Document:

strt-ex41_244.htm

 

Exhibit 4.1

 

DESCRIPTION OF SECURITIES

References to “STRATTEC” and the “Company” herein are, unless the context otherwise indicates, only to STRATTEC SECURITY CORPORATION and not to any of its subsidiaries.  

Our Common Stock, par value $0.01 per share, is the only class of securities of the Company registered under Section 12 of the Securities Exchange Act of 1934.

 

Description of Capital Stock

 

General

The following is a summary of information concerning capital stock of STRATTEC. The summaries and descriptions below do not purport to be complete statements of the relevant provisions of the Company’s Amended and Restated Articles of Incorporation, as amended, and our Amended By-laws, and are entirely qualified by these documents.  For additional information, you should look at our Amended and Restated Articles of Incorporation, as amended, and our Amended By-laws, copies of which are on file with the SEC as exhibits to our periodic reports and are incorporated by reference.

 

Common Stock

Shares Outstanding. The Company is authorized to issue up to 12 million shares of common stock, par value $.01 per share (the “Common Stock”).

 

Dividends. Subject to any limitations under Wisconsin law, holders of shares of Common Stock are entitled to receive dividends when, as and if declared by the Company’s Board of Directors (the “Board”) out of funds legally available for that purpose. 

 

Voting Rights. Each share of Common Stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of shares of Common Stock do not have cumulative voting rights. At a meeting of stockholders at which a quorum is present, for all matters other than the election of directors, a matter is approved if the votes cast favoring the matter exceed the votes cast opposing the matter unless the matter is one upon which a different vote is required by our Amended and Restated Articles of Incorporation, as amended, our Amended By-laws or the Wisconsin Business Corporation Law.  The Company has adopted a majority voting standard in uncontested elections of directors.  Accordingly, a majority of the votes cast in favor of the election of each nominee director is required for the election of that director. Under the Wisconsin Business Corporation Law, the affirmative vote of stockholders holding at least a majority of the shares entitled to vote is generally required to approve (i) a merger to which we are a party, (ii) the sale, lease, exchange or other disposition of all or substantially all of our assets, (iii) an amendment to our Amended and Restated Articles of Incorporation, as amended, which requires a stockholder vote, and (iv) our dissolution.

 

 

 

Other Rights. In the event of any liquidation, dissolution or winding up of the Company, holders of shares of Common Stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders after the payment of all of our debts and other liabilities. The shares of Common Stock are not subject to redemption by operation of a sinking fund or otherwise. Holders of shares of Common Stock are not currently entitled to pre-emptive rights and have no conversion or subscription rights.

Listing. The Common Stock is traded on The Nasdaq Stock Market LLC under the trading symbol “STRT.”

Miscellaneous. All outstanding shares of our common stock are fully paid and not liable to further calls or assessments by us.

 

Wisconsin Anti-Takeover Provisions.

Under Section 180.1150 of the Wisconsin Business Corporation Law, unless the board of directors otherwise specifies, the voting power of shares of a “resident domestic corporation,” such as us, which are held by any person holding in excess of 20% of the voting power of our stock will be limited to 10% of the full voting power of the shares. This statutory voting restriction does not apply to shares acquired directly from us, acquired in a transaction incident to which our stockholders vote to restore the full voting power of the shares and under other circumstances more fully described in Section 180.1150 of the Wisconsin Business Corporation Law. 

Sections 180.1141 through 180.1144 of the Wisconsin Business Corporation Law provide that a “resident domestic corporation,” such as us, may not engage in a “business combination” with a person beneficially owning 10% or more of the voting power of our outstanding stock (an “interested stockholder”) for three years after the date the interested stockholder acquired its 10% or greater interest, unless the business combination or the acquisition of the 10% or greater interest was approved before the stock acquisition date by our Board of Directors. After the three-year period, a business combination that was not so approved can be completed only if it is approved by a majority of the outstanding voting shares not held by the interested stockholder or is made at a specified price intended to provide a fair price for the shares held by noninterested stockholders. 

Sections 180.1130 through 180.1132 of the Wisconsin Business Corporation Law provide that a “resident domestic corporation,” such as us, may not engage in a “business combination” with a person beneficially owning 10% or more of the voting power of our outstanding stock (a “significant stockholder”) unless the business combination either satisfies certain fair price criteria or the business combination is approved by at least 80% of the voting power of our stock and at least two-thirds of the voting power of our stock not beneficially owned by the significant stockholder. 

Requirements for Advance Notification of Stockholder Nominations and Proposals.

Our Amended By-laws establish advance notice procedures with respect to stockholder proposals to be brought before a stockholder meeting and the nomination of candidates for 

 

 

election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.Exhibit 10.1

 

Execution
Version

 

THIRD AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

UTZ BRANDS HOLDINGS, LLC

 

DATED AS OF AUGUST 28, 2020

 

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

 

    	 	 	 

     

    

 

	Table of Contents
	 	 	 
	 	 	Page
	 	 	 
	Article I DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Interpretive Provisions	19
	 	 	 
	Article II ORGANIZATION OF THE LIMITED LIABILITY COMPANY	20
	Section 2.1	Formation	20
	Section 2.2	Filing	20
	Section 2.3	Name	20
	Section 2.4	Registered Office: Registered Agent	20
	Section 2.5	Principal Place of Business	21
	Section 2.6	Purpose; Powers	21
	Section 2.7	Term	21
	Section 2.8	Intent	21
	 	 	 
	Article III CLOSING TRANSACTIONS	21
	Section 3.1	Recapitalization	21
	Section 3.2	Business Combination Agreement Transactions	22
	 	 	 
	Article IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	22
	Section 4.1	Authorized Units; General Provisions with Respect to Units	22
	Section 4.2	Capital Contributions	27
	Section 4.3	Issuance of Additional Units	27
	Section 4.4	Capital Accounts	28
	Section 4.5	Other Matters Regarding Capital Contributions	28
	Section 4.6	Exchange of Common Units	29
	Section 4.7	Representations and Warranties of the Members	34
	 	 	 
	Article V ALLOCATIONS OF PROFITS AND LOSSES	35
	Section 5.1	Profits and Losses	35
	Section 5.2	Special Allocations	36
	Section 5.3	Allocations for Tax Purposes in General	38
	Section 5.4	Other Allocation Rules	39
	Section 5.5	Restricted Common Units	40
	 	 	 
	Article VI DISTRIBUTIONS	41
	Section 6.1	Distributions	41
	Section 6.2	Tax-Related Distributions	42
	Section 6.3	Distribution Upon Withdrawal	43
	 	 	 
	Article VII MANAGEMENT	43
	Section 7.1	Managing Member Rights; Member and Officer Duties	43
	Section 7.2	Role of Officers	44
	Section 7.3	Warranted Reliance by Officers on Others	45
	Section 7.4	Indemnification	45

 

    	 	i	 

     

    

 

	Table of Contents (cont’d)
	 	 	 
	 	 	Page
	 	 	 
	Section 7.5	Resignation or Termination of Managing Member	47
	Section 7.6	Reclassification Events of PubCo	48
	Section 7.7	Transactions between Company and Managing Member	48
	Section 7.8	Certain Costs and Expenses	48
	 	 	 
	Article VIII ROLE OF MEMBERS	49
	Section 8.1	Rights or Powers	49
	Section 8.2	Various Capacities	49
	Section 8.3	Investment Opportunities	49
	 	 	 
	Article IX TRANSFERS OF UNITS	50
	Section 9.1	Restrictions on Transfer	50
	Section 9.2	Notice of Transfer	51
	Section 9.3	Transferee Members	52
	Section 9.4	Legend	52
	 	 	 
	Article X ACCOUNTING	53
	Section 10.1	Books of Account	53
	Section 10.2	Tax Elections	53
	Section 10.3	Tax Returns; Information	53
	Section 10.4	Company Representative	54
	Section 10.5	Withholding Tax Payments and Obligations	58
	 	 	 
	Article XI DISSOLUTION	58
	Section 11.1	Liquidating Events	58
	Section 11.2	Bankruptcy	59
	Section 11.3	Procedure	60
	Section 11.4	Rights of Members	61
	Section 11.5	Notices of Dissolution	61
	Section 11.6	Reasonable Time for Winding Up	61
	Section 11.7	No Deficit Restoration	61
	 	 	 
	Article XII GENERAL	61
	Section 12.1	Amendments; Waivers	61
	Section 12.2	Further Assurances	62
	Section 12.3	Successors and Assigns	62
	Section 12.4	Entire Agreement	62
	Section 12.5	Rights of Members Independent	63
	Section 12.6	Governing Law; Waiver of Jury Trial; Jurisdiction	63
	Section 12.7	Headings	63
	Section 12.8	Counterparts; Electronic Delivery	64
	Section 12.9	Notices	64
	Section 12.10	Representation by Counsel; Interpretation	65
	Section 12.11	Severability	65
	Section 12.12	Expenses	65
	Section 12.13	No Third Party Beneficiaries	65

 

    	 	ii	 

     

    

 

	Table of Contents (cont’d)
	 	 	 
	 	 	Page
	 	 	 
	Section 12.14	Confidentiality	66
	Section 12.15	No Recourse	66
	 	 	 
	Exhibits	 
	 	 	 
	Exhibit A: Capitalization	 
	Exhibit B: Exchange Notice	 
	Exhibit C: Officers	 
	Exhibit D: Distribution Policy	 
	Exhibit E: Joinder	 

 

    	 	iii	 

     

    

 

THIRD AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

UTZ BRANDS HOLDINGS, LLC

 

This THIRD AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time to time in accordance with this
LLC Agreement, this “LLC Agreement”) of Utz Brands Holdings, LLC (f/k/a UM-U Intermediate, LLC), a Delaware
limited liability company (the “Company”), is entered into as of August 28, 2020, by and among Utz
Brands, Inc., a Delaware corporation (“PubCo”), as a Member and the Managing Member as of the date
hereof, 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”,
and together with Series U, the “Continuing Members”) and each other Person who is or at any time
becomes a Member in accordance with the terms of this LLC Agreement and the Act. Capitalized terms used in this LLC Agreement shall
have the respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS, the
Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware
on September 14, 2016, and was originally governed by the Limited Liability Company Agreement of the Company, dated as of
September 19, 2016 (the “Initial LLC Agreement”);

 

WHEREAS, the
Continuing Members entered into the Amended and Restated Limited Liability Company Agreement, effective as of December 30,
2019 (the “Restructuring LLC Agreement”), which amended and restated the Initial LLC Agreement;

 

WHEREAS, the
Continuing Members entered into the Second Amended and Restated Limited Liability Company Agreement, effective as of December 31,
2019 (the “Existing LLC Agreement”), which amended and restated the Restructuring LLC Agreement;

 

WHEREAS, immediately
prior to giving effect to the transactions contemplated by the Business Combination Agreement, the Company was wholly owned by
the Continuing Members;

 

WHEREAS, on
June 5, 2020, the Company, PubCo, and the Continuing Members entered into that certain Business Combination Agreement (as
amended, modified or supplemented from time to time in accordance with the terms thereof, the “Business Combination
Agreement”), pursuant to which, among other things, as of the Effective Time, PubCo will acquire the Acquired Company
Units (as such term is defined in the Business Combination Agreement) and the Acquired Restricted Company Units (as such term is
defined in the Business Combination Agreement) in exchange for the consideration described in the Business Combination Agreement,
in each case representing Common Units and Restricted Common Units, respectively;

 

    	 	 	 

     

    

 

WHEREAS, the
Members desire to amend and restate the Existing LLC Agreement in its entirety as of the Effective Time to reflect: (a) the
recapitalization of the Company to convert the Pre-Closing Units held by the Continuing Members into Common Units and Restricted
Common Units in such amounts as set forth in this LLC Agreement (the “Recapitalization”), (b) the
consummation of the transactions contemplated by the Business Combination Agreement and the Ancillary Agreements (as such term
is defined in the Business Combination Agreement), including the admission of PubCo as a Member in connection with the issuance
by the Company to PubCo of Common Units and Restricted Common Units representing the Issued Company Units (as such term is defined
in the Business Combination Agreement), the receipt by PubCo of Common Units and Restricted Common Units representing the Exchanged
Company Units (as such term is defined in the Business Combination Agreement) and the receipt by PubCo of Common Units and Restricted
Common Units representing the Assigned Company Units (as such term is defined in the Business Combination Agreement), (c) PubCo’s
designation as the sole Managing Member of the Company, and (d) the rights and obligations of the Members and other terms
and provisions, in each case as set forth in this LLC Agreement; and

 

WHEREAS, following
the Effective Time, each Common Unit (other than any Common Unit held by PubCo and its wholly owned Subsidiaries) may be exchanged,
at the election of the holder of such Common Unit (together with the surrender and delivery by such holder of one (1) share
of Class V Common Stock of PubCo), for one (1) share of Class A Common Stock of PubCo, in each case in accordance
with the terms and conditions of this LLC Agreement.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements contained in this LLC 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 LLC Agreement and the Schedules and Exhibits attached to this LLC Agreement, the following definitions shall apply:

 

“Act”
means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq.

 

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

 

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

 

“Adjusted
Capital Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end of
any Taxable Year or other taxable period, with the following adjustments:

 

(a)            credit
to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c),
as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum
Gain; and

 

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

 

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

 

“Advancement
of Expenses” is defined in Section 7.4(b).

 

“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 LLC Agreement, no
Member shall be deemed to be an Affiliate of any other Member.

 

“Appraiser
FMV” means the fair market value of any Equity Security as determined by an independent appraiser mutually agreed
upon by the Managing Member and the relevant Transferor, whose determination shall be final and binding for those purposes for
which Appraiser FMV is used in this LLC Agreement. Appraiser FMV shall be the fair market value determined without regard to any
discounts for minority interest, illiquidity or other discounts. The cost of any independent appraisal in connection with the determination
of Appraiser FMV in accordance with this LLC Agreement shall be borne by the Company.

 

“Assumed
Rate” means the highest effective marginal combined U.S. federal, state and local income tax rate (including, if
applicable, under Section 1411 of the Code) applicable to an individual resident in Pennsylvania (or if the highest effective
marginal combined U.S. federal, state and local income tax rate applicable to a U.S. corporation is higher, such combined corporate
income tax rate), in each case taking into account all jurisdictions in which the Company is required to file income tax returns
and the relevant apportionment information, in effect for the applicable Taxable Year, taking into account (a) the character
of any income, gains, deductions, losses or credits, the deductibility of state income taxes (provided, that, for administrative
convenience, it shall be assumed that no portion of any state or local taxes shall be deductible for so long as the limitation
set forth in Section 164(b)(6)(B) of the Code as of the date hereof remains applicable), and (b) deductions under
Code Section 199A, as applicable. The Assumed Rate shall be the same for all Members regardless of the actual combined income
tax rate of the Member or its direct or indirect owners.

 

“Audit”
is defined in Section 10.4(b).

 

“BBA Rules”
means Subchapter C of Chapter 63 of the Code (Sections 6221 et seq.) as amended by the Bipartisan Budget Act of 2015, and any Treasury
Regulations and other guidance promulgated thereunder, and any similar state or local legislation, regulations or guidance.

 

    3

     

    

 

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

 

“Board”
means the board of directors of PubCo, as constituted at any given time.

 

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

 

“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.

 

“Business
Opportunities Exempt Party” is defined in Section 8.3.

 

“Capital
Account” means, with respect to any Member, the capital account maintained for such Member in accordance with Section 4.4.
The initial Capital Account of each Member as of the Effective Time (the “Closing Date Capital Account Balance”)
is set forth next to such Member’s name on Exhibit A hereto.

 

“Capital
Contribution” means, with respect to any Member, the amount of cash and the Fair Market Value of any property (other
than cash) contributed to the Company by such Member, net of any liabilities assumed by the Company for such Member in connection
with such contribution, as set forth from time to time in the books and records of the Company. Any reference to the Capital Contribution
of a Member will include any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that
such Capital Contribution was made in respect of Units Transferred to such Member. As of the Effective Time, each Member shall
be deemed to have made Capital Contributions equal to the Closing Date Capital Account Balance of such Member set forth next to
such Member’s name on Exhibit A hereto.

 

“Cash Available
for Tax Distributions” is defined in Section 6.2(a).

 

“Cash Exchange
Class A 5-Day VWAP” means the arithmetic average of the VWAP for each of the five (5) consecutive Trading
Days ending on the Trading Day immediately prior to the Exchange Notice Date.

 

“Cash Exchange
Notice” has the meaning set forth in Section 4.6(a)(ii).

 

“Cash Exchange
Payment” means with respect to a particular Exchange for which PubCo has elected to make a Cash Exchange Payment
in accordance with Section 4.6(a)(ii):

 

(i) if the Class A
Common Stock trades on a National Securities Exchange or automated or electronic quotation system, an amount of cash equal to the
product of (x) the number of shares of Class A Common Stock that would have been received by the Exchanging Member in
the Exchange for that portion of the Common Units subject to the Exchange set forth in the Cash Exchange Notice if PubCo had paid
the Stock Exchange Payment with respect to such number of Common Units, and (y) the Cash Exchange Class A 5-Day VWAP;
or

 

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(ii) if the Class A
Common Stock is not then traded on a National Securities Exchange or automated or electronic quotation system, as applicable, an
amount of cash equal to the product of (x) the number of shares of Class A Common Stock that would have been received
by the Exchanging Member in the Exchange for that portion of the Common Units subject to the Exchange set forth in the Cash Exchange
Notice if PubCo had paid the Stock Exchange Payment with respect to such number of Common Units, for which PubCo has elected to
make a Cash Exchange Payment and (y) the Appraiser FMV 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.

 

“Certificate
Delivery” means, in the case of any shares of Class V Common Stock to be transferred and surrendered by an Exchanging
Member in connection with an Exchange which are represented by a certificate or certificates, the process by which the Exchanging
Member shall also present and surrender such certificate or certificates representing such shares of Class V Common Stock
during normal business hours at the principal executive offices of PubCo, or if any agent for the registration or transfer of shares
of Class V Common Stock is then duly appointed and acting, at the office of such transfer agent, along with any instruments
of transfer reasonably required by the Managing Member or such transfer agent, as applicable, duly executed by the Exchanging Member
or the Exchanging Member’s duly authorized representative.

 

“Change
of Control” means the occurrence of any transaction or series of related transactions in which: (a) any Person
or any group of Persons (other than PubCo) acting together that would constitute a “group” for purposes of Section 13(d) of
the Exchange Act, is or becomes the beneficial owner, directly or indirectly, of securities of PubCo or the Company representing
more than 50% of the combined voting power of PubCo’s or the Company’s, as applicable, then outstanding voting securities
(excluding a transaction or series of related transactions described in clause (b) that would not constitute a Change
of Control), (b) there is consummated a merger or consolidation of PubCo or the Company with any other Person, and, immediately
after the consummation of such merger or consolidation, the outstanding voting securities of PubCo or the Company, as applicable,
immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined
voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if PubCo or
the Company, as applicable (or its successor) is a Subsidiary of such Person, the ultimate parent thereof, or (c) there is
consummated an agreement or series of related agreements for the sale or transfer, directly or indirectly, by PubCo of all or substantially
all of PubCo’s assets (including the Company). Notwithstanding the foregoing, a “Change of Control” shall not
be deemed to have occurred by virtue of (i) the consummation of any transaction or series of related transactions immediately
following which the record holders of the shares of PubCo immediately prior to such transaction or series of related transactions
continue to have substantially the same proportionate ownership in, and voting control over, and own substantially all of the shares
of, an entity which owns, directly or indirectly, all or substantially all of the assets of PubCo immediately following such transaction
or series of related transactions or (ii) any acquisition or disposition of any securities of PubCo by the Continuing Members
or any of their Permitted Transferees; provided that any such acquisition does not violate Section 2.1(a) of the Standstill
Agreement.

 

“Class A
3-Day VWAP” means, on any relevant measurement date, the VWAP for three (3) consecutive Trading Days ending
on such date (calculated as a single period).

 

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“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 become payable 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 become payable 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 become payable 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.

 

“Closing
Date Capital Account Balance” has the meaning set forth in the definition of “Capital Account”.

 

“COC Exchange”
is defined in Section 4.6(a)(iv).

 

“COC Exchange
Date” is defined in Section 4.6(a)(iv).

 

“COC Notice”
is defined in Section 4.6(a)(iv).

 

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

 

“Commission”
means the U.S. Securities and Exchange Commission, including any Governmental Entity succeeding to the functions thereof.

