Document:

EX-10.1

 Exhibit 10.1 
  

 
 THIRTEENTH AMENDED AND RESTATED

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 ZEVIA LLC 

a Delaware limited liability company 

dated as of July 21, 2021 
  

 

							
	 ARTICLE I GENERAL PROVISIONS
	  	 	2	 
			
	 Section 1.1
	  	Formation and Continuation	  	 	2	 
	 Section 1.2
	  	Name	  	 	2	 
	 Section 1.3
	  	Principal Place of Business; Other Places of Business	  	 	2	 
	 Section 1.4
	  	Designated Agent for Service of Process	  	 	2	 
	 Section 1.5
	  	Term	  	 	2	 
	 Section 1.6
	  	No State Law Partnership	  	 	2	 
	 Section 1.7
	  	Business Purpose	  	 	3	 
	 Section 1.8
	  	Powers	  	 	3	 
	 Section 1.9
	  	Certificates; Filings	  	 	3	 
	 Section 1.10
	  	Representations and Warranties by the Members	  	 	3	 
		
	 ARTICLE II UNITS; CAPITAL CONTRIBUTIONS
	  	 	4	 
			
	 Section 2.1
	  	Units	  	 	4	 
	 Section 2.2
	  	Capital Contributions of the Members; No Deficit Restoration Obligation	  	 	5	 
	 Section 2.3
	  	No Interest; No Return	  	 	5	 
	 Section 2.4
	  	Issuances of Additional Units	  	 	5	 
	 Section 2.5
	  	Additional Funds and Additional Capital Contributions	  	 	6	 
		
	 ARTICLE III DISTRIBUTIONS
	  	 	9	 
			
	 Section 3.1
	  	General Distributions	  	 	9	 
	 Section 3.2
	  	Tax Distributions	  	 	9	 
	 Section 3.3
	  	No Tax Distributions on Liquidation	  	 	10	 
	 Section 3.4
	  	Distributions in Kind	  	 	10	 
	 Section 3.5
	  	Withholding	  	 	10	 
	 Section 3.6
	  	Distributions to Reflect Additional Units	  	 	11	 
	 Section 3.7
	  	Other Distribution Rules	  	 	11	 
		
	 ARTICLE IV MANAGEMENT AND OPERATIONS
	  	 	12	 
			
	 Section 4.1
	  	Management	  	 	12	 
	 Section 4.2
	  	Tax Actions	  	 	15	 
	 Section 4.3
	  	Compensation and Reimbursement of Managing Member	  	 	15	 
	 Section 4.4
	  	Outside Activities	  	 	15	 
	 Section 4.5
	  	Transactions with Affiliates	  	 	16	 
	 Section 4.6
	  	Limitation on Liability	  	 	17	 
	 Section 4.7
	  	Indemnification	  	 	17	 
		
	 ARTICLE V BOOKS AND RECORDS
	  	 	18	 
			
	 Section 5.1
	  	Books and Records	  	 	18	 
	 Section 5.2
	  	Financial Accounts	  	 	18	 
	 Section 5.3
	  	Inspection; Confidentiality	  	 	19	 
	 Section 5.4
	  	Information to be Provided by Managing Member to Members	  	 	19	 

  
 1 

							
	 ARTICLE VI ALLOCATIONS
	  	 	19	 
			
	 Section 6.1
	  	Allocations.	  	 	19	 
	 Section 6.2
	  	Priority Allocations.	  	 	19	 
	 Section 6.3
	  	Other Allocation Rules.	  	 	20	 
		
	 ARTICLE VII TAX MATTERS
	  	 	21	 
			
	 Section 7.1
	  	Provision of Information	  	 	21	 
	 Section 7.2
	  	Member Tax Returns	  	 	22	 
	 Section 7.3
	  	Tax Elections	  	 	22	 
	 Section 7.4
	  	Company Tax Returns	  	 	22	 
	 Section 7.5
	  	Tax Representative	  	 	22	 
	 Section 7.6
	  	Tax Audits	  	 	23	 
	 Section 7.7
	  	No Independent Actions or Inconsistent Positions	  	 	24	 
	 Section 7.8
	  	United States Person	  	 	24	 
	 Section 7.9
	  	State, Local, and Non-U.S. Tax Law	  	 	25	 
	 Section 7.10
	  	Former Members; Survival; Amendment	  	 	25	 
	 Section 7.11
	  	Tax Classification	  	 	25	 
	 Section 7.12
	  	Accounting and Fiscal Year	  	 	25	 
	 Section 7.13
	  	Capital Accounts	  	 	25	 
		
	 ARTICLE VIII UNIT TRANSFERS AND MEMBER WITHDRAWALS
	  	 	25	 
			
	 Section 8.1
	  	Transfer Generally Prohibited	  	 	25	 
	 Section 8.2
	  	Conditions Generally Applicable to All Transfers	  	 	25	 
	 Section 8.3
	  	Drag-Along Rights	  	 	27	 
	 Section 8.4
	  	Substituted Members	  	 	28	 
	 Section 8.5
	  	Company Right to Call Membership Interests	  	 	28	 
	 Section 8.6
	  	Withdrawal	  	 	29	 
	 Section 8.7
	  	Restrictions on Termination Transactions	  	 	29	 
	 Section 8.8
	  	Incapacity	  	 	30	 
	 Section 8.9
	  	Withholding With Respect to a Transfer of Units	  	 	30	 
		
	 ARTICLE IX ADMISSION OF MEMBERS
	  	 	31	 
			
	 Section 9.1
	  	Members; Admission of Additional Members	  	 	31	 
	 Section 9.2
	  	Limit on Number of Members	  	 	31	 
		
	 ARTICLE X DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	31	 
			
	 Section 10.1
	  	Dissolution Generally	  	 	31	 
	 Section 10.2
	  	Events Causing Dissolution	  	 	32	 
	 Section 10.3
	  	Distribution upon Dissolution	  	 	32	 
	 Section 10.4
	  	Rights of Members	  	 	33	 
	 Section 10.5
	  	Termination	  	 	33	 
		
	 ARTICLE XI PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS;
MEETINGS
	  	 	34	 
			
	 Section 11.1
	  	Actions and Consents of Members	  	 	34	 

  
 2 

							
	 Section 11.2
	  	Amendments	  	 	34	 
	 Section 11.3
	  	Procedures for Meetings and Actions of the Members	  	 	34	 
		
	 ARTICLE XII EXCHANGE RIGHTS
	  	 	35	 
			
	 Section 12.1
	  	Elective and Mandatory Exchanges	  	 	35	 
	 Section 12.2
	  	Additional Terms Applying to Exchanges.	  	 	37	 
	 Section 12.3
	  	Exchange Consideration	  	 	39	 
	 Section 12.4
	  	Adjustment	  	 	40	 
	 Section 12.5
	  	Class A Common Stock to be Issued	  	 	40	 
	 Section 12.6
	  	Withholding	  	 	41	 
	 Section 12.7
	  	Tax Treatment	  	 	42	 
	 Section 12.8
	  	Contribution of the Managing Member	  	 	42	 
	 Section 12.9
	  	Apportionment of Distributions	  	 	42	 
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	42	 
			
	 Section 13.1
	  	Conclusive Nature of Determinations	  	 	42	 
	 Section 13.2
	  	Company Counsel	  	 	43	 
	 Section 13.3
	  	Appointment of Managing Member as Attorney-in-Fact	  	 	43	 
	 Section 13.4
	  	Entire Agreement	  	 	44	 
	 Section 13.5
	  	Further Assurances	  	 	44	 
	 Section 13.6
	  	Notices	  	 	44	 
	 Section 13.7
	  	Governing Law	  	 	45	 
	 Section 13.8
	  	Jurisdiction and Venue	  	 	45	 
	 Section 13.9
	  	Equitable Remedies	  	 	45	 
	 Section 13.10
	  	Construction	  	 	46	 
	 Section 13.11
	  	Counterparts	  	 	46	 
	 Section 13.12
	  	Third-Party Beneficiaries	  	 	46	 
	 Section 13.13
	  	Binding Effect	  	 	46	 
	 Section 13.14
	  	Severability	  	 	46	 
	 Section 13.15
	  	Survival	  	 	46	 
		
	 ARTICLE XIV DEFINED TERMS
	  	 	46	 
			
	 Section 14.1
	  	Definitions	  	 	46	 
	 Section 14.2
	  	Interpretation	  	 	58	 

  
 3 

 THIRTEENTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF ZEVIA LLC 
 THIS
THIRTEENTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of ZEVIA LLC, a Delaware limited liability company (the “Company”), dated as of July 21, 2021, is entered into by and among
each of the persons admitted as a Member as of the date hereof as listed on Annex A (the “Initial Members”), and Zevia PBC, a Delaware public benefit corporation (the “Managing Member”). 

WHEREAS, the Company was formed pursuant to a Certificate of Formation (the “Certificate of Formation”) filed with the Secretary of
State of the State of Delaware on September 17, 2010 (“Formation Date”), pursuant to Section 18-201 of the Delaware Limited Liability Company Act (as it may be amended from time to
time, and any successor to such statute, the “Act”); 
 WHEREAS, since June 23, 2021, the Company was governed by the
Twelfth Amended and Restated Limited Liability Company Agreement (the “Prior Agreement”); 
 WHEREAS, pursuant to
Section 2.3(a)(B) of the Prior Agreement, in connection with a Qualified IPO (as defined in the Prior Agreement), all of the outstanding Preferred Units and Common Units (each as defined in the Prior Agreement) immediately prior to the date
hereof were converted into Class A Common Units (as defined in the Prior Agreement); 
 WHEREAS, effective as of the date hereof, but
subject to the consummation of the IPO, each Class A Common Unit outstanding after giving effect to the conversion referred to in the prior clause is hereby reclassified as two Class B Common Units; 

WHEREAS, on upon consummation of the IPO, the Managing Member will issue one share of its Class B Common Stock to the Initial Members for
each Class B Common Unit they hold in connection with its initial public offering of shares of its Class A Common Stock (the “IPO”); 

WHEREAS, the Managing Member will contribute the net proceeds of the IPO to the Company in exchange for Class A Common Units, and the
Managing Member will be admitted to the Company as Managing Member; 
 WHEREAS, the Managing Member will use a portion of the net proceeds
to (i) acquire Class B Common Units from the Initial Members (which Class B Common Units shall convert into Class A Common Units) or (ii) as a portion of the merger consideration in the transactions effected pursuant to
Article 7.8 of the Prior Agreement with Blocker Corporations; 
 WHEREAS, the Managing Member and the Company will engage or have engaged in
certain other transactions described in the registration statement on Form S-1 filed in connection with the IPO (collectively, the “IPO Reorganization”); and 

  
 1 

 WHEREAS, the Initial Members now desire to approve and document the actions described in
these recitals and to amend and restate the Prior Agreement to read in its entirety as set forth in this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement, intending to be legally bound, agree as
follows: 
 ARTICLE I 

GENERAL PROVISIONS 

Section 1.1 Formation and Continuation. The Company is a limited liability company previously formed and continued pursuant
to the provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided in this Agreement to the contrary, the rights and obligations of the Members and the administration and
termination of the Company shall be governed by the Act. The Certificate of Formation and all actions taken or to be taken by any person who executed and filed or who executes and files, after the date of this Agreement, the Certificate of Formation
are hereby adopted and ratified, or authorized, as the case may be. 
 Section 1.2 Name. The name of the Company is “Zevia
LLC.” The Company may also conduct business at the same time under one or more fictitious names if the Managing Member determines that such is in the best interests of the Company. The Company may change its name, from time to time, in
accordance with Law. 
 Section 1.3 Principal Place of Business; Other Places of Business. The principal business office of the
Company is located at 15821 Ventura Blvd., Suite 145, Encino, CA 91436, or such other place within or outside the State of Delaware as the Managing Member may from time to time designate. The Company may maintain offices and places of business at
such other place or places within or outside the State of Delaware as the Managing Member deems advisable. 
 Section 1.4 Designated
Agent for Service of Process. So long as required by the Act, the Company shall continuously maintain a registered office and a designated and duly qualified agent for service of process on the Company in the State of Delaware. The address of
the registered office of the Company in the State of Delaware shall be as set forth in the Certificate of Formation. The Company’s registered agent for service of process at such address shall also be as set forth in the Certificate of
Formation. 
 Section 1.5 Term. The term of the Company commenced on the Formation Date and shall continue until the Company is
dissolved in accordance with the Act or this Agreement. Notwithstanding the dissolution of the Company, the existence of the Company shall continue until its termination pursuant to this Agreement or as otherwise provided in the Act. 

Section 1.6 No State Law Partnership. The Members intend that the Company shall not be a partnership (including a limited
partnership) or joint venture, and that no Member shall be an agent, partner or joint venturer of any other Member, for any purposes other than for U.S. federal, 

  
 2 

 
state, and local tax purposes, and this Agreement shall not be construed to suggest otherwise. Each Member hereby acknowledges and agrees that, except as expressly provided herein, in performing
its obligations or exercising its rights under this Agreement, it is acting independently and is not acting in concert with, on behalf of, as agent for, or as joint venturer of, any other Member. Other than in respect of the Company, nothing
contained in this Agreement shall be construed as creating a corporation, association, joint stock company, business trust, or organized group of Persons, whether incorporated or not, among or involving any Member or its Affiliates, and nothing in
this Agreement shall be construed as creating or requiring any continuing relationship or commitment as between such parties other than as specifically set forth in this Agreement. 

Section 1.7 Business Purpose. The Company may carry on any Lawful business, purpose or activity in which a limited liability
company may be engaged under Law. 
 Section 1.8 Powers. Subject to the limitations set forth in this Agreement, the Company
will possess and may exercise all of the powers and privileges granted to it by the Act, by any other Law, or by this Agreement, together with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion
or attainment of the purposes of the Company set forth in Section 1.7. 
 Section 1.9 Certificates;
Filings. The Certificate of Formation was previously filed on behalf of the Company in the office of the Secretary of State of the State of Delaware as required by the Act. The Managing Member may execute and file any duly authorized amendments
to the Certificate of Formation from time to time in a form prescribed by the Act. The Managing Member shall also cause to be made, on behalf of the Company, such additional filings and recordings as the Managing Member shall deem necessary or
advisable. If requested by the Managing Member, the Members shall promptly execute all certificates and other documents consistent with the terms of this Agreement necessary for the Managing Member to accomplish all filing, recording, publishing,
and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited liability company under the Laws of the State of Delaware, (b) if the Managing Member deems it advisable, the operation
of the Company as a limited liability company, in all jurisdictions in which the Company proposes to operate, and (c) all other filings required (or determined by the Managing Member to be necessary or appropriate) to be made by the Company.

 Section 1.10 Representations and Warranties by the Members. 

(a) No Conflict. Each Member that is an individual (including each Additional Member or Substituted Member as a condition to becoming
an Additional Member or a Substituted Member) represents and warrants to, and covenants with, each other Member that (i) the execution of this Agreement and the consummation of the transactions contemplated by this Agreement to be performed by
such Member will not result in a breach or violation of, or a default under, any material agreement by which such Member or any of such Member’s property is bound, or any statute, regulation, order or other Law to which such Member is subject
and (ii) this Agreement is binding upon, and enforceable against, such Member in accordance with its terms. 

  
 3 

 (b) Organization and Qualification; Authority. Each Member that is not an individual
(including each Additional Member or Substituted Member as a condition to becoming an Additional Member or a Substituted Member) represents and warrants to, and covenants with, each other Member that (i) the execution of this Agreement and all
transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including that of its general partner(s), managing member(s), committee(s), trustee(s), beneficiaries, directors and/or
stockholder(s) (as the case may be) as required, (ii) the execution of this Agreement and consummation of such transactions will not result in a breach or violation of, or a default under, its partnership or operating agreement, trust
agreement, charter or bylaws (as the case may be), any material agreement by which such Member or any of such Member’s properties or any of its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or
any statute, regulation, order or other Law to which such Member or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, and (iii) this Agreement is binding upon, and enforceable against,
such Member in accordance with its terms. 
 (c) Survival of Representations and Warranties. The representations and warranties
contained in Sections 1.10(a) and 1.10(b) shall survive the execution and delivery of this Agreement by each Member (and, in the case of an Additional Member or a Substituted Member, the admission of such Additional Member or
Substituted Member as a Member in the Company), and the dissolution, liquidation, and termination of the Company. 
 (d) No
Representations as to Performance. Each Member (including each Additional Member or Substituted Member as a condition to becoming an Additional Member or Substituted Member) hereby acknowledges that no representations as to potential profit,
cash flows, funds from operations or yield, if any, in respect of the Company or the Managing Member have been made by any Member or any employee or representative or Affiliate of any Member, and that projections and any other information, including
financial and descriptive information and documentation, that may have been in any manner submitted to such Member shall not constitute any representation or warranty of any kind or nature, express or implied. 

(e) Modification of Representations and Warranties. The Managing Member may permit the modification of any of the representations and
warranties contained in Sections 1.10(a) and 1.10(b), as applicable, to any Member (including any Additional Member or Substituted Member or any transferee of either) provided, that such representations and warranties, as
modified, shall be set forth in either (i) a Unit Designation applicable to the Units held by such Member or (ii) a separate writing addressed to the Company. 

ARTICLE II 
 UNITS;
CAPITAL CONTRIBUTIONS 
 Section 2.1 Units. 

(a) Generally. The interests of the Members in the Company are divided into, and represented by, the Units, each having the rights and
obligations specified in this Agreement. 
 (b) Classes. The Units are initially divided into: 

  
 4 

 (i) “Class A Common Units,” which are issuable to the
Managing Member and such other persons as the Managing Member shall determine; and 
 (ii) “Class B Common
Units,” which are issuable to the Members (other than the Managing Member) in the IPO Reorganization and as otherwise provided in this Agreement. Each Class B Common Unit shall be associated with a share of Class B Common Stock
issued to the holder of the Class B Common Unit. 
 (iii) Other Classes of Units. The Company may issue additional Units or
create additional classes, series, sub-classes, or sub-series of Units in accordance with this Agreement. 

Section 2.2 Capital Contributions of the Members; No Deficit Restoration Obligation. 

(a) Capital Contributions. The Members made, shall be treated as having made, or have agreed to make, Capital Contributions to the
Company and were issued the Common Units indicated on Annex A. Except as provided by Law or in this Agreement, the Members shall have no obligation or, except as otherwise provided in this Agreement or with the prior written consent of the
Managing Member, right to make any other Capital Contributions or any loans to the Company. 
 (b) No Deficit Restoration Obligation.
No Member shall have an obligation to make any contribution to the capital of the Company as the result of a deficit balance in its Capital Account, and any such deficit shall not be considered a Debt owed to the Company or to any other Person for
any purpose whatsoever. 
 Section 2.3 No Interest; No Return. No Member shall be entitled to interest on its Capital
Contribution or on such Member’s Capital Account balance. Except as provided by this Agreement, any Unit Designation, or by Law, no Member shall have any right to demand or receive a withdrawal or the return of its Capital Contribution from the
Company. Except to the extent provided in this Agreement or in any Unit Designation, no Member shall have priority over any other Member as to distributions, the return of Capital Contributions, or the allocation of Net Profits and Net Losses. 

Section 2.4 Issuances of Additional Units. Subject to the rights of any Member set forth in a Unit Designation: 

(a) General. The Company may issue additional Units, for any Company purpose, at any time or from time to time, to the Members
(including the Managing Member) or to any other Person, and may admit any such Person as an Additional Member for such consideration and on such terms and conditions as shall be established by the Company. Any additional Units may be issued in one
or more classes, or one or more series of any of such classes, with such designations, preferences, conversion or other rights, voting powers, restrictions, rights to distributions, qualifications and terms and conditions of redemption (including
rights that may be senior or otherwise entitled to preference over existing Units) as shall be determined by the Company and set forth in a written document attached to and made an exhibit to this Agreement, which exhibit shall be an amendment to
this Agreement and shall be incorporated into this Agreement by reference (each, a “Unit Designation”). Upon the issuance of any additional Unit, 

  
 5 

 
the Managing Member shall amend the Register and the books and records of the Company as appropriate to reflect such issuance. Except to the extent specifically set forth in any Unit Designation,
a Unit of any class or series other than a Common Unit shall not entitle the holder thereof to vote on, or consent to, any matter. 
 (b)
Issuances to the Managing Member. No additional Units shall be issued to the Managing Member unless: 
 (i) The additional Units are
issued to all Members holding Common Units in proportion to their respective Percentage Interests in the Common Units; 
 (ii) The
additional Units are (x) Class A Common Units issued in connection with an issuance of Class A Common Stock or issued with appropriate adjustments to the Exchange Rate in accordance with Section 12.4, (y)
Class B Common Units issued in connection with an issuance of Class B Common Stock, or (z) Equivalent Units (other than Common Units) issued in connection with an issuance of Preferred Stock, New Securities, or other interests in the
Managing Member (other than Common Stock), and, in each case, the Managing Member contributes to the Company the net proceeds received in connection with the issuance of such Common Stock, Preferred Stock, New Securities, or other interests in the
Managing Member; 
 (iii) There is a recapitalization of the stock of the Managing Member; 

(iv) The additional Units are issued upon the conversion, redemption or exchange of Debt, Units or other securities issued by the Company; or

 (v) The additional Units are issued in accordance with the express terms of the other provisions of this Article II. 

(c) Issuances of Class B Common Units. No additional Class B Common Units shall be issued except (i) in
the event of a recapitalization of the Capital Stock, including any stock split, stock dividend, reclassification or similar transaction, or (ii) if a corresponding number of shares of Class B Common Stock is also issued by the Managing
Member to the holder of such Class B Common Units. 
 (d) No Preemptive Rights. Except as expressly provided in this Agreement
or in any Unit Designation, no Person shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Membership Interest. 

Section 2.5 Additional Funds and Additional Capital Contributions 

(a) General. The Company may, at any time and from time to time, determine that it requires additional funds (“Additional
Funds”) for the acquisition or development of additional Assets, for the redemption of Units, or for such other purposes as the Company may determine. Additional Funds may be obtained by the Company in any manner provided in, and in
accordance with, the terms of this Section 2.5 without the approval of any Member or any other Person. 

  
 6 

 (b) Additional Capital Contributions. The Company may obtain any Additional Funds by
accepting Capital Contributions from any Members or other Persons. In connection with any such Capital Contribution, the Company is hereby authorized from time to time to issue additional Units (as set forth in Section 2.4
above) in consideration for such Capital Contribution, and, if appropriate, the Percentage Interests shall be adjusted to reflect the issuance of such additional Units. 

(c) Loans by Third Parties. The Company may obtain any Additional Funds by incurring Debt payable to any Person (other than, except as
contemplated in Section 2.5(d), the Managing Member) upon such terms as the Company determines appropriate, including making such Debt convertible, redeemable, or exchangeable for Units; provided, however,
that the Company shall not incur any such Debt if any Member would be personally liable for the repayment of all or any portion of such Debt (unless that Member agrees otherwise). 

(d) Loans by Managing Member. The Managing Member, on behalf of the Company, may obtain any Additional Funds by causing the Company to
incur Debt payable to the Managing Member if (i) the Debt is, to the extent permitted by Law, on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion, redemption, repurchase and exchange
rights) as any Debt incurred by or on behalf of the Managing Member for the purpose of providing funds to the Company, the net proceeds of which are lent to the Company to provide such Additional Funds, or (ii) the Debt is on terms and
conditions no less favorable to the Company than would be available to the Company from any third party. 
 (e) Issuance of Securities by
the Managing Member. 
 (i) Unless otherwise agreed to by the Members, after the completion of the IPO and the initial issuance of the
Class B Common Stock by the Managing Member, except in the case of a Liquidity Offering for purposes of a Cash Settlement, the Managing Member shall not issue any additional Capital Stock or New Securities unless the Managing Member contributes
the net proceeds, if any, received from the issuance of such additional Capital Stock or New Securities (as the case may be) and from the exercise of the rights contained in any such additional Capital Stock or New Securities to the Company in
exchange for (i) in the case of an issuance of Class A Common Stock, Class A Common Units, (ii) in the case of an issuance of Class B Common Stock, Class B Common Units, or (iii) in the case of an issuance of
Preferred Stock or New Securities, Equivalent Units. If at any time any Preferred Stock or New Securities are issued that are convertible into or exercisable for Class A Common Stock or another security of the Managing Member, then upon any
such conversion or exercise, the corresponding Equivalent Unit shall be similarly exercised or otherwise converted, as applicable, for an equivalent number of Class A Common Units or other Equivalent Units. It is the intent of the parties that
the Managing Member will always own Units equivalent to its outstanding Capital Stock, except as provided pursuant to Section 12.4, and the parties hereby acknowledge that the Managing Member and the Company may each make
reasonable adjustments to its own capitalization, subject to applicable Law and the terms of any such outstanding Capital Stock, in order to effect such parity (including by issuing Class A Common Units to the Managing Member in connection with
any issuances of Class A Common Shares in settlement of equity awards outstanding or that may be granted under any equity incentive plan or program of the Company or the Managing Member). 

  
 7 

 (ii) If the Managing Member issues any additional Capital Stock or New Securities and
contributes the net proceeds, if any, received from such issuance to the Company, the Company is authorized to issue a number of Common Units or Equivalent Units to the Managing Member equal to the number of shares of Capital Stock or New Securities
so issued, in accordance with this Section 2.5(e) without any further act, approval or vote of any Member or any other Person. For the avoidance of doubt, New Securities that are derivative securities issued under any
Incentive Compensation Plan of the Managing Member shall not require issuance of Equivalent Units by the Company until such time as such derivative securities are exercised and subsequently issued. 

