Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of [___], 2021, is made by and among:

 

		i.	Clear Secure, Inc., a Delaware corporation (the “Company”);

 

		ii.	Alclear Investments, LLC, a Delaware limited liability company (the “Alclear Investments Holder”);

 

		iii.	Alclear Investments II, LLC, a Delaware limited liability company (the “Alclear Investments II Holder” and, together
with the Alclear Investments Holder, the “Founder Holders”); and

 

		iv.	each of the Persons who has executed a signature page hereto under the heading “Additional Holders” (collectively,
the “Other Holders”).

 

The
Founder Holders and the Other Holders are each referred to herein as a “Holder” and are collectively referred
to herein as the “Holders”. In addition, the Holders and the Company are each referred to herein as a “Party”
and are collectively referred to herein as the “Parties”.

 

WHEREAS,
pursuant to a Reorganization Agreement, dated as of [___], 2021, by and among the Company, Alclear (as defined below) and the other
Persons listed on the signature pages thereto, the Company has effected a series of reorganization transactions (the “Reorganization
Transactions”);

 

WHEREAS,
in connection with the Reorganization Transactions, Alclear, the Company and other parties thereto have entered into the Amended
and Restated Operating Agreement of Alclear (the “LLC Agreement”);

 

WHEREAS, the Company has priced an initial public
offering of shares of its Class A Common Stock (the “IPO”) pursuant to an Underwriting Agreement, dated as of
the date hereof; and

 

WHEREAS, in connection with the Reorganization Transactions
and the IPO, the Company has agreed to provide the Holders with certain registration rights with respect to their Registrable Securities,
subject to the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions contained in this Agreement
and for good and valuable consideration, the Parties agree as follows:

 

ARTICLE I

 

Definitions

 

1.1          Definitions.
The following terms shall have the following respective meanings:

 

    1 

     

    

 

“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.

 

“Agreement” has the meaning set
forth in the preamble.

 

“Alclear”
mean Alclear Holdings, LLC, a Delaware limited liability company.

 

“Alclear
Investments Holder” has the meaning set forth in the preamble.

 

“Alclear
Investments II Holder” has the meaning set forth in the preamble.

 

“Alclear
Units” means non-voting common interest units in Alclear.

 

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

 

“Class A
Common Stock” means shares of the Company’s Class A common stock, $0.00001 par value per share.

 

“Class B
Common Stock” means shares of the Company’s Class B common stock, $0.00001 par value per share.

 

“Class C
Common Stock” means shares of the Company’s Class C common stock, $0.00001 par value per share.

 

“Class D
Common Stock” means shares of the Company’s Class D common stock, $0.00001 par value per share.

 

“Common Stock” means the Class A
Common Stock.

 

“Company” has the meaning set
forth in the preamble.

 

“Continuance Notice” has the meaning
set forth in Section 2.6(c).

 

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

 

“Demand Registration” has the
meaning set forth in Section 2.1(a).

 

“Disclosure Package” means (i) the
preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information that is deemed, under Rule 159
under the Securities Act, to have been conveyed to purchasers of securities at the time of sale (including a contract of sale).

 

“Equity
Securities” means, with respect to any Person, any (i) equity interests, membership interests, shares of capital
stock or other ownership, voting, profit or participation interests of such Person or (ii) similar rights or securities of such Person,
or any rights or securities convertible into or exchangeable for, options or other rights to acquire from such Person, any of the foregoing.

 

    2 

     

    

  

“Electing Registration Party”
has the meaning set forth in Section 2.6(c).

 

“Exchange”
means (i) the exchange of shares of Class D Common Stock together with Alclear Units for shares of Class B Common
Stock, pursuant to the Exchange Agreement, and the further conversion of such shares of Class B Common Stock into shares of Common
Stock and (ii) the exchange of shares of Class C Common Stock together with Alclear Units for shares of Common Stock, pursuant
to the Exchange Agreement.

 

“Exchange
Agreement” means that certain Exchange Agreement, dated as of the date hereof, by and among the Company, Alclear and
the other Persons listed on the signature pages thereto.

 

“Form S-3 Registration Statement”
has the meaning set forth in Section 2.3(b).

 

“Form S-3 Shelf Registration Statement”
has the meaning set forth in Section 2.3(b).

 

“Founder
Holder” has the meaning set forth in the preamble.

 

“Founder
Registration Party” means any Founder Holder or any of their respective permitted Transferees that have executed and delivered
a Joinder Agreement in accordance with this Agreement holding Registrable Securities.

 

“Free Writing Prospectus” means
any “free writing prospectus,” as defined in Rule 405 under the Securities Act.

 

“Governmental Authority” means
any United States or non-United States federal, national, supranational, state, provincial, local or similar government, governmental,
regulatory or administrative authority, branch, agency or commission or any court, tribunal, or arbitral or judicial body.

 

“Holder” has the meaning set forth
in the preamble.

 

“Initiating Shelf Holder” has
the meaning set forth in the Section 2.4(a).

 

“IPO” has the meaning set forth
in the recitals.

 

“Law” means any statute, law,
ordinance, regulation, rule, code, executive order, injunction, judgment, decree or order of any Governmental Authority.

 

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

 

“Marketed Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(b).

 

    3 

     

    

 

“Non-Marketed Take-Down Share”
means with respect to each Initiating Shelf Holder and each other Notice Recipient delivering a notice with respect to and participating
in such Non-Marketed Underwritten Shelf Take-Down subject to Section 2.4(d), a number equal to the product of (i) the total
number of Registrable Securities to be included in such Non-Marketed Underwritten Shelf Take-Down pursuant to Section 2.4(c) and
(ii) a fraction, the numerator of which is the total number of Registrable Securities beneficially owned by the Initiating Shelf
Holder or such participating Notice Recipient, as applicable, and the denominator of which is the total number of Registrable Securities
beneficially owned by the Initiating Shelf Holder and all participating Notice Recipients delivering a notice and participating in such
Non-Marketed Underwritten Shelf Take-Down.

 

“Non-Marketed Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(c).

 

“Non-Marketed Underwritten Shelf Take-Down
Notice” has the meaning set forth in Section 2.4(d).

 

“Non-Marketed Underwritten Shelf Take-Down
Piggyback Election” has the meaning set forth in Section 2.4(c).

 

“Notice Recipient” has the meaning
set forth in Section 2.4(c).

 

“Other Holders” has the meaning
set forth in the preamble.

 

“Other
Holder Registration Party” means, individually or collectively, any Other Holder or Other Holders, or any of their respective
permitted Transferees that have executed and delivered a Joinder Agreement in accordance with this Agreement, beneficially owning at least
a majority of the outstanding Common Stock.

 

“Other Securities” means Common
Stock of the Company sought to be included in a registration other than Registrable Securities.

 

“Parties” has the meaning set
forth in the preamble.

 

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

 

“Piggyback Notice” has the meaning
set forth in Section 2.2(a).

 

“Public Offering” means a public
offering of Common Stock pursuant to an effective registration statement (other than on Form S-4 or Form S-8 or their respective
equivalents) filed by the Company under the Securities Act.

 

    4 

     

    

 

“Registrable
Securities” means shares of Common Stock owned by a Holder, whether now held or hereinafter acquired, including any
shares of Common Stock issuable or issued upon conversion or exchange of other securities of the Company or any of its Subsidiaries (“Overlying
Securities”), including upon an Exchange or by way of unit or stock dividend or unit or stock split, or in connection with
a combination of units or shares, recapitalization, merger, consolidation or other reorganization, until: (i) a registration statement
covering such shares of Common Stock or applicable Overlying Securities has been declared effective by the SEC and such shares of Common
Stock or applicable Overlying Securities have been disposed of pursuant to such effective registration statement; (ii) such shares
of Common Stock or applicable Overlying Securities are sold under circumstances in which all of the applicable conditions of Rule 144
(or any similar provisions then in force) under the Securities Act are met; (iii) with respect to any Holder, such Holder and its
Affiliates beneficially own less than 1% of the outstanding Common Stock and all of such shares of Common Stock may be sold without restriction
under Rule 144 (or any similar provisions then in force); or (iv) (A) such shares of Common Stock or applicable Overlying
Securities are otherwise Transferred to a non-Affiliate of the Transferor, (B) the Company has delivered a new certificate or other
evidence of ownership for such shares of Common Stock or applicable Overlying Securities not bearing a restrictive legend and (C) such
shares of Common Stock or applicable Overlying Securities may be resold without limitation or subsequent registration under the Securities
Act.

 

“Registration
Expenses” means any and all expenses incident to performance of or compliance with any registration of securities pursuant to
Article II (other than underwriting discounts and commissions), including (i) the fees, disbursements and expenses of the Company’s
counsel and accountants, including for special audits and comfort letters; (ii) all expenses, including filing fees, in connection
with the preparation, printing and filing of the registration statement, any preliminary prospectus or final prospectus, any other offering
document and amendments and supplements thereto and the mailing and delivering of copies thereof to any underwriters and dealers; (iii) the
cost of printing or producing any underwriting agreements and blue sky or legal investment memoranda and any other documents in connection
with the offering, sale or delivery of the securities to be disposed of; (iv) all expenses in connection with the qualification of
the securities to be disposed of for offering and sale under state “blue sky” securities laws, including the reasonable fees
and disbursements of one counsel for the underwriters and the Selling Holders in connection with such qualification and in connection
with any blue sky and legal investment surveys; (v) all expenses, including filing fees, incident to securing any required review
by FINRA of the terms of the sale of the securities to be disposed of; (vi) transfer agents’ and registrars’ fees and
expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering; (vii) all security engraving
and security printing expenses; (viii) all fees and expenses payable in connection with the listing of the securities on any securities
exchange or automated interdealer quotation system or the rating of such securities; (ix) all expenses with respect to road shows
that the Company is obligated to pay pursuant to Section 2.7(o); and (x) the reasonable fees and disbursements of one counsel
for the Registration Parties participating in the registration (which counsel shall be chosen by the participating Registration Party
that then holds the most Registrable Securities), not to exceed $50,000, incurred in connection with any such registration and
any offering of Common Stock relating to such registration, including Shelf-Take Downs (as defined below).

 

“Registration Party” means any
Founder Registration Party or Other Holder Registration Party.

 

“Selling Holder” means, with respect
to any registration statement, any Holder whose Registrable Securities are included therein.

 

    5 

     

    

 

“Shelf Holder” means any Holder
whose Registrable Securities are included in the Form S-3 Shelf Registration Statement.

 

“Shelf Take-Down” has the meaning
set forth in Section 2.4(a).

 

“Subsidiary” means, with respect
to any Person, any other Person controlled by such first Person, directly or indirectly, through one of more intermediaries.

 

“Transfer” means, in respect of
any Common Stock, property or other assets, any direct or indirect sale, assignment, hypothecation, lien, encumbrance, transfer, distribution
or other disposition thereof or of a participation therein, or other conveyance of legal or beneficial interest therein, including rights
to vote and to receive dividends or other income with respect thereto, or any short position in a security or any other action or position
otherwise reducing risk related to ownership through hedging or other derivative instruments, whether voluntarily or by operation of Law,
or any agreement or commitment to do any of the foregoing.

 

“Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(b).

 

“Underwritten Shelf Take-Down Notice”
has the meaning set forth in Section 2.4(b).

 

“Withdrawn Offering” has the meaning
set forth in Section 2.6(c).

 

Capitalized terms used but not otherwise defined
in this Agreement shall have the meanings ascribed to such terms in the LLC Agreement.

 

ARTICLE II

 

REGISTRATION
RIGHTS

 

2.1          Demand
Rights.

 

(a)           Demand
Rights. Subject to the terms and conditions of this Agreement (including Section 2.1(b)), (I) at any time, upon written
notice delivered by a Founder Registration Party or (II) at any time after the date that is 180 days after the date of this Agreement,
upon written notice delivered by an Other Holder Registration Party (in each case, a “Demand”), in each case requesting
that the Company effect the registration (a “Demand Registration”) under the Securities Act of any or all of the Registrable
Securities held by such Registration Party, which Demand shall specify the number and type of such Registrable Securities to be included
in such registration and the intended method or methods of disposition of such Registrable Securities, the Company shall use its reasonable
best efforts to promptly (but in any event within 10 days of such Demand) give written notice of such Demand to all other Holders and
shall use its reasonable best efforts to promptly file the appropriate registration statement with the SEC and use its reasonable best
efforts to effect the registration under the Securities Act and applicable state securities laws of (i) the Registrable Securities
which the Company has been so requested to register for sale by such Registration Party in the Demand, and (ii) all other Registrable
Securities which the Company has been requested to register for sale by such other Holders by written request given to the Company within
20 days after the giving of such written notice by the Company (which request shall specify the intended method of disposition of such
Registrable Securities), in each case subject to Section 2.1(f), all to the extent required to permit the disposition (in accordance
with such intended methods of disposition) of the Registrable Securities to be so registered for sale. Notwithstanding the foregoing,
in the event the method of disposition is an underwritten offering, (x) the right of any Holder to include Registrable Securities
in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting (unless otherwise agreed by the Holders with a majority of the Registrable Securities participating
in the registration and by the requesting Registration Party) to the extent provided in this Agreement and (y) all Holders proposing
to distribute their Registrable Securities through such underwriting shall (together with the Company) enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such underwriting.

 

    6 

     

    

 

(b)           Limitations
on Demand Rights. The Founder Registration Parties shall be entitled to make two Demands in the aggregate under Section 2.1(a) and
the Other Registration Parties shall be entitled to make two Demands in the aggregate under Section 2.1(a), subject, in each case,
to Section 2.6(c). No registration effected pursuant to Section 2.2 or Section 2.3 and no Shelf Take-Down pursuant to
Section 2.4 shall be counted as the making of a Demand for purposes of Section 2.1(a).

 

(c)           Assignment.
In connection with the Transfer of Registrable Securities to any Person, a Registration Party or Other Holder may assign to any Transferee
of such Registrable Securities (i) the right to make one or more Demands pursuant to Section 2.1(a) (in the case of the
Registration Party) and (ii) the right to participate in or effect any registration and/or Shelf Take-Down pursuant to the terms
of Section 2.1(a), Section 2.2, Section 2.3 and Section 2.4, in each case to the extent that such Transferor has
such rights. In the event of any such assignment, references to the Registration Parties in Section 2.1, Section 2.2, Section 2.3
and Section 2.4 shall be deemed to refer to such Transferee if such Transferee is making any Demand or otherwise exercising its
registration rights hereunder. In each of the foregoing cases, in the event the relevant Registration Party or Other Holder assigns,
directly or indirectly, any registration rights to any Person as contemplated in this Section 2.1(c) in connection with a Transfer
of Registrable Securities, the Registration Party or Other Holder shall, as a condition to any such assignment, require such Transferee
to enter into a Joinder Agreement in the form attached hereto as Annex B to become party to this Agreement and expressly
be subject to Section 2.12. If any such Transferee is an individual and married, such relevant Registration Party or Other Holder
shall, as a condition to such Transfer, cause such Transferee to deliver to the Company a duly executed copy of a Spousal Consent in
the form attached hereto as Annex C. In the event of any such assignment, references to the Registration Party or Other Holder
in Section 2.12 shall be deemed to refer to such Transferee. In addition, in each of the foregoing cases, the relevant Registration
Party or Other Holder, as applicable, shall, as promptly as reasonably practicable, give written notice of any such assignment to the
Company and, in the case of an assignment by a Registration Party, the other Registration Parties in accordance with the LLC Agreement
or, to the extent applicable to such other Registration Parties, to the addresses and other contact information set forth on Annex A
to this Agreement.