 

“Common
Units” means the common units of limited liability company interests issued under this LLC Agreement, including by
way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization,
but shall exclude any Restricted Common Units prior to their conversion into Common Units upon the occurrence of an applicable
Vesting Event.

 

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

 

“Company
Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections
1.704-2(b)(2) and 1.704-2(d).

 

    6

     

    

 

“Company
Representative” shall mean the Person designated under this LLC Agreement in its capacity as the “partnership
representative” (as such term is defined under the BBA Rules and any analogous provision of state or local tax Law)
of the Company and as the “tax matters partner” (to the extent applicable for state and local tax purposes and for
U.S. federal income tax purposes for Taxable Years beginning on or before December 31, 2017) of the Company, including, as
the context requires, any “designated individual” through whom the Company Representative is permitted by applicable
Law to act in accordance with the terms hereof, which Person shall be, as of the Effective Time, PubCo.

 

“Confidential
Information” means any and all confidential or proprietary information obtained by a Member from the Company or any
of its Affiliates directly or indirectly, including from their representatives, which information includes ideas, financial information,
products, services, business strategies, innovations, recipes and materials, all aspects of the Company’s business plan,
proposed operation and products, corporate structure, board minutes and materials, financial and organizational information, analyses,
proposed partners, software code and system and product designs, employees and their identities, equity ownership, the methods
and means by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property
associated with the Company’s business. With respect to any Member, Confidential Information does not include information
that: (a) is in the possession of such Member on a non-confidential basis at the time of disclosure by or on behalf of the
Company or any of its Affiliates; (b) before or after it has been disclosed to such Member by or on behalf of the Company
or any of its Affiliates, becomes part of public knowledge, not as a result of any action or inaction of such Member (other than
PubCo) in violation of this LLC Agreement; (c) is approved for release by written authorization of the Board; (d) is
disclosed to such Member or its representatives by a third party not, to the knowledge of such Member or such representative, respectively,
in violation of any obligation of confidentiality owed to the Company or any of its Affiliates with respect to such information;
or (e) is or becomes independently developed by such Member or its representatives without use or reference to the Confidential
Information.

 

“Continuing
Member COC” means a Change of Control in which the acquiring Person or Persons in the relevant transaction or series
of related transactions are not (a) a Continuing Member, (b) a member of the Rice Family, or (c) an Affiliate of
a Continuing Member or a member of the Rice Family.

 

“Continuing
Members” is defined in the preamble to this LLC Agreement.

 

“Continuing
Member Representative” means Series U.

 

“Conversion
Date” means, with respect to any Restricted Common Unit, the date on which a Vesting Event occurs for such Restricted
Common Unit or such later date as determined pursuant to Section 4.1(d).

 

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

 

    7

     

    

 

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

 

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

 

“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.

 

“Distribution
Catch-Up Payment” is defined in Section 6.1(a).

 

“Distribution
Catch-Up Period” means, with respect to any Restricted Common Unit, the period beginning at the Effective Time and
ending on the Conversion Date with respect to such Restricted Common Unit.

 

“Distribution
Policy” is defined in Section 6.1(a).

 

“Effective
Time” means the time of the “Closing” as defined in the Business Combination Agreement.

 

“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 preferred interests 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.

 

“ERISA”
means the Employee Retirement Security Act of 1974.

 

    8

     

    

 

“Exchange”
means (a) the exchange by the Company of Common Units held by a Member (together with the surrender and cancellation of the
same number of outstanding shares of Class V Common Stock held by such Member) for either (i) a Stock Exchange Payment
or (ii) a Cash Exchange Payment or (b) the direct purchase by PubCo of Common Units and shares of Class V Common
Stock held by a Member in accordance with a PubCo Call Right, in each case in accordance with Section 4.6.

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Exchange
Blackout Period” means the period of time commencing on (x) the date of payment of a distribution by the Company
to PubCo (or the record date for such distribution, if earlier than the date of payment of such distribution) (such date, the “Start
Date”) for the first distribution under Section 6.1 or Section 6.2 after the date of this
LLC Agreement and thereafter for each first distribution under Section 6.1 or Section 6.2 following the
end of each immediately preceding Exchange Blackout Period (in respect of the four (4) distribution dates in a calendar year
set forth in the Distribution Policy) and ending on (but including) (y) the PubCo Record Date for the PubCo dividend immediately
following such distribution; provided that in no event shall such period of time exceed twenty (20) calendar days following
the Start Date. For the avoidance of doubt, no more than four (4) Exchange Blackout Periods can begin in any calendar year.

 

“Exchange
Conditions” means any of the following conditions: (a) any Registration Statement pursuant to which the resale
of the Class A Common Stock to be registered for such Exchanging Member at or immediately following the consummation of the
Exchange shall have ceased to be effective pursuant to any action or inaction by the Commission or no such resale Registration
Statement has yet become effective, (b) PubCo shall have failed to cause any related prospectus to be supplemented by any
required prospectus supplement necessary to effect such Exchange, (c) PubCo shall have exercised its right to defer, delay
or suspend the filing or effectiveness of a Registration Statement and such deferral, delay or suspension shall affect the ability
of such Exchanging Member to have its Class A Common Stock registered at or immediately following the consummation of the
Exchange, (d) any stop order relating to the Registration Statement pursuant to which the Class A Common Stock was to
be registered by such Exchanging Member at or immediately following the Exchange shall have been issued by the Commission, (e) there
shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits
the Exchange, or (f) PubCo shall have failed to comply in all material respects with its obligations under the Investor Rights
Agreement to the extent related to the resale of the Class A Common Stock of an Exchanging Member, and such failure shall
have adversely affected the ability of such Exchanging Member to consummate the resale of Class A Common Stock to be received
upon such Exchange pursuant to an effective Registration Statement.

 

“Exchange
Date” means the date that is five (5) Business Days after the Exchange Notice Date is given; provided,
that if an Exchanging Member delays the consummation of an Exchange by delivering an Exchange Delay Notice, the Exchange Date shall
occur on the date that is three (3) Business Days following the date on which the conditions giving rise to such delay cease
to exist which shall in no event be prior to the date otherwise determined pursuant to this definition (or such earlier day as
the Managing Member and such Exchanging Member may agree in writing); provided, further, that if the Exchange Date
for any Exchange with respect to which PubCo elects to make a Stock Exchange Payment would otherwise fall within any Exchange Blackout
Period, then the Exchange Date shall occur on the next Business Day following the end of such Exchange Blackout Period; provided
further, that to the extent an Exchange is made in connection with an Exchanging Member’s proper exercise of its rights
to participate in a Piggyback Registration pursuant to Section 3.2 of the Investor Rights Agreement, the Exchange Date shall
be the date on which the offering with respect to such Piggyback Registration is completed.

 

    9

     

    

 

“Exchange
Delay Notice” is defined in Section 4.6(a)(iii).

 

“Exchange
Notice” means a written election of Exchange in the form of Exhibit B, duly executed by the Exchanging
Member.

 

“Exchange
Notice Date” means, with respect to any Exchange Notice, the date such Exchange Notice is given to the Company in
accordance with Section 12.9.

 

“Exchanging
Member” means any Member holding Common Units (other than PubCo and its wholly-owned Subsidiaries) whose Common Units
are subject to an Exchange.

 

“Exchanged
Units” means, with respect to any Exchange, the Common Units being exchanged pursuant to a relevant Exchange Notice,
and an equal number of shares of Class V Common Stock held by the relevant Exchanging Member; provided, that, such amount
of Common Units shall in no event be less than the Minimum Exchange Amount.

 

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

 

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

 

“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.

 

“Fiscal
Year” means the fiscal year of the Company, which shall end on the Sunday that is closest to December 31, unless
the fiscal year is otherwise modified by the Managing Member.

 

“Final
Adjudication” is defined in Section 7.4(b).

 

“First
Tier Vesting Event” means the first day on which the Class A 3-Day VWAP is equal to at least $12.50; provided,
however, that the reference to $12.50 shall be decreased by the aggregate per share amount of dividends actually paid in
respect of a share of Class A Common Stock following the Effective Time.

 

“Foundation”
means The Rice Family Foundation.

 

“Foundation
Transfer” is defined in Section 9.1(b).

 

“Foundation
Transfer Amount” is defined in Section 9.1(b).

 

    10

     

    

 

“Full Vesting
Event” means (a) with respect to one hundred percent (100%) of each Continuing Member’s Restricted Common
Units, the occurrence of a Continuing Member COC, (b) with respect to one hundred percent (100%) of PubCo’s Restricted
Common Units, the occurrence of a Sponsor COC, or (c) with respect to all Restricted Common Units, a Liquidating Event pursuant
to which each Common Unit would be entitled to an amount exceeding that required for a Second Tier Vesting Event (taking into account
the conversion of the Restricted Common Units to Common Units and the payment of the then unpaid Distribution Catch-Up Amount with
respect to such Common Units). Notwithstanding anything to the contrary in this LLC Agreement, a Full Vesting Event under clauses
(a) and (b) can occur with respect to the same Change of Control.

 

“GAAP”
means United States generally accepted accounting principles at the time.

 

“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.

 

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

 

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

 

(b)            the
Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values (taking into account
Section 7701(g) of the Code) in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
except as otherwise provided in this LLC Agreement, as of the following times: (i) the acquisition of a Unit (or additional
Units) by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company; (ii) the
grant of a Unit (other than a de minimis interest in the Company) as consideration for the provision of services to or for
the benefit of the Company by an existing Member acting in a member capacity, or by a new Member acting in a member capacity or
in anticipation of becoming a Member of the Company (within the meaning of Treasury Regulation Section 1.704-1(b)(2)(iv)(d));
(iii) the distribution by the Company to a Member of more than a de minimis amount of Company assets; (iv) the
liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1)); (v) the
acquisition of a Unit by any new or existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(s); (vi) the conversion of any Restricted Common Units into Common Units upon the occurrence
of a Vesting Event in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s);
or (vii) any other event to the extent determined by the Managing Member to be permitted and necessary or appropriate to properly
reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(g);
provided, however, that adjustments pursuant to clauses (i), (ii), (iii) and (v) above
shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the
relative economic interests of the Members in the Company. If any noncompensatory options or Restricted Common Units are outstanding
upon the occurrence of an event described in this paragraph (b)(i) through (b)(vii) (other than, if applicable, the noncompensatory
options being exercised or the Restricted Common Units being converted that give rise to the occurrence of such event), the Company
shall adjust the Gross Asset Values of its properties in accordance with, or, in the case of outstanding Restricted Common Units,
in accordance with principles similar to those set forth in, Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and
1.704-1(b)(2)(iv)(h)(2);

 

    11

     

    

 

 

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

 

(d)           the
Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such
assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are
taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and
clause (f) in the definition of “Profits” or “Losses” below or Section 5.2(h);
provided, however, that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this clause to
the extent the Managing Member determines that an adjustment pursuant to clause (b) of this definition is necessary
or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d);
and

 

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

 

“HSR Act”
is defined in Section 4.1(d).

 

“Imputed
Tax Underpayments” is defined in Section 10.4(c).

 

“Indebtedness”
means (a) all indebtedness for borrowed money, (b) all indebtedness evidenced by any note, bond, debenture, mortgage
or other debt instrument or debt security, and (c) all capitalized lease obligations or obligations required to be capitalized
in accordance with GAAP.

 

“Indemnifiable
Losses” is defined in Section 7.4(a).

 

“Indemnitee”
is defined in Section 7.4(a).

 

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

 

“Investor
Rights Agreement” means the Investor Rights Agreement, dated as of the date hereof, by and among PubCo, the Continuing
Members and the other parties thereto (together with any other parties that become a party thereto from time to time upon execution
of a joinder in accordance with the terms thereof by any successor or assign to any party to such Agreement).

 

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

 

    12

     

    

 

“Law”
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.

 

“Liability”
means any debt, liability or obligation, whether accrued or fixed, known or unknown, absolute or contingent, matured or unmatured
or determined or determinable.

 

“Liquid
Securities” is defined in Section 4.6(a)(iv).

 

“Liquidating
Event” is defined in Section 11.1.

 

“Liquidity
Limitations” is defined in Section 6.2(a).

 

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

 

“Managing
Member” means PubCo, in its capacity as the sole managing Member of the Company.

 

“Member”
means any Person that executes this LLC Agreement as a Member (including the Managing Member), and any other Person admitted to
the Company as an additional or substituted Member, that has not made a disposition of all of such Person’s Units.

 

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

 

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

 

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

 

“Minimum
Exchange Amount” means a number of Common Units held by an Exchanging Member equal to the lesser of (x) 100,000
Common Units and (y) all of the Common Units then held by the applicable Exchanging Member.

 

“National
Securities Exchange” means a securities exchange registered with the Commission under Section 6 of the Exchange
Act.

 

“Non-Party
Affiliate” is defined in Section 12.15.

 

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

 

    13

     

    

 

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

 

“Officer”
means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.
The initial Officers are listed on Exhibit C attached hereto.

 

“Ordinary
Distribution” is defined in Section 6.1(a).

 

“Partial
Vesting Event” means (a) with respect to fifty percent (50%) of any Member’s Restricted Common Units held
as of the date of a First Tier Vesting Event, the First Tier Vesting Event; provided that a First Tier Vesting Event shall not
occur more than once; (b) with respect to the remaining fifty percent (50%) of any Member’s Restricted Common Units
held as of the date of a First Tier Vesting Event (in each case after giving effect to any subdivision (by any equity split, equity
distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization
or otherwise)), the Second Tier Vesting Event; or (c) if no First Tier Vesting Event has occurred as of the date of a Liquidating
Event, then with respect to fifty percent (50%) of each Member’s Restricted Common Units, a Liquidating Event pursuant to
which each Common Unit would be entitled to an amount exceeding that required for a First Tier Vesting Event (taking into account
the conversion of Restricted Common Units which would be converted to Common Units in the event of a First Tier Vesting Event and
the payment of the then unpaid Distribution Catch-Up Amount with respect to such Common Units).

 

“Party”
and “Parties” means, individually or collectively, each Member and the Company.

 

“Permitted
Transfer” is defined in Section 9.1(b).

 

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

 

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

 

“Plan Asset
Regulations” means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510
of Chapter XXV, Title 29 of the Code of Federal Regulations.

 

“Pre-Closing
Units” is defined in Section 3.1.

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

(e)            in
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such period;

 

(f)            to
the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances
as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment
decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses;
and

 

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

 

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

 

“PubCo
Call Notice” has the meaning set forth in Section 4.6(f).

 

    15

     

    

 

“PubCo
Call Right” means PubCo’s election, in accordance with Section 4.6(a)(iv) or Section 4.6(f),
to directly purchase Exchanged Units described in an Exchange Notice given by an Exchanging Member.

 

“PubCo
Common Stock” means all classes of common stock of PubCo, including the Class A Common Stock and the Class V
Common Stock.

 

“PubCo
Record Date” means the record date determined by the Board for the declaration of a dividend payable on the Class A
Common Stock.

 

“PubCo
Warrants” has the meaning given to “Buyer Warrants” in the Business Combination Agreement.

 

“Push-Out
Election” is defined in Section 10.4(b).

 

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

 

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

 

“Registration
Statement” means any registration statement that PubCo is required to file pursuant to the Investor Rights Agreement.

 

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

 

“Restricted
Common Unit” means the Units which are restricted subject to vesting, with the rights and privileges as set forth
in this LLC Agreement.

 

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

 

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

 

“Second
Tier Vesting Event” means the first day on which the Class A 3-Day VWAP is equal to at least $15.00; provided,
however, that the reference to $15.00 shall be decreased by the aggregate per share amount of dividends actually paid in
respect of a share of Class A Common Stock following the Effective Time.

 

“Securities
Act” means the Securities Act of 1933.

 

“Series R”
is defined in the preamble to this LLC Agreement.

 

    16

     

    

 

“Series U”
is defined in the preamble to this LLC Agreement.

 

“Specified
Audit” is defined in Section 10.4(d).

 

“Sponsor”
means Collier Creek Partners LLC, a Delaware limited liability company.

 

“Sponsor
COC” means a Change of Control in which the acquiring Person or Persons in the relevant transaction or series of
related transactions are not (a) the Sponsor, (b) the Sponsor Representative, (c) a Sponsor Person, or (d) Affiliates
of Sponsor, the Sponsor Representative or a Sponsor Person.

 

“Sponsor
Person” means each of Chinh E. Chu, Roger Deromedi and Jason Giordano, and any Family Member of Chinh E. Chu, Roger
Deromedi or Jason Giordano.

 

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

 

“Standstill
Agreement” means the Standstill Agreement, dated as of the date hereof, by and among PubCo, the Continuing Members
and the other parties thereto (together with any other parties that become a party thereto from time to time upon execution of
a joinder in accordance with the terms thereof).

 

“Start
Date” is defined in the definition of “Exchange Blackout Period”.

 

“Stock
Exchange Payment” means, with respect to any Exchange of Common Units for which a Stock Exchange Payment is elected
by the Managing Member, a number of shares of Class A Common Stock equal to the number of Common Units so exchanged.

 

“Subsidiary”
means, with respect to any Person, any corporation, association, partnership, limited liability company, joint venture 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 Advances”
is defined in Section 10.5(a).

 

    17

     

    

 

“Tax Amount”
means, with respect to a Taxable Year commencing after the Effective Time (or, in the case of a Taxable Year that includes the
Effective Time, the portion thereof after the Effective Time), the excess, if any, of (a) the product of (i) an amount,
if positive, equal to the product of (A) the taxable income of the Company allocable to a Member pursuant to this LLC Agreement
(taking into account corrective allocations made pursuant to Section 5.3(e)) with respect to the relevant Taxable Year (or
portion thereof) (determined based upon a good faith estimate by the Managing Member and updated to reflect the final Company tax
returns filed for such Taxable Year, and, for purposes of this definition, (w) including adjustments to taxable income in
respect of Section 704(c) of the Code, (x) excluding adjustments to taxable income in respect of Section 743(b) of
the Code, (y) calculated as if allocations of such taxable income were, for such Taxable Year (or portion thereof), the sole
source of income and loss for such Member, (or, as appropriate, of its direct or indirect partners or members), and (z) taking
into account the carryover of items of loss, deduction and expense, including the utilization of any excess business interest expense
under Code Section 163(j), previously allocated to such Member for a Taxable Year (or portion thereof) that begins after the
Effective Time to the extent not previously taken into account for purposes of determining the Tax Amount for a Taxable Year (or
portion thereof) times (B) one-fourth (1/4) in the case of the first quarter, one-half (1/2) in the case of the second
quarter, three-fourths (3/4) in the case of the third quarter, and one (1) in the case of the fourth quarter times
(ii) the Assumed Rate with respect to such Taxable Year (or portion thereof), over (b) the amount of distributions
previously made to such Member pursuant to Section 6.2 with respect to such Taxable Year (or portion thereof) after
the Effective Time. For each Continuing Member that is treated as a partnership for applicable state and/or local income or franchise
tax purposes, there shall be added to the amount in clause (a) of this definition, if the information described in
clause (2) of this definition below is timely provided, an amount sufficient to enable such Continuing Member to pay
its applicable state and local entity-level income and franchise tax liability (without duplication) imposed on entities treated
as partnerships for applicable state and/or local income or franchise tax purposes, to the extent arising from allocations of taxable
income of the Company for the relevant Taxable Year (or portion thereof after the Effective Time) as a result of such Continuing
Member’s ownership of Common Units, calculated (1) using the conventions set forth in clauses (w)-(z) of
this definition above and (2) based on information timely provided by such Continuing Member to the Managing Member sufficient
for the Managing Member to calculate such amount, assuming the highest effective marginal state and local income and franchise
tax rates imposed on an entity treated as a partnership for state or local income or franchise tax purposes in the applicable jurisdiction;
provided that (I) the aggregate amount described in this sentence shall in no event be greater than $100,000 per Taxable
Year in the aggregate for all Continuing Members and (II) the aggregate amount payable under Section 6.2 to all
Members solely as a result of the amount added to clause (a) as described in this sentence shall in no event be greater
than $400,000 per Taxable Year in the aggregate for all Members, and if such cap in clause (I) or (II) of
this sentence is exceeded, the required reduction shall be applied pro rata among the Continuing Members, in the case of
clause (I), or all the Members, in the case of clause (II), based on their respective numbers of Common Units.

 

“Tax Distribution
Date” means April 10, June 10, September 10, and December 10 of each calendar year, which shall
be adjusted by the Managing Member as reasonably necessary to take into account changes in estimated tax payment due dates for
U.S. federal income taxes under applicable Law (but in no event shall the Managing Member make adjustments such that there are
more than four (4) Tax Distribution Dates in any calendar year); provided, however, that if a Tax Distribution
Date in a given calendar year is not a Business Day, such Tax Distribution Date shall be the Business Day immediately prior to
such date.

