.5% multiplied by 55% plus 5.5% multiplied by 45%).

 

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

 

“Breach Notice”
has the meaning set forth in Section 4.1(c).

 

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

 

“BSOF Basis Adjustment”
means the adjustment to the Tax basis of a Reference Asset under Sections 734(b), 743(b), 754 and/or 755 of the Code and,
in each case, analogous sections of United States state and local Tax laws, as a result of the BSOF Purchase together with the
Redemption.

 

“BSOF Common Interests”
has the meaning set forth in the Recitals.

 

“BSOF Preferred Interests”
has the meaning set forth in the Recitals.

 

“BSOF Purchase”
has the meaning set forth in the Recitals.

 

    4

     

    

 

“Business Combination Agreement”
has the meaning set forth in the Recitals.

 

“Business Day”
means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized to close in the
State of New York.

 

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

 

“Change of Control”
means a “Continuing Member COC” as defined in the LLC Agreement.

 

“Class A Common Stock”
has the meaning set forth in the LLC Agreement.

 

“Class V Common Stock”
has the meaning set forth in the LLC Agreement.

 

“Closing” has the
meaning set forth in the Business Combination Agreement.

 

“Closing Date”
has the meaning set forth in the Business Combination Agreement.

 

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

 

“Common Unit” has
the meaning set forth in the LLC Agreement.

 

“Contribution Amount”
has the meaning set forth in the Business Combination Agreement.

 

“Corporate Taxpayer”
has the meaning set forth in the Preamble.

 

“Corporate Taxpayer Return”
means the United States federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect
to Taxes of any Taxable Year.

 

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

 

    5

     

    

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state, foreign or
local Tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively
establishes the amount of any liability for Tax.

 

“DGCL” means the
General Corporation Law of the State of Delaware.

 

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

 

“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.

 

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

 

“Early Termination Rate”
means (a) in respect of Tax Benefit Payments resulting solely from the application of clause (6) of the Valuation
Assumptions, a per annum rate of LIBOR plus 200 basis points and (b) in respect of all Tax Benefit Payments not described
in the foregoing clause (a), a per annum rate of LIBOR plus 350 basis points.

 

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

 

“Exchange” has
the meaning set forth in the LLC Agreement, and “Exchanged” has a correlative meaning.

 

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

 

“Exchange 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, OpCo 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), 754 and/or 755 of the Code (in situations where, following
an Exchange, OpCo remains in existence as an entity treated as a partnership for United States federal income Tax purposes) and,
in each case, analogous sections of United States state and local Tax laws, as a result of an Exchange and the payments made pursuant
to this TRA Agreement in respect of such Exchange. The amount of any Exchange Basis Adjustment shall be determined using the Market
Value with respect to such Exchange, except, for the avoidance of doubt, as otherwise required by a Determination. For the avoidance
of doubt, payments made under this TRA Agreement shall not be treated as resulting in an Exchange Basis Adjustment to the extent
such payments are treated as Imputed Interest.

 

“Exchange Date”
means the date of any Exchange.

 

“Exchanged Company Units”
has the meaning set forth in the Business Combination Agreement.

 

“Exchanging Member”
has the meaning set forth in the LLC Agreement.

 

    6

     

    

 

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

 

“Final Payment Date”
means, with respect to any payment required to be made pursuant to this TRA Agreement, the last date on which such payment may
be made within the applicable time period prescribed for such payment under this TRA Agreement (i.e., the date on which such payment
is due under this TRA Agreement). For example, the Final Payment Date in respect of a Tax Benefit Payment is determined pursuant
to Section 3.1(a) of this TRA Agreement.

 

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

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of (i) the hypothetical liability
for U.S. federal income Taxes of the Corporate Taxpayer for such Taxable Year and (ii) the product of (A) the hypothetical
amount of taxable income of the Corporate Taxpayer for U.S. federal income Tax purposes for such Taxable Year and (B) the
Blended Rate for such Taxable Year, in each case determined using the same methods, elections, conventions and similar practices
used on the relevant Corporate Taxpayer Return (taking into account any modifications required by an applicable Determination
or Amended Schedule), but (a) calculating depreciation, amortization or similar deductions and income, gain or loss using
the Non-Adjusted Tax Basis of the Reference Assets and the Corporate Taxpayer’s distributive share of the Peak Hypothetical
Deductions (in place of the Peak Deductions) as reflected on the Schedules including amendments thereto for such Taxable Year
and (b) excluding any deduction attributable to any payment (including amounts attributable to Imputed Interest) made under
this TRA Agreement for such Taxable Year. 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.

 

“ICC” has the meaning
set forth in Section 7.9.

 

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

 

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

 

“IRS” means the
United States Internal Revenue Service.

 

“Issued Company Units”
has the meaning set forth in the Business Combination Agreement.

 

    7

     

    

 

“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,
after consultation with the TRA Party Representative, that LIBOR is no longer a widely recognized benchmark rate for newly originated
loans in the U.S. loan market in U.S. dollars, then the Corporate Taxpayer shall, subject to the prior written consent of the
TRA Party Representative, which consent shall not be unreasonably withheld or delayed, establish a replacement interest rate (the
 “Replacement Rate”), after giving due consideration to any evolving or then prevailing conventions for
similar loans in the U.S. loan market in U.S. dollars for such alternative benchmark, and including any mathematical or other
adjustments to such benchmark giving due consideration to any evolving or then prevailing convention for similar loans in the
U.S. loan market in U.S. dollars for such benchmark, which adjustment, method for calculating such adjustment and benchmark shall
be published on an information service as selected from time to time by the Corporate Taxpayer, subject to the prior written consent
of the TRA Party Representative, which consent shall not be unreasonably withheld or delayed. The Replacement Rate shall, subject
to the next two sentences, replace LIBOR for all purposes under this TRA Agreement. In connection with the establishment and application
of the Replacement Rate, this TRA Agreement shall be amended, with the consent of the Corporate Taxpayer, OpCo and the TRA Party
Representative (which consent of the TRA Party Representative shall not be unreasonably withheld or delayed), as necessary or
appropriate, in the reasonable judgment of the Corporate Taxpayer, to replace the definition of LIBOR and otherwise to effect
the provisions of this definition. 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, after consultation with the TRA Party Representative.

  

“Liquidity Exceptions”
has the meaning set forth in Section 4.1(c).

 

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

 

“Market Value”
shall mean, with respect to a Common Unit (a) Exchanged for a Stock Exchange Payment or that is subject to a deemed Exchange
under this TRA Agreement, the Stock Value on the Exchange Date or the date of the applicable deemed Exchange, as applicable, or
(b) Exchanged for a Cash Exchange Payment, the amount of the Cash Exchange Payment paid in respect of such Common Unit.

 

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

 

“National Securities Exchange”
has the meaning set forth in the LLC Agreement.

 

    8

     

    

 

“Net Cash Consideration”
means the Cash Consideration (as defined in the Business Combination Agreement) minus the amount of any Prohibited Affiliate
Transactions (as defined in the Business Combination Agreement).

 

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

 

“Non-Adjusted Tax Basis”
means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis
Adjustments had been made.

 

“Non-Payment Default”
has the meaning set forth in Section 4.1(c).

 

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

 

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

 

“Payment Default”
has the meaning set forth in Section 4.1(c).

 

“Peak Acquisition”
has the meaning set forth in the Recitals.

 

“Peak Asset” means
an asset that is held by Peak Target immediately prior to the Closing. A Peak Asset also includes any asset that is “substituted
basis property” under Section 7701(a)(42) of the Code with respect to a Peak Asset.

 

“Peak Buyer” has
the meaning set forth in the Recitals.

 

“Peak Deductions”
means the Tax deductions of OpCo arising as a result of the Peak Assets that are either (i) amortizable under Section 197
of the Code or otherwise reported as amortizable on IRS Form 4562 for United States federal income Tax purposes or (ii) of
a character subject to the allowance for depreciation provided in Section 167 of the Code, but without taking into account
any Basis Adjustments.

 

“Peak Denominator”
means the sum of (i) total number of Acquired Company Units, (ii) total Acquired Restricted Company Units converted
into Common Units upon the occurrence of a Vesting Event as of the end of the relevant Taxable Year and (iii) the total number
of Common Units received by the Corporate Taxpayer in Exchanges by the TRA Parties after the Closing Date as of the end of the
relevant Taxable Year.

 

“Peak Hypothetical Deductions”
means the Peak Deductions determined using the Tax basis that the Peak Assets would have had if the Tax basis of the Peak Assets
immediately prior to the Closing had been equal to zero.

 

“Peak Numerator”
means, with respect to a TRA Party, the sum of (I) the product of (A) the quotient of (x) the sum of (i) the
number of Assigned Company Units, excluding Acquired Restricted Company Units, Purchased from the TRA Party plus (ii) the
number of Exchanged Company Units, excluding Acquired Restricted Company Units, received from the TRA Party in the Redemption
divided by (y) the sum of (i) the total number of Assigned Company Units, excluding Acquired Restricted Company
Units, Purchased from the TRA Parties at the Closing plus (ii) the total number of Exchanged Company Units, excluding
Acquired Restricted Company Units, received from the TRA Parties in the Redemption at the Closing multiplied by (B) the
sum of (i) the total number of Acquired Company Units plus (ii) the total Acquired Restricted Company Units converted
into Common Units upon the occurrence of a Vesting Event as of the end of the relevant Taxable Year, and (II) the total number
of Common Units received by the Corporate Taxpayer in Exchanges by such TRA Party after the Closing Date as of the end of the
relevant Taxable Year.

 

    9

     

    

 

“Peak Target” has
the meaning set forth in the Recitals.

 

“Permitted Transferee”
has the meaning set forth in the LLC Agreement.

 

“Person” means
any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability company,
entity or governmental entity.

 

“Pre-Closing NOLs”
has the meaning set forth in Section 7.11(f).

 

“Purchase” has
the meaning set forth in the Recitals, and “Purchased” has a correlative meaning.

 

“Purchase Basis Adjustment”
means the adjustment to the Tax basis of a Reference Asset under Sections 734(b), 743(b), 754 and/or 755 of the Code and, in each
case, analogous sections of United States state and local Tax laws, as a result of (a) the Purchase and (b) the payments
made pursuant to this TRA Agreement in respect of (i) such Purchase, (ii) the BSOF Purchase and Redemption and (iii) the
Peak Deductions. For the avoidance of doubt, payments made under this TRA Agreement shall not be treated as resulting in a Purchase
Basis Adjustment to the extent such payments are treated as Imputed Interest.

 

“Realized Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion
of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of
any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been
a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability.  If all or
a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has
been a Determination.

 

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

 

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

 

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

 

“Reference Asset”
means an asset that is held by OpCo, or by any of its direct or indirect Subsidiaries treated as a partnership or disregarded
entity (but only if such indirect Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded entities)
for purposes of the applicable Tax, at the time of the Purchase, the BSOF Purchase and Redemption or an Exchange, as relevant.
A Reference Asset also includes any asset the Tax basis of which is determined, in whole or in part, for purposes of the applicable
Tax, by reference to the Tax basis of an asset that is described in the preceding sentence, including, for U.S. federal income
Tax purposes, any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect
to a Reference Asset.

 

    10

     

    

 

“Rice Family” has
the meaning set forth in the LLC Agreement.

 

“Schedule” means
any of the following: (i) a Basis Schedule; (ii) a Tax Benefit Schedule; or (iii) the Early Termination Schedule,
and, in each case, any amendments thereto.

 

“Securities Act”
has the meaning set forth in the LLC Agreement.

 

“Sellers” means,
collectively, Series U and Series R.

 

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

 

“Series R”
has the meaning set forth in the Preamble.

 

“Series U”
has the meaning set forth in the Preamble.

 

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

 

“Stock Value” means,
on any date, (a) if the Class A Common Stock trades on a National Securities Exchange (as defined in the LLC Agreement)
or automated or electronic quotation system, the arithmetic average of the high trading price on such date (or if such date is
not a Trading Day (as used in this definition, as defined in the LLC Agreement), the immediately preceding Trading Day) and the
low trading price on such date (or if such date is not a Trading Day, the immediately preceding Trading Day) or (b) if the
Class A Common Stock is not then traded on a National Securities Exchange or automated or electronic quotation system, as
applicable, the Appraiser FMV (as defined in the LLC Agreement) on such date of one (1) share of Class A Common Stock
that would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller,
neither of whom is under any compulsion to buy or sell, respectively, and without regard to the particular circumstances of the
buyer or seller.

 

“Subsidiaries”
means, of any Person, any corporation, association, partnership, limited liability company or other business entity of which more
than fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person, or one (1) or
more of the Subsidiaries of such Person, or a combination thereof.

 

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

 

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

 

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

 

    11

     

    

 

“Tax Return” means
any return, declaration, report, information returns, claims for refund, disclosures or similar statement filed or required to
be filed with respect to or in connection with Taxes (including any related or supporting schedules, attachments, statements or
information filed or required to be filed with respect thereto), including any amendments thereof and declarations 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 which may include a period of more or less than twelve (12) months for which a Tax Return
is made), ending on or after the Closing 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 (including franchise taxes 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, in each case, exercising any taxing authority or any other authority or
jurisdiction of any kind in relation to Tax matters.

 

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

 

“TRA Disinterested Majority”
means a majority of the directors of the Board who are disinterested as determined by the Board in accordance with the DGCL with
respect to the matter being considered by the Board; provided that to the extent a matter being considered by the Board is required
to be considered by disinterested directors under the rules of the National Securities Exchange on which the Class A
Common Stock is then listed, the Securities Act or the Exchange Act, such rules with respect to the definition of disinterested
director shall apply solely with respect to such matter.

 

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

 

“TRA Party Representative”
means, initially, Series U, and thereafter, that TRA Party or committee of TRA Parties determined from time to time by a
plurality vote of the TRA Parties ratably in accordance with their right to receive Early Termination Payments under this TRA
Agreement determined as if all TRA Parties had fully Exchanged their Common Units for shares of Class A Common Stock or other
consideration and the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange.

 

“TRA Party’s Weighted Average
Percentage Interest” means, with respect to a TRA Party with respect to a Taxable Year, the percentage equal to
the quotient of (a) the Peak Numerator with respect to such TRA Party as of the end of the relevant Taxable Year divided
by (b) the Peak Denominator as of the end of the relevant Taxable Year; provided, however, that the Corporate
Taxpayer and the TRA Party Representative shall reasonably agree on equitable adjustments to each TRA Party’s Weighted Average
Percentage Interest to the extent necessary to reflect the parties’ intent that the sum of all of the TRA Parties’
Weighted Average Percentage Interests with respect to any Taxable Year shall be equal to one hundred percent (100%).

 

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“Transfer” has
the meaning set forth in the LLC Agreement and the terms “Transferee,” “Transferor,” “Transferred,”
and other forms of the word “Transfer” shall have the correlative meanings.

 

“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 LLC Agreement.

 

“Utz C Corp Entities”
has the meaning set forth in the Business Combination 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, including deductions,
arising from the Tax Attributes (other than any items addressed in clause (2) below) during such Taxable Year or future Taxable
Years (including deductions and other Tax items arising from Basis Adjustments and Imputed Interest that would result from the
applicable future payments made under this TRA Agreement that would be paid in accordance with the Valuation Assumptions, further
assuming that such applicable future payments would be paid on the due date (including extensions) for filing the Corporate Taxpayer
Return for the applicable Taxable Year) in which such deductions or other Tax items would become available, (2) any loss
carryovers generated by deductions arising from any Tax Attributes, which loss carryovers are available in the Taxable Year that
includes such Early Termination Date, will be used by the Corporate Taxpayer on a pro rata basis from such Early Termination
Date through (A) the scheduled expiration date of such loss carryovers (if any) or (B) if there is no such scheduled
expiration, then the fifteen (15) year 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 and the Blended Rate will be calculated based on such rates
and the apportionment factors applicable in the most recently ended Taxable Year, except to the extent any change to such Tax
rates for such Taxable Year have already been enacted into law, (4) except as described in clause (5) below, any non-amortizable,
non-depreciable Reference Assets (other than the Peak Assets) will be disposed of on the later of (i) the fifteenth (15th)
anniversary of the applicable Exchange (in the case of Exchange Basis Adjustments) or the Closing Date (in the case of BSOF Basis
Adjustments and Purchase Basis Adjustments) or (ii) the Early Termination Date, and any cash equivalents will be disposed
of twelve (12) months following the Early Termination Date; provided, that in the event of a Change of Control, such non-amortizable,
non-depreciable 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 the applicable fifteenth (15th) anniversary), (5) the stock of or other interests in Subsidiaries
that are treated as C corporations for U.S. federal income Tax purposes will never be disposed of, and (6) if, on the Early
Termination Date, there are Common Units that have not been Exchanged, then each such Common Unit shall be deemed Exchanged for
the Market Value (as determined in accordance with clause (a) of the definition thereof) that would be transferred if the
Exchange occurred on the Early Termination Date.

 

“Vesting Event”
has the meaning set forth in the LLC Agreement.

 

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Article II

 

DETERMINATION
OF CERTAIN REALIZED TAX BENEFIT

 

Section 2.1.     Basis
Schedule. Within one hundred and fifty (150) 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 TRA Agreement, (i) the actual Tax basis and the Non-Adjusted Tax Basis of the Reference Assets
as of the Closing Date and the date of each Exchange, (ii) the Exchange Basis Adjustments Attributable to such TRA Party
with respect to the Reference Assets as a result of Exchanges effected by such TRA Party in such Taxable Year, (iii) the
Purchase Basis Adjustments and BSOF Basis Adjustments Attributable to such TRA Party for the Taxable Year of the Closing, (iv) the
Tax basis in the Peak Assets that will give rise to the Peak Deductions Attributable to such TRA Party for the Taxable Year of
the Closing, and (v) the period (or periods) over which such Basis Adjustments and the Tax basis in the Peak Assets are amortizable
and/or depreciable, in each case, calculated in the aggregate for all TRA Parties and solely with respect to the TRA Party to
which such Basis Schedule is delivered; provided that for each of the first three (3) Taxable Years ending after the
Closing Date, such deadline shall be automatically extended from one hundred and fifty (150) calendar days after such due date
(including extensions) to one hundred and eighty (180) calendar days after such due date (including extensions). All costs and
expenses incurred in connection with the provision and preparation of the Basis Schedules and Tax Benefit Schedules for each TRA
Party in compliance with this TRA Agreement and the obtaining of any Advisory Firm Letter shall be borne by OpCo. Each Basis Schedule
shall 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)).