 

    7 

     

    

 

(d)           Company
Blackout Rights. With respect to any registration statement filed, or to be filed, including any amendment, renewal or replacement
thereof, pursuant to this Section 2.1, if the board of directors of the Company determines in good faith after consultation with
outside counsel that such registration would cause the Company to disclose material non-public information, which disclosure (x) would
be required to be made in any registration statement so that such registration statement would not be materially misleading, (y) would
not be required to be made at such time but for the filing or effectiveness of such registration statement and (z) would be materially
detrimental to the Company or would materially interfere with any material financing, acquisition, corporate reorganization or merger
or other similar transaction involving the Company or any of its Subsidiaries, and that, as a result of such potential disclosure or
interference, it is in the best interests of the Company to defer the filing or effectiveness of such registration statement at such
time or suspend the Selling Holders’ use of any prospectus which is a part of the registration statement, then the Company shall
have the right to defer such filing or effectiveness or suspend the continuance of such effectiveness for a period of not more than 120
days (in which event, in the case of a suspension, such Selling Holder shall discontinue sales of Registrable Securities pursuant to
such registration statement); provided, that the Company shall not use this right, together with any other deferral or suspension
of the Company’s obligations under Section 2.1 or Section 2.3, more than once in any 12-month period. The Company shall
as promptly as reasonably practicable notify the Selling Holders of the expiration of any deferral or suspension period during which
it exercised its rights under this Section 2.1(d). The Company agrees that, in the event it exercises its rights under this Section 2.1(d),
it shall use its reasonable best efforts to, as promptly as reasonably practicable following the expiration of the applicable deferral
or suspension period, file or update and use its reasonable best efforts to cause the effectiveness of, as applicable, the applicable
deferred or suspended registration statement or prospectus which is a part of the registration statement.

 

(e)           Fulfillment
of Registration Obligations. Notwithstanding any other provision of this Agreement, a registration requested pursuant to this Section 2.1
shall not be deemed to have been effected and the Registration Party that issued the Demand shall not be deemed to have used one of its
Demands for purposes of Section 2.1(b): (i) if the registration statement is withdrawn without becoming effective; (ii) if
after it has become effective such registration is interfered with by any stop order, injunction or other order or requirement of the
SEC or any other Governmental Authority for any reason other than a misrepresentation or an omission by a Selling Holder that is the Registration
Party, or an Affiliate of the Registration Party (other than the Company and its controlled Affiliates), that made the Demand relating
to such registration and, as a result thereof, the Registrable Securities requested to be registered cannot be completely distributed
in accordance with the plan of distribution set forth in the related registration statement; (iii) if the registration does not contemplate
an underwritten offering, if it does not remain effective for at least 180 days (or such shorter period as will terminate when all securities
covered by such registration statement have been sold or withdrawn); or if such registration statement contemplates an underwritten offering,
if it does not remain effective for at least 180 days plus such longer period as, in the opinion of counsel for the underwriter or underwriters,
a prospectus is required by applicable Law to be delivered in connection with the sale of Registrable Securities by an underwriter or
dealer; or (iv) in the event of an underwritten offering, if the conditions to closing (including any condition relating to an overallotment
option) specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied
or waived other than by reason of some wrongful act or omission by a Selling Holder that is the Registration Party, or an Affiliate of
the Registration Party, that made the Demand relating to such registration.

 

    8 

     

    

 

(f)            Cutbacks
in Demand Registration. If the lead underwriter or managing underwriter advises the Company in writing that, in such firm’s
good faith view, the aggregate number of Registrable Securities and Other Securities requested to be included in a Demand Registration
exceeds the largest number that can be included in such registration without materially adversely affecting the distribution (including
timing or pricing) of the Registrable Securities and Other Securities proposed to be included in such registration, the Company shall
include in such registration:

 

(1)            first,
Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to Section 2.1(a) and
that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata among
the Holders thereof based upon the number of Registrable Securities held by each such Holder);

 

(2)            second,
Other Securities proposed to be sold by the Company for its own account that can be sold without having the adverse effect referred to
above; and

 

(3)            third,
Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration that can be
sold without having the adverse effect referred to above, pro rata  on the basis of the relative number of such Other Securities
owned by such Persons requesting inclusion in such registration.

 

2.2          Piggyback
Registration Rights.

 

(a)            Notice
and Exercise of Rights. If the Company at any time proposes or is required to register any of its Common Stock or any other Equity
Securities of the Company under the Securities Act (other than a Demand Registration pursuant to Section 2.1 or a registration pursuant
to Section 2.3) whether or not for sale for its own account, in a manner that would permit registration of Registrable Securities
for sale for cash to the public under the Securities Act, subject to the last sentence of this Section 2.2(a), it shall at each such
time promptly give written notice (the “Piggyback Notice”) to each Holder of Registrable Securities of its intention
to do so at least 10 Business Days before the initial filing of the registration statement related thereto and, upon the request of any
Holder of Registrable Securities to include in such registration Registrable Securities (which request shall specify the number of shares
of such Registrable Securities to be included in such registration), the Company shall use its reasonable best efforts to cause all such
Registrable Securities to be included in such registration on the same terms and conditions as the Common Stock or other Equity Securities
being registered in such registration; provided, that in no event shall the Company be required to register pursuant to this Section 2.2
any securities other than Common Stock. Notwithstanding anything to the contrary contained in this Section 2.2, the Company shall
not be required to effect any registration of Registrable Securities under this Section 2.2 incidental to the registration of any
of its securities on Forms S-4 or S-8 (or any similar or successor form providing for the registration of securities in connection with
mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock option or other executive or employee
benefit or compensation plans) or any other form that would not be available for registration of Registrable Securities.

 

    9 

     

    

 

(b)           Determination
Not to Effect Registration. If at any time after giving such Piggyback Notice and prior to the effective date of the registration
statement filed in connection with such registration the Company shall determine for any reason not to register the securities originally
intended to be included in such registration, the Company may, at its election, give written notice of such determination to the Selling
Holders and thereupon the Company shall be relieved of its obligation to register such Registrable Securities in connection with the
registration of securities originally intended to be included in such registration, without prejudice, however, (i) to the right
of a Registration Party immediately to request that such registration be effected as a registration under Section 2.1 or (ii) the
right of a Shelf Registration Party (as defined below) immediately to request that such registration be effected as a shelf registration
under Section 2.3, in each case, to the extent permitted thereunder.

 

(c)           Cutbacks
in Company Offering or Other Offerings.

 

(1)           Cutbacks
in Company Offering. If the registration referred to in the first sentence of Section 2.2(a) is to be an underwritten registration
on behalf of the Company, and the lead underwriter or managing underwriter advises the Company in writing that, in such firm’s
good faith view, the aggregate number of Registrable Securities and Other Securities requested to be included in such registration exceeds
the largest number that can be included in such registration without materially adversely affecting the distribution (including timing
or pricing) of the Registrable Securities and Other Securities proposed to be included in such registration, the Company shall include
in such registration:

 

(A)           first,
all securities proposed to be registered on behalf the Company;

 

(B)           second,
Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to this Section 2.2
and that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata
among the Holders thereof based upon the number of Registrable Securities held by each such Holder); and

 

(C)           third,
Other Securities that are requested to be included in such registration pursuant to the terms of any agreement providing for registration
rights to which the Company is a party that can be sold without having the adverse effect referred to above, pro rata on the basis
of the relative number of such Other Securities owned by such Persons requesting inclusion in such registration.

 

(2)           Cutbacks
in Other Offerings. If the registration referred to in the first sentence of Section 2.2(a) is to be an underwritten registration
other than on behalf of the Company, and the lead underwriter or managing underwriter advises the Company in writing that, in such firm’s
good faith view, the aggregate number of Registrable Securities and Other Securities requested to be included in such registration exceeds
the largest number that can be included in such registration without materially adversely affecting the distribution (including timing
or pricing) of the Registrable Securities and Other Securities proposed to be included in such registration, the Company shall include
in such registration:

 

    10 

     

    

 

(A)           first,
Other Securities held by any holder thereof with a contractual right to include such Other Securities in such registration prior to any
other Person;

 

(B)           second,
Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to this Section 2.2 and
that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata among
the Holders thereof based upon the number of Registrable Securities held by each such Holder);

 

(C)           third,
Other Securities proposed to be sold by the Company for its own account that can be sold without having the adverse effect referred to
above; and

 

(D)           fourth,
Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration that can be
sold without having the adverse effect referred to above, pro rata  on the basis of the relative number of such Other Securities
owned by such Persons requesting inclusion in such registration.

 

2.3          Form S-3
Registration; Shelf Registration.

 

(a)           Notwithstanding
anything in Section 2.1 or Section 2.2 to the contrary, at such time the Company shall have qualified for the use of a Form S-3
under the Securities Act or any successor form thereto, any Founder Registration Party or any Other Holder or Other Holders who beneficially
own not less than 5% of the outstanding Common Stock at the time of determination (each, a “Shelf Registration Party”),
shall have the right to request an unlimited number of registrations of Registrable Securities on Form S-3 (which may, at such Holder’s
request, be shelf registrations pursuant to Rule 415 promulgated under the Securities Act) or its successor form, which request
or requests shall (i) specify the number of Registrable Securities intended to be Transferred and the Holders thereof and (ii) state
whether the intended method of Transfer of such Registrable Securities is an underwritten offering or a shelf registration, and upon
receipt of such request, the Company shall use its reasonable best efforts to promptly effect the registration under the Securities Act
of the Registrable Securities so requested to be registered. A requested registration on Form S-3 (or its successor form) in compliance
with this Section 2.3 shall not constitute a Demand. If requested in accordance with this Section 2.3(a), the Company shall
use its reasonable best efforts to:

 

(1)           as
promptly as reasonably practicable, give written notice of the proposed registration, and any related qualification or compliance, to
all other Holders; and

 

(2)           as
promptly as reasonably practicable, file with the SEC and use reasonable best efforts to effect such registration and all such qualifications
and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Shelf
Registration Party’s Registrable Securities as are specified in such request, together with all or such portion of the Registrable
Securities of any other Holder joining in such request as are specified in a written request given within 10 days after receipt of such
written notice from the Company; provided, that the Company shall not be obligated to effect any such registration, qualification
or compliance pursuant to this Section 2.3 (or, with respect to a request under Section 2.4, any Shelf Take-Down pursuant to
Section 2.4):

 

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(A)           if
Form S-3 is not available for such registration or offering;

 

(B)           solely
with respect to filing and causing the effectiveness of a registration on Form S-3 or effecting a Marketed Underwritten Shelf Take-Down,
if the Shelf Registration Party, together with the Holders of any Registrable Securities entitled to inclusion in such registration (or
Marketed Underwritten Shelf Take-Down, as applicable), propose to sell Registrable Securities at an aggregate price to the public (net
of any underwriting discounts or commissions) of less than $50 million;

 

(C)           if
the board of directors of the Company determines in good faith after consultation with outside counsel that such Form S-3 registration
would cause the Company to disclose material non-public information, which disclosure (x) would be required to be made in any registration
statement so that such registration statement would not be materially misleading, (y) would not be required to be made at such time
but for the filing or effectiveness of such registration statement and (z) would be materially detrimental to the Company or would
materially interfere with any material financing, acquisition, corporate reorganization or merger or other similar transaction involving
the Company or any of its Subsidiaries, and that, as a result of such potential disclosure or interference, it is in the best interests
of the Company to defer the filing or effectiveness of such registration statement (or, with respect to a Shelf Take-Down under Section 2.4,
the sale of securities of the Company pursuant to such Form S-3 Registration Statement (as defined below)) at such time, then the
Company shall have the right to defer such filing of the Form S-3 Registration Statement (or Shelf Take-Down) for a period of not
more than 120 days after receipt of the request of the Shelf Registration Party under this Section 2.3 (or Section 2.4, as
applicable); provided, that the Company shall not use this right, together with any other deferral or suspension of the Company’s
obligations under Section 2.1 or Section 2.3, more than once in any 12-month period. The Company shall as promptly as reasonably
practicable notify the Selling Holders of the expiration of any period during which it exercised its rights under this Section 2.3(a)(2)(C).
The Company agrees that, in the event it exercises its rights under this Section 2.3(a)(2)(C), it shall use its reasonable best
efforts to, as promptly as reasonably practicable following the expiration of the applicable deferral period, file or update and use
its reasonable best efforts to cause the effectiveness of, as applicable, the applicable deferred registration statement (or Shelf Take-Down);

 

(D)           solely
with respect to filing and causing the effectiveness of a registration on Form S-3, subject to Section 2.3(d), if the Company
has, within the 120-day period preceding the date of such request, already effected one registration on Form S-3 for a Shelf Registration
Party pursuant to this Section 2.3 (but, for the avoidance of doubt, regardless of whether any Shelf Take-Downs have been effected
during such period); provided, that any such registration shall be deemed to have been “effected” if the registration
statement relating thereto (x) has become or been declared or ordered effective under the Securities Act, and any of the Registrable
Securities of the Shelf Registration Party included in such registration have actually been sold thereunder, and (y) has remained
effective for a period of at least 180 days; or

 

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(E)            in
any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service
of process in effecting such registration, qualification or compliance.

 

(b)           Subject
to the foregoing, the Company shall use its reasonable best efforts to file a registration statement covering the Registrable Securities
so requested to be registered, as promptly as reasonably practicable, after receipt of the request or requests of the Shelf Registration
Party and the other Holders (the “Form S-3 Registration Statement”) and any such Holder may request inclusion
of a plan of distribution in accordance with Section 2.7(i) and/or that such Form S-3 Registration Statement constitute
a shelf offering on a delayed or continuous basis in accordance with Rule 415 under the Securities Act (a “Form S-3
Shelf Registration Statement”), in which case the provisions of Section 2.4 shall also be applicable.

