Document:

Exhibit 10.3

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 17, 2021, is made and entered into by
and among Aldel Financial Inc., a Delaware corporation (the “Company”), Aldel
Investors LLC, a Delaware limited liability company (the “Sponsor”), FG SPAC Partners LP, a Delaware limited
partnership affiliated with certain of the Sponsor’s directors, ThinkEquity, a division of Fordham Financial Management, Inc. (“ThinkEquity”),
Hagerty Holding Corp., a Delaware close corporation (“HHC”), Markel Corporation, a Virginia corporation (“Markel”
and, together with HHC, the “Hagerty Holders”), State Farm Mutual Automobile Insurance Company, an Illinois-domiciled
mutual insurance company (“State Farm”), and the undersigned parties listed on the signature page hereto under
 “Holders,” including Robert Kauffman, D. Kyle Cerminara, Martin Friedman, Charles Nearburg, Hassan R. Baqar, Larry G. Swets,
Jr. and Mark Love, (each such party, together with the Sponsor, FG SPAC Partners LP, ThinkEquity, State Farm and the Hagerty Holders
and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder”
and collectively the “Holders”).

 

RECITALS

 

WHEREAS, as of August
18, 2021, the Company has 12,072,500 shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”)
and 2,875,000 shares of Class B common stock, par value $0.0001 per share (the “Founder Shares”), issued and
outstanding;

 

WHEREAS, the Founder
Shares are convertible into shares of the Company’s Class A Common Stock, on the terms and conditions provided in the Company’s
second amended and restated certificate of incorporation;

 

WHEREAS, the Sponsor
and FG SPAC Partners LP hold 2,200,000 and 500,000 Founder Shares, respectively;

 

WHEREAS, each of Robert
Kauffman, D. Kyle Cerminara, Martin Friedman, Charles Nearburg, Hassan R. Baqar, Larry G. Swets, Jr., and Mark Love own 25,000 Founder
Shares (175,000 Founder Shares in aggregate);

 

WHEREAS, the Sponsor
and FG SPAC Partners LP each hold 650,000 (aggregate 1,300,000) private placement warrants, each exercisable to purchase one share of
Class A Common Stock at a price of $15.00 per share (the “OTM Warrants”);

 

WHEREAS, the Sponsor
additionally holds 515,000 private units (the “Private Units”), each consisting of one share of Class A Common
Stock (the “Private Shares”) and one-half of one private placement warrant, each such whole warrant exercisable
to purchase one share of Class A Common Stock at a price of $11.50 per share (the “Private Warrants” and, the
Private Warrants together with the OTM Warrants, the “Private Placement Warrants”);

 

WHEREAS, ThinkEquity
holds 57,500 private units (the “Underwriter Units”), each consisting of one share of Class A Common Stock
(the “Underwriter Shares”) and one-half of one private placement warrant, each such whole warrant exercisable
to purchase one share of Class A Common Stock at a price of $11.50 per share (the “Underwriter Warrants”);

 

WHEREAS, on April
8, 2021, the Company, the Sponsor, FG SPAC Partners LP, ThinkEquity and certain other parties entered into a Registration Rights Agreement
(the “Original Agreement”), pursuant to which the Company granted to the Holders certain registration rights
with respect to certain securities of the Company;

 

WHEREAS, upon the
closing of the transactions (such transactions, the “Transactions”) contemplated by that certain Business Combination
Agreement, dated as of August 17, 2021 (the “Merger Agreement”), by and among the Company, Aldel Merger Sub
LLC, a Delaware limited liability company (“Merger Sub”), and The Hagerty Group, LLC, a Delaware limited liability
company (“Hagerty”), Hagerty shall be merged with Merger Sub, with Hagerty being the surviving entity (“Hagerty
OpCo”);

 

WHEREAS, concurrently
with the merger, the equity interests of Hagerty shall, in the case of HHC, be converted into the right to receive cash, units of equity
interests of Hagerty OpCo (“Units”) and shares of Class V common stock, par value $0.0001 per share (“Class
V Common Stock”) and, in the case of Markel, be converted into the right to receive Units and shares of Class V Common
Stock;

 

    	 		 

     

    

 

WHEREAS, pursuant
to the Merger Agreement, the Company, HHC and Markel will enter into that certain Exchange Agreement (the “Exchange
Agreement”), pursuant to which the Company will issue to HHC or Markel, as applicable, one share of Class A Common
Stock in exchange for each Unit and share of Class V Common Stock upon the terms and conditions set forth in the Exchange
Agreement;

 

WHEREAS, on the date
hereof, upon the closing of the Transactions, the Founder Shares will be converted into shares of Class A Common Stock, on the
terms and conditions provided in the Company’s second amended and restated certificate of incorporation;

 

WHEREAS, on the
date hereof, Markel, State Farm and certain other investors (such investors, collectively, the “Third Party
Investors”) agreed to purchase an aggregate of 70,385,000 shares of Class A Common Stock (the “PIPE
Shares”) and 12,669,300 warrants to purchase Class A Common Stock (the “PIPE Warrants”)
pursuant to each Third Party Investor’s Subscription Agreement, each dated as of August 17, 2021, entered into by and between
the Company and each Third Party Investor (each a “Subscription Agreement” and such transaction, the
 “PIPE”); and

 

WHEREAS, in connection
with the purchase of the PIPE Shares and the PIPE Warrants and the consummation of the Transactions, the Company and the Holders desire
to amend and restate the Original Agreement in order to provide the Holders with registration rights on the terms set forth herein.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

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

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business Day”
shall mean any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally
authorized or required by law or regulation to close in the City of New York, New York.

 

“Class A Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Class V Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

    	 	2	 

     

    

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand Exercise
Notice” shall have the meaning given in subsection 2.1.2.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.2.

 

“Demand Registration
Period” shall have the meaning given in subsection 2.1.2.

 

“Demand Registration
Request” shall have the meaning given in subsection 2.1.2.

 

“Demanding Holder”
shall have the meaning given in subsection 2.1.1.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Filing Date”
shall have the meaning given in subsection 2.1.1.

 

“Form S-3”
shall mean Form S-3 for the registration of securities under the Securities Act promulgated by the Commission.

 

“Form S-4”
shall mean Form S-4 for the registration of securities under the Securities Act promulgated by the Commission.

 

“Founder Shares”
shall have the meaning given in the Recitals hereto and shall be deemed to include the shares of Class A Common Stock issuable upon conversion
thereof.

 

“Founder Shares
Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on (a) with respect to 50% of the Founder
Shares, the earlier of (i) one year following the Merger Closing Date and (ii) the date on which the closing price of the Class A Common
Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any
twenty (20) trading days within any 30-day trading period commencing after the Merger Closing Date or (b) with respect to the remaining
fifty percent (50%) of the Founder Shares, the date that is one year following the Merger Closing Date.

 

“Hagerty”
shall have the meaning given in the Recitals hereto.

 

“Hagerty OpCo”
shall have the meaning given in the Recitals hereto.

 

“Holders”
shall have the meaning given in the Preamble hereto.

 

“Initiating Holders”
shall have the meaning given in subsection 2.1.2.

 

“Insider Letter”
shall mean that certain letter agreement, dated as of April 8, 2021, by and among the Company, the Sponsor, FG SPAC Partners LP, and
each of the Company’s senior advisor to the board of directors, officers, directors and director nominees.

 

“Lock-Up Agreement”
shall have the meaning given in the Merger Agreement.

 

“Major Investors”
means HHC, Markel and State Farm.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.3.

 

“Merger Agreement”
shall have the meaning given in the Recitals hereto.

 

“Merger Closing
Date” shall mean the date on which the Transactions are consummated in accordance with the Merger Agreement.

 

“Minimum Demand
Threshold” shall mean $25,000,000.

 

    	 	3	 

     

    

 

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

 

“Original Agreement”
shall have the meaning given in the Recitals hereto.

 

“OTM Warrants”
shall have the meaning given in the Recitals hereto.

 

“Permitted Transferees”
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period, Underwriter Lock-up Period, Seller Lock-Up
Period, or any other lock-up period, as the case may be, under the Insider Letter, the Lock-Up Agreement, this Agreement and any other
applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.

 

“PIPE”
shall have the meaning given in the Recitals hereto.

 

“PIPE Shares”
shall have the meaning given in the Recitals hereto.

 

“PIPE Warrants”
shall have the meaning given in the Recitals hereto.

 

“Private Placement
Lock-up Period” shall mean, with respect to Private Units and Private Placement Warrants that are held by the initial purchasers
of such Private Placement Warrants and Private Units or their Permitted Transferees, the Private Units, the securities underlying such
Private Units, the Private Placement Warrants, the shares of Class A Common Stock issuable upon the exercise or conversion of the Private
Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees the period
ending thirty (30) days after the Merger Closing Date.

 

“Private Units”
shall have the meaning given in the Recitals hereto.

 

“Private Placement
Warrants” shall have the meaning given in the Recitals hereto.

 

“Private Shares”
shall have the meaning given in the Recitals hereto.

 

“Private Warrants”
shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.3.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Founder Shares and the shares of Class A Common Stock issued or issuable upon the conversion
of the Founder Shares, (b) the OTM Warrants (including any shares of Class A Common Stock issued or issuable upon the exercise of the
OTM Warrants), (c) the Underwriter Units (including the Underwriter Shares, the Underwriter Warrants and any shares of Class A Common
Stock issued or issuable upon the exercise of the Underwriter Warrants), (d) the Private Units (including the Private Shares, the Private
Warrants and any shares of Class A Common Stock issued or issuable upon the exercise of the Private Warrants), (e) the PIPE Shares, (f)
the PIPE Warrants and any shares of Class A Common Stock issued or issuable upon the exercise of the PIPE Warrants, (g) the shares of
Class V Common Stock issued or issuable in connection with the Transactions and the shares of Class A Common Stock issued or issuable
pursuant to the Exchange Agreement and (h) any other equity security of the Company issued or issuable with respect to any such share
of Class A Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall
cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (ii) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration
under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with
no volume or other restrictions or limitations); or (v) such securities have been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

    	 	4	 

     

    

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(a) all registration and
filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any
securities exchange on which the Class A Common Stock is then listed;

 

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

 

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

 

(d) reasonable fees and disbursements
of counsel for the Company;

 

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

 

(f) reasonable fees and expenses
of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered
for offer and sale in the applicable Registration; and

 

(g) the costs and expenses
of the Company and any of its officers, directors, counsel or other representatives in connection with presentations or meetings undertaken
in connection with the offering of the Registrable Securities, including, without limitation, expenses associated with the production
of road show slides and graphics and the production and hosting of any electronic road shows, fees and expenses of any consultants engaged
in connection with road show presentations, and travel, lodging, transportation, and other expenses of the officers, directors, counsel
and other representatives of the Company incurred in connection with any such presentations or meetings.