 

Section 2.2.     Tax
Benefit Schedule.

 

(a)            Tax
Benefit Schedule. Within one hundred and fifty (150) 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 Tax Benefit Payment (and any Realized Tax Benefit) or the lack of a Tax Benefit Payment (and any
Realized Tax Detriment), as applicable, Attributable to such TRA Party for such Taxable Year (a “Tax Benefit Schedule”);
provided that for each of the first three (3) Taxable Years ending after the Closing Date, such deadline shall be
automatically extended from one hundred and fifty (150) calendar days after such due date (including extensions) to one hundred
and eighty (180) calendar days after such due date (including extensions). Each Tax Benefit Schedule shall 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)).

 

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(b)            Applicable
Principles. 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 or the appropriate provisions of United States state and local income and franchise Tax law, as applicable,
governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of
any Tax item includes a portion that is attributable to any Tax Attribute (“TRA Portion”) and another
portion that is not (“Non-TRA Portion”), such portions shall be considered to be used in accordance
with the “with and without” methodology so that the amount of any Non-TRA Portion is deemed utilized, to the extent
available, prior to the amount of any TRA Portion, to the extent available (with the TRA Portion being applied on a proportionate
basis consistent with the provisions of Section 3.3). The parties agree that (A) the payments made pursuant to this
TRA Agreement in respect of (i) the Purchase, (ii) the BSOF Purchase and Redemption and (iii) the Peak Deductions
(in each case, to the extent permitted by applicable law and other than amounts accounted for as Imputed Interest) are intended
to be treated and shall be reported for all purposes, including Tax purposes, as additional contingent consideration to the applicable
TRA Parties for the sale of Assigned Common Units at the Closing that has the effect of creating additional Purchase Basis Adjustments
and the payments made pursuant to this TRA Agreement in respect of an Exchange are intended to be treated and shall be reported
for all purposes, including Tax purposes, as additional contingent consideration to the applicable Exchanging Member for such
Exchange that has the effect of creating additional Exchange Basis Adjustments, in each case, to the Reference Assets for the
Corporate Taxpayer in the Taxable Year of payment, (B) as a result, such additional Purchase Basis Adjustments and Exchange
Basis Adjustments shall be incorporated into the calculation for the Taxable Year of the applicable payment and into the calculations
for subsequent Taxable Years, as appropriate, (C) the Actual Tax Liability shall take into account the deduction of the portion
of the Tax Benefit Payment that must be accounted for as Imputed Interest under applicable law, (D) the liability for U.S.
federal income Taxes of the Corporate Taxpayer and the amount of taxable income of the Corporate Taxpayer for U.S. federal income
Tax purposes as determined for purposes of calculating the Actual Tax Liability and the Hypothetical Tax Liability shall include,
without duplication, such liability for Taxes and such taxable income that is economically borne by or allocated to the Corporate
Taxpayer as a result of the provisions of Sections 10.4, 10.5(a), and 10.5(b) of the LLC Agreement; provided,
however, that such liability for Taxes and such taxable income shall be included in the Hypothetical Tax Liability and
the Actual Tax Liability subject to the adjustments and assumptions set forth in the definitions thereof and, to the extent any
such amount is taken into account on an Amended Schedule, such amount shall adjust a Tax Benefit Payment, as applicable, in accordance
with Section 2.3(b), and (E) the provisions of Schedule I shall apply as if fully set forth herein.

 

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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 TRA 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, (y) indicate which Advisory Firm prepared the Schedule and, upon the
written request of the TRA Party Representative, use commercially reasonable efforts to cause such Advisory Firm to prepare an
Advisory Firm Letter with respect to such Schedule, and (z) allow the TRA Party Representative and its advisors reasonable
access to the appropriate representatives at the Corporate Taxpayer and (at the cost and expense of OpCo) at the Advisory Firm
that prepared the applicable Schedule 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 or Early Termination 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 (the “with” calculation) and the Hypothetical Tax Liability (the “without”
calculation) 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 have been given the applicable Schedule or amendment thereto under Section 7.1
unless the TRA Party Representative (i) within thirty (30) calendar days after having been given the applicable Schedule
or amendment thereto, gives the Corporate Taxpayer written notice of a material objection to such Schedule or amendment thereto
made in good faith (“Objection Notice”), or (ii) provides a written waiver of its right to give
an Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes
binding on the date such waiver is given by the TRA Party Representative and received by the Corporate Taxpayer. If the Corporate
Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues raised in the Objection
Notice within thirty (30) calendar days after the TRA Party Representative gives the Corporate Taxpayer an Objection Notice, the
Corporate Taxpayer and the TRA Party Representative shall employ the reconciliation procedures described in Section 7.9 (the
 “Reconciliation Procedures”), in which case such Schedule or Amended Schedule becomes binding in accordance
with Section 7.9. The TRA Party Representative will represent the interests of each of the TRA Parties and shall raise and
pursue, in accordance with this Section 2.3(a), any objection to a Schedule or amendment thereto timely given in writing
to the TRA Party Representative by a TRA Party.

 

(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, including
those 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 TRA Agreement (any such
Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to each TRA
Party when the Corporate Taxpayer delivers the Basis Schedule for the following Taxable Year. In the event a Schedule is amended
after such Schedule becomes final pursuant to Section 2.3(a) or, if applicable, Section 7.9, (A) the Amended
Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates
but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the
amendment actually occurs, and (B) as a result of the foregoing, any increase of the Net Tax Benefit attributable to an Amended
Schedule shall not accrue the Interest Amount (or any other interest hereunder) until after the due date (without extensions)
for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to Taxes for the Taxable Year in
which the amendment actually occurs.

 

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Section 2.4.     Section 754
Election. In its capacity as the sole managing member of OpCo, the Corporate Taxpayer shall ensure that, for the
Taxable Year that includes the date hereof and for each Taxable Year in which an Exchange occurs and with respect to which
the Corporate Taxpayer has obligations under this TRA Agreement, OpCo and each of its direct and indirect Subsidiaries that is
treated as a partnership for U.S. federal income Tax purposes will have in effect an election under Section 754 of the Code
(and under any similar provisions of applicable U.S. state or local law) for each such Taxable Year; provided that with respect
to any direct or indirect Subsidiary of OpCo that is treated as a partnership for U.S. federal income Tax purposes for which the
Corporate Taxpayer or any of its Subsidiaries do not have the authority under the governing documents of such Subsidiary to cause
or otherwise do not have control over causing such Subsidiary to have in effect an election under Section 754 of the Code
(or under any similar provisions of applicable U.S. state or local law), the Corporate Taxpayer shall use commercially reasonable
efforts to cause such Subsidiary to have such an election in effect.

 

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 becomes final in accordance with Section 2.3(a) or,
if applicable, Section 7.9, 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 the relevant 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. The payments provided for pursuant to
the above sentence shall be computed separately for each TRA Party. Without limiting the Corporate Taxpayer’s ability to
make offsets against Tax Benefit Payments to the extent permitted by Section 3.5, no TRA Party shall be required under any
circumstances to make a payment or return a payment to the Corporate Taxpayer in respect of any portion of any Tax Benefit Payment
previously paid by the Corporate Taxpayer to such TRA Party (including any portion of any Early Termination Payment).

 

(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 sum of (i) Net Tax Benefit that is Attributable to such TRA Party and (ii) the Interest Amount with respect
thereto. Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal
to the excess, if any, of eighty-five percent (85%) 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); provided, that if there is no such excess (or if a deficit exists), no TRA Party shall be required
to make a payment (or return a payment) to the Corporate Taxpayer in respect of any portion of any Tax Benefit Payment previously
paid by the Corporate Taxpayer to such TRA Party. 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 the applicable Taxable Year until the payment date under Section 3.1(a);
provided that such interest shall not accrue on the amount of any Net Tax Benefit after the date on which such amount is
actually paid to the applicable TRA Party, regardless of whether such payment is made prior to the due date for such payment under
Section 3.1(a) and regardless of whether the amount of any unpaid Net Tax Benefit has yet become final in accordance
with Section 2.3(a) or, if applicable, Section 7.9.

 

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Section 3.2.     No
Duplicative Payments. It is intended that the provisions of this TRA Agreement will not result in duplicative payment
of any amount (including interest) required under this TRA Agreement, including that the aggregate Tax Benefit Payments (excluding
payments attributable to Interest Amounts) for any Taxable Year shall not exceed the Net Tax Benefit for such Taxable Year. For
purposes of this TRA Agreement, no Tax Benefit Payment shall be based on estimated Tax payments, including United States federal
estimated income Tax payments. The provisions of this TRA 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 for the Corporate Taxpayer shall be allocated among all
parties eligible for Tax Benefit Payments under this TRA 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 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 TRA 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 TRA 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 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.     Overpayments.
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) 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
(taking into account Section 3.3 and Section 3.4) under the terms of this TRA Agreement, then 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.

 

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Article IV

 

TERMINATION

 

Section 4.1.     Early
Termination of Agreement; Breach of Agreement.

 

(a)            Corporate
Taxpayer’s Early Termination Right. The Corporate Taxpayer may, with the prior written consent of the TRA Disinterested
Majority, terminate this TRA Agreement (including with respect to all amounts payable to the TRA Parties and with respect to all
of the Units held by the TRA Parties, subject to the immediately succeeding sentence) at any time by paying to each TRA Party
the Early Termination Payment in respect of such TRA Party; provided, however, that this TRA Agreement shall terminate
only upon the receipt by each TRA Party of its respective Early Termination Payment and payments described in the next sentence,
if any, and provided, further, that the Corporate Taxpayer may withdraw any notice to execute its termination rights
under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid.  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 TRA Agreement, other than with respect to any (i) any Tax Benefit Payments due and payable
and that remain unpaid as of the Early Termination Date (which Tax Benefit Payments shall not be included in the Early Termination
Payments) and as of the date of payment of the Early Termination Payment and (ii) any Tax Benefit Payments due for the Taxable
Year ending immediately prior to or including the Early Termination Date (except to the extent that the amounts described in this
clause (ii) are included in the calculation of the Early Termination Payments (at the option of the Corporate Taxpayer)
or are included in clause (i)); provided that upon payment of all amounts, to the extent applicable and without
duplication, described in this sentence, this TRA Agreement shall terminate. For the avoidance of doubt, 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 TRA Agreement with respect to such Exchange.

 

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(b)            Acceleration
Upon Change of Control. In the event of a Change of Control, the TRA Party Representative shall have the option, by written
notice to the Corporate Taxpayer, to cause the acceleration of the unpaid payment obligations as calculated in accordance with
this Section 4.1(b), and such payment obligations shall be calculated as if an Early Termination Notice had been delivered
on the date of such Change of Control and shall include, without duplication: (i) 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, (ii) any Tax Benefit
Payments due and payable and that remain unpaid as of the date of such Change of Control (which Tax Benefit Payments shall not
be included in the Early Termination Payments described in clause (i)); and (iii) any Tax Benefit Payments due for
the Taxable Year ending immediately prior to or including the date of such Change of Control (except to the extent that the amounts
described in this clause (iii) are included in the calculation of Early Termination Payments described in clause
(i) (at the option of the Corporate Taxpayer) or are included in clause (ii)); provided, that the procedures
of Section 4.2 (and Section 2.3, to the extent applicable) and Section 4.3 shall apply mutatis mutandis
with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence and the payment thereof,
except that such amount shall not be due and payable until five (5) Business Days after such amount has become final pursuant
to Section 4.2 or, if applicable, Section 7.9. In the event of an acceleration following a Change of Control, any Early
Termination Payment described in the preceding sentence shall be calculated utilizing the Valuation Assumptions, substituting
in each case the terms “date of a Change of Control” for an “Early Termination Date,” and if an Exchange
occurs after the Corporate Taxpayer makes all such required Early Termination Payments and other payments described in this Section 4.1(b),
the Corporate Taxpayer shall have no obligations under this TRA Agreement with respect to such Exchange.

 

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(c)            Acceleration
Upon Material Breach of TRA Agreement. In the event that the Corporate Taxpayer materially breaches any of its material obligations
under this TRA Agreement, whether as a result of (1) a failure to make a payment required to be made pursuant to this TRA
Agreement by the Final Payment Date therefor (except for all or a portion of such payment that is being validly disputed in good
faith under this TRA Agreement, and then only with respect to the amount in dispute) (a “Payment Default”)
or (2) any material breach of any of its material obligations under this TRA Agreement (other than a Payment Default) (a
 “Non-Payment Default”), which failure or breach, (A) in the case of a Payment Default, continues
without payment in full until the later of (y) thirty (30) calendar days following receipt by the Corporate Taxpayer of written
notice of such Payment Default from the TRA Party Representative following such Payment Default, and (z) sixty (60) calendar
days following the relevant Final Payment Date therefor, or (B) in the case of a Non-Payment Default, continues without cure
for a period of thirty (30) calendar days following receipt by the Corporate Taxpayer of written notice of such Non-Payment Default
from the TRA Party Representative following such Non-Payment Default (such written notice delivered under clause (A) or
(B), a “Breach Notice”), except in each case to the extent otherwise set forth in the final sentence
of this Section 4.1(c) or by operation of law as a result of the rejection of this TRA Agreement in a case commenced
under bankruptcy laws (such rejection, a “Bankruptcy Rejection”), then, the unpaid payment obligations
as calculated in accordance with this Section 4.1(c) shall (I) in the case of a Payment Default, automatically
accelerate and become immediately due and payable upon expiration of the applicable period in clause (A) above (but,
for the avoidance of doubt, no such acceleration shall occur earlier than thirty (30) calendar days following receipt by the Corporate
Taxpayer of a Breach Notice with respect to such Payment Default, and receipt of a Breach Notice shall be a condition precedent
to any such acceleration), or (II) in the case of a Non-Payment Default, accelerate and become immediately due and payable
upon written notice of acceleration from the TRA Party Representative to the Corporate Taxpayer at any time after the expiration
of the applicable period in clause (B) above (provided that in the case of any Bankruptcy Rejection, such acceleration
shall be automatic without any such written notice, unless such acceleration is waived in writing by the TRA Party Representative,
which waiver may be retroactive). Such payment obligations shall be calculated as if an Early Termination Notice had been delivered
on the date of such Breach Notice (or, in the case of any Bankruptcy Rejection, on the date of such Bankruptcy Rejection) and
shall include, without duplication: (i) the Early Termination Payments calculated with respect to such TRA Parties as if
the Early Termination Date is the date of such Breach Notice or such Bankruptcy Rejection, as applicable; (ii) any Tax Benefit
Payments due and payable and that remain unpaid as of the date of such Breach Notice or such Bankruptcy Rejection, as applicable
(which Tax Benefit Payments shall not be included in the Early Termination Payments described in clause (i)); and (iii) any
Tax Benefit Payments due for the Taxable Year ending immediately prior to or including the date of such Breach Notice or such
Bankruptcy Rejection, as applicable (except to the extent that the amounts described in this clause (iii) are included
in the calculation of Early Termination Payments described in clause (i) (at the option of the Corporate Taxpayer)
or are included in clause (ii)); provided, that the procedures of Section 4.2 (and Section 2.3, to the
extent applicable) and Section 4.3 shall apply mutatis mutandis with respect to the determination of the amount payable
by the Corporate Taxpayer pursuant to this sentence and the payment thereof, except that such amount shall not be due and payable
until five (5) Business Days after such amount has become final pursuant to Section 4.2 or, if applicable, Section 7.9.
In the event of an acceleration described in this Section 4.1(c), any Early Termination Payment described in the preceding
sentence shall be calculated utilizing the Valuation Assumptions, substituting in each case the terms “date of a Breach
Notice” or “date of a Bankruptcy Rejection,” as applicable, for an “Early Termination Date,” and
if an Exchange occurs after the Corporate Taxpayer makes all such required Early Termination Payments and other payments described
in this Section 4.1(c), the Corporate Taxpayer shall have no obligations under this TRA Agreement with respect to such Exchange.
Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this TRA Agreement and such breach is not a material
breach of a material obligation under this TRA Agreement, a TRA Party shall still be entitled to enforce all of its rights otherwise
available under this TRA Agreement, but shall not be entitled to an acceleration of amounts payable under this Section 4.1(c).
Notwithstanding anything in this TRA Agreement to the contrary, it shall not be a Payment Default or Non-Payment Default (and
no Breach Notice may be delivered) under this TRA Agreement if the Corporate Taxpayer fails to make any payment due pursuant to
this TRA Agreement to the extent that the Corporate Taxpayer (w) has insufficient funds, or cannot make such payment as a
result of obligations imposed in connection with any Senior Obligations, and cannot take commercially reasonable actions to obtain
sufficient funds, to make such payment or (x) would become insolvent as a result of making such payment (in each case, as
determined by the Board in good faith) (clauses (w) and (x) together, the “Liquidity Exceptions”);
provided 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, or payment obligations under, any Senior
Obligations, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate); provided,
further, that any such payment obligation shall nonetheless accrue for the benefit of the TRA Parties and the Corporate
Taxpayer shall make such payment at the first opportunity that the Liquidity Exceptions do not apply; provided, further,
however, if the Liquidity Exceptions apply and the Corporate Taxpayer declares or pays any dividend of cash to its shareholders
(other than the payment of any dividend to the holders of the Class A Common Stock declared (after the Board has taken into
account the pendency of any Tax Benefit Payment) in accordance with the Corporate Taxpayer’s Dividend Policy (as defined
in the LLC Agreement) prior to the date any such Tax Benefit Payment became due and payable) while any such Tax Benefit Payment
is due and payable and remains unpaid more than sixty (60) days following the relevant Final Payment Date, then the Liquidity
Exceptions shall no longer apply and a Breach Notice may be immediately delivered.

 

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(d)            Any
Tax Attributes attributable to the Closing or to Exchanges (or deemed Exchanges) with respect to which a payment has been made
under Section 4.1(a), Section 4.1(b) or Section 4.1(c) shall be excluded in calculating any future Tax
Benefit Payments or Early Termination Payments, and in such case, this TRA Agreement shall have no further application to such
payments.