 

(c)           If
a Shelf Registration Party intends to distribute the Registrable Securities covered by its request under this Section 2.3 by means
of a Marketed Underwritten Shelf Take-Down pursuant to Section 2.4(b), it shall so advise the Company as a part of its request made
pursuant to this Section 2.3 and, subject to the limitations set forth in Section 2.3(a), the Company shall include such information
in the written notice referred to in Section 2.3(a). In such event, the right of any Holder to include Registrable Securities in
such registration (or Underwritten Shelf Take-Down, as applicable) shall be conditioned upon such Holder’s participation in such
underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided in this Agreement.
All Holders proposing to distribute their securities through such underwriting shall (together with the Company) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision
of this Section 2.3 or Section 2.4, if the lead underwriter or managing underwriter advises the Company in writing that, in
such firm’s good faith view, the aggregate number of Registrable Securities and Other Securities requested to be included in such
registration exceeds the largest number that can be included in such registration without materially adversely affecting the distribution
(including timing or pricing) of the Registrable Securities and Other Securities proposed to be included in such registration, the Company
shall include in such registration:

 

(1)            first,
Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to Section 2.3 and Section 2.4
and that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata
among the Holders thereof based upon the number of Registrable Securities held by each such Holder); and

 

(2)            second,
Other Securities proposed to be sold by the Company for its own account that can be sold without having the adverse effect referred to
above; and

 

(3)            third,
Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration that can be
sold without having the adverse effect referred to above, pro rata  on the basis of the relative number of such Other Securities
owned by such Persons requesting inclusion in such registration.

 

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(d)           Notwithstanding
the foregoing, if the Company shall receive from any Holders of Registrable Securities then outstanding a written request or requests
under Section 2.3 that the Company effect a registration statement on Form S-3 that includes only those items and that information
that is required to be included in parts I and II of such Form, and does not include any additional or extraneous items of information
(e.g., a lengthy description of the Company or the Company’s business) (an “Ordinary S-3 Registration Statement”),
then Section 2.3(a)(2)(D) shall not apply to such Ordinary S-3 Registration Statement request.

 

(e)            Upon
the written request of any Shelf Registration Party (which shall not constitute a Demand), prior to the expiration of effectiveness of
any existing Form S-3 Shelf Registration Statement in accordance with Rule 415, the Company shall use its reasonable best efforts
to file and seek the effectiveness of a new Form S-3 Shelf Registration Statement in order to permit the continued offering of the
Registrable Securities included under such existing Form S-3 Shelf Registration Statement.

 

2.4           Shelf
Take-Downs.

 

(a)           Any
Selling Holder of Registrable Securities included in a Form S-3 Shelf Registration Statement (an “Initiating Shelf Holder”)
may initiate an offering or sale of all or part of such Registrable Securities (a “Shelf Take-Down”), in which case
the provisions of this Section 2.4 shall apply.

 

(b)           If
an Initiating Shelf Holder who is a Shelf Registration Party so elects in a written request delivered to the Company (an “Underwritten
Shelf Take-Down Notice”), a Shelf Take-Down may be in the form of an underwritten offering (an “Underwritten Shelf
Take-Down”) and, subject to the limitations set forth in the proviso to Section 2.3(a)(2) as modified by Section 2.3(d),
the Company shall file and effect an amendment or supplement to its Form S-3 Shelf Registration Statement (including the filing of
a supplemental prospectus) for such purpose as promptly as reasonably practicable. Such Initiating Shelf Holder who is a Shelf Registration
Party shall indicate in such Underwritten Shelf Take-Down Notice whether it intends for such Underwritten Shelf Take-Down to involve a
customary “road show” (including an “electronic road show”) or other substantial marketing effort by the underwriters
over a period of at least 48 hours (a “Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf
Take-Down Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf Take-Down, the Company shall
use its reasonable best efforts to as promptly as reasonably practicable (but in any event no later than three Business Days after receipt
of such Marketed Underwritten Shelf Take-Down Notice) give written notice of such Marketed Underwritten Shelf Take-Down to all other Shelf
Holders and shall permit the participation of all such Shelf Holders that request inclusion in such Marketed Underwritten Shelf Take-Down
who respond in writing within five days after the receipt of such notice of their election to participate. The provisions of Section 2.3(c) (other
than the first sentence thereof) shall apply with respect to the right of the Initiating Shelf Holder and any other Shelf Holder to participate
in any Underwritten Shelf Take-Down.

 

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(c)           If
the Initiating Shelf Holder who is a Shelf Registration Party desires to effect an Underwritten Shelf Take-Down that does not constitute
a Marketed Underwritten Shelf Take-Down (a “Non-Marketed Underwritten Shelf Take-Down”), such Initiating Shelf Holder
shall so indicate in a written request delivered to the Company no later than two Business Days prior to the expected date of such Non-Marketed
Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable Securities expected to be offered
and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the expected plan of distribution of such Non-Marketed Underwritten
Shelf Take-Down, (iii) the action or actions required (including the timing thereof) in connection with such Non-Marketed Underwritten
Shelf Take-Down (including the delivery of one or more stock certificates representing shares of Registrable Securities to be sold in
such Non-Marketed Underwritten Shelf Take-Down) and (iv) at the option and in the sole discretion of such Initiating Shelf Holder,
an election that such Non-Marketed Underwritten Shelf Take-Down shall be subject to Section 2.4(d) (a “Non-Marketed
Underwritten Shelf Take-Down Piggyback Election”), and, subject to the limitations set forth in the proviso to Section 2.3(a)(2) as
modified by Section 2.3(d), the Company shall use its reasonable best efforts to file and effect an amendment or supplement to its
Form S-3 Shelf Registration Statement (including the filing of a supplemental prospectus) for such purpose as promptly as reasonably
practicable (and in any event within three Business Days).

 

(d)           Upon
receipt from any Shelf Registration Party of a written request pursuant to Section 2.4(c) that contains an affirmative Non-Marketed
Underwritten Shelf Take-Down Piggyback Election, the Company shall provide written notice (a “Non-Marketed Underwritten
Shelf Take-Down Notice”) of such Non-Marketed Underwritten Shelf Take-Down promptly to all Holders (other than the requesting
Shelf Registration Party), which Non-Marketed Underwritten Shelf Take-Down Notice shall set forth (i) the total number of Registrable
Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the expected plan of distribution
of such Non-Marketed Underwritten Shelf Take-Down, (iii) that each recipient of such Non-Marketed Underwritten Shelf Take-Down Notice
(each, a “Notice Recipient”) shall have the right, upon the terms and subject to the conditions set forth in this
Section 2.4(d), to elect to sell up to its Non-Marketed Take-Down Share and (iv) the action or actions required (including
the timing thereof, which for the avoidance of doubt shall not require any delay in the expected date of such Non-Marketed Underwritten
Shelf Take-Down or extension of the Company’s obligation to file and effect an amendment or supplement to its Form S-3 Shelf
Registration Statement as soon as practicable of the Initiating Shelf Holder’s Non-Marketed Underwritten Shelf Take-Down request
pursuant to Section 2.4(c)) in connection with such Non-Marketed Underwritten Shelf Take-Down with respect to each Notice Recipient
that elects to exercise such right (including the delivery of one or more stock certificates representing shares of Registrable Securities
held by such Notice Recipient to be sold in such Non-Marketed Underwritten Shelf Take-Down). Upon receipt of such Non-Marketed Underwritten
Shelf Take-Down Notice, each such Notice Recipient may elect to sell up to its Non-Marketed Take-Down Share with respect to each such
Non-Marketed Underwritten Shelf Take-Down, by taking such action or actions referred to in clause (iv) above in a timely manner.
If the Shelf Registration Party does not elect to sell all of its Non-Marketed Take-Down Share, the unelected portion of such Non-Marketed
Take-Down Share shall be allocated to the Notice Recipients, pro rata based on their respective Non-Marketed Take-Down Shares.
Notwithstanding the delivery of any Non-Marketed Underwritten Shelf Take-Down Notice, all determinations as to whether to complete any
Non-Marketed Underwritten Shelf Take-Down and as to the timing, manner, price and other terms of any Non-Marketed Underwritten Shelf
Take-Down contemplated by Section 2.4(d) shall be at the discretion of the Initiating Shelf Holder who is a Shelf Registration
Party.

 

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2.5           Selection
of Underwriters. In the event that any registration pursuant to this Article II (other
than a registration under Section 2.2) shall involve, in whole or in part, an underwritten offering, the underwriter or underwriters
shall be designated by the Registration Party (or in the case of a Shelf Take-Down, the Initiating Shelf Holder) that requested such
underwritten offering in accordance with this Article II, which underwriter or underwriters shall be reasonably acceptable to the
Company.

 

2.6          Withdrawal
Rights; Expenses.

 

(a)            A
Selling Holder may withdraw all or any part of its Registrable Securities from any registration or offering (including a registration
effected pursuant to Section 2.1) by giving written notice to the Company of its request to withdraw at any time prior to the earlier
of the effectiveness of the registration statement for such registration or the public announcement of such offering. The Company shall
not be required to pay for any expenses of any registration proceeding begun pursuant to a Demand if the registration request is subsequently
withdrawn at the request of the Selling Holders (in which case all Selling Holders shall bear such expenses pro rata based upon the number
of Selling Holders that were to be included in the withdrawn registration), unless the Selling Holders agree to forfeit their right to
one registration pursuant to Section 2.1. In the case of a withdrawal, any Registrable Securities so withdrawn shall be reallocated
among the remaining participants in accordance with the applicable provisions of this Agreement.

 

(b)           Except
as provided in this Agreement, the Company shall pay all Registration Expenses with respect to a particular offering (or proposed offering).
Except as provided herein, each Selling Holder and the Company shall be responsible for its own fees and expenses of financial advisors
and their internal administrative and similar costs, as well as their respective pro rata shares of underwriting discounts and commissions,
which shall not constitute Registration Expenses.

 

(c)           If
the Registration Party that requested a Demand Registration or the Shelf Registration Party that requested a Marketed Underwritten Shelf
Take-Down pursuant to Section 2.1 or Section 2.4 withdraws all of its Registrable Securities from such Demand Registration or
Marketed Underwritten Shelf Take-Down (a “Withdrawn Offering”), the other applicable Party(ies) or the Company may,
in any of their sole discretion, elect within two Business Days thereafter to have the Company continue such Withdrawn Offering by giving
written notice of such election to the Company and/or the other applicable Parties (a “Continuance Notice”), in which
case such Withdrawn Offering shall proceed in accordance with the applicable provisions of this Agreement as if such Withdrawn Offering
had been initiated by the Party providing the Continuance Notice (which, for the avoidance of doubt, shall not cause any new notice or
consent period with respect to other Holders to occur under this Agreement and shall not otherwise change the requirements for and timing
of any notices and consents under this Agreement as they then exist with respect to such Withdrawn Offering). If a Continuance Notice
is provided by a Registration Party (the “Electing Registration Party”), for the purpose of the limits on number of
Demands set forth in Section 2.1(b), such Withdrawn Offering shall count as use of one Demand by such Electing Registration Party
and shall not count as use of a Demand by the Registration Party that originally requested such Withdrawn Offering. If a Continuance Notice
is provided by the Company, such Withdrawn Registration shall not count as use of a Demand for any Registration Party for the purpose
of the limits on number of Demands set forth in Section 2.1(b). If no Continuance Notice is timely provided with respect to a Withdrawn
Offering, the Company shall abandon the Withdrawn Offering, and such Withdrawn Offering shall count as use of one Demand by the Registration
Party that originally requested such Withdrawn Offering for the purpose of the limits on number of Demands set forth in Section 2.1(b),
unless such Registration Party elects in writing to bear the Registration Expenses for such Withdrawn Offering.

 

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2.7          Registration
and Qualification. If and whenever the Company is under an obligation pursuant to this Agreement
to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act as provided in this
Article II, the Company shall use its reasonable best efforts to as promptly as practicable:

 

(a)           Registration
Statement. (i) Prepare and file a registration statement that registers such Registrable Securities, and cause such registration
statement to become effective as promptly as practicable thereafter, and keep such registration statement effective for 180 days or, if
earlier, until the distribution contemplated in the registration statement has been completed; provided, that in the case of any
registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 180-day
period shall be extended, if necessary, to keep the registration statement continuously effective, supplemented and amended to the extent
necessary to ensure that it is available for sales of such Registrable Securities, and to ensure that it conforms with the requirements
of this Agreement, the Securities Act and the policies, rules and regulations of the SEC as announced from time to time, until (A) the
Selling Holders have sold all of such Registrable Securities or (B) no Registrable Securities then exist; (ii) furnish to the
lead underwriter or underwriters, if any, and to the Selling Holders who have requested that Registrable Securities be covered by such
registration statement, prior to the filing thereof with the SEC, a copy of the registration statement, and each amendment thereof, and
a copy of any prospectus, and each amendment or supplement thereto (excluding amendments caused by the filing of a report under the Exchange
Act); and (iii) use reasonable best efforts to reflect in each such document, when so filed with the SEC, such comments as such Persons
reasonably may on a timely basis propose;

 

(b)           Amendments;
Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used
in connection therewith as may be necessary to keep such registration statement effective until (A) all of such Registrable Securities
have been disposed of and to comply with the provisions of the Securities Act with respect to the sale or other disposition of such Registrable
Securities and (B) if a Form S-3 registration, the expiration of the applicable period specified in Section 2.7(a) and,
if not a Form S-3 registration, the applicable period specified in Section 2.1(e)(iii); provided, that any such required
period shall be extended for such number of days (x) during any period from and including the date any written notice contemplated
by paragraph (f) below is given by the Company until the date on which the Company delivers to the Selling Holders the supplement
or amendment contemplated by paragraph (f) below or written notice that the use of the prospectus may be resumed, as the case may
be, and (y) during which the offering of Registrable Securities pursuant to such registration statement is interfered with by any
stop order, injunction or other order or requirement of the SEC or any other governmental agency or court; provided, further,
that the Company shall have no obligation to a Selling Holder participating on a “piggyback” basis pursuant to Section 2.1(a) or
Section 2.2 in a registration statement that has become effective to keep such registration statement effective for a period beyond
180 days from the effective date of such registration statement. The Company shall respond, as promptly as reasonably practicable, to
any comments received from the SEC and request acceleration of effectiveness, as promptly as reasonably practicable, after it learns
that the SEC will not review the registration statement or after it has satisfied comments received from the SEC. With respect to each
Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that no Registrable Securities be sold “by
means of” (as defined in Rule 159A(b) under the Securities Act) such Free Writing Prospectus or other materials without
the prior written consent of the Selling Holders of the Registrable Securities covered by such registration statement, which Free Writing
Prospectuses or other materials shall be subject to the review of counsel to such Selling Holders, and make all required filings of all
Free Writing Prospectuses with the SEC;

 

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(c)           Copies.
Furnish to the Selling Holders and to any underwriter of such Registrable Securities such number of conformed copies of such registration
statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus
included in such registration statement (including each preliminary prospectus, summary prospectus and Free Writing Prospectus), in conformity
with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and
such other documents, as such Selling Holders or such underwriter may reasonably request, and upon request a copy of any and all transmittal
letters or other correspondence to or received from, the SEC or any other Governmental Authority or self-regulatory body or other body
having jurisdiction (including any domestic or foreign securities exchange) relating to such offering;