 

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

 

“Requesting Holder”
shall have the meaning given in subsection 2.1.1.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Seller Lock-up
Period” shall mean, with respect to shares of Class V Common Stock that are issued in connection with the closing of the
Transaction and any shares of Class A Common Stock received in exchange for such shares of Class V Common Stock pursuant to the Exchange
Agreement are issued in connection with the closing of the Transaction, the period ending on the earlier of (a) the expiration of the
Founder Shares Lock-up Period and (b) one hundred eighty (180) days from the Merger Closing Date.

 

    	 	5	 

     

    

 

“Shelf Registrable
Securities” shall have the meaning given in subsection 2.1.1(b).

 

“Shelf Registration
Statement” shall have the meaning given in subsection 2.1.1(a).

 

“Shelf Underwriting”
shall have the meaning given in subsection 2.1.1(b).

 

“Shelf Underwriting
Notice” shall have the meaning given in subsection 2.1.1(b).

 

“Shelf Underwriting
Request” shall have the meaning given in subsection 2.1.1(b).

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Third Party
Investors” shall have the meaning given in the Recitals hereto.

 

“Transactions”
shall have the meaning given in the Recitals hereto.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwriter
Lock-up Period” shall mean, with respect to the Underwriter Units and the securities underlying such Underwriter Units
that are held by ThinkEquity or its Permitted Transferees, the period ending after the completion of the Merger Closing Date.

 

“Underwriter
Shares” shall have the meaning given in the Recitals hereto.

 

“Underwriter
Units” shall have the meaning given in the Recitals hereto.

 

“Underwriter
Warrants” shall have the meaning given in the Recitals hereto.

 

“Underwritten
Block Trade” shall have the meaning given in Section 2.1.1(b).

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

ARTICLE II

REGISTRATIONS

2.1 Demand Registration.

 

2.1.1 Shelf Registration
Statement.

 

(a) As soon as practicable
but no later than twenty (20) Business Days after the Merger Closing Date (the “Filing Date”), the Company
shall prepare and file with (or confidentially submit to) the Commission a shelf registration statement under Rule 415 of the Securities
Act (such registration statement, a “Shelf Registration Statement”) covering the resale of all the Registrable
Securities (determined as of two (2) Business Days prior to such filing) on a delayed or continuous basis and shall use its commercially
reasonable efforts to have such Shelf Registration Statement declared effective as soon as practicable after the filing thereof and no
later than the earlier of (i) the ninetieth (90th) calendar day (or one-hundred twentieth (120th) calendar day
if the Commission notifies the Company that it will “review” the Registration Statement) following the date hereof and (ii)
the tenth (10th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission
that the Registration Statement will not be “reviewed” or will not be subject to further review. Such Shelf Registration
Statement shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods
legally available to, and requested by, any Holder named therein. The Company shall use its commercially reasonable efforts to maintain
the Shelf Registration Statement in accordance with the terms hereof, and shall prepare and file with the Commission such amendments,
including post-effective amendments supplements and new registration statements as contemplated by Rule 415(a)(6) as may be necessary
to keep a Shelf Registration Statement continuously effective, available for use to permit all Holders named therein to sell their Registrable
Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities.

 

    	 	6	 

     

    

 

(b) Subject to Section 2.3
and Section 2.4, the Holders may make a written demand from time to time to elect to sell all or any part of their Registrable
Securities (the “Demanding Holders”), subject to the requirement that either (i) such Holders hold at least
fifteen percent (15%) of the then-outstanding number of Registrable Securities or (i) the total offering price is reasonably expected
to equal or exceed, in the aggregate, the Minimum Demand Threshold, pursuant to an Underwritten Offering pursuant to the Shelf Registration
Statement, which written demand shall describe the amount and type of securities to be included in such Registration and the intended
method(s) of distribution thereof. The Demanding Holders shall make such election by delivering to the Company a written request (a “Shelf
Underwriting Request”) for such Underwritten Offering specifying the number of Registrable Securities that the Demanding
Holders desire to sell pursuant to such Underwritten Offering (the “Shelf Underwriting”). As promptly as practicable,
but no later than two (2) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf
Underwriting Notice”) of such Shelf Underwriting Request to the Holders of record of other Registrable Securities registered
on such Shelf Registration Statement (“Shelf Registrable Securities”). The Company, subject to Section 2.1.3,
shall include in such Shelf Underwriting (i) the Registrable Securities of the Demanding Holders and (ii) the Shelf Registrable Securities
of any other Holder of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf
Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder)
within five (5) calendar days after the receipt of the Shelf Underwriting Notice. The Company shall, as expeditiously as possible (and
in any event within ten (10) Business Days after the receipt of a Shelf Underwriting Request), but subject to Section 2.3, use
its commercially reasonable efforts to effect such Shelf Underwriting. The Company shall, at the request of any Demanding Holders, file
any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration statement, any post-effective
amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the
Demanding Holders or any other Holder of Shelf Registrable Securities to effect such Shelf Underwriting. Once a Shelf Registration Statement
has been declared effective, each Demanding Holder may request, and the Company shall be required to facilitate, an aggregate of four
(4) Shelf Underwritings pursuant to this subsection 2.1.1(b) with respect to any or all Registrable Securities; provided,
however, that a Shelf Underwriting shall not be counted for such purposes unless a Registration Statement has become effective
and all of the Registrable Securities requested by such Demanding Holder to be registered in such Shelf Underwriting have been sold;
and provided, further, that the number of Shelf Underwritings the Demanding Holders shall be entitled to request shall be reduced by
each Demand Registration effected for such Demanding Holder pursuant to Section 2.1.2; and provided, further, that
each Major Investor shall be entitled to demand at least one Shelf Underwriting. Notwithstanding the foregoing, if a Demanding Holder
wishes to engage in an underwritten block trade or similar transaction or other transaction with a two (2)-day or less marketing period
(collectively, “Underwritten Block Trade”) off of a Shelf Registration Statement, then notwithstanding the
foregoing time periods, such Demanding Holder only needs to notify the Company of the Underwritten Block Trade two (2) Business Days
prior to the day such offering is to commence and the Holders of record of other Registrable Securities shall not be entitled to notice
of such Underwritten Block Trade and shall not be entitled to participate in such Underwritten Block Trade; provided, however,
that the Demanding Holder requesting such Underwritten Block Trade shall use commercially reasonable efforts to work with the Company
and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other
offering documentation related to the Underwritten Block Trade. A majority-in-interest of the Demanding Holders shall have the right
to select the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject
to the Company’s prior written approval (which shall not be unreasonably withheld, conditioned or delayed).

 

2.1.2 Other Demand
Registration. At any time that a Shelf Registration Statement provided for in Section 2.1.1(a) is not available for use by
the Holders following such Shelf Registration Statement being declared effective by the Commission (a “Demand Registration
Period”), subject to this Section 2.1.2 and Section 2.3 and Section 2.4, at any time and from time
to time during such Demand Registration Period, the Demanding Holders shall have the right to make a written demand to effect one or
more registration statements under the Securities Act covering all or any part of their Registrable Securities, with a total offering
price reasonably expected to equal or exceed, in the aggregate, the Minimum Demand Threshold, by delivering a written demand therefor
to the Company, which written demand shall describe the amount and type of securities to be included in such Registration and the intended
method(s) of distribution thereof. Any such request by any Demanding Holder pursuant to this subsection 2.1.2 is referred to herein
as a “Demand Registration Request,” and the registration so requested is referred to herein as a “Demand
Registration” (with respect to any Demand Registration, the Demanding Holders making such demand for registration being
referred to as the “Initiating Holders”). Subject to Section 2.3, the Demanding Holders shall be entitled
to request (and the Company shall be required to effect) an aggregate of four (4) Demand Registrations in any twelve (12)-month period
pursuant to this subsection 2.1.2 with respect to any or all Registrable Securities; provided, however, that a Demand
Registration shall not be counted for such purposes unless a Registration Statement has become effective and all of the Registrable Securities
requested by the Demanding Holders to be registered on behalf of the Demanding Holders in such Demand Registration have been sold; provided,
further, that the number of Demand Registrations the Demanding Holders shall be entitled to request shall be reduced by each Shelf
Underwriting effected for such Demanding Holder pursuant to subsection 2.1.1(b). The Company shall give written notice (the “Demand
Exercise Notice”) of such Demand Registration Request to each of the Holders of record of Registrable Securities as promptly
as practicable but no later than two (2) Business Days after receipt of the Demand Registration Request. The Company, subject to Sections
2.3 and 2.4, shall include in a Demand Registration (a) the Registrable Securities of the Initiating Holders and (b) the Registrable
Securities of any other Holder of Registrable Securities which shall have made a written request to the Company for inclusion in such
registration pursuant to Section 2.1.2 (which request shall specify the maximum number of Registrable Securities intended to be
disposed of by such Holder) within five (5) calendar days following the receipt of any such Demand Exercise Notice. The Company shall,
as expeditiously as possible, but subject to Section 2.3, use its commercially reasonable best efforts to (i) file or confidentially
submit with the Commission (no later than (A) sixty (60) days from the Company’s receipt of the applicable Demand Registration
Request if the Demand Registration is on Form S-4 or similar long-form registration or (B) thirty (30) days from the Company’s
receipt of the applicable Demand Registration Request if the Demand Registration is on Form S-3 or any similar short-form registration),
(ii) cause to be declared effective as soon as reasonably practicable such registration statement under the Securities Act that includes
the Registrable Securities that the Company has been so requested to register, for distribution in accordance with the intended method
of distribution and (iii) if requested by the Initiating Holders, obtain acceleration of the effective date of the registration statement
relating to such registration.