(f) Reimbursement of Issuance Expenses. If the Managing Member issues additional Capital Stock or New Securities and subsequently
contributes the net proceeds received from such issuance to the Company, then the Company shall bear the Managing Member’s expenses associated with such issuance, and the Managing Member shall be deemed to have contributed the gross proceeds to
the Company. 
 (g) Repurchase or Redemption of Capital Stock. If, at any time, any shares of Capital Stock or New Securities are
repurchased, redeemed or otherwise retired (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing Member, then the Managing Member shall cause the Company, immediately prior to such repurchase,
redemption or retirement of such Capital Stock or New Securities, to redeem, repurchase or otherwise retire a corresponding number of Class A Common Units, Class B Common Units or Equivalent Units held by the Managing Member, upon the same
terms and for the same consideration as the Capital Stock or New Securities to be repurchased, redeemed or retired. Notwithstanding any provision to the contrary in this Agreement, the Company shall not make any repurchase or redemption if such
repurchase or redemption would violate any applicable Law. 
 Section 2.6 Lock-Up
Period. No Member may, without the prior written consent of the Managing Member, from the date of this Agreement and including the date 180 days after the date set forth on the final prospectus used to sell the shares of Class A common
stock of the Managing Member in the IPO (the “Lock-Up Period”), (i) offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any shares of common stock
of the Managing Member or units of the Company or any options or warrants to purchase any shares of common stock of the Managing Member or units of the Company, or any securities convertible into, exchangeable for or that represent the right to
receive shares of common stock of the Managing Member or units of the Company (such options, warrants or other securities, collectively, “Derivative Instruments”), including without limitation any such shares or Derivative Instruments now
owned or hereafter acquired by a Member (collectively, the “Restricted Securities”), (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into,
any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or
other disposition (whether by the Member or someone other than the Member), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any common stock of the Managing Member or units of the Company
or Derivative Instruments, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery 

  
 8 

 
of common stock of Managing Member or units of the Company or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a
“Lockup Transfer”) or (iii) otherwise publicly announce any intention to engage in or cause any action or activity described in clause (i) above or transaction or arrangement described in clause (ii) above. In addition, no
Member, without the prior written consent of the Managing Member, during the Lock-Up Period, may make any demand for or exercise any right with respect to, the registration of any shares of common stock of the
Managing Member or units of the Company or any security convertible into or exercisable or exchangeable for common stock of the Managing Member or units of the company. For the avoidance of doubt, the Member agrees that the foregoing provisions
shall be equally applicable to any issuer-directed or other shares of the Managing Member a Member may purchase in the IPO. 
 Notwithstanding the
foregoing, the Member may transfer Lockup Transfer Restricted Securities without the prior written consent of the Managing Member: 
  

	 	(i)	 as a bona fide gift or gifts or charitable contribution; 

 

	 	(ii)	 to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the
Member or the immediate family of the Member or to a member of the Member’s immediate family (for purposes of this Section 2.6, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than
first cousin) or in the case of a trust, to any beneficiaries of the trust or to the estate of such trust; 

  

	 	(iii)	 as a distribution to limited partners, partners, members, stockholders, or other equityholders of the Member;

  

	 	(iv)	 to the Member’s affiliates or to any investment fund or other entity controlled or managed by the Member;

  

	 	(v)	 in an exchange of any units of the Company (or securities convertible into, exchangeable for or that represent
the right to receive units of the Company) and a corresponding number of shares of Class B Common Stock of the Managing Member into or for shares of Class A Common Stock of the Managing Member (or securities convertible into, exchangeable
for or that represent the right to receive shares of Class A Common Stock of the Managing Member) pursuant to the this Agreement or other agreements described in the final prospectus for the IPO; 

 

	 	(vi)	 in a transfer, conversion, reclassification, redemption or exchange of any securities pursuant to the
reorganization transactions described in the final prospectus for the IPO; 

  

	 	(vii)	 by will, other testamentary document or intestate succession upon the death of the Member or for bona fide
estate planning purposes; 

  

	 	(viii)	 by operation of law, such as pursuant to an order of a court or regulatory agency (for purposes of this
Section 2.6, a “court or regulatory agency” means any 

  
 9 

	 	
domestic or foreign, federal, state or local government, including any political subdivision thereof, any governmental or quasi-governmental authority, department, agency or official, any court
or administrative body or any national securities exchange or similar self-regulatory body or organization, in each case of competent jurisdiction) or pursuant to a domestic order or in connection with a divorce settlement; 

 

	 	(ix)	 to the Managing Member or its subsidiaries upon exercise of any right in respect of any equity award granted
under any incentive plan of the Managing Member or the Company or other arrangement described in the final prospectus relating to the IPO or in the exercise of outstanding options, warrants, restricted stock units or other equity interests,
including the surrender of shares of common stock of the Managing Member to the Managing Member in a “net” or “cashless” exercise of any equity award to satisfy any exercise price of tax withholding obligations;

  

	 	(x)	 to a bona fide third party pursuant to a merger, consolidation, tender offer or other similar
transaction made to all holders of common stock of the Managing Member and involving a change of control of the Managing Member and approved by the Managing Member’s board of directors, provided, that (i) in the event that such
change of control is not completed, the Member’s Restricted Securities shall remain subject to the restrictions contained herein, and (ii) any shares of common stock of the Managing Member not transferred in such merger, consolidation,
tender offer or similar transaction shall remain subject to the restrictions contained herein. “Change of control” shall mean the transfer (whether by tender offer, merger, consolation or other similar transaction), in one transaction or a
series of related transactions, to a person or group of affiliated persons (other than an underwriter pursuant to the offering), of the Managing Member’s voting securities if, after such transfer, such person or group of affiliated persons
would hold more than 50% of the outstanding voting securities of the Managing Member (or the surviving entity); 

  

	 	(xi)	 acquired in open market transactions after the completion of the public offering if (a) such transfers are
not required to be reported with the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (b) the Member does not otherwise
voluntarily effect any public filing or report regarding such transfers; or 

  

	 	(xii)	 to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under
clauses (i) through (iv), (vii) or (viii) above; 

 provided that, in the case of any transfer, donation or distribution
pursuant to clauses (i), (ii), (iii) and (vii), any such transfer shall not involve a disposition for value, and except in the case of clause (x) and (xi), (1) such securities or any securities received in connection with any of the
transactions described above remain subject to the terms of this Section 2.6 or each donee, trustee, distributee or transferee, as the case may be, agrees in writing to be bound by the same terms described in this Section 2.6 to the extent
and for the duration that such terms remain in effect at the time of the transfer, (2) such transfers are not required to be reported with the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Exchange Act,
except in the case of 

  
 10 

 
clauses (v) – (ix) in which case any such filing shall clearly indicate in the footnote thereto the circumstances of the particular transfer and (3) the Member does not otherwise
voluntarily effect any public filing or report regarding such transfers. 
 To the extent any Member is a party to an agreement to the effect of this
Section 2.6 with the representatives of the underwriters in the IPO, such agreement will control in the event of any conflict between such agreement and this Section 2.6. 

ARTICLE III 

DISTRIBUTIONS 

Section 3.1 General Distributions. Subject to the terms of any Unit Designation, the Company shall distribute an amount of
Available Cash when, as, and if determined by the Managing Member to the Members pro rata in accordance with their Common Units at such times and in such amounts as the Managing Member, in its sole discretion, shall determine. 

Section 3.2 Tax Distributions. 

(a) Generally. If the amount distributed to a Member pursuant to Section 3.1 (including, for this purpose,
the amount, if any, paid as a guaranteed payment within the meaning of Code section 707(c) to that Member) in respect of a Fiscal Year is less than that Member’s Assumed Tax Liability (as defined below), the Company shall distribute an amount
of Available Cash to the Members such that each Member receives distributions of Available Cash in respect of the Fiscal Year in an amount at least equal to the Member’s Assumed Tax Liability (each such distribution, a “Tax
Distribution”). Any Tax Distribution paid to a Member under this Section 3.2(a) shall for all purposes of this Agreement be treated as an advance having been made and shall reduce future amounts otherwise
distributable to such Member under Section 3.1. Except as provided in Section 3.2(d), all Tax Distributions shall be made pro rata in accordance with Units. 

(b) Assumed Tax Liability. For purposes of calculating the amount of each Member’s Tax Distributions under
Section 3.2(a), a Member’s “Assumed Tax Liability” means an amount equal to the product of: 

(i) the sum of (x) the net taxable income and gain allocated to that Member in the Fiscal Year and (y) to the extent
(A) determined by the Company in its sole discretion and (B) attributable to the Company, the amount the Member is required to include in income by reason of Code sections 707(c) (but not including guaranteed payments for services within
the meaning of Code section 707(c)), 951(a), and 951A(a); multiplied by 
 (ii) the highest combined effective U.S. federal, state,
and local marginal rate of tax applicable to an individual resident in New York, New York (unless otherwise determined by the Company) for the Fiscal Year (such tax rate, the “Assumed Tax Rate”). The Company shall use the same
Assumed Tax Rate for all Members. 

  
 11 

 The calculation required by this Section 3.2(b) shall be made (i) taking into
account (w) the character of the income or gain and (x) any limitations on, or the availability of, deductions and net operating losses, and (ii) disregarding (y) the effect of any special basis adjustments under Code section 743(b)
and (z) the effect of the allocations required under Code section 704(c)(1)(A) (and the principles thereof). 
 (c) Timing of Tax
Distributions. If reasonably practicable, and as the Company deems appropriate, the Company will make distributions of the estimated Tax Distributions for a Fiscal Year on a quarterly basis to facilitate the payment of quarterly estimated income
taxes, taking into account amounts previously distributed under this Section 3.2. Not later than one hundred (100) Business Days after the end of the Fiscal Year, the Company shall make a final Tax Distribution in an
amount sufficient to fulfill the Company’s obligations under Section 3.2(a). 
 (d) Impact of Insufficient
Available Cash. If the amount of Tax Distributions to be made exceeds the amount of the Available Cash, the Tax Distribution to which each Member is entitled shall be reduced in accordance with the provisions of this
Section 3.2(d) (each Member’s share of that reduction, the “Tax Distribution Shortfall Amount”). Cash available for distribution as a Tax Distribution shall first be distributed to the Managing Member
in an amount equal to the full amount of its Tax Distribution (calculated by substituting the words “a corporation doing business” for “an individual resident” in the definition of “Assumed Tax Rate”). The
balance, if any, of cash available for distribution as a Tax Distribution shall be distributed: 
 (i) First, to the Members (other than
the Managing Member) pro rata in accordance with their Units in an amount such that each such Member has received distributions pursuant to this Section 3.2(d)Section 3.2(b) not less than their Assumed
Tax Liability (calculated by substituting the words “a corporation doing business” for “an individual resident” in the definition of “Assumed Tax Rate”); and 

(ii) Thereafter, the balance, if any, to the Members (including the Managing Member) pro rata in accordance with their Units until
each Member has received the full amount of its Tax Distribution calculated in accordance with Section 3.2(b). 
 Any Tax
Distribution Shortfall Amounts will be carried forward to subsequent Fiscal Years and will be distributed when and to the extent that the Company has sufficient Available Cash. 

Section 3.3 No Tax Distributions on Liquidation. No Tax Distributions shall be made in connection with the liquidation of the
Company or a Member’s interest in the Company. 
 Section 3.4 Distributions in Kind. No Member may demand to receive
property other than cash as provided in this Agreement. The Company may make a distribution in kind of Assets to the Members, and if a distribution is made both in cash and in kind, such distribution shall be made so that, to the fullest extent
practical, the percentage of the cash and any other Assets distributed to each Member entitled to such distribution is identical. 

Section 3.5 Withholding. Each Member acknowledges and agrees that the Company may be required by Law to deduct and withhold taxes
or to fulfill other similar obligations of such Member on any amount paid, distributed, disbursed, or allocated by the Company to that Member, including upon liquidation, and any assignee or transferee of a Member’s interest or Substituted

  
 12 

 
Member shall, by reason of such Transfer, assignment or substitution, acknowledge, and agree to any such withholding by the Company, including withholding to discharge obligations of the Company
with respect to prior distributions, allocations, or an Imputed Underpayment Share (to the extent not otherwise borne by the Member pursuant to Section 7.6). Taxes withheld by third parties from payments to the Company in
respect of the Company shall be treated as an expense of the Company, unless such withholding is attributable to a specific Member, in which case, amounts so withheld shall be allocated to such Member and the Company may deduct and withhold such
amounts from the Member. All amounts withheld pursuant to this Section 3.5, shall, except as otherwise determined by the Company pursuant to Section 7.6(c)(ii), be treated as amounts distributed to such Person pursuant
to the provision of this Agreement that would have applied if such amount had actually been distributed. 
 Section 3.6
Distributions to Reflect Additional Units. If the Company issues additional Units pursuant to the provisions of Article II, subject to the provisions of any a Unit Designation, the Managing Member is authorized to make such revisions to this
Article III and to Article VI as it determines are reasonably necessary or desirable to reflect the issuance of such additional Units, including making preferential distributions to certain classes of Units. 

Section 3.7 Other Distribution Rules. 

(a) Transfers. From and after the Transfer, distributions (including Tax Distributions) made to the transferor Member, along with any
withholding or deduction in respect of any such distribution, shall be treated as having been made to the transferee unless otherwise determined by the Company. 

(b) Record Date for Distributions. The Company may designate a Record Date for purposes of calculating and giving effect to
distributions. All distributions shall be made to the holders of record as of the applicable Record Date. 
 (c) Over-Distributions.
If the Company distributes to a Member more than the amount to which the Member in entitled (e.g., by reason of an accounting error), the Member shall, upon written notice of the over-distribution delivered to the Member within one year of the
over-distribution, promptly return the over-distribution to the Company. For the avoidance of doubt, this Section 3.7(c) applies to any distribution made under this Agreement. 

(d) Reimbursements of Preformation Capital Expenditures. To the extent a distribution (or deemed distribution resulting from a
reduction in a Member’s share of Company liabilities for federal tax purposes) would otherwise be treated as proceeds in a sale under Code section 707(a)(2)(B), the Members intend such actual or deemed distribution to reimburse preformation
capital expenditures under Treas. Reg. § 1.707-4(d) to the maximum extent permitted by Law. 

(e) Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the Company nor the
Managing Member on behalf of the Company shall make a distribution to any Member if such distribution would violate the Act or other Law, or to the extent such distribution would result in the Company or any of its Subsidiaries being in default
under any material agreement. 

  
 13 

 ARTICLE IV 

MANAGEMENT AND OPERATIONS 

Section 4.1 Management. 

(a) Authority of Managing Member. Except as otherwise provided in this Agreement, the Managing Member shall have full, exclusive, and
complete discretion to manage and control the business and affairs of the Company, to make all decisions affecting the business and affairs of the Company, and to do or cause to be done any and all acts, at the expense of the Company, as the
Managing Member deems necessary or appropriate to accomplish the purposes and direct the affairs of the Company. The Managing Member shall have the exclusive power and authority to bind the Company, except and to the extent that such power is
expressly delegated in writing to any other Person by the Managing Member, and such delegation shall not cause the Managing Member to cease to be a Member or the Managing Member of the Company. The Managing Member shall be an agent of the
Company’s business, and the actions of the Managing Member taken in such capacity and in accordance with this Agreement shall bind the Company. The Managing Member shall at all times be a Member of the Company. The Managing Member may not be
removed by the Members, with or without cause, except with the consent of the Managing Member. Any determinations to be made by the Company pursuant to this Agreement shall be made by the Managing Member, subject to the rights of any Member set
forth in Section 4.1(g). 
 (b) Determinations to be Made by Managing Member. The determination as to any
of the following matters, made by or at the direction of the Managing Member consistent with the Act and this Agreement, shall be final and conclusive and shall be binding upon the Company and every Member: 

(i) the Assets available for distribution or the redemption of Units at any time; 

(ii) the amount and timing of any distribution; 

(iii) the amount, purpose, time of creation, increase or decrease, alteration, or cancellation of any reserves or charges and the propriety
thereof; 
 (iv) the Fair Market Value, or any sale, bid or asked price to be applied in determining the Fair Market Value, of any Asset;

 (v) any matter relating to the acquisition, holding, and disposition of any Asset; or 

(vi) any other matter relating to the business and affairs of the Company as required or permitted by Law, this Agreement, or otherwise to be
determined by the Managing Member. 

  
 14 

 (c) Appointment of Officers. The Managing Member may, from time to time, appoint such
officers and establish such management and/or advisory boards or committees of the Company as the Managing Member deems necessary or advisable, each of which shall have such powers, authority, and responsibilities as are delegated in writing by the
Managing Member from time to time. Each such officer and/or board or committee member shall serve at the pleasure of the Managing Member. 

(d) Major Transactions. Except as otherwise expressly provided in this Agreement or required by any
non-waivable provision of the Act or other Law, no Member (acting in such capacity) other than the Managing Member shall (x) have any right to vote on or consent to any other matter, act, decision or
document involving the Company or its business or any other matter, or (y) take part in the day-to-day management, or the operation or control, of the business and
affairs of the Company. Without limiting the generality of the foregoing, the Managing Member may cause the Company, without the consent or approval of any other Member, to enter into any of the following in one or a series of related transactions:
(i) any merger, (ii) any acquisition, (iii) any consolidation, (iv) any sale, lease or other transfer or conveyance of Assets, (v) any recapitalization or reorganization of outstanding securities, (vi) any merger, sale,
lease, spin-off, exchange, transfer or other disposition of a Subsidiary, division or other business, (vii) any issuance of Debt or equity securities (subject to any limitations expressly provided for
herein) or (viii) any incurrence of Debt. Except to the extent expressly delegated in writing by the Managing Member, no Member or Person other than the Managing Member shall be an agent for the Company or have any right, power or authority to
transact any business in the name of the Company or to act for or on behalf of or to bind the Company. 
 (e) Bankruptcy. Only the
Managing Member may commence a voluntary case on behalf of, or an involuntary case against, the Company under a chapter of Title 11 U.S.C. by the filing of a “petition” (as defined in 11 U.S.C. 101(42)) with the United States Bankruptcy
Court. Any such petition filed by any other Member, to the fullest extent permitted by Law, shall be deemed an unauthorized and bad faith filing and all parties to this Agreement shall use their best efforts to cause such petition to be dismissed.

 (f) Amendment of Agreement. Subject to the rights of any Member set forth in a Unit Designation and
Section 4.1(g), the Managing Member shall have the power, without the Consent of a Majority-in-Interest of the Members or the consent or
approval of any Member, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 
 (i) To add
to the obligations of the Managing Member or surrender any right or power granted to the Managing Member or any Affiliate of the Managing Member for the benefit of the Members; 

(ii) To reflect a change that is of an inconsequential nature or does not adversely affect the Members in any material respect, or to cure
any ambiguity, correct or supplement any provision in this Agreement not inconsistent with Law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with Law or with the
provisions of this Agreement; 
 (iii) To satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion,
ruling or regulation of a federal or state agency or contained in federal or state Law; 

  
 15 

 (iv) To reflect the admission, substitution, or withdrawal of Members, the Transfer of any
Membership Interest, this issuance of additional Units, or the termination of the Company in accordance with this Agreement, and to amend the Register in connection with such admission, substitution, withdrawal, or Transfer; 

(v) To set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to
distributions, qualifications or terms or conditions of redemption of any additional Units issued pursuant to Article II; 
 (vi) If
the Company is the Surviving Company in any Termination Transaction, to modify Section 12.1 or any related definitions to provide the holders of interests in such Surviving Company rights that are consistent with
Section 8.7(b)(iii); and 
 (vii) To reflect any other modification to this Agreement as is reasonably necessary
or appropriate for the business or operations of the Company or the Managing Member and that does not violate Section 4.1(g). 

(g) Certain Actions Requiring Member Consent. Notwithstanding anything in Article XI to the contrary, this Agreement shall not
be amended, and no action may be taken by the Managing Member, without the consent of each Member adversely affected thereby, if any, if such amendment or action would: 

(i) Modify the limited liability of a Member or increase the obligation of a Member to make a Capital Contribution; 

(ii) Adversely alter the rights of any Member to receive the distributions to which such Member is entitled pursuant to Article III or
Section 10.3(a)(iii); 
 (iii) Convert the Company into a corporation or would cause the Company to be classified
as a corporation for federal income tax purposes (other than in connection with a Termination Transaction); or 
 (iv) Amend this
Section 4.1(g); 
 provided, however, that, with respect to clauses (ii), (iii), and (iv), the consent of any Member
adversely affected shall not be required for any amendment or action that affects all Members holding the same class or series of Units on a uniform or pro rata basis, if approved by a Majority-in-Interest of the Members of such class or series. If some, but not all, of the Members consent to an action or amendment, the Company may, in its discretion, make such amendment or action effective
only as to the Members that consented to it, to the extent it is practicable to do so. 
 Section 4.2 Tax Actions. All
Tax Actions not expressly reserved for the Members shall be made, taken, or determined by the Managing Member. 

  
 16 

 Section 4.3 Compensation and Reimbursement of Managing Member. 

(a) General. The Managing Member shall not receive any fees from the Company for its services in administering the Company, except as
otherwise provided in this Agreement. 
 (b) Reimbursement of Managing Member. The Company shall be liable for, and shall reimburse
the Managing Member on an after-tax basis at such intervals as the Managing Member may determine, for all 

(i) overhead, administrative expenses, insurance and reasonable legal, accounting and other professional fees and expenses of the Managing
Member; 
 (ii) expenses of the Managing Member incidental to being a public reporting company; 

(iii) reasonable fees and expenses related to the IPO or any subsequent public offering of equity securities of the Managing Member (without
duplicating any provisions of Section 2.5(f)) or private placement of equity securities of the Managing Member, whether or not consummated; 

(iv) franchise and similar taxes of the Managing Member and other fees and expenses in connection with the maintenance of the existence of
the Managing Member; 
 (v) customary compensation and benefits payable by the Managing Member, and indemnities provided by the Managing
Member on behalf of, the officers, directors, and employees of the Managing Member; and 
 (vi) reasonable expenses paid by Managing Member
on behalf of the Company; provided, however, that the amount of any reimbursement shall be reduced by any interest earned by the Managing Member with respect to bank accounts or other instruments or accounts held by it on behalf of the
Company as permitted pursuant to Section 4.4. Such reimbursements shall be in addition to any reimbursement of the Managing Member as a result of indemnification pursuant to Section 4.7. 

Section 4.4 Outside Activities. 

(a) Limitation on Outside Activities of Managing Member. Without the consent of a Majority-in-Interest of the Members, the Managing Member shall not directly or indirectly enter into or conduct any business, other than in connection with, (i) the ownership, acquisition and disposition
of Membership Interests, (ii) the management of the business of the Company and its Subsidiaries, (iii) its operation as a reporting company with a class (or classes) of securities registered under the Exchange Act, (iv) the offering,
sale, syndication, private placement or public offering of stock, bonds, securities or other interests, (v) financing or refinancing of any type related to the Company or its Assets or activities, and (vi) such activities as are incidental
thereto. Without the consent of a Majority-in-Interest of the Members, the Managing Member is not permitted to own any assets other than (x) Units (ii) assets
necessary to its activities referred to in the preceding sentence or (iii) cash and cash equivalents and other assets that are incidental to its operations as a holding company and compliance with applicable law, rules and regulation. Nothing
contained in this Section 4.4 shall be construed to prohibit the 

  
 17 

 
Managing Member from executing guarantees or other credit support of Company Debt. For the avoidance of doubt, the provisions of this Section 4.4 shall restrict only the
Managing Member and its Subsidiaries (other than the Company and its Subsidiaries) and shall not restrict the other Members or any Affiliate of the other Members (other than the Managing Member). The Managing Member and any Affiliates of the
Managing Member may acquire Membership Interests and shall be entitled to exercise all rights of a Member relating to such Membership Interests. 

(b) Outside Activities of Members. Subject to any agreements entered into pursuant to Section 4.5 and any
other agreements entered into by a Member or any of its Affiliates with the Managing Member, the Company or a Subsidiary (including any employment agreement), any Member, or any officer, director, employee, agent, trustee, Affiliate, member or
stockholder of any Member, shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Company, including business interests and activities that are in direct or indirect competition
with the Company or that are enhanced by the activities of the Company. None of the Members, the Company or any Person shall have any rights by virtue of this Agreement or the relationship established hereby in any business ventures of any other
Member or Person, and such Person shall have no obligation pursuant to this Agreement, subject to Section 4.5 and any other agreements entered into by a Member or its Affiliates with the Managing Member, the Company or a
Subsidiary, to offer any interest in any such business ventures to the Company, any Member, or any such other Person. 
 Section 4.5
Transactions with Affiliates. 
 (a) Lending and Borrowing. The Company may lend funds to the Managing Member, or to
Subsidiaries of the Company or other Persons in which the Company has an equity investment, and such Persons may borrow funds from the Company, on terms and conditions determined by the Managing Member. 

(b) Company Transfers to Affiliated Entities. Subject to the provisions of Section 4.4, the Company may
transfer Assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with
this Agreement and Law. 
 (c) Transfers from the Managing Member to the Company. The Managing Member and its Affiliates may sell,
transfer or convey any property to the Company, directly or indirectly, on terms and conditions no less favorable to the Company in the aggregate than would be available from unaffiliated third parties as determined by the Managing Member. 

(d) Employee Benefit Plans. The Managing Member may propose and adopt on behalf of the Employee’s benefit plans funded by the
Company for the benefit of employees of the Managing Member, the Company, Subsidiaries of the Company or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Managing Member, the Company or
any of the Company’s Subsidiaries. 

  
 18 

 Section 4.6 Limitation on Liability. 

(a) General. To the fullest extent permitted by Law, no Indemnitee, in such capacity, shall be liable to the Company, any Member or any
of their respective Affiliates, for any losses sustained or liabilities incurred as a result of any act or omission of such Person if (i) either (A) the Indemnitee, at the time of such action or inaction, determined in good faith that its, his
or her course of conduct was in, or not opposed to, the best interests of the Company or (B) in the case of inaction by the Indemnitee, the Indemnitee did not intend its, his or her inaction to be harmful or opposed to the best interests of the
Company and (ii) the action or inaction did not constitute fraud or willful misconduct by the Indemnitee. 
 (b) Action in Good
Faith. An indemnified Person acting under this Agreement shall not be liable to the Company for its, his or her good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand, restrict,
or eliminate the duties and liabilities of such Persons otherwise existing at Law or in equity, are agreed by the Members to replace fully and completely such other duties and liabilities of such Persons. Whenever in this Agreement the Managing
Member or any officer or director of the Managing Member is permitted or required to make a decision or take an action (i) in its “sole discretion” or “discretion” or under a similar grant of authority or latitude, in making
such decisions, such Person shall be entitled to take into account its own interests as well as the interests of the Members as a whole or (ii) in its “good faith” or under another expressed standard, such Person shall act under such
express standard and shall not be subject to any other or different standards. 
 (c) Outside Counsel. The Managing Member may
consult with legal counsel, accountants and financial or other advisors, and any act or omission suffered or taken by the Managing Member on behalf of the Company or in furtherance of the interests of the Company in good faith in reliance upon and
in accordance with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act or omission, and the Managing Member will be fully protected in so acting or omitting to act so long as such
counsel or accountants or financial or other advisors were selected with reasonable care. 
 Section 4.7 Indemnification. 

