Document:

Exhibit 10.10

   

  AGREEMENT

   

  This Agreement (the “Agreement”) is made and
    entered into as of this 23rd day of August 2012 by and among T BANK, N.A. (“T Bank”), a national association, and Cain, Watters & Associates, P.L.L.C., a Texas professional limited liability company (“Cain Watters”).

   

  RECITALS

   

  WHEREAS, T Bank previously entered into an Advisory Services Agreement with III:I Financial Management Research, L.P. (“FMR”), joined by Cain Watters, dated April 27, 2006, and amended by that certain letter, dated December
    14, 2007 and the Amendment No. 2 to the Advisory Services Agreement, dated October 4, 2010 (as so amended, the “2006 Agreement”);

   

  WHEREAS, T Bank has established certain collective investment funds (collectively, the “CIFs”) pursuant to 12 CFR 9.18(a)(1) (the “AI Funds”),
    which are maintained exclusively for the collective investment and reinvestment of money contributed to A1 Funds by T Bank, in its capacity as trustee, executor, administrator, guardian or custodian under a Uniform Gifts to Minors Act, and pursuant to
    12 CFR 9.18(a)(2) (the “A2 Funds”), which are maintained for the collective investment and reinvestment of funds consisting solely of assets of a retirement,
    pension, profit sharing, stock bonus or other trusts that are exempt from federal income tax;

   

  WHEREAS, T Bank has decided to make certain changes with respect to the administration of the CIFs and, as a result, T Bank has agreed with
    FMR and Cain Watters that the 2006 Agreement no longer accurately reflects the duties, responsibilities and obligations of the parties thereto; and

   

  WHEREAS, effective as of the date hereof, T Bank, FMR and Cain Watters have terminated the 2006 Agreement and, in lieu thereof, T Bank and
    FMR have agreed to an Investment Advisory Agreement (“Investment Advisory Agreement”) and T Bank and Cain Watters have entered into this Agreement.

   

  NOW, THEREFORE, for and in consideration of mutual promises, covenants and other valuable consideration herein expressed, the parties
    hereto agree as follows:

   

  1.          Agreement.

   

  1.01     T Bank and Cain Watters hereby contract for the purposes of Cain Watters providing the services contemplated by Section 2 hereof
    to T Bank.

   

  2.          Duties of Cain Watters.

   

  2.01      Services. With respect to persons (the “Clients”) who have appointed Cain Watters as
      their registered investment advisor pursuant to a written agreement (the “CWA Client Agreements”) between such Client and Cain Watters, and in connection
      therewith have chosen to appoint T Bank as a fiduciary or custodian with respect to certain of such person’s assets and who have opened an account(s) with T Bank pursuant to a trust or custodial agreement with T Bank for the purposes of establishing
      a trust or custody account at T Bank (collectively, a “Trust Account”), Cain Watters will consult with the Client regarding the Client’s overall investment
      portfolio objectives and risk tolerance taking into consideration any existing investment assets maintained in the Trust Account. Cain Waiters will assist the Client in the preparation of an applicable overall or individual account investment policy
      statement(s) based on Cain Watters’ consultation with Client described above and make recommendations to the Client as to an asset allocation with respect to the Client’s Trust Account. If requested by the Client, Cain Walters will assist the Client
      in completing any account agreements, including, without limitation, documents related to asset allocation, provided by T Bank and upon execution by the Client, promptly send such agreements and documents to T Bank. The foregoing duties of Cain
      Walters are referred to herein as the “Services.”

  
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  2.02      Standard of Performance. Cain Watters will use its best efforts to act in an ethical, truthful, and appropriate manner in performing the services contemplated by this
      Agreement.

   

  3.          Representations of Cain Watters.
    Cain Watters makes the following representations and warranties to T Bank:

   

  3.01      Registered Investment Advisor. Cain Watters is and shall remain at all times during the term of this Agreement registered as an investment adviser with the US Securities and
      Exchange Commission (the “SEC”).

   

  3.02      Performance of Obligations. Only Cain Watters and Cain Watters employees will perform the Services. In performing the Services, Cain Watters
      will perform in a manner consistent with all applicable federal and state securities laws and state ethics laws,
      and the rules and regulations thereunder. Cain Watters has all permits, licenses, certificates of authority, orders and approvals of, and has made all filings, applications and registrations with, federal, state or local governmental or regulatory
      bodies that are required in order to permit Cain Watters to perform its duties hereunder in accordance with applicable law. Neither Cain Watters nor any person associated with Cain Watters are persons (a) subject to an SEC order issued under Section
      203(f) of the Investment Advisers Act of 1940 (“Advisers Act”), (b) convicted within the previous ten years of any felony or misdemeanor involving
      conduct described in Section 203(e)(2)(A)-(D) of the Advisers Act, (c) who have been found by the SEC to have engaged, or have been convicted of engaging, in any of the conduct specified in paragraphs (1), (5) or (6) of Section 203 of the Advisers
      Act, or (d) subject to an order, judgment or decree described in Section 203(e)(4) of the Advisers Act.

   

  3.03      No Conflicts of Interest. Cain Watters is free to engage in the work necessary to actively provide the Services hereunder without conflict with the interests of any other
      person, including, without limitation, the Clients, or interference from any other activity.