 

“Tax Distributions”
is defined in Section 6.2.

 

“Tax Receivable
Agreement” means that certain tax receivable agreement, dated as of the date hereof, by and among PubCo, the Company,
and the Continuing Members.

 

“Taxable
Year” means the Company’s taxable year for U.S. federal income tax purposes, which shall be the Fiscal Year
unless otherwise required by applicable Law.

 

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“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, direct or indirect, 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, directly or indirectly, transfers, sells, pledges or hypothecates or otherwise disposes of (whether by operation
of law or otherwise), in each case with respect to any Units. The terms “Transferee,” “Transferor,” “Transferred,”
and other forms of the word “Transfer” shall have the correlative meanings.

 

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

 

“Undertaking”
is defined in Section 7.4(b).

 

“Units”
means the Common Units, the Restricted Common Units, any other Equity Securities of the Company, and any rights to payments as
a holder of any of the foregoing, but excluding any rights under any court-authorized charging order.

 

“Vesting
Event” means a Partial Vesting Event or a Full Vesting Event.

 

“VWAP”
means the daily per share volume-weighted average price of the 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,
as displayed under the heading Bloomberg VWAP on the Bloomberg page designated for the Class A Common Stock (or its equivalent
successor if such page is not available) in respect of the period from the open of trading on such Trading Day until the close
of trading on such Trading Day (or if such volume-weighted average price is unavailable, (a) the per share volume-weighted
average price of a share of Class A Common Stock on such Trading Day (determined without regard to afterhours trading or any
other trading outside the regular trading session or trading hours), or (b) if such determination is not feasible, the market
price per share of Class A Common Stock, in either case as determined by a nationally recognized independent investment banking
firm retained in good faith for this purpose by PubCo); provided, however, that if at any time for purposes of the
Class A 3-Day VWAP, shares of Class A Common Stock are not then listed, quoted or traded on a principal United States
securities exchange or automated or electronic quotation system, then the VWAP shall mean the per share Appraiser FMV of one (1) share
of Class A Common Stock (or such other Equity Security into which the Class A Common Stock was converted or exchanged).

 

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

 

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

 

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(b)           an
accounting term not otherwise defined in this LLC Agreement has the meaning assigned to it under GAAP;

 

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

 

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

 

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

 

(f)            “or”
is not exclusive;

 

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

 

(h)           references
in this LLC Agreement to any Law shall be deemed also to refer to such Law, any amendments thereto, any successor provisions thereof,
and all rules and regulations promulgated thereunder; and

 

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

 

Article II

ORGANIZATION OF THE LIMITED LIABILITY COMPANY

 

Section 2.1            Formation.
The Company shall continue its existence as a limited liability company subject to the provisions of the Act upon the terms, provisions
and conditions set forth in this LLC Agreement.

 

Section 2.2            Filing.
The Company’s Certificate of Formation was filed with the Secretary of State of the State of Delaware in accordance with
the Act. The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such
further action as is appropriate to comply with the requirements of Law for the operation of a limited liability company in all
states and counties in which the Company may conduct business.

 

Section 2.3            Name.
The name of the Company is “Utz Brands Holdings, LLC” and all business of the Company shall be conducted in such name
or, in the discretion of the Managing Member, under any other name.

 

Section 2.4            Registered
Office: Registered Agent. The location of the registered office of the Company in the State of Delaware is Registered
Agent Solutions, Inc., 9 E. Loockerman Street, Suite 311, Dover, Kent County, Delaware 19901, or at such other place
as the Managing Member may select from time to time. The name and address for service of process on the Company in the State of
Delaware is Registered Agent Solutions, Inc., 9 E. Loockerman Street, Suite 311, Dover, Kent County, Delaware 19901,
or such other qualified Person and address as the Managing Member may designate from time to time.

 

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

 

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

 

Section 2.7            Term.
The term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of the
Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved
and its affairs wound up only in accordance with Article XI.

 

Section 2.8            Intent.
It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership”
for U.S. federal and applicable state and local income and franchise tax purposes and that the Company be treated as a continuation
of Rice Investments, LP for purposes of Code Section 708. The Company and each Member shall file all tax returns and shall
otherwise take all tax, financial and other reporting positions in a manner consistent with such treatment. Neither the Company
nor any Member shall take any action inconsistent with the intent of the Parties set forth in this Section 2.8. No
election (including an entity classification election for the Company) contrary to the intent of the Parties as set forth in this
Section 2.8 shall be made by the Company or any Member, and the Company shall not convert into or merge into (with
the Company not being the surviving entity in such merger) an entity treated as a corporation for U.S. federal or applicable state
and local income or franchise tax purposes. Notwithstanding anything to the contrary set forth in this Section 2.8,
this Section 2.8 shall not prevent the Company from entering into or consummating any transaction which constitutes
a Change of Control to the extent such transaction is duly authorized by the Managing Member in accordance with this LLC Agreement,
subject to (a) the consent rights set forth in the Investor Rights Agreement (if any, applicable to such transaction) and
(b) the rights set forth in the Tax Receivable Agreement, if any, to the extent applicable to such transaction.

 

Article III

CLOSING TRANSACTIONS

 

Section 3.1            Recapitalization.
To effectuate the Recapitalization, upon execution of this LLC Agreement and as of immediately prior to the Effective Time, all
Units that were issued and outstanding and held by the Continuing Members immediately prior to the execution of this LLC Agreement
(the “Pre-Closing Units”) are hereby converted into Common Units and Restricted Common Units, and such
Common Units and Restricted Common Units are hereby issued and outstanding as of the Effective Time and the holders of such Common
Units and Restricted Common Units hereby continue as Members.

 

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Section 3.2            Business
Combination Agreement Transactions. Pursuant to the terms of the Business Combination Agreement and for the consideration
set forth in the Business Combination Agreement, as of the Effective Time and immediately following the Recapitalization, (a) PubCo
will acquire the Common Units and Restricted Common Units constituting the Exchanged Company Units (as such term is defined in
the Business Combination Agreement) as a result of such Continuing Member’s redemption of interests held by PubCo in each
Continuing Member, following which (b) the Company will issue to PubCo the Common Units and Restricted Common Units constituting
the Issued Company Units (as such term is defined in the Business Combination Agreement), subject to the Company’s receipt
of the Contribution Amount (as such term is defined in the Business Combination Agreement), following which (c) PubCo will
acquire from the Continuing Members the Common Units and Restricted Common Units constituting the Assigned Company Units (as such
term is defined in the Business Combination Agreement), subject to the Continuing Members’ receipt of the Net Cash Consideration
(as such term is defined in the Business Combination Agreement). As a result of the foregoing transactions, the total number of
Common Units and Restricted Common Units held by the Continuing Members and PubCo as of the Effective Time is set forth next to
each such Member’s name on Exhibit A hereto under the headings “Effective Time Common Units”
and “Effective Time Restricted Common Units”. The number of shares of Class V Common Stock held by each Continuing
Member shall equal the number of Common Units held by such Continuing Member.

 

Article IV

OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

 

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

 

(a)           Units.
Subject to the provisions of this LLC Agreement, the Company shall be authorized to issue from time to time such number of Common
Units and Equity Securities, as the Managing Member shall determine in accordance with and subject to the restrictions in this
Section 4.1 and Section 4.3. Subject to this Section 4.1 and Section 4.3, each
authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to warrants,
options, or other rights or property to acquire Units or that may be converted into Units. The Company may reissue any Units that
have been repurchased or acquired by the Company; provided that any such issuance, and the admission of any Person as a
Member in connection therewith, is otherwise made in accordance with and subject to the restrictions in this LLC Agreement. The
Units shall be uncertificated. The Company shall not, and the Managing Member shall not cause the Company to, issue any Units if
such issuance would result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h) (determined
taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)); provided that, for such purposes,
the Company and the Managing Member shall be entitled to assume that each Continuing Member is treated as a single partner within
the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account the rules of Treasury Regulations
Section 1.7704-1(h)(3)), unless otherwise required by applicable Law.

 

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(b)           Outstanding
Units. Each Continuing Member previously was admitted as a Member and shall remain a Member of the Company at the Effective
Time. Immediately after the Effective Time, the Units will comprise (i) a single class of Common Units and (ii) a single
class of Restricted Common Units. Except as otherwise provided in this LLC Agreement, each outstanding Common Unit shall be identical,
and each outstanding Restricted Common Unit shall be identical. The Managing Member’s interest in its capacity as such shall
be a non-economic interest in the Company, which does not entitle the Managing Member, solely in its capacity as such, to any Common
Units, Ordinary Distributions or Tax Distributions.

 

(c)           Schedule
of Members. The Company shall maintain a schedule, appended hereto as Exhibit A (as updated and amended
from time to time in accordance with the terms of this LLC Agreement and current as of the date set forth therein), which shall
include: (i) the name and address of each Member; (ii) the aggregate number of and type of Units issued and outstanding
and held by each Member; and (iii) each Member’s Capital Contributions following the Effective Time.

 

(d)           Restricted
Common Units. Each Restricted Common Unit will be held in accordance with this LLC Agreement unless and until an applicable
Vesting Event occurs with respect to such Restricted Common Unit. Upon the occurrence of a Vesting Event, on the Conversion Date,
those Restricted Common Units to which such Vesting Event relates will be immediately converted into an equal number of Common
Units, with all rights and privileges of a Common Unit under this LLC Agreement from and after the Conversion Date. For the avoidance
of doubt, (i) upon the occurrence of a First Tier Vesting Event, if ever, 50% of each of the Continuing Members’ and
PubCo’s Restricted Common Units issued and outstanding as of the date of such occurrence will vest, become entitled to receive
the Distribution Catch-Up Payment with respect to such Restricted Common Units and convert immediately into an equal number of
Common Units, (ii) upon the occurrence of a Second Tier Vesting Event, if ever, the remaining 50% of each of the Continuing
Members’ and PubCo’s Restricted Common Units issued and outstanding as of the date of the occurrence of a First Tier
Vesting Event (after giving effect to any subdivision (by any equity split, equity distribution, reclassification, recapitalization
or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise)) will vest, become entitled
to receive the Distribution Catch-Up Payment with respect to such Restricted Common Units and convert immediately into an equal
number of Common Units (such that following the occurrence of a Second Tier Vesting Event no Restricted Common Units remain outstanding),
and (iii) upon the occurrence of a Continuing Member COC or Sponsor COC, 100% of each of the Continuing Members’ and/or
PubCo’s, as applicable, Restricted Common Units then outstanding, respectively, will vest, become entitled to receive the
Distribution Catch-Up Payment with respect to such Restricted Common Units and convert immediately into an equal number of Common
Units (such that following the occurrence of a Continuing Member COC, no Continuing Member will hold any Restricted Common Units
and following the occurrence of a Sponsor COC, PubCo will not hold any Restricted Common Units). If a First Tier Vesting Event
has not occurred at the time of the occurrence of a Second Tier Vesting Event, such First Tier Vesting Event shall also occur upon
the occurrence of the Second Tier Vesting Event, such that all of the then outstanding Restricted Common Units shall vest in accordance
with the immediately preceding sentence. Notwithstanding anything to the contrary contained in this LLC Agreement, if, upon the
occurrence of a Vesting Event, a filing is required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR
Act”) for the immediate conversion of any Restricted Common Unit into an equal number of Common Units, then the Conversion
Date with respect to all Restricted Common Units which would convert into an equal number of Common Units resulting from such Vesting
Event shall be delayed until the earlier of (i) such time as the required filing under the HSR Act has been made and the waiting
period applicable to such conversion under the HSR Act shall have expired or been terminated or (ii) such filing is no longer
required, at which time such conversion shall automatically occur without any further action by the holders of any such Restricted
Common Unit. Each of the Continuing Members and PubCo agree to promptly take all actions required to make such filing under the
HSR Act and the filing fee for such filing shall be paid by the Company. On the Conversion Date with respect to any Restricted
Common Unit held by a Continuing Member, PubCo shall issue, for each Restricted Common Unit which has converted to a Common Unit
under this LLC Agreement, one share of Class V Common Stock to such Continuing Member. For the avoidance of doubt, in the
event of a subdivision or combination referred to in Section 4.1(i)(i) or Section 4(i)(ii), the number
of shares of Class V Common Stock to which a Continuing Member shall be entitled upon vesting of its Restricted Common Units
shall equal the number of Restricted Common Units held by the Continuing Members as a result of such subdivision or combination
that have converted into Common Units. PubCo hereby agrees to reserve for issuance at all times an adequate number of shares of
Class V Common Stock to permit the issuance of all Class V Common Stock assuming all of the Continuing Members’
Restricted Common Units vest under this LLC Agreement. To the extent that, on or before the tenth (10th) anniversary of the Effective
Time, a Vesting Event has not occurred with respect to a Restricted Common Unit, and a Restricted Common Unit has not vested and
converted into a Common Unit under this LLC Agreement, then immediately and without any further action under this LLC Agreement,
on the date that is the tenth (10th) anniversary of the Effective Time, all such Restricted Common Units outstanding under this
LLC Agreement shall be canceled and extinguished for no consideration.

 

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(e)          New
PubCo Issuances.

 

(i)            Subject
to Section 4.6 and Section 4.1(e)(ii), if, at any time after the Effective Time, PubCo issues shares of
its Class A Common Stock or any other Equity Security of PubCo (other than shares of Class V Common Stock), (x) the
Company shall concurrently issue to PubCo an equal number of Common Units (if PubCo issues shares of Class A Common Stock),
or an equal number of such other Equity Security of the Company corresponding to the Equity Securities issued by PubCo (if PubCo
issues Equity Securities other than Class A Common Stock), and with the same rights to dividends and distributions (including
distributions upon liquidation) and other economic rights as those of such Equity Securities of PubCo so issued and (y) PubCo
shall concurrently contribute to the Company the net proceeds or other property received by PubCo, if any, for such share of Class A
Common Stock or other Equity Security, subject to the second proviso in Section 7.8.

 

(ii)            Notwithstanding
anything to the contrary contained in Section 4.1(e)(i) or Section 4.1(e)(iii), this Section 4.1(e) shall
not apply to (x) the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity Securities
of PubCo under a “poison pill” or similar shareholder rights plan (and upon exchange of Common Units for Class A
Common Stock, such Class A Common Stock will be issued together with a corresponding right under such plan) or (y) the
issuance under PubCo’s employee benefit plans of any warrants, options, stock appreciation right, restricted stock, restricted
stock units, performance based award or other rights to acquire Equity Securities of PubCo or rights or property that may be converted
into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities
of PubCo in connection with the exercise or settlement of such warrants, options, stock appreciation right, restricted stock units,
performance based awards or the vesting of restricted stock (including as set forth in clause (iii) below, as applicable).

 

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(iii)            In
the event any outstanding Equity Security of PubCo is exercised or otherwise converted and, as a result, any shares of Class A
Common Stock or other Equity Securities of PubCo are issued (including as a result of the exercise of PubCo Warrants), (x) the
corresponding Equity Security outstanding at the Company, if any, shall be similarly exercised or otherwise converted, if applicable,
(y) an equivalent number of Common Units or equivalent Equity Securities of the Company shall be issued to PubCo as required
by the first sentence of Section 4.1(e)(i), and (z) PubCo shall concurrently contribute to the Company the net
proceeds received by PubCo from any such exercise or conversion, subject to the second proviso in Section 7.8.

 

(f)           PubCo
Debt Issuance. If at any time PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) issues Debt Securities,
PubCo or such Subsidiary shall transfer to the Company the net proceeds received by PubCo or such Subsidiary, as applicable, in
exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities,
subject to the second proviso in Section 7.8.

 

(g)          New
Company Issuances. Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to PubCo
or any of its Subsidiaries (other than the Company and its Subsidiaries) unless (i) substantially simultaneously therewith
PubCo or such Subsidiary issues or transfers an equal number of newly-issued shares of Class A Common Stock (or relevant Equity
Security of such Subsidiary) to another Person or Persons, and (ii) such issuance is in accordance with Section 4.1(e),
and (y) the Company may not issue any other Equity Securities of the Company to PubCo or any of its Subsidiaries (other than
the Company and its Subsidiaries) unless (i) substantially simultaneously therewith PubCo or such Subsidiary issues or transfers,
to another Person, an equal number of newly-issued shares of Equity Securities of PubCo or such Subsidiary with substantially the
same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such
Equity Securities of the Company, and (ii) such issuance is in accordance with Section 4.1(e).

 

(h)          Repurchases
and Redemptions.

 

(i)            PubCo
or any of its Subsidiaries (other than the Company and its Subsidiaries) may redeem, repurchase or otherwise acquire (A) shares
of Class A Common Stock pursuant to a Board approved repurchase plan or program (or otherwise in connection with a transaction
approved by the Board) and substantially simultaneously therewith the Company redeems, repurchases or otherwise acquires from PubCo
or such Subsidiary an equal number of Common Units for the same price per security, if any, or (B) any other Equity Securities
of PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) pursuant to a Board approved repurchase plan
or program (or otherwise in connection with a transaction approved by the Board) and substantially simultaneously therewith the
Company redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of the corresponding class or
series of Equity Securities of the Company with the same rights to dividends and distributions (including distributions upon liquidation)
and other economic rights as those of such Equity Securities of PubCo or such Subsidiary for the same price per security, if any.

 

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(ii)            The
Company may not redeem, repurchase or otherwise acquire (x) any Common Units from PubCo or any of its Subsidiaries (other
than the Company and its Subsidiaries) unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise
acquires pursuant to a Board approved repurchase plan or program (or otherwise in connection with a transaction approved by the
Board) an equal number of shares of Class A Common Stock for the same price per security from holders thereof or (y) any
other Equity Securities of the Company from PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) unless
substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires pursuant to a Board approved repurchase
plan or program (or otherwise in connection with a transaction approved by the Board) for the same price per security an equal
number of Equity Securities of PubCo (or such Subsidiary) of a corresponding class or series with substantially the same rights
to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities
of PubCo or such Subsidiary.

 

(iii)            Notwithstanding
the foregoing clauses (i) and (ii), to the extent that any consideration payable by PubCo in connection with
the redemption, repurchase or acquisition of any shares of Class A Common Stock or other Equity Securities of PubCo or any
of its Subsidiaries (other than the Company and its Subsidiaries) consists (in whole or in part) of shares of Class A Common
Stock or such other Equity Securities (including in connection with the cashless exercise of an option or warrant (or other convertible
right or security) other than under PubCo’s employee benefit plans for which there is no corresponding Common Units or other
Equity Securities of the Company, then the redemption, repurchase or acquisition of the corresponding Common Units or other Equity
Securities of the Company shall be effectuated in an equivalent manner.

 

(i)           Equity
Subdivisions and Combinations.

 

(i)            The
Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization
or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units
unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock or other related
class or series of Equity Security of PubCo, with corresponding changes made with respect to any other exchangeable or convertible
Equity Securities of the Company and PubCo.

 

(ii)            Except
in accordance with Section 4.6(c), PubCo shall not in any manner effect any subdivision (by any equity split, equity
distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization
or otherwise) of the outstanding PubCo Common Stock or any other class or series of Equity Security of PubCo, unless accompanied
by an identical subdivision or combination, as applicable, of the outstanding Units or other related class or series of Equity
Security of the Company, with corresponding changes made with respect to any applicable exchangeable or convertible Equity Securities
of the Company and PubCo.

 

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(j)            General
Authority. For the avoidance of doubt, but subject to Sections 4.1(a), (d), (e), (g), (h) and (i) and Section 4.3,
the Company and PubCo (including in its capacity as the Managing Member of the Company) shall be permitted to undertake all actions,
including an issuance, redemption, reclassification, distribution, division or recapitalization, with respect to the Common Units
or Restricted Common Units, as applicable, to maintain at all times a one-to-one ratio between (i) the number of Common Units
owned by PubCo, directly or indirectly, and the number of outstanding shares of Class A Common Stock, (ii) the number
of Restricted Common Units owned by PubCo, directly or indirectly, and the number of outstanding shares of Class B Common
Stock issued by PubCo, and (iii) the number of outstanding shares of Class V Common Stock held by any Person (other than
PubCo) and the number of Common Units held by such Person disregarding, for purposes of maintaining the one-to-one ratios in clauses
(i) and (ii), (A) options, rights or securities of PubCo issued under any plan involving the issuance of any
Equity Securities that are convertible into or exercisable or exchangeable for Class A Common Stock, (B) treasury stock,
or (C) preferred stock or other debt or equity securities (including warrants, options or rights) issued by PubCo that are
convertible or into or exercisable or exchangeable for Class A Common Stock (but in each case prior to such conversion or
exchange).