 

Section 4.2.     Early
Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination in accordance
with Section 4.1 above, the Corporate Taxpayer shall deliver to each TRA Party written notice of such decision to exercise
such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”)
specifying the Corporate Taxpayer’s decision 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 TRA Parties have been given such Schedule under Section 7.1
unless the TRA Party Representative (i) within thirty (30) calendar days after such date gives the Corporate Taxpayer written
notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or
(ii) provides a written waiver of its right to give a Material Objection Notice within the period described in clause (i) above,
in which case such Schedule becomes binding on the date such waiver is given by the TRA Party Representative to the Corporate
Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues
raised in such Material Objection Notice within thirty (30) calendar days after the TRA Party Representative gives the Corporate
Taxpayer the Material Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the Reconciliation
Procedures in which case such Schedule becomes binding in accordance with Section 7.9. The TRA Party Representative will
represent the interests of each of the TRA Parties and shall raise and pursue, in accordance with this Section 4.2, any objection
to an Early Termination Schedule timely given in writing to the TRA Party Representative by a TRA Party.

 

Section 4.3.     Payment
upon Early Termination.

 

(a)            Within
five (5) Business 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 and starting from the applicable Early Termination Date, of all Tax Benefit Payments (excluding the Interest Amount)
in respect of such TRA Party that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination
Date (but which have not been previously paid as of such date), and assuming that the Valuation Assumptions in respect of such
TRA Party are applied and that each such Tax Benefit Payment for each relevant Taxable Year would be paid on the due date (including
extensions) under applicable law as of the Early Termination Date for filing of IRS Form 1120 (or any successor form) of
the Corporate Taxpayer for each such Taxable Year. For the avoidance of doubt, an Early Termination Payment shall be made to each
applicable TRA Party regardless of whether such TRA Party has exchanged all of its Common Units as of the Early Termination Date.

 

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Article V

 

SUBORDINATION
AND LATE PAYMENTS

 

Section 5.1.     Subordination. 
Notwithstanding any other provision of this TRA Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment
or any other payment required to be made by the Corporate Taxpayer to any TRA Party under this TRA 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 (whether secured or unsecured, senior or subordinated and/or however evidenced, including by
bonds, notes or other debt instruments) of the Corporate Taxpayer and its Subsidiaries (the “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 TRA 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 TRA 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 TRA Agreement shall be senior in priority
in all respects 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.

 

Section 5.2.     Late
Payments by the Corporate Taxpayer. Subject to the first proviso in the last sentence of Section 4.1(c), 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 TRA Agreement, whether as a result of Section 5.1 or otherwise, shall be payable together with any interest
thereon, computed at the Default Rate (in place of the Agreed Rate, if applicable) commencing from the Final Payment Date therefor
accruing to the date of actual payment; provided, that if the Corporate Taxpayer does not have sufficient funds to make
the payment as a result of limitations imposed by, or payment obligations in respect of, any Senior Obligations, interest shall
instead be computed at the Agreed Rate; provided, further, that if any unpaid portion of any Tax Benefit Payment
is the subject of a Reconciliation Dispute and is finally determined in such Reconciliation Dispute to be due and payable, then
interest shall accrue on such unpaid portion at the Default Rate (in place of the Agreed Rate) from the date that is thirty (30)
days following the due date for the applicable Tax Benefit Schedule until the date of actual payment.

 

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Article VI

 

NO
DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1.     Participation
in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided in this TRA Agreement,
the Business Combination Agreement or the LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion
over, all Tax matters concerning the Corporate Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return
and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall
notify the TRA Party Representative in writing of the commencement of, and keep the TRA Party Representative reasonably informed
with respect to, the portion of any audit of the Corporate Taxpayer and OpCo or any of OpCo’s Subsidiaries by a Taxing Authority
the outcome of which would reasonably be expected to materially affect the rights and obligations of a TRA Party under this TRA
Agreement, including the Tax Benefit Payments payable to TRA Parties, and shall provide to the TRA Party Representative reasonable
opportunity (at the cost and expense of the TRA Party Representative, on behalf of the TRA Parties) to participate in or provide
information and other input to the Corporate Taxpayer, OpCo and its Subsidiaries and their respective advisors concerning the
conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo (and its Subsidiaries)
shall not be required to take any action that is inconsistent with any provision of the LLC Agreement or the Business Combination
Agreement.

 

Section 6.2.     Consistency.
The Corporate Taxpayer and the TRA Parties agree to report and cause their respective Affiliates to report for all purposes, including
United States federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Peak
Deductions, the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that set forth in this TRA Agreement
or specified by the Corporate Taxpayer in any Schedule, or Amended Schedule, provided by or on behalf of the Corporate Taxpayer
under this TRA Agreement that is final and binding on the parties unless otherwise required by applicable law. The Corporate Taxpayer
shall (and shall cause OpCo 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 TRA Agreement) to defend the Tax treatment contemplated
by this TRA Agreement and any Schedule (or Amended Schedule, as applicable) in any audit, contest or similar proceeding with any
Taxing Authority.

 

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 as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or
appropriate under this TRA 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. OpCo shall reimburse the TRA Parties for any reasonable and documented out-of-pocket costs and expenses incurred
pursuant to this Section 6.3.

 

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Article VII

 

MISCELLANEOUS

 

Section 7.1.     Notices.
All notices, demands and other communications to be given or delivered under this TRA Agreement shall be in writing and shall
be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by
email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next
Business Day, (b) one (1) Business Day following delivery by reputable overnight express courier (charges prepaid) or
(c) three (3) calendar days following mailing by certified or registered mail, postage prepaid and return receipt requested.
Unless another address is specified in writing pursuant to the provisions of this Section 7.1, notices, demands and
other communications shall be sent to the addresses indicated below:

 

If to the Corporate Taxpayer, to:

 

Utz Brands, Inc.

900 High Street

Hanover, PA 17331

Attention: Dylan B. Lissette

Email: 

 

which, in the case of delivery of a Breach Notice,
shall also include:

 

Utz Brands, Inc.

900 High Street

Hanover, PA 17331

Attention: Cary Devore

Email:  

 

with a copy, in any case, to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention:     Dean
Shulman, P.C.

Peter Martelli, P.C.

Lauren M. Colasacco, P.C.

Email:           dean.shulman@kirkland.com

peter.martelli@kirkland.com

lauren.colasacco@kirkland.com

 

If to Series U or Series R, to:

 

Series U of UM Partners, LLC

c/o Utz Quality Foods, LLC

900 High Street

Hanover, PA 17331

Attention: Dylan B. Lissette

Email: 

 

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with a copy to:

 

Cozen O’Connor

One Liberty Place

1650 Market Street, Suite 2800

Philadelphia, PA 19103

Attention: Richard J. Silpe, Esquire

   Larry P. Laubach,
Esquire

Email: rsilpe@cozen.com

  llaubach@cozen.com

 

Section 7.2.     Counterparts.
This TRA Agreement may be executed and delivered in one or more counterparts and by fax, email or other electronic transmission,
each of which shall be deemed an original and all of which shall be considered one and the same agreement. No party shall raise
the use of a fax machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of a fax machine or email as a defense to the formation or enforceability of a contract and each
party forever waives any such defense.

 

Section 7.3.     Entire
Agreement; No Third Party Beneficiaries. This TRA Agreement, the Business Combination Agreement and the Ancillary
Agreements, together with all Exhibits and Schedules to this TRA Agreement, contain the entire agreement and understanding among
the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, whether
written or oral, relating to such subject matter in any way. Nothing in this TRA 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 TRA Agreement.

 

Section 7.4.     Governing
Law. The law of the State of Delaware shall govern (a) all claims or matters related to or arising from this
TRA Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation,
validity and enforceability of this TRA Agreement, and the performance of the obligations imposed by this TRA Agreement, in each
case without giving effect to any choice-of-law or conflict-of-law rules or provisions (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware.

 

Section 7.5.     Severability.
If any provision of this TRA Agreement is determined to be invalid, illegal or unenforceable by any governmental entity, all other
provisions of this TRA Agreement shall nevertheless remain in full force and effect. Upon such determination that any provision
is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this TRA 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.

 

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Section 7.6.     Successors;
Assignment; Amendments; Waivers.

 

(a)            No
TRA Party may assign all or any portion of its rights or obligations under this TRA Agreement to any Person without the prior
written approval of the TRA Disinterested Majority, except that, to the extent that a TRA Party Transfers Units to any of such
TRA Party’s Permitted Transferees in accordance with the terms of the LLC Agreement, the Transferring TRA Party shall have
the option to assign, without the approval of the Board or TRA Disinterested Majority, to the Transferee of such Units the Transferring
TRA Party’s rights and obligations under this TRA Agreement with respect to such Transferred Units. As a condition to any
such assignment, each Transferee approved by the TRA Disinterested Majority or Permitted Transferee, as applicable, and the Corporate
Taxpayer shall execute and deliver a joinder to this TRA Agreement, in the form attached hereto as Exhibit A,
agreeing to become a TRA Party for all purposes of this TRA Agreement, except as otherwise provided in such joinder. 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 and obligations under this TRA Agreement with respect to such Transferred Units, (i) such TRA Party shall remain a
TRA Party under this TRA Agreement for all purposes, including with respect to the receipt of Tax Benefit Payments to the extent
payable hereunder (including any Tax Benefit Payments in respect of the Exchanges of such Transferred Units by such Transferee),
and (ii) the Transferee of such Units shall not be a TRA Party. The Corporate Taxpayer may not assign any of its rights or
obligations under this TRA Agreement to any Person (other than in connection with a Mandatory Assignment) without the prior written
consent of the TRA Party Representative (not to be unreasonably withheld, conditioned or delayed). Any purported assignment in
violation of the terms of this Section 7.6 shall be null and void.

 

(b)            No
provision of this TRA Agreement may be amended unless such amendment is approved in writing by each of the Corporate Taxpayer
(as determined by the TRA Disinterested Majority) 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 under this TRA Agreement if the Corporate Taxpayer
had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes
of this sentence, all payments made to any TRA Party pursuant to this TRA 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 will be entitled to receive under this TRA Agreement unless such amendment is consented to in writing
by such TRA Parties disproportionately affected. No provision of this TRA 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 TRA Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and their respective successors, permitted 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 TRA 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 (any such assignment, a “Mandatory Assignment”).

 

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Section 7.7.     Interpretation.
The headings and captions used in this TRA Agreement and the table of contents to this TRA Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this TRA Agreement. Any capitalized terms used in any Schedule
or Exhibit attached hereto and not otherwise defined therein shall have the meanings set forth in this TRA Agreement. The
use of the word “including” herein shall mean “including without limitation.” The words “hereof,”
 “herein,” and “hereunder” and words of similar import, when used in this TRA Agreement, shall refer to
this TRA Agreement as a whole and not to any particular provision of this TRA Agreement. References herein to the Preamble or
to a specific Section, Subsection, Recital, Clause, Schedule or Exhibit shall refer, respectively, to the Preamble, Sections,
Subsections, Recitals, Clauses, Schedules or Exhibits of this TRA Agreement. Terms defined in the singular shall have a comparable
meaning when used in the plural, and vice versa. References herein to any gender shall include each other gender. The word “or”
shall not be exclusive unless the context clearly requires the selection of one (1) (but not more than one (1)) of a number
of items. References to “written” or “in writing” include in electronic form. References herein to any
Person shall include such Person’s heirs, executors, personal representatives, administrators, successors and permitted
assigns; provided, however, that nothing contained in this Section 7.7 is intended to authorize any assignment or transfer
not otherwise permitted by this TRA Agreement. References herein to a Person in a particular capacity or capacities shall exclude
such Person in any other capacity. Any reference to “days” shall mean calendar days unless Business Days are expressly
specified; provided that if any action is required to be done or taken on a day that is not a Business Day, then such action shall
be required to be done or taken not on such day but on the first succeeding Business Day thereafter. References herein to any
contract or agreement (including this TRA Agreement) mean such contract or agreement as amended, restated, supplemented or modified
from time to time in accordance with the terms thereof. With respect to the determination of any period of time, the word “from”
means “from and including” and the words “to” and “until” each means “to but excluding.”
References herein to any law shall be deemed also to refer to such law, as amended (and any successor laws), and all rules and
regulations promulgated thereunder. The word “extent” in the phrase “to the extent” (or similar phrases)
shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” Except
where otherwise expressly provided, all amounts in this TRA Agreement are stated and shall be paid in United States dollars. The
parties to this TRA Agreement and their respective counsel have reviewed and negotiated this TRA Agreement as the joint agreement
and understanding of such parties, and the language used in this TRA Agreement shall be deemed to be the language chosen by such
parties to express their mutual intent, and no rule of strict construction shall be applied against any Person.

 

Section 7.8.     Waiver
of Jury Trial; Jurisdiction.

 

(a)            EACH
PARTY TO THIS TRA AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE
BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR
INCIDENTAL TO THIS TRA AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS TRA AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG
THE PARTIES HEREUNDER. THE PARTIES HERETO FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

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(b)            Subject
to Section 7.9, each of the parties submits to the exclusive jurisdiction of first, the Chancery Court of the State of Delaware
or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any action, suit or
proceeding arising out of or relating to this TRA Agreement, agrees that all claims in respect of such action, suit or proceeding
shall be heard and determined in any such court and agrees not to bring any action, suit or proceeding arising out of or relating
to this TRA Agreement in any other courts. Nothing in this Section 7.8, however, shall affect the right of any party to serve
legal process in any other manner permitted by law or at equity. Each party agrees that a final judgment in any action, suit or
proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or
at equity.

 

Section 7.9.     Reconciliation.
In the event that the Corporate Taxpayer and the TRA Party Representative are unable to resolve a disagreement with respect to
the calculation of amounts owed pursuant to Sections 2.3, 4.1 and 4.2 within the relevant period designated in this TRA Agreement
(“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally
recognized expert in the particular area of disagreement, acting as an expert and not as an arbitrator (the “Expert”),
mutually acceptable to the Corporate Taxpayer and the TRA Party Representative. The Expert shall be a partner or principal of
PricewaterhouseCoopers, Ernst & Young, Deloitte, KPMG, BDO USA, LLP, Grant Thornton LLP, Alvarez & Marsal, or
RSM US LLP, and unless the Corporate Taxpayer and the TRA Party Representative agree in writing otherwise, the Expert shall not,
and the firm that employs the Expert shall not, have any material relationship with any party to this TRA Agreement, any Affiliate
of any such parties, any member of the Rice Family, or any Affiliate of any such member or any other actual or potential conflict
of interest. If the Corporate Taxpayer and the 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 Corporate Taxpayer and the TRA
Party Representative shall cause the Expert to be selected by the International Chamber of Commerce Centre for Expertise (the
 “ICC”) in accordance with the criteria set forth above in this Section 7.9. The Expert shall resolve
any matter relating to the 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, in each case, 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 TRA Agreement and such Tax Return may
be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution.  The sum of (a) the
costs and expenses relating to (i) the engagement (and, if applicable, selection by the ICC) of such Expert and (ii) if
applicable, amending any Tax Return in connection with the decision of such Expert and (b) the reasonable out-of-pocket costs
and expenses of the Corporate Taxpayer and the TRA Party Representative incurred in the conduct of such proceeding shall be allocated
between the Corporate Taxpayer, on the one hand, and the TRA Party Representative (on behalf of the TRA Parties), on the other
hand, in the same proportion that the aggregate amount of the disputed items so submitted to the Expert that is unsuccessfully
disputed by each such party (as finally determined by the Expert) bears to the total amount of such disputed items so submitted,
and each such party shall promptly reimburse the other party for the excess that such other party has paid in respect of such
costs and expenses over the amount it has been so allocated. The Corporate Taxpayer may withhold payments under this TRA Agreement
to collect amounts due under the preceding sentence. 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 TRA 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, foreign or other Tax law; provided, however, that the Corporate Taxpayer shall use commercially reasonable
efforts to notify and shall reasonably cooperate with the applicable TRA Party prior to the making of such deductions and withholding
payments to determine whether any such deductions or withholding payments (other than any deduction or withholding required by
reason of such TRA Party’s failure to comply with the last sentence of this Section 7.10) are required under applicable
law and in obtaining any available exemption or reduction of, or otherwise minimizing to the extent permitted by applicable law,
such deduction and withholding. 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 TRA Agreement as having been paid to the
Person in respect of whom such withholding was made. Each TRA Party shall promptly provide the Corporate Taxpayer, OpCo or other
applicable withholding agent with any applicable Tax forms and certifications (including IRS Form W-9 or the applicable version
of IRS Form W-8) reasonably requested and shall promptly provide an update of any such Tax form or certificate previously
delivered if the same has become incorrect or has expired.

 

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, consolidated, combined or unitary group of corporations that files
a consolidated, combined or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions
of state or local Tax law, then: (i) the provisions of this TRA 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, combined or unitary taxable income of the group as a whole.

 

    30

     

    

 

(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 TRA Agreement as the transferee (or one
of its Affiliates) actually realizes Tax benefits from the Tax Attributes.

 

(c)            If
OpCo 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, OpCo shall be treated as having disposed of the Reference Asset in a wholly
taxable transaction in which income, gain or loss is allocated to the Corporate Taxpayer in accordance with the LLC Agreement.
The consideration deemed to be received by OpCo 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. The transactions described in this Section 7.11(c) and Section 7.11(e) below shall be taken into
account in determining the Realized Tax Benefit or Realized Tax Detriment, as applicable, for such Taxable Year based on the income,
gain or loss deemed allocated to the Corporate Taxpayer using the Non-Adjusted Tax Basis of the Referenced Assets in calculating
its Hypothetical Tax Liability for such Taxable Year and using the actual Tax basis of the Reference Assets in calculating its
Actual Tax Liability, determined using the “with and without” methodology. Thus, for example, in determining the Hypothetical
Tax Liability of the Corporate Taxpayer, the taxable income of the Corporate Taxpayer shall be determined by treating OpCo as
having sold the applicable Reference Asset for its fair market value, recovering any basis applicable to such Reference Asset
(using the Non-Adjusted Tax Basis), while the Actual Tax Liability of the Corporate Taxpayer would be determined by recovering
the actual Tax basis of the Reference Asset that reflects any Basis Adjustments.

 

(d)            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 TRA Agreement as the member (or one of its Affiliates) actually realizes Tax benefits.