 

    	 	7	 

     

    

 

2.1.3 Reduction of
Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Shelf Underwriting
or Demand Registration, in good faith, advises the Company, the Demanding Holders and any other Holders participating in the Underwritten
Registration (if any) (the “Requesting Holders”) in writing that the dollar amount or number of Registrable
Securities that such Holders desire to sell, taken together with all other Class A Common Stock or other equity securities that the Company
desires to sell and the Class A Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual
piggy-back registration rights entered into after the date hereof held by any other stockholders who desire to sell, exceeds the maximum
dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum
number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include
in such Underwritten Offering, as follows: (a) the Registrable Securities of the Demanding Holders and the Requesting Holders (if any)
(pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested
be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting
Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”))
that can be sold without exceeding the Maximum Number of Securities; (b) to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (a), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable
Securities that each Holder has so requested) exercising their rights to register their Registrable Securities pursuant to subsection
2.2.1 hereof, without exceeding the Maximum Number of Securities; and (c) to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (a) and (b), the Class A Common Stock or other equity securities that the Company desires
to sell, which can be sold without exceeding the Maximum Number of Securities; and (d) to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (a), (b) and (c), the Class A Common Stock or other equity securities of other persons
or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements entered
into after the date hereof with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

    	 	8	 

     

    

 

2.1.4 Demand Registration
Withdrawal. A majority-in-interest of the Demanding Holders initiating a Shelf Underwriting or Demand Registration, pursuant to a
Registration under subsections 2.1.1 or 2.1.2 shall have the right to withdraw from a Registration pursuant to such Shelf
Underwriting or Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of their intention to withdraw from such Registration prior to (a) in the case of a Shelf Underwriting, the filing of a preliminary
prospectus supplement setting forth the terms of the Underwritten Offering with the Commission and (b) in the case of a Demand Registration,
the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities
pursuant to such Demand Registration; provided, that so long as it holds fifty percent (50%) or more of the voting power of the
Company, HHC may elect to have the Company continue an Underwritten Offering if the Minimum Demand Threshold would still be satisfied
by the Registrable Securities proposed to be sold in the Underwritten Offering by HHC or its Permitted Transferees. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration
pursuant to a Shelf Underwriting or Demand Registration prior to its withdrawal under this subsection 2.1.4.

 

2.2 Piggyback Registration.

 

2.2.1 Piggyback Rights.
If, at any time on or after the date hereof, the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities,
for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including,
without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (a) filed in connection with any employee
stock option or other benefit plan, (b) for an exchange offer or offering of securities solely to the Company’s existing stockholders,
(c) for an offering of debt that is convertible into equity securities of the Company or (d) for a dividend reinvestment plan, then the
Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but
not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (i) describe the amount
and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, in such offering, and (ii) offer to all of the Holders of Registrable Securities the opportunity
to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt
of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause
such Registrable Securities to be included in such Piggyback Registration and shall use its commercially reasonable efforts to cause
the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders
pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities
of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an
Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering by the Company; provided, that no Holder shall be required to make any representations or warranties,
or provide any indemnity or legal opinion, regarding the Company, any other Holder or any other matter not pertaining specifically to
such Holder.

 

2.2.2 Reduction of
Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of the shares of Class A Common Stock that the Company desires to sell, taken together with (x) the shares
of Class A Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with
persons or entities other than the Holders of Registrable Securities hereunder, (y) the Registrable Securities as to which registration
has been requested pursuant to Section 2.2 hereof, and (z) the shares of Class A Common Stock, if any, as to which Registration
has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company entered
into after the date hereof, exceeds the Maximum Number of Securities, then:

 

(a) If the Registration is
undertaken for the Company’s account, the Company shall include in any such Registration (i) the Class A Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (ii) to the
extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders
exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof (Pro Rata based on the respective
number of Registrable Securities that such Holder has requested be included in such Registration), which can be sold without exceeding
the Maximum Number of Securities; and (iii) to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the Class A Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back
registration rights of other stockholders of the Company entered into after the date hereof, Pro Rata, which can be sold without exceeding
the Maximum Number of Securities;

 

    	 	9	 

     

    

 

(b) If the Registration is
pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any
such Registration (i) the Class A Common Stock or other equity securities, if any, of such requesting persons or entities, other than
the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (ii) to the extent that
the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata based on the number of Registrable
Securities that each Holder has requested be included in such Registration and the aggregate number of Registrable Securities that the
Holders have requested to be included in such Registration, which can be sold without exceeding the Maximum Number of Securities; (iii)
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Class A Common
Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
and (iv) to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the
Class A Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register
pursuant to separate written contractual arrangements entered into after the date hereof with such persons or entities, which can be
sold without exceeding the Maximum Number of Securities.

 

2.2.3 Piggyback Registration
Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason
whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw
from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such
Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons
pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with
a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration
prior to its withdrawal under this subsection 2.2.3.

 

2.2.4 Unlimited Piggyback
Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted
as a Registration pursuant to a Shelf Underwriting or Demand Registration effected under Section 2.1 hereof.

 

2.3 Restrictions
on Registration Rights. The Company shall not be obligated to effect any Shelf Underwriting or Demand Registration (a) during the
period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending
on a date one hundred and twenty (120) days after the effective date of, a Registration; provided, that the Company has delivered
written notice to the Holders pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all commercially
reasonable efforts to cause the applicable Registration Statement to become effective or (b) if the Holders have requested an Underwritten
Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer. If,
in the good faith judgment of the Board, any Registration would be materially detrimental to the Company and the Board concludes as a
result that it is advisable to defer the filing of such Registration Statement at such time, then the Company shall furnish to such Holders
a certificate stating that in the good faith judgment of the Board it would be materially detrimental to the Company for such Registration
Statement to be filed in the near future and that it is therefore advisable to defer the filing of such Registration Statement. In such
event, the Company shall have the right to defer such filing for a period of not more than ninety (90) days; provided, however,
that the Company shall not defer its obligation in this manner more than once in any twelve (12)-month period.

 

    	 	10	 

     

    

 

2.4 Lock-Up.
Notwithstanding anything to the contrary in this Agreement, the Company shall not be obligated to effect any Shelf Underwriting, Demand
Registration or Piggyback Registration of (a) any Founder Shares subject to the Founder Shares Lock-up Period prior to the expiration
of the Founder Shares Lock-up Period applicable to such Founder Shares, (b) any Private Shares or Private Warrants during the Private
Placement Lock-up Period or (c) any shares of Class V Common Stock or shares of Class A Common Stock received in exchange for such Class
V Common Stock pursuant to the Exchange Agreement during the Seller Lock-up Period. Nothing in this Section 2.4 shall limit the
Company’s obligation to register all of the Registrable Securities, including such Founder Shares, Private Shares and Private Warrants,
on the Shelf Registration Statement required pursuant to Section 2.1.1(a).

 

ARTICLE III

COMPANY PROCEDURES

 

3.1 General Procedures.
If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities, the Company
shall use commercially reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance
with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1 prepare and file
with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement have been sold;

 

3.1.2 prepare and file
with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be requested by the majority-in-interest of the Holders or any Underwriter of Registrable Securities or as may be required by
the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

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

 

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

 

3.1.5 cause all such
Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the
Company are then listed;

 

    	 	11	 

     

    

 

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

 

3.1.7 advise each seller
of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order
by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for
such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8 at least five
(5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement
or Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange Act, and
the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable in order to reduce the
number of days that sales are suspended pursuant to Section 3.4) furnish a copy thereof to each seller of such Registrable Securities
and its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference therein),
including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration
Statement or Prospectus;

 

3.1.9 notify the Holders
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening
of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement,
and then to correct such Misstatement as set forth in Section 3.4;

 

3.1.10 permit a representative
of the Holders (such representative to be selected by a majority-in-interest of the participating Holders), the Underwriters, if any,
and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the
preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided,
however, that such representatives or Underwriters enter into a confidentiality agreement, in customary form and substance reasonably
satisfactory to the Company, prior to the release or disclosure of any such information; and provided, further, the Company may
not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement
or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference
into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder
or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document,
which comments the Company shall include unless contrary to applicable law;

 

3.1.11 obtain a “cold
comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration,
in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter
may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

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

 

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

 

3.1.14 make available
to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months
beginning with the first (1st) day of the Company’s first (1st) full calendar quarter after the effective
date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any successor rule promulgated thereafter by the Commission);

 

    	 	12	 

     

    

 

3.1.15 if the Registration
involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its commercially reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16 otherwise, in
good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by, the participating Holders,
consistent with the terms of this Agreement, in connection with such Registration.

 

Notwithstanding the foregoing,
the Company shall not be required to provide any documents or information to an Underwriter, broker, sales agent or placement agent if
such Underwriter, broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering
or other offering involving a registration as an Underwriter, broker, sales agent or placement agent, as applicable.

 

3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that each
Holder shall bear, severally and not jointly, all Underwriters’ commissions and discounts, brokerage fees and, other than as set
forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the
Holders.

 

3.3 Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering or other offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (a) agrees to sell such person’s
securities on the basis provided in any underwriting, sales, distribution or placement arrangements approved by the Company and (b) completes
and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting, sales, distribution or placement arrangements. The exclusion
of a Holder’s Registrable Securities as a result of this Section 3.3 shall not affect the registration of the other Registrable
Securities to be included in such Registration.

 

3.4 Suspension of
Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received
copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised
in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion
in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control
or (c) in the good faith judgment of the majority of the Board, be seriously detrimental to the Company and the majority of the Board
concludes as a result that it is essential to defer such filing, initial effectiveness or continued use at such time, the Company may,
upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose, but
in no event shall the Company delay the filing or initial effectiveness of, or suspend use of, such Registration Statement or Prospectus
on more than three (3) occasions or for a time exceeding one hundred twenty (120) calendar days in total, in each case during any twelve
(12)-month period. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately
upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale
or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which
it exercised its rights under this Section 3.4, and, upon the expiration of any such period, the Holders shall be entitled to
resume the use of any such Prospectus in connection with any sale or offer to sell Registrable Securities.

 

    	 	13	 

     

    

 

3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange
Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The Company further
covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to
enable such Holder to sell shares of Class A Common Stock held by such Holder without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter
by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder
a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

3.6 Limitation on
Registration Rights. Notwithstanding anything herein to the contrary, (a) ThinkEquity may not exercise its rights under Sections
2.1 and 2.2 hereunder after five (5) and seven (7) years, respectively, after the effective date of the registration statement
relating to the Company’s initial public offering and (b) the ThinkEquity may not exercise its rights under Section 2.1
more than one (1) time.

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The Company agrees
to indemnify and hold harmless, to the greatest extent permitted by law, each Holder of Registrable Securities, the partners, members,
managers, officers, directors and stockholders of each such Holder and each other person who controls such Holder (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and expenses (including without limitation any legal or other
fees and expenses incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result,
and pay promptly as any such expenses are incurred) (collectively, “Damages”), whether joint or several, caused
by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading (except insofar as the same are caused by or contained in any information furnished
in writing to the Company by such Holder expressly for use therein), and any violation or alleged violation by the Company (or any of
its agents or affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under
the Securities Act, the Exchange Act, or any state securities law.