   

  3.04      No Advertising of CIFs. Cain Watters has not engaged in any general solicitation or general advertisement of the A1 Funds to the general public in any manner that would
      violate the Securities Act of 1933, as amended (the “Act”) and has not advertised or publicized
      the A2 Funds, except pursuant to any electronic or written materials provided, from time to time, to Cain Watters by T Bank. Further, Cain Watters has not engaged in any conduct that would require the registration of the CIFs or any interests therein
      under the Act or the Investment Company Act of 1940, as amended. In the course of providing services to the Clients under the CWA Client Agreements, Cain Watters understands that the CIFs are operated by T Bank for the administrative convenience of T
      Bank in a manner incidental to T Bank’s trust department activities and not primarily for investment in the CIFs.

  
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   3.05     No Discretion Over Client Funds. Cain Watters does not have discretionary authority with respect to any of the assets in any Trust Account, and the Clients have made their
      own decisions with respect to establishing or maintaining the Trust Account and with respect to the investment allocations in the Trust Account, including any such allocations to the CIFs.

   

  3.06      Execution and Delivery. Cain Watters has full legal capacity and authority to execute, deliver, and perform this Agreement. This Agreement constitutes the legal, valid and
      binding obligation of Cain Watters, enforceable against it in accordance with its terms.

   

  3.07      Noncontravention. Cain Watters is not in violation of its organizational certificates or bylaws, or in violation in any material respect with any applicable law, statute or
      regulation of any governmental agency, board, bureau or body relating to the conduct of its business, including without limitation, rules, regulations and other pronouncements of the SEC, or in violation or default with respect to any order, writ,
      injunction, decree or demand of any court or other governmental or regulatory authority, any license or regulation of any governmental agency, or in default under any indenture, mortgage, lease, agreement or other instrument under which Cain Watters
      is obligated, which violation or default, respectively, would result in a material adverse effect on the financial condition or results of the operations of Cain Watters or impair Cain Watters’ ability to provide the Services. Neither the execution,
      delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereby will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under the organizational certificates
      or bylaws of Cain Watters or of any material agreement, indenture, instrument, lien, charge, encumbrance or undertaking of Cain Watters.

   

  3.08      Organization and Qualification. Cain Watters is organized, validly existing, and in good standing under the laws of the State of Texas. Cain Watters has all requisite power
      and authority (including all licenses, franchises, permits, and other governmental authorizations as are legally required) to conduct its business, and carry out its obligations under this Agreement.

   

  3.09     Consents and Approvals. No consent, approval or order of any governmental or administrative board or body, including without limitation, the SEC and the Financial Industry
      Regulatory Authority, is required for the execution and delivery by Cain Watters of this Agreement.

  
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   4.         Representations of T Bank. T Bank makes the following representations and warranties to Cain Watters:

   

  4.01      Execution and Delivery. T Bank has full legal capacity and authority to execute, deliver, and perform this Agreement. This Agreement constitutes the legal, valid and binding
      obligation of T Bank, enforceable against it in accordance with its terms.

   

  4.02      Noncontravention. T Bank is not in violation of its organizational certificates or bylaws, or in violation in any material respect with any applicable law, statute or
      regulation of any governmental agency, board, bureau or body relating to the conduct of its trust business, including without limitation, rules, regulations and other pronouncements of the Office of the Comptroller of the Currency (the “OCC”), or in violation or default with respect to any order, writ, injunction, decree or demand of any court or other governmental or regulatory authority, any
      license or regulation of any governmental agency, or in default under any indenture, mortgage, lease, agreement or other instrument under which T Bank is obligated, which violation or default, respectively, would result in a material adverse effect
      on the financial condition or results of the operations of T Bank or impair T Bank’s ability to perform its obligations under this Agreement. Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions
      contemplated hereby will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under the organizational certificates or bylaws of T Bank or of any material agreement, indenture, instrument, lien,
      charge, encumbrance or undertaking of T Bank.

   

  4.03      Organization and Qualification. T Bank is organized, validly existing, and in good standing under the laws of the United States of America. T Bank has all requisite power and
      authority (including all licenses, franchises, permits, and other governmental authorizations as are legally required) to conduct its business, and carry out its obligations under this Agreement.

   

  4.04      Consents and Approvals. No consent, approval or order of any governmental or administrative board or body, including without limitation, the OCC, is required for the
      execution and delivery by T Bank of this Agreement.

   

  5.          Covenants.

   

  5.01     Full Cooperation. T Bank
    and Cain Watters agree to cooperate fully with each other with respect to any governmental investigation or administrative or judicial proceeding and in connection with any consumer complaint with respect to the transactions of the trust or custodial
    business by T Bank, including, without limitation, any of the Trust Accounts, and in connection with any claims by Clients with respect to the Trust Accounts. To the extent permitted by applicable law, each party shall consult with the other party
    hereto before responding to any such investigation, administrative or judicial proceeding on a consumer complaint, and each party shall keep the other fully advised as to the status thereof. From time to time and upon the written request of Cain
    Watters, T Bank will make available lists of Clients as recorded in T Bank’s trust accounting system.

  
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   5.02     Untrue Representations. Each of Cain Watters and T Bank agrees to promptly notify the other party in the event any of the representations and warranties made in Sections 3 or
      4 of this Agreement, respectively, become inaccurate at any time during the Term (as defined herein) of this Agreement.