 

    31

     

    

 

(e)            Except
as otherwise set forth in Section 7.11(d), 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 TRA Agreement, OpCo shall be treated as having disposed
of the portion of any Reference Asset (determined based on a pro rata share of an undivided interest in each Reference Asset)
that is indirectly transferred by the Corporate Taxpayer or other entity described above (i.e., taking into account the
number of Units transferred) in a wholly or partially taxable transaction, as applicable, in which all income, gain or loss is
allocated to the Corporate Taxpayer in accordance with the LLC Agreement. The consideration deemed to be received by OpCo 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.

 

(f)            Notwithstanding
anything to the contrary herein, to the extent any net operating loss carryforwards that exist as of the Closing Date (“Pre-Closing
NOLs”) of the Utz C Corp Entities (taking into account any limitations on the utilization of such Pre-Closing NOLs
under Section 382 of the Code or otherwise under applicable law) become available to offset the taxable income of the Corporate
Taxpayer, except as a result of (i) a Change of Control or (ii) any transaction in which OpCo is no longer treated as
a partnership for U.S. federal income Tax purposes, the parties hereto agree that such Pre-Closing NOLs shall be disregarded in
the calculation of Realized Tax Benefit (and the components thereof), Realized Tax Detriment (and the components thereof) and
the amount of any Tax Benefit Payment for any taxable period in which such Pre-Closing NOLs have become available.

 

Section 7.12.     Confidentiality.

 

(a)            Subject
to Section 6.3, each TRA Party acknowledges and agrees 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 TRA Agreement, such person shall keep and retain in confidence and not disclose
to any Person any confidential matters of the Corporate Taxpayer and its Affiliates and successors or concerning OpCo and its
Affiliates and successors learned by the TRA Party pursuant to this TRA Agreement. 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 TRA Agreement) or is generally known and (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.  Notwithstanding anything to the contrary in this TRA Agreement, to the extent required by applicable law
or to the extent reasonably necessary for the TRA Party to comply with any applicable reportable transaction requirements under
applicable law, each TRA Party (and each employee, representative or other agent of the TRA Party, as applicable) may disclose
the Tax treatment and Tax structure of the Corporate Taxpayer, OpCo 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.

 

    32

     

    

 

(b)            If
a TRA Party breaches any of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right to seek to have
the provisions of this Section 7.12 specifically enforced by injunctive relief 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 shall cause irreparable injury
to the Corporate Taxpayer or any of its Subsidiaries 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.

 

(c)            In
no event shall this Section 7.12 limit any obligation of any party under the LLC Agreement or the Business Combination Agreement.

 

Section 7.13.     TRA
Party Representative. By executing this TRA Agreement, each of the TRA Parties shall be deemed to have irrevocably
appointed the TRA Party Representative as its agent and attorney in fact with full power of substitution to act from and after
the date hereof and to do any and all things and execute any and all documents on behalf of such TRA Parties which may be necessary,
convenient or appropriate to facilitate any matters under this TRA Agreement, including: (i) execution of the documents and
certificates required pursuant to this TRA Agreement; (ii) except to the extent provided in this TRA Agreement, receipt and
forwarding of notices and communications pursuant to this TRA Agreement; (iv) administration of the provisions of this TRA
Agreement; (v) any and all consents, waivers, amendments or modifications deemed by the TRA Party Representative to be necessary
or appropriate under this TRA Agreement and the execution or delivery of any documents that may be necessary or appropriate in
connection therewith; (vi) taking actions the TRA Party Representative is authorized to take pursuant to the other provisions
of this TRA Agreement; (vii) negotiating and compromising, on behalf of such TRA Parties, any dispute that may arise under,
and exercising or refraining from exercising any remedies available under, this TRA Agreement and executing, on behalf of such
TRA Parties, any settlement agreement, release or other document with respect to such dispute or remedy; and (viii) engaging
attorneys, accountants, agents or consultants on behalf of such TRA Parties in connection with this TRA Agreement and paying any
fees related thereto on behalf of such TRA Parties, subject to reimbursement by such TRA Parties. The TRA Party Representative
may resign upon thirty (30) days’ written notice to the Corporate Taxpayer.

 

[Signature Page Follows]

 

    33

     

    

 

IN WITNESS WHEREOF, the Corporate Taxpayer,
OpCo, Series U, Series R and the TRA Party Representative have duly executed this TRA Agreement as of the date first
written above.

 

	 	Corporate Taxpayer:
	 	 
	 	UTZ BRANDS, INC.
	 	 
	 	By: 	/s/
    Dylan B. Lissette
	 	Name: 	Dylan B. Lissette
	 	Title: 	Chief Executive Officer
	 	 
	 	OpCo:
	 	 
	 	UTZ BRANDS HOLDINGS, LLC
	 	 
	 	By: 	/s/ Dylan
    B. Lissette
	 	Name: 	Dylan B. Lissette
	 	Title: 	President and Chief Executive Officer
	 	 
	 	TRA Parties:
	 	 
	 	SERIES U OF UM PARTNERS, LLC
	 	 
	 	By: 	/s/ Dylan
    B. Lissette
	 	Name: 	Dylan B. Lissette
	 	Title: 	President and Chief Executive Officer
	 	 
	 	SERIES R OF UM PARTNERS, LLC
	 	 
	 	By: 	/s/ Dylan
    B. Lissette
	 	Name: 	Dylan B. Lissette
	 	Title: 	President and Chief Executive Officer
	 	 
	 	TRA Party Representative:
	 	 
	 	SERIES U OF UM PARTNERS, LLC
	 	 
	 	By: 	/s/ Dylan
    B. Lissette
	 	Name: 	Dylan B. Lissette
	 	Title: 	President and Chief Executive Officer

 

    

     

    

 

Exhibit A

Form of Joinder

 

This JOINDER (this “Joinder”)
to the Tax Receivable Agreement (as defined below), is by and among UTZ BRANDS, INC., a Delaware corporation (the “Corporate
Taxpayer”), ______________________ (“Transferor”) and ______________________ (“Transferee”).

 

WHEREAS, on ______________________,
Transferee shall acquire ______________________ percent of the Transferor’s right to receive payments that may become due
and payable under the Tax Receivable Agreement (as defined below) (the “Acquired Interests”) from Transferor
(the “Acquisition”); and

 

WHEREAS, Transferor,
in connection with the Acquisition, has required Transferee to execute and deliver this Joinder pursuant to Section 7.6(a) of
the Tax Receivable Agreement, dated as of August 28, 2020, among the Corporate Taxpayer, OpCo and the TRA Parties (as defined
therein) (the “Tax Receivable Agreement”).

 

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

 

Section 1.1     Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings
set forth in the Tax Receivable Agreement.

 

Section 1.2     Acquisition.
The Transferor hereby transfers and assigns to the Transferee all of the Acquired Interests.

 

Section 1.3     Joinder.
Transferee hereby acknowledges and agrees (i) that such Transferee has received and read the Tax Receivable Agreement, (ii) that
such Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Tax Receivable
Agreement and (iii) such Transferee will be treated as a “TRA Party” (as defined in the Tax Receivable Agreement)
for all purposes of the Tax Receivable Agreement.

 

Section 1.4     Notice.
Any notice, demand or other communication under the TRA Agreement to Transferee shall be given to Transferee at the address set
forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable Agreement.

 

Section 1.5     Governing
Law. This Joinder shall be governed by and construed in accordance with the law of the State of Delaware.

 

Section 1.6     Counterparts;
Electronic Delivery. This Joinder may be executed and delivered in one or more counterparts, by fax, email or other electronic
transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement.

 

[Signature Page Follows]

 

    35

     

    

 

IN WITNESS WHEREOF,
this Joinder has been duly executed and delivered by the parties as of the date first above written.

 

	 	Corporate Taxpayer:
	 	 
	 	UTZ BRANDS,INC.
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 
	 	 
	 	[TRANSFEROR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[TRANSFEREE]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Address for notices:Exhibit 10.3

 

INVESTOR
RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS
AGREEMENT (as it may be amended, supplemented or restated from time to time in accordance with the terms of this Investor Rights
Agreement, the “Investor Rights Agreement”), dated as of August 28, 2020 (the “Effective Date”),
is made by and among (i) Utz Brands, Inc., a Delaware corporation formerly known as Collier Creek Holdings, a Cayman
Islands exempted company (“PubCo”); (ii) Series U of UM Partners, LLC, a series of a Delaware limited
liability company (“Series U”), in its own capacity and in its capacity as the Seller Representative hereunder;
(iii) Series R of UM Partners, LLC, a series of a Delaware limited liability company (“Series R”
and, together with Series U, the “Sellers”); (iv) Collier Creek Partners LLC, a Delaware limited liability
company; (v) (A) Chinh E. Chu, (B) CC Collier Holdings, LLC, a Delaware limited liability company, (C) Roger
K. Deromedi, (D) Roger K. Deromedi, as Trustee of the Roger K. Deromedi Revocable Trust, Dated 2/11/2000, Amended and Restated
11/9/2011, (E) Jason K. Giordano and (F) Erika Giordano, each in their capacity as a Founder Holder, (vi) Sponsor
Representative and (vii) Antonio F. Fernandez, Matthew M. Mannelly, Craig D. Steeneck and William D. Toler (each, a “CCH
Independent Director” and, collectively, the “CCH Independent Directors”). Each of PubCo, Sellers,
Sponsor, the Sponsor Representative, each CCH Independent Director and each Founder Holder may be referred to herein as a “Party”
and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, PubCo has
entered into that certain Business Combination Agreement, dated as of June 5, 2020 (as it may be amended, supplemented or
restated from time to time in accordance with the terms of such agreement, the “BCA”), by and among PubCo, Utz
Brands Holdings, LLC (formerly known as UM-U Intermediate, LLC), a Delaware limited liability company (the “Operating
Company”), and the Sellers, in connection with the business combination (the “Business Combination”)
set forth in the BCA;

 

WHEREAS, pursuant to
the BCA at the Closing, (i) PubCo acquired from the Sellers certain limited liability company interests of the Operating Company,
(ii) the Sellers retained certain limited liability company interests in the Operating Company (the “Retained Company
Units”) and certain unvested performance limited liability company interests in the Operating Company (the “Retained
Restricted Company Units”), and PubCo issued to Sellers shares of Class V Common Stock of PubCo equal to the number
of Retained Company Units, and (iii) the Sponsor and the CCH Independent Directors agreed to receive, instead of an aggregate
of two million shares of Class A Common Stock of PubCo the Sponsor and the CCH Independent Directors would have received upon
the consumation of the Business Combination upon the automatic conversion of their Class B Ordinary Shares of PubCo held prior
thereto, two million shares of Class B Common Stock of PubCo (the “Restricted Sponsor Shares”);

 

WHEREAS, upon the consummation
of the Business Combination, PubCo and the Sellers entered into that certain third amended and restated limited liability company
agreement of the Operating Company (as it may be amended, supplemented or restated from time to time in accordance with the terms
of such agreement, the “LLC Agreement”);

 

     

     

    

 

WHEREAS, pursuant to
the LLC Agreement, upon satisfaction of the conditions set forth in the LLC Agreement, (i) the Retained Restricted Company
Units will vest (the “Vested Retained Restricted Company Units”) and (ii) PubCo will issue to the Sellers
that additional number of shares of the Class V Common Stock of PubCo equal to the number of the Vested Retained Restricted
Company Units, and upon satisfaction of the conditions set forth in that certain letter agreement entered into with PubCo, the
Sponsor, the Founder Holders and the CCH Independent Directors, dated June 5, 2020 (the “Sponsor Side Letter”),
the Restricted Sponsor Shares will convert automatically into shares of Class A Common Stock of PubCo;

 

WHEREAS, each of the
Sellers has the right to exchange the Utz Units, along with the cancelation of an equal number of shares of Class V Common
Stock, for shares of Class A Common Stock pursuant to the terms and conditions of the LLC Agreement;

 

WHEREAS, PubCo, the
Sponsor and the CCH Independent Directors entered into that certain Registration Rights Agreement, dated as of October 4,
2018 (the “Original RRA”);

 

WHEREAS, in connection
with the execution of this Investor Rights Agreement, PubCo, the Sponsor and the CCH Independent Directors desire to terminate
the Original RRA and replace it with this Investor Rights Agreement;

 

WHEREAS, on the Effective
Date, the Parties desire to set forth their agreement with respect to governance, registration rights and certain other matters,
in each case in accordance with the terms and conditions of this Investor Rights Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this Investor Rights Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

Article I

DEFINITIONS

 

Section 1.1     Definitions.
As used in this Investor Rights Agreement, the following terms shall have the following meanings:

 

“Action”
means any action, suit, charge, litigation, arbitration, or other proceeding at law or in equity (whether civil, criminal or administrative)
by or before any Governmental Entity.

 

“Adverse Disclosure”
means any public disclosure of material non-public information, which disclosure, in the good faith determination of the Board,
after consultation with counsel to PubCo, (a) would be required to be made in any Registration Statement or Prospectus in
order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements contained therein (in the case of any Prospectus and any preliminary Prospectus,
in the light of the circumstances under which they were made) not misleading, (b) would not be required to be made at such
time if the Registration Statement were not being filed, and (c) PubCo has a bona fide business purpose for not making
such information public.

 

    2

     

    

 

“Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the
ownership of voting securities, its capacity as a sole or managing member or otherwise; provided that no Party shall be deemed
an Affiliate of PubCo or any of its subsidiaries for purposes of this Investor Rights Agreement.

 

“Automatic
Shelf Registration Statement” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities
Act.

 

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

 

“Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board”
means the board of directors of PubCo.

 

“Business
Combination” has the meaning set forth in the Recitals.

 

“Business
Day” means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized
to close in the State of New York.

 

“Bylaws”
means the bylaws of PubCo, as in effect on the Closing Date, as the same may be amended from time to time.

 

“CCH Independent
Director” has the meaning set forth in the Preamble.

 

“Certificate
of Incorporation” means the certificate of incorporation of PubCo, as in effect on the Closing Date, as the same may
be amended from time to time.

 

“Class A
Common Stock” means, as applicable, (a) the Class A common stock, par value $0.0001 per share, of PubCo, or
(b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities
of PubCo or any other Person that are issued or issuable in consideration for the Class A common stock or into which the Class A
common stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

 

“Class B
Common Stock” means, as applicable, (a) the Class B common stock, par value $0.0001 per share, of PubCo, or
(b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities
of PubCo or any other Person that are issued or issuable in consideration for the Class B common stock or into which the Class B
common stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

 

“Class V
Common Stock” means, as applicable, (a) the Class V common stock, par value $0.0001 per share, of PubCo, or
(b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities
of PubCo or any other Person that are issued or issuable in consideration for the Class V common stock or into which the Class V
common stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

 

    3

     

    

 

“Closing”
has the meaning given to such term in the BCA.

 

“Closing Date”
has the meaning given to such term in the BCA.

 

“Common Stock”
means shares of the Class A Common Stock, the Class B Common Stock and the Class V Common Stock, including any shares
of the Class A Common Stock, the Class B Common Stock and the Class V Common Stock issuable upon the exercise of
any warrant or other right to acquire shares of the Class A Common Stock, the Class B Common Stock and the Class V
Common Stock.

 

“Confidential
Information” has the meaning set forth in Section 2.4.

 

“Demanding
Holders” has the meaning set forth in Section 3.1(c).

 

“Economic
Interests” mean (a) for the Sellers, (i) Utz Units and (ii) shares of Class A Common Stock, in each
case owned by the Sellers and (b) for the Sponsor, 9,555,671.61 shares of Class A Common Stock plus any shares of Class A
Common Stock issued upon the conversion of shares of Class B Common Stock pursuant to clause (B) below upon such
conversion, in the case of clause (a) and (b), as equitably adjusted for stock splits, stock dividends, combinations,
recapitalizations and the like. For purposes of computing the percentage of Economic Interests held by the Sponsor or the Sellers
in Section 2.1, Section 2.2 or Section 5.4(b), in each case, Retained Restricted Company Units
and Restricted Sponsor Shares shall (A) not be included as held as of the Closing Date or at the applicable time while unvested
or while Class B Common Stock and (B) be included as being held as of the Closing Date and at the applicable time beginning
only if and when they vest or convert into Class A Common Stock.

 

“Effective
Date” has the meaning set forth in the Preamble.

 

“Equity Securities”
means, with respect to any Person, all of the shares of capital stock or equity of (or other ownership or profit interests in)
such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital
stock or equity of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable
for shares of capital stock or equity of (or other ownership or profit interests in) such Person or warrants, rights or options
for the purchase or acquisition from such Person of such shares or equity (or such other interests), restricted stock awards, restricted
stock units, equity appreciation rights, phantom equity rights, profit participation and all of the other ownership or profit interests
of such Person (including partnership or member interests therein), whether voting or nonvoting.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, as the same shall be in effect
from time to time.

 

“Family Member”
means with respect to any Person, a spouse, lineal descendant (whether natural or adopted) or spouse of a lineal descendant of
such Person or any trust created for the benefit of such Person or of which any of the foregoing is a beneficiary.

 

    4

     

    

 

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

 

“Form S-1
Shelf” has the meaning set forth in Section 3.1(a).

 

“Form S-3
Shelf” has the meaning set forth in Section 3.1(a).

 

“Forward Purchase
Agreements” means those certain forward purchase agreements, dated as of September 7, 2018, among PubCo, the Sponsor
and the CCH Independent Directors, as applicable, pursuant to which the Sponsor and the CCH Independent Directors each agreed to
purchase an aggregate of 3,500,000 Class A ordinary shares of PubCo and 1,166,666 redeemable warrants to purchase Class A
ordinary shares of PubCo in a private placement to occur concurently with the Closing.

 

“Foundation”
means The Rice Family Foundation.

 

“Foundation
Transfer” has the meaning set forth in the LLC Agreement.

 

“Foundation
Transfer Amount” has the meaning set forth in the LLC Agreement.

 

“Founder Holder”
means each of (i) Chinh E. Chu, (ii) CC Collier Holdings, LLC, (iii) Roger K. Deromedi, (iv) Roger K. Deromedi,
as Trustee of the Roger K. Deromedi Revocable Trust, Dated 2/11/2000, Amended and Restated 11/9/2011, (v) Jason K. Giordano
and (vi) Erika Giordano.