(a) General. The Company shall indemnify and hold harmless each Indemnitee (and such Person’s heirs, successors, assigns,
executors or administrators) to the full extent permitted by Law in accordance with the provisions of Article VI of the Amended and Restated Bylaws of the Managing Member as if such provisions were set forth herein, mutatis mutandis. 

(b) Non-Exclusivity of Rights. The rights to indemnification and to the advancement of expenses
conferred in this Section 4.7 shall not be exclusive of any other right which any person may have or hereafter acquire under any law, agreement, vote of stockholders or disinterested directors, provisions of a certificate
of incorporation or bylaws, or otherwise. 
 (c) Nature of Rights. The rights conferred upon Indemnitees in this
Section 4.7 shall be contract rights and such rights shall continue as to an Indemnitee who has ceased to be the Managing Member, an Affiliate of the Managing Member, the Tax Representative, the Designated Individual or an
officer or director of the Managing Member, the Company or their respective Affiliates. Any amendment, alteration or repeal of this Section 4.7 or of Article VI of the Amended and Restated Bylaws of the Managing Member that
adversely affects any right of an Indemnitee or its successors shall be prospective only and shall not limit or eliminate any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act
that took place prior to such amendment, alteration or repeal. 

  
 19 

 ARTICLE V 

BOOKS AND RECORDS 

Section 5.1 Books and Records. 

(a) General. The Company shall maintain in its principal business office, or any other place as may be determined by the Company, the
books and records of the Company. 
 (b) Specific Records. In particular, the Company shall maintain: 

(i) A register containing the name, address, and number and class of Units (including Equivalent Units) of each Member, and such other
information as the Managing Member may deem necessary or desirable (as may be amended or updated from time to time, the “Register”). The Register shall not be deemed part of this Agreement. The Managing Member shall from time to
time update the Register as necessary to ensure the Register is accurate, including as a result of any sales, exchanges, or other Transfers, or any redemptions, issuances, or similar events involving Units. Except as required by Law, no Member shall
be entitled to receive a copy of the information set forth in the Register relating to any Member other than itself. 
 (ii) A copy of the
Certificate of Formation and this Agreement and all amendments thereto. 
 Section 5.2 Financial Accounts. At all times during
the continuance of the Company, the Company shall prepare and maintain separate books of account for the Company for financial reporting purposes, on an accrual basis, in accordance with United States generally accepted accounting principles,
consistently applied. 
 Section 5.3 Inspection; Confidentiality. The Managing Member may keep confidential from the
Members (or any of them) for such period of time as the Managing Member determines to be reasonable, any information (a) that the Managing Member believes to be in the nature of trade secrets, (b) the disclosure of which the Managing
Member in good faith believes is not in the best interests of the Company or the Managing Member, or (c) that the Company or the Managing Member is required by Law, agreement, or customary commercial practice to keep confidential. Subject to
the provisions of the previous sentence, the Members (personally or through an authorized representative) may, for purposes reasonably related to their respective interests in the Company, examine and copy (at their own cost and expense) the books
and records of the Company at all reasonable business hours upon reasonable prior notice. 
 Section 5.4 Information to be Provided
by Managing Member to Members. The Company shall deliver (or otherwise make accessible) to each Member a copy of any information mailed or delivered electronically to all of the common stockholders of the Managing Member as soon as
practicable after such mailing. 

  
 20 

 ARTICLE VI 

ALLOCATIONS 

Section 6.1 Allocations. Each Fiscal Year, after adjusting each Member’s Capital Account for all contributions and
distributions with respect to such Fiscal Year and after giving effect to the allocations under Section 6.2 for the Fiscal Year, Net Profits and Net Losses shall be allocated among the Members in a manner such that, after
such allocations have been made, each Member’s Capital Account balance (which may be a positive, negative, or zero balance) will equal (proportionately) (a) the amount that would be distributed to each such Member, determined as if the
Company were to (i) sell all of its Assets for their Asset Values, (ii) satisfy all of its liabilities in accordance with their terms with the proceeds from such sale (limited, with respect to Nonrecourse Liabilities, to the Asset Values
of the Assets securing such liabilities), and (iii) distribute the remaining proceeds pursuant to the applicable provision of this Agreement, minus (b) the sum of (x) such Member’s share of the Company Minimum Gain and Member
Nonrecourse Debt Minimum Gain and (y) the amount, if any (without duplication of any amount included under clause (x)), that such Member is obligated (or is deemed for U.S. tax purposes to be obligated) to contribute, in its capacity as a
Member, to the capital of the Company as of the last day of such Fiscal Year. 
 Section 6.2 Priority Allocations. 

(a) Minimum Gain Chargeback, Qualified Income Offset, and Stop Loss Provisions. Each of (i) the “minimum gain
chargeback” provision of Treas. Reg. § 1.704-2(f), (ii) the “chargeback of partner nonrecourse debt minimum gain” provision of Treas. Reg. §
1.704-2(i)(4), (iii) the “qualified income offset” provision in Treas. Reg. § 1.704-1(b)(2)(ii)(d), and (iv) the requirement in Treas. Reg. § 1.704-1(b)(2)(ii)(d)(3) that an allocation “not cause or increase a deficit balance” in a Member’s Capital Account is hereby incorporated by reference as a part of this Agreement. The Company shall
make such allocations as are necessary to comply with those provisions and shall make any determinations with respect to such allocations (to the extent consistent with clauses (i) – (iv) of the preceding sentence). 

(b) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be allocated to the Members as determined by the Company.

 (c) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the
Member who bears the economic risk of loss (within the meaning of Treas. Reg. § 1.752-2) with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in
accordance with Treas. Reg. § 1.704-2(i)(l). 
 (d) Special Basis Adjustments. To
the extent an adjustment to the adjusted tax basis of any Company Asset, pursuant to Code section 734(b) or Code section 743(b) is required, pursuant to Treas. Reg. §§ 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 the result of a distribution to a Member in complete liquidation of such Member’s interest in the Company, the amount of such
adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the Asset) or 

  
 21 

 
loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members in accordance with their interests in the Company in the event Treas. Reg. § 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event Treas. Reg. § 1.704-1(b)(2)(iv)(m)(4) applies. 

(e) Ameliorative Allocations. Any allocations made (as well as anticipated reversing or offsetting regulatory allocations to be made)
pursuant to Section 6.2(a)-(d) shall be taken into account in computing subsequent allocations pursuant to this Agreement, so that the net amount for any item so allocated and all other items allocated to each Member
pursuant to this Agreement shall be equal, to the extent possible, to the net amount that would have been allocated to each Member pursuant to the provisions of this Agreement if those allocations had not occurred. 

Section 6.3 Other Allocation Rules. 

(a) In General. Except as otherwise provided in this Section 6.3, for income tax purposes under the Code and
the Regulations, each Company item of income, gain, loss, deduction, and credit (collectively, “Tax Items”) shall be allocated among the Members in the same manner as its correlative item of income, gain, loss, deduction, and credit
(as calculated for purposes of allocating Net Profits or Net Losses, including items allocated under Section 6.2) is allocated pursuant to Section 6.1 and Section 6.2.

 (b) Code Section 704(c) Allocations. Notwithstanding any provision of Section 6.3(a)
to the contrary, in accordance with Code section 704(c)(1)(A) (and the principles of those provisions) and Treas. Reg. § 1.704-3, Tax Items with respect to any property contributed to the capital of the
Company, or after Company property has been revalued under Treas. Reg. § 1.704-1(b)(2)(iv)(f) or (s), shall, solely for U.S. federal, state and local tax purposes, be allocated among the Members so as to
take into account any variation between the adjusted basis of such Company property to the Company for U.S. federal income tax purposes and its value as so determined at the time of the contribution or revaluation of Company property. The Company
shall use the “traditional method” with respect to (i) any property contributed to the Company before the IPO and (ii) “reverse section 704(c) allocations” (within the meaning of Treas. Reg. § 1.704-3(a)(6)) arising before or in connection with the IPO. With respected to property contributed or section 704(c) amounts arising from revaluations made after the IPO, the Company may use any method permitted
under Treas. Reg. § 1.704-3. Allocations pursuant to Section 6.3(a) and this Section 6.3(b) are solely for U.S. federal, state, and local tax purposes
and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of profit, loss, or other items, pursuant to any provision of this Agreement. 

(c) Allocations in Respect of Varying Interest. If any Member’s interest in the Company varies (within the meaning of Code section
706(d)) within a Fiscal Year, whether by reason of a Transfer, redemption of a Unit by the Company, or otherwise, Net Profits and Net Losses for that Fiscal Year will be allocated so as to take into account such varying interests in accordance with
Code section 706(d) using the daily proration method and/or such other permissible method, methods, or conventions selected by the Company. 

  
 22 

 (d) Timing and Amount of Allocations of Net Profits and Net Loss. Net Profits and Net
Loss of the Company shall be determined and allocated with respect to each Fiscal Year as of the end of each such year, or at such other time or times determined by the Company. 

(e) Modification of Allocations. The allocations set forth in Section 6.1 and
Section 6.2 are intended to comply with certain requirements of the Regulations. The Company shall be authorized to make, in its reasonable discretion, appropriate amendments to the allocations of Net Profits and Net Losses
pursuant to this Agreement in order to comply with Code section 704 or applicable Regulations. If the Company reasonably determines an allocation other than the allocations that would otherwise be made pursuant to this Agreement would more
appropriately reflect the Members’ interests in the Company, the Company may in its discretion make appropriate adjustments to such allocations. 

(f) Allocation of Liabilities Under Code Section 752. Notwithstanding anything in this Agreement to the contrary, no
Member will take, or permit any Affiliate to take, any action that would change the allocation of liabilities for purposes of Code section 752 without the consent of the Company. 

ARTICLE VII 
 TAX MATTERS

 Section 7.1 Provision of Information. 

(a) Information to Be Provided by Company to Members. No later than thirty (30) days after the filing by the Company of the
Company’s federal tax return (Federal Form 1065), including extension, the Company shall provide to each Member a copy of Schedule K-1 of Federal Form 1065 reporting that Member’s allocable share of
Net Profits, Net Losses and other items of income, gain, loss, deduction, or credit for such Fiscal Year, and, from time to time, such additional information as such Member may reasonably request for tax purposes, as determined by the Company. In
accordance with Rev. Proc. 2012-17 (the relevant provisions of which are incorporated by reference), the Member hereby consents to receive each Schedule K-1 in respect
of the Member’s LLC Interest in the Company through electronic delivery. This consent applies to each Schedule K-1 required to be furnished to the Member by the Company after this consent is given. 

(b) Information to Be Provided by Members to Company. 

(i) Notice of Audit or Tax Examination. Each Member shall notify the Company within five (5) days after receipt of any notice
regarding an audit or tax examination of the Company and upon any request for material information related to the Company by U.S. federal, state, local, or other tax authorities. 

(ii) Other Relevant Tax Information. Each Member shall provide to the Company upon request tax basis information about Assets
contributed by it to the Company and such other tax information as reasonably requested by the Company and necessary for it to prepare its financial reports or any tax returns and such other information as the Company requests. 

  
 23 

 Section 7.2 Member Tax Returns. Notwithstanding anything to the contrary
in this Agreement or any right to information under the Act, with respect to the financial statements or tax returns of a Member or its Affiliates, none of the Company, the other Members, such other Members’ Affiliates or any of their
respective representatives, will be entitled to review such financial statements or tax returns for any purpose, including in connection with any proceeding or other dispute (whether involving the Company, between the Members, or involving any other
Persons). 
 Section 7.3 Tax Elections. The Company shall have in effect (and shall cause each Subsidiary that is classified as
a partnership for U.S. federal income tax purposes to have in effect) an election pursuant to Code section 754 (and any similar provisions of applicable U.S. state or local law) for the Company for the Fiscal Year that includes the date of the IPO
and each Fiscal Year in which a sale or exchange (whether partial or complete) occurs. The Company shall determine whether to make any other available election pursuant to the Code or Regulations that is not otherwise expressly provided for in this
Agreement, and the Members hereby consent to all such elections. 
 Section 7.4 Company Tax Returns. The Company shall use
reasonable best efforts to cause to be prepared and timely filed (taking into account available extensions) all federal, state, and local, and non-U.S. tax returns of the Company for each year for which such
returns are required to be filed and shall determine the appropriate treatment of each Tax Item of the Company and make all other determinations with respect to such tax returns. 

Section 7.5 Tax Representative. 

(a) Appointment and Replacement of Tax Representative. 

(i) Tax Representative. The Company shall act as the Tax Representative, but the Company may designate another Person to act as
the Tax Representative and may remove, replace, or revoke the designation of that Person, or require that Person to resign. For taxable years beginning on or before December 31, 2017, and for any jurisdiction with respect to which the Company
cannot serve as the Tax Representative, however, the Managing Member shall act as the Tax Representative, unless otherwise determined by the Company. 

(ii) Designated Individual. If the Tax Representative is not an individual, the Company shall appoint a “designated
individual” for each taxable year (as described in Treas. Reg. § 301.6223-1(b)(3)(ii)) (a “Designated Individual”). 

(iii) Approval by Members. Each Member agrees to execute, certify, acknowledge, deliver, swear to, file, and record at the appropriate
public offices such documents as may be deemed necessary or appropriate to evidence the appointments described in Section 7.5(a)(i) and Section 7.5(a)(ii), including statements required to be filed
with the tax returns of the Company in order to effect the designation of the Tax Representative or Designated Individual (and any successor). 

(b) Authority of the Tax Representative; Delegation of Authority. The Tax Representative shall have all of the rights, duties, powers,
and obligations provided for under the Code, Regulations, or other applicable guidance; provided, that, that if a Person other than the Company is the Tax Representative, the Tax Representative shall in all cases act solely at the direction
of the Company. The Tax Representative may delegate its authority under this (b) to a Designated Individual who shall in all cases act solely at the direction of the Company. 

  
 24 

 (c) Costs and Indemnification of Tax Representative and Designated Individual.
Without duplication of the provisions of Section 4.3(b), the Company shall pay, or to the extent the Tax Representative or Designated Individual pays, indemnify and reimburse, to the fullest extent permitted by Law, the Tax
Representative or Designated Individual for all costs and expenses, including legal and accounting fees (as such fees are incurred) and any claims incurred in connection with any tax audit or judicial review proceeding with respect to the tax
liability of the Company. 
 Section 7.6 Tax Audits. 

(a) Determinations with Respect to Audits and Other Tax Controversies. Except to the extent otherwise required by applicable tax law
(including Code section 6241(11)), the Company (acting directly and/or through the Tax Representative or Designated Individual) shall have the sole authority to make all decisions and determinations with respect to, and shall have sole authority
with respect to the conduct of, tax audits or other tax controversies with respect to the Company, and any action taken by the Company (acting directly and/or through the Tax Representative or Designated Individual) in connection with any such
audits or controversies shall be binding upon the Company and the Members and former Members. 
 (b) Determinations with Respect
to Elections. The Company may make the election “out” under Code section 6221(b) if such an election is available, unless otherwise determined by the Company. If the Company does not make the election described in the preceding
sentence, the Company (acting directly and/or through the Tax Representative or Designated Individual) shall have the sole authority to determine whether to cause the Company to make a Push Out Election with respect to any adjustment that could
result in an imputed underpayment (within the meaning of Code section 6225) (an “Imputed Underpayment”). 
 (c)
Responsibility for Payment of Tax; Former Members. 
 (i) Imputed Underpayment Share. To the extent the Company is liable for
any Imputed Underpayment, the Company shall determine the liability of the Members for a share of such Imputed Underpayment, taking into account the Members’ Units and the status and actions of the Members (including those described in Code
section 6225(c)) (such share, an “Imputed Underpayment Share”). 
 (ii) Payment of Imputed Underpayment Share. The
Company may (A) require a Member who is liable for an Imputed Underpayment Share to pay the amount of its Imputed Underpayment Share to the Company within ten (10) days after the date on which the Company notifies the Member (and in the
manner required by the notice) and/or (B) reduce future distributions to the Member, such that the amount determined under clause (A) and (B) equals the Member’s Imputed Underpayment Share. If a Member fails to pay any amount that it
is required to pay the Company in respect of an Imputed Underpayment Share within such ten (10) day period, that amount shall be treated as a loan to the Member, bearing interest at ten percent (10%) annually

  
 25 

 
(which interest shall increase the Member’s Imputed Underpayment Share). Such loan shall be repayable upon demand by the Company. If the Member fails to repay the loan upon demand, the full
balance of the loan shall be immediately due (including accrued but unpaid interest) and the Company shall have the right to collect the balance in any manner it determines, including by reducing future distributions to that Member
provided, however, that no Member may have any Imputed Underpayment Share treated as a loan to the extent it would violate Section 402 of the Sarbanes-Oxley Act of 2002. Any Member not permitted to treat its Imputed Underpayment
Share as a loan due to the provisions of the previous sentence shall pay any Imputed Underpayment Share within ten (10) days after the date of the notice referred to in the first sentence of this Section 7.6(c)(ii).

 Section 7.7 No Independent Actions or Inconsistent Positions. Except as required by Law or previously authorized in writing
by the Company (which authorization may be withheld in the sole discretion of the Company) no Member shall (i) independently act with respect to tax matters (including, but not limited to, audits, litigation and controversies) affecting or
arising from the Company, or (ii) treat any Company item inconsistently on such Member’s income tax return with the treatment of the item on the Company’s tax return and/or the Schedule K-1 (or
other written information statement) provided to such Member. Solely to the extent required by Law, this Section 7.7 shall not apply with respect to any “special enforcement matter” described in Code section
6241(11). 
 Section 7.8 United States Person. Each Member represents and covenants that, for U.S. federal income tax purposes,
it is and will at all times remain a “United States Person,” within the meaning of Code section 7701, or is a disregarded entity the assets of which are treated as owned by a United States Person under Treas. Reg. §§ 301.7701-1, 301.7701-2, and 301.7701-3. 

Section 7.9 State, Local, and Non-U.S. Tax Law. The provisions of this Agreement with
respect to U.S. federal income tax shall apply, mutatis mutandis, with respect to any similar provisions of state, local, or non-U.S. tax law as determined by the Company. 

Section 7.10 Former Members; Survival; Amendment. For purposes of this Article VII, the term “Member”
shall include a former Member to the extent determined by the Company. The obligations of each Member and former Member under this Article VII shall survive the Transfer by such Member of its Units (or withdrawal by a Member or redemption of
a Member’s Units) and the dissolution of the Company until ninety (90) days after the applicable statute of limitations. Section 7.5, Section 7.6, and this Section 7.10
shall not be amended without the prior written consent of any Member or former Member that would be adversely impacted by such amendment. 

Section 7.11 Tax Classification. The parties intend that the Company shall be classified as a partnership for United States
federal, state, and local tax purposes. The parties intend that the Subsidiaries of the Company shall be classified either as disregarded entities or as partnerships for United States federal, state, and local tax purposes. No Person shall take any
action inconsistent with such classifications. 
 Section 7.12 Accounting and Fiscal Year. The “Fiscal Year” of
the Company for financial and accounting purposes shall mean a fiscal year ending on December 31. To the extent any computation or other provision hereof provides for an action to be taken on a Fiscal Year basis, an appropriate proration or other
adjustment shall be made in respect of the first or final Fiscal Year to reflect that such period is less than a full calendar year period. 

  
 26 

 Section 7.13 Capital Accounts. A separate capital account (“Capital
Account”) shall be established and maintained for each Member in accordance with applicable Law, including Treas. Reg. § 1.704-1(b)(2)(iv). The Company may maintain Capital Account sub-accounts for different classes of Units, and any provisions of this Agreement pertaining to Capital Account maintenance shall apply, mutatis mutandis, to those
sub-accounts. 
 ARTICLE VIII 

UNIT TRANSFERS AND MEMBER WITHDRAWALS 

Section 8.1 Transfer Generally Prohibited. No Units shall be Transferred, in whole or in part, except in accordance with
the terms and conditions set forth in this Article VIII. Any Transfer or purported Transfer of a Unit not made in accordance with this Article VIII shall be null and void ab initio. Membership Interests shall not be subject to
the claims of any creditor, to any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

Section 8.2 Conditions Generally Applicable to All Transfers. All Transfers are subject to the satisfaction of the following
conditions: 
 (a) Transfers by Members Other than the Managing Member: 

(i) Consent of Managing Member. No Member that is not the Managing Member shall Transfer any portion of its Membership Interest to any
transferee without the consent of the Managing Member unless such Transfer is pursuant to a Related-Party Transfer. 
 (ii) Assumption
of Obligations. The transferee shall assume, by operation of Law or express agreement, all of the obligations of the transferor Member under this Agreement with respect to such Transferred Membership Interest, and no such Transfer (other than
pursuant to a statutory merger or consolidation pursuant to which all obligations and liabilities of the transferor Member are assumed by a successor corporation by operation of Law) shall relieve the transferor Member of its obligations under this
Agreement without the approval of the Managing Member. Any transferee, whether or not admitted as a Substituted Member, shall take subject to the obligations of the transferor Member under this Agreement. Unless admitted as a Substituted Member, no
transferee, whether by a voluntary Transfer, by operation of Law or otherwise, shall have any rights under this Agreement. 
 (b)
Transfers by the Managing Member. 
 (i) Consent of Members. The Managing Member may not Transfer any of its Units without
the consent of a Majority-in-Interest of the Members, except in connection with an Applicable Sale or Termination Transaction approved by the Board of Directors. 

(ii) Transfer to Subsidiary. Subject to compliance with the other provisions of this Article VIII, the Managing Member may
Transfer all of its Units at any time to any Person that is, at the time of such Transfer, a direct or indirect wholly owned Subsidiary of the Managing Member without the consent of any Member and may designate the transferee to become the new
Managing Member for all purposes of this Agreement. 

  
 27 

 (c) Other Restrictions on Transfer. In addition to any other restrictions on Transfer
in this Agreement, no Member may Transfer a Unit (including by way of acquisition of Units by the Managing Member, or any other acquisition of Units by the Company) if the Company determines: 

(i) Based on the advice of nationally recognized tax counsel, such Transfer would create a material risk of the Company being classified as an
association taxable as a corporation for U.S. federal, state, or local income tax purposes; provided, that a Transfer by a Member or its Affiliates shall not be prohibited under this Section 8.2(c)(i) if the Member
(or its Affiliate) obtains a tax opinion from nationally recognized tax counsel that the Transfer will not result in the Company being classified as an association taxable as a corporation for U.S. federal, state, or local income tax purposes; 

(ii) That the Transfer would be to any Person or entity who lacks the legal right, power or capacity to own a Membership Interest; 

(iii) That the Transfer would be in violation of Law; 

(iv) That the Transfer would be of any fractional or component portion of a Unit or Membership Interest, such as the Capital Account, or
rights to distributions, separate and apart from all other components of a Unit; 
 (v) That the Transfer would create a material risk that
the Company would become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in ERISA Section 3(14))
or a “disqualified Person” (as defined in Code section 4975(c)); 
 (vi) Based on the advice of counsel, that the Transfer would
create a material risk that any portion of the Assets would constitute assets of any employee benefit plan pursuant to Department of Labor Reg. § 2510.2-101; 

(vii) That the Transfer would require the registration of such Membership Interest pursuant to any applicable federal or state securities
Laws; 
 (viii) Based on advice of counsel, that such Transfer would create a material risk that the Company would become a reporting
company under the Exchange Act; or 
 (ix) Based on the advice of counsel, that the Transfer would subject the Company to regulation under
the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 

  
 28 

 Section 8.3 Drag-Along Rights. 

(a) General. If at any time the Managing Member and/or its Affiliates (excluding, for purposes of this
Section 8.3, the Company and its Subsidiaries) desire to Transfer in one or more transactions a sufficient portion of its and/or their Units (or any beneficial interest therein) to constitute a change of control of the
Company in an arm’s-length transaction to a bona fide third party that is not an Affiliate of the Managing Member (an “Applicable Sale”), the Managing Member may require each other Member
to sell the same ratable share of its Membership Interests as is being sold by the Managing Member and such Affiliates (based upon the total Membership Interests held by the Managing Member and its Affiliates at such time) on the same terms and
conditions (“Drag-Along Right”). The Managing Member may in its sole discretion elect to cause the Managing Member and/or the Company to structure the Applicable Sale as a merger or consolidation or as a sale of the Company’s
Assets. No Member shall have any dissenters’ rights, appraisal rights or similar rights in connection with any Applicable Sale, and no Member may object to any subsequent liquidation or other distribution of the proceeds from an Applicable Sale
that is a sale of Assets. Each Member agrees to consent to, and raise no objections against, an Applicable Sale. In the event of the exercise by the Managing Member of its Drag-Along Right pursuant to this Section 8.3, each
Member shall take all reasonably necessary and desirable actions approved by the Managing Member in connection with the consummation of the Applicable Sale, including the execution of such agreements and such instruments and other actions reasonably
necessary to provide customary and reasonable representations, warranties, indemnities, covenants, conditions and other agreements relating to such Applicable Sale and to otherwise effect the transaction; provided, however, that
(A) such Members shall not be required to give disproportionately greater or more onerous representations, warranties, indemnities, or covenants than the Managing Member or its Affiliates, (B) such Members shall not be obligated to bear
any share of the out-of-pocket expenses, costs, or fees (including attorneys’ fees) incurred by the Company or its Affiliates in connection with such Applicable
Sale unless and to the extent that such expenses, costs, and fees were incurred for the benefit of the Company or all of its Members, (C) such Members shall not be obligated or otherwise responsible for more than their proportionate shares of
any indemnities or other liabilities incurred by the Company and the Members as sellers in respect of such Applicable Sale, and (D) any indemnities or other liabilities approved by the Managing Member shall be limited, in respect of each
Member, to such Member’s share of the proceeds from the Applicable Sale. 
 (b) Notice. At least five (5) Business Days
before consummation of an Applicable Sale, the Managing Member shall (i) provide the Members written notice (the “Applicable Sale Notice”) of the Applicable Sale, which notice shall contain (A) the name and address of the
third-party purchaser, (B) the proposed purchase price, terms of payment, and other material terms and conditions of the purchaser’s offer, together with a copy of any binding agreement with respect to the Applicable Sale and
(C) notification of whether the Managing Member has elected to exercise its Drag-Along Right and (ii) promptly notify the Members of all proposed changes to the material terms and keep the Members reasonably informed as to all material
terms relating to the Applicable Sale, and promptly deliver to the Members copies of all final material agreements relating to the Applicable Sale not already provided in accordance with this Section 8.3(b) or otherwise.
The Managing Member shall provide the Members written notice of the termination of an Applicable Sale within five (5) Business Days following such termination, which notice shall state that the Applicable Sale Notice served with respect to such
Applicable Sale is rescinded. 