 

(d)           Blue
Sky. Use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws
of such jurisdictions as the Selling Holders reasonably request and do any and all other acts and things which may be reasonably necessary
or advisable to enable such Selling Holders to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such Selling Holder; provided, however, that the Company shall not be required to qualify generally to do business, subject
itself to general taxation, or consent to general service of process, in any jurisdiction where it would not otherwise be required to
do so but for this Section 2.7(d);

 

(e)           Delivery
of Certain Documents. (i) Furnish to each Selling Holder and to any underwriter of such Registrable Securities an opinion of
counsel for the Company (which opinion (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters,
if any, or, in the case of a non-underwritten offering, to the Selling Holders) dated the date of the closing under the underwriting
agreement (if any) (or if such offering is not underwritten, dated the effective date of the applicable registration statement) covering
the matters customarily covered in opinions requested in sales of securities or underwritten offerings, (ii) in connection with
an underwritten offering, furnish to each Selling Holder and any underwriter of such Registrable Securities a “cold comfort”
and “bring-down” letter signed by the independent public accountants who have audited the financial statements of the Company
included in such registration statement, in each such case covering substantially the same matters with respect to such registration
statement (and the prospectus included therein) as are customarily covered in accountants’ letters delivered to underwriters in
underwritten public offerings of securities and such other matters as any Selling Holder may reasonably request and, in the case of such
accountants’ letter, with respect to events subsequent to the date of such financial statements and (iii) cause such authorized
officers of the Company to execute customary certificates as may be requested by any Selling Holder or any underwriter of such Registrable
Securities;

 

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(f)            Notification
of Certain Events; Corrections. (i) Notify the Selling Holders on a timely basis when a prospectus relating to such Registrable
Securities or any document related thereto includes an untrue statement of a material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances then existing and furnish to such Selling Holders a reasonable
number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the offerees
of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;
and (ii) promptly notify the Holders of Registrable Securities in writing (A) of the receipt by the Company of any notification
with respect to any comments by the SEC with respect to such registration statement or prospectus or any amendment or supplement thereto
or any request by the SEC for the amending or supplementing thereof or for additional information with respect thereto, (B) of the
receipt by the Company of any notification with respect to the issuance by the SEC of any stop order suspending the effectiveness of
such registration statement or prospectus or any amendment or supplement thereto, which the Company will take all reasonable actions
required to prevent the entry of such stop order or remove it if entered after the filing of the registration statement, or the initiation
or threatening of any proceeding for that purpose, and (C) of the receipt by the Company of any notification with respect to the
suspension of the qualification of such Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purposes.

 

(g)           Notice
of Effectiveness. Notify the Selling Holders and the lead underwriter or underwriters, if any, and (if requested) confirm such advice
in writing, as promptly as reasonably practicable after notice thereof is received by the Company (i) when the applicable registration
statement or any amendment thereto has been filed or becomes effective and when the applicable prospectus or any amendment or supplement
thereto has been filed, (ii) of any comments by the SEC, (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of such registration statement or any order preventing or suspending the use of any preliminary or final prospectus or
the initiation or threat of any proceedings for such purposes and (iv) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threat
of any proceeding for such purpose;

 

(h)           Stop
Orders. Use its reasonable best efforts to prevent the entry of, and use its reasonable best efforts to obtain as promptly as reasonably
practicable the withdrawal of, any stop order with respect to the applicable registration statement or other order suspending the use
of any preliminary or final prospectus;

 

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(i)            Plan
of Distribution. Promptly incorporate in a prospectus supplement or post-effective amendment to the applicable registration statement
such information as any Selling Holder requests (subject to the agreement of the lead underwriter or underwriters, if any) be included
therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such prospectus
supplement or post-effective amendment as promptly as reasonably practicable after being notified of the matters to be incorporated in
such prospectus supplement or post-effective amendment;

 

(j)            Other
Filings. Use its reasonable best efforts to cause such Registrable Securities 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 to enable the Selling Holders to consummate the
disposition of such Registrable Securities;

 

(k)            FINRA
Compliance. Cooperate with each Selling Holder and each underwriter or agent, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

(l)            Listing.
Use its reasonable best efforts to cause all such Registrable Securities registered pursuant to such registration to be listed and remain
on each securities exchange and automated interdealer quotation system on which identical securities issued by the Company are then listed;

 

(m)           Transfer
Agent; Registrar; CUSIP Number. Provide a transfer agent and registrar (which may be the same entity and which may be the Company)
for such Registrable Securities and a CUSIP number for all such Registrable Securities, in each case not later than the effective date
of the applicable registration statement;

 

(n)           Compliance;
Earnings Statement. Otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC,
and make available to each Selling Holder, as soon as reasonably practicable, an earnings statement covering the period of 12 months
beginning within three months after the effective date of the subject registration statement;

 

(o)           Road
Shows. To the extent reasonably requested by the lead or managing underwriters in connection with an underwritten offering pursuant
to Section 2.1 or a Form S-3 underwritten offering pursuant to Section 2.3 and Section 2.4(b), send appropriate officers
of the Company to attend any “road shows” scheduled in connection with any such underwritten offering, with all out of pocket
costs and expenses incurred by the Company or such officers in connection with such attendance to be paid by the Company;

 

(p)           Certificates.
Unless the relevant securities are issued in book-entry form, furnish for delivery in connection with the closing of any offering of
Registrable Securities pursuant to a registration effected pursuant to this Article II unlegended certificates representing ownership
of the Registrable Securities being sold in such denominations as shall be requested by any Selling Holder or the underwriters of such
Registrable Securities (it being understood that the Selling Holders shall use reasonable best efforts to arrange for delivery to the
Depository Trust Company); and

 

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(q)           Reasonable
Best Efforts. Use its reasonable best efforts to take all other steps necessary to effect the registration and offering of the Registrable
Securities contemplated hereby.

 

2.8          Underwriting;
Due Diligence.

 

(a)           If
requested by the underwriters for any underwritten offering of Registrable Securities pursuant to a registration requested under this
Article II, the Company shall enter into an underwriting agreement with such underwriters for such offering, which agreement will
contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting
agreements generally with respect to secondary distributions to the extent relevant, including indemnification and contribution provisions
substantially to the effect and to the extent provided in Section 2.9, and agreements as to the provision of opinions of counsel
and accountants’ letters to the effect and to the extent provided in Section 2.7(e). The Selling Holders on whose behalf the
Registrable Securities are to be distributed by such underwriters shall be parties to any such underwriting agreement, and the representations
and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters, shall also be made
to and for the benefit of such Selling Holders and the conditions precedent to the obligations of such underwriters under such underwriting
agreement shall also be conditions precedent to the obligations of such Selling Holders to the extent applicable. Subject to the following
sentence, such underwriting agreement shall also contain such representations and warranties by such Selling Holders and such other terms
and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, when relevant. No Selling
Holder shall be required in any such underwriting agreement or related documents to make any representations or warranties to or agreements
with the Company or the underwriters other than customary representations, warranties or agreements, and the liability of any Selling
Holder under the underwriting agreement shall be several and not joint and in no event shall the liability of any Selling Holder under
the underwriting agreement be greater in amount than the dollar amount of the proceeds received by such Selling Holder under the sale
of the Registrable Securities pursuant to such underwriting agreement (net of underwriting discounts and commissions).

 

(b)           In
connection with the preparation and filing of each registration statement registering Registrable Securities under the Securities Act
pursuant to this Article II, the Company shall make available upon reasonable notice at reasonable times and for reasonable periods
for inspection by each Selling Holder, by any lead underwriter or underwriters participating in any disposition to be effected pursuant
to such registration statement, and by any attorney, accountant or other agent retained by any Selling Holder or any lead underwriter,
all pertinent financial and other records, pertinent corporate documents and properties of the Company, and use its reasonable best efforts
to cause all of the Company’s officers, directors and employees and the independent public accountants who have certified the Company’s
financial statements to make themselves reasonably available to discuss the business of the Company and to supply all information reasonably
requested by any such Selling Holders, lead underwriters, attorneys, accountants or agents in connection with such registration statement
as shall be necessary to enable them to exercise their due diligence responsibility (subject to entry by each party referred to in this
clause (b) into customary confidentiality agreements in a form reasonably acceptable to the Company).

 

    21

     

    

 

(c)           In
the case of an underwritten offering requested by the Registration Parties pursuant to Section 2.1 or Section 2.3 or an Underwritten
Shelf Take-Down pursuant to Section 2.4, the price, underwriting discount and other financial terms for the Registrable Securities
of the related underwriting agreement shall be determined by the Registration Party exercising its Demand or Shelf Registration Party
requesting such Underwritten Shelf Take-Down. In the case of any underwritten offering of securities by the Company pursuant to Section 2.2,
such price, discount and other terms shall be determined by the Company, subject to the right of Selling Holders to withdraw their Registrable
Securities from the registration pursuant to Section 2.6(a).

 

(d)           Subject
to Section 2.8(a), no Person may participate in an underwritten offering (including an Underwritten Shelf Take-Down) unless such
Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the
Persons entitled to approve such arrangements and (ii) completes and executes all customary questionnaires, powers of attorney,
custody agreements, indemnities, underwriting agreement and other documents reasonably required under the terms of such underwriting
arrangements.

 

2.9           Indemnification
and Contribution.

 

(a)            Indemnification
by the Company. In connection with any registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company shall indemnify and hold harmless the Holders of Registrable Securities, each of such Holder’s officers, directors,
employees, members, partners, and advisors and their respective Affiliates, each underwriter, broker or any other Person acting on behalf
of the Holders of Registrable Securities and each other Person, if any, who controls any of the foregoing Persons within the meaning
of the Securities Act against any losses, claims, damages, liabilities, or actions joint or several (or actions in respect thereof),
costs and reasonable expenses (including legal fees and expenses), to which any of the foregoing persons may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in the registration statement under which such
Registrable Securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein or
otherwise filed with the SEC, any amendment or supplement thereto or any document incident to registration or qualification of any Registrable
Securities, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make the statements
therein in light of the circumstances under which they were made not misleading, or any violation by the Company of the Securities Act
or state securities or blue sky laws applicable to the Company or relating to action or inaction required of the Company in connection
with such registration or qualification under such state securities or blue sky laws; and shall reimburse such Persons for any legal
or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability
or action; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim,
damage, liability or action (including any legal or other expenses incurred) arises out of or is based upon an untrue statement or allegedly
untrue statement or omission or alleged omission made in said registration statement, preliminary prospectus, final prospectus, amendment,
supplement or document incident to registration or qualification of any Registrable Securities in reliance upon and in conformity with
written information furnished to the Company by the Holders of Registrable Securities specifically for use in the preparation thereof;
provided further, however, that the foregoing indemnity agreement is subject to the condition that, insofar as it relates to any
untrue statement, allegedly untrue statement, omission or alleged omission made in any preliminary prospectus but eliminated or remedied
in the final prospectus, such indemnity agreement shall not inure to the benefit of any of such Persons if a copy of such final prospectus
had been made available to such Persons and such final prospectus was not delivered to the purchaser of the Registrable Securities with
or prior to the written confirmation of the sale of such Registrable Securities.

 

    22

     

    

 

(b)           Indemnification
by Selling Holders. In connection with any registration of Registrable Securities under the Securities Act pursuant to the terms
of this Agreement, each Selling Holder shall severally, and not jointly and severally, indemnify and hold harmless (in the same manner
and to the same extent as set forth in Section 2.9(a)) the Company, each member of the board of directors of the Company, each officer
of the Company who shall sign such registration statement, each underwriter, broker or other person acting on behalf of the Holders of
Registrable Securities and each person who controls any of the foregoing persons within the meaning of the Securities Act with respect
to any statement or omission from such registration statement, any preliminary prospectus or final prospectus contained therein or otherwise
filed with the SEC, any amendment or supplement thereto or any document incident to registration or qualification of any Registrable
Securities, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company
or such underwriter by such Selling Holder specifically for use in connection with the preparation of such registration statement, preliminary
prospectus, final prospectus, amendment, supplement or document; provided, however, that the maximum amount of liability
in respect of such indemnification shall be in proportion and limited to, in the case of each Selling Holder, to an amount equal to the
net proceeds actually received by such Holder from the sale of Registrable Securities effected pursuant to such registration.

 

(c)            Indemnification
Procedures. Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred
to in this Section 2.9, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written
notice to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying party of any
such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying party
from any liability in respect of such action that it may have to such indemnified party hereunder. In case any such action is brought
against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with
any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the
defense thereof; provided, however, that if any indemnified party shall have reasonably concluded that there may be one
or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to the
indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the indemnity
agreement provided hereunder, the indemnifying party shall not have the right to assume the defense of such action on behalf of such
indemnified party (but shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse
such indemnified party and any Person controlling such indemnified party for that portion of the fees and expenses of any counsel retained
by the indemnified party which is reasonably related to the matters covered by the indemnity agreement provided hereunder. If the indemnifying
party is not entitled to, or elects not to, assume the defense of a claim, it will not be obligated to pay the fees and expenses of more
than one counsel with respect to such claim.

 

    23

     

    

 

(d)           Contribution.
If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss,
claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in such loss, claim,
damage, liability or action as well as any other relevant equitable considerations. The relative fault of the indemnifying party and
of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party
or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined
by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred to herein.
No person guilty or liable of fraudulent misrepresentation shall be entitled to contribution from any person.

 

(e)           Settlement/Judgement.
In the defense of any claim or litigation pursuant to this Section 2.9, the indemnifying party shall not, without the prior written
consent of the indemnified party, consent to entry of any judgment or enter into any settlement which imposes restrictions or non-monetary
obligations on the indemnified party, nor shall the indemnifying party, without the prior written consent of the indemnified party, consent
to entry of any judgment or enter into any settlement unless such judgment or settlement includes an unconditional release of each indemnified
party from any liabilities arising out of such claim, action or proceeding.

 

(f)            Survival.
The indemnification provided for under this Agreement will 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 will survive the Transfer
of Securities.

 

(g)           Limitation
of Selling Holder Liability. The liability of any Selling Holder under this Section 2.9 shall be several and not joint and in
no event shall the liability of any Selling Holder under this Section 2.9 be greater in amount than the dollar amount of the proceeds,
net of underwriting discounts and commissions, received by such Selling Holder from the sale of the Registrable Securities giving rise
to such indemnification/contribution obligation.

 

    24

     

    

 

(h)           Third
Party Beneficiary. Each of the indemnified Persons referred to in this Section 2.9 shall be a third party beneficiary of the
rights conferred to such Person in this Section.