 

“Governmental
Entity” means any nation or government, any state, province or other political subdivision thereof, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, arbitrator
(public or private) or other body or administrative, regulatory or quasi-judicial authority, agency, department, board, commission
or instrumentality of any federal, state, local or foreign jurisdiction.

 

“Holder”
means any holder of Registrable Securities who is a Party to, or who succeeds to rights under, this Investor Rights Agreement pursuant
to Section 5.1; provided that a Party who does not hold Registrable Securities as of the Effective Date and who acquires
Registrable Securities after the Effective Date will not be a Holder until such Party gives PubCo a representation in writing of
the number of Registrable Securities it holds.

 

“Holder Information”
has the meaning set forth in Section 3.10(b).

 

“Investor
Rights Agreement” has the meaning set forth in the Preamble.

 

“Laws”
means all laws, acts, statutes, constitutions, treaties, ordinances, codes, rules, regulations, and rulings of a Governmental Entity,
including common law. All references to “Laws” shall be deemed to include any amendments thereto, and any successor
Law, unless the context otherwise requires.

 

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

 

“Lock-Up Period”
has the meaning set forth in Section 4.1.

 

    5

     

    

 

“Lock-Up Shares”
has the meaning set forth in Section 4.1.

 

“Maximum Number
of Securities” has the meaning set forth in Section 3.1(d).

 

“Minimum Takedown
Threshold” has the meaning set forth in Section 3.1(c).

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances
under which they were made, not misleading.

 

“Necessary
Action” means, with respect to any Party and a specified result, all actions (to the extent such actions are not prohibited
by applicable Law and within such Party’s control, and in the case of any action that requires a vote or other action on
the part of the Board to the extent such action is consistent with fiduciary duties that the Company’s directors may have
in such capacity) necessary to cause such result, including (a) calling special meetings of stockholders, (b) voting
or providing a written consent or proxy, if applicable in each case, with respect to shares of Common Stock, (c) causing the
adoption of stockholders’ resolutions and amendments to the Organizational Documents, (d) executing agreements and instruments,
(e) making, or causing to be made, with Governmental Entities, all filings, registrations or similar actions that are required
to achieve such result and (f) nominating certain Persons for election to the Board in connection with the annual or special
meeting of stockholders of PubCo.

 

“Operating
Company” has the meaning set forth in the Recitals.

 

“Original
RRA” has the meaning set forth in the Recitals.

 

“Organizational
Documents” means the Certificate of Incorporation and the Bylaws.

 

“Outside CEO”
has the meaning set forth in Section 2.1(a).

 

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

 

“Permitted
Transferee” means (a) with respect to any Person, (i) any Family Member of such Person, (ii) any Affiliate
of such Person, and (iii) any Affiliate of any Family Member of such Person (excluding any Affiliate under this clause
(iii) who operates or engages in a business which competes with the business of PubCo or the Operating Company), and (b) with
respect to any Seller, (i) any member of the Rice Family, and (ii) any Affiliate of a member of the Rice Family (excluding
any Affiliate under this clause (ii) who operates or engages in a business which competes with the business of PubCo or the
Operating Company), but excluding the Foundation (and the Foundation shall not be a Permitted Transferee of (y) a Seller,
or (z) a Permitted Transferee of a Seller, but the Foundation shall be entitled to the benefit of the Foundation Transfer).

 

“Person”
means any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability company,
entity or Governmental Entity.

 

“Piggyback
Registration” has the meaning set forth in Section 3.2(a).

 

    6

     

    

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments (including post-effective amendments) and supplements
to such prospectus, and all material incorporated by reference in such prospectus.

 

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

 

“Registrable
Securities” means (a) any shares of Class A Common Stock (including Class A Common Stock (i) to be
issued pursuant to the LLC Agreement upon exchange of Utz Units, along with an equal number of shares of Class V Common Stock,
and (ii) to be issued as a result of the conversion of the Restricted Sponsor Shares), (b) any Warrants or any shares
of Class A Common Stock issued or issuable upon the exercise thereof and (c) any Equity Securities of PubCo or any Subsidiary
of PubCo that may be issued or distributed or be issuable with respect to the securities referred to in clauses (a) or
(b) by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization
or reclassification or similar transaction, in each case held by a Holder, other than any security received pursuant to an incentive
plan adopted by PubCo on or after the Closing Date; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities to the extent (A) a Registration Statement with respect to the sale of such Registrable Securities has become effective
under the Securities Act and such Registrable Securities have been sold, transferred, disposed of or exchanged in accordance with
the plan of distribution set forth in such Registration Statement, (B) such Registrable Securities shall have ceased to be
outstanding or (C) such Registrable Securities have been sold to, or through, a broker, dealer or underwriter in a public
distribution or other public securities transaction.

 

“Registration”
means a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus
or similar document in compliance with the requirements of the Securities Act, and such registration statement becoming effective.

 

“Registration
Expenses” means the out-of-pocket expenses of a Registration, including the following:

 

		(a)	all registration and filing fees (including fees with respect to filings required to be made with
FINRA) and any securities exchange on which the Class A Common Stock is then listed;

 

		(b)	fees and expenses of compliance with securities or blue sky Laws (including reasonable fees and
disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

		(c)	printing, messenger, telephone and delivery expenses;

 

		(d)	reasonable fees and disbursements of counsel for PubCo;

 

		(e)	reasonable fees and disbursements of all independent registered public accountants of PubCo incurred
specifically in connection with such Registration; and

 

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		(f)	reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest
of the Demanding Holders in an Underwritten Offering in an amount not to exceed $50,000 for each Registration.

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Investor Rights Agreement, including the Prospectus included in such registration statement, amendments (including post-effective
amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such
registration statement.

 

“Requesting
Holder” shall mean any Special Holder requesting piggyback rights pursuant to Section 3.2 of this Investor
Rights Agreement with respect to an Underwritten Shelf Takedown.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person acting on behalf of such Person.

 

“Restricted
Sponsor Shares” has the meaning set forth in the Recitals.

 

“Retained
Company Units” has the meaning set forth in the Recitals.

 

“Retained
Restricted Company Units” has the meaning set forth in the Recitals.

 

“Rice Family”
means Michael W. Rice or any Family Member of Michael W. Rice.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto, as the same shall be in effect from time
to time.

 

“Seller Director”
has the meaning set forth in Section 2.1(a).

 

“Seller Representative”
means Series U, or such other Person, which Person must be an Affiliate of the Sellers, who is identified as the replacement
Seller Representative by the then existing Seller Representative giving prior written notice to PubCo.

 

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

 

“Series R”
has the meaning set forth in the Preamble.

 

“Series U”
has the meaning set forth in the Preamble.

 

“Shelf”
has the meaning set forth in Section 3.1(a).

 

“Shelf Registration”
means a registration of securities pursuant to a Registration Statement filed with the SEC in accordance with and pursuant to Rule 415
promulgated under the Securities Act.

 

    8

     

    

 

“Shelf Takedown”
shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback
Registration.

 

“Shelf Registration
Statement” means a Registration Statement of PubCo filed with the SEC on either (i) Form S-3 (or any successor
form or other appropriate form under the Securities Act) or (ii) if PubCo is not permitted to file a Registration Statement
on Form S-3, a Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities
Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act covering
the Registrable Securities, as applicable.

 

“Special Holder”
means each of the Sponsor and each Seller, at such times as such Party is a Holder.

 

“Sponsor”
means Collier Creek Partners LLC, or, upon its dissolution, the Founder Holders.

 

“Sponsor Director”
has the meaning set forth in Section 2.1(a).

 

“Sponsor Representative”
means Collier Creek Partners LLC or, after the dissolution of Collier Creek Partners LLC, Jason K. Giordano, or such other Person
who is an Affiliate of one or more of Chinh E. Chu, Roger K. Deromedi or Jason K. Giordano, who is identified as the replacement
Sponsor Representative by the then existing Sponsor Representative giving prior written notice to PubCo and the Sellers.

 

“Sponsor Side
Letter” has the meaning set forth in the Recitals.

 

“Subsequent
Shelf Registration” has the meaning set forth in Section 3.1(b).

 

“Trading Day”
means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A
Common Stock is listed, quoted or admitted to trading and is open for the transaction of business (unless such trading shall have
been suspended for the entire day).

 

“Transfer”
means, when used as a noun, any voluntary or involuntary transfer, sale, pledge or hypothecation or other disposition by the Transferor
(whether by operation of law or otherwise) and, when used as a verb, the Transferor voluntarily or involuntarily, transfers, sells,
pledges or hypothecates or otherwise disposes of (whether by operation of law or otherwise), including, in each case, (a) the
establishment or increase of a put equivalent position or liquidation with respect to, or decrease of a call equivalent position
within the meaning of Section 16 of the Exchange Act with respect to, any security or (b) entry into any swap or other
arrangement that transfers to another Person, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise. The terms “Transferee,”
 “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative
meanings.

 

“Underwriter”
means any investment banker(s) and manager(s) appointed to administer the offering of any Registerable Securities as
principal in an Underwritten Offering.

 

    9

     

    

 

“Underwritten
Offering” means a Registration in which securities of PubCo are sold to an Underwriter for distribution to the public.

 

“Underwritten
Shelf Takedown” has the meaning set forth in Section 3.1(c).

 

“Utz Units”
means Units (as defined in the LLC Agreement) owned by the Sellers or their Permitted Transferees, including the Retained Company
Units and the Vested Retained Restricted Company Units.

 

“Utz Group”
means, collectively, the Operating Company and its consolidated subsidiaries, including Utz Quality Foods.

 

“Utz Quality
Foods” means Utz Quality Foods, LLC, a Delaware limited liability company.

 

“Vested Retained
Restricted Company Units” has the meaning set forth in the Recitals.

 

“Warrants”
means the following outstanding warrants of PubCo, each exercisable for one share of Class A Common Stock, (a) warrants
to purchase 7,200,000 shares of Class A Common Stock issued to the Sponsor pursuant to that certain private placement warrants
purchase agreement, dated October 4, 2018, by and among the Sponsor and PubCo, for a purchase price of $1.50 per warrant and
(b) warrants to purchase 1,166,666 shares of Class A Common Stock issued to the Sponsor and the CCH Independent Directors
pursuant to the Forward Purchase Agreements.

 

“Well-Known
Seasoned Issuer” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

“Withdrawal
Notice” has the meaning set forth in Section 3.1(e).

 

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

 

(a)            the
meanings of defined terms are applicable to the singular as well as the plural forms of such terms.

 

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

 

(c)            references
in this Investor Rights Agreement to any Law shall be deemed also to refer to such Law, and all rules and regulations promulgated
thereunder.

 

(d)            whenever
the words “include”, “includes” or “including” are used in this Investor Rights Agreement,
they shall mean “without limitation.”

 

(e)            the
captions and headings of this Investor Rights Agreement are for convenience of reference only and shall not affect the interpretation
of this Investor Rights Agreement.

 

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(f)            pronouns
of any gender or neuter shall include, as appropriate, the other pronoun forms.

 

Article II

GOVERNANCE

 

Section 2.1     Board
of Directors.

 

(a)            Composition
of the Board. The Sponsor, the Sellers and PubCo shall take all Necessary Action to cause the Board to be comprised of ten
(10) directors, (i) five (5) of whom have been nominated by the Seller Representative, initially Dylan B. Lissette,
Michael W. Rice, Timothy P. Brown, B. John Lindeman and John W. Altmeyer and thereafter designated pursuant to Section 2.1(b) or
Section 2.1(e) of this Investor Rights Agreement (each, a “Seller Director”), (ii) five
(5) of whom have been nominated by the Sponsor Representative, initially Roger K. Deromedi, Craig D. Steeneck, Antonio F.
Fernandez, Christina Choi and Jason K. Giordano and thereafter designated pursuant to Section 2.1(c) or Section 2.1(e) of
this Investor Rights Agreement (each, a “Sponsor Director”), provided that at such time as a chief executive
officer that is not an Affiliate of either the Sellers or the Sponsor (the “Outside CEO”) is elected by the
Board, the Sponsor, the Sellers and PubCo shall take all Necessary Action to cause (x) the Board to be comprised of eleven
(11) directors, and (y) such Outside CEO to be elected to the Board as the eleventh member. At such time as the Outside CEO
is elected to the Board as the eleventh member, and for so long as both the Sellers and their Permitted Transferees, on the one
hand, and the Sponsor and its Permitted Transferees, on the other hand, Beneficially Own Economic Interests (in PubCo and the Operating
Company, without duplication) representing at least 75% of the Economic Interests held by such Party(ies) immediately after the
Closing (excluding for these purposes, with respect to the Sellers and their Permitted Transferees, from both the percentage Beneficially
Owned immediately after the Closing and percentage then Beneficially Owned at any time, the Foundation Transfer Amount, from and
after the occurrence of the Foundation Transfer), the Sponsor, the Sellers and PubCo shall take all Necessary Action to require
that all actions of the Board be approved by seven (7) directors. The Sponsor, the Sellers and PubCo shall take all Necessary
Action to cause the foregoing directors to be divided into three classes of directors, with each class serving for staggered three
year-terms as follows:

 

(i)            the
Class I directors shall include: two (2) Seller Directors, initially B. John Lindeman and John W. Altmeyer, and one (1) Sponsor
Director, initially Jason K. Giordano;

 

(ii)            the
Class II directors shall include: one (1) Seller Director, initially Michael W. Rice, and two (2) Sponsor Directors,
initially Craig D. Steeneck and Antonio F. Fernandez; and

 

(iii)            the
Class III directors shall include: two (2) Seller Directors, initially Timothy P. Brown and Dylan B. Lissette, and two
(2) Sponsor Directors, initially Roger K. Deromedi and Christina Choi.

 

The initial term of the Class I directors
shall expire immediately following PubCo’s 2021 annual meeting of stockholders at which directors are elected. The initial
term of the Class II directors shall expire immediately following PubCo’s 2022 annual meeting of stockholders at which
directors are elected. The initial term of the Class III directors shall expire immediately following PubCo’s 2023 annual
meeting at which directors are elected.

 

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(b)            Seller
Representation. For so long as the Sellers and their Permitted Transferees Beneficially Own Economic Interests (in PubCo and
the Operating Company, without duplication) representing at least the percentage, shown below, of the Economic Interests held by
the Sellers immediately after the Closing (excluding for these purposes from both the percentage Beneficially Owned immediately
after the Closing and percentage then Beneficially Owned at any time, the Foundation Transfer Amount, from and after the occurrence
of the Foundation Transfer), PubCo, the Sponsor and the Sellers shall take all Necessary Action to include in the slate of nominees
recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors
are to be elected, that number of individuals designated by the Seller Representative that, if elected, will result in the Sellers
having the number of directors serving on the Board that is shown below; provided, that after the number of Seller Directors is
reduced because the percentage Beneficially Owned of such Economic Interests is reduced, the Sellers and their Permitted Transferees
cannot subsequently increase the number of Seller Directors entitled to be designated as a result of their acquisition of Beneficial
Ownership of additional Economic Interests (in PubCo and the Operating Company, without duplication).

 

	Economic
    Interests Beneficially Owned by the Sellers (and their Permitted Transferees) as a Percentage of the Economic Interests
    Held by the Sellers on the Closing Date	 	Number of Seller Directors	 
	75% or greater	 	5	 
	60% or greater, but less than 75%	 	4	 
	45% or greater, but less than 60%	 	3	 
	30% or greater, but less than 45%	 	2	 
	15% or greater, but less than 30%	 	1	 
	Less than 15%	 	0	 

 

(c)            Sponsor
Representation. For so long as the Sponsor and its Permitted Transferees Beneficially Own Economic Interests in Pubco representing
at least the percentage, shown below, of the Economic Interests held by the Sponsor immediately after the Closing, PubCo, the Sponsor
and the Sellers shall take all Necessary Action to include in the slate of nominees recommended by the Board for election as directors
at each applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated
by the Sponsor Representative that, if elected, will result in the Sponsor having the number of directors serving on the Board
that is shown below; provided, that after the number of Sponsor Directors is reduced because the percentage Beneficially Owned
of such Economic Interests is reduced, the Sponsor and its Permitted Transferees cannot subsequently increase the number of Sponsor
Directors entitled to be designated as a result of its acquisition of Beneficial Ownership of additional Economic Interests in
PubCo.

 

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	Economic
    Interests Beneficially Owned by the Sponsor (and its Permitted Transferees) as a Percentage of the Economic Interests
    Held by the Sponsor on the Closing Date	 	Number of Sponsor Directors	 
	75% or greater	 	5	 
	60% or greater, but less than 75%	 	4	 
	45% or greater, but less than 60%	 	3	 
	30% or greater, but less than 45%	 	2	 
	15% or greater, but less than 30%	 	1	 
	Less than 15%	 	0	 

 

(d)            Decrease
in Directors. Upon any decrease in the number of directors that the Seller Representative or the Sponsor Representative, as
applicable, is entitled to designate for nomination to the Board pursuant to Section 2.1(b) or Section 2.1(c),
the Sellers or the Sponsor, as applicable, shall take all Necessary Action to cause the appropriate number of Seller Directors
or Sponsor Directors, as applicable, to offer to tender their resignation at least 60 days prior to the expected date of PubCo’s
next annual meeting of stockholders. Notwithstanding the foregoing, the Nominating and Corporate Governance Committee may, in its
sole discretion, recommend for nomination a Seller Director or Sponsor Director that has tendered his or her resignation pursuant
to this Section 2.1(d).

 

(e)            Removal;
Vacancies. The Seller Representative or the Sponsor Representative, as applicable, shall have the exclusive right to (i) remove
their nominees from the Board, and PubCo shall take all Necessary Action to cause the removal of any such nominee at the request
of the applicable Party and (ii) designate directors for election to the Board to fill vacancies created by reason of death,
removal or resignation of its nominees to the Board, and PubCo, the Sponsor and the Sellers shall take all Necessary Action to
cause any such vacancies created pursuant to clause (i) or (ii) above to be filled by replacement directors designated
by the applicable Party as promptly as practicable after such designation (and in any event prior to the next meeting or action
of the Board or applicable committee). Notwithstanding anything to the contrary contained in this Section 2.1(e), no
Party shall have the right to designate a replacement director, and PubCo shall not be required to take any action to cause any
vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board would result
in a number of directors nominated or designated by such Party in excess of the number of directors that such Party is then entitled
to nominate for membership on the Board pursuant to this Investor Rights Agreement.