  
 29 

 Section 8.4 Substituted Members. 

(a) Admission as Member. A transferee of Units of a Member may be admitted as a Substituted Member only with the consent of the
Company; provided, however, that a Related-Party Transferee shall be admitted as a Substituted Member without the consent of the Company, subject to compliance with Section 8.4(b). The failure or refusal by
the Company to permit a transferee of Units to become a Substituted Member shall not give rise to any cause of action against the Company or the Managing Member. A transferee who has been admitted as a Substituted Member in accordance with this
Article VIII shall have all the rights and powers and be subject to all the restrictions and liabilities of a Member under this Agreement. 

(b) Documents to be Provided by Transferee. No transferee shall be admitted as a Substituted Member until and unless it furnishes to
the Managing Member (i) evidence of acceptance, in form and substance satisfactory to the Managing Member, of all the terms, conditions and applicable obligations of this Agreement, (ii) a counterpart signature page to this Agreement
executed by such transferee and (iii) such other documents and instruments as the Managing Member may require to effect such transferee’s admission as a Substituted Member. 

(c) Amendment of Books and Records. In connection with, and as evidence of, the admission of a Substituted Member, the Managing Member
or Company shall amend the Register and the books and records of the Company to reflect the name, address and number of Units of such Substituted Member and to eliminate or adjust, if necessary, the name, address and number of Units of the
predecessor of such Substituted Member. 
 Section 8.5 Company Right to Call Membership Interests. Beginning on the date on
which the aggregate Percentage Interests of the Members (other than the Managing Member and its Subsidiaries) are less than ten (10) percent, the Company shall have the right, but not the obligation, from time to time and at any time to redeem
all (but not less than all) outstanding Class B Common Units by treating each Member as an Exchangeable Unit Member who has delivered an Elective Exchange Notice pursuant to Section 12.1(b) in respect of all of such
Exchangeable Unit Member’s Class B Common Units. The Company shall exercise this right by giving notice to an Exchangeable Unit Member stating that the Company has elected to exercise its rights under this
Section 8.5. The notice given by the Company to an Exchangeable Unit Member pursuant to this Section 8.5 shall be treated as if it were an Elective Exchange Notice delivered to the Company by such
Exchangeable Unit Member. For purposes of this Section 8.5, the provisions of Article VI shall apply except to the extent otherwise determined by the Company. 

Section 8.6 Withdrawal. 

(a) Permissible Withdrawals. Subject to any Unit Designation, no Member may withdraw from the Company other than: 

(i) As a result of a Permitted Transfer of all of such Member’s Units in accordance with this Article VIII with respect to which
the transferee becomes a Substituted Member; 

  
 30 

 (ii) Pursuant to an acquisition by the Managing Member of all of its Membership Interests;
or 
 (iii) With the consent of the Company. 

(b) Consequences of Withdrawal. Any Member who Transfers all of its Units in a Transfer (i) permitted pursuant to this Article
VIII where such transferee was admitted as a Substituted Member or (ii) to the Managing Member, whether or not pursuant to Section 12.1, shall cease to be a Member but shall continue to have the obligations of a
former Member that are expressly set forth in this Agreement. 
 Section 8.7 Restrictions on Termination Transactions. 

(a) General. Except as provided in Section 8.7(b), neither the Company nor the Managing Member shall engage
in, or cause or permit, a Termination Transaction. 
 (b) Consent. The Company or Managing Member may engage in, cause, or permit a
Termination Transaction only if one of the following conditions is satisfied: 
 (i) A Majority-in-Interest of the Members gives Consent; 
 (ii) In connection with any such Termination
Transaction, each holder of Common Units (other than the Managing Member and its wholly owned Subsidiaries) will receive, or will have the right to elect to receive, for each Common Unit an amount of cash, securities or other property equal to the
greatest amount of cash, securities or other property paid to a holder of one share of Class A Common Stock in consideration of one share of Class A Common Stock pursuant to the terms of such Termination Transaction; provided, that
if, in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of a majority of the outstanding Class A Common Stock, each holder of Common Units (other than the
Managing Member and its wholly owned Subsidiaries) will receive, or will have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Common Units would have received had it exercised its right
to Exchange pursuant to Article XII and received Class A Common Stock in exchange for its Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or
exchange offer and then such Termination Transaction shall have been consummated; or 
 (iii) All of the following conditions are met:
(1) substantially all of the Assets directly or indirectly owned by the Company before the announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly by the Company or another
limited partnership or limited liability company that is the survivor of a merger, consolidation or combination of assets with the Company (in each case, the “Surviving Company”); (2) the Surviving Company is classified as a partnership
for U.S. federal income tax purposes and each of its Subsidiaries is classified as a partnership or a disregarded entity for U.S. federal income tax purposes; (3) the rights of such Members with respect to the Surviving Company (including
pursuant to a Tax Receivable Agreement) are at least as favorable as those of Members holding Common Units immediately before the consummation of such transaction (except to the extent that any such rights are consistent with clause (4) of this
Section 8.7(b)(iii)) 

  
 31 

 
and as those applicable to any other limited partners or non-managing members of the Surviving Company; and (4) such rights include the right to cause their interests in the Surviving
Company to be redeemed at any time or times for cash in an amount equal to the Fair Market Value of such interest at the time of redemption, as determined at least once every calendar quarter by an independent appraisal firm of recognized national
standing retained by the Surviving Company. 
 Section 8.8 Incapacity. If a Member is subject to Incapacity, the executor,
administrator, trustee, committee, guardian, conservator, or receiver of such Member’s estate shall have the same rights as the Incapacitated Member possessed to Transfer its Units. The Incapacity of a Member, in and of itself, shall not
dissolve or terminate the Company. 
 Section 8.9 Withholding With Respect to a Transfer of Units. A Member making a Transfer
permitted by this Agreement shall, unless otherwise determined by the Company, (i) have delivered to the Company an affidavit of non-foreign status with respect to such transferor Member that satisfies
the requirements of Code section 1446(f)(2) or other documentation establishing a valid exemption from withholding pursuant to Code section 1446(f) or (ii) ensure that, contemporaneously with the Transfer, the transferee of such interest
properly withholds and remits to the IRS the amount of tax required to be withheld upon the Transfer by Code section 1446(f) (and promptly provide evidence to the Company of such withholding and remittance). In connection with any such Transfer, the
transferor Member and transferee of such interest shall agree to jointly and severally indemnify and hold harmless the Company against any loss (including taxes, interest, penalties, and any related expenses) arising out of any failure to comply
with the provisions of this Section 8.9. 
 ARTICLE IX 

ADMISSION OF MEMBERS 

Section 9.1 Members; Admission of Additional Members. 

(a) Requirements for Admission. A Person (other than a then-existing Member) who makes a Capital Contribution in exchange for Units and
in accordance with this Agreement shall be admitted to the Company as an Additional Member only upon furnishing to the Managing Member (i) evidence of acceptance, in form and substance satisfactory to the Managing Member, of all of the terms
and conditions of this Agreement, including the power of attorney granted in Section 13.1, (ii) a counterpart signature page to this Agreement executed by such Person, and (iii) such other documents or instruments as
may be required by the Managing Member in order to effect such Person’s admission as an Additional Member. In connection with, and as evidence of, the admission of an Additional Member, the Managing Member shall amend the Register and the books
and records of the Company to reflect the name, address, number and type of Units of such Additional Member. 
 (b) Consent of Company
Required. Notwithstanding anything to the contrary in this Section 9.1, no Person shall be admitted as an Additional Member without the consent of the Company. The admission of any Person as an Additional Member shall
become effective on the date determined by the Company (but in no case earlier than the satisfaction of all the conditions set forth in Section 9.1(a)). 

  
 32 

 Section 9.2 Limit on Number of Members. Unless otherwise permitted by the
Managing Member, no Person shall be admitted to the Company as an Additional Member if the effect of such admission would be to cause the Company to have a number of Members (including as Members for this purpose those Persons indirectly owning an
interest in the Company through another partnership, a limited liability company, a subchapter S corporation or a grantor trust) that would (i) cause the Company to become a reporting company under the Exchange Act or (ii) result in the
Company at any time during its taxable year having more than 100 members, within the meaning of Treas. Reg. § 1.7704-1(h)(1)(ii) (taking into account Treas. Reg.
§ 1.7704-1(h)(3)). 
 ARTICLE X 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 10.1 Dissolution Generally. 

(a) Dissolution Only in Accordance with this Agreement. The Company shall not be dissolved by the substitution of Members or the
admission of Additional Members in accordance with the terms of this Agreement. The Company may be dissolved, liquidated and terminated only pursuant to the provisions of this Article X, and the Members hereby irrevocably waive any and all
other rights they may have to cause a dissolution of the Company or a sale or partition of any or all of the Company’s Assets. 
 (b)
Termination of Members. The death, retirement, resignation, expulsion, Bankruptcy, insolvency or dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member in the Company shall not in and
of itself cause dissolution of the Company. 
 Section 10.2 Events Causing Dissolution. 

(a) Actions by Members. No Member shall take any action to dissolve, terminate or liquidate the Company or to require apportionment,
appraisal or partition of the Company or any of its Assets, or to file a bill for an accounting, except as specifically provided in this Agreement, and each Member, to the fullest extent permitted by Law, waives any rights to take any such actions
under Law, including any right to petition a court for judicial dissolution under Section 18-802 of the Act. 

(b) Liquidating Events. The Company shall be dissolved and its affairs shall be wound up upon the occurrence of any of the following
events (each, a “Liquidating Event”): 
 (i) an election to dissolve the Company made by the Managing Member, with the
Consent of a Majority-in-Interest of the Members; 
 (ii)
the expiration of forty-five (45) days after the sale or other disposition of all or substantially all Assets; or 
 (iii) any other
event which results in a mandatory dissolution under the Act. 

  
 33 

 Section 10.3 Distribution upon Dissolution. 

(a) Order of Distributions. Upon the dissolution of the Company pursuant to Section 10.2, the Managing Member
(or, in the event that the Managing Member has dissolved, become Bankrupt or ceased to operate, any Person elected by a Majority-in-Interest of the Members (the Managing
Member or such other Person, the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of the Company and shall take full account of the Company’s Assets and liabilities, and the Company’s
Assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the Managing Member, include shares of stock in the Managing Member) shall be applied
and distributed in the following order: 
 (i) First, to the satisfaction of all of the Company’s Debts and liabilities to creditors,
including Members who are creditors (other than with respect to liabilities owed to Members in satisfaction of liabilities for previously declared distributions), whether by payment or the making of reasonable provision for payment thereof; 

(ii) Second, to the satisfaction of all of the Company’s liabilities to the Members in satisfaction of liabilities for previously
declared distributions, whether by payment or the making of reasonable provision for payment thereof; and 
 (iii) The balance, if any, to
the Members, in the same order of priorities provided for in Article III. 
 (b) Discretion of Liquidator and Managing Member.

 (i) Notwithstanding the provisions of Section 10.3(a) that require liquidation of the Assets, but subject to
the order of priorities set forth therein, if prior to or upon dissolution of the Company, the Liquidator determines that an immediate sale of part or all of the Company’s Assets would be impractical or would cause undue loss to the Members,
the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any Assets except those necessary to satisfy liabilities of the Company (including to those Members as creditors) and/or distribute to the
Members, in lieu of cash, as tenants in common and in accordance with the provisions of Section 10.3(a), undivided interests in such Company Assets as the Liquidator deems not suitable for liquidation. Any such
distributions in kind shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time.
The Liquidator shall determine the Fair Market Value of any property distributed in kind using such reasonable method of valuation as it may adopt. 

(ii) In the sole and absolute discretion of the Managing Member, a pro rata portion of the distributions that would otherwise be made
to the Members pursuant to this Article X may be: 
 A) Distributed to a trust established for the benefit of the Managing Member and
the Members for the purpose of liquidating Company Assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Managing Member arising out of or in connection with the
Company and/or Company activities. The assets of any such trust shall be distributed to the Members, from time to time, in the reasonable discretion of the Managing Member, in the same proportions and amounts as would otherwise have been distributed
to the Members pursuant to this Agreement; or 

  
 34 

 B) Withheld or escrowed to provide a reasonable reserve for Company liabilities (contingent
or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld or escrowed amounts shall be distributed to the Members in the manner and order of priority set forth in
Section 10.3(a) as soon as practicable. 
 Section 10.4 Rights of Members. Except as otherwise
provided in this Agreement and subject to the rights of any Member set forth in a Unit Designation, (a) each Member shall look solely to the Assets for the return of its Capital Contribution, (b) no Member shall have the right or power to
demand or receive property other than cash from the Company, and (c) no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions, or allocations. 

Section 10.5 Termination. The Company shall terminate when all of the Assets, after payment of or due provision for all Debts,
liabilities, and obligations of the Company, have been distributed to the Members in the manner provided for in this Article X and the Certificate of Formation shall have been cancelled in the manner required by the Act. 

ARTICLE XI 
 PROCEDURES
FOR ACTIONS AND CONSENTS 
 OF MEMBERS; AMENDMENTS; MEETINGS 

Section 11.1 Actions and Consents of Members. The actions requiring Consent of any Member pursuant to this Agreement or otherwise
pursuant to Law are subject to the procedures set forth in this Article XI. 
 Section 11.2 Amendments. Except as
otherwise required or permitted by this Agreement (including Section 4.1(f)), amendments to this Agreement must be approved by the Managing Member and a
Majority-in-Interest of the Members. Upon obtaining any such Consent, or any other Consent required by this Agreement, and without further action or execution by any
other Person, including any Member, (i) any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing Member, and (ii) the Members shall be deemed a party to and bound by such amendment of
this Agreement. The Managing Member shall cause an authorized officer to update Annex A from time to time, as necessary to reflect accurately the information therein as known by the Managing Member, but no such update shall modify Annex
A in any manner inconsistent with this Agreement. Any amendment or revision to Annex A made in accordance with this Agreement shall not be deemed an amendment to this Agreement for purposes of this Section 11.2.

 Section 11.3 Procedures for Meetings and Actions of the Members. 

(a) Time; Quorum; Consent. Meetings of the Members may be called only by the Managing Member and shall state the nature of the business
to be transacted. Notice of any 

  
 35 

 
such meeting shall be given to all Members entitled to act at the meeting not less than two (2) days nor more than ninety (90) days prior to the date of such meeting. Members may vote
in Person or by proxy at such meeting. Unless approval by a different number or proportion of the Members is required by this Agreement or any Unit Designation, the affirmative vote of a Majority-in-Interest of the Members shall be sufficient to approve such proposal at a meeting of the Members. Whenever the Consent of any Members is permitted or required under this Agreement, such Consent
may be given at a meeting of Members or in accordance with the procedure prescribed in Section 11.3(b). 
 (b)
Written Consents. Any action requiring the Consent of any Member or a group of Members pursuant to this Agreement or that is required or permitted to be taken at a meeting of the Members may be taken without a meeting if a Consent in writing
or by electronic transmission setting forth the action so taken or consented to is given by Members whose affirmative vote would be sufficient to approve such action or provide such Consent at a meeting of the Members. Such Consent may be in one
instrument or in several instruments and shall have the same force and effect as the affirmative vote of such Members at a meeting of the Members. Such Consent shall be filed with the Managing Member. An action so taken shall be deemed to have been
taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic transmission, the Managing Member may require a response within a reasonable specified time, but not less than two
(2) days after receipt of notice, and failure to respond in such time period shall constitute a Consent that is consistent with the Managing Member’s recommendation with respect to the proposal; provided, however, that an
action shall become effective at such time as requisite Consents are received even if prior to such specified time. 
 (c) Proxy.
Each Member entitled to act at a meeting of Members may authorize any Person or Persons to act for it by proxy on all matters in which a Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a
meeting. Each proxy must be signed by the Member or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof
unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Member executing it, such revocation to be effective upon the Company’s receipt of written
notice of such revocation from the Member executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 

(d) Record Date for Meetings. The Managing Member may set, in advance, a Record Date for the purpose of determining the Members
(i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Members or (iii) in order to make a determination of Members for any other proper purpose. Any such date shall not be before the
close of business on the day the Record Date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of the Members, not less than two (2) days, before the date on which the meeting is to be held. If no Record
Date is fixed, the Record Date for the determination of Members entitled to notice of or to vote at a meeting of the Members shall be at the close of business on the day on which the notice of the meeting is sent, and the Record Date for any other
determination of Members shall be the effective date of such Member action, distribution or other event. When a determination of the Members entitled to vote at any meeting of the Members has been made as provided in this section, such determination
shall apply to any adjournment thereof. 

  
 36 

 (e) Conduct of Meetings. Each meeting of Members shall be conducted by the Managing
Member or such other Person as the Managing Member may appoint pursuant to such rules for the conduct of the meeting as the Managing Member or such other Person deems appropriate. 

(f) Waivers. Any time period for notice with respect to meetings or consents of the Members may be waived by a Member as to such
Member. 
 ARTICLE XII 

EXCHANGE RIGHTS 

Section 12.1 Elective and Mandatory Exchanges. 

(a) Elective Exchanges. An Exchangeable Unit Member shall have the right, from time to time, to surrender Exchangeable Units, along
with an equivalent number of shares of Class B Common Stock (in each case, free and clear of all liens, encumbrances, rights of first refusal and similar restrictions, except for those arising under this Agreement) to the Company (or, to the
extent the Managing Member exercises its option under Section 12.2(e), the Managing Member) and to thereby cause the Company (or the Managing Member) to deliver to that Exchangeable Unit Member (or its designee) the Exchange Consideration as
set forth in Section 12.3 (an “Elective Exchange”). Exchangeable Unit Members shall not have the right to effect an Elective Exchange for less than any Minimum Exchangeable Amount established from time to
time by the Managing Member or at times to not permitted by the Policies established from time to time by the Managing Member, in each case without the consent of the Managing Member or as otherwise provided in this Agreement. The Managing Member
shall have the authority to set and amend any Minimum Exchangeable Amount and establish and amend Policies in its reasonable discretion taking into account reasonable and appropriate liquidity interests of Exchangeable Unit Members. 

(b) Exchange Notice. An Exchangeable Unit Member shall exercise its right to an Elective Exchange by delivering to the Company, with a
contemporaneous copy delivered to the Managing Member, in each case during normal business hours at the principal executive offices of the Company and the Managing Member, respectively, a written election of exchange in respect of the Exchangeable
Units to be exchanged (an “Elective Exchange Notice”), duly executed by such the Exchangeable Unit Member. An Elective Exchange Notice must be delivered at least one week before the proposed Elective Exchange Date or such other date
as may be specified in the Policies then in effect, unless otherwise consented by the Managing Member. 
 (i) An Exchangeable Unit Member
may specify, in an applicable Elective Exchange Notice, that the Elective Exchange is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a
tender or exchange offer, an underwritten offering, change of control transaction or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination. The failure of such contingency to occur shall
terminate all of the Exchangeable Unit Member’s, Company’s and Managing Member’s rights and obligations arising from that particular Elective Exchange Notice, and all actions taken to effect the Elective Exchange contemplated by that
Elective Exchange Notice shall be deemed rescinded. 

  
 37 

 (ii) After the Elective Exchange Notice and corresponding Certificates have been delivered
to the Managing Member, and unless such Exchangeable Unit Member timely has delivered a Retraction Notice pursuant to Section 12.1(b)(iii) or the Company or Managing Member, as applicable, has refused to honor the request
in full pursuant to Section 12.2(c), the Company or Managing Member, as applicable, will effect the Elective Exchange in accordance with the Policies and inform the Exchangeable Unit Member of the effective date of such
Elective Exchange (the “Elective Exchange Date”). 
 (iii) Notwithstanding any provisions of this Agreement to the
contrary, if there is a five percent (5%) or greater drop in the reported closing trading price of a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A
Common Stock trades after the delivery of an Elective Exchange Notice and prior to 5:00 p.m., Pacific time, on the Business Day immediately prior to the applicable Elective Exchange Date (the “Retraction Deadline”), an Exchangeable
Unit Member may withdraw or amend its Elective Exchange Notice, in whole or in part, by giving written notice at any time prior to the Retraction Deadline (a “Retraction Notice”) to the Company (with a copy to the Managing Member)
specifying (A) the number of withdrawn Exchangeable Units and an equivalent number of shares of Class B Common Stock and (B) the number of Exchangeable Units and an equivalent number of shares of Class B Common Stock as to which
the Elective Exchange Notice remains in effect. The timely delivery of a Retraction Notice indicating an entire withdrawal of the Elective Exchange Notice shall terminate all of the Exchangeable Unit Member’s, Company’s and Managing
Member’s rights and obligations arising from that particular Elective Exchange Notice, and all actions taken to effect the Elective Exchange contemplated by that Elective Exchange Notice shall be deemed rescinded. 

(c) Mandatory Exchange Events. Units are subject to Mandatory Exchange in each of the following circumstances: 

(i) pursuant to Section 8.5; or 

(ii) in the discretion of the Managing Member, with the consent of Members whose Class B Common Units represent fifty percent (50%) of
the Class B Common Units of all Members in the aggregate, all Members may be required to exchange all Class B Common Units then held by the Members. 

(d) Mandatory Exchange Mechanics. Upon the occurrence of either of the circumstances set out in
Section 12.1(c) the Managing Member may exercise its right to cause a mandatory exchange of a Member’s Exchangeable Units and an equivalent number of shares of Class B Common Stock (a “Mandatory
Exchange”) by delivering to each Member a written notice pursuant to the notice provisions in Section 13.6 (a “Mandatory Exchange Notice”) specifying the basis for the Mandatory Exchange, the
Exchangeable Units to which the Mandatory Exchange applies, and the effective date of such Mandatory Exchange (the “Mandatory Exchange Date”), which shall be no earlier than ten (10) Business Days after delivery of the
Mandatory Exchange Notice. The Member receiving the Mandatory Exchange Notice shall use its best efforts to deliver to the Certificates representing the applicable Exchangeable Units and shares of Class B Common Stock no later than the
Mandatory Exchange Date. Upon the Mandatory Exchange Date, the Company will effect the Mandatory Exchange in accordance with the Policies. 

  
 38 

 Section 12.2 Additional Terms Applying to Exchanges. 

(a) Concurrent Exchange of Class B Common Stock. No Exchange of Class B Common Units may be made without a
concurrent Exchange of an equivalent number of shares of Class B Common Stock. Any shares of Class B Common Stock surrendered in an Exchange shall automatically be deemed retired without any action on the part of any Person, including the
Managing Member. Any such retired shares of Class B Common Stock shall no longer be outstanding, all rights with respect to such shares shall automatically cease and terminate, and such shares shall return to the status of authorized but
unissued shares of the Managing Member. 
 (b) Authority of Board of Directors to Limit or Deny Exchange. The Board of Directors (or
a committee thereof to which the Board of Directors has delegated such authority) may, in its sole discretion, deny or limit, in whole or in part, any Exchange that fails to comply with any requirements therefor or limitations with respect thereto
that the Company, the Managing Member, or the Board of Directors may have established, or that, if effected, would adversely affect the Managing Member or the Company as determined by the Board of Directors (or a committee thereof to which the Board
of Directors has delegated such authority) in its sole discretion. In particular, an Exchangeable Unit Member shall not be entitled to an Exchange, and the Company and the Managing Member shall have the right to refuse to honor any request for an
Exchange, at any time or during any period if the Company or the Managing Member determines, after consultation with counsel, that such Exchange (x) would be prohibited by law or regulation (including, without limitation, the unavailability of
a registration of such Exchange under the Securities Act or an exemption from the registration requirements thereof) or (y) would not be permitted under any agreement with the Company, the Managing Member or any of their subsidiaries to which
the applicable Exchangeable Unit Member is party or (solely in the case of an Exchange requested by an officer, director or other personnel of the Company, the Managing Member or any of their subsidiaries) any written policies of the Managing Member
related to restrictions on trading applicable to its officers, directors or other personnel. 
 (c) Publicly Traded Partnership.
Notwithstanding anything contrary to the advice of counsel, if the Managing Member determines that an Exchange would pose a material risk that the Company would become a “publicly traded partnership” under Code section 7704, the Exchange
shall be null and void. 
 (d) Rights of Exchangeable Unit Member. On an Exchange Date, all rights of the Exchangeable Unit Member as
a holder of the Exchangeable Units and shares of Class B Common Stock that are subject to the Exchange shall cease, and, unless the Company or Managing Member, as applicable, has elected Cash Settlement as to all Exchangeable Units tendered,
such Exchangeable Unit Member (or its designee) shall be treated for all purposes as having become the record holder of the shares of Class A Common Stock to be received by the Exchangeable Unit Member in respect of such Exchange. 

  
 39 

 (e) Right of Managing Member to Acquire Exchangeable Units. The Managing Member shall
have the right but not the obligation (in lieu of the Company) to have the Managing Member acquire Exchangeable Units and an equivalent number of shares of Class B Common Stock directly from an Exchangeable Unit Member for the elected Exchange
Consideration. 
 (f) Expenses(g) . Except as otherwise agreed by the Company, the Managing Member and an Exchangeable Unit Member,
the Company, the Managing Member, and each Exchangeable Unit Member shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that the Managing Member shall
bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common Stock are to be delivered pursuant to an
Elective Exchange in a name other than that of the Member that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such
Member) or the Cash Settlement is to be paid to a Person other than the Exchangeable Unit Member that requested the Exchange, then such Member or the Person in whose name such shares are to be delivered or to whom the Cash Settlement is to be paid
shall pay to the Managing Member the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Managing Member that
such tax has been paid or is not payable. 
 (g) Limitation. For the avoidance of doubt, in the event that the Company or the
Managing Member consolidates, merges, combines or consummates any other transaction in which shares of Class A Common Stock are exchanged for or converted into other stock or securities, or the right to receive cash and/or any other property,
no Minimum Exchangeable Amount or Policies or other provisions of this Article XII shall limit the right of any Exchangeable Unit Member to effect an Elective Exchange in order to receive Class A Common Stock in advance of consummation of any
such consolidation, merger or other such transaction unless in connection with any such consolidation, merger, combination or other transaction each share of Class B Common Stock and/or Class B Common Unit shall be entitled to be exchanged
for or converted into the same kind and amount of stock or securities, cash and/or any other property, as the case may be, into which or for which each share of Class A Common Stock is exchanged or converted; provided, that the consideration
for each share of Class B Common Stock and/or Class B Common Unit shall be deemed the same kind and amount into which or for which each share of Class A Common Stock is exchanged or converted, so long as any differences in the kind
and amount of stock or securities, cash and/or any other property are intended (as determined by the Board of Directors in good faith) to maintain the relative voting power of each share of Class B Common Stock relative to each share of
Class A Common Stock; provided, further, that the foregoing provisions of this Section 12.2(g) shall not apply to any action or transaction (including any consolidation, merger or combination) approved by a Majority-in-Interest of the Members. 
 Section 12.3
Exchange Consideration. 
 (a) Generally. The Managing Member has the right, in its sole discretion, as approved by a majority
vote of the disinterested members of the Board of Directors, to elect the form of Exchange Consideration with respect to any Exchange. On an Exchange Date, provided 

  
 40 

 
the Exchangeable Unit Member has satisfied its obligations under Section 12.1(b)(i), the Managing Member shall deliver or cause to be delivered the Exchange
Consideration, as provided in Section 12.8, to such Exchangeable Unit Member (or its designee), at the address set forth on the applicable Exchange Notice. If the Managing Member elects a Cash Settlement, the Managing Member shall only be
obligated to contribute to the Company (or, if the Managing Member elects to purchase directly pursuant to Section 12.2(e), purchase directly for an amount equal to), an amount in respect of such Cash Settlement equal to
the net proceeds (after deduction of any underwriters’ discounts and commissions) from the sale by the Managing Member of a number of shares of Class A Common Stock equal to the number of Exchangeable Units being Exchanged for such Cash
Settlement. Except as otherwise required by Law, the Managing Member shall, for U.S. federal income tax purposes, be treated as paying an appropriate portion of the selling expenses described in the previous sentence as agent for and on behalf of
the Exchangeable Unit Member. 
 (b) Notice of Intended Exchange Consideration. At least two (2) Business Days before the
Exchange Date, the Managing Member shall give written notice (the “Contribution Notice”) to the Company (with a copy to the Exchangeable Unit Member) of its intended Exchange Consideration; provided, that if the Managing
Member does not timely deliver a Contribution Notice, the Managing Member shall be deemed to have elected to settle the Exchange with shares of Class A Common Stock. 