 

4.1.2 In connection
with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company
in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement
or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless the Company, its directors, officers, agents and
stockholders and each person who controls the Company (within the meaning of the Securities Act), and any other Holder selling securities
in such Registration Statement, and any controlling person of any such other Holder, against any Damages resulting from any untrue or
alleged untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue or alleged untrue statement or omission is contained in
any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that
the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from
the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the
Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to
the same extent as provided in the foregoing with respect to indemnification of the Company.

 

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

 

    	 	14	 

     

    

 

4.1.4 The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified
party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company
and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested
by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable
for any reason.

 

4.1.5 If the indemnification
provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party
in respect of any Damages referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute
to the amount paid or payable by the indemnified party as a result of such Damages in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds
received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses
or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1,
4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection
4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

ARTICLE V

MISCELLANEOUS

 

5.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier
service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each
notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served,
sent, and received, in the case of mailed notices, on the third (3rd) Business Day following the date on which it is mailed
and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time
as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused
by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 141 River’s
Edge Drive, Attn: Barbara Matthews, General Counsel, Traverse City, Michigan 49684, and, if to any Holder, at such Holder’s address
or contact information as set forth in the Company’s books and records. Any party may change its address for notice at any time
and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days
after delivery of such notice as provided in this Section 5.1.

 

    	 	15	 

     

    

 

5.2 Assignment;
No Third Party Beneficiaries.

 

5.2.1 This Agreement
and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

 

5.2.2 The rights granted
to a Holder by the Company under this Agreement may be transferred or assigned (but only with all related obligations) by a Holder only
to a transferee of Registrable Securities that is a transferee or assignee of not less than ten thousand (10,000) Registrable Securities
(as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits and the like);
provided, that (a) such transfer or assignment of Registrable Securities is effected in accordance with applicable securities
laws, (b) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such
transferee and the Registrable Securities with respect to which such rights are being transferred and (c) such transferee agrees in a
written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement; provided,
however, that prior to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period or Underwriter Lock-up
Period, as the case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement,
in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only
if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement. No assignment by any party
hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until
the Company shall have received (a) written notice of such assignment as provided in Section 5.1 hereof and (b) the written agreement
of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may
be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in
this Section 5.2 shall be null and void.

 

5.2.3 This Agreement
and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted
assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4 This Agreement
shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement
and Section 5.2 hereof.

 

5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced. The delivery of an electronic
signature to, or a copy/scan of a manual signature on a counterpart to, this Agreement by facsimile, email or other electronic transmission
shall be deemed an original signature for all purposes hereunder.

 

5.4 Governing Law;
Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT
(A) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK
RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION
AND (B) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE
OF NEW YORK.

 

5.5 Amendments and
Modifications. Upon the written consent of the Company, each Holder of fifteen percent (15%) or more of the Registrable Securities
at the time in question, and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance
with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants
or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or
waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of capital stock of the
Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so
affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a
Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of
any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a
waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

    	 	16	 

     

    

 

5.6 Other Registration
Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities and a Third Party Investor
who has entered into a Subscription Agreement, has any right to require the Company to register any securities of the Company for sale
or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account
or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration
rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements
and this Agreement, the terms of this Agreement shall prevail.

 

5.7 Term. This
Agreement shall become effective upon the Merger Closing Date and shall terminate upon the date as of which (a) all of the Registrable
Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section
4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (b) the Holders
of all Registrable Securities are permitted to sell the Registrable Securities without registration pursuant to Rule 144 (or any similar
provision) under the Securities Act with no volume or other restrictions or limitations. The provisions of Section 3.5 and Article
IV shall survive any termination.

 

[Signature Page Follows]

 

    	 	17	 

     

    

 

 

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

 

	 	COMPANY:
	 	 
	 	ALDEL FINANCIAL INC.
	 	 
	 	By: 	/s/ Hassan Baqar
	 	 	Name: Hassan Baqar
Title: Chief Financial Officer

 

	 	HOLDERS:
	 	 
	 	/s/ Robert Kauffman
	 	Robert Kauffman
	 	 
	 	/s/ D. Kyle Cerminara
	 	D. Kyle Cerminara

 

	 	 
	 	/s/ Martin Friedman
	 	Martin Friedman
	 	 
	 	/s/ Charles Nearburg
	 	Charles Nearburg

 

	 	 
	 	/s/ Hassan R. Baqar
	 	Hassan R. Baqar
	 	 
	 	/s/ Larry G. Swets, Jr.
	 	Larry G. Swets, Jr.
	 	 
	 	/s/ Mark Love
	 	Mark Love

  

	 	ALDEL INVESTORS LLC
	 	 
	 	By: 	/s/ Robert Kauffman
	 	 	Name: Robert Kauffman
Title: Manager

 

 

	 	FG SPAC PARTNERS LP
	 	 
	 	By: 	/s/ Larry G. Swets, Jr.
	 	 	Name: Larry G. Swets, Jr.
Title: Chief Executive Officer

 

	 	THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC.
	 	 
	 	By: /	/s/ Kevin Mangan
	 	 	Name: Kevin Mangan
Title: Managing Director

 

	 	MARKEL CORPORATION
	 	 
	 	By: 	/s/ Richard R. Whitt, III
	 	 	Name: Richard R. Whitt, III
Title: Co-Chief Executive Officer

 

[Signature Page to Registration Rights Agreement] 

 

    	 		 

     

    

 

	 	STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
	 	 
	 	By: 	/s/ John C. Farney
	 	 	Name: John C. Farney
Title: Sr. Vice President, Treasurer and CFO

 

	 	 
	 	By: 	/s/ Richard A. Rebholz
	 	 	Name: Richard A. Rebholz
Title: Vice President - Investment Operations

 

[Signature Page to Registration Rights Agreement]Exhibit 10.4

 

TAX RECEIVABLE AGREEMENT

 

among

 

ALDEL FINANCIAL INC.,

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of [·]

 

     

     

    

 

TABLE OF CONTENTS 

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS	 	2
	 	 	 
	 	Section 1.1	Definitions	2
	 	 	 	 
	Article II DETERMINATION
    OF CERTAIN REALIZED TAX BENEFIT	8
	 	 	 	 
	 	Section 2.1	Basis Adjustment	8
	 	Section 2.2	Tax Benefit Schedule	9
	 	Section 2.3	Procedures, Amendments	9
	 	 	 	 
	Article III
    TAX BENEFIT PAYMENTS	10
	 	 	 	 
	 	Section 3.1	Payments	10
	 	Section 3.2	No Duplicative Payments	11
	 	Section 3.3	Pro Rata Payments; Limited Taxable Income; Excess Payments	11
	 	Section 3.4	Certain Tax Covenants.	12
	 	 	 	 
	Article IV TERMINATION	13
	 	 	 	 
	 	Section 4.1	Early Termination and Breach of Agreement	13
	 	Section 4.2	Early Termination Notice	15
	 	Section 4.3	Payment upon Early Termination	15
	 	 	 	 
	Article V SUBORDINATION
    AND LATE PAYMENTS	15
	 	 	 	 
	 	Section 5.1	Subordination	15
	 	Section 5.2	Late Payments by PubCo	16
	 	 	 	 
	Article VI NO
    DISPUTES; CONSISTENCY; COOPERATION	16
	 	 	 	 
	 	Section 6.1	Participation in PubCo’s and the Company’s
    Tax Matters	16
	 	Section 6.2	Consistency	16
	 	Section 6.3	Cooperation	16
	 	 	 	 
	Article VII
    MISCELLANEOUS	17
	 	 	 	 
	 	Section 7.1	Notices	17
	 	Section 7.2	Counterparts	17
	 	Section 7.3	Entire Agreement; No Third Party Beneficiaries	17
	 	Section 7.4	Severability	18
	 	Section 7.5	Successors; Assignment; Amendments;
    Waivers	18
	 	Section 7.6	Titles and Subtitles	18
	 	Section 7.7	Resolution of Disputes	18
	 	Section 7.8	Reconciliation	19
	 	Section 7.9	Withholding	20
	 	Section 7.10	Admission of PubCo into a Consolidated Group;
    Transfers of Corporate Assets	20
	 	Section 7.11	Confidentiality	21
	 	Section 7.12	Company Agreement	21
	 	Section 7.13	Change in Law	22

 

    i 

     

    

 

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(this “Agreement”), dated as of [–], 2021, is hereby entered into
by and among Hagerty Inc., a Delaware corporation (“PubCo”), The Hagerty Group, LLC, a Delaware limited liability
company (the “Company”), Hagerty Holding Corp, a Delaware close corporation (“HHC”) , Markel Corporation,
a Virginia corporation (“Markel”) and such other persons from time to time party hereto (HHC, Markel, and such other
persons, the “TRA Parties”). Capitalized terms used but not otherwise defined herein have the respective meanings
set forth in Section 1.1.

 

RECITALS

 

WHEREAS, PubCo and the Company
are parties to that certain Business Combination Agreement, dated as of August 17, 2021 by and among PubCo, Aldel Merger Sub LLC, a
Delaware limited liability company, and the Company (the “Business Combination Agreement”).

 

WHEREAS, prior to and following
the Business Combination, the TRA Parties held and will continue to hold limited liability company interests (the “Company Interests”)
in the Company, which is classified as a partnership for United States federal income Tax purposes;

 

WHEREAS, in connection with
the Business Combination, HHC will be treated as selling a portion of its Company Interests to PubCo in a transaction described in Section
741 of the Code (the “Purchase”);

 

WHEREAS, following the Business
Combination, the TRA Parties will, pursuant to and subject to the provisions of the Company Agreement and the Exchange Agreement, have
the right from time to time to require the Company to exchange (an “Exchange”) all or a portion of such TRA Party’s
Company Interests (together with corresponding shares of Class V common stock of PubCo) for shares of Class A common stock of PubCo (“Class
A Shares”) or cash, in each case at the option of PubCo, which Exchange may be effected by PubCo effecting a direct exchange
of shares of Class A Shares for such Company Interests;

 

WHEREAS, PubCo, which is
classified as an association taxable as a corporation for United States federal income Tax purposes, will become the sole managing member
of the Company in connection with the Business Combination, and will hold Company Interests;

 

WHEREAS, the Company and
any of its direct and indirect Subsidiaries treated as a partnership for United States federal income Tax purposes currently have and
will have in effect an election under Section 754 of the United States Internal Revenue Code of 1986, as amended (the “Code”),
for each Taxable Year in which the Purchase and any Exchange occurs (including a deemed taxable acquisition under Section 707(a) of the
Code);

 

WHEREAS, as a result of the
Purchase and future Exchanges, the income, gain, loss, deduction, expense and other Tax items of PubCo may be affected by Basis Adjustments
and any deduction attributable to any payment (including amounts attributable to Imputed Interest) made under this Agreement; and

 

    1

     

    

 

WHEREAS, the parties to this
Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustments and Imputed Interest on the liability
for Taxes of PubCo.