   

  5.03      Independent Contractor. Any provision of this Agreement to the contrary notwithstanding, Cain Watters and T Bank agree that no employee of Cain Watters shall be deemed to be
      an employee of T Bank for any purpose whatsoever, and that no employee of Cain Watters shall be entitled to receive any remuneration or other compensation from T Bank or any agent or subagent of T Bank; no employee of Cain Watters shall have the
      authority or right to enter into any contracts, obligations or commitments which shall be legally binding on T Bank.

   

  5.04      Preservation of Business Relationships. Each of Cain Watters and T Bank shall use their respective commercially reasonable best efforts to preserve the other parties’
      business relations with the Clients, and agrees not to solicit them to change service providers with respect to the services provided to such Clients by Cain Watters and T Bank, respectively during the Term (as defined herein) of this Agreement.
      Notwithstanding the foregoing sentence, neither Cain Watters nor T Bank shall be deemed to be in violation of this Section 5.04 by virtue of general advertising, mass mailing, telemarketing or other marketing or public relations that is intended to
      reach individuals or groups that are broader than the Clients. Each of Cain Watters and T Bank agrees to refrain from taking any action that would damage the other party’s business relations with the Clients or business prospects during the Term (as
      defined herein) of this Agreement. The restrictions set forth in this Section 5.04 do not apply to the extent they restrict either Cain Watters or T Bank from taking or refusing to take any action with respect to the other party’s business
      relationship with a Client if such party has reasonably determined, in good faith, that complying with the restrictions above would be likely to constitute a breach of such party’s fiduciary or statutory duties or constitute a breach by Cain Watters
      of any of the terms of a CWA Client Agreement; provided, however, such party shall promptly provide the other party with written notice of such a
      determination and the basis or rationale for that decision.

   

  5.05     Compliance with Laws. Each of T Bank and Cain Watters agrees to use commercially reasonable efforts to comply with all laws, ordinances, rules and regulations applicable to
      them as it relates to the Services, and shall cause its employees and agents to do the same. Neither T Bank nor Cain Watters will knowingly engage in any activity that is a breach of fiduciary duty or that could result in a prohibited transaction
      under the Employee Retirement Income Security Act of 1974, as amended, the Internal Revenue Code of 1986, as amended, or the rules, regulations or pronouncements of the Department of Labor or the Internal Revenue Service, respectively.

   

  6.          Indemnification.

   

  (a)       T Bank hereby agrees to protect,
      indemnify and hold harmless Cain Watters, its members, officers, agents, consultants and employees, from and against any and all claims, costs, losses, damages, and liability incurred by Cain Watters, its members, officers, agents, consultants or
      employees, as a result of the breach or violation of any of the terms of this Agreement by T Bank, or because of any misrepresentation, negligence or intentional wrongful act by T Bank in dealing with any and all third parties, including without
      limitation the Clients.

  
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  (b)        Cain Watters hereby agrees to
      protect, indemnify and hold harmless T Bank, its agents, consultants, officers, directors, and employees, from and against any and all claims, costs, losses, damages, and liability incurred by T Bank, its agents, consultants, officers, directors, or
      employees, as a result of the breach or violation of any of the terms of this Agreement by Cain Watters or because of any material misrepresentation, negligence or intentional wrongful act by Cain Watters in dealing with any and all third parties,
      including without limitation, the Clients. Cain Watters shall defend suits or claims for infringement of patent rights, and shall hold T Bank harmless from loss on account thereof.

   

  7.          Confidentiality.

   

  (a)         Each of Cain Watters and T
      Bank shall keep confidential any information regarding the business and affairs of the other party and the Clients (the “Information”) except in connection with
      Cain Watters rendering the Services under this Agreement. Each of Cain Watters and T Bank shall take all appropriate steps to ensure that its employees, agents and affiliates hold the Information in confidence and that the Information shall not be
      divulged to any third party or used in any manner except for the purposes of performing the services under this Agreement.

   

  (b)        In the event that either party
      hereto receives a request in the form of a subpoena, order, civil investigative demand or similar process issued by a court of competent jurisdiction or by a governmental or regulatory body requesting that such party disclose all or any part of the
      Information, such party agrees to (i) immediately notify the other party of the existence, terms and circumstances surrounding such a request, (ii) consult with the other party on the advisability of taking legally available steps to resist or narrow
      such request, (iii) if disclosure of such Information is required, furnish only that portion of the Information which, in the written opinion of counsel to the party receiving such request, such party is legally compelled to disclose, and (iv)
      exercise its reasonable best efforts to obtain an order or other reliable assurance that confidential treatment will be accorded to such portion of the disclosed Information as the other party may reasonably designate.

   

  8.          Term and Termination.

   

  8.01      Term. Unless earlier terminated as provided in Section 8.02, this Agreement shall expire and terminate on December 1, 2017 (the “Initial Term”); provided that this Agreement shall be automatically extended for an additional
      one (1) year term (the “Renewal Term”) unless one hundred eighty (180) days prior to the expiration of the Initial Term or any Renewal Term, either party has
      provided written notice of intent to terminate this Agreement. Thereafter, this Agreement shall automatically extend for additional one-year terms on the same basis and with the same termination provisions as the Renewal Term (the Initial Term and
      all Renewal Terms shall be the “Term”).