 

2.10        Cooperation;
Information by Holders.

 

(a)           It
shall be a condition of each Selling Holder’s rights under this Article II that such Selling Holder cooperate with the Company
by entering into any undertakings and taking such other action relating to the conduct of the proposed offering which the Company or
the underwriters may reasonably request as being necessary to insure compliance with federal and state securities laws and the rules or
other requirements of FINRA and the stock exchange on which the Common Stock is then listed or which are otherwise customary and which
the Company or the underwriters may reasonably request to effectuate the offering.

 

(b)           Each
Selling Holder shall furnish to the Company such information regarding such Selling Holder and the distribution proposed by such Selling
Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification
or compliance referred to in this Article II. The Company shall have the right to exclude from the registration any Selling Holder
that does not comply with this Section 2.10.

 

(c)           At
such time as an underwriting agreement with respect to a particular underwriting is entered into, the terms of any such underwriting
agreement shall govern with respect to the matters set forth therein to the extent inconsistent with this Article II; provided,
that the indemnification provisions of such underwriting agreement as they relate to the Selling Holders are customary for registrations
of the type then proposed and provide for indemnification by such Selling Holders only with respect to information relating to such Selling
Holder (which information shall be limited to the name of such Selling Holder, the address of such Selling Holder, the number of shares
of Common Stock held by such Selling Holder, the number of shares of Common Stock being offered by such Selling Holder in the offering
and the nature of the beneficial ownership of the Common Stock owned by such Person) furnished in writing to the Company by or on behalf
of such Selling Holder expressly for inclusion in such registration statement (or in any preliminary, final or summary prospectus included
therein) or Disclosure Package, or any amendment thereof or supplement thereto.

 

2.11        Rule 144.
The Company shall use its reasonable best efforts to ensure that the conditions to the availability of Rule 144 under the Securities
Act set forth in paragraph (c) of Rule 144 shall be satisfied. The Company agrees to use its reasonable best efforts to file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act,
at any time after it has become subject to such reporting requirements. Upon the request of any Holder for so long as such information
is a necessary element of such Person’s ability to avail itself of Rule 144, the Company shall deliver to such Person (i) a
written statement as to whether it has complied with such requirements and (ii) a copy of the most recent annual or quarterly report
of the Company, and such other reports and documents so filed as such Person may reasonably request in availing itself of any rule or
regulation of the SEC allowing such Person to sell any such securities without registration.

 

    25

     

    

 

2.12        Holdback
Agreement. (a) In connection with any underwritten offering pursuant to this Agreement,
each Holder participating as a Selling Holder in such underwritten offering agrees (i) not to effect any sale, distribution or other
Transfer (including sales pursuant to Rule 144) of Common Stock or other equity securities of the Company, or any securities convertible
into or exchangeable or exercisable for such equity securities, during any time period reasonably requested by the managing underwriter(s) of
such underwritten offering, which shall not exceed 90 days, and (ii) if requested by the Company or the managing underwriter(s) for
such underwritten offering, to execute and delivery customary lock-up or similar agreements to the managing underwriter(s). Each Holder
subject to the restrictions of the preceding sentence shall receive the benefit of any shorter “lock-up” period or permitted
exceptions agreed to by the managing underwriter(s) for any underwritten offering pursuant to this Agreement.

 

(b)           In
the case of any underwritten offering pursuant to this Agreement, the Company shall use commercially reasonable efforts to cause any
stockholders that beneficially own 1% or more of the Common Stock (other than the Holders) and its directors and executive officers to
execute any lock-up agreements in form and substance as reasonably requested by the managing underwriters for a time period reasonably
requested by the managing underwriter(s) of such underwritten offering, which shall not exceed 90 days.

 

2.13        Suspension
of Sales. Each Selling Holder, upon receipt of any notice from the Company of any event
of the kind described in Section 2.7(f)(i), shall forthwith discontinue disposition of the Registrable Securities pursuant to the
registration statement covering such Registrable Securities until such holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2.7(f)(i), or until advised in writing by the Company that the use of the prospectus may be resumed,
as the case may be, and, if so directed by the Company, such Selling Holder shall deliver to the Company all copies, other than permanent
file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities at the time of receipt
of such notice.

 

2.14        Third
Party Registration Rights. Nothing in this Agreement shall be deemed to prevent the Company
from providing registration rights to any other Person on such terms as the board of directors of the Company deems desirable in its
sole discretion, so long as (1) such registration rights do not limit the ability of the Registration Parties to require a Demand
Registration or the Shelf Registration Party to request a Marketed Underwritten Shelf Take-Down under this Agreement and (2) such
Person may include Common Stock in a registration only to the extent that the inclusion of such Common Stock will not diminish the amount
of Registrable Securities that are entitled to be included in such registration by the Holders under the terms of this Agreement.

 

2.15        Synthetic
Secondary Offerings. If a Holder elects to conduct an offering of Registrable Securities
pursuant to this Agreement, the Company may, in its sole discretion, elect to conduct a synthetic secondary offering with respect to
such Registrable Securities (i.e. an offering in which the Company sells Common Stock for its account and uses the net proceeds of such
offering to acquire an equal number of Registrable Securities from the Holder that has elected to conduct an offering). In such case,
the Common Stock sold by the Company for its own account shall be treated the same as Registrable Securities being offered by the Holder
for purposes of Sections 2.1(f), 2.2(c)(1), 2.2(c)(2), 2.3(c) and 2.4 and other related provisions of this Agreement.

 

    26

     

    

 

ARTICLE III

 

MISCELLANEOUS

 

3.1           Notices.
All notices, requests, demands and other communications to any party hereunder shall be made in writing (including facsimile transmission
and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received by non-automated
response) and shall be given:

 

(a)            if
to the Company, to:

 

Clear Secure, Inc.

65 East 55th Street, 17th
Floor

New York, New York 10022

Attention: Matthew Levine, General Counsel and Chief Privacy
Officer

E-mail:

 

With copies (which shall not constitute actual or
constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas

New York, NY 10019

Attention:
Brian M. Janson

Facsimile:
(212) 492-0588

E-mail:
bjanson@paulweiss.com

 

(b)           if
to the Alclear Investments Holder, to:

 

Alclear Investments, LLC

65 East 55th Street, 17th
Floor

New York, New York 10022

Attention: Caryn Seidman Becker

E-mail:

 

With copies (which shall not constitute actual or
constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Brian M. Janson

Facsimile: (212) 492-0588

E-mail: bjanson@paulweiss.com

 

    27

     

    

 

(c)            if
to the Alclear Investments II Holder, to:

 

Alclear Investments, LLC

65 East 55th Street, 17th
Floor

New York, New York 10022

Attention: Kenneth L. Cornick

E-mail:

 

With copies (which shall not constitute actual or
constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Brian M. Janson

Facsimile: (212) 492-0588

E-mail: bjanson@paulweiss.com

 

(d)           if
to any Additional Holder, to the addresses and other contact information set forth on Annex A to this Agreement (it being understood
that any Holder may, from time to time, update any address and/or other contact information for itself on Annex A by providing
written notice of such update to the Company and the other Holders), or to such other address or facsimile number as such party may hereafter
specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received
on the date of receipt by the recipient thereof if received prior to 5:00 p.m. New York City time on a Business Day in the place
of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business
Day in the place of receipt.

 

3.2          Section Headings.
The article and section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement. References in this Agreement to a designated “Article” or “Section” refer to an Article or
Section of this Agreement unless otherwise specifically indicated.

 

3.3          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware.

 

3.4          Consent
to Jurisdiction and Service of Process. The Parties agree that any suit, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated by this Agreement (whether brought by any Party or any of its Affiliates or against any Party or any of its Affiliates)
shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction, any federal court located in the State
of Delaware or other Delaware state court, and each of the Parties hereby irrevocably consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any
such suit, action or proceeding may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such
court. Without limiting the foregoing, each Party agrees that service of process on such Party as provided in Section 3.1 shall
be deemed effective service of process on such Party.

 

    28

     

    

 

3.5          Waiver
of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

3.6          Amendments;
Termination. This Agreement may be amended only by an instrument in writing executed by
the Company and the Holders holding a majority of the Registrable Securities at the time of determination. Any such amendment will apply
to all Holders equally, without distinguishing between them. This Agreement will terminate as to any Holder when it no longer holds any
Registrable Securities. This Agreement will no longer be applicable to Registrable Securities that are registered in a Public Offering
on The New York Stock Exchange, Nasdaq National Market or any successor thereto or any other U.S. securities exchange on which shares
issued by the Company are then so qualified or listed or are sold pursuant to a brokers’ transaction or a transaction directly
with a market maker, including a sale pursuant to Rule 144 of the Securities Act or any similar rule or successor rule promulgated
for similar purposes.

 

3.7          Specific
Enforcement. The Parties acknowledge that the remedies at law of the other Parties for a
breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any Party to this Agreement, without
posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form
of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then
be available.

 

3.8          Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the Parties
with respect to the transactions contemplated by this Agreement. The registration rights granted under this Agreement supersede any registration,
qualification or similar rights with respect to any Registrable Securities granted under any other agreement at any time, and any of
such preexisting registration rights are hereby terminated.

 

3.9          Severability.
The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or render unenforceable any of its
other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable, to the extent
necessary to render it valid and enforceable and to the extent permitted by law and consistent with the intent of the Parties to this
Agreement.

 

3.10        Counterparts.
This Agreement may be executed in multiple counterparts, including by means of facsimile or .pdf, each of which shall be deemed an original,
but all of which together shall constitute the same instrument.

 

[Signature Page Follows]

 

    29

     

    

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed and delivered as of the date first set forth above.

 

	 	CLEAR SECURE, INC.

 

	 	By:	 

	 	Name:
	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

	 	ALCLEAR INVESTMENTS, LLC

 

	 	By:	 

	 	Name:
	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

	 	ALCLEAR INVESTMENTS II, LLC

 

	 	By:	 

	 	Name:
	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

	 	Additional holders

 

	 	 
	 	[Additional Holders]

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

Annex A

 

Contact Information

 

	Additional
    Holder	Address
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    

     

    

 

Annex B

 

FORM OF

JOINDER AGREEMENT

 

The undersigned is executing and delivering this
Joinder Agreement pursuant to that certain Registration Rights Agreement, dated as of [___], 2021 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereof, the “Registration Rights Agreement”), by and among Clear
Secure, Inc., Alclear Investments, LLC, Alclear Investments II, LLC and the other Persons who execute the signature pages thereto
under the heading “Additional Holders.” Capitalized terms used but not defined in this Joinder Agreement shall have the respective
meanings ascribed to such terms in the Registration Rights Agreement.

 

By executing and delivering this Joinder Agreement
to the Registration Rights Agreement, the undersigned hereby adopts and approves the Registration Rights Agreement and agrees, effective
commencing on the date hereof and as a condition to the undersigned’s becoming a Transferee of Registrable Securities, to be bound
by and comply with the provisions of, the Registration Rights Agreement, including Section 2.12 therein, in the same manner as if
the undersigned were an original signatory to the Registration Rights Agreement.

 

The undersigned acknowledges and agrees that Article III
of the Registration Rights Agreement is incorporated herein by reference, mutatis mutandis.

 

Accordingly, the undersigned has executed and delivered
this Joinder Agreement as of the __ day of ____________, _____.

 
	 	 
	 	(Signature of Transferee)

 

	 	 
	 	(Print Name of Transferee)

 

	 	Address:	 
	 	 
	 	 

 

	 	Telephone:	 

	 	Facsimile:	 

	 	Email:	 

 

    

     

    

 

AGREED AND ACCEPTED

as of the ____ day of ____________,
_____.

 

CLEAR SECURE, INC.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

Annex C

 

FORM OF

SPOUSAL CONSENT

 

In
consideration of the execution of that certain Registration Rights Agreement, dated as of [___], 2021 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereof, the “Registration Rights Agreement”), by and among Clear
Secure, Inc., Alclear Investments, LLC, Alclear Investments II, LLC and the other parties thereto, I, ____________________,
the spouse of ___________________________, who is a party to the Registration Rights Agreement, do hereby join with my spouse in executing
the foregoing Registration Rights Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in consideration
of Transfer of Registrable Securities and all other interests I may have in the shares and securities subject thereto, whether the interest
may be pursuant to community property laws or similar laws relating to marital property in effect in the state or province of my or our
residence as of the date of signing this consent. Capitalized terms used but not defined herein shall have the meaning ascribed to such
terms in the Registration Rights Agreement.

 

	Dated as of _______ __, ____	 
	 	(Signature of Spouse)
	 	 
	 	 
	 	(Print Name of Spouse)Exhibit 10.4

 

 

TAX RECEIVABLE AGREEMENT

 

among

 

CLEAR SECURE, INC.,

 

and

 

THE
PERSONS NAMED HEREIN

 

 

 

Dated
as of [●], 2021

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	Article I DEFINITIONS	2
	 	 
	Section 1.01	 	Definitions	2
	 	 	 	 
	Article II DETERMINATION OF REALIZED TAX BENEFIT	11
	 	 
	Section 2.01	 	Basis Adjustment	11
	Section 2.02	 	Realized Tax Benefit and Realized Tax Detriment	11
	Section 2.03	 	Procedures, Amendments	12
	 	 	 	 
	Article III TAX BENEFIT PAYMENTS	13
	 	 
	Section 3.01	 	Payments	13
	Section 3.02	 	No Duplicative Payments	14
	 	 	 	 
	Article IV TERMINATION	14
	 	 
	Section 4.01	 	Termination, Early Termination and Breach of Agreement	14
	Section 4.02	 	Early Termination Notice	16
	Section 4.03	 	Payment upon Early Termination	16
	Section 4.04	 	Change of Control	17
	 	 	 	 
	Article V SUBORDINATION AND LATE PAYMENTS	17
	 	 
	Section 5.01	 	Subordination	17
	Section 5.02	 	Late Payments by the Corporate Taxpayer	17
	 	 	 	 
	Article VI NO DISPUTES; CONSISTENCY; COOPERATION	18
	 	 
	Section 6.01	 	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	18
	Section 6.02	 	Consistency	18
	Section 6.03	 	Cooperation	18
	 	 	 	 
	Article VII MISCELLANEOUS	19
	 	 
	Section 7.01	 	Notices	19
	Section 7.02	 	Binding Effect; Benefit; Assignment	19
	Section 7.03	 	Resolution of Disputes	20
	Section 7.04	 	Counterparts	21
	Section 7.05	 	Entire Agreement	21
	Section 7.06	 	Severability	21
	Section 7.07	 	Amendment	21
	Section 7.08	 	Governing Law	21
	Section 7.09	 	Reconciliation	22
	Section 7.10	 	Withholding	22

 

    i 

     

    

 

	Section 7.11	 	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	23
	Section 7.12	 	Confidentiality	23
	Section 7.13	 	Change in Law	23
	Section 7.14	 	Member Representative	24
	Section 7.15	 	Partnership Agreement	25

 

    ii 

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (as amended from time
to time, this “Agreement”), dated as of [●], 2021, is hereby entered into by and among Clear Secure, Inc.,
a Delaware corporation (the “Corporate Taxpayer”), Alclear Investments, LLC, a Delaware limited liability company,
and Alclear Investments II, LLC, a Delaware limited liability company (together with their direct and indirect equity owners, the “Founder
Entities”) each of the undersigned parties, and each of the other persons from time to time that become a party hereto (each,
excluding the Corporate Taxpayer, the “Members”).