 

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

 

Article
I

DEFINITIONS

 

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

 

“Actual Tax Liability”
means, with respect to any Taxable Year, the actual liability for U.S. federal income Taxes of (i) PubCo and (ii) without
duplication, the Company, but only with respect to U.S. federal income Taxes imposed on the Company and allocable to PubCo (or to
the other members of the consolidated group of which PubCo is the parent) for such Taxable Year; provided that the actual liability
for Taxes described in clauses (i) and (ii) shall be calculated assuming the deductions of (and other impacts of) state and
local taxes are excluded for U.S. federal income Tax purposes.

 

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

 

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

 

“Agreement”
is defined in the Preamble of this Agreement.

 

“Amended Schedule”
is defined in Section 2.3(b) of this Agreement.

 

“Attributable”
is defined in Section 3.1(b) of this Agreement.

 

“Basis Adjustment”
means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b), 755 and 1012 of the Code, the Treasury Regulations
promulgated thereunder and Rev. Rul. 99-6, 1991-1 CB 432 (in situations where, as a result of one or more Exchanges, the Company becomes
an entity that is disregarded as separate from its owner for United States federal income Tax purposes) or under Sections 734(b),
743(b), 754 and 755 of the Code and the Treasury Regulations promulgated thereunder (to the extent attributable to the Purchase or in
situations where, following an Exchange, the Company remains in existence as an entity for United States federal income Tax purposes)
and, in each case as a result of (i) the Purchase or an Exchange (as applicable) and (ii) the payments made pursuant to this Agreement
in respect of such Purchase or Exchange.

 

A “Beneficial Owner”
of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has
or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment
power, which includes the power to dispose of, or to direct the disposition of, such security.

 

    2

     

    

 

“Board”
means the Board of Directors of PubCo (or any committee of the Board validly authorized to act on behalf of the Board).

 

“Business Combination”
means the transactions contemplated by the Business Combination Agreement.

 

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

 

“Change of Control”
means the occurrence of any of the following events:

 

		(i)	any Person or any group of Persons acting
                                            together which would constitute a “group” for purposes of Section 13(d)
                                            of the Securities and Exchange Act of 1934, or any successor provisions thereto, excluding
                                            (x) a corporation or other entity owned, directly or indirectly, by the stockholders
                                            of PubCo in substantially the same proportions as their ownership of stock in PubCo and (y) any
                                            TRA Party or any of their Affiliates, who is, or becomes the Beneficial Owner, directly or
                                            indirectly, of securities of PubCo representing more than 50% of the combined voting power
                                            of PubCo’s then outstanding voting securities; or

 

		(ii)	a merger or consolidation of PubCo with
                                            any other corporation or other entity, and, immediately after the consummation of such merger
                                            or consolidation, either (x) 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 consolidation or, if the surviving company is a Subsidiary, the ultimate
                                            parent thereof, or (y) the voting securities of PubCo immediately prior to such merger
                                            or consolidation do not continue to represent or are not converted or exchanged into more
                                            than 50% of the combined voting power of the then outstanding voting securities of the Person
                                            resulting from such merger or consolidation or, if the surviving company is a Subsidiary,
                                            the ultimate parent thereof; or

 

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

 

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

 

    3

     

    

 

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

 

“Code”
is defined in the Recitals of this Agreement.

 

“Combined State
Tax Rate” means the tax rate equal to the sum of the products of (i) PubCo’s income tax apportionment factor for each
state and local jurisdiction in which PubCo files income or franchise tax returns for the relevant Taxable Year and (ii) the highest
corporate income and franchise tax rate in effect for such Taxable Year for each such state and local jurisdiction in which PubCo files
income tax returns for each relevant Taxable Year.

 

“Company”
is defined in the Recitals of this Agreement.

 

“Company Agreement”
means the Fourth Amended and Restated Limited Liability Company Agreement of the Company, dated as of the Effective Date, as amended
from time to time.

 

“Company Interests”
is defined in the Recitals of this Agreement.

 

“Control”
or “Controlled” 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.

 

“Cumulative Net
Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of PubCo,
up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period, taking into account
any adjustments required pursuant to this Agreement (including pursuant to Section 7.10). The Realized Tax Benefit and Realized Tax Detriment
for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in existence at
the time of such determination.

 

“Default Rate”
means the Agreed Rate plus 400 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code, or any other event (including the execution of IRS
Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax and shall also include the acquiescence
of PubCo to the amount of any assessed liability for Tax.

 

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

 

“Early Termination
Effective Date” is defined in Section 4.2 of this Agreement.

 

“Early Termination
Notice” is defined in Section 4.2 of this Agreement.

 

    4

     

    

 

“Early Termination
Payment” in respect of a TRA Party shall equal the present value, discounted at the Early Termination Rate (using a mid-year
convention) as of the applicable Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would
be required to be paid by PubCo to such TRA Party beginning from the Early Termination Date and assuming that the Valuation Assumptions
in respect of such TRA Party are applied.

 

“Early Termination
Rate” means the Agreed Rate plus 200 basis points.

 

“Early Termination
Schedule” is defined in Section 4.2 of this Agreement.

 

“Effective Date”
means the closing date of the Business Combination.

 

“Exchange”
is defined in the Recitals of this Agreement.

 

“Exchange Agreement”
means the Exchange Agreement, dated as of [–] among PubCo, the Company and the holders
of Company Interests party thereto, as amended from time to time.

 

“Exchange Basis
Schedule” is defined in Section 2.1 of this Agreement.

 

“Exchange Date”
means the date of any Exchange.

 

“Expert”
is defined in Section 7.8 of this Agreement.

 

“Hypothetical Tax
Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of (i) PubCo and
(ii) without duplication, the Company, but only with respect to U.S. federal income Taxes imposed on the income of the Company
and allocable to PubCo (or to the other members of the consolidated group of which PubCo is the parent), in each case using the same
methods, elections, conventions, U.S. federal income Tax rate and similar practices used on the relevant PubCo Return, but (i) using
the Non-Stepped Up Tax Basis as reflected on the Exchange Basis Schedule including amendments thereto for the Taxable Year, and (ii) excluding
any deduction attributable to Imputed Interest for the Taxable Year. Hypothetical Tax Liability shall be determined (i) without taking
into account the carryover or carryback of any Tax item or attribute (or portions thereof) that is available for use because of any Basis
Adjustments and any Imputed Interest, and (ii) assuming, solely for purposes of calculating the liability for U.S. federal income Taxes,
in order to prevent double counting, that the deductions of (and other impacts of) state and local taxes are excluded for U.S. federal
income Tax purposes.

 

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

 

“Interest Amount”
is defined in Section 3.1(b) of this Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“JAMS”
is defined in Section 7.7 of this Agreement.

 

    5

     

    

 

“Market Value”
shall mean the closing price of the Class A Shares on the applicable Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided
that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value
shall mean 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 such 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” shall mean 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 4.2 of this Agreement.

 

“Net Tax Benefit”
is defined in Section 3.1(b) of this Agreement.

 

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

 

“Objection Notice”
is defined in Section 2.3(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.

 

“PubCo”
is defined in the Preamble of this Agreement.

 

“PubCo Return”
means the U.S. federal income Tax Return of PubCo filed with respect to Taxes of any Taxable Year.

 

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

 

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

 

“Reconciliation
Dispute” is defined in Section 7.8 of this Agreement.

 

“Reconciliation
Procedures” is defined in Section 2.3(a) of this Agreement.

 

“Reference Asset”
means an asset that is held by the Company, or by any of its direct or indirect Subsidiaries treated as a partnership or disregarded
entity (but only if such indirect Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded entities) for
purposes of the applicable Tax. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42)
of the Code with respect to a Reference Asset.

 

    6

     

    

 

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

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“SOFR”
means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“State Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability; provided
that, for purposes of determining the State Tax Benefit, each of the Hypothetical Tax Liability and the Actual Tax Liability shall be
calculated using the Combined State Tax Rate instead of the rates applicable for U.S. federal income Tax purposes.

 

“State Tax Detriment”
means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability; provided
that, for purposes of determining the State Tax Detriment, each of the Actual Tax Liability and the Hypothetical Tax Liability shall
be calculated using the Combined State Tax Rate instead of the rates applicable for U.S. federal income Tax purposes.

 

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

 

“Tax Benefit Payment”
is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit Schedule”
is defined in Section 2.2(a) of this Agreement.

 

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

 

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

 

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

 

“Taxing Authority”
shall mean 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.

 

    7

     

    

 

“TRA Party”
is defined in the Preamble of this Agreement.

 

“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.

 

“Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date,
(1) PubCo will have taxable income sufficient to fully utilize (i) the deductions arising from the Basis Adjustments and the
Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed
Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which
such deductions would become available and (ii) any net operating loss, excess interest deduction, or credit carryovers or carrybacks
(or similar items with respect to carryover or carrybacks) generated by deductions arising from Basis Adjustments or Imputed Interest
that are available as of the date of such Early Termination Date, (2) the United States federal 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, (3) all taxable income of PubCo will be subject to the maximum applicable tax rate for U.S. federal income Tax purposes
throughout the relevant period, (4) any non-amortizable assets will be disposed of on the fifteenth anniversary of the applicable
Basis Adjustment in a fully taxable transaction for U.S. federal income Tax purposes; provided that in the event of
a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than
such fifteenth anniversary), and (5) if, at the Early Termination Date, there are Company Interests that have not been Exchanged,
then each such Company Interest shall be deemed to be Exchanged for the Market Value of the Class A Shares and the amount of cash that
would be transferred if the Exchange occurred on the Early Termination Date.

 

Article
II

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT

 

Section 2.1           
Basis Adjustment. Within one hundred twenty (120) calendar days after the filing of the U.S. federal income Tax
Return of PubCo for each Taxable Year in which the Purchase or any Exchange has been effected by any TRA Party (including the Taxable
Year in which the Purchase occurs), PubCo shall deliver to such TRA Party a schedule (the “Exchange Basis Schedule”)
that shows, in reasonable detail necessary to perform the calculations required by this Agreement, the following items: (i) the Non-Stepped
Up Tax Basis of the Reference Assets in respect of such TRA Party as of the Effective Date or each applicable Exchange Date, (ii) the
Basis Adjustment with respect to the Reference Assets in respect of such TRA Party as a result of the Purchase or Exchanges effected
in such Taxable Year by such TRA Party, calculated (x) in the aggregate, (y) solely with respect to the Purchase or Exchanges by
such TRA Party, and (z) in the case of a Basis Adjustment under Section 734(b) of the Code solely with respect to the amount that is
available to PubCo in such Taxable Year, (iii) the period (or periods) over which the Reference Assets in respect of such TRA Party
are amortizable and/or depreciable, and (iv) the period (or periods) over which each Basis Adjustment in respect of such TRA Party
is amortizable and/or depreciable. For the avoidance of doubt, the Exchange Basis Schedule shall reflect all changes in the basis of
Reference Assets arising other than from a Basis Adjustment (e.g., as the result of an audit). Each Exchange Basis Schedule will become
final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures
set forth in Section 2.3(b)).