 

(f)            Committees.
In accordance with PubCo’s Organizational Documents, (i) the Board shall establish and maintain committees of the Board
for (x) Audit, (y) Compensation and (z) Nominating and Corporate Governance, and (ii) the Board may from time
to time by resolution establish and maintain other committees of the Board. Subject to applicable Laws and stock exchange regulations,
and subject to requisite independence requirements applicable to such committee, (i) for so long as the Sellers and their
Permitted Transferees or the Sponsor and its Permitted Transferees, as applicable, Beneficially Own Economic Interests (in PubCo
and the Operating Company, without duplication) representing at least 30% of the Economic Interests held by such Party(ies) immediately
after the Closing (excluding for these purposes, with respect to the Sellers and their Permitted Transferees, from both the percentage
Beneficially Owned immediately after the Closing and percentage then Beneficially Owned at any time, the Foundation Transfer Amount,
from and after the occurrence of the Foundation Transfer), each of the Seller Representative and the Sponsor Representative shall
have the right to have at least one director designated by such Party appointed to serve on each committee of the Board, and (ii) for
so long as the Sellers and their Permitted Transferees or the Sponsor and its Permitted Transferees, as applicable, Beneficially
Own Economic Interests (in PubCo and the Operating Company, without duplication) representing at least 15% (but less than 30%)
of the Economic Interests held by such Party(ies) immediately after the Closing (excluding for these purposes, with respect to
the Sellers and their Permitted Transferees, from both the percentage Beneficially Owned immediately after the Closing and percentage
then Beneficially Owned at any time, the Foundation Transfer Amount, from and after the occurrence of the Foundation Transfer),
each of the Seller Representative and the Sponsor Representative shall have the right to have at least one director designated
by such Party appointed to serve on the following committees of the Board: (y) Compensation and (z) Nominating and Corporate
Governance.

 

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(g)            Reimbursement
of Expenses. PubCo shall reimburse the directors for all reasonable out-of-pocket expenses incurred in connection with their
attendance at meetings of the Board and any committees thereof, including travel, lodging and meal expenses.

 

(h)            Indemnification.
For so long as any Seller Director or Sponsor Director serves as a director of PubCo, (i) PubCo shall provide such Seller
Director or Sponsor Director with the same expense reimbursement, benefits, indemnity, exculpation and other arrangements provided
to the other directors of PubCo and (ii) PubCo shall not amend, alter or repeal any right to indemnification or exculpation
covering or benefiting any Seller Director or Sponsor Director nominated pursuant to this Investor Rights Agreement as and to the
extent consistent with applicable Law, the last sentence of Section 10.1(G) of the Certificate of Incorporation, Article VIII
of the Certificate of Incorporation, Article IV of the Bylaws and any indemnification agreements with directors (whether such
right is contained in the Organizational Documents or another document) (except to the extent such amendment or alteration permits
PubCo to provide broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto).

 

Section 2.2     Actions
Requiring Special Approval. For so long as the Sellers and their Permitted Transferees continue to Beneficially Own Economic
Interests (in the Operating Company and PubCo, without duplication) representing more than 50% of the Economic Interests held
by the Sellers immediately after the Closing (excluding for these purposes from both the percentage Beneficially Owned immediately
after the Closing and percentage then Beneficially Owned at any time, the Foundation Transfer Amount, from and after the occurrence
of the Foundation Transfer), PubCo will not, and will not permit any member of the Utz Group to, undertake, or agree to undertake,
whether directly or indirectly, any of the following without the prior written consent of the Seller Representative: (a) any
transaction or series of related transactions that results in a direct or indirect sale (including by way of merger, consolidation,
recapitalization, reorganization, Transfer, sale or other business combination or similar transaction) of greater than 50% of
the property or assets, or greater than 50% of the voting securities, of PubCo (other than (i) pursuant to any offer to purchase
securities made directly to the stockholders of PubCo that is not approved by the Board, (ii) any merger or issuance of voting
securities that does not result in a Person or group of Persons acting together that would constitute a “group” for
purposes of Section 13(d) of the Exchange Act becoming the holder of greater than 50% of the voting securities of PubCo
or (iii) any reorganization or recapitalization that does not violate clauses (b) or (c) below))
or greater than 50% of the property or assets, or greater than 50% of the voting securities, of the Operating Company or Utz Quality
Foods (including the voting securities, property or assets of the Utz Group, taken as a whole), (b) any liquidation or dissolution
(or the adoption of a plan of liquidation or dissolution) of PubCo, the Operating Company or Utz Quality Foods, except for a liquidation
or dissolution (or the adoption of a plan of liquidation or dissolution) in connection with an involuntary case within the meaning
of any bankruptcy Law, (c) any amendment to or modification of the Certificate of Incorporation or Bylaws of PubCo that materially
and adversely impact the Sellers and their Permitted Transferees in their capacity as stockholders of PubCo or equityholders of
the Operating Company, (d) any move of the corporate headquarters of PubCo or any member of the Utz Group currently headquartered
in Hanover, Pennsylvania, (e) any name change of PubCo or any member of the Utz Group, and (f) take any corporate action
that would have the effect of eliminating, or materially adversely affecting, any consent right to which the Sellers are then
entitled pursuant to clauses (a) through (e) this Section 2.2.

 

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Section 2.3     Voting
Agreement. Each of the Sponsor and the Sellers agrees to cast all votes as a stockholder of PubCo to which such Party is entitled
in respect of its Common Stock, whether at any annual or special meeting of PubCo, by written consent or otherwise, so as to cause
to be elected to the Board those individuals nominated in accordance with this Article II. Each of the Sponsor and
the Sellers agrees not to take action to remove each other’s director nominees from office unless such removal is for cause
or if the applicable Party is no longer entitled to nominate such director pursuant to Section 2.1.

 

Section 2.4     Sharing
of Information. To the extent permitted by antitrust, competition or any other applicable Law, each of the Sellers and the
Sponsor agrees and acknowledges that the directors designated by the Seller Representative and the Sponsor Representative may share
confidential, non-public information about PubCo and its subsidiaries (“Confidential Information”) with the
Sellers and the Sponsor, respectively. Each of the Sellers and the Sponsor recognizes that it, or its Affiliates and Representatives,
has acquired or will acquire Confidential Information the use or disclosure of which could cause PubCo substantial loss and damages
that could not be readily calculated and for which no remedy at Law would be adequate. Accordingly, each of the Sellers and the
Sponsor covenants and agrees with PubCo that it will not (and will cause its respective controlled Affiliates and Representatives
not to) at any time, except with the prior written consent of PubCo, directly or indirectly, disclose any Confidential Information
known to it to any third party, unless (a) such information becomes known to the public through no fault of such Party, (b) disclosure
is required by applicable Law or court of competent jurisdiction or requested by a Governmental Entity; provided that such Party
promptly notifies PubCo of such requirement or request and takes commercially reasonable steps, at the sole cost and expense of
PubCo, to minimize the extent of any such required disclosure, (c) such information was available or becomes available to
such Party before, on or after the Effective Date, without restriction, from a source (other than PubCo) without any breach of
duty to PubCo or (d) such information was independently developed by such Party or its Representatives without the use of
the Confidential Information. Nothing in this Investor Rights Agreement shall prohibit any of the Sellers and the Sponsor from
disclosing Confidential Information to any Affiliate, Representative, limited partner, member or shareholder of such Party; provided
that such Party shall be responsible for any breach of this Section 2.4 by any such Person. No Confidential Information
shall be deemed to be provided to any Person, including any Affiliate of a Seller or Sponsor, unless such Confidential Information
is actually provided to such Person.

 

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Section 2.5     Legend.
In order to enforce the obligations set forth in this Article II, PubCo shall place restrictive legends in the form
set forth below on the certificates or book entries representing the Registrable Securities subject to this Investor Rights Agreement,
including any Registrable Securities Transferred to a Permitted Transferee. Within two (2) Business Days of PubCo’s
receiving a request to remove such legend by a Holder or the duly appointed transfer agent of PubCo, PubCo shall notify the Sponsor
Representative and the Seller Representative of such request in writing, including the number of Registrable Securities with respect
to which such request relates and, if in connection with a proposed Transfer, the date such Transfer is, or is to be, effected.
All certificates or book entries representing Registrable Securities, as the case may be, shall bear a legend substantially in
the following form:

 

THESE SECURITIES ARE SUBJECT
TO THE RESTRICTIONS SET FORTH IN THE INVESTOR RIGHTS AGREEMENT, DATED AUGUST 28, 2020 (THE “INVESTOR RIGHTS AGREEMENT”),
BY AND AMONG UTZ BRANDS, INC. (THE “COMPANY”), SERIES U OF UM PARTNERS, LLC, SERIES R OF UM PARTNERS, LLC, COLLIER
CREEK PARTNERS LLC AND CERTAIN INDIVIDUALS NAMED THEREIN, AS THE SAME MAY BE AMENDED OR RESTATED FROM TIME TO TIME (COPIES
OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY AND SHALL BE PROVIDED FREE OF CHARGE TO ANY PARTY MAKING A BONA FIDE REQUEST
THEREFOR). AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL ANY CONDITIONS CONTAINED IN THE INVESTOR RIGHTS
AGREEMENT, IF ANY, HAVE BEEN FULFILLED.

 

Article III

REGISTRATION RIGHTS

 

Section 3.1     Shelf
Registration.

 

(a)            Filing.
PubCo shall file, within 30 days of the Closing Date, a Registration Statement for a Shelf Registration on Form S-3 (the “Form S-3
Shelf”), or if PubCo is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on
Form S-1 (the “Form S-1 Shelf,” and together with the Form S-3 Shelf (and any Subsequent Shelf
Registration), the “Shelf”), in each case, covering the resale of all Registrable Securities (determined as
of two Business Days prior to such filing) on a delayed or continuous basis. PubCo shall use its commercially reasonable efforts
to cause the Shelf to become effective under the Securities Act as soon as practicable after such filing, but in no event later
than sixty (60) days after the initial filing thereof. The Shelf 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 Special Holder. PubCo shall
maintain the Shelf in accordance with the terms of this Investor Rights Agreement, and shall prepare and file with the SEC such
amendments, including post-effective amendments, and supplements as may be necessary to keep such Shelf continuously effective,
available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. In the event PubCo files a Form S-1 Shelf, PubCo shall use its commercially reasonable efforts to convert the
Form S-1 Shelf (and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after PubCo is eligible
to use Form S-3.

 

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(b)            Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while there are
any Registrable Securities, PubCo shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause
such Shelf to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending
the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable
amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such
Shelf or file an additional Registration Statement as a Shelf Registration (a “Subsequent Shelf Registration”)
registering the resale of all outstanding Registrable Securities from time to time, and pursuant to any method or combination of
methods legally available to, and requested by, any Special Holder. If a Subsequent Shelf Registration is filed, PubCo shall use
its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities
Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall
be an Automatic Shelf Registration Statement if PubCo is a Well-Known Seasoned Issuer) and (ii) keep such Subsequent Shelf
Registration continuously effective, available for use and in compliance with the provisions of the Securities Act until such time
as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent
that PubCo is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form. In
the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or continuous basis, PubCo,
upon request of a Holder, shall promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities
to be covered by either, at PubCo’s option, the Shelf (including by means of a post-effective amendment) or a Subsequent
Shelf Registration and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent
Shelf Registration shall be subject to the terms of this Investor Rights Agreement.

 

(c)            Requests
for Underwritten Shelf Takedowns. At any time and from time to time after the Shelf has been declared effective by the SEC,
the Special Holders may request to sell all or any portion of their Registrable Securities in an underwritten offering that is
registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that PubCo shall only be
obligated to effect an Underwritten Shelf Takedown if such offering (i) shall include securities with a total offering price
(exclusive of piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate,
$10.0 million (the “Minimum Takedown Threshold”) or (ii) shall be made with respect to all of the Registrable
Securities of the Demanding Holder, provided that any request for an Underwritten Shelf Takedown pursuant to this clause (ii) made
by the Sponsor Representative as representative of the Founder Holders, shall apply to all Registrable Securities then held by
the Founder Holders. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to PubCo, which shall
specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the expected
price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown, provided that each Holder agrees
that the fact that such a notice has been delivered shall constitute Confidential Information subject to Section 2.4.
The Special Holders that requested such Underwritten Shelf Takedown (the “Demanding Holders”) shall have the
right to select the Underwriters for such offering (which shall consist of one or more reputable nationally or regionally recognized
investment banks), and to agree to the pricing and other terms of such offering; provided that such selection shall be subject
to the consent of PubCo, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to
the contrary contained in this Investor Rights Agreement, in no event shall any Special Holder or any Transferee thereof request
an Underwritten Shelf Takedown during the Lock-Up Period. There shall be no limit to the number of Underwritten Shelf Takedowns
that may be requested by any Special Holder, subject to the proviso in the first sentence of this Section 3.1(c).

 

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(d)            Reduction
of Underwritten Shelf Takedowns. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith,
advise PubCo, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares
of Common Stock or other Equity Securities that PubCo desires to sell and all other Common Stock or other Equity Securities, if
any, that have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggyback registration
rights held by any other stockholders, exceeds the maximum dollar amount or maximum number of Equity Securities that can be sold
in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then PubCo shall include in such Underwritten Offering, as follows: at all times (i) first,
the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number
of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten
Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other Equity Securities that
PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock
or other Equity Securities of other Persons that PubCo is obligated to include in such Underwritten Offering pursuant to separate
written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Number of Securities.

 

(e)            Withdrawal.
Any of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw from such Underwritten
Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to PubCo and
the Underwriter or Underwriters (if any) of such Demanding Holder’s intention to withdraw from such Underwritten Shelf Takedown,
prior to the public announcement of the Underwritten Shelf Takedown by PubCo; provided that a Special Holder may elect to have
PubCo continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied or if the Underwritten
Shelf Takedown would be made with respect to all of the Registrable Securities of such Special Holder. Following the receipt of
any Withdrawal Notice, PubCo shall promptly forward such Withdrawal Notice to any other Special Holders that had elected to participate
in such Underwritten Shelf Takedown. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, PubCo
shall be responsible for the Registration Expenses incurred in connection with the Underwritten Shelf Takedown prior to delivery
of a Withdrawal Notice under this Section 3.1(e).

 

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(f)            Long-Form Demands.
Upon the expiration of the Lock-Up Period and during such times as no Shelf is effective, each Special Holder may demand that PubCo
file a Registration Statement on Form S-1 for the purpose of conducting an Underwritten Offering of any or all of such Special
Holder’s Registrable Securities. PubCo shall file such Registration Statement within 30 days of receipt of such demand and
use its commercially reasonable efforts to cause the same to be declared effective within 60 days of filing. The provisions of
Sections 3.1(c), (d) and (e) shall apply to this Section 3.1(f) as if a demand
under this Section 3.1(f) were an Underwritten Shelf Takedown, provided that in order to withdraw a demand under
this Section 3.1(f), such withdrawal must be received by PubCo prior to PubCo having publicly filed a Registration
Statement pursuant to this Section 3.1(f).

 

Section 3.2     Piggyback
Registration.

 

(a)            Piggyback
Rights. If PubCo or any Special Holder proposes to conduct a registered offering of, or if PubCo proposes to file a Registration
Statement under the Securities Act with respect to an offering of Equity Securities of PubCo, or securities or other obligations
exercisable or exchangeable for, or convertible into Equity Securities of PubCo, for its own account or for the account of stockholders
of PubCo (or by PubCo and by the stockholders of PubCo including an Underwritten Shelf Takedown pursuant to Section 3.1
hereof), other than a Registration Statement (or any registered offering with respect thereto) (i) filed in connection with
any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to PubCo’s
existing stockholders, or (iii) for a dividend reinvestment plan, then PubCo shall give written notice of such proposed offering
to all Special Holders as soon as practicable but not less than four calendar days before the anticipated filing date of such Registration
Statement or, in the case of an underwritten offering pursuant to a Shelf Registration, the launch date of such offering, which
notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any and if known, in such offering, and (B) offer
to all of the Special Holders the opportunity to include in such registered offering such number of Registrable Securities as such
Special Holders may request in writing within three calendar days after receipt of such written notice (such registered offering,
a “Piggyback Registration”); provided that each Holder agrees that the fact that such a notice has been delivered
shall constitute Confidential Information subject to Section 2.4. PubCo shall cause such Registrable Securities to
be included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter or Underwriters
of a proposed Underwritten Offering to permit the Registrable Securities requested by the Special Holders pursuant to this Section 3.2(a) to
be included in a Piggyback Registration on the same terms and conditions as any similar securities of PubCo included in such registered
offering and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of
distribution thereof. The inclusion of any Special Holder’s Registrable Securities in a Piggyback Registration shall be subject
to such Special Holder’s agreement to abide by the terms of Section 3.6 below.

 

(b)            Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback
Registration (other than an Underwritten Shelf Takedown), in good faith, advises PubCo and the Special Holders participating in
the Piggyback Registration in writing that the dollar amount or number of shares of Common Stock or other Equity Securities that
PubCo desires to sell, taken together with (i) the Common Stock or other Equity Securities, if any, as to which Registration
or a registered offering has been demanded pursuant to separate written contractual arrangements with Persons other than the Special
Holders hereunder and (ii) the Common Stock or other Equity Securities, if any, as to which registration has been requested
pursuant to Section 3.2 hereof, exceeds the Maximum Number of Securities, then:

 

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(i)            If
the Registration is initiated and undertaken for PubCo’s account, PubCo shall include in any such Registration (A) first,
the Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number
of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), the Registrable Securities of Special Holders exercising their rights to register their Registrable Securities pursuant
to Section 3.2(a) (pro rata based on the respective number of Registrable Securities that each Special Holder
has requested be included in such Registration), which can be sold without exceeding the Maximum Number of Securities; and (C) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B),
the Common Stock or other Equity Securities, if any, as to which Registration has been requested pursuant to written contractual
piggyback registration rights of other stockholders of PubCo, which can be sold without exceeding the Maximum Number of Securities;
or

 

(ii)            If
the Registration is pursuant to a request by Persons other than the Special Holders, then PubCo shall include in any such Registration
(A) first, the Common Stock or other Equity Securities, if any, of such requesting Persons, other than the Special Holders,
which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the Registrable Securities of Special Holders exercising
their rights to register their Registrable Securities pursuant to Section 3.2(a) (pro rata based on the respective
number of Registrable Securities that each Special Holder has requested be included in such Registration) which can be sold without
exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A) and (B), the Common Stock or other Equity Securities that PubCo desires to sell,
which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or
other Equity Securities, if any, for the account of other Persons that PubCo is obligated to register pursuant to separate written
contractual piggyback registration rights of such Persons, which can be sold without exceeding the Maximum Number of Securities.