(c) Settlement Through Depository Trust Company. To the extent the Class A Common Stock is settled through the facilities of The
Depository Trust Company, the Managing Member or the Company will, upon the written instruction of an Exchangeable Unit Member, deliver the shares of Class A Common Stock deliverable to such Exchangeable Unit Member through the facilities of
The Depository Trust Company to the account of the participant of The Depository Trust Company designated by such Exchangeable Unit Member in the applicable Exchange Notice. 

(d) Obligations of Managing Member and Company. Upon any Exchange, the Managing Member or the Company, as applicable, shall take such
actions as (A) may be required to ensure that such Member receives the shares of Class A Common Stock and/or the Cash Settlement that such Exchangeable Unit Member is entitled to receive in connection with such Exchange pursuant to
Section 12.3(a), and (B) may be reasonably within its control that would cause such Exchange to be treated for purposes of the Tax Receivable Agreement as an “Exchange” (as such term is defined in the Tax
Receivable Agreement). 
 Section 12.4 Adjustment. To the extent that the Managing Member acquires additional Class A
Common Units without issuing a corresponding number of additional shares of Class A Common Stock to maintain parity, the Managing Member shall make appropriate adjustments to the Exchange Rate to give effect to such parity. To the extent not
reflected in an adjustment to the Exchange Rate, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another
security, securities or other property, then, upon any subsequent Exchange, an Exchangeable Unit Member shall be entitled to receive the amount of such security, securities or other property that such Exchangeable Unit Member would have received if
such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, 

  
 41 

 
recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization,
recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged
into or for another security, securities or other property, this Section 12.4 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. 

Section 12.5 Class A Common Stock to be Issued. 

(a) Class A Common Stock Reserve. The Managing Member shall at all times reserve and keep available out of its authorized but unissued
Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable under this Agreement upon all such Exchanges; provided, however, that the
Managing Member may satisfy its obligations in respect of any such Exchange by delivery of unencumbered purchased shares of Class A Common Stock (which may or may not be held in the treasury of the Managing Member or any subsidiary thereof).

 (b) Rule 16(b) Exemption. The Managing Member has taken and will take all such steps as may be required to cause to qualify for
exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of
the Managing Member (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Managing Member for such purposes that result from the transactions contemplated
by this Agreement, by each director or officer of the Managing Member (including directors-by-deputization) who may reasonably be expected to be subject to the reporting
requirements of Section 16(a) of the Exchange Act with respect to the Managing Member upon the registration of any class of equity security of the Managing Member pursuant to Section 12 of the Exchange Act. 

(c) Validity of Class A Common Stock. The Managing Member covenants that all shares of Class A Common Stock
issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable and not subject to any preemptive right of stockholders of the Managing Member or to any right of first refusal or
other right in favor of any Person. 
 Section 12.6 Withholding. 

(a) Withholding of Cash or Class A Common Stock Permitted. If the Company or the Managing Member shall be required
to withhold any amounts by reason of any federal, state, local or foreign tax laws or regulations in respect of any Exchange, the Company or the Managing Member, as the case may be, shall be entitled to take such action as it deems appropriate in
order to ensure compliance with such withholding requirements, including, at its option, withholding cash from the Cash Settlement or shares of Class A Common Stock with a Fair Market Value equal to the amount of any taxes that the Company or
the Managing Member, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property)
shall be treated for all purposes of this Agreement as having been paid (or delivered) to the applicable Member. 

  
 42 

 (b) Notice of Withholding. If the Company or the Managing Member determines that any
amounts by reason of any federal, state, local or foreign tax laws or regulations are required to be withheld in respect of any Exchange, the Company or the Managing Member, as the case may be, shall use commercially reasonable efforts to promptly
notify the Exchangeable Unit Member and shall consider in good faith any positions or alternative arrangements that such Member raises (reasonably in advance of the date on which the Company or the Managing Member believes withholding is required)
as to why withholding is not required or that may avoid the need for such withholding, provided, that none of the Company or the Managing Member is required to incur additional costs as a result of such obligation, and this
Section 12.6(b) shall not in any manner limit the authority of the Company or the Managing Member to withhold taxes with respect to an Exchangeable Unit Member pursuant to Section 12.6(a). 

(c) Reimbursement of Taxes by Exchangeable Unit Member. If, within the two-year period
beginning at the start of the date of an Exchange, (i) the Managing Member withholds or otherwise pays any amount on account of taxes in respect of exchanged Units, which amount is attributable to the
two-year period ending at the end of the date of such Exchange, and (ii) the Managing Member or any person other than the Exchangeable Unit Member otherwise would bear the economic burden of such
withholding or other payment (including by reason of such amount being treated as having been distributed to the Managing Member in respect of the exchanged Units pursuant to Section 3.4), the Exchangeable Unit Member
shall, upon notice by the Company and/or the Managing Member, promptly reimburse the Company and/or the Managing Member for such amount; provided, however, that the Exchangeable Unit Member’s reimbursement obligation under this
Section 12.6(c) shall not exceed the amount of cash and Fair Market Value (determined as of the date of receipt) of other consideration received by the Exchangeable Unit Member in connection with such Exchange. Unless
otherwise required by Law, any amount paid by an Exchangeable Unit Member pursuant to this Section 12.6(c) shall be treated as an adjustment to the proceeds received by the Exchangeable Unit Member in respect of the
applicable Exchange. The Company and the Managing Member shall have the right to reduce any amounts due to such Exchangeable Unit Member from the Managing Member or any of its Affiliates by the amount owed by such Exchangeable Unit Member under this
Section 12.6(c). 
 Section 12.7 Tax Treatment. Unless otherwise required by Law, each Exchange with
the Managing Member or the Company shall be treated as a direct exchange between the Managing Member and the Member for U.S. federal and applicable state and local income tax purposes. It is intended that each Exchange be treated as a taxable
exchange for U.S. federal and applicable state and local income tax purposes except as otherwise agreed to in writing by the Exchangeable Unit Member and the Managing Member or required by Law. 

Section 12.8 Contribution of the Managing Member. In connection with any Exchange between a Member and the Company, the Managing
Member shall contribute to the Company the shares of Class A Common Stock and/or Cash Settlement that the Member is entitled to receive in such Exchange. Unless the Member has timely delivered a Retraction Notice as provided in
Section 12.1(b)(iii), on the Exchange Date (i) the Managing Member shall make a capital 

  
 43 

 
contribution to the Company (in the form of the Exchange Consideration that the Member is entitled to receive in such Exchange) required under this Section 12.8 and
(ii) the Company shall issue to the Managing Member a number of Class A Common Units equal to the number of Exchangeable Units surrendered by the Member. 

Section 12.9 Apportionment of Distributions. Distributions with a Record Date (as described in
Section 3.7) on or before the Exchange Date shall be made to the Exchangeable Unit Member. 
 ARTICLE XIII

 MISCELLANEOUS 

Section 13.1 Conclusive Nature of Determinations. All determinations, interpretations, calculations, adjustments and other actions
of the Managing Member, the Company, the Board of Directors (or a committee to which the Board of Directors has delegated such authority) or a designee of any of the foregoing that are within such Person’s authority under this Agreement shall
be binding and conclusive on a Member absent manifest error. In connection with any such determination, interpretation, calculation, adjustment or other action, the Managing Member, the Company, the Board of Directors (or a committee to which the
Board of Directors has delegated such authority) or the designee of any of the foregoing shall be entitled to resolve any ambiguity with respect to the manner in which such determination, interpretation, calculation, adjustment or other action is to
be made or taken, and shall be entitled to interpret the provisions of this Agreement in such a manner as such Person determines to be fair and equitable, and such resolution or interpretation shall be binding and conclusive on a Member absent
manifest error. 
 Section 13.2 Company Counsel. THE COMPANY, THE MANAGING MEMBER AND AFFILIATED ENTITIES MAY BE REPRESENTED BY
THE SAME COUNSEL. THE ATTORNEYS, ACCOUNTANTS AND OTHER EXPERTS WHO PERFORM SERVICES FOR THE COMPANY MAY ALSO PERFORM SERVICES FOR THE MANAGING MEMBER AND AFFILIATES THEREOF. THE MANAGING MEMBER MAY, WITHOUT THE CONSENT OF THE MEMBERS, EXECUTE ON
BEHALF OF THE COMPANY ANY CONSENT TO THE REPRESENTATION OF THE COMPANY THAT COUNSEL MAY REQUEST PURSUANT TO THE NEW YORK RULES OF PROFESSIONAL CONDUCT OR SIMILAR RULES IN ANY OTHER JURISDICTION. THE COMPANY HAS INITIALLY SELECTED GIBSON,
DUNN & CRUTCHER LLP (“COMPANY COUNSEL”) AS LEGAL COUNSEL TO THE COMPANY. EACH MEMBER ACKNOWLEDGES THAT COMPANY COUNSEL DOES NOT REPRESENT ANY MEMBER IN ITS CAPACITY AS SUCH IN THE ABSENCE OF A CLEAR AND EXPLICIT WRITTEN
AGREEMENT TO SUCH EFFECT BETWEEN SUCH MEMBER AND COMPANY COUNSEL (AND THEN ONLY TO THE EXTENT SPECIALLY SET FORTH IN SUCH AGREEMENT), AND THAT IN ABSENCE OF ANY SUCH AGREEMENT COMPANY COUNSEL SHALL OWE NO DUTIES TO ANY MEMBER. EACH MEMBER FURTHER
ACKNOWLEDGES THAT, WHETHER OR NOT COMPANY COUNSEL HAS IN THE PAST REPRESENTED OR IS CURRENTLY REPRESENTING SUCH MEMBER WITH RESPECT TO OTHER MATTERS, UNLESS OTHERWISE EXPRESSLY AGREED BY COMPANY COUNSEL, COMPANY COUNSEL HAS NOT REPRESENTED THE
INTERESTS OF ANY MEMBER IN THE PREPARATION AND/OR NEGOTIATION OF THIS AGREEMENT. 

  
 44 

 Section 13.3 Appointment of Managing Member as Attorney-in-Fact. 
 (a) Execution of Documents. Each Member, including each Additional
Member and Substituted Member that is a Member, irrevocably makes, constitutes and appoints the Managing Member, any Liquidator, and authorized officers and
attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and Lawful attorney-in-fact with full power and authority in its name, place and stead to execute, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be necessary or
appropriate to carry out the provisions of this Agreement, including: 
 (i) All certificates and other instruments (including counterparts
of this Agreement), and all amendments thereto, that the Managing Member deems appropriate to form, qualify, continue or otherwise operate the Company as a limited liability company (or other entity in which the Members will have limited liability
comparable to that provided in the Act) in the jurisdictions in which the Company may conduct business or in which such formation, qualification or continuation is, in the opinion of the Managing Member, necessary or desirable to protect the limited
liability of the Members. 
 (ii) All amendments to this Agreement adopted in accordance with the terms of this Agreement, and all
instruments that the Managing Member deems appropriate in accordance with the terms of this Agreement. 
 (iii) All conveyances of Company
Assets and other instruments that the Managing Member reasonably deems necessary in order to complete a dissolution and termination of the Company pursuant to this Agreement. 

(b) Power and Interest. The appointment by all Members of the Managing Member as attorney-in-fact shall be deemed to be a power coupled with an interest in recognition of the fact that each of the Members under this Agreement will be relying upon the power of the Managing Member to act as
contemplated by this Agreement in any filing and other action by it on behalf of the Company, shall survive the Incapacity of any Person hereby giving such power and the Transfer of all or any portion of such Person’s Membership Interest, and
shall not be affected by the subsequent Incapacity of the principal. 
 Section 13.4 Entire Agreement. This Agreement, together
with that certain Registration Rights Agreement dated February 9, 2021 by and among the Managing Member and the stockholders of the Managing Member party thereto, as amended, supplemented or restated, in each case in accordance with its terms
and the other documents contemplated hereby and thereby, constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and fully supersedes any and all prior or contemporaneous agreements or understandings
between the parties hereto pertaining to the subject matter hereof, including the Existing Agreement. 
 Section 13.5 Further
Assurances. Each of the parties hereto does hereby covenant and agree on behalf of itself, its successors, and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other
instruments, documents and statements, and to take such other action as may be required by Law or reasonably necessary to effectively carry out the intent and purposes of this Agreement. 

  
 45 

 Section 13.6 Notices. Any notice, consent, payment, demand, or communication
required or permitted to be given by any provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed, (b) sent by facsimile, overnight mail
or registered or certified mail, return receipt requested, postage prepaid, or (c) (except with respect to notice to the Company or the Managing Member) sent by email, with electronic, written or oral confirmation of receipt, in each case addressed
as follows: 
  

	 	(i)	 if to the Company or the Managing Member: 

c/o Zevia PBC 
 15821 Ventura
Blvd., Suite 145 
 Encino, CA 91436 

Phone: (855) 469-3842 

Email: paddy@zevia.com 

Attention: Padraic (“Paddy”) Spence 

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

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 
 New York, NY
10166 
 Phone: (212) 351-4000 

Fax: (212) 351-4035 

Attention: Andrew Fabens 
 or to
such other address as the Company may from time to time specify by notice to the Members; 
  

	 	(ii)	 if to any Member, to: 

the address, email, or facsimile number of such Member set forth in the records of the Company. 

Any such notice shall be deemed to be delivered, given and received for all purposes as of: (A) the date so delivered, if delivered personally,
(B) upon receipt, if sent by facsimile or email, or (C) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly
addressed. 
 Section 13.7 Governing Law. This Agreement, including its existence, validity, construction, and operating effect,
and the rights of each of the parties hereto, shall be governed by and construed in accordance with the Laws of the State of Delaware without regard to otherwise governing principles of conflicts of Law. 

  
 46 

 Section 13.8 Jurisdiction and Venue. The parties hereto agree that any
suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against any
party or any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court (the “Selected Courts”),
and each of the parties hereby irrevocably consents to the jurisdiction of the Selected Courts (and of the appropriate appellate courts therefrom) in any such suit, Action or proceeding and irrevocably waives, to the fullest extent permitted by Law,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any Selected Court. Without limiting the foregoing, each party agrees that service of process on such
party in the manner provided for notice in Section 13.6 shall be deemed effective service of process on such party. 

Section 13.9 Equitable Remedies. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts, this being in addition to any other remedy to which they are entitled at Law or in equity. Any requirements for the
securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the event of any Action for an injunction or other equitable remedy in respect of such breach or
enforcement of specific performance, it will not assert the defense that a remedy at Law would be adequate. 
 Section 13.10
Construction. This Agreement shall be construed as if all parties hereto prepared this Agreement. 
 Section 13.11
Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart shall for all purposes be deemed an original, and all such counterparts shall together constitute but one and the same agreement. 

Section 13.12 Third-Party Beneficiaries. Except as provided in Section 4.7, nothing in this Agreement,
express or implied, is intended or shall be construed to give any Person other than the parties hereto (or their respective legal representatives, successors, heirs and distributees) any legal or equitable right, remedy or claim under or in respect
of any agreement or provision contained herein, it being the intention of the parties hereto that this Agreement is for the sole and exclusive benefit of such parties (or such legal representatives, successors, heirs and distributees) and for the
benefit of no other Person. 
 Section 13.13 Binding Effect. Except as otherwise expressly provided herein, all of the terms and
provisions of this Agreement shall be binding on, shall inure to the benefit of and shall be enforceable by the Members, their heirs, executors, administrators, successors and all other Persons hereafter holding, having or receiving an interest in
the Company, whether as Substituted Members or otherwise. 

  
 47 

 Section 13.14 Severability. If any provision of this Agreement as applied to any
party or to any circumstance shall be adjudged by a court to be void, unenforceable or inoperative as a matter of Law, then the same shall in no way affect any other provision in this Agreement, the application of such provision in any other
circumstance or with respect to any other party, or the validity or enforceability of the Agreement as a whole. 
 Section 13.15
Survival. The provisions of Section 4.6 Section 4.7, Section 7.10, Section 13.1, Section 13.3,
Section 13.4, Section 13.5, Section 13.6, Section 13.7 and Section 13.8 (and this
Section 13.15) (and any other provisions of this Agreement necessary for the effectiveness of the enumerated sections) shall survive the termination of the Company and/or the termination of this Agreement. 

ARTICLE XIV 
 DEFINED
TERMS 
 Section 14.1 Definitions. Unless otherwise indicated to the contrary, the following definitions shall be applied to
the terms used in this Agreement: 
 “Act” is defined in the recitals of this Agreement. 

“Additional Funds” is defined in Section 2.5(a). 

“Additional Member” means a Person who is admitted to the Company as a Member pursuant to the Act and
Section 9.1, who is shown as such on the books and records of the Company, and who has not ceased to be a Member pursuant to the Act and this Agreement. 

“Affiliate” means, with respect to a specified Person, any other Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such specified Person; provided, however, that (i) none of the Members or their parent companies or Affiliates shall be deemed to be an Affiliate of any
other Member or its parent company or Affiliates and (ii) none of the Members or their parent companies or Affiliates shall be deemed to be an Affiliate of the Company or any of its Affiliates. 

“Agreement” means this Amended and Restated Limited Liability Company Agreement of Zevia LLC, together with the Schedules and
Exhibits hereto, as now or hereafter amended, restated, modified, supplemented, or replaced. 
 “Applicable Sale” is
defined in Section 8.3(a). 
 “Applicable Sale Notice” is defined in
Section 8.3(b). 

  
 48 

 “Asset Value” means, with respect to any Asset, the adjusted basis of such
Asset for federal income tax purposes; provided, however, that: 
 (i) the initial Asset Value of any Asset
(other than cash) contributed or deemed contributed by a Member to the Company shall be the gross Fair Market Value of such Asset as determined by the Company; 

(ii) the Asset Values of all Assets shall be adjusted to equal their respective gross Fair Market Values as determined by the
Company as of the following times: (A) the acquisition of an additional interest in the Company by any new or existing Member, in exchange for more than a de minimis Capital Contribution; (B) the distribution by the Company to a
Member of more than a de minimis amount of property as consideration for an interest in the Company; (C) the liquidation of the Company within the meaning of Treas. Reg. §
1.704-1(b)(2)(ii)(g); (D) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to 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; or (E) any other instance in which such adjustment is permitted under Treas. Reg. §
1.704-1(b)(2)(iv); provided, however, that any adjustment pursuant to clauses (A), (B), (D), or (E) above shall be made only if the Company determines that such adjustment is necessary
or appropriate to reflect the relative economic interests of the Members in the Company; 
 (iii) the Asset Value of any
Asset distributed to any Member shall be the gross Fair Market Value of such Asset on the date of distribution, as determined by the Company; and 

(iv) the Asset Values of all 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 Treas. Reg. §
1.704-1(b)(2)(iv)(m); provided, however, that Asset Values shall not be adjusted pursuant to this paragraph (iv) to the extent that the Company determines that an adjustment pursuant to
paragraph (ii) of this definition of Asset Value is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (iv). 

If the Asset Value of an Asset has been determined or adjusted to paragraph (i), (ii), or (iv) of this definition of Asset Value, then such Asset Value
shall thereafter be adjusted by the Depreciation taken into account with respect to such Asset for purposes of computing Net Profits and Net Losses. 

“Assets” means any assets and property of the Company. 

“Assumed Tax Liability” is defined in Section 3.2(b). 

“Assumed Tax Rate” is defined in Section 3.2(b)(ii). 

“Available Cash” means, after taking into account amounts determined by the Managing Member to be reasonably necessary or
advisable to be retained by the Company to meet actual or anticipated, direct or indirect, expenses, capital investments, working capital needs or liabilities (actual, contingent or otherwise) of the Company, including the payment of any Imputed
Underpayment or for the operation of the business of the Company, or to create reasonable reserves for any of the foregoing, cash (in United States dollars) of the Company that the Board of Directors determines is available for distribution to the
Members. 

  
 49 

 “Bankruptcy” means, with respect to any Person, the occurrence of any event
specified in Section 18-304 of the Act with respect to such Person, and the term “Bankrupt” has a correlative meaning. 

“Board of Directors” means the Board of Directors of the Managing Member. 

“Business Day” means any weekday, excluding any legal holiday observed pursuant to United States federal or California State
Law or regulation. 
 “Capital Account” is defined in Section 7.13. 

“Capital Contribution” means, with respect to any Member, the aggregate amount of money and the initial Asset Value of
property (other than money) in such form as may be permitted by the Act that the Member contributes (or is treated as contributing) to the Company. 

“Capital Stock” means a share of any class or series of stock of the Managing Member now or hereafter authorized. 

“Cash Settlement” means immediately available funds in U.S. dollars in an amount equal to the product of (x) the number
of shares of Class A Common Stock that would otherwise be delivered to a Member in an Exchange, multiplied by (y) the price per share, net of underwriting discounts and commissions, at which Class A Common Stock is issued by the
Managing Member in an underwritten offering or block trade commenced in anticipation of the applicable Exchange (a “Liquidity Offering”); or (z) if no such Liquidity Offering occurs within sixty (60) days after the receipt
of the Exchange Notice, the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common
Stock trades, as reported by The Wall Street Journal or its successor, for each of the three (3) consecutive full Business Days ending on and including the last full Business Day immediately prior to the Exchange Date, in each case
subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated
or electronic quotation system, then the amount specified in clause (z) shall be determined in good faith by a committee of the Board of Directors composed of a majority of the directors of the Managing Member that do not have an interest in
the Exchangeable Units and shares of Class B Common Stock being Exchanged. 
 “Certificate of Formation” is defined in
the recitals of this Agreement. 
 “Certificates” means (A) any certificates representing Exchangeable Units,
(B) if applicable, any stock certificates representing the shares of Class B Common Stock required to be surrendered in connection with an Exchange of Class B Common Units, and (C) such other information, documents or instruments
as either the Managing Member or the Company (or the Managing Member’s transfer agent) may reasonably require in connection with an Exchange. If any certificate or other document referenced in the immediately preceding sentence is alleged to be
lost, stolen or destroyed, the Exchangeable Unit Member shall cooperate with and respond to 

  
 50 

 
the reasonable requests of the Managing Member and the Company (or the Managing Member’s transfer agent), and if required by the Managing Member or the Company furnish an affidavit of loss
and/or an indemnity against any claim that may be made against the Managing Member or the Company on account of the alleged loss, theft or destruction of such certificate or other document. 

“Class A Common Stock” means the Class A common stock of the Managing Member, $0.001 par value per
share. 
 “Class A Common Unit” has the meaning set forth in
Section 2.1(b)(i). 
 “Class B Common Stock” means the Class B Common
Stock of the Managing Member, $0.001 par value per share. 
 “Class B Common Unit” has the meaning set
forth in Section 2.1(b)(ii). 
 “Code” means the Internal Revenue Code of 1986, as amended. All
references in this Agreement to sections of the Code shall include any corresponding provision or provisions of succeeding Law. 

“Common Stock” means the Class A Common Stock or the Class B Common Stock (and shall not include any additional
series or class of the Managing Member’s common stock created after the date of this Agreement). 
 “Common Unit”
means a Class A Common Unit or Class B Common Unit. 
 “Company” is defined in the preamble to this Agreement.

 “Company Counsel” is defined in Section 13.2. 

“Company Minimum Gain” has the meaning set forth as “partnership minimum gain” in Treas. Reg. § 1.704-2(b)(2) and is computed in accordance with Treas. Reg. § 1.704-2(d). 

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Member given in accordance with
Article XI. 
 “Contribution Notice” is defined in Section 12.3(b). 

“control” including the terms “controlled by” and “under common control with,” means with respect to any
Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, as trustee or executor, as general partner or managing
member, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the Board of Directors or similar body governing the affairs of such Person. 

“Controlled Entity” means, as to any Person, (i) any corporation of which all the outstanding voting stock of which is
owned by such Person or such Person’s Family Members or Controlled Entities, (ii) any trust, whether or not revocable, of which such Person or such Person’s Family Members or Controlled Entities are the sole beneficiaries,
(iii) any partnership of which 

  
 51 

 
such Person or a Controlled Entity of such Person is the managing partner and in which such Person or such Person’s Family Members or Controlled Entities hold partnership interests
representing all of such partnership’s capital and profits and (iv) any limited liability company of which such Person or a Controlled Entity of such Person is the manager or managing member and in which such Person or such Person’s
Family Members or Controlled Entities hold Membership Interests representing all of such limited liability company’s capital and profits. 

“de minimis” shall mean an amount small enough as to make not accounting for it commercially reasonable or accounting for it
administratively impractical, in each case as determined by the Managing Member. 
 “Debt” means, as to any Person, as of
any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement
obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; and (iii) obligations of such Person as lessee under capital leases. 