 

WHEREAS, Alclear Holdings, LLC, a Delaware limited
liability company (“OpCo”), is treated as a partnership for U.S. federal income tax purposes;

 

WHEREAS, the Corporate Taxpayer is classified as
an association taxable as a corporation for U.S. federal income tax purposes;

 

WHEREAS, the Members hold common interest units in
OpCo (the “Common Units”), and following certain reorganization transactions, the Corporate Taxpayer will be the managing
member of OpCo and will hold, directly and/or indirectly, Common Units;

 

WHEREAS, each Member may exchange Common Units (when
exchanged along with shares of Class C common stock, $0.00001 par value per share, of the Corporate Taxpayer (“Class C
Common Stock”) or Class D common stock, $0.00001 par value per share, of the Corporate Taxpayer (“Class D
Common Stock”)) for cash or shares of Class A common stock, $0.00001 par value per share, of the Corporate Taxpayer (the
 “Class A Common Stock”) or Class B common stock, $0.00001 par value per share, of the Corporate Taxpayer
(the “Class B Common Stock”) pursuant to the provisions of the LLC Agreement (as defined below) and the Exchange Agreement
(as defined below);

 

WHEREAS, OpCo and each of its direct and indirect
subsidiaries treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the
Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year (as defined below) in which an Exchange (as
defined below) occurs, which elections are intended generally to result in an adjustment to the tax basis of the assets owned by OpCo
(solely with respect to the Corporate Taxpayer) at the time of an Exchange (such time, the “Exchange Date”) by reason
of the Exchange and the receipt of payments under this Agreement;

 

WHEREAS, the income, gain, loss, expense and other
Tax (as defined below) items of the Corporate Taxpayer may be affected by (i) the Basis Adjustment (as defined below) and (ii) Imputed
Interest (as defined below); and

 

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

 

     

     

    

 

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 1.01     Definitions.

 

(a)       The
following terms shall have the following meanings for the purposes of this Agreement:

 

“Affiliate” shall have the meaning
ascribed to such term in the LLC Agreement.

 

“Agreed Rate” means LIBOR plus
100 basis points.

 

“Applicable Member” means any
Member to whom any portion of a Realized Tax Benefit may be Attributable under this Agreement.

 

“Assumed State and Local Tax Rate”
means the tax rate equal to the sum of the product of (x) the OpCo’s income and franchise Tax apportionment rate(s) for
each state and local jurisdiction in which the OpCo files income or franchise Tax Returns for the relevant Taxable Year and (y) the
highest corporate income and franchise Tax rate(s) for each such state and local jurisdiction in which the OpCo files income or franchise
Tax Returns for each relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing
shall be reduced by the assumed federal income Tax benefit received by the Corporate Taxpayer with respect to state and local jurisdiction
income and franchise Taxes (with such benefit calculated as the product of (a) the Corporate Taxpayer’s marginal U.S. federal
income tax rate for the relevant Taxable Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)).

 

“Attributable”
means, with respect to any Applicable Member, the portion of any Realized Tax Benefit of the Corporate Taxpayer that is “attributable”
to such Applicable Member, which shall be determined by reference to the assets from which arise the depreciation, amortization or other
similar deductions for recovery of cost or basis (“Depreciation”) and with respect to increased basis upon a disposition
of an asset, the Imputed Interest that produce the Realized Tax Benefit, under the following principles:

 

(i)            A
portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year for Depreciation
arising in respect of a Basis Adjustment to a Reference Asset resulting from an Exchange is Attributable to the Applicable Member to the
extent that the ratio of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by the Applicable
Member bears to the aggregate of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by
the Applicable Members (in each case, other than with respect to the portion of the Basis Adjustment described in clause (ii) below).

 

    2 

     

    

 

(ii)            A
portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year for Depreciation
arising in respect of a Basis Adjustment to a Reference Asset resulting from a payment hereunder is Attributable to the Applicable Member
that receives such payment.

 

(iii)           A
portion of any Realized Tax Benefit arising from the disposition of a Reference Asset is Attributable to the Applicable Member to the
extent that the ratio of all Basis Adjustments (to the extent not previously taken into account in the calculation of Realized Tax Benefits)
resulting from all Exchanges by the Applicable Member with respect to such Reference Asset bears to the aggregate of all Basis Adjustments
(to the extent not previously taken into account in the calculation of Realized Tax Benefits) with respect to such Reference Asset.

 

(iv)           A
portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year in respect of Imputed
Interest is Attributable to the Applicable Member to the extent corresponding to amounts that such Member is required to include in income
in respect of Imputed Interest (without regard to whether such Member is actually subject to tax thereon).

 

(v)            For
the avoidance of doubt, in the case of a Basis Adjustment arising under Section 734(b) of the Code with respect to an Exchange,
depreciation, amortization or other similar deductions for recovery of cost of basis shall constitute Depreciation only to the extent
that such depreciation, amortization or other similar deductions may produce or increase a Realized Tax Benefit (and not to the extent
that such depreciation, amortization or other similar deductions may be for the benefit of a Person other than the Corporate Taxpayer),
as reasonably determined by the Corporate Taxpayer.

 

(vi)           A
portion of any Realized Tax Benefit arising from a carryover or carryback of any Tax item is Attributable to such Member to the extent
such carryover or carryback is attributable to or available for use because of the prior use of the Basis Adjustments or Imputed Interest
with respect to which a Realized Tax Benefit would be Attributable to such Member pursuant to clauses (i)–(vi) above.

 

Portions of any Realized Tax Detriment shall be
Attributed to Members under principles similar to those described in clauses (i)–(vii) above.

 

“Basis Adjustment” means the adjustment
to the tax basis of a Reference Asset under Sections 732, 755 and 1012 of the Code and the Treasury Regulations promulgated thereunder
(in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner for
U.S. federal income tax purposes) or under Sections 734(b), 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder
(in situations where, following an Exchange, OpCo remains in existence as an entity for U.S. federal income tax purposes) and, in each
case, comparable sections of state and local tax laws, as a result of (i) an Exchange and (ii) the payments made pursuant to
the Tax Receivable Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more
Common Units shall be determined without regard to any Pre-Exchange Transfer of such Common Units and as if any such Pre-Exchange Transfer
had not occurred.

 

    3 

     

    

 

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.

 

“Board” means the board of directors
of the Corporate Taxpayer.

 

“Business Day” shall have the
meaning ascribed to such term in the LLC Agreement.

 

“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 the Corporate Taxpayer in substantially the same proportions as their ownership of stock
in the Corporate Taxpayer and (y) the Founder Entities, become the Beneficial Owner, directly or indirectly, of securities of the
Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities;

 

(ii)           the
following individuals cease for any reason to constitute a majority of the number of directors of the Corporate Taxpayer then serving:
individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the Board or nomination
for election by the Corporate Taxpayer’s shareholders was approved or recommended by a vote of at least a majority of the directors
then still in office who either were directors on the IPO Date or whose appointment, election or nomination for election was previously
so approved or recommended by the directors referred to in this clause (ii);

 

(iii)          there
is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not
constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary,
the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation
do not continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding voting securities
of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof;
or

 

    4 

     

    

 

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

 

Notwithstanding the foregoing, except with respect
to clause (ii) and clause (iii)(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 the Corporate Taxpayer 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 the Corporate
Taxpayer immediately following such transaction or series of transactions.

 

“Control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise.

 

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

 

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

 

“Default Rate” means LIBOR plus
500 basis points.

 

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

 

    5 

     

    

 

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

 

“Early Termination Rate” means
the lesser of (i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 100 basis points.

 

“Exchange” means an acquisition
of Common Units or a purchase of Common Units by OpCo or the Corporate Taxpayer, including by way of an exchange of stock of the Corporate
Taxpayer for Common Units pursuant to the Exchange Agreement, in each case occurring on or after the date of this Agreement. Any reference
in this Agreement to Common Units “Exchanged” is intended to denote Common Units subject to an Exchange.

 

“Exchange Agreement” means that
certain Exchange Agreement, dated as of the date hereof, by and among the Corporate Taxpayer, OpCo, and the other holders of Common Units
and shares of Class C Common Stock and Class D Common Stock from time to time party thereto.

 

“Governmental Authority” has the
meaning set forth in the LLC Agreement.

 

“Hypothetical Tax Liability” means,
with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii) without duplication, OpCo,
but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer (or to the other members of the consolidated group
of which the Corporate Taxpayer is the parent), in each case using the same methods, elections, conventions and similar practices used
on the relevant Corporate Taxpayer Return, but (a) using the Non-Stepped Up Tax Basis as reflected on the Exchange Basis Schedule,
including amendments thereto for the Taxable Year, (b) excluding any deduction attributable to Imputed Interest for the Taxable Year,
(c) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to or (without
duplication) available for use because of the prior use of any of the Basis Adjustments or Imputed Interest, (d) using the Assumed
State and Local Tax Rate, solely for purposes of calculating the state and local Hypothetical Tax Liability of the Corporate Taxpayer
and (e) assuming, solely for purposes of calculating the liability for U.S. federal income Taxes, in order to prevent double counting,
that state and local income and franchise Taxes are not deductible by the Corporate Taxpayer for U.S. federal income Tax purposes.

 

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

 

“IPO” means the initial public
offering of Class A Common Stock of the Corporate Taxpayer.

 

“IPO Date” means the closing date
of the IPO.

 

    6 

     

    

 

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

 

“LIBOR” means during any period,
an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first day of such period, on the Telerate
Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01”
or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for
such period; provided, however, that if at any time a majority of the Corporate Taxpayer’s then-outstanding loans and/or other agreements
governing material secured, floating rate indebtedness discontinue the use of LIBOR in determining pricing or interest rates and apply
an alternative benchmark rate (such agreements that have discontinued the use of LIBOR, the “Discontinued Agreements”),
then, during any period, all references in this Agreement to LIBOR shall automatically and without further action by any party refer to
the sum of (1) the alternative benchmark rate applied in such period in the majority of the Discontinued Agreements (the “Successor
Benchmark”) and (2) the weighted average mathematical spread adjustment (which may be zero, negative or positive and shall
be determined based on the aggregate principal amount of financing provided under each such Discontinued Agreement, whether utilized or
unutilized at the time that Successor Benchmark is adopted) applied to such Successor Benchmark in the Discontinued Agreements.

 

“LLC Agreement” means the Amended
and Restated Operating Agreement of OpCo, dated as of the date hereof.

 

“Market Value” shall mean the
closing price of the Class A Common Stock on the applicable Exchange Date on the national securities exchange or interdealer quotation
system on which such Class A Common Stock is 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 Common Stock on the Business Day immediately preceding such Exchange Date on the national securities
exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall
Street Journal; provided, further, that if the Class A Common Stock is not then listed on a national securities
exchange or interdealer quotation system, the Market Value shall mean the cash consideration paid for Class A Common Stock, or the
fair market value of the other property delivered for Class A Common Stock, as determined by the Board in good faith. Notwithstanding
anything to the contrary in the above sentence, to the extent property is exchanged for cash in a transaction, the Market Value shall
be determined by reference to the amount of cash transferred in such transaction.

 

“Member Representative” means
Alclear Investments II, LLC, a Delaware limited liability company.

 

“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.

 

    7 

     

    

 

“Payment Date” means any date
on which a payment is required to be made pursuant to this Agreement.

 

“Percentage Interest” has the
meaning set forth in the LLC Agreement.

 

“Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental
entity or other entity.

 

“Pre-Exchange Transfer” means
any transfer or distribution in respect of one or more Common Units (including any interest that was a predecessor to such Common Unit)
(i) that occurs prior to an Exchange of such Common Units, and (ii) to which Section 743(b) or 734(b) of the
Code applies.

 

“Realized Tax Benefit” means,
for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for Taxes of (i) the Corporate
Taxpayer and (ii) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer
(or to the other members of the consolidated group of which the Corporate Taxpayer is the parent) for such Taxable Year.  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 excess, if any, of the actual liability for Taxes of (i) the Corporate Taxpayer and (ii) without duplication,
OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer (or to the other members of the consolidated
group of which the Corporate Taxpayer is the parent) for such Taxable Year, over the Hypothetical Tax Liability for such Taxable Year.
  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.

 

“Reference Asset” means an asset
that is held by OpCo, or by any of its direct or indirect subsidiaries treated as a partnership or disregarded entity for purposes of
the applicable Tax, at the time of an Exchange. 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.

 

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

 

“Subsidiaries” shall have the
meaning ascribed to such term in the LLC Agreement.

 

“Subsidiary Stock” means any stock
or other equity interest in any Subsidiary of the Corporate Taxpayer that is treated as a corporation for U.S. federal income tax purposes.

 

    8 

     

    

 

“Tax Return” means any return,
declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules), including any
information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year” means a taxable
year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section of state or local tax law, as
applicable (and, 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 IPO Date.

 

“Taxes” means any and all U.S.
federal, state and local taxes, assessments or similar charges that are based on or measured with respect to net income or profits, 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.

 

“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 (1) the Corporate Taxpayer will have taxable income sufficient to fully
utilize (i) the deductions arising from the Basis Adjustments and 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 carryovers or carrybacks) generated
by deductions arising from Basis Adjustments or Imputed Interest that are available as of such Early Termination Date, (2) the U.S.
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, except to the extent any change to such tax rates for such Taxable Year
have already been enacted into law as of the Early Termination Date, (3) all taxable income of the Corporate Taxpayer will be subject
to the maximum applicable tax rate for U.S. federal income tax purposes throughout the relevant period, and the tax rate for U.S. state
and local income taxes shall be the Assumed State and Local Tax Rate as in effect for the Taxable Year of the Early Termination Date,
(4) any non-amortizable assets will be disposed of on the fifteenth anniversary of the applicable Basis Adjustment; 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), (5) if, at the Early Termination Date, there are Common Units that have not
been Exchanged, then each such Common Unit shall be deemed to be Exchanged for the Market Value of the number of shares of Class A
Common Stock and the amount of cash that would be transferred if the Exchange occurred on the Early Termination Date, (6) any payment
obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation relates is
required to be filed excluding any extensions and (7) any Subsidiary Stock will be disposed of on the fifteenth anniversary of the
IPO Date in a fully taxable transaction for U.S. federal income tax purposes (or, if later, on the Early Termination Date); provided,
that if any Subsidiary Stock is disposed of in connection with a Change of Control, such Subsidiary Stock shall be deemed to be sold
at the time of such Change of Control.