  
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  8.02      Events of Termination. This Agreement shall terminate on the occurrence of any of the following events:

   

  (a)        Anything contained herein to
      the contrary notwithstanding, in the event T Bank shall discontinue operating its business, this Agreement shall cease and terminate on the first day of the month next following the month in which T Bank ceases operations with the same force and
      effect as if the said first day of such month were originally set forth as a termination date hereof;

   

  (b)        By delivery through the U.S.
      Mail, or by hand, a written notice of termination of this Agreement by one party to the other party as contemplated by Section 8.01;

   

  (c)         In the event that T Bank loses
      regulatory authority to operate a trust department to provide custodial and fiduciary services or to act as custodian of collective investment funds;

   

  (d)        By T Bank or Cain Watters, upon
      the termination of the Investment Advisory Agreement;

   

  (e)        By T Bank, in the event any of
      the general partners, executive officers or directors of Cain Watters become the subject of an administrative,

      judicial or investigative proceeding, civil or criminal, related to investment advisory services or that would reasonably be
      deemed to impair the ability of Cain Watters to perform its obligations under this Agreement;

   

  (f)        By Cain Watters, in the event T
      Bank or any of its executive officers or directors becomes the subject of an administrative, judicial or investigative proceeding, civil or criminal, related to custodial or fiduciary services or that would reasonably be deemed to impair the ability
      of T Bank to perform its obligations under this Agreement;

   

  (g)        Upon the dissolution or
      bankruptcy of any party hereto, or in the event any party shall be placed in receivership or the management of its affairs shall be assumed by any governmental, regulatory or judicial authority, this Agreement shall terminate on the date any such
      event shall occur;

   

  (h)         By the mutual written consent
      of T Bank and Cain Watters;

   

  (i)          By T Bank, in the event that
      Cain Watters fails to comply with its covenants or agreements contained in this Agreement, and such failure is not cured, or if any of the representations or warranties of Cain Watters contained herein are inaccurate in any material respect, and such
      inaccurate representation or warranty is not cured within thirty (30) days after notice from T Bank.

   

  (j)         By Cain Watters, in the event
      that T Bank fails to comply with its covenants or agreements contained in this Agreement or in the Investment Advisory Agreement, and such failure is not cured, or if any of the representations or warranties of T Bank contained herein or therein are
      inaccurate in any material respect, and such inaccurate representation or warranty is not cured within thirty (30) days after notice from Cain Watters.

  
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  8.03       Notice of Termination. The power of termination provided for by Section 8 hereof may be exercised only by a notice given in writing, as provided in Section 9.04 hereof.

   

  8.04      Effect of Termination. Without limiting any other relief to which any party hereto may be entitled for breach of this Agreement, if this Agreement is terminated pursuant to
      the provisions of Section 8.01 hereof, the provisions of Sections 3, 6, 7 and this Section 8.04 shall survive the expiration or termination of this Agreement.

   

  9.          Miscellaneous.

   

  9.01      Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any prior written or
      oral understanding between the parties with respect to the subject matter hereof. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of, and be binding upon, the respective subsidiaries and
      affiliates of the parties hereto. None of this Agreement nor any of the rights, obligations, or liabilities of either party hereto shall be assigned without the prior written consent of the other party. Any such assignment shall be evidenced by a
      written document executed by the parties and attached to and made a part of this Agreement.

   

  9.02      Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. All claims or causes of action arising out of
      this Agreement or any other agreement or document executed by T Bank and Cain Watters in connection with this Agreement shall be asserted only in a court of appropriate jurisdiction in Dallas County, Texas, and all objections to jurisdiction and
      venue in such forum are hereby expressly waived. Each of the parties hereto expressly waives all right to trial by jury in any action or proceeding arising out of this Agreement.

   

  9.03      Attorneys’ Fees. If any act at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable
      attorneys’ fees, court costs, and necessary disbursements in addition to any other relief to which such party may be entitled.

   

  9.04     Notice. Any notices to be given hereunder by one party to the other may be effected either by personal delivery in writing or by mail, registered or certified, postage
      prepaid with return receipt requested. Mailed notices shall be addressed to the parties at the addresses appearing below, but each party may change its address by written notice in accordance with this paragraph. Notices delivered personally shall be
      deemed communicated upon actual receipt; mailed notices shall be deemed communicated as of five (5) days after mailing.

  

  

  	
          If to T Bank:

        	
          Patrick Howard

          T Bank, N. A.

          16000 Dallas Parkway

          Suite 125

          Dallas, Texas    75248

        

  
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          If to Cain Watters:

        	
          Dan Wicker

          Cain, Watters and Associates, P.L.L.C.

          6900 North Dallas Parkway

          Legacy Tower II, Suite 500

          Plano, Texas    75024

        

   

  9.05     Amendment. This Agreement may be amended from time to time upon mutual agreement by the parties hereto; provided, however, any such amendment shall be evidenced by a written
      instrument executed by the parties which is attached to and made a part of this Agreement.

   

  9.06     Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, then (a) such provision will be fully severable
      and this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision were not a part hereof; (b) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by such
      illegal, invalid or unenforceable provision or by its severance from this Agreement; and (c) there will be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
      possible and still be legal, valid and enforceable.

   

  9.07      Counterparts. This Agreement may be executed in two (2) or more counterparts each of which shall be deemed a duplicate original and each of which shall constitute one and the
      same instrument.

   

  (signature page follows)

  
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          T BANK, N.A.