“Depreciation” means, for each Fiscal Year or other period, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable for federal income tax purposes with respect to an asset for such Fiscal Year or other period; provided, however, that if the Asset Value of an asset differs from its adjusted basis for federal income tax
purposes at the beginning of such Fiscal Year or other period, Depreciation shall be determined in accordance with Treas. Reg. § 1.704-1(b)(2)(iv)(g)(3) or Treas. Reg. § 1.704-3(d)(2), as appropriate. 
 “Designated Individual” is defined in
Section 7.5(a)(ii). 
 “Drag-Along Right” is defined in Section 8.3(a).

 “Elective Exchange” is defined in Section 12.1(a). 

“Elective Exchange Date” is defined in Section 12.1(b)(ii). 

“Elective Exchange Notice” is defined Section 12.1(b). 

“Employee” means an employee or other service provider (including a director, adviser or consultant) of the Company or an
employee or other service provider (including a director, adviser or consultant) of a Subsidiary of the Company, if any. 

“Equivalent Units” means Units with preferences, conversion and other rights (other than voting rights), restrictions,
limitations as to dividends and other distributions, qualifications, terms and conditions of redemption (the “Terms”) that are (a) relative to the Common Units and the other classes and series of Units that correspond to
classes and series of Capital Stock, and (b) substantially the same as (or corresponding to) the Terms that any new Capital Stock or New Securities have relative to the Common Stock and other classes and series of Capital Stock or New
Securities. The foregoing shall not apply to matters such as voting for members of the Board of Directors that are not applicable to the Company. In comparing the economic rights of any Preferred Stock with the economic rights of any Units, the
effect of taxes may be taken into account. 

  
 52 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “Exchange” means any Elective Exchange or Mandatory Exchange. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Exchange Consideration” shall mean, in the case of any Exchange,
(x) the number of shares of Class A Common Stock that is equal to the product of the number of Exchangeable Units surrendered in the Exchange multiplied by the Exchange Rate (the “Stock Consideration”), (y) the Cash
Settlement, plus, in the case of an Exchange of Class B Common Units under either sub-clause (x) or (y), an amount that is equal to $0.001 multiplied by the number of shares of Class B Common
Stock included in the Exchange, or (z) a combination of the Stock Consideration and the Cash Settlement. 
 “Exchange
Date” means an Elective Exchange Date or Mandatory Exchange Date. 
 “Exchange Notice” means either an Elective
Exchange Notice or a Mandatory Exchange Notice. 
 “Exchange Rate” means, in respect of any Exchange, a ratio, expressed as
a fraction, the numerator of which shall be the number of shares of Class A Common Stock outstanding immediately before the Exchange and the denominator of which shall be the number of Class A Common Units owned by the Managing Member
immediately before the Exchange. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 12.4. 

“Exchangeable Unit” means each Class B Common Unit. 

“Exchangeable Unit Member” means each Member, other than the Managing Member and any of its wholly owned Subsidiaries, that
holds a Class B Common Unit. 
 “Fair Market Value” of Units or other property, means the cash price that a third
party would pay to acquire all of such Units (computed on a fully diluted basis after giving effect to the exercise of any and all outstanding conversion rights, exchange rights, warrants and options) or other property, as the case may be, in an arm’s-length transaction. Unless otherwise determined by the Company, the following assumptions will be made when determining the Fair Market Value of Units: 

(a) that the Company was being sold in a manner reasonably designed to solicit all possible participants and permit all interested Persons an
opportunity to participate and to achieve the best value reasonably available to the Members at the time; and 
 (b) that all existing
circumstances are taken into account, including the terms and conditions of all agreements (including this Agreement) to which the Company is then a party or by which it is otherwise benefited or affected, determined. 

  
 53 

 “Family Members” means, as to a Person that is an individual, such
Person’s spouse, ancestors (whether by blood or by adoption), descendants (whether by blood or by adoption), brothers and sisters (whether by blood or by adoption) and inter vivos or testamentary trusts of which only such Person and his
spouse, ancestors (whether by blood or by adoption), descendants (whether by blood or by adoption), brothers and sisters (whether by blood or adoption) are beneficiaries. 

“Fiscal Year” has the meaning set forth in Section 7.12. 

“Formation Date” is defined in the recitals of this Agreement. 

“Imputed Underpayment” is defined in Section 7.6(b). 

“Imputed Underpayment Share” is defined in Section 7.6(c)(i). 

“Incapacity” or “Incapacitated” means, (i) as to any Member who is an individual, death, total physical
disability or entry by a court of competent jurisdiction adjudicating such Member incompetent to manage his or her Person or his or her estate; (ii) as to any Member that is a corporation or limited liability company, the filing of a
certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Member that is a partnership, the dissolution and commencement of winding up of the partnership; (iv) as to any Member
that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Company; (v) as to any trustee of a trust that is a Member, the termination of the trust (but not the substitution of a new trustee); or
(vi) as to any Member, the Bankruptcy of such Member. 
 “Incentive Compensation Plan” means any plan, agreement or
other arrangement that provides for the grant or issuance of equity or equity-based awards and that is now in effect or is hereafter adopted by the Company or the Managing Member for the benefit of any of their respective employees or other service
providers (including directors, advisers and consultants), or the employees or other services providers (including directors, advisers and consultants) of any of their respective Affiliates or Subsidiaries. 

“Indemnitee” means the Managing Member, each Affiliate of the Managing Member, the Tax Representative, the Designated
Individual and each officer or director of the Managing Member, the Company or their respective Affiliates, in all cases in such capacity. 

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

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

“IPO Reorganization” is defined in the recitals of this Agreement. 

“IRS” means the United States Internal Revenue Service, or, if applicable, a state or local taxing agency. 

“Law” means any applicable statute, Law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or
order of any governmental authority. The term “Lawful” has a correlative meaning. 

  
 54 

 “Liquidating Event” is defined in
Section 10.2(b). 
 “Liquidator” is defined in Section 10.3(a). 

“Liquidity Offering” is defined in the definition of Cash Settlement. 

“Majority-in-Interest of the Members” means
Members (excluding the Managing Member) entitled to vote on or consent to any matter holding more than fifty percent (50%) of all outstanding Units held by all Members (excluding the Managing Member) entitled to vote on or consent to such matter.

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

“Mandatory Exchange” is defined in Section 12.1(d). 

“Mandatory Exchange Date” is defined in Section 12.1(d). 

“Mandatory Exchange Notice” is defined in Section 12.1(d). 

“Member” means any Person named as a member of the Company on Annex A to this Agreement (as amended from time to time) and
any Person admitted as an Additional Member of the Company or a Substituted Member of the Company, in each case, in such Person’s capacity as a member of the Company, until such time as such Person has ceased to be a Member. 

“Member Nonrecourse Debt” has the meaning given to the term “partner nonrecourse debt” in Treas. Reg. § 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” means, with respect
to each Member Nonrecourse Debt, an amount equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treas. Reg.
§ 1.704-2(i)(3). 
 “Member Nonrecourse Deductions” has the meaning given
to the term “partner nonrecourse deduction” in Treas. Reg. §§ 1.704-2(i)(l) and 1.704-2(i)(2). 

“Membership Interest” means, with respect to any Member, such Member’s entire undivided economic interest in the
Company, including rights to allocations and distributions of the Company and any right of such Member to the return of Capital Contributions and any interest thereon. 

“Minimum Exchangeable Amount” means Exchangeable Units estimated to have a fair value of any minimum amount established by
the Managing Member pursuant to Section 12.1, provided that all of the Exchangeable Units held by such Exchangeable Unit Member shall never be deemed to be lower than the Minimum Exchangeable Amount. 

  
 55 

 “Net Profits” and “Net Losses” mean, for each Fiscal Year
or other period, an amount equal to the Company’s taxable income or loss for such Fiscal Year or other period, determined in accordance with Code section 703(a) and, where appropriate, (but including in taxable income or loss, for this purpose,
all items of income, gain, loss or deduction required to be stated separately pursuant to Code section 703(a)(1)), with the following adjustments: 

(i) any income of the Company exempt from federal income tax and not otherwise taken into account in computing Net Profits or
Net Losses pursuant to this definition shall be added to such taxable income or loss; 
 (ii) any expenditures of the Company
described in Code section 705(a)(2)(B) (or treated as expenditures described in Code section 705(a)(2)(B) pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing
Net Profits or Net Losses pursuant to this definition shall be subtracted from such taxable income or loss; 
 (iii) in the
event the Asset Value of any Asset of the Company is adjusted in accordance with paragraph (ii) or paragraph (iii) of the definition of “Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from
the disposition of such Asset for purposes of computing Net Profits or Net Losses; 
 (iv) gain or loss resulting from any
disposition of any Asset with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Asset Value of the Asset disposed of, notwithstanding that the adjusted tax basis of such Asset differs
from its Asset Value; 
 (v) 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 Fiscal Year; 
 (vi) to the
extent an adjustment to the adjusted tax basis of any Asset pursuant to Code section 734(b) is required pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital
Accounts 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 loss (if the
adjustment decreases the basis of the Asset) from the disposition of the Asset and shall be taken into account for purposes of computing Net Profits and Net Losses; 

(vii) notwithstanding any other provision of this definition of Net Profits and Net Losses, any items that are specially
allocated pursuant to Section 6.2 and Section 6.3 shall not be taken into account in computing Net Profits or Net Losses, but shall be determined by applying rules analogous to those set forth in
paragraphs (i) through (vi) above; and 
 (viii) where appropriate, references to Net Profits and Net Losses shall refer
to specific items of income, gain, loss, deduction, and credit comprising or otherwise comprising Net Profits or Net Losses. 
 “New
Securities” means any equity security as defined in Rule 3a11-1 under the Securities Exchange Act of 1934, as amended, excluding grants under the Incentive Compensation Plans, including
(i) rights, options, warrants, or convertible or exchangeable securities that entitle the holder thereof to subscribe for or purchase, convert such securities into, or exchange such securities for, Common Stock or Preferred Stock and
(ii) any Debt issued by the Managing Member that provides any of the rights described in clause (i). 

  
 56 

 “Nonrecourse Deductions” has the meaning set forth in Treas. Reg. § 1.704-2(b)(1). 
 “Nonrecourse Liability” has the meaning set forth in Treas. Reg. §
1.752-1(a)(2). 
 “Percentage Interest” means, with respect to each Member, as to
any class or series of relevant Membership Interests, the fraction, expressed as a percentage, the numerator of which is the aggregate number of Units of such class or series held by such Member and the denominator of which is the total number of
Units of such class or series held by all Members. If not otherwise specified, “Percentage Interest” shall be deemed to refer to Common Units. 

“Permitted Transfer” means any Transfer permitted under Article VIII. 

“Permitted Transferees” means any recipient of a Permitted Transfer. 

“Person” means an individual, corporation, partnership, limited liability company, limited liability partnership, joint
venture, syndicate, person, trust, association, organization or other entity, including any governmental authority, and including any successor, by merger or otherwise, of any of the foregoing. 

“Policies” means the policies set by the Managing Member from time to time (including policies intended to ensure
(a) administrative management matters, (b) orderly liquidity for Exchangeable Unit Members, (c) compliance with Laws restricting the trading in securities while in possession of material nonpublic information), and (d) compliance
with tax Laws and Regulations. 
 “Preferred Stock” means shares of preferred stock of the Managing Member now or hereafter
authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Stock. 

“Preferred Unit” mean Units designated as “Preferred Units” in the Company having the rights and obligations
specified in this Agreement. 
 “Prior Agreement” is defined in the recitals of this Agreement. 

“Push Out Election” means the election under Code section 6226 (or any similar provision of state or local law) to “push
out” an adjustment to the Members or former Members, including filing IRS Form 8988 (Election for Alternative to Payment of the Imputed Underpayment), or any successor or similar form, and taking any other action necessary to give effect to
such election. 
 “Record Date” means the record date established by the Company for the purpose of determining the Members
entitled to notice of or to vote at any meeting of Members or to consent to any matter, or to receive any distribution or the allotment of any other rights, or in order to make a determination of Members for any other proper purpose, which, in the
case of a record date fixed for the determination of Members entitled to receive any distribution, shall (unless otherwise determined by the Company) generally be the same as the record date established by the Managing Member for a distribution to
the holders of its Capital Stock of some or all of its portion of such distribution. 

  
 57 

 “Register” is defined in Section 5.1(b)(i). 

“Registration Rights Agreement” means the Registration Rights Agreement, effective on or about the date hereof, among the
Managing Member and the other persons party thereto, as the same may be amended, modified, supplemented or restated from time to time. 

“Regulations” means the income tax regulations, including temporary regulations and, to the extent taxpayers are permitted to
rely on them, proposed regulations, promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). References to “Treas. Reg. §” are to the sections of
the Regulations. 
 “Related-Party Transfer” means a Transfer by a Member of all or part of its Membership Interest to any
Related-Party Transferee. 
 “Related-Party Transferee” means, with respect to a Member, any Family Member or Controlled
Entity of the Member. 
 “Retraction Deadline” is defined in Section 12.1(b)(iii). 

“Retraction Notice” is defined in Section 12.1(b)(iii). 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selected Courts” is defined in Section 13.8. 

“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting
power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substituted Member” means a Person who is admitted as a Member pursuant to Section 8.4. 

“Surviving Company” is defined Section 8.7(b)(iii). 

“Tax Action” means any tax-related action, decision, or determination (or failure to
take an available tax-related action, decision, or determination) by or with respect to the Company or any Subsidiary of the Company, including, without limitation and for the avoidance of doubt,
(i) pursuant to discretion granted to the Company or the Company under the terms of this Agreement (or any agreement related to the Company), (ii) by a Tax Representative or Designated Individual, (iii) with respect to the settlement of
any tax-related audit or proceeding, (iv) with respect to preparation and filing of any tax return of the Company or any Subsidiary of the Company, (v) any modification to the allocations pursuant to
Section 6.2 or Section 6.3, or (vi) any determination made by the Company pursuant to (or other action taken in accordance with) Article IV. 

  
 58 

 “Tax Distribution” is defined in Section 3.2(a).

 “Tax Distribution Shortfall Amount” is defined in Section 3.2(d). 

“Tax Items” is defined in Section 6.3(a). 

“Tax Receivable Agreement” means the Tax Receivable Agreement, dated as of or about the date hereof, entered into by and
among the Managing Member, the Company, each of the parties thereto identified as a “Member” and each of the successors and assigns thereto, and any other similar tax receivable (or comparable) agreements entered after the date of this
Agreement. 
 “Tax Representative” means, as applicable, and including the Designated Individual as context requires,
(a) the Member or other Person (including the Company) designated as the “partnership representative” of the Company under Code section 6223, (b) the Member designated as the “tax matters partner” for the Company under Code
section 6231(a)(7) (as in effect before 2018 and before amendment by Title XI of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law No. 114-74), and/or (c) the Member or other Person serving in
a similar capacity under any similar provisions of state, local or non-U.S. Laws, in each case, acting solely at the direction of the Company to the maximum extent permitted under Law. 

“Termination Transaction” means any direct or indirect Transfer of all or any portion of the Managing Member’s
Membership Interest in connection with, or the other occurrence of, (a) merger, consolidation or other combination involving the Managing Member, on the one hand, and any other Person, on the other, (b) a sale, lease, exchange or other
transfer of all or substantially all of the assets of the Managing Member not in the ordinary course of its business, whether in a single transaction or a series of related transactions, (c) a reclassification, recapitalization or change of the
outstanding Class A Common Stock (other than a change in par value, or from par value to no par value, or as a result of a stock split or reverse stock split, stock dividend or similar subdivision), (d) the adoption of any plan of liquidation
or dissolution of the Managing Member, or (e) a Transfer of all or any portion of the Managing Member’s Membership Interest (other than to a wholly owned Affiliate). 

“Terms” is defined in the definition of “Equivalent Units.” 

“Transfer” means, in respect of any Units, property or other assets, any sale, assignment, hypothecation, lien, encumbrance,
transfer, distribution or other disposition thereof or of a participation therein, or other conveyance of legal or beneficial interest therein, including rights to vote and to receive dividends or other income with respect thereto, or any short
position in a security or any other action or position otherwise reducing risk related to ownership through hedging or other derivative instruments, whether voluntarily or by operation of Law, or any agreement or commitment to do any of the
foregoing. 
 “Unit” means a fractional share of the Membership Interests in the Company, which may be a Class A
Common Unit, a Class B Common Unit, or a Preferred Unit, and shall be deemed to include any equity security received in connection with any recapitalization, merger, consolidation, or other reorganization, or by way of any distribution in
respect of Units, in any such case, after the date of this Agreement. 

  
 59 

 “Unit Designation” is defined in Section 2.4(a).

 Section 14.2 Interpretation. In this Agreement and in the exhibits hereto, except to the extent that the context otherwise
requires: 
 (a) the headings are for convenience of reference only and shall not affect the interpretation of this Agreement; 

(b) defined terms include the plural as well as the singular and vice versa; 

(c) words importing gender include all genders; 

(d) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may from time to
time be amended, extended, re-enacted or consolidated and to all statutory instruments or orders made under it; 

(e) any reference to a “day” or a “Business Day” means the whole of such day, being the period of 24 hours running from
midnight to midnight; 
 (f) references to Articles, Sections, subsections, clauses and Exhibits are references to Articles, Sections,
subsections, clauses and Exhibits to, this Agreement; 
 (g) the words “including” and “include” and other words of
similar import shall be deemed to be followed by the phrase “without limitation”; and 
 (h) unless otherwise specified,
references to any party to this Agreement or any other document or agreement shall include its successors and permitted assigns. 

  
 60 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

	
	Zevia PBC, as managing member
	
	/s/ Padraic Spence
	Name: Padraic Spence
	Title: Chief Executive Officer
	
	Zip Holding Inc.
	
	/s/ Philip Hunter O’Brien
	Name: Philip Hunter O’Brien
	Title: Senior Director
	
	/s/ François Boudreault
	Name: François Boudreault
	Title: Managing Director
	
	White Pine, Inc.
	
	/s/ Brian McGuigan
	Name: Brian McGuigan
	Title: Vice President
	
	Northwood Ventures LLC
	
	/s/ James G. Schiff
	Name: James G. Schiff
	Title: Managing Director
	
	Northwood Capital Partners LLC
	
	/s/ James G. Schiff
	Name: James G. Schiff
	Title: Managing Director

  
 61 

 
	
	NGEN III, LP
	
	By: NGEN Partners III, L.L.C., its
general partner
	
	/s/ Rosemary Ripley
	Name: Rosemary Ripley
	Title: Managing Member
	
	NGEN Zevia SPV, LLC
	
	By: NGEN Zevia SPV Managers
LLC, its sole member
	
	/s/ Rosemary Ripley
	Name: Rosemary Ripley
	Title: Managing Member
	
	NGEN-Mantra Holdings LLC
	
	By: NGEN Mantra Management
Holdings LLC, its sole member
	
	/s/ Rosemary Ripley
	Name: Rosemary Ripley
	Title: Managing Member
	
	Spence Family Trust
	
	/s/ Padraic Spence
	Name: Padraic Spence
	Title: Trustee

  
 62 

 ANNEX A: INITIAL COMMON UNITS 

 

			
	 Member
	  	 Units

		
	 Zevia PBC
  

15821 Ventura Blvd., Suite 145, Encino, CA 91436
	  	[•] Class A Common Units
		
	[Zevia Members]	  	[•] Class B Common Units

  
 63EX-10.2

 Exhibit 10.2 

TAX RECEIVABLE AGREEMENT 
 dated
as of 
 July 21, 2021 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	ARTICLE I DETERMINATION OF REALIZED TAX BENEFIT	  	 	2	 
	 Section 1.01
	  	Realized Tax Benefit and Realized Tax Detriment	  	 	2	 
	 Section 1.02
	  	Assumptions, Conventions, and Principles for Calculation	  	 	2	 
	 Section 1.03
	  	Procedures Relating to Calculation of Tax Benefits	  	 	3	 
		
	ARTICLE II TAX BENEFIT PAYMENTS, THE CONSOLIDATED GROUP, AND TRANSFERS OF CORPORATE ASSETS	  	 	5	 
	 Section 2.01
	  	Payments	  	 	5	 
	 Section 2.02
	  	No Duplicative Payments	  	 	6	 
	 Section 2.03
	  	Order of Payments	  	 	6	 
	 Section 2.04
	  	No Escrow or Clawback; Reduction of Future Payments	  	 	6	 
	 Section 2.05
	  	Minimum Exchange by Unblocked TRA Holder	  	 	6	 
		
	ARTICLE III TERMINATION	  	 	7	 
	 Section 3.01
	  	Early Termination Events	  	 	7	 
	 Section 3.02
	  	Early Termination Notice and Early Termination Schedule	  	 	7	 
	 Section 3.03
	  	Early Termination Payment	  	 	8	 
	 Section 3.04
	  	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	  	 	9	 
		
	ARTICLE IV SUBORDINATION AND LATE PAYMENTS	  	 	10	 
	 Section 4.01
	  	Subordination; Priority	  	 	10	 
	 Section 4.02
	  	Late Payments by the Corporation	  	 	10	 
	 Section 4.03
	  	Manner of Payment	  	 	10	 
		
	ARTICLE V PREPARATION OF TAX RETURNS; COVENANTS	  	 	10	 
	 Section 5.01
	  	No Participation by TRA Holder in the Corporation’s and the Company’s Tax Matters	  	 	10	 
	 Section 5.02
	  	Consistency	  	 	11	 
	 Section 5.03
	  	Cooperation	  	 	11	 
	 Section 5.04
	  	Section 754 Election	  	 	11	 
	 Section 5.05
	  	Available Cash	  	 	11	 
		
	ARTICLE VI MISCELLANEOUS	  	 	12	 
	 Section 6.01
	  	Notices	  	 	12	 
	 Section 6.02
	  	Counterparts	  	 	13	 
	 Section 6.03
	  	Entire Agreement	  	 	13	 
	 Section 6.04
	  	Governing Law	  	 	13	 

  
 i 

							
	 Section 6.05
	  	Severability	  	 	13	 
	 Section 6.06
	  	Assignment; Amendments; Waiver of Compliance; Successors and Assigns	  	 	14	 
	 Section 6.07
	  	Titles and Subtitles	  	 	15	 
	 Section 6.08
	  	Dispute Resolution	  	 	15	 
	 Section 6.09
	  	Indemnification of the TRA Representative	  	 	17	 
	 Section 6.10
	  	Withholding	  	 	17	 
	 Section 6.11
	  	Confidentiality	  	 	17	 
	 Section 6.12
	  	LLC Agreement	  	 	18	 
	 Section 6.13
	  	Joinder	  	 	18	 
	 Section 6.14
	  	Survival	  	 	18	 
		
	ARTICLE VII DEFINITIONS	  	 	18	 

  
 ii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of July 21, 2021, is entered into by and among Zevia PBC, a
Delaware corporation (Zevia PBC and each of its Subsidiaries that is classified as a corporation for U.S. federal income tax purposes, and each successor thereto, the “Corporation”), Zevia LLC, a Delaware limited liability company
that is classified as a partnership for U.S. federal income tax purposes (the “Company”), each of the TRA Holders, and the TRA Representative. 

RECITALS 
 WHEREAS, the
units of membership interest in the Company (“Units”) are held in part by the Unblocked TRA Holders; 
 WHEREAS, the
Blocked TRA Holders hold, and will continue to hold until the Reorganizations, stock in the Blockers; and the Blockers hold Units; 

WHEREAS, the Corporation is the managing member of the Company; 

WHEREAS, the Company and the Corporation have determined to offer Class A common stock of the Corporation (“Class A
Shares”) in an initial public offering (the “IPO”) and, in connection with the execution of this Agreement, have undertaken or committed to undertake the transactions described in the registration statement on Form S-1 publicly filed with the Securities and Exchange Commission on June 25, 2021 (Registration No. 333-257378), as amended before the date of this Agreement,
including the IPO; 
 WHEREAS, pursuant to the transactions set forth in the Reorganization Agreements, the Corporation will become the
owner of the Units held by the Blockers (the “Reorganizations”), and the Corporation may be entitled to utilize certain Tax Assets attributable to the Blockers; 

WHEREAS, the Unblocked TRA Holders are expected to sell a portion of their Units to the Corporation for cash (the “Initial
Sales”) in connection with the IPO; 
 WHEREAS, the Units held by the Unblocked TRA Holders are exchangeable with the Company or
the Corporation in certain circumstances for Class A Shares and/or cash pursuant to the exchange provisions of the Thirteenth Amended and Restated Limited Liability Company Agreement of the Company (the “LLC Agreement”); 

WHEREAS, each of the Company and any of its direct or indirect Subsidiaries classified as partnerships for United States federal income tax
purposes shall have in effect an election under section 754 of the Code for the Taxable Year that includes the IPO Date and each Taxable Year in which an Exchange occurs, which election is intended to result in an adjustment to the tax basis of the
assets owned by the Company and such Subsidiaries, solely with respect to the Corporation; 
 WHEREAS, the liability of the Corporation in
respect of Taxes may be reduced by the Tax Assets; 

 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to
the benefits attributable to the effect of the Tax Assets on the liability for Taxes of the Corporation; 
 NOW, THEREFORE, in consideration
of the foregoing and the respective covenants and agreements set forth in this Agreement, and intending to be legally bound hereby, the undersigned parties agree as follows: 

ARTICLE I 
 DETERMINATION
OF REALIZED TAX BENEFIT 
 Section 1.01 Realized Tax Benefit and Realized Tax Detriment. Except as
otherwise expressly provided in this Agreement, the parties intend that, for a Taxable Year, the excess, if any, of (a) the Hypothetical Tax Liability over the Actual Tax Liability (such excess, the “Realized Tax
Benefit”) or (b) the Actual Tax Liability over the Hypothetical Tax Liability (such excess, the “Realized Tax Detriment”) shall measure the decrease or increase (respectively) in the Actual Tax Liability
for such Taxable Year that is attributable to the Tax Assets, determined using a “with and without” methodology (that is, treating the Tax Assets as the last tax attributes used in such Taxable Year). If all or a portion of the Actual Tax
Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a
Determination with respect to that portion of the Actual Tax Liability. 
 Section 1.02 Assumptions,
Conventions, and Principles for Calculation. The “Actual Tax Liability” shall be the tax liability of the Corporation as reflected on the relevant Corporate Tax Return, using such reasonable methods as the Corporation
determines; provided that the Corporation shall use the following assumptions, conventions, and principles in making the determination: 

(a) Treatment of Tax Benefit Payments. Tax Benefit Payments shall be treated in part as Imputed Interest and in part as
(i) other property received in consideration for interests in the Blockers in the case of the Reorganizations (except as otherwise required by the Code) or (ii) additional purchase price for Units in the case of an Exchange. Tax Benefit
Payments (other than amounts accounted for as Imputed Interest) arising as a result of an Exchange shall (x) be treated as upward purchase price adjustments that give rise to further Basis Adjustments to Adjusted Assets for the Corporation and
(y) have the effect of creating additional Basis Adjustments to Adjusted Assets for the Corporation in the year of payment, and, as a result, such additional Basis Adjustments shall be incorporated into the current year calculation and into
future year calculations, as appropriate. 
 (b) Imputed Interest. The Actual Tax Liability shall take into account
the deduction of the portion of each Tax Benefit Payment that is accounted for as Imputed Interest under the Code due to the characterization of such Tax Benefit Payments as additional consideration payable by the Corporation for the Units or stock
in the Blockers acquired in connection with an Exchange or the Reorganizations (as applicable). 