 

Section 4.2             Capital
Contributions. Except as otherwise set forth in this LLC Agreement, no Member shall be required to make additional
Capital Contributions to the Company.

 

Section 4.3             Issuance
of Additional Units. Subject to the terms and conditions of this LLC Agreement (including Section 4.1
and this Section 4.3), the Managing Member shall have the right to authorize and cause the Company to issue on such
terms (including price) as may be determined by the Managing Member (a) additional Common Units or Equity Securities in the
Company having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges
may be senior to the Units, and (b) obligations, evidences of Indebtedness or other securities or interests convertible or
exchangeable for Units or other Equity Securities in the Company; provided that at any time following the date hereof,
in each case the Company shall not issue Equity Securities in the Company to any Person other than PubCo or then-existing Members
unless such Person shall have executed a counterpart to this LLC Agreement and all other documents, agreements or instruments
deemed necessary or desirable as determined in good faith by the Managing Member. Upon any such issuance and execution, (a) such
Person shall be admitted as a Member of the Company, and (b) the Managing Member shall update the Company’s books and
records and amend Exhibit A to reflect such issuance. Subject to Section 4.1, this Section 4.3
and Section 12.1, the Managing Member is hereby authorized to amend this LLC Agreement to set forth the designations,
preferences, rights, powers and duties of such additional Common Units or other Equity Securities in the Company authorized or
issued pursuant to this Section 4.3.

 

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Section 4.4             Capital
Accounts. A Capital Account shall be maintained by the Managing Member for each Member in accordance with the provisions
of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions
of this LLC Agreement. Each Member’s Capital Account balance as of the Effective Time shall be equal to the amount of its
respective Closing Date Capital Account Balance set forth opposite such Member’s name on Exhibit A. Thereafter,
each Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to
Section 5.1 and any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the
amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities
to which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or required
by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses
pursuant to Section 5.1 and any other items of deduction or loss allocated to such Member pursuant to the provisions
of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities assumed
by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases
allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). Upon the conversion of any Restricted Common Units
into Common Units upon a Vesting Event, the parties intend that the allocations and capital maintenance rules shall be governed
under Treasury Regulations Section 1.704-3 with adjustments being made in accordance with principles similar to those set
forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s) and consistent with the principles of Section 704(c) of
the Code and the Treasury Regulations thereunder in order to effectuate the Members’ agreed upon economic sharing of items
within the Company. In the event of a Transfer of Units made in accordance with this LLC Agreement (including a deemed Transfer
for U.S. federal income tax purposes as described in Section 4.6(i), the Capital Account of the Transferor that is
attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury
Regulations Section 1.704-1(b)(2)(iv)(l). This Section 4.4 and other provisions of this LLC Agreement
relating to the maintenance of Capital Accounts are intended to comply with the Treasury Regulations promulgated under Code Section 704(b),
including Treasury Regulation Section 1.704-1(b)(2)(iv), and shall be interpreted and applied in a manner consistent with
such Treasury Regulations. In determining the amount of any Liability for purposes of calculating Capital Accounts, there shall
be taken into account Section 752(c) of the Code and any other applicable provisions of the Code and Treasury Regulations.
The Members’ Capital Accounts will normally be adjusted on an annual or other periodic basis as determined by the Managing
Member, but the Capital Accounts may be adjusted more often if a new Member is admitted to the Company or if circumstances otherwise
make it advisable in the judgment of the Managing Member.

 

Section 4.5             Other
Matters Regarding Capital Contributions.

 

(a)            The
Company shall not be obligated to repay any Capital Contributions of any Member. Under circumstances requiring a return of any
Capital Contributions, no Member has the right to receive property other than cash.

 

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(b)            No
Member shall receive any interest, salary, compensation or reimbursement with respect to its Capital Contributions or its Capital
Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except
as otherwise provided in Section 7.8 or other provisions of this LLC Agreement.

 

(c)            A
Member shall not be required to restore a deficit balance in such Member’s Capital Account, to lend any funds to the Company
or, except as otherwise set forth in this LLC Agreement, to make any additional contributions or payments to the Company.

 

Section 4.6             Exchange
of Common Units.

 

(a)            Exchange
Procedures.

 

(i)            Upon
the terms and subject to the conditions set forth in this Section 4.6, after the expiration of the Lock-Up Period
(as defined in the Investor Rights Agreement), the Exchanging Members shall collectively be entitled to cause the Company to effect
an Exchange up to two (2) times per calendar quarter (and no more frequently), in each case with respect to a number of Common
Units at least equal to or exceeding the Minimum Exchange Amount, by delivering an Exchange Notice to the Company, with a copy
to PubCo. Each Exchange Notice shall be in the form set forth on Exhibit B and shall include all information
required to be included therein. In the event that an Exchange is being exercised in order to participate in a Piggyback Registration
(as such term is defined in the Investor Rights Agreement), the Exchange Notice Date shall be prior to the expiration of the time
period in which a holder of securities is required to notify PubCo that it wishes to participate in such Piggyback Registration
in accordance with Section 3.2 of the Investor Rights Agreement.

 

(ii)            Within
three (3) Business Days of the giving of an Exchange Notice, the Managing Member may elect to settle all or a portion of
the Exchange in cash in an amount equal to the Cash Exchange Payment (in lieu of shares of Class A Common Stock), exercisable
by giving written notice of such election to the Exchanging Member within such three (3) Business Day period (such notice,
the “Cash Exchange Notice”). The Cash Exchange Notice shall set forth the portion of the Common Units
subject to the Exchange which will be exchanged for cash in lieu of Class A Common Stock. To the extent such Exchange relates
to the exercise of the Exchanging Member’s registration rights under Section 3.1 of the Investor Rights Agreement,
PubCo and the Company will cooperate in good faith with such Exchanging Member to exercise such Exchange in a manner which preserves
such Exchanging Member’s rights thereunder. At any time following the giving of a Cash Exchange Notice and prior to the
Exchange Date, the Managing Member may elect (exercisable by giving written notice of such election to the Exchanging Member)
to revoke the Cash Exchange Notice with respect to all or any portion of the Exchanged Units and make the Stock Exchange Payment
with respect to any such Exchanged Units on the Exchange Date.

 

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(iii)            In
the event the Managing Member does not timely give a Cash Exchange Notice (or revokes a Cash Exchange Notice in accordance with
the foregoing clause (ii)), the Exchanging Member may, if and only if any Exchange Condition exists, elect to (x) retract
its Exchange Notice or (y) delay the consummation of an Exchange, in each case, exercisable by giving written notice of such
election to the Managing Member within two (2) Business Days of the occurrence of an Exchange Condition and in any event
no later than (1) Business Day prior to the Exchange Date (such notice under clause (y), an “Exchange
Delay Notice”); provided that any such notice must specify the particular Exchange Condition giving rise to such
election. The giving of any notice pursuant to clause (x) shall terminate all of the Exchanging Member’s, the
Managing Member’s and Company’s rights and obligations under this Section 4.6 arising from such retracted
Exchange Notice, but shall not count against the maximum number of Exchanges that an Exchanging Member may effect in a calendar
quarter.

 

(iv)            In
the event of a Continuing Member COC, the Managing Member may elect, pursuant to a written notice given to the Members (other
than PubCo) at least thirty (30) days prior to the consummation of a Continuing Member COC (a “COC Notice”),
to require each such Member to effect an Exchange with respect to any portion of such Member’s Common Units (together with
the surrender and cancellation of the corresponding number of outstanding shares of Class V Common Stock held by such Member),
taking into account the conversion of such Member’s Restricted Common Units into Common Units as a result of any such Continuing
Member COC (any such exchange, a “COC Exchange”) which shall be effective immediately prior to the consummation
of the Continuing Member COC (but such Exchange shall be conditioned on the consummation of such Continuing Member COC, and shall
not be effective if such Continuing Member COC is not consummated) (the “COC Exchange Date”). In connection
with a COC Exchange, such Exchange shall be settled (including, if PubCo elects by delivery of a COC Notice, directly by PubCo)
(x) with the Stock Exchange Payment with respect to the Common Units subject to the COC Exchange or (y) in cash or property,
so long as in each case each such Member receives the identical consideration, on a per Unit basis, that the holder of a share
of Class A Common Stock would receive in connection with such Continuing Member COC. Notwithstanding anything in this Section 4.6(a)(iv) to
the contrary, the Managing Member cannot elect to require any Member to effect a COC Exchange unless such Member receives, pursuant
to such COC Exchange (including in connection with the consummation of such Continuing Member COC), (x) consideration consisting
entirely of (A) cash, (B) Equity Securities that (I) are listed on a National Securities Exchange within sixty
(60) days of the consummation of such Continuing Member COC and (II) can be resold without registration or within sixty (60)
days of the consummation of such Continuing Member COC are registered for resale on a shelf registration statement under the Securities
Act (the Equity Securities referred to in this clause (B), the “Liquid Securities”), or (C) 
a combination of cash and Liquid Securities, or (y) consideration that includes cash and Liquid Securities, the sum of such
cash plus the fair market value of such Liquid Securities is at least equal to the income taxes incurred by such Member in connection
with such COC Exchange (including in connection with the consummation of such Continuing Member COC), determined on a “with
and without” basis.

 

(v)            Restricted
Common Units are not permitted to be treated as Exchanged Units under this LLC Agreement, and in no event shall the Company or
PubCo effect an Exchange of a Restricted Common Unit unless and until a Vesting Event and Conversion Date has occurred with respect
to such Restricted Common Unit and it has been converted to a Common Unit in accordance with the terms hereof.

 

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(vi)            For
purposes of this Section 4.6 (and defined terms and provisions related thereto), all decisions, determinations, elections
and other actions to be taken by the Managing Member or PubCo shall require the approval of the Disinterested Majority.

 

(b)            Exchange
Payment. The Exchange shall be consummated on the Exchange Date. Unless PubCo has exercised its PubCo Call Right pursuant to
Section 4.6(f), on the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date)
(i) PubCo shall contribute to the Company for delivery to the Exchanging Member (x) the Stock Exchange Payment with respect
to any Exchanged Units not subject to a Cash Exchange Notice and (y) the Cash Exchange Payment with respect to any Exchanged
Units subject to a Cash Exchange Notice, (ii) the Exchanging Member shall transfer and surrender the Exchanged Units to the
Company, free and clear of all liens and encumbrances, (iii) the Company shall issue to PubCo a number of Common Units equal
to the number of Common Units surrendered pursuant to clause (ii), (iv) solely to the extent necessary in connection
with an Exchange, PubCo shall undertake all actions, including an issuance, reclassification, distribution, division or recapitalization,
with respect to the Class A Common Stock to maintain a one-to-one ratio between the number of Common Units owned by PubCo,
directly or indirectly, and the number of outstanding shares of Class A Common Stock, taking into account the issuance in
clause (iii), any Stock Exchange Payment, and any other action taken in connection with this Section 4.6, (v) the
Company shall (x) cancel the redeemed Common Units which were Exchanged Units held by the Exchanging Member and (y) transfer
to the Exchanging Member the Cash Exchange Payment and/or the Stock Exchange Payment, as applicable, and (vi) PubCo shall
cancel the surrendered shares of Class V Common Stock. On or prior to the Exchange Date, and as a condition to the Exchange,
the Exchanging Member shall make any applicable Certificate Delivery. Upon the Exchange of all of a Member’s Units, such
Member shall cease to be a Member of the Company.

 

(c)            Splits,
Distributions and Reclassifications. If there is any reclassification, reorganization, recapitalization or other similar transaction
in which the shares of Class A Common Stock are converted or changed into another security, securities or other property,
this Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such security or other property.
This Section 4.6(c) is intended to preserve the intended economic effect of Section 4.1 and this Section 4.6
and to put each Member in the same economic position, to the greatest extent possible, with respect to Exchanges as if such reclassification,
reorganization, recapitalization or other similar transaction had not occurred and shall be interpreted in a manner consistent
with such intent.

 

(d)            PubCo
Covenants. PubCo shall at all times keep available, solely for the purpose of issuance upon an Exchange, out of its authorized
but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon
the Exchange of all outstanding Common Units and Restricted Common Units (other than those Common Units and Restricted Common Units
held by PubCo or any Subsidiary of PubCo); provided that nothing contained in this LLC Agreement shall be construed to preclude
PubCo from satisfying its obligations with respect to an Exchange by delivery of a Cash Exchange Payment or shares of Class A
Common Stock that are held in treasury of PubCo. PubCo covenants that all shares of Class A Common Stock that shall be issued
upon an Exchange shall, upon issuance thereof, be validly issued, fully paid and non-assessable, free and clear of all liens and
encumbrances. In addition, for so long as the shares of Class A Common Stock are listed on a stock exchange or automated or
electronic quotation system, PubCo shall cause all shares of Class A Common Stock issued upon an Exchange to be listed on
such stock exchange or automated or electronic quotation system at the time of such issuance. For purposes of this Section 4.6(d),
references to the “Class A Common Stock” shall be deemed to include any Equity Securities issued or issuable as
a result of any reclassification, combination, subdivision or similar transaction of the Class A Common Stock that any Member
would be entitled to receive pursuant to Section 4.6(c).

 

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(e)            Exchange
Taxes. The issuance of shares of Class A Common Stock upon an Exchange shall be made without charge to the Exchanging
Member for any stamp or other similar tax in respect of such issuance; provided, however, that if any such shares
of Class A Common Stock are to be issued in a name other than that of the Exchanging Member (subject to the restrictions in
Article IX), then the Person or Persons in whose name the shares are to be issued shall pay to PubCo the amount of
any additional tax that may be payable in respect of any Transfer involved in such issuance in excess of the amount otherwise due
if such shares were issued in the name of the Exchanging Member or shall establish to the satisfaction of PubCo that such additional
tax has been paid or is not payable.

 

(f)            PubCo
Call Rights. Notwithstanding anything to the contrary contained in this Section 4.6, with respect to any Exchange
Notice or COC Notice, an Exchanging Member shall be deemed to have offered to sell its Exchanged Units as described in any Exchange
Notice directly to PubCo (rather than to the Company), and PubCo may, by delivery of a written notice to the Exchanging Member
no later than three (3) Business Days following the giving of an Exchange Notice, in accordance with, and subject to the terms
of, this Section 4.6(f) (such notice, a “PubCo Call Notice”), elect to purchase directly
and acquire such Exchanged Units on the Exchange Date by paying to the Exchanging Member (or such other Person specified in the
Exchange Notice) the Stock Exchange Payment and/or the Cash Exchange Payment, whereupon PubCo shall acquire the Exchanged Units
on the Exchange Date and be treated for all purposes of this LLC Agreement as the owner of such Common Units. Except as otherwise
provided in this Section 4.6(f), an exercise of the PubCo Call Right shall be consummated pursuant to the same timeframe
and in the same manner as the relevant Exchange would have been consummated if PubCo had not given a PubCo Call Notice, in each
case as relevant, including that Section 4.6(a)(ii) shall apply mutatis mutandis and that clauses (iv) and
(vi) of Section 4.6(b) shall apply (notwithstanding that the other clauses thereof do not apply).

 

(g)            Distribution
Rights. No Exchange shall impair the right of the Exchanging Member to receive any distributions payable on the Common Units
redeemed pursuant to such Exchange in respect of a record date that occurs prior to the Exchange Date for such Exchange. No Exchanging
Member, or a Person designated by an Exchanging Member to receive shares of Class A Common Stock, shall be entitled to receive,
with respect to such record date, distributions or dividends both on Common Units redeemed by the Company from such Exchanging
Member and on shares of Class A Common Stock received by such Exchanging Member, or other Person so designated, if applicable,
in such Exchange.

 

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(h)            Exchange
Restrictions. The Managing Member may impose additional limitations and restrictions on Exchanges (including limiting Exchanges
or creating priority procedures for Exchanges) to the extent it reasonably determines in good faith that such limitations and restrictions
are necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704
of the Code; provided that, for such purposes, the Company and the Managing Member shall assume that each Continuing Member
is treated as a single partner within the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into
account the rules of Treasury Regulations Section 1.7704-1(h)(3)), unless otherwise required by applicable Law.

 

(i)            Tax
Matters. In connection with any Exchange or COC Notice, the Exchanging Member shall deliver to PubCo or the Company, as applicable,
a certificate, dated as of the Exchange Date and sworn under penalties of perjury, in a form reasonably acceptable to PubCo or
the Company, as applicable, certifying as to such Exchanging Member’s taxpayer identification number and that such Exchanging
Member is a not a foreign person for purposes of Section 1445 and Section 1446(f) of the Code (which certificate
may be an Internal Revenue Service Form W-9 if then sufficient for such purposes under applicable Law). For U.S. federal and
applicable state and local income tax purposes, each of the Exchanging Member, the Company and PubCo agree to treat each Exchange
as a sale by the Exchanging Member of the Exchanging Member’s Common Units (together with an equal number of shares of Class V
Common Stock, which shares shall not be allocated any economic value) to PubCo in exchange for the payment by PubCo of the Stock
Exchange Payment, the Cash Exchange Payment, or other applicable consideration to the Exchanging Member.

 

(j)            Representations
and Warranties. In connection with any Exchange or exercise of a PubCo Call Right, upon the acceptance of the Class A
Common Stock or an amount of cash equal to the Cash Exchange Payment, the Exchanging Member shall represent and warrant that the
Exchanging Member is the owner of the number of Common Units the Exchanging Member is electing to Exchange and that such Common
Units are not subject to any liens or restrictions on transfer (other than restrictions imposed by this LLC Agreement, the charter
and governing documents of PubCo and applicable Law).

 

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Section 4.7             Representations
and Warranties of the Members. Unless otherwise set forth in a written agreement between the Company and a Member
(including the Business Combination Agreement), each Member who acquires Units after the Effective Time severally (and not jointly)
represents and warrants to the Company and each other Member as of the date of such Member’s admittance to the Company and
as of each subsequent date that such Member acquires any additional Units (other than, in the case of acquisition of additional
Units, Section 4.7(b) to the extent any conflict under Section 4.7(b) is related to the occurrence
of a Change of Control resulting from such acquisition) that:

 

(a)            Organization;
Authority.

 

(i)            To
the extent it is not a natural person, (x) it is duly formed, validly existing and in good standing under the Laws of the
jurisdiction of its formation, and if required by Law is duly qualified to conduct business and is in good standing in the jurisdiction
of its principal place of business (if not formed in such jurisdiction), and (y) has full corporate, limited liability company,
partnership, trust or other applicable power and authority to execute and deliver this LLC Agreement and to perform its obligations
under this LLC Agreement and all necessary actions by the board of directors, shareholders, managers, members, partners, trustees,
beneficiaries or other Persons necessary for the due authorization, execution, delivery and performance of this LLC Agreement by
that Member have been duly taken.

 

(ii)            It
has duly executed and delivered this LLC Agreement, and this LLC Agreement is enforceable against such Member in accordance with
its terms, subject to bankruptcy, moratorium, insolvency and other Laws generally affecting creditors’ rights and general
principles of equity (whether applied in a proceeding in a court of law or equity).

 

(b)            Non-Contravention.

 

(i)            Its
authorization, execution, delivery, and performance of this LLC Agreement does not breach or conflict with or constitute a default
under (x) such Member’s charter or other governing documents to the extent it is not a natural person, (y) any
material obligation under any other material agreement to which that Member is a party or by which it is bound or (z) applicable
Law.

 

(ii)            No
governmental, administrative or other material third party consents or approvals are required or necessary on the part of it in
connection with its admittance as a Member or its ownership of its Units.

 

(c)            Due
Inquiry.

 

(i)            It
has had, prior to the execution and delivery of this LLC Agreement, the opportunity to ask questions of and receive answers from
representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects
of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained, and
received all such information about the Company and the Units as it has requested.

 

(ii)            In
determining whether to enter into this LLC Agreement in respect of its Units, it has relied solely on its own knowledge and understanding
of the Company and its business based upon its own due diligence investigation and the information furnished pursuant to this clause
(c) and it has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations and/or prospects.

 

(d)            Purpose
of Investment. It is acquiring and holding its Units solely for investment purposes, for its own account and not for the account
or benefit of any other Person and not with a view towards the distribution or dissemination thereof, did not decide to enter into
this LLC Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation
D under the Securities Act, and acknowledges and understands that no United States federal or state agency has passed upon or made
any recommendation or endorsement of the offering of any Units.