        
	 	 
	 	/s/ Patrick Howard

        
	 	
          Patrick Howard, President and CEO

        

   

  	 	
          CAIN WATTERS AND ASSOCIATES, 

            P.L.L.C., a Texas Professional 

            Limited Liability Company

        
	 	 
	 	/s/ Dan Wicker

        
	 	
          Dan Wicker, Partner

        

   

  

  

  
    10Exhibit 10.11

   

  UNIT OPTION – BUY DOWN AGREEMENT

   

  THIS UNIT OPTION – BUY DOWN AGREEMENT (this “Agreement”), is entered into as of this
    February 5, 2015 (the “Grant Date”) by and among A. Haag Sherman (the “Optionor”) and the persons listed on the signature page hereto as Optionees (each an “Optionee” and, collectively, the “Optionees”), Tectonic Holdings,
    LLC, a Texas limited liability company (the “Company”), and Tectonic Services, LLC, a Texas limited liability company (“MGMT”). The Optionor, the Optionees, the Company and MGMT are sometimes each individually referred to herein as a “Party” and collectively as the “Parties”. Capitalized terms
    used but not defined herein shall have the meanings set forth in the Company Agreement of the Company dated as of February 5, 2015 (the “HoldCo Company Agreement”) or in the Company Agreement of MGMT dated as of February 5, 2015, as applicable
    (the “MGMT Company Agreement” and, collectively with the HoldCo Company Agreement, the “Company Agreements” and each individually, a “Company Agreement”).

   

  RECITALS

   

  WHEREAS, the Optionor and the Optionees each hold units of the Company and of MGMT representing a
    Membership Interest in the Company and in MGMT, as applicable (“Units”).

   

  WHEREAS, the Optionor, pursuant to that certain Executive Employment Agreement dated as of
    February 5, 2015, by and between the Optionor and MGMT, and that certain Management Services Agreement dated as of February 5, 2015, by and between the Company and MGMT, provides management and other services to the Company.

   

  WHEREAS, the Company, pursuant to that certain Management Services Agreement dated as of February
    5, 2015, by and between the Company and Tectonic Advisors, LLC, a Texas limited liability company (“Advisors”), provides management and other services to Advisors.

   

  WHEREAS, Advisors is engaged in providing financial and investment advisory services to certain
    clients of Cain, Watters & Associates, P.L.L.C., a Texas professional limited liability company (“CWA”).

   

  WHEREAS, the Optionor and the Optionees intend this Agreement and the option granted hereunder to
    track the performance of the Optionor as it relates to the revenue of Advisors.

   

  NOW, THEREFORE, IT IS AGREED, by and between the Optionor and the Optionees, that:

   

  1.       Grant. Optionor hereby grants an option (the “Option”) to each Optionee for
    and with respect to the Option Units (defined below), subject to the terms and conditions of this Agreement. “Option Units” means the number of Units of both the Company and MGMT held by the Optionor and available for purchase by the Optionees
    pursuant to the terms of this Agreement.

  
    
      
 

  

  
   

   

  2.       Vesting. The Option shall vest, and only vest, in the event that CWA AUM Net Revenue
    exceeds Other Revenue as of December 31, 2021 (“Revenue Excess”). “CWA AUM Net Revenue” means the difference of (a) CWA Revenues during the calendar quarter ending December 31, 2021, annualized by multiplying such revenues by four and (b)
    revenues that are paid to CWA pursuant to the terms of that certain Support Services Agreement dated as of even date herewith by and between CWA and Advisors (the “Support Services Agreement”) during the calendar quarter ending December 31,
    2021, annualized by multiplying such revenues by four. “Other Revenue” means all revenues generated by the Company or its affiliates (e.g., Advisors) during the calendar quarter year ending December 31, 2021 other than CWA Revenues, annualized
    by multiplying such revenues by four. “CWA Revenues” means all revenues from assets under management of clients of CWA and its affiliates.

   

  3.       Number of Units Subject to Vesting. In the event a Revenue Excess exists, the number of
    Option Units that may be purchased shall be equal to the Option Percentage multiplied by the Option Units (“Units Subject to Purchase”). The “Option Percentage” shall be equal to: (a) CWA AUM Net Revenue divided by (b) the Company’s total
    revenue (which shall equal CWA AUM Net Revenue less revenues paid to
    CWA pursuant to the terms of the Support Services Agreement plus Other Revenue), minus (c) 50%; provided, however that the Option Percentage shall be a positive number. The Option Percentage shall be proportionately reduced by the
    amount of any dilution suffered by the Optionor after the date hereof (assuming the conversion and vesting of all outstanding equity of the Company and MGMT, including profits interests, into Membership Interests as of December 31, 2021 and the
    inclusion of any revenues relating thereto). By way of example, assume the following: (a) CWA Revenues equals $2,500,000 for the calendar quarter ending December 31, 2021 ($10,000,000 on an annualized basis), less $500,000 in revenues paid to CWA under
    the Support Services Agreement for such quarter ($2,000,000 on an annualized basis), (b) total revenue of the Company was $3,500,000 (including from converted profits interests) for such quarter ($14,000,000 on an annualized basis) and (c) subsequent
    grants of equity equal 5% of the Company’s Membership Interests. In such an event, the Optionees would have the right to acquire 4.29% of the Option Units, determined as follows: $10,000,000 in annualized CWA Revenue minus $2,000,000 in
    annualized revenue payments under the Support Services Agreement equals CWA AUM Net Revenue of $8,000,000. CWA AUM Net Revenue of $8,000,000 divided by $14,000,000 in total annualized revenues equals 0.5714 (57.14% when
    expressed as a percentage), which is further adjusted for the 5% dilution (0.95 multiplied by 0.5714 equals 0.5429 (54.29% when expressed as a percentage)) minus 0.5 (50% when expressed as a percentage) equals 0.0429
    (4.29% when expressed as a percentage). The Option Percentage is then multiplied by the Option Units to determine the Units Subject to Purchase.