  
 -2- 

 (c) Carryovers and Carrybacks. Carryovers or carrybacks of any Tax
Items attributable to the Tax Assets shall be considered to be subject to the rules of the Code and the Treasury Regulations governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback
of any Tax Item includes a portion that is attributable to a Tax Asset and another portion that is not, the portion attributable to the Tax Asset shall be considered to be used in accordance with the “with and without” methodology. 

(d) State and Local Taxes. For purposes of calculating the Actual Tax Liability with respect to a Taxable Year, the
Corporation may, but shall not be required to, assume that that the Corporation’s state and local Tax liability (the “Assumed SALT Liability”) equals (x) the product of (i) the taxable income and gain determined for
the Taxable Year in accordance with this Agreement and (ii) five percent (5%) or (y) if the Corporation determines in its reasonable discretion (but, in any case, not more frequently than annually) that the percentage described in clause
(x) materially differs from the actual state and local liability, then, in consultation with the TRA Representative, the Corporation will use such other percentage as the Corporation reasonably determines from time to time reflects its blended
state and local tax rate (using the apportionment factors set forth on the relevant Corporate Tax Returns for that Taxable Year unless otherwise determined by the Corporation after consultation with the TRA Representative). 

(e) Treatment of State and Local and Non-United States Taxes. The provisions of
this Agreement, including the assumption, conventions, and principles with respect to the determination of income and gain, shall apply to state and local and non-United States tax matters mutatis
mutandis. 
 Section 1.03 Procedures Relating to Calculation of Tax Benefits. 

(a) Preparation and Delivery of Schedules. 

(i) Exchange Basis Schedule and IPO Date Asset Schedule. 

(A) IPO Date Asset Schedule. Within 120 days after the IPO, the Corporation shall deliver to the TRA Representative and
the Blocked TRA Holders a schedule setting forth in reasonable detail the information described on the schedule attached as Annex A with respect to the Blockers (each schedule, including any replacement to each such schedule agreed between the
Corporation and the TRA Representative, an “IPO Date Asset Schedule”). The calculations required by this Agreement, shall be made in accordance with the IPO Date Asset Schedule. If any calculation is required to be made before the
IPO Date Asset Schedule is agreed upon, reasonable estimates shall be used. 
 (B) Exchange Basis Schedule. Within
120 days after the filing of the U.S. federal income Tax Return of the Corporation for each Taxable Year in which any Exchange has occurred, the Corporation shall deliver to the TRA Representative a schedule (the “Exchange Basis
Schedule”) that shows, in 

  
 -3- 

 
reasonable detail, (w) the actual common tax basis of the Adjusted Assets as of each Exchange Date, (x) the Basis Adjustment with respect to the Adjusted Assets as a result of the
Exchanges effected in such Taxable Year and all prior Taxable Years ending after the date of this Agreement, calculated (1) in the aggregate and (2) with respect to Exchanges by each Unblocked TRA Holder, (y) the period or periods, if
any, over which the common tax basis of the Adjusted Assets are amortizable and/or depreciable, and (z) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable. The calculations required by this
Agreement, shall be made in accordance with the Exchange Basis Schedule. If any calculation is required to be made before the Exchange Basis Schedule is agreed upon, reasonable estimates shall be used. 

(ii) Tax Benefit Schedule. Within 120 days after the filing of the U.S. federal income Tax Return of the Corporation for
any Taxable Year ending after the date of this Agreement, the Corporation shall provide to the TRA Representative and the Blocked TRA Holders either (A) a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”), or, (B) if there is no Realized Tax Benefit or Realized Tax Detriment for that Taxable Year, notice to that effect. 

(iii) Supporting Material; Review Right. Each time the Corporation delivers to a TRA Representative an IPO Date Asset
Schedule, Exchange Basis Schedule, or a Tax Benefit Schedule, including any Amended Schedule delivered pursuant to Section 1.03(c), the Corporation shall also deliver to the TRA Representative schedules and work papers
providing reasonable detail regarding the preparation of the schedule and a Supporting Letter confirming the calculations and allow the TRA Representative reasonable access, at no cost to the TRA Representative, to the appropriate representatives at
the Corporation and, if applicable, the Advisory Firm in connection with a review of such schedules or workpapers. 
 (iv)
Provision of Information to TRA Holders. Upon the reasonable request of a TRA Holder, the TRA Representative shall provide to that TRA Holder, in a reasonably prompt manner, such information that the TRA Representative receives pursuant to
this Agreement (including the schedules described in this Section 1.03), but only to the extent that the TRA Representative determines in its reasonable discretion that such information is material, relevant, and relates to
that TRA Holder. 
 (b) Objection to, and Finalization of, Schedules. Each IPO Date Asset Schedule, Exchange Basis
Schedule, or Tax Benefit Schedule, including any Amended Schedule delivered pursuant to Section 1.03(c), shall become final and binding on all parties unless the TRA Representative, within 30 days after receiving an IPO
Date Asset Schedule, an Exchange Basis Schedule, or a Tax Benefit Schedule, provides the Corporation with notice of a material objection to such schedule made in good faith (an “Objection Notice”). If the Corporation and the TRA
Representative are unable to 

  
 -4- 

 
successfully resolve the issues raised in the Objection Notice within 30 days after receipt by the Corporation of the Objection Notice, the Corporation and the TRA Representative shall employ the
dispute resolution procedures as described in Section 6.08 of this Agreement (the “Dispute Resolution Procedures”). 

(c) Amendment of Schedules. After finalization of an IPO Date Asset Schedule, Exchange Basis Schedule, or a Tax Benefit
Schedule in accordance with Section 1.03(b), any IPO Date Asset Schedule, Exchange Basis Schedule, or Tax Benefit Schedule may be amended from time to time by the Corporation (i) to correct material inaccuracies in any
such schedule, (ii) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to either a carryback or carryforward of a Tax Item to such Taxable Year or to an amended Tax Return filed
with respect to such Taxable Year, (iii) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement, (iv) to comply with the Arbitrators’ determination under the Dispute Resolution Procedures,
or (v) in connection with a Determination affecting such schedule (such schedule, an “Amended Schedule”). Any Amended Schedule shall be subject to the finalization procedures set forth in
Section 1.03(b) and the Dispute Resolution Procedures set forth in Section 6.08. 

ARTICLE II 
 TAX BENEFIT
PAYMENTS, THE CONSOLIDATED GROUP, AND TRANSFERS OF CORPORATE ASSETS 
 Section 2.01 Payments. 

(a) General Rule. The Corporation shall pay to each TRA Holder for each Taxable Year the Tax Benefit Payment that is
payable to that TRA Holder at the times set forth in Section 2.01(b). For purposes of this Section 2.01(a), the amount of a Tax Benefit Payment that is payable to a TRA Holder for any Taxable Year
shall be determined by multiplying (i) the Aggregate Tax Benefit Payment for the Taxable Year by (ii) such TRA Holder’s Sharing Percentage (such amount, a “Tax Benefit Payment”). 

(b) Timing of Tax Benefit Payments. The Corporation shall make each Tax Benefit Payment not later than 45 days after a
Tax Benefit Schedule delivered to the TRA Representative becomes final in accordance with Section 1.03(b). The Corporation may, but is not required to, make one or more estimated payments at other times during the Taxable
Year and reduce future payments so that the total amount paid to a TRA Holder in respect of a Taxable Year equals the amount calculated with respect to such Taxable Year pursuant to Section 2.01(a). 

(c) Optional Cap on Payments. Notwithstanding any provision of this Agreement to the contrary, any Unblocked TRA Holder
may elect with respect to any Exchange to limit the aggregate Tax Benefit Payments made to such TRA Holder in respect of that Exchange to a specified dollar amount, a specified percentage of the amount realized by the TRA Holder with respect to the
Exchange, or a specified portion of the Basis Adjustment with respect to the Adjusted Assets as a result of the Exchange. 

  
 -5- 

 
The TRA Holder shall exercise its rights under the preceding sentence by including a notice of its desire to impose such a limit and the specified limitation and such other details as may be
reasonably necessary (including whether such limitation includes the Additional Amounts in respect of any such Exchange) in the Exchange Notice delivered in accordance with the LLC Agreement. 

Section 2.02 No Duplicative Payments. The provisions of this Agreement are not intended to, and shall not be
construed to, result in duplicative payment of any amount (including interest) required under this Agreement. 

Section 2.03 Order of Payments. If for any reason (including, but not limited to, the lack of sufficient
Available Cash to satisfy the Corporation’s obligations to make all Tax Benefit Payments due in a particular Taxable Year under this Agreement) the Corporation does not fully satisfy its obligations to make all payments due under this Agreement
in a particular Taxable Year, then (i) the TRA Holders shall receive payments under this Agreement in respect of such Taxable Year in the same proportion as they would have received if the Corporation had been able to fully satisfy its payment
obligations, without favoring one TRA Holder over the other TRA Holders, and (ii) no payment under this Agreement shall be made in respect of any subsequent Taxable Year until all such payments under this Agreement in respect of the current and
all prior Taxable Years have been made in full. 
 Section 2.04 No Escrow or Clawback; Reduction of Future
Payments. No amounts due to a TRA Holder under this Agreement shall be escrowed, and no TRA Holder shall be required to return any portion of any Tax Benefit Payment previously made to it. No TRA Holder shall be required to make a payment to the
Corporation on account of any Realized Tax Detriment. If a TRA Holder receives amounts in excess of its entitlements under this Agreement (including as a result of an audit adjustment or Realized Tax Detriment), future payments under this Agreement
shall be reduced until the amount received by the TRA Holder equals the amount the TRA Holder would have received had it not received the amount in excess of such entitlements. 

Section 2.05 Minimum Exchange by Unblocked TRA Holder. Notwithstanding anything to the contrary herein, any
and all Tax Benefit Payments that would otherwise be made pursuant to this Agreement to any Unblocked TRA Holder shall be held by the Corporation for the benefit of the applicable Unblocked TRA Holder (without any interest thereon) until such time
as such Unblocked TRA Holder has exchanged Units in one or more Exchanges equal to five percent of the Units held by such Unblocked TRA Holder immediately prior to the Reorganization (such Units, with respect to each Unblocked TRA Holder, such
Unblocked TRA Holder’s “Threshold Exchange Units”). Promptly following the time any such Unblocked TRA Holder has exchanged, in the aggregate, a number of Units equal to or exceeding the Threshold Exchange Units, such withheld
amount shall be paid by the Corporation to the applicable Unblocked TRA Holder. 

  
 -6- 

 ARTICLE III 

TERMINATION 

Section 3.01 Early Termination Events. 

(a) Early Termination Election by Corporation. The Corporation may terminate the rights under this Agreement with
respect to all or a portion of the Units held (including those previously Exchanged) by all TRA Holders at any time by (A) delivering an Early Termination Notice as provided in Section 3.02(a) and (B) paying to
each TRA Holder its Sharing Percentage of the Early Termination Payment as provided in Section 3.03(a). If the Corporation terminates the rights under this Agreement with respect to less than all of the Units held (or
previously held and Exchanged), such termination shall be made among the TRA Holders in such manner that it results in each TRA Holder receiving the same proportion of the Early Termination Payment made at that time as each TRA Holder would have
received had the Corporation terminated all of the rights of the TRA Holders under this Agreement at that time. 
 (b)
Deemed Early Termination. 
 (i) Deemed Early Termination Event. If there is a Material Uncured Breach or a
Change of Control (each, a “Deemed Early Termination Event”), (A) the Corporation (or the TRA Representative (with a copy to the Corporation)) shall deliver to the TRA Holders an Early Termination Notice as provided in
Section 3.02(a), and (B) all obligations under this Agreement with respect to the TRA Holder(s) shall be accelerated. 

(ii) Payment upon Deemed Early Termination Event. The amount payable to each TRA Holder as a result of that acceleration
shall equal the TRA Holder’s Sharing Percentage multiplied by the sum of: 
 (A) an Early Termination Payment calculated pursuant to
this ARTICLE III as if an Early Termination Notice had been delivered on the date of the Deemed Early Termination Event using the Valuation Assumptions but substituting the phrase “the date of the Deemed Early Termination Event” in
each place where the phrase “Early Termination Date” appears; 
 (B) any Tax Benefit Payment agreed to by the Corporation and the
TRA Representative as due and payable but unpaid as of the date of a breach; and 
 (C) any Tax Benefit Payment due for the Taxable Year
ending with or including the date of the breach (except to the extent that any amounts described in clauses (B) or (C) are included in the amount payable upon early termination). 

Section 3.02 Early Termination Notice and Early Termination Schedule. 

(a) Notice; Schedule. 

(i) Delivery of Early Termination Notice and Early Termination Schedule. If the Corporation chooses to exercise its
right of early termination under Section 3.01(a) above, or if there is a Deemed Early Termination Event under Section 3.01(b) above, the Corporation shall deliver to the TRA

  
 -7- 

 
Representative (A) a notice (an “Early Termination Notice”) specifying (x) such early termination and (y) the date on which the termination of rights is to be
effective (the “Early Termination Date”), which date shall be not less than 30 days and not more than 120 days after the date of the Early Termination Notice, and (B) a schedule showing in reasonable detail the calculation of
the Early Termination Payment with respect to each TRA Holder (the “Early Termination Schedule”). The Early Termination Notice shall be delivered within 30 days after the Corporation elects to terminate this Agreement in whole or in
part or there is a Deemed Early Termination Event. 
 (ii) Finalization of Early Termination Schedule; Disputes. The
applicable Early Termination Schedule delivered to the TRA Representative pursuant to Section 3.02(a)(i) shall become final and binding on the Corporation and each TRA Holder unless the TRA Representative, within 30 days
after receiving the Early Termination Schedule, provides the Corporation with notice of a material objection to such schedule made in good faith (“Material Objection Notice”). If the Corporation and the TRA Representative are unable
to successfully resolve the issues raised in the Material Objection Notice within 30 days after receipt by the Corporation of the Material Objection Notice, the Corporation and the TRA Representative shall employ the Dispute Resolution Procedures
set forth in Section 6.08. 
 (iii) Withdrawal of Early Termination Notice. The Corporation
may withdraw an Early Termination Notice before the Early Termination Payment is due and payable. 
 (b) Amendment of
Early Termination Schedule. After finalization of an Early Termination Schedule in accordance with Section 3.02(a)(ii), any Early Termination Schedule may be amended by the Corporation at any time before the Early
Termination Payment is made (i) in connection with a Determination affecting such schedule, (ii) to correct material inaccuracies in any such schedule, or (iii) to comply with the Arbitrators’ determination under
Section 6.08. Any amendment shall be subject to the procedures of Section 3.02(a)(ii) and the Dispute Resolution Procedures set forth in Section 6.08. 

Section 3.03 Early Termination Payment. 

(a) Amount and Timing of Early Termination Payment. The payment due to a TRA Holder in connection with an early
termination described in Section 3.01(a) (the “Early Termination Payment”) shall be an amount equal to the TRA Holder’s Sharing Percentage multiplied by the present value, discounted at the Early
Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that the Corporation would be required to pay beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. Not later than 45 days
after an Early Termination Schedule delivered to the TRA Representative becomes final in accordance with Section 3.02(a)(ii), the Corporation shall pay to each TRA Holder the Early Termination Payment due to that TRA
Holder. 

  
 -8- 

 (b) Effect of Early Termination Payment(c) . Upon payment of the
Early Termination Payment by the Corporation under Section 3.03, neither the TRA Holder nor the Corporation shall have any further rights or obligations under this Agreement in respect of the payments that otherwise would
be due pursuant to this Agreement or the Units (including those previously Exchanged) with respect to which the rights under this Agreement have been terminated in accordance with Section 3.01, other than for any
(i) payment under this Agreement that is due and payable but has not been paid as of the Early Termination Notice and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice
(except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). For the avoidance of doubt, if an Exchange occurs after the Corporation has made an Early Termination Payment with respect to all
Units (including those previously Exchanged), the Corporation shall have no obligations under this Agreement with respect to such Exchange other than any obligations described in clause (i) or clause (ii) of the preceding
sentence. 
 Section 3.04 Admission of the Corporation into a Consolidated Group; Transfers of Corporate
Assets. 
 (a) Admission of the Corporation into a Consolidated Group. If the Corporation is or becomes a member
of an affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to sections 1501 et seq. of the Code or any corresponding provisions of state, local or non-U.S. law
(a “Consolidated Group”), then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items in this
Agreement shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (b) Transfers of
Assets by Corporation. 
 (i) General Rule. If the Company or any of its Subsidiaries or the Corporation transfers
one or more assets to a corporation with which the transferor does not file a consolidated Tax Return pursuant to section 1501 et. seq. of the Code, then, for purposes of calculating the amount of any payment due under this Agreement, the transferor
shall be treated as having disposed of such asset(s) in a fully taxable transaction on the date of the transfer. 
 (ii)
Rules of Application. For purposes of this Section 3.04(b): 
 (A) Except as provided in
Section 3.04(b)(ii)(B), the consideration deemed to be received by the transferor in the transaction shall be deemed to equal the fair market value of the transferred asset(s) (taking into account the principles of section
7701(g) of the Code); 
 (B) The consideration deemed to be received by the transferor in exchange for a partnership
interest shall be deemed to equal the fair market value of the partnership interest increased by any liabilities (as defined in Treasury Regulation § 1.752-1(a)(4)) of the partnership allocated to the
transferor with regard to such transferred interest under section 752 of the Code immediately after the transfer; and 

  
 -9- 

 (C) A transfer to a “corporation” (other than the Corporation)
includes a transfer to any entity or arrangement classified as a corporation for U.S. federal income tax purposes, and “partnership” includes any entity or arrangement classified as a partnership for U.S. federal income tax purposes. 

ARTICLE IV 

SUBORDINATION AND LATE PAYMENTS 

Section 4.01 Subordination; Priority. Any Tax Benefit Payment or Early Termination Payment required to
be paid by the Corporation to a TRA Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any current or future obligations in respect of
indebtedness for borrowed money of the Corporation and its Subsidiaries and shall, except as otherwise provided in this Agreement, rank pari passu with all current or future unsecured obligations of the Corporation that are not principal,
interest or other amounts due and payable in respect of any current or future obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries and shall be senior to equity interests in the Corporation. 

Section 4.02 Late Payments by the Corporation. The amount of all or any portion of any amount due under the
terms of this Agreement that is not paid to any TRA Holder when due shall be payable, together with any interest thereon computed at the Default Rate commencing from the date on which such payment was due and payable. Notwithstanding the preceding
sentence, the Default Rate shall not apply (and the Agreed Rate shall apply) to any late payment that is late solely as a result of (a) a prohibition, restriction or covenant under any credit agreement, loan agreement, note, indenture or other
agreement governing indebtedness of the Company or any of its Subsidiaries or the Corporation or (b) restrictions under applicable law. 

Section 4.03 Manner of Payment. All payments required to be made to a TRA Holder pursuant to this Agreement
will be made by electronic payment of immediately available funds to a bank account previously designated and owned by such TRA Holder or, if no such account has been designated, by check payable to such TRA Holder. 

ARTICLE V 
 PREPARATION
OF TAX RETURNS; COVENANTS 
 Section 5.01 No Participation by TRA Holder in the
Corporation’s and the Company’s Tax Matters. 
 (a) General Rule. Except as
otherwise provided in this ARTICLE V, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the Company, including, without limitation, the preparation, filing and
amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. 

  
 -10- 

 (b) Notification of TRA Representative. The Corporation shall notify
the TRA Representative of, and keep the TRA Representative reasonably informed with respect to, the portion of any audit of the Corporation and the Company by a Taxing Authority the outcome of which is reasonably expected to affect the TRA
Holders’ rights and obligations under this Agreement. 
 Section 5.02 Consistency. The Corporation and
the TRA Holders agree to report and cause to be reported for all purposes, including U.S. federal, state, local and non-U.S. tax purposes and financial reporting purposes, all
tax-related items (including without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any schedule provided by or on behalf of the
Corporation under this Agreement unless the Corporation or a TRA Holder receives a written opinion from an Advisory Firm that reporting in such manner will result in an imposition of penalties pursuant to the Code. Any Dispute concerning such
written opinion shall be subject to the Dispute Resolution Procedures set forth in Section 6.08. 

Section 5.03 Cooperation. Each TRA Holder shall (a) furnish to the Corporation in a timely manner such
information, documents and other materials, not to include such TRA Holder’s personal Tax Returns, as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement,
preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporation and its representatives to provide explanations of documents and materials and
such other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in clause (a) of this Section 5.03, and (c) reasonably cooperate in
connection with any such matter. The Corporation shall reimburse each TRA Holder for any reasonable and documented third-party costs and expenses incurred by the TRA Holder in complying with this Section 5.03. 

Section 5.04 Section 754 Election. The Corporation shall (i) ensure that, for the taxable year of the
Company that includes the date of this Agreement and continuing throughout the term of this Agreement, the Company and each of its Subsidiaries that is classified as a partnership for U.S. federal income Tax purposes shall have in effect an election
pursuant to section 754 of the Code (and any similar provisions of applicable U.S. state or local law) and (ii) use commercially reasonable efforts to ensure that, on and after the date of this Agreement and continuing throughout the term of
this Agreement, any entity in which the Company holds a direct or indirect interest that is classified as a partnership for U.S. federal income Tax purposes that is not a “Subsidiary” as defined in this Agreement will have in effect an
election pursuant to Section 754 of the Code (and any similar provisions of applicable U.S. state or local law). 

Section 5.05 Available Cash. The Corporation shall use reasonable best efforts to ensure that it has
sufficient Available Cash to make all payments due under this Agreement, including using reasonable best efforts to determine that there is Available Cash and to cause the Company to make distributions to the Corporation to make such payments so
long as such distributions do not violate (a) a prohibition, restriction or covenant under any credit agreement, loan agreement, note, indenture or other agreement governing indebtedness of the Company or any of its Subsidiaries or the
Corporation or (b) restrictions under applicable law. 

  
 -11- 

 ARTICLE VI 

MISCELLANEOUS 

Section 6.01 Notices. All notices, requests, claims, demands and other communications with respect to this
Agreement shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by e-mail if sent on a Business Day (or otherwise on the next Business
Day) or (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service. All notices under this Agreement shall be delivered as set forth
below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 if to the Corporation,
to: 
 Zevia PBC 
 15821 Ventura
Blvd, Suite 145 
 Encino, CA 91436 

Phone: (855) 469-3842 

Attention: Padraic (“Paddy”) Spence, CEO 

E-mail: paddy@zevia.com 

with a copy to: 
 Gibson,
Dunn & Crutcher LLP 
 200 Park Avenue 

New York, NY 10166-0193 
 Phone:
+1.212.351.2340 
 Fax: +1.212.351.5220 

Attention: Andrew Fabens and Pamela Lawrence Endreny 

E-mail: afabens@gibsondunn.com 

 pendreny@gibsondunn.com 

if to the Company, to: 
 Zevia
LLC 
 15821 Ventura Blvd, Suite 145 

Encino, CA 91436 
 Phone: (855) 469-3842 
 Attention: Padraic (“Paddy”) Spence, CEO 

E-mail: paddy@zevia.com 

with a copy to: 
 Gibson,
Dunn & Crutcher LLP 
 200 Park Avenue 

New York, NY 10166-0193 
 Phone:
+1.212.351.2340 

  
 -12- 

 
Fax: +1.212.351.5220 Attention: Andrew Fabens and Pamela Lawrence Endreny 
 E-mail: afabens@gibsondunn.com 
  pendreny@gibsondunn.com 

if to the TRA Representative, to: 

the address provided to the Corporation at the time of the TRA Representative’s appointment in accordance with the definition of “TRA
Representative.” 
 if to the TRA Holder(s), to: 

the address set forth for such TRA Holder in the records of the Company. 

Any party may change its address by giving the other party written notice of its new address, fax number, or e-mail
address in the manner set forth in this Section 6.01. 
 Section 6.02
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and
delivered to the other parties, it being understood that all parties need not sign the same counterpart. This Agreement may be executed in two or more counterparts by manual, electronic or facsimile signature, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery of an executed signature page to this Agreement by electronic transmission or facsimile transmission shall be as effective as delivery of a manually signed
counterpart of this Agreement. 
 Section 6.03 Entire Agreement. The provisions of this Agreement, the LLC
Agreement, the Reorganization Agreements, and the other writings referred to in this Agreement or delivered pursuant to this Agreement which form a part hereof contain the entire agreement among the parties hereto with respect to the subject matter
hereof and supersede all prior oral and written agreements and memoranda and undertakings among the parties to this Agreement with regard to such subject matter. Except as expressly provided herein, this Agreement does not create any rights, claims
or benefits inuring to any person that is not a party to this Agreement nor create or establish any third party beneficiary hereto. 

Section 6.04 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of
the state of Delaware (and, to the extent applicable, federal law), without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 6.05 Severability. If any provision of this Agreement, or the application of such provision to any
Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the
fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision
to other Persons or circumstances or in other jurisdictions shall not 

  
 -13- 

 
be affected thereby. In addition, if any court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable as written, each Person party hereto shall
take all necessary action to cause this Agreement to be amended so as to provide, to the maximum extent reasonably possible, that the purposes of the Agreement can be realized, and to modify this Agreement to the minimum extent reasonably possible.

 Section 6.06 Assignment; Amendments; Waiver of Compliance; Successors and Assigns. 