 

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(e)            Transfer
Restrictions. It understands the Units are being Transferred in a transaction not involving a public offering within the meaning
of the Securities Act and the Units will comprise “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act which shall not be sold, pledged, hypothecated or otherwise Transferred except in accordance with the terms
of this LLC Agreement and applicable Law. It agrees that, if in the future it decides to offer, resell, pledge or otherwise Transfer
any portion of its Units, such Units may be offered, resold, pledged or otherwise Transferred only pursuant to an effective Registration
Statement under the Securities Act or an applicable exemption from registration and/or qualification under the Securities Act and
applicable state securities Laws, and as a condition precedent to any such Transfer, it may be required to deliver to the Company
an opinion of counsel satisfactory to the Company, and agrees, absent registration or an exemption with respect to its Units, not
to resell any such Units.

 

(f)            Investor
Status. It (i) has adequate means of providing for its current needs and possible contingencies, is able to bear the economic
risks of its investment for an indefinite period of time and has a sufficient net worth to sustain a loss of its entire investment
in the Company in the event such loss should occur, (ii) is sophisticated in financial matters and has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Company,
(iii) is, or is controlled by, an “accredited investor,” as that term is defined in Rule 501(a) of Regulation
D, promulgated under the Securities Act, and acknowledges the issuance of Units under this LLC Agreement is being made in reliance
on a private placement exemption to “accredited investors” within the meaning of Section 501(a) of Regulation
D under the Securities Act or similar exemptions under federal and state Law, and (iv) is treated as a single partner within
the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account the rules of Treasury Regulations
Section 1.7704-1(h)(3)).

 

Article V

ALLOCATIONS OF PROFITS AND LOSSES

 

Section 5.1             Profits
and Losses. After giving effect to the allocations under Section 5.2 and subject to Section 5.2
and Section 5.4, Profits and Losses (and, to the extent reasonably determined by the Managing Member to be necessary
and appropriate to achieve the resulting Capital Account balances described below, any allocable items of income, gain, loss,
deduction or credit includable in the computation of Profits and Losses) for each Taxable Year or other taxable period shall be
allocated among the Members during such Taxable Year or other taxable period in a manner such that, after giving effect to all
distributions through the end of such Taxable Year or other taxable period, the Capital Account balance of each Member, immediately
after making such allocation, is, as nearly as possible, equal to (a) the amount such Member would receive pursuant to Section 11.3(b)(iii) if
all assets of the Company on hand at the end of such Taxable Year or other taxable period were sold for cash equal to their Gross
Asset Values, all liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each
nonrecourse liability to the Gross Asset Value of the assets securing such liability), and all remaining or resulting cash was
distributed, in accordance with Section 11.3(b)(iii), to the Members immediately after making such allocation, minus
(b) such Member’s share of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical
sale of assets, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after
the hypothetical sale of assets.

 

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Section 5.2             Special
Allocations.

 

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

 

(b)            Any
Member Nonrecourse Deductions for any Taxable Year or other taxable period shall be specially allocated to the Member who bears
economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable
in accordance with Treasury Regulations Section 1.704-2(i). If more than one (1) Member bears the economic risk of loss
for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated
among the Members according to the ratio in which they bear the economic risk of loss. This Section 5.2(b) is
intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently
therewith.

 

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

 

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

 

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

 

(f)            Notwithstanding
any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member
unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including
gross income, and gain for the Taxable Year or other taxable period) shall be specially allocated to such Member in an amount and
manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that
an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have
an Adjusted Capital Account Deficit after all other allocations provided for in Section 5.1 and Section 5.2
have been tentatively made as if this Section 5.2(f) were not in this LLC Agreement. This Section 5.2(f) is
intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii) and shall be interpreted
consistently therewith.

 

(g)            If
any Member has a deficit balance in its Capital Account at the end of any Taxable Year or other taxable period that is in excess
of the amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations
Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of Company income and gain in the amount
of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.2(g) shall
be made only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after
all other allocations provided for in Section 5.1 and Section 5.2 have been made as if Section 5.2(f) and
this Section 5.2(g) were not in this LLC Agreement.

 

(h)            To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4),
to be taken into account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of
such Member’s Units in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of
gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain
or loss shall be allocated to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if
such section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

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(i)            Notwithstanding
anything to the contrary contained in this LLC Agreement, (1) no allocation (of Profits or Losses or otherwise) shall be made
in respect of any Restricted Common Units in determining Capital Accounts unless and until such Restricted Common Units are converted
into Common Units upon the occurrence of a Vesting Event and (2) in the event the Gross Asset Value of any Company asset is
adjusted pursuant to clause (b)(vi) of the definition of Gross Asset Value, any Profits or Losses resulting from such
adjustment shall, in the manner reasonably determined by the Managing Member, be allocated among the Members (including the Members
who held the Restricted Common Units giving rise to such adjustment) such that the Capital Account balance relating to each Common
Unit (including such Restricted Common Units that have been converted into Common Units) is equal in amount immediately after making
such allocation, after taking into account the Distribution Catch-Up Payment, in accordance with principles similar to those set
forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s); provided, that if the foregoing allocations pursuant
to clause (2) are insufficient to cause the Capital Account balance relating to each Common Unit to be so equal in
amount, then the Managing Member, in its reasonable discretion, shall cause a Capital Account reallocation in accordance with principles
similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3) to cause the Capital Account
balance relating to each Common Unit to be so equal in amount.

 

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

 

Section 5.3             Allocations
for Tax Purposes in General.

 

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

 

(b)            In
accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying
the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with
respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income
tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference
using (i) the “traditional method” without curative allocations under Treasury Regulations Section 1.704-3(b) or
(ii) any other permissible method or methods determined by the Managing Member (with the prior written consent of the Continuing
Member Representative) to be appropriate and in accordance with the applicable Treasury Regulations.

 

(c)            Any
(i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations
Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions and (ii) tax credits,
tax credit recapture, and any items related thereto shall be allocated to the Members according to their interests in such items
as reasonably determined by the Managing Member taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii),
1.704-1(b)(3)(iv), and 1.704-1(b)(4)(viii).

 

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

 

(e)            If,
as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital Account reallocation is
required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations
pursuant to Treasury Regulations Section 1.704-1(b)(4)(x). If, pursuant to Section 5.2(i), the Managing Member causes
a Capital Account reallocation in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3),
the Managing Member shall make corrective allocations in accordance with principles similar to those set forth in Treasury Regulations
Section 1.704-1(b)(4)(x).

 

(f)            Any
adjustment to the adjusted tax basis of Company property pursuant to Code Section 743(b) resulting from a transfer of
Units shall be handled in accordance with Treasury Regulations section 1.743-1(j).

 

Section 5.4             Other
Allocation Rules.

 

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

 

(b)            The
provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.4
and the allocations set forth in Sections 5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations
and to reflect the intended economic entitlement of the Members. If the Managing Member reasonably determines that the application
of the provisions in Sections 4.4, 5.1, 5.2 or 5.3 would result in non-compliance with the Treasury
Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to
make any appropriate adjustments to such provisions to the extent permitted by applicable Law, including to allocate properly items
of income, gain, loss, deduction and credit to those Members who bear the economic burden or benefit associated therewith, or to
otherwise cause the Members to achieve the economic objectives underlying this LLC Agreement and the Business Combination Agreement.
The Managing Member also shall (i) make any adjustments that it reasonably determines are necessary or appropriate to maintain
equality between the Capital Accounts of the Members and the amount of Company capital reflected on the Company’s balance
sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(iv)(g) and (ii) make
any reasonable and appropriate modifications in the event unanticipated events would reasonably be expected to otherwise cause
this LLC Agreement not to comply with Treasury Regulations Section 1.704-1(b). No adjustment to the allocations shall be made
under this Section 5.4(b) without the prior written consent of the Continuing Members that would be materially adversely
affected thereby, which consent shall not be unreasonably withheld, conditioned or delayed.

 

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(c)            With
regard to PubCo’s acquisition of the Acquired Company Units and the Acquired Restricted Company Units (in each case, as defined
in the Business Combination Agreement), Profits or Losses shall be allocated to the Members of the Company so as to take into account
the varying interests of the Members in the Company using an “interim closing of the books” method in a manner that
complies with the provisions of Section 706 of the Code and the Treasury Regulations thereunder. If during any Taxable Year
there is any other change in any Member’s Units in the Company, the Managing Member shall consult in good faith with the
Continuing Member Representative and the tax advisors to the Company and allocate the Profits or Losses to the Members of the Company
so as to take into account the varying interests of the Members in the Company using an “interim closing of the books”
method in a manner that complies with the provisions of Section 706 of the Code and the Treasury Regulations thereunder; provided,
however, that such allocations may instead be made in another manner that complies with the provisions of Section 706 of the
Code and the Treasury Regulations thereunder and that is selected by the Managing Member (with the prior written consent of the
Continuing Member Representative, not to be unreasonably withheld, conditioned or delayed).

 

(d)            Solely
for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities” of the Company,
within the meaning of Treasury Regulations Section 1.752-3(a)(3), the Managing Member shall allocate such liabilities in such
manner that complies with the Code and the Treasury Regulations thereunder and that the Managing Member reasonably determines,
in a manner intended to minimize any gain of the Members to the greatest extent possible under Section 731 of the Code.

 

Section 5.5             Restricted
Common Units. The Parties intend that, for U.S. federal income tax purposes, (a) the Restricted Common Units
received by the Continuing Members in connection with the Recapitalization and by PubCo in connection with the Business Combination
Agreement not be treated as being received in connection with the performance of services and (b) no such Member be treated
as having taxable income or gain as a result of such receipt of such Restricted Common Units or as a result of holding any such
Restricted Common Units at the time of any Vesting Event (other than as a result of corrective allocations made pursuant to Section 5.2(i))
and the Company shall prepare and file all tax returns consistent therewith unless otherwise required by a “determination”
within the meaning of Section 1313 of the Code. Notwithstanding (and without limiting) the foregoing, each of the Continuing
Members and PubCo shall, within thirty (30) days of the Effective Time, file with the IRS (via certified mail, return receipt
requested) on a protective basis a completed election under Section 83(b) of the Code and the Treasury Regulations thereunder
with respect to such Restricted Common Units so received and, upon such filing, shall thereafter notify the Company that such
Member has made such timely filing and provide the Company with a copy of such election.

 

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Article VI

DISTRIBUTIONS

 

Section 6.1             Distributions.

 

(a)            Distributions.
Effective as of the Effective Time, the Board has caused the Company to adopt a distribution policy in the form attached to this
LLC Agreement as Exhibit D (the “Distribution Policy”), which may be revised or amended
by the Board. Unless prohibited by applicable Law, and except as otherwise provided in Section 11.3 in the event of
a dissolution, distributions to Members holding Common Units shall be declared by the Managing Member and paid as determined in
good faith by the Managing Member in accordance with the Distribution Policy from available cash, available borrowings and other
funds legally available therefor, including legally made distributions from available cash of the Company’s Subsidiaries
(in each case, taking into account the retention of any amounts necessary to satisfy the obligations of the Company and its Subsidiaries
and any applicable restrictions contained in the Company’s or its Subsidiaries’ then applicable bank financing agreements
by which the Company or its Subsidiaries are bound) (each, an “Ordinary Distribution”). Any Ordinary
Distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except that,
for the avoidance of doubt, (i) to the extent any Distribution Catch-Up Payment is then due and payable, such amount shall
first be paid before any Ordinary Distribution is paid pro rata and (ii) repurchases or redemptions made in accordance
with Section 4.1(g) or payments made in accordance with Section 7.4 or Section 7.8 need
not be on a pro rata basis, as long as such payments are otherwise made in accordance with the terms of this LLC Agreement),
in accordance with the number of Common Units owned by each Member as of the close of business on such record date; provided,
however, that the Managing Member shall have the obligation to make distributions as set forth in Sections 6.2
and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision in
this LLC Agreement to the contrary, no distributions shall be made to any Member to the extent such distribution would render the
Company insolvent. For purposes of this Section 6.1(a) and Section 6.2(a), insolvent means such distribution
would violate Section 18-607(a) of the Act. Promptly following the declaration of a distribution pursuant to this Section 6.1,
the Managing Member shall give notice to each Member of the amount and the terms of the distribution and the payment date thereof.
No Restricted Common Unit shall be entitled to receive any Ordinary Distributions; provided, that, no later than
five (5) Business Days following the Conversion Date with respect to a Restricted Common Unit, for each Restricted Common
Unit for which the Vesting Event has occurred, the Company shall pay to the holder of such Restricted Common Unit an aggregate
amount equal to the aggregate per Common Unit amount of Ordinary Distributions actually paid during the Distribution Catch-Up Period
relevant to such Restricted Common Unit (and if any in-kind distribution was made during the Distribution Catch-Up Period, (which,
for the avoidance of doubt, for purposes of this LLC Agreement, shall not include any transaction subject to Section 4.1(i) hereof)
to the extent feasible (and not requiring any approval (including at PubCo) other than that of the Managing Member in its capacity
as such) identical property, or if not feasible (or if requiring any such approval) an amount in cash equal to the greater of the
per Common Unit Fair Market Value of such in-kind distribution (x) at the time such distribution was made and (y) at
the time such Distribution Catch-Up Payment is made) (each such distribution, a “Distribution Catch-Up Payment”).
To the extent that the Conversion Date in respect of a Restricted Common Unit occurs following the date that an Ordinary Distribution
is declared under this LLC Agreement, but on or after the date such Ordinary Distribution is paid, such per share Ordinary Distribution
shall not be included in the Distribution Catch-Up Payment, and such holder of such Restricted Common Unit shall be entitled to
receive such Ordinary Distribution when paid to the holders of Common Units, assuming such holder continues to hold a Common Unit
on the record date with respect to such Ordinary Distribution.

 

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(b)         Successors.
For purposes of determining the amount of distributions (including Tax Distributions), each Member shall be treated as having made
the Capital Contributions made by, been allocated the net taxable income of the Company (in accordance with the definition of Tax
Amount) allocated to, and received the distributions made to or received by its predecessors in respect of any of such Member’s
Units.

 

(c)          Distributions
In-Kind. Except as otherwise provided in this LLC Agreement, any distributions may be made in cash or in kind, or partly in
cash and partly in kind, as reasonably determined by the Managing Member. In the event of any distribution of (i) property
in kind or (ii) both cash and property in kind, each Member shall be distributed its proportionate share of any such cash
so distributed and its proportionate share of any such property so distributed in kind (based on the Fair Market Value of such
property). To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a
distribution equal to the Fair Market Value of such property for purposes of Section 6.1(a) and such property
shall be treated as if it were sold for an amount equal to its Fair Market Value. Any resulting gain or loss shall be allocated
to the Member’s Capital Accounts in accordance with Section 5.1 and Section 5.2.

 

Section 6.2           Tax-Related
Distributions.

 

(a)           Effective
upon the Effective Time, prior to making any other distributions under this LLC Agreement, on each Tax Distribution Date, unless
prohibited by applicable Law, the Managing Member shall cause the Company, from available cash, available borrowings and other
funds legally available therefor, including legally made distributions from available cash of the Company’s Subsidiaries
(taking into account any restrictions applicable to tax distributions contained in the Company’s or its Subsidiaries’
then applicable bank financing agreements by which the Company or its Subsidiaries are bound) (collectively, “Cash
Available For Tax Distributions”) to make distributions of cash (each, a “Tax Distribution”)
to the Members holding Common Units, pro rata in proportion to their respective number of Common Units in an amount such
that the Member with the highest Tax Amount per Common Unit receives an amount equal to such Member’s Tax Amount; provided,
that if the amount of Tax Distributions actually made with respect to a quarter or a Taxable Year is greater than or less than
the Tax Distributions that would have been made under this Section 6.2 for such period based on subsequent tax information
and assuming no limitations based on prohibitions under applicable Law, Cash Available For Tax Distributions, or insolvency under
this Section 6.2 (such limitations, the “Liquidity Limitations”) (e.g., because the estimated
Tax Distributions for a Taxable Year were greater than or less than the amount calculated based on actual taxable income for such
Taxable Year or because such Tax Distribution would have rendered the Company insolvent (as defined in Section 6.1(a)),
then, on subsequent Tax Distribution Dates, starting with the next Tax Distribution Date, and prior to any additional distributions
pursuant to Section 6.1, the Managing Member shall, subject to the Liquidity Limitations, cause the Company to adjust
the next Tax Distribution and subsequent Tax Distributions downward (but not below zero) or upward (but in any event pro rata
in proportion to the Members’ respective number of Common Units) to reflect such excess or shortfall; and provided,
further, that notwithstanding any other provision in this LLC Agreement to the contrary, (A) Tax Distributions
shall not be required to the extent any such distribution would render the Company insolvent (as defined in Section 6.1(a)),
and (B) the Managing Member shall not be required to cause the Company to make any Tax Distributions on any date other than
a Tax Distribution Date. Notwithstanding anything to the contrary contained in this LLC Agreement, (a) the Managing Member
shall make, in its reasonable discretion, equitable adjustments (downward (but not below zero) or upward) to the Members’
Tax Distributions (but in any event pro rata in proportion to the Members’ respective number of Common Units) to take
into account increases or decreases in the number of Common Units held by each Member during the relevant period (including as
a result of conversion of any Restricted Common Units into Common Units in connection with the occurrence of a Vesting Event);
provided that no such adjustments shall be made that would have a material adverse effect on the Continuing Members without
the Continuing Member Representative’s prior written consent (which consent shall not be unreasonably withheld, conditioned,
or delayed), and (b) no Tax Distributions (or downward (but not below zero) or upward adjustment to any Tax Distributions)
shall be made other than on a pro rata basis in proportion to the Members’ respective number of Common Units.

 

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

 

Article VII

MANAGEMENT

 

Section 7.1           Managing
Member Rights; Member and Officer Duties.

 

(a)           PubCo
shall be the sole Managing Member of the Company and, pursuant to the governing documents of PubCo, the business and affairs of
PubCo shall be managed by or under the direction of the Board. Except as otherwise required by Law or provided in this LLC Agreement,
(i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control
of the Company’s business activities and operations shall rest exclusively with the Managing Member, and (iii) the Members,
other than the Managing Member (in its capacity as such), shall not participate in the control, management, direction or operation
of the activities or affairs of the Company and shall have no power to act for or bind the Company. Nothing set forth in this LLC
Agreement shall reduce or restrict the consent rights set forth in the Investor Rights Agreement, subject to the terms and conditions
thereof, or the rights set forth in the Tax Receivable Agreement, subject to the terms and conditions thereof.

 

(b)           Except
as otherwise required by the Act, no current or former Member (including a current or former Managing Member) or any current or
former Officer shall be obligated personally for any Liability of the Company solely by reason of being a Member or, with respect
to the Managing Member, acting as Managing Member of the Company, or, with respect to an Officer, acting in his or her capacity
as an Officer. Notwithstanding anything to the contrary contained in this LLC Agreement, the failure of the Company to observe
any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this LLC
Agreement or the Act shall not be grounds for imposing personal liability on the Managing Member for liabilities of the Company.

 

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(c)          In
connection with the performance of its duties as the Managing Member of the Company, the Managing Member (solely in its capacity
as such) will owe to the other Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation
if it were a member of the board of directors of such a corporation and the other Members were stockholders of such corporation.
To the extent that, at Law or in equity, any Subsidiary of the Company or any manager, director (or equivalent), officer, employee
or agent of any Subsidiary of the Company has duties (including fiduciary duties) to the Company, to a Member (other than the Managing
Member) or to any Person who acquires Units, all such duties (including fiduciary duties) are hereby limited solely to those expressly
set forth in this Agreement (if any), to the fullest extent permitted by Law. The limitation of duties (including fiduciary duties)
to the Company, each Member (other than the Managing Member) and any Person who acquires Units set forth in the preceding sentence
is approved by the Company, each Member (other than the Managing Member) and any Person who acquires Units.

 

Section 7.2           Role
of Officers.

 

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

 

(b)          The
Officers of the Company as of the Effective Time are set forth on Exhibit C attached hereto.

 

(c)          The
Managing Member shall appoint a Chief Executive Officer who will be responsible for the general and active management of the business
of the Company and its Subsidiaries. The Chief Executive Officer will report to the Managing Member and have the general powers
and duties of management usually vested in the office of chief executive officer of a corporation organized under the DGCL, subject
to the terms of this LLC Agreement and as may be prescribed by the Managing Member, and will have such other powers and duties
as may be reasonably prescribed by the Managing Member or set forth in this LLC Agreement. The Chief Executive Officer will have
the power to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except where required
or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof is delegated by the
Managing Member to some other Officer or agent of the Company.