   

  4.       Exercise Price. The aggregate price at which the Optionees may purchase Option
    Units pursuant to this Option is (the “Exercise Price”) determined as follows:

   

  (a)       $6,000,000 multiplied by the Option Percentage; plus

   

  (b)       An amount equal to (i) (A) consolidated EBITDA of the Company for the fiscal year ending
    December 31, 2021 multiplied by (B) four, multiplied by (ii) the Option Percentage.

  
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  The price at which each Optionee may purchase Option Units pursuant to this Option equals (i) the
    sum of clause 4(a) plus clause 4(b) multiplied by (ii) such Optionee’s Percentage Interest.

   

  5.       Exercisability. The Company shall have 60 days following January 1, 2022 to determine EBITDA
    and the existence of a Revenue Excess as of the fiscal year ending December 31, 2021. In the event the Company determines that a Revenue Excess exists, the Company will so notify the Optionees in writing by March 10, 2022. This Option is exercisable
    and vests on the date on which the Company so notifies the Optionees of the existence of a Revenue Excess (the “Vesting Date”). The exercise of this Option shall be a Permitted Transfer under the HoldCo Company Agreement with respect to Option
    Units evidencing Membership Interests of the Company and under the MGMT Company Agreement with respect to Option Units evidencing Membership Interests of MGMT.

   

  6.       Termination. This Option shall terminate prior to the Vesting Date upon the occurrence of a Qualified Sale.

   

  For purposes of this Agreement, a “Qualified Sale” shall mean the approval by the Manager of the
    Company (the “Manager”) and the Members of (a)(i) any consolidation or merger of the Company in which the Company is not the continuing or surviving business organization, or pursuant to which the Units would be converted into cash, securities
    of another business organization, or other property and whereby the holders of all of the Company’s outstanding equity interests immediately before the consolidation or merger will own less than 50% of the outstanding equity interests in the surviving
    business organization, (ii) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all of the operating assets of the Company, or of any separate business operations of the Company,
    (iii) the adoption of any plan or proposal for the liquidation or dissolution of the Company, (b) the sale of 20% or more of the Company’s equity to a third party whereby such third party shall also be entitled to elect a member to the Manager or (c)
    any transaction or series of related transactions as a result of which any “person” (as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) other than the Company or a subsidiary of the Company, or an employee
    benefit plan or trust maintained by the Company or any of its subsidiaries, that does not own more than 20% of the Company’s outstanding equity interests, by voting power or value, at the Grant Date, becomes (together with its “affiliates” and
    “associates,” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the
    Company’s then outstanding equity interests, by voting power or value.

   

  7.       Expiration of Option. Subject to Paragraph 6, this Option shall permanently cease to
    be exercisable at the close of business on the date that is 45 calendar days following the Vesting Date or in the event the Company determines that a Revenue Excess does not exist.

   

  8.       Method of Exercise. This Option may be exercised in whole or in part by each
    Optionee executing a written notice of exercise on the form attached hereto as Exhibit A, and filing such notice with the Manager at the Company’s principal executive office before the close of business on the twentieth calendar day following the
    Vesting Date (the “Initial Expiration Date”). Such notice shall specify the number of Option Units that the Optionee elects to purchase and shall be accompanied by payment of the Exercise Price. The date on which this Option is exercised shall
    be the date that such notice is received in fully executed form by the Company (provided full payment is tendered on such date), unless a later date is specified in the notice. Payment shall be by immediately available funds. This Option shall not be
    exercisable if and to the extent that the Company determines that such exercise would violate applicable state or Federal securities law or the rules and regulations of any securities exchange. If the Company makes such a determination, it shall use
    all reasonable efforts to obtain compliance with such laws, rules or regulations. In making any determination hereunder, the Company may rely on the opinion of Company counsel.

  
    3

    
      
 

  

  9.         Right of First Refusal. An Optionee who, prior to the Initial
    Expiration Date, notifies the Manager in writing of his declination of the Option or does not notify the Manager of his intent to exercise the Option shall be an “Abstaining Optionee”. Within 5 calendar days after the Initial Expiration Date,
    the Manager will notify in writing the remaining Optionees (the “non-Abstaining Optionees”) of the election of the Abstaining Optionee and relative rights of the non-Abstaining Optionees to purchase the Option Units allocated to the Abstaining
    Optionee upon the terms hereinafter provided at the price set forth in Paragraph 4. Within 10 calendar days of receiving such notice from the Manager, each of the other non-Abstaining Optionees shall then notify the Manager, in writing, of whether they
    wish to exercise their option to acquire the Option Units allocated to the Abstaining Optionee and the amount of such Option Units they wish to purchase. The notice from the non-Abstaining Optionees shall be binding. If more than one non-Abstaining
    Optionee elects to purchase the Option Units allocated to the Abstaining Optionee, then their rights to purchase such Option Units shall be prorated between them based upon their respective Percentage Interest in the Company and in MGMT. If there is a
    portion of the Option Units remaining after satisfying all of the non-Abstaining Optionees’ elections, the remaining Option Units shall be retained by the Optionor.