(a) Assignment. No TRA Holder may, directly or indirectly, assign or otherwise transfer its rights under this Agreement
to any person without the express prior written consent of the Corporation, such consent not to be unreasonably withheld, conditioned, or delayed; provided, however, that, the Corporation may withhold, condition, or delay its consent
in its sole discretion to any transfer by a TRA Holder (i) if the TRA Holder is an original signatory to this Agreement and that TRA Holder seeks to transfer a portion of its rights, in the aggregate, to more than three transferees, and
(ii) if the TRA Holder is not an original signatory to this Agreement and that TRA Holder seeks to transfer less than all of its rights. Notwithstanding the provisions of the preceding sentence, to the extent Units are transferred in accordance
with the terms of the LLC Agreement , the transferring TRA Holder may assign to the transferee all, but not less than all, of that TRA Holder’s rights under this Agreement with respect to such transferred Units but only if such transferee
executes and delivers a joinder to this Agreement agreeing to become a “TRA Holder” for all purposes of this Agreement (except as otherwise provided in such joinder), with such joinder being, in form and substance, reasonably satisfactory
to the Corporation. 
 (b) Amendments. 

(i) General Rule. No provision of this Agreement may be amended unless such amendment is approved in writing by
the Corporation, the Company, and the TRA Holders who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all TRA Holders (as determined by the Corporation) if the
Corporation had exercised its right of early termination under Section 3.01(a) on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Holder
pursuant to this Agreement since the date of such most recent Exchange). 
 (ii) Amendments with Disproportionate Adverse
Effect. Notwithstanding the provisions of Section 6.06(b)(i), if a proposed amendment would have a disproportionate adverse effect on the payments one or more TRA Holders will or may receive under this Agreement as
compared to the payments the TRA Holder(s) would have received absent such amendment, such amendment shall not be effective unless at least two-thirds of the TRA Holders who would be disproportionately
adversely affected (with such two-thirds threshold being measured as set forth in Section 6.06(b)(i)) consent in writing to that amendment. 

  
 -14- 

 (c) Waiver of Compliance. Except as otherwise provided in this
Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver,
but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(d) Successors and Assigns. Except as otherwise provided herein, all of the terms and provisions of this Agreement shall
be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger,
consolidation, division, conversion or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Corporation would be required to perform if no such succession had taken place. 
 Section 6.07 Titles and
Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

Section 6.08 Dispute Resolution. 

(a) Disputes as to Interpretation and Calculations. Any Dispute as to the interpretation of, or calculations required
by, this Agreement shall be resolved by the Corporation in its sole discretion; provided, that such resolution shall reflect a reasonable interpretation of the provisions of this Agreement, consistent with the goal that the provisions of this
Agreement result in the TRA Holders receiving eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit and the Additional Amount thereon. 

(b) Dispute Resolution; Arbitration. Except for the matters in Section 6.08(a), the parties
shall negotiate in good faith to resolve any dispute, controversy, or claim arising out of or in connection with this Agreement, or the interpretation, breach, termination or validity thereof (“Dispute”). To the extent any Dispute
is not resolved through good faith negotiations, Disputes shall be finally resolved by arbitration before a panel of three independent tax lawyers at major law firms who are resident in Los Angeles, California and are mutually acceptable to the
parties (the “Arbitrators”). The Arbitrators, with the consent of the parties, may, or, at the direction of the parties, shall, delegate some or all of the issues under dispute (including Disputes under
Section 1.03, Section 3.02(a)(ii) or Section 5.02) to a nationally recognized accounting firm selected by the Arbitrators and agreed to by the parties. Notwithstanding anything to the contrary
in this Agreement, the TRA Representative shall represent the interests of any TRA Holder(s) in any Dispute and no TRA Holder shall individually have the right to participate in any proceeding. 

(c) Selection of Arbitrators; Timing. There shall be three Arbitrators who shall be appointed by the parties within 20
days of receipt by a party of a copy of the 

  
 -15- 

 
demand for arbitration. The Corporation shall appoint one arbitrator and the TRA Representative shall appoint one arbitrator (with the appointment being subject, in each case, to the reasonable
objection of the other party), and the parties shall jointly appoint the third arbitrator. If any of the Arbitrators is not appointed within 20 days, and the parties have not agreed to extend the 20-day time
period, such arbitrator shall be appointed by JAMS in accordance with the listing, striking and ranking procedure in the JAMS Comprehensive Arbitration Rules and Procedures, with each party being given a limited number of strikes, except for cause.
Any arbitrator appointed by JAMS shall be a retired judge or a practicing attorney with no less than fifteen years of experience with corporate and partnership tax matters and an experienced arbitrator. In rendering an award, the Arbitrators shall
be required to follow the laws of the state of Delaware, notwithstanding any Delaware choice-of-law rules. The costs of arbitration shall be split equally between the
parties. 
 (d) Arbitration Award; Damages; Attorney Fees. The arbitral award shall be in writing and shall state the
findings of fact and conclusions of law on which it is based. The Arbitrators shall not be permitted to award punitive, non-economic, or any non-compensatory damages.
The award shall be final and binding upon the parties and shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the Arbitrators. Judgment upon the award may be entered in
any court having jurisdiction over any party or any of its assets. Any costs or fees (including all attorneys’ fees and expenses) incident to enforcing the award shall be charged against the party resisting such enforcement. Each party shall
bear its own attorney’s fees incurred in the underlying arbitration. 
 (e) Confidentiality. All Disputes shall
be resolved in a confidential manner. The Arbitrators shall agree to hold any information received during the arbitration in the strictest of confidence and shall not disclose to any non-party the existence,
contents or results of the arbitration or any other information about such arbitration. The parties to the arbitration shall not disclose any information about the evidence adduced or the documents produced by the other party in the arbitration
proceedings or about the existence, contents or results of the proceeding except as may be required by law, regulatory or governmental authority or as may be necessary in an action in aid of arbitration or for enforcement of an arbitral award.
Before making any disclosure permitted by the preceding sentence (other than private disclosure to financial regulatory authorities), the party intending to make such disclosure shall use reasonable efforts to give the other party reasonable written
notice of the intended disclosure and afford the other party a reasonable opportunity to protect its interests. 
 (f)
Discovery. Barring extraordinary circumstances (as determined in the sole discretion of the Arbitrators), discovery shall be limited to pre-hearing disclosure of documents that each side shall present
in support of its case, and non-privileged documents essential to a matter of import in the proceeding for which a party has demonstrated a substantial need. The parties agree that they shall produce to each
other all such requested non-privileged documents, except documents objected to and with respect to which a ruling has been or shall be sought from the Arbitrators. The parties agree that information from the
Corporate Tax Return (including by way of a redacted Corporate Tax Return) shall be sufficient, and that the Corporation shall not be compelled to produce any unredacted Tax Returns. There will be no depositions or live witness testimony. 

  
 -16- 

 Section 6.09 Indemnification of the TRA Representative. The
Corporation shall pay, or to the extent the TRA Representative pays, indemnify and reimburse, to the fullest extent permitted by applicable law, the TRA Representative for all costs and expenses, including legal and accounting fees (as such fees are
incurred) and any other costs arising from claims in connection with the TRA Representative’s duties under this Agreement; provided, that the TRA Representative must have acted reasonably and in good faith in incurring such expenses and
costs. 
 Section 6.10 Withholding. The Corporation shall be entitled to deduct and withhold from any
payment payable pursuant to this Agreement such amounts, if any, as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or
non-U.S. tax law. To the extent that amounts are so withheld and are (or, when due, will be) paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all
purposes of this Agreement as having been paid to the TRA Holder. Each TRA Holder shall provide such necessary tax forms, in form and substance reasonably acceptable to the Corporation, as the Corporation may request from time to time. Before any
withholding is made pursuant to this Section 6.10, the Corporation shall use commercially reasonable efforts to (a) notify a TRA Holder and (b) cooperate with such TRA Holder to avoid such withholding, unless the
TRA Holder has failed to comply with the provisions of the preceding sentence. 
 Section 6.11
Confidentiality. 
 (a) General Rule. Each TRA Holder and assignee acknowledges and agrees that the information
of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in the
strictest confidence and not disclose to any Person any confidential matters or information of the Corporation, its Affiliates and successors and the other TRA Holders acquired pursuant to this Agreement, including marketing, investment, performance
data, credit and financial information and other business affairs of the Corporation, its Affiliates and successors and the other TRA Holders. 

(b) Exceptions. This Section 6.11 shall not apply to (i) any information that has been
made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of such TRA Holder in violation of this Agreement) or is generally known to the business community and (ii) the
disclosure of information to the extent necessary for a TRA Holder to prepare and file his or her 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. Notwithstanding anything to the contrary in this Section 6.11, each TRA Holder and assignee (and each employee, representative or other agent of such TRA Holder or
assignee, as applicable) may disclose to any and all 

  
 -17- 

 
Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Corporation, the Company, the TRA Holders and their Affiliates and (y) any of their transactions,
and all materials of any kind (including opinions or other tax analyses) that are provided to the TRA Holders relating to such tax treatment and tax structure. 

(c) Enforcement. If a TRA Holder or assignee commits a breach, or threatens to commit a breach, of any of the provisions
of this Section 6.11, the Corporation shall have the right and remedy to have the provisions of this Section 6.11 specifically enforced by injunctive relief or otherwise by any court of competent
jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Affiliates or the other TRA Holders and that
money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 6.12 LLC Agreement. For U.S. federal income Tax purposes, to the extent this Agreement imposes
obligations upon the Company or a member of the Company, this Agreement shall be treated as part of the LLC Agreement as described in section 761(c) of the Code and sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 
 Section 6.13 Joinder. The
Company shall have the power and authority (but not the obligation) to permit any Person who becomes a member of the Company to execute and deliver a joinder to this Agreement promptly upon acquisition of membership interests in the Company by such
Person, and such Person shall be treated as a “TRA Holder” for all purposes of this Agreement. 

Section 6.14 Survival. If this Agreement is terminated pursuant to ARTICLE III, this Agreement shall
become void and of no further force and effect, except for the provisions set forth in Section 6.04, Section 6.08, Section 6.11, and this
Section 6.14. 
 ARTICLE VII 

DEFINITIONS 
 As used in
this Agreement, the terms set forth in this ARTICLE VII shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“Actual Tax Liability” is defined in Section 1.02 of this Agreement. 

“Additional Amount” for a given Taxable Year shall be the additional amount (calculated in the same manner as interest)
payable on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Tax Return with respect to Taxes for the most recently ended Taxable Year until the date on which the
payment is required to be made. In the case of a Tax Benefit Payment made in respect of an Amended Schedule, the “Additional Amount” shall equal the additional amount (calculated in the same manner as interest) payable on the Net
Tax Benefit for such Taxable Year calculated at the Agreed Rate from the date of such Amended Schedule becoming final in accordance with Section 1.03(b) until the date on which the payment is required to be made, reduced to
account for any payment of Additional Amount made in respect of the original Tax Benefit Schedule. Except to the extent that it is treated as Imputed Interest, the Additional Amount shall be treated as additional consideration for Tax purposes. 

  
 -18- 

 “Adjusted Asset” means any asset with respect to which a Basis Adjustment
is made. 
 “Advisory Firm” means any accounting firm or any law firm, in each case, that is nationally recognized as being
expert in Tax matters and that is agreed to by the Board. 
 “Affiliate” means, with respect to any Person, any other
Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Aggregate Tax Benefit Payment” means, for each Taxable Year, an amount, not less than zero, equal to the sum of the Net Tax
Benefit and the Additional Amount. 
 “Agreed Rate” means the Secured Overnight Financing Rate, as reported by the Wall
Street Journal (“SOFR”) plus 300 basis points. 
 “Agreement” is defined in the preamble of this Agreement. 

“Amended Schedule” is defined in Section 1.03(c) of this Agreement. 

“Arbitrators” is defined in Section 6.08(b) of this Agreement. 

“Assumed SALT Liability” is defined in Section 1.02(d). 

“Available Cash” means all cash and cash equivalents of the Corporation on hand, less (i) the amount of cash reserves
reasonably established in good faith by the Corporation to provide for the proper conduct of business of the Corporation (including paying creditors) and (ii) any amount the Corporation cannot pay to a TRA Holder by reason of (A) a
prohibition, restriction or covenant under any credit agreement, loan agreement, note, indenture or other agreement governing indebtedness of the Company or any of its Subsidiaries or the Corporation or (B) restrictions under applicable law.

 “Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §101, et seq., as the same may be amended
from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal or
state bankruptcy or insolvency law. 
 “Basis Adjustment” means any adjustment under sections 732, 734, 743, or 1012 of the
Code (as applicable) as a result of (a) an Exchange by an Unblocked TRA Holder or (b) the Reorganizations (including any adjustment under section 743 of the Code that the Corporation directly or indirectly owns as a result of the
Reorganizations). 
 “Beneficial Ownership” (including correlative terms) shall have the meaning ascribed to that term in
Rule 13d-3 promulgated under the Securities Exchange Act of 1934. 

  
 -19- 

 “Blocked TRA Holder” means the owners (other than the Corporation or its
Subsidiaries) of the Blockers at the time of the Reorganizations. 
 “Blockers” means NGEN ZLLC Investment Corp., Zip
Holding Inc., and any other single-purpose entity that holds Class B Units at the time of the Reorganizations and engages in a Blocker Merger following the IPO. 

“Blocker Merger” means, with respect to a Blocker, the merger of a new, first-tier merger subsidiary of the Corporation with
and into the Blocker, with the Blocker surviving, followed by the merger of the Blocker with and into the Corporation, with the Corporation surviving. 

“Board” means the board of directors of the Corporation. 

“Business Day” means any day other than a Saturday, Sunday or any other day on which commercial banks located in New York
City, New York are authorized or required to close. 
 “Change of Control” means the occurrence of any of the following
events: 
 (a) any Person or any group of Persons acting together which would constitute a “group” for purposes of
Section 13(d) of the Securities Exchange Act of 1934, or any successor provisions thereto, excluding any TRA Party or any group of TRA Parties, becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing
more than fifty percent (50%) of the combined voting power of the Corporation’s then outstanding voting securities; or 

(b) the following individuals cease for any reason to constitute a majority of the directors of the Corporation then serving:
(i) individuals who, on the IPO Date, constitute the Board, and (ii) any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a
consent solicitation) whose appointment by the Board or nomination for election by the Corporation’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then
still in office who either were directors on the IPO Date or whose appointment or nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or 

(c) there is consummated a merger or consolidation of the Corporation or any direct or indirect Subsidiary of the Corporation
with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (i) the members of the Board immediately prior to the merger or consolidation do not constitute at least a majority of
the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (ii) all of the Persons who were the respective Beneficial Owners of the voting securities of the
Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then-outstanding voting securities of the Person resulting from such
merger or consolidation; or 

  
 -20- 

 (d) the shareholders of the Corporation approve a plan of complete
liquidation or dissolution of the Corporation, or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation’s
assets, other than the sale or other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are
Beneficially Owned by shareholders of the Corporation in substantially the same proportions as their Beneficial Ownership of such securities of the Corporation immediately before such sale. 

“Class A Shares” is defined in the recitals of this Agreement. 

“Class B Units” is defined in the LLC Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended, and any successor or replacement statute. 

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

“Consolidated Group” is defined in Section 3.04(a). 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Tax Return”
means a Tax Return of the Corporation. 
 “Corporation” is defined in the preamble of this Agreement. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the excess, if any, of (a) the cumulative amount of
Realized Tax Benefits for all Taxable Years of the Corporation, including such Taxable Year, over (b) the cumulative amount of Realized Tax Detriments, if any, for the same period. The Realized Tax Benefit and Realized Tax Detriment for each
Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“day” means a calendar day. 

“Deemed Early Termination Event” is defined in Section 3.01(b)(i) of this Agreement. 

“Default Rate” means SOFR plus 500 basis points. 

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

“Dispute” is defined in Section 6.08(b) of this Agreement. 

  
 -21- 

 “Dispute Resolution Procedures” is defined in
Section 1.03(b) of this Agreement. 
 “Early Termination Date” is defined in
Section 3.02(a)(i). 
 “Early Termination Notice” is defined in
Section 3.02(a)(i) of this Agreement. 
 “Early Termination Payment” is defined in
Section 3.03(a) of this Agreement. 
 “Early Termination Rate” means the lesser of (i) 6.5% and
(ii) SOFR plus 400 basis points]. 
 “Early Termination Schedule” is defined in
Section 3.02(a)(i) of this Agreement. 
 “Exchange” means an Initial Sale by an Unblocked TRA
Holder and an exchange by an Unblocked TRA Holder pursuant to the LLC Agreement, and any other acquisition of Units for cash, Class A Shares or otherwise by the Company or the Corporation in connection with the IPO or after the IPO, and
“Exchanged” and “Exchanging” shall have correlative meanings. 
 “Exchange Basis Schedule” is defined
in Section 1.03(a)(i) of this Agreement. 
 “Exchange Date” is the date of any Exchange. 

“Exchange Notice” is defined in the LLC Agreement. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the amount that would be the liability for Taxes of the
Corporation if such liability were calculated using the same methods, elections, conventions and similar practices used on the relevant Corporate Tax Return (and/or Tax Return of the Company), as determined in accordance with
Section 1.02, except that all Tax Assets shall be disregarded. For the avoidance of doubt, the Assumed SALT Liability used to determine the Hypothetical Tax Liability shall be calculated by disregarding all Tax Assets. 

“Imputed Interest” means any interest imputed under sections 1272, 1274, or 483 or other provision of the Code with respect
to the Corporation’s payment obligations under this Agreement. 
 “Initial Sales” is defined in the recitals of this
Agreement. 
 “IPO” is defined in the recitals of this Agreement. 

“IPO Date” means the date of the IPO. 

“IPO Date Asset Schedule” is defined in Section 1.03(a)(i). 

“LLC Agreement” is defined in the recitals of this Agreement. 

“Market Value” means the closing price of the Class A Shares on the applicable Exchange Date on the national securities
exchange or interdealer quotation system on which the Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided, that if 

  
 -22- 

 
the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the “Market Value” means the closing price of the Class A Shares on the
Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system on which the Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided,
further, that if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system, “Market Value” means the cash consideration paid for Class A Shares, or the fair market value of
the other property delivered for Class A Shares, as determined by the Board in good faith. 
 “Material Objection
Notice” is defined in Section 3.02Section 3.02(a)(ii) of this Agreement. 
 “Material Uncured
Breach” means the occurrence of any of the following events: 
 (a) the Corporation fails to make any payment
required by this Agreement within 180 days after the due date for that payment (except for a failure to make any payment due pursuant to this Agreement as a result of a lack of Available Cash); 

(b) this Agreement is rejected in a case commenced under the Bankruptcy Code and the Corporation does not cure the rejection
within 90 days after such rejection; or 
 (c) the Corporation breaches any of its material obligations under this Agreement
other than an event described in clause (a) or (b) with respect to one or more TRA Holders and the Corporation does not cure such breach within 90 days after receipt of notice of such breach from such TRA Holder(s). 

“Net Tax Benefit” means, for each Taxable Year, the amount equal to the excess, if any, of eighty-five percent (85%) of the
Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments previously made under Section 2.01, excluding payments attributable to any Additional Amount. 

“NOLs” means the net operating losses, capital losses, or other loss carrybacks and carryforwards of the Blockers existing at
the time of the IPO. 
 “Objection Notice” is defined in Section 1.03(a) of this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity, or other entity. 
 “Realized Tax Benefit” is defined in
Section 1.01 
 “Realized Tax Detriment” is defined in Section 1.01.

 “Reorganization Agreements” means the merger agreements effecting the Blocker Mergers. 

  
 -23- 

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

“Sharing Percentage” means, with respect to a TRA Holder, a fraction (x) the numerator of which is the number of
Class B Units held directly or, in the case of a Blocked TRA Holder, indirectly, by the TRA Holder immediately prior to the IPO and (y) the denominator of which is the number of issued and outstanding Class B Units immediately prior
to the IPO. To the extent the aggregate Sharing Percentage with respect to all TRA Holders is less than 100 percent, the relative Sharing Percentage of each TRA Holder shall be proportionately increased such that the total Sharing Percentage
with respect to all TRA Holders aggregates to 100 percent. 
 “SOFR” is defined in the definition of “Agreed
Rate.” 
 “Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to
which such Person, owns, directly or indirectly, or otherwise Controls more than 50% of the voting shares or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Supporting Letter” means a letter prepared by the Corporation, one or more of its employees, or an Advisory Firm that states
that the relevant schedules to be provided to the TRA Representative pursuant to Section 1.03(a)(iii) were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided
in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedules were delivered by the Corporation to the TRA Representative. 

“Tax Assets” means (a) the Basis Adjustments, (b) Imputed Interest, (c) NOLs, and (d) any other item of
loss, deduction or credit, including carrybacks and carryforwards, attributable to any item described in clauses (a), (b), and (c) of this definition. 

“Tax Benefit Payment” is defined in Section 2.01(a) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 1.03(a)(ii) of this Agreement. 

“Tax Items” means any item of income, gain, loss, deduction, or credit. 

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

“Taxable Year” means, for the Corporation or the Company, as the case may be, a taxable year as defined in section 441(b) of
the Code or comparable section of state or local tax law, as applicable, ending on or after the closing date of the IPO. 

“Taxes” means any and all U.S. federal, state, and local taxes, assessments, or similar charges that are based on or measured
with respect to net income or profits (including any franchise taxes based on or measured with respect to net income or profits), and any interest, penalties, or additions related to such amounts imposed in respect thereof under applicable law. 

  
 -24- 

 “Taxes of the Corporation” means the Taxes of the Corporation and/or the
Company, but only with respect to Taxes imposed on the Company and allocable to the Corporation for such Taxable Year. 
 “Taxing
Authority” means any domestic, federal, national, state, county, or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other
authority exercising Tax regulatory authority. 
 “Threshold Exchange Units” is defined in
Section 2.05. 
 “TRA Holder” means any Person (other than the Corporation, its Subsidiaries, and
the TRA Representative, solely in its capacity as TRA Representative) that is a party to this Agreement. 
 “TRA Party”
means each of the Blocked TRA Holders and the Unblocked TRA Holders and each other Person who becomes a party to this Agreement from time to time. 

“TRA Representative” means Padraic Spence or, if he is unable or unwilling to serve as the TRA Representative, the person
designated by him from time to time to serve as the TRA Representative. If Padraic Spence is unable to designate a TRA Representative, Wonill Kim shall serve as the TRA Representative or designate another person to serve. 

“Treasury Regulations” means the final, temporary, and proposed regulations under the Code promulgated from time to time
(including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Unblocked
TRA Holder” means any Person that directly holds Units on the date of this Agreement (other than the Corporation or its Subsidiaries and the Blockers). 

“Units” is defined in the recitals of this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that 

(a) in each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to
fully use the Tax Assets arising in such Taxable Year; 
 (b) any NOLs and items of loss, deduction, or credit generated by a
Basis Adjustment or Imputed Interest arising in a Taxable Year preceding the Taxable Year that includes an Early Termination Date will be used by the Corporation ratably from such Taxable Year through the earlier of (i) the scheduled expiration
of such Tax Item or (ii) 15 years (provided that in any year in which the Corporation is unable to use the full amount of an NOL because of section 382 of the Code (or any successor provision or other similar limitation) that it otherwise would be
deemed to use under this clause (b), the amount deemed to be used for purposes of this clause (b) shall equal the amount permitted to be used in such year under section 382 of the Code); 

  
 -25- 

 (c) if, at the Early Termination Date, there are Units that have not been
Exchanged, then each such Unit shall be deemed to be Exchanged for the Market Value of the Class A Shares on the Early Termination Date; 

(d) any non-amortizable assets are deemed to be disposed of in a fully taxable
transaction for U.S. federal income Tax purposes on the fifteenth anniversary of the earlier of the Basis Adjustment and the Early Termination Date; and 

(e) the federal income tax rates and state and local income tax rates that will be in effect for each such Taxable Year will be
those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, taking into account any scheduled or imminent tax rate increases. For the avoidance of doubt, an “imminent” tax rate increase
is one for which both the amount and the effective time can be determined with reasonable accuracy. 
 [Signature page follows] 

  
 -26- 

 In witness whereof, the undersigned have executed this Agreement as of the date first set
forth above. 
  

			
	 THE CORPORATION:

	
	 Zevia PBC

		
	By:	 	/s/ Padraic Spence
	 Name: Padraic Spence

	 Title: Chief Executive Officer

	
	 THE COMPANY:

	
	 Zevia LLC

	
	 By: Zevia PBC, its Managing Member

		
	By:	 	/s/ Padraic Spence
	 Name: Padraic Spence

	 Title: Chief Executive Officer

  

  
 [Signature Page to Tax
Receivable Agreement] 

 
	
	 TRA HOLDERS:

	
	 CDP Investissements Inc.

	
	/s/ Sophie Lussier
	Name: Sophie Lussier
	Title: Vice-President and Head of Legal Affairs, Caisse de dépôt et placement du Québec
	
	/s/ Soulef Hadjoudj
	 Name: Soulef Hadjoudj

	Title: Senior Director, Legal Affairs, Caisse de dépôt et placement du Québec
	
	 White Pine, Inc.

	
	/s/ Brian McGuigan
	 Name: Brian McGuigan

	 Title: Vice President

	
	 Northwood Ventures LLC

	
	/s/ James G. Schiff
	 Name: James G. Schiff

	 Title: Managing Director

	
	 Northwood Capital Partners LLC

	
	/s/ James G. Schiff
	 Name: James G. Schiff

	 Title Managing Director

  
 [Signature Page to Tax
Receivable Agreement] 

 
	
	 NGEN III, LP

	
	 By: NGEN Partners III, L.L.C., its

general partner

	
	/s/ Rosemary Ripley
	 Name: Rosemary Ripley

	 Title: Managing Member

	
	 NGEN Zevia SPV, LLC

	
	 By: NGEN Zevia SPV Managers
 LLC, its sole
member

	
	/s/ Rosemary Ripley
	 Name: Rosemary Ripley

	 Title: Managing Member

	
	 NGEN-Mantra Holdings LLC

	
	 By: NGEN Mantra Management

Holdings LLC, its sole member

	
	/s/ Rosemary Ripley
	 Name: Rosemary Ripley

	 Title: Managing Member

	
	 Certain unitholders of Zevia LLC listed on

Annex B

	
	 By: Padraic Spence, as
attorney-in-fact

	
	/s/ Padraic Spence
	 Padraic Spence

  

  
 [Signature Page to Tax
Receivable Agreement] 

 
	
	 TRA REPRESENTATIVE:

	
	/s/ Padraic Spence
	 Padraic Spence

  
 [Signature Page to Tax
Receivable Agreement] 

 [Additional Signature Pages] 

  
 [Signature Page to Tax
Receivable Agreement] 

 Annex A 

IPO Date Asset Schedule 

 Annex B 

Certain TRA Holders

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]