 

    9 

     

    

 

(b)         Each
of the following terms is defined in the Section set forth opposite such term:

 

	Term	Section
	Agreement	Preamble
	Amended Schedule	2.03(b)
	Class A Common Stock	Recitals
	Class B Common Stock	Recitals
	Class C Common Stock	Recitals
	Class D Common Stock	Recitals
	Code	Recitals
	Common Units	Recitals
	Contribution	Recitals
	Corporate Taxpayer	Preamble
	Depreciation	1.01
	Dispute	7.03(a)
	Early Termination Effective Date	4.02
	Early Termination Notice	4.02
	Early Termination Payment	4.03(b)
	Early Termination Schedule	4.02
	e-mail	7.01
	Exchange Basis Schedule	2.01
	Exchange Date	Recitals
	Expert	7.09
	Interest Amount	3.01(b)
	Material Objection Notice	4.02
	Member	Preamble
	Net Tax Benefit	3.01(b)
	Objection Notice	2.03(a)
	OpCo	Recitals
	Reconciliation Dispute	7.09
	Reconciliation Procedures	2.03(a)
	Senior Obligations	5.01
	Tax Benefit Payment	3.01(b)
	Tax Benefit Schedule	2.02(a)

 

    10 

     

    

 

(c)          Other
Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and
words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.
References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this
Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”,
whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any
statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder.
References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from
or through any date mean, unless otherwise specified, from and including or through and including, respectively.

 

Article II

 

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.01     Basis
Adjustment. Within 90 calendar days after the filing of the U.S. federal income tax return of the Corporate Taxpayer for each Taxable
Year in which any Exchange has been effected by any Member, the Corporate Taxpayer shall deliver to such Member and to the Member Representative
a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations
required by this Agreement, including with respect to each Exchanging party, (i) the Non-Stepped Up Tax Basis of the Reference Assets
as of each applicable Exchange Date, (ii) the Basis Adjustments with respect to the Reference Assets as a result of the Exchanges
effected in such Taxable Year, calculated (x) in the aggregate, (y) solely with respect to Exchanges by such Member 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 the
Corporate Taxpayer in such Taxable Year, (iii) the period (or periods) over which the Reference Assets are amortizable and/or depreciable
and (iv) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable.

 

Section 2.02     Realized
Tax Benefit and Realized Tax Detriment.

 

(a)       Tax
Benefit Schedule. Within 120 calendar days after the filing of the U.S. federal income tax return of the Corporate Taxpayer for any
Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment a portion of which is Attributable to a Member, the Corporate
Taxpayer shall provide to such Member and to the Member Representative a schedule showing, in reasonable detail and, at the request of
such Member or the Member Representative, with respect to each separate Exchange, the calculation of the Realized Tax Benefit or Realized
Tax Detriment and the portion Attributable to such Member for such Taxable Year (a “Tax Benefit Schedule”). The Tax
Benefit Schedule will become final as provided in Section 2.03(a) and may be amended as provided in Section 2.03(b) (subject
to the procedures set forth in Section 2.03(b)).

 

    11 

     

    

 

(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 the Corporate Taxpayer for such Taxable Year attributable to the Basis Adjustments and Imputed Interest,
determined using a “with and without” methodology. For the avoidance of doubt, the actual liability for Taxes will take into
account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization
of Tax Benefit Payments as additional consideration payable by the Corporate Taxpayer for the Common Units acquired in an Exchange. Carryovers
or carrybacks of any Tax item attributable to the Basis Adjustments or Imputed Interest shall be considered to be subject to the rules of
the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable,
governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax
item includes a portion that is attributable to the Basis Adjustments or Imputed Interest and another portion that is not, such portions
shall be considered to be used in accordance with the “with and without” methodology. The parties agree that (i) all
Tax Benefit Payments attributable to the Basis Adjustments (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 the Corporate
Taxpayer and (B) have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year
of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the calculation for the year in which
the applicable Tax Benefits Payments are paid and into future year calculations, as appropriate.

 

Section 2.03     Procedures,
Amendments.

 

(a)       Procedure.
Every time the Corporate Taxpayer delivers to a Member and to the Member Representative an applicable Schedule under this Agreement, including
any Amended Schedule delivered pursuant to Section 2.03(b) and any Early Termination Schedule or amended Early Termination Schedule,
the Corporate Taxpayer shall also (x) deliver to such Member and to the Member Representative schedules, valuation reports (if any),
and work papers, as determined by the Corporate Taxpayer or requested by such Member or the Member Representative, providing reasonable
detail regarding the preparation of the Schedule and (y) allow such Member or the Member Representative reasonable access at no cost
to the appropriate Representative at the Corporate Taxpayer, as determined by the Corporate Taxpayer or requested by such Member or the
Member Representative, in connection with a review of such Schedule. Without limiting the application of the preceding sentence, each
time the Corporate Taxpayer delivers to a Member or the Member Representative a Tax Benefit Schedule, in addition to the Tax Benefit Schedule
duly completed, the Corporate Taxpayer shall deliver to such Member and to the Member Representative the Corporate Taxpayer Return, the
reasonably detailed calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, the reasonably detailed calculation by the
Corporate Taxpayer of the actual Tax liability, as well as any other work papers as determined by the Corporate Taxpayer or requested
by such Member or the Member Representative. An applicable Schedule or amendment thereto shall become final and binding on all parties
30 calendar days from the first date on which the Member has received the applicable Schedule or amendment thereto unless such Member
(i) within 30 calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporate Taxpayer 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 the Corporate Taxpayer. If the parties, for any reason, are unable to successfully
resolve the issues raised in the Objection Notice within 30 calendar days after receipt by the Corporate Taxpayer of an Objection Notice,
the Corporate Taxpayer and the applicable Member shall employ the reconciliation procedures as described in Section 7.09 (the “Reconciliation
Procedures”).

 

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(b)         Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection
with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt
of additional factual information relating to a Taxable Year after the date the Schedule was provided to the applicable Member, (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 the Exchange Basis Schedule to take into account payments made pursuant
to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule
to each Member and the Member Representative within 30 calendar days of the occurrence of an event referenced in clauses (i) through
(vi) of the preceding sentence.

 

Article III

 

TAX BENEFIT PAYMENTS

 

Section 3.01     Payments.

 

(a)       Within
five (5) Business Days after a Tax Benefit Schedule with respect to a Taxable Year is delivered to a Member and the Member Representative
pursuant to this Agreement becomes final in accordance with Section 2.03(a), the Corporate Taxpayer shall pay to each Member for
such Taxable Year the Tax Benefit Payment in the amount determined pursuant to Section 3.01(b).  Each such Tax Benefit Payment
to a Member shall be made by wire transfer of immediately available funds to the bank account previously designated by such Member to
the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such Member.  For the avoidance of doubt, no Tax Benefit
Payment shall be made in respect of estimated tax payments, including federal estimated income tax payments. Notwithstanding anything
to the contrary in this Agreement, with respect to each Exchange by or with respect to any Member, if such Member notifies the Corporate
Taxpayer in writing of a stated maximum selling price (within the meaning of Treasury Regulations Section 15A.453-1(c)(2)), then
the amount of the consideration received in connection with such Exchange and the aggregate Tax Benefit Payments to such Member in respect
of such Exchange (other than amounts accounted for as interest under the Code) shall not exceed such stated maximum selling price.

 

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(b)         A
 “Tax Benefit Payment” means, with respect to a Member, an amount, not less than zero, equal to the sum of the amount
of the Net Tax Benefit Attributable to such Member and the related Interest Amount.  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 Common
Units in Exchanges, unless otherwise required by law. Subject to Section 3.03(a), 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 sum of the total amount of Tax Benefit Payments previously made under this Section 3.01 (excluding payments attributable
to Interest Amounts); provided, for the avoidance of doubt, that such Member shall not be required to return any portion of any
previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the amount of the Net Tax Benefit
Attributable to such Member calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return
with respect to Taxes for such Taxable Year until the Payment Date of the applicable Tax Benefit Payment. Notwithstanding anything to
the contrary in this Agreement, after any lump-sum payment under Article IV 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 or any such lump-sum payment.

 

Section 3.02     No
Duplicative Payments(a)     .
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.

 

Article IV

 

TERMINATION

 

Section 4.01     Termination,
Early Termination and Breach of Agreement.

 

(a)        Unless
terminated earlier pursuant to Section 4.01(b) or Section 4.01(c), 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 Member
retaining an interest in the Corporate Taxpayer or OpCo (or any successor thereto).

 

(b)        The
Corporate Taxpayer may terminate this Agreement with respect to (i) all amounts payable to the Members and with respect to all of
the Common Units held (or previously held and exchanged) by all Members at any time by paying to each Member the Early Termination Payment
in respect of such Member or (ii) the amount payable to any Member having a Percentage Interest of less than 5% by paying to any
such individual Member the Early Termination Payment in respect of such Member; provided, however, that this Agreement shall
only terminate pursuant to this Section 4.01(b) upon the receipt of the Early Termination Payment by all Members; and provided,
further, that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.01(b) prior
to the time at which any Early Termination Payment has been paid.  Upon payment of the Early Termination Payment by the Corporate
Taxpayer in accordance with this Section 4.01(b), neither the Members nor the Corporate Taxpayer shall have any further payment obligations
under this Agreement, other than for any (1) Tax Benefit Payment agreed to by the Corporate Taxpayer and a Member as due and payable
but unpaid as of the Early Termination Notice and (2) 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 (2) is included in the Early Termination
Payment).  If an Exchange occurs after the Corporate Taxpayer makes the Early Termination Payment pursuant to this Section 4.01(b),
the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange.

 

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(c)            In
the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a result of failure to
make any payment when 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, unless otherwise waived or directed in writing
by the Member Representative, 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, but not be limited to, (1) the Early Termination
Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed
to by the Corporate Taxpayer and any Members as due and payable but unpaid as of the date of a breach, and (3) any Tax Benefit Payment
due for the Taxable Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.02
shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence.  Notwithstanding
the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, the Members 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.  The parties agree
that the failure to make any payment due pursuant to this Agreement within three 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, and that it will not be considered to
be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the
date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if the
Corporate Taxpayer fails to make any payment due pursuant to this Agreement when due to the extent the Corporate Taxpayer has insufficient
funds to make such payment; provided that the interest provisions of Section 5.02 shall apply to such late payment (unless
the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by debt agreements to which
the Corporate Taxpayer or its Subsidiaries is a party, in which case Section 5.02 shall apply, but the Default Rate shall be replaced
by the Agreed Rate); provided, further, that the Corporate Taxpayer shall promptly (and in any event, within two (2) Business
Days), pay all such unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporate
Taxpayer has, and to the extent the Corporate Taxpayer has, sufficient funds to make such payment, and the failure of the Corporate Taxpayer
to do so shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and cash equivalents used or to be used to
pay dividends by, or repurchase equity securities of, the Corporate Taxpayer shall be deemed to be funds sufficient and available to pay
such unpaid payments, together with any accrued and unpaid interest thereon.

 

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Section 4.02     Early
Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.01(b) above,
the Corporate Taxpayer shall deliver to each Member and the Member Representative notice of such intention to exercise such right (“Early
Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporate Taxpayer’s
intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for such Member. The
Early Termination Schedule shall become final and binding on such Member 30 calendar days from the first date on which the Member and
the Member Representative have received such Schedule or amendment thereto unless the Member in case of an Early Termination Payment
pursuant to Section 4.01(b)(ii) or the Member Representative in the case of an Early Termination Payment pursuant to Section 4.01(b)(i),
(i) within 30 calendar days after receiving the Early Termination Schedule, provides the Corporate Taxpayer 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 the Corporate Taxpayer (such 30 calendar day date as modified, if at all, by clauses (i) or
(ii), the “Early Termination Effective Date”). If the Corporate Taxpayer and the Member or Member Representative,
for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt by the Corporate
Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the Member or Member Representative shall employ the Reconciliation
Procedures.

 

Section 4.03     Payment
upon Early Termination.

 

(a)       Within
three Business Days after the Early Termination Date, the Corporate Taxpayer shall pay to each Member an amount equal to the Early Termination
Payment in respect of such Member. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts
designated by such Member or as otherwise agreed by the Corporate Taxpayer and such Member.

 

(b)       “Early
Termination Payment” in respect of a Member shall equal the present value, discounted at the Early Termination Rate as of the
Early Termination Effective Date, of all Tax Benefit Payments in respect of such Member that would be required to be paid by the Corporate
Taxpayer beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied.

 

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Section 4.04     Change
of Control. In connection with any Change of Control, unless otherwise waived or directed in writing by the Member Representative,
all obligations hereunder with respect to such Member shall be accelerated and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such Change of Control and shall include, but not be limited to, (1) the Early Termination
Payment to such Member calculated as if an Early Termination Notice had been delivered on the date of such Change of Control, (2) any
Tax Benefit Payment agreed to by the Corporate Taxpayer and such Member as due and payable but unpaid as of the date of such Change of
Control, and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the date of such Change of Control; provided,
that procedures similar to the procedures of Section 4.02 shall apply with respect to the determination of the amount payable by
the Corporate Taxpayer pursuant to this sentence.

 

Article V

SUBORDINATION AND LATE PAYMENTS

 

Section 5.01     Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required
to be made by the Corporate Taxpayer to any Member 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 the
Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future
unsecured obligations of the Corporate Taxpayer that are not Senior Obligations.  To the extent that any payment under this Agreement
is not permitted to be made at the time payment is due as a result of this Section 5.01 and the terms of agreements governing Senior
Obligations, such payment obligation nevertheless shall accrue for the benefit of Members and the Corporate Taxpayer shall make such
payments at the first opportunity that such payments are permitted to be made in accordance with the terms of the Senior Obligations.
The Corporate Taxpayer shall use commercially reasonable efforts not to enter into any agreement if a principal purpose of such agreement
is to restrict in any material respect the amounts payable hereunder.

 

Section 5.02     Late
Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not
made to the applicable Member 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 or Early Termination Payment was due and payable.

 

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Article VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.01     Participation
in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided herein, and except as provided in the
LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate
Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining
to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the Member Representative of, and keep the Member Representative
reasonably informed with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing Authority the outcome of
which is reasonably expected to affect the rights and obligations of a Member under this Agreement, and shall provide to the Member Representative
reasonable opportunity to provide information and other input to the Corporate Taxpayer, OpCo and their respective advisors concerning
the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo shall not be required
to take any action that is inconsistent with any provision of the LLC Agreement; provided, further, that the Corporate
Taxpayer shall not settle or fail to contest any issue pertaining to Taxes or Tax matters where such settlement or failure to contest
would reasonably be expected to materially adversely affect the Members’ rights and obligations under this Agreement without the
written consent of the Member Representative, such consent not to be unreasonably withheld, conditioned, or delayed.