   

  10.       Tax Withholding. Deliveries under this Agreement are subject to withholding of
    all applicable taxes. Before any Option Units are delivered to an Optionee upon the exercise of any portion of this Option, such Optionee or his or her agent must have first paid to the Company in cash all taxes required by law to be withheld by the
    Company.

   

  11.       Transferability. Other than as set forth in Paragraph 12, this Option is not
    transferable other than as designated by each Optionee by will, by beneficiary designation, or by the laws of descent and distribution, in any event effective only on such Optionee’s death. During such Optionee’s life, this Option may be exercised only
    by such Optionee. This Option shall not otherwise be transferred, assigned, pledged or hypothecated for any purpose whatsoever and shall not be subject, in whole or in part, to execution, attachment or similar process. Any attempted assignment,
    transfer, pledge or hypothecation, or other disposition of this Option other than in accordance with the terms set forth herein shall be void and of no effect.

   

  12.       Permitted Transfer. Notwithstanding the provisions of Section 11, this Option
    may be transferred as follows:

   

  (a)       to a third party that becomes a Member by virtue of a Permitted Transfer of all of an
    Optionee’s Membership Interest in each of the Company and MGMT, each in accordance with the applicable Company Agreement (a “Transferor”); provided that such transferring Optionee shall no longer have the right to exercise this Option upon such
    transfer; and

  
    4

    
      
 

  

  (b)       to a Transferor that becomes a Member by virtue of a Permitted Transfer of a portion of an
    Optionee’s Membership Interest in each of the Company and MGMT, each in accordance with the applicable Company Agreement; provided that the transferring Optionee shall retain the right to exercise this Option with respect to the Membership Interest in
    each of the Company and MGMT retained by such Optionee.

   

  In the event the Company or MGMT redeems all of the Membership Interest of an Optionee, such Optionee
    shall cease to be an Optionee hereunder.

   

  13.       Heirs and Successors. This Agreement shall be binding upon, and inure to the
    benefit of, the Optionor and his heirs, successors and assigns. If any rights exercisable by, or benefits deliverable to, the Optionees under this Agreement have not been exercised or delivered at the time of such Optionee’s death, such rights shall be
    exercisable by, or delivered to, such Optionee’s beneficiary. In connection with the transactions contemplated by this Agreement, III:I Financial Research Management, L.P. (“FMR”) shall be converted from a Texas limited partnership to Advisors. The Parties hereto agree that this Agreement shall be binding on FMR and
    any successor thereto, including Advisors.

   

  14.       Administration. The authority to manage and control the operation and
    administration of this Agreement is vested in the Manager. Any interpretation of this Agreement by the Manager, and any decision made by the Manager with respect to this Agreement, is final and binding on all persons.

   

  15.       Notices. All notices, requests, consents, claims, demands, waivers and other
    communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by an internationally recognized overnight courier; (c)
    on the date sent by facsimile or electronic mail transmission of a PDF document (with confirmation of transmission in the case of facsimile) if sent during normal business hours of the recipient, and on the next business day if sent after normal
    business hours of the recipient; or (d) on the third day after the date mailed, by registered mail, return receipt requested, postage prepaid. Notices shall be directed, if to an Optionee, to such Optionee’s last address indicated in the Company’s
    employment records, if to the Company, to the Company’s principal executive office, or if to the Optionor, to the address appearing below:

   

  
    	
            Notices to the Optionor:

          	
            Mr. A. Haag Sherman

            2520 Pelham Drive

            Houston, Texas 77019

            Email: hsherman@shermanlp.com

          

  

   

  16.       Fractional Shares. The Company and MGMT shall ignore any portion of the Option
    exercised for a fractional share, potentially resulting in a forfeiture of the value of any amount of Stock that would be a fractional share.

   

  17.       No Rights As Member Before Exercise. An Optionee shall not have any rights of a
    member of the Company or MGMT with respect to the applicable Option Units subject to this Option until due exercise of the Option.

  
    5

    
      
 

  

  18.       Amendment. This Agreement may be amended by written agreement of the Optionor, the
    Optionees, the Company and MGMT, without the consent of any other person. Also, to the extent set forth in this Agreement, the Company, MGMT and/or the Manager may amend this Agreement unilaterally to the extent required to comply with the provision of
    any applicable law.

   

  19.       Applicable Law. The provisions of this Agreement shall be construed in accordance
    with the laws of the State of Texas, without regard to the conflict of law provisions of any state.