 

Notwithstanding anything
to the contrary in this Section 3.2(b), in the event a Demanding Holder has submitted notice for a bona fide Underwritten
Shelf Takedown and all sales pursuant to such Underwritten Shelf Takedown pursuant to Section 3.1 have not been effected
in accordance with the applicable plan of distribution or submitted a Withdrawal Notice prior to such time that PubCo has given
written notice of a Piggyback Registration to all Special Holders pursuant to Section 3.2, then any reduction in the
number of Registrable Securities to be offered in such offering shall be determined in accordance with Section 3.1(d),
instead of this Section 3.2(b).

 

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(c)            Piggyback
Registration Withdrawal. Any Special Holder shall have the right to withdraw from a Piggyback Registration for any or no reason
whatsoever upon written notification to PubCo and the Underwriter or Underwriters (if any) of such Special Holder’s intention
to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the SEC with respect
to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration, the filing of the
applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration used for marketing
such transaction. PubCo (whether on its own good faith determination or as the result of a request for withdrawal by Persons pursuant
to separate written contractual obligations) may withdraw a Registration Statement filed with the SEC in connection with a Piggyback
Registration (which, in no circumstance, shall include the Shelf) at any time prior to the effectiveness of such Registration Statement.
Notwithstanding anything to the contrary set forth in this Investor Rights Agreement, PubCo shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 3.2(c).

 

Section 3.3     Restriction
on Transfer. In connection with any Underwritten Offering of Equity Securities of PubCo, each Holder that holds more than 2.5%
of the issued and outstanding Common Stock (after giving effect to the exchange of all outstanding Utz Units), agrees that it shall
not Transfer any Common Stock (other than those included in such offering pursuant to this Investor Rights Agreement), without
the prior written consent of PubCo, during the seven days prior to and the 90-day period beginning on the date of pricing of such
offering, except in the event the Underwriter managing the offering otherwise agrees by written consent, and further agrees to
execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms
and conditions as all such Holders). Notwithstanding the foregoing, a Holder shall not be subject to this Section 3.3
with respect to an Underwritten Offering unless each Holder that holds at least 2.5% of the issued and outstanding Common Stock
(after giving effect to the exchange of all outstanding Utz Units) and each of PubCo’s directors and executive officers have
executed a lock-up on terms at least as restrictive with respect to such Underwritten Offering as requested of the Holders.

 

Section 3.4     General
Procedures. In connection with effecting any Registration and/or Shelf Takedown, subject to applicable Law and any regulations
promulgated by any securities exchange on which PubCo’s Equity Securities are then listed, each as interpreted by PubCo with
the advice of its counsel, PubCo shall use its reasonable best efforts (except as set forth in clause (d) below) to
effect such Registration to permit the sale of the Registrable Securities included in such Registration in accordance with the
intended plan of distribution thereof, and pursuant thereto PubCo shall, as expeditiously as possible:

 

(a)            prepare
and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement have been sold;

 

(b)            prepare
and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by any Special Holder or as may be required by the rules, regulations or instructions
applicable to the registration form used by PubCo or by the Securities Act or rules and regulations thereunder to keep the
Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

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(c)            prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Special Holders of Registrable Securities included in such Registration, and such Special Holders’ legal
counsel, if any, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters or the Special
Holders of Registrable Securities included in such Registration or the legal counsel for any such Special Holders, if any, may
reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Special Holders;

 

(d)            prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration
or qualification) and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement
to be registered with or approved by such other Governmental Entities as may be necessary by virtue of the business and operations
of PubCo and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that PubCo shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction
where it is not then otherwise so subject;

 

(e)            cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by PubCo are then listed;

 

(f)            provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

(g)            advise
each Holder of Registrable Securities covered by a Registration Statement, promptly after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such stop order should be issued;

 

(h)            at
least three calendar days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or
Prospectus furnish a draft thereof to each Special Holder of Registrable Securities included in such Registration Statement, or
its counsel, if any (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference
therein);

 

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(i)            notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.7 hereof;

 

(j)            permit
Representatives of the Special Holders, the Underwriters, if any, and any attorney, consultant or accountant retained by such Special
Holders or Underwriter to participate, at each such Person’s own expense except to the extent such expenses constitute Registration
Expenses, in the preparation of the Registration Statement, and cause PubCo’s officers, directors and employees to supply
all information reasonably requested by any such Representative, Underwriter, attorney, consultant or accountant in connection
with the Registration; provided, however, that such Persons agree to confidentiality arrangements reasonably satisfactory to PubCo,
prior to the release or disclosure of any such information;

 

(k)            obtain
a “cold comfort” letter, and a bring-down thereof, from PubCo’s independent registered public accountants in
the event of an Underwritten Offering which the participating Special Holders may rely on, in customary form and covering such
matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request,
and reasonably satisfactory to the participating Special Holders;

 

(l)            on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurances
letter, dated such date, of counsel representing PubCo for the purposes of such Registration, addressed to the Special Holders,
the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration
in respect of which such opinion is being given as the Special Holders, placement agent, sales agent, or Underwriter may reasonably
request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to the participating
Special Holders;

 

(m)            in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

(n)            make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12
months beginning within three months after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the SEC);

 

(o)            if
an Underwritten Offering involves Registrable Securities with a total offering price (including piggyback securities and before
deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $35.0 million, use its reasonable best efforts
to make available senior executives of PubCo to participate in customary “road show” presentations that may be reasonably
requested by the Underwriter in such Underwritten Offering; and

 

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(p)            otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested, by the Special Holders,
in connection with such Registration.

 

Section 3.5     Registration
Expenses. The Registration Expenses of all Registrations shall be borne by PubCo. It is acknowledged by the Holders that the
Holders selling any Registrable Securities in an offering shall bear all incremental selling expenses relating to the sale of Registrable
Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than
as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel
representing such Holders, in each case pro rata based on the number of Registrable Securities that such Holders have sold in such
Registration.

 

Section 3.6     Requirements
for Participating in Underwritten Offerings. Notwithstanding anything to the contrary contained in this Investor Rights Agreement,
if any Holder does not provide PubCo with its requested Holder Information, PubCo may exclude such Holder’s Registrable Securities
from the applicable Registration Statement or Prospectus if PubCo determines, based on the advice of counsel, that such information
is necessary to effect the registration and such Holder continues thereafter to withhold such information. No Person may participate
in any Underwritten Offering of Equity Securities of PubCo pursuant to a Registration under this Investor Rights Agreement unless
such Person (a) agrees to sell such Person’s Registrable Securities on the basis provided in any underwriting and other
arrangements approved by PubCo in the case of an Underwritten Offering initiated by PubCo, and approved by the Demanding Holders
in the case of an Underwritten Offering initiated by the Demanding Holders and (b) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably
required under the terms of such underwriting arrangements. Subject to the minimum thresholds set forth in Section 3.1(c) and
3.4(o) of this Investor Rights Agreement, the exclusion of a Holder’s Registrable Securities as a result of this
Section 3.6 shall not affect the registration of the other Registrable Securities to be included in such Registration.

 

Section 3.7     Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from PubCo that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended Prospectus correcting the Misstatement (and PubCo hereby covenants to prepare and file such supplement
or amendment as soon as practicable after giving such notice), or until it is advised in writing by PubCo that the use of the Prospectus
may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would require PubCo to make an Adverse Disclosure or would require the inclusion in such Registration Statement of
financial statements that are unavailable to PubCo for reasons beyond PubCo’s control, PubCo may, upon giving prompt written
notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement
for the shortest period of time, but in no event more than 90 days in any 12-month period, determined in good faith by PubCo to
be necessary for such purpose. In the event PubCo exercises its rights under the preceding sentence, the Holders agree to suspend,
immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to such Registration in connection
with any sale or offer to sell Registrable Securities. PubCo shall immediately notify the Holders of the expiration of any period
during which it exercised its rights under this Section 3.7.

 

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Section 3.8     Reporting
Obligations. As long as any Holder shall own Registrable Securities, PubCo, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by PubCo after the Effective Date pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents
publicly filed or furnished with the SEC pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed
to have been furnished to the Holders pursuant to this Section 3.8.

 

Section 3.9     Other
Obligations. In connection with a Transfer of Registrable Securities exempt from Section 5 of the Securities Act or through
any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant to the Registration
Statement of which such Prospectus forms a part, PubCo shall, subject to applicable Law, as interpreted by PubCo with the advice
of counsel, and the receipt of any customary documentation required from the applicable Holders in connection therewith, (a) promptly
instruct its transfer agent to remove any restrictive legends applicable to the Registrable Securities being Transferred and (b) cause
its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under
clause (a). In addition, PubCo shall cooperate reasonably with, and take such customary actions as may reasonably be requested
by the Holders, in connection with the aforementioned Transfers; provided, however, that PubCo shall have no obligation to participate
in any “road shows” or assist with the preparation of any offering memoranda or related documentation with respect
to any Transfer of Registrable Securities in any transaction that does not constitute an Underwritten Offering.

 

Section 3.10     Indemnification
and Contribution.

 

(a)            PubCo
agrees to indemnify, to the extent permitted by Law, each Holder of Registrable Securities, its officers, managers, directors and
Representatives and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims,
damages, liabilities and expenses (including attorneys’ fees) caused by, resulting from, arising out of or based upon (i) any
untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, or (ii) any violation or alleged violation by PubCo of the Securities
Act or any other similar federal or state securities Laws, except in each case insofar as the same are caused by or contained in
any information furnished in writing to PubCo by such Holder expressly for use therein. PubCo shall indemnify the Underwriters,
their officers and directors and each Person who controls such Underwriters (within the meaning of the Securities Act) to the same
extent as provided in the foregoing sentence with respect to the indemnification of each Holder.

 

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(b)            In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to PubCo in writing such information and affidavits as PubCo reasonably requests for use in connection with any such Registration
Statement or Prospectus (the “Holder Information”) and, to the extent permitted by Law, such Holder shall indemnify
PubCo, its directors and officers and each Person who controls PubCo (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including reasonable attorneys’ fees) resulting from any untrue statement of material
fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto
or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several,
among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion
to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration
Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who
controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing sentence
with respect to indemnification of PubCo.

 

(c)            Any
Person entitled to indemnification under this Section 3.10 shall (i) give prompt written notice to the indemnifying
party of any claim with respect to which such Person seeks indemnification (provided that the failure to give prompt notice shall
not impair any Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying
party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be
subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably
withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party
with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without
the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled
in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.

 

(d)            The
indemnification provided under this Investor Rights Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, manager, director, Representative or controlling Person of such indemnified
party and shall survive the Transfer of securities.

 

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(e)            If
the indemnification provided in this Section 3.10 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action; provided, however, that the liability of any Holder under this Section 3.10(e) shall be
limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid
or payable by a Party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in Sections 3.10(a), 3.10(b) and 3.10(c), any legal or other fees, charges or expenses
reasonably incurred by such Party in connection with any investigation or proceeding. The Parties agree that it would not be just
and equitable if contribution pursuant to this Section 3.10(e) were determined by pro rata allocation or by any
other method of allocation, which does not take account of the equitable considerations referred to in this Section 3.10(e).
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution pursuant to this Section 3.10(e) from any Person who was not guilty of such fraudulent
misrepresentation.

 

Section 3.11     Other
Registration Rights. Other than the registration rights set forth in the Original RRA, PubCo represents and warrants that no
Person, other than a Holder of Registrable Securities pursuant to this Investor Rights Agreement, has any right to require PubCo
to register any securities of PubCo for sale or to include such securities of PubCo in any Registration Statement filed by PubCo
for the sale of securities for its own account or for the account of any other Person. Further, each of PubCo, the Sponsor and
the Sponsor Representative represents and warrants that this Investor Rights Agreement supersedes any other registration rights
agreement or agreement.

 

Section 3.12     Rule 144.
With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act, PubCo covenants
that it will (a) make available at all times information necessary to comply with Rule 144, if such Rule is available
with respect to resales of the Registrable Securities under the Securities Act, and (b) take such further action as the Holders
may reasonably request, all to the extent required from time to time to enable them to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act
(if available with respect to resales of the Registrable Securities), as such rule may be amended from time to time. Upon
the request of any Holder, PubCo will deliver to such Holder a written statement as to whether PubCo has complied with such information
requirements, and, if not, the specific reasons for non-compliance.

 

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Section 3.13     Term.
Article III shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable
Securities. The provisions of Section 3.10 shall survive any such termination with respect to such Holder.

 

Section 3.14     Holder
Information. Each Holder agrees, if requested in writing by PubCo, to represent to PubCo the total number of Registrable Securities
held by such Holder in order for PubCo to make determinations under this Investor Rights Agreement, including for purposes of Section 3.12
hereof.

 

Section 3.15     Termination
of Original RRA. Upon the Closing, PubCo, the Sponsor and the CCH Independent Directors hereby agree that the Original RRA
and all of the respective rights and obligations of the parties thereunder are hereby terminated in their entirety and shall be
of no further force or effect.

 

Section 3.16     Distributions.

 

(a)            In
the event that, pursuant to a dissolution of the Sponsor, the Sponsor distributes all of its Registrable Securities to its members,
the Founder Holders shall be treated as the Sponsor under this Investor Rights Agreement; provided that such Founders Holders,
taken as a whole, shall not be entitled to rights in excess of those conferred on the Sponsor, as if the Sponsor remained a single
entity party to this Investor Rights Agreement.

 

(b)            In
the event that the Sellers distribute all of their Registrable Securities to their members, such distributees shall be treated
as the Sellers under this Investor Rights Agreement; provided that such distributees, taken as a whole, shall not be entitled to
rights in excess of those conferred on the Sellers, as if they remained a single party to this Investor Rights Agreement.

 

Section 3.17     Adjustments.
If there are any changes in the Common Stock as a result of stock split, stock dividend, combination or reclassification, or through
merger, consolidation, recapitalization or other similar event, appropriate adjustment shall be made in the provisions of this
Investor Rights Agreement, as may be required, so that the rights, privileges, duties and obligations under this Investor Rights
Agreement shall continue with respect to the Common Stock as so changed.

 

Article IV

LOCK-UP

 

Section 4.1     Lock-Up.

 

(a)            Other
than pursuant to the LLC Agreement, no Special Holder (including a Founder Holder) or CCH Independent Director shall Transfer,
or make a public announcement of any intention to effect such Transfer, of any Lock-Up Shares (as defined below) Beneficially Owned
or otherwise held by such Person during the Lock-Up Period (as defined below); provided, that such prohibition shall not apply
to Transfers permitted pursuant to Section 4.2. The “Lock-Up Period” shall be the period commencing
on the Closing Date and ending on the earlier of (i) the date that is one year following the Closing Date and (ii) the
date that the closing price of a share of Class A Common Stock on the New York Stock Exchange or such other principal United
States securities exchange on which the Class A Common Stock is listed, quoted or admitted to trading equals or exceeds $12.00
for any 20 Trading Days within any 30-Trading Day period commencing at least 150 days after the Closing Date. The “Lock-Up
Shares” means (i) the Equity Securities in PubCo and the Operating Company held by the Special Holders or the CCH
Independent Directors as of the Closing Date, including Class A Common Stock and Class V Common Stock, (ii) the
Retained Restricted Company Units and the Restricted Sponsor Shares, in each case, to the extent vested prior to the end of the
Lock-Up Period and (iii) shares of Class A Common Stock issued pursuant to the LLC Agreement upon exchange of Utz Units
held as of the Closing Date, along with an equal number of Class V Common Stock, for Class A Common Stock; provided however
that (x) any Equity Securities purchased by the Sponsor, Founder Holders, or CCH Independent Directors pursuant to one or
more Forward Purchase Agreements entered into with PubCo in connection with PubCo’s initial public offering and (y) Equity
Securities up to the Foundation Transfer Amount transferred to the Foundation pursuant to the LLC Agreement, in each case shall
not be “Lock-Up Shares” under this Investor Rights Agreement.

 

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(b)            During
the Lock-Up Period, any purported Transfer of Lock-Up Shares other than in accordance with this Investor Rights Agreement shall
be null and void, and PubCo shall refuse to recognize any such Transfer for any purpose.

 

(c)            The
Special Holders and the CCH Independent Directors acknowledge and agree that, notwithstanding anything to the contrary contained
in this Investor Rights Agreement, the Equity Securities in the Operating Company (including Retained Company Units and Retained
Restricted Company Units), Restricted Sponsor Shares, shares of Class V Common Stock and shares of Class A Common Stock,
in each case, Beneficially Owned by such Person shall remain subject to any restrictions on Transfer under applicable securities
Laws of any Governmental Entity, including all applicable holding periods under the Securities Act and other rules of the
SEC.