 

    8

     

    

 

Section 2.2           
Tax Benefit Schedule.

 

(a)              
Tax Benefit Schedule. Within one hundred twenty (120) calendar days after the filing of the U.S. federal income
Tax Return of PubCo for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment a portion of which is Attributable
to a TRA Party, PubCo shall provide to such TRA Party a schedule showing, in reasonable detail, the calculation of the Tax Benefit Payment
for such Taxable Year and the calculation of the Realized Tax Benefit and Realized Tax Detriment and components thereof (a “Tax
Benefit Schedule”). Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended
as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).

 

(b)              
Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure
the decrease or increase in the actual liability for taxes of PubCo for such Taxable Year attributable to the Basis Adjustments and Imputed
Interest, determined using a “with and without” methodology. For purposes of calculating the Realized Tax Benefit or Realized
Tax Detriment for any period, carryovers or carrybacks of any Tax item attributable to the Basis Adjustments and Imputed Interest shall
be considered to be subject to the rules of the Code and the Treasury Regulations, as applicable, governing the use, limitation and expiration
of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable
to the Basis Adjustment or Imputed Interest and another portion that is not, such respective portions shall be considered to be used
in accordance with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments and other
payments under this Agreement (to the extent permitted by law and other than amounts accounted for as interest under the Code) will (A) be
treated as subsequent upward purchase price adjustments that give rise to further Basis Adjustments to Reference Assets for PubCo and
(B) have the effect of creating additional Basis Adjustments to Reference Assets for PubCo in the year of payment, and (ii) as
a result, such additional Basis Adjustments will be incorporated into the calculation in the year of payment and into future year calculations,
as appropriate.

 

Section 2.3           
Procedures, Amendments.

 

(a)              
Procedure. Every time PubCo delivers to a TRA Party an applicable Schedule under this Agreement, including any Amended
Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule,
PubCo shall also (x) deliver to such TRA Party schedules, valuation reports, if any, and work papers, as determined by PubCo or
requested by such TRA Party, providing reasonable detail regarding the preparation of the Schedule and (y) allow such TRA Party
reasonable access, at no cost, to the appropriate representatives at PubCo, as determined by PubCo or requested by such TRA Party, in
connection with a review of such Schedule. Without limiting the application of the preceding sentence, each time PubCo delivers to a
TRA Party a Tax Benefit Schedule, in addition to the Tax Benefit Schedule duly completed, PubCo shall deliver to such TRA Party the reasonably
detailed calculation by PubCo of the applicable Hypothetical Tax Liability, the reasonably detailed calculation by PubCo of the applicable
Actual Tax Liability, as well as any other work papers as determined by PubCo or requested by such TRA Party, provided that PubCo
shall be entitled to redact any information that it reasonably believes is unnecessary for purposes of determining the items in the applicable
Schedule or amendment thereto. An applicable Schedule or amendment thereto delivered to a TRA Party shall become final and binding on
the TRA Party and PubCo thirty (30) calendar days after the first date on which such TRA Party has received the applicable Schedule
or amendment thereto unless such TRA Party (i) within thirty (30) calendar days after receiving an applicable Schedule or amendment
thereto, provides PubCo with notice of a material objection to such Schedule (“Objection Notice”) made in good faith
or (ii) provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in
which case such Schedule or amendment thereto becomes binding on the date the waiver is received by PubCo. If PubCo and an objecting
TRA Party, for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar
days after receipt by PubCo of the Objection Notice, PubCo and such TRA Party shall employ the reconciliation procedures as described
in Section 7.8 of this Agreement (the “Reconciliation Procedures”).

 

    9

     

    

 

(b)              
Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by PubCo (i) in connection
with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified after the date the Schedule
was provided to a TRA Party, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to
reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward
of a loss or other tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust an applicable Exchange
Basis Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”).
PubCo shall provide an Amended Schedule to each TRA Party within ninety (90) calendar days of the occurrence of an event referenced
in clauses (i) through (vi) of the preceding sentence.

 

Article
III

TAX BENEFIT PAYMENTS

 

Section 3.1           
Payments.

 

(a)              
Payments. Within ten (10) calendar days after a Tax Benefit Schedule delivered to a TRA Party becomes final in accordance
with Article II of this Agreement, PubCo shall pay or cause to be paid to such TRA Party for such Taxable Year the Tax Benefit
Payment in respect of such TRA Party for such Taxable Year determined pursuant to Section 3.1(b). Each such Tax Benefit Payment
shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to PubCo or
as otherwise agreed by PubCo and such TRA Party. No Tax Benefit Payment shall be made in respect of estimated tax payments, including,
without limitation, federal estimated income Tax payments.

 

(b)              
 A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero,
equal to the sum of the portion of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto.
A Net Tax Benefit is “Attributable” to a TRA Party to the extent that it is derived from any Basis Adjustment or any
Imputed Interest that is attributable to the Company Interests acquired by PubCo in the Purchase or pursuant to an Exchange undertaken
by or with respect to such TRA Party. For the avoidance of doubt, for tax purposes, the Interest Amount shall not be treated as interest
but instead shall be treated as additional consideration for the acquisition of Company Interests in Exchanges unless otherwise required
by law. The “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 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 3.1(a)
of this Agreement (excluding payments attributable to Interest Amounts); provided, for the avoidance of doubt, that no
TRA Party shall be required to return any portion of any previously made Tax Benefit Payment or make a payment with respect to the existence
of a Realized Tax Detriment. The “Interest Amount” in respect of a TRA Party shall equal the interest on the amount
of the unpaid Net Tax Benefit Attributable to such TRA Party for a Taxable Year, which interest shall accrue on any unpaid Net Tax Benefit
from and after the due date (without extensions) for filing PubCo Return for such Taxable Year, calculated at the Agreed Rate, until
the date such unpaid amounts are paid. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of
Control, all Tax Benefit Payments, whether paid with respect to the Company Interests that were Exchanged (i) prior to the date
of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing Valuation Assumptions
(1) and (4), substituting in each case the terms “the date of a Change of Control” for an “Early Termination Date.”
Notwithstanding anything to the contrary in this Agreement, after any lump-sum payment under Article IV of this Agreement
in respect of present or future tax attributes subject to this Agreement, the Tax Benefit Payment, Net Tax Benefit and components thereof
shall be calculated without taking into account any such attributes with respect to which such a lump sum payment has been made or any
such lump-sum payment.

 

    10

     

    

 

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

 

Section 3.3           
Pro Rata Payments; Limited Taxable Income; Excess Payments.

 

(a)              
Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate amount of PubCo’s tax benefit
from the reduction in Tax liability as a result of the Basis Adjustments or Imputed Interest is limited in a particular Taxable Year
because PubCo does not have sufficient taxable income to fully utilize available deductions and other attributes, the limitation on the
tax benefit for PubCo shall be allocated among the TRA Parties eligible for payments under this Agreement in proportion to the respective
amounts of Tax Benefit Payments that would have been determined under this Agreement if PubCo had sufficient taxable income so that there
were no such limitation.

 

(b)              
After taking into account Section 3.3(a), if for any reason PubCo does not fully satisfy its payment obligations to make
all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then PubCo and the TRA Parties agree that
(i) PubCo shall pay the same proportion of each Tax Benefit Payment due to each TRA Party due a payment under this Agreement in respect
of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any
Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full; provided, for the avoidance of
doubt, that this Section 3.3(b) shall be not be deemed to preclude a TRA Party from seeking all available remedies under this
Agreement and applicable law with respect to any failure by PubCo to satisfy its obligations to make timely all Tax Benefit Payments
due under this Agreement in respect of a particular Taxable Year.

    11

     

    

 

(c)              
To the extent PubCo makes a payment to a TRA Party in respect of a particular Taxable Year under Section 3.1(a) of this
Agreement (taking into account Section 3.3(a) and (b), but excluding payments attributable to Interest Amounts) in an amount
in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year, then (i) such
TRA Party shall not receive further payments under Section 3.1(a) until such TRA Party has foregone an amount of payments equal
to such excess and (ii) PubCo shall pay the amount of such TRA Party’s foregone payments to the other TRA Parties in a manner such
that each of the other TRA Parties, to the maximum extent possible, shall have received aggregate payments under Section 3.1(a)
of this Agreement (taking into account Section 3.3(a) and (b) of this Agreement but excluding payments attributable to
Interest Amounts) in the amount it would have received if there had been no excess payment to such TRA Party.

 

Section 3.4           
Certain Tax Covenants.

 

(a)              
PubCo hereby agrees and warrants to each TRA Party that (i) it will not cause the Company or any Subsidiary of the Company to
convert into, or elect to be treated as, a corporation for Tax purposes without the prior written consent of each TRA Party (such consent
not to be unreasonably withheld, conditioned or delayed) if any such action could reasonably be expected to have a material adverse effect
on a TRA Party’s right to receive Tax Benefit Payments pursuant to this Agreement, (ii) it will not cause the Company to contribute
any of its assets (other than any assets with a de minimis aggregate gross value) into one or more Subsidiaries that are treated
as corporations for Tax purposes, or cause the Company to liquidate or distribute in kind any of its non-cash assets to its members,
without the prior written consent of each TRA Party (such consent not to be unreasonably withheld, conditioned or delayed), if any such
action could reasonably be expected to have a material adverse effect on a TRA Party’s right to receive Tax Benefit Payments pursuant
to this Agreement and (iii) it will use commercially reasonable efforts to avoid entering into any credit agreement that could reasonably
expected to prevent PubCo from making Tax Benefit Payments in a manner described in Section 4.1(f)(ii).

 

(b)              
PubCo hereby agrees that prior to (i) any proposed sale or other disposition of all or any part of PubCo’s interest in the
Company or (ii) any proposed sale or other disposition of all or any substantial part of the non-cash assets of the Company, it shall
deliver to each TRA Party notice of such proposed transaction at least thirty (30) days prior to the consummation thereof.

 

    12

     

    

 

Article
IV

 

TERMINATION

 

Section 4.1           
Early Termination and Breach of Agreement.