   

  20.       Arbitration. Any dispute, controversy or claim arising under or relating to this Agreement or
    any breach or threatened breach hereof (an “Arbitrable Dispute”) shall be resolved exclusively by final and binding arbitration in the State of Texas administered by the American Arbitration Association pursuant to its Commercial Arbitration
    Rules. Any demand for arbitration shall be in writing, shall be served on the other Party in the manner prescribed herein for the giving of notices, and shall set forth a short statement of the factual basis for the claim, specifying the matter or
    matters to be arbitrated. The Arbitrable Dispute shall be heard by a three arbitrator panel. In a three member panel arbitration, the Optionor and, collectively, the Optionees shall each select one independent arbitrator expert in the subject matter of
    the Arbitrable Dispute from that Party’s list of three independent arbitrators after the other Party (or representative, if applicable) has had the opportunity to designate as objectionable and eliminate one arbitrator from the other’s list within
    seven days after submission thereof. The two arbitrators so selected by the Parties shall select a third independent arbitrator expert in the matter of the Arbitrable Dispute. Any arbitration pursuant hereto shall be conducted by the arbitrators under
    the guidance of the Federal Rules of Civil Procedure and the Federal Rules of Evidence, but the arbitrators shall not be required to comply strictly with such Rules in conducting any such arbitration. All such arbitration proceedings shall take place
    in the State of Texas. The fees and expenses of the arbitrators and any related costs and expenses initially shall be borne equally by the two sides to the Arbitrable Dispute. The arbitrators shall have the authority to award any remedy or relief that
    a state district court of the State of Texas could order or grant, including, without limitation, specific performance of any obligation created under this Agreement, the awarding of punitive damages, the issuance of an injunction, or the imposition of
    sanctions for abuse or frustration of the arbitration process. The arbitrators shall render their decision and award in writing and counterpart copies thereof shall be delivered to each Party. The decision and award of the arbitrators shall be binding
    on all Parties. In rendering such decision and award, the arbitrators shall not add to, subtract from or otherwise modify the provisions of this Agreement. Any Party to the arbitration may seek to have judgment upon the award rendered by the
    arbitrators entered in any court having jurisdiction thereof. Each Party agrees that it will not file any suit, motion, petition or otherwise commence any legal action or proceeding for any matter which is required to be submitted to arbitration as
    contemplated herein except in connection with the enforcement of an award rendered by the arbitrators. Upon the entry of an order dismissing or staying any action or proceeding filed contrary to the preceding sentence, the Party which filed such action
    or proceeding shall promptly pay to the other Party the reasonable attorney’s fees, costs and expenses incurred by such other Party prior to the entry of such order.

   

  [Signature Pages Follow]  

  

  
    6

    
      
 

  

  IN WITNESS WHEREOF, the Optionor and each Optionee have executed this Agreement, and the Company and MGMT
    have each caused this Agreement to be executed in its name and on its behalf, all as of the Grant Date.

   

  OPTIONOR:

  
    	/s/ A Haag Sherman

          	 
	A. Haag Sherman	 

  

   

   

   

  

  

  Signature Page to

  

  Unit Option – Buy Down Agreement

    

  
    
      
 

  

  
    	OPTIONEES:	 	 	 
	/s/ Brian R. Bortz

          	 	/s/ Darrell W. Cain

          	 
	Brian R. Bortz	 	Darrell W. Cain	 
	 	 	 	 
	/s/ Steven L. Cain

          	 	/s/ Steven B. Clapp

          	 
	Steven L. Cain	 	Steven B. Clapp	 
	 	 	 	 
	/s/ Judson S. Crawford

          	 	/s/ Teresa D. Gast

          	 
	Judson S. Crawford	 	Teresa D. Gast	 
	 	 	 	 
	/s/ Timothy B. Greaves

          	 	/s/ Toni D. Lee

          	 
	Timothy B. Greaves	 	Toni D. Lee	 
	 	 	 	 
	/s/ Thomas R. Sanders

          	 	/s/ Daniel C. Wicker

          	 
	Thomas R. Sanders	 	Daniel C. Wicker	 

  

   

    

  

  

  Signature Page to

  

  Unit Option – Buy Down Agreement

  
    
      
 

  

  COMPANY:

   

  TECTONIC HOLDINGS, LLC

   

  
    	By:	Tectonic Services, LLC,

            its manager	 
	 	 	 
	 	By:	/s/ A. Haag Sherman

          	 
	 	Name: 	A. Haag Sherman 	 
	 	Title:	Chief Executive Officer	 

  

   

    

  MGMT:

   

  TECTONIC SERVICES, LLC

   

  
    	By:	/s/ A. Haag Sherman	 
	Name: 	A. Haag Sherman 	 
	Title:	Chief Executive Officer	 

  

  

  

  Signature Page to

  

  Unit Option – Buy Down Agreement

  
    
      
 

  

  Exhibit A

  

  

  OPTION EXERCISE FORM

   

  The undersigned hereby exercises his or her Option as set forth below:

   

  Optionee’s name: __________________________________________ 

   

  Last four digits of Optionee’s social security number:______________ 

   

  Today’s date: _____________________________________________ 

   

  Date on which option was granted:______________________ , 20____ .

   

  Number of Option Units for which option is being exercised: _______________ 

   

  Exercise Price: $_________ 

   

  Payment of the exercise price of $_________ is enclosed.

   

  By signing below you represent and agree that:

   

  (a)       You are acquiring the Option Units covered by this Option Exercise Form for your own account and not for resale to any individual
    or entity; and

   

  (b)       You understand that you must bear the economic risk of investment for an indefinite period of time because the Option
    Units have not been registered under the securities laws and may never be registered, and cannot be sold unless they are registered or an exemption from such registration is available.

   

  Optionee’s signature:____________________________________________ 

   

  Received by (to be completed by Company):__________________________ 

   

  Date received (to be completed by Company):_________________________ 

   

  Received by (to be completed by MGMT):____________________________ 

   

  Date received (to be completed by MGMT):___________________________

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