 

Section 4.2     Permitted
Transfers. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, during the Lock-Up Period,
the Special Holders and the CCH Independent Directors may Transfer, without the consent of PubCo, any of such Person’s Lock-Up
Shares to (i) any of such Person’s Permitted Transferees, upon written notice to PubCo and, in the case of such a Transfer
by the Sponsor (including a Founder Holder) or any CCH Independent Director, the Seller Representative, and in the case of such
a Transfer by a Seller or its Permitted Transferees, the Sponsor Representative or (ii) (a) a charitable organization,
upon written notice to PubCo and, in the case of such a Transfer by the Sponsor (including a Founder Holder) or any CCH Independent
Director, the Seller Representative, and in the case of such a Transfer by a Seller or its Permitted Transferees, the Sponsor Representative;
(b) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (c) in
the case of an individual, pursuant to a qualified domestic relations order; or (d) pursuant to any liquidation, merger, stock
exchange or other similar transaction which results in all of PubCo’s stockholders having the right to exchange their shares
of Common Stock for cash, securities or other property subsequent to the Business Combination; provided, that in connection with
any Transfer of such Lock-Up Shares pursuant to clause (ii) above, (x) the restrictions and obligations contained
in Section 4.1 and this Section 4.2 will continue to apply to such Lock-Up Shares after any Transfer of
such Lock-Up Shares, and (y) the Transferee of such Lock-Up Shares shall have no rights under this Investor Rights Agreement,
unless, for the avoidance of doubt, such Transferee is a Permitted Transferee in accordance with this Investor Rights Agreement.
Any Transferee of Lock-Up Shares who is a Permitted Transferee of the Transferor pursuant to this Section 4.2 shall
be required, at the time of and as a condition to such Transfer, to become a party to this Investor Rights Agreement, the Standstill
Agreement (as defined below) and, if applicable, the Sponsor Side Letter by executing and delivering a joinder in the form attached
to this Investor Rights Agreement as Exhibit A, whereupon such Transferee will be treated as a Party (with the
same rights and obligations as the Transferor) for all purposes of this Investor Rights Agreement, the Standstill Agreement and,
if applicable, the Sponsor Side Letter.

 

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Article V

GENERAL PROVISIONS

 

Section 5.1     Assignment;
Successors and Assigns; No Third Party Beneficiaries.

 

(a)            Except
as otherwise permitted pursuant to this Investor Rights Agreement, no Party may assign such Party’s rights and obligations
under this Investor Rights Agreement, in whole or in part, without the prior written consent of the Seller Representative, in the
case of an assignment by the Sponsor (including a Founder Holder) or a CCH Independent Director, or the Sponsor Representative,
in the case of an assignment by a Seller. Any such assignee may not again assign those rights, other than in accordance with this
Article V. Any attempted assignment of rights or obligations in violation of this Article V shall be null
and void.

 

(b)            Notwithstanding
anything to the contrary contained in this Investor Rights Agreement (other than the succeeding sentence of this Section 5.1(b)),
(i) prior to the expiration of the Lock-up Period to the extent applicable to such Holder, no Holder may Transfer such Holder’s
rights or obligations under this Investor Rights Agreement in connection with a Transfer of such Holder’s Registrable Securities,
in whole or in part, except in connection with a Transfer pursuant to Section 4.2; and (ii) after the expiration
of the Lock-up Period to the extent applicable to such Holder, a Holder may Transfer such Holder’s rights or obligations
under this Investor Rights Agreement in connection with a Transfer of such Holder’s Registrable Securities, in whole or in
part, to (x) any of such Holder’s Permitted Transferees, or (y) any Person with the prior written consent of PubCo.
In no event can the Sponsor (including the Founder Holders), the Sponsor Representative or the Sellers or the Seller Representative
assign any of such Person’s rights under Section 2.1. Any Transferee of Registrable Securities pursuant to this
Section 5.1(b) shall be required, at the time of and as a condition to such Transfer, to become a party to this
Investor Rights Agreement, and, to the extent a Permitted Transferee of the Transferor, that certain Standstill Agreement, dated
the date hereof, among PubCo and the other persons party thereto (the “Standstill Agreement”) and, if applicable,
that certain Sponsor Side Letter, by executing and delivering a joinder in the form attached to this Investor Rights Agreement
as Exhibit A, whereupon such Transferee will be treated as a Party (with the same rights and obligations as
the Transferor) for all purposes of this Investor Rights Agreement, the Standstill Agreement and, if applicable, the Sponsor Side
Letter.

 

(c)            All
of the terms and provisions of this Investor Rights Agreement shall be binding upon the Parties and their respective successors,
assigns, heirs and representatives, but shall inure to the benefit of and be enforceable by the successors, assigns, heirs and
representatives of any Party only to the extent that they are permitted successors, assigns, heirs and representatives pursuant
to the terms of this Investor Rights Agreement.

 

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(d)            Nothing
in this Investor Rights Agreement, express or implied, is intended to confer upon any Party, other than the Parties and their respective
permitted successors, assigns, heirs and representatives, any rights or remedies under this Investor Rights Agreement or otherwise
create any third party beneficiary hereto.

 

Section 5.2     Termination.
Except for Sections 2.1(h) and 2.2 (which section shall terminate at such time as the Sellers and their Permitted
Transferees are no longer entitled to any rights pursuant to such section), Article II shall terminate automatically
(without any action by any Party) as to the Sellers or the Sponsor (including each Founder Holder) at such time at which such Party
no longer has the right to designate an individual for nomination to the Board under this Investor Rights Agreement. Article III
of this Investor Rights Agreement shall terminate as set forth in Section 3.13. The remainder of this Investor Rights
Agreement shall terminate automatically (without any action by any Party) as to each Holder when such Holder ceases to hold any
Registrable Securities.

 

Section 5.3     Severability.
If any provision of this Investor Rights Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity,
the remaining provisions of this Investor Rights Agreement, to the extent permitted by Law shall remain in full force and effect.

 

Section 5.4     Entire
Agreement; Amendments; No Waiver.

 

(a)            This
Investor Rights Agreement, together with the Exhibit to this Investor Rights Agreement, the BCA, the LLC Agreement, and all
other Ancillary Agreements (as such term is defined in the BCA), constitute the entire agreement among the Parties with respect
to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings and discussions,
whether oral or written, relating to such subject matter in any way and there are no warranties, representations or other agreements
among the Parties in connection with such subject matter except as set forth in this Investor Rights Agreement and therein.

 

(b)            No
provision of this Investor Rights Agreement may be amended or modified in whole or in part at any time without the express written
consent of (i) PubCo, (ii) for so long as the Sellers and their Permitted Transferees collectively Beneficially Own Economic
Interests (in the Operating Company and PubCo, without duplication) representing 15% or more of the Economic Interests held by
the Sellers immediately after the Closing (excluding for these purposes from both the percentage Beneficially Owned immediately
after the Closing and percentage then Beneficially Owned at any time, the Foundation Transfer Amount, from and after the occurrence
of the Foundation Transfer), the Seller Representative, (iii) for so long as the Sponsor and its Permitted Transferees collectively
Beneficially Own Economic Interests in PubCo representing 15% or more of the Economic Interests held by the Sponsor immediately
after the Closing, the Sponsor Representative, and (iv) in any event at least the Holders holding in the aggregate more than
fifty percent (50%) of the Registrable Securities Beneficially Owned by the Holders; provided that any such amendment or modification
that would be materially adverse in any respect to any Holder shall require the prior written consent of such Holder; provided,
further that a provision that has terminated with respect to a Party shall not require any consent of such Party (and such Party’s
Economic Interests shall not be considered in computing any percentages) with respect to amending or modifying such provision.

 

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(c)            No
waiver of any provision or default under, nor consent to any exception to, the terms of this Investor Rights Agreement shall be
effective unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided.

 

Section 5.5     Counterparts;
Electronic Delivery. This Investor Rights Agreement and any other agreements, certificates, instruments and documents delivered
pursuant to this Investor Rights Agreement may be executed and delivered in one or more counterparts and by fax, email or other
electronic transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement.
No Party shall raise the use of a fax machine or email to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a fax machine or email as a defense to the formation or enforceability of a
contract and each Party forever waives any such defense.

 

Section 5.6     Notices.
All notices, demands and other communications to be given or delivered under this Investor Rights Agreement shall be in writing
and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received
by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next
Business Day, (b) one (1) Business Day following sending by reputable overnight express courier (charges prepaid) or
(c) three (3) calendar days following mailing by certified or registered mail, postage prepaid and return receipt requested.
Unless another address is specified in writing pursuant to the provisions of this Section 5.6, notices, demands and
other communications shall be sent to the addresses indicated below

 

if to PubCo, to:

 

Utz Brands, Inc.

900 High Street

Hanover, PA 17331

Attention: Dylan B. Lissette

Email: 

 

if to the Sellers,
to:

 

Series U of UM Partners, LLC

c/o Utz Quality Foods, LLC

900 High Street

Hanover, PA 17331

Attention: Dylan B. Lissette

Email: 

 

    32

     

    

 

with a copy to:

 

Cozen O’Connor

One Liberty Place

1650 Market Street, Suite 2800

Philadelphia, PA 19103

Attention: Larry P. Laubach, Esq.

Email: llaubach@cozen.com

 

if to the Sponsor or
the CCH Independent Directors, as applicable, to:

 

Collier Creek Partners LLC

200 Park Avenue, 58th Floor

New York, NY 10166

Attention: Jason K. Giordano

Email: 

 

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention:      Peter Martelli, P.C.

Lauren M. Colasacco, P.C.

Christian Nagler

Peter Seligson

Email:  peter.martelli@kirkland.com

lauren.colasacco@kirkland.com

christian.nagler@kirkland.com

peter.seligson@kirkland.com

 

Section 5.7         Governing
Law; Waiver of Jury Trial; Jurisdiction. The Law of the State of Delaware shall govern (a) all Actions, claims or matters
related to or arising from this Investor Rights Agreement (including any tort or non-contractual claims) and (b) any questions
concerning the construction, interpretation, validity and enforceability of this Investor Rights Agreement, and the performance
of the obligations imposed by this Investor Rights Agreement, in each case without giving effect to any choice of law or conflict
of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of
the Law of any jurisdiction other than the State of Delaware. EACH PARTY TO THIS INVESTOR RIGHTS AGREEMENT HEREBY IRREVOCABLY WAIVES
ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS INVESTOR RIGHTS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED BY THIS INVESTOR RIGHTS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER THIS INVESTOR RIGHTS
AGREEMENT. THE PARTIES FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH SUCH PARTY’S LEGAL COUNSEL,
AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
Each of the Parties submits to the exclusive jurisdiction of first, the Chancery Court of the State of Delaware or if such court
declines jurisdiction, then to the Federal District Court for the District of Delaware, in any Action arising out of or relating
to this Investor Rights Agreement, agrees that all claims in respect of the Action shall be heard and determined in any such court
and agrees not to bring any Action arising out of or relating to this Investor Rights Agreement in any other courts. Nothing in
this Section 5.7, however, shall affect the right of any Party to serve legal process in any other manner permitted
by Law or at equity. Each Party agrees that a final judgment in any Action so brought shall be conclusive and may be enforced by
suit on the judgment or in any other manner provided by Law or at equity.

 

    33

     

    

 

Section 5.8     Specific
Performance. Each Party hereby agrees and acknowledges that it will be impossible to measure in money the damages that would
be suffered if the Parties fail to comply with any of the obligations imposed on them by this Investor Rights Agreement and that,
in the event of any such failure, an aggrieved Party will be irreparably damaged and will not have an adequate remedy at Law. Any
such Party shall, therefore, be entitled (in addition to any other remedy to which such Party may be entitled at Law or in equity)
to seek injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if
any Action should be brought in equity to enforce any of the provisions of this Investor Rights Agreement, none of the Parties
shall raise the defense that there is an adequate remedy at Law.

 

Section 5.9     Subsequent
Acquisition of Shares. Any Equity Securities of PubCo or Operating Company acquired subsequent to the Effective Date by a Holder
shall be subject to the terms and conditions of this Investor Rights Agreement and such shares shall be considered to be “Registrable
Securities” as such term is used in this Investor Rights Agreement.

 

Section 5.10     Sponsor
Matters.

 

(a)            The
Sponsor represents and warrants to the Sellers that as of the Effective Date the Founder Holders Beneficially Own in the aggregate
9,555,671.61 shares of Class A Common Stock resulting from the automatic conversion of the Class B Ordinary Shares of
PubCo Beneficially Owned by the Founder Holders prior to the Effective Date and 1,935,328.38 shares of Restricted Sponsor Shares
that are owned by the Sponsor.

 

(b)            The
Sponsor Representative shall give written notice to PubCo and the Sellers promptly following the dissolution of the Sponsor, which
notice shall include (i) the effective date of such dissolution, and (ii) the number of shares of Class A Common
Stock and Restricted Sponsor Shares referred to in Section 5.10(a) that will be distributed to each Founder Holder
as a result of such dissolution. Upon dissolution of the Sponsor, all obligations of the Sponsor under this Investor Rights Agreement
will thereafter automatically become obligations of the Founder Holders, without any further action or execution of any agreements
or documents by any Founder Holder, and any and all notices to be delivered to the Sponsor under this Investor Rights Agreement
after the dissolution of the Sponsor shall be delivered solely to the Sponsor Representative.

 

[Signature Pages Follow]

 

    34

     

    

 

IN WITNESS WHEREOF,
each of the Parties has duly executed this Investor Rights Agreement as of the Effective Date.

 

	 	PUBCO:
	 	 
	 	UTZ BRANDS, INC. (f/k/a
    COLLIER CREEK HOLDINGS)
	 	 
	 	By: 	/s/ Dylan B. Lissette
	 	Name: Dylan B. Lissette
	 	Title:   President and Chief
    Executive Officer

 

	 	SPONSOR:
	 	 
	 	COLLIER CREEK PARTNERS LLC
	 	 
	 	By:	 /s/ Jason K. Giordano
	 	Name: Jason K. Giordano
	 	Title: Manager

 

[Signature Page - Investor Rights
Agreement]

 

     

     

    

 

	 	SELLERS:
	 	 
	 	SERIES U OF UM PARTNERS, LLC
	 	 
	 	By:	/s/ Dylan B. Lissette
	 	Name: Dylan B. Lissette
	 	Title:   President and Chief
    Executive Officer

 

	 	SERIES R OF UM PARTNERS, LLC
	 	 
	 	By: 	/s/ Dylan B. Lissette
	 	Name: Dylan B. Lissette
	 	Title: President and Chief
    Executive Officer

 

[Signature Page - Investor Rights
Agreement]

 

     

     

    

 

	 	FOUNDER HOLDERS:
	 	 
	 	/s/ Chinh E. Chu
	 	Chinh E. Chu
	 	 
	 	/s/ Roger K. Deromedi
	 	Roger K. Deromedi
	 	 
	 	/s/ Jason K. Giordano
	 	Jason K. Giordano
	 	 
	 	/s/ Erika Giordano
	 	Erika Giordano
	 	 
	 	ROGER K. DEROMEDI REVOCABLE
    TRUST, DATED 2/11/2000, AMENDED AND RESTATED 11/9/2011
	 	 
	 	By: 	/s/ Roger K. Deromedi
	 	Name: Roger K. Deromedi
	 	Title: Trustee
	 	 
	 	CC COLLIER HOLDINGS, LLC
	 	 
	 	By: 	/s/ Chinh E. Chu
	 	Name: Chinh E. Chu
	 	Title: President and Senior
    Managing Director

 

[Signature Page - Investor Rights
Agreement]

 

     

     

    

 

	 	THE CCH INDEPENDENT DIRECTORS:
	 	 
	 	/a/ Antonio F. Fernandez
	 	Antonio F. Fernandez
	 	 
	 	/s/ Matthew M. Mannelly
	 	Matthew M. Mannelly
	 	 
	 	/s/ Craig D. Steeneck
	 	Craig D. Steeneck
	 	 
	 	/s/ William D. Toler
	 	William D. Toler

 

[Signature Page - Investor Rights
Agreement]

 

     

     

    

 

Exhibit A

 

Form of Joinder

 

This
Joinder (this “Joinder”) to the Investor Rights Agreement [and the Standstill Agreement (each as defined below)],
made as of                                        ,
is between                                         (“Transferor”)
and                                        (“Transferee”).

 

WHEREAS,
as of the date hereof, Transferee is acquiring                    Registrable
Securities (the “Acquired Interests”) from Transferor;

 

WHEREAS, Transferor
is a party to that certain Investor Rights Agreement, dated as of August 28, 2020, among Utz Brands, Inc. ( “PubCo”)
and the other persons party thereto (the “Investor Rights Agreement”) [and that certain Standstill Agreement,
dated as of August 28, 2020, among PubCo and the other persons party thereto (the “Standstill Agreement”)]
[and that certain letter agreement, dated June 5, 2020, among PubCo and the other persons party thereto (the “Sponsor
Side Letter”)]; and

 

WHEREAS, Transferee
is required, at the time of and as a condition to such Transfer, to become a party to the Investor Rights Agreement [and the Standstill
Agreement] [and the Sponsor Side Letter] by executing and delivering this Joinder, whereupon such Transferee will be treated as
a Party (with the same rights and obligations as the Transferor) for all purposes of the Investor Rights Agreement [and the Standstill
Agreement] [and the Sponsor Side Letter].

 

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

 

Section 1.1       Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings
set forth in the Investor Rights Agreement.

 

Section 1.2       Acquisition.
The Transferor hereby Transfers to the Transferee all of the Acquired Interests.

 

Section 1.3       Joinder.
Transferee hereby acknowledges and agrees that (a) such Transferee has received and read the Investor Rights Agreement [and
the Standstill Agreement] [and the Sponsor Side Letter], (b) such Transferee is acquiring the Acquired Interests in accordance
with and subject to the terms and conditions of the Investor Rights Agreement [and the Standstill Agreement] [and the Sponsor Side
Letter] and (c) such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all
purposes of the Investor Rights Agreement [and the Standstill Agreement] [and the Sponsor Side Letter].

 

Section 1.4       Notice.
Any notice, demand or other communication under the Investor Rights Agreement [or the Standstill Agreement] [or the Sponsor Side
Letter] to Transferee shall be given to Transferee at the address set forth on the signature page hereto in accordance with
Section 5.6 of the Investor Rights Agreement [or Section 3.6 of the Standstill Agreement, as applicable] or [Section 3.4
of the Sponsor Side Letter, as applicable].

 

Section 1.5       Governing
Law. This Joinder shall be governed by and construed in accordance with the law of the State of Delaware.

 

Section 1.6       Counterparts;
Electronic Delivery. This Joinder may be executed and delivered in one or more counterparts, by fax, email or other electronic
transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement.

 

     

     

    

 

IN WITNESS WHEREOF,
this Joinder has been duly executed and delivered by the parties as of the date first above written.

 

	 	[TRANSFEROR]
	 	 
	 	By: 	                                

	 	Name: 	 

	 	Title:	 

 

	 	[TRANSFEREE]
	 	 
	 	By: 	                           

	 	Name: 	 

	 	Title:	 

 

	 	Address for notices:

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