 

(a)              
Unless terminated earlier pursuant to this Section 4.1, this Agreement will terminate when there is no further potential
for a Tax Benefit Payment pursuant to this Agreement. Tax Benefit Payments under this Agreement are not conditioned on any TRA Party
retaining an interest in PubCo or the Company (or any successor thereto); provided, however, no Tax Benefit Payment shall accrue,
or shall become due or payable with respect to any Exchange, after the twentieth (20th) anniversary of the effective date of such Exchange.

 

(b)              
In the event of a Change of Control, each TRA Party shall have the option, in its sole discretion, by written notice to PubCo,
to cause the acceleration of all unpaid payment obligations of PubCo hereunder as calculated pursuant to this Article IV as if
an Early Termination Notice had been delivered on the closing date of the Change of Control and utilizing the Valuation Assumptions by
substituting the phrase “the closing date of a Change of Control” in each place where the phrase “Early Termination
Effective Date” appears. Such obligations shall include, without duplication, but not be limited to, (i) the Early Termination
Payments calculated as if an Early Termination Notice had been delivered on the closing date of the Change of Control, (ii) any Tax Benefit
Payments agreed to by PubCo and the TRA Holders as due and payable but unpaid as of the Early Termination Notice (which Tax Benefit Payments
shall not be included in the Early Termination Payments) and that remain unpaid as of the payment of the Early Termination Payments,
and (iii) any Tax Benefit Payments due for any Taxable Year ending prior to, with or including the closing date of a Change of Control
unpaid as of the Early Termination Notice (except to the extent that any amounts described in clause (iii) are included in the Early
Termination Payments or are included in clause (ii)) and that remain unpaid as of the payment of the Early Termination Payments. For
the avoidance of doubt, Sections 4.2 and 4.3 shall apply to a Change of Control, mutadis mutandis.

 

(c)              
PubCo may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all of the Company
Interests held by the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party;
provided, however, that this Agreement shall only terminate pursuant to this Section 4.1(c) upon the receipt of
the Early Termination Payment by all TRA Parties; provided, further, that PubCo may terminate this Agreement pursuant
to this Section 4.1(c) with respect to some or all of the amounts payable to less than all of the TRA Parties, if PubCo and such
TRA Parties agree in writing to do so; and provided, further that PubCo may withdraw any notice to execute its termination
rights under this Section 4.1(c) prior to the time at which an Early Termination Payment has been paid. Upon payment of the Early
Termination Payment by PubCo in accordance with this Section 4.1(c), PubCo shall not have any further payment obligations
under this Agreement, other than for any (a) Tax Benefit Payment agreed to by PubCo, on one hand, and the TRA Party, on the other,
as due and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with
or including the date of the Early Termination Notice (except to the extent that the amount described in clause (b) is included
in the Early Termination Payment). If an Exchange by a TRA Party occurs after PubCo makes the Early Termination Payment to such TRA Party
pursuant to this Section 4.1(c), PubCo shall have no obligations under this Agreement with respect to such Exchange.

 

    13

     

    

 

(d)              
The parties agree that, subject to Section 4.1(f), the failure to make any payment due pursuant to this Agreement within
three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all
purposes of this Agreement.

 

(e)              
In the event that PubCo breaches any of its material obligations under this Agreement, whether as a result of failure to make
any payment within three (3) months of the date on which such payment is due, failure to honor any other material obligation required
hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise,
then all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been
delivered on the date of such breach and shall include (without duplication), but not be limited to, (1) the Early Termination Payments
calculated as if an Early Termination Notice had been delivered on the date of such breach, (2) any Tax Benefit Payment in respect
of a TRA Party agreed to by PubCo and such TRA Party as due and payable but unpaid as of the date of such breach, and (3) any Tax
Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the date of such breach; provided
that procedures similar to the procedures of Section 4.2 shall apply with respect to the determination of the amount
payable by PubCo pursuant to this sentence. Notwithstanding the foregoing, in the event that PubCo breaches this Agreement, each TRA
Party shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific performance
of the terms hereof.

 

(f)               
Notwithstanding anything in this Agreement to the contrary, PubCo shall not be considered to be in breach of a material obligation
under this Agreement on account of a failure to make a payment due pursuant to this Agreement if:

 

(i)            PubCo
makes the applicable payment within three (3) months of the date such payment is due; or

 

(ii)           PubCo
fails to make any Tax Benefit Payment when due to the extent that PubCo has insufficient funds by reason of the Company having insufficient
funds to make a distribution to PubCo in order for PubCo make such payment, or due to such payment being prohibited as a result of limitations
imposed by any credit agreement to which the Company is a party);

 

provided that the interest
provisions of Section 5.2 shall apply to such late payment; provided, further, that (A) PubCo shall
use commercially reasonable efforts to avoid entering into credit agreements described in this Section 4.1(f)(ii) that would prevent
PubCo from making Tax Benefit Payments in the ordinary course, and (B) solely with respect to a Tax Benefit Payment, if PubCo cannot
make such payment as a result of limitations imposed by any credit agreement to which the Company is a party, which limitations are effective
as of the date of this Agreement, Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate. To
the extent PubCo defers any payment under clause (ii) of this subsection, it shall make the applicable payment at the first opportunity
that it has sufficient funds and is otherwise able to make the payment, and failure to do so shall be subject to the remedies set forth
in Section 4.1(e).

 

    14

     

    

 

Section 4.2           
Early Termination Notice. If PubCo chooses to exercise its right of early termination under Section 4.1 above,
PubCo shall deliver to each TRA Party with respect to whom such right of early termination is being exercised notice of such intention
to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”)
specifying PubCo’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment(s)
due to each such TRA Party. Each Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days after
the first date on which the TRA Party has received such Schedule or amendment thereto unless such TRA Party (i) within thirty (30) calendar
days after receiving the Early Termination Schedule or any amendment thereto, provides PubCo with notice of a material objection to such
Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written waiver of such right of
a Material Objection Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the
date the waiver is received by PubCo (such thirty (30) calendar day date as modified, if at all by clauses (i) or (ii), the
 “Early Termination Effective Date”). If PubCo and a TRA Party, for any reason, are unable to successfully resolve
the issues raised in such notice within thirty (30) calendar days after receipt by PubCo of the Material Objection Notice, PubCo
and such TRA Party shall employ the Reconciliation Procedures in which case such Schedule becomes binding ten (10) days after the
conclusion of the Reconciliation Procedures.

 

Section 4.3           
Payment upon Early Termination.

 

(a)              
Within five (5) Business Days after an Early Termination Effective Date, PubCo shall pay to each TRA Party with respect to
whom such termination has just occurred an amount equal to the Early Termination Payment with respect to such TRA Party. Such payment
shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise
agreed by PubCo and such TRA Party.

 

(b)              
If for any reason PubCo does not fully satisfy its payment obligations due under this Agreement in respect of a particular Taxable
Year, then PubCo and the TRA Parties agree that (i) no Early Termination Payment shall be treated as having been made until all Tax Benefit
Payments under Section 3.1 in respect of the current Taxable Year and all prior Taxable Years have been made in full, (ii) no
Early Termination Payments shall be treated as having been made until all Early Termination Payments made pursuant to earlier-provided
Early Termination Notices have been made in full, and (iii) if PubCo does not pay all Early Termination Payments in respect of Early
Termination Notices given in the same calendar year, the total amount paid shall be allocated pro-rata based on the outstanding Early
Termination Payments due.

 

Article
V

 

SUBORDINATION AND LATE
PAYMENTS

 

Section 5.1            Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any other
payment required to be made by PubCo to the TRA Parties under this Agreement shall rank subordinate and junior in right of payment to
any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money
of PubCo and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with
all current or future unsecured obligations of PubCo that are not Senior Obligations. For the avoidance of doubt, any amounts owed by
PubCo under this Agreement are not Senior Obligations.

 

    15

     

    

 

Section 5.2           
Late Payments by PubCo. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or other
payment under this Agreement not made to the TRA Parties when due under the terms of this Agreement shall be payable together with any
interest thereon, computed at the Default Rate and commencing from the date on which such Tax Benefit Payment, Early Termination Payment
or other payment was due and payable.

 

Article
VI

 

NO DISPUTES; CONSISTENCY;
COOPERATION

 

Section 6.1           Participation
in PubCo’s and the Company’s Tax Matters. Except as otherwise provided herein, under the Business Combination Agreement,
or under the Company Agreement, PubCo shall have full responsibility for, and sole discretion over, all tax matters concerning PubCo
and the Company, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling
any issue pertaining to taxes. Notwithstanding the foregoing, PubCo shall notify a TRA Party of, and (to the extent permitted by law
or regulation) will use its best efforts to keep such TRA Party reasonably informed with respect to, the portion of any audit of PubCo
and the Company by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of such TRA Party
under this Agreement, and shall use its best efforts to provide to each such TRA Party reasonable opportunity to provide information
and other input to PubCo, the Company and their respective advisors concerning the conduct of any such portion of such audit.

 

Section 6.2           
Consistency. PubCo and the TRA Parties agree to report and cause to be reported for all purposes, including federal, state
and local tax purposes and financial reporting purposes, all tax-related items (including, without limitation, the Basis Adjustments
and each Tax Benefit Payment) in a manner consistent with that specified by PubCo in any Schedule required to be provided by or on behalf
of PubCo under this Agreement unless otherwise required by law.

 

Section 6.3           Cooperation.
Each of PubCo and the TRA Parties shall (a) furnish to the other party in a timely manner such information, documents and other
materials as the other party 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 other party and its representatives to provide explanations of documents and materials and such
other information as the other party or its representatives may reasonably request in connection with any of the matters described in
clause (a) above, and (c) reasonably cooperate in connection with any such matter, and PubCo shall reimburse each such TRA
Party for any reasonable third-party costs and expenses incurred pursuant to this Section.

 

    16

     

    

 

Article
VII

 

MISCELLANEOUS

 

Section 7.1           Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in English, shall be in writing and shall
be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service,
or by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service) to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section
7.1):

 

If to PubCo or the Company,
to:

 

P.O. Box 1303

Traverse City, MI 49685-1303

Attention: Barbara Matthews, General Counsel

E-mail: bmatthews@hagerty.com

 

with a copy (which shall
not constitute notice to PubCo or the Company) to:

 

Sidley Austin LLP

One South Dearborn St.

Chicago, IL 60603

Attention: Sean Keyvan; Scott Pollock

E-mail: skeyvan@sidley.com; spollock@sidley.com

 

If to a TRA Party, to the
address, fax number and email address set forth in on the TRA Party’s signature page hereto.