 

Section 6.02     Consistency.
The Corporate Taxpayer and the Members 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 the Basis Adjustments and each Tax Benefit Payment) in
a manner consistent with that specified by the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the Corporate
Taxpayer under this Agreement unless otherwise required by law. Any dispute as to required Tax or financial reporting shall be subject
to Section 7.09.

 

Section 6.03     Cooperation.
Each of the Corporate Taxpayer and each Member 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 Representative to provide explanations of documents and materials and such
other information as the other party or its Representative 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 the Corporate Taxpayer shall reimburse
the applicable Member for any reasonable third-party costs and expenses incurred pursuant to this Section 6.03. The Corporate Taxpayer
shall not, without the prior written consent of the Member Representative, take any action that has the primary purpose of circumventing
the achievement or attainment of any Tax Benefit Payment or Early Termination Payment under this Agreement.

 

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Article VII

MISCELLANEOUS

 

Section 7.01     Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic
mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given to
such party as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

If to the Corporate Taxpayer, to:

 

Clear Secure, Inc.

65 East 55th Street, 17th Floor

New York, NY 10022

Attention: Matthew Levine, General Counsel and Chief Privacy Officer

E-mail:

 

With copies (which shall not constitute notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019-6064 

Facsimile No.: (212) 757-3990 

		Attention:	Brian M. Janson

		E-mail:	bjanson@paulweiss.com

 

If to the applicable Member, to the address,
facsimile number or e-mail address specified for such party on the Member Schedule to the LLC Agreement.

 

All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the
place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business
Day in the place of receipt

 

Section 7.02     Binding
Effect; Benefit; Assignment.

 

(a)       The
provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder
upon any Person other than the parties hereto and their respective successors and assigns. The Corporate Taxpayer shall require and cause
any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same manner
and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place.

 

(b)       A
Member may assign any of its rights under this Agreement 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 form of Exhibit A, agreeing to become a “Member”
for all purposes of this Agreement, except as otherwise provided in such joinder; provided, that a Member’s rights under
this Agreement shall be assignable by such Member under the procedure in this Section 7.02(b) regardless of whether such Member
continues to hold any interests in OpCo or the Corporate Taxpayer or has fully transferred any such interests.

 

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Section 7.03     Resolution
of Disputes.

 

(a)            Except
for Reconciliation Disputes subject to Section 7.09, any and all disputes which cannot be settled amicably, including any ancillary
claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance
or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) (each a “Dispute”)
shall be finally settled by arbitration conducted by a single arbitrator in Delaware in accordance with the then-existing Rules of
Arbitration of the International Chamber of Commerce. If the parties to the Dispute fail to agree on the selection of an arbitrator within
ten (10) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The
arbitrator shall be a lawyer admitted to the practice of law in the State of Delaware and shall conduct the proceedings in the English
language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings.

 

(b)            Notwithstanding
the provisions of paragraph (a), the Corporate Taxpayer may bring an action or special proceeding in any court of competent jurisdiction
for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or
enforcing an arbitration award and, for the purposes of this paragraph (b), each Member and the Member Representative s(i) expressly
consents to the application of paragraph (c) of this Section 7.03 to any such action or proceeding, (ii) agrees that proof
shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies
at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer for service of process in connection with any such
action or proceeding and agrees that service of process upon such agent, who shall promptly advise such Member and the Member Representative
of any such service of process, shall be deemed in every respect effective service of process upon such Member and the Member Representative
in any such action or proceeding.

 

(c)            EACH
PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHANCERY COURT OF THE STATE OF DELAWARE OR, IF SUCH COURT DECLINES JURISDICTION,
THE COURTS OF THE STATE OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE
SITTING IN WILMINGTON, DELAWARE, AND ANY APPELLATE COURT FROM ANY THEREOF, FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE
WITH THE PROVISIONS OF THIS SECTION 7.03, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING
OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel
arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties
acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’
relationship with one another.

 

(d)            The
parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding
paragraph of this Section 7.03 and such parties agree not to plead or claim the same.

 

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Section 7.04     Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Until and unless each party has received a counterpart hereof signed by the other party
hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other
oral or written agreement or other communication).

 

Section 7.05     Entire
Agreement. This Agreement and the other Reorganization Documents (as such term is defined in the LLC Agreement) constitute the entire
agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings,
both oral and written, between the parties with respect to the subject matter of this Agreement. Except to the extent provided in Section 3.03,
nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party hereto.

 

Section 7.06     Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated 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 a determination, the
parties 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 fullest
extent possible.

 

Section 7.07     Amendment.
No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporate Taxpayer and by Persons who
would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Persons entitled to Early Termination
Payments under this Agreement if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange
prior to such amendment (excluding, for purposes of this sentence, all payments made to any Persons pursuant to this Agreement since
the date of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate
effect on the payments certain Persons will or may receive under this Agreement unless all such Persons disproportionately affected consent
in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against
whom the waiver is to be effective.

 

Section 7.08     Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the
conflicts of law rules of such State that would result in the application of the laws of any other State.

 

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Section 7.09     Reconciliation.
In the event that the Corporate Taxpayer and a Member or the Member Representative are unable to resolve a disagreement with respect
to the matters governed by Sections 2.03, 3.01(b), 4.02 and 6.02 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 the Corporate Taxpayer and the Member or the Member Representative agree otherwise, the
Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer, the Member
or the Member Representative or other actual or potential conflict of interest. If the parties 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 30 calendar days and shall resolve any matter
relating to a Tax Benefit Schedule or an amendment thereto within 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 the Corporate Taxpayer, 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 the Corporate Taxpayer, except
as provided in the next sentence.  The Corporate Taxpayer and the Member or the Member Representative shall bear their own costs
and expenses of such proceeding, unless (i) the Expert substantially adopts the Member or Member Representative’ position,
in which case the Corporate Taxpayer shall reimburse the Member or the Member Representative for any reasonable out-of-pocket costs and
expenses in such proceeding, or (ii) the Expert substantially adopts the Corporate Taxpayer’s position, in which case the
Member of Member Representative shall reimburse the Corporate Taxpayer 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 7.09 shall be decided by the
Expert.  The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09
shall be binding on the Corporate Taxpayer and the Member or Member Representative and may be entered and enforced in any court having
jurisdiction.

 

Section 7.10     Withholding.
The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the
Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state,
local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate
Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Member.

 

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Section 7.11     Admission
of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

(a)       If
the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income
tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state 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 (including,
for the avoidance of doubt, by treating any direct or indirect transfer of one or more Reference Assets or Common Units to a corporation
with which the Corporate Taxpayer files a consolidated Tax Return pursuant to Section 1501 of the Code as an Exchange which gives
rise to a Basis Adjustment).

 

(b)       If
the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers one or more Reference Assets to a Person
treated as a corporation for U.S. federal income tax purposes (with which the Corporate Taxpayer does not file a consolidated Tax Return
pursuant to Section 1501 of the Code), such transferor, for purposes of calculating the amount of any Tax Benefits Payment due hereunder,
shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed
to be received by the Corporate Taxpayer, shall be equal to the fair market value of the transferred asset plus the amount of debt to
which such asset is subject, in the case of a transfer of an encumbered asset. For purposes of this Section 7.11(b), a transfer of
a partnership interest shall be treated as a transfer of the transferring partner’s applicable share of each of the assets and liabilities
of that partnership. Notwithstanding anything to the contrary set forth herein, if the Corporate Taxpayer or any member of a group described
in Section 7.11(a) transfers its assets pursuant to a transaction that qualifies as a “reorganization” (within the
meaning of Section 368(a) of the Code) in which such entity does not survive or pursuant to any other transaction to which Section 381(a) of
the Code applies (other than any such reorganization or any such other transaction, in each case, pursuant to which such entity transfers
assets to a corporation with which the Corporate Taxpayer or any member of the group described in Section 7.11(a) (other than
any such member being transferred in such reorganization or other transaction) does not file a consolidated Tax Return pursuant to Section 1501
of the Code), the transfer will not cause such entity to be treated as having transferred any assets to a corporation (or a Person classified
as a corporation for U.S. federal income tax purposes) pursuant to this Section 7.11(b).

 

Section 7.12     Confidentiality.
Section 11.10 (Confidentiality) of the LLC Agreement as of the date of this Agreement shall apply to any information of the
Corporate Taxpayer provided to the Members and their assignees pursuant to this Agreement.

 

Section 7.13     Change
in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a Member 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 Member (or direct or indirect equity holders in such Member) 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 the Corporate Taxpayer or such Member or any direct or indirect owner of a Member, then at the election of such Member
and to the extent specified by such Member, this Agreement (i) shall cease to have further effect with respect to such Member, (ii) shall
not apply to an Exchange occurring after a date specified by such Member, or (iii) shall otherwise be amended in a manner determined
by such Member; provided, that such amendment shall not result in an increase in payments under this Agreement to such Member
at any time as compared to the amounts and times of payments that would have been due to such Member in the absence of such amendment.

 

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Section 7.14     Member
Representative. By executing this Agreement, each of the Members shall be deemed to have irrevocably constituted the Member Representative
as his, her or its agent and attorney in fact with full power of substitution to act from and after the date hereof and to do any and
all things and execute any and all documents on behalf of such Members which may be necessary, convenient or appropriate to facilitate
any matters under this Agreement, including but not limited to: (i) execution of the documents and certificates required pursuant
to this Agreement; (ii) except to the extent specifically provided in this Agreement receipt and forwarding of notices and
communications pursuant to this Agreement; (iii) administration of the provisions of this Agreement; (iv) any and
all consents, waivers, amendments or modifications deemed by the Member Representative, in its sole and absolute discretion, to be necessary
or appropriate under this Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection
therewith; (v) amending this Agreement or any of the instruments to be delivered to the Corporate Taxpayer pursuant to this
Agreement; (vi) taking actions the Member Representative is expressly authorized to take pursuant to the other provisions of
this Agreement; (vii) negotiating and compromising, on behalf of such Members, any dispute that may arise under, and exercising
or refraining from exercising any remedies available under, this Agreement or any other agreement contemplated hereby and executing,
on behalf of such Members, any settlement agreement, release or other document with respect to such dispute or remedy; and (viii) engaging
attorneys, accountants, agents or consultants on behalf of such Members in connection with this Agreement or any other agreement contemplated
hereby and paying any fees related thereto. The Member Representative may resign upon thirty (30) days’ written notice to the Corporate
Taxpayer. All reasonable, documented out-of-pocket costs and expenses incurred by the Member Representative in its capacity as such shall
be promptly reimbursed by the Corporate Taxpayer upon invoice and reasonable support therefor by the Member Representative. To the fullest
extent permitted by law, none of the Member Representative, any of its Affiliates, or any of the Member Representative’s or Affiliate’s
directors, officers, employees or other agents (each a “Covered Person”) shall be liable, responsible or accountable
in damages or otherwise to any Member, OpCo or the Corporate Taxpayer for damages arising from any action taken or omitted to be taken
by the Member Representative or any other Person with respect to OpCo or the Corporate Taxpayer, except in the case of any action or
omission which constitutes, with respect to such Person, willful misconduct or fraud. Each of the Covered Persons may consult with legal
counsel, accountants, and other experts selected by it, and any act or omission suffered or taken by it on behalf of OpCo or the Corporate
Taxpayer or in furtherance of the interests of OpCo or the Corporate Taxpayer in good faith in reliance upon and in accordance with the
advice of such counsel, accountants, or other experts shall create a rebuttable presumption of the good faith and due care of such Covered
Person with respect to such act or omission; provided, that such counsel, accountants, or other experts were selected with
reasonable care. Each of the Covered Persons may rely in good faith upon, and shall have no liability to OpCo, the Corporate Taxpayer
or the Members for acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, bond, debenture, or other paper or document reasonably believed by it to be genuine and to have been signed
or presented by the proper party or parties. Each Covered Person shall not be liable for, and shall be indemnified by the Corporate Taxpayer
for, any liability, loss, damage, penalty or fine incurred by the Covered Persons (and any cost or expense incurred by the Covered Persons
in connection therewith and herewith and not previously reimbursed pursuant to this Section 7.14) arising out of or in connection
with the acceptance or administration of its duties under this Agreement, and such liability, loss, damage, penalty, fine, cost or expense
shall be treated as an expense subject to reimbursement pursuant to the provisions of this Section 7.14, except to the extent that
any such liability, loss, damage, penalty, fine, cost or expense is the proximate result of the willful misconduct or fraud of the Covered
Person.

 

    24 

     

    

 

Section 7.15     Partnership
Agreement. This Agreement shall be treated as part of the partnership agreement of OpCo 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.

 

[Remainder of Page Intentionally Left Blank]

 

    25 

     

    

 

IN WITNESS WHEREOF, the Corporate Taxpayer and each
Member set forth below have duly executed this Agreement as of the date first written above.

 

	 	CORPORATE TAXPAYER:
	 	 
	 	 
	 	CLEAR SECURE, INC.
	 	 
	 	 
	 	By:	
	 	 	Name:	 
	 	 	Title: 	Chief Executive Officer

 

[Signature Page to Tax Receivable Agreement]

 

      

     

    

 

	 	MEMBERS:
	 	 
	 	 
	 	ALCLEAR INVESTMENTS, LLC
	 	 
	 	By:	                            
	 	Title:

 

[Signature Page to Tax Receivable Agreement]

 

      

     

    

 

	 	[OTHERS]
	 	 
	 	By:	                     

 

[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 ____________, by and among Clear Secure, Inc., a Delaware corporation
(the “Corporate Taxpayer”), and ______________ (“Permitted Transferee”).

 

WHEREAS, on ____________, Permitted Transferee acquired
(the “Acquisition”) [___ Common Units and the corresponding shares of Class D Common Stock] [the right to receive
any and all payments that may become due and payable under the Tax Receivable Agreement with respect to ___ Common Units that were previously
Exchanged and are described in greater detail in Annex A to this Joinder] (collectively, “Interests” and, together
with all other interests hereinafter acquired by the Permitted Transferee from Transferor, the “Acquired Interests”)
from ______________ (“Transferor”); and

 

WHEREAS,
Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.02(b) of
the Tax Receivable Agreement, dated as of [          ],
by and among the Corporate Taxpayer and each Member (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 a “Member” (as defined in the Tax Receivable Agreement) for
all purposes of the Tax Receivable Agreement. Permitted Transferee hereby acknowledges the terms of Section 7.02(b) of the Tax
Receivable Agreement and agrees to be bound by Section 7.12 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 7.01 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 New York, without regard to the conflicts
of law rules of such State that would result in the application of the laws of any other State.

 

      

     

    

 

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:

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