 

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

 

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

 

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

 

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

 

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

 

Section 7.4           Indemnification.

 

(a)          Right
to Indemnification. Each Person who was or is made a party or is threatened to be made a party to or is otherwise subject to
or involved in any Action, by reason of the fact that he, she or it is or was a Member (including the Managing Member), is or was
serving as the Company Representative (including any “designated individual”) or the Continuing Member Representative
or an officer, manager or director (or equivalent) or, at the discretion of the Managing Member, any employee or agent, of the
Managing Member, the Company or any of its Subsidiaries, or is or was an officer, manager or director (or equivalent) or, at the
discretion of the Managing Member, any employee or agent, of the Managing Member, the Company or any of its Subsidiaries serving
at the request of the Managing Member or the Company or any of its Subsidiaries as an officer, manager or director (or equivalent)
or, at the discretion of the Managing Member, any employee or agent, of another corporation, partnership, joint venture, limited
liability company, trust or other entity or which relates to or arises out of the property, business or affairs of the Company
or any of its Subsidiaries, including service with respect to an employee benefit plan (an “Indemnitee”),
whether the basis of such Action is alleged action in an official capacity as a director, manager, officer, employee or agent or
in any other capacity while serving as an officer, manager, director, employee or agent, shall be indemnified by the Company against
all expense, Liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts
paid in settlement) reasonably incurred or suffered by such Indemnitee in connection therewith (“Indemnifiable Losses”);
provided, however, that, such Indemnitee shall not be entitled to indemnification if such Indemnitee’s
conduct constituted fraud or a knowing violation of Law; provided, further, however, except as provided
in Section 7.4(d) with respect to Actions to enforce rights to indemnification, the Company shall indemnify any
such Indemnitee pursuant to this Section 7.4 in connection with an Action (or part thereof but excluding any compulsory
counterclaim) initiated by such Indemnitee only if such Action (or part thereof but excluding any compulsory counterclaim) was
authorized by the Board.

 

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(b)         Right
to Advancement of Expenses. The right to indemnification conferred in Section 7.4(a) shall include the right
to advancement by the Company of any and all expenses (including attorneys’ fees and expenses) incurred in participating
in or defending any such Action in advance of its final disposition (an “Advancement of Expenses”); provided,
however, that an Advancement of Expenses incurred by an Indemnitee shall be made pursuant to this Section 7.4(b) only
upon delivery to the Company of an undertaking (an “Undertaking”), by or on behalf of such Indemnitee,
to repay, without interest, all amounts so advanced if it shall ultimately be determined by final judicial decision from which
there is no further right to appeal (a “Final Adjudication”) that such Indemnitee is not entitled to
be indemnified for such expenses under this Section 7.4(b). An Indemnitee’s right to an Advancement of Expenses
pursuant to this Section 7.4(b) is not subject to the satisfaction of any standard of conduct and is not conditioned
upon any prior determination that Indemnitee is entitled to indemnification under Section 7.4(a) with respect
to the related Action or the absence of any prior determination to the contrary.

 

(c)          Contract
Rights. The rights to indemnification and to the Advancement of Expenses conferred in Sections 7.4(a) and (b) shall
be contract rights and such rights shall continue as to an Indemnitee who has ceased to be a director, manager, officer, employee
or agent and shall inure to the benefit of the Indemnitee’s heirs, estate, executors, administrators and legal representatives.

 

(d)          Right
of Indemnitee to Bring Suit. If a claim under Sections 7.4(a) or (b) is not paid in full by the Company
within sixty (60) calendar days after a written claim has been received by the Company, except in the case of a claim for an Advancement
of Expenses, in which case the applicable period shall be twenty (20) calendar days, the Indemnitee may at any time thereafter
bring suit against the Company to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or
in a suit brought by the Company to recover an Advancement of Expenses pursuant to the terms of an Undertaking, the Indemnitee
shall be entitled to be paid also the expense of prosecuting or defending such suit. In (i) any suit brought by the Indemnitee
to enforce a right to indemnification under this LLC Agreement (but not in a suit brought by the Indemnitee to enforce a right
to an Advancement of Expenses) it shall be a defense that, and (ii) any suit brought by the Company to recover an Advancement
of Expenses pursuant to the terms of an Undertaking, the Company shall be entitled to recover such expenses, without interest,
upon a Final Adjudication that, the Indemnitee has not met any applicable standard for indemnification set forth in the Act. Neither
the failure of the Company (including its Managing Member or independent legal counsel) to have made a determination prior to the
commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met
the applicable standard of conduct set forth in the Act, nor an actual determination by the Company (including the Managing Member
or independent legal counsel) that the Indemnitee has not met such applicable standard of conduct, shall create a presumption that
the Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the Indemnitee, be a defense
to such suit. In any suit brought by an Indemnitee to enforce a right to indemnification or to an Advancement of Expenses under
this LLC Agreement, or brought by the Company to recover an Advancement of Expenses under this LLC Agreement pursuant to the terms
of an Undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such Advancement of Expenses,
shall be on the Company.

 

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(e)         Appearance
as a Witness. Notwithstanding any other provision of this Section 7.4, the Company shall pay or reimburse out of
pocket expenses incurred by any Person entitled to be indemnified pursuant to this Section 7.4 in connection with such
Person’s appearance as a witness or other participation in an Action at a time when such Person is not a named defendant
or respondent in the Action.

 

(f)          Nonexclusivity
of Rights. The rights to indemnification and the Advancement of Expenses conferred in this Section 7.4 shall not
be exclusive of any other right which a Person may have or hereafter acquire under any Law, this LLC Agreement, any agreement,
any vote of stockholders or disinterested directors or otherwise. Nothing contained in this Section 7.4 shall limit
or otherwise affect any such other right or the Company’s power to confer any such other right.

 

(g)         No
Duplication of Payments. The Company shall not be liable under this Section 7.4 to make any payment to an Indemnitee
in respect of any Indemnifiable Losses to the extent that the Indemnitee has otherwise actually received payment (net of any expenses
incurred in connection therewith and any repayment by the Indemnitee made with respect thereto) under any insurance policy or from
any other source in respect of such Indemnifiable Losses.

 

(h)         Maintenance
of Insurance. The Company or PubCo shall maintain directors’ and officers’ insurance from a financially sound and
reputable insurer (at a minimum, in such amounts as are standard in the industry) to protect directors and officers of the Company
and its Subsidiaries against Indemnifiable Losses of such Indemnitee, whether or not the Company has the authority to indemnify
such Indemnitee against such Indemnifiable Losses under this Section 7.4, in each case to the extent available under the directors’
and officers’ insurance policy of PubCo.

 

Section 7.5          Resignation
or Termination of Managing Member. PubCo shall not, by any means, resign as, cease to be or be replaced as Managing
Member except in compliance with this Section 7.5. No termination or replacement of PubCo as Managing Member shall
be effective unless proper provision is made, in compliance with this LLC Agreement, so that the obligations of PubCo, its successor
by merger (if applicable) and any new Managing Member and the rights of all Members under this LLC Agreement and applicable Law
remain in full force and effect. No appointment of a Person other than PubCo (or its successor by merger, as applicable) as Managing
Member shall be effective unless (a) the new Managing Member executes a joinder to this LLC Agreement and agrees to be bound
by the terms and conditions in this LLC Agreement, and (b) PubCo (or its successor by merger, as applicable) and the new
Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members
against PubCo (or its successor by merger, as applicable) and the new Managing Member (as applicable), to cause (i) PubCo
to comply with all PubCo’s obligations under this LLC Agreement (including its obligations under Section 4.6)
other than those that must necessarily be taken solely in its capacity as Managing Member and (ii) the new Managing Member
to comply with all the Managing Member’s obligations under this LLC Agreement.

 

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Section 7.6           Reclassification
Events of PubCo. If a Reclassification Event occurs, the Managing Member or its successor as a result of such Reclassification
Event, as the case may be, shall, as and to the extent necessary, amend this LLC Agreement in compliance with Section 12.1,
and enter into any necessary supplementary or additional agreements, to ensure that, following the effective date of the Reclassification
Event: (a) the exchange rights of holders of Units set forth in Section 4.6 provide that each Common Unit (together
with the surrender and delivery of one (1) share of Class V Common Stock) is exchangeable for the same amount and same
type of property, securities or cash (or combination thereof) that one (1) share of Class A Common Stock becomes exchangeable
for or converted into as a result of the Reclassification Event and (b) PubCo or the successor to PubCo as a result of such
Reclassification Event, as applicable, is obligated to deliver such property, securities or cash upon such exchange. PubCo shall
not consummate or agree to consummate any Reclassification Event unless the successor Person as a result of such Reclassification
Event, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this LLC Agreement.

 

Section 7.7           Transactions
between Company and Managing Member. The Managing Member may cause
the Company to contract and deal with the Managing Member, or any Affiliate of the Managing Member; provided such contracts
and dealings (other than contracts and dealings between the Company and its Subsidiaries) are on terms comparable to and competitive
with those available to the Company from others dealing at arm’s length or are approved by the Members or are otherwise
approved by the Disinterested Majority.

 

Section 7.8           Certain
Costs and Expenses. The Managing Member shall not be compensated for its
services as Managing Member of the Company.  The Company shall (a) pay, or cause to be paid, all costs, fees,
operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other
professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or
otherwise related to, the activities of the Company and (b) upon the good faith determination of the Managing Member, reimburse
the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the Managing Member. To the extent
that the Managing Member determines in good faith that such expenses are related to the business and affairs of the Managing Member
that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of
the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may
cause the Company to pay or bear such expenses of the Managing Member, including costs of securities offerings not borne directly
by Members, board of directors compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs
and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income
tax obligations owed by PubCo or the cost of any Tax Benefit Payment (as defined in the Tax Receivable Agreement) or any amounts
owed by PubCo under the Tax Receivable Agreement; provided, further, that (a) in the event any cost or expense
incurred by the Managing Member is paid by the Managing Member from the gross proceeds received by PubCo in connection with an
offering, issuance, exercise or conversion of Equity Securities or Debt Securities and only the net amount of such proceeds is
contributed to the Company, such costs or expenses shall not be reimbursed under this Section 7.8, and (b) if
PubCo is required to reimburse the Sellers for attorneys’ fees, costs and expenses pursuant to Section 10.2(n) of
the Business Combination Agreement, such attorneys’ fees, costs and expenses shall not be reimbursed under this Section 7.8.

 

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Article VIII

ROLE OF MEMBERS

 

Section 8.1           Rights
or Powers. Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any
right or power to take part in the operation, management or control of the Company or its business and affairs, transact any business
in the Company’s name or to act for or bind the Company in any way and shall not have any voting rights. Notwithstanding
the foregoing sentence, the Members have all the rights and powers set forth in this LLC Agreement and, to the extent not inconsistent
with this LLC Agreement, in the Act. Any Member, its Affiliates and its and their employees, managers, owners, agents, directors
and officers may also be an employee or be retained as an agent of the Company. Nothing in this Article VIII shall
in any way limit any Member’s rights pursuant to, and subject to the terms and conditions of, the Tax Receivable Agreement
or the Investor Rights Agreement.

 

Section 8.2           Various
Capacities. The Members acknowledge and agree that the Members or their Affiliates will from time to time act in
various capacities, including as a Member or, in the case of PubCo, the Managing Member or the Company Representative, or, in
the case of Series U, the Continuing Member Representative.

 

Section 8.3           Investment
Opportunities. To the fullest extent permitted by applicable Law, the doctrine of corporate opportunity, or any
analogous doctrine, shall not apply to (a) any Member (other than Members who are directors, managers, officers or employees
of the Company, PubCo or any of their respective Subsidiaries, in which case solely acting in their capacity as such), (b) any
of their respective Affiliates (other than the Company, the Managing Member or any of their respective Subsidiaries), (c) the
Sponsor, each Continuing Member or any of its respective Affiliates (including its respective investors and equityholders and
any associated Persons or investment funds or any of their respective portfolio companies or investments) or (d) any of the
respective officers, managers, directors, agents, shareholders, members, and partners of any of the foregoing (each, a “Business
Opportunities Exempt Party”). The Company and each of the Members, on its own behalf and on behalf of their respective
Affiliates and equityholders, hereby renounces any interest or expectancy of the Company in, or in being offered an opportunity
to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt Party and
irrevocably waives any right to require any Business Opportunity Exempt Party to act in a manner inconsistent with the provisions
of this Section 8.3. No Business Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement,
arrangement or other matter that may be an opportunity for PubCo, the Company or any of their respective Subsidiaries, Affiliates
or equityholders shall have any duty to communicate or offer such opportunity to the Company and none of PubCo, the Company or
any of their respective Subsidiaries, Affiliates or equityholders will acquire or be entitled to any interest or participation
in any such transaction, agreement, arrangement or other matter or opportunity as a result of participation therein by a Business
Opportunity Exempt Party. This Section 8.3 shall not apply to, and no interest or expectancy of the Company is renounced
with respect to, any opportunity offered to any director of PubCo if such opportunity is expressly offered or presented to, or
acquired or developed by, such Person solely in his or her capacity as a director or officer of the Company. No amendment or repeal
of this Section 8.3 shall apply to or have any effect on the Liability or alleged Liability of any Business Opportunities
Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior
to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice
of and consented to the provisions of this Section 8.3. Neither the amendment or repeal of this Section 8.3,
nor the adoption of any provision of this LLC Agreement inconsistent with this Section 8.3, shall eliminate or reduce
the effect of this Section 8.3 in respect of any business opportunity first identified or any other matter occurring,
or any cause of Action that, but for this Section 8.3, would accrue or arise, prior to such amendment, repeal or adoption.
No action or inaction taken by any Business Opportunities Exempt Party in a manner consistent with this Section 8.3
shall be deemed to be a violation of any fiduciary or other duty owed to any Person.

 

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Article IX

TRANSFERS OF UNITS

 

Section 9.1          Restrictions
on Transfer.

 

(a)         No
Member shall Transfer all or any portion of its Units, except Transfers made in accordance with the provisions of Section 9.1(b).
If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Units are Transferred
by such Member in violation of this Section 9.1(a), involuntarily, by operation of Law or otherwise, then without limiting
any other rights and remedies available to the other Parties under this LLC Agreement, the Transferee of such Units (or portion
thereof) shall not be admitted to the Company as a Member nor be entitled to any rights as a Member under this LLC Agreement, and
the Transferor will continue to be bound by all obligations under this LLC Agreement. Any attempted or purported Transfer of all
or a portion of a Member’s Units in violation of this Section 9.1(a) shall, to the fullest extent permitted
by Law, be null and void and of no force or effect whatsoever. The restrictions on Transfer contained in this Article IX
shall not apply to the Transfer of any capital stock of PubCo; provided that (i) no shares of Class V Common Stock
may be Transferred by a Member unless an equal number of Common Units are Transferred therewith in accordance with this LLC Agreement
(including in respect of those Transfers permitted by Section 9.1(b)), and (ii) no Common Units may be Transferred
by a Member holding Class V Common Stock unless an equal number of shares of Class V Common Stock are Transferred therewith
in accordance with this LLC Agreement (including in respect of those Transfers permitted by Section 9.1(b)).

 

(b)         The
restrictions contained in Section 9.1(a) shall not apply to any Transfer (each, a “Permitted Transfer”):
(i) in connection with an “Exchange” made in accordance with the provisions of Section 4.6, (ii) by
a Member to PubCo or any of its wholly-owned Subsidiaries, (iii) by a Member to any of such Member’s Permitted Transferees,
(iv) (A) by one or more Continuing Members to the Foundation, or (B) by one or more Continuing Members in connection
with an “Exchange” made in accordance with the provisions of Section 4.6 if such Continuing Member includes
in the applicable Exchange Notice its intent to promptly Transfer, taking into account any Exchange Blackout Period, the shares
of Class A Common Stock received in connection with such Exchange to the Foundation (so long as such shares of Class A
Common Stock are promptly Transferred, taking into account any Exchange Blackout Period, to the Foundation following consummation
of such Exchange), in the case of (A) and (B), in an amount not to exceed four percent (4%) of the aggregate number of Common
Units held by the Continuing Members immediately after the Effective Time (the “Foundation Transfer Amount”,
and such Transfer up to the Foundation Transaction Amount, the “Foundation Transfer”), or (v) after
the Continuing Members have Transferred the Foundation Transfer Amount to the Foundation, any subsequent Transfer by a Continuing
Member to the Foundation or an Affiliate of the Rice Family that is a tax exempt entity; provided, however, if a
Transfer pursuant to clauses (iii) or (iv) would result in a Change of Control (without taking into account
clause (ii) of the final sentence of the definition thereof) (including a Transfer to a Permitted Transferee or the Foundation,
or a Transfer that results in the PubCo holding more than 50% of the outstanding Common Units), such Member must provide the Managing
Member with written notice of such Transfer at least ninety (90) calendar days prior to the consummation of such Transfer; provided
further, that the restrictions contained in this LLC Agreement will continue to apply to Units after any Permitted Transfer
of such Units, and the Transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this LLC
Agreement. In the case of a Permitted Transfer of any Common Units by a Continuing Member, such Transferring Member shall be required
to Transfer an equal number of shares of Class V Common Stock corresponding to the number of such Member’s Common Units
that were Transferred in the transaction to such Transferee. All Permitted Transfers are subject to the additional limitations
set forth in Section 9.1(c).

 

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(c)          In
addition to any other restrictions on Transfer contained in this Article IX, in no event may any Transfer or assignment
of Units by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Units; (ii) if such
Transfer would (A) be considered to be effected on or through an “established securities market” or a “secondary
market or the substantial equivalent thereof” as such terms are used in Treasury Regulations Section 1.7704-1, (B) result
in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h) (determined
taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), (C) cause the Company to be treated
as a “publicly traded partnership” within the meaning of Section 7704 of the Code or to be treated as an association
taxable as a corporation pursuant to the Code, or (D) cause the Company to have a withholding obligation under Section 1446(f) of
the Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title
I of ERISA, a “party-in-interest” (as defined in Section 3 (14) of ERISA) or a “disqualified person”
(as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company,
cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations
or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of
such Units issued upon any exchange of such Units, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if
such Transfer subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940. Any attempted
or purported Transfer of all or a portion of a Member’s Units in violation of this Section 9.1(c) shall
be null and void and of no force or effect whatsoever.

 

Section 9.2           Notice
of Transfer. Other than in connection with Transfers made pursuant to Section 4.6, each Member shall,
after complying with the provisions of this LLC Agreement, but prior to any Transfer of Units, give written notice to the Company
and the other Members of such proposed Transfer. Each such notice shall describe the manner and circumstances of the Transfer.

 

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Section 9.3           Transferee
Members. A Transferee of Units pursuant to this Article IX shall have the right to become a Member
only if (a) the requirements of this Article IX are met, (b) such Transferee executes a joinder in the form
attached to this LLC Agreement as Exhibit E, (c) such Transferee represents that the Transfer was made
in accordance with all applicable securities Laws, (d) the Transferor or Transferee shall have reimbursed the Company for
all reasonable and documented out-of-pocket expenses (including attorneys’ fees and expenses) of any Transfer or proposed
Transfer of a Member’s Interest, whether or not consummated (excluding (i) any Transfer pursuant to Section 4.6,
and (ii) the Foundation Transfer), and (e) if such Transferee or his or her spouse is a resident of a community property
jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member
agreeing to be bound by the terms and provisions of this LLC Agreement to the extent of his or her community property or quasi-community
property interest, if any, in such Member’s Units. Unless agreed to in writing by the Managing Member, the admission of
a Member shall not result in the release of the Transferor from any Liability as of the date of transfer that the Transferor may
have to each remaining Member or to the Company under this LLC Agreement or any other contract between the Managing Member, the
Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand. Written
notice of the admission of a Member shall be sent promptly by the Company to each remaining Member.

 

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

 

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

 

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

 

THE TRANSFER AND VOTING OF THESE
SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF UTZ
BRANDS HOLDINGS, LLC, DATED AS OF AUGUST 28, 2020, AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR
RESTATED FROM TIME TO TIME IN ACCORDANCE WITH SUCH AGREEMENT (COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY AND
SHALL BE PROVIDED FREE OF CHARGE TO ANY MEMBER MAKING A REQUEST THEREFOR), AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR
EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.”