 

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

 

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

 

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

 

    17

     

    

 

Section 7.4           
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.5           
Successors; Assignment; Amendments; Waivers.

 

(a)              
Each TRA Party may assign any of its rights under this Agreement in whole or in part to any Person as long as such transferee
has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in the form of
Exhibit A or such other form mutually agreed by the parties, agreeing to become a TRA Party for all purposes of this Agreement,
except as otherwise provided in such joinder.

 

(b)              
No provision of this Agreement may be amended or waived unless such amendment or waiver is approved in writing by PubCo and each
of the TRA Parties. Any failure by a party to insist upon the strict performance of any provision of this Agreement, or to exercise any
right or remedy upon a breach of any such provision, will not constitute a waiver of the party’s right to enforce the provision
or to exercise any remedy upon any breach of the provision. Any waiver given by a party with respect to any provision of this Agreement
is applicable only with respect to the specific provision and instance for which it is given. Notwithstanding anything to the contrary
in this Agreement (including this Section 7.5), the execution and delivery of a joinder to this Agreement pursuant to Section 7.5(a)
shall not require the consent of PubCo or any of the TRA Parties.

 

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

 

Section 7.6           
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only
and are not to be considered in construing this Agreement.

 

Section 7.7           
Resolution of Disputes.

 

Except as provided for in
the last sentence of this Section 7.7, this Agreement shall be governed by and construed in accordance with the internal laws
of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware. Any dispute
arising from or relating to the subject matter of this Agreement, including but not limited to the scope and applicability of this Section
7.7, shall be referred to and finally determined by arbitration in accordance with the Arbitration Rules and Procedures of Judicial
Arbitration and Mediation Services, Inc. (“JAMS”) then in effect, by one commercial arbitrator with at least twenty
years of experience resolving commercial contract disputes, who shall be selected from the appropriate list of JAMS arbitrators in accordance
with the Arbitration Rules and Procedures of JAMS. The seat of arbitration will be Michigan and the language of the arbitration proceedings
will be English. Judgment upon the award so rendered may be entered in a court having jurisdiction or application may be made to such
court for judicial acceptance of any award and an order of enforcement, as the case may be. For all purposes of this Agreement, the parties
consent to exclusive jurisdiction and venue in the United States Federal Courts located in Michigan. This Section 7.7 shall be
governed by and construed in accordance with the Federal Arbitration Act and, to the extent not inconsistent with such Federal Arbitration
Act, the laws of the State of Delaware, without regard to conflict of law principles that would cause the application of the laws of
another jurisdiction.

 

    18

     

    

 

Section 7.8           
Reconciliation. In the event that PubCo and a TRA Party are unable to resolve a disagreement with respect to the matters
governed by Sections 2.3, 3.1, or 4.2 within the relevant period designated in this Agreement (“Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally
recognized accounting or law firm, and unless PubCo and such TRA Party agree otherwise, the Expert shall not, and the firm that employs
the Expert shall not, have any material relationship with PubCo or such TRA Party or other actual or potential conflict of interest.
If PubCo and the TRA Party are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of
written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise.
The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule
or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment
thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has
been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment
that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of
a disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed
as prepared by PubCo, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert
or amending any Tax Return shall be borne by PubCo except as provided in the next sentence. PubCo and the TRA Party shall bear their
own costs and expenses of such proceeding, unless (i) the Expert adopts the TRA Party’s position, in which case PubCo shall
reimburse the TRA Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts PubCo’s
position, in which case the TRA Party shall reimburse PubCo for any reasonable out-of-pocket costs and expenses in such proceeding. Any
dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.8 shall be decided by the
Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.8
shall be binding on PubCo and the TRA Party and may be entered and enforced in any court having jurisdiction.

 

    19

     

    

 

Section 7.9           
Withholding. PubCo shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts
as PubCo is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local
or foreign tax law; provided that PubCo will provide the Person in respect of which such withholding is required written notice at least
five (5) Business Days prior to any such deduction or withholding and shall reasonably cooperate with such Person to reduce or eliminate
such withholding to the extent permitted by law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority
by PubCo, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom
such withholding was made. Each TRA Party shall promptly provide PubCo with any applicable tax forms and certifications reasonably requested
by PubCo in connection with determining whether any such deductions and withholdings are required under the Code or any provision of
state, local or foreign tax law.

 

Section 7.10          Admission
of PubCo into a Consolidated Group; Transfers of Corporate Assets.

 

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

 

(b)               The
amount of any Cumulative Net Realized Tax Benefit shall take into account the Basis Adjustment resulting from any transfer of Company
Interests to a wholly owned Subsidiary of PubCo (or any similar transfer within the consolidated group of which PubCo is the parent),
assuming for this purpose that such transfer is treated as an Exchange, and appropriate adjustments, if any, shall be made to the applicable
amount of Cumulative Net Realized Tax Benefit or any component of such amount.

 

(c)              
If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets
to a corporation (or a Person classified as a corporation for United States federal income tax purposes) with which such entity does
not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of
any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax
Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of
such contribution. The consideration deemed to be received by such entity shall be equal to the gross fair market value of the contributed
asset. For purposes of this Section 7.10, a transfer of a partnership interest shall be treated as a transfer of the transferring
partner’s share of each of the assets and liabilities of that partnership allocated to such partner. If any member of a group described
in Section 7.10(a) that is obligated to make a Tax Benefit Payment hereunder deconsolidates from the group (or PubCo deconsolidates
from the group), then PubCo shall cause such member (or the parent of the consolidated group in a case where PubCo deconsolidates from
the group) to assume the obligation to make Tax Benefit Payments in a manner consistent with the terms of its Agreement as the member
actually realizes such Tax Benefits. If a member of a group described in Section 7.10(a) assumes an obligation to make Tax Benefit
Payments hereunder, then, subject to the consent of a TRA Party (such consent not to be unreasonably withheld, conditioned or delayed),
the initial obligor shall be relieved of the obligation to the extent so assumed with respect to such TRA Party.

 

    20

     

    

 

Section 7.11          Confidentiality.

 

(a)              
Each TRA Party and each of their assignees acknowledge and agree that the information of PubCo is confidential and, except in
the course of performing any duties as necessary for PubCo and its Affiliates, as required by law or legal process or to enforce the
terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any Person any confidential
matters, acquired pursuant to this Agreement, of PubCo and its Affiliates and successors, concerning the Company and its Affiliates and
successors or the TRA Parties, learned by the TRA Parties heretofore or hereafter. This Section 7.11 shall not apply to (i) any
information that has been made publicly available by PubCo or any of its Affiliates, becomes public knowledge (except as a result of
an act of the TRA Party in violation of this Agreement) or is generally known to the business community and (ii) the disclosure
of information to the extent necessary for the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the
same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such
returns. Notwithstanding anything to the contrary herein, each TRA Party and each of their assignees (and each employee, representative
or other agent of such TRA Party or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind,
the tax treatment and tax structure of PubCo, the Company and their Affiliates, and any of their transactions, and all materials of any
kind (including opinions or other tax analyses) that are provided to such TRA Party relating to such tax treatment and tax structure.

 

(b)              
If a TRA Party or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.11,
PubCo shall have the right and remedy to have the provisions of this Section 7.11 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 PubCo or any of its Subsidiaries or the TRA Parties and the
accounts and funds managed by PubCo and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and
remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

 

Section 7.12          Company
Agreement. This Agreement shall be treated as part of the Company 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.

 

    21

     

    

 

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

  

[The remainder of this page is intentionally
blank]

 

    22

     

    

 

 

IN WITNESS WHEREOF, the Company,
PubCo and each of the TRA Parties have duly executed this Agreement as of the date first written above.

 

	 	Hagerty Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	The Hagerty Group, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

SIGNATURE
PAGE TO TAX RECEIVABLE
AGREEMENT

 

     

     

    

 

	 	Hagerty Holding Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Supplemental information for purposes of Section 7.1:

 

Notices to Hagerty Holding Corp. shall be delivered to:

 

Hagerty Holding Corp.

P.O. Box 1303

Traverse City, MI 49685-1303

Attention: Jessica Sullivan, Vice President of Shareholder Relations

E-mail: jsullivan@hagerty.com

 

with copies to:

 

Sidley Austin LLP

One South Dearborn St.

Chicago, IL 60603

Attention: Sean Keyvan

E-mail: skeyvan@sidley.com

 

SIGNATURE
PAGE TO TAX RECEIVABLE
AGREEMENT

 

     

     

    

 

	 	Markel Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Supplemental information for purposes of Section 7.1:

 

Notices to Markel shall be delivered at:

 

Markel Corporation

4521 Highwoods Parkway

Glen Allen, VA 23060

Attention: Managing Executive, Corporate Development

E-mail: Rob.Whitt@markel.com

 

with copies (which shall not constitute notice) to:

 

Sidley Austin LLP

One South Dearborn

Chicago, Illinois 60603

Attention: Michael Pinsel

Email: mpinsel@sidley.com

 

SIGNATURE
PAGE TO TAX RECEIVABLE
AGREEMENT

 

     

     

    

 

Exhibit A Form of Joinder

 

This JOINDER (this “Joinder”)
to the Tax Receivable Agreement (as defined below), dated as of [–], is by and among
Hagerty Inc., a Delaware corporation (the “PubCo”), The Hagerty Group, LLC, a Delaware limited liability company (the
 “Company”), and [–] (“Permitted Transferee”).

 

WHEREAS, on [–],
Permitted Transferee acquired (the “Acquisition”) [Company Interests and the corresponding shares of Class V
common stock] [the right to receive any and all payments that may become due and payable under the Tax Receivable Agreement with respect
to Company Interests that were previously Exchanged and are described in greater detail in Annex A to this Joinder] from (“Transferor”);
and

 

WHEREAS, Transferor, in connection
with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.5(a) or
(b) of the Tax Receivable Agreement, dated as of [–], by and among PubCo and
the TRA Parties (as defined therein) (the “Tax Receivable Agreement”).

 

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

 

Section 1.01    Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set
forth in the Tax Receivable Agreement.

 

Section 1.02   Joinder.
Permitted Transferee hereby acknowledges and agrees to become TRA Party, for all purposes, of the Tax Receivable Agreement.

 

Section 1.03   Notice.
Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered
or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the
Tax Receivable Agreement.

 

Section 1.04   Governing
Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect
to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of laws of any jurisdiction other than those of the State of Delaware.

 

Joinder Agreement
to Tax Receivable Agreement

 

    Page 1

     

    

 

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

 

	 	[PERMITTED TRANSFEREE]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Address for notices:

 

Joinder Agreement
to Tax Receivable Agreement

 

    Page 2

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"}]]