 

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Article X

ACCOUNTING

 

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

 

Section 10.2        Tax
Elections. The Company Representative shall cause the Company and any eligible Subsidiary to make an election (or
continue a previously made election) pursuant to Section 754 of the Code (and any analogous provision of any applicable state,
local or non-U.S. Law) for the Taxable Year that includes the date hereof and for each Taxable Year in which an Exchange occurs,
shall not thereafter revoke any such election and shall make a new election pursuant to Section 754 of the Code to the extent
necessary following any “termination” of the Company or the Subsidiary, as applicable, under Section 708 of the
Code. In addition, the Company shall make the following elections on the appropriate forms or tax returns:

 

(i)           to
adopt the Fiscal Year as the Company’s Taxable Year, if permitted under the Code;

 

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

 

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

 

(iv)        except
as otherwise provided in this LLC Agreement, any other election the Company Representative may deem appropriate and in the best
interests of the Company.

 

Section 10.3        Tax
Returns; Information.

 

(a)         The
Company Representative shall arrange for the preparation and timely filing of all income and other tax and informational returns
of the Company. The Company shall prepare and deliver (or cause to be prepared and delivered) to each Person who was a Member at
any time during the relevant quarter of the relevant Taxable Year reasonable quarterly estimates of such Member’s state tax
apportionment information and the allocations to such Member of taxable income, gains, losses, deductions or credits for such Taxable
Year for U.S. federal, and applicable state and local, income tax reporting purposes at least fifteen (15) days prior to the individual
or corporate quarterly estimate payment deadline for U.S. federal income taxes for calendar year filers (whichever is earlier).
As promptly as reasonably practicable following the end of each Taxable Year, the Company shall prepare and deliver (or cause to
be prepared and delivered) to each Person who was a Member at any time during such Taxable Year (i) an estimated IRS Schedule
K-1 (and any similar form prescribed for applicable state and local income tax purposes) or similar documents with such information
of the Company and all relevant information regarding the Company reasonably necessary for the Members to estimate their taxable
income for such Taxable Year, and (ii) in no event later than forty-five (45) days prior to the individual or corporate filing
deadline (with extensions) for U.S. federal income taxes for calendar year filers (whichever is earlier), a final IRS Schedule K-1
(and any similar form prescribed for applicable state and local income tax purposes) and all relevant information regarding the
Company reasonably necessary for the Members to file their tax returns on a timely basis (including extensions) for such Taxable
Year. The Company shall use commercially reasonable efforts to furnish to each Member and former Member, as soon as reasonably
practicable after an applicable request, all information relating to the Company and in the Company’s possession reasonably
requested by such Member and that is reasonably necessary for such Member to prepare and file its own tax returns and pay its own
taxes or make distributions to its members in order for them to pay their taxes (including copies of the Company’s federal,
state and local income tax returns). Each Member and former Member shall furnish to the Company all pertinent information in its
possession that is reasonably necessary to enable the Company’s tax returns to be prepared and filed. Each Member further
agrees (including with respect to the Taxable Year that such Member becomes a former Member) that such Member shall notify the
Company and consult with the Company regarding a position on its tax return in the event such Member intends to file its tax returns
in a manner that is inconsistent with the Schedule K-1 or other statements furnished by the Company to such Member for purposes
of preparing tax returns.

 

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(b)          In
addition to each Member’s rights to information pursuant to and in accordance with Section 18-305 of the Act, each Member
shall be entitled to examine, either directly or through its representatives, the books and records of the Company or any of its
Subsidiaries at the principal office of the Company or such other location as the Managing Member shall reasonably approve during
normal business hours for any purpose reasonably related to such Member’s interest as a Member of the Company with the information
to which such Member shall be entitled about the Company or any of its Subsidiaries being the same information to which a stockholder
of a Delaware corporation would have with respect to such corporation; provided that, in any event, the Managing Member has a right
to keep confidential from the Members certain information in accordance with Section 18-305 of the Act.

 

Section 10.4         Company
Representative.

 

(a)          PubCo
is hereby designated as the Company Representative. In addition, PubCo is hereby authorized to designate or remove any other Person
selected by PubCo as the Company Representative; provided that all actions taken by the Company Representative pursuant
to this Section 10.4 shall be subject to the overall oversight and authority of the Board. For each Taxable Year in
which the Company Representative is an entity, the Company shall appoint the “designated individual” identified by
the Company Representative and approved by the Board to act on its behalf in accordance with the applicable Treasury Regulations
or analogous provisions of state or local Law. Each Member hereby expressly consents to such designations and agrees to take, and
that the Managing Member is authorized to take (or cause the Company to take), such other actions as may be necessary or advisable
pursuant to Treasury Regulations or other Internal Revenue Service or Treasury guidance or state or local Law to cause such designations
or evidence such Member’s consent to such designations, including removing any Person designated as the Company Representative
(including any “designated individual”) prior to the date of this LLC Agreement.

 

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(b)          Subject
to this Section 10.4, the Company Representative shall have the sole authority to act on behalf of the Company in connection
with, make all relevant decisions regarding application of, and to exercise the rights and powers provided for in the BBA Rules,
including making any elections under the BBA Rules or any decisions to settle, compromise, challenge, litigate or otherwise
alter the defense of any Action, audit or examination before the Internal Revenue Service or any other tax authority (each an “Audit”),
and to expend Company funds for professional services and other expenses reasonably incurred in connection therewith. Subject to
the provisions of Section 10.4(d), the Company Representative will have sole discretion to determine whether the Company
(either on its own behalf or on behalf of the Members) will contest or continue to contest any tax deficiencies assessed or proposed
to be assessed by any tax authority; provided, that, except as provided in Section 10.4(h), the Company Representative
shall obtain the prior written consent of the Continuing Member Representative (which consent shall not be unreasonably withheld,
delayed or conditioned) before (i) except as otherwise provided in Section 9.1(j) of the Business Combination Agreement,
making an election under Section 6226(a) of the Code (or any analogous provision of state or local Law) (a “Push-Out
Election”) or (ii) taking any material action under the BBA Rules that would reasonably be expected to
have a disproportionate (compared to PubCo) and material adverse effect on the Continuing Members, in the case of clauses (i) and
(ii), for so long as the Continuing Members and their Permitted Transferees Beneficially Own Economic Interests (as each
such term is defined in the Investor Rights Agreement) (in the Company and PubCo, without duplication) representing more than 50%
of the Economic Interests (as defined in the Investor Rights Agreement) held by the Continuing Members immediately after the Effective
Time (excluding for these purposes from both the percentage Beneficially Owned immediately after the Effective Time and percentage
then Beneficially Owned at any time, the Foundation Transfer Amount, from and after the occurrence of the Foundation Transfer).

 

(c)          The
Company Representative is authorized, to the extent permissible under applicable Law, to cause the Company to pay any imputed underpayment
of taxes and any related interest, penalties and additions to tax determined in accordance with Code Section 6225 that may
from time to time be required to be made under Code Section 6232 and to pay any similar amounts arising under state, local,
or foreign tax Laws (together, “Imputed Tax Underpayments”). Imputed Tax Underpayments also shall include
any imputed underpayment within the meaning of Code Section 6225 (any similar amounts arising under state, local, or foreign
tax Laws) paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds
(or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes
to the extent that the Company bears the economic burden of such amounts, whether by Law or contract. To the extent permissible
under applicable Law, the Company Representative may cause the Company to allocate the amount of any Imputed Tax Underpayment among
the Members (including any former Members) in an equitable manner, taking into account, among other factors, the magnitude of the
Imputed Tax Underpayment, the nature of the tax items that are the subject of the adjustment giving rise to the Imputed Tax Underpayment,
the classification of the Members for U.S. federal income tax purposes, and the Persons who received (and the proportions in which
they received) the benefits of the activities that gave rise to that Imputed Tax Underpayment. To the extent that the Company Representative
elects to cause the Company to pay an Imputed Tax Underpayment, the Company Representative shall use commercially reasonable efforts
to pursue available procedures under applicable Law to reduce such Imputed Tax Underpayment on account of its Members’ (or
any of the Members’ direct or indirect beneficial owners’) tax status, with any corresponding reduction being credited
to the applicable Member for purposes of allocating such Imputed Tax Underpayment among the relevant Members or former Members
to the extent relevant.

 

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(d)          Without
limiting the foregoing, the Company Representative shall give prompt written notice to the Continuing Member Representative of
the commencement of any income tax Audit of the Company or any of its Subsidiaries that would reasonably be expected to have a
material adverse effect on the Continuing Members, other than any Audit that is the subject of Section 9.1(e) of the
Business Combination Agreement to the extent that such Audit is governed by such provisions of the Business Combination Agreement
(any such Audit that is not the subject of Section 9.1(e) of the Business Combination Agreement, a “Specified
Audit”). The Company Representative shall (i) keep the Continuing Member Representative reasonably informed
of the material developments and status of any such Specified Audit, (ii) permit the Continuing Member Representative (or
its designee) to participate (including using separate counsel), in each case at the Continuing Members’ sole cost and expense,
in any such Specified Audit to the extent such Specified Audit would reasonably be expected to affect the Continuing Members or
their owners, and (iii) promptly notify the Continuing Member Representative of receipt of a notice of a final partnership
adjustment (or equivalent under applicable Laws) or a final decision of a court or IRS Appeals panel (or equivalent body under
applicable Laws) with respect to such Specified Audit. The Company Representative or the Company shall promptly provide the Continuing
Member Representative with copies of all material correspondence between the Company Representative or the Company (as applicable)
and any Governmental Entity in connection with such Specified Audit and shall give the Continuing Member Representative a reasonable
opportunity to review and comment on any material, non-ministerial correspondence, submission (including settlement or compromise
offers) or filing in connection with any such Specified Audit. For so long as the Continuing Members and their Permitted Transferees
Beneficially Own Economic Interests (as each such term is defined in the Investor Rights Agreement) (in the Company and PubCo,
without duplication) representing more than 50% of the Economic Interests (as defined in the Investor Rights Agreement) held by
the Continuing Members immediately after the Effective Time (excluding for these purposes from both the percentage Beneficially
Owned immediately after the Effective Time and percentage then Beneficially Owned at any time, the Foundation Transfer Amount,
from and after the occurrence of the Foundation Transfer), the Company Representative shall not (and the Company shall not (and
shall not authorize the Company Representative to)) settle, compromise or abandon any Specified Audit in a manner that would reasonably
be expected to have a disproportionate (compared to PubCo) and material adverse effect on the Continuing Members without the Continuing
Member Representative’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned).
The obligations of the Company and the Company Representative under this Section 10.4(d) with respect to any Specified
Audit affecting Continuing Members as a result of their prior ownership of Units shall continue after the Continuing Members Transfer
any or all of such Units.

 

(e)          If
the Company Representative causes the Company to make a Push-Out Election, each Member who was a Member of the Company for U.S.
federal income tax purposes for the “reviewed year” (within the meaning of Code Section 6225(d)(1) or similar
concept under applicable state, local, or non-U.S. Law), shall take any adjustment to income, gain, loss, deduction, credit or
otherwise (as determined in the notice of final partnership adjustment or similar concept under applicable state, local, or non-U.S.
Law) into account as provided for in Code Section 6226(b) (or similar concept under applicable state, local, or non-U.S.
Law). The Company shall consult in good faith with the Continuing Member Representative with respect to any material tax election
with respect to the Company that could reasonably be expected to have an adverse effect on the Continuing Members.

 

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(f)            Promptly
following the written request of the Company Representative, the Company shall, to the fullest extent permitted by Law, reimburse
and indemnify the Company Representative (including, for the avoidance of doubt, any “designated individual”) for all
reasonable expenses, including reasonable legal and accounting fees, claims, liabilities, losses and damages incurred by the Company
Representative in connection with the exercise of its rights and fulfillment of its duties under this Section 10.4,
absent willful breach, bad faith, gross negligence or willful misconduct on the part of the Company Representative or any “designated
individual”. Nothing in this LLC Agreement will be construed to restrict the Company or the Company Representative from engaging
an accounting firm or legal counsel to assist the Company Representative in discharging its duties under this LLC Agreement.

 

(g)            Each
Member agrees to cooperate in good faith with the Company Representative and to do or refrain from doing any or all things reasonably
requested by the Company Representative with respect to this Section 10.4, including timely providing any information
reasonably necessary or advisable for the Company Representative to comply with its obligations under Section 10.4(c), that
is or are reasonably necessary or advisable to reduce the amount of any tax, interest, penalties or similar amounts the cost of
which is (or would otherwise be) borne by the Company (directly or indirectly) or to make any election permitted by this LLC Agreement
and the Code or other relevant tax Law unless such Member is restricted from providing such information under any applicable Law
or contract. Each Member acknowledges that any action taken by the Company Representative in its capacity as such may be binding
upon such Members and that such Member shall not independently act with respect to Audits affecting the Company or its Subsidiaries
(but the Continuing Member shall in all events retain all rights provided to it under this LLC Agreement, including but not limited
to Section 10.4(d)). Notwithstanding anything to the contrary contained in this LLC Agreement, no provision of this
LLC Agreement shall require, or give any Person the right to require, PubCo to file any amended tax return.

 

(h)            Notwithstanding
anything to the contrary contained in this LLC Agreement, in the event of any conflict between Section 9.1 of the Business
Combination Agreement and this LLC Agreement, Section 9.1 of the Business Combination Agreement shall control. The Company,
the Company Representative, the Managing Member, and the Members hereby acknowledge and agree to the foregoing sentence and expressly
agree to be bound by the terms of Section 9.1 of the Business Combination Agreement, including that with respect to any Audit
of the Company or any of its Subsidiaries for any taxable period ending before or including the date of the Effective Time and
for which a Push-Out Election is available, all such available elections shall be made in accordance with applicable Laws.

 

(i)            This
Section 10.4 shall be interpreted to apply to Members and former Members and shall survive the Transfer of a Member’s
Units and the termination, dissolution, liquidation and winding up of the Company and, for this purpose to the extent not prohibited
by applicable Law, the Company shall be treated as continuing in existence.

 

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Section 10.5          Withholding
Tax Payments and Obligations.

 

(a)            If
the Company or any other Person in which the Company holds an interest is required by Law to withhold or to make tax payments on
behalf of or with respect to any Member, or the Company is subjected to tax itself (including any amounts withheld from amounts
directly or indirectly payable to the Company or to any other Person in which the Company holds an interest) by reason of the status
of any Member as such or that is specifically attributable to a Member (including federal, state, local or foreign withholding,
personal property, unincorporated business or other taxes, the amount of any Imputed Tax Underpayments allocated to a Member in
accordance with Section 10.4, and any interest, penalties, additions to tax, and expenses related to any such amounts)
(“Tax Advances”), the Managing Member may cause the Company to withhold such amounts and cause the Company
to make such tax payments as so required, and each Member hereby authorizes the Company to do so. All Tax Advances made on behalf
of a Member shall be repaid by reducing the amount of the current or next succeeding Tax Distribution or Tax Distributions and,
if applicable, the proceeds of liquidation that would otherwise have been made to such Member under this LLC Agreement; provided,
that if a Tax Advance is made on behalf of a former Member, then such former Member shall indemnify and hold harmless the Company
for the entire amount of such Tax Advance. For all purposes of this LLC Agreement, such Member shall be treated as having received
the amount of the distribution, if applicable, that is equal to the Tax Advance at the time of such Tax Advance and (if applicable)
as having paid such Tax Advance to the relevant taxing jurisdiction. Notwithstanding the foregoing, to the extent that the aggregate
amount of Tax Advances for any period made on behalf of a Member exceeds the actual Tax Distributions that would have otherwise
been made to such Member during the fifteen (15) months following such Tax Advances, then such Member shall indemnify and hold
harmless the Company for the entire amount of such excess (which has not offset Tax Distributions pursuant to this Section 10.5);
provided, that such indemnification obligation shall be the several obligation of such Member and shall not be treated as
Capital Contributions. For the avoidance of doubt, any income taxes, penalties, additions to tax and interest payable by the Company
or any fiscally transparent entity in which the Company owns an interest shall be treated as specifically attributable to the Members
and shall be allocated among the Members such that the burden of (or any diminution in distributable proceeds resulting from) any
such amounts is borne by those Members to whom such amounts are specifically attributable (whether as a result of their status,
actions, inactions or otherwise, including pursuant to an allocation made under Section 10.4(c)), in each case as reasonably
determined by the Company Representative.

 

(b)            This
Section 10.5 shall be interpreted to apply to Members and former Members and shall survive the Transfer of a Member’s
Units and the termination, dissolution, liquidation and winding up of the Company and, for this purpose to the extent not prohibited
by applicable Law, the Company shall be treated as continuing in existence.

 

Article XI

DISSOLUTION

 

Section 11.1     Liquidating
Events. The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following
(each, a “Liquidating Event”):

 

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

 

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(b)            the
determination of the Managing Member to dissolve the Company;

 

(c)            the
termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining Member in the Company unless the Company is continued without dissolution in a manner
permitted by this LLC Agreement or the Act; and

 

(d)            the
entry of a decree of judicial dissolution under Section 18‒802 of the Act.

 

The Liquidating Events described in clauses
(a) and (b) above are subject to the consent rights set forth in Section 2.2 of the Investor Rights Agreement
(if any, applicable to such Liquidating Event), subject to the terms and conditions thereof.

 

The Members hereby agree that the Company
shall not dissolve prior to the occurrence of a Liquidating Event. In the event of a dissolution pursuant to Section 11.1,
the relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent
practicable with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution,
taking into consideration tax and other legal constraints that may adversely affect one or more Members and subject to compliance
with applicable Laws, unless, with respect to any class of Units, holders of at least seventy-five percent (75%) of the Units of
such class consent in writing to a treatment other than as described above; provided that unless and until a Vesting Event has
occurred with respect to the Restricted Common Units (including a Vesting Event as a result of such Liquidating Event), and in
which case, solely with respect to that portion of the Restricted Common Units to which such Vesting Event relates, the Restricted
Common Units shall not have any economic rights under this LLC Agreement.

 

Section 11.2     Bankruptcy.
For purposes of this LLC Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following:
(a) (i) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall
assume control over the affairs or operations thereof, or (ii) a receiver or trustee shall be appointed, or a writ, order,
attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control,
appointment, writ or order shall continue for a period of ninety (90) consecutive days, (b) a Member shall (i) admit
in writing its inability to pay its debts when due, or make an assignment for the benefit of creditors, (ii) apply for or
consent to the appointment of any receiver, trustee or similar officer or for all or any substantial part of its property or (iii) institute
(by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment
of debts, dissolution, liquidation, or similar proceeding under the Laws of any jurisdiction or (c) a receiver, trustee or
similar officer shall be appointed for such Member or with respect to all or any substantial part of its property without the
application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of ninety (90)
consecutive days or any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or
similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed
for a period of ninety (90) consecutive days.

 

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Section 11.3           Procedure.

 

(a)            In
the event of the dissolution of the Company for any reason, the Managing Member (or in the event that there is no Managing Member
or the Managing Member is in bankruptcy, any Person selected by the majority of Members holding Common Units) shall commence to
wind up the affairs of the Company and, subject to Section 11.4(a), the Managing Member shall have full right to determine
in good faith the time, manner and terms of any sale or sales of the property or other assets pursuant to such liquidation, having
due regard to the activity and condition of the relevant market and general financial and economic conditions. The Members shall
continue to share Profits and Losses during the period of liquidation in the same manner and proportion as immediately prior to
the Liquidating Event. The Company shall engage in no further business except as may be necessary to preserve the value of the
Company’s assets during the period of dissolution and liquidation.

 

(b)            Following
the allocation of all Profits and Losses as provided in Article V, the net proceeds of the liquidation and any other
funds of the Company shall be distributed in the following order of priority:

 

(i)            First,
to the payment and discharge of all expenses of liquidation and discharge of all of the Company’s Liabilities to creditors
(whether third parties or, to the fullest extent permitted by law, Members), in the order of priority as provided by Law, except
any obligations to the Members in respect of their Capital Accounts or liabilities under 18-601 or 18-604 of the Act;

 

(ii)           Second,
to set up such cash reserves which the Managing Member reasonably deems necessary for contingent, conditional or unmatured Liabilities
or future payments described in this Section 11.3(b) (which reserves when they become unnecessary shall be distributed
in accordance with the provisions of clause (iii), below); and

 

(iii)          Third,
the balance to the Members in accordance with Section 6.1(a).

 

(c)            Except
as provided in Section 11.4(b), no Member shall have any right to demand or receive property other than cash upon dissolution
and termination of the Company.

 

(d)            Upon
the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the
Managing Member shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and
all other documents required to effectuate the dissolution and termination of the Company.

 

(e)            Prior
to the distribution of the proceeds of the liquidation and any other funds of the Company in liquidation, a proper accounting shall
be made from the date of the last previous accounting to the date of dissolution, and a final allocation of all items of income,
gain, loss, deduction and credit in accordance with Article V shall be made in such a manner that, immediately before
distribution of assets pursuant to Section 11.3(b)(iii), the positive balance of the Capital Account of each Member
shall, to the greatest extent possible, be equal to the net amount that would so be distributed to such Member (and any non-cash
assets to be distributed will first be written up or down to their Fair Market Value, thus creating hypothetical gain or loss (if
any), which resulting hypothetical gain or loss shall be allocated to the Members’ Capital Accounts in accordance with the
requirements of Treasury Regulation Section 1.704-1(b) and other applicable provisions of the Code and this LLC Agreement).

 

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Section 11.4     Rights
of Members.

 

(a)            Each
Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

 

(b)            Except
as otherwise provided in this LLC Agreement, (i) each Member shall look solely to the assets of the Company for the return
of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital
Contributions, distributions or allocations, except with respect to the Distribution Catch-Up Payment as provided in Section 6.1(a).
The right to a return of Capital Contributions shall be solely to the extent set forth in this LLC Agreement.

 

Section 11.5     Notices
of Dissolution. In the event a Liquidating Event occurs, the Company shall, within thirty (30) days thereafter,
(a) provide written notice thereof to each of the Members and to all other parties with whom the Company regularly conducts
business (as reasonably determined by the Managing Member), and (b) comply, in a timely manner, with all filing and notice
requirements under the Act or any other applicable Law.

 

Section 11.6     Reasonable
Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs
of the Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding
up.

 

Section 11.7     No
Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that Member,
it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

 

Article XII

GENERAL

 

Section 12.1     Amendments;
Waivers.

 

(a)            Except
as otherwise provided in this LLC Agreement, the terms and provisions of this LLC Agreement may be altered, modified or amended
(including by means of merger, consolidation or other business combination to which the Company is a party) only with the approval
of the Managing Member; provided, that no alteration, modification or amendment shall be effective until written notice
has been provided to the Members, and, for the avoidance of doubt, any Member, shall have the right to file an Exchange Notice
prior to the effectiveness of such alteration, modification or amendment with respect to all of such Member’s remaining Common
Units; provided, further, that no amendment to this LLC Agreement may (w) disproportionately and adversely affect
a Member or remove a right or privilege granted to a Member, without such Member’s prior written consent (provided that
the creation or issuance of any new Unit or Equity Security of the Company permitted pursuant to Section 4.1 and Section 4.3
and any amendments or modifications to this LLC Agreement to the extent necessary to reflect such creation or issuance shall not
be deemed to disproportionately and adversely affect a Member or remove a right or privilege specifically granted to a Member in
any event); or (x) modify the limited liability of any Member, or increase the Liabilities of any Member, in each case, without
the prior written consent of each such affected Member; or (y) alter or change any rights, preferences or privileges of any
Units in a manner that is different or prejudicial relative to any other Units in the same class of Units, without the prior written
consent of each such affected Member; or (z) modify the requirement that any action, election, decision or determination that
is required to be approved or made by the Disinterested Majority (including in respect of Section 4.6) be so approved
or made by the Disinterested Majority, without the prior written approval of the Disinterested Majority serving on the Board at
such time as such modification is proposed to be made.

 

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(b)            Notwithstanding
the foregoing clause (a), the Managing Member, acting alone, may amend this LLC Agreement, including Exhibit A,
(i) to reflect the admission of new Members, Transfers of Units, the issuance of additional Units, in each case in accordance
with the terms of this LLC Agreement, and, subject to Section 12.1(a), subdivisions or combinations of Units made in
accordance with Section 4.1(h) and (ii) as necessary, and solely to the extent necessary, based on the reasonable
written advice of legal counsel or a qualified tax advisor (including any nationally recognized accounting firm) to the Company,
to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of
the Code.

 

(c)            No
waiver of any provision or default under, nor consent to any exception to, the terms of this LLC 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 12.2     Further
Assurances. Each Party agrees that it will from
time to time, upon the reasonable request of another Party, execute such documents and instruments and take such further action
as may be reasonably required to carry out the provisions of this LLC Agreement. The consummation of Transfers, Exchanges and
issuances of Equity Securities pursuant to this LLC Agreement shall be subject to, and conditioned on, the completion of any required
regulatory filings with any applicable Governmental Entity (or the termination or expiration of any waiting period in connection
therewith), including the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, to the extent required in connection with such Transfer, Exchange or issuance. The Members shall reasonably
cooperate in connection with any such filing.

 

Section 12.3     Successors
and Assigns. All of the terms and provisions of this LLC Agreement shall be binding upon the Parties and their
respective successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member
only to the extent that they are permitted successors and assigns pursuant to the terms of this LLC Agreement. No Party may assign
its rights under this LLC Agreement except as permitted pursuant to this LLC Agreement, including assignment of such rights to
a Permitted Transferee and a Transferee of Units pursuant to and in accordance with Section 9.3.

 

Section 12.4     Entire
Agreement. This LLC Agreement, together with all Exhibits and Schedules to this LLC Agreement, the Business Combination
Agreement, the Investor Rights Agreement, the Tax Receivable Agreement and all other Ancillary Agreements (as such term is defined
in the Business Combination Agreement), 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 between the Parties in connection
with such subject matter except as set forth in this LLC Agreement and therein.

 

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Section 12.5     Rights
of Members Independent. The rights available to the Members under this LLC Agreement and at Law shall be deemed
to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not
by reference to any other such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or
the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one
or more of such rights or combination thereof from time to time thereafter or simultaneously.

 

Section 12.6     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 LLC Agreement (including any tort or non-contractual claims) and (b) any questions
concerning the construction, interpretation, validity and enforceability of this LLC Agreement, and the performance of the obligations
imposed by this LLC 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 LLC 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 LLC AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS LLC AGREEMENT AND/OR THE
RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER THIS LLC AGREEMENT. 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. 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 LLC 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 LLC Agreement in any other
courts. Nothing in this Section 12.6, 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.

 

Section 12.7     Headings.
The descriptive headings of the Articles, Sections and clauses of this LLC Agreement are for convenience only and do not constitute
a part of this LLC Agreement.

 

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Section 12.8     Counterparts;
Electronic Delivery. This LLC Agreement and any amendment hereto or any other agreements delivered pursuant to
this LLC 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 12.9     Notices.
All notices, demands and other communications to be given or delivered under this LLC 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 12.9, notices, demands and
other communications shall be sent to the addresses indicated below:

 

If to the Company or the Managing Member:

 

Utz Brands, Inc.

900 High Street

Hanover, PA 17331

	 	Attention:	Dylan B. Lissette
	 	Email:	 

 

and

 

Utz Brands Holdings,
LLC

900 High Street

Hanover, PA 17331

	 	Attention:	Dylan B. Lissette
	 	Email:	 

 

With copies to:

 

Kirkland & Ellis
LLP

601 Lexington Ave.

New York, NY 10022

	 	Attention:	Peter Martelli, P.C.
	 	 	Lauren M. Colasacco, P.C.
	 	Email:	peter.martelli@kirkland.com
	 	 	lauren.colasacco@kirkland.com

 

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Cozen O’Connor

One Liberty Place

1650 Market Street, Suite 2800

Philadelphia, PA 19103

	 	Attention:	Larry Laubach
	 	Email:	llaubach@cozen.com

 

If to the Continuing Members:

 

Series U of UM Partners,
LLC

900 High Street

Hanover, PA 17331

	 	Attention:	Dylan B. Lissette
	 	Email:	 

 

With a copy to:

 

Cozen O’Connor

One Liberty Place

1650 Market Street, Suite 2800

Philadelphia, PA 19103

	 	Attention:	Larry Laubach
	 	Email:	llaubach@cozen.com

 

Section 12.10     Representation
by Counsel; Interpretation. The Parties acknowledge that each Party to this LLC Agreement has been represented
by counsel in connection with this LLC Agreement and the transactions contemplated by this LLC Agreement. Accordingly, any rule of
Law, or any legal decision that would require interpretation of any claimed ambiguities in this LLC Agreement against the Party
that drafted it has no application and is expressly waived.

 

Section 12.11     Severability.
Whenever possible, each provision of this LLC Agreement shall be interpreted in such manner as to be effective and valid under
applicable Law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance
shall be held to be prohibited by or invalid, illegal or unenforceable under applicable Law in any respect by a court of competent
jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity, illegality or unenforceability,
without invalidating the remainder of such provision or the remaining provisions of this LLC Agreement. Furthermore, in lieu of
such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this LLC Agreement a legal,
valid and enforceable provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible.

 

Section 12.12     Expenses.
Except as otherwise provided in this LLC Agreement (or as set forth in the Business Combination Agreement with respect to expenses
incurred in connection with the entry into this LLC Agreement), each Party shall bear its own expenses in connection with the
transactions contemplated by this LLC Agreement.

 

Section 12.13     No
Third Party Beneficiaries. Except as provided in Section 7.4 and Section 10.3(a), this
LLC Agreement is for the sole benefit of the Parties and their permitted assigns and nothing herein, express or implied, shall
give or be construed to give any Person, other than the Parties and such permitted assigns, any legal or equitable rights under
this LLC Agreement.

 

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Section 12.14     Confidentiality.
Except as required by applicable Law, each Member (other than the Managing Member) agrees to hold the Company’s Confidential
Information in confidence and shall not, unless authorized in writing by the Managing Member, (a) disclose any Confidential
Information to any third party or (b) use such information except in furtherance of the business of the Company; provided,
however, that (i) each Member may disclose Confidential Information to such Member’s Affiliates, attorneys,
accountants, consultants and other advisors who are bound by an obligation of confidentiality with respect to such Confidential
Information; provided such Member will be responsible for any violation by any of its Affiliates, attorneys, accountants, consultants
or other advisors of the confidentiality provisions in this Section 12.14, (ii) each Member may disclose Confidential
Information as required in response to any summons, subpoena or other legal requirement, provided that such Member shall promptly
notify the Managing Member in writing so the Company may seek a protective order or appropriate remedy, (iii) each Member
may disclose Confidential Information to a proposed Transferee if such disclosure is reasonably required in connection with any
proposed Transfer of Units to such Transferee pursuant to the terms of this LLC Agreement, and (iv) each Member may disclose
Confidential Information to the extent necessary for such Member to prepare and file its tax returns, to respond to any inquiries
regarding such tax returns from any taxing authority or to prosecute or defend any action, proceeding or audit by any taxing authority
with respect to such tax returns.

 

Section 12.15     No
Recourse. Notwithstanding anything that may be expressed or implied in this LLC Agreement (except in the case of
the immediately succeeding sentence) or any document, agreement, or instrument delivered contemporaneously herewith, and notwithstanding
the fact that any Party may be a partnership or limited liability company, each Party hereto, by its acceptance of the benefits
of this LLC Agreement, covenants, agrees and acknowledges that no Persons other than the Parties shall have any obligation hereunder
and that it has no rights of recovery hereunder against, and no recourse hereunder or under any documents, agreements, or instruments
delivered contemporaneously herewith or in respect of any oral representations made or alleged to be made in connection herewith
or therewith shall be had against, any former, current or future director, officer, agent, Affiliate, manager, assignee, incorporator,
controlling Person, fiduciary, representative or employee of any Party (or any of their successors or permitted assignees), against
any former, current, or future general or limited partner, manager, stockholder or member of any Party (or any of their successors
or permitted assignees) or any Affiliate thereof or against any former, current or future director, officer, agent, employee,
Affiliate, manager, assignee, incorporator, controlling Person, fiduciary, representative, general or limited partner, stockholder,
manager or member of any of the foregoing, but in each case not including the Parties (each, but excluding for the avoidance of
doubt, the Parties, a “Non-Party Affiliate”), whether by or through attempted piercing of the corporate
veil, by or through a claim (whether in tort, contract or otherwise) by or on behalf of such Party against the Non-Party Affiliates,
by the enforcement of any assessment or by any Action, or by virtue of any statute, regulation or other applicable Law, or otherwise;
it being expressly agreed and acknowledged that no personal Liability whatsoever shall attach to, be imposed on, or otherwise
be incurred by any Non-Party Affiliate, as such, for any obligations of the applicable Party under this LLC Agreement or the transactions
contemplated by this LLC Agreement, under any documents or instruments delivered contemporaneously herewith, in respect of any
oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether in tort, contract
or otherwise) based on, in respect of, or by reason of, such obligations or their creation. Notwithstanding the foregoing, a Non-Party
Affiliate may have obligations under any documents, agreements or instruments delivered contemporaneously herewith or otherwise
required by this LLC Agreement if such Non-Party Affiliate is party to such document, agreement or instrument. Except to the extent
otherwise expressly set forth in, and subject in all cases to the terms and conditions of and limitations herein, this LLC Agreement
may only be enforced against, and any claim or cause of action of any kind based upon, arising out of, or related to this LLC
Agreement, or the negotiation, execution or performance of this LLC Agreement, may only be brought against the Persons that are
expressly named as Parties hereto and then only with respect to the specific obligations set forth herein with respect to such
Party. Each Non-Party Affiliate is expressly intended as a third party beneficiary of this Section 12.15.

 

[Signatures on Next Page]

 

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

 

	 	COMPANY:
	 	 
	 	UTZ BRANDS HOLDINGS, LLC
	 	 
	 	 
	 	By:	/s/ Dylan B. Lissette
	 	Name:	Dylan B. Lissette
	 	Title:	President and Chief Executive Officer
	 	 
	 	 
	 	MANAGING MEMBER:
	 	 
	 	UTZ BRANDS, INC.
	 	 
	 	 
	 	By:	/s/ Dylan B. Lissette
	 	Name:	Dylan B. Lissette
	 	Title:	Chief Executive Officer
	 	 	 
	 	 
	 	MEMBERS:
	 	 
	 	UTZ BRANDS, INC.
	 	 
	 	 
	 	By:	/s/ Dylan B. Lissette
	 	Name:	Dylan B. Lissette
	 	Title:	Chief Executive Officer
	 	 
	 	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 to Third Amended and Restated Limited Liability Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

EXHIBIT A

 

Capitalization

 

	Members	Effective Time

 Common Units	Effective Time

 Restricted 

Common Units	Shares of 

Class V 

Common

 Stock	Closing Date

 Capital 

Account 

Balance*	Capital

 Contributions

 following the

 Effective Time
	Utz Brands, Inc.	59,369,050	0	N/A	–	–
	Series R of UM Partners, LLC	9,187,350	0	9,187,350	–	–
	Series U of UM Partners, LLC	52,061,650	0	52,061,650	–	–

 

* After completion of the Company’s 2020 federal income
tax return, the Company will insert amounts for the Members’ Closing Date Capital Account Balances to reflect their pro
rata share of the fair market value of the Company as of the Closing Date.

 

Exhibit A to the Third Amended and Restated Limited Liability
Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

 

EXHIBIT B

 

Exchange Notice

 

See attached.

 

Exhibit B to the Third Amended and Restated
Limited Liability Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

Form of Exchange Notice

 

Dated: _____________

 

Utz Brands Holdings, LLC

900 High Street

Hanover, PA 17331

Attention: Dylan B. Lissette

 

copy to:

 

Utz Brands, Inc.

900 High Street

Hanover, PA 17331

Attention: Dylan B. Lissette

 

Reference is hereby made to the Third Amended
and Restated Limited Liability Company Agreement of Utz Brands Holdings, LLC, dated as of August 28, 2020 (as amended from
time to time in accordance with its terms, the “LLC Agreement”) of Utz Brands Holdings, LLC (f/k/a UM-U Intermediate,
LLC), a Delaware limited liability company (the “Company”), by and among Utz Brands, Inc., a Delaware corporation
(“PubCo”), 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”) and each other
Person who is or at any time becomes a Member in accordance with the terms of the LLC Agreement and the Act (such Persons, together
with PubCo, Series U and Series R, the “Unitholders”). Capitalized terms used but not defined herein shall
have the meanings given to them in the LLC Agreement.

 

Effective as of the Exchange Date as determined
in accordance with the LLC Agreement, the undersigned Unitholder hereby transfers and surrenders to the Company the number of Common
Units set forth below and an equal number of shares of Class V Common Stock held by such Unitholder in Exchange for the issuance
to the undersigned Unitholder of that number of shares of Class A Common Stock equal to the number of Common Units so exchanged
(to be issued in its name as set forth below), or, at the election of PubCo, for a Cash Exchange Payment to the account set forth
below, in each case in accordance with the LLC Agreement. The undersigned hereby acknowledges that the Exchange of Common Units
shall include the cancellation of an equal number of outstanding shares of Class V Common Stock held by the undersigned that
have been surrendered in such Exchange.

 

Legal Name of Unitholder: ________________________________________

 

Address: _______________________________________________________

 

Number of Common Units to be Exchanged: __________________________

 

Cash Exchange Payment instructions: ________________________________

 

    

     

    

 

If the Unitholder desires the shares of
Class A Common Stock be settled through the facilities of The Depositary Trust Company (“DTC”), please indicate
the account of the DTC participant below.

 

In the event PubCo elects to certificate
the shares of Class A Common Stock issued to the Unitholder, please indicate the following:

 

Legal Name for Certificate Delivery: ___________________________________

 

Address for Certificate Delivery: ______________________________________

 

The undersigned hereby
represents and warrants that the undersigned is the owner of the number of Common Units the undersigned is electing to Exchange
pursuant to this Exchange Notice, and that such Common Units are not subject to any liens or restrictions on transfer (other than
restrictions imposed by the LLC Agreement, the charter and governing documents of PubCo and applicable Law).

 

The undersigned hereby irrevocably constitutes
and appoints any officer of PubCo, as applicable, as the attorney of the undersigned, with full power of substitution and resubstitution
in the premises, solely to do any and all things and to take any and all actions necessary to effect the Exchange elected hereby.

  

    2

     

    

 

IN WITNESS WHEREOF the undersigned has caused
this Exchange Notice to be executed and delivered as of the date first set forth above.

 

	 	[Unitholder]
	 	 
	 	By:	                            
                                                     
	 	Name:
		Title:

 

[Signature Page - Exchange Notice]

 

    

     

    

 

EXHIBIT C

 

Officers

 

	Dylan B. Lissette	–	President and Chief Executive Officer
	 	 	 
	Cary Devore	–	 Executive Vice President, Chief Financial Officer, Chief Operating Officer, Treasurer and Assistant Secretary
	 	 	 
	Todd M. Staub	–	 Executive Vice President, Chief Administrative Officer and Secretary

 

Exhibit C to the Third Amended and Restated
Limited Liability Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

EXHIBIT D

 

Distribution Policy

 

See attached.

 

Exhibit D to the Third Amended and Restated
Limited Liability Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

EXHIBIT E

 

Form of Joinder

 

This
Joinder (this “Joinder”) to the LLC Agreement (as defined below), made as of                    ,
is between                    (“Transferor”)
and                    (“Transferee”).

 

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

 

WHEREAS, Transferor
is a party to that certain Third Amended and Restated Limited Liability Company Agreement of Utz Brands Holdings, LLC (the “Company”),
dated as of August 28, 2020, by and among Utz Brands, Inc., a Delaware corporation, Series U of UM Partners, LLC,
a series of a Delaware limited liability company, Series R of UM Partners, LLC, a series of a Delaware limited liability company,
and each other Person who is or at any time becomes a Member of the Company (as the same may be amended or restated from time to
time, the “LLC Agreement”); and

 

WHEREAS, Transferee
is required, at the time of and as a condition to such Transfer, to become a party to the LLC Agreement by executing and delivering
this Joinder, whereupon such Transferee will be treated as a Party (with the rights and obligations as a Member) for all purposes
of the LLC 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 LLC Agreement.

 

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

 

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

 

Section 1.4     Notice.
Any notice, demand or other communication under the LLC Agreement to Transferee shall be given to Transferee at the address set
forth on the signature page hereto in accordance with Section 12.9 of the LLC Agreement.

 

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

 

Exhibit E to the Third Amended and Restated
Limited Liability Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

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.

 

[Signatures on Next Page]

 

Exhibit E to the Third Amended and Restated
Limited Liability Company Agreement of Utz Brands Holdings, LLC

 

    

     

    

 

 

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:

 

Exhibit E to the Third Amended and Restated
Limited Liability Company Agreement of Utz Brands Holdings, LLC

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